2022 Q3 Form 10-K Financial Statement

#000006638222000046 Filed on July 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.079B $1.101B $1.030B
YoY Change 36.61% 77.07% 74.34%
Cost Of Revenue $706.7M $712.7M $692.7M
YoY Change 37.97% 79.3% 92.63%
Gross Profit $372.1M $382.5M $339.5M
YoY Change 33.99% 69.17% 47.1%
Gross Profit Margin 34.49% 34.76% 32.98%
Selling, General & Admin $296.9M $296.4M $282.3M
YoY Change -3.23% 53.1% 79.35%
% of Gross Profit 79.79% 77.49% 83.15%
Research & Development $23.90M $29.10M $28.00M
YoY Change 1.7% 44.78% 54.7%
% of Gross Profit 6.42% 7.61% 8.25%
Depreciation & Amortization $39.60M $40.30M $40.40M
YoY Change -33.67% 79.91% 87.91%
% of Gross Profit 10.64% 10.54% 11.9%
Operating Expenses $309.7M $325.5M $310.3M
YoY Change -6.24% 52.32% 76.51%
Operating Profit $62.40M $57.00M $26.50M
YoY Change -218.18% 359.68% -51.91%
Interest Expense -$16.30M -$12.50M $10.20M
YoY Change -391.07% 443.48% 183.33%
% of Operating Profit -26.12% -21.93% 38.49%
Other Income/Expense, Net -$17.10M -$300.0K $200.0K
YoY Change 34.65% -200.0% -95.65%
Pretax Income $33.70M $49.50M $17.10M
YoY Change -147.6% 597.18% -69.79%
Income Tax $6.300M $22.60M $2.700M
% Of Pretax Income 18.69% 45.66% 15.79%
Net Earnings $25.80M $21.50M $14.40M
YoY Change -142.09% 141.57% -65.3%
Net Earnings / Revenue 2.39% 1.95% 1.4%
Basic Earnings Per Share $0.28 $0.19
Diluted Earnings Per Share $338.3K $0.28 $0.19
COMMON SHARES
Basic Shares Outstanding 75.84M shares 75.79M shares 75.46M shares
Diluted Shares Outstanding 76.51M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.8M $230.3M $245.9M
YoY Change -11.23% -43.01% -39.27%
Cash & Equivalents $215.8M $230.3M $245.9M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $127.6M $7.300M $8.600M
YoY Change 673.33% -3.95% 11.69%
Inventory $615.5M $587.3M $520.8M
Prepaid Expenses $118.5M $112.1M $139.9M
Receivables $372.3M $348.9M $313.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.331B $1.318B $1.271B
YoY Change 17.21% 45.38% 46.36%
LONG-TERM ASSETS
Property, Plant & Equipment $977.6M $581.5M $584.3M
YoY Change 59.82% 77.72% 79.23%
Goodwill $1.198B $1.226B $1.283B
YoY Change -6.73% 236.68% 253.75%
Intangibles
YoY Change
Long-Term Investments $9.900M
YoY Change -15.38%
Other Assets $2.139B $99.20M $79.10M
YoY Change 3040.38% 61.56% 17.53%
Total Long-Term Assets $3.116B $3.196B $3.247B
YoY Change -6.27% 173.1% 173.65%
TOTAL ASSETS
Total Short-Term Assets $1.331B $1.318B $1.271B
Total Long-Term Assets $3.116B $3.196B $3.247B
Total Assets $4.447B $4.514B $4.518B
YoY Change -0.29% 117.35% 119.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $303.2M $355.1M $340.8M
YoY Change -7.39% 99.05% 113.8%
Accrued Expenses $441.1M $367.7M $337.1M
YoY Change 26.03% 45.45% 37.59%
Deferred Revenue $116.4M $125.3M $126.9M
YoY Change 8.99% 190.72%
Short-Term Debt $28.70M $29.30M $28.80M
YoY Change 26.99% 1231.82% -44.72%
Long-Term Debt Due $28.70M $29.30M $28.80M
YoY Change 26.99% 1231.82% -44.72%
Total Short-Term Liabilities $773.0M $877.4M $833.6M
YoY Change -4.19% 84.13% 66.75%
LONG-TERM LIABILITIES
Long-Term Debt $1.484B $1.379B $1.385B
YoY Change 14.33% 401.71% 403.78%
Other Long-Term Liabilities $714.5M $300.2M $344.9M
YoY Change 85.44% 126.91% 167.36%
Total Long-Term Liabilities $2.199B $1.679B $1.730B
YoY Change 30.6% 312.43% 328.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $773.0M $877.4M $833.6M
Total Long-Term Liabilities $2.199B $1.679B $1.730B
Total Liabilities $3.073B $2.980B $2.994B
YoY Change 5.5% 161.56% 161.3%
SHAREHOLDERS EQUITY
Retained Earnings $705.3M $693.3M $713.1M
YoY Change -3.73% -15.38% -13.82%
Common Stock $15.10M $15.20M $15.20M
YoY Change -0.66% 28.81% 28.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.375B $1.427B $1.456B
YoY Change
Total Liabilities & Shareholders Equity $4.447B $4.514B $4.518B
YoY Change -0.29% 117.35% 119.85%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $25.80M $21.50M $14.40M
YoY Change -142.09% 141.57% -65.3%
Depreciation, Depletion And Amortization $39.60M $40.30M $40.40M
YoY Change -33.67% 79.91% 87.91%
Cash From Operating Activities -$64.80M $46.00M -$300.0K
YoY Change 25.34% -36.29% -100.66%
INVESTING ACTIVITIES
Capital Expenditures -$17.30M -$28.90M -$19.50M
YoY Change -193.01% 70.0% 5.98%
Acquisitions
YoY Change
Other Investing Activities -$10.20M $1.500M $8.300M
YoY Change 325.0% -8400.0%
Cash From Investing Activities -$10.20M -$27.40M -$11.20M
YoY Change -99.08% 61.18% -39.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.00M -21.50M 25.90M
YoY Change -92.31% -64.4% -349.04%
NET CHANGE
Cash From Operating Activities -64.80M 46.00M -300.0K
Cash From Investing Activities -10.20M -27.40M -11.20M
Cash From Financing Activities 77.00M -21.50M 25.90M
Net Change In Cash 2.000M -2.900M 14.40M
YoY Change -101.24% -44.23% -13.25%
FREE CASH FLOW
Cash From Operating Activities -$64.80M $46.00M -$300.0K
Capital Expenditures -$17.30M -$28.90M -$19.50M
Free Cash Flow -$47.50M $74.90M $19.20M
YoY Change -32.43% -16.03% -69.95%

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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2020 us-gaap Interest Paid Net
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CY2021 us-gaap Income Taxes Paid Net
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CY2020 us-gaap Income Taxes Paid Net
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CY2022 us-gaap Fiscal Period
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Fiscal YearThe Company's fiscal year ends on the Saturday closest to May 31. The fiscal years ended May 28, 2022, May 29, 2021, and May 30, 2020 contained 52 weeks
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
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CY2021Q2 us-gaap Cash Equivalents At Carrying Value
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CY2022 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:130%">Concentrations of Credit Risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The Company's trade receivables are primarily due from independent dealers who, in turn, carry receivables from their customers. The Company monitors and manages the credit risk associated with individual dealers and direct customers where applicable. Dealers are responsible for assessing and assuming credit risk of their customers and may require their customers to provide deposits, letters of credit or other credit enhancement measures. Some sales contracts are structured such that the customer payment or obligation is direct to the Company. In those cases, the Company may assume the credit risk. Whether from dealers or customers, the Company's trade credit exposures are not concentrated with any particular entity.</span></div>
CY2021 us-gaap Goodwill Foreign Currency Translation Gain Loss
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18200000 usd
CY2022Q2 us-gaap Percentage Of Lifo Inventory
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CY2020Q2 us-gaap Goodwill Gross
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CY2020 us-gaap Goodwill Impairment Loss
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125500000 usd
CY2020Q2 us-gaap Goodwill
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CY2021Q2 us-gaap Goodwill Gross
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471500000 usd
CY2021 us-gaap Goodwill Impairment Loss
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125500000 usd
CY2021Q2 us-gaap Goodwill
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CY2022Q2 us-gaap Goodwill Gross
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CY2022 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2021 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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4800000 usd
CY2021Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2022 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2022Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q2 us-gaap Property Plant And Equipment Net
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CY2022Q2 us-gaap Finite Lived Intangible Assets Net
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362400000 usd
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68600000 usd
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39700000 usd
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CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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38200000 usd
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1000000.00 usd
CY2022Q2 mlhr Self Insurance Retention Level Workers Compensation
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750000 usd
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500000 usd
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14700000 usd
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CY2021 us-gaap Research And Development Expense
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50800000 usd
CY2020 us-gaap Research And Development Expense
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54300000 usd
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21300000 usd
CY2020 us-gaap Royalty Expense
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19700000 usd
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<div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:130%">Use of Estimates in the Preparation of Financial Statements </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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CY2022 us-gaap Cost Of Goods And Services Sold
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CY2021 us-gaap Income Tax Expense Benefit
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us-gaap Repayments Of Notes Payable
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CY2022Q2 us-gaap Operating Lease Liability
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CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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220500000 usd
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CY2021 us-gaap Stock Repurchased And Retired During Period Shares
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CY2021 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2020 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.4903
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 mlhr Internal Revenue Service Statutory Compensation Ceiling
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
135100000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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GrossProfit
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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RevenueFromContractWithCustomerIncludingAssessedTax
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RevenueFromContractWithCustomerIncludingAssessedTax
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GrossProfit
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GrossProfit
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GrossProfit
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GrossProfit
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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CY2022 dei Auditor Name
AuditorName
KPMG LLP
CY2022 dei Auditor Location
AuditorLocation
Chicago, Illinois
CY2022 dei Auditor Firm
AuditorFirmId
185

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