Company – Scrape Financial
Risk Factors Summary

Risk Factors Update Summary

***Risk Factors not yet summarized, please check back over the next few months***

Full Text Changes in Most Recent 10-K

Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.

To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1403161&owner=exclude

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Days Sales Outstanding (DSO) (hover/click for more information)

**Click to collapse**

Days Sales Outstanding, commonly known as DSO, is a measure of the average number of days that a company takes to collect payment after a sale has been made. It's a financial indicator that illustrates how well a company manages its accounts receivables and how efficiently it collects cash from customers.

DSO is calculated by dividing the total accounts receivable during a certain period by the total net credit sales for the same period, and then multiplying the result by the number of days in the period. A low DSO value means that it takes a company fewer days to collect its accounts receivable, which is generally positive as it could mean a healthier cash flow. A high DSO number shows that a company is selling its product to customers on credit and taking longer to collect payment, which could be a sign of cash flow problems. An increasing DSO could indicate several issues requiring further investigation.

However, DSO can be influenced by a company's industry and business practices. For instance, if a company operates in an industry where long payment terms are the norm, it may have a high DSO. In some cases, companies may have a high DSO because they are extending more credit to their customers to boost sales. Therefore, it's crucial to compare DSO with competitors in the same industry.

Selling accounts receivable will artificially lower DSO. We provide the DSO and Adjusted DSO data below to give a clearer picture of the company's financial health. Keep in mind that this is only one aspect of an entire financial analysis and should not be used in isolation when making investment decisions.

DSO Tab Color Descriptions:
  • Red: The most recent DSO has been adjusted for selling accounts receivable and is more than 10% higher than the previous DSO.
  • Light Red: The most recent DSO is adjusted for selling accounts receivable, or more than 10% higher than the previous 3-period average DSO.
  • Yellow: The most recent DSO is more than 5% higher than the previous DSO.
  • Green: No alarms were triggered for the company.

DSO Data

***This tool is in beta mode and data validation is still in progress.***

Item (Click to expand row) 2018 2018 2019 2020 2021 2022 2023
Revenues ($ millions) 20,609 5,506 22,977 21,846 24,105 29,310 32,653
Accounts Receivable ($ millions) 1,208 1,405 1,542 1,618 1,968 2,020 2,291
DSO 21.4 93.1 24.5 27.1 29.8 25.2 25.6
Accounts Receivable Sold ($ millions) N/A N/A N/A N/A N/A N/A N/A
Adjusted Accounts Receivable ($ millions) N/A N/A N/A N/A N/A N/A N/A
Adjusted DSO N/A N/A N/A N/A N/A N/A N/A

Text from Filings Related to Selling Accounts Receivable

Did not find any flags that indicate selling accounts receivable. Note: this tool is in beta mode and might miss instances of selling receivables.

Free Cash Flow (FCF, gray bars), Net Income (blue line) and Adjusted Free Cash Flow are used to validate reported financial performance. Adjusted Free Cash Flow provides a more accurate measure of cash generated from normal operating activities.

  • Dotted line indicates the beginning of sales of Accounts Receivable included in FCF adjustment. Selling Receivables data is only pulled for the past 6 years. If the red dotted line appears on todays date (right end of the graph) that indicates that we did not find sales of accounts receivable for the company.
  • Cash generated from selling accounts receivable is subtracted from Free Cash Flow. See "DSO" tab for data.
  • Stock-Based Compensation, if paired with Share Buybacks, is removed from Free Cash Flow. GAAP treats such transactions as financing expenses. Adjusted Free Cash Flow effectively treats this as a normal operating use of cash for employee compensation. The adjustment is the minimum of Stock-Based Compensation and Share Buybacks
  • Gross capex (rather than net capex) is used to exclude one time items that would reduce capex and increase fcf. For companies with regular asset sales, net capex should be evaluated.

Click any value in the table below to view the endpoint the company used to report each data point. We aim to flag year-to-year changes that could indicate more or less aggressive accounting practices. Clicking the row label in the "Item" column will expand the entire row.

Net Income and Adjusted Free Cash Flow Data

Item (Click to expand row) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 2021 2022 2023
Net Income ($ millions) -1,076 804 2,353 2,966 3,650 2,144 4,980 5,438 6,328 5,991 6,699 10,301 2,977 12,080 10,866 12,311 14,957 17,273
Cash Flow from Operations ($ millions) 505 531 558 2,691 3,872 5,009 3,022 7,205 6,584 5,574 9,317 12,941 N/A 12,784 10,440 15,227 18,849 20,755
Capital Expenditures ($ millions) 160 415 306 241 353 376 471 553 414 523 707 718 157 756 736 705 970 1,059
Free Cash Flow ($ millions) 345 116 252 2,450 3,519 4,633 2,551 6,652 6,170 5,051 8,610 12,223 3,137 12,028 9,704 14,522 17,879 19,696
Stock-Based Compensation ($ millions) 0 74 115 131 154 147 179 172 187 221 235 327 100 407 416 542 602 765
Total Buybacks ($ millions) N/A 13,446 2,646 1,000 2,024 710 5,365 4,118 2,910 N/A 6,891 7,192 N/A 8,607 8,114 8,676 11,589 12,101
Accounts Receivable Sold ($millions) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Adjusted Free Cash Flow ($ millions) 345 42 137 2,319 3,365 4,486 2,372 6,480 5,983 5,051 8,375 11,896 N/A 11,621 9,288 13,980 17,277 18,931