$MPAA
MOTORCAR PARTS OF AMERICA INC

2020 Q1 Form 10-Q Financial Statement

#000114036120002724 Filed on February 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2018 Q4
Revenue $150.7M $125.6M $124.1M
YoY Change 16.78% 1.18% 20.62%
Cost Of Revenue $114.2M $97.91M $103.0M
YoY Change 10.69% -4.89% 34.05%
Gross Profit $36.58M $27.66M $21.16M
YoY Change 40.97% 30.72% -18.92%
Gross Profit Margin 24.27% 22.03% 17.05%
Selling, General & Admin $18.86M $20.01M $17.48M
YoY Change 4.68% 14.49% 23.1%
% of Gross Profit 51.56% 72.35% 82.6%
Research & Development $2.506M $2.174M $2.054M
YoY Change 2.7% 5.84% 20.82%
% of Gross Profit 6.85% 7.86% 9.71%
Depreciation & Amortization $2.540M $2.400M $1.720M
YoY Change 5.83% 39.53% 47.01%
% of Gross Profit 6.94% 8.68% 8.13%
Operating Expenses $42.08M $18.42M $19.53M
YoY Change 105.68% -5.73% 22.86%
Operating Profit -$5.492M $9.246M $1.627M
YoY Change -199.98% 468.29% -84.05%
Interest Expense -$26.20M -$3.100M -$6.700M
YoY Change 336.67% -53.73% 15.52%
% of Operating Profit -33.53% -411.8%
Other Income/Expense, Net
YoY Change
Pretax Income -$10.96M $2.367M -$4.137M
YoY Change 816.05% -157.22% -191.93%
Income Tax -$2.763M $1.502M -$1.035M
% Of Pretax Income 63.46%
Net Earnings -$8.193M $865.0K -$3.102M
YoY Change 196.31% -127.89% 24.08%
Net Earnings / Revenue -5.44% 0.69% -2.5%
Basic Earnings Per Share -$0.43 $0.05 -$0.16
Diluted Earnings Per Share -$0.43 $0.04 -$0.16
COMMON SHARES
Basic Shares Outstanding 18.97M 18.96M 18.81M
Diluted Shares Outstanding 19.31M 18.81M

Balance Sheet

Concept 2020 Q1 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.50M $11.80M $11.50M
YoY Change 282.58% 2.61% -10.16%
Cash & Equivalents $49.62M $9.458M $8.591M
Short-Term Investments $900.0K $2.400M $2.900M
Other Short-Term Assets $8.600M $10.30M $7.900M
YoY Change -7.53% 30.38% -38.28%
Inventory $225.7M $256.5M $215.8M
Prepaid Expenses
Receivables $91.75M $52.93M $81.70M
Other Receivables $3.300M $11.00M $12.90M
Total Short-Term Assets $409.1M $373.4M $329.8M
YoY Change 15.94% 13.23% 181.4%
LONG-TERM ASSETS
Property, Plant & Equipment $44.96M $43.31M $32.30M
YoY Change 27.9% 34.1% 53.81%
Goodwill $3.205M $3.205M
YoY Change 0.0%
Intangibles $6.393M $7.183M
YoY Change -24.17%
Long-Term Investments
YoY Change
Other Assets $1.839M $679.0K $8.500M
YoY Change 71.71% -92.01% -97.32%
Total Long-Term Assets $367.9M $353.3M $276.0M
YoY Change 31.64% 28.02% -21.26%
TOTAL ASSETS
Total Short-Term Assets $409.1M $373.4M $329.8M
Total Long-Term Assets $367.9M $353.3M $276.0M
Total Assets $777.0M $726.7M $605.8M
YoY Change 22.88% 19.96% 29.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.66M $79.82M $101.7M
YoY Change -14.92% -21.51% 46.54%
Accrued Expenses $16.42M $17.01M $32.60M
YoY Change 12.43% -47.83% -27.07%
Deferred Revenue $27.91M $32.95M
YoY Change -8.78%
Short-Term Debt $152.0M $130.0M $78.40M
YoY Change 37.68% 65.82% 117.78%
Long-Term Debt Due $5.700M $5.600M $3.700M
YoY Change 54.05% 51.35% 19.35%
Total Short-Term Liabilities $318.5M $298.3M $250.7M
YoY Change 14.01% 19.0% 58.87%
LONG-TERM LIABILITIES
Long-Term Debt $24.40M $25.10M $25.10M
YoY Change 0.83% 0.0% 70.75%
Other Long-Term Liabilities $8.950M $5.129M $50.00M
YoY Change 13.01% -89.74% 88.68%
Total Long-Term Liabilities $8.950M $5.129M $75.10M
YoY Change 13.01% -93.17% 82.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $318.5M $298.3M $250.7M
Total Long-Term Liabilities $8.950M $5.129M $75.10M
Total Liabilities $501.5M $442.4M $326.1M
YoY Change 42.23% 35.67% 63.7%
SHAREHOLDERS EQUITY
Retained Earnings $64.12M $72.31M
YoY Change -10.21%
Common Stock $190.0K $190.0K
YoY Change 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $275.5M $284.3M $279.8M
YoY Change
Total Liabilities & Shareholders Equity $777.0M $726.7M $605.8M
YoY Change 22.88% 19.96% 29.53%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income -$8.193M $865.0K -$3.102M
YoY Change 196.31% -127.89% 24.08%
Depreciation, Depletion And Amortization $2.540M $2.400M $1.720M
YoY Change 5.83% 39.53% 47.01%
Cash From Operating Activities $23.21M $22.33M -$13.92M
YoY Change -216.05% -260.42% 743.64%
INVESTING ACTIVITIES
Capital Expenditures -$3.310M -$3.910M -$3.290M
YoY Change 27.31% 18.84% 42.42%
Acquisitions
YoY Change
Other Investing Activities $1.360M -$40.00K -$4.480M
YoY Change -120.12% -99.11% 5500.0%
Cash From Investing Activities -$1.940M -$3.950M -$7.760M
YoY Change -79.3% -49.1% 224.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.60M -15.51M 24.18M
YoY Change -39.31% -164.14% -2470.59%
NET CHANGE
Cash From Operating Activities 23.21M 22.33M -13.92M
Cash From Investing Activities -1.940M -3.950M -7.760M
Cash From Financing Activities 18.60M -15.51M 24.18M
Net Change In Cash 39.87M 2.870M 2.500M
YoY Change 3014.84% 14.8% -149.41%
FREE CASH FLOW
Cash From Operating Activities $23.21M $22.33M -$13.92M
Capital Expenditures -$3.310M -$3.910M -$3.290M
Free Cash Flow $26.52M $26.24M -$10.63M
YoY Change -252.41% -346.85% -1710.61%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">1. Company Background and Organization</div><div><br /></div><div><font style="color: #000000;">Motorcar Parts of America, Inc. and its subsidiaries (the &#8220;Company&#8221;, or &#8220;MPA&#8221;) is a leading supplier of automotive aftermarket non-discretionary replacement parts and diagnostic equipment. These replacement parts are primarily sold to automotive retail chain stores and warehouse distributors throughout North America and to major automobile manufacturers for both their aftermarket programs and warranty replacement programs (&#8220;OES&#8221;). The Company&#8217;s diagnostic equipment primarily serves the global automotive component and powertrain testing market. The Company&#8217;s products include</font> (i) rotating electrical products such as alternators and starters, (ii) wheel hub assemblies and bearings, (iii) brake master cylinders, (iv) brake calipers (introduced in August 2019), and (v) other products. Other products include<font style="color: #000000;">: (i)</font>&#160;<font style="color: #000000;">brake power boosters</font>, (ii) turbochargers, (iii) diagnostics <font style="color: #000000;">systems</font>, (iv)advanced power emulators, and (v) custom power electronic products. </div><div><br /></div><div>The Company primarily ships its products from its facilities and <font style="color: #000000;">various third party warehouse distribution centers</font> in North America.</div><div><br /></div><div style="color: #000000;">Pursuant to the guidance provided under the Financial Accounting Statement Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) for segment reporting, the Company has identified its chief operating decision maker (&#8220;CODM&#8221;), reviewed the documents used by the CODM, and understands how such documents are used by the CODM to make financial and operating decisions. The Company has determined through this review process that its business comprises three separate operating segments.&#160; Two of the operating segments meet all of the aggregation criteria, and are aggregated. The remaining operating segment does not meet the quantitative thresholds for individual disclosure. Since this immaterial operating segment meets the aggregation criteria of ASC 280, the Company has combined its operating segments into one reportable segment.</div><div><br /></div><div>In January 2019, the Company completed the acquisition of Dixie Electric, Ltd (&#8220;Dixie&#8221;). During the nine months ended December 31, 2019, the Company finalized the purchase price allocation of Dixie with no material adjustments.</div></div>
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ContractWithCustomerAssetUpfrontPaymentsToCustomersNoncurrent
2775000
CY2019Q4 mpaa Interest Expense Net
InterestExpense-Net
6879000
CY2018Q4 mpaa Interest Expense Net
InterestExpense-Net
5764000
mpaa Interest Expense Net
InterestExpense-Net
19575000
mpaa Interest Expense Net
InterestExpense-Net
16538000
CY2019Q4 mpaa Inventory Unreturned
InventoryUnreturned
8266000
CY2019Q1 mpaa Inventory Unreturned
InventoryUnreturned
8469000
CY2019Q4 mpaa Customer Finished Goods Returns Accrual
CustomerFinishedGoodsReturnsAccrual
25223000
CY2019Q1 mpaa Customer Finished Goods Returns Accrual
CustomerFinishedGoodsReturnsAccrual
22615000
mpaa Significant Noncash Transaction Fair Value Of Contingent Consideration Given
SignificantNoncashTransactionFairValueOfContingentConsiderationGiven
0
mpaa Significant Noncash Transaction Fair Value Of Contingent Consideration Given
SignificantNoncashTransactionFairValueOfContingentConsiderationGiven
3560000
mpaa Noncash Lease Expense
NoncashLeaseExpense
3977000
mpaa Noncash Lease Expense
NoncashLeaseExpense
0
mpaa Gain Loss On Remeasurement Of Lease Liabilities
GainLossOnRemeasurementOfLeaseLiabilities
1491000
mpaa Gain Loss On Remeasurement Of Lease Liabilities
GainLossOnRemeasurementOfLeaseLiabilities
0
CY2019Q4 mpaa Gain Loss On Remeasurement Of Lease Liabilities
GainLossOnRemeasurementOfLeaseLiabilities
2128000
mpaa Fair Value Measurement Adjustment Of Contingent Consideration Gain Loss Included In Earnings
FairValueMeasurementAdjustmentOfContingentConsiderationGainLossIncludedInEarnings
-419000
mpaa Fair Value Measurement Adjustment Of Contingent Consideration Gain Loss Included In Earnings
FairValueMeasurementAdjustmentOfContingentConsiderationGainLossIncludedInEarnings
0
mpaa Finance Lease Payments
FinanceLeasePayments
1855000
mpaa Finance Lease Payments
FinanceLeasePayments
0
mpaa Amortization Of Interest On Accrued Core Payments
AmortizationOfInterestOnAccruedCorePayments
603000
mpaa Amortization Of Interest On Accrued Core Payments
AmortizationOfInterestOnAccruedCorePayments
725000
mpaa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-3402000
mpaa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
0
mpaa Increase Decrease In Customer Finished Goods Returns Accrual
IncreaseDecreaseInCustomerFinishedGoodsReturnsAccrual
2602000
mpaa Increase Decrease In Customer Finished Goods Returns Accrual
IncreaseDecreaseInCustomerFinishedGoodsReturnsAccrual
1431000
mpaa Increase Decrease In Inventory Unreturned
IncreaseDecreaseInInventoryUnreturned
-203000
mpaa Increase Decrease In Inventory Unreturned
IncreaseDecreaseInInventoryUnreturned
3238000
mpaa Provision For Recovery Of Customer Payment Discrepancies
ProvisionForRecoveryOfCustomerPaymentDiscrepancies
1427000
mpaa Provision For Recovery Of Customer Payment Discrepancies
ProvisionForRecoveryOfCustomerPaymentDiscrepancies
602000
mpaa Allowance For Doubtful Accounts Receivable Provision For Recoveries
AllowanceForDoubtfulAccountsReceivableProvisionForRecoveries
431000
mpaa Allowance For Doubtful Accounts Receivable Provision For Recoveries
AllowanceForDoubtfulAccountsReceivableProvisionForRecoveries
221000
CY2019Q4 mpaa Contract With Customer Liability Customer Core Returns Accrual Current
ContractWithCustomerLiabilityCustomerCoreReturnsAccrualCurrent
13088000
CY2019Q1 mpaa Contract With Customer Liability Customer Core Returns Accrual Current
ContractWithCustomerLiabilityCustomerCoreReturnsAccrualCurrent
3933000
CY2019Q4 mpaa Contract With Customer Liability Accrued Core Payment Noncurrent
ContractWithCustomerLiabilityAccruedCorePaymentNoncurrent
9009000
CY2019Q1 mpaa Contract With Customer Liability Accrued Core Payment Noncurrent
ContractWithCustomerLiabilityAccruedCorePaymentNoncurrent
15167000
CY2019Q4 mpaa Contract With Customer Liability Customer Core Returns Accrual Noncurrent
ContractWithCustomerLiabilityCustomerCoreReturnsAccrualNoncurrent
46467000
CY2019Q1 mpaa Contract With Customer Liability Customer Core Returns Accrual Noncurrent
ContractWithCustomerLiabilityCustomerCoreReturnsAccrualNoncurrent
25722000
CY2019Q4 mpaa Contract With Customer Liability Customer Allowances Earned Current
ContractWithCustomerLiabilityCustomerAllowancesEarnedCurrent
10570000
CY2019Q1 mpaa Contract With Customer Liability Customer Allowances Earned Current
ContractWithCustomerLiabilityCustomerAllowancesEarnedCurrent
12755000
CY2019Q4 mpaa Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
1359000
CY2019Q1 mpaa Contract With Customer Liability Customer Deposits Current
ContractWithCustomerLiabilityCustomerDepositsCurrent
2674000
CY2019Q4 mpaa Contract With Customer Liability Accrued Core Payment Current
ContractWithCustomerLiabilityAccruedCorePaymentCurrent
7936000
mpaa Discounted Accounts Receivable Weighted Average Days For Accelerated Collection
DiscountedAccountsReceivableWeightedAverageDaysForAcceleratedCollection
P340D
mpaa Discount Recorded As Interest Expense
DiscountRecordedAsInterestExpense
11570000
mpaa Discount Recorded As Interest Expense
DiscountRecordedAsInterestExpense
11377000
mpaa Annualized Weighted Average Discount Rate On Discounted Accounts Receivables
AnnualizedWeightedAverageDiscountRateOnDiscountedAccountsReceivables
0.035
mpaa Annualized Weighted Average Discount Rate On Discounted Accounts Receivables
AnnualizedWeightedAverageDiscountRateOnDiscountedAccountsReceivables
0.042
mpaa Discounted Accounts Receivable Weighted Average Days For Accelerated Collection
DiscountedAccountsReceivableWeightedAverageDaysForAcceleratedCollection
P347D
mpaa Accounts Receivables Discounted
AccountsReceivablesDiscounted
341339000
mpaa Accounts Receivables Discounted
AccountsReceivablesDiscounted
287206000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
7693000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
10567000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Due Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
6960000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
9471000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
100967000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Due After Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
63419000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
2857000
CY2019Q4 mpaa Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
72527000
CY2019Q4 mpaa Lessee Operating And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
28440000
CY2019Q4 mpaa Customer Returns Rga Issued
CustomerReturnsRgaIssued
7972000
CY2019Q1 mpaa Customer Returns Rga Issued
CustomerReturnsRgaIssued
14878000
CY2019Q4 mpaa Customer Payment Discrepancies
CustomerPaymentDiscrepancies
1127000
CY2019Q1 mpaa Customer Payment Discrepancies
CustomerPaymentDiscrepancies
854000
CY2019Q4 mpaa Operating And Finance Lease Right Of Use Assets
OperatingAndFinanceLeaseRightOfUseAssets
72370000

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