2024 Q2 Form 10-Q Financial Statement

#000160154824000009 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.072B $1.011B $943.5M
YoY Change 9.65% 7.11%
Cost Of Revenue $998.3M $940.3M $864.6M
YoY Change 12.12% 8.75%
Gross Profit $73.84M $70.27M $78.83M
YoY Change -15.52% -10.85%
Gross Profit Margin 6.89% 6.95% 8.36%
Selling, General & Admin $46.41M $39.94M $48.25M
YoY Change -12.65% -17.22%
% of Gross Profit 62.86% 56.84% 61.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.50M $6.243M $5.412M
YoY Change 3.44% 15.35%
% of Gross Profit 39.95% 8.88% 6.87%
Operating Expenses $46.41M $39.94M $48.25M
YoY Change -12.65% -17.22%
Operating Profit $27.43M $30.33M $30.58M
YoY Change -19.97% -0.81%
Interest Expense -$28.81M -$27.57M -$31.74M
YoY Change -9.84% -13.14%
% of Operating Profit -105.04% -90.91% -103.81%
Other Income/Expense, Net -$2.535M -$1.633M
YoY Change -915.11%
Pretax Income -$8.114M $1.124M -$23.22M
YoY Change -503.88% -104.84%
Income Tax -$1.600M $0.00 -$5.700M
% Of Pretax Income 0.0%
Net Earnings -$6.544M $1.144M -$17.48M
YoY Change -463.76% -106.54%
Net Earnings / Revenue -0.61% 0.11% -1.85%
Basic Earnings Per Share -$0.21 $0.04 -$0.57
Diluted Earnings Per Share -$0.21 $0.04 -$0.57
COMMON SHARES
Basic Shares Outstanding 31.46M shares 31.33M shares 30.93M shares
Diluted Shares Outstanding 31.47M shares 31.79M shares 30.93M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.67M $33.56M $62.15M
YoY Change -39.32% -46.0%
Cash & Equivalents $44.80M $35.70M $62.15M
Short-Term Investments
Other Short-Term Assets $32.93M $131.5M $26.02M
YoY Change 37.74% 405.56%
Inventory $46.58M
Prepaid Expenses $58.85M $78.22M
Receivables $774.9M $776.1M $748.6M
Other Receivables $7.002M $12.39M $11.23M
Total Short-Term Assets $976.6M $953.6M $926.2M
YoY Change 6.32% 2.96%
LONG-TERM ASSETS
Property, Plant & Equipment $70.27M $93.36M $82.31M
YoY Change -14.61% 13.43%
Goodwill $1.656B $1.648B $1.656B
YoY Change -0.06% -0.44%
Intangibles $367.1M $389.4M $475.3M
YoY Change -18.91% -18.07%
Long-Term Investments $6.700M $4.800M $6.500M
YoY Change 6.35% -26.15%
Other Assets $45.72M $17.38M $21.37M
YoY Change 105.52% -18.68%
Total Long-Term Assets $2.175B $2.186B $2.283B
YoY Change -3.79% -4.25%
TOTAL ASSETS
Total Short-Term Assets $976.6M $953.6M $926.2M
Total Long-Term Assets $2.175B $2.186B $2.283B
Total Assets $3.151B $3.140B $3.209B
YoY Change -0.87% -2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $462.5M $430.6M $402.7M
YoY Change 11.06% 6.94%
Accrued Expenses $242.4M $267.4M $198.1M
YoY Change -5.09% 34.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.88M $15.36M $15.50M
YoY Change 8.89% -0.9%
Total Short-Term Liabilities $888.2M $852.7M $760.2M
YoY Change 6.71% 12.17%
LONG-TERM LIABILITIES
Long-Term Debt $1.142B $1.154B $1.292B
YoY Change -4.07% -10.65%
Other Long-Term Liabilities $86.62M $92.76M $131.7M
YoY Change -24.29% -29.57%
Total Long-Term Liabilities $1.271B $1.293B $1.471B
YoY Change -6.1% -12.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $888.2M $852.7M $760.2M
Total Long-Term Liabilities $1.271B $1.293B $1.471B
Total Liabilities $2.159B $2.146B $2.231B
YoY Change -1.22% -3.81%
SHAREHOLDERS EQUITY
Retained Earnings $225.5M $232.0M $235.9M
YoY Change -5.17% -1.67%
Common Stock $315.0K $315.0K $310.0K
YoY Change 1.29% 1.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $992.0M $993.7M $978.5M
YoY Change
Total Liabilities & Shareholders Equity $3.151B $3.140B $3.209B
YoY Change -0.87% -2.17%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.544M $1.144M -$17.48M
YoY Change -463.76% -106.54%
Depreciation, Depletion And Amortization $29.50M $6.243M $5.412M
YoY Change 3.44% 15.35%
Cash From Operating Activities $25.68M -$57.23M -$38.49M
YoY Change -77.99% 48.67%
INVESTING ACTIVITIES
Capital Expenditures $736.0K $7.775M $9.076M
YoY Change -70.17% -14.33%
Acquisitions $16.94M $0.00
YoY Change
Other Investing Activities $6.000K -$16.93M $0.00
YoY Change 20.0%
Cash From Investing Activities -$730.0K -$24.71M -$9.076M
YoY Change -70.35% 172.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.840M $421.0M
YoY Change -99.09%
Cash From Financing Activities -14.94M $46.46M -$7.921M
YoY Change -85.87% -686.55%
NET CHANGE
Cash From Operating Activities 25.68M -$57.23M -$38.49M
Cash From Investing Activities -730.0K -$24.71M -$9.076M
Cash From Financing Activities -14.94M $46.46M -$7.921M
Net Change In Cash 10.01M -$36.99M -$53.92M
YoY Change 17.98% -31.4%
FREE CASH FLOW
Cash From Operating Activities $25.68M -$57.23M -$38.49M
Capital Expenditures $736.0K $7.775M $9.076M
Free Cash Flow $24.94M -$65.00M -$47.57M
YoY Change -78.16% 36.65%

Facts In Submission

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CY2022Q4 us-gaap Contract With Customer Asset Net
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CY2024Q1 us-gaap Contract With Customer Asset Net
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CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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12872000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1065000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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2971000 usd
CY2024Q1 vec Sharebased Compensation Arrangementby Sharebased Payment Award Performance Based Award Percentage Paymentof Aggregate Target Valueof Shares Issued
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024Q1 vec Number Of Defined Contribution Plan
NumberOfDefinedContributionPlan
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CY2024Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
4200000 usd
CY2023Q4 us-gaap Deferred Compensation Plan Assets
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3200000 usd
CY2024Q1 us-gaap Multiemployer Plan Employer Contribution Cost
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CY2023Q1 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
3300000 usd
CY2023Q3 vec Transfers Of Financial Assets Accounted For As Sale Securitization Facility Availability
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200000000 usd
CY2023Q4 vec Transfers Of Financial Assets Accounted For As Sale Securitization Facility Availability
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72715000 usd
CY2024Q1 us-gaap Proceeds From Sale And Collection Of Receivables
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CY2024Q1 vec Transfer Of Financial Assets Accounted For As Sales Cash Collected
TransferOfFinancialAssetsAccountedForAsSalesCashCollected
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CY2024Q1 vec Transfer Of Financial Assets Accounted For As Sales Sales Collected And Remitted
TransferOfFinancialAssetsAccountedForAsSalesSalesCollectedAndRemitted
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CY2024Q1 vec Transfer Of Financial Assets Accounted For As Sales Sales Collected But Not Yet Remitted
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CY2024Q1 vec Transfers Of Financial Assets Accounted For As Sale Securitization Facility Availability
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82202000 usd
CY2024Q1 vec Transfer Of Financial Assets Accounted For As Sales Sales Collected And Remitted From Operating Activities
TransferOfFinancialAssetsAccountedForAsSalesSalesCollectedAndRemittedFromOperatingActivities
33700000 usd
CY2024Q1 vec Transfer Of Financial Assets Accounted For As Sales Purchase Discount Fees
TransferOfFinancialAssetsAccountedForAsSalesPurchaseDiscountFees
1600000 usd

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exhibit101-beardagreement.htm Edgar Link pending
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