$GGG
GRACO INC

2018 Q3 Form 10-Q Financial Statement

#000004288818000047 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $415.9M $424.6M $379.5M
YoY Change 9.51% 11.88% 9.01%
Cost Of Revenue $194.5M $194.7M $175.0M
YoY Change 10.67% 11.26% 7.36%
Gross Profit $221.5M $229.9M $204.5M
YoY Change 8.52% 12.42% 10.46%
Gross Profit Margin 53.24% 54.15% 53.89%
Selling, General & Admin $90.95M $100.4M $89.44M
YoY Change 3.24% 12.27% -1.92%
% of Gross Profit 41.07% 43.68% 43.73%
Research & Development $15.73M $16.11M $14.66M
YoY Change 8.12% 9.89% -6.05%
% of Gross Profit 7.1% 7.01% 7.17%
Depreciation & Amortization $11.80M $11.10M $11.30M
YoY Change 5.36% -1.77% -9.6%
% of Gross Profit 5.33% 4.83% 5.53%
Operating Expenses $106.7M $116.5M $104.1M
YoY Change 3.93% 11.94% -2.53%
Operating Profit $114.8M $113.4M $100.4M
YoY Change 13.16% 12.92% 28.17%
Interest Expense $3.583M $3.891M $4.154M
YoY Change -8.15% -6.33% -8.56%
% of Operating Profit 3.12% 3.43% 4.14%
Other Income/Expense, Net -$3.139M -$4.251M -$652.0K
YoY Change 174.87% 551.99% 66.33%
Pretax Income $108.1M $105.2M $95.60M
YoY Change 12.1% 10.07% 30.24%
Income Tax $15.38M $16.10M $15.78M
% Of Pretax Income 14.23% 15.3% 16.5%
Net Earnings $92.68M $89.14M $79.83M
YoY Change 22.82% 11.67% 56.69%
Net Earnings / Revenue 22.28% 21.0% 21.04%
Basic Earnings Per Share $0.55 $0.53 $0.48
Diluted Earnings Per Share $0.54 $0.51 $0.46
COMMON SHARES
Basic Shares Outstanding 167.2M shares 167.6M shares 55.55M shares
Diluted Shares Outstanding 173.0M shares 173.3M shares 173.8M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.6M $109.9M $75.40M
YoY Change -1.71% 45.76% 71.75%
Cash & Equivalents $137.6M $109.9M $75.45M
Short-Term Investments
Other Short-Term Assets $25.81M $36.76M $22.92M
YoY Change 23.57% 60.38% -8.22%
Inventory $277.7M $271.7M $221.4M
Prepaid Expenses
Receivables $289.6M $290.9M $259.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $730.8M $709.3M $579.7M
YoY Change 13.75% 22.35% 11.86%
LONG-TERM ASSETS
Property, Plant & Equipment $220.2M $215.0M $193.6M
YoY Change 10.4% 11.05% 2.08%
Goodwill $296.3M $294.3M $273.1M
YoY Change 8.59% 7.78% -34.38%
Intangibles $172.5M $174.2M $183.9M
YoY Change -4.77% -5.26% -23.51%
Long-Term Investments
YoY Change
Other Assets $32.84M $31.45M $25.94M
YoY Change 23.13% 21.22% 6.46%
Total Long-Term Assets $754.7M $763.7M $762.1M
YoY Change -0.93% 0.21% -18.29%
TOTAL ASSETS
Total Short-Term Assets $730.8M $709.3M $579.7M
Total Long-Term Assets $754.7M $763.7M $762.1M
Total Assets $1.486B $1.473B $1.342B
YoY Change 5.79% 9.78% -7.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.10M $54.81M $44.45M
YoY Change 13.95% 23.32% 11.03%
Accrued Expenses $84.30M $73.50M $62.50M
YoY Change 12.85% 17.6% 16.6%
Deferred Revenue $45.07M
YoY Change
Short-Term Debt $4.000M $6.500M $11.10M
YoY Change -35.48% -41.44% -16.54%
Long-Term Debt Due $75.00M
YoY Change
Total Short-Term Liabilities $264.2M $267.5M $264.1M
YoY Change -8.34% 1.3% 55.51%
LONG-TERM LIABILITIES
Long-Term Debt $266.4M $297.3M $236.0M
YoY Change 18.41% 25.96% -45.05%
Other Long-Term Liabilities $4.500M $4.400M $8.597M
YoY Change -45.82% -48.82% -1.52%
Total Long-Term Liabilities $270.9M $301.7M $244.6M
YoY Change 16.12% 23.34% -44.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $264.2M $267.5M $264.1M
Total Long-Term Liabilities $270.9M $301.7M $244.6M
Total Liabilities $535.2M $569.2M $508.7M
YoY Change 2.6% 11.9% -16.34%
SHAREHOLDERS EQUITY
Retained Earnings $255.9M $185.4M $224.8M
YoY Change -8.72% -17.53% -24.43%
Common Stock $681.1M $672.5M $549.3M
YoY Change 21.58% 22.42% 11.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $796.6M $711.8M $651.6M
YoY Change
Total Liabilities & Shareholders Equity $1.486B $1.473B $1.342B
YoY Change 5.79% 9.78% -7.52%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $92.68M $89.14M $79.83M
YoY Change 22.82% 11.67% 56.69%
Depreciation, Depletion And Amortization $11.80M $11.10M $11.30M
YoY Change 5.36% -1.77% -9.6%
Cash From Operating Activities $83.50M $112.0M $85.50M
YoY Change -24.37% 30.99% 32.35%
INVESTING ACTIVITIES
Capital Expenditures -$12.20M -$18.40M -$8.400M
YoY Change -0.81% 119.05% -34.88%
Acquisitions
YoY Change
Other Investing Activities -$1.600M $300.0K -$400.0K
YoY Change -50.0% -175.0% -33.33%
Cash From Investing Activities -$13.70M -$18.20M -$8.800M
YoY Change -11.61% 106.82% -34.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -52.30M -99.30M -79.50M
YoY Change 77.89% 24.91% 83.6%
NET CHANGE
Cash From Operating Activities 83.50M 112.0M 85.50M
Cash From Investing Activities -13.70M -18.20M -8.800M
Cash From Financing Activities -52.30M -99.30M -79.50M
Net Change In Cash 17.50M -5.500M -2.800M
YoY Change -73.28% 96.43% -135.9%
FREE CASH FLOW
Cash From Operating Activities $83.50M $112.0M $85.50M
Capital Expenditures -$12.20M -$18.40M -$8.400M
Free Cash Flow $95.70M $130.4M $93.90M
YoY Change -22.0% 38.87% 21.16%

Facts In Submission

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6378000 shares
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6105000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
6005000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6291000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Issued Basic
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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%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2016, FASB issued a final standard on leases contained in Accounting Standards Codification Topic 842 (&#8220;ASC 842&#8221;). The new standard is effective for the Company in the first quarter of 2019 and requires most leases to be recorded on the balance sheet. The Company plans to adopt the new accounting standard using the modified retrospective transition approach and will elect to use the package of practical expedients. 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%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have established an implementation team that has gathered and analyzed a significant portion of our lease contracts. Based on preliminary results of the process, which has not been completed, nothing has come to our attention that would indicate that adoption of the new standard will have a material impact on our earnings or shareholders equity. We expect that the recording of right-of-use assets and associated lease liabilities will have a significant effect on our consolidated balance sheet; however, we are unable to determine an amount at this time. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are in the process of evaluating changes to our business processes, systems and controls needed to support recognition and disclosure under the new standard. Further, we are continuing to assess any incremental disclosures that will be required in our consolidated financial statements.</font></div></div>

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