$SCS
STEELCASE INC

2020 Q4 Form 10-Q Financial Statement

#000105082520000172 Filed on December 22, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $617.5M $955.2M $998.0M
YoY Change -35.35% 6.02% 13.95%
Cost Of Revenue $437.3M $639.1M $664.5M
YoY Change -31.58% 2.63% 13.16%
Gross Profit $177.9M $316.1M $333.5M
YoY Change -43.72% 13.58% 15.56%
Gross Profit Margin 28.81% 33.09% 33.42%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.80M $21.50M $21.10M
YoY Change -3.26% -1.38% -0.47%
% of Gross Profit 11.69% 6.8% 6.33%
Operating Expenses $168.8M $241.0M $248.2M
YoY Change -29.96% 3.48% 12.46%
Operating Profit $0.00 $75.10M $85.30M
YoY Change -100.0% 65.42% 25.63%
Interest Expense $6.600M $6.700M $6.700M
YoY Change -1.49% 42.55% 36.73%
% of Operating Profit 8.92% 7.85%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income -$4.200M $73.80M $82.10M
YoY Change -105.69% 63.27% 22.17%
Income Tax -$6.300M $18.90M $21.60M
% Of Pretax Income 25.61% 26.31%
Net Earnings $2.100M $54.90M $60.50M
YoY Change -96.17% 47.18% 23.22%
Net Earnings / Revenue 0.34% 5.75% 6.06%
Basic Earnings Per Share $0.02 $0.46 $0.50
Diluted Earnings Per Share $0.02 $0.46 $0.50
COMMON SHARES
Basic Shares Outstanding 114.8M shares 117.2M shares 117.3M shares
Diluted Shares Outstanding 115.1M shares 117.8M shares 117.8M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $484.4M $367.7M $229.1M
YoY Change 31.74% 620.98% 401.31%
Cash & Equivalents $484.4M $367.7M $229.1M
Short-Term Investments
Other Short-Term Assets $71.80M $45.60M $46.30M
YoY Change 57.46% -3.39% -2.32%
Inventory $235.0M $248.3M $243.1M
Prepaid Expenses $19.30M $22.90M $27.50M
Receivables $274.3M $447.8M $467.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.085B $1.132B $1.013B
YoY Change -4.2% 42.09% 31.65%
LONG-TERM ASSETS
Property, Plant & Equipment $415.3M $446.1M $447.2M
YoY Change -6.9% -0.67% 2.15%
Goodwill $215.3M $240.5M $239.5M
YoY Change -10.48% 0.08% 10.06%
Intangibles $91.30M $109.9M $111.0M
YoY Change -16.92% -9.77% 31.52%
Long-Term Investments $55.40M $56.80M $53.30M
YoY Change -2.46% -0.18% 1.52%
Other Assets $31.50M $26.00M $28.40M
YoY Change 21.15% -23.98% -19.77%
Total Long-Term Assets $1.301B $1.392B $1.382B
YoY Change -6.54% 17.56% 23.91%
TOTAL ASSETS
Total Short-Term Assets $1.085B $1.132B $1.013B
Total Long-Term Assets $1.301B $1.392B $1.382B
Total Assets $2.385B $2.524B $2.395B
YoY Change -5.49% 27.43% 27.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.8M $281.3M $277.0M
YoY Change -28.62% 1.3% 2.86%
Accrued Expenses $191.5M $275.0M $225.8M
YoY Change -30.36% 38.47% 31.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.600M $2.600M $3.100M
YoY Change 0.0% -91.61% -76.15%
Total Short-Term Liabilities $569.0M $707.4M $644.5M
YoY Change -19.56% 11.09% 12.36%
LONG-TERM LIABILITIES
Long-Term Debt $480.2M $481.5M $481.9M
YoY Change -0.27% 65.81% 65.66%
Other Long-Term Liabilities $49.00M $56.90M $53.70M
YoY Change -13.88% -11.92% -8.05%
Total Long-Term Liabilities $868.5M $884.7M $861.3M
YoY Change -1.83% 80.81% 82.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $569.0M $707.4M $644.5M
Total Long-Term Liabilities $868.5M $884.7M $861.3M
Total Liabilities $1.438B $1.592B $1.506B
YoY Change -9.71% 41.38% 43.96%
SHAREHOLDERS EQUITY
Retained Earnings $993.1M $962.0M $924.5M
YoY Change 3.23% 10.06% 8.41%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $947.8M $931.7M $889.2M
YoY Change
Total Liabilities & Shareholders Equity $2.385B $2.524B $2.395B
YoY Change -5.49% 27.43% 27.07%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $2.100M $54.90M $60.50M
YoY Change -96.17% 47.18% 23.22%
Depreciation, Depletion And Amortization $20.80M $21.50M $21.10M
YoY Change -3.26% -1.38% -0.47%
Cash From Operating Activities -$7.700M $176.0M $113.8M
YoY Change -104.38% 108.53% 43.32%
INVESTING ACTIVITIES
Capital Expenditures -$14.10M -$16.60M -$17.70M
YoY Change -15.06% 8.5% -31.13%
Acquisitions
YoY Change
Other Investing Activities $2.300M $100.0K $1.800M
YoY Change 2200.0% -100.16% -101.34%
Cash From Investing Activities -$11.80M -$16.50M -$15.90M
YoY Change -28.48% -79.14% -90.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.80M -21.40M -20.90M
YoY Change -40.19% -5450.0% 221.54%
NET CHANGE
Cash From Operating Activities -7.700M 176.0M 113.8M
Cash From Investing Activities -11.80M -16.50M -15.90M
Cash From Financing Activities -12.80M -21.40M -20.90M
Net Change In Cash -32.30M 138.1M 77.00M
YoY Change -123.39% 2322.81% -187.9%
FREE CASH FLOW
Cash From Operating Activities -$7.700M $176.0M $113.8M
Capital Expenditures -$14.10M -$16.60M -$17.70M
Free Cash Flow $6.400M $192.6M $131.5M
YoY Change -96.68% 93.18% 25.12%

Facts In Submission

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STEELCASE INC
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GoodwillGross
536800000 USD
CY2020Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
-321500000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
215300000 USD
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.
CY2020Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
250000000.0 USD
CY2020Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
125000000.0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
250000000.0 USD
CY2020Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
5000000.0 USD
CY2020Q3 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
245000000.0 USD
CY2020Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
12800000 USD
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
13000000.0 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
38800000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
37600000 USD
CY2020Q4 us-gaap Sublease Income
SubleaseIncome
700000 USD
CY2019Q4 us-gaap Sublease Income
SubleaseIncome
400000 USD
us-gaap Sublease Income
SubleaseIncome
1600000 USD
us-gaap Sublease Income
SubleaseIncome
800000 USD
CY2020Q4 us-gaap Lease Cost
LeaseCost
12100000 USD
CY2019Q4 us-gaap Lease Cost
LeaseCost
12600000 USD
us-gaap Lease Cost
LeaseCost
37200000 USD
us-gaap Lease Cost
LeaseCost
36800000 USD
CY2020Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
12600000 USD
CY2019Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
9500000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
37300000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
32900000 USD
CY2020Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
700000 USD
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25600000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2600000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
83800000 USD
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M12D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
12600000 USD
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
300 salaryEmployee
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
48600000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
42000000.0 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
36600000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
34200000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
92600000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
266600000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
33300000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
233300000 USD
CY2020Q4 us-gaap Revenues
Revenues
617500000 USD
CY2019Q4 us-gaap Revenues
Revenues
955200000 USD
us-gaap Revenues
Revenues
1919100000 USD
us-gaap Revenues
Revenues
2777500000 USD
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
0 USD
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
75100000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
36300000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
188000000.0 USD
CY2020Q4 us-gaap Assets
Assets
2385300000 USD
CY2020Q1 us-gaap Assets
Assets
2565400000 USD
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
160 hourlyEmployee
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
27000000.0 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
-25500000 USD
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
1500000 USD

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