2024 Q3 Form 10-K Financial Statement

#000010956324000078 Filed on August 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $1.099B $1.161B $4.479B
YoY Change 0.34% 0.22% 1.51%
Cost Of Revenue $773.9M $804.4M $3.143B
YoY Change 0.49% -1.84% 0.54%
Gross Profit $325.1M $356.2M $1.337B
YoY Change 0.0% 5.22% 3.86%
Gross Profit Margin 29.58% 30.69% 29.84%
Selling, General & Admin $211.9M $216.9M $840.8M
YoY Change 3.67% 2.43% 3.32%
% of Gross Profit 65.19% 60.88% 62.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.924M $13.19M $23.43M
YoY Change 3.62% -0.74% 5.23%
% of Gross Profit 1.82% 3.7% 1.75%
Operating Expenses $211.9M $216.9M $840.8M
YoY Change 3.67% 2.43% 3.32%
Operating Profit $113.2M $139.3M $495.8M
YoY Change -6.22% 9.88% 4.79%
Interest Expense $627.0K $1.615M $20.54M
YoY Change -134.83% -138.44% -17.13%
% of Operating Profit 0.55% 1.16% 4.14%
Other Income/Expense, Net $2.281M -$23.00K $5.138M
YoY Change -629.23% -70.13% -402.06%
Pretax Income $116.1M $140.9M $498.1M
YoY Change -2.4% 15.01% 10.74%
Income Tax $24.02M $37.44M $112.4M
% Of Pretax Income 20.69% 26.57% 22.56%
Net Earnings $92.06M $103.5M $385.8M
YoY Change -1.88% 12.23% 11.25%
Net Earnings / Revenue 8.38% 8.92% 8.61%
Basic Earnings Per Share $2.40 $9.98
Diluted Earnings Per Share $2.36 $2.64 $9.83
COMMON SHARES
Basic Shares Outstanding 38.36M shares 38.60M shares 38.67M shares
Diluted Shares Outstanding 38.94M shares 39.26M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $538.5M $460.6M $460.6M
YoY Change 49.42% 33.89% 33.89%
Cash & Equivalents $538.5M $460.6M $460.6M
Short-Term Investments
Other Short-Term Assets $81.95M $96.15M $83.50M
YoY Change 0.82% 3.17% -10.4%
Inventory $497.6M $488.3M $488.3M
Prepaid Expenses
Receivables $691.5M $724.9M $737.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.810B $1.770B $1.770B
YoY Change 10.05% 7.47% 7.47%
LONG-TERM ASSETS
Property, Plant & Equipment $119.1M $118.5M $251.8M
YoY Change 4.71% 3.03% 16.73%
Goodwill $624.2M $619.4M
YoY Change 6.43% 7.08%
Intangibles $242.7M $245.9M
YoY Change 2.38% 4.38%
Long-Term Investments $24.36M $22.52M $22.52M
YoY Change 30.27% 20.83% 20.83%
Other Assets $62.60M $64.93M $42.41M
YoY Change -6.32% -2.86% -36.55%
Total Long-Term Assets $1.194B $1.182B $1.182B
YoY Change 7.9% 7.8% 7.8%
TOTAL ASSETS
Total Short-Term Assets $1.810B $1.770B $1.770B
Total Long-Term Assets $1.194B $1.182B $1.182B
Total Assets $3.003B $2.952B $2.952B
YoY Change 9.19% 7.6% 7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $265.1M $266.9M $266.9M
YoY Change 2.06% -11.51% -11.51%
Accrued Expenses $188.2M $93.20M $126.7M
YoY Change 201.54% -56.34% -40.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.00M $25.06M $25.06M
YoY Change -0.67% -0.46% -0.46%
Total Short-Term Liabilities $478.3M $501.1M $501.1M
YoY Change 2.52% -7.26% -7.26%
LONG-TERM LIABILITIES
Long-Term Debt $572.3M $572.3M $572.3M
YoY Change -4.12% -4.13% -4.13%
Other Long-Term Liabilities $200.5M $189.8M $138.2M
YoY Change 32.85% 28.54% -6.4%
Total Long-Term Liabilities $772.8M $762.0M $710.5M
YoY Change 3.34% 2.35% -4.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $478.3M $501.1M $501.1M
Total Long-Term Liabilities $772.8M $762.0M $710.5M
Total Liabilities $1.251B $1.263B $1.263B
YoY Change 3.03% -1.69% -1.69%
SHAREHOLDERS EQUITY
Retained Earnings $2.214B $2.122B
YoY Change 17.36% 18.36%
Common Stock $201.3M $203.8M
YoY Change 2.72% 2.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $576.6M $559.3M
YoY Change 19.15% 17.11%
Treasury Stock Shares
Shareholders Equity $1.752B $1.689B $1.689B
YoY Change
Total Liabilities & Shareholders Equity $3.003B $2.952B $2.952B
YoY Change 9.19% 7.6% 7.6%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income $92.06M $103.5M $385.8M
YoY Change -1.88% 12.23% 11.25%
Depreciation, Depletion And Amortization $5.924M $13.19M $23.43M
YoY Change 3.62% -0.74% 5.23%
Cash From Operating Activities $127.7M $119.2M $371.4M
YoY Change 92.95% -33.74% 7.97%
INVESTING ACTIVITIES
Capital Expenditures $5.549M $7.510M $24.86M
YoY Change 29.05% 32.52% -6.09%
Acquisitions $10.50M $72.09M
YoY Change -51.04% 101.45%
Other Investing Activities -$9.667M -$49.62M $0.00
YoY Change -54.62% -4677.21%
Cash From Investing Activities -$15.22M -$57.13M -$95.41M
YoY Change -40.69% 1146.5% 56.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $73.39M
YoY Change 10149.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$34.05M -55.29M -$156.5M
YoY Change 51.43% 259.93% 23.31%
NET CHANGE
Cash From Operating Activities $127.7M 119.2M $371.4M
Cash From Investing Activities -$15.22M -57.13M -$95.41M
Cash From Financing Activities -$34.05M -55.29M -$156.5M
Net Change In Cash $77.90M 6.815M $116.6M
YoY Change 375.63% -95.74% -26.94%
FREE CASH FLOW
Cash From Operating Activities $127.7M $119.2M $371.4M
Capital Expenditures $5.549M $7.510M $24.86M
Free Cash Flow $122.2M $111.7M $346.5M
YoY Change 97.38% -35.89% 9.15%

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CY2024 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,” “Applied,” "us," "we," or "our") 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>
CY2024 us-gaap Concentration Risk Credit Risk
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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, Singapore, and Costa Rica. 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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