$SPXC
SPX Technologies, Inc.

2024 Q2 Form 10-Q Financial Statement

#000008820524000039 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $501.3M $465.2M
YoY Change 25.39%
Cost Of Revenue $300.5M $282.3M
YoY Change 20.25%
Gross Profit $200.8M $182.9M
YoY Change 33.96%
Gross Profit Margin 40.06% 39.32%
Selling, General & Admin $101.2M $102.9M
YoY Change 7.89%
% of Gross Profit 50.4% 56.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.00M
YoY Change
% of Gross Profit 11.48%
Operating Expenses $101.2M $102.9M
YoY Change 7.89%
Operating Profit $74.60M $64.60M
YoY Change 49.8%
Interest Expense $12.80M $9.800M
YoY Change 433.33%
% of Operating Profit 17.16% 15.17%
Other Income/Expense, Net -$1.700M -$4.000M
YoY Change -168.0%
Pretax Income $60.40M $51.10M
YoY Change 19.84%
Income Tax $15.20M $1.900M
% Of Pretax Income 25.17% 3.72%
Net Earnings $44.20M $49.00M
YoY Change 3.27%
Net Earnings / Revenue 8.82% 10.53%
Basic Earnings Per Share $0.96 $1.07
Diluted Earnings Per Share $0.94 $1.05
COMMON SHARES
Basic Shares Outstanding 46.23M shares 45.69M shares
Diluted Shares Outstanding 47.16M shares 46.68M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $128.1M $100.5M
Short-Term Investments
Other Short-Term Assets $30.00M $34.40M
YoY Change -28.91%
Inventory $292.7M $295.1M
Prepaid Expenses
Receivables $325.9M $317.6M
Other Receivables
Total Short-Term Assets $808.7M $779.6M
YoY Change -1.35%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $845.0M $844.5M
YoY Change 84.5%
Intangibles $742.7M $760.6M
YoY Change 87.46%
Long-Term Investments
YoY Change
Other Assets $154.2M $184.3M
YoY Change -20.84%
Total Long-Term Assets $1.974B $2.020B
YoY Change 64.31%
TOTAL ASSETS
Total Short-Term Assets $808.7M $779.6M
Total Long-Term Assets $1.974B $2.020B
Total Assets $2.783B $2.800B
YoY Change 37.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.2M $151.4M
YoY Change 6.83%
Accrued Expenses $150.7M $126.2M
YoY Change 24.24%
Deferred Revenue $61.70M $72.90M
YoY Change -6.23%
Short-Term Debt $256.3M $317.0M
YoY Change 271.99%
Long-Term Debt Due $24.10M $20.80M
YoY Change 588.57%
Total Short-Term Liabilities $633.3M $694.8M
YoY Change 60.78%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $213.2M $202.6M
YoY Change 3.39%
Total Long-Term Liabilities $866.0M $867.3M
YoY Change 72.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $633.3M $694.8M
Total Long-Term Liabilities $866.0M $867.3M
Total Liabilities $1.499B $1.562B
YoY Change 67.46%
SHAREHOLDERS EQUITY
Retained Earnings $131.5M $87.30M
YoY Change -1594.32%
Common Stock $1.359B $1.352B
YoY Change 1.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.284B $1.238B
YoY Change
Total Liabilities & Shareholders Equity $2.783B $2.800B
YoY Change 37.68%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $44.20M $49.00M
YoY Change 3.27%
Depreciation, Depletion And Amortization $21.00M
YoY Change
Cash From Operating Activities $10.50M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $294.1M
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$303.9M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $292.7M
YoY Change
NET CHANGE
Cash From Operating Activities $10.50M
Cash From Investing Activities -$303.9M
Cash From Financing Activities $292.7M
Net Change In Cash $600.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities $10.50M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q1 us-gaap Use Of Estimates
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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, 2023 (“our 2023 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results.
CY2024Q1 us-gaap Fiscal Period
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<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:115%">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 2024 are March 30, June 29, and September 28, compared to the respective April 1, July 1, and September 30 dates of 2023. We had one less day in the first quarter of 2024 and will have two more days in the fourth quarter of 2024 than in the respective 2023 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the three months ended March 30, 2024, when compared to the consolidated operating results for the 2023 respective period.</span></div>
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CY2023Q4 us-gaap Inventory Net
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CY2024Q1 us-gaap Goodwill Gross
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CY2023Q4 us-gaap Goodwill
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CY2024Q1 us-gaap Goodwill
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CY2024Q1 us-gaap Product Warranty Accrual Payments
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Loss Contingency Accrual At Carrying Value
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CY2023Q4 us-gaap Loss Contingency Accrual At Carrying Value
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CY2024Q1 spxc Number Of Large Power Projects
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CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies Gross
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CY2024Q1 us-gaap Unrecognized Tax Benefits
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1300000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1900000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
51100000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.037
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11300000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50400000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.224
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
10900000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
900000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
4200000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni Realized Gain
EquitySecuritiesFvNiRealizedGain
3600000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
35200000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
39400000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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