$MSM
MSC INDUSTRIAL DIRECT CO INC

2019 Q2 Form 10-Q Financial Statement

#000100307819000148 Filed on July 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $866.5M $828.3M
YoY Change 4.61% 11.35%
Cost Of Revenue $497.9M $467.3M
YoY Change 6.54% 12.78%
Gross Profit $368.7M $361.0M
YoY Change 2.12% 9.56%
Gross Profit Margin 42.54% 43.58%
Selling, General & Admin $4.100M $3.700M
YoY Change 10.81%
% of Gross Profit 1.11% 1.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.40M $15.80M
YoY Change 3.8% -0.63%
% of Gross Profit 4.45% 4.38%
Operating Expenses $258.2M $245.6M
YoY Change 5.1% 7.87%
Operating Profit $110.5M $115.4M
YoY Change -4.23% 13.37%
Interest Expense $4.565M $3.532M
YoY Change 29.25% -210.38%
% of Operating Profit 4.13% 3.06%
Other Income/Expense, Net -$4.482M -$3.565M
YoY Change 25.72%
Pretax Income $106.0M $111.8M
YoY Change -5.19% 13.4%
Income Tax $26.51M $32.75M
% Of Pretax Income 25.0% 29.29%
Net Earnings $79.60M $79.07M
YoY Change 0.67% 25.83%
Net Earnings / Revenue 9.19% 9.55%
Basic Earnings Per Share $1.44 $1.40
Diluted Earnings Per Share $1.44 $1.39
COMMON SHARES
Basic Shares Outstanding 55.16M 56.42M
Diluted Shares Outstanding 55.39M 56.80M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.80M $40.00M
YoY Change -3.0% 44.93%
Cash & Equivalents $38.77M $39.99M
Short-Term Investments
Other Short-Term Assets $69.70M $53.10M
YoY Change 31.26% 6.84%
Inventory $560.8M $512.3M
Prepaid Expenses
Receivables $546.5M $510.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.216B $1.116B
YoY Change 8.92% 13.84%
LONG-TERM ASSETS
Property, Plant & Equipment $306.6M $311.3M
YoY Change -1.52% -1.89%
Goodwill $676.8M
YoY Change
Intangibles $119.8M
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.389M $29.70M
YoY Change -81.86% -4.81%
Total Long-Term Assets $1.109B $1.140B
YoY Change -2.71% 6.45%
TOTAL ASSETS
Total Short-Term Assets $1.216B $1.116B
Total Long-Term Assets $1.109B $1.140B
Total Assets $2.324B $2.256B
YoY Change 3.04% 9.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $146.8M $133.7M
YoY Change 9.81% 19.16%
Accrued Expenses $92.96M $110.6M
YoY Change -15.95% 11.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $246.3M $284.2M
YoY Change -13.34% -9.55%
Total Short-Term Liabilities $486.1M $528.5M
YoY Change -8.03% 0.57%
LONG-TERM LIABILITIES
Long-Term Debt $284.7M $251.3M
YoY Change 13.29% 25.02%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $284.7M $251.3M
YoY Change 13.29% 25.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $486.1M $528.5M
Total Long-Term Liabilities $284.7M $251.3M
Total Liabilities $870.5M $856.7M
YoY Change 1.61% 3.45%
SHAREHOLDERS EQUITY
Retained Earnings $1.395B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $599.1M
YoY Change
Treasury Stock Shares $9.477M
Shareholders Equity $1.448B $1.399B
YoY Change
Total Liabilities & Shareholders Equity $2.324B $2.256B
YoY Change 3.04% 9.98%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $79.60M $79.07M
YoY Change 0.67% 25.83%
Depreciation, Depletion And Amortization $16.40M $15.80M
YoY Change 3.8% -0.63%
Cash From Operating Activities $88.60M $112.0M
YoY Change -20.89% 79.49%
INVESTING ACTIVITIES
Capital Expenditures -$12.80M -$13.50M
YoY Change -5.19% 8.87%
Acquisitions
YoY Change
Other Investing Activities $27.00M -$85.10M
YoY Change -131.73%
Cash From Investing Activities $14.20M -$98.60M
YoY Change -114.4% 695.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.10M -4.900M
YoY Change 1840.82% -91.58%
NET CHANGE
Cash From Operating Activities 88.60M 112.0M
Cash From Investing Activities 14.20M -98.60M
Cash From Financing Activities -95.10M -4.900M
Net Change In Cash 7.700M 8.500M
YoY Change -9.41% -203.66%
FREE CASH FLOW
Cash From Operating Activities $88.60M $112.0M
Capital Expenditures -$12.80M -$13.50M
Free Cash Flow $101.4M $125.5M
YoY Change -19.2% 67.78%

Facts In Submission

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dei Entity Filer Category
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#000000;">Accounting Pronouncements Not Yet Adopted</font> </p> <p style="margin:0pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">In February 2016, the FASB issued ASU 2016-02,&nbsp;</font><font style="display: inline;color:#000000;">Leases (Topic 842)</font><font style="display: inline;color:#000000;">, a comprehensive new standard that amends various aspects of existing accounting guidance for leases, including the recognition of a right-of-use asset and a lease liability in the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. During 2018, the FASB issued additional ASUs that address implementation issues and correct or improve certain aspects of the new accounting guidance for leases, including ASU 2018-10,&nbsp;</font><font style="display: inline;color:#000000;">Codification Improvements to Topic 842, Leases</font><font style="display: inline;color:#000000;">&nbsp;and ASU 2018-11,&nbsp;</font><font style="display: inline;color:#000000;">Leases (Topic 842): Targeted Improvements</font><font style="display: inline;color:#000000;">. These ASUs do not change the core principles in the leas</font><font style="display: inline;color:#000000;">e accounting</font><font style="display: inline;color:#000000;"> standard outlined above. The amendments in ASU 2018-11 provide an optional transition method that allows entities to initially apply the new lease</font><font style="display: inline;color:#000000;"> accounting</font><font style="display: inline;color:#000000;"> standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity&#x2019;s reporting for the comparative periods will continue to be in accordance with current lease accounting guidance. Management established a cross-functional team to evaluate and implement the new standard. The team selected a third-party software solution to facilitate the accounting and financial reporting requirements of the new lease </font><font style="display: inline;color:#000000;">accounting </font><font style="display: inline;color:#000000;">standard. Lease data elements have been gathered and are currently being migrated to the software solution. The new standard will be adopted in the first quarter of fiscal 2020 and the Company expects to use the optional transition method. While the Company has not yet completed its evaluation of the effects of adopting this ASU, right-of-use assets and lease liabilities will be recorded in the Consolidated Balance Sheets as of the effective date and thereafter.</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In June 2016, the FASB issued its final standard on measurement of credit losses on financial instruments. This standard, issued as ASU 2016-13, </font><font style="display: inline;">Financial Instruments &#x2013; Credit Losses (Topic 326), </font><font style="display: inline;">requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This update is effective for</font><font style="display: inline;"> fiscal years beginning after</font><font style="display: inline;"> December 15, 2019,</font><font style="display: inline;"> including interim periods within those fiscal years,</font><font style="display: inline;"> with early adoption permitted for financial statement periods b</font><font style="display: inline;">eginning after December 15, 2019</font><font style="display: inline;">. The new standard is effective for the Company for its fiscal year 202</font><font style="display: inline;">1</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">T</font><font style="display: inline;">he Co</font><font style="display: inline;">mpany is currently evaluating the</font><font style="display: inline;"> standard </font><font style="display: inline;">and does not expect a significant </font><font style="display: inline;">impact </font><font style="display: inline;">to</font><font style="display: inline;"> its co</font><font style="display: inline;">nsolidated financial statements. </font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In January 2017, the FASB issued its final standard on simplifying the test for goodwill impairment</font><font style="display: inline;color:#000000;background-color: #FFFFFF;">, ASU&nbsp;2017-04,&nbsp;Intangibles &#x2013; Goodwill and Other (Topic 350).</font><font style="display: inline;"> This standard </font><font style="display: inline;">requires</font><font style="display: inline;"> an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This update is effective for annual </font><font style="display: inline;">and</font><font style="display: inline;"> interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. The new standard is effective for the Company for its fiscal year 202</font><font style="display: inline;">1</font><font style="display: inline;">. Upon adoption, the Company will apply this guidance prospectively to its annual and interim goodwill impairment tests and disclose the change in accounting principle.</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the Company&#x2019;s financial position, results of operations or cash flows.</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;color:#000000;">Reclassification</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:left;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Certain of the prior period line items contained in the Condensed Consolidated Statements of Shareholders&#x2019; Equity were condensed to conform to our current period presentation. The Company combined the</font><font style="display: inline;"> &#x201C;Exercise of common stock options&#x201D;,</font><font style="display: inline;"> the &#x201C;</font><font style="display: inline;">Common stock issued under associate stock purchase plan&#x201D;, the &#x201C;Shares issued upon vesting of restricted stock units, including dividend equivalent units&#x201D;, the &#x201C;Stock-based compensation&#x201D;, and the &#x201C;Issuance of restricted common stock, net of cancellations&#x201D; line items </font><font style="display: inline;">into a single line titled &#x201C;Associate Incentive Plans&#x201D;. These reclassifications did not affect the total amount of Shareholders&#x2019; Equity.</font> </p> <p><font size="1"> </font></p> </div> </div>
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