$DORM
Dorman Products, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019027535 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $254.2M $238.1M $227.3M
YoY Change 6.73% 7.45%
Cost Of Revenue $167.0M $145.4M $138.6M
YoY Change 14.84% 9.46%
Gross Profit $87.15M $92.70M $88.60M
YoY Change -5.99% 4.46%
Gross Profit Margin 34.29% 38.93% 38.99%
Selling, General & Admin $59.80M $49.92M $48.60M
YoY Change 19.79% 14.23%
% of Gross Profit 68.62% 53.85% 54.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.800M $6.600M $6.400M
YoY Change 3.03% 32.0%
% of Gross Profit 7.8% 7.12% 7.22%
Operating Expenses $60.00M $49.92M $48.70M
YoY Change 20.19% 14.23%
Operating Profit $27.22M $42.78M $39.99M
YoY Change -36.37% -5.02%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $100.0K $152.0K
YoY Change -100.0% 56.25%
Pretax Income $27.30M $42.90M $40.10M
YoY Change -36.36% -4.89%
Income Tax $5.800M $8.500M $9.500M
% Of Pretax Income 21.25% 19.81% 23.69%
Net Earnings $21.50M $34.34M $30.65M
YoY Change -37.39% 17.65%
Net Earnings / Revenue 8.46% 14.42% 13.49%
Basic Earnings Per Share $0.66 $1.04
Diluted Earnings Per Share $0.66 $1.03 $0.93
COMMON SHARES
Basic Shares Outstanding 32.59M 33.15M 33.57M
Diluted Shares Outstanding 32.68M 33.23M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.40M $74.80M $75.30M
YoY Change -48.66% -52.14%
Cash & Equivalents $38.42M $74.80M $75.34M
Short-Term Investments
Other Short-Term Assets $17.50M $8.600M $8.600M
YoY Change 103.49% 186.67%
Inventory $291.7M $218.5M $205.9M
Prepaid Expenses
Receivables $376.6M $282.7M $250.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $724.3M $584.6M $540.4M
YoY Change 23.9% 3.65%
LONG-TERM ASSETS
Property, Plant & Equipment $102.3M $93.30M $92.83M
YoY Change 9.65% 5.02%
Goodwill $72.60M $66.92M $65.91M
YoY Change 8.49%
Intangibles $23.85M $21.23M $21.75M
YoY Change 12.36%
Long-Term Investments
YoY Change
Other Assets $51.83M $44.37M $45.41M
YoY Change 16.81% 11.71%
Total Long-Term Assets $291.9M $231.2M $232.7M
YoY Change 26.24% 32.45%
TOTAL ASSETS
Total Short-Term Assets $724.3M $584.6M $540.4M
Total Long-Term Assets $291.9M $231.2M $232.7M
Total Assets $1.016B $815.8M $773.0M
YoY Change 24.56% 10.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.3M $97.98M $63.11M
YoY Change 4.42% 36.74%
Accrued Expenses $15.64M $17.08M $26.79M
YoY Change -8.44% -49.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $214.5M $122.6M $95.83M
YoY Change 75.0% 10.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.02M $13.71M $13.65M
YoY Change 2.25% 67.7%
Total Long-Term Liabilities $14.02M $13.71M $13.65M
YoY Change 2.25% 67.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $214.5M $122.6M $95.83M
Total Long-Term Liabilities $14.02M $13.71M $13.65M
Total Liabilities $228.5M $136.3M $109.5M
YoY Change 67.68% 14.87%
SHAREHOLDERS EQUITY
Retained Earnings $698.5M $627.3M $611.3M
YoY Change 11.35% 9.01%
Common Stock $51.84M $46.70M $45.80M
YoY Change 11.02% 4.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $750.3M $674.0M $657.1M
YoY Change
Total Liabilities & Shareholders Equity $1.016B $815.8M $773.0M
YoY Change 24.56% 10.46%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $21.50M $34.34M $30.65M
YoY Change -37.39% 17.65%
Depreciation, Depletion And Amortization $6.800M $6.600M $6.400M
YoY Change 3.03% 32.0%
Cash From Operating Activities $20.10M $25.80M $19.75M
YoY Change -22.09% -32.28%
INVESTING ACTIVITIES
Capital Expenditures -$8.500M -$5.100M $6.276M
YoY Change 66.67% -190.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$600.0K $0.00
YoY Change -100.0% -95.42%
Cash From Investing Activities -$8.500M -$5.700M -$6.276M
YoY Change 49.12% -69.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.90M -20.60M -9.771M
YoY Change -32.52% 68.85%
NET CHANGE
Cash From Operating Activities 20.10M 25.80M 19.75M
Cash From Investing Activities -8.500M -5.700M -6.276M
Cash From Financing Activities -13.90M -20.60M -9.771M
Net Change In Cash -2.300M -500.0K 3.653M
YoY Change 360.0% -106.94%
FREE CASH FLOW
Cash From Operating Activities $20.10M $25.80M $19.75M
Capital Expenditures -$8.500M -$5.100M $6.276M
Free Cash Flow $28.60M $30.90M $13.48M
YoY Change -7.44% -4.87%

Facts In Submission

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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
51.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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5489000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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5416000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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4972000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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4599000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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3013000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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24297000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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3163000
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25164000
us-gaap Amortization Of Intangible Assets
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1300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
dorm Maximum Credit Terms Allow To Customers
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P1Y
us-gaap Revenue Performance Obligation Description Of Payment Terms
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0
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0
CY2019Q2 us-gaap Contract With Customer Liability
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0
CY2018Q4 us-gaap Contract With Customer Liability
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0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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78.76
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
59.36
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3146925
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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465409000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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497966000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
465409000
dorm Date Of Plan Approval
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2018-05-16
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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1200000
dorm Maximum Grant Period From Date Of Plan Approval
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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1046264
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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188469
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
66.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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36235
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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83.06
us-gaap Stock Issued During Period Shares Stock Options Exercised
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34301
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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738
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67072
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61.76
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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1702168
us-gaap Proceeds From Stock Options Exercised
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0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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54000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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71000
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21499000
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us-gaap Net Income Loss
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44905000
us-gaap Net Income Loss
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32588000
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33146000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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32722000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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33273000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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88000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
80000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
89000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
82000
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32676000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33226000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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32811000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
49.20
us-gaap Stock Option Plan Expense
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300000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
300000
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1.95
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EarningsPerShareDiluted
0.66
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EarningsPerShareDiluted
1.03
us-gaap Earnings Per Share Diluted
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1.37
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33355000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
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EarningsPerShareBasic
1.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
CY2019Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2200000
CY2019Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
300000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.95
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
17710
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1600000
dorm Stock Repurchased And Retired During Period Average Purchase Price
StockRepurchasedAndRetiredDuringPeriodAveragePurchasePrice
88.82
CY2018 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
26280
CY2018 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2000000.0
CY2018 dorm Stock Repurchased And Retired During Period Average Purchase Price
StockRepurchasedAndRetiredDuringPeriodAveragePurchasePrice
74.79
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1600000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2022-12-31
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2500000

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