Terex Corporation (TEX) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	3,858	4,418	6,158	6,982	7,084	5,484	5,022	4,443	3,794	4,517	4,353	3,076	3,887	4,418	5,152
+ Sales & Services Revenue	3,858	4,418	6,158	6,982	7,084	5,484	5,022	4,443	3,794	4,517	4,353	3,076	3,887	4,418	5,152
- Cost of Revenue	3,561	3,815	5,234	5,582	5,644	4,432	4,050	3,731	3,026	3,555	3,465	2,537	3,129	3,546	3,975
+ Cost of Goods & Services	3,561	3,815	5,234	5,582	5,644	4,432	4,050	3,731	3,026	3,555	3,465	2,537	3,129	3,546	3,975
Gross Profit	297	603	924	1,400	1,440	1,052	971	712	767	962	888	539	757	871	1,177
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	699	677	864	1,033	1,020	652	648	678	539	549	553	471	429	451	540
+ Selling, General & Admin	699	677	864	1,033	1,020	652	648	678	539	549	553	471	429	451	540
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	-402	-74	60	367	419	400	324	34	228	412	335	68	328	420	636
- Non-Operating (Income) Loss	122	164	-6	240	128	121	128	305	65	125	88	57	64	53	57
+ Interest Expense, Net	114	136	121	156	119	117	104	98	61	64	81	62	48	46	56
+ Interest Expense	119	145	135	165	126	123	108	102	67	73	88	66	52	49	63
- Interest Income	5	10	14	9	7	6	4	4	6	9	6	4	4	3	8
+ Other Non-Op (Income) Loss	8	29	-126	85	8	5	24	207	4	61	6	-5	16	7	1
Pretax Income	-524	-238	66	126	291	279	196	-271	163	287	248	11	264	367	580
- Income Tax Expense (Benefit)	-117	-27	45	52	87	27	68	-77	52	45	38	2	46	66	63
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-406	-212	20	75	204	252	128	-193	111	242	210	9	218	300	517
- Net Extraordinary Losses (Gains)	-7	-566	-30	-33	-27	-66	-15	-17	-18	128	155	20	-3	- -	-1
+ Discontinued Operations	9	574	20	29	17	68	21	18	18	-128	-155	-20	3	- -	1
+ Extraord. & Accounting Changes	-16	-1,140	-50	-62	-44	-134	-35	-34	-35	256	311	39	-7	- -	-3
Income (Loss) Incl. MI	-400	354	50	108	231	318	143	-177	129	114	54	-11	221	300	518
- Minority Interest	-1	-4	4	2	5	- -	-3	-1	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-398	358	45	106	226	319	146	-176	129	114	54	-11	221	300	518
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-398	358	45	106	226	319	146	-176	129	114	54	-11	221	300	518
Basic Weighted Avg Shares	103	109	110	110	111	110	107	108	93	75	71	70	70	68	68
Basic EPS, GAAP	-3.88	3.3	0.41	0.96	2.03	2.91	1.36	-1.63	1.39	1.51	0.77	-0.15	3.17	4.38	7.67
Basic EPS from Cont Ops	-3.96	-1.95	0.18	0.68	1.84	2.3	1.19	-1.79	1.2	3.21	2.95	0.13	3.12	4.38	7.65
Diluted Weighted Avg Shares	103	109	111	114	117	114	110	108	95	77	72	70	71	69	68
Diluted EPS, GAAP	-3.88	3.3	0.41	0.93	1.93	2.79	1.33	-1.63	1.36	1.48	0.76	-0.15	3.12	4.32	7.58
Diluted EPS from Cont Ops	-3.96	-1.95	0.18	0.66	1.74	2.21	1.17	-1.79	1.17	3.14	2.92	0.13	3.07	4.33	7.57
EBITDA	-308	31	186	520	571	566	456	131	295	472	385	118	378	467	693
EBITDA Margin (%)	-7.99	0.7	3.03	7.44	8.07	10.31	9.08	2.95	7.77	10.45	8.84	3.84	9.73	10.58	13.45
EBITA	-402	-74	60	367	419	400	324	34	228	412	335	68	328	420	636
EBIT	-402	-74	60	367	419	400	324	34	228	412	335	68	328	420	636
Gross Margin (%)	7.7	13.65	15	20.05	20.32	19.17	19.34	16.03	20.23	21.29	20.39	17.53	19.49	19.72	22.84
Operating Margin (%)	-10.41	-1.67	0.97	5.25	5.92	7.29	6.45	0.77	6.02	9.13	7.7	2.22	8.44	9.51	12.36
Profit Margin (%)	-10.33	8.11	0.73	1.52	3.19	5.82	2.91	-3.96	3.39	2.52	1.25	-0.34	5.68	6.79	10.06
Sales per Employee	242,667	271,055	272,478	327,803	345,561	268,824	246,162	393,195	354,551	386,085	458,221	375,171	451,953	475,022	505,049
Dividend per Share	- -	- -	- -	- -	0.05	0.2	0.24	0.28	0.32	0.4	0.44	0.12	0.48	0.52	0.64
Depreciation Expense	93	105	127	153	152	166	132	97	66	60	50	50	50	47	56

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	3,915	3,969	4,053	3,797	3,639	3,356	3,140	2,700	2,383	2,423	2,020	1,879	1,768	1,962	2,245
+ Cash, Cash Equivalents & STI	930	1,416	777	678	408	478	371	428	626	340	535	665	267	304	371
+ Cash & Cash Equivalents	930	894	774	678	408	478	371	428	626	340	535	665	267	304	371
+ ST Investments	1	521	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	594	782	1,178	1,027	1,177	1,086	703	512	580	535	402	381	508	548	548
+ Accounts Receivable, Net	594	782	1,178	1,027	1,177	1,086	703	512	580	535	402	381	508	548	548
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	1,344	1,449	1,758	1,632	1,613	1,461	1,064	854	970	919	848	610	814	988	1,186
+ Raw Materials	613	656	784	667	636	581	444	344	384	354	361	357	425	516	587
+ Work In Process	342	298	509	506	527	454	190	175	166	86	79	57	106	154	132
+ Finished Goods	389	495	465	460	450	426	429	335	420	478	408	196	283	319	468
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	1,047	322	340	461	441	331	1,002	906	207	630	235	222	180	122	141
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,799	1,548	3,010	2,949	2,897	2,572	2,476	2,306	1,080	1,063	1,176	1,153	1,096	1,156	1,370
+ Property, Plant & Equip, Net	605	574	836	807	789	690	372	305	311	317	389	407	430	466	570
+ Property, Plant & Equip	913	922	1,240	1,188	1,254	1,163	744	637	667	630	724	765	817	849	995
- Accumulated Depreciation	308	349	405	382	464	473	372	332	356	312	335	358	387	383	425
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,194	974	2,175	2,142	2,108	1,882	2,104	2,002	768	746	786	747	666	690	800
+ Total Intangible Assets	511	633	1,752	1,720	1,690	1,456	482	278	287	277	280	284	294	302	310
+ Goodwill	511	493	1,233	1,245	1,246	1,131	459	260	274	265	270	275	280	284	295
+ Other Intangible Assets	- -	140	520	474	445	325	23	18	14	11	10	8	13	17	16
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	683	341	422	422	418	425	1,622	1,724	481	469	507	463	373	389	490
Total Assets	5,714	5,516	7,063	6,746	6,537	5,928	5,616	5,007	3,462	3,486	3,196	3,032	2,864	3,118	3,616
+ Payables & Accruals	672	843	1,061	692	785	810	612	584	592	687	549	418	538	625	703
+ Accounts Payable	525	570	765	600	689	736	561	523	592	687	508	370	538	625	703
+ Accrued Taxes	39	187	185	84	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	108	86	111	9	96	74	52	61	- -	- -	41	48	- -	- -	- -
+ ST Debt	74	347	77	84	87	152	66	14	5	4	7	8	6	2	3
+ ST Borrowings	74	347	77	84	87	152	66	14	5	4	7	8	6	2	3
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	809	484	753	933	853	680	780	809	438	523	316	298	367	372	414
+ Deferred Revenue	132	96	223	313	302	197	143	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	677	388	530	620	550	483	637	809	438	523	316	298	367	372	414
Total Current Liabilities	1,555	1,674	1,891	1,709	1,725	1,643	1,459	1,407	1,036	1,215	872	723	910	999	1,119
+ LT Debt	1,893	1,340	2,223	2,015	1,890	1,636	1,730	1,562	980	1,211	1,169	1,166	668	774	620
+ LT Borrowings	1,893	1,340	2,223	2,015	1,890	1,636	1,730	1,562	980	1,211	1,169	1,166	668	774	620
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	592	391	761	991	707	610	516	517	225	200	222	221	176	165	204
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	448	391	345	431	388	432	157	154	151	141	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	144	- -	416	560	319	177	359	363	74	59	222	221	176	165	204
Total Noncurrent Liabilities	2,485	1,731	2,984	3,006	2,597	2,246	2,245	2,079	1,204	1,410	1,391	1,387	844	938	824
Total Liabilities	4,039	3,405	4,875	4,715	4,322	3,889	3,704	3,486	2,240	2,625	2,263	2,110	1,754	1,937	1,943
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,255	1,265	1,273	1,262	1,249	1,253	1,275	1,301	1,323	798	825	839	861	882	907
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	1,254	1,264	1,272	1,261	1,248	1,252	1,273	1,300	1,322	797	824	838	860	882	906
- Treasury Stock	599	599	599	598	630	802	852	935	1,858	402	407	459	460	560	622
+ Retained Earnings	958	1,317	1,362	1,468	1,688	1,985	2,105	1,898	1,996	749	771	750	937	1,201	1,675
+ Other Equity	36	100	-126	-124	-116	-430	-650	-779	-240	-285	-258	-208	-228	-342	-287
Equity Before Minority Interest	1,650	2,083	1,910	2,008	2,190	2,006	1,877	1,485	1,222	860	932	922	1,110	1,181	1,672
+ Minority/Non Controlling Interest	24	28	278	24	25	33	35	36	- -	- -	- -	- -	- -	- -	- -
Total Equity	1,674	2,111	2,188	2,031	2,215	2,039	1,912	1,521	1,222	861	932	922	1,110	1,181	1,672
Total Liabilities & Equity	5,714	5,516	7,063	6,746	6,537	5,928	5,616	5,007	3,462	3,486	3,196	3,032	2,864	3,118	3,616
Shares Outstanding	107	108	109	110	110	105	108	105	80	70	70	69	69	67	66
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	1,037	792	1,526	1,421	1,569	1,311	1,425	1,147	358	875	641	509	407	471	252
Net Debt to Equity	61.93	37.52	69.75	69.94	70.82	64.27	74.53	75.42	29.31	101.65	68.71	55.21	36.7	39.91	15.1
Tangible Common Equity Ratio	22.36	30.27	8.21	6.2	10.82	13.03	27.86	26.29	29.45	18.21	22.38	23.21	31.75	31.23	41.21
Current Ratio	2.52	2.37	2.14	2.22	2.11	2.04	2.15	1.92	2.3	1.99	2.32	2.6	1.94	1.96	2.01
Cash Conversion Cycle	148.21	139.45	125.98	122.82	119.87	141.12	114	87.58	97.74	75.35	68.05	81.67	75.07	79.32	80.59
Number of Employees	15,900	16,300	22,600	21,300	20,500	20,400	20,400	11,300	10,700	11,700	9,500	8,200	8,600	9,300	10,200

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-406	362	41	104	221	320	149	-176	129	114	54	-11	221	300	518
+ Depreciation & Amortization	93	105	127	153	152	166	132	97	66	60	50	50	50	47	56
+ Non-Cash Items	50	-347	-20	174	96	32	119	154	13	125	150	57	77	41	14
+ Stock-Based Compensation	32	35	23	29	44	46	38	38	38	37	43	24	33	30	44
+ Deferred Income Taxes	-132	108	-2	-25	-2	-18	-3	-138	38	-9	-18	6	1	-1	-38
+ Asset Impairment Charge	5	11	- -	- -	- -	4	37	246	7	9	84	6	6	- -	- -
+ Other Non-Cash Adj	145	-501	-41	170	54	- -	46	8	-70	88	41	22	36	11	8
+ Chg in Non-Cash Work Cap	222	-730	-125	-138	-280	-106	-173	302	-55	-204	-81	130	-55	-127	-129
+ (Inc) Dec in Accts Receiv	294	-215	-181	122	-153	-4	74	33	- -	-108	176	16	-139	-55	11
+ (Inc) Dec in Inventories	448	-194	-26	-55	-70	-27	-91	97	-34	-284	20	262	-230	-206	-200
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-393	36	65	-126	87	86	42	-21	25	213	-220	-157	173	96	58
+ Inc (Dec) in Other	-127	-357	18	-79	-144	-161	-198	193	-46	-25	-57	9	141	38	2
+ Net Cash From Disc Ops	3	-53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-38	-663	23	292	188	411	228	377	153	94	173	225	293	261	459
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	10	- -	- -	- -	- -	- -	- -	20	3	4	3	2	- -	34
+ Disp of Fixed Prod Assets	- -	10	- -	- -	- -	- -	- -	- -	20	3	4	3	2	- -	34
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-50	-55	-79	-82	-83	-82	-104	-73	-44	-104	-109	-64	-60	-110	-127
+ Acq of Fixed Prod Assets	-50	-55	-79	-82	-83	-82	-104	-73	-44	-104	-109	-64	-60	-110	-127
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	-40	-16	-24	- -	-20	- -	- -	783	19	31	8	-2	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	783	19	31	8	- -	- -	- -
+ Inc in LT Investment	- -	-40	-16	-24	- -	-20	- -	- -	- -	- -	- -	- -	-2	- -	- -
+ Net Cash From Acq & Div	-10	989	-1,035	-3	- -	-7	-71	-7	- -	-7	- -	- -	-43	-50	-24
+ Cash from Divestitures	- -	1,002	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-10	-13	-1,035	-3	- -	-7	-71	-7	- -	-7	- -	- -	-43	-50	-24
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-1	- -	537	34	45	204	2	68	776	3	178	16	- -	5	3
+ Net Cash From Disc Ops	-7	1,002	- -	4	1	162	- -	4	776	2	178	16	- -	- -	- -
Cash from Investing Activities	-61	904	-592	-76	-37	95	-173	-12	1,536	-86	104	-38	-102	-154	-114
+ Dividends Paid	- -	- -	- -	- -	-6	-22	-26	-30	-30	-30	-31	-8	-34	-36	-43
+ Net Cash From Debt	429	-292	479	-299	-147	-118	65	-189	-583	232	-44	-6	-503	96	-159
+ Cash From Debt	1,114	74	927	1,234	425	1,684	1,463	1,098	1,011	1,382	1,617	170	600	321	243
+ Repayments of Debt	-685	-366	-448	-1,533	-572	-1,802	-1,398	-1,286	-1,594	-1,150	-1,660	-176	-1,104	-224	-402
+ Cash (Repurchase) of Equity	156	-1	- -	- -	-31	-171	-51	-83	-925	-428	-7	-56	-3	-101	-63
+ Increase in Capital Stock	156	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	-1	- -	- -	-31	-171	-51	-83	-925	-428	-7	-56	-3	-101	-63
+ Other Financing Activities	-27	-23	-28	-25	-237	-86	-17	-9	-69	-20	-21	-12	-40	-14	-23
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	559	-316	451	-323	-420	-397	-29	-310	-1,606	-245	-104	-83	-580	-55	-288
Effect of Foreign Exchange Rates	27	-2	-1	11	-1	-39	-38	-20	46	-21	-6	26	-14	-15	10
Net Changes in Cash	460	-75	-119	-107	-269	109	26	55	82	-237	174	104	-389	52	57
Capital Expenditures	-50	-55	-79	-82	-83	-82	-104	-73	-44	-104	-109	-64	-60	-110	-127
EBITDA	-308	31	186	520	571	566	456	131	295	472	385	118	378	467	693
EBITDA Margin (%)	-7.99	0.7	3.03	7.44	8.07	10.31	9.08	2.95	7.77	10.45	8.84	3.84	9.73	10.58	13.45
Net Cash Paid for Acquisitions	10	-989	1,035	3	- -	7	71	7	- -	7	- -	- -	43	50	24
Free Cash Flow	-88	-718	-56	210	106	329	124	304	110	-10	64	161	234	152	332
Free Cash Flow to Firm	- -	- -	-15	307	194	440	195	- -	155	52	139	215	276	192	389
Free Cash Flow to Equity	341	-1,000	422	-89	-41	212	189	116	-454	225	25	158	-268	248	207
Free Cash Flow per Basic Share	-0.86	-6.61	-0.52	1.9	0.95	3	1.15	2.82	1.18	-0.13	0.91	2.31	3.35	2.21	4.92
Price/Free Cash Flow	163.43	-5.53	14.19	7.99	17.97	6.64	6.24	7.75	23.44	10.66	7.56	8.45	8.79	7.98	6.8
Cash Flow to Net Income	0.09	-1.85	0.5	2.76	0.83	1.29	1.56	-2.14	1.19	0.83	3.19	-21.26	1.33	0.87	0.89

Terex Corporation

TEX US

53.76