$RDUS
RADIUS RECYCLING, INC.

2021 Q2 Form 10-Q Financial Statement

#000156459021035273 Filed on June 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $820.7M $402.7M
YoY Change 103.81% -26.44%
Cost Of Revenue $678.3M $356.2M
YoY Change 90.42% -24.94%
Gross Profit $142.4M $46.47M
YoY Change 206.51% -36.17%
Gross Profit Margin 17.35% 11.54%
Selling, General & Admin $61.89M $45.50M
YoY Change 36.02% -6.33%
% of Gross Profit 43.45% 97.92%
Research & Development $26.95M $44.88M
YoY Change -39.95% 65.12%
% of Gross Profit 18.92% 96.59%
Depreciation & Amortization $14.32M $14.70M
YoY Change -2.58% 12.21%
% of Gross Profit 10.06% 31.64%
Operating Expenses $61.89M $45.60M
YoY Change 35.72% -6.12%
Operating Profit $81.38M -$3.706M
YoY Change -2295.9% -115.15%
Interest Expense $1.383M -$2.400M
YoY Change -157.63% -204.62%
% of Operating Profit 1.7%
Other Income/Expense, Net -$114.0K -$100.0K
YoY Change 14.0% -444.83%
Pretax Income $79.88M -$6.500M
YoY Change -1328.97% -129.29%
Income Tax $14.40M -$1.800M
% Of Pretax Income 18.03%
Net Earnings $63.64M -$4.995M
YoY Change -1373.97% -131.84%
Net Earnings / Revenue 7.75% -1.24%
Basic Earnings Per Share $2.27 -$0.18
Diluted Earnings Per Share $2.15 -$0.18
COMMON SHARES
Basic Shares Outstanding 28.05M 27.72M
Diluted Shares Outstanding 29.54M 27.72M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.93M $307.7M
YoY Change -94.17% 3698.77%
Cash & Equivalents $17.93M $308.0M
Short-Term Investments $0.00 $69.50M
Other Short-Term Assets $43.52M $32.20M
YoY Change 35.15% -8.26%
Inventory $257.2M $161.5M
Prepaid Expenses
Receivables $262.0M $131.0M
Other Receivables $509.0K $17.30M
Total Short-Term Assets $585.2M $653.2M
YoY Change -10.41% 56.51%
LONG-TERM ASSETS
Property, Plant & Equipment $643.7M $586.7M
YoY Change 9.72% 34.12%
Goodwill $171.2M
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.34M $9.900M
YoY Change 14.58% -6.6%
Other Assets $70.09M $51.50M
YoY Change 36.1% 100.51%
Total Long-Term Assets $900.5M $820.9M
YoY Change 9.7% 21.57%
TOTAL ASSETS
Total Short-Term Assets $585.2M $653.2M
Total Long-Term Assets $900.5M $820.9M
Total Assets $1.486B $1.474B
YoY Change 0.79% 34.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.5M $65.50M
YoY Change 122.07% -34.75%
Accrued Expenses $126.7M $89.40M
YoY Change 41.72% 28.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.834M $1.400M
YoY Change 102.43%
Total Short-Term Liabilities $296.7M $165.3M
YoY Change 79.49% -6.58%
LONG-TERM LIABILITIES
Long-Term Debt $150.9M $426.8M
YoY Change -64.63% 202.91%
Other Long-Term Liabilities $193.1M $175.0M
YoY Change 10.34% 1049.05%
Total Long-Term Liabilities $344.0M $601.8M
YoY Change -42.83% 3851.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $296.7M $165.3M
Total Long-Term Liabilities $344.0M $601.8M
Total Liabilities $687.7M $803.5M
YoY Change -14.41% 101.42%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $798.0M $670.6M
YoY Change
Total Liabilities & Shareholders Equity $1.486B $1.474B
YoY Change 0.79% 34.91%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $63.64M -$4.995M
YoY Change -1373.97% -131.84%
Depreciation, Depletion And Amortization $14.32M $14.70M
YoY Change -2.58% 12.21%
Cash From Operating Activities $53.19M $39.10M
YoY Change 36.05% -1.51%
INVESTING ACTIVITIES
Capital Expenditures -$21.63M -$22.20M
YoY Change -2.57% 12.69%
Acquisitions
YoY Change
Other Investing Activities $192.0K $200.0K
YoY Change -4.0% -86.67%
Cash From Investing Activities -$21.54M -$22.00M
YoY Change -2.1% 20.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.54M 280.4M
YoY Change -109.11% -1158.11%
NET CHANGE
Cash From Operating Activities 53.19M 39.10M
Cash From Investing Activities -21.54M -22.00M
Cash From Financing Activities -25.54M 280.4M
Net Change In Cash 6.121M 297.5M
YoY Change -97.94% -6050.0%
FREE CASH FLOW
Cash From Operating Activities $53.19M $39.10M
Capital Expenditures -$21.63M -$22.20M
Free Cash Flow $74.82M $61.30M
YoY Change 22.06% 3.2%

Facts In Submission

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169627000
us-gaap Number Of Reporting Units
NumberOfReportingUnits
3
schn Number Of Regional Groups
NumberOfRegionalGroups
2
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 May 31, 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>
CY2021Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2021Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
153166000
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
8134000
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
52149000
CY2021Q2 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
43780000
CY2021Q2 us-gaap Inventory Net
InventoryNet
257229000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Goodwill
Goodwill
170000000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1606000
CY2021Q2 us-gaap Goodwill
Goodwill
171233000
CY2021Q2 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
15389000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
2412000
CY2021Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
66441000
CY2021Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
12548000
CY2021Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
53893000
CY2021Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
66000000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
820718000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
402683000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
820718000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
402683000
CY2021Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
262000000
CY2020Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
135000000
CY2021Q2 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
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3000000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.180
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.280
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.276
CY2021Q2 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
us-gaap Severance Costs1
SeveranceCosts1
2000000
us-gaap Business Exit Costs1
BusinessExitCosts1
1000000
schn Restructuring Costs Professional Services
RestructuringCostsProfessionalServices
5000000
CY2021Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
65482000
CY2020Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-4648000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
126237000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-6738000
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1801000
CY2020Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
278000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3852000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1329000
CY2021Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
63681000
CY2020Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-4926000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
122385000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-8067000
CY2021Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-46000
CY2020Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-69000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-58000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-40000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
63635000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-4995000
us-gaap Net Income Loss
NetIncomeLoss
122327000
us-gaap Net Income Loss
NetIncomeLoss
-8107000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28047000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27724000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27948000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27653000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1496000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1015000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29543000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27724000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28963000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27653000
CY2021Q2 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
0
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1228857
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
887760

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