$CTS
CTS CORP

2022 Q1 Form 10-Q Financial Statement

#000156459022016525 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $147.7M $128.4M
YoY Change 15.0% 24.6%
Cost Of Revenue $93.36M $85.84M
YoY Change 8.76% 22.32%
Gross Profit $54.34M $42.59M
YoY Change 27.59% 29.46%
Gross Profit Margin 36.79% 33.16%
Selling, General & Admin $21.79M $18.33M
YoY Change 18.9% 9.34%
% of Gross Profit 40.1% 43.03%
Research & Development $6.194M $5.687M
YoY Change 8.92% -23.23%
% of Gross Profit 11.4% 13.35%
Depreciation & Amortization $4.368M $6.800M
YoY Change -35.76% 4.1%
% of Gross Profit 8.04% 15.97%
Operating Expenses $27.98M $24.01M
YoY Change 16.53% -0.64%
Operating Profit $26.36M $18.50M
YoY Change 42.49% 117.83%
Interest Expense -$366.0K $555.0K
YoY Change -165.95% -34.78%
% of Operating Profit -1.39% 3.0%
Other Income/Expense, Net $66.00K -$3.709M
YoY Change -101.78% 48.24%
Pretax Income $25.75M $14.79M
YoY Change 74.09% 146.89%
Income Tax $5.507M $2.799M
% Of Pretax Income 21.39% 18.93%
Net Earnings $20.24M $11.99M
YoY Change 68.8% 214.86%
Net Earnings / Revenue 13.7% 9.34%
Basic Earnings Per Share $0.63 $0.37
Diluted Earnings Per Share $626.1K $0.37
COMMON SHARES
Basic Shares Outstanding 32.12M 32.32M
Diluted Shares Outstanding 32.33M 32.62M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.1M $103.4M
YoY Change 21.97% -31.52%
Cash & Equivalents $126.1M $103.4M
Short-Term Investments
Other Short-Term Assets $18.37M $14.12M
YoY Change 30.12% -6.49%
Inventory $52.45M $47.56M
Prepaid Expenses
Receivables $95.11M $81.57M
Other Receivables $0.00 $0.00
Total Short-Term Assets $292.0M $246.6M
YoY Change 18.41% -12.84%
LONG-TERM ASSETS
Property, Plant & Equipment $97.04M $94.85M
YoY Change 2.31% -6.79%
Goodwill $117.5M $109.5M
YoY Change 7.36% 3.22%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.08M $2.468M
YoY Change 2941.94% -16.37%
Total Long-Term Assets $392.7M $388.0M
YoY Change 1.2% -3.52%
TOTAL ASSETS
Total Short-Term Assets $292.0M $246.6M
Total Long-Term Assets $392.7M $388.0M
Total Assets $684.7M $634.7M
YoY Change 7.89% -7.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.01M $53.32M
YoY Change 12.56% 14.0%
Accrued Expenses $38.55M $37.44M
YoY Change 2.99% 8.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $115.0M $106.7M
YoY Change 7.81% 14.45%
LONG-TERM LIABILITIES
Long-Term Debt $50.00M $50.00M
YoY Change 0.0% -66.93%
Other Long-Term Liabilities $33.66M $4.547M
YoY Change 640.33% -24.95%
Total Long-Term Liabilities $83.66M $4.547M
YoY Change 1739.96% -24.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.0M $106.7M
Total Long-Term Liabilities $83.66M $4.547M
Total Liabilities $204.6M $198.9M
YoY Change 2.82% -30.85%
SHAREHOLDERS EQUITY
Retained Earnings $550.0M
YoY Change 7.36%
Common Stock $352.6M
YoY Change 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $372.5M
YoY Change 0.75%
Treasury Stock Shares $25.18M $24.80M
Shareholders Equity $480.2M $435.7M
YoY Change
Total Liabilities & Shareholders Equity $684.7M $634.7M
YoY Change 7.89% -7.37%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $20.24M $11.99M
YoY Change 68.8% 214.86%
Depreciation, Depletion And Amortization $4.368M $6.800M
YoY Change -35.76% 4.1%
Cash From Operating Activities $19.29M $20.11M
YoY Change -4.1% 68.61%
INVESTING ACTIVITIES
Capital Expenditures -$3.400M -$1.600M
YoY Change 112.5% -65.22%
Acquisitions $24.48M
YoY Change
Other Investing Activities -$24.48M
YoY Change
Cash From Investing Activities -$27.88M -$1.638M
YoY Change 1602.32% -64.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.772M -7.293M
YoY Change -7.14% -116.96%
NET CHANGE
Cash From Operating Activities 19.29M 20.11M
Cash From Investing Activities -27.88M -1.638M
Cash From Financing Activities -6.772M -7.293M
Net Change In Cash 19.29M 11.62M
YoY Change 65.99% -77.09%
FREE CASH FLOW
Cash From Operating Activities $19.29M $20.11M
Capital Expenditures -$3.400M -$1.600M
Free Cash Flow $22.69M $21.71M
YoY Change 4.5% 31.36%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 cts Pension And Other Postretirement Expense Income
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CY2021Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2022Q1 us-gaap Increase Decrease In Inventories
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2021Q1 cts Increase Decrease In Operating Right Of Use Asset
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CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
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CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2022Q1 us-gaap Basis Of Accounting
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1 — Basis of Presentation</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p><p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35167
CY2022Q1 cts Number Of Equity Based Compensation Plan
NumberOfEquityBasedCompensationPlan
5
CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
317000
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
45000
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-288000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1330000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57305743
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57245060
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32123222
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32178715
CY2022Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
25182521
CY2021Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
25066345
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
116176
CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3920000
CY2021Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2022Q1 cts Common Stock Capital Shares Availablefor Future Purchases Value
CommonStockCapitalSharesAvailableforFuturePurchasesValue
37295000
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32178715
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32276787
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
116176
CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
60683
CY2021Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
71573
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32123222
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32348360
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.189
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.189

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