Company Quick10K Filing
Cabot Microelectronics
Price140.67 EPS1
Shares40 P/E142
MCap5,569 P/FCF32
Net Debt753 EBIT109
TEV6,323 TEV/EBIT58
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-12-31 Filed 2020-02-07
10-K 2019-09-30 Filed 2019-11-27
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-Q 2018-12-31 Filed 2019-02-11
10-K 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-31 Filed 2018-02-07
10-K 2017-09-30 Filed 2017-11-15
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-05
10-Q 2016-12-31 Filed 2017-02-07
10-K 2016-09-30 Filed 2016-11-16
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-Q 2015-12-31 Filed 2016-02-08
10-K 2015-09-30 Filed 2015-11-18
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-Q 2014-12-31 Filed 2015-02-06
10-K 2014-09-30 Filed 2014-11-19
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-Q 2013-12-31 Filed 2014-02-07
10-Q 2013-12-31 Filed 2014-02-07
10-K 2013-09-30 Filed 2013-11-20
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-12-31 Filed 2013-02-08
10-K 2012-09-30 Filed 2012-11-20
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-22
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-Q 2010-12-31 Filed 2011-02-08
10-K 2010-09-30 Filed 2010-11-23
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-08
8-K 2020-06-15
8-K 2020-06-09
8-K 2020-05-06
8-K 2020-04-20
8-K 2020-03-04
8-K 2020-03-04
8-K 2020-02-05
8-K 2019-12-20
8-K 2019-12-06
8-K 2019-11-17
8-K 2019-11-12
8-K 2019-10-25
8-K 2019-09-25
8-K 2019-08-07
8-K 2019-06-18
8-K 2019-06-12
8-K 2019-05-08
8-K 2019-03-07
8-K 2019-03-06
8-K 2019-02-06
8-K 2019-01-24
8-K 2018-12-07
8-K 2018-11-15
8-K 2018-10-24
8-K 2018-09-26
8-K 2018-08-15
8-K 2018-08-14
8-K 2018-07-25
8-K 2018-06-12
8-K 2018-04-26
8-K 2018-04-09
8-K 2018-03-07
8-K 2018-03-05
8-K 2018-01-25

CCMP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-10.72 ex1072-basic_planxdocume.htm
EX-10.73 ex1073-401kadoptionagree.htm
EX-31.1 ccmp-20200331xex311.htm
EX-31.2 ccmp-20200331xex312.htm
EX-32.1 ccmp-20200331xex321.htm

Cabot Microelectronics Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
1.10.60.2-0.3-0.7-1.22012201420172020
Ops, Inv, Fin

ccmp-20200331
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INDEX
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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 000-30205
CABOT MICROELECTRONICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-4324765
(State of Incorporation)(I.R.S. Employer Identification No.)

870 North Commons Drive60504
AuroraIllinois(Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (630) 375-6631

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareCCMPNASDAQ

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.
YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
 
Smaller reporting companyEmerging 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 Exchange Act).
YesNo
As of April 30, 2020, the Company had 29,063,259 shares of Common Stock, par value $0.001 per share, outstanding.


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CABOT MICROELECTRONICS CORPORATION
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited and in thousands, except per share amounts)
Three Months Ended March 31,Six Months Ended March 31,
2020201920202019
Revenue$284,193  $265,391  $567,336  $487,169  
Cost of sales163,091  150,571  317,552  273,016  
Gross profit121,102  114,820  249,784  214,153  
Operating expenses:
Research, development and technical13,230  12,778  26,041  26,818  
Selling, general and administrative56,209  50,328  110,648  111,456  
Total operating expenses69,439  63,106  136,689  138,274  
Operating income51,663  51,714  113,095  75,879  
Interest expense10,753  13,331  22,673  20,221  
Interest income143  568  458  1,587  
Other income (expense), net(1,010) (1,014) (1,407) (2,425) 
Income before income taxes40,043  37,937  89,473  54,820  
Provision for income taxes7,144  10,800  18,025  14,240  
Net income$32,899  $27,137  $71,448  $40,580  
Basic earnings per share (in dollars per share)$1.12  $0.94  $2.45  $1.45  
Diluted earnings per share (in dollars per share)$1.11  $0.92  $2.41  $1.42  
Weighted average basic shares outstanding29,287  28,998  29,183  28,066  
Weighted average diluted shares outstanding29,725  29,479  29,666  28,607  
The accompanying notes are an integral part of these Consolidated Financial Statements.
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CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited and in thousands)
Three Months Ended March 31,Six Months Ended March 31,
2020201920202019
Net income$32,899  $27,137  $71,448  $40,580  
Other comprehensive income, net of tax:
Foreign currency translation adjustments(19,725) (992) (3,874) 1,433  
Minimum pension liability adjustment  251      
Net unrealized loss on cash flow hedges(17,307) (6,474) (13,048) (6,474) 
Other comprehensive income, net of tax(37,032) (7,215) (16,922) (5,041) 
Comprehensive income (loss)$(4,133) $19,922  $54,526  $35,539  
The accompanying notes are an integral part of these Consolidated Financial Statements.
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CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share amounts)
March 31, 2020September 30, 2019
ASSETS
Current assets:
Cash and cash equivalents$340,702  $188,495  
Accounts receivable, less allowance for doubtful accounts of $2,718 at March 31, 2020 and $2,377 at September 30, 2019
151,959  146,113  
Inventories157,872  145,278  
Prepaid expenses and other current assets25,768  28,670  
Total current assets676,301  508,556  
Property, plant and equipment, net320,846  276,818  
Goodwill709,823  710,071  
Other intangible assets, net708,659  754,044  
Deferred income taxes6,607  6,566  
Other long-term assets37,724  5,711  
Total assets$2,459,960  $2,261,766  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$58,803  $54,529  
Short-term debt150,000    
Current portion of long-term debt10,650  13,313  
Accrued expenses, income taxes payable and other current liabilities109,389  103,618  
Total current liabilities328,842  171,460  
Long-term debt, net of current portion, less prepaid debt issuance costs of $16,420 at March 31, 2020 and $17,900 at September 30, 2019
914,617  928,463  
Deferred income taxes112,780  121,993  
Other long-term liabilities94,311  59,473  
Total liabilities1,450,550  1,281,389  
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common Stock Authorized: 200,000,000 shares, $0.001 par value; Issued: 39,854,529 shares at March 31, 2020, and 39,592,468 shares at September 30, 2019
40  40  
Capital in excess of par value of common stock1,008,311  988,980  
Retained earnings508,126  461,501  
Accumulated other comprehensive income (loss)(40,648) (23,238) 
Treasury stock at cost, 10,672,652 shares at March 31, 2020, and 10,491,252 shares at September 30, 2019
(466,419) (446,906) 
Total stockholders’ equity1,009,410  980,377  
Total liabilities and stockholders’ equity$2,459,960  $2,261,766  
The accompanying notes are an integral part of these Consolidated Financial Statements.
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CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and amounts in thousands)
Six Months Ended March 31,
20202019
Cash flows from operating activities:
Net income$71,448  $40,580  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization64,192  43,889  
Accretion on Asset Retirement Obligations - Liabilities255    
Provision for doubtful accounts185  (314) 
Share-based compensation expense8,997  11,708  
Deferred income tax expense (benefit)(7,117) (13,811) 
Non-cash foreign exchange (gain) loss325  354  
Loss (Gain) on disposal of property, plant and equipment(69) (58) 
Non-cash charge on inventory step up of acquired inventory sold  14,827  
Amortization of debt issuance costs1,565  1,286  
Other959  2,337  
Changes in operating assets and liabilities:
Accounts receivable(6,386) 9,445  
Inventories(13,103) (21,100) 
Prepaid expenses and other assets5,020  5,415  
Accounts payable(1,102) (429) 
Accrued expenses, income taxes payable and other liabilities(12,830) (40,601) 
Net cash provided by operating activities112,339  53,528  
Cash flows from investing activities:
Additions to property, plant and equipment(59,192) (19,472) 
Proceeds from sales of property, plant and equipment1,587  1,210  
Acquisition of a business, net of cash acquired  (1,182,186) 
Cash settlement of life insurance policy  3,959  
Net cash used in investing activities(57,605) (1,196,489) 
Cash flows from financing activities:
Repayment of long-term debt(17,988) (45,000) 
Repurchases of common stock(19,513) (4,695) 
Proceeds from issuance of long-term debt  1,062,337  
Proceeds from revolving line of credit150,000    
Debt issuance costs  (18,745) 
Principal payments under financing lease obligations(4) —  
Proceeds from issuance of stock10,334  10,361  
Dividends paid(24,752) (21,934) 
Net cash provided by financing activities98,077  982,324  
Effect of exchange rate changes on cash(604) (24) 
Increase (decrease) in cash and cash equivalents152,207  (160,661) 
Cash and cash equivalents at beginning of period188,495  352,921  
Cash and cash equivalents at end of period$340,702  $192,260  
Supplemental Cash Flow Information:
Purchases of property, plant and equipment in accrued liabilities and accounts payable at the end of the period$13,841  $2,425  
Equity consideration related to the acquisition of KMG Chemicals, Inc  331,048  
Cash paid during the period for lease liabilities3,825  —  
Right of use asset obtained in exchange for lease liabilities3,334  —  
The accompanying notes are an integral part of these Consolidated Financial Statements.
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CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited and amounts in thousands)
Common
Stock
Capital
In Excess
of Par
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance at September 30, 2019$40  $988,980  $461,501  $(23,238) $(446,906) $980,377  
Share-based compensation expense4,763  4,763  
Repurchases of common stock - other, at cost(2,897) (2,897) 
Exercise of stock options1,298  1,298  
Issuance of Cabot Microelectronics restricted stock under Deposit Share Program150  150  
Net income38,549  38,549  
Dividends ($0.42 per share in dollars)
(12,351) (12,351) 
Effect of the adoption of the stranded tax effect accounting standards488  (488)   
Foreign currency translation adjustment15,851  15,851  
Cash flow hedges4,259  4,259  
Balance at December 31, 2019$40  $995,191  $488,187  $(3,616) $(449,803) $1,029,999  
Share-based compensation expense4,234  4,234  
Repurchases of common stock under Share Repurchase Program, at cost(16,414) (16,414) 
Repurchases of common stock - other, at cost(202) (202) 
Exercise of stock options6,350  6,350  
Issuance of Cabot Microelectronics stock under Employee Stock Purchase Plan2,536  2,536  
Net income32,899  32,899  
Dividends ($0.44 per share in dollars)
(12,960) (12,960) 
Foreign currency translation adjustment(19,725) (19,725) 
Cash flow hedges(17,307) (17,307) 
Balance at March 31, 2020$40  $1,008,311  $508,126  $(40,648) $(466,419) $1,009,410  
The accompanying notes are an integral part of these Consolidated Financial Statements.

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CABOT MICROELECTRONICS CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited and amounts in thousands)
Common
Stock
Capital
In Excess
of Par
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance at September 30, 2018$36  $622,498  $471,673  $4,539  $(432,054) $666,692  
Share-based compensation expense8,170  8,170  
Repurchases of common stock - other, at cost