2023 Q3 Form 10-K Financial Statement

#000010956323000075 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $1.095B $1.158B $4.413B
YoY Change 3.09% 9.1% 15.8%
Cost Of Revenue $770.1M $819.5M $3.126B
YoY Change 1.92% 8.57% 15.61%
Gross Profit $325.1M $338.6M $1.287B
YoY Change 5.96% 10.41% 16.27%
Gross Profit Margin 29.68% 29.23% 29.16%
Selling, General & Admin $204.4M $211.7M $813.8M
YoY Change 2.07% 7.26% 8.64%
% of Gross Profit 62.88% 62.54% 63.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.717M $13.28M $22.27M
YoY Change 4.31% 0.3% 2.72%
% of Gross Profit 1.76% 3.92% 1.73%
Operating Expenses $204.4M $211.7M $813.8M
YoY Change 2.07% 7.26% 8.64%
Operating Profit $120.7M $126.8M $473.2M
YoY Change 13.28% 16.11% 32.22%
Interest Expense -$1.800M -$4.201M $24.79M
YoY Change -76.11% -49.68% -7.45%
% of Operating Profit -1.49% -3.31% 5.24%
Other Income/Expense, Net -$431.0K -$77.00K -$1.701M
YoY Change -57.24% -57.92% -5.76%
Pretax Income $118.9M $122.5M $449.8M
YoY Change 20.08% 21.69% 36.39%
Income Tax $25.10M $30.32M $103.1M
% Of Pretax Income 21.11% 24.75% 22.91%
Net Earnings $93.83M $92.22M $346.7M
YoY Change 22.04% 16.56% 34.7%
Net Earnings / Revenue 8.57% 7.96% 7.86%
Basic Earnings Per Share $2.42 $8.98
Diluted Earnings Per Share $2.39 $2.35 $8.84
COMMON SHARES
Basic Shares Outstanding 38.66M shares 38.65M shares 38.59M shares
Diluted Shares Outstanding 39.31M shares 39.22M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $360.4M $344.0M $344.0M
YoY Change 144.21% 86.5% 86.5%
Cash & Equivalents $360.4M $344.0M $344.0M
Short-Term Investments
Other Short-Term Assets $81.29M $93.19M $93.19M
YoY Change 3.31% 35.44% 83.61%
Inventory $507.6M $501.2M $501.2M
Prepaid Expenses
Receivables $694.9M $708.4M $708.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.644B $1.647B $1.647B
YoY Change 18.25% 21.13% 21.13%
LONG-TERM ASSETS
Property, Plant & Equipment $113.7M $115.0M $215.7M
YoY Change 2.86% 2.81% -1.92%
Goodwill $586.5M $578.4M
YoY Change 4.45% 2.7%
Intangibles $237.1M $235.5M
YoY Change -2.32% -6.0%
Long-Term Investments $18.70M $18.64M $18.64M
YoY Change 21.36% 21.68% 21.68%
Other Assets $66.82M $66.84M $66.84M
YoY Change 1.42% 12.68% 51.91%
Total Long-Term Assets $1.106B $1.097B $1.097B
YoY Change 2.08% 0.32% 0.32%
TOTAL ASSETS
Total Short-Term Assets $1.644B $1.647B $1.647B
Total Long-Term Assets $1.106B $1.097B $1.097B
Total Assets $2.751B $2.743B $2.743B
YoY Change 11.17% 11.85% 11.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $259.8M $301.7M $301.7M
YoY Change -6.29% 16.27% 16.27%
Accrued Expenses $62.40M $213.5M $213.5M
YoY Change 1.91% 134.18% 76.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.17M $25.17M $25.17M
YoY Change 13806.63% -37.35% -37.35%
Total Short-Term Liabilities $466.6M $540.3M $540.3M
YoY Change 3.39% 8.15% 8.15%
LONG-TERM LIABILITIES
Long-Term Debt $596.9M $596.9M $596.9M
YoY Change -8.04% -8.04% -8.04%
Other Long-Term Liabilities $151.0M $147.6M $147.6M
YoY Change -0.93% -4.42% -4.42%
Total Long-Term Liabilities $747.8M $744.6M $744.6M
YoY Change -6.69% -7.35% -7.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $466.6M $540.3M $540.3M
Total Long-Term Liabilities $747.8M $744.6M $744.6M
Total Liabilities $1.214B $1.285B $1.285B
YoY Change -3.06% -1.41% -1.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.886B $1.793B
YoY Change 19.66% 19.53%
Common Stock $196.0M $198.6M
YoY Change 1.36% 2.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $483.9M $477.5M
YoY Change 1.98% 1.21%
Treasury Stock Shares
Shareholders Equity $1.536B $1.458B $1.458B
YoY Change
Total Liabilities & Shareholders Equity $2.751B $2.743B $2.743B
YoY Change 11.17% 11.85% 11.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income $93.83M $92.22M $346.7M
YoY Change 22.04% 16.56% 34.7%
Depreciation, Depletion And Amortization $5.717M $13.28M $22.27M
YoY Change 4.31% 0.3% 2.72%
Cash From Operating Activities $66.21M $179.9M $344.0M
YoY Change 155.21% 234.79% 83.38%
INVESTING ACTIVITIES
Capital Expenditures $4.300M $5.667M $26.48M
YoY Change -177.42% -187.86% -246.08%
Acquisitions $21.44M $35.79M
YoY Change 413.86%
Other Investing Activities -$21.30M $1.084M $0.00
YoY Change -38135.71% 74.28% -100.0%
Cash From Investing Activities -$25.66M -$4.583M -$60.83M
YoY Change 366.66% -21.36% 70.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $716.0K
YoY Change -94.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$22.48M -15.36M -$126.9M
YoY Change -59.5% -69.07% -43.11%
NET CHANGE
Cash From Operating Activities $66.21M 179.9M $344.0M
Cash From Investing Activities -$25.66M -4.583M -$60.83M
Cash From Financing Activities -$22.48M -15.36M -$126.9M
Net Change In Cash $16.38M 160.0M $159.6M
YoY Change -144.39% -9273.97% -317.77%
FREE CASH FLOW
Cash From Operating Activities $66.21M $179.9M $344.0M
Capital Expenditures $4.300M $5.667M $26.48M
Free Cash Flow $61.91M $174.3M $317.5M
YoY Change 96.56% 189.5% 54.35%

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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2023 us-gaap Nature Of Operations
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<div style="margin-top:3pt"><span style="color:#76787a;font-family:'Frutiger LT 55 Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Business</span></div><div style="padding-left:13.5pt"><span style="color:#000000;font-family:'Frutiger LT 45 Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Applied Industrial Technologies, Inc. and subsidiaries (the “Company” or “Applied”) is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO (Maintenance, Repair &amp; Operations) and OEM (Original Equipment Manufacturer) end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise. Although the Company does not generally manufacture the products it sells, it does assemble and repair certain products and systems.</span></div>
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<div style="margin-top:6pt"><span style="color:#76787a;font-family:'Frutiger LT 55 Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Estimates</span></div><div style="padding-left:13.5pt"><span style="color:#000000;font-family:'Frutiger LT 45 Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements.</span></div>
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<div style="margin-top:6pt"><span style="color:#76787a;font-family:'Frutiger LT 55 Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Concentration of Credit Risk</span></div><div style="padding-left:13.5pt"><span style="color:#000000;font-family:'Frutiger LT 45 Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a broad customer base representing many diverse industries across North America, Australia, New Zealand, and Singapore. As such, the Company does not believe that a significant concentration of credit risk exists in its accounts receivable. The Company’s cash and cash equivalents consist of deposits with commercial banks and regulated non-bank subsidiaries. While the Company monitors the creditworthiness of these institutions, a crisis in the financial systems could limit access to funds and/or result in the loss of principal. The terms of these deposits and investments provide that all monies are available to the Company upon demand.</span></div>
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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25253000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q2 us-gaap Operating Lease Liability
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OperatingIncomeLoss
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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449811000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
329790000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
177062000 usd
CY2023Q2 us-gaap Noncurrent Assets
NoncurrentAssets
215718000 usd
CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
219948000 usd
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
202700000 usd
CY2023 ait Unrealized Gain Losses On Assets Held Under Trust For Nonqualified Deferred Compensation Plan
UnrealizedGainLossesOnAssetsHeldUnderTrustForNonqualifiedDeferredCompensationPlan
2223000 usd
CY2022 ait Unrealized Gain Losses On Assets Held Under Trust For Nonqualified Deferred Compensation Plan
UnrealizedGainLossesOnAssetsHeldUnderTrustForNonqualifiedDeferredCompensationPlan
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CY2021 ait Unrealized Gain Losses On Assets Held Under Trust For Nonqualified Deferred Compensation Plan
UnrealizedGainLossesOnAssetsHeldUnderTrustForNonqualifiedDeferredCompensationPlan
4048000 usd
CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3284000 usd
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ForeignCurrencyTransactionGainLossBeforeTax
65000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2023 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1470000 usd
CY2022 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
610000 usd
CY2021 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
283000 usd
CY2023 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
668000 usd
CY2022 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
1374000 usd
CY2021 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
296000 usd
CY2023 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
162000 usd
CY2022 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
22000 usd
CY2021 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
230000 usd
CY2023 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1701000 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1805000 usd
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2200000 usd
CY2023 dei Auditor Name
AuditorName
Deloitte & Touche LLP
CY2023 dei Auditor Firm
AuditorFirmId
34

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