$DORM
Dorman Products, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019038029 Filed on October 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $253.8M $248.0M $238.1M
YoY Change 2.36% 10.39% 7.45%
Cost Of Revenue $166.9M $153.0M $145.4M
YoY Change 9.1% 12.07% 9.46%
Gross Profit $86.92M $95.00M $92.70M
YoY Change -8.5% 7.8% 4.46%
Gross Profit Margin 34.25% 38.31% 38.93%
Selling, General & Admin $59.96M $51.26M $49.92M
YoY Change 16.97% 13.08% 14.23%
% of Gross Profit 68.98% 53.96% 53.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.900M $6.700M $6.600M
YoY Change 2.99% 28.85% 32.0%
% of Gross Profit 7.94% 7.05% 7.12%
Operating Expenses $59.96M $51.26M $49.92M
YoY Change 16.97% 13.08% 14.23%
Operating Profit $26.96M $43.73M $42.78M
YoY Change -38.35% 2.2% -5.02%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $33.00K $61.00K $100.0K
YoY Change -45.9% -63.69% 56.25%
Pretax Income $27.00M $43.79M $42.90M
YoY Change -38.36% 1.95% -4.89%
Income Tax $5.688M $9.777M $8.500M
% Of Pretax Income 21.07% 22.32% 19.81%
Net Earnings $21.31M $34.02M $34.34M
YoY Change -37.36% 25.95% 17.65%
Net Earnings / Revenue 8.4% 13.72% 14.42%
Basic Earnings Per Share $0.66 $1.03 $1.04
Diluted Earnings Per Share $0.65 $1.03 $1.03
COMMON SHARES
Basic Shares Outstanding 32.52M 32.99M 33.15M
Diluted Shares Outstanding 32.59M 33.10M 33.23M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.20M $53.10M $74.80M
YoY Change 2.07% -58.9% -52.14%
Cash & Equivalents $54.17M $53.11M $74.80M
Short-Term Investments
Other Short-Term Assets $16.20M $7.800M $8.600M
YoY Change 107.69% 56.0% 186.67%
Inventory $282.1M $240.0M $218.5M
Prepaid Expenses
Receivables $372.4M $301.0M $282.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $724.9M $602.0M $584.6M
YoY Change 20.42% 8.65% 3.65%
LONG-TERM ASSETS
Property, Plant & Equipment $137.4M $96.79M $93.30M
YoY Change 41.95% 7.67% 5.02%
Goodwill $74.46M $80.07M $66.92M
YoY Change -7.0%
Intangibles $21.97M $20.71M $21.23M
YoY Change 6.12%
Long-Term Investments
YoY Change
Other Assets $52.07M $45.24M $44.37M
YoY Change 15.09% 0.16% 11.71%
Total Long-Term Assets $291.9M $247.1M $231.2M
YoY Change 18.13% 34.31% 32.45%
TOTAL ASSETS
Total Short-Term Assets $724.9M $602.0M $584.6M
Total Long-Term Assets $291.9M $247.1M $231.2M
Total Assets $1.017B $849.1M $815.8M
YoY Change 19.76% 15.05% 10.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.81M $97.94M $97.98M
YoY Change -17.48% 34.79% 36.74%
Accrued Expenses $14.60M $18.06M $17.08M
YoY Change -19.19% 2.72% -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 $195.6M $127.9M $122.6M
YoY Change 52.94% 27.15% 10.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.88M $13.84M $13.71M
YoY Change -6.91% 47.91% 67.7%
Total Long-Term Liabilities $12.88M $13.84M $13.71M
YoY Change -6.91% 47.91% 67.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $195.6M $127.9M $122.6M
Total Long-Term Liabilities $12.88M $13.84M $13.71M
Total Liabilities $208.4M $141.7M $136.3M
YoY Change 47.1% 28.91% 14.87%
SHAREHOLDERS EQUITY
Retained Earnings $719.7M $654.3M $627.3M
YoY Change 10.0% 12.18% 9.01%
Common Stock $52.88M $47.65M $46.70M
YoY Change 10.99% 6.28% 4.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $772.6M $702.0M $674.0M
YoY Change
Total Liabilities & Shareholders Equity $1.017B $849.1M $815.8M
YoY Change 19.76% 15.05% 10.46%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $21.31M $34.02M $34.34M
YoY Change -37.36% 25.95% 17.65%
Depreciation, Depletion And Amortization $6.900M $6.700M $6.600M
YoY Change 2.99% 28.85% 32.0%
Cash From Operating Activities $23.20M $19.60M $25.80M
YoY Change 18.37% 415.79% -32.28%
INVESTING ACTIVITIES
Capital Expenditures -$7.400M -$6.700M -$5.100M
YoY Change 10.45% 6.35% -190.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$27.40M -$600.0K
YoY Change -100.0% -95.42%
Cash From Investing Activities -$7.400M -$34.10M -$5.700M
YoY Change -78.3% 432.81% -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 -100.0K -7.200M -20.60M
YoY Change -98.61% -70.73% 68.85%
NET CHANGE
Cash From Operating Activities 23.20M 19.60M 25.80M
Cash From Investing Activities -7.400M -34.10M -5.700M
Cash From Financing Activities -100.0K -7.200M -20.60M
Net Change In Cash 15.70M -21.70M -500.0K
YoY Change -172.35% -20.22% -106.94%
FREE CASH FLOW
Cash From Operating Activities $23.20M $19.60M $25.80M
Capital Expenditures -$7.400M -$6.700M -$5.100M
Free Cash Flow $30.60M $26.30M $30.90M
YoY Change 16.35% 160.4% -4.87%

Facts In Submission

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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10638000
CY2018Q4 dorm Receivables Not Sold Additional Receivables Outstanding
ReceivablesNotSoldAdditionalReceivablesOutstanding
378500000
us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
13600000
us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
10000000.0
CY2019Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
107816000
CY2018Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
122111000
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
169868000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
144897000
CY2019Q3 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
4403000
CY2018Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
3496000
CY2019Q3 us-gaap Inventory Net
InventoryNet
282087000
CY2018Q4 us-gaap Inventory Net
InventoryNet
270504000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
us-gaap Operating Lease Payments
OperatingLeasePayments
4300000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1785000
us-gaap Operating Lease Cost
OperatingLeaseCost
5582000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
947000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3288000
CY2019Q3 us-gaap Lease Cost
LeaseCost
2732000
us-gaap Lease Cost
LeaseCost
8870000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33870000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5303000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
31413000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
36716000
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0518
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
36716000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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751762000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5143000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5489000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5416000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4972000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4599000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3013000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
24297000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
47786000
CY2018Q4 us-gaap Goodwill
Goodwill
72606000
CY2018 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
6800000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
1852000
CY2018 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-193000
CY2019Q3 us-gaap Goodwill
Goodwill
74458000
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
27117000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
21974000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3163000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25164000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000.0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1600000
dorm Maximum Credit Terms Allow To Customers
MaximumCreditTermsAllowToCustomers
P1Y
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
A receivable is recorded when our right to consideration is unconditional and only the passage of time is required before payment of that consideration is due.
CY2019Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2018Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
253796000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
247954000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
751762000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
713363000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
253796000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
247954000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
713363000
dorm Date Of Plan Approval
DateOfPlanApproval
2018-05-16
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1200000
dorm Maximum Grant Period From Date Of Plan Approval
MaximumGrantPeriodFromDateOfPlanApproval
P10Y
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1035216
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
400000
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
55.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
33504
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
52.08
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
188903
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
76.57
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
90434
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
82.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
38764
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
38670
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
82.94
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
35401
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
59.90
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2597
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
76.03
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
189141
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1815121
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
65972
CY2019Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
61.51
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1165216
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
21308000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
34017000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32522000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32985000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
72000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
110000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32594000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33095000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.03
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.03
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
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2300000
CY2019Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2000000.0
CY2019Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
300000

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