RBC Bearings Files Q1 2024 10-Q Report

TL;DR

RBC Bearings filed its Q1 2024 10-Q. All systems go.

AI Summary

RBC Bearings Inc. filed its quarterly report for the period ending June 29, 2024. The company, incorporated in Delaware, is headquartered at One Tribology Center, Oxford, CT. Its primary business involves the manufacturing of ball and roller bearings.

Why It Matters

This filing provides investors with an update on RBC Bearings' financial performance and operational status for the first quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• RBC Bearings INC (company) — Registrant
• June 29, 2024 (date) — Quarterly period end date
• One Tribology Center, Oxford, CT 06478 (location) — Principal executive offices address
• 001-40840 (other) — Commission File Number

FAQ

Key Financial Figures

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

Filing Documents

• ea0209998-10q_rbcbear.htm (10-Q) — 933KB
• ea020999801ex31-01_rbcbear.htm (EX-31.01) — 10KB
• ea020999801ex31-02_rbcbear.htm (EX-31.02) — 10KB
• ea020999801ex32-01_rbcbear.htm (EX-32.01) — 3KB
• ea020999801ex32-02_rbcbear.htm (EX-32.02) — 3KB
• 0001213900-24-064682.txt ( ) — 4991KB
• rbc-20240629.xsd (EX-101.SCH) — 46KB
• rbc-20240629_cal.xml (EX-101.CAL) — 46KB
• rbc-20240629_def.xml (EX-101.DEF) — 208KB
• rbc-20240629_lab.xml (EX-101.LAB) — 384KB
• rbc-20240629_pre.xml (EX-101.PRE) — 212KB
• ea0209998-10q_rbcbear_htm.xml (XML) — 570KB

Quantitative and Qualitative Disclosures

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 Part II - OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29 i Part I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements RBC Bearings Incorporated Consolidated Balance Sheets (dollars in millions, except per share data) June 29, 2024 March 30, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 76.8 $ 63.5 Accounts receivable, net of allowances of $ 4.2 as of June 29, 2024 and $ 4.4 as of March 30, 2024 254.7 255.2 Inventory 635.0 622.8 Prepaid expenses and other current assets 27.7 24.0 Total current assets 994.2 965.5 Property, plant and equipment, net 356.8 361.0 Operating lease assets, net 50.9 41.4 Goodwill 1,874.2 1,874.9 Intangible assets, net 1,375.9 1,391.9 Other noncurrent assets 44.5 43.9 Total assets $ 4,696.5 $ 4,678.6 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 127.5 $ 116.2 Accrued expenses and other current liabilities 190.5 167.3 Current operating lease liabilities 8.5 7.0 Current portion of long-term debt 3.8 3.8 Total current liabilities 330.3 294.3 Long-term debt, less current portion 1,127.6 1,188.1 Noncurrent operating lease liabilities 42.9 35.3 Deferred income taxes 280.2 284.2 Other noncurrent liabilities 111.6 124.8 Total liabilities 1,892.6 1,926.7 Stockholders' equity: Preferred stock, $ .01 par value; authorized shares: 10,000,000 as of June 29, 2024 and March 30, 2024, respectively; issued shares: 4,600,000 as of June 29, 2024 and March 30, 2024, respectively 0.0 0.0 Common stock, $ .01 par value; authorized shares: 60,000,000 at June 29, 2024 and March 30, 2024, respectively; issued shares: 30,263,485 and 30,227,444 as of June 29, 20

financial statements and notes thereto included in our Annual Report

financial statements and notes thereto included in our Annual Report. The results of operations for the three-month period ended June 29, 2024 are not necessarily indicative of the operating results for the entire fiscal year ending March 29, 2025. The three-month periods ended June 29, 2024 and July 1, 2023 each included 13 weeks . All dollar amounts contained in these financial statements and footnotes are stated in millions, except for per share data. 2. Significant Accounting Policies The Company's significant accounting policies are detailed in "Note 2 - Summary of Significant Accounting Policies" of our Annual Report. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below. Recent Accounting Standards Adopted Not Applicable. Recent Accounting Standards Yet to Be Adopted In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in ASU 2023-07 improve the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have

View Full Filing

View this 10-Q filing on SEC EDGAR