2023 Q4 Form 10-Q Financial Statement

#000008474823000080 Filed on October 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $204.6M $229.1M
YoY Change -8.54% -7.31%
Cost Of Revenue $137.2M $148.8M
YoY Change -10.13% -12.05%
Gross Profit $67.40M $80.36M
YoY Change -5.12% 2.94%
Gross Profit Margin 32.94% 35.07%
Selling, General & Admin $51.80M $44.34M
YoY Change -4.66% -12.47%
% of Gross Profit 76.85% 55.17%
Research & Development $10.20M $7.827M
YoY Change 4.54% -14.37%
% of Gross Profit 15.13% 9.74%
Depreciation & Amortization $11.28M $11.45M
YoY Change -2.17% 0.66%
% of Gross Profit 16.73% 14.24%
Operating Expenses $36.40M $52.16M
YoY Change -43.58% -12.76%
Operating Profit $31.00M $27.12M
YoY Change 375.61% 46.8%
Interest Expense -$1.200M -$2.328M
YoY Change -67.84% -20.87%
% of Operating Profit -3.87% -8.58%
Other Income/Expense, Net -$700.0K $761.0K
YoY Change 24.56% -22.11%
Pretax Income $28.60M $26.20M
YoY Change -63.51% 48.23%
Income Tax $5.400M $7.161M
% Of Pretax Income 18.88% 27.34%
Net Earnings $23.20M $19.04M
YoY Change -65.53% 28.29%
Net Earnings / Revenue 11.34% 8.31%
Basic Earnings Per Share $1.02
Diluted Earnings Per Share $1.24 $1.02
COMMON SHARES
Basic Shares Outstanding 18.62M shares 18.62M shares
Diluted Shares Outstanding 18.69M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.7M $126.5M
YoY Change -44.16% -46.52%
Cash & Equivalents $131.7M $126.5M
Short-Term Investments
Other Short-Term Assets $30.30M $31.83M
YoY Change 73.88% 105.32%
Inventory $153.5M $157.1M
Prepaid Expenses
Receivables $161.9M $185.8M
Other Receivables $4.300M $3.881M
Total Short-Term Assets $526.9M $554.8M
YoY Change -20.15% -13.0%
LONG-TERM ASSETS
Property, Plant & Equipment $385.2M $354.2M
YoY Change 3.71% -6.96%
Goodwill $359.8M $352.2M
YoY Change 2.11% 4.11%
Intangibles $123.9M $124.5M
YoY Change -7.35% -17.08%
Long-Term Investments $11.10M $10.35M
YoY Change -21.18% -20.26%
Other Assets $8.400M $16.95M
YoY Change -47.29% 91.61%
Total Long-Term Assets $990.3M $966.1M
YoY Change 0.4% -2.23%
TOTAL ASSETS
Total Short-Term Assets $526.9M $554.8M
Total Long-Term Assets $990.3M $966.1M
Total Assets $1.517B $1.521B
YoY Change -7.84% -6.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.30M $46.85M
YoY Change -12.28% -18.09%
Accrued Expenses $58.60M $56.95M
YoY Change -21.05% -21.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $345.0K
YoY Change -11.31%
Total Short-Term Liabilities $116.4M $116.1M
YoY Change -18.34% -15.79%
LONG-TERM LIABILITIES
Long-Term Debt $30.00M $80.00M
YoY Change -86.05% -72.41%
Other Long-Term Liabilities $10.30M $18.33M
YoY Change -48.0% 33.36%
Total Long-Term Liabilities $40.30M $98.33M
YoY Change -82.84% -67.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.4M $116.1M
Total Long-Term Liabilities $40.30M $98.33M
Total Liabilities $156.7M $214.5M
YoY Change -58.47% -51.44%
SHAREHOLDERS EQUITY
Retained Earnings $1.155B $1.132B
YoY Change 5.15% 9.77%
Common Stock $170.4M $167.6M
YoY Change 6.98% -8.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.259B $1.211B
YoY Change
Total Liabilities & Shareholders Equity $1.517B $1.521B
YoY Change -7.84% -6.45%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $23.20M $19.04M
YoY Change -65.53% 28.29%
Depreciation, Depletion And Amortization $11.28M $11.45M
YoY Change -2.17% 0.66%
Cash From Operating Activities $71.88M $41.98M
YoY Change -43.68% 210.74%
INVESTING ACTIVITIES
Capital Expenditures $22.46M $6.658M
YoY Change -24.6% -119.7%
Acquisitions
YoY Change
Other Investing Activities $4.907M $899.0K
YoY Change -315.12% -81.98%
Cash From Investing Activities -$17.55M -$5.759M
YoY Change -45.26% -80.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.69M -50.12M
YoY Change -49.36% -268.12%
NET CHANGE
Cash From Operating Activities 71.88M 41.98M
Cash From Investing Activities -17.55M -5.759M
Cash From Financing Activities -50.69M -50.12M
Net Change In Cash 3.636M -13.90M
YoY Change -180.04% -195.74%
FREE CASH FLOW
Cash From Operating Activities $71.88M $41.98M
Capital Expenditures $22.46M $6.658M
Free Cash Flow $49.42M $35.32M
YoY Change -49.49% -25.33%

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Basis of Presentation<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany balances and transactions have been eliminated.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div>
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CY2023Q3 rog Finance Lease Liability To Be Paid After Year Four
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CY2023Q3 rog Lessee Operating Lease Liability To Be Paid After Year Four
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the change in number of asbestos claims outstanding for the nine months ended September 30, 2023:</span></div><div style="margin-bottom:1pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:83.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.959%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asbestos Claims</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Claims outstanding as of January 1, 2023</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">537 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New claims filed</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">111 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pending claims concluded</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(87)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Claims outstanding as of September 30, 2023</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">561</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">For the nine months ended September 30, 2023, 75 claims were dismissed and 12 claims were settled. Settlements totaled approximately $4.5 million for the nine months ended September 30, 2023.</span></div>
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us-gaap Loss Contingency Claims Settled And Dismissed Number
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us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
12 claim
us-gaap Litigation Settlement Expense
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4500000 usd
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CY2023Q3 us-gaap Unrecognized Tax Benefits
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7900000 usd
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UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1600000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 us-gaap Professional Fees
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369000 usd
us-gaap Professional Fees
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1295000 usd
CY2023Q3 rog Catastrophic Event Lease Obligations
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CatastrophicEventLeaseObligations
91000 usd
rog Catastrophic Event Lease Obligations
CatastrophicEventLeaseObligations
0 usd
rog Catastrophic Event Lease Obligations
CatastrophicEventLeaseObligations
369000 usd
CY2023Q3 rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
0 usd
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CatastrophicEventCompensationAndBenefits
562000 usd
rog Catastrophic Event Compensation And Benefits
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0 usd
rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
1931000 usd
CY2023Q3 us-gaap Other Cost And Expense Operating
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0 usd
CY2022Q3 us-gaap Other Cost And Expense Operating
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2000 usd
us-gaap Other Cost And Expense Operating
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0 usd
us-gaap Other Cost And Expense Operating
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15000 usd
CY2023Q3 us-gaap Insurance Recoveries
InsuranceRecoveries
730000 usd
CY2022Q3 us-gaap Insurance Recoveries
InsuranceRecoveries
1604000 usd
us-gaap Insurance Recoveries
InsuranceRecoveries
7424000 usd
us-gaap Insurance Recoveries
InsuranceRecoveries
6646000 usd
CY2023Q3 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
653000 usd
CY2022Q3 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
581000 usd
us-gaap Insured Event Gain Loss
InsuredEventGainLoss
6828000 usd
us-gaap Insured Event Gain Loss
InsuredEventGainLoss
2837000 usd
CY2023Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
193000 usd
CY2022Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-3000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
679000 usd
us-gaap Gain Loss On Disposition Of Assets1
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15000 usd
CY2023Q3 us-gaap Other Operating Income Expense Net
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846000 usd
CY2022Q3 us-gaap Other Operating Income Expense Net
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7507000 usd
us-gaap Other Operating Income Expense Net
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2852000 usd
CY2023Q3 us-gaap Insurance Recoveries
InsuranceRecoveries
700000 usd
us-gaap Insurance Recoveries
InsuranceRecoveries
7400000 usd
CY2023Q3 us-gaap Professional Fees
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us-gaap Professional Fees
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600000 usd
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1600000 usd
us-gaap Insurance Recoveries
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CY2022Q3 us-gaap Professional Fees
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CY2022Q3 rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
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rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
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CY2023Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
1939000 usd
CY2022Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
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us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
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us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
5014000 usd
CY2023Q3 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
219000 usd
CY2022Q3 us-gaap Line Of Credit Facility Commitment Fee Amount
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118000 usd
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
565000 usd
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
409000 usd
CY2023Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
123000 usd
CY2022Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
178000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
527000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
536000 usd
CY2023Q3 us-gaap Interest Income Other
InterestIncomeOther
133000 usd
CY2022Q3 us-gaap Interest Income Other
InterestIncomeOther
175000 usd
us-gaap Interest Income Other
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978000 usd
us-gaap Interest Income Other
InterestIncomeOther
462000 usd
CY2023Q3 rog Interest Expense Income Other
InterestExpenseIncomeOther
180000 usd
CY2022Q3 rog Interest Expense Income Other
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rog Interest Expense Income Other
InterestExpenseIncomeOther
207000 usd
rog Interest Expense Income Other
InterestExpenseIncomeOther
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InterestIncomeExpenseNet
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
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false

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