$STE
STERIS plc

2024 Q1 Form 10-Q Financial Statement

#000175789824000002 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $1.419B $1.396B
YoY Change 2.49% 14.77%
Cost Of Revenue $836.5M $793.1M
YoY Change 4.98% 14.19%
Gross Profit $582.9M $602.6M
YoY Change -0.88% 15.55%
Gross Profit Margin 41.07% 43.18%
Selling, General & Admin $309.1M $360.5M
YoY Change -7.99% 18.15%
% of Gross Profit 53.02% 59.83%
Research & Development $27.46M $25.91M
YoY Change 4.07% 1.56%
% of Gross Profit 4.71% 4.3%
Depreciation & Amortization $134.4M $140.6M
YoY Change -5.46% 1.92%
% of Gross Profit 23.06% 23.33%
Operating Expenses $336.5M $386.4M
YoY Change -7.11% 16.86%
Operating Profit $246.4M $216.2M
YoY Change 9.13% 13.29%
Interest Expense -$29.77M $38.95M
YoY Change -1.69% 36.37%
% of Operating Profit -12.08% 18.02%
Other Income/Expense, Net -$29.76M -$36.87M
YoY Change -1.72% 21.01%
Pretax Income $190.6M $179.3M
YoY Change -2.33% 11.82%
Income Tax $37.28M $38.34M
% Of Pretax Income 19.56% 21.39%
Net Earnings -$1.377M $140.7M
YoY Change -100.74% 13.66%
Net Earnings / Revenue -0.1% 10.08%
Basic Earnings Per Share -$0.01 $1.42
Diluted Earnings Per Share -$0.01 $1.42
COMMON SHARES
Basic Shares Outstanding 98.81M shares 98.80M shares
Diluted Shares Outstanding 99.35M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.0M $195.6M
YoY Change -0.64% -24.59%
Cash & Equivalents $207.0M $195.6M
Short-Term Investments
Other Short-Term Assets $985.7M $203.7M
YoY Change 449.8% 1.79%
Inventory $674.5M $855.6M
Prepaid Expenses
Receivables $1.008B $964.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.876B $2.219B
YoY Change 42.96% 12.26%
LONG-TERM ASSETS
Property, Plant & Equipment $1.938B $1.844B
YoY Change 2.17% 10.37%
Goodwill $4.071B $4.112B
YoY Change 4.94% 6.71%
Intangibles $2.119B $2.987B
YoY Change -28.3% -1.46%
Long-Term Investments
YoY Change
Other Assets $67.92M $77.34M
YoY Change -13.08% -3.76%
Total Long-Term Assets $8.196B $9.216B
YoY Change -6.97% 4.45%
TOTAL ASSETS
Total Short-Term Assets $2.876B $2.219B
Total Long-Term Assets $8.196B $9.216B
Total Assets $11.07B $11.44B
YoY Change 2.31% 5.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $251.7M $276.7M
YoY Change -9.98% 14.12%
Accrued Expenses $319.7M $318.1M
YoY Change 0.61% 4.97%
Deferred Revenue
YoY Change
Short-Term Debt $85.94M $78.44M
YoY Change 43.23% 30.73%
Long-Term Debt Due $85.94M $78.44M
YoY Change 43.23% 30.73%
Total Short-Term Liabilities $939.3M $913.7M
YoY Change 8.98% 14.72%
LONG-TERM LIABILITIES
Long-Term Debt $3.120B $3.231B
YoY Change 3.36% 7.65%
Other Long-Term Liabilities $697.1M $78.39M
YoY Change -18.39% 7.76%
Total Long-Term Liabilities $3.817B $3.309B
YoY Change -1.44% 7.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $939.3M $913.7M
Total Long-Term Liabilities $3.817B $3.309B
Total Liabilities $4.756B $5.007B
YoY Change 0.46% 5.38%
SHAREHOLDERS EQUITY
Retained Earnings $2.088B $2.134B
YoY Change 9.21% 20.5%
Common Stock $4.543B $4.534B
YoY Change 1.27% -2.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.315B $6.415B
YoY Change
Total Liabilities & Shareholders Equity $11.07B $11.44B
YoY Change 2.31% 5.88%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.377M $140.7M
YoY Change -100.74% 13.66%
Depreciation, Depletion And Amortization $134.4M $140.6M
YoY Change -5.46% 1.92%
Cash From Operating Activities $254.8M $291.3M
YoY Change 18.08% 41.68%
INVESTING ACTIVITIES
Capital Expenditures $91.50M $118.9M
YoY Change 28.06% 29.53%
Acquisitions
YoY Change
Other Investing Activities -$4.110M -$25.00K
YoY Change -32.94% -99.62%
Cash From Investing Activities -$95.61M -$119.0M
YoY Change 23.24% 20.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -143.8M -198.0M
YoY Change -25.1% 64.45%
NET CHANGE
Cash From Operating Activities 254.8M 291.3M
Cash From Investing Activities -95.61M -119.0M
Cash From Financing Activities -143.8M -198.0M
Net Change In Cash 15.43M -25.70M
YoY Change -128.72% 94.12%
FREE CASH FLOW
Cash From Operating Activities $254.8M $291.3M
Capital Expenditures $91.50M $118.9M
Free Cash Flow $163.3M $172.3M
YoY Change 13.13% 51.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
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dei Entity Incorporation State Country Code
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dei Entity Registrant Name
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STERIS plc
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:15.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We make certain estimates and assumptions when preparing financial statements according to U.S. GAAP that affect the reported amounts of assets and liabilities at the financial statement dates and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions involve judgments with respect to many factors that are difficult to predict and are beyond our control. Actual results could be materially different from these estimates. We revise the estimates and assumptions as new information becomes available. This means that operating results for the three and nine month periods ended December 31, 2023 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2024.</span></div>
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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">8. Commitments and Contingencies</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are, and will likely continue to be, involved in a number of legal proceedings, government investigations, and claims, which we believe generally arise in the course of our business given our size, history, complexity, and the nature of our business, products, Customers, regulatory environment, and industries in which we participate. These legal proceedings, investigations and claims generally involve a variety of legal theories and allegations, including, without limitation, personal injury (e.g., slip and falls, burns, vehicle accidents), product liability or regulation (e.g., based on product operation or claimed malfunction, failure to warn, failure to meet specification, or failure to comply with regulatory requirements), product exposure (e.g., claimed exposure to chemicals, gases, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse effect on our consolidated financial position or results of operations taken as a whole. Due to their inherent uncertainty, however, there can be no assurance of the ultimate outcome or effect of current or future litigation, investigations, claims or other proceedings (including without limitation the matters discussed below). For certain types of claims, we presently maintain insurance coverage for personal injury and property damage and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Civil, criminal, regulatory or other proceedings involving our products or services could possibly result in judgments, settlements or administrative or judicial decrees requiring us, among other actions, to pay damages or fines or affect recalls, or be subject to other governmental, Customer or other third party claims or remedies, which could materially affect our business, performance, prospects, value, financial condition, and results of operations.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For additional information regarding these matters, see the following portions of our Annual Report on Form 10-K for the year ended March 31, 2023, which was filed with the SEC on May 26, 2023, Item 1 titled "Business - Information with respect to our Business in General - Government Regulation" and the "Risk Factors" in Item 1A titled "Product and service related regulations and claims."</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, STERIS is also involved in legal proceedings as a plaintiff involving contract, patent protection, and other claims asserted by us. Gains, if any, from these proceedings are recognized when they are realized.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to taxation from United States federal, state and local, and foreign jurisdictions. Tax positions are settled primarily through the completion of audits within each individual jurisdiction or the closing of statutes of limitation. Changes in applicable tax law or other events may also require us to revise past estimates. We describe income taxes further in Note 7 to our consolidated financial statements titled, “Income Taxes” in this Quarterly Report on Form 10-Q.</span></div>
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