Brady Corp. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Brady Corp. filed its Q2 2024 10-Q, detailing financial positions as of January 31, 2024.</b>

AI Summary

BRADY CORP (BRC) filed a Quarterly Report (10-Q) with the SEC on February 22, 2024. Brady Corp. reported financial results for the period ending January 31, 2024. The filing covers the second quarter of fiscal year 2024. Total assets were $6,531,000,000 as of January 31, 2024. Total debt was $8,467,000,000 as of January 31, 2024. The company's fiscal year ends on July 31.

Why It Matters

For investors and stakeholders tracking BRADY CORP, this filing contains several important signals. This 10-Q provides investors with a detailed look at Brady Corp.'s financial health and performance for the second quarter of fiscal year 2024, enabling informed investment decisions. The filing includes key financial metrics such as total assets and total debt, which are crucial for assessing the company's leverage and financial stability.

Risk Assessment

Risk Level: medium — BRADY CORP shows moderate risk based on this filing. The filing indicates a significant amount of debt ($8.467 billion) relative to total assets ($6.531 billion), which could pose financial risks.

Analyst Insight

Investors should analyze the company's debt structure and repayment capabilities in light of its asset base and cash flow.

Financial Highlights

total Assets

6531000000

total Debt

8467000000

Key Numbers

• 6,531,000,000 — Total Assets (As of January 31, 2024)
• 8,467,000,000 — Total Debt (As of January 31, 2024)
• 2024-01-31 — Fiscal Period End (Second quarter of fiscal year 2024)
• 0731 — Fiscal Year End (Annual fiscal year end)

Key Players & Entities

• BRADY CORP (company) — FILER
• BRC (company) — tk
• 2024-01-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-22 (date) — FILED AS OF DATE
• 6,531,000,000 (dollar_amount) — Total assets as of January 31, 2024
• 8,467,000,000 (dollar_amount) — Total debt as of January 31, 2024
• WI (location) — STATE OF INCORPORATION
• MILWAUKEE (location) — CITY

FAQ

Industry Context

Brady Corp. operates in the Miscellaneous Manufacturing Industries sector.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC for public companies.

What Investors Should Do

1. Review the detailed financial statements in the 10-Q for a comprehensive understanding of Brady Corp.'s performance.
2. Analyze the company's debt-to-equity ratio and its implications for financial risk.
3. Compare the current quarter's financial metrics with historical data to identify trends.

Year-Over-Year Comparison

This filing is a 10-Q for the second quarter of fiscal year 2024, providing updated financial information since the last reporting period.

Key Financial Figures

• $0.01 — ass A Nonvoting Common Stock, par value $0.01 per share BRC New York Stock Exchange

Filing Documents

• brc-20240131.htm (10-Q) — 953KB
• brc-20240131xex311.htm (EX-31.1) — 8KB
• brc-20240131xex312.htm (EX-31.2) — 8KB
• brc-20240131xex321.htm (EX-32.1) — 5KB
• brc-20240131xex322.htm (EX-32.2) — 5KB
• 0000746598-24-000009.txt (&nbsp;) — 4873KB
• brc-20240131.xsd (EX-101.SCH) — 28KB
• brc-20240131_cal.xml (EX-101.CAL) — 60KB
• brc-20240131_def.xml (EX-101.DEF) — 160KB
• brc-20240131_lab.xml (EX-101.LAB) — 449KB
• brc-20240131_pre.xml (EX-101.PRE) — 297KB
• brc-20240131_htm.xml (XML) — 662KB

Financial Information

PART I. Financial Information 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

PART II. Other Information 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sale of Equity Securities and Use of Proceeds

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24

Signatures

Signatures 25 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BRADY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ( Dollars in Thousands) January 31, 2024 July 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 143,860 $ 151,532 Accounts receivable, net of allowance for credit losses of $ 6,531 and $ 8,467 , respectively 185,569 184,420 Inventories 164,944 177,078 Prepaid expenses and other current assets 12,147 11,790 Total current assets 506,520 524,820 Property, plant and equipment—net 190,777 142,149 Goodwill 590,535 592,646 Other intangible assets 57,108 62,096 Deferred income taxes 14,899 15,716 Operating lease assets 24,686 29,688 Other assets 23,079 22,142 Total $ 1,407,604 $ 1,389,257 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 80,114 $ 79,855 Accrued compensation and benefits 56,408 71,470 Taxes, other than income taxes 13,345 13,575 Accrued income taxes 8,228 12,582 Current operating lease liabilities 12,758 14,726 Other current liabilities 66,449 65,828 Total current liabilities 237,302 258,036 Long-term debt 48,090 49,716 Long-term operating lease liabilities 12,510 16,217 Other liabilities 70,970 74,369 Total liabilities 368,872 398,338 Stockholders' equity: Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 44,792,328 and 45,008,724 shares, respectively 513 513 Class B voting common stock—Issued and outstanding, 3,538,628 shares 35 35 Additional paid-in capital 353,794 351,771 Retained earnings 1,090,045 1,021,870 Treasury stock— 6,469,159 and 6,252,763 shares, respectively, of Class A nonvoting common stock, at cost ( 305,714 ) ( 290,209 ) Accumulated other comprehensive loss ( 99,941 ) ( 93,061 ) Total stockholders' equity 1,038,732 990,919 Total $ 1,407,604 $ 1,389,257 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents BRADY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar

View Full Filing

View this 10-Q filing on SEC EDGAR