$MTUS
Metallus Inc.

2021 Q4 Form 10-K Financial Statement

#000095017022001977 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $338.3M $1.283B $211.2M
YoY Change 60.18% 54.44% -6.92%
Cost Of Revenue $282.9M $1.063B $197.0M
YoY Change 43.6% 30.4% -27.57%
Gross Profit $55.40M $220.0M $14.20M
YoY Change 290.14% 1310.26% -178.89%
Gross Profit Margin 16.38% 17.15% 6.72%
Selling, General & Admin $16.80M $77.20M $18.60M
YoY Change -9.68% 0.65% -30.86%
% of Gross Profit 30.32% 35.09% 130.99%
Research & Development $1.700M
YoY Change -5.56%
% of Gross Profit 0.77%
Depreciation & Amortization $15.00M $63.10M $17.60M
YoY Change -14.77% -9.86% -13.3%
% of Gross Profit 27.08% 28.68% 123.94%
Operating Expenses $16.80M $78.90M $20.40M
YoY Change -17.65% 0.51% -24.16%
Operating Profit $38.60M $141.1M -$6.200M
YoY Change -722.58% -324.32% -86.19%
Interest Expense -$1.200M $5.900M -$3.500M
YoY Change -65.71% -51.64% -5.41%
% of Operating Profit -3.11% 4.18%
Other Income/Expense, Net $31.20M $59.50M $500.0K
YoY Change 6140.0% 319.01% -101.59%
Pretax Income $60.70M $176.7M -$12.20M
YoY Change -597.54% -391.1% -89.79%
Income Tax $3.600M $5.700M $600.0K
% Of Pretax Income 5.93% 3.23%
Net Earnings $57.10M $171.0M -$12.80M
YoY Change -546.09% -376.25% -84.87%
Net Earnings / Revenue 16.88% 13.33% -6.06%
Basic Earnings Per Share $3.73 -$0.28
Diluted Earnings Per Share $1.050M $3.18 -$0.28
COMMON SHARES
Basic Shares Outstanding 45.90M
Diluted Shares Outstanding 55.00M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $259.6M $259.6M $102.8M
YoY Change 152.53% 152.53% 279.34%
Cash & Equivalents $259.6M $259.6M $102.8M
Short-Term Investments
Other Short-Term Assets $3.100M $11.30M $8.800M
YoY Change -64.77% -13.74% 12.82%
Inventory $210.9M $210.9M $178.4M
Prepaid Expenses
Receivables $100.5M $100.5M $63.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $582.3M $582.3M $357.6M
YoY Change 62.84% 62.84% -10.98%
LONG-TERM ASSETS
Property, Plant & Equipment $510.2M $524.7M $569.8M
YoY Change -10.46% -11.19% -9.04%
Goodwill
YoY Change
Intangibles $6.700M $9.300M
YoY Change -27.96% -34.97%
Long-Term Investments
YoY Change
Other Assets $2.100M $45.20M $2.800M
YoY Change -25.0% 24.52% -15.15%
Total Long-Term Assets $576.6M $576.6M $636.4M
YoY Change -9.4% -9.4% -6.89%
TOTAL ASSETS
Total Short-Term Assets $582.3M $582.3M $357.6M
Total Long-Term Assets $576.6M $576.6M $636.4M
Total Assets $1.159B $1.159B $994.0M
YoY Change 16.59% 16.59% -8.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.9M $141.9M $89.50M
YoY Change 58.55% 58.55% 29.15%
Accrued Expenses $47.90M $47.90M $39.20M
YoY Change 22.19% 22.19% 69.7%
Deferred Revenue
YoY Change
Short-Term Debt $44.90M $44.90M $38.90M
YoY Change 15.42% 15.42%
Long-Term Debt Due $44.90M $38.90M
YoY Change 15.42%
Total Short-Term Liabilities $250.8M $250.8M $181.0M
YoY Change 38.56% 38.56% 61.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $39.30M
YoY Change -100.0% -100.0% -76.69%
Other Long-Term Liabilities $9.500M $241.3M $11.00M
YoY Change -13.64% -9.01% 10.0%
Total Long-Term Liabilities $9.500M $241.3M $50.30M
YoY Change -81.11% -20.76% -71.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $250.8M $250.8M $181.0M
Total Long-Term Liabilities $9.500M $241.3M $50.30M
Total Liabilities $494.3M $494.3M $486.5M
YoY Change 1.6% 1.6% -6.82%
SHAREHOLDERS EQUITY
Retained Earnings -$188.2M -$363.4M
YoY Change -48.21% 20.53%
Common Stock $832.1M $843.4M
YoY Change -1.34% -0.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $12.90M
YoY Change -100.0% -48.19%
Treasury Stock Shares $0.00 $600.0K
Shareholders Equity $664.6M $664.6M $507.5M
YoY Change
Total Liabilities & Shareholders Equity $1.159B $1.159B $994.0M
YoY Change 16.59% 16.59% -8.4%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $57.10M $171.0M -$12.80M
YoY Change -546.09% -376.25% -84.87%
Depreciation, Depletion And Amortization $15.00M $63.10M $17.60M
YoY Change -14.77% -9.86% -13.3%
Cash From Operating Activities $90.70M $196.9M $52.50M
YoY Change 72.76% 13.49% 14.13%
INVESTING ACTIVITIES
Capital Expenditures -$4.900M -$12.20M -$3.900M
YoY Change 25.64% -27.81% -76.07%
Acquisitions
YoY Change
Other Investing Activities $1.000M $7.400M $900.0K
YoY Change 11.11% -32.11%
Cash From Investing Activities -$3.900M -$4.800M -$3.000M
YoY Change 30.0% -20.0% -81.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 800.0K -35.30M -21.50M
YoY Change -103.72% -61.55% 2.38%
NET CHANGE
Cash From Operating Activities 90.70M 196.9M 52.50M
Cash From Investing Activities -3.900M -4.800M -3.000M
Cash From Financing Activities 800.0K -35.30M -21.50M
Net Change In Cash 87.60M 156.8M 28.00M
YoY Change 212.86% 107.13% 221.84%
FREE CASH FLOW
Cash From Operating Activities $90.70M $196.9M $52.50M
Capital Expenditures -$4.900M -$12.20M -$3.900M
Free Cash Flow $95.60M $209.1M $56.40M
YoY Change 69.5% 9.82% -9.47%

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CY2021 us-gaap Treasury Stock Value Acquired Cost Method
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CY2019 us-gaap Gain Loss On Disposition Of Assets1
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CY2019 us-gaap Asset Impairment Charges
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CY2020 us-gaap Share Based Compensation
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CY2019 us-gaap Share Based Compensation
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CY2020 tmst Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash Excluding Mark To Market Adjustments
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CY2019 tmst Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash Excluding Mark To Market Adjustments
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CY2020 us-gaap Increase Decrease In Inventories
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CY2019 us-gaap Increase Decrease In Inventories
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2019 us-gaap Increase Decrease In Prepaid Expense
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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21600000
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1200000
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.75pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Product Warranties:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.75pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">TimkenSteel accrues liabilities for warranties based upon specific claim incidents in accordance with accounting rules relating to contingent liabilities. Should TimkenSteel become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> TimkenSteel had warranty claims in the amount of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million that were resolved and paid primarily during the fourth quarter of 2021, which is included in cost of products sold on the Consolidated Statements of Operations. TimkenSteel had </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> significant warranty claims for the years ended December 31, 2020 or 2019.</span></p>
CY2021 tmst Warranty Claims
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1400000
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us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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4700000
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CY2021 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
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CY2020 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
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CY2019 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
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CY2020 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
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CY2019 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020 tmst Miscellaneous Nonoperating Income Expense
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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3400000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Foreign Tax Expense Benefit
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CY2019 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2020 tmst Effective Income Tax Rate Reconciliation Permanent Differences Amount
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CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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100000
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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10200000
CY2019 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2019 tmst Effective Income Tax Rate Reconciliation Global Intangible Low Tax Income Amount
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200000
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CY2019 us-gaap Income Tax Reconciliation Other Adjustments
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q2 us-gaap Dividends
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CY2021Q3 us-gaap Dividends
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400000
CY2020Q3 tmst Dividends Declared
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P1Y7M6D
CY2021 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
300000
CY2021 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
5800000
CY2021 tmst Other Comprehensive Income Loss Deferrals Before Tax
OtherComprehensiveIncomeLossDeferralsBeforeTax
-14200000
CY2020 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
1400000
CY2020 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
5600000
CY2020 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
100000
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
300000
CY2020Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1000000.0
CY2021 dei Auditor Name
AuditorName
Ernst & Young LLP
CY2021 dei Auditor Firm
AuditorFirmId
42

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