2020 Q1 Form 10-Q Financial Statement

#000007660520000071 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $589.2M $608.2M
YoY Change -3.12%
Cost Of Revenue $479.8M $501.7M
YoY Change -4.37%
Gross Profit $109.5M $106.5M
YoY Change 2.75%
Gross Profit Margin 18.58% 17.52%
Selling, General & Admin $35.87M $37.69M
YoY Change -4.84%
% of Gross Profit 32.76% 35.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.18M $15.54M
YoY Change 10.5%
% of Gross Profit 15.69% 14.59%
Operating Expenses $70.20M $70.72M
YoY Change -0.74%
Operating Profit $39.28M $35.83M
YoY Change 9.64%
Interest Expense -$10.49M -$8.983M
YoY Change 16.8%
% of Operating Profit -26.71% -25.07%
Other Income/Expense, Net
YoY Change
Pretax Income $28.79M $26.84M
YoY Change 7.24%
Income Tax $7.600M $5.994M
% Of Pretax Income 26.4% 22.33%
Net Earnings $21.19M $20.85M
YoY Change 1.62%
Net Earnings / Revenue 3.6% 3.43%
Basic Earnings Per Share $0.92 $0.90
Diluted Earnings Per Share $0.91 $0.90
COMMON SHARES
Basic Shares Outstanding 23.02M shares 23.04M shares
Diluted Shares Outstanding 23.27M shares 23.25M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.50M $8.500M
YoY Change 1011.76%
Cash & Equivalents $94.52M $8.454M
Short-Term Investments
Other Short-Term Assets $26.30M $17.80M
YoY Change 47.75%
Inventory $273.5M $265.0M
Prepaid Expenses
Receivables $154.6M $137.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $548.9M $428.5M
YoY Change 28.09%
LONG-TERM ASSETS
Property, Plant & Equipment $189.1M $180.3M
YoY Change 4.88%
Goodwill $325.9M $292.1M
YoY Change 11.57%
Intangibles $356.6M $370.2M
YoY Change -3.67%
Long-Term Investments
YoY Change
Other Assets $407.0K $499.0K
YoY Change -18.44%
Total Long-Term Assets $973.2M $926.7M
YoY Change 5.03%
TOTAL ASSETS
Total Short-Term Assets $548.9M $428.5M
Total Long-Term Assets $973.2M $926.7M
Total Assets $1.522B $1.355B
YoY Change 12.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.1M $124.6M
YoY Change 10.84%
Accrued Expenses $64.89M $57.29M
YoY Change 13.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $10.00M
YoY Change -50.0%
Total Short-Term Liabilities $236.2M $217.8M
YoY Change 8.45%
LONG-TERM LIABILITIES
Long-Term Debt $672.2M $613.6M
YoY Change 9.56%
Other Long-Term Liabilities $20.97M $16.76M
YoY Change 25.12%
Total Long-Term Liabilities $693.2M $630.4M
YoY Change 9.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $236.2M $217.8M
Total Long-Term Liabilities $693.2M $630.4M
Total Liabilities $1.027B $926.1M
YoY Change 10.87%
SHAREHOLDERS EQUITY
Retained Earnings $309.0M $245.7M
YoY Change 25.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $495.4M $429.1M
YoY Change
Total Liabilities & Shareholders Equity $1.522B $1.355B
YoY Change 12.32%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $21.19M $20.85M
YoY Change 1.62%
Depreciation, Depletion And Amortization $17.18M $15.54M
YoY Change 10.5%
Cash From Operating Activities $13.16M $27.88M
YoY Change -52.79%
INVESTING ACTIVITIES
Capital Expenditures $7.580M $10.01M
YoY Change -24.24%
Acquisitions $24.28M $1.222M
YoY Change 1886.99%
Other Investing Activities $0.00 $200.0K
YoY Change -100.0%
Cash From Investing Activities -$31.84M -$9.855M
YoY Change 223.08%
FINANCING ACTIVITIES
Cash Dividend Paid $5.837M $0.00
YoY Change
Common Stock Issuance & Retirement, Net $15.55M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$26.19M -$16.47M
YoY Change 59.02%
NET CHANGE
Cash From Operating Activities $13.16M $27.88M
Cash From Investing Activities -$31.84M -$9.855M
Cash From Financing Activities -$26.19M -$16.47M
Net Change In Cash -$44.87M $1.559M
YoY Change -2977.93%
FREE CASH FLOW
Cash From Operating Activities $13.16M $27.88M
Capital Expenditures $7.580M $10.01M
Free Cash Flow $5.584M $17.88M
YoY Change -68.77%

Facts In Submission

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StockGrantedDuringPeriodValueSharebasedCompensation
3947000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
589232000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
608218000 USD
CY2020Q1 us-gaap Inventory Raw Materials
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179804000 USD
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
162238000 USD
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
15981000 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
14272000 USD
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
31033000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
28446000 USD
CY2020Q1 patk Inventory Manufactured Goods Net
InventoryManufacturedGoodsNet
215345000 USD
CY2019Q4 patk Inventory Manufactured Goods Net
InventoryManufacturedGoodsNet
194833000 USD
CY2020Q1 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
60261000 USD
CY2019Q4 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
60918000 USD
CY2020Q1 patk Total Materials Purchased For Resale Distribution Products Net
TotalMaterialsPurchasedForResaleDistributionProductsNet
58200000 USD
CY2019Q4 patk Total Materials Purchased For Resale Distribution Products Net
TotalMaterialsPurchasedForResaleDistributionProductsNet
59037000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
273545000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
253870000 USD
CY2020Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
780000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
325916000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
319349000 USD
CY2020Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5787000 USD
CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
487954000 USD
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
478734000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
131321000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
121720000 USD
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
356633000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
357014000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
357014000 USD
CY2020Q1 patk Intangible Assets Acquired During Period
IntangibleAssetsAcquiredDuringPeriod
9220000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9601000 USD
CY2020Q1 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Intangibles
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentIntangibles
0 USD
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
356633000 USD
CY2020Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
3 acquisition
CY2020Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
7800000 USD
CY2019Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
9600000 USD
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Range Of Outcomes Value High
BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh
12300000 USD
CY2020Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
2000000.0 USD
CY2019 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
3 acquisition
CY2019 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
53700000 USD
CY2020Q1 patk Business Acquisition Pro Forma Amortization Expense
BusinessAcquisitionProFormaAmortizationExpense
200000 USD
CY2019Q1 patk Business Acquisition Pro Forma Amortization Expense
BusinessAcquisitionProFormaAmortizationExpense
600000 USD
CY2020Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
594586000 USD
CY2019Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
631265000 USD
CY2020Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
21763000 USD
CY2019Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
22338000 USD
CY2020Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.95
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.97
CY2020Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.94
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.96
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4300000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3900000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
258800 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
54.60
CY2020Q1 patk Sharebased Compensation Arrangementby Sharebased Payment Award Equity Instruments Otherthan Options Fair Valueof Shares Granted
SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsFairValueofSharesGranted
14100000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
29600000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
21187000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
20849000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23016000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23039000 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
251000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
209000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23267000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23248000 shares
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.91
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
705000000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
705000000 USD
CY2020Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
21536000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
23260000 USD
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5000000 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
5000000 USD
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
522000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
542000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
672235000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
670354000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
2600000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
6500000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3043000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1027000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
8176000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
7787000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
8084000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
6724000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12428000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
577000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
98291000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
93546000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
28168000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
27694000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
70831000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
66467000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
98999000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
94161000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.036
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.037
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
23746000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
27394000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21665000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15987000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10453000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7581000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
106826000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7827000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
98999000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
83900000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
132600000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
800000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1500000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
589232000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
608218000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
39279000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
35826000 USD
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
43500000 USD
CY2020Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
456155 shares
CY2020Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.09
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
15600000 USD

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