2018 Q4 Form 10-K Financial Statement

#000159842820000017 Filed on February 25, 2020

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $406.4M $409.9M $413.5M
YoY Change 19.04% 20.88% 21.87%
Cost Of Revenue $357.6M $385.3M $381.4M
YoY Change 7.42% 20.18% 20.89%
Gross Profit $37.30M $28.40M $38.50M
YoY Change 338.82% 53.51% 61.76%
Gross Profit Margin 9.18% 6.93% 9.31%
Selling, General & Admin $24.60M $24.00M $24.90M
YoY Change 7.89% 6.67% 11.66%
% of Gross Profit 65.95% 84.51% 64.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.00M $16.80M $17.00M
YoY Change -2.7% -9.68% -10.05%
% of Gross Profit 48.26% 59.15% 44.16%
Operating Expenses $24.60M $24.00M $24.90M
YoY Change 7.89% 6.67% 11.66%
Operating Profit $12.70M $600.0K $6.300M
YoY Change -188.81% -115.0% 320.0%
Interest Expense -$4.200M $4.400M $3.900M
YoY Change 10.53% 18.92% 5.41%
% of Operating Profit -33.07% 733.33% 61.9%
Other Income/Expense, Net -$37.30M $6.100M $6.200M
YoY Change 152.03% 221.05% 44.19%
Pretax Income -$17.30M $2.300M $8.600M
YoY Change -48.51% -139.66% 309.52%
Income Tax $600.0K $900.0K $200.0K
% Of Pretax Income 39.13% 2.33%
Net Earnings -$29.40M $5.200M $14.80M
YoY Change -13.27% -188.14% 1038.46%
Net Earnings / Revenue -7.23% 1.27% 3.58%
Basic Earnings Per Share -$0.66 $0.12 $0.33
Diluted Earnings Per Share -$0.66 $0.12 $0.33
COMMON SHARES
Basic Shares Outstanding 44.58M shares 44.60M shares 44.60M shares
Diluted Shares Outstanding 45.20M shares 45.20M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.60M $27.00M $39.00M
YoY Change -11.84% 4.65% 7.73%
Cash & Equivalents $21.60M $27.00M $39.00M
Short-Term Investments
Other Short-Term Assets $6.100M $8.300M $10.90M
YoY Change -23.75% 12.16% 75.81%
Inventory $374.5M $285.3M $294.5M
Prepaid Expenses
Receivables $163.4M $172.1M $173.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $569.1M $497.4M $520.3M
YoY Change 38.74% 19.14% 31.06%
LONG-TERM ASSETS
Property, Plant & Equipment $674.4M $670.2M $679.8M
YoY Change -4.57% -4.48% -4.75%
Goodwill
YoY Change
Intangibles $17.80M $16.80M $17.50M
YoY Change -10.55% -19.62% -21.17%
Long-Term Investments
YoY Change
Other Assets $3.500M $4.900M $5.000M
YoY Change -32.69% -18.33% -19.35%
Total Long-Term Assets $31.80M $39.70M $39.90M
YoY Change -19.9% 8.17% 5.84%
TOTAL ASSETS
Total Short-Term Assets $569.1M $497.4M $520.3M
Total Long-Term Assets $31.80M $39.70M $39.90M
Total Assets $1.275B $1.207B $1.240B
YoY Change 10.26% 4.46% 7.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.6M $138.8M $177.8M
YoY Change 18.7% 3.74% 35.93%
Accrued Expenses $39.80M $35.10M $40.90M
YoY Change -9.34% 5.09% 45.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $220.8M $196.6M $237.5M
YoY Change 6.77% 4.24% 34.33%
LONG-TERM LIABILITIES
Long-Term Debt $189.1M $218.0M $222.0M
YoY Change 14.4% 32.6% 31.83%
Other Long-Term Liabilities $11.70M $11.90M $11.80M
YoY Change -7.87% -9.85% -7.09%
Total Long-Term Liabilities $441.6M $436.4M $431.5M
YoY Change 13.49% 16.53% 15.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $220.8M $196.6M $237.5M
Total Long-Term Liabilities $441.6M $436.4M $431.5M
Total Liabilities $662.4M $633.0M $669.0M
YoY Change 11.16% 12.41% 21.31%
SHAREHOLDERS EQUITY
Retained Earnings -$191.5M -$229.6M -$231.0M
YoY Change -19.54% 12.49% 16.55%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $33.00M $33.00M $33.00M
YoY Change -11.76% -12.23% -13.61%
Treasury Stock Shares 1.100M shares 1.100M shares 1.100M shares
Shareholders Equity $612.9M $574.3M $571.0M
YoY Change
Total Liabilities & Shareholders Equity $1.275B $1.207B $1.240B
YoY Change 10.26% 4.46% 7.98%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$29.40M $5.200M $14.80M
YoY Change -13.27% -188.14% 1038.46%
Depreciation, Depletion And Amortization $18.00M $16.80M $17.00M
YoY Change -2.7% -9.68% -10.05%
Cash From Operating Activities $46.90M $1.700M -$10.70M
YoY Change 136.87% -1800.0% -172.79%
INVESTING ACTIVITIES
Capital Expenditures -$22.30M -$8.700M -$6.800M
YoY Change 5.69% 70.59% 65.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.000M
YoY Change
Cash From Investing Activities -$22.30M -$8.700M -$5.800M
YoY Change 5.69% 70.59% 41.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00M -5.000M 20.10M
YoY Change -3.85% 302.0%
NET CHANGE
Cash From Operating Activities 46.90M 1.700M -10.70M
Cash From Investing Activities -22.30M -8.700M -5.800M
Cash From Financing Activities -30.00M -5.000M 20.10M
Net Change In Cash -5.400M -12.00M 3.600M
YoY Change 315.38% 15.38% -76.92%
FREE CASH FLOW
Cash From Operating Activities $46.90M $1.700M -$10.70M
Capital Expenditures -$22.30M -$8.700M -$6.800M
Free Cash Flow $69.20M $10.40M -$3.900M
YoY Change 69.19% 108.0% -120.74%

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7300000 USD
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7400000 USD
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0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
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0.4323
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0.4136
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0.0221
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0.0277
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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100000 USD
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200000 USD
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21.33
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20.64
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200000 USD
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8.83
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12.45
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
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CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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7.68
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7.46
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5.54
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P5Y3M7D
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1900000 USD
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
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25039 shares
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200000 USD
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200000 USD
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200000 USD
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1100000 shares
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33000000 USD
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24900000 USD
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1400000 USD
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700000 USD
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1000000 USD
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2900000 USD
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5500000 USD
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6500000 USD
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0 USD
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44600000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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44800000 shares
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44400000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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44600000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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44800000 shares
CY2019 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Product Warranties:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. TimkenSteel had no significant warranty claims for the years ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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