2022 Q1 Form 10-Q Financial Statement

#000105628822000022 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $324.8M $341.2M
YoY Change -4.81% -5.01%
Cost Of Revenue $13.47M $14.60M
YoY Change -7.75% 9.77%
Gross Profit $311.3M $326.5M
YoY Change -4.66% -5.61%
Gross Profit Margin 95.85% 95.7%
Selling, General & Admin $217.9M $221.0M
YoY Change -1.42% -10.27%
% of Gross Profit 69.99% 67.69%
Research & Development $19.49M $18.59M
YoY Change 4.84% 24.83%
% of Gross Profit 6.26% 5.69%
Depreciation & Amortization $7.462M $7.200M
YoY Change 3.64% 4.35%
% of Gross Profit 2.4% 2.21%
Operating Expenses $240.8M $243.7M
YoY Change -1.18% -8.54%
Operating Profit $83.95M $97.48M
YoY Change -13.88% 5.1%
Interest Expense -$11.82M $1.500M
YoY Change -888.13% -109.74%
% of Operating Profit -14.08% 1.54%
Other Income/Expense, Net -$11.74M $1.865M
YoY Change -729.54% -126.5%
Pretax Income $72.21M $99.34M
YoY Change -27.31% 15.91%
Income Tax $17.61M $25.00M
% Of Pretax Income 24.39% 25.16%
Net Earnings $55.86M $74.48M
YoY Change -25.0% 16.06%
Net Earnings / Revenue 17.2% 21.83%
Basic Earnings Per Share $0.61 $0.75
Diluted Earnings Per Share $0.61 $0.75
COMMON SHARES
Basic Shares Outstanding 88.05M shares 95.22M shares
Diluted Shares Outstanding 88.05M shares 95.22M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $457.5M $382.7M
YoY Change 19.54% 0.45%
Cash & Equivalents $262.0M $222.6M
Short-Term Investments $195.4M $160.1M
Other Short-Term Assets $7.257M $10.33M
YoY Change -29.78% 26.84%
Inventory
Prepaid Expenses $32.28M $27.40M
Receivables $55.51M $67.21M
Other Receivables $29.32M $32.70M
Total Short-Term Assets $581.8M $520.3M
YoY Change 11.83% 3.21%
LONG-TERM ASSETS
Property, Plant & Equipment $44.58M $50.98M
YoY Change -12.56% -0.94%
Goodwill $794.8M $801.5M
YoY Change -0.84% 1.48%
Intangibles $458.7M $481.5M
YoY Change -4.75% 4.97%
Long-Term Investments
YoY Change
Other Assets $33.06M $36.67M
YoY Change -9.83% 79.03%
Total Long-Term Assets $1.437B $1.490B
YoY Change -3.56% 4.77%
TOTAL ASSETS
Total Short-Term Assets $581.8M $520.3M
Total Long-Term Assets $1.437B $1.490B
Total Assets $2.019B $2.010B
YoY Change 0.43% 4.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.14M $57.70M
YoY Change 12.89% -28.41%
Accrued Expenses $91.32M $91.20M
YoY Change 0.13% 28.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $181.0M $199.3M
YoY Change -9.2% 6.45%
LONG-TERM LIABILITIES
Long-Term Debt $397.4M $70.00M
YoY Change 467.69% -64.1%
Other Long-Term Liabilities $27.49M $30.20M
YoY Change -8.96% 21.65%
Total Long-Term Liabilities $731.1M $409.8M
YoY Change 78.39% -17.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $181.0M $199.3M
Total Long-Term Liabilities $731.1M $409.8M
Total Liabilities $912.0M $609.1M
YoY Change 49.73% -10.91%
SHAREHOLDERS EQUITY
Retained Earnings $1.192B $1.063B
YoY Change 12.11% 11.97%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.058B $1.155B
YoY Change
Total Liabilities & Shareholders Equity $2.019B $2.010B
YoY Change 0.43% 4.36%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $55.86M $74.48M
YoY Change -25.0% 16.06%
Depreciation, Depletion And Amortization $7.462M $7.200M
YoY Change 3.64% 4.35%
Cash From Operating Activities -$19.25M -$30.01M
YoY Change -35.87% -202.61%
INVESTING ACTIVITIES
Capital Expenditures $1.853M $2.159M
YoY Change -14.17% 38.66%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$687.0K $700.0K
YoY Change -198.14% -110.61%
Cash From Investing Activities -$2.540M -$1.504M
YoY Change 68.88% -81.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $113.3M $39.07M
YoY Change 190.07% 160.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $54.86M -$48.99M
YoY Change -211.98% -197.2%
NET CHANGE
Cash From Operating Activities -$19.25M -$30.01M
Cash From Investing Activities -$2.540M -$1.504M
Cash From Financing Activities $54.86M -$48.99M
Net Change In Cash $28.57M -$79.24M
YoY Change -136.06% -221.89%
FREE CASH FLOW
Cash From Operating Activities -$19.25M -$30.01M
Capital Expenditures $1.853M $2.159M
Free Cash Flow -$21.10M -$32.17M
YoY Change -34.42% -216.17%

Facts In Submission

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CY2022Q1 us-gaap Basis Of Accounting
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Basis of Presentation <div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federated Hermes, Inc. and its consolidated subsidiaries (collectively, Federated Hermes) provide investment advisory, administrative, distribution and other services to various investment products, including sponsored investment companies, collective funds and other funds (Federated Hermes Funds) and Separate Accounts (which include separately managed accounts, institutional accounts, certain sub-advised funds and other managed products) in both domestic and international markets. In addition, Federated Hermes markets and provides stewardship and real estate development services to various domestic and international companies. The interim Consolidated Financial Statements of Federated Hermes included herein have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP). In the opinion of management, the financial statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods presented.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the financial statements, management is required to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements. </span></div>These financial statements should be read in conjunction with Federated Hermes' Annual Report on Form 10-K for the year ended December 31, 2021. Certain items reported in previous periods have been reclassified to conform to the current period's presentation.
CY2022Q1 us-gaap Use Of Estimates
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In preparing the financial statements, management is required to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements.
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Generally, contracts are billed in arrears on a quarterly basis and have a three-year duration, after which the customer can terminate the agreement with notice, generally from three to 12 months.
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245717000 USD

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