$REZI
RESIDEO TECHNOLOGIES, INC.

2018 Q4 Form 10-Q Financial Statement

#000156459018029339 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $1.266B $1.200B $1.152B
YoY Change 4.71% 4.17%
Cost Of Revenue $877.0M $853.0M $816.0M
YoY Change 3.42% 4.53%
Gross Profit $330.0M $347.0M $336.0M
YoY Change -8.59% 3.27%
Gross Profit Margin 26.07% 28.92% 29.17%
Selling, General & Admin $284.0M $219.0M $214.0M
YoY Change 26.79% 2.34%
% of Gross Profit 86.06% 63.11% 63.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $16.00M $17.00M
YoY Change 0.0% -5.88%
% of Gross Profit 5.15% 4.61% 5.06%
Operating Expenses -$38.00M $219.0M $214.0M
YoY Change -111.18% 2.34%
Operating Profit $368.0M $128.0M $128.0M
YoY Change 1652.38% 0.0%
Interest Expense -$20.00M $2.000M $1.000M
YoY Change -2100.0% 100.0%
% of Operating Profit -5.43% 1.56% 0.78%
Other Income/Expense, Net -$369.0M -$144.0M
YoY Change
Pretax Income $38.00M -$18.00M $58.00M
YoY Change 72.73% -131.03%
Income Tax $339.1M -$329.0M $35.00M
% Of Pretax Income 892.37% 60.34%
Net Earnings $16.00M $311.0M $23.00M
YoY Change -103.56% 1252.17%
Net Earnings / Revenue 1.26% 25.92% 2.0%
Basic Earnings Per Share $0.13 $2.54 $0.19
Diluted Earnings Per Share $0.13 $2.54 $0.19
COMMON SHARES
Basic Shares Outstanding 123.0M 123.0M 123.0M
Diluted Shares Outstanding 123.0M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.0M $184.0M
YoY Change
Cash & Equivalents $265.0M $184.0M $57.00M
Short-Term Investments
Other Short-Term Assets $95.00M $72.00M
YoY Change 37.68%
Inventory $628.0M $603.0M
Prepaid Expenses
Receivables $821.0M $783.0M
Other Receivables $0.00 $26.00M
Total Short-Term Assets $1.809B $1.668B
YoY Change 29.96%
LONG-TERM ASSETS
Property, Plant & Equipment $300.0M $276.0M
YoY Change 13.21%
Goodwill $2.634B $2.638B
YoY Change -0.53%
Intangibles $133.0M $138.0M
YoY Change -5.0%
Long-Term Investments
YoY Change
Other Assets $96.00M $18.00M
YoY Change 317.39%
Total Long-Term Assets $3.163B $3.074B
YoY Change 2.66%
TOTAL ASSETS
Total Short-Term Assets $1.809B $1.668B
Total Long-Term Assets $3.163B $3.074B
Total Assets $4.972B $4.742B
YoY Change 11.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $964.0M $850.0M
YoY Change 42.18%
Accrued Expenses $503.0M $388.0M
YoY Change 22.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.00M
YoY Change
Total Short-Term Liabilities $1.489B $1.400B
YoY Change 29.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.179B $0.00
YoY Change
Other Long-Term Liabilities $142.0M $557.0M
YoY Change -58.96%
Total Long-Term Liabilities $1.321B $557.0M
YoY Change 281.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.489B $1.400B
Total Long-Term Liabilities $1.321B $557.0M
Total Liabilities $2.810B $1.957B
YoY Change 88.21%
SHAREHOLDERS EQUITY
Retained Earnings $2.000M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.533B $2.685B
YoY Change
Total Liabilities & Shareholders Equity $4.972B $4.742B
YoY Change 11.16%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $16.00M $311.0M $23.00M
YoY Change -103.56% 1252.17%
Depreciation, Depletion And Amortization $17.00M $16.00M $17.00M
YoY Change 0.0% -5.88%
Cash From Operating Activities $87.00M $117.0M $111.0M
YoY Change -160.84% 5.41%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$40.00M -$16.00M
YoY Change -90.91% 150.0%
Acquisitions
YoY Change
Other Investing Activities -$17.00M $1.000M $1.000M
YoY Change 750.0% 0.0%
Cash From Investing Activities -$18.00M -$39.00M -$15.00M
YoY Change 38.46% 160.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.00M 15.00M -88.00M
YoY Change -87.9% -117.05%
NET CHANGE
Cash From Operating Activities 87.00M 117.0M 111.0M
Cash From Investing Activities -18.00M -39.00M -15.00M
Cash From Financing Activities 19.00M 15.00M -88.00M
Net Change In Cash 88.00M 93.00M 8.000M
YoY Change 8700.0% 1062.5%
FREE CASH FLOW
Cash From Operating Activities $87.00M $117.0M $111.0M
Capital Expenditures -$1.000M -$40.00M -$16.00M
Free Cash Flow $88.00M $157.0M $127.0M
YoY Change -166.67% 23.62%

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CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2000000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
-1000000
rezi Revenue Performance Obligation Expected Timing Of Satisfaction Period
RevenuePerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
us-gaap Revenue Performance Obligation Satisfied At Point In Time Transfer Of Control
RevenuePerformanceObligationSatisfiedAtPointInTimeTransferOfControl
The majority of our performance obligations are satisfied as of a point in time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services.
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. For some contracts, we may be entitled to receive an advance payment.
us-gaap Revenue Practical Expedient Financing Component
RevenuePracticalExpedientFinancingComponent
true
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
798000000
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
792000000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
61000000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
65000000
CY2018Q3 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
39000000
CY2017Q4 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
49000000
CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15000000
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17000000
CY2018Q3 rezi Customer Advances And Deferred Income
CustomerAdvancesAndDeferredIncome
2000000
CY2017Q4 rezi Customer Advances And Deferred Income
CustomerAdvancesAndDeferredIncome
3000000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
68000000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49000000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
66000000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2000000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-25000000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1000000
CY2017Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
537000000
us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
322000000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
124000000
CY2018Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
735000000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
12000000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-2000000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
12000000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
131000000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
128000000
us-gaap Operating Income Loss
OperatingIncomeLoss
403000000
us-gaap Operating Income Loss
OperatingIncomeLoss
341000000
CY2018Q3 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
3000000
CY2017Q3 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
4000000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
10000000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
12000000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122967000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122967000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122967000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122967000
rezi Spinoff Activities Description
SpinoffActivitiesDescription
On October 19, 2018 in connection with the Spin-Off, the Company entered into several agreements with Honeywell that set forth the principal actions taken or to be taken in connection with the Spin-Off and that govern the relationship of the parties following the Spin-Off, including the following:  Transaction Services Agreement: provides that for a limited time, Honeywell is to provide us, and we are to provide Honeywell, with certain services to ensure an orderly transition following the Spin-Off (the “Transaction Services Agreement”), including: IT, financial, human resources and labor, safety, environmental, sales, product stewardship, operational and manufacturing support, procurement, customer support, and supply chain logistics. For a limited time after the Spin-Off, we may request that additional services in the same functional categories as the specified services be provided by Honeywell to us so long as such additional services were provided historically by Honeywell to our business. The services are generally intended to be provided for a period no longer than twelve months following the Spin-Off, with a possibility to extend the term of each service up to an additional twelve months;  Separation and Distribution Agreement: sets forth certain agreements with Honeywell regarding the principal actions to be taken in connection with the Spin-Off. It also sets forth other agreements that govern aspects of our relationship with Honeywell following the Spin-Off (the “Separation and Distribution Agreement”);  Tax Matters Agreement: provides that Resideo is responsible for indemnifying Honeywell for certain tax matters related to the Resideo business and the Spin-Off (the “Tax Matters Agreement”);  Employee Matters Agreement: provides for the allocation and treatment of assets and liabilities relating to employee compensation and benefit plans and programs (the “Employee Matters Agreement”);  Trademark License Agreement: grants Resideo a 40-year license to use the trademark “Honeywell Home” on certain products that were historically part of the Homes business , subject to termination in certain circumstances upon Resideo’s change of control, as well as other customary grounds, such as for material uncured breaches (including failure by a subsidiary of Resideo to comply with all material obligations, including the payment obligations, set forth in the Indemnification and Reimbursement Agreement, defined below (the “Trademark License Agreement”); and  Patent Cross-License Agreement: grants royalty-free rights to both Honeywell and Resideo to patents that were historically used by the Resideo business (the “Patent Cross-License Agreement”).

Files In Submission

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0001564590-18-029339-index-headers.html Edgar Link pending
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