$SKY
Champion Homes, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019027980 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $371.9M $322.3M
YoY Change 15.4% 441.62%
Cost Of Revenue $295.9M $267.1M
YoY Change 10.76% 408.76%
Gross Profit $76.04M $55.16M
YoY Change 37.84% 699.42%
Gross Profit Margin 20.45% 17.12%
Selling, General & Admin $51.72M $45.09M
YoY Change 14.7% 677.38%
% of Gross Profit 68.01% 81.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.110M $2.430M
YoY Change 27.98% 1115.0%
% of Gross Profit 4.09% 4.41%
Operating Expenses $51.72M $45.09M
YoY Change 14.7% 664.2%
Operating Profit $24.32M $10.07M
YoY Change 141.46% 907.2%
Interest Expense $309.0K $1.072M
YoY Change -71.18% -1172.0%
% of Operating Profit 1.27% 10.64%
Other Income/Expense, Net $0.00 -$6.413M
YoY Change -100.0%
Pretax Income $24.01M $2.587M
YoY Change 828.14% 12.48%
Income Tax $6.600M $3.400M
% Of Pretax Income 27.49% 131.43%
Net Earnings $17.38M -$853.0K
YoY Change -2137.51% -137.09%
Net Earnings / Revenue 4.67% -0.26%
Basic Earnings Per Share $0.31 -$0.02
Diluted Earnings Per Share $0.31 -$0.02
COMMON SHARES
Basic Shares Outstanding 56.37M 47.46M
Diluted Shares Outstanding 56.64M 47.46M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.6M $80.90M
YoY Change 77.5% 609.65%
Cash & Equivalents $143.6M $80.89M
Short-Term Investments
Other Short-Term Assets $14.08M $12.53M
YoY Change 12.35% 2125.58%
Inventory $113.2M $114.1M
Prepaid Expenses
Receivables $57.69M $56.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $328.6M $263.5M
YoY Change 24.69% 606.48%
LONG-TERM ASSETS
Property, Plant & Equipment $110.2M $111.9M
YoY Change -1.53% 919.93%
Goodwill $173.5M $178.0M
YoY Change -2.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.76M $12.94M
YoY Change 129.93% 75.7%
Total Long-Term Assets $393.9M $385.8M
YoY Change 2.09% 2003.51%
TOTAL ASSETS
Total Short-Term Assets $328.6M $263.5M
Total Long-Term Assets $393.9M $385.8M
Total Assets $722.5M $649.4M
YoY Change 11.26% 1066.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.04M $43.26M
YoY Change 4.1% 1009.28%
Accrued Expenses $84.10M $72.20M
YoY Change 16.48% 600.97%
Deferred Revenue
YoY Change
Short-Term Debt $32.70M $29.50M
YoY Change 10.85%
Long-Term Debt Due $2.000K
YoY Change
Total Short-Term Liabilities $204.5M $186.6M
YoY Change 9.58% 914.99%
LONG-TERM LIABILITIES
Long-Term Debt $49.33M $59.33M
YoY Change -16.85% 1279.77%
Other Long-Term Liabilities $32.94M $20.53M
YoY Change 60.41% 170.17%
Total Long-Term Liabilities $85.85M $83.18M
YoY Change 3.2% 595.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.5M $186.6M
Total Long-Term Liabilities $85.85M $83.18M
Total Liabilities $290.3M $269.8M
YoY Change 7.61% 789.07%
SHAREHOLDERS EQUITY
Retained Earnings -$40.83M -$853.0K
YoY Change 4686.4% -101.0%
Common Stock $482.7M $390.4M
YoY Change 23.64% 7020.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $432.2M $379.6M
YoY Change
Total Liabilities & Shareholders Equity $722.5M $649.4M
YoY Change 11.26% 1066.99%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $17.38M -$853.0K
YoY Change -2137.51% -137.09%
Depreciation, Depletion And Amortization $3.110M $2.430M
YoY Change 27.98% 1115.0%
Cash From Operating Activities $26.78M $4.265M
YoY Change 527.9% 1.55%
INVESTING ACTIVITIES
Capital Expenditures $4.526M $2.020M
YoY Change 124.06% -773.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.800M
YoY Change -100.0% 345.45%
Cash From Investing Activities -$4.514M $7.738M
YoY Change -158.34% 286.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.653M -67.50M
YoY Change -91.63%
NET CHANGE
Cash From Operating Activities 26.78M 4.265M
Cash From Investing Activities -4.514M 7.738M
Cash From Financing Activities -5.653M -67.50M
Net Change In Cash 17.01M -55.73M
YoY Change -130.53% -998.79%
FREE CASH FLOW
Cash From Operating Activities $26.78M $4.265M
Capital Expenditures $4.526M $2.020M
Free Cash Flow $22.25M $2.245M
YoY Change 891.27% -50.11%

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CY2019Q1 us-gaap Inventory Net
InventoryNet
122638000
CY2019Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4100000
CY2019Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4100000
CY2019Q2 us-gaap Depreciation
Depreciation
3100000
CY2018Q2 us-gaap Depreciation
Depreciation
2400000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
169233000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
164332000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
58997000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
55745000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
110236000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
108587000
CY2019Q2 us-gaap Goodwill
Goodwill
173500000
CY2019Q1 us-gaap Goodwill
Goodwill
173400000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
61958000
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
61955000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14537000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13019000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
47421000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
48936000
CY2019Q2 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
43100000
CY2019Q2 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
9000000.0
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2018Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15430000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.276
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.330
CY2019Q2 sky Customer Deposits And Receipts In Excess Of Revenues
CustomerDepositsAndReceiptsInExcessOfRevenues
24780000
CY2019Q1 sky Customer Deposits And Receipts In Excess Of Revenues
CustomerDepositsAndReceiptsInExcessOfRevenues
28392000
CY2019Q2 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
17561000
CY2019Q1 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
21020000
CY2019Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
19030000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
17886000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
25142000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
32075000
CY2019Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
18192000
CY2019Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
16245000
CY2019Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
22066000
CY2019Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
13943000
CY2019Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
126771000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
129561000
CY2018Q2 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
7109000
CY2019Q2 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
10530000
CY2018Q2 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
7219000
CY2019Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
9886000
CY2018Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7010000
CY2019Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23990000
CY2018Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
22748000
CY2019Q2 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
4960000
CY2018Q2 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
5700000
CY2019Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
19030000
CY2018Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
17048000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
49330000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
54330000
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
49330000
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
54330000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
371888000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
322261000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1405000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
373000
CY2019Q2 us-gaap Lease Cost
LeaseCost
1778000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13185000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4208000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8977000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13185000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3744000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3891000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2822000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2035000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
854000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2214000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15560000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2375000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13185000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
854000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1534000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6600000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3400000
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-400000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
17380000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-853000
CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
89000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17291000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-853000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56368000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47462000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
267000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56635000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47462000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2019Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q2 us-gaap Depreciation
Depreciation
3110000
CY2018Q2 us-gaap Depreciation
Depreciation
2430000
CY2019Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1362000
CY2018Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-481000
CY2019Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
900000
CY2019Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1000000.0
CY2019Q2 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
166900000
CY2019Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
600000
CY2019Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
500000
CY2019Q2 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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