2019 Q4 Form 10-Q Financial Statement

#000156459019041017 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $1.304B $1.226B $1.200B
YoY Change 3.0% 2.17% 4.17%
Cost Of Revenue $930.0M $937.0M $853.0M
YoY Change 6.04% 9.85% 4.53%
Gross Profit $313.0M $309.0M $347.0M
YoY Change -5.15% -10.95% 3.27%
Gross Profit Margin 24.0% 25.2% 28.92%
Selling, General & Admin $319.0M $230.0M $219.0M
YoY Change 12.32% 5.02% 2.34%
% of Gross Profit 101.92% 74.43% 63.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00M $19.00M $16.00M
YoY Change 47.06% 18.75% -5.88%
% of Gross Profit 7.99% 6.15% 4.61%
Operating Expenses $319.0M $230.0M $219.0M
YoY Change -939.47% 5.02% 2.34%
Operating Profit -$6.000M $59.00M $128.0M
YoY Change -101.63% -53.91% 0.0%
Interest Expense -$18.00M $16.00M $2.000M
YoY Change -10.0% 700.0% 100.0%
% of Operating Profit 27.12% 1.56%
Other Income/Expense, Net -$64.00M $0.00 -$144.0M
YoY Change -82.66% -100.0%
Pretax Income -$10.00M $8.000M -$18.00M
YoY Change -126.32% -144.44% -131.03%
Income Tax -$1.000M $0.00 -$329.0M
% Of Pretax Income 0.0%
Net Earnings -$9.000M $8.000M $311.0M
YoY Change -156.25% -97.43% 1252.17%
Net Earnings / Revenue -0.69% 0.65% 25.92%
Basic Earnings Per Share -$0.07 $0.07 $2.54
Diluted Earnings Per Share -$0.07 $0.06 $2.54
COMMON SHARES
Basic Shares Outstanding 122.8M 122.8M 123.0M
Diluted Shares Outstanding 123.2M 123.0M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.0M $132.0M $184.0M
YoY Change -53.96% -28.26%
Cash & Equivalents $122.0M $132.0M $184.0M
Short-Term Investments
Other Short-Term Assets $175.0M $134.0M $72.00M
YoY Change 84.21% 86.11%
Inventory $671.0M $729.0M $603.0M
Prepaid Expenses
Receivables $817.0M $845.0M $783.0M
Other Receivables $0.00 $0.00 $26.00M
Total Short-Term Assets $1.785B $1.840B $1.668B
YoY Change -1.33% 10.31%
LONG-TERM ASSETS
Property, Plant & Equipment $316.0M $306.0M $276.0M
YoY Change 5.33% 10.87%
Goodwill $2.642B $2.632B $2.638B
YoY Change 0.3% -0.23%
Intangibles $127.0M $125.0M $138.0M
YoY Change -4.51% -9.42%
Long-Term Investments
YoY Change
Other Assets $385.0M $230.0M $18.00M
YoY Change 301.04% 1177.78%
Total Long-Term Assets $3.343B $3.293B $3.074B
YoY Change 5.69% 7.12%
TOTAL ASSETS
Total Short-Term Assets $1.785B $1.840B $1.668B
Total Long-Term Assets $3.343B $3.293B $3.074B
Total Assets $5.128B $5.133B $4.742B
YoY Change 3.14% 8.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $920.0M $932.0M $850.0M
YoY Change -4.56% 9.65%
Accrued Expenses $552.0M $531.0M $388.0M
YoY Change 9.74% 36.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.00M $88.00M
YoY Change 0.0%
Total Short-Term Liabilities $1.494B $1.551B $1.400B
YoY Change 0.34% 10.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.158B $1.165B $0.00
YoY Change -1.78%
Other Long-Term Liabilities $280.0M $264.0M $557.0M
YoY Change 97.18% -52.6%
Total Long-Term Liabilities $1.438B $1.429B $557.0M
YoY Change 8.86% 156.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.494B $1.551B $1.400B
Total Long-Term Liabilities $1.438B $1.429B $557.0M
Total Liabilities $2.932B $2.980B $1.957B
YoY Change 4.34% 52.27%
SHAREHOLDERS EQUITY
Retained Earnings $38.00M $47.00M
YoY Change 1800.0%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.000M $3.000M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.602B $1.573B $2.685B
YoY Change
Total Liabilities & Shareholders Equity $5.128B $5.133B $4.742B
YoY Change 3.14% 8.25%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$9.000M $8.000M $311.0M
YoY Change -156.25% -97.43% 1252.17%
Depreciation, Depletion And Amortization $25.00M $19.00M $16.00M
YoY Change 47.06% 18.75% -5.88%
Cash From Operating Activities $93.00M -$33.00M $117.0M
YoY Change 6.9% -128.21% 5.41%
INVESTING ACTIVITIES
Capital Expenditures -$29.00M -$28.00M -$40.00M
YoY Change 2800.0% -30.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.000M
YoY Change -100.0% -100.0% 0.0%
Cash From Investing Activities -$29.00M -$28.00M -$39.00M
YoY Change 61.11% -28.21% 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 -75.00M 53.00M 15.00M
YoY Change -494.74% 253.33% -117.05%
NET CHANGE
Cash From Operating Activities 93.00M -33.00M 117.0M
Cash From Investing Activities -29.00M -28.00M -39.00M
Cash From Financing Activities -75.00M 53.00M 15.00M
Net Change In Cash -11.00M -8.000M 93.00M
YoY Change -112.5% -108.6% 1062.5%
FREE CASH FLOW
Cash From Operating Activities $93.00M -$33.00M $117.0M
Capital Expenditures -$29.00M -$28.00M -$40.00M
Free Cash Flow $122.0M -$5.000M $157.0M
YoY Change 38.64% -103.18% 23.62%

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us-gaap Restructuring Costs
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CY2018Q4 us-gaap Common Stock Conversion Basis
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CY2018Q4 us-gaap Common Stock Conversion Basis
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rezi Spin Off Transaction Record Date
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rezi Date Of Business Spin Off
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rezi Spin Off Stock Description
SpinOffStockDescription
On October 29, 2018, Honeywell’s shareholders of record as of October 16, 2018 (“Record Date”) received one share of the Company’s common stock, par value $0.001 per share, for every six shares of Honeywell’s common stock, par value $1.00 per share, held as of the Record Date, and cash for any fractional shares of the Company’s common stock.
CY2019Q1 us-gaap Operating Lease Liability
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q3 us-gaap Severance Costs1
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us-gaap Severance Costs1
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us-gaap Severance Costs1
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us-gaap Restructuring Reserve Accrual Adjustment1
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us-gaap Restructuring Charges
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us-gaap Restructuring Costs
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2019Q3 us-gaap Inventory Raw Materials Net Of Reserves
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CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
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CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
567000000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2019Q3 rezi Obligations Payable To Honeywell Current
ObligationsPayableToHoneywellCurrent
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CY2018Q4 rezi Obligations Payable To Honeywell Current
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CY2019Q3 us-gaap Taxes Payable Current
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CY2018Q4 us-gaap Taxes Payable Current
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CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2019Q3 us-gaap Other Accrued Liabilities Current
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277000000
CY2018Q4 us-gaap Other Accrued Liabilities Current
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CY2019Q3 us-gaap Unamortized Debt Issuance Expense
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CY2018Q4 us-gaap Unamortized Debt Issuance Expense
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CY2018Q4 us-gaap Long Term Debt
LongTermDebt
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CY2019Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
51000000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14000000
us-gaap Operating Lease Cost
OperatingLeaseCost
39000000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
3000000
us-gaap Variable Lease Cost
VariableLeaseCost
8000000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
130000000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssets
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
29000000
CY2019Q3 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
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us-gaap:AccruedLiabilitiesCurrent
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
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106000000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
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us-gaap:OtherLiabilitiesNoncurrent
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
20000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
36000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
159000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
135000000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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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 Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
22000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
15000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
17000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
154000000
us-gaap Operating Lease Payments
OperatingLeasePayments
28000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
47000000
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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31000000
CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15000000
us-gaap Number Of Operating Segments
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CY2019Q3 rezi Segment Adjusted Earnings Before Interest Tax Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxDepreciationAndAmortization
114000000
CY2018Q3 rezi Segment Adjusted Earnings Before Interest Tax Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxDepreciationAndAmortization
150000000
rezi Segment Adjusted Earnings Before Interest Tax Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxDepreciationAndAmortization
363000000
rezi Segment Adjusted Earnings Before Interest Tax Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxDepreciationAndAmortization
457000000
CY2019Q3 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
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us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
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us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
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CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
19000000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
16000000
CY2018Q3 rezi Environmental Expense
EnvironmentalExpense
146000000
rezi Environmental Expense
EnvironmentalExpense
322000000
CY2019Q3 rezi Reimbursement Agreement Gain Expense
ReimbursementAgreementGainExpense
35000000
rezi Reimbursement Agreement Gain Expense
ReimbursementAgreementGainExpense
57000000
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
8000000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6000000
CY2019Q3 rezi Other Spin Off Cost
OtherSpinOffCost
19000000
CY2018Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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CY2018Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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CY2018Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2019Q3 rezi Environmental Liabilities
EnvironmentalLiabilities
21000000
CY2018Q3 rezi Environmental Liabilities
EnvironmentalLiabilities
735000000
rezi Trademark License Agreement
TrademarkLicenseAgreement
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CY2019Q3 us-gaap Legal Fees
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us-gaap Legal Fees
LegalFees
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CY2019Q3 rezi Legal Reserve
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CY2018Q4 rezi Legal Reserve
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CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
26000000
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
10000000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
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us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
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us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
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us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
12000000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
12000000
CY2019Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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rezi Other Spin Off Cost
OtherSpinOffCost
65000000
rezi Other Spin Off Cost
OtherSpinOffCost
1000000
CY2019Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
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CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
0
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1000000

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