2019 Q1 Form 10-Q Financial Statement

#000162828019002600 Filed on March 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $1.608B $1.588B $1.498B
YoY Change 1.23% 19.72% 13.28%
Cost Of Revenue $1.446B $1.429B $1.337B
YoY Change 1.17% 19.6% 13.49%
Gross Profit $162.0M $159.0M $160.9M
YoY Change 1.89% 20.82% 7.99%
Gross Profit Margin 10.08% 10.01% 10.74%
Selling, General & Admin $112.7M $109.0M $137.4M
YoY Change 3.39% 12.02% 44.63%
% of Gross Profit 69.57% 68.55% 85.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.70M $29.00M $26.70M
YoY Change -7.93% 107.14% 85.42%
% of Gross Profit 16.48% 18.24% 16.59%
Operating Expenses $112.7M $109.0M $151.5M
YoY Change 3.39% 12.02% 49.7%
Operating Profit $30.30M $19.50M $9.400M
YoY Change 55.38% -18.07% -80.33%
Interest Expense $13.50M $14.30M -$9.500M
YoY Change -5.59% 346.88% 2275.0%
% of Operating Profit 44.55% 73.33% -101.06%
Other Income/Expense, Net $100.0K $100.0K
YoY Change 0.0%
Pretax Income $17.80M $5.800M -$5.000M
YoY Change 206.9% -73.64% -148.54%
Income Tax $4.700M -$22.20M -$2.500M
% Of Pretax Income 26.4% -382.76%
Net Earnings $13.00M $27.80M -$3.600M
YoY Change -53.24% -148.94% -146.15%
Net Earnings / Revenue 0.81% 1.75% -0.24%
Basic Earnings Per Share $0.20 $0.42 -$0.06
Diluted Earnings Per Share $0.19 $0.42 -$0.06
COMMON SHARES
Basic Shares Outstanding 66.40M shares 65.90M shares 65.51M shares
Diluted Shares Outstanding 66.70M shares 66.30M shares

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.60M $68.60M $62.80M
YoY Change -55.39% 61.03% 17.38%
Cash & Equivalents $30.60M $68.60M $62.80M
Short-Term Investments
Other Short-Term Assets $43.70M $32.10M $32.80M
YoY Change 36.14% 9.56% 9.33%
Inventory
Prepaid Expenses $77.40M $97.40M $101.8M
Receivables $1.079B $1.020B $1.038B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.231B $1.218B $1.236B
YoY Change 1.07% 14.97% 24.63%
LONG-TERM ASSETS
Property, Plant & Equipment $140.0M $141.6M $143.1M
YoY Change -1.13% 61.83% 74.94%
Goodwill $1.836B $1.871B $1.864B
YoY Change -1.86% 102.36% 104.23%
Intangibles
YoY Change
Long-Term Investments $15.50M $18.80M $9.300M
YoY Change -17.55% 2.17% -45.61%
Other Assets $122.7M $143.1M $122.1M
YoY Change -14.26% 1.71% -9.08%
Total Long-Term Assets $2.455B $2.579B $2.577B
YoY Change -4.79% 90.69% 100.16%
TOTAL ASSETS
Total Short-Term Assets $1.231B $1.218B $1.236B
Total Long-Term Assets $2.455B $2.579B $2.577B
Total Assets $3.686B $3.797B $3.813B
YoY Change -2.91% 57.43% 67.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.1M $203.5M $230.8M
YoY Change 2.75% 8.65% 32.42%
Accrued Expenses $340.0M $370.0M $384.2M
YoY Change -8.11% -16.63% 25.07%
Deferred Revenue $42.60M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $42.10M $7.000M $16.90M
YoY Change 501.43%
Total Short-Term Liabilities $798.0M $699.6M $757.8M
YoY Change 14.07% -5.63% 26.98%
LONG-TERM LIABILITIES
Long-Term Debt $945.8M $1.173B $1.161B
YoY Change -19.4% 283.46% 332.84%
Other Long-Term Liabilities $70.40M $63.50M $61.30M
YoY Change 10.87% -21.31% -13.9%
Total Long-Term Liabilities $1.016B $1.237B $1.223B
YoY Change -17.84% 1432.71% 260.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $798.0M $699.6M $757.8M
Total Long-Term Liabilities $1.016B $1.237B $1.223B
Total Liabilities $2.225B $2.380B $2.437B
YoY Change -6.51% 58.21% 86.76%
SHAREHOLDERS EQUITY
Retained Earnings $778.6M $736.2M $720.1M
YoY Change 5.76% 6.71% -4.8%
Common Stock $694.8M $677.8M $675.9M
YoY Change 2.51% 177.56% 171.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.461B $1.417B $1.376B
YoY Change
Total Liabilities & Shareholders Equity $3.686B $3.797B $3.813B
YoY Change -2.91% 57.43% 67.31%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income $13.00M $27.80M -$3.600M
YoY Change -53.24% -148.94% -146.15%
Depreciation, Depletion And Amortization $26.70M $29.00M $26.70M
YoY Change -7.93% 107.14% 85.42%
Cash From Operating Activities -$39.30M $33.70M -$19.70M
YoY Change -216.62% -403.6% -285.85%
INVESTING ACTIVITIES
Capital Expenditures $11.60M $10.60M -$15.00M
YoY Change 9.43% -3.64% -9.64%
Acquisitions $0.00 $2.400M
YoY Change -100.0% -87.1%
Other Investing Activities $200.0K -$4.700M -$832.9M
YoY Change -104.26% -74.03% 6671.54%
Cash From Investing Activities -$11.40M -$15.30M -$847.9M
YoY Change -25.49% -47.42% 2833.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $309.6M $303.0M
YoY Change 2.18% 78.55%
Cash From Financing Activities $42.00M -$14.30M 882.7M
YoY Change -393.71% -152.96% 3656.17%
NET CHANGE
Cash From Operating Activities -$39.30M $33.70M -19.70M
Cash From Investing Activities -$11.40M -$15.30M -847.9M
Cash From Financing Activities $42.00M -$14.30M 882.7M
Net Change In Cash -$8.500M $4.100M 15.10M
YoY Change -307.32% -131.06% 190.38%
FREE CASH FLOW
Cash From Operating Activities -$39.30M $33.70M -$19.70M
Capital Expenditures $11.60M $10.60M -$15.00M
Free Cash Flow -$50.90M $23.10M -$4.700M
YoY Change -320.35% -204.52% -117.28%

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CY2019Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"></font><font style="font-family:Arial;font-size:10pt;color:#0046ad;font-weight:bold;">THE COMPANY AND NATURE OF OPERATIONS</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.90167158308752%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:97%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #e98300;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #e98300;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">ABM Industries Incorporated, which operates through its subsidiaries (collectively referred to as &#8220;ABM,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;), is a leading provider of integrated facility services with a mission to </font><font style="font-family:Arial;font-size:10pt;color:#006ebf;font-weight:bold;">make a difference, every person, every day</font><font style="font-family:Arial;font-size:10pt;">. We are organized into </font><font style="font-family:Arial;font-size:10pt;">five</font><font style="font-family:Arial;font-size:10pt;"> industry groups and </font><font style="font-family:Arial;font-size:10pt;">one</font><font style="font-family:Arial;font-size:10pt;"> Technical Solutions segment:</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:center;"><img src="fy2018industrygroupsa04.jpg" alt="fy2018industrygroupsa04.jpg" style="height:93px;width:678px;"></img></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Through these groups, we offer janitorial, facilities engineering, parking, and specialized mechanical and electrical technical solutions, on a standalone basis or in combination with other services.</font></div></div>
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Effective November 1, 2018, we have modified the presentation of inter-segment revenues, which are recorded at cost with no associated intercompany profit or loss and are eliminated in consolidation. Our prior period segment data in Note </font><font style="font-family:Arial;font-size:10pt;">11</font><font style="font-family:Arial;font-size:10pt;">, &#8220;Segment Information,&#8221; has been reclassified to conform with our fiscal 2019 presentation. These changes had no impact on our previously reported consolidated balance sheets, statements of comprehensive income, or statements of cash flows.</font></div></div>

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