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10-Q Filing

EnerSys CIK: 1289308 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001289308-22-000060
Period End Date 20220630
Filing Date 20220810
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance ens-20220703_htm.xml
Filing Contents
Balance Sheet 84 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $11.23M USD Point-in-time
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $12.22M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $402.49M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $383.24M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts: July 3, 2022 - $11,229; March 31, 2022 - $12,219 AccountsReceivableNetCurrent $719.43M USD Point-in-time
Accounts receivable, net of allowance for doubtful accounts: July 3, 2022 - $11,229; March 31, 2022 - $12,219 AccountsReceivableNetCurrent $697.12M USD Point-in-time
Preferred stock, shares, issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares, issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares, outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares, outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Inventories, net InventoryNet $777.66M USD Point-in-time
Inventories, net InventoryNet $715.71M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $154.18M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $155.56M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Total current assets AssetsCurrent $1.99B USD Point-in-time
Total current assets AssetsCurrent $2.01B USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 135.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 135.00M shares Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 55.75M shares Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $503.26M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 55.77M shares Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $489.29M USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 40.65M shares Point-in-time
Goodwill Goodwill $682.11M USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 40.99M shares Point-in-time
Goodwill Goodwill $700.64M USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $396.20M USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 15.12M shares Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 14.76M shares Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $385.45M USD Point-in-time
Deferred taxes DeferredIncomeTaxAssetsNet $54.11M USD Point-in-time
Deferred taxes DeferredIncomeTaxAssetsNet $60.48M USD Point-in-time
Other assets OtherAssetsNoncurrent $82.87M USD Point-in-time
Other assets OtherAssetsNoncurrent $98.75M USD Point-in-time
Total assets Assets $3.72B USD Point-in-time
Total assets Assets $3.74B USD Point-in-time
Short-term debt ShortTermBorrowings $55.08M USD Point-in-time
Short-term debt ShortTermBorrowings $45.63M USD Point-in-time
Accounts payable AccountsPayableCurrent $343.34M USD Point-in-time
Accounts payable AccountsPayableCurrent $393.10M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $289.95M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $266.46M USD Point-in-time
Total current liabilities LiabilitiesCurrent $655.43M USD Point-in-time
Total current liabilities LiabilitiesCurrent $738.13M USD Point-in-time
Long-term debt, net of unamortized debt issuance costs LongTermDebtNoncurrent $1.38B USD Point-in-time
Long-term debt, net of unamortized debt issuance costs LongTermDebtNoncurrent $1.24B USD Point-in-time
Deferred taxes DeferredIncomeTaxLiabilitiesNet $77.53M USD Point-in-time
Deferred taxes DeferredIncomeTaxLiabilitiesNet $78.23M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $173.49M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $184.01M USD Point-in-time
Total liabilities Liabilities $2.28B USD Point-in-time
Total liabilities Liabilities $2.24B USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at July 3, 2022 and at March 31, 2022 PreferredStockValue - USD Point-in-time
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at July 3, 2022 and at March 31, 2022 PreferredStockValue - USD Point-in-time
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 55,770,404 shares issued and 40,652,871 shares outstanding at July 3, 2022; 55,748,924 shares issued and 40,986,658 shares outstanding at March 31, 2022 CommonStockValue $557.00K USD Point-in-time
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 55,770,404 shares issued and 40,652,871 shares outstanding at July 3, 2022; 55,748,924 shares issued and 40,986,658 shares outstanding at March 31, 2022 CommonStockValue $558.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $571.46M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $576.29M USD Point-in-time
Treasury stock at cost, 15,117,533 shares held as of July 3, 2022 and 14,762,266 shares held as of March 31, 2022 TreasuryStockValue $719.12M USD Point-in-time
Treasury stock at cost, 15,117,533 shares held as of July 3, 2022 and 14,762,266 shares held as of March 31, 2022 TreasuryStockValue $741.79M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.78B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.81B USD Point-in-time
Contra equity - indemnification receivable ContraEquityAccountIndemnificationReceivable $-3.62M USD Point-in-time
Contra equity - indemnification receivable ContraEquityAccountIndemnificationReceivable $-3.62M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-203.65M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-143.50M USD Point-in-time
Total EnerSys stockholders equity StockholdersEquity $1.49B USD Point-in-time
Total EnerSys stockholders equity StockholdersEquity $1.44B USD Point-in-time
Nonredeemable noncontrolling interests MinorityInterest $3.69M USD Point-in-time
Nonredeemable noncontrolling interests MinorityInterest $3.90M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.49B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.54B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.44B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.57B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $3.72B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $3.74B USD Point-in-time
Income Statement 32 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $814.89M USD 1 Quarter
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $898.97M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSoldExcludingProductionRelatedImpairmentsOrCharges $713.44M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSoldExcludingProductionRelatedImpairmentsOrCharges $621.67M USD 1 Quarter
Gross profit GrossProfit $193.22M USD 1 Quarter
Gross profit GrossProfit $185.53M USD 1 Quarter
Operating expenses OperatingExpenses $127.08M USD 1 Quarter
Operating expenses OperatingExpenses $124.49M USD 1 Quarter
Restructuring and other exit charges RestructuringCharges $7.83M USD 1 Quarter
Restructuring and other exit charges RestructuringCharges $8.33M USD 1 Quarter
Operating earnings OperatingIncomeLoss $60.90M USD 1 Quarter
Operating earnings OperatingIncomeLoss $50.13M USD 1 Quarter
Interest expense InterestExpense $11.60M USD 1 Quarter
Interest expense InterestExpense $9.11M USD 1 Quarter
Other (income) expense, net OtherNonoperatingIncomeExpense $496.00K USD 1 Quarter
Other (income) expense, net OtherNonoperatingIncomeExpense $-1.77M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $52.29M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $36.76M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $8.36M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $5.78M USD 1 Quarter
Net earnings attributable to EnerSys stockholders NetIncomeLoss $43.93M USD 1 Quarter
Net earnings attributable to EnerSys stockholders NetIncomeLoss $30.98M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.76 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.03 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.01 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.75 USD 1 Quarter
Dividends per common share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.17 USD 1 Quarter
Dividends per common share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.17 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 40.79M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 42.70M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 43.54M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 41.35M shares 1 Quarter
Cash Flow Statement 76 line items
Line Item Tag Value Unit Period
Net earnings ProfitLoss $43.93M USD 1 Quarter
Net earnings ProfitLoss $30.98M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $23.62M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $24.43M USD 1 Quarter
Write-off of assets relating to exit activities RestructuringCosts $7.45M USD 1 Quarter
Write-off of assets relating to exit activities RestructuringCosts $2.14M USD 1 Quarter
Net (losses) gains GainLossOnDerivativeInstrumentsNetPretax $-6.00K USD 1 Quarter
Net (losses) gains GainLossOnDerivativeInstrumentsNetPretax $216.00K USD 1 Quarter
Cash (settlements) proceeds CashProceedsSettlementsDerivativesOperatingActivities $-14.00K USD 1 Quarter
Cash (settlements) proceeds CashProceedsSettlementsDerivativesOperatingActivities $-600.00K USD 1 Quarter
Provision for doubtful accounts ProvisionAndRecoveryForDoubtfulAccounts $1.04M USD 1 Quarter
Provision for doubtful accounts ProvisionAndRecoveryForDoubtfulAccounts $-173.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $145.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $20.00K USD 1 Quarter
Non-cash interest expense NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees $487.00K USD 1 Quarter
Non-cash interest expense NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees $518.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.66M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $5.33M USD 1 Quarter
(Gain) loss on disposal of property, plant, and equipment GainLossOnSaleOfPropertyPlantEquipment $40.00K USD 1 Quarter
(Gain) loss on disposal of property, plant, and equipment GainLossOnSaleOfPropertyPlantEquipment $-4.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-5.54M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-24.83M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $46.31M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $81.45M USD 1 Quarter
Prepaid and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.46M USD 1 Quarter
Prepaid and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $15.60M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-344.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $886.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-33.07M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-36.75M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-50.31M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-24.97M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-219.00K USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.57M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-71.89M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-48.14M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $16.43M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $23.01M USD 1 Quarter
Proceeds from disposal of facility ProceedsFromDivestitureOfBusinessesNetOfCashDivested $3.27M USD 1 Quarter
Proceeds from disposal of facility ProceedsFromDivestitureOfBusinessesNetOfCashDivested - USD 1 Quarter
Proceeds from disposal of property, plant, and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $49.00K USD 1 Quarter
Proceeds from disposal of property, plant, and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $139.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-13.12M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-22.88M USD 1 Quarter
Net (repayments) borrowings on short-term debt ProceedsFromRepaymentsOfOtherShortTermDebt $-8.02M USD 1 Quarter
Net (repayments) borrowings on short-term debt ProceedsFromRepaymentsOfOtherShortTermDebt $5.51M USD 1 Quarter
Proceeds from Second Amended Revolver borrowings ProceedsFromLinesOfCredit $163.20M USD 1 Quarter
Proceeds from Second Amended Revolver borrowings ProceedsFromLinesOfCredit $65.70M USD 1 Quarter
Repayments of Second Amended Revolver borrowings RepaymentsOfLinesOfCredit $27.20M USD 1 Quarter
Repayments of Second Amended Revolver borrowings RepaymentsOfLinesOfCredit $5.70M USD 1 Quarter
Repayments of Second Amended Term Loan RepaymentsOfLongTermDebt $11.45M USD 1 Quarter
Repayments of Second Amended Term Loan RepaymentsOfLongTermDebt - USD 1 Quarter
Option proceeds, net ProceedsFromStockOptionsExercised - USD 1 Quarter
Option proceeds, net ProceedsFromStockOptionsExercised $386.00K USD 1 Quarter
Payment of taxes related to net share settlement of equity awards ProceedsFromStockPlansAndPaymentsRelatedToTaxWithholdingForShareBasedCompensation $4.80M USD 1 Quarter
Payment of taxes related to net share settlement of equity awards ProceedsFromStockPlansAndPaymentsRelatedToTaxWithholdingForShareBasedCompensation $633.00K USD 1 Quarter
Purchase of treasury stock PaymentsForRepurchaseOfCommonStock $22.91M USD 1 Quarter
Purchase of treasury stock PaymentsForRepurchaseOfCommonStock $31.51M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividends $7.43M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividends $7.11M USD 1 Quarter
Other ProceedsFromRepaymentsOfCapitalLeaseObligationsAndOther $214.00K USD 1 Quarter
Other ProceedsFromRepaymentsOfCapitalLeaseObligationsAndOther $207.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $97.54M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $10.91M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-22.02M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.77M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-19.25M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-45.58M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $406.23M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $402.49M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $451.81M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $383.24M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $406.23M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $402.49M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $451.81M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $383.24M USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net earnings ProfitLoss $43.93M USD 1 Quarter
Net earnings ProfitLoss $30.98M USD 1 Quarter
Net unrealized (loss) gain on derivative instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $3.90M USD 1 Quarter
Net unrealized (loss) gain on derivative instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-8.23M USD 1 Quarter
Pension funded status adjustment, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-240.00K USD 1 Quarter
Pension funded status adjustment, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-89.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-52.22M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $15.32M USD 1 Quarter
Total other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTax $19.46M USD 1 Quarter
Total other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTax $-60.37M USD 1 Quarter
Total comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $63.39M USD 1 Quarter
Total comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-29.39M USD 1 Quarter
Comprehensive (loss) income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-210.00K USD 1 Quarter
Comprehensive (loss) income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $49.00K USD 1 Quarter
Comprehensive (loss) income attributable to EnerSys stockholders ComprehensiveIncomeNetOfTax $-29.18M USD 1 Quarter
Comprehensive (loss) income attributable to EnerSys stockholders ComprehensiveIncomeNetOfTax $63.34M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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