2023 Q4 Form 10-K Financial Statement

#000161764024000022 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $474.0M $1.945B
YoY Change 8.97% -0.66%
Cost Of Revenue $115.0M $421.0M
YoY Change 43.75% 14.71%
Gross Profit $359.0M $1.524B
YoY Change 1.13% -4.21%
Gross Profit Margin 75.74% 78.35%
Selling, General & Admin $311.0M $1.211B
YoY Change 7.24% 4.22%
% of Gross Profit 86.63% 79.46%
Research & Development $141.0M $560.0M
YoY Change 9.3% 12.45%
% of Gross Profit 39.28% 36.75%
Depreciation & Amortization $53.00M $187.0M
YoY Change 47.22% 19.11%
% of Gross Profit 14.76% 12.27%
Operating Expenses $452.0M $1.771B
YoY Change 7.88% 6.69%
Operating Profit -$93.00M -$270.0M
YoY Change 45.31% 190.32%
Interest Expense -$9.000M -$36.00M
YoY Change 0.0% 2.86%
% of Operating Profit
Other Income/Expense, Net $43.00M $151.0M
YoY Change 13.16% 251.16%
Pretax Income -$70.00M -$154.0M
YoY Change 2.94% 81.18%
Income Tax $3.000M $4.000M
% Of Pretax Income
Net Earnings -$73.00M -$158.0M
YoY Change 1.39% 56.44%
Net Earnings / Revenue -15.4% -8.12%
Basic Earnings Per Share -$0.68
Diluted Earnings Per Share -$0.32 -$0.68
COMMON SHARES
Basic Shares Outstanding 233.6M shares
Diluted Shares Outstanding 233.6M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.810B $2.810B
YoY Change -16.42% -16.42%
Cash & Equivalents $1.492B $1.492B
Short-Term Investments $1.318B $1.318B
Other Short-Term Assets $153.0M $153.0M
YoY Change 56.12% 56.12%
Inventory
Prepaid Expenses
Receivables $96.00M $186.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.149B $3.149B
YoY Change -12.6% -12.6%
LONG-TERM ASSETS
Property, Plant & Equipment $328.0M $401.0M
YoY Change 21.03% 1.01%
Goodwill $2.817B
YoY Change 18.66%
Intangibles $241.0M
YoY Change 56.49%
Long-Term Investments
YoY Change
Other Assets $21.00M $44.00M
YoY Change 75.0% 25.71%
Total Long-Term Assets $3.503B $3.503B
YoY Change 18.34% 18.34%
TOTAL ASSETS
Total Short-Term Assets $3.149B $3.149B
Total Long-Term Assets $3.503B $3.503B
Total Assets $6.652B $6.652B
YoY Change 1.36% 1.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.00M $28.00M
YoY Change 40.0% 40.0%
Accrued Expenses $107.0M $191.0M
YoY Change 18.89% 13.02%
Deferred Revenue $52.00M
YoY Change 18.18%
Short-Term Debt $93.00M $93.00M
YoY Change 151.35% 151.35%
Long-Term Debt Due $607.0M $607.0M
YoY Change
Total Short-Term Liabilities $971.0M $971.0M
YoY Change 259.63% 259.63%
LONG-TERM LIABILITIES
Long-Term Debt $1.000B $1.000B
YoY Change -39.76% -39.76%
Other Long-Term Liabilities $60.00M $95.00M
YoY Change 400.0% -31.65%
Total Long-Term Liabilities $60.00M $1.095B
YoY Change 400.0% -39.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $971.0M $971.0M
Total Long-Term Liabilities $60.00M $1.095B
Total Liabilities $2.126B $2.126B
YoY Change 2.16% 2.16%
SHAREHOLDERS EQUITY
Retained Earnings -$1.770B
YoY Change 9.8%
Common Stock $6.301B
YoY Change 3.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.526B $4.526B
YoY Change
Total Liabilities & Shareholders Equity $6.652B $6.652B
YoY Change 1.36% 1.36%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$73.00M -$158.0M
YoY Change 1.39% 56.44%
Depreciation, Depletion And Amortization $53.00M $187.0M
YoY Change 47.22% 19.11%
Cash From Operating Activities $86.00M $354.0M
YoY Change 2.38% -92.14%
INVESTING ACTIVITIES
Capital Expenditures $40.00M $135.0M
YoY Change 11.11% 17.39%
Acquisitions $433.0M
YoY Change 10725.0%
Other Investing Activities -$274.0M $190.0M
YoY Change -26.74% -113.64%
Cash From Investing Activities -$314.0M $25.00M
YoY Change -23.41% -101.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $424.0M
YoY Change -55.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.0M -$352.0M
YoY Change -30.39% -91.89%
NET CHANGE
Cash From Operating Activities 86.00M $354.0M
Cash From Investing Activities -314.0M $25.00M
Cash From Financing Activities -126.0M -$352.0M
Net Change In Cash -354.0M $27.00M
YoY Change -30.18% -101.97%
FREE CASH FLOW
Cash From Operating Activities $86.00M $354.0M
Capital Expenditures $40.00M $135.0M
Free Cash Flow $46.00M $219.0M
YoY Change -4.17% -95.01%

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<div style="margin-top:10pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations for the periods presented (in millions, except share data which are presented in thousands, and per share amounts):</span></div><div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.425%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="21" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31, </span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Class A common stock</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Class C capital stock</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Class A common stock</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Class C capital stock</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Shares repurchased</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,212 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,311 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,052 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18,161 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted-average price per share</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46.45 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43.94 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44.14 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42.30 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total purchase price</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">103 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">321 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">179 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">768 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
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