$HVT
HAVERTY FURNITURE COMPANIES INC

2021 Q3 Form 10-Q Financial Statement

#000114036121036217 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $260.4M $241.3M $217.5M
YoY Change 19.71% 12.86% 3.91%
Cost Of Revenue $112.4M $103.7M $95.34M
YoY Change 17.87% 5.82% -2.02%
Gross Profit $148.0M $137.6M $122.2M
YoY Change 21.14% 18.81% 9.07%
Gross Profit Margin 56.84% 57.02% 56.17%
Selling, General & Admin $116.2M $107.0M $100.1M
YoY Change 16.04% -1.47% -3.9%
% of Gross Profit 78.48% 77.75% 81.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.167M $4.200M $4.200M
YoY Change -0.79% -19.23% -17.65%
% of Gross Profit 2.82% 3.05% 3.44%
Operating Expenses $116.2M $106.4M $97.70M
YoY Change 18.9% -1.94% -6.21%
Operating Profit $31.85M $31.22M $24.48M
YoY Change 30.08% 325.91% 211.54%
Interest Expense $58.00K $100.0K $100.0K
YoY Change -42.0% -66.67% -66.67%
% of Operating Profit 0.18% 0.32% 0.41%
Other Income/Expense, Net
YoY Change
Pretax Income $31.90M $31.27M $24.53M
YoY Change 30.05% 311.93% 200.31%
Income Tax $7.670M $5.800M $6.271M
% Of Pretax Income 24.04% 18.55% 25.56%
Net Earnings $24.23M $25.43M $18.26M
YoY Change 32.7% 316.85% 199.51%
Net Earnings / Revenue 9.31% 10.54% 8.4%
Basic Earnings Per Share
Diluted Earnings Per Share $1.221M $1.264M $897.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.7M $200.1M $211.8M
YoY Change 6.55% 164.33% 136.65%
Cash & Equivalents $225.7M $200.1M $218.6M
Short-Term Investments
Other Short-Term Assets $13.44M $9.985M $26.70M
YoY Change -49.66% 3.45% 314.02%
Inventory $119.0M $89.91M $90.90M
Prepaid Expenses $13.73M $9.580M
Receivables $1.500M
Other Receivables $0.00
Total Short-Term Assets $378.5M $316.2M $331.0M
YoY Change 14.36% 54.63% 54.23%
LONG-TERM ASSETS
Property, Plant & Equipment $124.8M $108.4M $345.4M
YoY Change -63.87% -30.77% 118.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.35M $11.20M $22.80M
YoY Change -45.84% 8.28% 130.93%
Total Long-Term Assets $385.2M $364.1M $368.4M
YoY Change 4.57% 2.41% 1.24%
TOTAL ASSETS
Total Short-Term Assets $378.5M $316.2M $331.0M
Total Long-Term Assets $385.2M $364.1M $368.4M
Total Assets $763.8M $680.4M $699.4M
YoY Change 9.2% 21.48% 20.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.66M $31.43M $27.10M
YoY Change 27.91% 12.93% -1.44%
Accrued Expenses $56.88M $52.96M $86.60M
YoY Change -34.32% 33.56% 110.38%
Deferred Revenue $120.1M $86.18M
YoY Change 186.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $245.8M $204.0M $202.1M
YoY Change 21.62% 60.64% 52.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.48M $23.16M $230.0M
YoY Change -90.22% 0.89% 948.22%
Total Long-Term Liabilities $22.48M $23.16M $230.0M
YoY Change -90.22% 0.89% 948.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $245.8M $204.0M $202.1M
Total Long-Term Liabilities $22.48M $23.16M $230.0M
Total Liabilities $472.2M $427.4M $432.0M
YoY Change 9.31% 42.67% 39.45%
SHAREHOLDERS EQUITY
Retained Earnings $358.1M $304.6M
YoY Change 2.91%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $196.7M $177.5M
YoY Change 12.3%
Treasury Stock Shares
Shareholders Equity $291.5M $253.0M $267.4M
YoY Change
Total Liabilities & Shareholders Equity $763.8M $680.4M $699.4M
YoY Change 9.2% 21.48% 20.9%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $24.23M $25.43M $18.26M
YoY Change 32.7% 316.85% 199.51%
Depreciation, Depletion And Amortization $4.167M $4.200M $4.200M
YoY Change -0.79% -19.23% -17.65%
Cash From Operating Activities $31.36M $30.40M $75.30M
YoY Change -58.35% 508.0% 72.71%
INVESTING ACTIVITIES
Capital Expenditures -$17.12M -$3.700M -$2.900M
YoY Change 490.38% -15.91% -36.96%
Acquisitions
YoY Change
Other Investing Activities $45.00K $1.900M $4.900M
YoY Change -99.08%
Cash From Investing Activities -$17.08M -$1.800M $2.100M
YoY Change -913.14% -59.09% -144.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.95M -40.30M -16.70M
YoY Change 43.43% 177.93% 215.09%
NET CHANGE
Cash From Operating Activities 31.36M 30.40M 75.30M
Cash From Investing Activities -17.08M -1.800M 2.100M
Cash From Financing Activities -23.95M -40.30M -16.70M
Net Change In Cash -9.670M -11.70M 60.70M
YoY Change -115.93% -15.83% 80.65%
FREE CASH FLOW
Cash From Operating Activities $31.36M $30.40M $75.30M
Capital Expenditures -$17.12M -$3.700M -$2.900M
Free Cash Flow $48.48M $34.10M $78.20M
YoY Change -38.01% 262.77% 62.24%

Facts In Submission

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3151000
hvt Increase Decrease In Operating Lease Right Of Use Asset And Liability Net
IncreaseDecreaseInOperatingLeaseRightOfUseAssetAndLiabilityNet
1156000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
78000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
74399000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
43800000
us-gaap Use Of Estimates
UseOfEstimates
<div><span style="font-size: 9.5pt;"> </span> <span style="font-size: 9.5pt;"> </span></div> <div style="text-align: left; color: #000000; font-family: Verdana; font-size: 9.5pt;">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>
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
289412000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
24233000
CY2021Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
CY2021Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
19493000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1800000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
50000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
291541000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
252967000
us-gaap Net Income Loss
NetIncomeLoss
66497000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
19493000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-2894000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
6456000
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
870000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
148000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
291541000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
264378000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
18261000
CY2020Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
CY2020Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
12899000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1325000
CY2020Q3 hvt Stock Issued During Period Value Issued For Services Net Of Adjustments
StockIssuedDuringPeriodValueIssuedForServicesNetOfAdjustments
-5000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
30000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
267377000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
260503000
us-gaap Net Income Loss
NetIncomeLoss
33720000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
19708000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-876000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
3362000
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
557000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
90000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
267377000
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
120100000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
86200000
hvt Contract With Customer Liability Revenue Not Recognized
ContractWithCustomerLiabilityRevenueNotRecognized
500000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
260378000
CY2021Q3 hvt Percentage Of Net Sales
PercentageOfNetSales
1.000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
217513000
CY2020Q3 hvt Percentage Of Net Sales
PercentageOfNetSales
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
746858000
hvt Percentage Of Net Sales
PercentageOfNetSales
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
506913000
hvt Percentage Of Net Sales
PercentageOfNetSales
1.000
CY2021Q3 hvt Lessee Operating Lease Lease Not Yet Commenced Number Of Leases
LesseeOperatingLeaseLeaseNotYetCommencedNumberOfLeases
1
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
11440000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
11596000
us-gaap Operating Lease Cost
OperatingLeaseCost
35140000
us-gaap Operating Lease Cost
OperatingLeaseCost
33111000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
1739000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
1627000
us-gaap Variable Lease Cost
VariableLeaseCost
4856000
us-gaap Variable Lease Cost
VariableLeaseCost
3825000
CY2021Q3 us-gaap Lease Cost
LeaseCost
13179000
CY2020Q3 us-gaap Lease Cost
LeaseCost
13223000
us-gaap Lease Cost
LeaseCost
39996000
us-gaap Lease Cost
LeaseCost
36936000
CY2021Q2 hvt Lessee Operating Lease Number Of Leases Renewed
LesseeOperatingLeaseNumberOfLeasesRenewed
10
CY2021Q2 hvt Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
17600000
CY2021Q2 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
20600000
CY2021Q2 us-gaap Incentive To Lessee
IncentiveToLessee
3000000.0
CY2021Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-5300000
CY2021Q3 hvt Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
-5300000
us-gaap Operating Lease Payments
OperatingLeasePayments
35428000
us-gaap Operating Lease Payments
OperatingLeasePayments
25099000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24213000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
83550000
CY2020Q2 hvt Number Of Properties Included In Sale Leaseback Transaction
NumberOfPropertiesIncludedInSaleLeasebackTransaction
3
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 hvt Number Of Properties Included In Sale Leaseback Transaction
NumberOfPropertiesIncludedInSaleLeasebackTransaction
3
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P15Y

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