Company Quick10K Filing
Applied Industrial Technologies
Price57.13 EPS3
Shares39 P/E17
MCap2,226 P/FCF13
Net Debt855 EBIT189
TEV3,081 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-01
10-Q 2019-12-31 Filed 2020-01-29
10-Q 2019-09-30 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-08-16
10-Q 2019-03-31 Filed 2019-04-30
10-Q 2018-12-31 Filed 2019-01-25
10-Q 2018-09-30 Filed 2018-11-01
10-K 2018-06-30 Filed 2018-08-17
10-Q 2018-03-31 Filed 2018-04-27
10-Q 2017-12-31 Filed 2018-01-26
10-Q 2017-09-30 Filed 2017-10-26
10-K 2017-06-30 Filed 2017-08-18
10-Q 2017-03-31 Filed 2017-04-28
10-Q 2016-12-31 Filed 2017-01-27
10-Q 2016-09-30 Filed 2016-10-27
10-K 2016-06-30 Filed 2016-08-24
10-Q 2016-03-31 Filed 2016-05-03
10-Q 2015-12-31 Filed 2016-01-29
10-Q 2015-09-30 Filed 2015-11-04
10-K 2015-06-30 Filed 2015-08-26
10-Q 2015-03-31 Filed 2015-05-04
10-Q 2014-12-31 Filed 2015-02-04
10-Q 2014-09-30 Filed 2014-11-04
10-K 2014-06-30 Filed 2014-08-22
10-Q 2014-03-31 Filed 2014-05-05
10-Q 2013-12-31 Filed 2014-02-03
10-Q 2013-09-30 Filed 2013-11-08
10-K 2013-06-30 Filed 2013-08-20
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-09-30 Filed 2012-11-01
10-K 2012-06-30 Filed 2012-08-15
10-Q 2012-03-31 Filed 2012-05-02
10-Q 2011-12-31 Filed 2012-02-02
10-Q 2011-09-30 Filed 2011-11-02
10-K 2011-06-30 Filed 2011-08-17
10-Q 2011-03-31 Filed 2011-05-04
10-Q 2010-12-31 Filed 2011-02-02
10-Q 2010-09-30 Filed 2010-11-05
10-K 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-09
8-K 2020-04-30
8-K 2020-01-23
8-K 2019-10-30
8-K 2019-10-30
8-K 2019-10-29
8-K 2019-10-04
8-K 2019-08-14
8-K 2019-08-13
8-K 2019-04-26
8-K 2019-01-24
8-K 2018-10-31
8-K 2018-10-30
8-K 2018-08-31
8-K 2018-08-10
8-K 2018-06-30
8-K 2018-04-26
8-K 2018-01-31
8-K 2018-01-25
8-K 2018-01-08

AIT 10Q Quarterly Report

Part I: Financial Information
Item 2: Management's Discussion and Analysis of Financial Condition
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures.
Item 6. Exhibits
EX-10.1 a10q33120exhibit101.htm
EX-31 a10q33120exhibit31.htm
EX-32 a10q33120exhibit32.htm
EX-95 a10q33120exhibit95.htm

Applied Industrial Technologies Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.52.01.51.00.50.02012201420172020
Assets, Equity
0.90.70.50.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.80.50.2-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___

Commission file number 1-2299

APPLIED INDUSTRIAL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Ohio
 
 
34-0117420
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer
Identification Number)
 
 
 
 
One Applied Plaza
Cleveland
Ohio
44115
(Address of principal executive offices)
(Zip Code)
(216426-4000
Registrant's telephone number, including area code


Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, without par value
AIT
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  x   No  o 




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
Accelerated filer
  o
Non-accelerated filer  
o
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes       No 

There were 38,707,000 (no par value) shares of common stock outstanding on April 17, 2020.




APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
INDEX
 
 
 
 
Page
No.
Part I:
 
 
 
 
 
 
 
 
Item 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2:
 
 
Item 3:
 
 
Item 4:
 
 
 
 
 
Part II:
 
 
 
 
 
 
 
 
Item 1:
 
 
Item 1A:
 
 
Item 2:
 
 
Item 4.
 
 
Item 6:
 
 
 
 
 
 
 
 

1


PART I:
FINANCIAL INFORMATION

ITEM I:
FINANCIAL STATEMENTS

APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
(In thousands, except per share amounts)
 
 
Three Months Ended
 
Nine Months Ended
 
 
March 31,
 
March 31,
 
 
2020
 
2019
 
2020
 
2019
Net sales
 
$
830,797

 
$
885,443

 
$
2,520,576

 
$
2,589,996

Cost of sales
 
594,045

 
629,884

 
1,791,130

 
1,839,724

Gross profit
 
236,752

 
255,559

 
729,446

 
750,272

Selling, distribution and administrative expense, including depreciation
 
183,702

 
189,456

 
556,485

 
556,865

Goodwill & intangible impairment
 
131,000

 
31,594

 
131,000

 
31,594

Operating (loss) income
 
(77,950
)
 
34,509

 
41,961

 
161,813

Interest expense, net
 
8,805

 
9,947

 
28,447

 
30,001

Other income, net
 
(1,428
)
 
(1,256
)
 
(1,643
)
 
(549
)
(Loss) income before income taxes
 
(85,327
)
 
25,818

 
15,157

 
132,361

Income tax (benefit) expense
 
(2,550
)
 
9,283

 
21,104

 
28,171

Net (loss) income
 
$
(82,777
)
 
$
16,535

 
$
(5,947
)
 
$
104,190

Net (loss) income per share - basic
 
$
(2.14
)
 
$
0.43

 
$
(0.15
)
 
$
2.69

Net (loss) income per share - diluted
 
$
(2.14
)
 
$
0.42

 
$
(0.15
)
 
$
2.66

Weighted average common shares outstanding for basic computation
 
38,682

 
38,643

 
38,647

 
38,701

Dilutive effect of potential common shares
 

 
396

 

 
521

Weighted average common shares outstanding for diluted computation
 
38,682

 
39,039

 
38,647

 
39,222

See notes to condensed consolidated financial statements.


2


APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 
 
Three Months Ended
Nine Months Ended
 
 
March 31,
March 31,

 
2020
 
2019
2020
 
2019
Net (loss) income per the condensed statements of consolidated income
 
$
(82,777
)
 
$
16,535

$
(5,947
)
 
$
104,190

 
 
 
 
 
 
 
 
Other comprehensive loss, before tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(28,767
)
 
2,945

(27,356
)
 
(1,611
)
Post-employment benefits:
 
 
 
 
 
 
 
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs
 
(17
)
 
(77
)
(50
)
 
(230
)
Cumulative effect of adopting accounting standard
 

 



(50
)
  Unrealized loss on cash flow hedge
 
(13,891
)
 
(6,941
)
(14,249
)
 
(6,941
)
  Reclassification of interest from cash flow hedge into interest expense
 
1,017

 
85

2,350

 
85

Total other comprehensive loss, before tax
 
(41,658
)
 
(3,988
)
(39,305
)
 
(8,747
)
Income tax benefit related to items of other comprehensive loss
 
(3,711
)
 
(1,626
)
(3,684
)
 
(1,976
)
Other comprehensive loss, net of tax
 
(37,947
)
 
(2,362
)
(35,621
)
 
(6,771
)
Comprehensive (loss) income, net of tax
 
$
(120,724
)
 
$
14,173

$
(41,568
)
 
$
97,419

See notes to condensed consolidated financial statements.
 


3



APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
 
 
March 31,
2020
 
June 30,
2019
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
165,464

 
$
108,219

Accounts receivable, net
 
524,081

 
540,902

Inventories
 
421,201

 
447,555

Other current assets
 
51,773

 
51,462

Total current assets
 
1,162,519

 
1,148,138

Property, less accumulated depreciation of $187,292 and $181,066
 
123,770

 
124,303

Operating lease assets, net
 
86,617

 

Identifiable intangibles, net
 
352,864

 
368,866

Goodwill
 
539,495

 
661,991

Other assets
 
24,264

 
28,399

TOTAL ASSETS
 
$
2,289,529

 
$
2,331,697

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable
 
$
214,253

 
$
237,289

Current portion of long-term debt
 
78,642

 
49,036

Compensation and related benefits
 
69,051

 
67,978

Other current liabilities
 
85,915

 
69,491

Total current liabilities
 
447,861

 
423,794

Long-term debt
 
864,758

 
908,850

Other liabilities
 
146,350

 
102,019

TOTAL LIABILITIES
 
1,458,969

 
1,434,663

Shareholders’ equity
 
 
 
 
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding
 

 

Common stock—no par value; 80,000 shares authorized; 54,213 shares issued
 
10,000

 
10,000

Additional paid-in capital
 
174,830

 
172,931

Retained earnings
 
1,195,411

 
1,229,148

Treasury shares—at cost (15,506 and 15,616 shares, respectively)
 
(414,174
)
 
(415,159
)
Accumulated other comprehensive loss
 
(135,507
)
 
(99,886
)
TOTAL SHAREHOLDERS’ EQUITY
 
830,560

 
897,034

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
2,289,529

 
$
2,331,697

See notes to condensed consolidated financial statements.


4


APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
(In thousands)
 
 
Nine Months Ended
 
 
March 31,
 
 
2020
 
2019
Cash Flows from Operating Activities
 
 
 
 
Net (loss) income
 
$
(5,947
)
 
$
104,190

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization of property
 
15,997

 
15,045

Amortization of intangibles
 
31,671

 
31,823

Goodwill & intangible impairment
 
131,000

 
31,594

Unrealized foreign exchange transactions (gain) loss
 
(2,635
)
 
40

Amortization of stock options and appreciation rights
 
2,217

 
1,831

Gain on sale of property
 
(1,274
)
 
(258
)
Other share-based compensation expense
 
2,046

 
3,716

Changes in operating assets and liabilities, net of acquisitions
 
1,406

 
(106,367
)
Other, net
 
(4,857
)
 
(4,448
)
Net Cash provided by Operating Activities
 
169,624

 
77,166

Cash Flows from Investing Activities
 
 
 
 
Acquisition of businesses, net of cash acquired
 
(37,237
)
 
(37,526
)
Property purchases
 
(16,223
)
 
(11,711
)
Proceeds from property sales
 
1,809

 
649

Other
 

 
391

Net Cash used in Investing Activities
 
(51,651
)
 
(48,197
)
Cash Flows from Financing Activities
 
 
 
 
Net repayments under revolving credit facility
 

 
(500
)
Long-term debt borrowings
 
25,000

 
175,000

Long-term debt repayments
 
(39,803
)
 
(156,803
)
Payment of debt issuance costs
 
(22
)
 
(775
)
Purchases of treasury shares
 

 
(11,158
)
Dividends paid
 
(36,420
)
 
(35,254
)
Acquisition holdback payments
 
(2,440
)
 
(2,609
)
Exercise of stock options and appreciation rights
 
330

 

Taxes paid for shares withheld for equity awards
 
(2,604
)
 
(3,371
)
Net Cash used in Financing Activities
 
(55,959
)
 
(35,470
)
Effect of Exchange Rate Changes on Cash
 
(4,769
)
 
(282
)
Increase (decrease) in Cash and Cash Equivalents
 
57,245

 
(6,783
)
Cash and Cash Equivalents at Beginning of Period
 
108,219

 
54,150

Cash and Cash Equivalents at End of Period
 
$
165,464

 
$
47,367

See notes to condensed consolidated financial statements.


5


APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands)

For the Period Ended
March 31, 2020
 
Shares of
Common
Stock
Outstanding
 
Common
Stock
 
Additional
Paid-In
Capital
 

Retained
Earnings
 
Treasury
Shares-
at Cost
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders'
Equity
Balance at July 1, 2019
 
38,597

 
$
10,000

 
$
172,931

 
$
1,229,148

 
$
(415,159
)
 
$
(99,886
)
 
$
897,034

Net income
 

 

 

 
38,799

 

 

 
38,799

Other comprehensive loss
 

 

 

 

 

 
(5,247
)
 
(5,247
)
Cumulative effect of adopting accounting standards
 

 

 

 
(3,275
)
 

 

 
(3,275
)
Cash dividends — $0.31 per share
 

 

 

 
(20
)
 

 

 
(20
)
Treasury shares issued for:
 

 

 

 

 

 

 

Exercise of stock appreciation rights and options
 
5

 

 
(177
)
 

 
61

 

 
(116
)
Performance share awards
 
36

 

 
(1,540
)
 

 
362

 

 
(1,178
)
Restricted stock units
 
16

 

 
(631
)
 

 
200

 

 
(431
)
Compensation expense — stock appreciation rights and options
 

 

 
773

 

 

 

 
773

Other share-based compensation expense
 

 

 
919

 

 

 

 
919

Other
 
2

 

 
(52
)
 
(4
)
 
23

 

 
(33
)
Balance at September 30, 2019
 
38,656

 
$
10,000

 
$
172,223

 
$
1,264,648

 
$
(414,513
)
 
$
(105,133
)
 
$
927,225

Net income
 

 

 

 
38,031

 

 

 
38,031

Other comprehensive income
 

 

 

 

 

 
7,573

 
7,573

Cash dividends — $0.31 per share
 

 

 

 
(12,017
)
 

 

 
(12,017
)
Treasury shares issued for:
 

 

 

 

 

 

 

Exercise of stock appreciation rights and options
 
22

 

 
(185
)
 

 
(47
)
 

 
(232
)
Compensation expense — stock appreciation rights and options
 

 

 
721

 

 

 

 
721

Other share-based compensation expense
 

 

 
918

 

 

 

 
918

Other
 

 

 

 
23

 
(1
)
 

 
22

Balance at December 31, 2019
 
38,678

 
$
10,000

 
$
173,677

 
$
1,290,685

 
$
(414,561
)
 
$
(97,560
)
 
$
962,241

Net loss
 

 

 

 
(82,777
)
 

 

 
(82,777
)
Other comprehensive loss
 

 

 

 

 

 
(37,947
)
 
(37,947
)
Cash dividends — $0.32 per share
 

 

 

 
(12,423
)
 

 

 
(12,423
)
Treasury shares issued for:
 

 

 

 

 

 

 

Exercise of stock appreciation rights and options
 
14

 

 
(378
)
 

 
(16
)
 

 
(394
)
Compensation expense — stock appreciation rights and options
 

 

 
723

 

 

 

 
723

Other share-based compensation expense
 

 

 
209

 

 

 

 
209

Other
 
15

 

 
599

 
(74
)
 
403

 

 
928

Balance at March 31, 2020
 
38,707

 
$
10,000

 
$
174,830

 
$
1,195,411

 
$
(414,174
)
 
$
(135,507
)
 
$
830,560




6


APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands)

For the Period Ended
March 31, 2019
 
Shares of Common Stock Outstanding
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Shares-
at Cost
 
Accumulated Other Comprehensive Income (Loss)
 
Total Shareholders' Equity
Balance at July 1, 2018
 
38,703

 
$
10,000

 
$
169,383

 
$
1,129,678

 
$
(403,875
)
 
$
(90,223
)
 
$
814,963

Net income
 
 
 
 
 
 
 
48,938

 
 
 
 
 
48,938

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
5,347

 
5,347

Cumulative effect of adopting accounting standards
 
 
 
 
 
 
 
3,056

 
 
 
 
 
3,056

Cash dividends — $0.30 per share
 
 
 
 
 
 
 
(13
)
 
 
 
 
 
(13
)
Treasury shares issued for:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise of stock appreciation rights and options
 
17

 
 
 
(855
)
 
 
 
(210
)
 
 
 
(1,065
)
Performance share awards
 
18

 
 
 
(844
)
 
 
 
(301
)
 
 
 
(1,145
)
Restricted stock units
 
16

 
 
 
(760
)
 
 
 
(198
)
 
 
 
(958
)
Compensation expense — stock appreciation rights and options
 
 
 
 
 
651

 
 
 
 
 
 
 
651

Other share-based compensation expense
 
 
 
 
 
1,043

 
 
 
 
 
 
 
1,043

Other
 
 
 
 
 
 
 
24

 
(35
)
 
 
 
(11
)
Balance at September 30, 2018
 
38,754

 
$
10,000

 
$
168,618

 
$
1,181,683

 
$
(404,619
)
 
$
(84,876
)
 
$
870,806

Net income
 
 
 
 
 
 
 
38,717

 
 
 
 
 
38,717

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(9,756
)
 
(9,756
)
Cash dividends — $0.30 per share
 
 
 
 
 
 
 
(11,651
)