$STLD
STEEL DYNAMICS INC

2023 Q2 Form 10-Q Financial Statement

#000155837023008282 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $5.082B $4.893B
YoY Change -18.21% -12.15%
Cost Of Revenue $3.775B $3.837B
YoY Change -12.81% 1.31%
Gross Profit $1.307B $1.056B
YoY Change -30.61% -40.75%
Gross Profit Margin 25.72% 21.58%
Selling, General & Admin $232.2M $213.9M
YoY Change -10.04% -23.74%
% of Gross Profit 17.77% 20.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $111.0M $107.7M
YoY Change 15.95% 23.01%
% of Gross Profit 8.49% 10.2%
Operating Expenses $243.1M $220.8M
YoY Change -8.35% -23.25%
Operating Profit $1.064B $835.4M
YoY Change -34.26% -44.12%
Interest Expense -$20.77M -$22.51M
YoY Change -180.91% -235.02%
% of Operating Profit -1.95% -2.69%
Other Income/Expense, Net $31.35M $34.94M
YoY Change 679.61% -270.69%
Pretax Income $1.074B $847.8M
YoY Change -32.7% -41.84%
Income Tax $258.1M $203.5M
% Of Pretax Income 24.03% 24.0%
Net Earnings $812.1M $637.3M
YoY Change -33.14% -42.45%
Net Earnings / Revenue 15.98% 13.02%
Basic Earnings Per Share $4.83 $3.71
Diluted Earnings Per Share $4.81 $3.70
COMMON SHARES
Basic Shares Outstanding 169.0M 171.6M
Diluted Shares Outstanding 168.9M 172.5M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.087B $2.320B
YoY Change 53.68% 95.01%
Cash & Equivalents $1.475B $1.605B
Short-Term Investments $611.7M $714.8M
Other Short-Term Assets $122.0M $127.0M
YoY Change 35.37% 59.53%
Inventory $3.044B $2.989B
Prepaid Expenses
Receivables $2.143B $2.127B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.396B $7.563B
YoY Change -4.64% 5.78%
LONG-TERM ASSETS
Property, Plant & Equipment $5.784B $5.491B
YoY Change 18.36% 13.74%
Goodwill $477.5M $502.1M
YoY Change 5.56% 10.81%
Intangibles $274.0M $260.6M
YoY Change -2.5% -9.56%
Long-Term Investments
YoY Change
Other Assets $620.2M $403.3M
YoY Change 84.99% 19.4%
Total Long-Term Assets $7.155B $6.657B
YoY Change 20.15% 12.7%
TOTAL ASSETS
Total Short-Term Assets $7.396B $7.563B
Total Long-Term Assets $7.155B $6.657B
Total Assets $14.55B $14.22B
YoY Change 6.13% 8.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.049B $1.139B
YoY Change -23.21% -5.25%
Accrued Expenses $614.4M $506.0M
YoY Change 104.35% 87.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $56.87M $46.45M
YoY Change 53.16% -32.08%
Total Short-Term Liabilities $1.759B $1.821B
YoY Change -20.11% -12.92%
LONG-TERM LIABILITIES
Long-Term Debt $3.011B $3.014B
YoY Change -0.01% 0.14%
Other Long-Term Liabilities $175.1M $180.3M
YoY Change 82.5% 49.13%
Total Long-Term Liabilities $3.186B $3.195B
YoY Change 2.54% 2.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.759B $1.821B
Total Long-Term Liabilities $3.186B $3.195B
Total Liabilities $5.843B $5.883B
YoY Change -5.18% -3.21%
SHAREHOLDERS EQUITY
Retained Earnings $12.68B $11.94B
YoY Change 27.51% 35.68%
Common Stock $1.205B $1.195B
YoY Change -0.77% -0.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.708B $8.337B
YoY Change
Total Liabilities & Shareholders Equity $14.55B $14.22B
YoY Change 6.13% 8.91%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $812.1M $637.3M
YoY Change -33.14% -42.45%
Depreciation, Depletion And Amortization $111.0M $107.7M
YoY Change 15.95% 23.01%
Cash From Operating Activities $807.8M $733.8M
YoY Change -19.37% -10.4%
INVESTING ACTIVITIES
Capital Expenditures $358.3M $226.3M
YoY Change 118.27% 42.04%
Acquisitions
YoY Change
Other Investing Activities -$115.0M -$83.33M
YoY Change 2287.13% 20223.66%
Cash From Investing Activities -$473.3M -$309.6M
YoY Change -7.35% -18.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -464.1M -447.6M
YoY Change -31.08% -9.0%
NET CHANGE
Cash From Operating Activities 807.8M 733.8M
Cash From Investing Activities -473.3M -309.6M
Cash From Financing Activities -464.1M -447.6M
Net Change In Cash -129.6M -23.48M
YoY Change -28.97% -56.8%
FREE CASH FLOW
Cash From Operating Activities $807.8M $733.8M
Capital Expenditures $358.3M $226.3M
Free Cash Flow $449.5M $507.5M
YoY Change -46.34% -23.07%

Facts In Submission

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CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Payments To Acquire Short Term Investments
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CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Issuance Of Debt
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CY2022Q1 us-gaap Proceeds From Issuance Of Debt
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Income Taxes Paid Net
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7388000
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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','Times','serif';font-size:10pt;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, 2022.</p>
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CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q4 us-gaap Goodwill
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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637310000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
171597000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.71
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1103931000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
192158000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.74
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
882000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1083000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
637310000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
172479000
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.70
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1103931000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193241000
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.71
CY2023Q1 us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
-301000
CY2022Q1 us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
-285000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4271000
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1404257000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1608344000
CY2023Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
661039000
CY2022Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
629074000
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
291538000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
256071000
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
632018000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
636475000
CY2023Q1 us-gaap Inventory Net
InventoryNet
2988852000
CY2022Q4 us-gaap Inventory Net
InventoryNet
3129964000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7914302000
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
72316000
CY2023Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
7387000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
353997000
CY2023Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
-5628000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
644333000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
911000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8120218000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6108757000
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
64344000
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
21633000
CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2022Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
1107354000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
11387000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6750260000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
6159000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
5192000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
2000000.0
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
18100000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
786000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
3200000
CY2023Q1 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
2400000
CY2023Q1 stld Period With In Which Company Expects To Reclassify Net Gains On Derivative Instruments From Oci To Earnings
PeriodWithInWhichCompanyExpectsToReclassifyNetGainsOnDerivativeInstrumentsFromOciToEarnings
P12M
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
3100000000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
3100000000
CY2023Q1 us-gaap Revenues
Revenues
4893206000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
835360000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
847789000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
107694000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
226319000
CY2023Q1 us-gaap Assets
Assets
14219760000
CY2022Q1 us-gaap Revenues
Revenues
5569902000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1494867000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1457730000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
87546000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
159330000

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