$AXTA
Axalta Coating Systems Ltd.

2015 Q1 Form 10-Q Financial Statement

#000161686215000006 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $997.5M $1.054B
YoY Change -5.4%
Cost Of Revenue $649.8M $703.5M
YoY Change -7.63%
Gross Profit $347.7M $350.9M
YoY Change -0.91%
Gross Profit Margin 34.86% 33.28%
Selling, General & Admin $213.0M $246.7M
YoY Change -13.66%
% of Gross Profit 61.26% 70.3%
Research & Development $12.90M $11.30M
YoY Change 14.16%
% of Gross Profit 3.71% 3.22%
Depreciation & Amortization $41.30M $48.40M
YoY Change -14.67%
% of Gross Profit 11.88% 13.79%
Operating Expenses $225.9M $258.0M
YoY Change -12.44%
Operating Profit $101.8M $71.80M
YoY Change 41.78%
Interest Expense $50.00M $59.00M
YoY Change -15.25%
% of Operating Profit 49.12% 82.17%
Other Income/Expense, Net -$3.900M -$4.500M
YoY Change -13.33%
Pretax Income $47.90M $8.300M
YoY Change 477.11%
Income Tax $1.200M $12.00M
% Of Pretax Income 2.51% 144.58%
Net Earnings $45.10M -$4.300M
YoY Change -1148.84%
Net Earnings / Revenue 4.52% -0.41%
Basic Earnings Per Share $0.20 -$0.02
Diluted Earnings Per Share $0.19 -$0.02
COMMON SHARES
Basic Shares Outstanding 229.8M shares 229.1M shares
Diluted Shares Outstanding 237.0M shares 229.1M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $222.9M
YoY Change
Cash & Equivalents $222.9M $339.6M
Short-Term Investments
Other Short-Term Assets $153.6M
YoY Change
Inventory $541.3M
Prepaid Expenses $82.60M
Receivables $664.1M
Other Receivables $168.9M
Total Short-Term Assets $1.751B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.412B
YoY Change
Goodwill $916.8M
YoY Change
Intangibles $1.247B
YoY Change
Long-Term Investments $10.50M $16.40M
YoY Change -35.98%
Other Assets $485.5M
YoY Change
Total Long-Term Assets $4.148B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.751B
Total Long-Term Assets $4.148B
Total Assets $5.898B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $458.3M
YoY Change
Accrued Expenses $291.7M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $14.30M
YoY Change
Long-Term Debt Due $27.30M
YoY Change
Total Short-Term Liabilities $798.0M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $3.567B
YoY Change
Other Long-Term Liabilities $22.30M
YoY Change
Total Long-Term Liabilities $22.30M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $798.0M
Total Long-Term Liabilities $22.30M
Total Liabilities $4.850B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$181.4M
YoY Change
Common Stock $1.376B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $978.9M
YoY Change
Total Liabilities & Shareholders Equity $5.898B
YoY Change

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $45.10M -$4.300M
YoY Change -1148.84%
Depreciation, Depletion And Amortization $41.30M $48.40M
YoY Change -14.67%
Cash From Operating Activities -$98.70M -$67.20M
YoY Change 46.88%
INVESTING ACTIVITIES
Capital Expenditures $31.50M $50.20M
YoY Change -37.25%
Acquisitions $3.200M $0.00
YoY Change
Other Investing Activities -$2.700M -$2.200M
YoY Change 22.73%
Cash From Investing Activities -$30.20M -$52.40M
YoY Change -42.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.800M $0.00
YoY Change
Cash From Financing Activities -19.70M 3.200M
YoY Change -715.63%
NET CHANGE
Cash From Operating Activities -98.70M -67.20M
Cash From Investing Activities -30.20M -52.40M
Cash From Financing Activities -19.70M 3.200M
Net Change In Cash -148.6M -116.4M
YoY Change 27.66%
FREE CASH FLOW
Cash From Operating Activities -$98.70M -$67.20M
Capital Expenditures $31.50M $50.20M
Free Cash Flow -$130.2M -$117.4M
YoY Change 10.9%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;padding-left:30px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the results of operations and comprehensive income (loss) for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;">, and their cash flows for the three months then ended. All intercompany balances and transactions have been eliminated. These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated and combined financial statements and notes included in the&#160;Company&#8217;s Annual Report on Form 10-K for the year ended&#160;</font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying financial statements include the interim unaudited condensed consolidated balance sheets of Axalta at March 31, 2015 and December 31, 2014, the related interim unaudited condensed consolidated statements of operations and statements of comprehensive income (loss) for the three months ended March 31, 2015 and 2014 and of cash flows for the three months ended March 31, 2015 and 2014. The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results to be expected for a full year.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The acquisition ("Acquisition") by Axalta and certain of its indirect subsidiaries of all the capital stock, other equity interests and assets of certain entities which, together with their subsidiaries, comprised the assets and legal entities, which together with their subsidiaries, compromised the DuPont Performance Coatings business ("DPC"), which was formerly owned by E. I. du Pont de Nemours and Company ("DuPont"), closed on February 1, 2013. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November&#160;11, 2014, we priced our initial public offering (the "Offering", or the "IPO"), in which certain selling shareholders affiliated with Carlyle sold </font><font style="font-family:inherit;font-size:10pt;">57,500,000</font><font style="font-family:inherit;font-size:10pt;"> common shares at a price of </font><font style="font-family:inherit;font-size:10pt;">$19.50</font><font style="font-family:inherit;font-size:10pt;"> per share. We received no proceeds from the Offering.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassification and revisions</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During 2014, the Company identified errors in the determination of the effective interest rate amortization for the Deferred Financing Costs and Original Issue Discounts that were incurred in 2013. The correction of these items impacted the interim unaudited condensed consolidated statements of operations and statements of comprehensive income (loss) for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2014</font><font style="font-family:inherit;font-size:10pt;">. Refer to Note 15 for further details.</font></div></div>

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