SPX Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SPX Technologies, Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

SPX Technologies, Inc. (SPXC) filed a Annual Report (10-K) with the SEC on February 23, 2024. SPX Technologies, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 6325 Ardrey Kell Road, Suite 400, Charlotte, NC 28277. SPX Technologies, Inc. was formerly known as SPX Corp and Sealed Power Corp. The company is classified under Standard Industrial Classification code 3540: METALWORKING MACHINERY & EQUIPMENT.

Why It Matters

For investors and stakeholders tracking SPX Technologies, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SPX Technologies' financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the company's historical financial data, including revenue, net income, and debt levels, as presented in this filing, is essential for making informed investment decisions and comparing SPXC against its peers in the metalworking machinery and equipment sector.

Risk Assessment

Risk Level: medium — SPX Technologies, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify specific revenue drivers, profitability trends, and any disclosed risks or opportunities for SPXC.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date the report was filed)
• 3540 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (Company's incorporation state)

Key Players & Entities

• SPX Technologies, Inc. (company) — Filer name
• SPXC (company) — Ticker symbol
• 10-K (filing) — Form type
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• Charlotte, NC (location) — Business address city and state
• SPX Corp (company) — Former company name
• Sealed Power Corp (company) — Former company name

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 SPXC New York Stock Exchange Securiti
• $1,122.3 — HVAC reportable segment had revenues of $1,122.3 , $913.8, and $752.1 in 2023, 2022 and
• $913 — able segment had revenues of $1,122.3 , $913.8, and $752.1 in 2023, 2022 and 2021, r
• $752.1 — had revenues of $1,122.3 , $913.8, and $752.1 in 2023, 2022 and 2021, respectively, a
• $306.1 — and 2021, respectively, and backlog of $306.1 and $243.1 as of December 31, 2023 and
• $243.1 — respectively, and backlog of $306.1 and $243.1 as of December 31, 2023 and 2022 , resp
• $618 — ment reportable segment had revenues of $618.9, $547.1, and $467.4 in 2023, 2022 and
• $547 — ortable segment had revenues of $618.9, $547.1, and $467.4 in 2023, 2022 and 2021, r
• $467.4 — ent had revenues of $618.9, $547.1, and $467.4 in 2023, 2022 and 2021, respectively, a
• $244.5 — and 2021, respectively, and backlog of $244.5 and $251.0 as of December 31, 2023 and
• $251.0 — respectively, and backlog of $244.5 and $251.0 as of December 31, 2023 and 2022 , resp
• $287.1 — s. Sales outside the United States were $287.1 , $237.4 and $228.0 in 2023, 2022 and 2
• $237.4 — outside the United States were $287.1 , $237.4 and $228.0 in 2023, 2022 and 2021, resp
• $228.0 — United States were $287.1 , $237.4 and $228.0 in 2023, 2022 and 2021, respectively.

Filing Documents

• spxc-20231231.htm (10-K) — 3174KB
• q42023exhibit211.htm (EX-21.1) — 58KB
• a2023exhibit231.htm (EX-23.1) — 3KB
• exhibit311q42023.htm (EX-31.1) — 12KB
• exhibit312q42023.htm (EX-31.2) — 8KB
• exhibit321q42023.htm (EX-32.1) — 5KB
• dodd-frankclawbackpolicy.htm (EX-97.1) — 46KB
• spxc-20231231_g1.jpg (GRAPHIC) — 104KB
• 0000088205-24-000008.txt (&nbsp;) — 20173KB
• spxc-20231231.xsd (EX-101.SCH) — 121KB
• spxc-20231231_cal.xml (EX-101.CAL) — 171KB
• spxc-20231231_def.xml (EX-101.DEF) — 858KB
• spxc-20231231_lab.xml (EX-101.LAB) — 1574KB
• spxc-20231231_pre.xml (EX-101.PRE) — 1231KB
• spxc-20231231_htm.xml (XML) — 3591KB

– Business

Item 1 – Business 1

– Risk Factors

Item 1A – Risk Factors 7

– Unresolved Staff Comments

Item 1B – Unresolved Staff Comments 18

– Cybersecurity

Item 1C – Cybersecurity 19

– Properties

Item 2 – Properties 20

– Legal Proceedings

Item 3 – Legal Proceedings 20

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 20 Part II

– Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 – Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

– [Reserved]

Item 6 – [Reserved] 23

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

Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations 24

– Quantitative and Qualitative Disclosures About Market Risk

Item 7A – Quantitative and Qualitative Disclosures About Market Risk 50

– Financial Statements and Supplementary Data

Item 8 – Financial Statements and Supplementary Data 51 Report of Independent Registered Public Accounting Firm 52 Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021 54 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021 55 Consolidated Balance Sheets as of December 31, 2023 and 2022 56 Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2023, 2022 and 2021 57 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 58

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 60

– Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 – Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 112

– Controls and Procedures

Item 9A – Controls and Procedures 112

– Other Information

Item 9B – Other Information 114

– Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C – Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 Part III

– Directors, Executive Officers and Corporate Governance

Item 10 – Directors, Executive Officers and Corporate Governance 115

– Executive Compensation

Item 11 – Executive Compensation 117

– Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117

– Certain Relationships and Related Transactions, and Director Independence

Item 13 – Certain Relationships and Related Transactions, and Director Independence 117

– Principal Accountant Fees and Services

Item 14 – Principal Accountant Fees and Services 117 Part IV

– Exhibits and Financial Statement Schedules

Item 15 – Exhibits and Financial Statement Schedules 118

– Form 10-K Summary

Item 16 – Form 10-K Summary 119

Signatures

Signatures 120 Index to Exhibits 121 P A R T I

Business

ITEM 1. Business (All currency and share amounts are in millions) Forward-Looking Information Some of the statements in this document and any documents incorporated by reference, including any statements as to operational and financial projections, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our businesses' or our industries' actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. Such statements may address our plans, our strategies, our prospects, changes and trends in our business and the markets in which we operate under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A") or in other sections of this document. In some cases, you can identify forward-looking statements by terminology such as "may," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential" or "continue" or the negative of those terms or other comparable terminology. Particular risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include the following: cyclical changes and specific industry events in the Company's markets; changes in anticipated capital investment and maintenance expenditures by customers; availability, limitations or cost increases of raw materials and/or commodities that cannot be recovered in product pricing; the impact of competition on profit margins and the Company's ability to maintain or increase market share; inadequate performance by third-party suppliers and su

Business

Business SPX Technologies, Inc. ("SPX", "our", "the Company", or "we") is the successor registrant pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended, to SPX Corporation ("Legacy SPX") as a result of the completion on August 15, 2022 of a holding company reorganization (the "Holding Company Reorganization") effected as a merger of Legacy SPX with and into SPX Merger, LLC, a subsidiary of the Company. Each share of Legacy SPX's common stock, par value $0.01 per share, issued and outstanding immediately prior to the consummation of the Holding Company Reorganization was automatically converted into an equivalent corresponding share of the Company's common stock having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions as the corresponding share of Legacy SPX 1 common stock being converted. Accordingly, upon consummation of the Holding Company Reorganization, Legacy SPX stockholders became stockholders of the Company. Legacy SPX was founded in Muskegon, Michigan in 1912 as the Piston Ring Company and adopted the name SPX Corporation in 1988. Its common stock had been listed on the New York Stock Exchange since 1972. The terms "SPX," "we" and "our" include Legacy SPX for periods prior to the consummation of the Holding Company Reorganization as the context requires. On September 26, 2015, we completed the spin-off to our stockholders (the "Spin-Off") of all the outstanding shares of SPX FLOW, Inc. ("SPX FLOW"), a wholly-owned subsidiary of SPX prior to the Spin-Off, which at the time of the Spin-Off held the businesses comprising our Flow Technology reportable segment, our Hydraulic Technologies business, and certain of our corporate subsidiaries. Prior to the Spin-Off, our businesses serving the power generation markets had a major impact on the consolidated financial results of SPX. In the years leading up to the Spin-Off, these businesses experienced significant declines in r

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