$CAAS
CHINA AUTOMOTIVE SYSTEMS INC

2023 Q3 Form 10-Q Financial Statement

#000141057823001729 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $137.5M $137.4M
YoY Change 0.24% 8.06%
Cost Of Revenue $112.8M $114.7M
YoY Change -3.01% 9.81%
Gross Profit $24.76M $22.72M
YoY Change 18.35% 0.03%
Gross Profit Margin 18.0% 16.53%
Selling, General & Admin $6.108M $5.271M
YoY Change 24.83% -6.91%
% of Gross Profit 24.67% 23.2%
Research & Development $6.870M $6.606M
YoY Change -27.3% -16.23%
% of Gross Profit 27.75% 29.08%
Depreciation & Amortization $3.900M $4.300M
YoY Change -25.0% -23.21%
% of Gross Profit 15.75% 18.93%
Operating Expenses $16.78M $15.67M
YoY Change -8.41% -11.04%
Operating Profit $10.15M $7.789M
YoY Change 107.76% 8.18%
Interest Expense $245.0K $276.0K
YoY Change -36.2% -25.41%
% of Operating Profit 2.41% 3.54%
Other Income/Expense, Net $1.155M $1.963M
YoY Change 55.24% -29.99%
Pretax Income $11.23M $13.44M
YoY Change 12.18% 10.36%
Income Tax $688.0K $1.487M
% Of Pretax Income 6.13% 11.06%
Net Earnings $9.488M $10.47M
YoY Change 27.01% 11.01%
Net Earnings / Revenue 6.9% 7.62%
Basic Earnings Per Share $0.31 $0.35
Diluted Earnings Per Share $0.31 $0.35
COMMON SHARES
Basic Shares Outstanding 30.19M 30.19M
Diluted Shares Outstanding 30.19M 30.19M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.2M $95.62M
YoY Change 7.44% -14.94%
Cash & Equivalents $108.2M $95.62M
Short-Term Investments
Other Short-Term Assets $29.13M $28.06M
YoY Change -32.66% -18.26%
Inventory $103.2M $100.3M
Prepaid Expenses
Receivables $241.5M $234.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $509.0M $487.9M
YoY Change 4.25% -0.72%
LONG-TERM ASSETS
Property, Plant & Equipment $100.6M $99.35M
YoY Change -4.08% -12.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $60.90M $62.18M
YoY Change 15.44% 6.54%
Other Assets $28.60M $26.07M
YoY Change 45.63% 25.81%
Total Long-Term Assets $199.1M $196.7M
YoY Change 6.66% -2.83%
TOTAL ASSETS
Total Short-Term Assets $509.0M $487.9M
Total Long-Term Assets $199.1M $196.7M
Total Assets $708.1M $684.6M
YoY Change 4.92% -1.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.1M $136.7M
YoY Change 4.79% 1.14%
Accrued Expenses $47.57M $45.97M
YoY Change -1.55% -14.92%
Deferred Revenue $8.500M $8.300M
YoY Change 129.73% 260.87%
Short-Term Debt $111.6M $118.5M
YoY Change 64.36% 56.8%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $342.7M $334.6M
YoY Change 2.35% -1.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $7.402M $6.761M
YoY Change 20.55% 4.1%
Total Long-Term Liabilities $7.402M $6.761M
YoY Change 20.55% 4.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.7M $334.6M
Total Long-Term Liabilities $7.402M $6.761M
Total Liabilities $358.8M $350.1M
YoY Change 0.44% -3.84%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $63.73M $63.73M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.695M $7.695M
YoY Change 12.7% 41.01%
Treasury Stock Shares
Shareholders Equity $328.6M $317.4M
YoY Change
Total Liabilities & Shareholders Equity $708.1M $684.6M
YoY Change 4.92% -1.33%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $9.488M $10.47M
YoY Change 27.01% 11.01%
Depreciation, Depletion And Amortization $3.900M $4.300M
YoY Change -25.0% -23.21%
Cash From Operating Activities $10.79M $1.364M
YoY Change -37.24% -92.72%
INVESTING ACTIVITIES
Capital Expenditures $6.820M $4.639M
YoY Change -271.01% -167.64%
Acquisitions
YoY Change
Other Investing Activities $5.290M -$2.726M
YoY Change -137.17% -109.72%
Cash From Investing Activities -$1.530M -$7.365M
YoY Change -91.6% -134.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K -5.157M
YoY Change -111.13% -319.17%
NET CHANGE
Cash From Operating Activities 10.79M 1.364M
Cash From Investing Activities -1.530M -7.365M
Cash From Financing Activities 240.0K -5.157M
Net Change In Cash 9.500M -11.16M
YoY Change -398.55% -126.39%
FREE CASH FLOW
Cash From Operating Activities $10.79M $1.364M
Capital Expenditures $6.820M $4.639M
Free Cash Flow $3.970M -$3.275M
YoY Change -81.26% -112.8%

Facts In Submission

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China Automotive Systems, Inc.
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dei Entity Tax Identification Number
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No. 1 Henglong Road, Yu Qiao Development Zone
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Shashi District
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Jing Zhou City
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dei Security12b Title
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CY2022Q1 us-gaap Minority Interest
MinorityInterest
16143000
CY2022Q4 us-gaap Minority Interest
MinorityInterest
15182000
CY2021Q4 us-gaap Minority Interest
MinorityInterest
15854000
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
995000
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
500000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2050000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
700000
CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
1075000
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
1142000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
809000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
1053000
CY2023Q2 us-gaap Minority Interest
MinorityInterest
16423000
CY2022Q2 us-gaap Minority Interest
MinorityInterest
15501000
CY2023Q2 us-gaap Minority Interest
MinorityInterest
16423000
CY2022Q2 us-gaap Minority Interest
MinorityInterest
15501000
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8300000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5700000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5100000
CY2023Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
346000
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
312000
us-gaap Investment Income Interest
InvestmentIncomeInterest
565000
us-gaap Investment Income Interest
InvestmentIncomeInterest
562000
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
3673000
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2325000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
3108000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
4236000
CY2023Q2 caas Handling Charge
HandlingCharge
56000
CY2022Q2 caas Handling Charge
HandlingCharge
94000
caas Handling Charge
HandlingCharge
132000
caas Handling Charge
HandlingCharge
240000
CY2023Q2 caas Finance Income Expenses Net
FinanceIncomeExpensesNet
3963000
CY2022Q2 caas Finance Income Expenses Net
FinanceIncomeExpensesNet
2543000
caas Finance Income Expenses Net
FinanceIncomeExpensesNet
3541000
caas Finance Income Expenses Net
FinanceIncomeExpensesNet
4558000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
10466000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
9428000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30185702
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30847706
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3835
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1303
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30189537
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30849009
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
us-gaap Net Income Loss
NetIncomeLoss
17286000
us-gaap Net Income Loss
NetIncomeLoss
9369000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30185702
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30849730
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5607
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1129
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30191309
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30850859
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
caas Minimum Percentage Of Profit Allocated To Foreign Investment
MinimumPercentageOfProfitAllocatedToForeignInvestment
0.10
caas Registered Capital Percentage
RegisteredCapitalPercentage
0.50
CY2022Q2 caas Equity Interest Purchase From Related Parties Current
EquityInterestPurchaseFromRelatedPartiesCurrent
23129000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5095000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3323000
CY2023Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
28335000
CY2023Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
8257000
CY2023Q2 caas Contractual Obligation Due After Second Year
ContractualObligationDueAfterSecondYear
2906000
CY2023Q2 us-gaap Contractual Obligation
ContractualObligation
39498000
CY2023Q2 caas Number Of Product Sectors
NumberOfProductSectors
16
CY2023Q2 caas Number Of Principal Profit Makers
NumberOfPrincipalProfitMakers
6
CY2023Q2 caas Number Of Holding Company
NumberOfHoldingCompany
1
CY2023Q2 caas Number Of Sectors Engaged In Production And Sale Of Products
NumberOfSectorsEngagedInProductionAndSaleOfProducts
10
CY2022Q2 caas Number Of Product Sectors
NumberOfProductSectors
15
CY2022Q2 caas Number Of Principal Profit Makers
NumberOfPrincipalProfitMakers
6
CY2022Q2 caas Number Of Holding Company
NumberOfHoldingCompany
1
CY2022Q2 caas Number Of Sectors Engaged In Production And Sale Of Products
NumberOfSectorsEngagedInProductionAndSaleOfProducts
9
CY2023Q2 caas Sales Revenues Net
SalesRevenuesNet
137410000
CY2022Q2 caas Sales Revenues Net
SalesRevenuesNet
127161000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
11468000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
9935000
caas Sales Revenues Net
SalesRevenuesNet
279653000
caas Sales Revenues Net
SalesRevenuesNet
263557000
us-gaap Profit Loss
ProfitLoss
19351000
us-gaap Profit Loss
ProfitLoss
10084000

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