2023 Q4 Form 10-K Financial Statement

#000095017023064715 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q1
Revenue $473.0M $517.0M $603.0M
YoY Change -9.9% -18.07% -0.17%
Cost Of Revenue $375.0M $389.0M $406.0M
YoY Change 4.17% -7.82% 5.73%
Gross Profit $98.00M $128.0M $197.0M
YoY Change -40.61% -38.76% -10.45%
Gross Profit Margin 20.72% 24.76% 32.67%
Selling, General & Admin $83.00M $85.00M $79.00M
YoY Change -10.75% -7.61% -12.22%
% of Gross Profit 84.69% 66.41% 40.1%
Research & Development $12.00M $14.00M $12.00M
YoY Change -7.69% 0.0% -7.69%
% of Gross Profit 12.24% 10.94% 6.09%
Depreciation & Amortization $77.00M $62.00M $37.00M
YoY Change 30.51% 5.08% 0.0%
% of Gross Profit 78.57% 48.44% 18.78%
Operating Expenses $95.00M $122.0M $91.00M
YoY Change -10.38% -5.43% -11.65%
Operating Profit -$18.00M $6.000M $83.00M
YoY Change -148.65% -92.5% -10.75%
Interest Expense $28.00M -$23.00M $11.00M
YoY Change 75.0% -41.03% -126.19%
% of Operating Profit -383.33% 13.25%
Other Income/Expense, Net -$4.000M -$2.000M -$3.000M
YoY Change 100.0% -109.09%
Pretax Income $4.000M -$37.00M $91.00M
YoY Change -92.0% -160.66% 56.9%
Income Tax -$24.00M -$29.00M -$1.000M
% Of Pretax Income -600.0% -1.1%
Net Earnings $26.00M -$4.000M $91.00M
YoY Change -35.0% -107.02% -88.42%
Net Earnings / Revenue 5.5% -0.77% 15.09%
Basic Earnings Per Share $0.51 $1.70
Diluted Earnings Per Share $0.51 -$0.07 $1.67
COMMON SHARES
Basic Shares Outstanding 51.26M 54.00M
Diluted Shares Outstanding 51.00M 55.00M

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $440.0M $417.0M $399.0M
YoY Change -17.29% -35.45% -58.61%
Cash & Equivalents $440.0M $417.0M $399.0M
Short-Term Investments
Other Short-Term Assets $143.0M $125.0M $107.0M
YoY Change 22.22% 37.36% 38.96%
Inventory $588.0M $626.0M $730.0M
Prepaid Expenses
Receivables $194.0M $338.0M $395.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.365B $1.506B $1.631B
YoY Change -20.82% -14.82% -19.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.367B $1.373B $1.351B
YoY Change 1.56% -4.98% -2.1%
Goodwill $1.396B $1.362B $1.385B
YoY Change 1.97% 3.81% -1.35%
Intangibles $875.0M $886.0M $940.0M
YoY Change -8.76% -8.0% -9.7%
Long-Term Investments $3.000M
YoY Change 0.0%
Other Assets $256.0M $251.0M $250.0M
YoY Change 0.0% -57.24% -6.37%
Total Long-Term Assets $4.501B $4.433B $4.552B
YoY Change -0.75% -0.27% -4.27%
TOTAL ASSETS
Total Short-Term Assets $1.365B $1.506B $1.631B
Total Long-Term Assets $4.501B $4.433B $4.552B
Total Assets $5.866B $5.939B $6.183B
YoY Change -6.28% -4.41% -8.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.0M $210.0M $246.0M
YoY Change -17.89% -20.75% -0.81%
Accrued Expenses $190.0M $208.0M $206.0M
YoY Change -5.0% -27.78% -61.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $16.00M $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $414.0M $456.0M $472.0M
YoY Change -10.78% -17.54% -41.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.341B $1.314B $1.328B
YoY Change 1.9% 3.46% -0.6%
Other Long-Term Liabilities $293.0M $291.0M $280.0M
YoY Change -10.12% -70.72% -15.41%
Total Long-Term Liabilities $2.399B $2.386B $2.444B
YoY Change -3.15% 5.39% -5.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $414.0M $456.0M $472.0M
Total Long-Term Liabilities $2.399B $2.386B $2.444B
Total Liabilities $2.813B $2.842B $2.916B
YoY Change -4.35% -5.05% -14.21%
SHAREHOLDERS EQUITY
Retained Earnings $3.595B
YoY Change -1.59%
Common Stock $5.000M
YoY Change -96.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.053B $3.097B $3.267B
YoY Change
Total Liabilities & Shareholders Equity $5.866B $5.939B $6.183B
YoY Change -6.28% -4.41% -8.81%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q1
OPERATING ACTIVITIES
Net Income $26.00M -$4.000M $91.00M
YoY Change -35.0% -107.02% -88.42%
Depreciation, Depletion And Amortization $77.00M $62.00M $37.00M
YoY Change 30.51% 5.08% 0.0%
Cash From Operating Activities $187.0M $123.0M $43.00M
YoY Change -396.83% 64.0% -189.58%
INVESTING ACTIVITIES
Capital Expenditures $36.00M $69.00M $35.00M
YoY Change 56.52% -250.0% -259.09%
Acquisitions
YoY Change
Other Investing Activities $10.00M $17.00M $17.00M
YoY Change -350.0% 41.67% -98.96%
Cash From Investing Activities -$26.00M -$52.00M -$18.00M
YoY Change -3.7% 52.94% -101.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -139.0M -5.000M -161.0M
YoY Change 414.81% -75.0% -79.85%
NET CHANGE
Cash From Operating Activities 187.0M 123.0M 43.00M
Cash From Investing Activities -26.00M -52.00M -18.00M
Cash From Financing Activities -139.0M -5.000M -161.0M
Net Change In Cash 23.00M 66.00M -136.0M
YoY Change -120.18% 214.29% -117.69%
FREE CASH FLOW
Cash From Operating Activities $187.0M $123.0M $43.00M
Capital Expenditures $36.00M $69.00M $35.00M
Free Cash Flow $151.0M $54.00M $8.000M
YoY Change -275.58% -55.37% -130.77%

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<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates, risks and uncertainties</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of Ashland’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Significant items that are subject to such estimates and assumptions include, but are not limited to, environmental remediation, asbestos litigation, the accounting for goodwill and other indefinite-lived intangible assets and income taxes. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions.</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Ashland’s results are affected by domestic and international economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations. While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation, income taxes or other matters.</span></p>
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