$WST
WEST PHARMACEUTICAL SERVICES INC

2023 Q2 Form 10-Q Financial Statement

#000010577023000023 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $753.8M $716.6M
YoY Change -2.27% -0.47%
Cost Of Revenue $462.4M $445.3M
YoY Change 2.8% 2.27%
Gross Profit $291.4M $271.3M
YoY Change -9.36% -4.67%
Gross Profit Margin 38.66% 37.86%
Selling, General & Admin $88.40M $86.00M
YoY Change 8.47% 3.12%
% of Gross Profit 30.34% 31.7%
Research & Development $16.50M $17.10M
YoY Change 14.58% 17.12%
% of Gross Profit 5.66% 6.3%
Depreciation & Amortization $34.10M $30.70M
YoY Change 13.29% 6.97%
% of Gross Profit 11.7% 11.32%
Operating Expenses $105.3M $103.1M
YoY Change 9.8% 5.2%
Operating Profit $186.1M $155.3M
YoY Change -18.52% -18.13%
Interest Expense $1.600M $2.200M
YoY Change -11.11% 0.0%
% of Operating Profit 0.86% 1.42%
Other Income/Expense, Net $700.0K $2.600M
YoY Change -158.33% -236.84%
Pretax Income $184.9M $157.9M
YoY Change -18.62% -15.92%
Income Tax $34.80M $23.60M
% Of Pretax Income 18.82% 14.95%
Net Earnings $155.1M $140.0M
YoY Change -17.72% -19.45%
Net Earnings / Revenue 20.58% 19.54%
Basic Earnings Per Share $2.08 $1.88
Diluted Earnings Per Share $2.06 $1.85
COMMON SHARES
Basic Shares Outstanding 74.24M shares 74.14M shares
Diluted Shares Outstanding 75.40M shares 75.70M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $796.3M $886.3M
YoY Change 10.83% 32.74%
Cash & Equivalents $796.3M $886.3M
Short-Term Investments
Other Short-Term Assets $94.10M $90.50M
YoY Change -16.43% -15.89%
Inventory $449.4M $447.0M
Prepaid Expenses
Receivables $534.4M $513.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.874B $1.937B
YoY Change 5.82% 14.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.361B $1.215B
YoY Change 26.28% 14.01%
Goodwill $108.0M $107.8M
YoY Change 1.31% -0.92%
Intangibles $16.80M $17.80M
YoY Change -16.0% -18.35%
Long-Term Investments $202.8M $200.9M
YoY Change 10.7% 1.46%
Other Assets $107.3M $36.70M
YoY Change 117.21% -9.38%
Total Long-Term Assets $1.795B $1.786B
YoY Change 12.88% 11.36%
TOTAL ASSETS
Total Short-Term Assets $1.874B $1.937B
Total Long-Term Assets $1.795B $1.786B
Total Assets $3.670B $3.724B
YoY Change 9.16% 13.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $218.0M $233.8M
YoY Change -0.91% -5.8%
Accrued Expenses $101.6M $81.90M
YoY Change 11.04% -8.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.200M $2.200M
YoY Change -95.02% -95.02%
Total Short-Term Liabilities $511.6M $534.9M
YoY Change -9.47% -8.53%
LONG-TERM LIABILITIES
Long-Term Debt $205.6M $206.1M
YoY Change -1.06% -1.06%
Other Long-Term Liabilities $190.3M $55.80M
YoY Change 446.84% 46.07%
Total Long-Term Liabilities $395.9M $261.9M
YoY Change 63.19% 6.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $511.6M $534.9M
Total Long-Term Liabilities $395.9M $261.9M
Total Liabilities $922.9M $947.4M
YoY Change -1.54% -2.18%
SHAREHOLDERS EQUITY
Retained Earnings $3.255B $3.114B
YoY Change 16.55% 18.96%
Common Stock $18.80M $18.80M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.747B $2.776B
YoY Change
Total Liabilities & Shareholders Equity $3.670B $3.724B
YoY Change 9.16% 13.02%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $155.1M $140.0M
YoY Change -17.72% -19.45%
Depreciation, Depletion And Amortization $34.10M $30.70M
YoY Change 13.29% 6.97%
Cash From Operating Activities $169.2M $138.1M
YoY Change -2.25% -8.66%
INVESTING ACTIVITIES
Capital Expenditures $75.40M $82.10M
YoY Change -214.07% 24.77%
Acquisitions
YoY Change
Other Investing Activities -$6.700M $0.00
YoY Change -6800.0% -100.0%
Cash From Investing Activities -$82.10M -$82.10M
YoY Change 24.39% 20.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -176.8M -$71.00M
YoY Change 388.4% -58.89%
NET CHANGE
Cash From Operating Activities 169.2M $138.1M
Cash From Investing Activities -82.10M -$82.10M
Cash From Financing Activities -176.8M -$71.00M
Net Change In Cash -89.70M -$8.000M
YoY Change -226.52% -91.57%
FREE CASH FLOW
Cash From Operating Activities $169.2M $138.1M
Capital Expenditures $75.40M $82.10M
Free Cash Flow $93.80M $56.00M
YoY Change -60.79% -34.43%

Facts In Submission

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CY2022Q1 us-gaap Share Based Compensation
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50200000 usd
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138100000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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14100000 usd
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13500000 usd
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6300000 usd
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1800000 usd
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2000000.0 usd
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60100000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
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147100000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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11500000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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18800000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 wst Contract With Customer Asset Increase Decrease
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2023Q1 us-gaap Contract With Customer Asset Net
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19400000 usd
CY2023Q1 us-gaap Contract With Customer Liability
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CY2023Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
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10700000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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21300000 usd
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140000000.0 usd
CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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74400000 shares
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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76000000.0 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2022Q1 us-gaap Treasury Stock Shares Acquired
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CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q1 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 wst Lessee Operating Lease Liability To Be Paid After Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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17700000 usd
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CY2023Q1 wst Purchases And Royalty Payments From Equity Method Investees
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44200000 usd
CY2022Q1 wst Purchases And Royalty Payments From Equity Method Investees
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CY2023Q1 us-gaap Gain Loss On Fair Value Hedges Recognized In Earnings
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CY2023Q1 us-gaap Assets Fair Value Disclosure
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29400000 usd
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10600000 usd
CY2023Q1 us-gaap Liabilities Fair Value Disclosure
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17500000 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
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18800000 usd
CY2023Q1 us-gaap Long Term Debt Fair Value
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Fair Value
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2022Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2023Q1 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2023Q1 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2022Q1 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2022Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2023Q1 us-gaap Asset Impairment Charges
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CY2022Q1 us-gaap Asset Impairment Charges
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CY2022Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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2800000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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800000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q1 us-gaap Other Operating Income Expense Net
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CY2022Q1 us-gaap Other Operating Income Expense Net
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CY2023Q1 wst Other Income Expense
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CY2022Q1 wst Other Income Expense
OtherIncomeExpense
3100000 usd
CY2023Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-600000 usd
CY2022Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
2800000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23600000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21200000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.149
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.113
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-11600000 usd
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-8900000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-5900000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Revenues
Revenues
716600000 usd
CY2022Q1 us-gaap Revenues
Revenues
720000000.0 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
155300000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
189700000 usd
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2600000 usd
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1900000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
157900000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
187800000 usd

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