$AXTA
Axalta Coating Systems Ltd.

2023 Q4 Form 10-Q Financial Statement

#000161686223000074 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.297B $1.309B
YoY Change 4.9% 5.68%
Cost Of Revenue $873.8M $885.5M
YoY Change 0.99% 1.02%
Gross Profit $423.5M $423.5M
YoY Change 14.0% 16.96%
Gross Profit Margin 32.64% 32.35%
Selling, General & Admin $214.9M $209.0M
YoY Change 7.02% 12.12%
% of Gross Profit 50.74% 49.35%
Research & Development $17.80M $18.50M
YoY Change 5.95% 12.12%
% of Gross Profit 4.2% 4.37%
Depreciation & Amortization $68.70M $71.20M
YoY Change -6.66% -4.43%
% of Gross Profit 16.22% 16.81%
Operating Expenses $262.3M $227.5M
YoY Change 0.23% 12.12%
Operating Profit $161.2M $163.4M
YoY Change 46.81% 32.31%
Interest Expense -$55.40M $55.10M
YoY Change 43.15% 57.43%
% of Operating Profit -34.37% 33.72%
Other Income/Expense, Net -$4.000M -$5.700M
YoY Change -70.8% 67.65%
Pretax Income $101.8M $102.6M
YoY Change 77.35% 20.56%
Income Tax $28.20M $29.30M
% Of Pretax Income 27.7% 28.56%
Net Earnings $73.10M $72.90M
YoY Change 67.66% 16.83%
Net Earnings / Revenue 5.63% 5.57%
Basic Earnings Per Share $0.33
Diluted Earnings Per Share $0.33 $0.33
COMMON SHARES
Basic Shares Outstanding 220.1M shares 221.7M shares
Diluted Shares Outstanding 221.9M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $699.8M $605.8M
YoY Change 8.46% 17.09%
Cash & Equivalents $699.8M $605.8M
Short-Term Investments
Other Short-Term Assets $120.5M $90.00M
YoY Change -19.93% -48.19%
Inventory $741.1M $750.0M
Prepaid Expenses $117.2M
Receivables $1.260B $1.088B
Other Receivables $0.00 $213.1M
Total Short-Term Assets $2.821B $2.786B
YoY Change 4.78% 4.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.204B $1.169B
YoY Change 1.18% 4.26%
Goodwill $1.591B $1.484B
YoY Change 6.2% 6.73%
Intangibles $1.130B $1.037B
YoY Change 1.56% -5.2%
Long-Term Investments $11.30M
YoY Change 9.71%
Other Assets $525.9M $520.3M
YoY Change -7.08% -4.57%
Total Long-Term Assets $4.451B $4.210B
YoY Change 1.93% 1.44%
TOTAL ASSETS
Total Short-Term Assets $2.821B $2.786B
Total Long-Term Assets $4.451B $4.210B
Total Assets $7.272B $6.996B
YoY Change 3.02% 2.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $724.9M $709.9M
YoY Change -1.17% -4.92%
Accrued Expenses $676.9M $616.4M
YoY Change 9.14% 14.91%
Deferred Revenue
YoY Change
Short-Term Debt $7.200M $13.50M
YoY Change -55.0% -68.16%
Long-Term Debt Due $25.70M $18.50M
YoY Change -35.91% -23.87%
Total Short-Term Liabilities $1.428B $1.358B
YoY Change 2.42% 0.64%
LONG-TERM LIABILITIES
Long-Term Debt $3.479B $3.511B
YoY Change -5.07% -4.17%
Other Long-Term Liabilities $431.0M $131.8M
YoY Change 26.91% 10.02%
Total Long-Term Liabilities $3.910B $131.8M
YoY Change -2.36% 10.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.428B $1.358B
Total Long-Term Liabilities $3.910B $131.8M
Total Liabilities $5.545B $5.347B
YoY Change -1.09% -2.77%
SHAREHOLDERS EQUITY
Retained Earnings $1.286B $1.213B
YoY Change 26.25% 24.39%
Common Stock $1.823B $1.815B
YoY Change 1.88% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $937.3M
YoY Change 5.64%
Treasury Stock Shares
Shareholders Equity $1.727B $1.604B
YoY Change
Total Liabilities & Shareholders Equity $7.272B $6.996B
YoY Change 3.02% 2.6%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $73.10M $72.90M
YoY Change 67.66% 16.83%
Depreciation, Depletion And Amortization $68.70M $71.20M
YoY Change -6.66% -4.43%
Cash From Operating Activities $286.0M $210.1M
YoY Change 16.45% 162.95%
INVESTING ACTIVITIES
Capital Expenditures $32.60M $31.40M
YoY Change -175.12% -188.45%
Acquisitions
YoY Change
Other Investing Activities -$108.6M $3.900M
YoY Change -2316.33% -31.58%
Cash From Investing Activities -$141.2M -$27.50M
YoY Change 266.75% -7.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.30M -73.50M
YoY Change -33.72% 400.0%
NET CHANGE
Cash From Operating Activities 286.0M 210.1M
Cash From Investing Activities -141.2M -27.50M
Cash From Financing Activities -62.30M -73.50M
Net Change In Cash 82.50M 109.1M
YoY Change -27.06% 208.19%
FREE CASH FLOW
Cash From Operating Activities $286.0M $210.1M
Capital Expenditures $32.60M $31.40M
Free Cash Flow $253.4M $178.7M
YoY Change -12.32% 54.85%

Facts In Submission

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position and shareholders' equity of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at September 30, 2023, the results of operations, comprehensive income (loss) and changes in shareholders' equity for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months then ended. All intercompany balances and transactions have been eliminated. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP").</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. Certain of our entities are accounted for on a one-month lag basis, the effect of which is not material.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ended December 31, 2023 or any future period(s).</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Summary of Significant Accounting Policies Updates</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Adopted Accounting Guidance</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2023, we adopted Accounting Standards Update ("ASU") 2022-04, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Liabilities – Supplier Finance Programs</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which codifies disclosure requirements for supplier financing programs. This ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Upon adoption of this ASU, we incorporated the required disclosures in Note 14. In addition to the disclosures included in Note 14, ASU 2022-04 requires a rollforward of activity for each supplier financing program beginning with reporting for the year ended December 31, 2024, at which time we will incorporate the required rollforward disclosure.</span></div>
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us-gaap Depreciation Depletion And Amortization
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CY2023Q3 axta Long Term Debt Maturity After Year Four
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us-gaap Number Of Reportable Segments
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Depreciation Depletion And Amortization
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CY2023Q3 axta Adjusted Earnings Before Interestand Tax
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CY2023Q3 us-gaap Interest Expense
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CY2022Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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CY2023Q3 axta Refinancing Costsand Gains Losseson Extinguishmentof Debt
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axta Refinancing Costsand Gains Losseson Extinguishmentof Debt
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CY2023Q3 axta Employee Termination And Other Related Costs
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CY2022Q3 axta Employee Termination And Other Related Costs
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axta Employee Termination And Other Related Costs
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CY2023Q3 axta Acquisition And Divestiture Related Benefits Costs
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CY2023Q3 us-gaap Asset Impairment Charges
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CY2022Q3 us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2023Q3 us-gaap Restructuring Reserve Accelerated Depreciation
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2100000 usd
CY2022Q3 us-gaap Restructuring Reserve Accelerated Depreciation
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CY2023Q3 axta Expenses Related To Russian Sanctions
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axta Expenses Related To Russian Sanctions
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4800000 usd
CY2023Q3 axta Reserve For Collection Risk Commercial Agreement Restructuring
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q3 axta Cumulative Other Comprehensive Income Loss Foreign Exchange Adjustments Income Tax Expense Benefit
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CY2023Q3 axta Cumulative Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Income Tax Expense Benefit
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CY2023Q3 axta Cumulative Other Comprehensive Income Loss Gain Losson Derivatives Income Tax Expense Benefit
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CY2022Q3 axta Cumulative Other Comprehensive Income Loss Gain Losson Derivatives Income Tax Expense Benefit
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500000 usd
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
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false
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false

Files In Submission

Name View Source Status
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FilingSummary.xml Edgar Link unprocessable
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axta-20230930.xsd Edgar Link pending
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