$CTS
CTS CORP

2023 Q2 Form 10-Q Financial Statement

#000095017023015249 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $145.2M $146.0M $147.7M
YoY Change 0.14% -1.15% 15.0%
Cost Of Revenue $94.44M $94.34M $93.36M
YoY Change 1.4% 1.06% 8.76%
Gross Profit $50.74M $51.65M $54.34M
YoY Change -2.13% -4.95% 27.59%
Gross Profit Margin 34.95% 35.38% 36.79%
Selling, General & Admin $23.69M $21.98M $21.79M
YoY Change 6.55% 0.88% 18.9%
% of Gross Profit 46.7% 42.55% 40.1%
Research & Development $6.721M $6.586M $6.194M
YoY Change 6.78% 6.33% 8.92%
% of Gross Profit 13.25% 12.75% 11.4%
Depreciation & Amortization $7.257M $6.918M $4.368M
YoY Change 3.44% 58.38% -35.76%
% of Gross Profit 14.3% 13.39% 8.04%
Operating Expenses $30.42M $28.57M $27.98M
YoY Change 6.6% 2.08% 16.53%
Operating Profit $20.33M $22.18M $26.36M
YoY Change -10.4% -15.87% 42.49%
Interest Expense $254.0K $694.0K -$366.0K
YoY Change -57.81% -289.62% -165.95%
% of Operating Profit 1.25% 3.13% -1.39%
Other Income/Expense, Net -$2.606M $534.0K $66.00K
YoY Change -54.79% 709.09% -101.78%
Pretax Income $16.08M $22.71M $25.75M
YoY Change -4.98% -11.8% 74.09%
Income Tax $3.183M $4.365M $5.507M
% Of Pretax Income 19.79% 19.22% 21.39%
Net Earnings $12.90M $18.34M $20.24M
YoY Change 2.37% -9.36% 68.8%
Net Earnings / Revenue 8.88% 12.56% 13.7%
Basic Earnings Per Share $0.41 $0.58 $0.63
Diluted Earnings Per Share $0.41 $0.58 $626.1K
COMMON SHARES
Basic Shares Outstanding 31.54M 31.67M 32.12M
Diluted Shares Outstanding 31.69M 31.89M 32.33M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.9M $143.5M $126.1M
YoY Change 52.8% 13.81% 21.97%
Cash & Equivalents $150.9M $143.5M $126.1M
Short-Term Investments
Other Short-Term Assets $18.92M $17.93M $18.37M
YoY Change 13.29% -2.37% 30.12%
Inventory $62.56M $63.47M $52.45M
Prepaid Expenses
Receivables $97.52M $97.71M $95.11M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $329.9M $322.6M $292.0M
YoY Change 18.43% 10.48% 18.41%
LONG-TERM ASSETS
Property, Plant & Equipment $120.7M $96.28M $97.04M
YoY Change 21.16% -0.78% 2.31%
Goodwill $155.9M $155.7M $117.5M
YoY Change 11.68% 32.44% 7.36%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.66M $17.61M $75.08M
YoY Change 110.73% -76.54% 2941.94%
Total Long-Term Assets $426.0M $424.4M $392.7M
YoY Change -5.55% 8.06% 1.2%
TOTAL ASSETS
Total Short-Term Assets $329.9M $322.6M $292.0M
Total Long-Term Assets $426.0M $424.4M $392.7M
Total Assets $755.9M $747.0M $684.7M
YoY Change 3.6% 9.09% 7.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.12M $53.41M $60.01M
YoY Change -12.43% -11.0% 12.56%
Accrued Expenses $29.33M $36.53M $38.55M
YoY Change -18.92% -5.24% 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 $107.2M $105.8M $115.0M
YoY Change -7.1% -8.05% 7.81%
LONG-TERM LIABILITIES
Long-Term Debt $77.04M $80.26M $50.00M
YoY Change -15.37% 60.52% 0.0%
Other Long-Term Liabilities $34.51M $5.223M $33.66M
YoY Change 1090.79% -84.48% 640.33%
Total Long-Term Liabilities $111.5M $5.223M $83.66M
YoY Change 3749.17% -93.76% 1739.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.2M $105.8M $115.0M
Total Long-Term Liabilities $111.5M $5.223M $83.66M
Total Liabilities $234.5M $232.9M $204.6M
YoY Change -3.77% 13.84% 2.82%
SHAREHOLDERS EQUITY
Retained Earnings $575.4M $563.8M
YoY Change 10.13%
Common Stock $362.6M $361.2M
YoY Change 0.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $420.3M $411.6M
YoY Change 6.96%
Treasury Stock Shares $25.85M $25.18M
Shareholders Equity $521.4M $514.1M $480.2M
YoY Change
Total Liabilities & Shareholders Equity $755.9M $747.0M $684.7M
YoY Change 3.6% 9.09% 7.89%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $12.90M $18.34M $20.24M
YoY Change 2.37% -9.36% 68.8%
Depreciation, Depletion And Amortization $7.257M $6.918M $4.368M
YoY Change 3.44% 58.38% -35.76%
Cash From Operating Activities $23.42M $11.19M $19.29M
YoY Change 45.78% -42.0% -4.1%
INVESTING ACTIVITIES
Capital Expenditures $3.947M $4.540M -$3.400M
YoY Change -209.91% -233.53% 112.5%
Acquisitions $3.356M $24.48M
YoY Change -86.29%
Other Investing Activities -$3.000K -$3.356M -$24.48M
YoY Change -100.0% -86.29%
Cash From Investing Activities -$3.950M -$7.896M -$27.88M
YoY Change -94.78% -71.68% 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 -13.34M -16.63M -6.772M
YoY Change -142.81% 145.5% -7.14%
NET CHANGE
Cash From Operating Activities 23.42M 11.19M 19.29M
Cash From Investing Activities -3.950M -7.896M -27.88M
Cash From Financing Activities -13.34M -16.63M -6.772M
Net Change In Cash 6.129M -13.37M 19.29M
YoY Change -121.58% -169.34% 65.99%
FREE CASH FLOW
Cash From Operating Activities $23.42M $11.19M $19.29M
Capital Expenditures $3.947M $4.540M -$3.400M
Free Cash Flow $19.47M $6.646M $22.69M
YoY Change -0.93% -70.7% 4.5%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">NOTE 1 — Basis of Presentation</span></p><div style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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, 2022.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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, 2022.</span></p></div>
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