$HVT
HAVERTY FURNITURE COMPANIES INC

2020 Q2 Form 10-Q Financial Statement

#000114036120018004 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $110.0M $213.8M $191.9M
YoY Change -42.69% 2.33% -3.46%
Cost Of Revenue $50.32M $98.00M $88.34M
YoY Change -43.03% 3.7% -2.9%
Gross Profit $59.65M $115.8M $103.6M
YoY Change -42.4% 1.19% -3.93%
Gross Profit Margin 54.24% 54.17% 53.97%
Selling, General & Admin $72.65M $108.6M $95.78M
YoY Change -24.15% 6.58% -3.01%
% of Gross Profit 121.8% 93.76% 92.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.700M $5.200M $5.200M
YoY Change -9.62% -26.76% -31.58%
% of Gross Profit 7.88% 4.49% 5.02%
Operating Expenses $40.82M $108.5M $95.68M
YoY Change -57.34% 6.58% -3.31%
Operating Profit $18.83M $7.330M $7.879M
YoY Change 138.93% -42.13% -10.86%
Interest Expense -$200.0K $300.0K $300.0K
YoY Change -166.67% -250.0% -160.0%
% of Operating Profit -1.06% 4.09% 3.81%
Other Income/Expense, Net
YoY Change
Pretax Income $18.63M $7.592M $8.237M
YoY Change 126.11% -38.47% -2.06%
Income Tax $4.985M $1.500M $2.191M
% Of Pretax Income 26.77% 19.76% 26.6%
Net Earnings $13.64M $6.100M $6.046M
YoY Change 125.6% -35.31% -2.7%
Net Earnings / Revenue 12.4% 2.85% 3.15%
Basic Earnings Per Share $0.30
Diluted Earnings Per Share $663.4K $287.7K $0.29
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.1M $75.70M $56.10M
YoY Change 169.34% 5.87% -24.8%
Cash & Equivalents $151.1M $75.74M $56.09M
Short-Term Investments
Other Short-Term Assets $8.960M $9.652M $10.49M
YoY Change -14.58% 54.14% -60.57%
Inventory $104.8M $104.8M $109.2M
Prepaid Expenses $10.30M $7.652M $9.876M
Receivables $1.141M $1.527M $1.578M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $283.0M $204.5M $193.8M
YoY Change 46.0% 1.32% -8.0%
LONG-TERM ASSETS
Property, Plant & Equipment $112.3M $156.5M $157.6M
YoY Change -28.75% -27.82% -30.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.04M $10.34M $9.810M
YoY Change 2.29% 18.79% -55.21%
Total Long-Term Assets $368.1M $355.5M $366.9M
YoY Change 0.32% 49.18% 47.84%
TOTAL ASSETS
Total Short-Term Assets $283.0M $204.5M $193.8M
Total Long-Term Assets $368.1M $355.5M $366.9M
Total Assets $651.1M $560.1M $560.8M
YoY Change 16.11% 27.24% 22.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.80M $27.83M $20.91M
YoY Change 9.05% 40.27% -5.38%
Accrued Expenses $45.73M $39.65M $33.32M
YoY Change 37.26% -0.62% -8.97%
Deferred Revenue $57.54M $30.12M $29.10M
YoY Change 97.74% 23.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $157.4M $127.0M $112.1M
YoY Change 40.38% 43.97% 21.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $22.45M $22.96M $22.64M
YoY Change -0.84% -24.82% -14.24%
Total Long-Term Liabilities $22.45M $22.96M $22.64M
YoY Change -0.84% -24.82% -69.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.4M $127.0M $112.1M
Total Long-Term Liabilities $22.45M $22.96M $22.64M
Total Liabilities $386.7M $299.6M $293.5M
YoY Change 31.76% 80.95% 75.65%
SHAREHOLDERS EQUITY
Retained Earnings $304.9M $296.0M $291.6M
YoY Change 4.57% 4.83%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $164.7M $158.1M $146.2M
YoY Change 12.64% 22.54%
Treasury Stock Shares
Shareholders Equity $264.4M $260.5M $267.3M
YoY Change
Total Liabilities & Shareholders Equity $651.1M $560.1M $560.8M
YoY Change 16.11% 27.24% 22.2%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income $13.64M $6.100M $6.046M
YoY Change 125.6% -35.31% -2.7%
Depreciation, Depletion And Amortization $4.700M $5.200M $5.200M
YoY Change -9.62% -26.76% -31.58%
Cash From Operating Activities $46.10M $5.000M $9.400M
YoY Change 390.43% -36.71% -56.48%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$4.400M -$4.000M
YoY Change -55.0% 33.33% -46.67%
Acquisitions
YoY Change
Other Investing Activities $69.50M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $67.60M -$4.400M -$4.000M
YoY Change -1790.0% 37.5% -47.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -47.10M -14.50M -22.30M
YoY Change 111.21% -50.51% 97.35%
NET CHANGE
Cash From Operating Activities 46.10M 5.000M 9.400M
Cash From Investing Activities 67.60M -4.400M -4.000M
Cash From Financing Activities -47.10M -14.50M -22.30M
Net Change In Cash 66.60M -13.90M -16.90M
YoY Change -494.08% -43.5% -725.93%
FREE CASH FLOW
Cash From Operating Activities $46.10M $5.000M $9.400M
Capital Expenditures -$1.800M -$4.400M -$4.000M
Free Cash Flow $47.90M $9.400M $13.40M
YoY Change 257.46% -16.07% -53.95%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align: left; color: #000000; font-family: Verdana; font-size: 10pt;">The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from those estimates.</div>
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
252447000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
13640000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1064000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
267260000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
260503000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
264378000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
274629000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
267260000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5466000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3295000
us-gaap Net Income Loss
NetIncomeLoss
15459000
us-gaap Net Income Loss
NetIncomeLoss
9668000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
6000
CY2020Q2 us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
29000
CY2019Q2 us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
8000
us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
60000
us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
17000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15519000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
9685000
us-gaap Net Income Loss
NetIncomeLoss
15459000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
31607000
hvt Increase Decrease In Operating Lease Right Of Use Assets And Operating Lease Liabilities Net
IncreaseDecreaseInOperatingLeaseRightOfUseAssetsAndOperatingLeaseLiabilitiesNet
629000
hvt Increase Decrease In Operating Lease Right Of Use Assets And Operating Lease Liabilities Net
IncreaseDecreaseInOperatingLeaseRightOfUseAssetsAndOperatingLeaseLiabilitiesNet
2863000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
43800000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2593000
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
29000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
264378000
us-gaap Net Income Loss
NetIncomeLoss
15459000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
6052000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
6810000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
873000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2037000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
60000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
6046000
CY2019Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3338000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
17843000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
890000
us-gaap Variable Lease Cost
VariableLeaseCost
2812000
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8000
us-gaap Net Income Loss
NetIncomeLoss
9668000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
6725000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
17843000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1328000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1951000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
17000
CY2020Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
554000
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
560000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
560000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
281926000
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
795000
CY2019Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
627000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
627000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109968000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191893000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
289400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
379134000
CY2020Q2 hvt Lessee Operating Lease Lease Not Yet Commenced Number Of Leases
LesseeOperatingLeaseLeaseNotYetCommencedNumberOfLeases
2
CY2020Q2 hvt Number Of Locations Under Construction
NumberOfLocationsUnderConstruction
1
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
11083000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
10465000
us-gaap Operating Lease Cost
OperatingLeaseCost
21515000
us-gaap Operating Lease Cost
OperatingLeaseCost
20693000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
30000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
40000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
584000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1281000
us-gaap Variable Lease Cost
VariableLeaseCost
2198000
CY2020Q2 hvt Number Of Properties Included In Sale Leaseback Transaction
NumberOfPropertiesIncludedInSaleLeasebackTransaction
3
CY2020Q2 us-gaap Lease Cost
LeaseCost
11667000
CY2019Q2 us-gaap Lease Cost
LeaseCost
11776000
us-gaap Lease Cost
LeaseCost
23713000
us-gaap Lease Cost
LeaseCost
23545000
us-gaap Operating Lease Payments
OperatingLeasePayments
14028000
us-gaap Operating Lease Payments
OperatingLeasePayments
20085000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
77772000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
22519000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.261
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.254
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
6600000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M18D
hvt Percentage Of Earnings Losses Distributed As Dividends In Earnings Per Share Calculation
PercentageOfEarningsLossesDistributedAsDividendsInEarningsPerShareCalculation
1
hvt Common Stock Preferential Dividend Rate Percentage
CommonStockPreferentialDividendRatePercentage
1.05
CY2020Q2 hvt Number Of Properties Included In Sale Leaseback Transaction
NumberOfPropertiesIncludedInSaleLeasebackTransaction
3
CY2020Q2 hvt Sale Leaseback Transaction Purchase Price
SaleLeasebackTransactionPurchasePrice
70000000.0
CY2020Q2 us-gaap Sale Leaseback Transaction Net Book Value
SaleLeasebackTransactionNetBookValue
37900000
CY2020Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P15Y
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2191000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4434000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4523000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4613000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4706000
CY2020Q2 hvt Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
54966000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
75433000

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