2024 Q1 Form 10-K Financial Statement

#000011047124000057 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $394.9M $526.7M $2.243B
YoY Change -23.82% -7.12%
Cost Of Revenue $213.5M $333.7M $1.370B
YoY Change -19.32% -1.05%
Gross Profit $181.4M $193.0M $872.5M
YoY Change -30.53% -15.28%
Gross Profit Margin 45.94% 36.64% 38.9%
Selling, General & Admin $176.8M $245.4M $856.2M
YoY Change 13.19% 4.7%
% of Gross Profit 97.46% 127.15% 98.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.100M $8.800M $35.10M
YoY Change 4.76% 5.72%
% of Gross Profit 3.91% 4.56% 4.02%
Operating Expenses $176.8M $263.0M $856.2M
YoY Change 21.31% 4.7%
Operating Profit -$3.100M -$70.00M -$68.20M
YoY Change -219.05% -143.8%
Interest Expense -$12.00M -$16.10M -$63.50M
YoY Change 28.8% 69.79%
% of Operating Profit
Other Income/Expense, Net -$11.20M $700.0K -$66.00M
YoY Change -104.61% -12.47%
Pretax Income -$14.30M -$202.3M -$134.2M
YoY Change -563.99% -267.12%
Income Tax -$600.0K -$111.7M -$95.00M
% Of Pretax Income
Net Earnings -$14.50M -$90.00M -$39.60M
YoY Change -330.77% -157.73%
Net Earnings / Revenue -3.67% -17.09% -1.77%
Basic Earnings Per Share -$0.19 -$0.51
Diluted Earnings Per Share -$0.19 -$1.13 -$0.51
COMMON SHARES
Basic Shares Outstanding 79.75M shares 79.53M shares 79.40M shares
Diluted Shares Outstanding 79.80M shares 79.40M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.7M $179.0M $179.0M
YoY Change 31.23% 10.7%
Cash & Equivalents $169.7M $179.0M $179.0M
Short-Term Investments
Other Short-Term Assets $70.70M $241.7M $241.7M
YoY Change 155.77% 324.78%
Inventory $354.3M $373.6M $373.6M
Prepaid Expenses
Receivables $231.2M $230.8M $230.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $825.9M $1.025B $1.025B
YoY Change -33.94% 13.43%
LONG-TERM ASSETS
Property, Plant & Equipment $92.60M $96.30M $214.5M
YoY Change -23.57% -19.72%
Goodwill $426.0M $427.1M
YoY Change -18.88%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.10M $70.70M $187.1M
YoY Change -4.72% 182.63%
Total Long-Term Assets $1.027B $1.038B $1.038B
YoY Change -35.9% -38.33%
TOTAL ASSETS
Total Short-Term Assets $825.9M $1.025B $1.025B
Total Long-Term Assets $1.027B $1.038B $1.038B
Total Assets $1.853B $2.063B $2.063B
YoY Change -34.94% -20.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.3M $206.0M $206.0M
YoY Change -35.2% -7.25%
Accrued Expenses $253.0M $324.2M $324.2M
YoY Change 23.08% 7.17%
Deferred Revenue
YoY Change
Short-Term Debt $265.0M $305.0M $305.0M
YoY Change -58.78% 35.56%
Long-Term Debt Due $10.00M $10.00M $10.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $730.3M $869.4M $869.4M
YoY Change -34.7% 14.45%
LONG-TERM LIABILITIES
Long-Term Debt $581.9M $605.8M $605.8M
YoY Change -16.46% -17.22%
Other Long-Term Liabilities $49.00M $49.90M $260.7M
YoY Change -31.64% -21.4%
Total Long-Term Liabilities $630.9M $655.7M $866.5M
YoY Change -17.85% -18.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $730.3M $869.4M $869.4M
Total Long-Term Liabilities $630.9M $655.7M $866.5M
Total Liabilities $1.361B $1.525B $1.784B
YoY Change -28.38% -8.82%
SHAREHOLDERS EQUITY
Retained Earnings $812.0M $834.8M
YoY Change -34.63%
Common Stock $479.4M $477.0M
YoY Change 10.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $891.0M $891.0M
YoY Change -0.04%
Treasury Stock Shares
Shareholders Equity $252.5M $278.6M $278.6M
YoY Change
Total Liabilities & Shareholders Equity $1.853B $2.063B $2.063B
YoY Change -34.94% -20.24%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$14.50M -$90.00M -$39.60M
YoY Change -330.77% -157.73%
Depreciation, Depletion And Amortization $7.100M $8.800M $35.10M
YoY Change 4.76% 5.72%
Cash From Operating Activities -$37.20M $114.8M $121.8M
YoY Change -147.38% 40.32%
INVESTING ACTIVITIES
Capital Expenditures $5.100M -$3.900M $14.60M
YoY Change -47.3% -17.05%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $2.000M $51.50M $2.700M
YoY Change -1761.29% 17.39%
Cash From Investing Activities $85.40M $55.40M $171.6M
YoY Change -627.62% -139.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $24.20M $118.3M
YoY Change -83.79%
Cash From Financing Activities -$66.90M -154.8M -$246.3M
YoY Change -164.66% -245.48%
NET CHANGE
Cash From Operating Activities -$37.20M 114.8M $121.8M
Cash From Investing Activities $85.40M 55.40M $171.6M
Cash From Financing Activities -$66.90M -154.8M -$246.3M
Net Change In Cash -$14.90M 15.40M $49.10M
YoY Change -214.93% -126.44%
FREE CASH FLOW
Cash From Operating Activities -$37.20M $114.8M $121.8M
Capital Expenditures $5.100M -$3.900M $14.60M
Free Cash Flow -$42.30M $118.7M $107.2M
YoY Change -150.53% 54.91%

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CY2022Q4 www Receivables Purchase Agreement Uncollected
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CY2022Q4 www Product Returns Reserve
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CY2022Q4 www Customer Markdowns Reserve
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CY2023Q4 www Sales Incentives Reserve
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CY2022Q4 www Sales Incentives Reserve
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2022Q4 www Product Returns Estimated Product Returns
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CY2022 us-gaap Amortization Of Financing Costs
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