$TGI
TRIUMPH GROUP INC

2024 Q3 Form 10-Q Financial Statement

#000095017024094151 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $287.5M $281.0M $327.1M
YoY Change -18.8% -14.1% -6.37%
Cost Of Revenue $192.9M $207.1M $240.7M
YoY Change -26.21% -13.98% -11.63%
Gross Profit $94.60M $73.94M $86.41M
YoY Change 2.09% -14.43% 12.25%
Gross Profit Margin 32.91% 26.31% 26.41%
Selling, General & Admin $51.12M $49.38M $55.65M
YoY Change 7.68% -11.28% 7.55%
% of Gross Profit 54.04% 66.78% 64.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.487M $7.367M $8.118M
YoY Change -6.9% -9.25% -17.21%
% of Gross Profit 7.91% 9.96% 9.39%
Operating Expenses $51.12M $49.38M $55.65M
YoY Change 7.68% -11.28% 7.55%
Operating Profit $32.43M $8.114M $10.02M
YoY Change -5.4% -19.05% -31.97%
Interest Expense -$21.87M -$18.98M -$38.65M
YoY Change -39.06% -50.88% 21.11%
% of Operating Profit -67.44% -233.97% -385.56%
Other Income/Expense, Net -$1.468M -$1.033M $8.821M
YoY Change -207.62% -111.71% 2.74%
Pretax Income $9.091M -$17.27M -$16.41M
YoY Change 1938.34% 5.23% 91.03%
Income Tax -$2.776M $1.499M $1.750M
% Of Pretax Income -30.54%
Net Earnings $11.87M -$14.09M -$18.16M
YoY Change -1015.66% -22.42% 75.62%
Net Earnings / Revenue 4.13% -5.01% -5.55%
Basic Earnings Per Share $0.15 -$0.18 -$0.27
Diluted Earnings Per Share $0.15 -$0.18 -$0.27
COMMON SHARES
Basic Shares Outstanding 77.33M 77.03M 65.45M
Diluted Shares Outstanding 77.72M 77.16M 66.35M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.9M $152.6M $146.3M
YoY Change -38.26% 4.3% 8.68%
Cash & Equivalents $104.9M $152.6M $146.3M
Short-Term Investments
Other Short-Term Assets $15.66M $19.31M $19.72M
YoY Change -16.04% -2.04% -81.21%
Inventory $393.8M $358.7M $429.4M
Prepaid Expenses
Receivables $162.2M $136.9M $158.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $761.3M $749.8M $866.7M
YoY Change -15.15% -13.49% -2.07%
LONG-TERM ASSETS
Property, Plant & Equipment $148.8M $143.4M $168.4M
YoY Change -10.68% -14.87% 1.67%
Goodwill $515.0M $510.7M $510.9M
YoY Change 1.29% -0.03% 0.56%
Intangibles $60.70M $62.84M $71.74M
YoY Change -12.57% -12.4% -12.38%
Long-Term Investments
YoY Change
Other Assets $25.66M $26.05M $32.12M
YoY Change -18.49% -18.9% 19.27%
Total Long-Term Assets $750.2M $743.0M $783.1M
YoY Change -3.32% -5.13% 0.09%
TOTAL ASSETS
Total Short-Term Assets $761.3M $749.8M $866.7M
Total Long-Term Assets $750.2M $743.0M $783.1M
Total Assets $1.511B $1.493B $1.650B
YoY Change -9.66% -9.52% -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.6M $128.2M $152.9M
YoY Change -6.06% -16.18% 15.2%
Accrued Expenses $105.9M $125.8M $144.3M
YoY Change -9.35% -12.8% -14.54%
Deferred Revenue $48.06M $46.24M $47.88M
YoY Change 20.82% -3.44% -11.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.126M $2.979M $3.313M
YoY Change 161.45% -10.08% 11.62%
Total Short-Term Liabilities $307.6M $303.2M $348.4M
YoY Change -2.23% -12.97% -35.91%
LONG-TERM LIABILITIES
Long-Term Debt $957.6M $957.2M $1.674B
YoY Change -42.17% -42.83% 5.5%
Other Long-Term Liabilities $64.86M $66.04M $57.37M
YoY Change 16.6% 15.12% 21.37%
Total Long-Term Liabilities $64.86M $66.04M $57.37M
YoY Change 16.6% 15.12% 21.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $307.6M $303.2M $348.4M
Total Long-Term Liabilities $64.86M $66.04M $57.37M
Total Liabilities $372.5M $369.2M $405.7M
YoY Change 0.6% -9.0% -31.32%
SHAREHOLDERS EQUITY
Retained Earnings -$697.4M -$709.3M -$1.226B
YoY Change -43.16% -42.13% -6.25%
Common Stock $1.112B $1.109B $1.020B
YoY Change 0.58% 8.71% 4.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$95.19M -$119.6M -$751.9M
YoY Change
Total Liabilities & Shareholders Equity $1.511B $1.493B $1.650B
YoY Change -9.66% -9.52% -1.06%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $11.87M -$14.09M -$18.16M
YoY Change -1015.66% -22.42% 75.62%
Depreciation, Depletion And Amortization $7.487M $7.367M $8.118M
YoY Change -6.9% -9.25% -17.21%
Cash From Operating Activities -$38.40M -$104.5M -$63.72M
YoY Change 19.18% 64.03% -31.5%
INVESTING ACTIVITIES
Capital Expenditures $6.286M $8.172M $13.25M
YoY Change 35.85% -38.32% -346.91%
Acquisitions
YoY Change
Other Investing Activities -$2.900M $572.0K -$1.515M
YoY Change -5786.27% -137.76%
Cash From Investing Activities -$9.186M -$7.600M -$14.76M
YoY Change 100.74% -48.52% 175.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -946.0K -126.5M -2.239M
YoY Change -101.54% 5550.78% -49.48%
NET CHANGE
Cash From Operating Activities -38.40M -104.5M -63.72M
Cash From Investing Activities -9.186M -7.600M -14.76M
Cash From Financing Activities -946.0K -126.5M -2.239M
Net Change In Cash -48.53M -239.9M -81.09M
YoY Change -296.67% 195.87% -23.68%
FREE CASH FLOW
Cash From Operating Activities -$38.40M -$104.5M -$63.72M
Capital Expenditures $6.286M $8.172M $13.25M
Free Cash Flow -$44.69M -$112.7M -$76.97M
YoY Change 21.27% 46.41% -12.2%

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CY2024Q2 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company’s trade and other accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company ("Boeing") (representing commercial, military, and space) represented approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">14</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of total trade accounts receivable as of June 30, 2024 and March 31, 2024, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Sales to Boeing for the three months ended June 30, 2024 were </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">63,556</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">, or </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">22.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of net sales, of which </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">44,719</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">18,837</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> were from Systems &amp; Support and Interiors, respectively. Sales to Boeing for the three months ended June 30, 2023, were </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">69,059</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">, or </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">26.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> of net sales, of which </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">46,141</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">22,918</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> were from Systems &amp; Support and Interiors, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing, could have a material adverse effect on the Company and its operating subsidiaries.</span></p>
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2016000
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2219000
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12351000
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12281000
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.087
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.062
CY2024Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q2 us-gaap Revenues
Revenues
281016000
CY2024Q2 tgi Intersegment Sales
IntersegmentSales
0
CY2024Q2 tgi Earnings Before Interest Taxes Depreciation Amortization Including Impairments And Pension Benefit Expense
EarningsBeforeInterestTaxesDepreciationAmortizationIncludingImpairmentsAndPensionBenefitExpense
40120000
CY2024Q2 tgi Depreciation Depletion And Amortization From Continuing Operations
DepreciationDepletionAndAmortizationFromContinuingOperations
7367000
CY2024Q2 tgi Interest Expense And Other Net
InterestExpenseAndOtherNet
18984000
CY2024Q2 tgi Corporate Expenses
CorporateExpenses
14751000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3015000
CY2024Q2 tgi Amortization Of Acquired Contract Liabilities
AmortizationOfAcquiredContractLiabilities
591000
CY2024Q2 tgi Non Service Defined Benefit Income
NonServiceDefinedBenefitIncome
1033000
CY2024Q2 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
7464000
CY2024Q2 tgi Gain Loss On Modification And Extinguishment Of Debt
GainLossOnModificationAndExtinguishmentOfDebt
-5369000
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17272000
CY2024Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
8172000
CY2024Q2 us-gaap Assets
Assets
1492764000
CY2023Q2 us-gaap Revenues
Revenues
263823000
CY2023Q2 tgi Intersegment Sales
IntersegmentSales
0
CY2023Q2 tgi Earnings Before Interest Taxes Depreciation Amortization Including Impairments And Pension Benefit Expense
EarningsBeforeInterestTaxesDepreciationAmortizationIncludingImpairmentsAndPensionBenefitExpense
38921000
CY2023Q2 tgi Depreciation Depletion And Amortization From Continuing Operations
DepreciationDepletionAndAmortizationFromContinuingOperations
7365000
CY2023Q2 tgi Interest Expense And Other Net
InterestExpenseAndOtherNet
32102000
CY2023Q2 tgi Corporate Expenses
CorporateExpenses
16450000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3622000
CY2023Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-12617000
CY2023Q2 tgi Amortization Of Acquired Contract Liabilities
AmortizationOfAcquiredContractLiabilities
575000
CY2023Q2 tgi Non Service Defined Benefit Income
NonServiceDefinedBenefitIncome
-820000
CY2023Q2 tgi Gain Loss On Modification And Extinguishment Of Debt
GainLossOnModificationAndExtinguishmentOfDebt
3391000
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8001000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-20448000
CY2023Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
6401000
CY2023Q2 tgi Lease Payment For Divested Business
LeasePaymentForDivestedBusiness
130000
CY2023Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
14644000
CY2023Q2 tgi Periodic Payment Of Withdrawal Liability
PeriodicPaymentOfWithdrawalLiability
400000
CY2024Q2 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
13502000

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