$RDUS
RADIUS RECYCLING, INC.

2023 Q1 Form 10-Q Financial Statement

#000095017023012168 Filed on April 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $756.0M $783.2M
YoY Change -3.48% 30.51%
Cost Of Revenue $682.9M $670.5M
YoY Change 1.85% 37.69%
Gross Profit $73.02M $112.7M
YoY Change -35.19% -0.39%
Gross Profit Margin 9.66% 14.38%
Selling, General & Admin $63.96M $61.08M
YoY Change 4.71% 12.9%
% of Gross Profit 87.59% 54.22%
Research & Development $22.66M
YoY Change -27.94%
% of Gross Profit 20.11%
Depreciation & Amortization $22.40M $18.60M
YoY Change 20.45% 28.25%
% of Gross Profit 30.68% 16.51%
Operating Expenses $63.96M $61.08M
YoY Change 4.71% 12.7%
Operating Profit $8.542M $51.58M
YoY Change -83.44% -12.43%
Interest Expense $4.908M -$1.310M
YoY Change -474.66% 87.14%
% of Operating Profit 57.46% -2.54%
Other Income/Expense, Net -$99.00K -$55.00K
YoY Change 80.0% -72.5%
Pretax Income $3.535M $50.21M
YoY Change -92.96% -12.07%
Income Tax -$513.0K $12.07M
% Of Pretax Income -14.51% 24.05%
Net Earnings $4.353M $37.62M
YoY Change -88.43% -15.64%
Net Earnings / Revenue 0.58% 4.8%
Basic Earnings Per Share $0.16 $1.33
Diluted Earnings Per Share $0.15 $1.266M
COMMON SHARES
Basic Shares Outstanding 28.08M 28.23M
Diluted Shares Outstanding 28.62M 29.71M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.46M $17.82M
YoY Change -35.71% 57.73%
Cash & Equivalents $11.46M $17.82M
Short-Term Investments
Other Short-Term Assets $54.67M $36.10M
YoY Change 51.41% 4.35%
Inventory $286.7M $323.9M
Prepaid Expenses
Receivables $238.0M $276.0M
Other Receivables $0.00 $1.193M
Total Short-Term Assets $593.5M $659.3M
YoY Change -9.98% 27.97%
LONG-TERM ASSETS
Property, Plant & Equipment $689.4M $723.4M
YoY Change -4.71% 13.25%
Goodwill $268.5M $232.5M
YoY Change 15.46% 36.71%
Intangibles $35.57M
YoY Change
Long-Term Investments $11.68M $13.01M
YoY Change -10.21% 25.09%
Other Assets $47.63M $72.84M
YoY Change -34.61% 9.37%
Total Long-Term Assets $1.188B $1.065B
YoY Change 11.51% 19.65%
TOTAL ASSETS
Total Short-Term Assets $593.5M $659.3M
Total Long-Term Assets $1.188B $1.065B
Total Assets $1.781B $1.724B
YoY Change 3.29% 22.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $212.6M $180.4M
YoY Change 17.84% 33.94%
Accrued Expenses $20.60M $114.9M
YoY Change -82.07% 7.97%
Deferred Revenue
YoY Change
Short-Term Debt $6.527M $0.00
YoY Change
Long-Term Debt Due $6.527M $7.451M
YoY Change -12.4% 210.46%
Total Short-Term Liabilities $321.2M $329.2M
YoY Change -2.42% 24.46%
LONG-TERM LIABILITIES
Long-Term Debt $303.6M $254.1M
YoY Change 19.45% 50.91%
Other Long-Term Liabilities $23.87M $183.1M
YoY Change -86.96% -6.68%
Total Long-Term Liabilities $23.87M $437.2M
YoY Change -94.54% 19.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $321.2M $329.2M
Total Long-Term Liabilities $23.87M $437.2M
Total Liabilities $852.7M $823.5M
YoY Change 3.54% 21.92%
SHAREHOLDERS EQUITY
Retained Earnings $917.3M
YoY Change
Common Stock $20.83M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $924.9M $900.8M
YoY Change
Total Liabilities & Shareholders Equity $1.781B $1.724B
YoY Change 3.29% 22.7%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $4.353M $37.62M
YoY Change -88.43% -15.64%
Depreciation, Depletion And Amortization $22.40M $18.60M
YoY Change 20.45% 28.25%
Cash From Operating Activities $87.84M $46.98M
YoY Change 86.97% 878.81%
INVESTING ACTIVITIES
Capital Expenditures $26.99M -$29.69M
YoY Change -190.91% 27.42%
Acquisitions
YoY Change
Other Investing Activities $807.0K $406.0K
YoY Change 98.77% -49.25%
Cash From Investing Activities -$26.18M -$29.28M
YoY Change -10.59% 30.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.72M -18.97M
YoY Change 183.09% -188.67%
NET CHANGE
Cash From Operating Activities 87.84M 46.98M
Cash From Investing Activities -26.18M -29.28M
Cash From Financing Activities -53.72M -18.97M
Net Change In Cash 7.944M -1.276M
YoY Change -722.57% -133.58%
FREE CASH FLOW
Cash From Operating Activities $87.84M $46.98M
Capital Expenditures $26.99M -$29.69M
Free Cash Flow $60.85M $76.67M
YoY Change -20.63% 172.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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SCHNITZER STEEL INDUSTRIES, INC.
dei Entity Incorporation State Country Code
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ProfitLoss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Income Loss From Equity Method Investments
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Provision For Doubtful Accounts
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Environmental Expense And Liabilities
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us-gaap Environmental Expense And Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Sales Of Assets Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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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 Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023Q1 us-gaap Bank Overdrafts
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CY2022Q3 us-gaap Bank Overdrafts
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us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
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us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
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CY2022 us-gaap Proceeds From Legal Settlements
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CY2021Q4 us-gaap Gain On Business Interruption Insurance Recovery
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CY2022 schn Received Payment Related To Claims From Various Insurers
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CY2022 us-gaap Loss Contingency Receivable Proceeds
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EquityMethodInvestmentRealizedGainLossOnDisposal
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us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. 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 $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">250</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;"> thousand as of </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;">February 28, 2023</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;">. Concentration of credit risk with respect to accounts receivable is limited because a large number of geographically diverse customers make up the Company’s customer base. The Company controls credit risk through credit approvals, credit limits, credit 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.</span></p>
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CashFDICInsuredAmount
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27912000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29798000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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56520
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
796877
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
311736
CY2023Q1 us-gaap Inventory Raw Materials
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CY2022Q3 us-gaap Inventory Raw Materials
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CY2023Q1 us-gaap Inventory Work In Process
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CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
70180000
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
72625000
CY2023Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
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CY2022Q3 us-gaap Inventory Supplies Net Of Reserves
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CY2023Q1 us-gaap Inventory Net
InventoryNet
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CY2022Q3 us-gaap Inventory Net
InventoryNet
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us-gaap Number Of Reporting Units
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us-gaap Goodwill Acquired During Period
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14759000
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GoodwillForeignCurrencyTranslationGainLoss
-735000
CY2023Q1 us-gaap Goodwill
Goodwill
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AccrualForEnvironmentalLossContingencies
68500000
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1608000
schn Payments And Other Related To Environmental Loss Contingencies
PaymentsAndOtherRelatedToEnvironmentalLossContingencies
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CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
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63475000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
8495000
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
54980000
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
63000000
CY2022Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
69000000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
755953000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
783198000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1354683000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1581316000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
755953000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
783198000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1354683000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1581316000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
238000000
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
230000000
CY2023Q1 schn Percentage Receivables From Contracts With Customers Of Accounts Receivable
PercentageReceivablesFromContractsWithCustomersOfAccountsReceivable
0.99
CY2022Q3 schn Percentage Receivables From Contracts With Customers Of Accounts Receivable
PercentageReceivablesFromContractsWithCustomersOfAccountsReceivable
0.97
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
9000000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000
CY2022Q4 schn Increase Decrease In Payouts Threshold
IncreaseDecreaseInPayoutsThreshold
0.20
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.145
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.328
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
4048000
CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
38136000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-13439000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
85441000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-81000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
550000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
151000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1627000
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
4129000
CY2022Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
37586000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-13590000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
83814000
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
224000
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
29000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
155000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
4353000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
37615000
us-gaap Net Income Loss
NetIncomeLoss
-13435000
us-gaap Net Income Loss
NetIncomeLoss
83814000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28081000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28231000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27912000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28195000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
536000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1481000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1603000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28617000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29712000

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