UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
OR
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number
(Exact Name of Registration as Specified in its Charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
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Non-accelerated filer |
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Smaller Reporting Company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
The registrant had
Helios Technologies, Inc.
INDEX
For the quarter ended
July 2, 2022
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Item 1. |
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3 |
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Consolidated Balance Sheets as of July 2, 2022 (unaudited) and January 1, 2022 |
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3 |
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4 |
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Consolidated Statements of Comprehensive Income for the Three and Six Months Ended July 2, 2022 (unaudited) and July 3, 2021 (unaudited) |
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6 |
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7 |
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Consolidated Statements of Shareholders’ Equity for the Six Months Ended July 2, 2022 (unaudited) and July 3, 2021 (unaudited) |
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8 |
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Consolidated Statements of Cash Flows for the Six Months Ended July 2, 2022 (unaudited) and July 3, 2021 (unaudited) |
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9 |
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Condensed Notes to the Consolidated, Unaudited Financial Statements |
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10 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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32 |
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Item 4. |
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Item 1. |
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33 |
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Item 1A. |
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33 |
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Item 2. |
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33 |
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Item 3. |
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33 |
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Item 4. |
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33 |
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Item 5. |
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33 |
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Item 6. |
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34 |
2
PART I: FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
Helios Technologies, Inc.
Consolidated Balance Sheets
(in thousands, except per share data)
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July 2, 2022 |
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January 1, 2022 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Restricted cash |
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Accounts receivable, net of allowance for credit losses of $ |
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Inventories, net |
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Income taxes receivable |
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Other current assets |
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Total current assets |
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Property, plant and equipment, net |
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Deferred income taxes |
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Goodwill |
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Other intangible assets, net |
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Other assets |
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Total assets |
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$ |
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$ |
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Liabilities and shareholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Accrued compensation and benefits |
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Other accrued expenses and current liabilities |
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Current portion of long-term non-revolving debt, net |
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Dividends payable |
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Income taxes payable |
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Total current liabilities |
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Revolving line of credit |
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Long-term non-revolving debt, net |
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Deferred income taxes |
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Other noncurrent liabilities |
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Total liabilities |
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Commitments and contingencies |
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Shareholders' equity: |
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Preferred stock, par value $ |
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Common stock, par value $ |
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Capital in excess of par value |
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Retained earnings |
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Accumulated other comprehensive loss |
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Total shareholders' equity |
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Total liabilities and shareholders' equity |
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$ |
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$ |
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The accompanying Condensed Notes to the Consolidated, Unaudited Financial Statements are an integral part of these financial statements.
3
Helios Technologies, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
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Three Months Ended |
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July 2, 2022 |
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July 3, 2021 |
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(unaudited) |
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(unaudited) |
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Net sales |
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$ |
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$ |
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Cost of sales |
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Gross profit |
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Selling, engineering and administrative expenses |
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Amortization of intangible assets |
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Operating income |
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Interest expense, net |
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Foreign currency transaction (gain) loss, net |
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Other non-operating expense (income), net |
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Income before income taxes |
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Income tax provision |
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Net income |
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$ |
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$ |
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Net income per share: |
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Basic |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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Weighted average shares outstanding: |
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Basic |
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Diluted |
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Dividends declared per share |
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$ |
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$ |
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The accompanying Condensed Notes to the Consolidated, Unaudited Financial Statements are an integral part of these financial statements.
4
Helios Technologies, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
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Six Months Ended |
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July 2, 2022 |
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July 3, 2021 |
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(unaudited) |
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(unaudited) |
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Net sales |
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$ |
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$ |
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Cost of sales |
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Gross profit |
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Selling, engineering and administrative expenses |
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Amortization of intangible assets |
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Operating income |
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Interest expense, net |
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Foreign currency transaction (gain) loss, net |
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Other non-operating expense (income), net |
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Income before income taxes |
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Income tax provision |
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Net income |
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$ |
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$ |
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Net income per share: |
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Basic |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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Weighted average shares outstanding: |
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Basic |
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Diluted |
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Dividends declared per share |
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$ |
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$ |
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The accompanying Condensed Notes to the Consolidated, Unaudited Financial Statements are an integral part of these financial statements.
5
Helios Technologies, Inc.
Consolidated Statements of Comprehensive Income
(in thousands)
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Three Months Ended |
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Six Months Ended |
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July 2, 2022 |
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July 3, 2021 |
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July 2, 2022 |
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July 3, 2021 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive (loss) income |
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Foreign currency translation adjustments, net of tax |
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Unrealized gain on interest rate swap, net of tax |
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Total other comprehensive (loss) income |
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( |
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Comprehensive income |
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$ |
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$ |
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$ |
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$ |
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The accompanying Condensed Notes to the Consolidated, Unaudited Financial Statements are an integral part of these financial statements.
6
Helios Technologies, Inc.
Consolidated Statements of Shareholders’ Equity (unaudited)
Three Months Ended
(in thousands)
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Accumulated |
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Capital in |
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other |
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Preferred |
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Preferred |
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Common |
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Common |
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excess of |
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Retained |
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comprehensive |
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shares |
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stock |
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shares |
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stock |
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par value |
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earnings |
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loss |
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Total |
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Balance at April 2, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Shares issued, restricted stock |
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Shares issued, ESPP |
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Stock-based compensation |
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Cancellation of shares for payment of employee tax withholding |
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Dividends declared |
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Net income |
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Other comprehensive loss |
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Balance at July 2, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Balance at April 3, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Shares issued, restricted stock |
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Shares issued, other compensation |
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Shares issued, ESPP |
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Stock-based compensation |
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Cancellation of shares for payment of employee tax withholding |
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Dividends declared |
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Net income |
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Other comprehensive income |
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Balance at July 3, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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The accompanying Condensed Notes to the Consolidated, Unaudited Financial Statements are an integral part of these financial statements.
7
Helios Technologies, Inc.
Consolidated Statements of Shareholders’ Equity (unaudited)
Six Months Ended
(in thousands)
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Accumulated |
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Capital in |
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other |
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Preferred |
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Preferred |
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Common |
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Common |
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excess of |
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Retained |
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comprehensive |
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shares |
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stock |
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shares |
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stock |
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par value |
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earnings |
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loss |
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Total |
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