$CTS
CTS CORP

2024 Q3 Form 10-Q Financial Statement

#000095017024087814 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $132.4M $130.2M
YoY Change -1.58% -10.35%
Cost Of Revenue $82.64M $83.79M
YoY Change -6.26% -11.28%
Gross Profit $49.79M $46.37M
YoY Change 7.3% -8.61%
Gross Profit Margin 37.6% 35.63%
Selling, General & Admin $22.51M $21.33M
YoY Change 20.59% -9.97%
% of Gross Profit 45.21% 46.0%
Research & Development $5.031M $6.086M
YoY Change -20.41% -9.45%
% of Gross Profit 10.1% 13.12%
Depreciation & Amortization $4.255M $4.518M
YoY Change -3.78% -37.74%
% of Gross Profit 8.55% 9.74%
Operating Expenses $27.54M $27.42M
YoY Change 10.22% -9.85%
Operating Profit $21.48M $17.76M
YoY Change 18.07% -12.61%
Interest Expense -$334.0K $833.0K
YoY Change -133.5% 227.95%
% of Operating Profit -1.56% 4.69%
Other Income/Expense, Net $972.0K $5.000K
YoY Change 77.05% -100.19%
Pretax Income $22.45M $17.77M
YoY Change 19.8% 10.5%
Income Tax $3.764M $3.062M
% Of Pretax Income 16.77% 17.23%
Net Earnings $18.68M $14.71M
YoY Change 33.73% 14.03%
Net Earnings / Revenue 14.11% 11.3%
Basic Earnings Per Share $0.62 $0.48
Diluted Earnings Per Share $0.61 $0.48
COMMON SHARES
Basic Shares Outstanding 30.37M 30.57M
Diluted Shares Outstanding 30.54M 30.73M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.88M $161.2M
YoY Change -40.74% 6.87%
Cash & Equivalents $94.88M $161.2M
Short-Term Investments
Other Short-Term Assets $17.04M $16.57M
YoY Change -11.57% -12.46%
Inventory $57.29M $51.67M
Prepaid Expenses
Receivables $86.36M $85.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $255.6M $314.9M
YoY Change -23.56% -4.55%
LONG-TERM ASSETS
Property, Plant & Equipment $93.47M $91.76M
YoY Change 0.63% -23.99%
Goodwill $194.8M $156.1M
YoY Change 26.4% 0.08%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.15M $15.31M
YoY Change -19.3% -62.34%
Total Long-Term Assets $533.8M $410.8M
YoY Change 27.21% -3.58%
TOTAL ASSETS
Total Short-Term Assets $255.6M $314.9M
Total Long-Term Assets $533.8M $410.8M
Total Assets $789.4M $725.6M
YoY Change 4.7% -4.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.95M $40.86M
YoY Change -9.82% -23.07%
Accrued Expenses $37.25M $31.93M
YoY Change 4.04% 8.86%
Deferred Revenue $4.864M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.8M $92.45M
YoY Change 0.36% -13.75%
LONG-TERM LIABILITIES
Long-Term Debt $102.7M $65.00M
YoY Change 33.96% -15.63%
Other Long-Term Liabilities $11.73M $3.786M
YoY Change 137.51% -89.03%
Total Long-Term Liabilities $11.73M $3.786M
YoY Change 137.51% -96.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.8M $92.45M
Total Long-Term Liabilities $11.73M $3.786M
Total Liabilities $258.6M $202.9M
YoY Change 11.8% -13.49%
SHAREHOLDERS EQUITY
Retained Earnings $643.1M $625.6M
YoY Change 9.34% 8.72%
Common Stock $364.8M $363.5M
YoY Change 0.27% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $479.1M $467.1M
YoY Change 11.78% 11.13%
Treasury Stock Shares
Shareholders Equity $530.8M $522.8M
YoY Change
Total Liabilities & Shareholders Equity $789.4M $725.6M
YoY Change 4.7% -4.01%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $18.68M $14.71M
YoY Change 33.73% 14.03%
Depreciation, Depletion And Amortization $4.255M $4.518M
YoY Change -3.78% -37.74%
Cash From Operating Activities $35.39M $19.63M
YoY Change 59.91% -16.19%
INVESTING ACTIVITIES
Capital Expenditures $3.871M $4.637M
YoY Change 40.81% 17.48%
Acquisitions
YoY Change
Other Investing Activities -$121.9M $0.00
YoY Change -100.0%
Cash From Investing Activities -$125.8M -$4.637M
YoY Change 4475.59% 17.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.56M -15.75M
YoY Change -346.39% 18.06%
NET CHANGE
Cash From Operating Activities 35.39M 19.63M
Cash From Investing Activities -125.8M -4.637M
Cash From Financing Activities 24.56M -15.75M
Net Change In Cash -65.82M -759.0K
YoY Change -799.05% -112.38%
FREE CASH FLOW
Cash From Operating Activities $35.39M $19.63M
Capital Expenditures $3.871M $4.637M
Free Cash Flow $31.52M $14.99M
YoY Change 62.61% -23.02%

Facts In Submission

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">NOTE 1 — Basis of Presentation</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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, 2023.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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, 2023.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Recently issued accounting pronouncements not yet adopted</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure”</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Segment Reporting</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments' significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as existing segment disclosures and reconciliation required under ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for the interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Improvements to Income Tax Disclosures</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, which requires public entities, on an annual basis, to provide disclosure of specific categories in the reconciliation of the effective tax rate, as well as disclosure of income taxes paid, disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></div>
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CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
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0
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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