$CTS
CTS CORP

2022 Q3 Form 10-Q Financial Statement

#000095017022013077 Filed on July 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $151.9M $145.0M $147.7M
YoY Change 24.13% 11.88% 15.0%
Cost Of Revenue $98.57M $93.13M $93.36M
YoY Change 28.47% 13.73% 8.76%
Gross Profit $53.35M $51.85M $54.34M
YoY Change 16.83% 8.71% 27.59%
Gross Profit Margin 35.12% 35.76% 36.79%
Selling, General & Admin $24.00M $22.24M $21.79M
YoY Change 20.48% 6.21% 18.9%
% of Gross Profit 44.99% 42.89% 40.1%
Research & Development $6.207M $6.294M $6.194M
YoY Change -3.83% 4.4% 8.92%
% of Gross Profit 11.64% 12.14% 11.4%
Depreciation & Amortization $7.962M $7.016M $4.368M
YoY Change 18.5% 4.53% -35.76%
% of Gross Profit 14.93% 13.53% 8.04%
Operating Expenses $30.21M $28.53M $27.98M
YoY Change 14.54% 5.81% 16.53%
Operating Profit $22.64M $22.69M $26.36M
YoY Change 17.41% 10.24% 42.49%
Interest Expense $342.0K $602.0K -$366.0K
YoY Change -220.42% 18.5% -165.95%
% of Operating Profit 1.51% 2.65% -1.39%
Other Income/Expense, Net -$5.346M -$5.764M $66.00K
YoY Change -95.07% -72.79% -101.78%
Pretax Income $17.30M $16.92M $25.75M
YoY Change -119.26% -2915.64% 74.09%
Income Tax $5.500M $4.324M $5.507M
% Of Pretax Income 31.8% 25.55% 21.39%
Net Earnings $11.80M $12.60M $20.24M
YoY Change -118.46% 1339.77% 68.8%
Net Earnings / Revenue 7.77% 8.69% 13.7%
Basic Earnings Per Share $0.37 $0.39 $0.63
Diluted Earnings Per Share $0.37 $0.39 $626.1K
COMMON SHARES
Basic Shares Outstanding 31.87M 32.04M 32.12M
Diluted Shares Outstanding 32.09M 32.24M 32.33M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.9M $98.74M $126.1M
YoY Change 15.08% -15.89% 21.97%
Cash & Equivalents $147.9M $98.74M $126.1M
Short-Term Investments
Other Short-Term Assets $18.02M $16.70M $18.37M
YoY Change -9.2% 3.24% 30.12%
Inventory $63.47M $64.16M $52.45M
Prepaid Expenses
Receivables $97.00M $98.95M $95.11M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $326.4M $278.6M $292.0M
YoY Change 17.64% 5.77% 18.41%
LONG-TERM ASSETS
Property, Plant & Equipment $95.91M $99.64M $97.04M
YoY Change 3.65% 7.12% 2.31%
Goodwill $138.9M $139.6M $117.5M
YoY Change 26.55% 27.04% 7.36%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.60M $19.29M $75.08M
YoY Change 881.68% 686.51% 2941.94%
Total Long-Term Assets $408.3M $451.1M $392.7M
YoY Change 9.01% 17.48% 1.2%
TOTAL ASSETS
Total Short-Term Assets $326.4M $278.6M $292.0M
Total Long-Term Assets $408.3M $451.1M $392.7M
Total Assets $734.7M $729.6M $684.7M
YoY Change 12.69% 12.72% 7.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.69M $60.66M $60.01M
YoY Change 34.12% 27.03% 12.56%
Accrued Expenses $35.74M $36.17M $38.55M
YoY Change 0.19% -1.62% 2.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $121.9M $115.4M $115.0M
YoY Change 16.05% 12.77% 7.81%
LONG-TERM LIABILITIES
Long-Term Debt $85.48M $91.03M $50.00M
YoY Change 70.96% 82.05% 0.0%
Other Long-Term Liabilities $2.790M $2.898M $33.66M
YoY Change -14.0% -19.54% 640.33%
Total Long-Term Liabilities $2.790M $2.898M $83.66M
YoY Change -14.0% -19.54% 1739.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.9M $115.4M $115.0M
Total Long-Term Liabilities $2.790M $2.898M $83.66M
Total Liabilities $244.1M $243.7M $204.6M
YoY Change 25.42% 26.27% 2.82%
SHAREHOLDERS EQUITY
Retained Earnings $533.0M $522.5M
YoY Change 10.05% -4.92%
Common Stock $361.2M $359.1M
YoY Change 1.65% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $394.8M $393.0M
YoY Change 4.58% 5.49%
Treasury Stock Shares $25.45M $25.40M $25.18M
Shareholders Equity $490.6M $485.9M $480.2M
YoY Change
Total Liabilities & Shareholders Equity $734.7M $729.6M $684.7M
YoY Change 12.69% 12.72% 7.89%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $11.80M $12.60M $20.24M
YoY Change -118.46% 1339.77% 68.8%
Depreciation, Depletion And Amortization $7.962M $7.016M $4.368M
YoY Change 18.5% 4.53% -35.76%
Cash From Operating Activities $60.39M $16.07M $19.29M
YoY Change 183.08% -14.02% -4.1%
INVESTING ACTIVITIES
Capital Expenditures -$2.269M -$3.591M -$3.400M
YoY Change -45.59% 51.52% 112.5%
Acquisitions $24.48M
YoY Change
Other Investing Activities $0.00 -$72.04M -$24.48M
YoY Change 28152.55%
Cash From Investing Activities -$2.269M -$75.64M -$27.88M
YoY Change -45.59% 2781.33% 1602.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.769M 31.16M -6.772M
YoY Change 37.1% -1917.14% -7.14%
NET CHANGE
Cash From Operating Activities 60.39M 16.07M 19.29M
Cash From Investing Activities -2.269M -75.64M -27.88M
Cash From Financing Activities -8.769M 31.16M -6.772M
Net Change In Cash 49.35M -28.41M 19.29M
YoY Change 358.38% -298.01% 65.99%
FREE CASH FLOW
Cash From Operating Activities $60.39M $16.07M $19.29M
Capital Expenditures -$2.269M -$3.591M -$3.400M
Free Cash Flow $62.66M $19.66M $22.69M
YoY Change 145.69% -6.64% 4.5%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">NOTE 1 — Basis of Presentation</span></p><div style="font-size:10.0pt;font-family:Times New Roman;"><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS”, "we", "our", "us" or the "Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2021.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact on previously reported net earnings.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.</span></p></div>
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1698000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1629000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4767000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3254000
CY2022Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
1287000
CY2021Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
1289000
CY2022Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
11348000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10979000
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
437000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4244000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6811000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
36171000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
36718000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10979000
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10642000
us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
1382000
CY2021 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
2254000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
1019000
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
400000000
CY2021Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
400000000
CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1640000
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1740000
CY2022Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
307333000
CY2021Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
348260000
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
48000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
332428
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
84000
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7748000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11668000
CY2022Q2 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
0
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
401000
CY2022Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
61000
CY2021Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
142000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
35000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
187000
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3817000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3529000
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-928000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
401000
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57310174
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57245060
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31911401
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32178715
CY2022Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
25398773
CY2021Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
25066345
CY2022Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
216252
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2022Q2 cts Common Stock Capital Shares Availablefor Future Purchases Value
CommonStockCapitalSharesAvailableforFuturePurchasesValue
29546000
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32178715
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32276787
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
332428
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
65114
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
158969
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31911401
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32435756
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2500
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
93
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2500
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
46810
CY2022Q2 cts Number Of Equity Based Compensation Plan
NumberOfEquityBasedCompensationPlan
5
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.093
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.456
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.230
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.093
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.456
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.230

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