$RRX
REGAL REXNORD CORP

2024 Q2 Form 10-Q Financial Statement

#000008281124000088 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.548B $1.548B $1.224B
YoY Change -12.5% 26.44% 0.62%
Cost Of Revenue $976.6M $994.6M $826.0M
YoY Change -18.17% 20.41% -5.77%
Gross Profit $571.0M $553.1M $398.1M
YoY Change -0.73% 38.93% -5.64%
Gross Profit Margin 36.9% 35.74% 32.52%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.0M $128.2M $76.50M
YoY Change -7.3% 67.58% -1.8%
% of Gross Profit 22.24% 23.18% 19.22%
Operating Expenses $394.3M $397.7M $329.2M
YoY Change -3.74% 20.81% 30.63%
Operating Profit $193.9M $133.9M $68.90M
YoY Change 17.09% 94.34% -59.45%
Interest Expense -$96.70M $105.4M $95.40M
YoY Change -13.12% 10.48% 960.0%
% of Operating Profit -49.87% 78.72% 138.46%
Other Income/Expense, Net -$300.0K -$300.0K $1.400M
YoY Change -110.71% -121.43% 7.69%
Pretax Income $96.90M $31.30M $6.800M
YoY Change 124.83% 360.29% -95.84%
Income Tax $33.90M $10.90M $12.30M
% Of Pretax Income 34.98% 34.82% 180.88%
Net Earnings $62.50M $19.80M -$5.900M
YoY Change 94.7% -435.59% -104.7%
Net Earnings / Revenue 4.04% 1.28% -0.48%
Basic Earnings Per Share $0.94 $0.30 -$0.09
Diluted Earnings Per Share $0.94 $0.30 -$0.09
COMMON SHARES
Basic Shares Outstanding 66.52M shares 66.42M shares 66.23M shares
Diluted Shares Outstanding 66.80M shares 66.80M shares 66.60M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.4M $465.3M $1.143B
YoY Change -22.62% -59.3% 69.93%
Cash & Equivalents $510.4M $465.3M $1.143B
Short-Term Investments
Other Short-Term Assets $289.6M $653.1M $205.0M
YoY Change 28.48% 218.59% 30.08%
Inventory $1.310B $1.319B $1.733B
Prepaid Expenses
Receivables $892.0M $828.1M $1.028B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.002B $3.266B $4.109B
YoY Change -13.61% -20.53% 46.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.128B $1.160B $12.44B
YoY Change -19.03% -90.67% 1118.37%
Goodwill $6.497B $6.506B $6.527B
YoY Change -1.84% -0.31% 61.58%
Intangibles $3.869B $3.966B $4.415B
YoY Change -8.73% -10.17% 81.73%
Long-Term Investments
YoY Change
Other Assets $75.20M $70.70M $75.70M
YoY Change -42.77% -6.61% 123.96%
Total Long-Term Assets $11.61B $11.81B $12.44B
YoY Change -6.27% -5.07% 64.55%
TOTAL ASSETS
Total Short-Term Assets $3.002B $3.266B $4.109B
Total Long-Term Assets $11.61B $11.81B $12.44B
Total Assets $14.61B $15.07B $16.55B
YoY Change -7.88% -8.91% 59.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $574.4M $566.1M $666.7M
YoY Change -15.34% -15.09% 3.56%
Accrued Expenses $624.9M $565.3M $664.9M
YoY Change 2.98% -14.98% 56.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.300M $3.900M $74.20M
YoY Change -94.08% -94.74% 1414.29%
Total Short-Term Liabilities $1.227B $1.249B $1.406B
YoY Change -11.17% -11.19% 28.35%
LONG-TERM LIABILITIES
Long-Term Debt $5.765B $6.242B $7.211B
YoY Change -12.78% -13.43% 276.81%
Other Long-Term Liabilities $71.90M $76.90M $84.90M
YoY Change -79.27% -9.42% 22.33%
Total Long-Term Liabilities $5.837B $6.319B $7.296B
YoY Change -16.1% -13.39% 267.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.227B $1.249B $1.406B
Total Long-Term Liabilities $5.837B $6.319B $7.296B
Total Liabilities $7.064B $7.567B $8.701B
YoY Change -25.23% -13.03% 182.67%
SHAREHOLDERS EQUITY
Retained Earnings $2.016B $1.976B $2.101B
YoY Change -4.47% -5.93% 9.85%
Common Stock $4.657B $4.648B $4.620B
YoY Change 0.65% 0.61% -0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.356B $6.255B $6.421B
YoY Change
Total Liabilities & Shareholders Equity $14.61B $15.07B $16.55B
YoY Change -7.88% -8.91% 59.61%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $62.50M $19.80M -$5.900M
YoY Change 94.7% -435.59% -104.7%
Depreciation, Depletion And Amortization $127.0M $128.2M $76.50M
YoY Change -7.3% 67.58% -1.8%
Cash From Operating Activities $158.3M $83.10M $106.2M
YoY Change -28.4% -21.75% -1900.0%
INVESTING ACTIVITIES
Capital Expenditures $32.40M $18.50M $18.70M
YoY Change -27.68% -1.07% 39.55%
Acquisitions $0.00 $4.853B
YoY Change -100.0% 13765.43%
Other Investing Activities $375.1M $1.000M -$4.847B
YoY Change -2268.21% -100.02% 3899.01%
Cash From Investing Activities $342.7M -$17.50M -$4.866B
YoY Change -651.85% -99.64% 10252.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -504.5M -$168.0M $5.204B
YoY Change -20.99% -103.23% 140537.84%
NET CHANGE
Cash From Operating Activities 158.3M $83.10M $106.2M
Cash From Investing Activities 342.7M -$17.50M -$4.866B
Cash From Financing Activities -504.5M -$168.0M $5.204B
Net Change In Cash -3.500M -$112.9M $454.8M
YoY Change -99.27% -124.82% -1045.53%
FREE CASH FLOW
Cash From Operating Activities $158.3M $83.10M $106.2M
Capital Expenditures $32.40M $18.50M $18.70M
Free Cash Flow $125.9M $64.60M $87.50M
YoY Change -28.59% -26.17% -553.37%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Benefit from Deferred Income Taxes for the three months ended March 31, 2023 has been reclassified from Current Liabilities and Other and presented individually in the Condensed Consolidated Statements of Cash Flows to conform to the presentation used for the three months ended March 31, 2024.</span></div>
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0.348
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.809
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5600000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8500000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1200000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1100000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66400000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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66200000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
400000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
400000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66800000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66600000 shares
CY2024Q1 rbc Number Of Subsidiaries Involved In Litigation
NumberOfSubsidiariesInvolvedInLitigation
1 subsidiary
CY2024Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
900000000 usd
CY2024Q1 rbc Loss Contingency Full Amount Paid
LossContingencyFullAmountPaid
1
CY2024Q1 us-gaap Loss Contingency Claims Settled And Dismissed Number
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350 claimant
CY2024Q1 rbc Loss Contingency Full Amount Paid
LossContingencyFullAmountPaid
1
CY2024Q1 rbc Loss Contingency Full Amount Paid
LossContingencyFullAmountPaid
1
CY2024Q1 rbc Loss Contingency Full Amount Paid
LossContingencyFullAmountPaid
1
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
34500000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
28800000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5700000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3300000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
5600000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6200000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
9800000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-200000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
0 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
34200000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
41500000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
14200000 usd
CY2023 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
15100000 usd
CY2024Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
12600000 usd
CY2024Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
8600000 usd
CY2024Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
2000000.0 usd
CY2023Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
15400000 usd
CY2023Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
5600000 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
7500000 usd
CY2024Q1 us-gaap Debt Securities Held To Maturity Derivative Cumulative Gain Loss
DebtSecuritiesHeldToMaturityDerivativeCumulativeGainLoss
28400000 usd
CY2024Q1 rbc Net Current Deferred Gains Losses Expected To Be Realized
NetCurrentDeferredGainsLossesExpectedToBeRealized
20600000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
21200000 usd
CY2024Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
1400000 usd
CY2024Q1 us-gaap Derivative Asset After Offset Subject To Master Netting Arrangement
DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
19800000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2000000.0 usd
CY2024Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
1400000 usd
CY2024Q1 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
600000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
15700000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
2600000 usd
CY2023Q4 us-gaap Derivative Asset After Offset Subject To Master Netting Arrangement
DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
13100000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
7500000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
2600000 usd
CY2023Q4 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
4900000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
29100000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
15100000 usd
CY2024Q1 rbc Restructuring Reserve Acquisition
RestructuringReserveAcquisition
0 usd
CY2023Q1 rbc Restructuring Reserve Acquisition
RestructuringReserveAcquisition
200000 usd
CY2024Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
7800000 usd
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
5000000.0 usd
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
16100000 usd
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
10200000 usd
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
20800000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
10100000 usd
CY2024Q1 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
1500000 usd
CY2024Q1 us-gaap Restructuring Costs
RestructuringCosts
9300000 usd
CY2023Q1 us-gaap Restructuring Costs
RestructuringCosts
5000000.0 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
9300000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
5000000.0 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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