$RDUS
RADIUS RECYCLING, INC.

2021 Q1 Form 10-Q Financial Statement

#000156459021017954 Filed on April 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $600.1M $439.5M
YoY Change 36.55% -7.2%
Cost Of Revenue $487.0M $380.5M
YoY Change 27.98% -8.24%
Gross Profit $113.1M $58.96M
YoY Change 91.82% 0.14%
Gross Profit Margin 18.85% 13.42%
Selling, General & Admin $54.10M $46.43M
YoY Change 16.53% 17.57%
% of Gross Profit 47.83% 78.74%
Research & Development $31.44M $39.01M
YoY Change -19.41% 67.71%
% of Gross Profit 27.8% 66.16%
Depreciation & Amortization $14.50M $14.40M
YoY Change 0.69% 9.09%
% of Gross Profit 12.82% 24.42%
Operating Expenses $54.20M $46.43M
YoY Change 16.74% 17.57%
Operating Profit $58.90M $7.691M
YoY Change 665.83% -59.6%
Interest Expense -$700.0K $1.320M
YoY Change -153.03% -36.14%
% of Operating Profit -1.19% 17.16%
Other Income/Expense, Net -$200.0K -$98.00K
YoY Change 104.08% -130.53%
Pretax Income $57.10M $6.273M
YoY Change 810.25% -63.72%
Income Tax $11.50M $1.770M
% Of Pretax Income 20.14% 28.22%
Net Earnings $44.59M $3.883M
YoY Change 1048.29% -69.88%
Net Earnings / Revenue 7.43% 0.88%
Basic Earnings Per Share $0.14
Diluted Earnings Per Share $1.543M $0.14
COMMON SHARES
Basic Shares Outstanding 27.99M 27.72M
Diluted Shares Outstanding 28.86M 28.14M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.30M $10.30M
YoY Change 9.71% -21.97%
Cash & Equivalents $11.33M $10.33M
Short-Term Investments $0.00 $97.30M
Other Short-Term Assets $34.60M $28.00M
YoY Change 23.57% -23.71%
Inventory $252.3M $183.6M
Prepaid Expenses
Receivables $208.0M $155.0M
Other Receivables $6.500M $5.600M
Total Short-Term Assets $515.2M $386.3M
YoY Change 33.35% -7.78%
LONG-TERM ASSETS
Property, Plant & Equipment $638.8M $454.0M
YoY Change 40.7% 5.89%
Goodwill $170.1M $169.1M
YoY Change 0.58% -0.19%
Intangibles $3.655M
YoY Change -11.22%
Long-Term Investments $10.40M $9.700M
YoY Change 7.22% -9.35%
Other Assets $66.60M $25.13M
YoY Change 165.05% -2.29%
Total Long-Term Assets $890.1M $810.9M
YoY Change 9.77% 21.34%
TOTAL ASSETS
Total Short-Term Assets $515.2M $386.3M
Total Long-Term Assets $890.1M $810.9M
Total Assets $1.405B $1.197B
YoY Change 17.38% 10.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $134.7M $92.48M
YoY Change 45.66% -3.4%
Accrued Expenses $106.4M $83.60M
YoY Change 27.27% 30.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.411M
YoY Change -100.0% 17.58%
Long-Term Debt Due $2.400M $1.400M
YoY Change 71.43%
Total Short-Term Liabilities $264.5M $182.8M
YoY Change 44.72% 6.91%
LONG-TERM LIABILITIES
Long-Term Debt $168.4M $140.5M
YoY Change 19.86% -13.22%
Other Long-Term Liabilities $196.2M $14.24M
YoY Change 1278.0% 0.65%
Total Long-Term Liabilities $364.6M $14.24M
YoY Change 2460.75% 0.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $264.5M $182.8M
Total Long-Term Liabilities $364.6M $14.24M
Total Liabilities $675.5M $512.3M
YoY Change 31.86% 26.06%
SHAREHOLDERS EQUITY
Retained Earnings $661.4M
YoY Change 0.45%
Common Stock $31.17M
YoY Change 7.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $729.8M $680.7M
YoY Change
Total Liabilities & Shareholders Equity $1.405B $1.197B
YoY Change 17.38% 10.12%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $44.59M $3.883M
YoY Change 1048.29% -69.88%
Depreciation, Depletion And Amortization $14.50M $14.40M
YoY Change 0.69% 9.09%
Cash From Operating Activities $4.800M $5.600M
YoY Change -14.29% -83.95%
INVESTING ACTIVITIES
Capital Expenditures -$23.30M -$13.10M
YoY Change 77.86% -7.09%
Acquisitions
YoY Change
Other Investing Activities $800.0K $1.200M
YoY Change -33.33% -185.71%
Cash From Investing Activities -$22.40M -$11.90M
YoY Change 88.24% -23.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.40M 7.100M
YoY Change 201.41% -140.34%
NET CHANGE
Cash From Operating Activities 4.800M 5.600M
Cash From Investing Activities -22.40M -11.90M
Cash From Financing Activities 21.40M 7.100M
Net Change In Cash 3.800M 800.0K
YoY Change 375.0% -55.56%
FREE CASH FLOW
Cash From Operating Activities $4.800M $5.600M
Capital Expenditures -$23.30M -$13.10M
Free Cash Flow $28.10M $18.70M
YoY Change 50.27% -61.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
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CY2020Q4 us-gaap Number Of Reportable Segments
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us-gaap Concentration Risk Credit Risk
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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. 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 o<span style="color:#000000;">f $250 thousand</span> as of February 28, 2021. 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.</p>
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Goodwill
170000000
us-gaap Number Of Reporting Units
NumberOfReportingUnits
3
schn Number Of Regional Groups
NumberOfRegionalGroups
2
CY2020Q3 us-gaap Goodwill
Goodwill
169627000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
473000
CY2021Q1 us-gaap Goodwill
Goodwill
170100000
CY2021Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
471000000
CY2020Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
471000000
CY2020Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
53464000
schn Accrual For Environmental Loss Contingencies Increase Decrease For Acquisitions Divestitures Changes In Estimate And Cumulative Translation Adjustment
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForAcquisitionsDivestituresChangesInEstimateAndCumulativeTranslationAdjustment
14974000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
1498000
CY2021Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
66940000
CY2021Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
12975000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
439482000
CY2021Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
53965000
CY2020Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
53000000
CY2017Q1 schn Loss Contingency Parties Liable Named In Litigation
LossContingencyPartiesLiableNamedInLitigation
30
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
600111000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1092218000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
845066000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1092218000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
845066000
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
208000000
CY2020Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
135000000
CY2021Q1 schn Percentage Receivables From Contracts With Customers Of Accounts Receivable
PercentageReceivablesFromContractsWithCustomersOfAccountsReceivable
0.99
CY2020Q3 schn Percentage Receivables From Contracts With Customers Of Accounts Receivable
PercentageReceivablesFromContractsWithCustomersOfAccountsReceivable
0.97
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2000000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.201
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.268
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
45649000
CY2020Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
4503000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
60755000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-2090000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1091000
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
621000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2051000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1051000
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
44558000
CY2020Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3882000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
58704000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3141000
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
30000
CY2020Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-12000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
29000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
44588000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
3883000
us-gaap Net Income Loss
NetIncomeLoss
58692000
us-gaap Net Income Loss
NetIncomeLoss
-3112000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27991000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27721000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27899000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27618000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
871000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
418000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
774000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28862000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28139000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28673000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27618000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
103566
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
531305
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
687247

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