$BALL
BALL Corp

2023 Q2 Form 10-Q Financial Statement

#000155837023008025 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $3.566B $3.489B
YoY Change -13.74% -6.11%
Cost Of Revenue $2.916B $2.845B
YoY Change -15.36% -5.67%
Gross Profit $650.0M $644.0M
YoY Change -5.66% -8.0%
Gross Profit Margin 18.23% 18.46%
Selling, General & Admin $165.0M $131.0M
YoY Change 2.48% -29.57%
% of Gross Profit 25.38% 20.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $170.0M $127.0M
YoY Change 31.78% -9.29%
% of Gross Profit 26.15% 19.72%
Operating Expenses $335.0M $131.0M
YoY Change 108.07% -29.57%
Operating Profit $315.0M $327.0M
YoY Change -394.39% -46.39%
Interest Expense -$115.0M -$113.0M
YoY Change 69.12% 63.77%
% of Operating Profit -36.51% -34.56%
Other Income/Expense, Net
YoY Change
Pretax Income $206.0M $214.0M
YoY Change -216.38% -60.44%
Income Tax $36.00M $41.00M
% Of Pretax Income 17.48% 19.16%
Net Earnings $173.0M $180.0M
YoY Change -204.85% -59.73%
Net Earnings / Revenue 4.85% 5.16%
Basic Earnings Per Share $0.55 $0.56
Diluted Earnings Per Share $0.55 $0.56
COMMON SHARES
Basic Shares Outstanding 314.5M 314.4M
Diluted Shares Outstanding 316.9M 316.7M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $955.0M $572.0M
YoY Change 98.96% 30.89%
Cash & Equivalents $955.0M $572.0M
Short-Term Investments
Other Short-Term Assets $207.0M $183.0M
YoY Change -48.38% -56.22%
Inventory $1.982B $2.191B
Prepaid Expenses
Receivables $1.823B $2.072B
Other Receivables $468.0M $489.0M
Total Short-Term Assets $5.435B $5.507B
YoY Change -16.29% -12.67%
LONG-TERM ASSETS
Property, Plant & Equipment $7.736B $7.621B
YoY Change 9.44% 6.95%
Goodwill $4.269B $4.255B
YoY Change -1.86% -1.6%
Intangibles $1.366B $1.389B
YoY Change -7.33% -14.63%
Long-Term Investments $201.0M $198.0M
YoY Change -0.99% 4.21%
Other Assets $1.164B $1.755B
YoY Change -41.21% -11.63%
Total Long-Term Assets $14.74B $14.60B
YoY Change 2.1% -0.12%
TOTAL ASSETS
Total Short-Term Assets $5.435B $5.507B
Total Long-Term Assets $14.74B $14.60B
Total Assets $20.17B $20.11B
YoY Change -3.61% -3.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.433B $3.647B
YoY Change -31.22% -27.44%
Accrued Expenses $363.0M $340.0M
YoY Change 0.0% -6.08%
Deferred Revenue $267.0M $304.0M
YoY Change 13.62% 29.91%
Short-Term Debt $390.0M $514.0M
YoY Change 67.38% 77.85%
Long-Term Debt Due $1.855B $1.842B
YoY Change 10205.56% 45950.0%
Total Short-Term Liabilities $6.926B $7.220B
YoY Change 6.83% 11.32%
LONG-TERM LIABILITIES
Long-Term Debt $7.507B $7.322B
YoY Change -15.15% -11.41%
Other Long-Term Liabilities $1.309B $488.0M
YoY Change 167.69% -1.21%
Total Long-Term Liabilities $8.816B $488.0M
YoY Change 1702.86% -1.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.926B $7.220B
Total Long-Term Liabilities $8.816B $488.0M
Total Liabilities $16.34B $16.40B
YoY Change -6.08% -3.35%
SHAREHOLDERS EQUITY
Retained Earnings $7.533B $7.422B
YoY Change 7.81% 2.74%
Common Stock $1.291B $1.268B
YoY Change 4.79% 3.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.836B $3.639B
YoY Change
Total Liabilities & Shareholders Equity $20.17B $20.11B
YoY Change -3.61% -3.9%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $173.0M $180.0M
YoY Change -204.85% -59.73%
Depreciation, Depletion And Amortization $170.0M $127.0M
YoY Change 31.78% -9.29%
Cash From Operating Activities $636.0M -$275.0M
YoY Change 56.65% -65.8%
INVESTING ACTIVITIES
Capital Expenditures $265.0M $343.0M
YoY Change -157.99% -5.25%
Acquisitions
YoY Change
Other Investing Activities -$3.000M -$7.000M
YoY Change -142.86% -61.11%
Cash From Investing Activities -$268.0M -$336.0M
YoY Change -40.44% 630.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000M
YoY Change 0.0%
Cash From Financing Activities -5.000M 649.0M
YoY Change -104.2% -9.23%
NET CHANGE
Cash From Operating Activities 636.0M -275.0M
Cash From Investing Activities -268.0M -336.0M
Cash From Financing Activities -5.000M 649.0M
Net Change In Cash 363.0M 36.00M
YoY Change 384.0% -127.07%
FREE CASH FLOW
Cash From Operating Activities $636.0M -$275.0M
Capital Expenditures $265.0M $343.0M
Free Cash Flow $371.0M -$618.0M
YoY Change -57.01% -47.0%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1</b><b style="font-weight:bold;">.     Basis of Presentation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The accompanying unaudited condensed consolidated financial statements (consolidated financial statements) include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments and the variability of contract sales in the company’s aerospace segment. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company’s 2022 Annual Report on Form 10-K filed on February 21, 2023, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 (annual report).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Certain prior year amounts have been reclassified in order to conform to the current year presentation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Risks and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Global Economic Environment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Recent data has indicated a sharp rise in inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal policies, changes in interest rates, and changing demand for certain goods and services as recovery from the COVID-19 pandemic continues. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of the military conflict between Russia and Ukraine, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ball management has reviewed the estimates used in preparing the company’s consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near term. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Estimates regarding the future financial performance of the business used in the impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Estimates of recoverability for customer receivables;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Estimates of net realizable value for inventory; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at March 31, 2023, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses. </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">In addition to the above potential impacts on the estimates used in preparing the financial statements, the current global economic environment has the potential to increase Ball’s vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging and aerospace industries, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.</p>
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