$SCS
STEELCASE INC

2020 Q3 Form 10-Q Financial Statement

#000105082520000137 Filed on September 25, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $818.8M $998.0M $824.3M
YoY Change -17.96% 13.95% 9.32%
Cost Of Revenue $542.3M $664.5M $565.9M
YoY Change -18.39% 13.16% 9.65%
Gross Profit $269.6M $333.5M $258.4M
YoY Change -19.16% 15.56% 8.62%
Gross Profit Margin 32.93% 33.42% 31.35%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.80M $21.10M $20.30M
YoY Change -1.42% -0.47% 16.0%
% of Gross Profit 7.72% 6.33% 7.86%
Operating Expenses $172.3M $248.2M $230.8M
YoY Change -30.58% 12.46% 7.55%
Operating Profit $88.60M $85.30M $27.60M
YoY Change 3.87% 25.63% 18.45%
Interest Expense $6.800M $6.700M $6.700M
YoY Change 1.49% 36.73% 52.27%
% of Operating Profit 7.67% 7.85% 24.28%
Other Income/Expense, Net $0.00 $0.00 $4.000M
YoY Change 81.82%
Pretax Income $82.80M $82.10M $24.10M
YoY Change 0.85% 22.17% 3.88%
Income Tax $27.30M $21.60M $6.300M
% Of Pretax Income 32.97% 26.31% 26.14%
Net Earnings $55.50M $60.50M $17.80M
YoY Change -8.26% 23.22% 4.71%
Net Earnings / Revenue 6.78% 6.06% 2.16%
Basic Earnings Per Share $0.47 $0.50 $0.15
Diluted Earnings Per Share $0.47 $0.50 $0.15
COMMON SHARES
Basic Shares Outstanding 114.8M shares 117.3M shares 117.3M shares
Diluted Shares Outstanding 115.0M shares 117.8M shares 117.8M shares

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $515.9M $229.1M $152.7M
YoY Change 125.19% 401.31% 13.19%
Cash & Equivalents $522.4M $229.1M $152.7M
Short-Term Investments
Other Short-Term Assets $56.50M $46.30M $47.80M
YoY Change 22.03% -2.32% -7.0%
Inventory $217.5M $243.1M $241.3M
Prepaid Expenses $23.60M $27.50M $22.10M
Receivables $319.1M $467.3M $402.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.133B $1.013B $866.4M
YoY Change 11.77% 31.65% 13.84%
LONG-TERM ASSETS
Property, Plant & Equipment $418.1M $447.2M $450.2M
YoY Change -6.51% 2.15% 4.36%
Goodwill $215.1M $239.5M $240.1M
YoY Change -10.19% 10.06% 73.48%
Intangibles $94.50M $111.0M $115.2M
YoY Change -14.86% 31.52% 158.3%
Long-Term Investments $54.00M $53.30M $53.70M
YoY Change 1.31% 1.52% 8.27%
Other Assets $28.50M $28.40M $32.30M
YoY Change 0.35% -19.77% 2.54%
Total Long-Term Assets $1.307B $1.382B $1.389B
YoY Change -5.4% 23.91% 39.75%
TOTAL ASSETS
Total Short-Term Assets $1.133B $1.013B $866.4M
Total Long-Term Assets $1.307B $1.382B $1.389B
Total Assets $2.440B $2.395B $2.256B
YoY Change 1.87% 27.07% 28.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.2M $277.0M $263.1M
YoY Change -24.12% 2.86% 8.67%
Accrued Expenses $192.8M $225.8M $168.3M
YoY Change -14.61% 31.66% 40.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.600M $3.100M $4.200M
YoY Change -16.13% -76.15% 50.0%
Total Short-Term Liabilities $620.0M $644.5M $551.0M
YoY Change -3.8% 12.36% 16.47%
LONG-TERM LIABILITIES
Long-Term Debt $480.7M $481.9M $482.4M
YoY Change -0.25% 65.66% 65.49%
Other Long-Term Liabilities $49.20M $53.70M $56.80M
YoY Change -8.38% -8.05% -6.12%
Total Long-Term Liabilities $871.6M $861.3M $852.7M
YoY Change 1.2% 82.32% 80.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $620.0M $644.5M $551.0M
Total Long-Term Liabilities $871.6M $861.3M $852.7M
Total Liabilities $1.492B $1.506B $1.404B
YoY Change -0.94% 43.96% 48.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.003B $924.5M $881.2M
YoY Change 8.46% 8.41% 7.5%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $948.1M $889.2M $852.0M
YoY Change
Total Liabilities & Shareholders Equity $2.440B $2.395B $2.256B
YoY Change 1.87% 27.07% 28.52%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $55.50M $60.50M $17.80M
YoY Change -8.26% 23.22% 4.71%
Depreciation, Depletion And Amortization $20.80M $21.10M $20.30M
YoY Change -1.42% -0.47% 16.0%
Cash From Operating Activities $138.3M $113.8M -$71.00M
YoY Change 21.53% 43.32% -39.68%
INVESTING ACTIVITIES
Capital Expenditures -$8.600M -$17.70M $14.80M
YoY Change -51.41% -31.13% -6.33%
Acquisitions
YoY Change
Other Investing Activities $5.300M $1.800M -$1.100M
YoY Change 194.44% -101.34% -86.08%
Cash From Investing Activities -$3.300M -$15.90M -$13.70M
YoY Change -79.25% -90.09% 73.42%
FINANCING ACTIVITIES
Cash Dividend Paid $17.30M
YoY Change 6.13%
Common Stock Issuance & Retirement, Net $4.000M
YoY Change 17.65%
Debt Paid & Issued, Net $600.0K
YoY Change -14.29%
Cash From Financing Activities -257.5M -20.90M -$21.80M
YoY Change 1132.06% 221.54% 6.86%
NET CHANGE
Cash From Operating Activities 138.3M 113.8M -$71.00M
Cash From Investing Activities -3.300M -15.90M -$13.70M
Cash From Financing Activities -257.5M -20.90M -$21.80M
Net Change In Cash -122.5M 77.00M -$106.5M
YoY Change -259.09% -187.9% -27.05%
FREE CASH FLOW
Cash From Operating Activities $138.3M $113.8M -$71.00M
Capital Expenditures -$8.600M -$17.70M $14.80M
Free Cash Flow $146.9M $131.5M -$85.80M
YoY Change 11.71% 25.12% -35.73%

Facts In Submission

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STEELCASE INC
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CY2020Q3 us-gaap Goodwill Impaired Facts And Circumstances Leading To Impairment
GoodwillImpairedFactsAndCircumstancesLeadingToImpairment
We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate it is necessary. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis. For goodwill, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss. We estimate the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. For the evaluation that we conducted in Q1 2021, such conditions included the deterioration of industry and market conditions driven by the COVID-19 pandemic. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. In certain circumstances, we corroborate the results determined using the income approach with a market-based approach that uses observable comparable company information to support the appropriateness of the fair value estimates. As a result of our goodwill impairment testing, we determined that the carrying value of the Orangebox U.K. reporting unit (included in the EMEA segment) exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired.For each of our other reporting units, we determined that the fair value of the reporting unit substantially exceeded its carrying value, and no goodwill impairment existed. We also determined that no impairment existed related to the long-lived asset groups for any of our other reporting units.
CY2020Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
250000000.0 USD
CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
125000000.0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
250000000.0 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.330
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
12500000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
26000000.0 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
24600000 USD
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
600000 USD
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
300000 USD
us-gaap Sublease Income
SubleaseIncome
900000 USD
us-gaap Sublease Income
SubleaseIncome
400000 USD
CY2020Q3 us-gaap Lease Cost
LeaseCost
12300000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
12200000 USD
us-gaap Lease Cost
LeaseCost
25100000 USD
us-gaap Lease Cost
LeaseCost
24200000 USD
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
12100000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
11500000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
24700000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
23400000 USD
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1400000 USD
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
18600000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1900000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
58200000 USD
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M18D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.042
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
26100000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
48500000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
41600000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
35800000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
33300000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
91500000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
276800000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
35300000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
241500000 USD
CY2020Q3 us-gaap Revenues
Revenues
818800000 USD
CY2019Q3 us-gaap Revenues
Revenues
998000000.0 USD
us-gaap Revenues
Revenues
1301600000 USD
us-gaap Revenues
Revenues
1822300000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
88600000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
85300000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
36300000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
112900000 USD
CY2020Q3 us-gaap Assets
Assets
2439700000 USD
CY2020Q1 us-gaap Assets
Assets
2565400000 USD
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
300 salaryEmployee
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
160 hourlyEmployee
CY2020Q3 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
26 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
15600000 USD
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
15600000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
-400000 USD
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
15200000 USD

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