ATI Inc. Files Q2 2024 10-Q Report

TL;DR

ATI Inc. 10-Q filed: Q2 2024 results are in. Check financials.

AI Summary

ATI Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its business operations. Key financial data and operational details are included in the filing, which covers the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of ATI Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with public companies.

Key Numbers

• 20240630 — End of Reporting Period (The 10-Q covers financial data up to this date.)
• 20240806 — Filing Date (The date ATI Inc. submitted this 10-Q to the SEC.)

Key Players & Entities

• ATI Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240806 (date) — Filing date
• ALLEGHENY TECHNOLOGIES INC (company) — Former company name
• ALLEGHENY TELEDYNE INC (company) — Former company name

FAQ

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 ATI New York Stock Exchange Indicate

Filing Documents

• ati-20240630.htm (10-Q) — 2128KB
• fy2024q2exhibit311.htm (EX-31.1) — 9KB
• fy2024q2exhibit312.htm (EX-31.2) — 10KB
• fy2024q2exhibit321.htm (EX-32.1) — 8KB
• 0001628280-24-035141.txt ( ) — 11299KB
• ati-20240630.xsd (EX-101.SCH) — 58KB
• ati-20240630_cal.xml (EX-101.CAL) — 94KB
• ati-20240630_def.xml (EX-101.DEF) — 357KB
• ati-20240630_lab.xml (EX-101.LAB) — 741KB
• ati-20240630_pre.xml (EX-101.PRE) — 579KB
• ati-20240630_htm.xml (XML) — 2288KB

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Statements of Cash Flows 4 Statements of Changes in Consolidated Equity 5

Notes to Consolidated Financial Statements 6

Notes to Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk 39

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures 41

Item 4. Controls and Procedures 41

- OTHER INFORMATION

PART II. - OTHER INFORMATION

Legal Proceedings 41

Item 1. Legal Proceedings 41

Risk Factors 41

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds 42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Other Information 42

Item 5. Other Information 42

Exhibits 42

Item 6. Exhibits 42 SIGNATURES 43

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ATI Inc. and Subsidiaries Consolidated Balance Sheets (In millions, except share and per share amounts) (Current period unaudited) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 425.6 $ 743.9 Accounts receivable, net 719.8 625.0 Short-term contract assets 87.6 59.1 Inventories, net 1,317.5 1,247.5 Prepaid expenses and other current assets 102.4 62.2 Total Current Assets 2,652.9 2,737.7 Property, plant and equipment, net 1,705.5 1,665.9 Goodwill 227.2 227.2 Other assets 335.8 354.3 Total Assets $ 4,921.4 $ 4,985.1 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 524.5 $ 524.8 Short-term contract liabilities 160.9 163.6 Short-term debt and current portion of long-term debt 316.8 31.9 Other current liabilities 243.4 256.8 Total Current Liabilities 1,245.6 977.1 Long-term debt 1,854.0 2,147.7 Accrued postretirement benefits 167.2 175.2 Pension liabilities 37.9 39.7 Other long-term liabilities 148.8 164.9 Total Liabilities 3,453.5 3,504.6 Equity: ATI Stockholders' Equity: Preferred stock, par value $ 0.10 : authorized- 50,000,000 shares; issued- none — — Common stock, par value $ 0.10 : authorized- 500,000,000 shares; issued- 133,796,517 shares at June 30, 2024 and 132,300,971 shares at December 31, 2023; outstanding- 124,463,814 shares at June 30, 2024 and 126,879,099 shares at December 31, 2023 13.4 13.2 Additional paid-in capital 1,712.9 1,697.1 Retained earnings (loss) 78.4 ( 70.1 ) Treasury stock: 9,332,703 shares at June 30, 2024 and 5,421,872 shares at December 31, 2023 ( 359.3 ) ( 184.0 ) Accumulated other comprehensive loss, net of tax ( 90.2 ) ( 83.2 ) Total ATI stockholders' equity 1,355.2 1,373.0 Noncontrolling interests 112.7 107.5 Total Equity 1,467.9 1,480.5 Total Liabilities and Equity $ 4,921.4 $ 4,985.1 The accompanying notes are an integral part of these statements. 1 ATI Inc. and Subsidiaries Consolidated Statements of Ope

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited Note 1. Accounting Policies The interim consolidated financial statements include the accounts of ATI Inc. and its subsidiaries. Unless the context requires otherwise, "ATI" and "the Company" refer to ATI Inc. and its subsidiaries. The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Unless otherwise stated, references to years and quarters in this Quarterly Report on Form 10-Q relate to fiscal years and quarters, rather than calendar years and quarters. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles for complete financial statements. In management's opinion, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified in order to conform with 2024 presentation. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2023 Annual Report on Form 10-K. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2023 financial information has been derived from the Company's audited consolidated financial statements. New Accounting Pronouncements Adopted In September 2022, the Financial Accounting Standards Board (FASB) issued new accounting guidance related to disclosures about supplier finance pro