RADIUS RECYCLING, INC.

CIK:0000912603|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2025	May 31, 2024	May 31, 2025	May 31, 2024
Income Statement [Abstract]
Revenues	$ 726,991	$ 673,920	$ 2,026,036	$ 1,967,876
Operating expense:
Cost of goods sold	677,444	628,390	1,915,587	1,842,806
Selling, general and administrative	56,350	62,100	167,977	187,362
(Income) from joint ventures	(231)	(300)	(867)	(1,003)
Goodwill impairment charges		215,941		215,941
Asset impairment charges	256		440	1,476
Restructuring charges and other exit-related activities	375	3,275	3,694	6,485
Operating income (loss)	(7,203)	(235,486)	(60,795)	(285,191)
Interest expense	(9,131)	(7,368)	(26,764)	(17,981)
Other income (expense), net	(400)	(187)	445	(620)
Income (loss) from continuing operations before income taxes	(16,734)	(243,041)	(87,114)	(303,792)
Income tax (expense) benefit	328	44,551	814	53,526
Income (loss) from continuing operations	(16,406)	(198,490)	(86,300)	(250,266)
Income (loss) from discontinued operations, net of tax	0	(21)	0	(54)
Net income (loss)	(16,406)	(198,511)	(86,300)	(250,320)
Net (income) loss attributable to noncontrolling interests	(558)	121	(814)	(13)
Net income (loss) attributable to Radius shareholders	$ (16,964)	$ (198,390)	$ (87,114)	$ (250,333)
Net income (loss) per share attributable to Radius shareholders Basic:
Income (loss) per share from continuing operations	$ (0.59)	$ (6.97)	$ (3.04)	$ (8.82)
Income (loss) loss per share	(0.59)	(6.97)	(3.04)	(8.82)
Net income (loss) per share attributable to Radius shareholders Diluted:
Income (loss) per share from continuing operations	(0.59)	(6.97)	(3.04)	(8.82)
Income (loss) per share	$ (0.59)	$ (6.97)	$ (3.04)	$ (8.82)
Weighted average number of common shares:
Basic	28,700	28,479	28,652	28,385
Diluted	28,700	28,479	28,652	28,385

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2025	May 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (86,300)	$ (250,320)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Goodwill impairment charges		215,941
Other asset impairment charges	440	2,040
Depreciation and amortization	71,749	72,188
Inventory write-downs	92
Deferred income taxes	(1,257)	(54,065)
Undistributed equity in earnings of joint ventures	(867)	(1,003)
Share-based compensation expense	7,974	6,197
(Gain) loss on disposal of assets, net	(3,050)	(511)
Other (gain) loss, net	1,387	639
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	6,742	(4,317)
Inventories	32,487	(46,750)
Income taxes	484	171
Prepaid expenses and other current assets	(1,191)	9,896
Other long-term assets	(5,505)	(5,797)
Operating lease assets and liabilities	175	(440)
Accounts payable	(3,645)	6,819
Accrued payroll and related liabilities	(5,017)	(12,330)
Other accrued liabilities	4,344	2,836
Environmental liabilities	(1,005)	(2,180)
Other long-term liabilities	1,192	1,418
Distributed equity in earnings of joint ventures	2,000	2,350
Net cash provided by (used in) operating activities	21,229	(57,218)
Cash flows from investing activities:
Capital expenditures	(33,653)	(56,258)
Proceeds from insurance and sale of assets	4,581	2,829
Purchase of investments		(6,000)
Net cash used in investing activities	(29,072)	(59,429)
Cash flows from financing activities:
Borrowings from long-term debt	611,836	579,500
Repayment of long-term debt	(572,026)	(421,414)
Payment of debt issuance costs	(2,188)
Taxes paid related to net share settlement of share-based payment awards	(1,714)	(5,282)
Distributions to noncontrolling interests	(938)	(738)
Dividends paid	(16,488)	(16,306)
Net cash provided by (used in) financing activities	18,482	135,760
Effect of exchange rate changes on cash	23	44
Net change in cash and cash equivalents	10,662	19,157
Cash and cash equivalents as of beginning of period	5,552	6,032
Cash and cash equivalents as of end of period	16,214	25,189
Cash paid (received) during the period for:
Interest	24,605	16,793
Income taxes, net	(27)	355
Schedule of noncash investing and financing transactions:
Purchases of property, plant and equipment included in liabilities	$ 3,449	$ 5,961

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2025	Aug. 31, 2024
Current assets:
Cash and cash equivalents	$ 16,214	$ 5,552
Accounts receivable, net of allowance for credit losses of $1,510 and $1,918	239,095	258,157
Inventories	272,957	293,932
Refundable income taxes	1,019	923
Prepaid expenses and other current assets	44,702	50,563
Total current assets	573,987	609,127
Property, plant and equipment, net of accumulated depreciation of $1,020,074 and $970,237	640,578	672,192
Operating lease right-of-use assets	129,657	123,546
Investments in joint ventures	8,687	9,841
Goodwill	13,105	13,105
Intangibles, net of accumulated amortization of $22,288 and $17,552	23,740	28,656
Deferred income taxes	17,699	18,577
Other assets	64,745	58,725
Total assets	1,472,198	1,533,769
Current liabilities:
Short-term borrowings	5,403	5,688
Accounts payable	193,936	202,498
Accrued payroll and related liabilities	19,618	24,654
Environmental liabilities	12,993	13,232
Operating lease liabilities	20,680	19,262
Accrued income taxes	28	3
Other accrued liabilities	57,151	51,233
Total current liabilities	309,809	316,570
Deferred income taxes	2,877	4,472
Long-term debt, net of current maturities	449,010	409,082
Environmental liabilities, net of current portion	51,600	52,417
Operating lease liabilities, net of current maturities	109,827	104,246
Other long-term liabilities	20,962	21,242
Total liabilities	944,085	908,029
Commitments and contingencies (Note 4)
Radius Recycling, Inc. ("Radius") shareholders' equity:
Preferred stock – 20,000 shares $1.00 par value authorized, none issued	0	0
Additional paid-in capital	34,869	28,828
Retained earnings	502,913	606,417
Accumulated other comprehensive income (loss)	(40,431)	(40,172)
Total Radius shareholders' equity	525,609	623,112
Noncontrolling interests	2,504	2,628
Total equity	528,113	625,740
Total liabilities and equity	1,472,198	1,533,769
Class A Common Stock
Radius Recycling, Inc. ("Radius") shareholders' equity:
Common stock, value	28,058	27,839
Class B Common Stock
Radius Recycling, Inc. ("Radius") shareholders' equity:
Common stock, value	$ 200	$ 200