$GGG
GRACO INC

2017 Q3 Form 10-Q Financial Statement

#000004288817000027 Filed on July 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $379.8M $379.5M $348.1M
YoY Change 16.08% 9.01% 3.77%
Cost Of Revenue $175.7M $175.0M $163.0M
YoY Change 16.69% 7.36% 5.24%
Gross Profit $204.1M $204.5M $185.1M
YoY Change 15.56% 10.46% 2.5%
Gross Profit Margin 53.73% 53.89% 53.18%
Selling, General & Admin $88.09M $89.44M $91.19M
YoY Change 9.48% -1.92% 11.45%
% of Gross Profit 43.17% 43.73% 49.26%
Research & Development $14.55M $14.66M $15.61M
YoY Change -0.81% -6.05% 4.7%
% of Gross Profit 7.13% 7.17% 8.43%
Depreciation & Amortization $11.20M $11.30M $12.50M
YoY Change -8.94% -9.6% 11.61%
% of Gross Profit 5.49% 5.53% 6.75%
Operating Expenses $102.6M $104.1M $106.8M
YoY Change 7.9% -2.53% 10.41%
Operating Profit $101.4M $100.4M $78.34M
YoY Change 24.52% 28.17% -6.61%
Interest Expense $3.901M $4.154M $4.543M
YoY Change -11.98% -8.56% 10.13%
% of Operating Profit 3.85% 4.14% 5.8%
Other Income/Expense, Net -$1.142M -$652.0K -$392.0K
YoY Change 174.52% 66.33% -189.5%
Pretax Income $96.39M $95.60M $73.41M
YoY Change 25.81% 30.24% -69.29%
Income Tax $20.93M $15.78M $22.46M
% Of Pretax Income 21.72% 16.5% 30.6%
Net Earnings $75.46M $79.83M $50.95M
YoY Change 38.74% 56.69% -70.49%
Net Earnings / Revenue 19.87% 21.04% 14.63%
Basic Earnings Per Share $0.45 $0.48 $0.31
Diluted Earnings Per Share $0.43 $0.46 $0.30
COMMON SHARES
Basic Shares Outstanding 56.00M shares 55.55M shares 55.61M shares
Diluted Shares Outstanding 174.6M shares 173.8M shares 57.04M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $140.0M $75.40M $43.90M
YoY Change 162.66% 71.75% -0.9%
Cash & Equivalents $140.0M $75.45M $43.86M
Short-Term Investments
Other Short-Term Assets $20.89M $22.92M $24.97M
YoY Change 3.87% -8.22% 103.4%
Inventory $222.9M $221.4M $205.3M
Prepaid Expenses
Receivables $258.6M $259.9M $244.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $642.4M $579.7M $518.2M
YoY Change 28.93% 11.86% -3.16%
LONG-TERM ASSETS
Property, Plant & Equipment $199.4M $193.6M $189.7M
YoY Change 4.67% 2.08% 10.66%
Goodwill $272.9M $273.1M $416.2M
YoY Change -33.71% -34.38% 3.14%
Intangibles $181.1M $183.9M $240.4M
YoY Change -22.59% -23.51% -1.57%
Long-Term Investments
YoY Change
Other Assets $26.67M $25.94M $24.37M
YoY Change 7.23% 6.46% -7.15%
Total Long-Term Assets $761.8M $762.1M $932.7M
YoY Change -17.46% -18.29% 5.53%
TOTAL ASSETS
Total Short-Term Assets $642.4M $579.7M $518.2M
Total Long-Term Assets $761.8M $762.1M $932.7M
Total Assets $1.404B $1.342B $1.451B
YoY Change -1.19% -7.52% 2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.60M $44.45M $40.03M
YoY Change 13.8% 11.03% -11.33%
Accrued Expenses $74.70M $62.50M $53.60M
YoY Change 25.76% 16.6% -9.76%
Deferred Revenue
YoY Change
Short-Term Debt $6.200M $11.10M $13.30M
YoY Change -26.19% -16.54% 27.88%
Long-Term Debt Due $75.00M $75.00M
YoY Change
Total Short-Term Liabilities $288.3M $264.1M $169.8M
YoY Change 62.66% 55.51% -27.36%
LONG-TERM LIABILITIES
Long-Term Debt $225.0M $236.0M $429.5M
YoY Change -36.76% -45.05% 42.97%
Other Long-Term Liabilities $8.306M $8.597M $8.730M
YoY Change -3.75% -1.52% -23.92%
Total Long-Term Liabilities $233.3M $244.6M $438.2M
YoY Change -35.98% -44.18% 40.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $288.3M $264.1M $169.8M
Total Long-Term Liabilities $233.3M $244.6M $438.2M
Total Liabilities $521.6M $508.7M $608.0M
YoY Change -3.7% -16.34% 11.43%
SHAREHOLDERS EQUITY
Retained Earnings $280.4M $224.8M $297.5M
YoY Change -15.88% -24.43% -13.43%
Common Stock $560.2M $549.3M $491.1M
YoY Change 12.82% 11.85% 7.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $720.0M $651.6M $676.1M
YoY Change
Total Liabilities & Shareholders Equity $1.404B $1.342B $1.451B
YoY Change -1.19% -7.52% 2.25%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $75.46M $79.83M $50.95M
YoY Change 38.74% 56.69% -70.49%
Depreciation, Depletion And Amortization $11.20M $11.30M $12.50M
YoY Change -8.94% -9.6% 11.61%
Cash From Operating Activities $110.4M $85.50M $64.60M
YoY Change -3.33% 32.35% 30.51%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M -$8.400M -$12.90M
YoY Change 48.19% -34.88% 27.72%
Acquisitions
YoY Change
Other Investing Activities -$3.200M -$400.0K -$600.0K
YoY Change 966.67% -33.33% -100.1%
Cash From Investing Activities -$15.50M -$8.800M -$13.50M
YoY Change 78.16% -34.81% -102.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.40M -79.50M -43.30M
YoY Change -69.28% 83.6% -92.88%
NET CHANGE
Cash From Operating Activities 110.4M 85.50M 64.60M
Cash From Investing Activities -15.50M -8.800M -13.50M
Cash From Financing Activities -29.40M -79.50M -43.30M
Net Change In Cash 65.50M -2.800M 7.800M
YoY Change 568.37% -135.9% -51.25%
FREE CASH FLOW
Cash From Operating Activities $110.4M $85.50M $64.60M
Capital Expenditures -$12.30M -$8.400M -$12.90M
Free Cash Flow $122.7M $93.90M $77.50M
YoY Change 0.16% 21.16% 30.03%

Facts In Submission

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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
29000 shares
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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49110000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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16621000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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163552000 USD
us-gaap Proceeds From Issuance Of Common Stock
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27643000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1568000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8934000 USD
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ProductWarrantyAccrual
9650000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4315000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
3733000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
489642000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
506687000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
189596000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
193610000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
218365000 USD
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ReceivablesNetCurrent
259900000 USD
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1142000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
2046000 USD
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1067000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
2301000 USD
us-gaap Repayments Of Long Term Debt
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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RetainedEarningsAccumulatedDeficit
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SalesRevenueNet
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SalesRevenueNet
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SalesRevenueNet
379483000 USD
us-gaap Sales Revenue Net
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SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
108837000 USD
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SellingAndMarketingExpense
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SellingAndMarketingExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
12736000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
13451000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3217000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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45.40
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
80.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
575000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5535000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5096000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
55.26
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
62.10
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
40.68
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
92.13
CY2016Q4 us-gaap Short Term Bank Loans And Notes Payable
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ShortTermBankLoansAndNotesPayable
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
651562000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1406000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1361000 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2126000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2035000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56875000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57927000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57820000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55634000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55514000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55801000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55785000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (FASB) issued a final standard on revenue from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The new standard will become effective for the Company beginning with the first quarter of 2018, and the Company plans to adopt the accounting standard using the modified retrospective transition approach. The modified retrospective transition approach will recognize any changes from the beginning of the year of initial application through retained earnings with no restatement of comparative periods.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have established an implementation team and engaged a third-party consultant to assist with our assessment of the impact of the new revenue guidance on our operations, consolidated financial statements and related disclosures. To date, this assessment has included (1) utilizing questionnaires to assist with the identification of our revenue streams, (2) performing sample contract analyses for each revenue stream identified, (3) assessing the noted differences in recognition and measurement that may result from adopting this new standard, (4) performing detailed analyses of contracts with larger customers, and (5) developing plans to test transactions for consistency with contract provisions that affect revenue recognition. Based on the preliminary results of the evaluation, which is still in process, nothing has come to our attention that would indicate that adoption of the new standard will have a material impact on our consolidated financial statements. However, given our acquisition strategy, there may be additional revenue streams acquired prior to the adoption date. We currently believe the most significant potential changes relate to variable consideration and whether certain contracts' revenues will be recognized over time or at a point in time, although our technical analysis of these potential impacts is still on-going. We also anticipate changes to the consolidated balance sheet related to accounts receivable, contract assets, and contract liabilities.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are in the process of evaluating and designing the necessary changes to our business processes, systems and controls to support recognition and disclosure under the new standard. Further, we are continuing to assess what incremental disaggregated revenue disclosures will be required in our consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2017, the FASB issued a final standard that changes the presentation of net periodic benefit cost related to defined benefit plans. The Company will adopt the standard when it becomes effective in fiscal 2018 and it will be applied retrospectively to all periods presented. Under the new standard, net periodic benefit costs are required to be disaggregated between service costs presented as operating expenses and other components of pension costs presented as non-operating expenses. The Company currently charges service costs to segment operations and includes other components of pension cost in unallocated corporate operating expenses. Under the new standard, unallocated corporate operating expenses will decrease, operating earnings will increase and other expense will increase by the amount of other (non-service) components of pension cost. There will be no impact on reported segment earnings, net earnings or earnings per shar</font></div></div>

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