$RDUS
RADIUS RECYCLING, INC.

2018 Q2 Form 10-Q Financial Statement

#000091260318000053 Filed on June 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $652.4M $477.1M
YoY Change 36.75% 35.69%
Cost Of Revenue $549.2M $411.1M
YoY Change 33.58% 39.48%
Gross Profit $103.3M $65.98M
YoY Change 56.49% 16.03%
Gross Profit Margin 15.83% 13.83%
Selling, General & Admin $54.19M $48.45M
YoY Change 11.83% 16.2%
% of Gross Profit 52.48% 73.43%
Research & Development $26.32M $19.65M
YoY Change 33.94% -26.92%
% of Gross Profit 25.49% 29.78%
Depreciation & Amortization $12.30M $12.40M
YoY Change -0.81% -3.88%
% of Gross Profit 11.91% 18.79%
Operating Expenses $54.19M $48.45M
YoY Change 11.83% 16.2%
Operating Profit $51.23M $19.15M
YoY Change 167.58% 28.62%
Interest Expense $2.483M $2.131M
YoY Change 16.52% -26.64%
% of Operating Profit 4.85% 11.13%
Other Income/Expense, Net $403.0K $524.0K
YoY Change -23.09% -746.91%
Pretax Income $49.15M $17.54M
YoY Change 180.24% 47.39%
Income Tax $10.65M $161.0K
% Of Pretax Income 21.67% 0.92%
Net Earnings $37.40M $16.57M
YoY Change 125.79% 50.59%
Net Earnings / Revenue 5.73% 3.47%
Basic Earnings Per Share $1.35 $0.60
Diluted Earnings Per Share $1.31 $0.60
COMMON SHARES
Basic Shares Outstanding 27.68M shares 27.60M shares
Diluted Shares Outstanding 28.64M shares 27.70M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.10M $15.20M
YoY Change -33.55% 117.14%
Cash & Equivalents $10.09M $15.21M
Short-Term Investments $179.7M $79.60M
Other Short-Term Assets $38.30M $23.60M
YoY Change 62.29% 23.56%
Inventory $234.4M $165.8M
Prepaid Expenses
Receivables $190.2M $127.5M
Other Receivables $3.700M $2.100M
Total Short-Term Assets $476.7M $334.3M
YoY Change 42.62% 15.37%
LONG-TERM ASSETS
Property, Plant & Equipment $393.4M $382.8M
YoY Change 2.76% -1.15%
Goodwill $168.2M $166.3M
YoY Change 1.16% -0.37%
Intangibles $4.507M $4.599M
YoY Change -2.0% -10.61%
Long-Term Investments $11.60M $13.40M
YoY Change -13.43% 4.69%
Other Assets $22.83M $19.87M
YoY Change 14.85% 36.1%
Total Long-Term Assets $600.5M $587.0M
YoY Change 2.32% 0.04%
TOTAL ASSETS
Total Short-Term Assets $476.7M $334.3M
Total Long-Term Assets $600.5M $587.0M
Total Assets $1.077B $921.2M
YoY Change 16.94% 5.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $118.1M $69.41M
YoY Change 70.14% 22.03%
Accrued Expenses $90.90M $73.00M
YoY Change 24.52% 35.19%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $600.0K
YoY Change 83.33% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $216.8M $145.0M
YoY Change 49.56% 27.98%
LONG-TERM LIABILITIES
Long-Term Debt $171.5M $183.8M
YoY Change -6.69% -9.05%
Other Long-Term Liabilities $13.24M $10.03M
YoY Change 31.97% -5.14%
Total Long-Term Liabilities $13.24M $10.03M
YoY Change 31.97% -5.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $216.8M $145.0M
Total Long-Term Liabilities $13.24M $10.03M
Total Liabilities $457.7M $403.7M
YoY Change 13.39% 4.17%
SHAREHOLDERS EQUITY
Retained Earnings $585.1M $490.8M
YoY Change 19.23% 4.61%
Common Stock $40.17M $36.58M
YoY Change 9.81% 33.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $615.0M $513.1M
YoY Change
Total Liabilities & Shareholders Equity $1.077B $921.2M
YoY Change 16.94% 5.11%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $37.40M $16.57M
YoY Change 125.79% 50.59%
Depreciation, Depletion And Amortization $12.30M $12.40M
YoY Change -0.81% -3.88%
Cash From Operating Activities $64.20M $45.10M
YoY Change 42.35% 1056.41%
INVESTING ACTIVITIES
Capital Expenditures -$19.30M -$10.00M
YoY Change 93.0% 72.41%
Acquisitions
YoY Change
Other Investing Activities $1.800M $1.200M
YoY Change 50.0% -29.41%
Cash From Investing Activities -$17.60M -$8.800M
YoY Change 100.0% 109.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.50M -30.70M
YoY Change 67.75% 2092.86%
NET CHANGE
Cash From Operating Activities 64.20M 45.10M
Cash From Investing Activities -17.60M -8.800M
Cash From Financing Activities -51.50M -30.70M
Net Change In Cash -4.900M 5.600M
YoY Change -187.5% -429.41%
FREE CASH FLOW
Cash From Operating Activities $64.20M $45.10M
Capital Expenditures -$19.30M -$10.00M
Free Cash Flow $83.50M $55.10M
YoY Change 51.54% 468.04%

Facts In Submission

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IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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CY2017Q2 us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3300000 USD
us-gaap Income Loss From Equity Method Investments
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CY2018Q2 us-gaap Income Loss From Equity Method Investments
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us-gaap Inventory Write Down
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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3300000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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1328000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
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161000 USD
us-gaap Income Tax Expense Benefit
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736000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10650000 USD
us-gaap Income Tax Expense Benefit
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6030000 USD
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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26257000 USD
us-gaap Increase Decrease In Accounts Receivable
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21950000 USD
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Employee Related Liabilities
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2346000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Receivable
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998000 USD
us-gaap Increase Decrease In Inventories
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25033000 USD
us-gaap Increase Decrease In Inventories
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58047000 USD
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5866000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
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9328000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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-421000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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1512000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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-1050000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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3307000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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2826000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Interest Expense
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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1046000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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2806000 USD
us-gaap Number Of Operating Segments
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us-gaap Operating Income Loss
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33905000 USD
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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OtherComprehensiveIncomeLossBeforeReclassificationsTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
194000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-174000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2018Q2 us-gaap Other Liabilities Noncurrent
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CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
403000 USD
us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Proceeds From Investments
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us-gaap Payments For Proceeds From Investments
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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8778000 USD
us-gaap Payments Of Debt Issuance Costs
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112000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
us-gaap Payments Of Dividends Common Stock
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15322000 USD
us-gaap Payments Of Dividends Common Stock
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15721000 USD
us-gaap Payments Of Dividends Minority Interest
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1177000 USD
us-gaap Payments Of Dividends Minority Interest
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1709000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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3300000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2300000 USD
us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
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PreferredStockParOrStatedValuePerShare
1
CY2017Q3 us-gaap Preferred Stock Shares Authorized
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PreferredStockSharesAuthorized
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PreferredStockSharesIssued
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PreferredStockValue
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us-gaap Proceeds From Sales Of Assets Investing Activities
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
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CY2017Q3 us-gaap Property Plant And Equipment Net
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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CY2017Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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12000 USD
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us-gaap Reclassification From Aoci Current Period Tax
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us-gaap Reclassification From Aoci Current Period Tax
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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402153000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q2 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Stock Repurchased During Period Value
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CY2017Q3 us-gaap Stockholders Equity
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us-gaap Stockholders Equity Other
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us-gaap Stockholders Equity Other
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents, accounts receivable, and notes and other contractual receivables from suppliers. The majority of cash and cash equivalents is maintained with major financial institutions. Balances with these and certain other institutions exceeded the Federal Deposit Insurance Corporation insured amount of </font><font style="font-family:inherit;font-size:10pt;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">May&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. Concentration of credit risk with respect to accounts receivable is limited because a large number of geographically diverse customers make up the Company&#8217;s customer base. The Company controls credit risk through credit approvals, limits, insurance, letters of credit or other collateral, cash deposits and monitoring procedures. The Company is exposed to a residual credit risk with respect to open letters of credit by virtue of the possibility of the failure of a bank providing a letter of credit. The Company had </font><font style="font-family:inherit;font-size:10pt;">$81 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$48 million</font><font style="font-family:inherit;font-size:10pt;"> of open letters of credit as of </font><font style="font-family:inherit;font-size:10pt;">May&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">August&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, an accounting standards update was issued that clarifies the principles for recognizing revenue from contracts with customers. The update supersedes the existing standard for recognizing revenue. Additional updates have been issued since May 2014 amending aspects of the initial update and providing implementation guidance. The guidance is applicable to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Further, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The standard is effective for the Company beginning in fiscal 2019, including interim periods within that fiscal year. The Company plans to adopt the standard using the modified retrospective approach with the cumulative effect of the initial application, if any, recognized as an adjustment to the opening balance of retained earnings. The Company has nearly completed the examination of its current revenue streams and significant contracts with customers under the requirements of the new standard and, based on the progress of this examination to date, does not believe the standard will have a material impact on its financial position, net income or cash flows. The Company has not identified any significant changes to its processes, systems and internal controls required to support the new standard. The Company has identified certain scrap metal purchase and sale arrangements for which it currently recognizes revenue for the gross amount of consideration it expects to be entitled from the customer (as principal), but for which under the new revenue standard it recognizes revenue as the net amount of consideration that it expects to retain after paying the scrap metal supplier (as agent). This change in the classification of the cost of scrap metal purchased under such arrangements will have the effect of reducing the amount of revenues reported in the financial statements, while having no impact on net income. Based on analysis performed to date and recent historical levels of such scrap metal purchase and sale arrangements, the Company estimates the decrease in its annual revenues as a result of implementing this change in fiscal 2019 will be between $30 million and $40 million with no impact on net income. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, an accounting standards update was issued that amends certain aspects of the reporting model for financial instruments. Most prominent among the amendments is the requirement for equity investments, with certain exceptions including those accounted for under the equity method of accounting, to be measured at fair value with changes in fair value recognized in net income. An entity may choose to measure equity investments that do not have readily determinable fair values, such as certain cost method investments, at cost minus impairment, plus or minus changes resulting from observable price changes. The amendments also require a qualitative assessment to identify impairment of equity investments without readily determinable fair values. The standard is effective for the Company beginning in fiscal 2019, including interim periods within that fiscal year. The Company is evaluating the impact of adopting this standard on its consolidated financial position, results of operations and cash flows.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, an accounting standard was issued that will supersede the existing lease standard and require a lessee to recognize a lease liability and a lease asset on its balance sheet for all&#160;leases, including those classified as operating&#160;leases under the existing lease standard. The update also expands the required quantitative and qualitative disclosures surrounding&#160;leases. This standard is effective for the Company beginning in fiscal 2020, including interim periods within that fiscal year. This standard will be applied using a modified retrospective transition approach for&#160;leases&#160;existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is in the process of identifying its population of leases within the scope of the new accounting standard and documenting salient lease terms to support the initial and subsequent measurement of lease liabilities and lease assets. The Company is evaluating the impact of adopting this standard on its financial position, results of operations, cash flows and disclosures.</font></div></div>

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