$RDUS
RADIUS RECYCLING, INC.

2022 Q1 Form 10-Q Financial Statement

#000156459022013682 Filed on April 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $783.2M $600.1M
YoY Change 30.51% 36.55%
Cost Of Revenue $670.5M $487.0M
YoY Change 37.69% 27.98%
Gross Profit $112.7M $113.1M
YoY Change -0.39% 91.82%
Gross Profit Margin 14.38% 18.85%
Selling, General & Admin $61.08M $54.10M
YoY Change 12.9% 16.53%
% of Gross Profit 54.22% 47.83%
Research & Development $22.66M $31.44M
YoY Change -27.94% -19.41%
% of Gross Profit 20.11% 27.8%
Depreciation & Amortization $18.60M $14.50M
YoY Change 28.25% 0.69%
% of Gross Profit 16.51% 12.82%
Operating Expenses $61.08M $54.20M
YoY Change 12.7% 16.74%
Operating Profit $51.58M $58.90M
YoY Change -12.43% 665.83%
Interest Expense -$1.310M -$700.0K
YoY Change 87.14% -153.03%
% of Operating Profit -2.54% -1.19%
Other Income/Expense, Net -$55.00K -$200.0K
YoY Change -72.5% 104.08%
Pretax Income $50.21M $57.10M
YoY Change -12.07% 810.25%
Income Tax $12.07M $11.50M
% Of Pretax Income 24.05% 20.14%
Net Earnings $37.62M $44.59M
YoY Change -15.64% 1048.29%
Net Earnings / Revenue 4.8% 7.43%
Basic Earnings Per Share $1.33
Diluted Earnings Per Share $1.266M $1.543M
COMMON SHARES
Basic Shares Outstanding 28.23M 27.99M
Diluted Shares Outstanding 29.71M 28.86M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.82M $11.30M
YoY Change 57.73% 9.71%
Cash & Equivalents $17.82M $11.33M
Short-Term Investments $0.00
Other Short-Term Assets $36.10M $34.60M
YoY Change 4.35% 23.57%
Inventory $323.9M $252.3M
Prepaid Expenses
Receivables $276.0M $208.0M
Other Receivables $1.193M $6.500M
Total Short-Term Assets $659.3M $515.2M
YoY Change 27.97% 33.35%
LONG-TERM ASSETS
Property, Plant & Equipment $723.4M $638.8M
YoY Change 13.25% 40.7%
Goodwill $232.5M $170.1M
YoY Change 36.71% 0.58%
Intangibles
YoY Change
Long-Term Investments $13.01M $10.40M
YoY Change 25.09% 7.22%
Other Assets $72.84M $66.60M
YoY Change 9.37% 165.05%
Total Long-Term Assets $1.065B $890.1M
YoY Change 19.65% 9.77%
TOTAL ASSETS
Total Short-Term Assets $659.3M $515.2M
Total Long-Term Assets $1.065B $890.1M
Total Assets $1.724B $1.405B
YoY Change 22.7% 17.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.4M $134.7M
YoY Change 33.94% 45.66%
Accrued Expenses $114.9M $106.4M
YoY Change 7.97% 27.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $7.451M $2.400M
YoY Change 210.46% 71.43%
Total Short-Term Liabilities $329.2M $264.5M
YoY Change 24.46% 44.72%
LONG-TERM LIABILITIES
Long-Term Debt $254.1M $168.4M
YoY Change 50.91% 19.86%
Other Long-Term Liabilities $183.1M $196.2M
YoY Change -6.68% 1278.0%
Total Long-Term Liabilities $437.2M $364.6M
YoY Change 19.92% 2460.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $329.2M $264.5M
Total Long-Term Liabilities $437.2M $364.6M
Total Liabilities $823.5M $675.5M
YoY Change 21.92% 31.86%
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 $900.8M $729.8M
YoY Change
Total Liabilities & Shareholders Equity $1.724B $1.405B
YoY Change 22.7% 17.38%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $37.62M $44.59M
YoY Change -15.64% 1048.29%
Depreciation, Depletion And Amortization $18.60M $14.50M
YoY Change 28.25% 0.69%
Cash From Operating Activities $46.98M $4.800M
YoY Change 878.81% -14.29%
INVESTING ACTIVITIES
Capital Expenditures -$29.69M -$23.30M
YoY Change 27.42% 77.86%
Acquisitions
YoY Change
Other Investing Activities $406.0K $800.0K
YoY Change -49.25% -33.33%
Cash From Investing Activities -$29.28M -$22.40M
YoY Change 30.73% 88.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.97M 21.40M
YoY Change -188.67% 201.41%
NET CHANGE
Cash From Operating Activities 46.98M 4.800M
Cash From Investing Activities -29.28M -22.40M
Cash From Financing Activities -18.97M 21.40M
Net Change In Cash -1.276M 3.800M
YoY Change -133.58% 375.0%
FREE CASH FLOW
Cash From Operating Activities $46.98M $4.800M
Capital Expenditures -$29.69M -$23.30M
Free Cash Flow $76.67M $28.10M
YoY Change 172.86% 50.27%

Facts In Submission

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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 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 o<span style="color:#000000;">f $250 thousand</span> as of February 28, 2022. 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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schn Accrual For Environmental Loss Contingencies Increase Decrease For Acquisitions Divestitures Changes In Estimate And Cumulative Translation Adjustment
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForAcquisitionsDivestituresChangesInEstimateAndCumulativeTranslationAdjustment
6986000
CY2021Q3 us-gaap Goodwill
Goodwill
170304000
CY2022Q1 schn Percentage Of Unaudited Amount Of Revenues
PercentageOfUnauditedAmountOfRevenues
0.06
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000
CY2021Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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45649000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
783198000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
600111000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1581316000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1092218000
CY2022Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
276000000
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
210000000
CY2022Q1 schn Percentage Receivables From Contracts With Customers Of Accounts Receivable
PercentageReceivablesFromContractsWithCustomersOfAccountsReceivable
0.98
CY2021Q3 schn Percentage Receivables From Contracts With Customers Of Accounts Receivable
PercentageReceivablesFromContractsWithCustomersOfAccountsReceivable
0.98
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7000000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6000000
CY2021Q4 schn Increase Decrease In Payouts Threshold
IncreaseDecreaseInPayoutsThreshold
0.20
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.201
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
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
85441000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
60755000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
550000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1091000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1627000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2051000
CY2022Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
37586000
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
44558000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
58704000
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
29000
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
30000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-12000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
37615000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
44588000
us-gaap Net Income Loss
NetIncomeLoss
83814000
us-gaap Net Income Loss
NetIncomeLoss
58692000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28231000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27991000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28195000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27899000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1481000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
871000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1603000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
774000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29712000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28862000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29798000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28673000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
311736
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
199786
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

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