2023 Q2 Form 10-Q Financial Statement

#000021622823000011 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $797.9M
YoY Change 9.87%
Cost Of Revenue $536.0M
YoY Change 5.55%
Gross Profit $261.9M
YoY Change 19.92%
Gross Profit Margin 32.82%
Selling, General & Admin $111.2M
YoY Change 12.55%
% of Gross Profit 42.46%
Research & Development $26.40M
YoY Change 5.6%
% of Gross Profit 10.08%
Depreciation & Amortization $26.70M
YoY Change -2.2%
% of Gross Profit 10.19%
Operating Expenses $137.6M
YoY Change 11.15%
Operating Profit $124.3M
YoY Change 31.4%
Interest Expense -$3.500M
YoY Change -1850.0%
% of Operating Profit -2.82%
Other Income/Expense, Net -$3.500M
YoY Change -1850.0%
Pretax Income $120.8M
YoY Change 27.43%
Income Tax $20.10M
% Of Pretax Income 16.64%
Net Earnings $100.0M
YoY Change 33.69%
Net Earnings / Revenue 12.53%
Basic Earnings Per Share $1.21
Diluted Earnings Per Share $1.20
COMMON SHARES
Basic Shares Outstanding 82.60M shares
Diluted Shares Outstanding 83.00M shares

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $462.0M
YoY Change -34.97%
Cash & Equivalents $462.0M
Short-Term Investments
Other Short-Term Assets $98.80M
YoY Change -3.8%
Inventory $567.6M
Prepaid Expenses
Receivables $664.4M
Other Receivables $33.20M
Total Short-Term Assets $1.798B
YoY Change -5.58%
LONG-TERM ASSETS
Property, Plant & Equipment $528.0M
YoY Change 4.58%
Goodwill $968.1M
YoY Change 5.4%
Intangibles $107.5M
YoY Change 32.88%
Long-Term Investments $43.60M
YoY Change 186.84%
Other Assets $365.9M
YoY Change 15.5%
Total Long-Term Assets $1.970B
YoY Change 8.15%
TOTAL ASSETS
Total Short-Term Assets $1.798B
Total Long-Term Assets $1.970B
Total Assets $3.768B
YoY Change 1.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $397.3M
YoY Change -3.33%
Accrued Expenses $340.0M
YoY Change -1.25%
Deferred Revenue $73.70M
YoY Change 25.34%
Short-Term Debt $500.0K
YoY Change -99.9%
Long-Term Debt Due $2.200M
YoY Change 4.76%
Total Short-Term Liabilities $1.121B
YoY Change -9.73%
LONG-TERM LIABILITIES
Long-Term Debt $7.900M
YoY Change -17.71%
Other Long-Term Liabilities $199.6M
YoY Change 1.47%
Total Long-Term Liabilities $337.2M
YoY Change -14.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.121B
Total Long-Term Liabilities $337.2M
Total Liabilities $1.459B
YoY Change -10.81%
SHAREHOLDERS EQUITY
Retained Earnings $2.555B
YoY Change 9.43%
Common Stock $82.40M
YoY Change -1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.299B
YoY Change
Total Liabilities & Shareholders Equity $3.768B
YoY Change 1.13%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income $100.0M
YoY Change 33.69%
Depreciation, Depletion And Amortization $26.70M
YoY Change -2.2%
Cash From Operating Activities $58.00M
YoY Change -2171.43%
INVESTING ACTIVITIES
Capital Expenditures $28.70M
YoY Change -195.67%
Acquisitions $0.00
YoY Change
Other Investing Activities -$200.0K
YoY Change -66.67%
Cash From Investing Activities -$28.50M
YoY Change -3.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00M
YoY Change -81.7%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$132.9M
YoY Change -237.58%
NET CHANGE
Cash From Operating Activities 58.00M
Cash From Investing Activities -$28.50M
Cash From Financing Activities -$132.9M
Net Change In Cash -$99.10M
YoY Change -257.55%
FREE CASH FLOW
Cash From Operating Activities $58.00M
Capital Expenditures $28.70M
Free Cash Flow $29.30M
YoY Change 7.72%

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions) necessary to state fairly the financial position, results of operations, and cash flows for the periods presented. The Consolidated Condensed Balance Sheet as of December 31, 2022, presented herein, has been derived from our audited balance sheet included in our Annual Report on Form 10-K (</span><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/216228/000021622823000004/itt-20221231.htm" style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2022 Annual Report</a></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) for the year ended December 31, 2022, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). We consistently applied the accounting policies described in the 2022 Annual Report in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2022 Annual Report.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and assets, allowance for credit losses and inventory valuation. Actual results could differ from these estimates.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ITT’s quarterly financial periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">st</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. ITT’s first quarter for 2023 and 2022 ended on April 1, 2023 and April 2, 2022, respectively.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation.</span></div>
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CY2022Q4 us-gaap Machinery And Equipment Gross
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CY2022Q2 us-gaap Depreciation
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40800000 usd
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300000 usd
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
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57100000 usd
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54100000 usd
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2000000.0 usd
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1900000 usd
CY2023Q2 itt Foreignexchangetranslation
Foreignexchangetranslation
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CY2022Q2 itt Foreignexchangetranslation
Foreignexchangetranslation
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55600000 usd
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52100000 usd
CY2023Q2 itt Estimated Environmental Related Assets
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13300000 usd
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12100000 usd
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138600000 usd
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1400000 usd
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ForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAtFairValueNet
1700000 usd
CY2023Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2022Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
2300000 usd
CY2023Q2 itt Cash Inflow Outflow From Settlement Of Foreign Currency Derivative Contracts
CashInflowOutflowFromSettlementOfForeignCurrencyDerivativeContracts
5500000 usd
CY2022Q2 itt Cash Inflow Outflow From Settlement Of Foreign Currency Derivative Contracts
CashInflowOutflowFromSettlementOfForeignCurrencyDerivativeContracts
2300000 usd

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itt-20230401_def.xml Edgar Link unprocessable
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