2024 Q2 Form 10-Q Financial Statement

#000179451524000074 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $291.5M $310.1M
YoY Change -5.54% 3.13%
Cost Of Revenue $45.90M $43.40M
YoY Change 6.25% 4.83%
Gross Profit $245.6M $266.7M
YoY Change -7.46% 4.51%
Gross Profit Margin 84.25% 86.0%
Selling, General & Admin $211.8M $174.5M
YoY Change 47.49% 23.85%
% of Gross Profit 86.24% 65.43%
Research & Development $48.30M $43.70M
YoY Change -7.12% 3.31%
% of Gross Profit 19.67% 16.39%
Depreciation & Amortization $5.900M $5.200M
YoY Change -70.2% 8.33%
% of Gross Profit 2.4% 1.95%
Operating Expenses $265.6M $223.7M
YoY Change 32.07% 18.42%
Operating Profit -$20.00M $43.00M
YoY Change -131.1% -35.14%
Interest Expense -$6.200M $10.10M
YoY Change -48.33% 2.02%
% of Operating Profit 23.49%
Other Income/Expense, Net $5.900M -$3.400M
YoY Change -1.67% -124.29%
Pretax Income -$24.60M $29.50M
YoY Change -144.97% -56.74%
Income Tax -$200.0K $14.40M
% Of Pretax Income 48.81%
Net Earnings -$24.40M $15.10M
YoY Change -164.04% -66.07%
Net Earnings / Revenue -8.37% 4.87%
Basic Earnings Per Share -$0.07 $0.04
Diluted Earnings Per Share -$0.07 $0.04
COMMON SHARES
Basic Shares Outstanding 373.9M shares 379.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $399.3M $440.2M
YoY Change -39.53% -28.52%
Cash & Equivalents $385.9M $405.9M
Short-Term Investments $13.40M $34.30M
Other Short-Term Assets $58.60M $62.30M
YoY Change -9.29% 3.32%
Inventory
Prepaid Expenses
Receivables $189.9M $223.5M
Other Receivables $5.500M $4.400M
Total Short-Term Assets $659.6M $740.2M
YoY Change -30.18% -18.22%
LONG-TERM ASSETS
Property, Plant & Equipment $84.10M $74.60M
YoY Change -32.34% 39.7%
Goodwill $1.693B $1.693B
YoY Change 0.0% 0.0%
Intangibles $305.7M $319.8M
YoY Change -16.13% -15.75%
Long-Term Investments
YoY Change
Other Assets $3.824B $3.820B
YoY Change -5.95% -6.23%
Total Long-Term Assets $6.024B $6.014B
YoY Change -3.58% -3.93%
TOTAL ASSETS
Total Short-Term Assets $659.6M $740.2M
Total Long-Term Assets $6.024B $6.014B
Total Assets $6.684B $6.754B
YoY Change -7.07% -5.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.30M $18.00M
YoY Change -11.35% -30.5%
Accrued Expenses $141.8M $123.1M
YoY Change 52.15% 55.63%
Deferred Revenue $438.9M $443.0M
YoY Change 0.18% -1.34%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.900M $6.000M
YoY Change -1.67% 0.0%
Total Short-Term Liabilities $680.7M $664.1M
YoY Change 11.98% 7.63%
LONG-TERM LIABILITIES
Long-Term Debt $1.224B $1.225B
YoY Change -0.34% -0.29%
Other Long-Term Liabilities $3.400M $4.100M
YoY Change -99.89% -28.07%
Total Long-Term Liabilities $1.227B $1.230B
YoY Change -71.03% -0.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $680.7M $664.1M
Total Long-Term Liabilities $1.227B $1.230B
Total Liabilities $4.821B $4.748B
YoY Change -0.51% -2.02%
SHAREHOLDERS EQUITY
Retained Earnings $274.0M $298.4M
YoY Change 5.96% 35.33%
Common Stock $3.600M $3.700M
YoY Change -10.0% -7.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.863B $2.006B
YoY Change
Total Liabilities & Shareholders Equity $6.684B $6.754B
YoY Change -7.07% -5.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$24.40M $15.10M
YoY Change -164.04% -66.07%
Depreciation, Depletion And Amortization $5.900M $5.200M
YoY Change -70.2% 8.33%
Cash From Operating Activities $126.3M $115.9M
YoY Change 8.32% 6.72%
INVESTING ACTIVITIES
Capital Expenditures $11.10M $12.80M
YoY Change 79.03% 100.0%
Acquisitions
YoY Change
Other Investing Activities $20.30M $48.20M
YoY Change -381.94% -465.15%
Cash From Investing Activities $9.200M $35.40M
YoY Change -168.66% -280.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.500M
YoY Change 0.0%
Cash From Financing Activities -155.5M -$192.7M
YoY Change 130.03% 557.68%
NET CHANGE
Cash From Operating Activities 126.3M $115.9M
Cash From Investing Activities 9.200M $35.40M
Cash From Financing Activities -155.5M -$192.7M
Net Change In Cash -20.00M -$41.40M
YoY Change -156.18% -169.35%
FREE CASH FLOW
Cash From Operating Activities $126.3M $115.9M
Capital Expenditures $11.10M $12.80M
Free Cash Flow $115.2M $103.1M
YoY Change 4.35% 0.88%

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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;margin-top:15pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify;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 consolidated financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base these estimates on historical and anticipated results, trends, and other assumptions with respect to future events that we believe are reasonable and evaluate our estimates on an ongoing basis. Given that estimates and judgments are required, actual results may differ from our estimates and such differences could be material to our consolidated financial position and results of operations.</span></div>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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