2021 Q4 Form 10-Q Financial Statement

#000093114821000161 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $363.3M $347.3M $330.8M
YoY Change 7.48% 21.03% 17.82%
Cost Of Revenue $182.8M $170.3M $201.9M
YoY Change 12.48% 29.14% 54.57%
Gross Profit $180.5M $177.1M $128.9M
YoY Change 2.85% 14.14% -14.15%
Gross Profit Margin 49.69% 50.98% 38.97%
Selling, General & Admin $17.67M $19.01M $75.78M
YoY Change -1.31% -0.29% 373.61%
% of Gross Profit 9.79% 10.73% 58.8%
Research & Development $801.0K $983.0K $1.018M
YoY Change -57.84% 51.23% 43.38%
% of Gross Profit 0.44% 0.56% 0.79%
Depreciation & Amortization $17.30M $15.58M $16.33M
YoY Change -3.35% -4.39% 12.63%
% of Gross Profit 9.58% 8.8% 12.67%
Operating Expenses $18.47M $19.99M $76.80M
YoY Change -6.73% 1.41% 359.58%
Operating Profit $162.0M $157.1M $52.08M
YoY Change 4.07% 16.0% -60.96%
Interest Expense -$14.33M $16.05M $15.99M
YoY Change -50.41% -28.59% -23.4%
% of Operating Profit -8.84% 10.22% 30.71%
Other Income/Expense, Net $15.91M $364.0K -$357.0K
YoY Change 31.45% -152.45% 14.79%
Pretax Income $163.6M $141.8M $35.93M
YoY Change 17.79% 26.23% -68.08%
Income Tax $22.13M $21.92M $7.800M
% Of Pretax Income 13.53% 15.46% 21.71%
Net Earnings $141.5M $119.9M $28.17M
YoY Change 13.09% 27.22% -69.64%
Net Earnings / Revenue 38.94% 34.51% 8.52%
Basic Earnings Per Share $0.45 $0.11
Diluted Earnings Per Share $537.9K $0.45 $0.11
COMMON SHARES
Basic Shares Outstanding 263.2M shares 267.1M shares 267.6M shares
Diluted Shares Outstanding 267.2M shares 267.8M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.51M $86.66M $114.1M
YoY Change -60.44% -45.43% -39.19%
Cash & Equivalents $57.51M $86.66M $114.1M
Short-Term Investments
Other Short-Term Assets $11.90M $62.90M $57.66M
YoY Change 252.03% 78.17% 81.9%
Inventory $289.4M $269.7M $257.3M
Prepaid Expenses
Receivables $208.7M $185.3M $175.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $627.9M $604.5M $604.3M
YoY Change -0.21% -8.07% -15.24%
LONG-TERM ASSETS
Property, Plant & Equipment $501.5M $499.5M $501.8M
YoY Change -0.94% -0.4% -0.17%
Goodwill $171.1M $171.1M $171.1M
YoY Change -0.01% -0.01% -0.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.68M $85.06M $87.43M
YoY Change -8.52% -11.96% -10.52%
Total Long-Term Assets $784.5M $788.6M $792.8M
YoY Change -2.37% -2.64% -3.37%
TOTAL ASSETS
Total Short-Term Assets $627.9M $604.5M $604.3M
Total Long-Term Assets $784.5M $788.6M $792.8M
Total Assets $1.412B $1.393B $1.397B
YoY Change -1.42% -5.07% -8.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.1M $105.2M $89.19M
YoY Change 64.97% 114.4% 75.36%
Accrued Expenses $113.5M $136.2M $122.2M
YoY Change 7.89% -7.25% -21.07%
Deferred Revenue $9.840M
YoY Change
Short-Term Debt $127.0K $128.0K $129.0K
YoY Change -3.05% -12.93% -98.39%
Long-Term Debt Due $127.0K $128.0K $129.0K
YoY Change -3.05% -12.93% -98.42%
Total Short-Term Liabilities $234.6M $245.4M $215.4M
YoY Change 18.41% 15.68% -6.41%
LONG-TERM LIABILITIES
Long-Term Debt $1.030B $1.127B $1.225B
YoY Change -27.5% -27.93% -28.14%
Other Long-Term Liabilities $68.66M $71.55M $72.98M
YoY Change -15.74% -6.35% -11.89%
Total Long-Term Liabilities $1.098B $1.199B $1.298B
YoY Change -26.86% -26.93% -27.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.6M $245.4M $215.4M
Total Long-Term Liabilities $1.098B $1.199B $1.298B
Total Liabilities $1.333B $1.444B $1.513B
YoY Change -21.58% -22.05% -24.99%
SHAREHOLDERS EQUITY
Retained Earnings -$733.2M -$869.3M -$952.4M
YoY Change -31.53% -27.14% -25.87%
Common Stock $2.633M $2.636M $2.679M
YoY Change -1.46% -1.35% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.40M -$110.7M -$176.6M
YoY Change
Total Liabilities & Shareholders Equity $1.412B $1.393B $1.397B
YoY Change -1.42% -5.07% -8.89%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $141.5M $119.9M $28.17M
YoY Change 13.09% 27.22% -69.64%
Depreciation, Depletion And Amortization $17.30M $15.58M $16.33M
YoY Change -3.35% -4.39% 12.63%
Cash From Operating Activities $100.0M $134.3M $86.35M
YoY Change -31.91% 4.07% -41.81%
INVESTING ACTIVITIES
Capital Expenditures -$17.83M -$14.37M -$11.85M
YoY Change 230.2% 128.16% 12.88%
Acquisitions
YoY Change
Other Investing Activities $41.00K $137.0K $19.00K
YoY Change -86.33%
Cash From Investing Activities -$17.79M -$14.24M -$11.83M
YoY Change 248.82% 125.98% 12.7%
FINANCING ACTIVITIES
Cash Dividend Paid $2.028M $2.024M
YoY Change 113.92% 198.09%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -111.0M -146.2M -57.81M
YoY Change -28.92% -3.74% -43.71%
NET CHANGE
Cash From Operating Activities 100.0M 134.3M 86.35M
Cash From Investing Activities -17.79M -14.24M -11.83M
Cash From Financing Activities -111.0M -146.2M -57.81M
Net Change In Cash -28.71M -26.21M 16.71M
YoY Change 100.8% -10.25% -52.53%
FREE CASH FLOW
Cash From Operating Activities $100.0M $134.3M $86.35M
Capital Expenditures -$17.83M -$14.37M -$11.85M
Free Cash Flow $117.9M $148.6M $98.21M
YoY Change -22.61% 9.85% -38.2%

Facts In Submission

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InterestExpenseDebt
64285000 USD
CY2021Q3 gti Accretion Expenseon Extinguished Debt
AccretionExpenseonExtinguishedDebt
815000 USD
CY2020Q3 gti Accretion Expenseon Extinguished Debt
AccretionExpenseonExtinguishedDebt
549000 USD
gti Accretion Expenseon Extinguished Debt
AccretionExpenseonExtinguishedDebt
2658000 USD
gti Accretion Expenseon Extinguished Debt
AccretionExpenseonExtinguishedDebt
1647000 USD
CY2021Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1707000 USD
CY2020Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1032000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
7075000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3094000 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
16048000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
22474000 USD
us-gaap Interest Expense
InterestExpense
54209000 USD
us-gaap Interest Expense
InterestExpense
69026000 USD
CY2020Q4 us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.04625
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.157
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1997000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
1112000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1818000 USD
CY2021Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1291000 USD
CY2021Q3 gti Related Party Tax Agreement Percent Of Savings
RelatedPartyTaxAgreementPercentOfSavings
0.85
CY2021Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
19100000 USD
CY2021Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3900000 USD
CY2021Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
15200000 USD
CY2020Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
40900000 USD
CY2020Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
21800000 USD
CY2020Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
19100000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21920000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18104000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45942000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61838000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
141806000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
112338000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
292792000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
371116000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.155
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.161
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.157
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.167
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.155
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.161
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18100000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61800000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45900000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2020Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.051
CY2021Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.042
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
7000000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
8000000 USD
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-16414000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-2725000 USD
CY2021Q3 gti Accumulated Other Comprehensive Income Loss Unrealized Gains On Securities Net Of Tax
AccumulatedOtherComprehensiveIncomeLossUnrealizedGainsOnSecuritiesNetOfTax
10640000 USD
CY2020Q4 gti Accumulated Other Comprehensive Income Loss Unrealized Gains On Securities Net Of Tax
AccumulatedOtherComprehensiveIncomeLossUnrealizedGainsOnSecuritiesNetOfTax
-16916000 USD
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-5774000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-19641000 USD
gti Stock Repurchased And Partially Retired During Period Shares
StockRepurchasedAndPartiallyRetiredDuringPeriodShares
4293924 shares
gti Stock Repurchased And Partially Retired During Period Value
StockRepurchasedAndPartiallyRetiredDuringPeriodValue
46200000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3328574 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
30100000 USD
CY2021Q3 gti Stock Repurchased And Partially Retired During Period Shares
StockRepurchasedAndPartiallyRetiredDuringPeriodShares
4293924 shares
CY2021Q3 gti Stock Repurchased And Partially Retired During Period Value
StockRepurchasedAndPartiallyRetiredDuringPeriodValue
46200000 USD
CY2020Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2021Q3 gti Stock Repurchased Unsettled Shares
StockRepurchasedUnsettledShares
363616 shares
CY2021Q3 gti Stock Repurchased Unsettled Liability
StockRepurchasedUnsettledLiability
3900000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
267106109 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
267265705 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
267327888 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
267908427 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
72854 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
13850 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
113506 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
12463 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
267178963 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
267279555 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
267441394 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
267920890 shares
CY2021Q3 gti Participating Securities
ParticipatingSecurities
136324 shares
gti Participating Securities
ParticipatingSecurities
123343 shares
CY2020Q3 gti Participating Securities
ParticipatingSecurities
77157 shares
gti Participating Securities
ParticipatingSecurities
65264 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1372601 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1461000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1730960 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1644002 shares
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14300000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000 USD
CY2021Q3 gti Outstanding Voting Power Percentage Scenario1
OutstandingVotingPowerPercentageScenario1
0.30
CY2021Q3 gti Outstanding Voting Power Percentage Scenario2
OutstandingVotingPowerPercentageScenario2
0.35
CY2021Q3 gti Outstanding Voting Power Percentage Scenario2
OutstandingVotingPowerPercentageScenario2
0.35
CY2021Q3 gti Outstanding Voting Power Percentage Scenario1
OutstandingVotingPowerPercentageScenario1
0.30
CY2021Q3 gti Stock Repurchased And Partially Retired During Period Value
StockRepurchasedAndPartiallyRetiredDuringPeriodValue
46000000 USD
CY2021Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
13000000 USD

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