$CTS
CTS CORP

2023 Q3 Form 10-Q Financial Statement

#000095017023034391 Filed on July 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $134.6M $145.2M $145.0M
YoY Change -11.43% 0.14% 11.88%
Cost Of Revenue $88.15M $94.44M $93.13M
YoY Change -10.57% 1.4% 13.73%
Gross Profit $46.40M $50.74M $51.85M
YoY Change -13.02% -2.13% 8.71%
Gross Profit Margin 34.49% 34.95% 35.76%
Selling, General & Admin $18.67M $23.69M $22.24M
YoY Change -22.23% 6.55% 6.21%
% of Gross Profit 40.23% 46.7% 42.89%
Research & Development $6.321M $6.721M $6.294M
YoY Change 1.84% 6.78% 4.4%
% of Gross Profit 13.62% 13.25% 12.14%
Depreciation & Amortization $4.422M $7.257M $7.016M
YoY Change -44.46% 3.44% 4.53%
% of Gross Profit 9.53% 14.3% 13.53%
Operating Expenses $24.99M $30.42M $28.53M
YoY Change -17.29% 6.6% 5.81%
Operating Profit $18.19M $20.33M $22.69M
YoY Change -19.68% -10.4% 10.24%
Interest Expense $997.0K $254.0K $602.0K
YoY Change 191.52% -57.81% 18.5%
% of Operating Profit 5.48% 1.25% 2.65%
Other Income/Expense, Net $549.0K -$2.606M -$5.764M
YoY Change -110.27% -54.79% -72.79%
Pretax Income $18.74M $16.08M $16.92M
YoY Change 8.32% -4.98% -2915.64%
Income Tax $4.766M $3.183M $4.324M
% Of Pretax Income 25.44% 19.79% 25.55%
Net Earnings $13.97M $12.90M $12.60M
YoY Change 18.42% 2.37% 1339.77%
Net Earnings / Revenue 10.38% 8.88% 8.69%
Basic Earnings Per Share $0.45 $0.41 $0.39
Diluted Earnings Per Share $0.44 $0.41 $0.39
COMMON SHARES
Basic Shares Outstanding 31.36M 31.54M 32.04M
Diluted Shares Outstanding 31.51M 31.69M 32.24M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.1M $150.9M $98.74M
YoY Change 8.25% 52.8% -15.89%
Cash & Equivalents $160.1M $150.9M $98.74M
Short-Term Investments
Other Short-Term Assets $19.27M $18.92M $16.70M
YoY Change 6.95% 13.29% 3.24%
Inventory $65.38M $62.56M $64.16M
Prepaid Expenses
Receivables $89.56M $97.52M $98.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $334.3M $329.9M $278.6M
YoY Change 2.43% 18.43% 5.77%
LONG-TERM ASSETS
Property, Plant & Equipment $92.88M $120.7M $99.64M
YoY Change -3.16% 21.16% 7.12%
Goodwill $154.1M $155.9M $139.6M
YoY Change 10.93% 11.68% 27.04%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.53M $40.66M $19.29M
YoY Change -18.83% 110.73% 686.51%
Total Long-Term Assets $419.6M $426.0M $451.1M
YoY Change 2.78% -5.55% 17.48%
TOTAL ASSETS
Total Short-Term Assets $334.3M $329.9M $278.6M
Total Long-Term Assets $419.6M $426.0M $451.1M
Total Assets $754.0M $755.9M $729.6M
YoY Change 2.62% 3.6% 12.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.85M $53.12M $60.66M
YoY Change -24.11% -12.43% 27.03%
Accrued Expenses $35.80M $29.33M $36.17M
YoY Change 0.18% -18.92% -1.62%
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 $103.4M $107.2M $115.4M
YoY Change -15.18% -7.1% 12.77%
LONG-TERM LIABILITIES
Long-Term Debt $76.67M $77.04M $91.03M
YoY Change -10.31% -15.37% 82.05%
Other Long-Term Liabilities $4.937M $34.51M $2.898M
YoY Change 76.95% 1090.79% -19.54%
Total Long-Term Liabilities $4.937M $111.5M $2.898M
YoY Change 76.95% 3749.17% -19.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.4M $107.2M $115.4M
Total Long-Term Liabilities $4.937M $111.5M $2.898M
Total Liabilities $231.3M $234.5M $243.7M
YoY Change -5.23% -3.77% 26.27%
SHAREHOLDERS EQUITY
Retained Earnings $588.1M $575.4M $522.5M
YoY Change 10.34% 10.13% -4.92%
Common Stock $363.8M $362.6M $359.1M
YoY Change 0.74% 0.98% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $428.6M $420.3M $393.0M
YoY Change 8.59% 6.96% 5.49%
Treasury Stock Shares $25.40M
Shareholders Equity $522.7M $521.4M $485.9M
YoY Change
Total Liabilities & Shareholders Equity $754.0M $755.9M $729.6M
YoY Change 2.62% 3.6% 12.72%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $13.97M $12.90M $12.60M
YoY Change 18.42% 2.37% 1339.77%
Depreciation, Depletion And Amortization $4.422M $7.257M $7.016M
YoY Change -44.46% 3.44% 4.53%
Cash From Operating Activities $22.13M $23.42M $16.07M
YoY Change -63.34% 45.78% -14.02%
INVESTING ACTIVITIES
Capital Expenditures $2.749M $3.947M -$3.591M
YoY Change -221.15% -209.91% 51.52%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$3.000K -$72.04M
YoY Change -100.0% 28152.55%
Cash From Investing Activities -$2.749M -$3.950M -$75.64M
YoY Change 21.15% -94.78% 2781.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.970M -13.34M 31.16M
YoY Change 13.7% -142.81% -1917.14%
NET CHANGE
Cash From Operating Activities 22.13M 23.42M 16.07M
Cash From Investing Activities -2.749M -3.950M -75.64M
Cash From Financing Activities -9.970M -13.34M 31.16M
Net Change In Cash 9.416M 6.129M -28.41M
YoY Change -80.92% -121.58% -298.01%
FREE CASH FLOW
Cash From Operating Activities $22.13M $23.42M $16.07M
Capital Expenditures $2.749M $3.947M -$3.591M
Free Cash Flow $19.39M $19.47M $19.66M
YoY Change -69.06% -0.93% -6.64%

Facts In Submission

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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><span style="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;"> </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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CY2022Q4 us-gaap Derivative Liabilities
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CY2023Q2 us-gaap Other Accrued Liabilities Current
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5400000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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4196000
CY2023Q2 us-gaap Accrued Liabilities Current
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35381000
CY2022Q4 us-gaap Accrued Liabilities Current
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35322000
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11048000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
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10979000
us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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2756000
CY2022 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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2750000
us-gaap Accrual For Environmental Loss Contingencies Payments1
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990000
CY2022 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
2661000
us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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-3000
CY2022 us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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CY2023Q2 us-gaap Accrued Environmental Loss Contingencies Current
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CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
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11048000
CY2023Q2 us-gaap Loss Contingency Estimate Of Possible Loss
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1900000
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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400000000
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
400000000
CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
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1640000
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1640000
CY2023Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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321320000
CY2022Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
314690000
CY2023Q2 us-gaap Amortization Of Financing Costs
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48000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
97000
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
48000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
97000
CY2023Q2 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
0
us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
0
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
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2387000
CY2023Q2 us-gaap Derivative Gain Loss On Derivative Net
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1103000
CY2022Q2 us-gaap Derivative Gain Loss On Derivative Net
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61000
us-gaap Derivative Gain Loss On Derivative Net
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1859000
us-gaap Derivative Gain Loss On Derivative Net
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35000
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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2750000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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2683000
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3817000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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3529000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
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25000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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25000000
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
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0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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0
CY2023Q2 us-gaap Common Stock Shares Authorized
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75000000
CY2022Q4 us-gaap Common Stock Shares Authorized
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75000000
CY2023Q2 us-gaap Common Stock Shares Issued
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57440235
CY2022Q4 us-gaap Common Stock Shares Issued
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57330761
CY2023Q2 us-gaap Common Stock Shares Outstanding
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31394377
CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q2 us-gaap Treasury Stock Common Shares
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26045858
CY2022Q4 us-gaap Treasury Stock Common Shares
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CY2023Q2 us-gaap Treasury Stock Shares Acquired
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197716
us-gaap Treasury Stock Shares Acquired
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395987
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
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8760000
us-gaap Treasury Stock Value Acquired Cost Method
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17562000
CY2022Q2 us-gaap Treasury Stock Shares Acquired
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216252
us-gaap Treasury Stock Shares Acquired
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332428
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
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7748000
us-gaap Treasury Stock Value Acquired Cost Method
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11668000
CY2023Q2 cts Common Stock Capital Shares Availablefor Future Purchases Value
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36633000
CY2022Q4 us-gaap Common Stock Shares Outstanding
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31680890
CY2021Q4 us-gaap Common Stock Shares Outstanding
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32178715
us-gaap Treasury Stock Shares Acquired
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395987
us-gaap Treasury Stock Shares Acquired
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332428
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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109474
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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65114
CY2023Q2 us-gaap Common Stock Shares Outstanding
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31394377
CY2022Q2 us-gaap Common Stock Shares Outstanding
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31911401
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2500
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2500
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
CY2023Q2 cts Number Of Equity Based Compensation Plan
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5
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.198
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195
us-gaap Effective Income Tax Rate Continuing Operations
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0.23
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.198
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.256
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23

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