$RBC
RBC Bearings INC

2023 Q3 Form 10-Q Financial Statement

#000121390023063656 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $387.1M $354.1M
YoY Change 9.33% 126.68%
Cost Of Revenue $219.2M $212.9M
YoY Change 2.95% 130.36%
Gross Profit $167.9M $141.2M
YoY Change 18.95% 121.34%
Gross Profit Margin 43.37% 39.86%
Selling, General & Admin $64.70M $55.83M
YoY Change 15.89% 78.87%
% of Gross Profit 38.53% 39.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.70M $28.64M
YoY Change 3.69% 248.78%
% of Gross Profit 17.69% 20.29%
Operating Expenses $64.70M $55.83M
YoY Change 15.89% 78.87%
Operating Profit $85.00M $64.47M
YoY Change 31.84% 119.94%
Interest Expense $20.50M $15.80M
YoY Change 29.76% 4852.66%
% of Operating Profit 24.12% 24.51%
Other Income/Expense, Net -$500.0K -$767.0K
YoY Change -34.81% -264.95%
Pretax Income $64.00M $47.90M
YoY Change 33.6% 62.61%
Income Tax $14.00M $10.47M
% Of Pretax Income 21.88% 21.85%
Net Earnings $50.00M $37.44M
YoY Change 33.55% 55.75%
Net Earnings / Revenue 12.92% 10.57%
Basic Earnings Per Share $1.53 $1.11
Diluted Earnings Per Share $1.52 $1.09
COMMON SHARES
Basic Shares Outstanding 28.85M shares 28.67M shares
Diluted Shares Outstanding 29.11M shares 28.94M shares

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.70M $119.6M
YoY Change -52.59% -59.61%
Cash & Equivalents $56.70M $119.6M
Short-Term Investments
Other Short-Term Assets $18.40M $14.58M
YoY Change 26.19% 77.23%
Inventory $603.3M $542.1M
Prepaid Expenses
Receivables $251.8M $235.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $935.5M $916.1M
YoY Change 2.12% 16.53%
LONG-TERM ASSETS
Property, Plant & Equipment $370.5M $384.5M
YoY Change -3.64% 59.58%
Goodwill $1.871B $1.877B
YoY Change -0.31%
Intangibles $1.436B $1.501B
YoY Change -4.32%
Long-Term Investments
YoY Change
Other Assets $42.50M $35.98M
YoY Change 18.12% 13.0%
Total Long-Term Assets $3.762B $3.842B
YoY Change -2.08% 445.36%
TOTAL ASSETS
Total Short-Term Assets $935.5M $916.1M
Total Long-Term Assets $3.762B $3.842B
Total Assets $4.697B $4.758B
YoY Change -1.27% 219.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.0M $161.8M
YoY Change -13.49% 279.12%
Accrued Expenses $40.20M $38.78M
YoY Change 3.66% 2.9%
Deferred Revenue $20.40M $21.01M
YoY Change -2.9%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $1.525M
YoY Change 4.92% 201.98%
Total Short-Term Liabilities $316.0M $330.4M
YoY Change -4.36% 245.97%
LONG-TERM LIABILITIES
Long-Term Debt $1.343B $1.564B
YoY Change -14.1% 15158.12%
Other Long-Term Liabilities $123.0M $118.6M
YoY Change 3.68% 28.24%
Total Long-Term Liabilities $1.466B $1.682B
YoY Change -12.85% 1537.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $316.0M $330.4M
Total Long-Term Liabilities $1.466B $1.682B
Total Liabilities $2.110B $2.360B
YoY Change -10.62% 991.64%
SHAREHOLDERS EQUITY
Retained Earnings $1.074B $917.8M
YoY Change 17.04%
Common Stock $300.0K $299.0K
YoY Change 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $86.90M $78.34M
YoY Change 10.93%
Treasury Stock Shares 958.8K shares
Shareholders Equity $2.588B $2.398B
YoY Change
Total Liabilities & Shareholders Equity $4.697B $4.758B
YoY Change -1.27% 219.2%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $50.00M $37.44M
YoY Change 33.55% 55.75%
Depreciation, Depletion And Amortization $29.70M $28.64M
YoY Change 3.69% 248.78%
Cash From Operating Activities $61.70M $59.04M
YoY Change 4.51% 10.77%
INVESTING ACTIVITIES
Capital Expenditures $6.700M $7.857M
YoY Change -14.73% 133.35%
Acquisitions -$22.97M
YoY Change
Other Investing Activities $200.0K $23.01M
YoY Change -99.13% -176.85%
Cash From Investing Activities -$6.500M $15.16M
YoY Change -142.89% -145.5%
FINANCING ACTIVITIES
Cash Dividend Paid $5.800M
YoY Change
Common Stock Issuance & Retirement, Net $6.800M $5.984M
YoY Change 13.64% -4.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$63.60M -$136.4M
YoY Change -53.36% -3106.22%
NET CHANGE
Cash From Operating Activities $61.70M $59.04M
Cash From Investing Activities -$6.500M $15.16M
Cash From Financing Activities -$63.60M -$136.4M
Net Change In Cash -$8.700M -$63.28M
YoY Change -86.25% -356.33%
FREE CASH FLOW
Cash From Operating Activities $61.70M $59.04M
Capital Expenditures $6.700M $7.857M
Free Cash Flow $55.00M $51.18M
YoY Change 7.47% 2.51%

Facts In Submission

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CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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CY2023Q3 us-gaap Other Liabilities Current
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CY2023Q3 us-gaap Line Of Credit Facility Commitment Fee Percentage
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0.002 pure
CY2023Q3 roll Letter Of Credit Fee Rate
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CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
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CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
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CY2023Q3 us-gaap Line Of Credit Facility Covenant Terms
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The Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the Credit Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition); and (b) a minimum Interest Coverage Ratio of 2.00:1.00.
CY2023Q3 roll Outstanding Amounts Still Owed Under The Term Loan Facility
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CY2023Q3 roll Revolving Credit Facility Borrowing Capacity
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CY2021Q4 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2023Q3 roll Debt Instrument Interest Rate
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CY2023Q3 us-gaap Long Term Line Of Credit
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CY2023Q3 us-gaap Senior Notes
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CY2023Q2 us-gaap Senior Notes
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CY2023Q3 us-gaap Deferred Finance Costs Net
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CY2023Q2 us-gaap Deferred Finance Costs Net
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CY2023Q3 us-gaap Other Long Term Debt
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CY2023Q2 us-gaap Other Long Term Debt
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CY2023Q3 us-gaap Debt Instrument Carrying Amount
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CY2023Q2 us-gaap Debt Instrument Carrying Amount
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CY2023Q3 us-gaap Long Term Debt
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CY2023Q3 roll Specified Time Period
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CY2023Q3 roll Other Comprehensive Income Derivative Component
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CY2023Q3 us-gaap Employee Benefits And Share Based Compensation
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CY2022Q3 us-gaap Employee Benefits And Share Based Compensation
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CY2022Q3 us-gaap Unrecognized Tax Benefits
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CY2023Q3 us-gaap Revenues
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CY2022Q3 us-gaap Revenues
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CY2023Q3 us-gaap Gross Profit
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167900000 usd
CY2022Q3 us-gaap Gross Profit
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141200000 usd
CY2023Q3 us-gaap Other Selling General And Administrative Expense
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64700000 usd
CY2022Q3 us-gaap Other Selling General And Administrative Expense
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55800000 usd
CY2023Q3 us-gaap Operating Income Loss
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85000000 usd
CY2022Q3 us-gaap Operating Income Loss
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CY2023Q3 us-gaap Assets
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CY2023Q2 us-gaap Assets
Assets
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CY2022Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2022Q3 us-gaap Restructuring Costs And Asset Impairment Charges
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CY2023Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2023 roll Nonamortizable Repair Station Certifications
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CY2023Q3 roll Accumulated Amortization Of Nonamortizable Repair Station Certification
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CY2023Q2 roll Accumulated Amortization Of Nonamortizable Repair Station Certification
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CY2023Q3 dei Amendment Flag
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false
CY2023Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-30
CY2023Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001324948

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