2022 Q4 Form 10-K Financial Statement

#000154638022000035 Filed on November 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022
Revenue $526.6M $1.186B $3.924B
YoY Change -26.32% -20.32%
Cost Of Revenue $420.6M $883.7M $2.891B
YoY Change -20.69% -15.74%
Gross Profit $106.0M $236.6M $1.033B
YoY Change -52.16% -29.68%
Gross Profit Margin 20.13% 19.95% 26.32%
Selling, General & Admin $128.5M $135.8M $613.0M
YoY Change -30.04% -17.55%
% of Gross Profit 121.23% 57.4% 59.34%
Research & Development $8.900M $10.40M $45.30M
YoY Change -8.77% -0.22%
% of Gross Profit 8.4% 4.4% 4.39%
Depreciation & Amortization $17.50M $27.10M $105.2M
YoY Change 15.32% 67.25%
% of Gross Profit 16.51% 11.45% 10.18%
Operating Expenses $129.0M $135.8M $613.8M
YoY Change -30.04% -22.2%
Operating Profit -$23.00M -$562.5M $419.2M
YoY Change -286.2% -42.02%
Interest Expense -$54.10M $31.00M -$131.0M
YoY Change 41.55% -266.03%
% of Operating Profit -31.25%
Other Income/Expense, Net $1.600M $1.700M $6.900M
YoY Change 41.67% -62.9%
Pretax Income -$94.30M -$576.7M -$558.1M
YoY Change -290.39% -182.43%
Income Tax -$29.60M -$132.8M -$120.6M
% Of Pretax Income
Net Earnings -$64.70M -$443.9M -$437.5M
YoY Change -296.5% -185.37%
Net Earnings / Revenue -12.29% -37.43% -11.15%
Basic Earnings Per Share -$1.17 -$8.01 -$7.88
Diluted Earnings Per Share -$1.166M -$8.01 -$7.883M
COMMON SHARES
Basic Shares Outstanding 55.46M shares 55.40M shares 55.50M shares
Diluted Shares Outstanding 55.50M shares 55.40M shares 55.50M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.60M $27.80M $86.80M
YoY Change -52.32% -64.44%
Cash & Equivalents $25.60M $27.80M $86.80M
Short-Term Investments
Other Short-Term Assets $257.5M $200.8M $172.8M
YoY Change 36.69% 1.71%
Inventory $1.526B $1.408B $1.344B
Prepaid Expenses
Receivables $490.3M $674.7M $378.8M
Other Receivables $0.00 $277.8M $0.00
Total Short-Term Assets $2.299B $2.589B $1.982B
YoY Change 27.9% -2.08%
LONG-TERM ASSETS
Property, Plant & Equipment $592.8M $625.2M $606.0M
YoY Change 0.48% -33.78%
Goodwill $254.3M $254.7M
YoY Change -57.91%
Intangibles $576.0M $627.1M
YoY Change -11.63%
Long-Term Investments $181.5M $208.3M $193.8M
YoY Change 0.63% -6.38%
Other Assets $630.1M $689.7M $680.9M
YoY Change 9.13% 100.86%
Total Long-Term Assets $2.235B $2.405B $2.315B
YoY Change -13.36% -16.61%
TOTAL ASSETS
Total Short-Term Assets $2.299B $2.589B $1.982B
Total Long-Term Assets $2.235B $2.405B $2.315B
Total Assets $4.534B $4.994B $4.297B
YoY Change 4.04% -10.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $366.8M $291.0M $422.6M
YoY Change -52.25% -30.65%
Accrued Expenses $76.50M $71.80M $225.3M
YoY Change 15.25% -33.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $216.8M $322.0M $144.3M
YoY Change 457.09% 149.65%
Total Short-Term Liabilities $931.7M $1.072B $963.9M
YoY Change -6.01% -15.48%
LONG-TERM LIABILITIES
Long-Term Debt $3.190B $3.156B $2.826B
YoY Change 41.08% 26.36%
Other Long-Term Liabilities $353.2M $348.1M $359.0M
YoY Change -15.01% -0.77%
Total Long-Term Liabilities $3.543B $3.504B $3.185B
YoY Change 32.4% 22.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $931.7M $1.072B $963.9M
Total Long-Term Liabilities $3.543B $3.504B $3.185B
Total Liabilities $4.475B $4.576B $4.149B
YoY Change 20.83% 9.57%
SHAREHOLDERS EQUITY
Retained Earnings $917.9M $1.277B
YoY Change -20.45%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.057B $1.096B
YoY Change 9.35%
Treasury Stock Shares 12.30M shares 12.80M shares
Shareholders Equity $59.50M $418.1M $147.7M
YoY Change
Total Liabilities & Shareholders Equity $4.534B $4.994B $4.297B
YoY Change 4.04% -10.48%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022
OPERATING ACTIVITIES
Net Income -$64.70M -$443.9M -$437.5M
YoY Change -296.5% -185.37%
Depreciation, Depletion And Amortization $17.50M $27.10M $105.2M
YoY Change 15.32% 67.25%
Cash From Operating Activities -$431.6M $463.0M -$129.0M
YoY Change -6.05% -147.51%
INVESTING ACTIVITIES
Capital Expenditures $29.60M -$33.00M -$113.5M
YoY Change 36.36% -206.17%
Acquisitions $0.00 $237.3M
YoY Change 85.68%
Other Investing Activities $6.400M -$45.70M -$169.7M
YoY Change 228.78% -2050.57%
Cash From Investing Activities -$36.00M -$78.70M -$283.2M
YoY Change 106.56% -47.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$254.6M
YoY Change -296.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $406.2M -373.4M 255.3M
YoY Change -9.26% -48.32%
NET CHANGE
Cash From Operating Activities -$431.6M 463.0M -129.0M
Cash From Investing Activities -$36.00M -78.70M -283.2M
Cash From Financing Activities $406.2M -373.4M 255.3M
Net Change In Cash -$61.20M 10.90M -156.9M
YoY Change -74.77% -168.97%
FREE CASH FLOW
Cash From Operating Activities -$431.6M $463.0M -$129.0M
Capital Expenditures $29.60M -$33.00M -$113.5M
Free Cash Flow -$461.2M $496.0M -$15.50M
YoY Change -4.06% -109.42%

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<div style="margin-top:9pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes and related disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results ultimately may differ from the estimates.</span></div>
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CY2020 smg Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Share Based Awards And Vesting Of Restricted Stock
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CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022 us-gaap Loss Contingency Disclosures
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CONTINGENCIES<div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management regularly evaluates the Company’s contingencies, including various judicial and administrative proceedings and claims arising in the ordinary course of business, including product and general liabilities, workers’ compensation, property losses and other liabilities for which the Company is self-insured or retains a high exposure limit. Self-insurance accruals are established based on actuarial loss estimates for specific individual claims plus actuarially estimated amounts for incurred but not reported claims and adverse development factors applied to existing claims. Legal costs incurred in connection with the resolution of claims, lawsuits and other contingencies generally are expensed as incurred. In the opinion of management, the assessment of contingencies is reasonable and related accruals, in the aggregate, are adequate; however, there can be no assurance that final resolution of these matters will not have a material effect on the Company’s financial condition, results of operations or cash flows.</span></div><div style="margin-top:9pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Regulatory Matters</span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2022, $2.4 was accrued in the “Other liabilities” line in the Consolidated Balance Sheets for environmental actions, the majority of which are for site remediation. The Company believes that the amounts accrued are adequate to cover such known environmental exposures based on current facts and estimates of likely outcomes. Although it is reasonably possible that the costs to resolve such known environmental exposures will exceed the amounts accrued, any variation from accrued amounts is not expected to be material.</span></div><div style="margin-top:9pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Other</span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has been named as a defendant in a number of cases alleging injuries that the lawsuits claim resulted from exposure to asbestos-containing products, apparently based on the Company’s historic use of vermiculite in certain of its products. In many of these cases, the complaints are not specific about the plaintiffs’ contacts with the Company or its products. The cases vary, but complaints in these cases generally seek unspecified monetary damages (actual, compensatory, consequential and punitive) from multiple defendants. The Company believes that the claims against it are without merit and is vigorously defending against them. No accruals have been recorded in the Company’s consolidated financial statements as the likelihood of a loss is not probable at this time; and the Company does not believe a reasonably possible loss would be material to, nor does it expect the ultimate resolution of these cases will have a material adverse effect on, the Company’s financial condition, results of operations or cash flows. There can be no assurance that future developments related to pending claims or claims filed in the future, whether as a result of adverse outcomes or as a result of significant defense costs, will not have a material effect on the Company’s financial condition, results of operations or cash flows.</span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is involved in other lawsuits and claims which arise in the normal course of business. These claims individually and in the aggregate are not expected to result in a material effect on the Company’s financial condition, results of operations or cash flows.</span></div>
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CY2022 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Depreciation And Amortization
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CY2022 smg Paymentsto Acquire Property Plantand Equipment Excluding Discontinued Operations
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CY2021 smg Paymentsto Acquire Property Plantand Equipment Excluding Discontinued Operations
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CY2022Q3 us-gaap Assets
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CY2022Q3 us-gaap Noncurrent Assets
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CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
1007900000 usd

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