2022 Q2 Form 10-Q Financial Statement

#000160154822000073 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $456.5M $459.4M $434.0M
YoY Change 5.18% 30.36% 23.39%
Cost Of Revenue $419.3M $418.9M $393.6M
YoY Change 6.51% 30.81% 23.13%
Gross Profit $37.20M $40.51M $40.36M
YoY Change -7.83% 13.51% 25.95%
Gross Profit Margin 8.15% 8.82% 9.3%
Selling, General & Admin $31.96M $27.62M $23.82M
YoY Change 34.15% 59.24% 21.81%
% of Gross Profit 85.92% 68.18% 59.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.591M $4.321M $1.548M
YoY Change 2.78% 116.05% 55.42%
% of Gross Profit 4.28% 10.67% 3.84%
Operating Expenses $31.96M $27.62M $23.82M
YoY Change 34.15% 59.24% 21.81%
Operating Profit $5.237M $12.89M $16.53M
YoY Change -68.32% -13.12% 32.44%
Interest Expense -$1.681M -$1.955M -$1.932M
YoY Change -12.99% 108.2% 13.45%
% of Operating Profit -32.1% -15.17% -11.69%
Other Income/Expense, Net
YoY Change
Pretax Income $3.556M $10.94M $14.60M
YoY Change -75.65% -21.32% 35.45%
Income Tax $700.0K $700.0K $2.600M
% Of Pretax Income 19.69% 6.4% 17.81%
Net Earnings $2.855M $10.26M $12.05M
YoY Change -76.3% -1.28% 38.99%
Net Earnings / Revenue 0.63% 2.23% 2.78%
Basic Earnings Per Share $0.24 $0.87 $1.03
Diluted Earnings Per Share $0.24 $0.87 $1.02
COMMON SHARES
Basic Shares Outstanding 11.76M shares 11.73M shares 11.65M shares
Diluted Shares Outstanding 11.90M shares 11.85M shares 11.83M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.00M $56.23M $38.35M
YoY Change -40.02% -11.72% -73.77%
Cash & Equivalents $23.00M $38.51M $38.35M
Short-Term Investments
Other Short-Term Assets $11.08M $15.06M $27.32M
YoY Change -59.43% 74.75% 28.79%
Inventory
Prepaid Expenses $25.92M $21.16M
Receivables $371.6M $331.0M $349.9M
Other Receivables $5.943M $4.552M $9.250M
Total Short-Term Assets $437.6M $423.3M $426.6M
YoY Change 2.57% 3.66% -1.01%
LONG-TERM ASSETS
Property, Plant & Equipment $24.05M $23.76M $21.41M
YoY Change 12.33% 5.25% 15.48%
Goodwill $321.7M $321.7M $315.4M
YoY Change 2.0% -5.3% 20.39%
Intangibles $64.28M $66.58M $71.25M
YoY Change -9.79% 38.41% 412.21%
Long-Term Investments $4.600M $5.400M
YoY Change 285.71%
Other Assets $9.876M $10.39M $6.839M
YoY Change 44.41% 64.33% 18.14%
Total Long-Term Assets $462.0M $466.1M $435.7M
YoY Change 6.04% 7.05% 39.38%
TOTAL ASSETS
Total Short-Term Assets $437.6M $423.3M $426.6M
Total Long-Term Assets $462.0M $466.1M $435.7M
Total Assets $899.6M $889.5M $862.3M
YoY Change 4.32% 5.41% 15.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $234.7M $212.5M $197.4M
YoY Change 18.87% 33.18% 33.99%
Accrued Expenses $55.42M $55.03M $41.25M
YoY Change 34.36% 35.35% 4.88%
Deferred Revenue $15.70M
YoY Change 20.17%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.40M $10.40M $9.200M
YoY Change 13.04% 20.93% -92.46%
Total Short-Term Liabilities $359.6M $358.2M $304.2M
YoY Change 18.19% 24.21% -13.28%
LONG-TERM LIABILITIES
Long-Term Debt $108.4M $94.25M $166.4M
YoY Change -34.85% -44.15% 172.14%
Other Long-Term Liabilities $11.64M $20.13M $35.24M
YoY Change -66.96% -29.01% 75.35%
Total Long-Term Liabilities $185.8M $181.1M $243.6M
YoY Change -23.72% -27.68% 89.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $359.6M $358.2M $304.2M
Total Long-Term Liabilities $185.8M $181.1M $243.6M
Total Liabilities $545.4M $539.4M $547.9M
YoY Change -0.45% 0.09% 14.29%
SHAREHOLDERS EQUITY
Retained Earnings $270.6M $267.8M $234.1M
YoY Change 15.61% 20.6% 20.82%
Common Stock $118.0K $117.0K $117.0K
YoY Change 0.85% 0.86% 0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $354.2M $350.1M $314.5M
YoY Change
Total Liabilities & Shareholders Equity $899.6M $889.5M $862.3M
YoY Change 4.32% 5.41% 15.97%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $2.855M $10.26M $12.05M
YoY Change -76.3% -1.28% 38.99%
Depreciation, Depletion And Amortization $1.591M $4.321M $1.548M
YoY Change 2.78% 116.05% 55.42%
Cash From Operating Activities -$26.38M $39.35M -$21.73M
YoY Change 21.41% 1092.48% -2011.08%
INVESTING ACTIVITIES
Capital Expenditures -$2.195M -$2.817M -$2.611M
YoY Change -15.93% -356.09% -390.11%
Acquisitions
YoY Change
Other Investing Activities $17.00K -$650.0K
YoY Change
Cash From Investing Activities -$2.178M -$3.467M -$2.611M
YoY Change -16.58% 215.18% 184.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.600M $2.000M
YoY Change 30.0% 33.33%
Cash From Financing Activities $12.32M -47.04M -$4.071M
YoY Change -402.53% 2840.31% -103.64%
NET CHANGE
Cash From Operating Activities -$26.38M 39.35M -$21.73M
Cash From Investing Activities -$2.178M -3.467M -$2.611M
Cash From Financing Activities $12.32M -47.04M -$4.071M
Net Change In Cash -$15.51M -11.16M -$28.60M
YoY Change -45.76% -1960.0% -125.8%
FREE CASH FLOW
Cash From Operating Activities -$26.38M $39.35M -$21.73M
Capital Expenditures -$2.195M -$2.817M -$2.611M
Free Cash Flow -$24.19M $42.17M -$19.12M
YoY Change 26.51% 1816.77% -8166.67%

Facts In Submission

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CY2022Q2 us-gaap Revenue Performance Obligation Description Of Timing
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CY2021Q4 us-gaap Revenue Remaining Performance Obligation
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CY2022Q2 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Operating Income Change In Measure Of Progress And Modification Of Contract
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600000 USD
CY2021Q2 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Unfavorable Operating Income Change In Measure Of Progress And Modification Of Contract
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1300000 USD
CY2022Q2 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Favorable Change In Measure Of Progress And Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueFavorableChangeInMeasureOfProgressAndModificationOfContract
600000 USD
CY2021Q2 vec Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Unfavorable Change In Measure Of Progress And Modification Of Contract
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1900000 USD
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240000000 USD
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CY2021Q4 us-gaap Goodwill
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CY2022Q2 us-gaap Goodwill
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P9Y2M12D
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CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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6112000 USD
CY2022Q2 vec Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2021Q2 us-gaap Operating Lease Cost
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CY2022Q2 us-gaap Variable Lease Cost
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CY2021Q2 us-gaap Variable Lease Cost
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CY2022Q2 us-gaap Short Term Lease Cost
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CY2021Q2 us-gaap Short Term Lease Cost
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CY2022Q2 us-gaap Lease Cost
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CY2021Q2 us-gaap Lease Cost
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CY2022Q2 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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1900000 USD
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y2M12D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q2 us-gaap Operating Lease Liability
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CY2022Q2 us-gaap Contractual Obligation
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20000000 USD
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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2600000 USD
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y3M
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y4M9D
CY2022Q2 us-gaap Income Tax Expense Benefit
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700000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
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2600000 USD
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.175
CY2022Q2 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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9300000 USD
CY2022Q2 us-gaap Net Income Loss
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2855000 USD
CY2021Q2 us-gaap Net Income Loss
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12048000 USD
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11648000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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27000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
43000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
116000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
136000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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11902000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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11827000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
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0.24
CY2021Q2 us-gaap Earnings Per Share Basic
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1.03
CY2022Q2 us-gaap Earnings Per Share Diluted
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0.24
CY2021Q2 us-gaap Earnings Per Share Diluted
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1.02
CY2022Q2 us-gaap Deferred Compensation Plan Assets
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800000 USD
CY2021Q4 us-gaap Deferred Compensation Plan Assets
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500000 USD
CY2022Q2 us-gaap Multiemployer Plan Employer Contribution Cost
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200000 USD
CY2021Q2 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
200000 USD

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