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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 February 29, 2024,

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 No. 1-14187

 

RPM International Inc.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

02-0642224

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

 

2628 PEARL ROAD;

MEDINA, Ohio

(Address of principal executive offices)

 

44256

(Zip Code)

 

 

(330) 273-5090

(Registrant’s telephone number including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01

 

RPM

 

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 ☒ No ☐.

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). Yes ☒ No ☐

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 filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

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 Exchange Act). Yes ☐ No .

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No .

As of March 27, 2024, the registrant had 128,762,983 shares of common stock, $0.01 par value per share, outstanding.

 

 

 


 

RPM INTERNATIONAL INC. AND SUBSIDIARIES*

INDEX

 

 

 

 

 

Page No.

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements:

 

3

 

 

Consolidated Balance Sheets

 

3

 

 

Consolidated Statements of Income

 

4

 

 

Consolidated Statements of Comprehensive Income

 

5

 

 

Consolidated Statements of Cash Flows

 

6

 

 

Consolidated Statements of Stockholders’ Equity

 

7

 

 

Notes to Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

Item 4.

 

Controls and Procedures

 

37

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

38

Item 1A.

 

Risk Factors

 

38

Item 2.

 

Unregistered Sale of Equity Securities and Use of Proceeds

 

38

Item 6.

 

Exhibits

 

39

Signatures

 

40

 

* As used herein, the terms “RPM” and the “Company” refer to RPM International Inc. and its subsidiaries, unless the context indicates otherwise.

 

 

2


 

PART I. – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

 

 

February 29, 2024

 

 

May 31, 2023

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

248,905

 

 

$

215,787

 

Trade accounts receivable (less allowances of $58,377 and $49,482, respectively)

 

 

1,072,032

 

 

 

1,503,040

 

Inventories

 

 

1,080,698

 

 

 

1,135,496

 

Prepaid expenses and other current assets

 

 

344,948

 

 

 

329,845

 

Total current assets

 

 

2,746,583

 

 

 

3,184,168

 

Property, Plant and Equipment, at Cost

 

 

2,459,045

 

 

 

2,332,916

 

Allowance for depreciation

 

 

(1,172,164

)

 

 

(1,093,440

)

Property, plant and equipment, net

 

 

1,286,881

 

 

 

1,239,476

 

Other Assets

 

 

 

 

 

 

Goodwill

 

 

1,309,744

 

 

 

1,293,588

 

Other intangible assets, net of amortization

 

 

523,677

 

 

 

554,991

 

Operating lease right-of-use assets

 

 

326,998

 

 

 

329,582

 

Deferred income taxes

 

 

17,517

 

 

 

15,470

 

Other

 

 

171,004

 

 

 

164,729

 

Total other assets

 

 

2,348,940

 

 

 

2,358,360

 

Total Assets

 

$

6,382,404

 

 

$

6,782,004

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

 

$

577,861

 

 

$

680,938

 

Current portion of long-term debt

 

 

6,225

 

 

 

178,588

 

Accrued compensation and benefits

 

 

237,951

 

 

 

257,328

 

Accrued losses

 

 

30,897

 

 

 

26,470

 

Other accrued liabilities

 

 

349,015

 

 

 

347,477

 

Total current liabilities

 

 

1,201,949

 

 

 

1,490,801

 

Long-Term Liabilities

 

 

 

 

 

 

Long-term debt, less current maturities

 

 

2,187,140

 

 

 

2,505,221

 

Operating lease liabilities

 

 

278,009

 

 

 

285,524

 

Other long-term liabilities

 

 

268,940

 

 

 

267,111

 

Deferred income taxes

 

 

98,153

 

 

 

90,347

 

Total long-term liabilities

 

 

2,832,242

 

 

 

3,148,203

 

Contingencies and Accrued Losses (Note 16)

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Preferred stock, par value $0.01; authorized 50,000 shares; none issued

 

 

 

 

 

 

Common stock, par value $0.01; authorized 300,000 shares;
   issued
145,729 and outstanding 128,763 as of February 29, 2024;
   issued
145,124 and outstanding 128,766 as of May 31, 2023

 

 

1,288

 

 

 

1,288

 

Paid-in capital

 

 

1,144,282

 

 

 

1,124,825

 

Treasury stock, at cost

 

 

(844,345

)

 

 

(784,463

)

Accumulated other comprehensive (loss)

 

 

(593,729

)

 

 

(604,935

)

Retained earnings

 

 

2,639,310

 

 

 

2,404,125

 

Total RPM International Inc. stockholders' equity

 

 

2,346,806

 

 

 

2,140,840

 

Noncontrolling Interest

 

 

1,407

 

 

 

2,160

 

Total equity

 

 

2,348,213

 

 

 

2,143,000

 

Total Liabilities and Stockholders' Equity

 

$

6,382,404

 

 

$

6,782,004

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

3


 

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net Sales

 

$

1,522,982

 

 

$

1,516,176

 

 

$

5,327,114

 

 

$

5,240,204

 

Cost of Sales

 

 

915,818

 

 

 

978,142

 

 

 

3,143,105

 

 

 

3,267,308

 

Gross Profit

 

 

607,164

 

 

 

538,034

 

 

 

2,184,009

 

 

 

1,972,896

 

Selling, General and Administrative Expenses

 

 

504,760

 

 

 

450,019

 

 

 

1,559,081

 

 

 

1,425,969

 

Restructuring Expense

 

 

6,359

 

 

 

4,154

 

 

 

14,096

 

 

 

6,780

 

Goodwill Impairment

 

 

-

 

 

 

36,745

 

 

 

-

 

 

 

36,745

 

Interest Expense

 

 

28,527

 

 

 

30,756

 

 

 

90,693

 

 

 

85,385

 

Investment (Income), Net

 

 

(18,665

)

 

 

(2,723

)

 

 

(36,393

)

 

 

(5,910

)

(Gain) on Sales of Assets and Business, Net

 

 

-

 

 

 

(25,743

)

 

 

-

 

 

 

(25,881

)

Other Expense, Net

 

 

2,602

 

 

 

2,339

 

 

 

7,973

 

 

 

7,065

 

Income Before Income Taxes

 

 

83,581

 

 

 

42,487

 

 

 

548,559

 

 

 

442,743

 

Provision for Income Taxes

 

 

22,103

 

 

 

15,248

 

 

 

139,953

 

 

 

114,683

 

Net Income

 

 

61,478

 

 

 

27,239

 

 

 

408,606

 

 

 

328,060

 

Less: Net Income Attributable to Noncontrolling Interests

 

 

279

 

 

 

265

 

 

 

820

 

 

 

729

 

Net Income Attributable to RPM International Inc. Stockholders

 

$

61,199

 

 

$

26,974

 

 

$

407,786

 

 

$

327,331

 

Average Number of Shares of Common Stock Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

127,781

 

 

 

127,495

 

 

 

127,803

 

 

 

127,564

 

Diluted

 

 

128,334

 

 

 

128,035

 

 

 

128,315

 

 

 

128,789

 

Earnings per Share of Common Stock Attributable to RPM International Inc. Stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.48

 

 

$

0.21

 

 

$

3.18

 

 

$

2.55

 

Diluted

 

$

0.47

 

 

$

0.21

 

 

$

3.16

 

 

$

2.54

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

4


 

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net Income

 

$

61,478

 

 

$

27,239

 

 

$

408,606

 

 

$

328,060

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax

 

 

(7,591

)

 

 

(6,935

)

 

 

1,218

 

 

 

(76,719

)

Pension and other postretirement benefit liability adjustments, net of tax

 

 

3,356

 

 

 

3,606

 

 

 

9,966

 

 

 

11,427

 

Unrealized gain (loss) on securities, net of tax

 

 

197

 

 

 

107

 

 

 

34

 

 

 

(467

)

Unrealized (loss) on derivatives, net of tax

 

 

-

 

 

 

(555

)

 

 

-

 

 

 

(1,765

)

Total other comprehensive (loss) income

 

 

(4,038

)

 

 

(3,777

)

 

 

11,218

 

 

 

(67,524

)

Total Comprehensive Income

 

 

57,440

 

 

 

23,462

 

 

 

419,824

 

 

 

260,536

 

Less: Comprehensive Income Attributable to Noncontrolling Interests

 

 

280

 

 

 

263

 

 

 

832

 

 

 

689

 

Comprehensive Income Attributable to RPM International Inc. Stockholders

 

$

57,160

 

 

$

23,199

 

 

$

418,992

 

 

$

259,847

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

5


 

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Nine Months Ended

 

 

 

February 29,

 

 

February 28,

 

 

 

2024

 

 

2023

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

408,606

 

 

$

328,060

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

126,656

 

 

 

115,186

 

Goodwill impairment

 

 

-

 

 

 

36,745

 

Deferred income taxes

 

 

2,190

 

 

 

8,506

 

Stock-based compensation expense

 

 

19,457

 

 

 

23,636

 

Net (gain) loss on marketable securities

 

 

(16,496

)

 

 

3,241

 

Net loss (gain) on sales of assets and businesses

 

 

2,576

 

 

 

(25,881

)

Other

 

 

1,244

 

 

 

684

 

Changes in assets and liabilities, net of effect from purchases and sales of businesses:

 

 

 

 

 

 

Decrease in receivables

 

 

430,512

 

 

 

202,742

 

Decrease (increase) in inventory

 

 

55,118

 

 

 

(142,069

)

Decrease in prepaid expenses and other current and long-term assets

 

 

30,349

 

 

 

4,807

 

(Decrease) in accounts payable

 

 

(83,960

)

 

 

(195,093

)

(Decrease) in accrued compensation and benefits

 

 

(20,049

)

 

 

(54,747

)

Increase (decrease) in accrued losses

 

 

4,366

 

 

 

(2,119

)

(Decrease) in other accrued liabilities

 

 

(19,424

)

 

 

(40,690

)

Cash Provided by Operating Activities

 

 

941,145

 

 

 

263,008

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

 

(138,093

)

 

 

(179,725

)

Acquisition of businesses, net of cash acquired

 

 

(15,549

)

 

 

(47,542

)

Purchase of marketable securities

 

 

(30,591

)

 

 

(13,173

)

Proceeds from sales of marketable securities

 

 

22,130

 

 

 

9,596

 

Proceeds from sales of assets and businesses, net

 

 

5,749

 

 

 

53,318

 

Other

 

 

2,485

 

 

 

2,127

 

Cash (Used for) Investing Activities

 

 

(153,869

)

 

 

(175,399

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Additions to long-term and short-term debt

 

 

-

 

 

 

489,881

 

Reductions of long-term and short-term debt

 

 

(516,086

)

 

 

(354,135

)

Cash dividends

 

 

(172,601

)

 

 

(159,841

)

Repurchases of common stock

 

 

(37,488

)

 

 

(37,500

)

Shares of common stock returned for taxes

 

 

(21,949

)

 

 

(15,252

)

Payments of acquisition-related contingent consideration

 

 

(1,082

)

 

 

(3,765

)

Other

 

 

(1,586

)

 

 

(2,689

)

Cash (Used for) Financing Activities

 

 

(750,792

)

 

 

(83,301

)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

(3,366

)

 

 

(12,110

)

Net Change in Cash and Cash Equivalents

 

 

33,118

 

 

 

(7,802

)

Cash and Cash Equivalents at Beginning of Period

 

 

215,787

 

 

 

201,672

 

Cash and Cash Equivalents at End of Period

 

$

248,905

 

 

$

193,870

 

Supplemental Disclosures of Cash Flows Information:

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

Interest

 

$

90,770

 

$

83,248

 

Income Taxes, net of refunds

 

$

172,008

 

$

133,753

 

Supplemental Disclosures of Noncash Investing Activities:

 

 

 

 

 

 

Capital expenditures accrued within accounts payable at quarter-end

 

$

12,621

 

 

$

12,147

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

6


 

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

Other

 

 

 

Total RPM

 

 

 

 

 

of

 

Par/Stated

 

Paid-In

 

Treasury

 

Comprehensive

 

Retained

 

International

 

Noncontrolling

 

Total

 

 

Shares

 

Value

 

Capital

 

Stock

 

(Loss) Income

 

Earnings

 

Inc. Equity

 

Interests

 

Equity

 

Balance at June 1, 2023

 

128,766

 

$

1,288

 

$

1,124,825

 

$

(784,463

)

$

(604,935

)

$

2,404,125

 

$

2,140,840

 

$

2,160

 

$

2,143,000

 

Net income

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

201,082

 

 

201,082

 

 

231

 

 

201,313

 

Other comprehensive income

 

-

 

 

-

 

 

-

 

 

-

 

 

11,746

 

 

-

 

 

11,746

 

 

14

 

 

11,760

 

Dividends declared and paid ($0.42 per share)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(54,065

)

 

(54,065

)

 

-

 

 

(54,065

)

Other noncontrolling interest activity

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(712

)

 

(712

)

Share repurchases under repurchase program

 

(122

)

 

(1

)

 

1

 

 

(12,500

)

 

-

 

 

-

 

 

(12,500

)

 

-

 

 

(12,500

)

Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes

 

318

 

 

3

 

 

9,115

 

 

(15,078

)

 

-

 

 

-

 

 

(5,960

)

 

-

 

 

(5,960

)

Balance at August 31, 2023

 

128,962

 

$

1,290

 

$

1,133,941

 

$

(812,041

)

$

(593,189

)

$

2,551,142

 

$

2,281,143

 

$

1,693

 

$

2,282,836

 

Net income

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

145,505

 

 

145,505

 

 

310

 

 

145,815

 

Other comprehensive income (loss)

 

-

 

 

-

 

 

-

 

 

-

 

 

3,499

 

 

-

 

 

3,499

 

 

(3

)

 

3,496

 

Dividends declared and paid ($0.46 per share)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(59,260

)

 

(59,260

)

 

-

 

 

(59,260

)

Share repurchases under repurchase program

 

(132

)

 

(1

)

 

1

 

 

(12,500

)

 

-

 

 

-

 

 

(12,500

)

 

-

 

 

(12,500

)

Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes

 

42

 

 

-

 

 

8,028

 

 

(5,861

)

 

-

 

 

-

 

 

2,167

 

 

-

 

 

2,167

 

Balance at November 30, 2023

 

128,872

 

$

1,289

 

$

1,141,970

 

$

(830,402

)

$

(589,690

)

$

2,637,387

 

$

2,360,554

 

$

2,000

 

$

2,362,554

 

Net income

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

61,199

 

 

61,199

 

 

279

 

 

61,478

 

Other comprehensive income (loss)

 

-

 

 

-

 

 

-

 

 

-

 

 

(4,039

)

 

-

 

 

(4,039

)

 

1

 

 

(4,038

)

Dividends paid ($0.46 per share)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(59,276

)

 

(59,276

)

 

-

 

 

(59,276

)

Other noncontrolling interest activity

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(873

)

 

(873

)

Share repurchases under repurchase program

 

(115

)

 

(1

)

 

1

 

 

(12,488

)

 

-

 

 

-

 

 

(12,488

)

 

-

 

 

(12,488

)

Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes

 

6

 

 

-

 

 

2,311

 

 

(1,455

)

 

-

 

 

-

 

 

856

 

 

-

 

 

856

 

Balance at February 29, 2024

 

128,763

 

$

1,288

 

$

1,144,282

 

$

(844,345

)

$

(593,729

)

$

2,639,310

 

$