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Financial Statements
Balance Sheet
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | Year Ending Dec 2019 (Update) | |
|---|---|---|---|---|---|
| Cash & Equivalents | 812.69 | 866.39 | 819.98 | 496.58 | 547.18 |
| Short Term Investments | 1,626.69 | 1,326.01 | 1,615.59 | 1,377.82 | 988.98 |
| Cash and Short Term Investments | 2,439.38 | 2,192.41 | 2,435.56 | 1,874.40 | 1,536.16 |
| Accounts Receivable - Trade, Gross | 228.21 | 205.62 | 125.31 | 68.87 | 43.01 |
| Accounts Receivable - Trade, Net | 228.21 | 205.62 | 125.31 | 68.87 | 43.01 |
| Receivables - Other | 99.58 | 32.34 | 73.27 | 533.54 | 0.00 |
| Total Receivables, Net | 327.79 | 237.96 | 198.57 | 602.41 | 43.01 |
| Inventories - Finished Goods | 25.12 | 0.00 | 0.00 | 0.00 | 2.66 |
| Inventories - Work In Progress | 76.96 | 0.00 | 0.00 | 0.00 | 38.28 |
| Inventories - Raw Materials | 23.35 | 0.00 | 0.00 | 0.00 | 15.42 |
| Inventories - Other | -36.29 | 128.96 | 86.36 | 75.20 | 0.00 |
| Total Inventory | 89.15 | 128.96 | 86.36 | 75.20 | 56.35 |
| Prepaid Expenses | 126.38 | 132.92 | 88.08 | 62.77 | 80.34 |
| Total Current Assets | 2,982.70 | 2,692.25 | 2,808.58 | 2,614.78 | 1,715.86 |
| Buildings - Gross | 507.06 | 500.17 | 414.68 | 412.14 | 383.01 |
| Land/Improvements - Gross | 9.08 | 9.08 | 9.08 | 9.08 | 9.08 |
| Machinery/Equipment - Gross | 142.76 | 115.96 | 83.24 | 67.99 | 44.71 |
| Construction in Progress - Gross | 30.10 | 14.60 | 80.75 | 28.01 | 54.20 |
| Other Property/Plant/Equipment - Gross | 259.86 | 272.28 | 286.30 | 293.64 | 231.54 |
| Property/Plant/Equipment, Total - Gross | 948.87 | 912.08 | 874.05 | 810.86 | 722.53 |
| Accumulated Depreciation, Total | -223.08 | -173.45 | -140.42 | -104.35 | -76.16 |
| Property/Plant/Equipment, Total - Net | 725.79 | 738.63 | 733.63 | 706.51 | 646.38 |
| LT Investment - Affiliate Companies | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| LT Investments - Other | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Deferred Income Tax - Long Term Asset | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Restricted Cash - Long Term | 51.59 | 49.39 | 40.89 | 40.73 | 14.83 |
| Other Long Term Assets | 69.81 | 66.09 | 60.20 | 45.05 | 18.07 |
| Other Long Term Assets, Total | 121.39 | 115.48 | 101.10 | 85.77 | 32.89 |
| Total Assets | 3,829.88 | 3,546.36 | 3,643.30 | 3,407.06 | 2,395.13 |
| Accounts Payable | 55.52 | 98.09 | 73.43 | 51.97 | 49.88 |
| Accrued Expenses | 754.52 | 587.43 | 435.72 | 392.78 | 224.89 |
| Notes Payable/Short Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Customer Advances | 102.75 | 42.11 | 149.48 | 127.21 | 77.82 |
| Deferred Income Tax - Current Liability | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Current Liabilities | 54.99 | 40.29 | 37.08 | 13.32 | 0.00 |
| Other Current liabilities, Total | 157.74 | 82.39 | 186.56 | 140.52 | 77.82 |
| Total Current Liabilities | 967.79 | 767.92 | 695.71 | 585.27 | 352.59 |
| Long Term Debt | 1,020.78 | 1,016.94 | 675.70 | 191.28 | 0.00 |
| Total Long Term Debt | 1,020.78 | 1,016.94 | 675.70 | 191.28 | 0.00 |
| Total Debt | 1,020.78 | 1,016.94 | 675.70 | 191.28 | 0.00 |
| Other Long Term Liabilities | 2,061.96 | 1,919.73 | 1,683.69 | 1,614.27 | 603.85 |
| Other Liabilities, Total | 2,061.96 | 1,919.73 | 1,683.69 | 1,614.27 | 603.85 |
| Total Liabilities | 4,050.52 | 3,704.58 | 3,055.10 | 2,390.81 | 956.44 |
| Preferred Stock - Non Redeemable | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Non Redeemable, Net | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Stock | 1.26 | 1.24 | 1.20 | 1.16 | 1.12 |
| Common Stock, Total | 1.26 | 1.24 | 1.20 | 1.16 | 1.12 |
| Additional Paid-In Capital | 6,811.06 | 6,454.54 | 6,058.45 | 5,644.07 | 5,201.18 |
| Retained Earnings (Accumulated Deficit) | -7,009.59 | -6,569.35 | -5,438.19 | -4,585.37 | -3,727.09 |
| Unrealized Gain (Loss) | -31.24 | -42.26 | -34.42 | -32.44 | -32.66 |
| Cumulative Translation Adjustment | 10.62 | -1.30 | 3.97 | -7.42 | -0.34 |
| Minimum Pension Liability Adjustment | -2.75 | -1.09 | -2.81 | -3.75 | -3.52 |
| Other Comprehensive Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Equity, Total | 7.87 | -2.39 | 1.16 | -11.18 | -3.86 |
| Total Equity | -220.64 | -158.22 | 588.20 | 1,016.25 | 1,438.69 |
| Total Liabilities & Shareholders' Equity | 3,829.88 | 3,546.36 | 3,643.30 | 3,407.06 | 2,395.13 |
| Shares Outstanding – Common Stock Primary Issue | 125.79 | 123.93 | 120.18 | 116.43 | 112.19 |
| Total Common Shares Outstanding | 125.79 | 123.93 | 120.18 | 116.43 | 112.19 |
| Treasury Shares – Common Primary Issue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employees | 2,100.00 | 2,002.00 | 1,665.00 | 1,453.00 | 1,323.00 |
| Number of Common Shareholders | 24.00 | 24.00 | 24.00 | 27.00 | 29.00 |
| Deferred Revenue - Current | 102.75 | 42.11 | 149.48 | 127.21 | 77.82 |
| Deferred Revenue - Long Term | 188.18 | 193.79 | 152.36 | 225.09 | 318.38 |
| Total Current Assets less Inventory | 2,893.55 | 2,563.29 | 2,722.21 | 2,539.58 | 1,659.52 |
| Quick Ratio | 2.99 | 3.34 | 3.91 | 4.34 | 4.71 |
| Current Ratio | 3.08 | 3.51 | 4.04 | 4.47 | 4.87 |
| Net Debt | -1,418.61 | -1,175.46 | -1,759.87 | -1,683.12 | -1,536.16 |
| Tangible Book Value | -220.64 | -158.22 | 588.20 | 1,016.25 | 1,438.69 |
| Tangible Book Value per Share | -1.75 | -1.28 | 4.89 | 8.73 | 12.82 |
| Total Long Term Debt, Supplemental | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing within 1 Year | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in 2-3 Years | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in 4-5 Years | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 6 & Beyond | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Operating Leases | 284.61 | 303.31 | 321.90 | 329.91 | 303.82 |
| Operating Lease Payments Due in Year 1 | 43.59 | 43.03 | 41.78 | 38.59 | 29.16 |
| Operating Lease Payments Due in Year 2 | 46.37 | 46.49 | 47.19 | 46.39 | 37.60 |
| Operating Lease Payments Due in Year 3 | 40.65 | 42.87 | 44.42 | 43.76 | 37.75 |
| Operating Lease Payments Due in Year 4 | 39.01 | 40.38 | 42.94 | 42.92 | 36.25 |
| Operating Lease Payments Due in Year 5 | 38.36 | 38.75 | 40.25 | 41.19 | 35.38 |
| Operating Lease Payments Due in 2-3 Years | 87.02 | 89.35 | 91.61 | 90.16 | 75.35 |
| Operating Lease Payments Due in 4-5 Years | 77.36 | 79.13 | 83.18 | 84.11 | 71.63 |
| Standardized Operating Lease Payments Due in Year 6 and Beyond | 76.64 | 91.80 | 105.32 | 117.05 | 127.68 |
| Number of Patents | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Number of Products in Phase I | 5.00 | 1.00 | 2.00 | 2.00 | 0.00 |
| Number of Products in Phase II | 6.00 | 1.00 | 2.00 | 2.00 | 2.00 |
| Number of Products in Phase III | 4.00 | 2.00 | 3.00 | 3.00 | 2.00 |
| Number of Products Launched | 0.00 | 0.00 | 3.00 | 5.00 | 0.00 |
Cash Flow
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | Year Ending Dec 2019 (Update) | |
|---|---|---|---|---|---|
| Net Income/Starting Line | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Depreciation – Supplemental | 54.05 | 44.47 | 47.57 | 34.77 | 17.18 |
| Depreciation/Depletion | 54.05 | 44.47 | 47.57 | 34.77 | 17.18 |
| Unusual Items | 16.94 | 109.90 | -55.70 | -54.04 | -11.29 |
| Equity in Net Earnings (Loss) | |||||
| Other Non-Cash Items | 462.64 | 471.07 | 382.08 | 275.29 | 199.42 |
| Non-Cash Items | 479.59 | 580.97 | 326.39 | 221.25 | 188.13 |
| Accounts Receivable | -87.94 | -45.60 | -101.80 | -56.24 | -24.24 |
| Inventories | 18.37 | -34.14 | -26.42 | -35.43 | -32.41 |
| Prepaid Expenses | -9.03 | -38.51 | -32.09 | 15.23 | -22.04 |
| Other Assets | 5.55 | 30.17 | |||
| Accounts Payable | |||||
| Accrued Expenses | -46.50 | -43.17 | -40.35 | -41.59 | -33.70 |
| Payable/Accrued | 80.84 | 191.77 | 88.24 | 143.73 | 92.35 |
| Other Liabilities | 55.02 | -65.91 | -50.40 | -43.97 | 392.25 |
| Changes in Working Capital | 10.76 | -35.55 | -162.82 | -12.70 | 402.38 |
| Cash from Operating Activities | 104.16 | -541.27 | -641.69 | -614.96 | -278.43 |
| Purchase of Fixed Assets | -62.21 | -72.06 | -76.37 | -70.36 | -140.16 |
| Capital Expenditures | -62.21 | -72.06 | -76.37 | -70.36 | -140.16 |
| Sale/Maturity of Investment | 1.61M | 2.32M | 1.51M | 1.69M | 1.81M |
| Purchase of Investments | -1,881.98 | -2,075.41 | -1,698.26 | -2,051.53 | -2,075.93 |
| Other Investing Cash Flow | -4.44 | -4.69 | -4.20 | -5.30 | -7.00 |
| Other Investing Cash Flow Items, Total | -274.14 | 241.41 | -196.93 | -365.16 | -277.52 |
| Cash from Investing Activities | -336.35 | 169.35 | -273.30 | -435.52 | -417.68 |
| Other Financing Cash Flow | 24.67 | 31.00 | 500.85 | 495.00 | |
| Financing Cash Flow Items | 24.67 | 31.00 | 500.85 | 495.00 | |
| Sale/Issuance of Common | -- | -- | 99.50 | 781.90 | |
| Repurchase/Retirement of Common | |||||
| Common Stock, Net | -- | -- | 99.50 | 781.90 | |
| Options Exercised | 147.46 | 259.36 | 246.27 | 200.48 | 71.28 |
| Issuance (Retirement) of Stock, Net | 147.46 | 259.36 | 246.27 | 299.98 | 853.18 |
| Long Term Debt Issued | -- | 1.02M | 500.00 | 200.00 | |
| Long Term Debt Reduction | -- | -880.72 | -- | -30.00 | |
| Long Term Debt, Net | -- | 135.39 | 500.00 | 200.00 | -30.00 |
| Issuance (Retirement) of Debt, Net | -- | 135.39 | 500.00 | 200.00 | -30.00 |
| Cash from Financing Activities | 172.13 | 425.75 | 1.25M | 994.98 | 823.18 |
| Foreign Exchange Effects | 6.39 | -7.43 | -9.02 | 4.92 | -0.08 |
| Net Change in Cash | -53.67 | 46.40 | 323.11 | -50.58 | 127.00 |
| Net Cash - Beginning Balance | 868.56 | 822.15 | 499.05 | 549.63 | 422.63 |
| Net Cash - Ending Balance | 814.88 | 868.56 | 822.15 | 499.05 | 549.63 |
| Cash Interest Paid | 32.12 | 45.24 | 24.66 | 0.17 | |
| Cash Taxes Paid | 2.57 |
Income Statement
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | Year Ending Dec 2019 (Update) | |
|---|---|---|---|---|---|
| Net Sales | 1,828.29 | 1,037.42 | 844.29 | 492.85 | 219.75 |
| Revenue | 1,828.29 | 1,037.42 | 844.29 | 492.85 | 219.75 |
| Total Revenue | 1,828.29 | 1,037.42 | 844.29 | 492.85 | 219.75 |
| Cost of Revenue | 310.41 | 168.82 | 140.14 | 78.05 | 25.06 |
| Cost of Revenue, Total | 310.41 | 168.82 | 140.14 | 78.05 | 25.06 |
| Gross Profit | 1,517.89 | 868.60 | 704.14 | 414.80 | 194.69 |
| Selling/General/Administrative Expense | 372.35 | 358.91 | 299.10 | 308.94 | 244.82 |
| Labor & Related Expense | 423.30 | 411.75 | 321.54 | 279.48 | 234.18 |
| Selling/General/Administrative Expenses, Total | 795.65 | 770.66 | 620.64 | 588.42 | 479.01 |
| Research & Development | 1,004.42 | 883.02 | 792.16 | 654.82 | 655.11 |
| Restructuring Charge | -- | -- | -- | -- | -- |
| Litigation | -- | -- | -- | -- | 0.00 |
| Other Unusual Expense (Income) | 0.00 | 76.59 | -- | -- | -- |
| Unusual Expense (Income) | 0.00 | 76.59 | -- | -- | 0.00 |
| Total Operating Expense | 2,110.47 | 1,899.08 | 1,552.94 | 1,321.29 | 1,159.18 |
| Operating Income | -282.18 | -861.66 | -708.65 | -828.44 | -939.43 |
| Interest Expense - Non-Operating | -121.22 | -155.97 | -143.02 | -84.50 | -- |
| Interest Expense, Net Non-Operating | -121.22 | -155.97 | -143.02 | -84.50 | -- |
| Interest Income, Non-Operating | 95.56 | 24.81 | 1.58 | 11.81 | 33.45 |
| Investment Income, Non-Operating | -107.94 | -127.97 | 17.26 | -- | -- |
| Interest/Investment Income, Non-Operating | -12.38 | -103.16 | 18.84 | 11.81 | 33.45 |
| Interest Income (Expense), Net-Non-Operating, Total | -133.60 | -259.13 | -124.18 | -72.69 | 33.45 |
| Other Non-Operating Income (Expense) | -17.74 | -6.20 | -19.31 | 45.53 | 20.73 |
| Other, Net | -17.74 | -6.20 | -19.31 | 45.53 | 20.73 |
| Net Income Before Taxes | -433.52 | -1,126.99 | -852.14 | -855.60 | -885.25 |
| Income Tax – Total | 6.73 | 4.16 | 0.68 | 2.68 | 0.86 |
| Income After Tax | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Net Income Before Extraordinary Items | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Extraordinary Item | -- | -- | -- | -- | -- |
| Total Extraordinary Items | -- | -- | -- | -- | -- |
| Net Income | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Income Available to Common Excluding Extraordinary Items | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Income Available to Common Stocks Including Extraordinary Items | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Basic Weighted Average Shares | 124.91 | 121.69 | 118.45 | 114.99 | 109.26 |
| Basic EPS Excluding Extraordinary Items | -3.52 | -9.30 | -7.20 | -7.46 | -8.11 |
| Basic EPS Including Extraordinary Items | -3.52 | -9.30 | -7.20 | -7.46 | -8.11 |
| Diluted Net Income | -440.24 | -1,131.16 | -852.82 | -858.28 | -886.12 |
| Diluted Weighted Average Shares | 124.91 | 121.69 | 118.45 | 114.99 | 109.26 |
| Diluted EPS Excluding Extraordinary Items | -3.52 | -9.30 | -7.20 | -7.46 | -8.11 |
| Diluted EPS Including Extraordinary Items | -3.52 | -9.30 | -7.20 | -7.46 | -8.11 |
| DPS - Common Stock Primary Issue | -- | -- | -- | -- | -- |
| Gross Dividends - Common Stock | -- | -- | -- | -- | 0.00 |
| Total Special Items | 0.00 | 76.59 | -- | -- | 0.00 |
| Normalized Income Before Taxes | -433.52 | -1,050.41 | -852.14 | -855.60 | -885.25 |
| Effect of Special Items on Income Taxes | 0.00 | 26.81 | -- | -- | 0.00 |
| Income Taxes Excluding Impact of Special Items | 6.73 | 30.97 | 0.68 | 2.68 | 0.86 |
| Normalized Income After Taxes | -440.24 | -1,081.38 | -852.82 | -858.28 | -886.12 |
| Normalized Income Available to Common | -440.24 | -1,081.38 | -852.82 | -858.28 | -886.12 |
| Basic Normalized EPS | -3.52 | -8.89 | -7.20 | -7.46 | -8.11 |
| Diluted Normalized EPS | -3.52 | -8.89 | -7.20 | -7.46 | -8.11 |
| Depreciation, Supplemental | 54.05 | 44.47 | 47.57 | 34.77 | 17.18 |
| Interest Expense, Supplemental | 121.22 | 155.97 | 143.02 | 84.50 | -- |
| Rental Expense, Supplemental | 46.37 | 45.79 | 45.36 | 42.27 | 53.82 |
| Stock-Based Compensation, Supplemental | 221.68 | 230.65 | 165.72 | 139.87 | 174.84 |
| Equity in Affiliates, Supplemental | -- | -- | -- | -- | -- |
| Research & Development Expense, Supplemental | 1,004.42 | 883.02 | 792.16 | 654.82 | 655.11 |
| Audit-Related Fees, Supplemental | -- | 3.48 | 2.39 | 2.27 | 2.02 |
| Audit-Related Fees | -- | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax Fees, Supplemental | -- | 0.13 | 0.07 | 0.07 | 0.07 |
| All Other Fees Paid to Auditor, Supplemental | -- | 0.01 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 83.02 | 83.73 | 83.40 | 84.16 | 88.60 |
| Operating Margin | -15.43 | -83.06 | -83.93 | -168.09 | -427.50 |
| Pretax Margin | -23.71 | -108.63 | -100.93 | -173.60 | -402.85 |
| Net Profit Margin | -24.08 | -109.04 | -101.01 | -174.15 | -403.24 |
| Normalized EBIT | -282.18 | -785.07 | -708.65 | -828.44 | -939.43 |
| Normalized EBITDA | -228.12 | -740.60 | -661.09 | -793.67 | -922.26 |
| Current Tax - Domestic | 4.02 | 0.00 | 0.29 | 0.06 | -0.39 |
| Current Tax - Foreign | 3.42 | 5.60 | 3.15 | 5.84 | 3.23 |
| Current Tax - Total | 7.44 | 5.60 | 3.45 | 5.90 | 2.84 |
| Deferred Tax - Domestic | 0.00 | 0.00 | 0.00 | 0.39 | 0.39 |
| Deferred Tax - Foreign | -0.71 | -1.43 | -2.77 | -3.61 | -2.37 |
| Deferred Tax - Total | -0.71 | -1.43 | -2.77 | -3.22 | -1.98 |
| Income Tax - Total | 6.73 | 4.16 | 0.68 | 2.68 | 0.86 |
| Other Pension, Net - Foreign | -- | -- | 4.30 | 5.20 | -- |
| Foreign Pension Plan Expense | -- | -- | 4.30 | 5.20 | -- |
| Defined Contribution Expense - Domestic | 17.50 | 16.50 | -- | -- | -- |
| Total Pension Expense | 17.50 | 16.50 | 4.30 | 5.20 | -- |
| Total Plan Other Expense | -- | -- | 4.30 | 5.20 | -- |
