other material
confidence high
sentiment negative
materiality 0.75
Atmus restates Q1 2023 financials; operating cash flow overstated by $24.7M
Atmus Filtration Technologies Inc.
- Net cash provided by operating activities overstated $24.7M; net income and revenue unchanged.
- Material weakness in internal controls over period-end intercompany/related party accounting.
- Related party receivables and payables overstatements corrected; net parent investment adjusted.
- Revised combined financial statements for 2020-2022 and Q1 2022 also corrected for immaterial errors.
- Audit Committee concluded prior Q1 2023 financials should no longer be relied upon.