RBC Bearings Incorporated

08/15/2022 | Press release | Distributed by Public on 08/15/2022 16:09

Regulation FD Presentation - Form 8-K

RBC Bearings Incorporated

Consolidated Statements of Operations

(dollars in thousands, except share and per share data)

(Unaudited)

Three Months Ended Twelve Months Ended
July 3, October 2, January 1, April 2, April 2,
2021 2021 2022 2022 2022
Reported net income $ 24,038 $ (1,352 ) $ 546 $ 31,478 $ 54,710
Preferred stock dividends - 510 5,751 5,750 12,011
Reported net income available to common stockholders $ 24,038 $ (1,862 ) $ (5,205 ) $ 25,728 $ 42,699
Reported net income available to common stockholders per common share:
Basic $ 0.96 $ (0.07 ) $ (0.18 ) $ 0.90 $ 1.58
Diluted $ 0.95 $ (0.07 ) $ (0.18 ) $ 0.89 $ 1.56
Weighted average common shares:
Basic 25,021,063 25,500,393 28,618,495 28,645,468 26,946,355
Diluted 25,392,047 25,500,393 28,618,495 28,971,766 27,311,029
Three Months Ended Twelve Months Ended
July 3, October 2, January 1, April 2, April 2,
2021 2021 2022 2022 2022
Reconciliation of Reported Net Income Available
to Common Stockholders to Adjusted Net Income
Available to Common Stockholders:
Reported net income $ 24,038 $ (1,352 ) $ 546 $ 31,478 $ 54,710
Inventory step-up - - 6,977 6,826 13,803
Transaction and related costs - 16,903 22,217 1,024 40,144
Transition services - - 3,325 4,678 8,003
Restructuring and consolidation 557 1,987 - - 2,544
Foreign exchange translation loss/(gain) 13 79 1 33 126
M&A related amortization 2,081 2,054 11,464 16,357 31,956
Stock compensation expense 7,182 16,773 4,544 4,395 32,894
Amortization of deferred finance fees 106 106 773 1,330 2,315
Tax impact of adjustments (2,953 ) (6,092 ) (9,296 ) (4,389 ) (22,730 )
Adjusted net income $ 31,024 $ 30,458 $ 40,551 $ 61,732 $ 163,765
Preferred stock dividends - 510 5,751 5,750 12,011
Adjusted net income available to common stockholders $ 31,024 $ 29,948 $ 34,800 $ 55,982 $ 151,754
Adjusted net income available to common stockholders per common share:
Basic $ 1.24 $ 1.17 $ 1.22 $ 1.95 $ 5.63
Diluted $ 1.22 $ 1.16 $ 1.20 $ 1.93 $ 5.56
Weighted average common shares:
Basic 25,021,063 25,500,393 28,618,495 28,645,468 26,946,355
Diluted 25,392,047 25,869,028 29,011,478 28,971,766 27,311,029
Three Months Ended Twelve Months Ended
June 27, September 26, December 26, April 3, April 3,
2020 2020 2020 2021 2021
Reported net income $ 23,265 $ 17,932 $ 22,690 $ 26,256 $ 90,143
Preferred stock dividends - - - - -
Reported net income available to common stockholders $ 23,265 $ 17,932 $ 22,690 $ 26,256 $ 90,143
Reported net income available to common stockholders per common share:
Basic $ 0.94 $ 0.72 $ 0.91 $ 1.05 $ 3.63
Diluted $ 0.93 $ 0.72 $ 0.90 $ 1.04 $ 3.58
Weighted average common shares:
Basic 24,763,903 24,823,658 24,861,792 24,948,546 24,851,344
Diluted 25,039,289 25,059,667 25,168,356 25,331,476 25,149,405
Three Months Ended Twelve Months Ended
June 27, September 26, December 26, April 3, April 3,
2020 2020 2020 2021 2021
Reconciliation of Reported Net Income Available to Common Stockholders to Adjusted Net Income Available to Common Stockholders:
Reported net income $ 23,265 $ 17,932 $ 22,690 $ 26,256 $ 90,143
Restructuring and consolidation 1,119 3,514 1,341 1,273 7,247
Cyber event - - - 1,507 1,507
Foreign exchange translation loss/(gain) 77 145 224 (206 ) 240
M&A related amortization 2,069 2,077 2,075 2,076 8,297
Stock compensation expense 3,979 7,959 3,135 3,009 18,082
Amortization of deferred finance fees 141 118 106 107 472
Tax impact of adjustments (1,389 ) (2,955 ) (1,870 ) (1,757 ) (7,971 )
Adjusted net income $ 29,261 $ 28,790 $ 27,701 $ 32,265 $ 118,017
Preferred stock dividends - - - - -
Adjusted net income available to common stockholders $ 29,261 $ 28,790 $ 27,701 $ 32,265 $ 118,017
Adjusted net income available to common stockholders per common share:
Basic $ 1.18 $ 1.16 $ 1.11 $ 1.29 $ 4.75
Diluted $ 1.17 $ 1.15 $ 1.10 $ 1.27 $ 4.69
Weighted average common shares:
Basic 24,763,903 24,823,658 24,861,792 24,948,546 24,851,344
Diluted 25,039,289 25,059,667 25,168,356 25,331,476 25,149,405