2021 Q4 Form 10-K Financial Statement

#000095017022001624 Filed on February 22, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $497.8M $1.720B $430.3M
YoY Change 15.69% 19.18% -7.14%
Cost Of Revenue $418.4M $1.413B $352.3M
YoY Change 18.76% 18.87% -8.04%
Gross Profit $79.40M $307.2M $78.00M
YoY Change 1.79% 20.61% -2.86%
Gross Profit Margin 15.95% 17.86% 18.13%
Selling, General & Admin $61.20M $236.7M $53.70M
YoY Change 13.97% 13.36% -11.82%
% of Gross Profit 77.08% 77.05% 68.85%
Research & Development $29.10M
YoY Change -4.9%
% of Gross Profit 9.47%
Depreciation & Amortization $16.70M $45.50M $10.00M
YoY Change 67.0% 22.31% 13.64%
% of Gross Profit 21.03% 14.81% 12.82%
Operating Expenses $61.90M $29.10M $53.80M
YoY Change 15.06% -4.9% -11.8%
Operating Profit $17.50M $46.50M $24.20M
YoY Change -27.69% 20.47% 35.96%
Interest Expense -$7.800M -$30.40M -$7.800M
YoY Change 0.0% -0.65% 5.41%
% of Operating Profit -44.57% -65.38% -32.23%
Other Income/Expense, Net $1.200M -$29.40M -$5.700M
YoY Change -121.05% -27.59% -670.0%
Pretax Income -$4.800M $17.10M $9.300M
YoY Change -151.61% -955.0% -17.7%
Income Tax -$1.200M $6.100M $7.500M
% Of Pretax Income 35.67% 80.65%
Net Earnings -$3.600M $11.00M $1.800M
YoY Change -300.0% -157.59% -80.43%
Net Earnings / Revenue -0.72% 0.64% 0.42%
Basic Earnings Per Share $0.32 $0.05
Diluted Earnings Per Share -$103.2K $0.31 $0.05
COMMON SHARES
Basic Shares Outstanding 34.90M
Diluted Shares Outstanding 35.45M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.40M $75.40M $128.7M
YoY Change -41.41% -41.41% -35.42%
Cash & Equivalents $75.40M $75.40M $128.7M
Short-Term Investments
Other Short-Term Assets $36.80M $36.80M $35.50M
YoY Change 3.66% 3.66% 36.54%
Inventory $576.8M $576.8M $473.1M
Prepaid Expenses
Receivables $236.1M $236.1M $215.1M
Other Receivables $16.70M $16.70M $13.60M
Total Short-Term Assets $941.8M $941.8M $866.0M
YoY Change 8.75% 8.75% -0.73%
LONG-TERM ASSETS
Property, Plant & Equipment $358.8M $399.4M $294.3M
YoY Change 21.92% 20.23% 1.52%
Goodwill $249.7M $235.1M
YoY Change 6.21% 1.12%
Intangibles $139.6M $121.6M
YoY Change 14.8% 4.56%
Long-Term Investments
YoY Change
Other Assets $44.70M $28.00M $48.60M
YoY Change -8.02% -20.0% -17.63%
Total Long-Term Assets $833.4M $833.4M $737.5M
YoY Change 13.0% 13.0% -1.05%
TOTAL ASSETS
Total Short-Term Assets $941.8M $941.8M $866.0M
Total Long-Term Assets $833.4M $833.4M $737.5M
Total Assets $1.775B $1.775B $1.604B
YoY Change 10.71% 10.71% -0.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $238.8M $238.8M $178.1M
YoY Change 34.08% 34.08% -4.81%
Accrued Expenses $186.9M $186.9M $161.8M
YoY Change 15.51% 15.51% -1.4%
Deferred Revenue $28.70M $25.50M
YoY Change 12.55% -1.16%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.300M $7.300M $10.50M
YoY Change -30.48% -30.48% 176.32%
Total Short-Term Liabilities $521.0M $521.0M $435.8M
YoY Change 19.55% 19.55% -1.16%
LONG-TERM LIABILITIES
Long-Term Debt $399.9M $399.9M $300.4M
YoY Change 33.12% 33.12% -2.59%
Other Long-Term Liabilities $51.80M $185.4M $53.80M
YoY Change -3.72% -14.92% 16.2%
Total Long-Term Liabilities $591.8M $585.3M $524.2M
YoY Change 12.9% 12.93% -1.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $521.0M $521.0M $435.8M
Total Long-Term Liabilities $591.8M $585.3M $524.2M
Total Liabilities $1.113B $1.113B $960.0M
YoY Change 15.92% 15.92% -1.21%
SHAREHOLDERS EQUITY
Retained Earnings $227.9M $216.9M
YoY Change 5.07% -8.17%
Common Stock $602.8M $595.5M
YoY Change 1.23% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $65.90M $71.40M
YoY Change -7.7% 15.35%
Treasury Stock Shares $5.738M $6.213M
Shareholders Equity $662.4M $662.4M $643.5M
YoY Change
Total Liabilities & Shareholders Equity $1.775B $1.775B $1.604B
YoY Change 10.71% 10.71% -0.88%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$3.600M $11.00M $1.800M
YoY Change -300.0% -157.59% -80.43%
Depreciation, Depletion And Amortization $16.70M $45.50M $10.00M
YoY Change 67.0% 22.31% 13.64%
Cash From Operating Activities $8.100M $76.20M $35.80M
YoY Change -77.37% -317.09% -75.24%
INVESTING ACTIVITIES
Capital Expenditures -$18.10M $40.40M -$11.00M
YoY Change 64.55% 53.61% -13.39%
Acquisitions
YoY Change
Other Investing Activities -$135.1M -$185.9M $300.0K
YoY Change -45133.33% -37280.0%
Cash From Investing Activities -$153.2M -$226.3M -$10.70M
YoY Change 1331.78% 777.13% -15.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -1.500M 100.9M -200.0K
YoY Change 650.0% -781.76% -85.71%
NET CHANGE
Cash From Operating Activities 8.100M 76.20M 35.80M
Cash From Investing Activities -153.2M -226.3M -10.70M
Cash From Financing Activities -1.500M 100.9M -200.0K
Net Change In Cash -146.6M -53.30M 24.90M
YoY Change -688.76% -24.5% -80.92%
FREE CASH FLOW
Cash From Operating Activities $8.100M $76.20M $35.80M
Capital Expenditures -$18.10M $40.40M -$11.00M
Free Cash Flow $26.20M $35.80M $46.80M
YoY Change -44.02% -158.31% -70.25%

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<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;">Product Liabilities</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;"> The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates.</span>
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35100000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1720200000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1443400000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1834100000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
358800000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
294300000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1720200000
CY2021 mtw Product Liability Self Insurance Retention Levels Fluctuation Period
ProductLiabilitySelfInsuranceRetentionLevelsFluctuationPeriod
P10Y
CY2021Q4 mtw Accrual Product Liability Current
AccrualProductLiabilityCurrent
9000000.0
CY2020Q4 mtw Accrual Product Liability Current
AccrualProductLiabilityCurrent
9200000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
60200000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
63200000
CY2021Q4 mtw Engineering Selling And Administrative Expense
EngineeringSellingAndAdministrativeExpense
13900000
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
14900000
CY2021 mtw Statutory Maximum Penalties
StatutoryMaximumPenalties
174000000.0
CY2021 us-gaap Insurance Recoveries
InsuranceRecoveries
100000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
31000000.0
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
35900000
CY2021Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
36400000
CY2020Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
31700000
CY2021Q4 mtw Loss Guarantees With Maximum Liabilities
LossGuaranteesWithMaximumLiabilities
15800000
CY2020Q4 mtw Loss Guarantees With Maximum Liabilities
LossGuaranteesWithMaximumLiabilities
31800000
CY2021 mtw Standard Product Warranty Period Low End Of Range
StandardProductWarrantyPeriodLowEndOfRange
P12M
CY2021 mtw Standard Product Warranty Period High End Of Range
StandardProductWarrantyPeriodHighEndOfRange
P60M
CY2021Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
7000000.0
CY2020Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
6200000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
63200000
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60600000
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
47800000
CY2021 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
30400000
CY2020 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
33900000
CY2019 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
47300000
CY2021 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
31300000
CY2020 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
33600000
CY2019 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
34200000
CY2021 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-2100000
CY2020 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
2300000
CY2019 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-300000
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60200000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
63200000
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60600000
CY2021 us-gaap Restructuring Charges
RestructuringCharges
-1100000
CY2020 us-gaap Restructuring Charges
RestructuringCharges
7000000.0
CY2019 us-gaap Restructuring Charges
RestructuringCharges
9800000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
5300000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
2000000.0
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
3300000
CY2021 mtw Restructuring Expense Income
RestructuringExpenseIncome
-1100000
CY2020 mtw Restructuring Expense Income
RestructuringExpenseIncome
9500000
CY2019 mtw Restructuring Expense Income
RestructuringExpenseIncome
9800000
CY2021 us-gaap Payments For Restructuring
PaymentsForRestructuring
2700000
CY2020 us-gaap Payments For Restructuring
PaymentsForRestructuring
6200000
CY2019 us-gaap Payments For Restructuring
PaymentsForRestructuring
10900000
CY2021 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0
CY2020 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0
CY2019 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
200000
CY2021 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
100000
CY2020 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0
CY2019 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
1600000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
5300000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
2000000.0
CY2021 mtw Defined Contribution Plan Name Of Plan
DefinedContributionPlanNameOfPlan
Manitowoc 401(k) Retirement Plan
CY2020 mtw Defined Contribution Plan Name Of Plan
DefinedContributionPlanNameOfPlan
Manitowoc 401(k) Retirement Plan
CY2019 mtw Defined Contribution Plan Name Of Plan
DefinedContributionPlanNameOfPlan
Manitowoc 401(k) Retirement Plan
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
5800000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
5900000
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
6300000
CY2021 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
900000
CY2021 mtw Defined Benefit Plan Amortization Of Gains Losses In Excess Of Specified Percentage
DefinedBenefitPlanAmortizationOfGainsLossesInExcessOfSpecifiedPercentage
0.10
CY2021 mtw Defined Benefit Plan Effect Of One Percent Decrease In Discount Rate On Retirement Obligation
DefinedBenefitPlanEffectOfOnePercentDecreaseInDiscountRateOnRetirementObligation
-400000
CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
164800000
CY2020Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
166000000.0
CY2021 mtw Lessee Operating Lease Termination Term
LesseeOperatingLeaseTerminationTerm
P1Y
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
13200000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
13200000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
14400000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
1500000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
1500000
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
1400000
CY2021 us-gaap Lease Cost
LeaseCost
14700000
CY2020 us-gaap Lease Cost
LeaseCost
14700000
CY2019 us-gaap Lease Cost
LeaseCost
15800000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
40600000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
37900000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12300000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10500000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
29200000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28400000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
41500000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
38900000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
25100000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
24500000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
27400000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0381
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
12200000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9300000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6600000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4200000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3200000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8800000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
44300000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2800000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
41500000

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