2024 Q1 Form 10-K Financial Statement

#000162828024006498 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.639B $1.865B $6.863B
YoY Change 7.76% 12.74% 20.59%
Cost Of Revenue $1.073B $1.182B $4.463B
YoY Change 4.59% 3.42% 9.5%
Gross Profit $566.4M $683.4M $2.401B
YoY Change 14.31% 33.55% 48.54%
Gross Profit Margin 34.56% 36.64% 34.98%
Selling, General & Admin $314.0M $348.8M $1.312B
YoY Change 1.72% 15.0% 11.37%
% of Gross Profit 55.44% 51.04% 54.67%
Research & Development $303.5M
YoY Change 7.62%
% of Gross Profit 12.64%
Depreciation & Amortization $68.70M $68.90M $271.0M
YoY Change 288.14% -2.27% -10.38%
% of Gross Profit 12.13% 10.08% 11.29%
Operating Expenses $360.3M $390.4M $1.616B
YoY Change 16.72% 12.57% 10.65%
Operating Profit $206.1M $293.0M $872.2M
YoY Change 58.17% 77.68% 290.42%
Interest Expense -$218.8M -$100.1M $180.1M
YoY Change -567.52% 23.89% 22.27%
% of Operating Profit -106.16% -34.16% 20.65%
Other Income/Expense, Net
YoY Change
Pretax Income -$13.00M $187.3M $533.7M
YoY Change -114.82% 124.31% 219.58%
Income Tax -$7.100M -$45.30M $73.50M
% Of Pretax Income -24.19% 13.77%
Net Earnings -$5.900M $232.6M $460.2M
YoY Change -111.73% 774.44% 500.78%
Net Earnings / Revenue -0.36% 12.47% 6.71%
Basic Earnings Per Share -$0.02 $1.21
Diluted Earnings Per Share -$0.02 $0.60 $1.19
COMMON SHARES
Basic Shares Outstanding 382.0M shares 381.4M shares 380.1M shares
Diluted Shares Outstanding 379.1M shares 386.2M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.8M $780.4M $780.4M
YoY Change -0.11% 199.46% 199.46%
Cash & Equivalents $275.8M $780.4M $780.4M
Short-Term Investments
Other Short-Term Assets $271.8M $151.6M $151.6M
YoY Change 60.73% -19.06% -19.06%
Inventory $987.1M $884.3M $884.3M
Prepaid Expenses
Receivables $2.097B $2.185B $2.185B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.632B $4.002B $4.002B
YoY Change 8.72% 26.68% 26.68%
LONG-TERM ASSETS
Property, Plant & Equipment $750.4M $560.1M $733.6M
YoY Change 51.17% 14.45% 11.86%
Goodwill $1.323B $1.330B
YoY Change 2.12% 3.55%
Intangibles $1.616B $1.673B
YoY Change -9.59% -7.89%
Long-Term Investments
YoY Change
Other Assets $270.5M $100.4M $260.2M
YoY Change 130.21% -25.07% 44.24%
Total Long-Term Assets $3.960B $3.997B $3.997B
YoY Change 1.14% 1.52% 1.52%
TOTAL ASSETS
Total Short-Term Assets $3.632B $4.002B $4.002B
Total Long-Term Assets $3.960B $3.997B $3.997B
Total Assets $7.591B $7.999B $7.999B
YoY Change 4.63% 12.72% 12.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $983.7M $986.4M $986.4M
YoY Change 7.27% 0.24% 0.24%
Accrued Expenses $541.8M $611.8M $611.8M
YoY Change 9.15% -29.87% 19.1%
Deferred Revenue $735.0M $638.9M
YoY Change 46.15% 106.5%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.20M $21.80M $21.80M
YoY Change -2.75% 0.0% 0.0%
Total Short-Term Liabilities $2.710B $2.305B $2.305B
YoY Change 37.45% 21.47% 21.47%
LONG-TERM LIABILITIES
Long-Term Debt $2.916B $2.919B $2.919B
YoY Change -7.6% -7.89% -7.89%
Other Long-Term Liabilities $417.4M $262.0M $599.6M
YoY Change 87.09% 19.31% 46.14%
Total Long-Term Liabilities $3.334B $3.181B $3.519B
YoY Change -1.35% -6.13% -1.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.710B $2.305B $2.305B
Total Long-Term Liabilities $3.334B $3.181B $3.519B
Total Liabilities $6.198B $5.984B $5.984B
YoY Change 8.65% 5.83% 5.83%
SHAREHOLDERS EQUITY
Retained Earnings -$707.1M -$691.9M
YoY Change -35.27% -39.45%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.393B $2.015B $2.015B
YoY Change
Total Liabilities & Shareholders Equity $7.591B $7.999B $7.999B
YoY Change 4.63% 12.72% 12.72%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$5.900M $232.6M $460.2M
YoY Change -111.73% 774.44% 500.78%
Depreciation, Depletion And Amortization $68.70M $68.90M $271.0M
YoY Change 288.14% -2.27% -10.38%
Cash From Operating Activities $137.5M $356.2M $900.5M
YoY Change 227.38% 97.12% -689.33%
INVESTING ACTIVITIES
Capital Expenditures $36.50M $51.10M $127.9M
YoY Change 31.29% 23.73% 27.9%
Acquisitions $28.80M
YoY Change 476.0%
Other Investing Activities $0.00 -$16.90M -$4.500M
YoY Change -100.0% -533.33% 309.09%
Cash From Investing Activities -$36.50M -$68.00M -$139.1M
YoY Change 109.77% 81.82% 24.09%
FINANCING ACTIVITIES
Cash Dividend Paid $9.300M $9.500M
YoY Change 150.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -603.1M -10.80M -$247.5M
YoY Change 3107.98% -92.53% -347.01%
NET CHANGE
Cash From Operating Activities 137.5M 356.2M $900.5M
Cash From Investing Activities -36.50M -68.00M -$139.1M
Cash From Financing Activities -603.1M -10.80M -$247.5M
Net Change In Cash -502.1M 277.4M $515.4M
YoY Change -6706.58% -23216.67% -396.38%
FREE CASH FLOW
Cash From Operating Activities $137.5M $356.2M $900.5M
Capital Expenditures $36.50M $51.10M $127.9M
Free Cash Flow $101.0M $305.1M $772.6M
YoY Change 611.27% 118.87% -405.62%

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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Product Warranty Accrual
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CY2021Q4 us-gaap Product Warranty Accrual
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CY2020Q4 us-gaap Product Warranty Accrual
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CY2023 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2022 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2021 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2023 us-gaap Product Warranty Accrual Payments
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CY2022 us-gaap Product Warranty Accrual Payments
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CY2021 us-gaap Product Warranty Accrual Payments
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CY2023Q4 us-gaap Product Warranty Accrual
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CY2022Q4 us-gaap Product Warranty Accrual
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CY2021Q4 us-gaap Product Warranty Accrual
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Restructuring Reserve
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CY2022Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2022Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
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CY2023Q4 vrt Defined Benefit Plan Expected Net Periodic Benefit Cost Credit Next Fiscal Year
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CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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CY2022 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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CY2023Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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CY2022Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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CY2023Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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CY2022Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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CY2023 vrt Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Investment Returns On Plan Assets Lookback Period
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CY2022 us-gaap Defined Benefit Plan Actual Return On Plan Assets Still Held
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CY2023 us-gaap Defined Benefit Plan Purchases Sales And Settlements
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CY2022 us-gaap Defined Benefit Plan Purchases Sales And Settlements
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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167000000.0 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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166200000 usd
CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3392786 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.46
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M21D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
117300000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
460200000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
76600000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
119600000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
380144059 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
376730519 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
355544632 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.21
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2023 us-gaap Net Income Loss
NetIncomeLoss
460200000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
76600000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
119600000 usd
CY2023 vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
0 usd
CY2022 vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
-90900000 usd
CY2021 vrt Dilutive Securities Effect On Basic Earnings Per Share Dilutive Warrant Liabilities
DilutiveSecuritiesEffectOnBasicEarningsPerShareDilutiveWarrantLiabilities
0 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
460200000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14300000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
119600000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
380144059 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
376730519 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
355544632 shares
CY2023 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1493532 shares
CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6082208 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4595691 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
386226267 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378224051 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
360140323 shares
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.19
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2021Q3 vrt Loss Contingency Barred From Recovery Value
LossContingencyBarredFromRecoveryValue
9000000.0 usd
CY2021Q3 vrt Loss Contingency Disgorgement Value
LossContingencyDisgorgementValue
10000000.0 usd
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
10100000 usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
0 usd

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