2023 Q1 Form 10-K Financial Statement

#000095017023004241 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $508.3M $621.6M $2.033B
YoY Change 10.74% 24.87% 18.15%
Cost Of Revenue $402.0M $505.1M $1.668B
YoY Change 7.49% 20.72% 18.05%
Gross Profit $106.3M $116.5M $364.5M
YoY Change 25.06% 46.73% 18.65%
Gross Profit Margin 20.91% 18.74% 17.93%
Selling, General & Admin $75.10M $79.40M $282.0M
YoY Change 7.44% 29.74% 19.14%
% of Gross Profit 70.65% 68.15% 77.37%
Research & Development $33.50M
YoY Change 15.12%
% of Gross Profit 9.19%
Depreciation & Amortization $13.90M $15.10M $60.60M
YoY Change -13.66% -9.58% 33.19%
% of Gross Profit 13.08% 12.96% 16.63%
Operating Expenses $76.10M $80.10M $33.50M
YoY Change 7.64% 29.4% 15.12%
Operating Profit $30.20M $36.40M -$93.00M
YoY Change 71.59% 108.0% -300.0%
Interest Expense -$8.400M -$8.700M -$33.00M
YoY Change 7.69% 11.54% 8.55%
% of Operating Profit -27.81% -23.9%
Other Income/Expense, Net -$9.500M $5.400M -$27.20M
YoY Change 18.75% 350.0% -7.48%
Pretax Income $20.70M -$139.8M -$120.2M
YoY Change 115.63% 2812.5% -802.92%
Income Tax $4.200M $4.300M $3.400M
% Of Pretax Income 20.29%
Net Earnings $16.50M -$144.1M -$123.6M
YoY Change 432.26% 3902.78% -1223.64%
Net Earnings / Revenue 3.25% -23.18% -6.08%
Basic Earnings Per Share $0.47 -$3.51
Diluted Earnings Per Share $0.46 -$4.20 -$3.51
COMMON SHARES
Basic Shares Outstanding 35.09M 35.18M
Diluted Shares Outstanding 35.75M 35.18M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.50M $64.40M $64.40M
YoY Change 9.5% -14.59% -14.59%
Cash & Equivalents $56.50M $64.40M $64.40M
Short-Term Investments
Other Short-Term Assets $42.30M $45.30M $45.30M
YoY Change 19.15% 23.1% 23.1%
Inventory $720.6M $611.9M $611.9M
Prepaid Expenses
Receivables $250.6M $266.3M $266.3M
Other Receivables $9.400M $10.60M $10.60M
Total Short-Term Assets $1.079B $998.5M $998.5M
YoY Change 9.33% 6.02% 6.02%
LONG-TERM ASSETS
Property, Plant & Equipment $331.6M $335.3M $380.5M
YoY Change -2.7% -6.55% -4.73%
Goodwill $79.90M $80.10M
YoY Change -68.12% -67.92%
Intangibles $126.6M $126.7M
YoY Change -7.52% -9.24%
Long-Term Investments
YoY Change
Other Assets $30.60M $29.70M $19.10M
YoY Change -26.27% -33.56% -31.79%
Total Long-Term Assets $611.7M $617.0M $617.0M
YoY Change -24.23% -25.97% -25.97%
TOTAL ASSETS
Total Short-Term Assets $1.079B $998.5M $998.5M
Total Long-Term Assets $611.7M $617.0M $617.0M
Total Assets $1.691B $1.616B $1.616B
YoY Change -5.77% -9.0% -9.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $338.1M $274.6M $274.6M
YoY Change 18.47% 14.99% 14.99%
Accrued Expenses $180.0M $183.4M $183.4M
YoY Change 1.47% -1.87% -1.87%
Deferred Revenue $24.00M $21.90M
YoY Change -5.88% -23.69%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.900M $6.100M $6.100M
YoY Change -13.19% -16.44% -16.44%
Total Short-Term Liabilities $617.6M $547.8M $547.8M
YoY Change 8.69% 5.14% 5.14%
LONG-TERM LIABILITIES
Long-Term Debt $369.5M $379.5M $379.5M
YoY Change -2.79% -5.1% -5.1%
Other Long-Term Liabilities $37.30M $35.70M $145.5M
YoY Change -26.86% -31.08% -21.52%
Total Long-Term Liabilities $520.7M $529.9M $525.0M
YoY Change -7.82% -10.46% -10.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $617.6M $547.8M $547.8M
Total Long-Term Liabilities $520.7M $529.9M $525.0M
Total Liabilities $1.138B $1.078B $1.078B
YoY Change 0.46% -3.15% -3.15%
SHAREHOLDERS EQUITY
Retained Earnings $120.8M $104.3M
YoY Change -47.71% -54.23%
Common Stock $606.2M $607.1M
YoY Change 0.68% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $66.20M $65.70M
YoY Change 5.25% -0.3%
Treasury Stock Shares $5.651M $5.709M
Shareholders Equity $552.8M $537.8M $537.8M
YoY Change
Total Liabilities & Shareholders Equity $1.691B $1.616B $1.616B
YoY Change -5.77% -9.0% -9.0%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $16.50M -$144.1M -$123.6M
YoY Change 432.26% 3902.78% -1223.64%
Depreciation, Depletion And Amortization $13.90M $15.10M $60.60M
YoY Change -13.66% -9.58% 33.19%
Cash From Operating Activities $15.40M $77.40M $76.90M
YoY Change 175.0% 855.56% 0.92%
INVESTING ACTIVITIES
Capital Expenditures $10.60M $30.00M $61.80M
YoY Change 21.84% -265.75% 52.97%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00 $3.800M
YoY Change -100.0% -102.04%
Cash From Investing Activities -$8.600M -$30.00M -$58.00M
YoY Change -1.15% -80.42% -74.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.10M -26.20M -29.90M
YoY Change -27.05% 1646.67% -129.63%
NET CHANGE
Cash From Operating Activities 15.40M 77.40M 76.90M
Cash From Investing Activities -8.600M -30.00M -58.00M
Cash From Financing Activities -15.10M -26.20M -29.90M
Net Change In Cash -7.900M 21.20M -11.00M
YoY Change -66.81% -114.46% -79.36%
FREE CASH FLOW
Cash From Operating Activities $15.40M $77.40M $76.90M
Capital Expenditures $10.60M $30.00M $61.80M
Free Cash Flow $4.800M $47.40M $15.10M
YoY Change -254.84% 80.92% -57.82%

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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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> 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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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
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
335300000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
358800000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2032500000
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
CY2022 mtw Product Liability Self Insurance Retention Levels Fluctuation Period
ProductLiabilitySelfInsuranceRetentionLevelsFluctuationPeriod
P10Y
CY2022Q4 mtw Accrual Product Liability Current
AccrualProductLiabilityCurrent
9400000
CY2021Q4 mtw Accrual Product Liability Current
AccrualProductLiabilityCurrent
9000000.0
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
58000000.0
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
60200000
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
14900000
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
14900000
CY2022 mtw Statutory Maximum Penalties
StatutoryMaximumPenalties
174000000.0
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
27300000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
31000000.0
CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
42500000
CY2021Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
36400000
CY2022Q4 mtw Loss Guarantees With Maximum Liabilities
LossGuaranteesWithMaximumLiabilities
15000000.0
CY2021Q4 mtw Loss Guarantees With Maximum Liabilities
LossGuaranteesWithMaximumLiabilities
15800000
CY2022 mtw Standard Product Warranty Period Low End Of Range
StandardProductWarrantyPeriodLowEndOfRange
P12M
CY2022 mtw Standard Product Warranty Period High End Of Range
StandardProductWarrantyPeriodHighEndOfRange
P60M
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
CY2022 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
27300000
CY2021 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
30400000
CY2020 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
33900000
CY2022 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
27800000
CY2021 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
31300000
CY2020 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
33600000
CY2022 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1700000
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
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
58000000.0
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60200000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
63200000
CY2022Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
6600000
CY2021Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
7000000.0
CY2021 us-gaap Restructuring Charges
RestructuringCharges
-1100000
CY2020 us-gaap Restructuring Charges
RestructuringCharges
7000000.0
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
5300000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
2000000.0
CY2021 mtw Restructuring Expense Income
RestructuringExpenseIncome
-1100000
CY2020 mtw Restructuring Expense Income
RestructuringExpenseIncome
9500000
CY2021 us-gaap Payments For Restructuring
PaymentsForRestructuring
2700000
CY2020 us-gaap Payments For Restructuring
PaymentsForRestructuring
6200000
CY2021 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0
CY2020 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0
CY2021 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
100000
CY2020 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
1600000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
5300000
CY2022 mtw Defined Contribution Plan Name Of Plan
DefinedContributionPlanNameOfPlan
Manitowoc 401(k) Plan
CY2021 mtw Defined Contribution Plan Name Of Plan
DefinedContributionPlanNameOfPlan
Manitowoc 401(k) Plan
CY2020 mtw Defined Contribution Plan Name Of Plan
DefinedContributionPlanNameOfPlan
Manitowoc 401(k) Plan
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
11900000
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
5800000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
5900000
CY2021 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
900000
CY2022 mtw Defined Benefit Plan Amortization Of Gains Losses In Excess Of Specified Percentage
DefinedBenefitPlanAmortizationOfGainsLossesInExcessOfSpecifiedPercentage
0.10
CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
112000000.0
CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
164800000
CY2022 mtw Lessee Operating Lease Termination Term
LesseeOperatingLeaseTerminationTerm
P1Y
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
14000000.0
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
13200000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
13200000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1400000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
1500000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
1500000
CY2022 us-gaap Lease Cost
LeaseCost
15400000
CY2021 us-gaap Lease Cost
LeaseCost
14700000
CY2020 us-gaap Lease Cost
LeaseCost
14700000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
45200000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
40600000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11600000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12300000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
34300000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
29200000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
45900000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
41500000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
26800000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
25100000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
24500000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
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
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13500000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12500000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9300000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7700000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5900000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
15700000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
64600000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18700000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
45900000

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