Cash flow Harmonic Drive Systems Inc.

Equities

6324

JP3765150002

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 01:30:00 2025-01-21 am EST			5-day change	1st Jan Change
4,185.00 ^JPY	+3.33%		+10.86%	+25.11%

Jan. 16	Harmonic Drive Systems Inc. announces an Equity Buyback for 400,000 shares, representing 0.42% for ¥1,200 million.	CI
Jan. 15	Harmonic Drive Systems Inc. authorizes a Buyback Plan.	CI

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Published financial data: HARMONIC DRIVE SYSTEMS INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Revenues	37.49B	37.03B	57.09B	71.53B	55.8B
Total Revenues	37.49B	37.03B	57.09B	71.53B	55.8B
Cost of Goods Sold, Total	25.48B	24.45B	34.66B	45.74B	40.19B
Gross Profit	12B	12.58B	22.42B	25.79B	15.61B
Selling General & Admin Expenses, Total	7.88B	6.96B	8.36B	9.96B	9.31B
Provision for Bad Debts	-	-	-	-	-
R&D Expenses	2.18B	2.41B	2.91B	3.17B	3.54B
Depreciation & Amortization - (IS)	2.15B	2.34B	2.41B	2.42B	2.63B
Other Operating Expenses, Total	12.2B	11.72B	13.69B	15.56B	15.48B
Operating Income	-196M	866M	8.74B	10.22B	125M
Interest Expense, Total	-113M	-106M	-138M	-166M	-177M
Interest And Investment Income	284M	290M	277M	283M	372M
Net Interest Expenses	171M	184M	139M	117M	195M
Income (Loss) On Equity Invest.	-68M	-13M	-5M	-	-41M
Currency Exchange Gains (Loss)	1M	-139M	-44M	275M	129M
Other Non Operating Income (Expenses)	329M	652M	278M	140M	164M
EBT, Excl. Unusual Items	237M	1.55B	9.11B	10.76B	572M
Gain (Loss) On Sale Of Investments	-	-	21M	-	-
Gain (Loss) On Sale Of Assets	8M	-	2M	1M	6M
Asset Writedown	-414M	-270M	-101M	-65M	-28.18B
Other Unusual Items	32M	-261M	-19M	-500M	1M
EBT, Incl. Unusual Items	-137M	1.02B	9.01B	10.19B	-27.6B
Income Tax Expense	752M	465M	2.29B	2.6B	-2.8B
Earnings From Continuing Operations	-889M	554M	6.72B	7.6B	-24.81B
Net Income to Company	-889M	554M	6.72B	7.6B	-24.81B
Minority Interest	-206M	108M	-73M	-	-
Net Income - (IS)	-1.1B	662M	6.64B	7.6B	-24.81B
Net Income to Common Incl Extra Items	-1.1B	662M	6.64B	7.6B	-24.81B
Net Income to Common Excl. Extra Items	-1.1B	662M	6.64B	7.6B	-24.81B
Per Share Items
Net EPS - Basic	-11.38	6.88	69.01	79.66	-260.99
Basic EPS - Continuing Operations	-11.38	6.88	69.01	79.66	-260.99
Basic Weighted Average Shares Outstanding	96.26M	96.26M	96.26M	95.34M	95.05M
Net EPS - Diluted	-11.38	6.88	69.01	79.66	-260.99
Diluted EPS - Continuing Operations	-11.38	6.88	69.01	79.66	-260.99
Diluted Weighted Average Shares Outstanding	96.26M	96.26M	96.26M	95.34M	95.05M
Normalized Basic EPS	-0.6	11.19	58.37	70.52	3.76
Normalized Diluted EPS	-0.6	11.19	58.37	70.52	3.76
Dividend Per Share	20	20	21	28	20
Payout Ratio	-254.89	290.94	29.01	27.72	-10.34
Supplemental Items
EBITDA	7.53B	8.26B	16.99B	19.8B	10.49B
EBITA	707M	1.79B	9.72B	11.28B	1.3B
EBIT	-196M	866M	8.74B	10.22B	125M
Effective Tax Rate - (Ratio)	-548.91	45.63	25.46	25.49	10.14
Normalized Net Income	-57.88M	1.08B	5.62B	6.72B	358M
Non-Cash Pension Expense	-25.85M	18.67M	41.47M	104M	-154M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.2B	2.44B	3.01B	3.27B	3.61B

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	19.55B	21.14B	19.9B	20.78B	20.32B
Short Term Investments	16M	21M	27M	28M	37M
Total Cash And Short Term Investments	19.57B	21.16B	19.93B	20.81B	20.36B
Accounts Receivable, Total	7.22B	9.76B	15.56B	17.55B	11.73B
Total Receivables	7.22B	9.76B	15.56B	17.55B	11.73B
Inventory	5.76B	5.85B	9.4B	12.5B	12.63B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	3.44B	1.34B	978M	1.31B	2.74B
Total Current Assets	35.99B	38.12B	45.87B	52.18B	47.46B
Net Property Plant And Equipment	45.5B	41.99B	43.97B	48.93B	48.15B
Long-term Investments	9.73B	18.44B	12.56B	12.46B	10.3B
Goodwill	15.2B	15.53B	15.34B	15.26B	-
Other Intangibles, Total	25.01B	25.47B	25.1B	25.07B	12.9B
Loans Receivable Long-Term	-	-	-	-	200M
Deferred Tax Assets Long-Term	420M	470M	454M	439M	137M
Other Long-Term Assets, Total	2M	2M	2M	2M	2M
Total Assets	132B	140B	143B	154B	119B
Liabilities
Accounts Payable, Total	1.47B	2.41B	3.86B	3.6B	3.04B
Accrued Expenses, Total	730M	872M	1.65B	1.82B	1.02B
Short-term Borrowings	237M	226M	327M	2.61B	700M
Current Portion of Long-Term Debt	734M	881M	1.94B	2.57B	2.53B
Current Portion of Leases	293M	305M	471M	583M	700M
Current Income Taxes Payable	128M	837M	2.6B	1.05B	101M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	1.53B	2.42B	3.28B	4.24B	3.64B
Total Current Liabilities	5.13B	7.95B	14.13B	16.47B	11.72B
Long-Term Debt	5.99B	5.22B	14.62B	17.77B	15.2B
Long-Term Leases	3B	2.87B	3.55B	3.84B	4.68B
Pension & Other Post Retirement Benefits	1.56B	1.7B	1.63B	842M	952M
Deferred Tax Liability Non Current	9.28B	12.08B	9.94B	10B	5.84B
Other Non Current Liabilities	169M	158M	576M	1.47B	1.35B
Total Liabilities	25.13B	29.97B	44.43B	50.38B	39.74B
Common Stock, Total	7.1B	7.1B	7.1B	7.1B	7.1B
Additional Paid In Capital	30.22B	30.08B	22.76B	22.77B	22.78B
Retained Earnings	55.9B	54.64B	59.36B	64.85B	37.48B
Treasury Stock	-38M	-38M	-38M	-4.98B	-5.31B
Comprehensive Income and Other	4.06B	11.1B	9.67B	14.21B	17.35B
Total Common Equity	97.25B	103B	98.86B	104B	79.4B
Minority Interest	9.46B	7.17B	-	-	-
Total Equity	107B	110B	98.86B	104B	79.4B
Total Liabilities And Equity	132B	140B	143B	154B	119B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	96.26M	96.26M	96.06M	95.06M	94.98M
ECS Total Common Shares Outstanding	96.26M	96.26M	96.26M	95.06M	94.98M
Book Value / Share	1.01K	1.07K	1.03K	1.09K	836.01
Tangible Book Value	57.04B	61.88B	58.42B	63.62B	66.5B
Tangible Book Value Per Share	592.54	642.87	606.88	669.25	700.22
Total Debt	10.26B	9.5B	20.9B	27.36B	23.81B
Net Debt	-9.31B	-11.66B	977M	6.55B	3.46B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-53.67M	-99.96M	-198M	-440M	-536M
Minority Interest, Total (Incl. Fin. Div)	9.46B	7.17B	-	-	-
Equity Method Investments, Total	8.26B	96M	90M	89M	48M
Inventories - Raw Materials, Total	2.98B	2.54B	4.37B	6.83B	6.68B
Inventories - Work In Process, Total	1.63B	2.39B	3.88B	3.66B	3.48B
Inventories - Finished Goods, Total	1.15B	916M	1.15B	2.01B	2.47B
Inventories - Others	1M	1M	1M	1M	1M
Full Time Employees	1.1K	1.1K	1.14K	1.32K	1.35K
Accumulated Allowance for Doubtful Accounts (Supple)	21M	26M	22M	19M	24M
Order Backlog	8.96B	13.42B	50.35B	31.57B	21.13B

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	-137M	1.02B	9.01B	10.19B	-27.61B
Depreciation & Amortization - CF	6.83B	6.46B	7.28B	8.52B	9.19B
Amortization of Goodwill and Intangible Assets - (CF)	903M	925M	976M	1.05B	1.17B
Depreciation & Amortization, Total	7.73B	7.39B	8.25B	9.57B	10.36B
(Gain) Loss From Sale Of Asset	407M	85M	99M	62M	28.18B
(Gain) Loss on Sale of Investments - (CF)	-	-	-21M	-	-
(Income) Loss On Equity Investments - (CF)	68M	13M	5M	-	41M
Other Operating Activities, Total	-5.05B	1.83B	-1.06B	-4.82B	-3.63B
Change In Accounts Receivable	10.03B	-2.53B	-5.62B	-1.64B	6.23B
Change In Inventories	1.46B	-105M	-3.32B	-2.54B	603M
Change In Accounts Payable	-1.96B	934M	1.29B	-458M	-750M
Change in Other Net Operating Assets	-1.59B	917M	1.24B	470M	-703M
Cash from Operations	10.95B	9.56B	9.88B	10.85B	12.73B
Capital Expenditure	-11.32B	-1.33B	-4.74B	-8.84B	-4.94B
Sale of Property, Plant, and Equipment	13M	130M	7M	2M	15M
Cash Acquisitions	-1.18B	-	-	-	-
Sale (Purchase) of Intangible assets	-59M	-59M	-76M	-229M	-377M
Investment in Marketable and Equity Securities, Total	-20M	10M	129M	406M	-480M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-200M
Other Investing Activities, Total	34M	15M	-27M	-4M	27M
Cash from Investing	-12.54B	-1.23B	-4.7B	-8.66B	-5.95B
Short Term Debt Issued, Total	272M	810M	12.01B	9.91B	2.48B
Long-Term Debt Issued, Total	5B	120M	11.34B	6B	70M
Total Debt Issued	5.27B	930M	23.35B	15.91B	2.55B
Short Term Debt Repaid, Total	-61M	-810M	-11.91B	-7.61B	-4.41B
Long-Term Debt Repaid, Total	-353M	-743M	-884M	-2.24B	-2.66B
Total Debt Repaid	-414M	-1.55B	-12.8B	-9.85B	-7.07B
Issuance of Common Stock	-	-625M	-	-	-
Repurchase of Common Stock	-	-	-	-5B	-397M
Common & Preferred Stock Dividends Paid	-2.79B	-1.93B	-1.93B	-2.1B	-2.57B
Common & Preferred Stock Dividends Paid	-2.79B	-1.93B	-1.93B	-2.1B	-2.57B
Other Financing Activities, Total	295M	-3.39B	-15.29B	-550M	-643M
Cash from Financing	2.36B	-6.56B	-6.66B	-1.6B	-8.12B
Foreign Exchange Rate Adjustments	-33M	-108M	256M	567M	363M
Miscellaneous Cash Flow Adjustments	-	-2M	-	-1M	1M
Net Change in Cash	742M	1.65B	-1.23B	1.15B	-980M
Supplemental Items
Cash Interest Paid	112M	102M	143M	177M	183M
Cash Income Tax Paid (Refund)	5.12B	-1.77B	1.06B	4.81B	3.63B
Levered Free Cash Flow	-5.85B	8.62B	4.67B	692M	6.36B
Unlevered Free Cash Flow	-5.78B	8.69B	4.76B	796M	6.47B
Change In Net Working Capital	2.01B	-2.14B	4.14B	6.1B	-1.35B
Net Debt Issued / Repaid	4.86B	-623M	10.56B	6.06B	-4.52B

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	-0.09	0.4	3.86	4.29	0.06
Return on Total Capital	-0.11	0.46	4.56	5.09	0.07
Return On Equity %	-0.81	0.51	6.43	7.49	-27.06
Return on Common Equity	-1.09	0.66	6.59	7.49	-27.06
Margin Analysis
Gross Profit Margin %	32.02	33.97	39.28	36.05	27.97
SG&A Margin	21.01	18.81	14.64	13.93	16.69
EBITDA Margin %	20.09	22.29	29.77	27.68	18.79
EBITA Margin %	1.89	4.84	17.02	15.77	2.32
EBIT Margin %	-0.52	2.34	15.31	14.3	0.22
Income From Continuing Operations Margin %	-2.37	1.5	11.76	10.62	-44.46
Net Income Margin %	-2.92	1.79	11.64	10.62	-44.46
Net Avail. For Common Margin %	-2.92	1.79	11.64	10.62	-44.46
Normalized Net Income Margin	-0.15	2.91	9.84	9.4	0.64
Levered Free Cash Flow Margin	-15.62	23.28	8.18	0.97	11.4
Unlevered Free Cash Flow Margin	-15.43	23.46	8.34	1.11	11.6
Asset Turnover
Asset Turnover	0.27	0.27	0.4	0.48	0.41
Fixed Assets Turnover	0.87	0.85	1.33	1.54	1.15
Receivables Turnover (Average Receivables)	3.05	4.36	4.51	4.32	3.81
Inventory Turnover (Average Inventory)	3.88	4.22	4.55	4.18	3.2
Short Term Liquidity
Current Ratio	7.02	4.79	3.25	3.17	4.05
Quick Ratio	5.23	3.89	2.51	2.33	2.74
Operating Cash Flow to Current Liabilities	2.14	1.2	0.7	0.66	1.09
Days Sales Outstanding (Average Receivables)	120.07	83.72	80.97	84.49	96.05
Days Outstanding Inventory (Average Inventory)	94.25	86.58	80.29	87.4	114.43
Average Days Payable Outstanding	38.22	28.88	29.93	27.85	30.1
Cash Conversion Cycle (Average Days)	176.1	141.42	131.33	144.05	180.37
Long Term Solvency
Total Debt/Equity	9.61	8.63	21.15	26.32	29.99
Total Debt / Total Capital	8.77	7.95	17.46	20.84	23.07
LT Debt/Equity	8.43	7.35	18.38	20.78	25.04
Long-Term Debt / Total Capital	7.69	6.76	15.17	16.45	19.26
Total Liabilities / Total Assets	19.06	21.4	31.01	32.64	33.36
EBIT / Interest Expense	-1.73	8.17	63.33	61.6	0.71
EBITDA / Interest Expense	66.66	77.88	123.14	119.27	59.24
(EBITDA - Capex) / Interest Expense	-33.56	65.37	88.82	66.03	31.36
Total Debt / EBITDA	1.36	1.15	1.23	1.38	2.27
Net Debt / EBITDA	-1.24	-1.41	0.06	0.33	0.33
Total Debt / (EBITDA - Capex)	-2.71	1.37	1.71	2.5	4.29
Net Debt / (EBITDA - Capex)	2.46	-1.68	0.08	0.6	0.62
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-44.72	-1.21	54.15	25.29	-21.99
Gross Profit, 1 Yr. Growth %	-60.58	4.83	78.23	14.99	-39.48
EBITDA, 1 Yr. Growth %	-67.46	9.58	105.85	16.51	-47.04
EBITA, 1 Yr. Growth %	-95.98	153.32	442.43	16.1	-88.5
EBIT, 1 Yr. Growth %	-101.18	-541.84	909.12	17	-98.78
Earnings From Cont. Operations, 1 Yr. Growth %	-107.27	-162.32	1.11K	13.09	-426.61
Net Income, 1 Yr. Growth %	-109.67	-160.46	903.47	14.33	-426.61
Normalized Net Income, 1 Yr. Growth %	-100.59	-1.96K	421.84	19.65	-94.68
Diluted EPS Before Extra, 1 Yr. Growth %	-109.8	-160.46	903.47	15.44	-427.61
Accounts Receivable, 1 Yr. Growth %	-58.42	35.17	59.36	12.8	-33.18
Inventory, 1 Yr. Growth %	-21.91	1.58