2024 Q1 Form 10-K Financial Statement

#000177045024000012 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.502B $1.765B $6.886B
YoY Change -12.42% -9.07% -3.11%
Cost Of Revenue $1.059B $1.173B $4.572B
YoY Change -5.95% -7.35% -4.53%
Gross Profit $443.0M $592.0M $2.314B
YoY Change -24.79% -12.3% -0.17%
Gross Profit Margin 29.49% 33.54% 33.6%
Selling, General & Admin $397.0M $440.0M $1.696B
YoY Change -2.46% 2.8% -3.64%
% of Gross Profit 89.62% 74.32% 73.29%
Research & Development $49.00M $56.00M $229.0M
YoY Change -23.44% -18.84% -24.67%
% of Gross Profit 11.06% 9.46% 9.9%
Depreciation & Amortization $59.00M $62.00M $251.0M
YoY Change -7.81% -4.62% -7.04%
% of Gross Profit 13.32% 10.47% 10.85%
Operating Expenses $456.0M $506.0M $1.968B
YoY Change 12.04% -0.39% -6.55%
Operating Profit -$13.00M $86.00M $346.0M
YoY Change -107.14% -48.5% 63.21%
Interest Expense -$34.00M -$30.00M -$80.00M
YoY Change -168.0% 15.38% -13.98%
% of Operating Profit -34.88% -23.12%
Other Income/Expense, Net -$18.00M -$7.000M -$22.00M
YoY Change -30.0% -300.0%
Pretax Income -$150.0M -$88.00M -$28.00M
YoY Change -276.47% -160.27% -91.46%
Income Tax -$37.00M -$30.00M -$29.00M
% Of Pretax Income
Net Earnings -$117.0M -$61.00M -$13.00M
YoY Change -264.79% -151.69% -96.13%
Net Earnings / Revenue -7.79% -3.46% -0.19%
Basic Earnings Per Share -$0.94 -$0.09
Diluted Earnings Per Share -$0.94 -$0.50 -$0.09
COMMON SHARES
Basic Shares Outstanding 124.2M shares 149.1M shares
Diluted Shares Outstanding 123.9M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $685.0M $519.0M $519.0M
YoY Change 15.91% -50.33% -50.33%
Cash & Equivalents $685.0M $519.0M $519.0M
Short-Term Investments
Other Short-Term Assets $231.0M $234.0M $234.0M
YoY Change -8.33% -7.87% -7.87%
Inventory $736.0M $661.0M $661.0M
Prepaid Expenses
Receivables $913.0M $921.0M $921.0M
Other Receivables $783.0M $842.0M $842.0M
Total Short-Term Assets $3.348B $3.177B $3.177B
YoY Change -8.02% -22.64% -22.64%
LONG-TERM ASSETS
Property, Plant & Equipment $502.0M $531.0M $531.0M
YoY Change 100.8% -4.32% -4.32%
Goodwill $2.720B $2.747B
YoY Change -4.56% -2.59%
Intangibles $165.0M $177.0M
YoY Change -18.32% -14.9%
Long-Term Investments $80.00M $80.00M
YoY Change 8.11%
Other Assets $1.801B $1.794B $1.794B
YoY Change 35.31% -5.83% -5.83%
Total Long-Term Assets $6.596B $6.846B $6.846B
YoY Change -10.94% -7.93% -7.93%
TOTAL ASSETS
Total Short-Term Assets $3.348B $3.177B $3.177B
Total Long-Term Assets $6.596B $6.846B $6.846B
Total Assets $9.944B $10.02B $10.02B
YoY Change -9.98% -13.17% -13.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.046B $1.044B $1.044B
YoY Change -19.6% -21.56% -21.56%
Accrued Expenses $987.0M $1.183B $1.183B
YoY Change 224.67% 3.86% 3.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $405.0M $567.0M $567.0M
YoY Change -26.76% -34.07% -34.07%
Total Short-Term Liabilities $2.438B $2.794B $2.794B
YoY Change -15.32% -16.1% -16.1%
LONG-TERM LIABILITIES
Long-Term Debt $3.199B $2.710B $2.710B
YoY Change 17.35% -5.44% -5.44%
Other Long-Term Liabilities $1.702B $1.747B $1.747B
YoY Change 325.5% -1.3% -1.3%
Total Long-Term Liabilities $4.901B $4.457B $4.457B
YoY Change 1125.25% -3.86% -3.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.438B $2.794B $2.794B
Total Long-Term Liabilities $4.901B $4.457B $4.457B
Total Liabilities $7.352B $7.271B $7.271B
YoY Change -0.04% -8.95% -8.95%
SHAREHOLDERS EQUITY
Retained Earnings $4.828B $4.977B
YoY Change -6.47% -3.1%
Common Stock $1.223B $1.237B
YoY Change -30.15% -29.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.592B $2.752B $2.752B
YoY Change
Total Liabilities & Shareholders Equity $9.944B $10.02B $10.02B
YoY Change -9.98% -13.17% -13.17%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$117.0M -$61.00M -$13.00M
YoY Change -264.79% -151.69% -96.13%
Depreciation, Depletion And Amortization $59.00M $62.00M $251.0M
YoY Change -7.81% -4.62% -7.04%
Cash From Operating Activities -$79.00M $389.0M $686.0M
YoY Change -201.28% 109.14% 331.45%
INVESTING ACTIVITIES
Capital Expenditures $10.00M $10.00M $37.00M
YoY Change 66.67% -155.56% -164.91%
Acquisitions $0.00 $7.000M
YoY Change -100.0% -92.47%
Other Investing Activities -$7.000M $2.000M $32.00M
YoY Change -333.33% -94.29% -252.38%
Cash From Investing Activities -$17.00M -$8.000M -$5.000M
YoY Change 0.0% -147.06% -93.59%
FINANCING ACTIVITIES
Cash Dividend Paid $37.00M $165.0M
YoY Change -17.78% -5.17%
Common Stock Issuance & Retirement, Net $0.00 -$544.0M
YoY Change 381.42%
Debt Paid & Issued, Net $570.0M $1.874B
YoY Change 26.11% 8.76%
Cash From Financing Activities 261.0M -383.0M -1.202B
YoY Change -151.68% 471.64% 46.23%
NET CHANGE
Cash From Operating Activities -79.00M 389.0M 686.0M
Cash From Investing Activities -17.00M -8.000M -5.000M
Cash From Financing Activities 261.0M -383.0M -1.202B
Net Change In Cash 165.0M -2.000M -521.0M
YoY Change -137.33% -101.47% -29.69%
FREE CASH FLOW
Cash From Operating Activities -$79.00M $389.0M $686.0M
Capital Expenditures $10.00M $10.00M $37.00M
Free Cash Flow -$89.00M $379.0M $649.0M
YoY Change -223.61% 85.78% 200.46%

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<div style="margin-top:6pt"><span style="color:#da2031;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.
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<div style="margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs.</span></div>
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