2024 Q1 Form 10-K Financial Statement

#000160392324000043 Filed on February 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.358B $1.362B $5.135B
YoY Change 14.5% 12.66% 18.56%
Cost Of Revenue $884.0M $899.0M $3.395B
YoY Change 11.9% 11.4% 12.42%
Gross Profit $474.0M $463.0M $1.740B
YoY Change 19.7% 15.17% 32.72%
Gross Profit Margin 34.9% 33.99% 33.89%
Selling, General & Admin $164.0M $9.000M $35.00M
YoY Change -13.68% -94.55% -94.38%
% of Gross Profit 34.6% 1.94% 2.01%
Research & Development $31.00M $29.00M $112.0M
YoY Change 19.23% 20.83% 24.44%
% of Gross Profit 6.54% 6.26% 6.44%
Depreciation & Amortization $85.00M $83.00M $327.0M
YoY Change 6.25% -1.19% -6.3%
% of Gross Profit 17.93% 17.93% 18.79%
Operating Expenses $236.0M $1.133B $112.0M
YoY Change 9.26% 399.12% 24.44%
Operating Profit $238.0M -$670.0M $820.0M
YoY Change 28.65% -482.86% 99.03%
Interest Expense -$29.00M -$31.00M -$123.0M
YoY Change -6.45% -20.51% -31.28%
% of Operating Profit -12.18% -15.0%
Other Income/Expense, Net -$22.00M -$34.00M -$129.0M
YoY Change -37.14% 13.33% 43.33%
Pretax Income $182.0M $149.0M $506.0M
YoY Change 52.94% 53.61% 266.67%
Income Tax $59.00M $2.000M $57.00M
% Of Pretax Income 32.42% 1.34% 11.26%
Net Earnings $112.0M $140.0M $417.0M
YoY Change 55.56% 94.44% 1503.85%
Net Earnings / Revenue 8.25% 10.28% 8.12%
Basic Earnings Per Share $1.54 $5.79
Diluted Earnings Per Share $1.50 $1.89 $5.66
COMMON SHARES
Basic Shares Outstanding 72.32M shares 72.12M shares 72.00M shares
Diluted Shares Outstanding 74.70M shares 74.00M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $824.0M $958.0M $958.0M
YoY Change -1.08% 5.27% 5.27%
Cash & Equivalents $824.0M $958.0M $958.0M
Short-Term Investments
Other Short-Term Assets $335.0M $278.0M $322.0M
YoY Change 32.41% 9.88% -22.6%
Inventory $850.0M $788.0M $788.0M
Prepaid Expenses
Receivables $1.303B $1.216B $1.277B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.312B $3.345B $3.345B
YoY Change 8.84% 9.92% 9.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.123B $957.0M $1.095B
YoY Change 22.2% 4.25% 6.0%
Goodwill
YoY Change
Intangibles $417.0M $370.0M
YoY Change -12.03% -26.88%
Long-Term Investments
YoY Change
Other Assets $212.0M $258.0M $234.0M
YoY Change 48.25% 86.96% 100.0%
Total Long-Term Assets $1.778B $1.723B $1.723B
YoY Change 6.72% 2.74% 2.74%
TOTAL ASSETS
Total Short-Term Assets $3.312B $3.345B $3.345B
Total Long-Term Assets $1.778B $1.723B $1.723B
Total Assets $5.090B $5.068B $5.068B
YoY Change 8.09% 7.37% 7.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $716.0M $679.0M $679.0M
YoY Change 42.63% 47.61% 47.61%
Accrued Expenses $345.0M $433.0M $433.0M
YoY Change 9.52% 5.35% 5.35%
Deferred Revenue $66.00M $58.00M
YoY Change 26.92% 7.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $101.0M $168.0M $168.0M
YoY Change -15.83% 273.33% 273.33%
Total Short-Term Liabilities $1.800B $1.866B $1.866B
YoY Change 19.13% 26.94% 26.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.629B $1.715B $1.715B
YoY Change -21.19% -22.15% -22.15%
Other Long-Term Liabilities $561.0M $152.0M $565.0M
YoY Change 264.29% -59.89% 13.91%
Total Long-Term Liabilities $2.190B $152.0M $2.280B
YoY Change 1322.08% -59.89% -15.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.800B $1.866B $1.866B
Total Long-Term Liabilities $2.190B $152.0M $2.280B
Total Liabilities $3.999B $4.146B $4.144B
YoY Change -3.01% -0.55% -0.98%
SHAREHOLDERS EQUITY
Retained Earnings -$1.842B -$1.954B
YoY Change -19.88% -17.59%
Common Stock $2.985B $2.906B
YoY Change 3.47% -0.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.091B $924.0M $924.0M
YoY Change
Total Liabilities & Shareholders Equity $5.090B $5.068B $5.068B
YoY Change 8.09% 7.37% 7.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $112.0M $140.0M $417.0M
YoY Change 55.56% 94.44% 1503.85%
Depreciation, Depletion And Amortization $85.00M $83.00M $327.0M
YoY Change 6.25% -1.19% -6.3%
Cash From Operating Activities $131.0M $375.0M $832.0M
YoY Change 55.95% 94.3% 138.4%
INVESTING ACTIVITIES
Capital Expenditures $59.00M $67.00M $209.0M
YoY Change -7.81% 36.73% 58.33%
Acquisitions $36.00M
YoY Change 800.0%
Other Investing Activities $5.000M -$64.00M $51.00M
YoY Change -28.57% -476.47% 1175.0%
Cash From Investing Activities -$54.00M -$131.0M -$289.0M
YoY Change -15.63% 309.38% 435.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -187.0M -126.0M -$514.0M
YoY Change 47.24% -20.75% 107.26%
NET CHANGE
Cash From Operating Activities 131.0M 375.0M $832.0M
Cash From Investing Activities -54.00M -131.0M -$289.0M
Cash From Financing Activities -187.0M -126.0M -$514.0M
Net Change In Cash -110.0M 118.0M -$49.00M
YoY Change -14.73% 5800.0% 4800.0%
FREE CASH FLOW
Cash From Operating Activities $131.0M $375.0M $832.0M
Capital Expenditures $59.00M $67.00M $209.0M
Free Cash Flow $72.00M $308.0M $623.0M
YoY Change 260.0% 113.89% 187.1%

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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%">Use of Estimates</span></div>The 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 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, valuation of derivative financial instruments, 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. During the fourth quarter of 2023, we entered into a credit default swap. The notional amounts of our foreign currency forward contracts and the credit default swap do not generally represent cash amounts exchanged by the parties and are calculated based on the terms of the derivative instrument.</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%">Both our foreign currency forward contracts and the credit default swap are undesignated 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%">We record these derivative instruments on the balance sheet at their fair value as either assets or liabilities. See “Note 10 – Derivative Financial Instruments” for additional information.</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%">The fair values of our outstanding derivative instruments are determined using models with either Level 2 or Level 3 inputs. See “Note 9 – Fair Value of Financial Instruments, Assets and Other Assets” for additional information.</span></div>
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