$STLD
STEEL DYNAMICS INC

2019 Q4 Form 10-Q Financial Statement

#000155837019009545 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $2.350B $2.527B $3.224B
YoY Change -19.07% -21.61% 31.93%
Cost Of Revenue $2.034B $2.167B $2.537B
YoY Change -14.64% -14.6% 23.97%
Gross Profit $316.4M $359.8M $686.1M
YoY Change -39.3% -47.55% 73.03%
Gross Profit Margin 13.46% 14.24% 21.28%
Selling, General & Admin $125.6M $131.8M $154.5M
YoY Change -15.25% -14.7% 23.11%
% of Gross Profit 39.7% 36.63% 22.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.50M $79.47M $81.38M
YoY Change -0.12% -2.35% 8.21%
% of Gross Profit 25.44% 22.08% 11.86%
Operating Expenses $134.4M $131.8M $154.5M
YoY Change -13.62% -14.7% 23.11%
Operating Profit $182.0M $228.0M $531.6M
YoY Change -50.22% -57.1% 96.14%
Interest Expense -$32.30M $31.34M $31.56M
YoY Change 1.89% -0.7% -7.66%
% of Operating Profit -17.75% 13.74% 5.94%
Other Income/Expense, Net $400.0K $4.545M $7.103M
YoY Change -94.59% -36.01% -381.2%
Pretax Income $150.1M $201.3M $507.1M
YoY Change -56.02% -60.31% 116.43%
Income Tax $26.30M $48.64M $109.2M
% Of Pretax Income 17.52% 24.17% 21.54%
Net Earnings $123.7M $152.6M $397.9M
YoY Change -54.15% -61.65% 163.49%
Net Earnings / Revenue 5.26% 6.04% 12.34%
Basic Earnings Per Share $0.56 $0.69 $1.70
Diluted Earnings Per Share $0.56 $0.69 $1.69
COMMON SHARES
Basic Shares Outstanding 215.5M 217.9M 234.2M
Diluted Shares Outstanding 219.1M 235.6M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.644B $1.216B $1.000B
YoY Change 55.24% 21.6% -9.42%
Cash & Equivalents $1.381B $1.146B $884.3M
Short-Term Investments $262.0M $70.00M $116.0M
Other Short-Term Assets $76.01M $50.82M $50.11M
YoY Change 4.51% 1.41% -13.6%
Inventory $1.689B $1.767B $1.854B
Prepaid Expenses
Receivables $841.4M $983.5M $1.224B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.253B $4.020B $4.131B
YoY Change 5.46% -2.69% 15.66%
LONG-TERM ASSETS
Property, Plant & Equipment $3.136B $3.032B $2.902B
YoY Change 6.45% 4.48% 7.11%
Goodwill $452.9M $540.9M $502.9M
YoY Change 5.42% 7.56%
Intangibles $327.9M $249.6M $236.6M
YoY Change 21.3% 5.51%
Long-Term Investments
YoY Change
Other Assets $106.0M $100.7M $25.77M
YoY Change 321.35% 290.71% -7.96%
Total Long-Term Assets $4.023B $3.923B $3.667B
YoY Change 9.58% 6.98% 8.2%
TOTAL ASSETS
Total Short-Term Assets $4.253B $4.020B $4.131B
Total Long-Term Assets $4.023B $3.923B $3.667B
Total Assets $8.276B $7.943B $7.798B
YoY Change 7.43% 1.86% 12.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $509.7M $518.9M $595.3M
YoY Change -5.04% -12.83% 12.53%
Accrued Expenses $175.4M $162.7M $136.1M
YoY Change 19.64% 19.53% -61.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $89.36M $82.15M $14.78M
YoY Change 268.72% 455.97% -91.93%
Total Short-Term Liabilities $1.007B $1.005B $1.050B
YoY Change -1.22% -4.23% -1.62%
LONG-TERM LIABILITIES
Long-Term Debt $2.645B $2.355B $2.352B
YoY Change 12.43% 0.14% 0.04%
Other Long-Term Liabilities $75.06M $70.13M $11.83M
YoY Change 746.17% 492.63% -40.84%
Total Long-Term Liabilities $2.720B $2.425B $2.364B
YoY Change 15.19% 2.6% -0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.007B $1.005B $1.050B
Total Long-Term Liabilities $2.720B $2.425B $2.364B
Total Liabilities $4.211B $3.899B $3.812B
YoY Change 10.34% 2.27% -1.13%
SHAREHOLDERS EQUITY
Retained Earnings $4.419B $4.350B $3.731B
YoY Change 11.65% 16.59%
Common Stock $1.182B $1.176B $1.157B
YoY Change 1.81% 1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.525B $1.469B $854.1M
YoY Change 28.78% 72.01%
Treasury Stock Shares $51.57M $49.81M $31.70M
Shareholders Equity $4.076B $4.057B $4.034B
YoY Change
Total Liabilities & Shareholders Equity $8.276B $7.943B $7.798B
YoY Change 7.43% 1.86% 12.03%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $123.7M $152.6M $397.9M
YoY Change -54.15% -61.65% 163.49%
Depreciation, Depletion And Amortization $80.50M $79.47M $81.38M
YoY Change -0.12% -2.35% 8.21%
Cash From Operating Activities $409.1M $444.2M $420.4M
YoY Change -16.7% 5.65% 86.16%
INVESTING ACTIVITIES
Capital Expenditures -$158.2M $154.1M $70.67M
YoY Change 151.51% 118.11% 65.13%
Acquisitions
YoY Change
Other Investing Activities -$190.9M -$2.746M -$576.0K
YoY Change 76.11% 376.74% -46.72%
Cash From Investing Activities -$349.2M -$110.5M -$132.7M
YoY Change 103.85% -16.75% 180.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $115.0M $74.97M
YoY Change 53.34% -24.34%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 176.0M -161.0M -124.0M
YoY Change -146.86% 29.78% -973.24%
NET CHANGE
Cash From Operating Activities 409.1M 444.2M 420.4M
Cash From Investing Activities -349.2M -110.5M -132.7M
Cash From Financing Activities 176.0M -161.0M -124.0M
Net Change In Cash 235.9M 172.8M 163.7M
YoY Change -522.76% 5.53% -15.1%
FREE CASH FLOW
Cash From Operating Activities $409.1M $444.2M $420.4M
Capital Expenditures -$158.2M $154.1M $70.67M
Free Cash Flow $567.3M $290.1M $349.8M
YoY Change 2.4% -17.07% 91.07%

Facts In Submission

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<p style="font-family:'Times New Roman';font-size:9pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates. </span>These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.</p><p style="font-family:'Times New Roman';font-size:9pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2018.</p>
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