CTS Corp 2025年季度报告

For The Quarterly Period EndedJune 30,2025OR ☒Non-accelerated filer☐Smaller reportingcompany ☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.☐ Item 1A.Risk Factors Item 2.Unregistered Sales of Equity Securities and Use of Proceeds Other InformationExhibits 2SIGNATURES (In thousands)(Unaudited)June 30,December 31,20252024Current AssetsCash and cash equivalents$99,440$Accounts receivable, net85,578Inventories, net57,103Other current assets19,629Total current assets261,750242,174Property, plant and equipment, net93,530Operating lease assets, net21,709Other AssetsGoodwill207,547201,304Other intangible assets, net161,785163,882Deferred income taxes26,71411,694 Total Liabilities and Shareholders’ Equity See notes to unaudited condensed consolidated financial statements. 5 Cash paid for income taxes, netNon-cash financing and investing activities: (in thousands, except shares and per share amounts)The following summarizes the changes in total equity for the three and six months ended June 30, 2024: CommonStockdCapitalRetainedEarningssive Income(Loss)TreasuryStockBalances at December 31, 2023$319,269$45,097$602,232$4,264$(444,040)$526,822 Net earningsChanges in fair market value of derivatives, net of ———730—Changes in unrealized pension cost, net of tax———65—Cumulative translation adjustment, net of tax———(2,121)—Cash dividends of $0.04per share——(1,227)——Acquired271,939shares of treasury stock————(12,035)Issued shares on vesting of restricted stock units2,589(5,705)———Stock compensation—1,048——— ———(1,675)—Changes in unrealized pension cost, net of tax———35—Cumulative translation adjustment, net of tax———(523)—Cash dividends of $0.04per share——(1,217)—— GoodwillTotal other assets Total Assets$ LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent LiabilitiesAccrued expenses and other liabilities37,249771Total current liabilities103,799771Total Liabilities258,586771Shareholders’ Equity Total Liabilities and Shareholders’ Equity Corrected Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2024 (in thousands):Nine Months EndedNine MonthsEndedSeptember 30, 2024September 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings Changes in assets and liabilities, net of acquisitions:Inventories11,346559Accrued expenses and other liabilities(2,645)40Net cash provided by operating activities$73,335$-$ Corrected Fair Value of SyQwest Assets Acquired and Liabilities Assumed: Fair Values atJuly 29, 2024Accounts receivable$Other current assetsProperty, plant and equipment Less fair value of liabilities acquiredPurchase price$ ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” Recently issued accounting pronouncements not yet adoptedASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, whichrequires public entities, on an annual basis, to provide disclosure of specific categories in the reconciliation of the effective tax rate,as well as disclosure of income taxes paid, disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning afterDecember 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09. We Expenses, which requires additional information about certain expenses in the notes to the financial statements. ASU 2024-03 iseffective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. We will adopt the guidance when it becomes effective on a prospective basis. NOTE 2 – Revenue Recognition received by the Company in exchange for performing its obligations under the applicable contract. We allocate the transaction priceto each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative component. Differences between the amount of revenue recognized and the amount invoiced, collected from, or paid to ourcustomers are recognized as contract assets or liabilities. Contract assets will be reviewed for impairment when events or facts and circumstances, which may require significant judgment. Variable consideration is included in the transaction price if, inour judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The majority of our revenue is derived from contracts for sales of commercial products, which generally contain a singleperformance obligation. We generally recognize revenue at a point in time on the delivery date based on the shipping terms stipulated in the contract. During the