2021 Q4 Form 10-K Financial Statement

#000172268422000005 Filed on February 16, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $392.0M $1.565B $296.0M
YoY Change 32.43% 20.38% -39.84%
Cost Of Revenue $201.0M $685.0M $184.0M
YoY Change 9.24% -3.79% -32.6%
Gross Profit $191.0M $880.0M $112.0M
YoY Change 70.54% 49.66% -48.86%
Gross Profit Margin 48.72% 56.23% 37.84%
Selling, General & Admin $72.00M $330.0M $61.00M
YoY Change 18.03% 17.02% -15.28%
% of Gross Profit 37.7% 37.5% 54.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00M $57.00M $25.00M
YoY Change 0.0% -6.56% -10.71%
% of Gross Profit 13.09% 6.48% 22.32%
Operating Expenses $97.00M $425.0M $86.00M
YoY Change 12.79% 11.84% -14.0%
Operating Profit $94.00M $446.0M $21.00M
YoY Change 347.62% -1069.57% -79.61%
Interest Expense -$20.00M $93.00M $30.00M
YoY Change -166.67% -16.96% 20.0%
% of Operating Profit -21.28% 20.85% 142.86%
Other Income/Expense, Net
YoY Change
Pretax Income $68.00M $335.0M -$9.000M
YoY Change -855.56% -312.03% -111.54%
Income Tax $19.00M $91.00M -$2.000M
% Of Pretax Income 27.94% 27.16%
Net Earnings $49.00M $244.0M -$7.000M
YoY Change -800.0% -284.85% -110.94%
Net Earnings / Revenue 12.5% 15.59% -2.36%
Basic Earnings Per Share $2.61
Diluted Earnings Per Share $521.8K $2.60 -$0.08
COMMON SHARES
Basic Shares Outstanding 93.40M shares
Diluted Shares Outstanding 93.90M shares 93.30M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.0M $171.0M $493.0M
YoY Change -65.31% -65.31% 424.47%
Cash & Equivalents $171.0M $171.0M $493.0M
Short-Term Investments
Other Short-Term Assets $98.00M $303.0M $67.00M
YoY Change 46.27% 170.54% 26.42%
Inventory
Prepaid Expenses $51.00M $45.00M
Receivables $246.0M $246.0M $295.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $720.0M $720.0M $900.0M
YoY Change -20.0% -20.0% 80.36%
LONG-TERM ASSETS
Property, Plant & Equipment $106.0M $120.0M $278.0M
YoY Change -61.87% -58.9% -9.45%
Goodwill $1.525B $1.525B
YoY Change 0.0% -0.91%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $243.0M $121.0M $226.0M
YoY Change 7.52% -15.97% -6.61%
Total Long-Term Assets $3.549B $3.549B $3.744B
YoY Change -5.21% -5.21% -7.19%
TOTAL ASSETS
Total Short-Term Assets $720.0M $720.0M $900.0M
Total Long-Term Assets $3.549B $3.549B $3.744B
Total Assets $4.269B $4.269B $4.644B
YoY Change -8.07% -8.07% 2.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.00M $31.00M $28.00M
YoY Change 10.71% 10.71% -6.67%
Accrued Expenses $258.0M $225.0M $226.0M
YoY Change 14.16% 20.32% -19.0%
Deferred Revenue $70.00M $71.00M
YoY Change -1.41% -46.21%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.00M $21.00M $21.00M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $397.0M $397.0M $346.0M
YoY Change 14.74% 14.74% -25.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.063B $2.063B $2.576B
YoY Change -19.91% -19.91% 22.61%
Other Long-Term Liabilities $189.0M $354.0M $242.0M
YoY Change -21.9% -11.5% 10.0%
Total Long-Term Liabilities $189.0M $2.417B $242.0M
YoY Change -21.9% -18.78% 10.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $397.0M $397.0M $346.0M
Total Long-Term Liabilities $189.0M $2.417B $242.0M
Total Liabilities $3.180B $3.180B $3.681B
YoY Change -13.61% -13.61% 10.84%
SHAREHOLDERS EQUITY
Retained Earnings $79.00M -$82.00M
YoY Change -196.34% -172.57%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $519.0M $408.0M
YoY Change 27.21% 12.4%
Treasury Stock Shares 9.000M shares 7.700M shares
Shareholders Equity $1.089B $1.089B $963.0M
YoY Change
Total Liabilities & Shareholders Equity $4.269B $4.269B $4.644B
YoY Change -8.07% -8.07% 2.45%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $49.00M $244.0M -$7.000M
YoY Change -800.0% -284.85% -110.94%
Depreciation, Depletion And Amortization $25.00M $57.00M $25.00M
YoY Change 0.0% -6.56% -10.71%
Cash From Operating Activities $99.00M $426.0M $10.00M
YoY Change 890.0% 535.82% -89.01%
INVESTING ACTIVITIES
Capital Expenditures -$14.00M $37.00M -$10.00M
YoY Change 40.0% 12.12% -33.33%
Acquisitions
YoY Change
Other Investing Activities $1.000M $0.00 $3.000M
YoY Change -66.67% -400.0%
Cash From Investing Activities -$13.00M -$34.00M -$7.000M
YoY Change 85.71% 9.68% -56.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $107.0M
YoY Change 114.0%
Debt Paid & Issued, Net $574.0M
YoY Change -24.47%
Cash From Financing Activities -107.0M -$713.0M -246.0M
YoY Change -56.5% -296.42% 112.07%
NET CHANGE
Cash From Operating Activities 99.00M $426.0M 10.00M
Cash From Investing Activities -13.00M -$34.00M -7.000M
Cash From Financing Activities -107.0M -$713.0M -246.0M
Net Change In Cash -21.00M -$322.0M -243.0M
YoY Change -91.36% -180.7% 492.68%
FREE CASH FLOW
Cash From Operating Activities $99.00M $426.0M $10.00M
Capital Expenditures -$14.00M $37.00M -$10.00M
Free Cash Flow $113.0M $389.0M $20.00M
YoY Change 465.0% 1044.12% -81.13%

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<div style="margin-top:10pt;text-align:justify"><span style="color:#006ebf;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates and Assumptions</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Consolidated Financial Statements and accompanying notes. Although these estimates and assumptions are based on Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from estimates and assumptions.</span></div>
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CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000000 USD
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000000 USD
CY2020 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000000 USD
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-8000000 USD
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-19000000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-27000000 USD
CY2020 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
3000000 USD
CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-25000000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-52000000 USD
CY2021 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
37000000 USD
CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
37000000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-15000000 USD

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