Rockwell Automation Reports First Quarter 2020 Results

1In the three months ended December 31, 2019, Change in fair value of investments included a $71.0 million gain due to the change in value of our investment in PTC. In the three months ended December 31, 2018, Change in fair value of investments included a $246.4 million loss due to the change in value of our investment in PTC and a $33.7 million gain due to the valuation adjustments related to the registration of PTC Shares.

2In the three months ended December 31, 2018, income tax provision included the tax effects on the PTC adjustments.

ROCKWELL AUTOMATION, INC.

CONDENSED BALANCE SHEET INFORMATION

(in millions)

 

 

 

December 31,
2019

 

September 30,
2019

Assets

 

 

 

 

Cash and cash equivalents

 

$

926.2

 

 

$

1,018.4

 

Receivables

 

1,298.1

 

 

1,178.7

 

Inventories

 

625.3

 

 

575.7

 

Property, net

 

574.0

 

 

571.9

 

Operating lease right-of-use assets

 

331.1

 

 

 

Goodwill and intangibles

 

1,837.6

 

 

1,265.2

 

Long-term investments

 

860.7

 

 

793.9

 

Other assets

 

654.9

 

 

709.2

 

Total

 

$

7,107.9

 

 

$

6,113.0

 

Liabilities and Shareowners’ Equity

 

 

 

 

Short-term debt

 

$

324.5

 

 

$

300.5

 

Accounts payable

 

708.3

 

 

694.6

 

Long-term debt

 

1,953.0

 

 

1,956.4

 

Operating lease liabilities

 

257.8

 

 

 

Other liabilities

 

2,827.8

 

 

2,757.3

 

Shareowners' equity attributable to Rockwell Automation, Inc.

 

717.0

 

 

404.2

 

Noncontrolling Interests

 

319.5

 

 

 

Total

 

$

7,107.9

 

 

$

6,113.0

 

ROCKWELL AUTOMATION, INC.

CONDENSED CASH FLOW INFORMATION

(in millions)

 

 

 

Three Months Ended
December 31,

 

 

2019

 

2018

Operating activities:

 

 

 

 

Net income

 

$

315.4

 

 

$

80.3

 

Depreciation and amortization

 

41.9

 

 

35.9

 

Change in fair value of investments 1

 

(71.0

)

 

212.7

 

Retirement benefits expense

 

31.8

 

 

17.2

 

Pension contributions

 

(7.1

)

 

(6.1

)

Receivables/inventories/payables

 

(83.7

)

 

(89.7

)

Contract liabilities

 

37.3

 

 

26.9

 

Compensation and benefits

 

(38.6

)

 

(85.4

)

Income taxes

 

(17.3

)

 

12.2

 

Other

 

22.4

 

 

8.0

 

Cash provided by operating activities

 

231.1

 

 

212.0

 

Investing activities:

 

 

 

 

Capital expenditures

 

(37.0

)

 

(42.0

)

Acquisition of businesses, net of cash acquired

 

(238.5

)

 

 

Purchases of investments

 

(1.0

)

 

(2.8

)

Proceeds from maturities and sales of investments

 

43.3

 

 

185.6

 

Proceeds from sale of property

 

0.2

 

 

0.1

 

Cash (used for) provided by investing activities

 

(233.0

)

 

140.9

 

Financing activities:

 

 

 

 

Net issuance of short-term debt

 

23.5

 

 

80.3

 

Cash dividends

 

(117.9

)

 

(116.9

)

Purchases of treasury stock

 

(106.0

)

 

(295.1

)

Proceeds from the exercise of stock options

 

104.8

 

 

4.0

 

Cash used for financing activities

 

(95.6

)

 

(327.7

)

Effect of exchange rate changes on cash

 

5.3

 

 

(11.7

)

(Decrease) increase in cash and cash equivalents

 

$

(92.2

)

 

$

13.5

 


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