$AIT
APPLIED INDUSTRIAL TECHNOLOGIES INC

2022 Q2 Form 10-Q Financial Statement

#000010956322000044 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $1.061B $980.7M $876.9M
YoY Change 18.48% 16.62% 16.72%
Cost Of Revenue $754.8M $693.3M $619.2M
YoY Change 19.26% 16.78% 14.3%
Gross Profit $306.6M $287.3M $257.6M
YoY Change 16.6% 16.22% 22.95%
Gross Profit Margin 28.89% 29.3% 29.38%
Selling, General & Admin $197.4M $191.5M $179.4M
YoY Change 6.66% 10.84% 10.48%
% of Gross Profit 64.38% 66.64% 69.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.24M $5.352M $5.436M
YoY Change -0.76% 5.35% 4.36%
% of Gross Profit 4.32% 1.86% 2.11%
Operating Expenses $197.4M $191.5M $179.4M
YoY Change 6.66% 10.84% 10.48%
Operating Profit $109.2M $95.84M $78.18M
YoY Change 40.21% 28.71% -3327.79%
Interest Expense -$8.348M -$7.355M -$6.193M
YoY Change 17.84% -15.46% -20.6%
% of Operating Profit -7.64% -7.67% -7.92%
Other Income/Expense, Net -$183.0K -$469.0K $869.0K
YoY Change 35.56% -128.3% -1087.5%
Pretax Income $100.7M $89.52M $72.04M
YoY Change 36.29% 30.66% -808.49%
Income Tax $21.58M $21.22M $15.01M
% Of Pretax Income 21.43% 23.7% 20.84%
Net Earnings $79.11M $68.31M $57.03M
YoY Change 33.54% 21.84% -1169.1%
Net Earnings / Revenue 7.45% 6.97% 6.5%
Basic Earnings Per Share $1.78 $1.48
Diluted Earnings Per Share $2.023M $1.75 $1.46
COMMON SHARES
Basic Shares Outstanding 38.44M shares 38.45M shares 38.46M shares
Diluted Shares Outstanding 39.10M shares 39.12M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.5M $188.1M $154.8M
YoY Change -28.43% -38.13% -46.38%
Cash & Equivalents $184.5M $188.1M $154.8M
Short-Term Investments
Other Short-Term Assets $68.81M $63.50M $68.88M
YoY Change 14.75% 17.55% 25.54%
Inventory $449.8M $425.4M $399.8M
Prepaid Expenses
Receivables $656.4M $618.1M $520.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.360B $1.295B $1.144B
YoY Change 13.62% 5.6% -0.69%
LONG-TERM ASSETS
Property, Plant & Equipment $111.9M $111.2M $112.1M
YoY Change -3.19% -4.95% -6.98%
Goodwill $563.2M $563.8M $562.8M
YoY Change 0.56% 0.81% 1.0%
Intangibles $250.6M $258.5M $266.3M
YoY Change -10.38% -10.14% -9.6%
Long-Term Investments $15.32M $17.67M $18.20M
YoY Change -9.07% 12.53% 19.74%
Other Assets $59.32M $60.06M $49.86M
YoY Change 80.69% 92.9% 65.77%
Total Long-Term Assets $1.093B $1.089B $1.082B
YoY Change 1.66% 0.88% -0.67%
TOTAL ASSETS
Total Short-Term Assets $1.360B $1.295B $1.144B
Total Long-Term Assets $1.093B $1.089B $1.082B
Total Assets $2.453B $2.384B $2.226B
YoY Change 7.96% 3.39% -0.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $259.5M $247.6M $203.6M
YoY Change 24.64% 13.99% 3.61%
Accrued Expenses $91.17M $81.52M $64.69M
YoY Change 17.4% 1.01% -3.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $40.17M $40.17M $40.18M
YoY Change -7.7% -48.93% -48.9%
Total Short-Term Liabilities $499.6M $464.4M $399.9M
YoY Change 16.82% -0.3% -6.11%
LONG-TERM LIABILITIES
Long-Term Debt $649.2M $681.2M $681.3M
YoY Change -17.29% -11.92% -13.0%
Other Long-Term Liabilities $154.5M $139.6M $122.9M
YoY Change 21.9% 6.31% -18.81%
Total Long-Term Liabilities $803.6M $820.8M $804.2M
YoY Change -11.84% -9.27% -13.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $499.6M $464.4M $399.9M
Total Long-Term Liabilities $803.6M $820.8M $804.2M
Total Liabilities $1.303B $1.285B $1.204B
YoY Change -2.69% -6.22% -11.49%
SHAREHOLDERS EQUITY
Retained Earnings $1.500B $1.447B $1.392B
YoY Change 15.86% 14.76% 14.3%
Common Stock $193.8M $193.1M $190.2M
YoY Change 3.64% 3.13% 2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $471.8M $470.7M $467.3M
YoY Change 3.52% 13.64% 12.73%
Treasury Stock Shares 15.71M shares 15.77M shares 15.76M shares
Shareholders Equity $1.149B $1.098B $1.022B
YoY Change
Total Liabilities & Shareholders Equity $2.453B $2.384B $2.226B
YoY Change 7.96% 3.39% -0.68%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $79.11M $68.31M $57.03M
YoY Change 33.54% 21.84% -1169.1%
Depreciation, Depletion And Amortization $13.24M $5.352M $5.436M
YoY Change -0.76% 5.35% 4.36%
Cash From Operating Activities $53.75M $52.56M $32.62M
YoY Change 40.34% 19.45% -57.96%
INVESTING ACTIVITIES
Capital Expenditures -$6.450M -$4.164M -$3.889M
YoY Change 76.62% 9.58% -18.98%
Acquisitions
YoY Change
Other Investing Activities $622.0K $3.211M $514.0K
YoY Change 180.18% 114.07% -101.66%
Cash From Investing Activities -$5.828M -$953.0K -$3.375M
YoY Change 69.91% -58.57% -90.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -49.66M -19.92M -121.5M
YoY Change -39.83% -23.96% 348.2%
NET CHANGE
Cash From Operating Activities 53.75M 52.56M 32.62M
Cash From Investing Activities -5.828M -953.0K -3.375M
Cash From Financing Activities -49.66M -19.92M -121.5M
Net Change In Cash -1.744M 31.68M -92.22M
YoY Change -96.34% 104.41% -727.32%
FREE CASH FLOW
Cash From Operating Activities $53.75M $52.56M $32.62M
Capital Expenditures -$6.450M -$4.164M -$3.889M
Free Cash Flow $60.20M $56.72M $36.51M
YoY Change 43.5% 18.67% -55.69%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0000109563
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Amendment Flag
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false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
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2022-03-31
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
1-2299
dei Entity Registrant Name
EntityRegistrantName
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
OH
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
34-0117420
dei Entity Address Address Line1
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One Applied Plaza
dei Entity Address City Or Town
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Cleveland
dei Entity Address State Or Province
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OH
dei Entity Address Postal Zip Code
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44115
dei City Area Code
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216
dei Local Phone Number
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426-4000
dei Security12b Title
Security12bTitle
Common Stock, without par value
dei Trading Symbol
TradingSymbol
AIT
dei Security Exchange Name
SecurityExchangeName
NYSE
dei Entity Current Reporting Status
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dei Entity Interactive Data Current
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dei Entity Filer Category
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
77000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
107000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
291000 shares
CY2022Q1 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
7397000 USD
CY2021Q1 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
781000 USD
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
15643000 USD
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
2777000 USD
CY2021Q1 ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
13678000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
980662000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
5352000 USD
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
4164000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
840937000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
5080000 USD
CY2021Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3728000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2749217000 USD
CY2022Q1 us-gaap Assets
Assets
2383571000 USD
us-gaap Depreciation
Depreciation
16215000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
11674000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2340031000 USD
CY2021Q1 us-gaap Assets
Assets
2305388000 USD
us-gaap Depreciation
Depreciation
15641000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
12177000 USD
CY2022Q1 ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
18492000 USD
ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
52830000 USD
ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
41326000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
95843000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
74467000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
248634000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
124353000 USD
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-5852000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-7608000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-20249000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-22919000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-469000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1657000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
712000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1746000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
89522000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
68516000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
229097000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
103180000 USD
CY2022Q1 ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
-1090000 USD
CY2021Q1 ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
642000 USD
ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
-150000 USD
ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
3104000 USD
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-413000 USD
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
485000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-63000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1736000 USD
CY2022Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
152000 USD
CY2021Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
71000 USD
us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
457000 USD
us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
213000 USD
CY2022Q1 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
1157000 USD
CY2021Q1 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
543000 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
1311000 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
402000 USD
CY2022Q1 ait Other Net
OtherNet
29000 USD
CY2021Q1 ait Other Net
OtherNet
58000 USD
ait Other Net
OtherNet
71000 USD
ait Other Net
OtherNet
189000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-469000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1657000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
712000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1746000 USD

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