2020 Q3 Form 10-Q Financial Statement

#000156459020046316 Filed on October 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $702.9M $855.9M
YoY Change -17.87% -13.38%
Cost Of Revenue $589.6M $738.6M
YoY Change -20.18% -12.61%
Gross Profit $113.4M $117.3M
YoY Change -3.35% -17.98%
Gross Profit Margin 16.13% 13.7%
Selling, General & Admin $82.20M $90.82M
YoY Change -9.5% 0.2%
% of Gross Profit 72.51% 77.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.20M $24.20M
YoY Change -8.26% -1.22%
% of Gross Profit 19.58% 20.63%
Operating Expenses $82.20M $90.82M
YoY Change -9.5% 0.2%
Operating Profit -$30.12M -$14.59M
YoY Change 106.48% -128.65%
Interest Expense $7.590M $9.480M
YoY Change -19.94% -2.55%
% of Operating Profit
Other Income/Expense, Net $500.0K $600.0K
YoY Change -16.67% -66.67%
Pretax Income $782.5M -$2.640M
YoY Change -29740.76% -103.69%
Income Tax $163.8M -$185.0K
% Of Pretax Income 20.93%
Net Earnings $616.7M -$4.776M
YoY Change -13011.96% -108.69%
Net Earnings / Revenue 87.73% -0.56%
Basic Earnings Per Share $11.41 -$0.09
Diluted Earnings Per Share $11.22 -$0.09
COMMON SHARES
Basic Shares Outstanding 54.07M 55.24M
Diluted Shares Outstanding 54.94M 55.24M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $937.7M $45.60M
YoY Change 1956.36% -52.89%
Cash & Equivalents $650.1M $45.58M
Short-Term Investments $287.6M
Other Short-Term Assets $78.80M $77.70M
YoY Change 1.42% 5.86%
Inventory $319.5M $422.2M
Prepaid Expenses
Receivables $428.3M $476.4M
Other Receivables $2.200M $8.200M
Total Short-Term Assets $1.767B $1.030B
YoY Change 71.49% -16.28%
LONG-TERM ASSETS
Property, Plant & Equipment $615.2M $587.7M
YoY Change 4.68% 0.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $208.4M $213.0M
YoY Change -2.16% -3.66%
Other Assets $34.50M $29.80M
YoY Change 15.77% 45.37%
Total Long-Term Assets $1.365B $1.353B
YoY Change 0.89% -1.98%
TOTAL ASSETS
Total Short-Term Assets $1.767B $1.030B
Total Long-Term Assets $1.365B $1.353B
Total Assets $3.131B $2.383B
YoY Change 31.41% -8.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $294.2M $338.0M
YoY Change -12.96% -29.16%
Accrued Expenses $148.4M $115.7M
YoY Change 28.26% -7.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $600.0K
YoY Change -66.67% -53.85%
Total Short-Term Liabilities $542.2M $482.7M
YoY Change 12.33% -22.35%
LONG-TERM LIABILITIES
Long-Term Debt $707.3M $698.6M
YoY Change 1.25% -6.69%
Other Long-Term Liabilities $208.6M $223.7M
YoY Change -6.75% 81.28%
Total Long-Term Liabilities $915.9M $922.3M
YoY Change -0.69% 5.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $542.2M $482.7M
Total Long-Term Liabilities $915.9M $922.3M
Total Liabilities $1.748B $1.595B
YoY Change 9.63% -5.68%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.383B $788.0M
YoY Change
Total Liabilities & Shareholders Equity $3.131B $2.383B
YoY Change 31.42% -8.72%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $616.7M -$4.776M
YoY Change -13011.96% -108.69%
Depreciation, Depletion And Amortization $22.20M $24.20M
YoY Change -8.26% -1.22%
Cash From Operating Activities $117.4M $64.37M
YoY Change 82.37% 111.43%
INVESTING ACTIVITIES
Capital Expenditures $32.87M $22.17M
YoY Change 48.24% 14.1%
Acquisitions $0.00
YoY Change
Other Investing Activities $487.9M $9.200M
YoY Change 5203.26% -54.68%
Cash From Investing Activities $455.0M -$13.00M
YoY Change -3600.45% -1641.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $54.32M $29.60M
YoY Change 83.52% -19.68%
Debt Paid & Issued, Net $97.00K $154.0M
YoY Change -99.94% 35708.6%
Cash From Financing Activities -69.51M -98.15M
YoY Change -29.18% 73.99%
NET CHANGE
Cash From Operating Activities 117.4M 64.37M
Cash From Investing Activities 455.0M -13.00M
Cash From Financing Activities -69.51M -98.15M
Net Change In Cash 502.9M -46.78M
YoY Change -1174.97% 86.2%
FREE CASH FLOW
Cash From Operating Activities $117.4M $64.37M
Capital Expenditures $32.87M $22.17M
Free Cash Flow $84.52M $42.20M
YoY Change 100.3% 283.21%

Facts In Submission

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CY2020Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2562000
CY2019Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-3325000
CY2019Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-686000
CY2019Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-2639000
CY2020Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
107000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11242000
CY2019Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
2761000
CY2019Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-395000
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3156000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
966433000
CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1150000
CY2020Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
90000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3022000
CY2020Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
54320000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3213000
CY2019Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
74000
CY2020Q3 us-gaap Dividends Cash
DividendsCash
13595000
CY2020Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
560000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1529900000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
948394000
CY2019Q3 wor Equity Profit Loss
EquityProfitLoss
-2456000
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3156000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4545000
CY2019Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
29599000
CY2019Q3 us-gaap Dividends Cash
DividendsCash
13460000
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
907441000
CY2020Q3 wor Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.216
CY2019Q3 wor Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.251
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
616675000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54070000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55241000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
872000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54942000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55241000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.41
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11.22
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
488059
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1585971
CY2020Q3 us-gaap Revenues
Revenues
702909000
CY2019Q3 us-gaap Revenues
Revenues
855859000
CY2020Q3 wor Segment Operating Income Loss
SegmentOperatingIncomeLoss
21500000
CY2019Q3 wor Segment Operating Income Loss
SegmentOperatingIncomeLoss
-9342000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-30121000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-14588000
CY2020Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
9924000
CY2019Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
40601000
CY2019Q3 wor Restructuring And Other Expense Income
RestructuringAndOtherExpenseIncome
455000
CY2020Q3 wor Restructuring And Other Expense Income
RestructuringAndOtherExpenseIncome
1848000
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
8777000
CY2020 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Net Basis
ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnNetBasis
1780000
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
385000
CY2020Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2868000
CY2020Q3 us-gaap Assets
Assets
3131053000
CY2020Q2 us-gaap Assets
Assets
2331515000
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
2531000
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2966000
CY2020Q3 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Net Basis
ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnNetBasis
2336000
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
181000
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-5659000
CY2019Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2334000
CY2020Q3 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
-2733000
CY2020Q3 wor Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred Tax
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferredTax
951000
CY2020Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
3219000
CY2019Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-2347000
CY2020Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
2800000

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