$SKY
Champion Homes, Inc.

2021 Q3 Form 10-Q Financial Statement

#000095017021000789 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q2
Revenue $510.2M $273.3M
YoY Change 58.27% -26.51%
Cost Of Revenue $398.7M $219.3M
YoY Change 53.59% -25.88%
Gross Profit $111.5M $54.00M
YoY Change 77.62% -28.98%
Gross Profit Margin 21.86% 19.76%
Selling, General & Admin $54.02M $40.81M
YoY Change 30.58% -21.09%
% of Gross Profit 48.44% 75.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.257M $2.921M
YoY Change 6.86% -6.08%
% of Gross Profit 2.92% 5.41%
Operating Expenses $54.02M $40.81M
YoY Change 30.58% -21.09%
Operating Profit $57.51M $13.20M
YoY Change 168.47% -45.74%
Interest Expense $649.0K $942.0K
YoY Change -24.88% 204.85%
% of Operating Profit 1.13% 7.14%
Other Income/Expense, Net $54.00K $4.214M
YoY Change -97.92%
Pretax Income $56.91M $16.47M
YoY Change 145.79% -31.41%
Income Tax $14.00M $4.600M
% Of Pretax Income 24.6% 27.93%
Net Earnings $42.90M $11.90M
YoY Change 144.99% -31.51%
Net Earnings / Revenue 8.41% 4.36%
Basic Earnings Per Share $0.76 $0.21
Diluted Earnings Per Share $0.75 $0.21
COMMON SHARES
Basic Shares Outstanding 56.71M 56.53M
Diluted Shares Outstanding 57.20M 56.76M

Balance Sheet

Concept 2021 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $287.7M $236.5M
YoY Change 8.87% 64.69%
Cash & Equivalents $287.7M $236.5M
Short-Term Investments
Other Short-Term Assets $22.50M $16.10M
YoY Change 23.6% 14.36%
Inventory $191.6M $115.8M
Prepaid Expenses
Receivables $60.55M $43.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $562.4M $411.8M
YoY Change 22.98% 25.32%
LONG-TERM ASSETS
Property, Plant & Equipment $121.3M $108.0M
YoY Change 15.89% -2.05%
Goodwill $192.6M $173.5M
YoY Change 11.01% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.68M $41.60M
YoY Change -7.88% 39.79%
Total Long-Term Assets $424.0M $378.5M
YoY Change 13.92% -3.91%
TOTAL ASSETS
Total Short-Term Assets $562.4M $411.8M
Total Long-Term Assets $424.0M $378.5M
Total Assets $986.4M $790.3M
YoY Change 18.91% 9.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.08M $32.30M
YoY Change 49.5% -28.28%
Accrued Expenses $96.90M $72.30M
YoY Change 25.52% -14.03%
Deferred Revenue
YoY Change
Short-Term Debt $28.78M $29.40M
YoY Change 8.19% -10.09%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $288.4M $177.6M
YoY Change 47.84% -13.14%
LONG-TERM LIABILITIES
Long-Term Debt $39.33M $77.33M
YoY Change -49.14% 56.76%
Other Long-Term Liabilities $41.52M $42.60M
YoY Change -9.55% 29.34%
Total Long-Term Liabilities $85.37M $77.33M
YoY Change 10.4% -9.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $288.4M $177.6M
Total Long-Term Liabilities $85.37M $77.33M
Total Liabilities $373.8M $254.9M
YoY Change 16.09% -12.19%
SHAREHOLDERS EQUITY
Retained Earnings $124.5M
YoY Change
Common Stock $494.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $612.6M $489.3M
YoY Change
Total Liabilities & Shareholders Equity $986.4M $790.3M
YoY Change 18.91% 9.39%

Cashflow Statement

Concept 2021 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $42.90M $11.90M
YoY Change 144.99% -31.51%
Depreciation, Depletion And Amortization $3.257M $2.921M
YoY Change 6.86% -6.08%
Cash From Operating Activities $31.91M $32.21M
YoY Change 0.97% 20.26%
INVESTING ACTIVITIES
Capital Expenditures $9.221M $1.311M
YoY Change -809.31% -71.03%
Acquisitions $0.00
YoY Change
Other Investing Activities $2.000K $0.00
YoY Change -99.83%
Cash From Investing Activities -$9.219M -$1.299M
YoY Change -71.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.798M -4.524M
YoY Change -140.86% -19.97%
NET CHANGE
Cash From Operating Activities 31.91M 32.21M
Cash From Investing Activities -9.219M -1.299M
Cash From Financing Activities 1.798M -4.524M
Net Change In Cash 25.16M 27.05M
YoY Change -7.51% 59.01%
FREE CASH FLOW
Cash From Operating Activities $31.91M $32.21M
Capital Expenditures $9.221M $1.311M
Free Cash Flow $22.68M $30.89M
YoY Change -31.05% 38.82%

Facts In Submission

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755 West Big Beaver Road
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Suite 1000
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Skyline Champion Corporation
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3300000
CY2020Q2 us-gaap Depreciation
Depreciation
2900000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
202689000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
193154000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
81376000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
78014000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
121313000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115140000
CY2021Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
32133000
CY2021Q3 us-gaap Goodwill
Goodwill
192000000.0
CY2021Q2 us-gaap Goodwill
Goodwill
191800000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
83506000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
83372000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
26559000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24537000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
56947000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
58835000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2021Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization
5400000
CY2021Q2 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization
300000
CY2021Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
0
CY2020Q2 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
0
CY2021Q3 sky Customer Deposits
CustomerDeposits
64551000
CY2021Q2 sky Customer Deposits
CustomerDeposits
58888000
CY2021Q3 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
19834000
CY2021Q2 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
18207000
CY2021Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
24643000
CY2021Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
24033000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
38663000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
42560000
CY2021Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
13762000
CY2021Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
12421000
CY2021Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
24586000
CY2021Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
193586000
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
180695000
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
30469000
CY2020Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
24969000
CY2021Q3 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
10304000
CY2020Q2 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
6359000
CY2021Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
9694000
CY2020Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
6633000
CY2021Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
31079000
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
24695000
CY2021Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
6436000
CY2020Q2 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
5790000
CY2021Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
24643000
CY2020Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
18905000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
39330000
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
39330000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
39330000
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
39330000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
510197000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
273285000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14000000.0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4600000
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.277
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
42901000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
11903000
CY2020Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
30000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
42901000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11873000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56706000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56532000
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
497000
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
229000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57203000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56761000
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2021Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
54000
CY2021Q3 us-gaap Depreciation
Depreciation
3257000
CY2020Q2 us-gaap Depreciation
Depreciation
2921000
CY2021Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1888000
CY2020Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1361000
CY2021Q3 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
231000000.0
CY2021Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1500000
CY2021Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1400000
CY2021Q3 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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