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