$REZI
RESIDEO TECHNOLOGIES, INC.

2019 Q1 Form 10-Q Financial Statement

#000156459019017186 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.216B $1.165B
YoY Change 4.38% 9.7%
Cost Of Revenue $884.0M $822.0M
YoY Change 7.54% 9.45%
Gross Profit $332.0M $343.0M
YoY Change -3.21% 10.29%
Gross Profit Margin 27.3% 29.44%
Selling, General & Admin $228.0M $212.0M
YoY Change 7.55% -1.4%
% of Gross Profit 68.67% 61.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00M $17.00M
YoY Change -5.88% 6.25%
% of Gross Profit 4.82% 4.96%
Operating Expenses $228.0M $212.0M
YoY Change 7.55% -19.7%
Operating Profit $85.00M $131.0M
YoY Change -35.11% 178.72%
Interest Expense $17.00M $1.000M
YoY Change 1600.0%
% of Operating Profit 20.0% 0.76%
Other Income/Expense, Net $1.000M -$52.00M
YoY Change -101.92%
Pretax Income $84.00M $79.00M
YoY Change 6.33% 68.09%
Income Tax $36.00M $34.00M
% Of Pretax Income 42.86% 43.04%
Net Earnings $48.00M $45.00M
YoY Change 6.67% 181.25%
Net Earnings / Revenue 3.95% 3.86%
Basic Earnings Per Share $0.39 $0.37
Diluted Earnings Per Share $0.39 $0.37
COMMON SHARES
Basic Shares Outstanding 122.6M 122.5M
Diluted Shares Outstanding 123.5M 122.5M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $212.0M $75.00M
YoY Change 182.67%
Cash & Equivalents $212.0M $75.00M
Short-Term Investments
Other Short-Term Assets $111.0M $65.00M
YoY Change 70.77%
Inventory $701.0M $481.0M
Prepaid Expenses
Receivables $838.0M $740.0M
Other Receivables $0.00 $16.00M
Total Short-Term Assets $1.862B $1.377B
YoY Change 35.22%
LONG-TERM ASSETS
Property, Plant & Equipment $296.0M $267.0M
YoY Change 10.86%
Goodwill $2.644B
YoY Change
Intangibles $128.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $214.0M $28.00M
YoY Change 664.29%
Total Long-Term Assets $3.282B $3.105B
YoY Change 5.7%
TOTAL ASSETS
Total Short-Term Assets $1.862B $1.377B
Total Long-Term Assets $3.282B $3.105B
Total Assets $5.144B $4.482B
YoY Change 14.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.013B $712.0M
YoY Change 42.28%
Accrued Expenses $524.0M $366.0M
YoY Change 43.17%
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 $1.559B $1.130B
YoY Change 37.96%
LONG-TERM LIABILITIES
Long-Term Debt $1.174B $0.00
YoY Change
Other Long-Term Liabilities $239.0M $382.0M
YoY Change -37.43%
Total Long-Term Liabilities $1.413B $382.0M
YoY Change 269.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.559B $1.130B
Total Long-Term Liabilities $1.413B $382.0M
Total Liabilities $2.972B $1.893B
YoY Change 57.0%
SHAREHOLDERS EQUITY
Retained Earnings $50.00M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.592B $2.589B
YoY Change
Total Liabilities & Shareholders Equity $5.144B $4.482B
YoY Change 14.77%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $48.00M $45.00M
YoY Change 6.67% 181.25%
Depreciation, Depletion And Amortization $16.00M $17.00M
YoY Change -5.88% 6.25%
Cash From Operating Activities -$10.00M $126.0M
YoY Change -107.94% 223.08%
INVESTING ACTIVITIES
Capital Expenditures -$15.00M -$16.00M
YoY Change -6.25% 14.29%
Acquisitions $6.000M
YoY Change
Other Investing Activities -$6.000M $7.000M
YoY Change -185.71%
Cash From Investing Activities -$21.00M -$9.000M
YoY Change 133.33% -35.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.000M
YoY Change
Cash From Financing Activities -23.00M -99.00M
YoY Change -76.77% 253.57%
NET CHANGE
Cash From Operating Activities -10.00M 126.0M
Cash From Investing Activities -21.00M -9.000M
Cash From Financing Activities -23.00M -99.00M
Net Change In Cash -53.00M 19.00M
YoY Change -378.95% -733.33%
FREE CASH FLOW
Cash From Operating Activities -$10.00M $126.0M
Capital Expenditures -$15.00M -$16.00M
Free Cash Flow $5.000M $142.0M
YoY Change -96.48% 167.92%

Facts In Submission

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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:7.98%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassification<font style="font-weight:normal;font-style:normal;">&#8212;</font><font style="font-weight:normal;font-style:normal;color:#000000;">For the three months ended March 31, 2018 we reclassified $1 million of interest from Interest and other charges, net to Other (income) expense, net in the unaudited Combined Interim Statement of Operations to conform with the current period presentation.</font> This reclassification had no impact on Income before taxes and Net income, the unaudited Consolidated and Combined Balance Sheet or unaudited Combined Interim Statement of Cash Flows during the respective periods.</p>
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OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherLiabilitiesNoncurrent
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
27000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
31000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
27000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
22000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
16000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
16000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
139000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
20000000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
119000000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M27D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0634
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
39000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
33000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
28000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
15000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
22000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
17000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
154000000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9000000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12000000
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
31000000
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1000000
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
6000000
CY2019Q1 rezi Environmental Liabilites
EnvironmentalLiabilites
21000000
CY2018Q1 rezi Environmental Liabilites
EnvironmentalLiabilites
570000000
CY2019Q1 rezi Trademark License Agreement
TrademarkLicenseAgreement
P40Y
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
26000000
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17000000
CY2019Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
5000000
CY2018Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6000000
CY2019Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-1000000
CY2018Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-2000000
CY2019Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
6000000
CY2018Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4000000
CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
24000000
CY2018Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17000000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q1 rezi Segment Adjusted Earnings Before Interest Tax Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxDepreciationAndAmortization
127000000
CY2018Q1 rezi Segment Adjusted Earnings Before Interest Tax Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxDepreciationAndAmortization
158000000
CY2019Q1 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-16000000
CY2018Q1 rezi Enviornmental Expense
EnviornmentalExpense
53000000
CY2019Q1 rezi Reimbursement Agreement Gain Expense
ReimbursementAgreementGainExpense
-14000000
CY2018Q1 us-gaap Restructuring Costs
RestructuringCosts
5000000
CY2019Q1 rezi Other Spin Off Cost
OtherSpinOffCost
18000000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1000000

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