$AIT
APPLIED INDUSTRIAL TECHNOLOGIES INC

2018 Q4 Form 10-Q Financial Statement

#000010956319000032 Filed on January 25, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $840.0M $667.2M
YoY Change 25.91% 12574.53%
Cost Of Revenue $597.2M $478.8M
YoY Change 24.72% 9.91%
Gross Profit $242.9M $188.4M
YoY Change 28.93% 9.22%
Gross Profit Margin 28.91% 28.23%
Selling, General & Admin $181.9M $141.6M
YoY Change 28.42% 5.23%
% of Gross Profit 74.9% 75.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00M $4.081M
YoY Change 292.06% 6.36%
% of Gross Profit 6.59% 2.17%
Operating Expenses $181.9M $141.6M
YoY Change 28.42% 5.23%
Operating Profit $60.97M $46.72M
YoY Change 30.5% 23.4%
Interest Expense -$10.80M -$2.000M
YoY Change 440.0% 11.11%
% of Operating Profit -17.72% -4.28%
Other Income/Expense, Net -$946.0K $20.00K
YoY Change -4830.0% 81.82%
Pretax Income $50.44M $44.60M
YoY Change 13.11% 24.68%
Income Tax $11.72M $13.65M
% Of Pretax Income 23.24% 30.6%
Net Earnings $38.72M $30.95M
YoY Change 25.1% 28.5%
Net Earnings / Revenue 4.61% 4.64%
Basic Earnings Per Share $1.00 $0.80
Diluted Earnings Per Share $0.99 $0.79
COMMON SHARES
Basic Shares Outstanding 38.74M shares 38.72M shares
Diluted Shares Outstanding 39.25M shares 39.21M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.80M $85.30M
YoY Change -6.45% 35.61%
Cash & Equivalents $79.83M $85.32M
Short-Term Investments
Other Short-Term Assets $44.04M $37.54M
YoY Change 17.32% 10.93%
Inventory $445.9M $386.9M
Prepaid Expenses
Receivables $512.0M $393.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.082B $903.5M
YoY Change 19.73% 15.47%
LONG-TERM ASSETS
Property, Plant & Equipment $122.0M $112.0M
YoY Change 8.97% 6.35%
Goodwill $651.2M $209.0M
YoY Change 211.58% 2.47%
Intangibles $413.1M $153.4M
YoY Change 169.24% -11.55%
Long-Term Investments
YoY Change
Other Assets $21.90M $18.43M
YoY Change 18.81% 8.7%
Total Long-Term Assets $1.208B $502.4M
YoY Change 140.5% -1.9%
TOTAL ASSETS
Total Short-Term Assets $1.082B $903.5M
Total Long-Term Assets $1.208B $502.4M
Total Assets $2.290B $1.406B
YoY Change 62.89% 8.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $232.6M $165.6M
YoY Change 40.4% 20.46%
Accrued Expenses $56.90M $48.70M
YoY Change 16.84% -49.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $44.18M $6.378M
YoY Change 592.76% 96.37%
Total Short-Term Liabilities $393.8M $271.6M
YoY Change 44.97% 14.5%
LONG-TERM LIABILITIES
Long-Term Debt $923.4M $306.6M
YoY Change 201.2% -5.36%
Other Long-Term Liabilities $73.68M $34.39M
YoY Change 114.22% 9.73%
Total Long-Term Liabilities $997.1M $341.0M
YoY Change 192.43% -4.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $393.8M $271.6M
Total Long-Term Liabilities $997.1M $341.0M
Total Liabilities $1.400B $626.6M
YoY Change 123.43% 2.2%
SHAREHOLDERS EQUITY
Retained Earnings $1.209B $1.087B
YoY Change 11.18% 10.34%
Common Stock $180.4M $176.0M
YoY Change 2.49% 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $404.6M $404.3M
YoY Change 0.07% 6.7%
Treasury Stock Shares 15.46M shares 15.54M shares
Shareholders Equity $889.9M $779.3M
YoY Change
Total Liabilities & Shareholders Equity $2.290B $1.406B
YoY Change 62.89% 8.6%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $38.72M $30.95M
YoY Change 25.1% 28.5%
Depreciation, Depletion And Amortization $16.00M $4.081M
YoY Change 292.06% 6.36%
Cash From Operating Activities $53.80M $11.80M
YoY Change 355.93% 210.53%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$5.200M
YoY Change -25.0% 40.54%
Acquisitions
YoY Change
Other Investing Activities -$6.400M $300.0K
YoY Change -2233.33% -66.67%
Cash From Investing Activities -$10.30M -$4.800M
YoY Change 114.58% 71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.00M 1.700M
YoY Change -1217.65% -67.31%
NET CHANGE
Cash From Operating Activities 53.80M 11.80M
Cash From Investing Activities -10.30M -4.800M
Cash From Financing Activities -19.00M 1.700M
Net Change In Cash 24.50M 8.700M
YoY Change 181.61% 40.32%
FREE CASH FLOW
Cash From Operating Activities $53.80M $11.80M
Capital Expenditures -$3.900M -$5.200M
Free Cash Flow $57.70M $17.00M
YoY Change 239.41% 126.67%

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CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
446000 shares
CY2018Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
504000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
587000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39270000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Recently Issued Accounting Guidance</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued its final standard on accounting for leases. This standard, issued as ASU 2016-02, requires that an entity that is a lessee recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements. The core principle of this update is that a "lessee should recognize the assets and liabilities that arise from leases." This update is effective for financial statement periods beginning after December 15, 2018, with earlier application permitted. In July 2018, the FASB issued ASU 2018-10 which clarifies the guidance in ASU 2016-02, and ASU 2018-11 which provides entities with an additional transition method option for adopting the new standard. The company plans to use this new transition method option upon adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings. In December 2018, the FASB issued ASU 2018-20 which further clarifies the guidance. The Company has established a cross-functional team to evaluate the new standard and has begun implementing new lease administration software. The Company is still determining the financial impact that this standard update will have on its consolidated financial statements, but anticipates it will have a material impact on its assets and liabilities due to the addition of right-of-use assets and lease liabilities to the consolidated balance sheet. The Company will continue to evaluate the impacts of the adoption of the standard and these assessments are subject to change.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued its final standard on measurement of credit losses on financial instruments. This standard, issued as ASU 2016-13, requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19 which clarifies the guidance in ASU 2016-13. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued its final standard on the classification of certain cash receipts and cash payments within the statement of cash flows. This standard, issued as ASU 2016-15, makes a number of changes meant to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. This update is effective for annual and interim financial statement periods beginning after December 15, 2018, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued its final standard on the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This standard, issued as ASU 2018-15, aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This update is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.</font></div></div>

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