$SKY
Champion Homes, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023037170 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $464.8M $725.9M
YoY Change -35.97% 42.27%
Cost Of Revenue $335.1M $496.5M
YoY Change -32.51% 24.55%
Gross Profit $129.7M $229.3M
YoY Change -43.46% 105.63%
Gross Profit Margin 27.9% 31.59%
Selling, General & Admin $70.44M $72.28M
YoY Change -2.55% 33.8%
% of Gross Profit 54.32% 31.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.592M $3.670M
YoY Change 106.87% 12.68%
% of Gross Profit 5.85% 1.6%
Operating Expenses $70.44M $72.28M
YoY Change -2.55% 33.8%
Operating Profit $59.23M $157.1M
YoY Change -62.28% 173.1%
Interest Expense $9.301M $90.00K
YoY Change 10234.44% -86.13%
% of Operating Profit 15.7% 0.06%
Other Income/Expense, Net $0.00 $634.0K
YoY Change -100.0% 1074.07%
Pretax Income $68.54M $157.6M
YoY Change -56.51% 176.91%
Income Tax $17.27M $40.40M
% Of Pretax Income 25.19% 25.64%
Net Earnings $51.27M $117.2M
YoY Change -56.24% 173.07%
Net Earnings / Revenue 11.03% 16.14%
Basic Earnings Per Share $0.90 $2.06
Diluted Earnings Per Share $0.89 $2.04
COMMON SHARES
Basic Shares Outstanding 57.18M 56.91M
Diluted Shares Outstanding 57.66M 57.30M

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $797.7M $463.8M
YoY Change 72.0% 61.18%
Cash & Equivalents $797.7M $463.8M
Short-Term Investments
Other Short-Term Assets $34.12M $22.92M
YoY Change 48.9% 1.88%
Inventory $196.5M $292.2M
Prepaid Expenses
Receivables $50.68M $128.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.079B $907.4M
YoY Change 18.91% 61.36%
LONG-TERM ASSETS
Property, Plant & Equipment $184.3M $144.9M
YoY Change 27.13% 19.47%
Goodwill $196.6M $192.6M
YoY Change 2.1% -0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $115.4M $62.09M
YoY Change 85.88% 64.79%
Total Long-Term Assets $538.6M $465.9M
YoY Change 15.61% 9.88%
TOTAL ASSETS
Total Short-Term Assets $1.079B $907.4M
Total Long-Term Assets $538.6M $465.9M
Total Assets $1.618B $1.373B
YoY Change 17.79% 39.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.22M $76.13M
YoY Change -37.98% 15.22%
Accrued Expenses $99.93M $161.3M
YoY Change -38.05% 66.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $37.86M
YoY Change -100.0% 31.56%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $245.9M $370.2M
YoY Change -33.57% 28.36%
LONG-TERM LIABILITIES
Long-Term Debt $12.43M $12.43M
YoY Change 0.0% -68.4%
Other Long-Term Liabilities $62.06M $41.71M
YoY Change 48.8% 0.46%
Total Long-Term Liabilities $74.49M $59.52M
YoY Change 25.15% -30.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $245.9M $370.2M
Total Long-Term Liabilities $74.49M $59.52M
Total Liabilities $326.7M $429.8M
YoY Change -23.97% 14.96%
SHAREHOLDERS EQUITY
Retained Earnings $776.0M $444.7M
YoY Change 74.49% 257.29%
Common Stock $526.5M $508.4M
YoY Change 3.56% 2.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.291B $943.6M
YoY Change
Total Liabilities & Shareholders Equity $1.618B $1.373B
YoY Change 17.79% 39.23%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $51.27M $117.2M
YoY Change -56.24% 173.07%
Depreciation, Depletion And Amortization $7.592M $3.670M
YoY Change 106.87% 12.68%
Cash From Operating Activities $74.86M $47.42M
YoY Change 57.85% 48.64%
INVESTING ACTIVITIES
Capital Expenditures $10.34M $9.435M
YoY Change 9.6% 2.32%
Acquisitions $0.00 $9.553M
YoY Change -100.0%
Other Investing Activities -$15.27M -$9.536M
YoY Change 60.17% -476900.0%
Cash From Investing Activities -$25.62M -$18.97M
YoY Change 35.02% 105.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -961.0K 2.056M
YoY Change -146.74% 14.35%
NET CHANGE
Cash From Operating Activities 74.86M 47.42M
Cash From Investing Activities -25.62M -18.97M
Cash From Financing Activities -961.0K 2.056M
Net Change In Cash 48.28M 28.37M
YoY Change 70.21% 12.75%
FREE CASH FLOW
Cash From Operating Activities $74.86M $47.42M
Capital Expenditures $10.34M $9.435M
Free Cash Flow $64.52M $37.99M
YoY Change 69.84% 67.46%

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1290921000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
825113000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
117151000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3960000
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-342000
CY2022Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2304000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
943578000
CY2023Q3 sky Floor Plan Receivable
FloorPlanReceivable
18500000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
87510000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
45289000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
42167000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
42383000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45343000
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
95137000
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
100379000
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
24715000
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
23157000
CY2023Q3 sky Inventory Finished Goods And Others
InventoryFinishedGoodsAndOthers
76658000
CY2023Q2 sky Inventory Finished Goods And Others
InventoryFinishedGoodsAndOthers
78702000
CY2023Q3 us-gaap Inventory Net
InventoryNet
196510000
CY2023Q2 us-gaap Inventory Net
InventoryNet
202238000
CY2023Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
9100000
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
7900000
CY2023Q3 us-gaap Depreciation
Depreciation
4600000
CY2022Q3 us-gaap Depreciation
Depreciation
3700000
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
293868000
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
281992000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
109609000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
104867000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
184259000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
177125000
CY2023Q3 us-gaap Goodwill
Goodwill
196600000
CY2023Q2 us-gaap Goodwill
Goodwill
196600000
CY2023Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
87672000
CY2022Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
200000
CY2023Q3 sky Customer Deposits
CustomerDeposits
64768000
CY2023Q2 sky Customer Deposits
CustomerDeposits
69285000
CY2023Q3 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
25080000
CY2023Q2 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
25084000
CY2023Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
27705000
CY2023Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
28576000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
31172000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
41422000
CY2023Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
15973000
CY2023Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
15075000
CY2023Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
34028000
CY2023Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
24773000
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
198726000
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
204215000
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
35961000
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
32832000
CY2023Q3 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
12856000
CY2022Q3 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
11921000
CY2023Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
13727000
CY2022Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
11598000
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
35090000
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
33155000
CY2023Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
7385000
CY2022Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
7026000
CY2023Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
27705000
CY2022Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
26129000
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12430000
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12430000
CY2023Q3 sky Line Of Credit Facility Expiration Month And Year
LineOfCreditFacilityExpirationMonthAndYear
2026-07
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
464769000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
725881000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17300000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40400000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.252
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51269000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
117151000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57183000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56910000
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
475000
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
387000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57658000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57297000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.9
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.06
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.04
CY2023Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
634000
CY2023Q3 sky Depreciation Expense
DepreciationExpense
-4633000
CY2022Q3 sky Depreciation Expense
DepreciationExpense
-3670000
CY2023Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-2959000
CY2022Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1946000
CY2023Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
2200000
CY2023Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
2500000
CY2023Q3 sky Contingent Repurchase Obligation
ContingentRepurchaseObligation
333700000
CY2023Q3 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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