$FTV
Fortive Corp

2023 Q3 Form 10-Q Financial Statement

#000165916623000195 Filed on July 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.495B $1.526B
YoY Change 2.13% 10.89%
Cost Of Revenue $601.5M $621.0M
YoY Change -4.49% 6.24%
Gross Profit $893.0M $905.4M
YoY Change 7.14% 14.32%
Gross Profit Margin 59.75% 59.32%
Selling, General & Admin $503.5M $514.0M
YoY Change 3.84% 6.95%
% of Gross Profit 56.38% 56.77%
Research & Development $98.40M $100.1M
YoY Change -1.7% 1.01%
% of Gross Profit 11.02% 11.06%
Depreciation & Amortization $114.8M $113.5M
YoY Change -1.2% 427.91%
% of Gross Profit 12.86% 12.54%
Operating Expenses $601.9M $614.1M
YoY Change 2.89% 5.93%
Operating Profit $291.1M $291.3M
YoY Change 25.31% 37.21%
Interest Expense $29.80M -$33.10M
YoY Change 41.9% -276.06%
% of Operating Profit 10.24% -11.36%
Other Income/Expense, Net -$4.200M -$7.800M
YoY Change 35.48% 188.89%
Pretax Income $257.1M $250.4M
YoY Change 23.49% 31.24%
Income Tax $39.10M $41.40M
% Of Pretax Income 15.21% 16.53%
Net Earnings $218.0M $209.0M
YoY Change 26.01% 26.59%
Net Earnings / Revenue 14.59% 13.69%
Basic Earnings Per Share $0.62 $0.59
Diluted Earnings Per Share $0.61 $0.59
COMMON SHARES
Basic Shares Outstanding 352.0M shares 353.5M shares
Diluted Shares Outstanding 356.1M shares 355.5M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $714.0M $712.8M
YoY Change 4.55% 4.16%
Cash & Equivalents $714.1M $712.8M
Short-Term Investments
Other Short-Term Assets $169.0M $168.4M
YoY Change -38.28% -40.09%
Inventory $552.5M $561.2M
Prepaid Expenses
Receivables $925.4M $1.032B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.469B $2.475B
YoY Change 0.98% 1.1%
LONG-TERM ASSETS
Property, Plant & Equipment $430.8M $425.9M
YoY Change 5.69% 3.22%
Goodwill $9.059B $9.052B
YoY Change 0.01% -0.89%
Intangibles $3.226B $3.304B
YoY Change -12.29% -12.8%
Long-Term Investments
YoY Change
Other Assets $479.3M $474.3M
YoY Change -0.42% -2.06%
Total Long-Term Assets $13.20B $13.26B
YoY Change -3.16% -4.07%
TOTAL ASSETS
Total Short-Term Assets $2.469B $2.475B
Total Long-Term Assets $13.20B $13.26B
Total Assets $15.66B $15.73B
YoY Change -2.53% -3.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $575.0M $585.6M
YoY Change -1.15% 1.65%
Accrued Expenses $1.095B $504.1M
YoY Change 6.37% -48.86%
Deferred Revenue $513.5M $495.4M
YoY Change 7.02% 0.81%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $749.9M $999.9M
YoY Change -25.0% 0.01%
Total Short-Term Liabilities $2.420B $2.585B
YoY Change -7.33% 0.91%
LONG-TERM LIABILITIES
Long-Term Debt $1.982B $1.978B
YoY Change -26.1% -27.77%
Other Long-Term Liabilities $1.179B $1.196B
YoY Change -11.24% -14.54%
Total Long-Term Liabilities $3.161B $3.174B
YoY Change -21.18% -23.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.420B $2.585B
Total Long-Term Liabilities $3.161B $3.174B
Total Liabilities $5.581B $5.765B
YoY Change -15.72% -13.95%
SHAREHOLDERS EQUITY
Retained Earnings $7.269B $7.075B
YoY Change 14.03% 13.64%
Common Stock $3.600M $3.600M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.08B $9.966B
YoY Change
Total Liabilities & Shareholders Equity $15.66B $15.73B
YoY Change -2.53% -3.29%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $218.0M $209.0M
YoY Change 26.01% 26.59%
Depreciation, Depletion And Amortization $114.8M $113.5M
YoY Change -1.2% 427.91%
Cash From Operating Activities $411.4M $321.0M
YoY Change 39.74% 49.44%
INVESTING ACTIVITIES
Capital Expenditures $27.90M $21.00M
YoY Change -252.46% 11.7%
Acquisitions
YoY Change
Other Investing Activities -$55.40M $4.900M
YoY Change 2116.0% 444.44%
Cash From Investing Activities -$83.30M -$16.10M
YoY Change 300.48% -10.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -324.9M -254.3M
YoY Change 29.8% -23.54%
NET CHANGE
Cash From Operating Activities 411.4M 321.0M
Cash From Investing Activities -83.30M -16.10M
Cash From Financing Activities -324.9M -254.3M
Net Change In Cash 3.200M 50.60M
YoY Change -86.27% -137.48%
FREE CASH FLOW
Cash From Operating Activities $411.4M $321.0M
Capital Expenditures $27.90M $21.00M
Free Cash Flow $383.5M $300.0M
YoY Change 22.64% 53.06%

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CY2022Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3200000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
355500000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
359800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
356000000.0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
364200000 shares
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.59
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.48
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.59
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.48
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.07
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.93
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
24700000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2023Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
24600000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.14
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
49300000 usd
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2022Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
25100000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2022Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
24900000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.14
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
50000000.0 usd
CY2022Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
20000000 shares
CY2023Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2000000 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
64.54
CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
64.54
CY2022Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4000000 shares
CY2022Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
59.71
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
60.71
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
11000000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2987100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2839800000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
33100000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
21000000.0 usd
us-gaap Interest Expense
InterestExpense
65200000 usd
us-gaap Interest Expense
InterestExpense
39800000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7800000 usd
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3100000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10300000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5800000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
250400000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
208200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
456200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
399000000.0 usd

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