$SKY
Champion Homes, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022014279 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q3
Revenue $725.9M $638.1M $510.2M
YoY Change 42.27% 42.56% 58.27%
Cost Of Revenue $496.5M $447.1M $398.7M
YoY Change 24.55% 28.29% 53.59%
Gross Profit $229.3M $191.0M $111.5M
YoY Change 105.63% 92.76% 77.62%
Gross Profit Margin 31.59% 29.94% 21.86%
Selling, General & Admin $72.28M $75.03M $54.02M
YoY Change 33.8% 42.91% 30.58%
% of Gross Profit 31.52% 39.28% 48.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.670M $11.07M $3.257M
YoY Change 12.68% 27.21% 6.86%
% of Gross Profit 1.6% 5.79% 2.92%
Operating Expenses $72.28M $75.03M $54.02M
YoY Change 33.8% 42.91% 30.58%
Operating Profit $157.1M $116.0M $57.51M
YoY Change 173.1% 148.92% 168.47%
Interest Expense $90.00K -$510.0K $649.0K
YoY Change -86.13% -15.0% -24.88%
% of Operating Profit 0.06% -0.44% 1.13%
Other Income/Expense, Net $634.0K $54.00K
YoY Change 1074.07% -97.92%
Pretax Income $157.6M $115.5M $56.91M
YoY Change 176.91% 157.21% 145.79%
Income Tax $40.40M $28.69M $14.00M
% Of Pretax Income 25.64% 24.84% 24.6%
Net Earnings $117.2M $86.80M $42.90M
YoY Change 173.07% 156.04% 144.99%
Net Earnings / Revenue 16.14% 13.6% 8.41%
Basic Earnings Per Share $2.06 $0.76
Diluted Earnings Per Share $2.04 $1.513M $0.75
COMMON SHARES
Basic Shares Outstanding 56.91M 56.84M 56.71M
Diluted Shares Outstanding 57.30M 57.20M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $463.8M $435.4M $287.7M
YoY Change 61.18% 65.81% 8.87%
Cash & Equivalents $463.8M $435.4M $287.7M
Short-Term Investments
Other Short-Term Assets $22.92M $14.98M $22.50M
YoY Change 1.88% 10.19% 23.6%
Inventory $292.2M $241.3M $191.6M
Prepaid Expenses
Receivables $128.6M $90.54M $60.55M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $907.4M $782.3M $562.4M
YoY Change 61.36% 56.52% 22.98%
LONG-TERM ASSETS
Property, Plant & Equipment $144.9M $133.0M $121.3M
YoY Change 19.47% 15.5% 15.89%
Goodwill $192.6M $192.0M $192.6M
YoY Change -0.02% -0.02% 11.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.09M $58.37M $37.68M
YoY Change 64.79% 79.92% -7.88%
Total Long-Term Assets $465.9M $452.4M $424.0M
YoY Change 9.88% 8.18% 13.92%
TOTAL ASSETS
Total Short-Term Assets $907.4M $782.3M $562.4M
Total Long-Term Assets $465.9M $452.4M $424.0M
Total Assets $1.373B $1.235B $986.4M
YoY Change 39.23% 34.5% 18.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.13M $92.16M $66.08M
YoY Change 15.22% 61.08% 49.5%
Accrued Expenses $161.3M $127.8M $96.90M
YoY Change 66.46% 25.88% 25.52%
Deferred Revenue
YoY Change
Short-Term Debt $37.86M $35.46M $28.78M
YoY Change 31.56% 37.98% 8.19%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $370.2M $350.1M $288.4M
YoY Change 28.36% 32.8% 47.84%
LONG-TERM LIABILITIES
Long-Term Debt $12.43M $12.43M $39.33M
YoY Change -68.4% -68.4% -49.14%
Other Long-Term Liabilities $41.71M $41.84M $41.52M
YoY Change 0.46% -0.47% -9.55%
Total Long-Term Liabilities $59.52M $59.39M $85.37M
YoY Change -30.28% -30.65% 10.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $370.2M $350.1M $288.4M
Total Long-Term Liabilities $59.52M $59.39M $85.37M
Total Liabilities $429.8M $409.5M $373.8M
YoY Change 14.96% 17.24% 16.09%
SHAREHOLDERS EQUITY
Retained Earnings $444.7M $327.9M $124.5M
YoY Change 257.29% 295.55%
Common Stock $508.4M $504.4M $494.8M
YoY Change 2.75% 2.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $943.6M $825.1M $612.6M
YoY Change
Total Liabilities & Shareholders Equity $1.373B $1.235B $986.4M
YoY Change 39.23% 34.5% 18.91%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q3
OPERATING ACTIVITIES
Net Income $117.2M $86.80M $42.90M
YoY Change 173.07% 156.04% 144.99%
Depreciation, Depletion And Amortization $3.670M $11.07M $3.257M
YoY Change 12.68% 27.21% 6.86%
Cash From Operating Activities $47.42M $60.07M $31.91M
YoY Change 48.64% 19.91% 0.97%
INVESTING ACTIVITIES
Capital Expenditures $9.435M -$9.195M $9.221M
YoY Change 2.32% 141.97% -809.31%
Acquisitions $9.553M $0.00
YoY Change
Other Investing Activities -$9.536M $149.0K $2.000K
YoY Change -476900.0% -100.29% -99.83%
Cash From Investing Activities -$18.97M -$9.046M -$9.219M
YoY Change 105.78% -83.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.056M 1.419M 1.798M
YoY Change 14.35% 1319.0% -140.86%
NET CHANGE
Cash From Operating Activities 47.42M 60.07M 31.91M
Cash From Investing Activities -18.97M -9.046M -9.219M
Cash From Financing Activities 2.056M 1.419M 1.798M
Net Change In Cash 28.37M 52.45M 25.16M
YoY Change 12.75% -1071.22% -7.51%
FREE CASH FLOW
Cash From Operating Activities $47.42M $60.07M $31.91M
Capital Expenditures $9.435M -$9.195M $9.221M
Free Cash Flow $37.99M $69.27M $22.68M
YoY Change 67.46% 28.51% -31.05%

Facts In Submission

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CY2022Q3 dei Entity Address Address Line1
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CY2022Q3 dei Entity File Number
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CY2022Q3 dei Entity Registrant Name
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Skyline Champion Corporation
CY2022Q3 dei Entity Address City Or Town
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Troy
CY2022Q3 dei Entity Address State Or Province
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CY2022Q3 dei Entity Address Postal Zip Code
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CY2022Q3 dei City Area Code
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CY2022Q3 dei Local Phone Number
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CY2022Q3 dei Security12b Title
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
463778000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 sky Inventory Finished Goods And Others
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CY2022Q3 us-gaap Inventory Net
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q2 us-gaap Stockholders Equity
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CY2022Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2021Q3 us-gaap Stockholders Equity
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CY2022Q2 us-gaap Inventory Raw Materials
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CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q3 us-gaap Standard Product Warranty Accrual Current
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CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q3 us-gaap Finite Lived Intangible Assets Net
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CY2022Q2 us-gaap Finite Lived Intangible Assets Net
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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1900000
CY2022Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
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CY2022Q2 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
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CY2022Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
200000
CY2021Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
0
CY2022Q3 sky Customer Deposits
CustomerDeposits
68315000
CY2022Q2 sky Customer Deposits
CustomerDeposits
67396000
CY2022Q3 us-gaap Accrued Exchange Fee Rebate Current
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26133000
CY2022Q2 us-gaap Accrued Exchange Fee Rebate Current
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CY2022Q3 us-gaap Standard Product Warranty Accrual Current
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26129000
CY2022Q2 us-gaap Standard Product Warranty Accrual Current
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CY2022Q3 us-gaap Employee Related Liabilities Current
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50618000
CY2022Q2 us-gaap Employee Related Liabilities Current
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64888000
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16008000
CY2022Q2 us-gaap Accrued Insurance Current
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CY2022Q3 us-gaap Taxes Payable Current
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42413000
CY2022Q2 us-gaap Taxes Payable Current
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6959000
CY2022Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
26627000
CY2022Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
20370000
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
256243000
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
32832000
CY2021Q2 us-gaap Standard Product Warranty Accrual
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30469000
CY2022Q3 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
11921000
CY2021Q3 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
10304000
CY2022Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
11598000
CY2021Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
9694000
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
33155000
CY2021Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
31079000
CY2022Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
7026000
CY2021Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
6436000
CY2021Q3 us-gaap Depreciation
Depreciation
3257000
CY2022Q3 us-gaap Adjustment For Amortization
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-1946000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
12430000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
12430000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12430000
CY2022Q2 us-gaap Long Term Debt Noncurrent
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12430000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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725881000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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510197000
CY2022Q3 us-gaap Income Tax Expense Benefit
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40400000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14000000.0
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.257
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022Q3 us-gaap Unrecognized Tax Benefits
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0
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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117151000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
42901000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56910000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56706000
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
387000
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
497000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57297000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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57203000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.06
CY2021Q3 us-gaap Earnings Per Share Basic
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0.76
CY2022Q3 us-gaap Earnings Per Share Diluted
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2.04
CY2021Q3 us-gaap Earnings Per Share Diluted
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0.75
CY2022Q3 us-gaap Number Of Reportable Segments
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2
CY2022Q3 us-gaap Other Nonoperating Income Expense
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634000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
54000
CY2022Q3 us-gaap Depreciation
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3670000
CY2021Q3 us-gaap Adjustment For Amortization
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-1888000
CY2022Q3 us-gaap Loss Contingency Estimate Of Possible Loss
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2400000
CY2022Q2 us-gaap Loss Contingency Estimate Of Possible Loss
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2300000
CY2022Q3 sky Contingent Repurchase Obligation
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373600000
CY2022Q3 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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