$WOR
WORTHINGTON ENTERPRISES, INC.

2021 Q3 Form 10-Q Financial Statement

#000156459021050628 Filed on October 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $1.111B $702.9M
YoY Change 58.03% -17.87%
Cost Of Revenue $891.4M $589.6M
YoY Change 51.21% -20.18%
Gross Profit $219.4M $113.4M
YoY Change 93.52% -3.35%
Gross Profit Margin 19.75% 16.13%
Selling, General & Admin $95.85M $82.20M
YoY Change 16.61% -9.5%
% of Gross Profit 43.69% 72.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.06M $22.20M
YoY Change -0.61% -8.26%
% of Gross Profit 10.06% 19.58%
Operating Expenses $95.85M $82.20M
YoY Change 16.61% -9.5%
Operating Profit $135.8M -$30.12M
YoY Change -550.84% 106.48%
Interest Expense $7.718M $7.590M
YoY Change 1.69% -19.94%
% of Operating Profit 5.68%
Other Income/Expense, Net $630.0K $500.0K
YoY Change 26.0% -16.67%
Pretax Income $181.6M $782.5M
YoY Change -76.79% -29740.76%
Income Tax $40.15M $163.8M
% Of Pretax Income 22.11% 20.93%
Net Earnings $132.5M $616.7M
YoY Change -78.52% -13011.96%
Net Earnings / Revenue 11.93% 87.73%
Basic Earnings Per Share $2.61 $11.41
Diluted Earnings Per Share $2.55 $11.22
COMMON SHARES
Basic Shares Outstanding 50.85M 54.07M
Diluted Shares Outstanding 51.87M 54.94M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $399.2M $937.7M
YoY Change -57.42% 1956.36%
Cash & Equivalents $399.2M $650.1M
Short-Term Investments $287.6M
Other Short-Term Assets $110.3M $78.80M
YoY Change 39.96% 1.42%
Inventory $742.4M $319.5M
Prepaid Expenses
Receivables $718.4M $428.3M
Other Receivables $0.00 $2.200M
Total Short-Term Assets $1.970B $1.767B
YoY Change 11.54% 71.49%
LONG-TERM ASSETS
Property, Plant & Equipment $548.3M $615.2M
YoY Change -10.88% 4.68%
Goodwill $375.2M
YoY Change
Intangibles $270.2M
YoY Change
Long-Term Investments $259.1M $208.4M
YoY Change 24.34% -2.16%
Other Assets $31.01M $34.50M
YoY Change -10.12% 15.77%
Total Long-Term Assets $1.577B $1.365B
YoY Change 15.6% 0.89%
TOTAL ASSETS
Total Short-Term Assets $1.970B $1.767B
Total Long-Term Assets $1.577B $1.365B
Total Assets $3.548B $3.131B
YoY Change 13.31% 31.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $653.4M $294.2M
YoY Change 122.09% -12.96%
Accrued Expenses $154.8M $148.4M
YoY Change 4.34% 28.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $291.0K $200.0K
YoY Change 45.5% -66.67%
Total Short-Term Liabilities $864.3M $542.2M
YoY Change 59.4% 12.33%
LONG-TERM LIABILITIES
Long-Term Debt $706.1M $707.3M
YoY Change -0.17% 1.25%
Other Long-Term Liabilities $78.01M $208.6M
YoY Change -62.6% -6.75%
Total Long-Term Liabilities $784.1M $915.9M
YoY Change -14.39% -0.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $864.3M $542.2M
Total Long-Term Liabilities $784.1M $915.9M
Total Liabilities $1.941B $1.748B
YoY Change 11.03% 9.63%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.453B $1.383B
YoY Change
Total Liabilities & Shareholders Equity $3.548B $3.131B
YoY Change 13.31% 31.42%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $132.5M $616.7M
YoY Change -78.52% -13011.96%
Depreciation, Depletion And Amortization $22.06M $22.20M
YoY Change -0.61% -8.26%
Cash From Operating Activities -$49.81M $117.4M
YoY Change -142.43% 82.37%
INVESTING ACTIVITIES
Capital Expenditures $23.93M $32.87M
YoY Change -27.22% 48.24%
Acquisitions $104.8M $0.00
YoY Change
Other Investing Activities -$78.07M $487.9M
YoY Change -116.0% 5203.26%
Cash From Investing Activities -$102.0M $455.0M
YoY Change -122.42% -3600.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $54.32M
YoY Change 83.52%
Debt Paid & Issued, Net $392.0K $97.00K
YoY Change 304.12% -99.94%
Cash From Financing Activities -89.26M -69.51M
YoY Change 28.42% -29.18%
NET CHANGE
Cash From Operating Activities -49.81M 117.4M
Cash From Investing Activities -102.0M 455.0M
Cash From Financing Activities -89.26M -69.51M
Net Change In Cash -49.81M 502.9M
YoY Change -109.91% -1174.97%
FREE CASH FLOW
Cash From Operating Activities -$49.81M $117.4M
Capital Expenditures $23.93M $32.87M
Free Cash Flow -$73.74M $84.52M
YoY Change -187.25% 100.3%

Facts In Submission

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-3816000
CY2021Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
458000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4274000
CY2020Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
11349000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1551695000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
141475000
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4091000
CY2021Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
89000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6324000
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
60885000
CY2021Q3 us-gaap Dividends Cash
DividendsCash
14504000
CY2021Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9197000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1606632000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54070000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
966433000
CY2020Q3 us-gaap Profit Loss
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618738000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11242000
CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1150000
CY2020Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
90000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3022000
CY2020Q3 us-gaap Stock Repurchased And Retired During Period Value
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54320000
CY2020Q3 us-gaap Dividends Cash
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13595000
CY2020Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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560000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1529900000
CY2021Q3 wor Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.233
CY2020Q3 wor Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.216
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
132491000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
616675000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50852000
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1013000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
872000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51865000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54942000
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.61
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.41
CY2021Q3 us-gaap Earnings Per Share Diluted
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2.55
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11.22
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
40283
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
488059
CY2021Q3 us-gaap Number Of Reportable Segments
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3
CY2021Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
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CY2020Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
116000000
CY2021Q3 us-gaap Assets
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CY2021Q2 us-gaap Assets
Assets
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CY2021Q3 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Gross Basis
ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnGrossBasis
13907000
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
78148000
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
15197000
CY2021 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Gross Basis
ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnGrossBasis
16594000
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
35220000
CY2021Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
35419000
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
385000
CY2020Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2868000
CY2021Q3 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
-58280000
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
80492000
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
9495000
CY2021Q3 wor Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred Tax
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferredTax
18219000
CY2021Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
29866000
CY2020Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
3219000

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