2024 Q1 Form 10-K Financial Statement

#000009713424000008 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $311.0M $311.4M $1.244B
YoY Change 1.7% 7.01% 13.86%
Cost Of Revenue $173.5M $180.3M $715.8M
YoY Change -3.77% 2.74% 6.63%
Gross Profit $137.5M $131.1M $527.8M
YoY Change 9.56% 13.51% 25.4%
Gross Profit Margin 44.21% 42.1% 42.44%
Selling, General & Admin $89.90M $94.00M $352.6M
YoY Change 10.04% 19.75% 15.12%
% of Gross Profit 65.38% 71.7% 66.81%
Research & Development $10.10M $10.60M $36.60M
YoY Change 27.85% 39.47% 17.68%
% of Gross Profit 7.35% 8.09% 6.93%
Depreciation & Amortization $9.600M $13.70M $36.40M
YoY Change 15.66% 8.73% 10.98%
% of Gross Profit 6.98% 10.45% 6.9%
Operating Expenses $100.0M $104.6M $389.2M
YoY Change 11.61% 21.49% 15.35%
Operating Profit $37.50M $26.50M $138.6M
YoY Change 4.46% -9.86% 58.94%
Interest Expense -$2.300M -$2.700M -$13.50M
YoY Change -37.84% -35.71% 90.14%
% of Operating Profit -6.13% -10.19% -9.74%
Other Income/Expense, Net $100.0K $200.0K -$1.600M
YoY Change -200.0% -60.0% -366.67%
Pretax Income $35.10M $22.00M $123.8M
YoY Change 9.69% -10.93% 55.72%
Income Tax $6.700M -$9.000M $14.30M
% Of Pretax Income 19.09% -40.91% 11.55%
Net Earnings $28.40M $31.00M $109.5M
YoY Change 16.87% 30.25% 65.16%
Net Earnings / Revenue 9.13% 9.96% 8.81%
Basic Earnings Per Share $1.52 $5.92
Diluted Earnings Per Share $1.49 $1.64 $5.83
COMMON SHARES
Basic Shares Outstanding 18.62M shares 18.68M shares 18.51M shares
Diluted Shares Outstanding 19.08M shares 18.78M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.80M $117.1M $117.1M
YoY Change -2.84% 51.29% 51.29%
Cash & Equivalents $88.80M $117.1M $117.1M
Short-Term Investments
Other Short-Term Assets $33.60M $28.50M $28.50M
YoY Change 1.51% -28.39% -28.39%
Inventory $181.4M $175.9M $175.9M
Prepaid Expenses
Receivables $257.3M $247.6M $247.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $561.1M $569.1M $569.1M
YoY Change -3.66% -1.08% -1.08%
LONG-TERM ASSETS
Property, Plant & Equipment $225.1M $229.4M $229.4M
YoY Change 23.14% 8.36% 8.36%
Goodwill $192.2M $187.4M
YoY Change 3.89% 2.97%
Intangibles $72.30M $63.10M
YoY Change -1.23% -17.41%
Long-Term Investments
YoY Change
Other Assets $101.0M $64.40M $64.40M
YoY Change 130.07% 62.22% 62.22%
Total Long-Term Assets $590.6M $544.3M $544.3M
YoY Change 13.95% 6.77% 6.77%
TOTAL ASSETS
Total Short-Term Assets $561.1M $569.1M $569.1M
Total Long-Term Assets $590.6M $544.3M $544.3M
Total Assets $1.152B $1.113B $1.113B
YoY Change 4.63% 2.61% 2.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.9M $111.4M $111.4M
YoY Change 6.21% -11.66% -11.66%
Accrued Expenses $46.70M $101.0M $119.3M
YoY Change 4.01% 129.55% 171.14%
Deferred Revenue $7.900M
YoY Change 19.7%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.200M $6.400M $6.400M
YoY Change 35.85% 23.08% 23.08%
Total Short-Term Liabilities $260.4M $273.7M $273.7M
YoY Change 1.4% 4.63% 4.63%
LONG-TERM LIABILITIES
Long-Term Debt $207.4M $194.2M $194.2M
YoY Change -29.41% -34.19% -34.19%
Other Long-Term Liabilities $18.80M $21.50M $62.20M
YoY Change 27.03% 48.28% 38.84%
Total Long-Term Liabilities $275.4M $261.4M $256.4M
YoY Change -21.47% -25.61% -24.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $260.4M $273.7M $273.7M
Total Long-Term Liabilities $275.4M $261.4M $256.4M
Total Liabilities $535.8M $535.1M $536.4M
YoY Change -11.8% -12.71% -12.68%
SHAREHOLDERS EQUITY
Retained Earnings $570.5M $547.4M
YoY Change 19.5% 19.52%
Common Stock $7.100M $7.000M
YoY Change 1.43% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $614.6M $577.0M $577.0M
YoY Change
Total Liabilities & Shareholders Equity $1.152B $1.113B $1.113B
YoY Change 4.63% 2.61% 2.61%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $28.40M $31.00M $109.5M
YoY Change 16.87% 30.25% 65.16%
Depreciation, Depletion And Amortization $9.600M $13.70M $36.40M
YoY Change 15.66% 8.73% 10.98%
Cash From Operating Activities $2.900M $63.80M $188.4M
YoY Change -90.68% 365.69% -850.6%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $7.500M $22.80M
YoY Change -55.88% 33.93% -8.8%
Acquisitions $25.50M
YoY Change
Other Investing Activities -$57.60M -$500.0K $0.00
YoY Change -600.0% -100.0%
Cash From Investing Activities -$60.60M -$8.000M -$23.20M
YoY Change 791.18% 45.45% -5.31%
FINANCING ACTIVITIES
Cash Dividend Paid $5.300M $20.10M
YoY Change 8.16% 6.35%
Common Stock Issuance & Retirement, Net $2.700M
YoY Change -54.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $26.90M -35.50M -$122.6M
YoY Change -361.17% -481.72% -1613.58%
NET CHANGE
Cash From Operating Activities $2.900M 63.80M $188.4M
Cash From Investing Activities -$60.60M -8.000M -$23.20M
Cash From Financing Activities $26.90M -35.50M -$122.6M
Net Change In Cash -$28.30M 20.30M $39.70M
YoY Change -302.14% 16.0% -185.93%
FREE CASH FLOW
Cash From Operating Activities $2.900M $63.80M $188.4M
Capital Expenditures $3.000M $7.500M $22.80M
Free Cash Flow -$100.0K $56.30M $165.6M
YoY Change -100.41% 595.06% -430.54%

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CY2022Q4 us-gaap Liabilities
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Increase Decrease In Employee Related Liabilities
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CY2021 us-gaap Increase Decrease In Employee Related Liabilities
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CY2022 us-gaap Increase Decrease In Other Operating Capital Net
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Repayments Of Debt
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CY2022 us-gaap Repayments Of Debt
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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117100000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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77400000 usd
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9500000 usd
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17500000 usd
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<div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in determining, among other items, sales promotions and incentives accruals, inventory valuation, warranty reserves, allowance for doubtful accounts, pension and postretirement accruals, useful lives for intangible assets, and future cash flows associated with impairment testing for goodwill and other long-lived assets. Actual results could differ from our estimates.</span></div>
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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200000 usd
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0 usd
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821413 shares
CY2023 us-gaap Guarantees Indemnifications And Warranties Policies
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<div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Warranty</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – We record a liability for estimated warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. In the event we determine that our current or future product repair and replacement costs exceed our estimates, an adjustment to these reserves would be charged to earnings in the period such determination is made. Warranty terms on machines range from <span style="-sec-ix-hidden:f-433">one</span> to four years. Warranty costs are recorded as a component of selling and administrative expense in the consolidated statements of income.</span></div>
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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300000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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100000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Lifo Inventory Amount
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65500000 usd
CY2022Q4 us-gaap Lifo Inventory Amount
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81700000 usd
CY2023Q4 us-gaap Fifo Inventory Amount
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110400000 usd
CY2022Q4 us-gaap Fifo Inventory Amount
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124900000 usd
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CY2022Q4 us-gaap Inventory Net
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206600000 usd
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459200000 usd
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304000000.0 usd
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279300000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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187700000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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179900000 usd
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CY2023 us-gaap Goodwill Impairment Loss
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5400000 usd
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218800000 usd
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36800000 usd
CY2022Q4 us-gaap Goodwill
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40800000 usd
CY2021Q4 us-gaap Goodwill
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14100000 usd
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295100000 usd
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CY2023 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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5000000.0 usd
CY2022Q4 us-gaap Defined Benefit Plan Pension Plan With Projected Benefit Obligation In Excess Of Plan Assets Projected Benefit Obligation
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4700000 usd
CY2023Q4 us-gaap Defined Benefit Plan Pension Plan With Projected Benefit Obligation In Excess Of Plan Assets Plan Assets
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100000 usd
CY2022Q4 us-gaap Finance Lease Liability Current
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CY2023Q4 us-gaap Common Stock Shares Authorized
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CY2023 us-gaap Stock Repurchased During Period Shares
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CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2023Q4 tnc Aggregate Residual Value At Lease Expiration For Vehicle Leases
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CY2023Q4 us-gaap Guarantee Obligations Maximum Exposure
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42400000 usd
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100000 usd
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100000 usd
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26600000 usd
CY2023 tnc Finance Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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5900000 usd
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4800000 usd
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3300000 usd
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 tnc Lease Liability To Be Paid Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 tnc Lease Liability Payment Due
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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79500000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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report.css Edgar Link pending
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tnc-20231231.htm Edgar Link pending
tnc-20231231.xsd Edgar Link pending
tnc-20231231xexx103.htm Edgar Link pending
tnc-20231231xexx21.htm Edgar Link pending
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tnc-20231231_g1.jpg Edgar Link pending
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tnc-20231231_def.xml Edgar Link unprocessable
tnc-20231231_lab.xml Edgar Link unprocessable
tnc-20231231_pre.xml Edgar Link unprocessable
tnc-20231231_htm.xml Edgar Link completed
tnc-20231231_cal.xml Edgar Link unprocessable