CTS FY 2022 Earnings Report — CTS Corporation Revenue & Financial Results | Market Cap Arena

CTS CorporationCTS

FY 2022 Earnings

Reported February 24, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$587M	—	$513M	—	14.4%
Op. Income	$94M	—	$77M	—	22.4%
Gross Margin	35.7%	—	35.7%	—	-0.0pp
Net Margin	10.2%	—	-8.2%	—	18.3pp
EPS (Diluted)	$1.85	—	$-1.30	—	242.3%
Free Cash Flow	$107M	—	$71M	—	51.6%

Revenue Flow

Item	Amount
REVENUE	$587M
Cost of Revenue	$377M
GROSS PROFIT	$210M
R&D Expenses	$24M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$92M
Other Expenses	$0
Operating Expenses	$116M
Cost & Expenses	$493M
OPERATING INCOME	$94M
Interest Income	$1M
Interest Expense	$2M
Other Income/Expenses	-$13M
INCOME BEFORE TAX	$81M
Income Tax Expense	$21M
Net Income from Continuing Ops	$60M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$60M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$30M
EBIT	$83M
EBITDA	$113M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$587M
Cost of Revenue	$377M
GROSS PROFIT	$210M
R&D Expenses	$24M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$92M
Other Expenses	$0
Operating Expenses	$116M
Cost & Expenses	$493M
OPERATING INCOME	$94M
Interest Income	$1M
Interest Expense	$2M
Other Income/Expenses	-$13M
INCOME BEFORE TAX	$81M
Income Tax Expense	$21M
Net Income from Continuing Ops	$60M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$60M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$30M
EBIT	$83M
EBITDA	$113M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$60M
Depreciation & Amortization	$30M
Stock-Based Compensation	$8M
Deferred Income Tax	$492.0K
Other Non-Cash Items	$2M
Change in Working Capital	$22M
OPERATING CASH FLOW	$121M
Capital Expenditure	-$14M
Acquisitions (Net)	-$97M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$111M
Net Debt Issuance	$34M
Common Stock Repurchased	-$21M
Common Dividends Paid	-$5M
Other Financing Activities	-$3M
NET CASH FROM FINANCING	$4M
FREE CASH FLOW	$107M
Net Change in Cash	$15M

Balance Sheet

Item	Amount
Cash & Equivalents	$157M
Short-Term Investments	$0
Net Receivables	$91M
Inventory	$62M
Other Current Assets	$16M
TOTAL CURRENT ASSETS	$326M
PP&E (Net)	$120M
Goodwill	$152M
Intangible Assets	$108M
Long-Term Investments	$1M
Tax Assets	$23M
Other Non-Current Assets	$17M
TOTAL NON-CURRENT ASSETS	$423M
TOTAL ASSETS	$748M
Account Payables	$53M
Short-Term Debt	$4M
Deferred Revenue	$3M
Other Current Liabilities	$23M
TOTAL CURRENT LIABILITIES	$113M
Long-Term Debt	$84M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$16M
Other Non-Current Liabilities	$8M
TOTAL NON-CURRENT LIABILITIES	$130M
TOTAL LIABILITIES	$242M
Common Stock	$317M
Additional Paid-In Capital	$46M
Retained Earnings	$547M
Treasury Stock	-$403M
Accum. Other Comp. Income	-$671.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$506M
Minority Interest	$0
TOTAL EQUITY	$506M
TOTAL LIABILITIES & EQUITY	$748M
Total Debt	$109M
Net Debt	-$48M