2024 Q3 Form 10-Q Financial Statement

#000172308924000111 Filed on July 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $906.5M $893.3M $926.6M
YoY Change -3.54% -3.6% -0.64%
Cost Of Revenue $608.8M $613.4M $643.4M
YoY Change -6.04% -4.66% -10.73%
Gross Profit $297.8M $279.8M $283.2M
YoY Change 2.02% -1.19% 33.66%
Gross Profit Margin 32.85% 31.33% 30.57%
Selling, General & Admin $180.5M $183.0M $159.5M
YoY Change 11.2% 14.7% 12.87%
% of Gross Profit 60.62% 65.39% 56.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.51M $60.20M $58.68M
YoY Change 2.76% 2.6% -1.43%
% of Gross Profit 21.33% 21.51% 20.72%
Operating Expenses $180.5M $183.0M $159.5M
YoY Change 11.2% 14.7% 12.87%
Operating Profit $117.3M $96.85M $123.7M
YoY Change -9.48% -21.69% 75.34%
Interest Expense -$17.64M -$12.65M -$14.54M
YoY Change 28.77% -13.0% 35.1%
% of Operating Profit -15.04% -13.07% -11.76%
Other Income/Expense, Net $2.176M -$938.0K $3.104M
YoY Change -136.28% -130.22% -109.62%
Pretax Income $101.7M $83.26M $108.3M
YoY Change -7.34% -23.11% 293.88%
Income Tax $28.08M $27.87M $11.66M
% Of Pretax Income 27.6% 33.47% 10.76%
Net Earnings $72.01M $52.57M $95.80M
YoY Change -7.34% -45.12% 250.37%
Net Earnings / Revenue 7.94% 5.88% 10.34%
Basic Earnings Per Share $0.38 $0.28 $0.49
Diluted Earnings Per Share $0.37 $0.27 $0.48
COMMON SHARES
Basic Shares Outstanding 190.5M shares 190.4M shares 198.0M shares
Diluted Shares Outstanding 193.4M shares 193.3M shares 200.7M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $389.1M $393.3M $263.1M
YoY Change 36.53% 49.49% 57.27%
Cash & Equivalents $389.1M $393.3M $263.1M
Short-Term Investments
Other Short-Term Assets $68.22M $71.49M $100.6M
YoY Change -25.69% -28.94% 24.09%
Inventory $546.8M $539.0M $599.0M
Prepaid Expenses
Receivables $434.1M $441.4M $522.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.438B $1.445B $1.485B
YoY Change -3.19% -2.67% 1.01%
LONG-TERM ASSETS
Property, Plant & Equipment $867.5M $752.6M $842.3M
YoY Change 3.33% -10.66% -0.64%
Goodwill $729.8M $684.6M $669.1M
YoY Change 9.56% 2.32% -7.64%
Intangibles $270.4M $229.6M $270.6M
YoY Change 5.45% -15.17% -22.99%
Long-Term Investments
YoY Change
Other Assets $71.79M $70.14M $63.02M
YoY Change 12.99% 11.3% -9.58%
Total Long-Term Assets $1.939B $1.844B $1.845B
YoY Change 6.24% -0.05% -7.44%
TOTAL ASSETS
Total Short-Term Assets $1.438B $1.445B $1.485B
Total Long-Term Assets $1.939B $1.844B $1.845B
Total Assets $3.378B $3.289B $3.330B
YoY Change 2.01% -1.22% -3.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $455.5M $484.5M $550.8M
YoY Change -8.91% -12.05% 11.01%
Accrued Expenses $262.5M $237.0M $236.8M
YoY Change 0.29% 0.08% 5.25%
Deferred Revenue $16.03M $21.65M $20.55M
YoY Change -38.06% 5.37% 23.05%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.203M $6.203M $6.250M
YoY Change -0.75% -0.75% 33.32%
Total Short-Term Liabilities $740.2M $727.7M $814.5M
YoY Change -6.76% -10.65% 8.16%
LONG-TERM LIABILITIES
Long-Term Debt $592.2M $592.9M $595.2M
YoY Change -0.47% -0.39% -14.29%
Other Long-Term Liabilities $93.91M $95.48M $135.5M
YoY Change 1.37% -29.53% 83.14%
Total Long-Term Liabilities $686.1M $688.4M $730.7M
YoY Change -0.22% -5.79% -4.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $740.2M $727.7M $814.5M
Total Long-Term Liabilities $686.1M $688.4M $730.7M
Total Liabilities $1.579B $1.560B $1.600B
YoY Change -1.65% -2.48% -4.22%
SHAREHOLDERS EQUITY
Retained Earnings -$303.7M -$357.4M -$457.1M
YoY Change -31.43% -21.81% -9.13%
Common Stock $2.160B $2.153B $2.223B
YoY Change -2.14% -3.15% -4.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.814B $1.745B $1.730B
YoY Change
Total Liabilities & Shareholders Equity $3.378B $3.289B $3.330B
YoY Change 2.01% -1.22% -3.85%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $72.01M $52.57M $95.80M
YoY Change -7.34% -45.12% 250.37%
Depreciation, Depletion And Amortization $63.51M $60.20M $58.68M
YoY Change 2.76% 2.6% -1.43%
Cash From Operating Activities $141.3M $67.63M $115.9M
YoY Change -13.31% -41.66% 56.13%
INVESTING ACTIVITIES
Capital Expenditures $36.09M $33.40M $30.75M
YoY Change -32.8% 8.63% -233.93%
Acquisitions
YoY Change
Other Investing Activities -$98.96M $1.016M $3.604M
YoY Change -2003.0% -71.81% 62.71%
Cash From Investing Activities -$135.0M -$32.39M -$27.14M
YoY Change 179.02% 19.32% 30.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.23M -27.30M -74.13M
YoY Change -87.7% -63.17% 14.82%
NET CHANGE
Cash From Operating Activities 141.3M 67.63M 115.9M
Cash From Investing Activities -135.0M -32.39M -27.14M
Cash From Financing Activities -11.23M -27.30M -74.13M
Net Change In Cash -4.980M 7.938M 14.63M
YoY Change -121.37% -45.75% -232.21%
FREE CASH FLOW
Cash From Operating Activities $141.3M $67.63M $115.9M
Capital Expenditures $36.09M $33.40M $30.75M
Free Cash Flow $105.2M $34.22M $85.16M
YoY Change -3.74% -59.81% -12.38%

Facts In Submission

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CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2023Q4 us-gaap Goodwill
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us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2024Q2 us-gaap Goodwill
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CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
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CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2024Q2 us-gaap Letters Of Credit Outstanding Amount
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CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
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championx Environmental Loss Contingency Noncurrent Statement Of Financial Position Extensible Enumeration Not Disclosed Flag
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CY2023 championx Environmental Loss Contingency Noncurrent Statement Of Financial Position Extensible Enumeration Not Disclosed Flag
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CY2024Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
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CY2024Q2 us-gaap Restructuring Charges
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CY2023Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2024Q2 us-gaap Restructuring Charges
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CY2023Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2023Q4 us-gaap Restructuring Reserve
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us-gaap Restructuring Costs And Asset Impairment Charges
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championx Restructuring Reserve Asset Sales And Write Offs
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us-gaap Payments For Restructuring
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CY2024Q2 us-gaap Restructuring Reserve
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CY2024Q1 championx Common Stock Dividends Per Share Quarterly Cash Dividend Approved
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CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2024Q2 us-gaap Dividends Payable Current And Noncurrent
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CY2022Q1 srt Stock Repurchase Program Authorized Amount1
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CY2022Q4 srt Stock Repurchase Program Authorized Amount1
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CY2024Q1 srt Stock Repurchase Program Authorized Amount1
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CY2024Q2 us-gaap Stock Repurchased During Period Shares
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us-gaap Stock Repurchased And Retired During Period Shares
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us-gaap Stock Repurchased And Retired During Period Value
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CY2024Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193257000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.87
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
CY2024Q2 us-gaap Earnings Per Share Diluted
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0.27
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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100000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000000.0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2024Q1 championx Number Of Buildings In Sale Leaseback Agreement
NumberOfBuildingsInSaleLeasebackAgreement
3 property
CY2024Q1 us-gaap Sale Leaseback Transaction Net Book Value
SaleLeasebackTransactionNetBookValue
14100000 usd
CY2024Q1 championx Sale Leaseback Transaction Gross Proceeds
SaleLeasebackTransactionGrossProceeds
45500000 usd
CY2024Q1 us-gaap Sale Leaseback Transaction Lease Term
SaleLeasebackTransactionLeaseTerm
P20Y
CY2024Q1 championx Sale Leaseback Transaction Net Proceeds
SaleLeasebackTransactionNetProceeds
44300000 usd
CY2024Q1 championx Sale Leaseback Transaction Annual Base Payments
SaleLeasebackTransactionAnnualBasePayments
3300000 usd
CY2024Q1 championx Sale Leaseback Transaction Extension Period
SaleLeasebackTransactionExtensionPeriod
P7Y
CY2024Q1 us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
29900000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
37700000 usd
CY2024Q1 us-gaap Operating Lease Liability
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37700000 usd
CY2024Q2 us-gaap Derivative Assets Current
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9612000 usd
CY2023Q4 us-gaap Derivative Assets Current
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11004000 usd
CY2024Q2 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
2338000 usd
CY2023Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
826000 usd
CY2024Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
2741000 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
5354000 usd
CY2024Q2 us-gaap Derivative Assets
DerivativeAssets
11950000 usd
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
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CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
2741000 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
5354000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
5402000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
1382000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
6601000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
1835000 usd
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
138941000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
137402000 usd
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
19236000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
16915000 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
473966000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
445437000 usd
CY2024Q2 us-gaap Inventory Gross
InventoryGross
632143000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
599754000 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
33119000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
29081000 usd
CY2024Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
60025000 usd
CY2023Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
49124000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
538999000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
521549000 usd
CY2024Q2 us-gaap Supplier Finance Program Obligation
SupplierFinanceProgramObligation
36200000 usd
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
51800000 usd
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
54800000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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