2018 Q2 Form 10-Q Financial Statement

#000161686218000048 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.212B $1.095B
YoY Change 10.74% 2.24%
Cost Of Revenue $793.8M $690.0M
YoY Change 15.04% 6.32%
Gross Profit $418.4M $404.6M
YoY Change 3.41% -4.03%
Gross Profit Margin 34.52% 36.96%
Selling, General & Admin $224.6M $246.0M
YoY Change -8.7% 3.49%
% of Gross Profit 53.68% 60.8%
Research & Development $18.00M $16.40M
YoY Change 9.76% 16.31%
% of Gross Profit 4.3% 4.05%
Depreciation & Amortization $42.70M $44.70M
YoY Change -4.47% 1.82%
% of Gross Profit 10.21% 11.05%
Operating Expenses $242.6M $262.4M
YoY Change -7.55% 4.21%
Operating Profit $146.5M $47.50M
YoY Change 208.42% -68.23%
Interest Expense $39.30M $35.60M
YoY Change 10.39% -25.52%
% of Operating Profit 26.83% 74.95%
Other Income/Expense, Net -$8.100M -$21.30M
YoY Change -61.97% -35.06%
Pretax Income $99.10M -$9.400M
YoY Change -1154.26% -113.64%
Income Tax $22.00M $9.500M
% Of Pretax Income 22.2%
Net Earnings $74.90M -$20.80M
YoY Change -460.1% -141.03%
Net Earnings / Revenue 6.18% -1.9%
Basic Earnings Per Share $0.31 -$0.09
Diluted Earnings Per Share $0.31 -$0.09
COMMON SHARES
Basic Shares Outstanding 240.3M shares 240.9M shares
Diluted Shares Outstanding 244.6M shares 240.9M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $551.1M $482.1M
YoY Change 14.31% 0.42%
Cash & Equivalents $551.1M $482.1M
Short-Term Investments
Other Short-Term Assets $132.2M $71.40M
YoY Change 85.15% -42.14%
Inventory $599.9M $580.1M
Prepaid Expenses $129.5M $68.50M
Receivables $861.8M $840.6M
Other Receivables $112.7M $120.8M
Total Short-Term Assets $2.258B $2.095B
YoY Change 7.77% 6.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.340B $1.371B
YoY Change -2.22% 0.9%
Goodwill $1.242B $1.219B
YoY Change 1.83% 30.95%
Intangibles $1.409B $1.437B
YoY Change -1.91% 24.61%
Long-Term Investments $15.40M $14.80M
YoY Change 4.05% -1.99%
Other Assets $447.5M $535.6M
YoY Change -16.45% 24.1%
Total Long-Term Assets $4.439B $4.562B
YoY Change -2.71% 17.76%
TOTAL ASSETS
Total Short-Term Assets $2.258B $2.095B
Total Long-Term Assets $4.439B $4.562B
Total Assets $6.696B $6.657B
YoY Change 0.59% 14.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $537.7M $489.9M
YoY Change 9.76% 11.8%
Accrued Expenses $415.6M $453.6M
YoY Change -8.38% 29.6%
Deferred Revenue
YoY Change
Short-Term Debt $15.60M $10.90M
YoY Change 43.12% -60.65%
Long-Term Debt Due $24.30M $24.60M
YoY Change -1.22% -10.22%
Total Short-Term Liabilities $993.9M $981.6M
YoY Change 1.25% 15.47%
LONG-TERM LIABILITIES
Long-Term Debt $3.842B $3.823B
YoY Change 0.49% 15.93%
Other Long-Term Liabilities $30.60M $33.20M
YoY Change -7.83% 16.49%
Total Long-Term Liabilities $30.60M $33.20M
YoY Change -7.83% 16.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $993.9M $981.6M
Total Long-Term Liabilities $30.60M $33.20M
Total Liabilities $5.290B $5.266B
YoY Change 0.47% 14.94%
SHAREHOLDERS EQUITY
Retained Earnings $136.3M -$14.80M
YoY Change -1020.95% -72.89%
Common Stock $1.629B $1.568B
YoY Change 3.9% 3.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.2M $8.300M
YoY Change 1854.22%
Treasury Stock Shares
Shareholders Equity $1.304B $1.266B
YoY Change
Total Liabilities & Shareholders Equity $6.696B $6.657B
YoY Change 0.59% 14.07%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $74.90M -$20.80M
YoY Change -460.1% -141.03%
Depreciation, Depletion And Amortization $42.70M $44.70M
YoY Change -4.47% 1.82%
Cash From Operating Activities $142.0M $98.80M
YoY Change 43.72% -50.43%
INVESTING ACTIVITIES
Capital Expenditures -$35.10M -$25.10M
YoY Change 39.84% 2.45%
Acquisitions
YoY Change
Other Investing Activities $32.20M -$480.8M
YoY Change -106.7% -96260.0%
Cash From Investing Activities -$2.900M -$505.9M
YoY Change -99.43% 2007.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -169.9M 441.9M
YoY Change -138.45% -509.17%
NET CHANGE
Cash From Operating Activities 142.0M 98.80M
Cash From Investing Activities -2.900M -505.9M
Cash From Financing Activities -169.9M 441.9M
Net Change In Cash -30.80M 34.80M
YoY Change -188.51% -48.29%
FREE CASH FLOW
Cash From Operating Activities $142.0M $98.80M
Capital Expenditures -$35.10M -$25.10M
Free Cash Flow $177.1M $123.9M
YoY Change 42.94% -44.64%

Facts In Submission

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0 USD
us-gaap Deconsolidation Gain Or Loss Amount
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us-gaap Defined Benefit Plan Amortization Of Gains Losses
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us-gaap Defined Benefit Plan Amortization Of Gains Losses
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us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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us-gaap Defined Benefit Plan Expected Return On Plan Assets
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10800000 USD
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6800000 USD
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1900000 USD
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3400000 USD
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3900000 USD
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16200000 USD
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57400000 USD
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3200000 USD
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3200000 USD
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66400000 USD
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31800000 USD
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24800000 USD
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52000000 USD
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25200000 USD
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25200000 USD
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26100000 USD
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2600000 USD
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83200000 USD
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5800000 USD
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5500000 USD
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5400000 USD
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5300000 USD
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900000 USD
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8800000 USD
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4700000 USD
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12600000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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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&#160;</font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">&#160;and&#160;</font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the results of operations and comprehensive income (loss) for the&#160;</font><font style="font-family:inherit;font-size:10pt;">three and six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">&#160;and&#160;</font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, and their cash flows for the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> 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 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, 2017</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 interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. 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;">The results of operations for the&#160;</font><font style="font-family:inherit;font-size:10pt;">three and six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">&#160;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;font-style:italic;font-weight:bold;">Accounting Standards - Reclassifications</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the&#160;</font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, we adopted various accounting standards that had impacts to the accompanying condensed consolidated financial statements, one of which resulted in reclassifications to amounts previously reported for the three and </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;">. Refer to Note 2 for further information.</font></div></div>

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