2023 Q1 Form 10-K Financial Statement

#000095017023004348 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $323.5M $245.4M $1.330B
YoY Change -8.1% -27.46% 3.66%
Cost Of Revenue $283.1M $265.7M $1.203B
YoY Change -3.05% -6.08% 13.2%
Gross Profit $40.40M -$20.30M $126.7M
YoY Change -32.67% -136.64% -42.41%
Gross Profit Margin 12.49% -8.27% 9.53%
Selling, General & Admin $21.00M $17.40M $73.80M
YoY Change 13.51% 3.57% -4.4%
% of Gross Profit 51.98% 58.25%
Research & Development $800.0K
YoY Change -52.94%
% of Gross Profit 0.63%
Depreciation & Amortization $14.50M $14.60M $58.30M
YoY Change -0.68% -2.67% -7.61%
% of Gross Profit 35.89% 46.01%
Operating Expenses $21.00M $17.40M $74.60M
YoY Change 13.51% 3.57% -5.45%
Operating Profit $19.40M -$37.70M $52.10M
YoY Change -53.25% -197.67% -63.08%
Interest Expense $700.0K $1.000M $3.900M
YoY Change -41.67% -183.33% -33.9%
% of Operating Profit 3.61% 7.49%
Other Income/Expense, Net $8.800M $31.80M $90.60M
YoY Change -42.11% 1.92% 52.27%
Pretax Income $18.20M -$4.300M $97.10M
YoY Change -52.11% -107.08% -45.05%
Income Tax $3.800M $28.90M $32.00M
% Of Pretax Income 20.88% 32.96%
Net Earnings $14.40M -$33.20M $65.10M
YoY Change -61.19% -158.14% -61.93%
Net Earnings / Revenue 4.45% -13.53% 4.9%
Basic Earnings Per Share $0.33 $1.42
Diluted Earnings Per Share $0.30 -$0.75 $1.30
COMMON SHARES
Basic Shares Outstanding 43.90M 44.47M 45.80M
Diluted Shares Outstanding 48.70M 51.50M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $227.4M $257.2M $257.2M
YoY Change -5.21% -0.92% -0.92%
Cash & Equivalents $227.4M $257.2M $257.2M
Short-Term Investments
Other Short-Term Assets $10.90M $21.20M $27.60M
YoY Change 395.45% 583.87% 144.25%
Inventory $244.7M $192.4M $192.4M
Prepaid Expenses
Receivables $127.1M $79.40M $79.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $614.7M $556.6M $556.6M
YoY Change -0.08% -4.41% -4.41%
LONG-TERM ASSETS
Property, Plant & Equipment $482.8M $486.1M $498.6M
YoY Change -3.59% -4.72% -4.97%
Goodwill
YoY Change
Intangibles $4.400M $5.000M
YoY Change -27.87% -25.37%
Long-Term Investments
YoY Change
Other Assets $2.400M $2.400M $21.80M
YoY Change 26.32% 14.29% -51.77%
Total Long-Term Assets $520.6M $525.4M $525.4M
YoY Change -8.79% -8.88% -8.88%
TOTAL ASSETS
Total Short-Term Assets $614.7M $556.6M $556.6M
Total Long-Term Assets $520.6M $525.4M $525.4M
Total Assets $1.135B $1.082B $1.082B
YoY Change -4.27% -6.64% -6.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $173.3M $113.2M $113.2M
YoY Change 2.85% -20.23% -20.23%
Accrued Expenses $24.80M $29.20M $29.20M
YoY Change -15.93% -39.04% -39.04%
Deferred Revenue
YoY Change
Short-Term Debt $13.10M $20.40M $20.40M
YoY Change -62.78% -54.57% -54.57%
Long-Term Debt Due $13.10M $20.40M
YoY Change -62.78% -54.57%
Total Short-Term Liabilities $231.0M $186.7M $186.7M
YoY Change -6.17% -25.56% -25.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.40M $13.50M $182.9M
YoY Change 58.24% 42.11% -24.2%
Total Long-Term Liabilities $14.40M $13.50M $182.9M
YoY Change 58.24% 42.11% -24.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $231.0M $186.7M $186.7M
Total Long-Term Liabilities $14.40M $13.50M $182.9M
Total Liabilities $443.9M $395.5M $395.5M
YoY Change -8.06% -19.99% -19.99%
SHAREHOLDERS EQUITY
Retained Earnings -$108.7M -$123.1M
YoY Change -28.06% -34.59%
Common Stock $839.5M $847.0M
YoY Change -0.1% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.50M $52.10M
YoY Change 1014.58%
Treasury Stock Shares $3.100M $3.000M
Shareholders Equity $691.4M $686.5M $686.5M
YoY Change
Total Liabilities & Shareholders Equity $1.135B $1.082B $1.082B
YoY Change -4.27% -6.64% -6.64%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $14.40M -$33.20M $65.10M
YoY Change -61.19% -158.14% -61.93%
Depreciation, Depletion And Amortization $14.50M $14.60M $58.30M
YoY Change -0.68% -2.67% -7.61%
Cash From Operating Activities $9.800M $23.70M $134.5M
YoY Change -26.32% -73.87% -31.69%
INVESTING ACTIVITIES
Capital Expenditures $10.60M $11.40M $27.10M
YoY Change -263.08% -332.65% -322.13%
Acquisitions
YoY Change
Other Investing Activities $1.500M $2.400M $5.400M
YoY Change 140.0% -27.03%
Cash From Investing Activities -$9.100M -$9.000M -$21.70M
YoY Change 40.0% 130.77% 352.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $52.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.20M -20.10M -114.6M
YoY Change 18.43% -2612.5% 224.65%
NET CHANGE
Cash From Operating Activities 9.800M 23.70M 134.5M
Cash From Investing Activities -9.100M -9.000M -21.70M
Cash From Financing Activities -30.20M -20.10M -114.6M
Net Change In Cash -29.50M -5.400M -1.800M
YoY Change 57.75% -106.16% -101.15%
FREE CASH FLOW
Cash From Operating Activities $9.800M $23.70M $134.5M
Capital Expenditures $10.60M $11.40M $27.10M
Free Cash Flow -$800.0K $12.30M $107.4M
YoY Change -104.04% -87.13% -48.64%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.75pt;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:&quot;Calibri&quot;, sans-serif;font-style:italic;min-width:fit-content;">Product Warranties:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.75pt;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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;"> TimkenSteel had warranty claims in the amount of $</span><span style="font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">0.7</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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;"> million and $</span><span style="font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;"> million for the years ended December 31, 2022 and December 31, 2021, respectively. TimkenSteel had </span><span style="font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">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:&quot;Calibri&quot;, sans-serif;min-width:fit-content;"> significant warranty claims for the year ended December 31, 2020. Warranty claims are included in cost of products sold on the Consolidated Statements of Operations.</span></p>
CY2022 tmst Warranty Claims
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CY2021 tmst Warranty Claims
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CY2020 tmst Warranty Claims
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CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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200000
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Research And Development Expense
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CY2020 us-gaap Research And Development Expense
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Noncurrent Assets
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CY2020 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Excluding Service Component
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CY2022 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
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CY2021 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
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CY2020 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
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CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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200000
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022 us-gaap Gain Loss On Sale Of Insurance Block
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CY2021 us-gaap Gain Loss On Sale Of Insurance Block
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CY2020 us-gaap Gain Loss On Sale Of Insurance Block
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CY2022 tmst Sales And Use Tax Refund
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CY2021 tmst Sales And Use Tax Refund
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CY2020 tmst Sales And Use Tax Refund
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CY2021 tmst Employee Retention Credit
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CY2020 tmst Employee Retention Credit
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CY2022 tmst Miscellaneous Nonoperating Income Expense
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200000
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CY2020 tmst Miscellaneous Nonoperating Income Expense
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CY2022 us-gaap Other Nonoperating Income Expense
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CY2021 us-gaap Other Nonoperating Income Expense
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CY2020 us-gaap Other Nonoperating Income Expense
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CY2022 tmst Pension Costand Other Postretirement Benefits Cost Reversalof Cost Remeasurement
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CY2022 tmst Investment Gains On Plan Assets
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359900000
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CY2022 tmst Non Cash Settlement Related To Bargaining Plan
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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8400000
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 tmst Effective Income Tax Rate Reconciliation Global Intangible Low Tax Income Amount
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CY2021 tmst Effective Income Tax Rate Reconciliation Global Intangible Low Tax Income Amount
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CY2021Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2020 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2021Q4 us-gaap Inventory Finished Goods
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CY2022 tmst Finite Lived Intangible Asset Weighted Average Remaining Useful Life
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CY2021 us-gaap Gain Loss On Disposition Of Intangible Assets
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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