2023 Q1 Form 10-K Financial Statement

#000160392323000068 Filed on February 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.186B $1.209B $4.331B
YoY Change 26.44% 25.28% 18.82%
Cost Of Revenue $790.0M $807.0M $3.020B
YoY Change 15.84% 12.55% 11.19%
Gross Profit $396.0M $402.0M $1.311B
YoY Change 54.69% 62.1% 41.12%
Gross Profit Margin 33.39% 33.25% 30.27%
Selling, General & Admin $190.0M $165.0M $623.0M
YoY Change 6.74% 11.49% 7.04%
% of Gross Profit 47.98% 41.04% 47.52%
Research & Development $26.00M $24.00M $90.00M
YoY Change 23.81% 9.09% 5.88%
% of Gross Profit 6.57% 5.97% 6.86%
Depreciation & Amortization $80.00M $84.00M $349.0M
YoY Change -8.05% -18.45% -20.68%
% of Gross Profit 20.2% 20.9% 26.62%
Operating Expenses $216.0M $227.0M $90.00M
YoY Change 8.54% 8.61% 5.88%
Operating Profit $185.0M $175.0M $412.0M
YoY Change 927.78% 348.72% 255.17%
Interest Expense -$31.00M -$39.00M -$179.0M
YoY Change -35.42% -20.41% -31.15%
% of Operating Profit -16.76% -22.29% -43.45%
Other Income/Expense, Net -$35.00M -$30.00M -$90.00M
YoY Change 118.75% 200.0% 210.34%
Pretax Income $119.0M $97.00M $138.0M
YoY Change -358.7% -170.8% -140.23%
Income Tax $38.00M $21.00M $87.00M
% Of Pretax Income 31.93% 21.65% 63.04%
Net Earnings $72.00M $72.00M $26.00M
YoY Change -190.0% -144.72% -105.78%
Net Earnings / Revenue 6.07% 5.96% 0.6%
Basic Earnings Per Share $1.00 $0.37
Diluted Earnings Per Share $0.97 $0.96 $0.36
COMMON SHARES
Basic Shares Outstanding 70.89M shares 70.61M shares 71.00M shares
Diluted Shares Outstanding 74.00M shares 72.00M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $833.0M $910.0M $910.0M
YoY Change -0.95% -4.31% -4.31%
Cash & Equivalents $833.0M $910.0M $910.0M
Short-Term Investments
Other Short-Term Assets $253.0M $253.0M $416.0M
YoY Change -9.96% -16.5% -10.54%
Inventory $719.0M $689.0M $689.0M
Prepaid Expenses
Receivables $1.088B $989.0M $1.028B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.043B $3.043B $3.043B
YoY Change 5.33% 4.53% 4.53%
LONG-TERM ASSETS
Property, Plant & Equipment $919.0M $918.0M $1.033B
YoY Change -4.67% -7.83% -6.85%
Goodwill
YoY Change
Intangibles $474.0M $506.0M
YoY Change -23.42% -22.98%
Long-Term Investments
YoY Change
Other Assets $143.0M $138.0M $117.0M
YoY Change 53.76% 42.27% 20.62%
Total Long-Term Assets $1.666B $1.677B $1.677B
YoY Change -7.19% -9.98% -9.98%
TOTAL ASSETS
Total Short-Term Assets $3.043B $3.043B $3.043B
Total Long-Term Assets $1.666B $1.677B $1.677B
Total Assets $4.709B $4.720B $4.720B
YoY Change 0.53% -1.13% -1.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $502.0M $460.0M $460.0M
YoY Change 30.39% 21.05% 21.05%
Accrued Expenses $315.0M $411.0M $411.0M
YoY Change -0.63% 2.24% 2.24%
Deferred Revenue $52.00M $54.00M
YoY Change
Short-Term Debt $120.0M $0.00 $0.00
YoY Change 823.08% -100.0%
Long-Term Debt Due $120.0M $45.00M $45.00M
YoY Change 823.08% 275.0% 275.0%
Total Short-Term Liabilities $1.511B $1.470B $1.470B
YoY Change 16.23% 10.36% 10.36%
LONG-TERM LIABILITIES
Long-Term Debt $2.067B $2.203B $2.203B
YoY Change -14.45% -8.82% -8.82%
Other Long-Term Liabilities $154.0M $379.0M $496.0M
YoY Change 10.0% 174.64% -6.42%
Total Long-Term Liabilities $154.0M $379.0M $2.699B
YoY Change 10.0% 174.64% -8.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.511B $1.470B $1.470B
Total Long-Term Liabilities $154.0M $379.0M $2.699B
Total Liabilities $4.123B $4.169B $4.185B
YoY Change -3.17% -2.55% -2.72%
SHAREHOLDERS EQUITY
Retained Earnings -$2.299B -$2.371B
YoY Change -7.19% -1.08%
Common Stock $2.885B $2.928B
YoY Change -0.79% 0.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $567.0M $535.0M $535.0M
YoY Change
Total Liabilities & Shareholders Equity $4.709B $4.720B $4.720B
YoY Change 0.53% -1.13% -1.13%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $72.00M $72.00M $26.00M
YoY Change -190.0% -144.72% -105.78%
Depreciation, Depletion And Amortization $80.00M $84.00M $349.0M
YoY Change -8.05% -18.45% -20.68%
Cash From Operating Activities $84.00M $193.0M $349.0M
YoY Change -231.25% 119.32% 8.39%
INVESTING ACTIVITIES
Capital Expenditures $64.00M $49.00M $132.0M
YoY Change 220.0% -219.51% 55.29%
Acquisitions $4.000M
YoY Change
Other Investing Activities $7.000M $17.00M $4.000M
YoY Change -177.78% -142.5% -89.74%
Cash From Investing Activities -$64.00M -$32.00M -$54.00M
YoY Change -811.11% -60.49% -34.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$127.0M -159.0M -$248.0M
YoY Change 2440.0% -52.96% -38.46%
NET CHANGE
Cash From Operating Activities $84.00M 193.0M $349.0M
Cash From Investing Activities -$64.00M -32.00M -$54.00M
Cash From Financing Activities -$127.0M -159.0M -$248.0M
Net Change In Cash -$129.0M 2.000M -$1.000M
YoY Change 126.32% -100.6% -99.42%
FREE CASH FLOW
Cash From Operating Activities $84.00M $193.0M $349.0M
Capital Expenditures $64.00M $49.00M $132.0M
Free Cash Flow $20.00M $144.0M $217.0M
YoY Change -123.81% 11.63% -8.44%

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Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to allowance for credit losses, inventory valuation reserves, recoverability of long-lived assets, useful lives used in depreciation and amortization, income taxes and related valuation allowance, accruals for contingencies, actuarial assumptions to determine costs and liabilities related to employee benefit plans, and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Financial Instruments</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We enter into foreign currency forward contracts to mitigate the risk of future cash flows denominated in a foreign currency. The amounts will fluctuate, depending on exchange rate volatility, the volume of our foreign currency transactions, and our decisions to hedge. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates. Our foreign currency derivatives are not designated as hedging instruments under Accounting Standards Codification “ASC” 815 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedging,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and the changes in fair value of the contracts are recorded in each period in “Other Expense, Net” on the accompanying Consolidated Statements of Operations. We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. See “Note 12 – Derivative Instruments” for additional information.</span></div>We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates.
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