Applied Industrial Technologies Inc: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Oct 27, 2023 and accepted by EDGAR at Oct 27, 2023, 10:15 ET.
Management's discussion and analysis
As filed, 1,158 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Repurchases of common stock in the quarter ended September 30, 2023 were as follows:
| Period | (a) Total Number of Shares | (b) Average Price Paid per Share ($) | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) (2) |
|---|---|---|---|---|
| July 1, 2023 to July 31, 2023 | 524 | $148.26 | 0 | 1,500,000 |
| August 1, 2023 to August 31, 2023 | 0 | $0.00 | 0 | 1,500,000 |
| September 1, 2023 to September 30, 2023 | 0 | $0.00 | 0 | 1,500,000 |
| Total | 524 | $0.00 | 0 | 1,500,000 |
(1) During the quarter the Company purchased 524 shares in connection with the Deferred Compensation Plan.
(2) On August 9, 2022, the Board of Directors authorized the repurchase of up to 1.5 million shares of the Company's common stock, replacing the prior authorization. We publicly announced the new authorization on August 11, 2022. Purchases can be made in the open market or in privately negotiated transactions. The authorization is in effect until all shares are purchased, or the Board revokes or amends the authorization.
Market risk
As filed, 204 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
For quantitative and qualitative disclosures about market risk, see Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended June 30, 2023.
Controls and procedures
As filed, 820 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Evaluation of Disclosure Controls and Procedures
The Company's management, under the supervision and with the participation of the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), evaluated the effectiveness of the Company's disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective.
Changes in Internal Control Over Financial Reporting
There have not been any changes in internal control over financial reporting during the three months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $1.10bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months2023-07-01 to 2023-09-30 | $770.1m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months2023-07-01 to 2023-09-30 | $325.1m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months2023-07-01 to 2023-09-30 | $204.4m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months2023-07-01 to 2023-09-30 | $120.7m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $25.1m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $93.8m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $2.39 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $2.42 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 39,310,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months2023-07-01 to 2023-09-30 | $66.2m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months2023-07-01 to 2023-09-30 | $4.3m | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 3 months2023-07-01 to 2023-09-30 | $13.6m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 3 months2023-07-01 to 2023-09-30 | $0 | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Current assets | At period end2023-09-30 | $1.64bn | us-gaap:AssetsCurrent |
| Total assets | At period end2023-09-30 | $2.75bn | us-gaap:Assets |
| Current liabilities | At period end2023-09-30 | $466.6m | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2023-09-30 | $1.21bn | us-gaap:Liabilities |
| Long-term debt | At period end2023-09-30 | $596.9m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | At period end2023-09-30 | $25.2m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | At period end2023-09-30 | $1.54bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000109563-23-000105. Last ingested by Listed: Oct 27, 2026, 21:29 ET. Listed shows no prices and gives no investment advice.