$ASH
ASHLAND INC.

2023 Q4 Form 10-Q Financial Statement

#000095017024009280 Filed on January 31, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2022 Q4
Revenue $473.0M $525.0M
YoY Change -9.9% 2.54%
Cost Of Revenue $375.0M $360.0M
YoY Change 4.17% 2.56%
Gross Profit $98.00M $165.0M
YoY Change -40.61% 2.48%
Gross Profit Margin 20.72% 31.43%
Selling, General & Admin $83.00M $93.00M
YoY Change -10.75% 13.41%
% of Gross Profit 84.69% 56.36%
Research & Development $12.00M $13.00M
YoY Change -7.69% 0.0%
% of Gross Profit 12.24% 7.88%
Depreciation & Amortization $77.00M $59.00M
YoY Change 30.51% -1.67%
% of Gross Profit 78.57% 35.76%
Operating Expenses $95.00M $106.0M
YoY Change -10.38% 11.58%
Operating Profit -$18.00M $37.00M
YoY Change -148.65% -11.9%
Interest Expense $28.00M $16.00M
YoY Change 75.0% -500.0%
% of Operating Profit 43.24%
Other Income/Expense, Net -$4.000M -$2.000M
YoY Change 100.0% 100.0%
Pretax Income $4.000M $50.00M
YoY Change -92.0% 35.14%
Income Tax -$24.00M $8.000M
% Of Pretax Income -600.0% 16.0%
Net Earnings $26.00M $40.00M
YoY Change -35.0% -16.67%
Net Earnings / Revenue 5.5% 7.62%
Basic Earnings Per Share $0.51 $0.74
Diluted Earnings Per Share $0.51 $0.73
COMMON SHARES
Basic Shares Outstanding 51.26M 54.15M
Diluted Shares Outstanding 51.00M 55.00M

Balance Sheet

Concept 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $440.0M $532.0M
YoY Change -17.29% 174.23%
Cash & Equivalents $440.0M $532.0M
Short-Term Investments
Other Short-Term Assets $143.0M $117.0M
YoY Change 22.22% 77.27%
Inventory $588.0M $724.0M
Prepaid Expenses
Receivables $194.0M $351.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.365B $1.724B
YoY Change -20.82% -0.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.367B $1.346B
YoY Change 1.56% -3.93%
Goodwill $1.396B $1.369B
YoY Change 1.97% -2.98%
Intangibles $875.0M $959.0M
YoY Change -8.76% -10.21%
Long-Term Investments
YoY Change
Other Assets $256.0M $256.0M
YoY Change 0.0% -3.76%
Total Long-Term Assets $4.501B $4.535B
YoY Change -0.75% -5.82%
TOTAL ASSETS
Total Short-Term Assets $1.365B $1.724B
Total Long-Term Assets $4.501B $4.535B
Total Assets $5.866B $6.259B
YoY Change -6.28% -4.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.0M $246.0M
YoY Change -17.89% 4.24%
Accrued Expenses $190.0M $200.0M
YoY Change -5.0% -6.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $414.0M $464.0M
YoY Change -10.78% -48.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.341B $1.316B
YoY Change 1.9% -16.71%
Other Long-Term Liabilities $293.0M $326.0M
YoY Change -10.12% -3.83%
Total Long-Term Liabilities $2.399B $2.477B
YoY Change -3.15% -13.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $414.0M $464.0M
Total Long-Term Liabilities $2.399B $2.477B
Total Liabilities $2.813B $2.941B
YoY Change -4.35% -22.32%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.053B $3.318B
YoY Change
Total Liabilities & Shareholders Equity $5.866B $6.259B
YoY Change -6.28% -4.43%

Cashflow Statement

Concept 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income $26.00M $40.00M
YoY Change -35.0% -16.67%
Depreciation, Depletion And Amortization $77.00M $59.00M
YoY Change 30.51% -1.67%
Cash From Operating Activities $187.0M -$63.00M
YoY Change -396.83% -1150.0%
INVESTING ACTIVITIES
Capital Expenditures $36.00M $23.00M
YoY Change 56.52% 53.33%
Acquisitions
YoY Change
Other Investing Activities $10.00M -$4.000M
YoY Change -350.0% -157.14%
Cash From Investing Activities -$26.00M -$27.00M
YoY Change -3.7% 237.5%
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 -27.00M
YoY Change 414.81% 145.45%
NET CHANGE
Cash From Operating Activities 187.0M -63.00M
Cash From Investing Activities -26.00M -27.00M
Cash From Financing Activities -139.0M -27.00M
Net Change In Cash 23.00M -114.0M
YoY Change -120.18% 612.5%
FREE CASH FLOW
Cash From Operating Activities $187.0M -$63.00M
Capital Expenditures $36.00M $23.00M
Free Cash Flow $151.0M -$86.00M
YoY Change -275.58% 855.56%

Facts In Submission

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<p style="margin-left:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;margin-right:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates, risks and uncertainties</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;margin-right:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The preparation of Ashland’s Condensed 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="margin-left:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;margin-right:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;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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525000000
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-18000000
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
37000000
CY2023Q4 us-gaap Depreciation
Depreciation
56000000
CY2022Q4 us-gaap Depreciation
Depreciation
36000000
CY2023Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
21000000
CY2022Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
23000000
CY2023Q4 ash Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
59000000
CY2022Q4 ash Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
96000000
CY2023Q4 us-gaap Assets
Assets
5866000000
CY2023Q3 us-gaap Assets
Assets
5939000000

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