$SPXC
SPX Technologies, Inc.

2022 Q4 Form 10-Q Financial Statement

#000008820522000044 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4
Revenue $370.5M
YoY Change 5.86%
Cost Of Revenue $237.4M
YoY Change 23.77%
Gross Profit $133.1M
YoY Change 2.94%
Gross Profit Margin 35.92%
Selling, General & Admin $89.10M
YoY Change 16.93%
% of Gross Profit 66.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.30M
YoY Change -5.83%
% of Gross Profit 8.49%
Operating Expenses $89.10M
YoY Change 16.93%
Operating Profit $37.30M
YoY Change 216.1%
Interest Expense $2.600M
YoY Change -25.71%
% of Operating Profit 6.97%
Other Income/Expense, Net -$24.60M
YoY Change -948.28%
Pretax Income $10.00M
YoY Change -12.28%
Income Tax -$2.500M
% Of Pretax Income -25.0%
Net Earnings $3.100M
YoY Change -99.06%
Net Earnings / Revenue 0.84%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $0.07
COMMON SHARES
Basic Shares Outstanding 45.14M shares
Diluted Shares Outstanding 46.13M shares

Balance Sheet

Concept 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.4M
YoY Change -67.26%
Cash & Equivalents $183.4M
Short-Term Investments
Other Short-Term Assets $92.80M
YoY Change 26.95%
Inventory $265.2M
Prepaid Expenses
Receivables $266.1M
Other Receivables $0.00
Total Short-Term Assets $837.7M
YoY Change -7.27%
LONG-TERM ASSETS
Property, Plant & Equipment $107.0M
YoY Change -0.93%
Goodwill $448.6M
YoY Change -1.9%
Intangibles $403.7M
YoY Change -2.84%
Long-Term Investments
YoY Change
Other Assets $619.8M
YoY Change -8.3%
Total Long-Term Assets $1.645B
YoY Change -4.66%
TOTAL ASSETS
Total Short-Term Assets $837.7M
Total Long-Term Assets $1.645B
Total Assets $2.483B
YoY Change -5.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.2M
YoY Change 4.68%
Accrued Expenses $194.6M
YoY Change -10.69%
Deferred Revenue $45.50M
YoY Change 1.79%
Short-Term Debt $1.900M
YoY Change -13.64%
Long-Term Debt Due $400.0K
YoY Change -96.92%
Total Short-Term Liabilities $374.4M
YoY Change -14.81%
LONG-TERM LIABILITIES
Long-Term Debt $244.6M
YoY Change 4.57%
Other Long-Term Liabilities $726.9M
YoY Change -7.81%
Total Long-Term Liabilities $1.028B
YoY Change -5.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.4M
Total Long-Term Liabilities $1.028B
Total Liabilities $1.403B
YoY Change -8.06%
SHAREHOLDERS EQUITY
Retained Earnings -$24.30M
YoY Change -53.09%
Common Stock $1.332B
YoY Change -0.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $465.6M
YoY Change 4.89%
Treasury Stock Shares 8.060M shares
Shareholders Equity $1.080B
YoY Change
Total Liabilities & Shareholders Equity $2.483B
YoY Change -5.56%

Cashflow Statement

Concept 2022 Q4
OPERATING ACTIVITIES
Net Income $3.100M
YoY Change -99.06%
Depreciation, Depletion And Amortization $11.30M
YoY Change -5.83%
Cash From Operating Activities -$14.00M
YoY Change -118.69%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M
YoY Change 21.21%
Acquisitions
YoY Change
Other Investing Activities $4.400M
YoY Change -99.25%
Cash From Investing Activities $400.0K
YoY Change -99.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.200M
YoY Change -103.7%
NET CHANGE
Cash From Operating Activities -14.00M
Cash From Investing Activities 400.0K
Cash From Financing Activities 6.200M
Net Change In Cash -7.400M
YoY Change -101.51%
FREE CASH FLOW
Cash From Operating Activities -$14.00M
Capital Expenditures -$4.000M
Free Cash Flow -$10.00M
YoY Change -112.79%

Facts In Submission

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CY2021Q4 spxc Liabilities Of Abandoned Entities
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CY2021Q4 us-gaap Commitments And Contingencies
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CY2021Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q4 us-gaap Treasury Stock Shares
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CY2021Q4 us-gaap Treasury Stock Value
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CY2021Q4 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Liabilities And Stockholders Equity
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CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022Q4 spxc Apic Share Based Payment Arrangement Long Term Incentive Compensation Expense
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CY2022Q4 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9200000 usd
spxc Apic Share Based Payment Arrangement Long Term Incentive Compensation Expense
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us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Net Income Loss
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CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q4 spxc Apic Share Based Payment Arrangement Long Term Incentive Compensation Expense
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CY2021Q4 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9800000 usd
spxc Apic Share Based Payment Arrangement Long Term Incentive Compensation Expense
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us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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CY2021Q4 us-gaap Stockholders Equity
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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spxc Special Charges
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spxc Special Charges
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us-gaap Equity Securities Fv Ni Gain Loss
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us-gaap Equity Securities Fv Ni Gain Loss
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Payments For Restructuring
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us-gaap Payments For Restructuring
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Life Insurance Policies
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us-gaap Proceeds From Life Insurance Policies
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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spxc Borrowings Under Senior Credit Facilities
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spxc Borrowings Under Senior Credit Facilities
BorrowingsUnderSeniorCreditFacilities
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spxc Repayments Under Senior Credit Facilities
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spxc Repayments Under Senior Credit Facilities
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spxc Borrowing Under Trade Receivables Agreement
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spxc Borrowing Under Trade Receivables Agreement
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spxc Repayments Under Trade Receivables Agreement
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spxc Repayments Under Trade Receivables Agreement
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Financing Costs
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 spxc Cash And Cash Equivalents Included In Assets Of Abandoned Entities
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CY2021Q4 spxc Cash And Cash Equivalents Included In Assets Of Abandoned Entities
CashAndCashEquivalentsIncludedInAssetsOfAbandonedEntities
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
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CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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spxc Number Of Large Power Projects
NumberOfLargePowerProjects
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CY2021Q4 us-gaap Goodwill And Intangible Asset Impairment
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us-gaap Use Of Estimates
UseOfEstimates
Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (“our 2021 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results.
us-gaap Fiscal Period
FiscalPeriod
We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2022 are April 2, July 2, and October 1, compared to the respective April 3, July 3 and October 2, 2021 dates. We had one less day in the first quarter of 2022 and will have one more day in the fourth quarter of 2022 than in the respective 2021 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the nine months ended October 1, 2022, when compared to the consolidated operating results for the 2021 respective period.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassification of Prior-Year Amounts</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Certain prior-year amounts have been reclassified to conform to the current-year presentation, including amounts related to the inclusion of DBT within discontinued operations and the change from the LIFO method of inventory accounting. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Correction of Prior-Year Classification</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Subsequent to issuance of the December 31, 2021 financial statements, management concluded that the impairment charge of $24.3 related to our ULC business’ goodwill and intangible assets mentioned above should have been reported in a separate line item within operating income. These amounts, which were previously classified within “Other operating (income) expense, net,” have been reclassified to “Impairment of goodwill and intangible assets” for the three and nine months ended October 2, 2021. As a result of this correction, “Other operating (income) expense, net” for the three and nine months ended October 2, 2021 reflects income of $24.3 and $21.6, respectively, whereas the expense disclosed prior to reclassification for the three and nine months ended October 2, 2021 was $0.0 and $2.7, respectively. The reclassification for the year ended December 31, 2021 will also be reflected within our Annual Report on Form 10-K for the year ending December 31, 2022.</span></div>
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us-gaap Other Operating Income Expense Net
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us-gaap Operating Income Loss
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Accounts Receivable Net
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CY2022Q4 us-gaap Contract With Customer Asset Net Current
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spxc Increase Decreasein Contractwith Customer Asset Net Current
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spxc Increase Decreasein Contractwith Customer Liability Current
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CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
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spxc Increase Decreasein Contractwith Customer Liability Noncurrent
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CY2021Q4 spxc Contractwith Customers Net
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spxc Increase Decreasein Contractwith Customers Net
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spxc Increase Decreasein Contractwith Customers Net
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CY2022Q4 us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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174700000 usd
CY2022Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
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CY2022Q4 spxc Number Of Countries In Which Entity Sells Its Products And Services
NumberOfCountriesInWhichEntitySellsItsProductsAndServices
100 country
us-gaap Number Of Reportable Segments
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CY2022Q4 us-gaap Operating Income Loss
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CY2021Q4 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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spxc Restructuring And Integration Reserves Translation And Other Adjustment
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spxc Restructuring And Integration Reserves Translation And Other Adjustment
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CY2021Q4 spxc Special Charges
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spxc Special Charges
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spxc Special Charges
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CY2021Q4 spxc Restructuring And Integration Reserves
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CY2020Q4 spxc Restructuring And Integration Reserves
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spxc Special Charges
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spxc Special Charges
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spxc Restructuring And Integration Reserves Settled With Cash
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spxc Restructuring And Integration Reserves Settled With Cash
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CY2022Q4 spxc Restructuring And Integration Reserves
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CY2021Q4 spxc Restructuring And Integration Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
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CY2021Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
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CY2022Q4 us-gaap Inventory Net
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265200000 usd
CY2021Q4 us-gaap Inventory Net
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CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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18100000 usd
CY2021Q4 us-gaap Income Tax Expense Benefit
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4200000 usd
CY2021Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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