$AIT
APPLIED INDUSTRIAL TECHNOLOGIES INC

2024 Q1 Form 10-Q Financial Statement

#000010956324000024 Filed on January 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $1.146B $1.077B
YoY Change 1.27% 1.59%
Cost Of Revenue $808.1M $760.1M
YoY Change 1.15% 1.1%
Gross Profit $338.2M $317.1M
YoY Change 1.54% 2.78%
Gross Profit Margin 29.51% 29.44%
Selling, General & Admin $217.0M $202.5M
YoY Change 5.25% 3.52%
% of Gross Profit 64.17% 63.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.75M $6.048M
YoY Change 129.16% 8.93%
% of Gross Profit 3.77% 1.91%
Operating Expenses $217.0M $202.5M
YoY Change 5.25% 3.52%
Operating Profit $121.2M $114.6M
YoY Change -4.5% 1.51%
Interest Expense $902.0K $853.0K
YoY Change -117.94% -113.79%
% of Operating Profit 0.74% 0.74%
Other Income/Expense, Net $557.0K $2.924M
YoY Change 292.25% -485.75%
Pretax Income $122.7M $115.6M
YoY Change 0.31% 9.11%
Income Tax $25.45M $24.37M
% Of Pretax Income 20.75% 21.08%
Net Earnings $97.22M $91.23M
YoY Change 0.03% 13.39%
Net Earnings / Revenue 8.48% 8.47%
Basic Earnings Per Share $2.51 $2.35
Diluted Earnings Per Share $2.48 $2.32
COMMON SHARES
Basic Shares Outstanding 38.67M shares 38.76M shares
Diluted Shares Outstanding 39.25M shares 39.30M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $456.5M $412.9M
YoY Change 150.67% 149.4%
Cash & Equivalents $456.5M $412.9M
Short-Term Investments
Other Short-Term Assets $81.92M $89.79M
YoY Change -10.96% 13.39%
Inventory $503.9M $520.2M
Prepaid Expenses
Receivables $725.3M $659.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.768B $1.682B
YoY Change 17.32% 18.26%
LONG-TERM ASSETS
Property, Plant & Equipment $210.9M $113.7M
YoY Change 82.78% 0.81%
Goodwill $588.7M $589.4M
YoY Change 1.99% 2.98%
Intangibles $220.8M $227.8M
YoY Change -9.17% -7.66%
Long-Term Investments $22.41M $20.89M
YoY Change 28.85% 24.73%
Other Assets $44.41M $65.36M
YoY Change -30.81% 3.74%
Total Long-Term Assets $1.087B $1.101B
YoY Change -1.33% 0.01%
TOTAL ASSETS
Total Short-Term Assets $1.768B $1.682B
Total Long-Term Assets $1.087B $1.101B
Total Assets $2.855B $2.783B
YoY Change 9.44% 10.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $271.2M $253.7M
YoY Change -1.75% 1.33%
Accrued Expenses $75.44M $72.93M
YoY Change -6.33% -57.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $25.11M $25.16M
YoY Change -0.35% -0.12%
Total Short-Term Liabilities $468.4M $449.1M
YoY Change -2.54% 0.43%
LONG-TERM LIABILITIES
Long-Term Debt $571.9M $571.9M
YoY Change -4.21% -8.36%
Other Long-Term Liabilities $145.7M $153.8M
YoY Change -3.14% -1.29%
Total Long-Term Liabilities $717.5M $725.6M
YoY Change -4.0% -6.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $468.4M $449.1M
Total Long-Term Liabilities $717.5M $725.6M
Total Liabilities $1.186B $1.175B
YoY Change -3.43% -4.26%
SHAREHOLDERS EQUITY
Retained Earnings $2.047B $1.964B
YoY Change 18.49% 19.48%
Common Stock $201.1M $198.6M
YoY Change 2.52% 1.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $514.6M $495.1M
YoY Change 7.78% 4.13%
Treasury Stock Shares
Shareholders Equity $1.669B $1.608B
YoY Change
Total Liabilities & Shareholders Equity $2.855B $2.783B
YoY Change 9.44% 10.3%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $97.22M $91.23M
YoY Change 0.03% 13.39%
Depreciation, Depletion And Amortization $12.75M $6.048M
YoY Change 129.16% 8.93%
Cash From Operating Activities $84.19M $101.8M
YoY Change 11.95% 61.84%
INVESTING ACTIVITIES
Capital Expenditures $7.491M $5.563M
YoY Change -6.27% -176.59%
Acquisitions
YoY Change
Other Investing Activities $43.00K $331.0K
YoY Change -100.43% -101.3%
Cash From Investing Activities -$7.448M -$5.132M
YoY Change -58.73% -84.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.95M -46.73M
YoY Change -24.64% 243.13%
NET CHANGE
Cash From Operating Activities 84.19M 101.8M
Cash From Investing Activities -7.448M -5.132M
Cash From Financing Activities -31.95M -46.73M
Net Change In Cash 44.80M 49.90M
YoY Change 203.31% 201.46%
FREE CASH FLOW
Cash From Operating Activities $84.19M $101.8M
Capital Expenditures $7.491M $5.563M
Free Cash Flow $76.70M $96.20M
YoY Change 14.12% 37.15%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
0 usd
us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax
1031000 usd
us-gaap Other Comprehensive Income Finalization Of Pension And Non Pension Postretirement Plan Valuation Tax
OtherComprehensiveIncomeFinalizationOfPensionAndNonPensionPostretirementPlanValuationTax
254000 usd
us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
777000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-902000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
-235000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-667000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
12858000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
3164000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
9694000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
9353000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
2285000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-7068000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-81000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
-20000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
61000 usd
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-6888000 usd
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-2538000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4350000 usd
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
8480000 usd
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
3571000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4909000 usd
CY2023Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
101000 shares
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
103000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
109000 shares
CY2023Q4 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
3377000 usd
CY2022Q4 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
8853000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
7968000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
17913000 usd
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1077153000 usd
CY2023Q4 us-gaap Depreciation
Depreciation
6048000 usd
CY2023Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5523000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1060280000 usd
CY2022Q4 us-gaap Depreciation
Depreciation
5552000 usd
CY2022Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7263000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2172341000 usd
CY2023Q4 us-gaap Assets
Assets
2782765000 usd
us-gaap Depreciation
Depreciation
11765000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
9863000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2122685000 usd
CY2022Q4 us-gaap Assets
Assets
2522904000 usd
us-gaap Depreciation
Depreciation
11033000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
12817000 usd
CY2023Q4 ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
20756000 usd
CY2022Q4 ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
17403000 usd
ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
39159000 usd
ait Corporateandotherexpenseincomenet
Corporateandotherexpenseincomenet
37509000 usd
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
114594000 usd
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
112893000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
235274000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
219425000 usd
CY2023Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1917000 usd
CY2022Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-6185000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3237000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-12665000 usd
CY2023Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2924000 usd
CY2022Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-758000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2493000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1766000 usd
CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
115601000 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
105950000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
234530000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
204994000 usd
CY2023Q4 ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
1938000 usd
CY2022Q4 ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
1065000 usd
ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
1385000 usd
ait Unrealized Gain Losses Gains On Assets Held Under Trust For A Nonqualified Deferred Compensation Plan
UnrealizedGainLossesGainsOnAssetsHeldUnderTrustForANonqualifiedDeferredCompensationPlan
238000 usd
CY2023Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
832000 usd
CY2022Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-700000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
903000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-928000 usd
CY2023Q4 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
26000 usd
CY2022Q4 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1176000 usd
us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
51000 usd
us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1319000 usd
CY2023Q4 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
107000 usd
CY2022Q4 us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
104000 usd
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
244000 usd
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
215000 usd
CY2023Q4 ait Other Net
OtherNet
73000 usd
CY2022Q4 ait Other Net
OtherNet
-51000 usd
ait Other Net
OtherNet
12000 usd
ait Other Net
OtherNet
28000 usd
CY2023Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2924000 usd
CY2022Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-758000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2493000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1766000 usd

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