$AVD
AMERICAN VANGUARD CORP

2021 Q3 Form 10-Q Financial Statement

#000156459021055274 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $147.3M $140.7M $117.4M
YoY Change 25.43% 7.83% -5.96%
Cost Of Revenue $90.23M $90.10M $74.20M
YoY Change 21.61% 7.26% -4.13%
Gross Profit $57.06M $50.64M $43.27M
YoY Change 31.89% 8.81% -8.84%
Gross Profit Margin 38.74% 35.98% 36.84%
Selling, General & Admin $40.74M $38.00M $32.10M
YoY Change 26.9% 11.11% -9.07%
% of Gross Profit 71.39% 75.04% 74.19%
Research & Development $7.674M $7.400M $6.600M
YoY Change 16.27% 21.31% 22.22%
% of Gross Profit 13.45% 14.61% 15.25%
Depreciation & Amortization $2.833M $5.320M $1.878M
YoY Change 50.85% 12.0% 19.54%
% of Gross Profit 4.96% 10.51% 4.34%
Operating Expenses $48.41M $45.50M $38.80M
YoY Change 24.77% 12.9% -4.67%
Operating Profit $8.654M $5.138M $4.483M
YoY Change 93.04% -17.61% -33.94%
Interest Expense -$1.630M -$700.0K $1.022M
YoY Change -259.49% -56.25% -50.63%
% of Operating Profit -18.84% -13.62% 22.8%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $7.316M $9.200M $3.461M
YoY Change 111.38% 100.0% -26.61%
Income Tax $1.517M $1.200M $492.0K
% Of Pretax Income 20.74% 13.04% 14.22%
Net Earnings $5.498M $7.908M $2.927M
YoY Change 87.84% 130.15% -7.17%
Net Earnings / Revenue 3.73% 5.62% 2.49%
Basic Earnings Per Share $0.27 $0.10
Diluted Earnings Per Share $180.9K $0.26 $0.10
COMMON SHARES
Basic Shares Outstanding 29.50M
Diluted Shares Outstanding 29.97M

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.72M $15.90M $9.600M
YoY Change 74.15% 140.91% 62.71%
Cash & Equivalents $16.72M $15.92M $9.581M
Short-Term Investments
Other Short-Term Assets $12.49M $10.50M $10.70M
YoY Change 16.74% 0.0% 0.0%
Inventory $167.0M $163.8M $176.3M
Prepaid Expenses $10.50M $10.74M
Receivables $167.7M $130.0M $145.4M
Other Receivables $12.42M $6.969M $9.064M
Total Short-Term Assets $376.3M $330.3M $353.0M
YoY Change 6.61% -1.77% -1.11%
LONG-TERM ASSETS
Property, Plant & Equipment $66.50M $65.38M $59.80M
YoY Change 11.2% 15.68% 8.08%
Goodwill $52.11M $40.74M
YoY Change 11.64% 5.99%
Intangibles $197.5M
YoY Change -0.38%
Long-Term Investments
YoY Change
Other Assets $19.26M $20.08M $18.93M
YoY Change 1.79% -5.23% -13.22%
Total Long-Term Assets $359.5M $350.0M $322.7M
YoY Change 11.41% 4.83% -0.49%
TOTAL ASSETS
Total Short-Term Assets $376.3M $330.3M $353.0M
Total Long-Term Assets $359.5M $350.0M $322.7M
Total Assets $735.9M $680.3M $675.7M
YoY Change 8.9% 1.52% -0.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.08M $59.25M $61.28M
YoY Change 7.83% -8.67% -8.81%
Accrued Expenses $84.37M $45.44M $67.75M
YoY Change 24.54% -4.73% 8.57%
Deferred Revenue $5.510M $43.61M $5.689M
YoY Change -3.15% 538.9% 1445.92%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $178.3M $171.3M $150.5M
YoY Change 18.48% 23.58% 5.12%
LONG-TERM LIABILITIES
Long-Term Debt $136.3M $107.4M $149.4M
YoY Change -8.73% -27.78% -9.48%
Other Long-Term Liabilities $28.63M $9.054M $9.087M
YoY Change 215.04% -29.76% -7.35%
Total Long-Term Liabilities $136.3M $116.5M $158.4M
YoY Change -13.96% -27.94% -9.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $178.3M $171.3M $150.5M
Total Long-Term Liabilities $136.3M $116.5M $158.4M
Total Liabilities $367.5M $319.6M $330.9M
YoY Change 11.05% -1.96% -3.6%
SHAREHOLDERS EQUITY
Retained Earnings $288.2M $280.9M
YoY Change 5.13% 3.54%
Common Stock $100.0M $96.61M
YoY Change 6.54% 5.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.16M $18.16M
YoY Change 0.0%
Treasury Stock Shares $3.061M $3.061M
Shareholders Equity $368.3M $360.7M $344.8M
YoY Change
Total Liabilities & Shareholders Equity $735.9M $680.3M $675.7M
YoY Change 8.9% 1.52% -0.82%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $5.498M $7.908M $2.927M
YoY Change 87.84% 130.15% -7.17%
Depreciation, Depletion And Amortization $2.833M $5.320M $1.878M
YoY Change 50.85% 12.0% 19.54%
Cash From Operating Activities $18.73M $70.00M $13.51M
YoY Change 38.64% 129.89% 22.37%
INVESTING ACTIVITIES
Capital Expenditures -$2.932M -$6.270M -$2.600M
YoY Change 12.77% 156.97% -21.92%
Acquisitions
YoY Change
Other Investing Activities $1.000K -$15.40M -$50.00K
YoY Change -102.0% 53.85% -99.34%
Cash From Investing Activities -$2.931M -$21.68M -$2.650M
YoY Change 10.6% 74.0% -75.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.579M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.97M -41.35M -9.070M
YoY Change 98.1% 137.37% -3025.81%
NET CHANGE
Cash From Operating Activities 18.73M 70.00M 13.51M
Cash From Investing Activities -2.931M -21.68M -2.650M
Cash From Financing Activities -17.97M -41.35M -9.070M
Net Change In Cash -2.169M 6.970M 1.790M
YoY Change -221.17% 1122.81% 265.31%
FREE CASH FLOW
Cash From Operating Activities $18.73M $70.00M $13.51M
Capital Expenditures -$2.932M -$6.270M -$2.600M
Free Cash Flow $21.66M $76.27M $16.11M
YoY Change 34.46% 131.89% 12.11%

Facts In Submission

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2020-04-16
CY2020Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.020
CY2020Q1 avd Cash Dividend Paid
CashDividendPaid
586000
CY2019 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-12-09
CY2019 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2019-12-26
CY2019 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2020-01-09
CY2019Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.020
CY2019 avd Cash Dividend Paid
CashDividendPaid
582000
us-gaap Net Income Loss
NetIncomeLoss
13713000
us-gaap Net Income Loss
NetIncomeLoss
7334000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29854000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29401000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
616000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
525000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30470000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29926000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2020Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2021Q3 us-gaap Line Of Credit
LineOfCredit
137300000
CY2020Q4 us-gaap Line Of Credit
LineOfCredit
107900000
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
972000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
458000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
136328000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
107442000
us-gaap Share Based Compensation
ShareBasedCompensation
5309000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
12066000
us-gaap Share Based Compensation
ShareBasedCompensation
3776000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4817000
CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2116000
CY2021Q3 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
-493000
CY2021Q3 avd Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Increase Decrease In Accretion Of Discounted Liabilities Expense Reversal Of Expense
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisIncreaseDecreaseInAccretionOfDiscountedLiabilitiesExpenseReversalOfExpense
-1000
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-57000
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1565000
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2468000
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1243000
avd Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Purchase Price Adjustment
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisPurchasePriceAdjustment
-955000
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
520000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-250000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-1227000
avd Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Increase Decrease In Accretion Of Discounted Liabilities Expense Reversal Of Expense
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisIncreaseDecreaseInAccretionOfDiscountedLiabilitiesExpenseReversalOfExpense
-10000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-208000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-16000
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1565000
CY2017Q2 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
950000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1517000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
492000
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.207
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.142
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5324000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1852000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.274
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.200
CY2021Q3 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
1
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
1
CY2021Q3 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
10000000
CY2020 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2
CY2020 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
19342000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
1970000
CY2020 avd Business Combination Deferred Consideration Paid
BusinessCombinationDeferredConsiderationPaid
1052000
CY2020Q4 avd Net Asset Adjustment
NetAssetAdjustment
623000
CY2020Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
11538000
CY2020 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
4829000
CY2020 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
37384000
CY2020 avd Business Combination Purchase Price Allocation Goodwill Amount
BusinessCombinationPurchasePriceAllocationGoodwillAmount
4618000
CY2020Q4 avd Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Working Capital And Fixed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedWorkingCapitalAndFixedAssets
20068000
CY2021Q3 avd Adjustment To Bargain Purchase Gain On Business Acquisition
AdjustmentToBargainPurchaseGainOnBusinessAcquisition
292000
avd Adjustment To Bargain Purchase Gain On Business Acquisition
AdjustmentToBargainPurchaseGainOnBusinessAcquisition
171000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
955000
avd Business Combination Recognized Identifiable Assets Reduction In Goodwill
BusinessCombinationRecognizedIdentifiableAssetsReductionInGoodwill
4054000
avd Business Combination Recognized Identifiable Assets Increase In Working Capital And Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsIncreaseInWorkingCapitalAndPropertyPlantAndEquipment
295000
avd Business Combination Recognized Identifiable Assets Increase In Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsIncreaseInAssumedLiabilities
1250000
CY2020Q4 us-gaap Business Combination Acquired Receivables Fair Value
BusinessCombinationAcquiredReceivablesFairValue
1508000
CY2021Q3 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Business Acquisitions
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseBusinessAcquisitions
0
CY2021Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
300000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2021Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
300000
CY2021Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4579000
CY2021Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
15.26

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