RBC Bearings Inc. Files 10-Q for Period Ended December 30, 2023

TL;DR

<b>RBC Bearings Inc. has filed its quarterly report for the period ending December 30, 2023, confirming its status as a large accelerated filer.</b>

AI Summary

RBC Bearings INC (RBC) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. RBC Bearings Inc. filed its quarterly report (10-Q) for the period ending December 30, 2023. The company is registered with the SEC under the 1934 Act. Its principal executive offices are located at One Tribology Center, Oxford, CT 06478. RBC Bearings Inc. has common stock (RBC) and 5.00% Series A Mandatory Convertible Preferred Stock (RBCP) registered on the New York Stock Exchange. The company has confirmed it is a large accelerated filer and not a shell company.

Why It Matters

For investors and stakeholders tracking RBC Bearings INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for RBC Bearings Inc. for the specified quarter. As a large accelerated filer, the company is subject to more stringent SEC reporting requirements, indicating a certain level of financial maturity and public float.

Risk Assessment

Risk Level: low — RBC Bearings INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information, indicating a routine disclosure for a large accelerated filer.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand RBC Bearings Inc.'s performance and outlook.

Key Numbers

• 20231230 — Quarterly Period End Date (Conformed Period of Report)
• 20240208 — Filing Date (Filed as of Date)
• 001-40840 — SEC File Number (Commission File Number)
• 95-4372080 — IRS Number (IRS Employer Identification No.)

Key Players & Entities

• RBC Bearings INC (company) — Filer name
• RBC (company) — Trading Symbol for Common Stock
• RBCP (company) — Trading Symbol for Preferred Stock
• New York Stock Exchange (company) — Exchange where securities are registered
• December 30, 2023 (date) — Quarterly period end date
• February 8, 2024 (date) — Filing date
• One Tribology Center, Oxford, CT 06478 (location) — Principal executive offices address

FAQ

Industry Context

RBC Bearings Inc. operates in the ball and roller bearings industry, a segment of industrial machinery manufacturing.

Regulatory Implications

The filing is made under Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring regular reporting for public companies.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for the quarter ended December 30, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2023-12-30: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the quarterly report (10-Q) for the period ending December 30, 2023. Specific comparative financial data from the previous filing (likely a 10-Q for the quarter ended September 30, 2023, or an annual report 10-K) would be found within the document itself.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share RBC The New York Stock Exchan

Filing Documents

• f10q1223_rbcbearings.htm (10-Q) — 899KB
• f10q1223ex31-01_rbcbearings.htm (EX-31.01) — 8KB
• f10q1223ex31-02_rbcbearings.htm (EX-31.02) — 7KB
• f10q1223ex32-01_rbcbearings.htm (EX-32.01) — 3KB
• f10q1223ex32-02_rbcbearings.htm (EX-32.02) — 3KB
• 0001213900-24-011662.txt (&nbsp;) — 4973KB
• rbc-20231230.xsd (EX-101.SCH) — 50KB
• rbc-20231230_cal.xml (EX-101.CAL) — 36KB
• rbc-20231230_def.xml (EX-101.DEF) — 226KB
• rbc-20231230_lab.xml (EX-101.LAB) — 410KB
• rbc-20231230_pre.xml (EX-101.PRE) — 230KB
• f10q1223_rbcbearings_htm.xml (XML) — 560KB

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32 Changes in Internal Control over Financial Reporting 32 Part II - OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A .

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34 i

FINANCIAL

Part I. FINANCIAL INFORMATION

Consolidated Financial

Item 1. Consolidated Financial RBC Bearings Incorporated Consolidated Balance Sheets (dollars in millions, except per-share data) December 30, 2023 April 1, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 71.6 $ 65.4 Accounts receivable, net of allowance for doubtful accounts of $ 3.9 as of December 30, 2023 and $ 3.7 as of April 1, 2023 229.8 239.6 Inventory 629.6 587.2 Prepaid expenses and other current assets 26.3 21.1 Total current assets 957.3 913.3 Property, plant and equipment, net 365.0 375.3 Operating lease assets, net 42.4 41.4 Goodwill 1,876.7 1,869.8 Intangible assets, net 1,411.6 1,452.9 Other noncurrent assets 41.2 37.7 Total assets $ 4,694.2 $ 4,690.4 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 123.7 $ 146.8 Accrued expenses and other current liabilities 158.9 153.4 Current operating lease liabilities 7.4 7.6 Current portion of long-term debt 1.6 1.5 Total current liabilities 291.6 309.3 Long-term debt, less current portion 1,262.8 1,393.5 Long-term operating lease liabilities 35.9 33.9 Deferred income taxes 284.3 295.1 Other noncurrent liabilities 123.0 122.7 Total liabilities 1,997.6 2,154.5 Stockholders' equity: Preferred stock, $ .01 par value; authorized shares: 10,000,000 as of December 30, 2023 and April 1, 2023; issued shares: 4,600,000 as of December 30, 2023 and April 1, 2023 0.0 0.0 Common stock, $ .01 par value; authorized shares: 60,000,000 as of December 30, 2023 and April 1, 2023; issued shares: 30,173,650 and 29,989,948 as of December 30, 2023 and April 1, 2023, respectively 0.3 0.3 Additional paid-in capital 1,615.4 1,589.9 Accumulated other comprehensive income/(loss) 7.7 ( 4.1 ) Retained earnings 1,160.9 1,029.9 Treasury stock, at cost; 1,002,465 shares and 966,398 shares as of December 30, 2023 and April 1, 2023, respectively ( 87.7 ) ( 80.

View Full Filing

View this 10-Q filing on SEC EDGAR