$SKY
Champion Homes, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020034769 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $273.3M $371.9M
YoY Change -26.51% 15.4%
Cost Of Revenue $219.3M $295.9M
YoY Change -25.88% 10.76%
Gross Profit $54.00M $76.04M
YoY Change -28.98% 37.84%
Gross Profit Margin 19.76% 20.45%
Selling, General & Admin $40.81M $51.72M
YoY Change -21.09% 14.7%
% of Gross Profit 75.56% 68.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.921M $3.110M
YoY Change -6.08% 27.98%
% of Gross Profit 5.41% 4.09%
Operating Expenses $40.81M $51.72M
YoY Change -21.09% 14.7%
Operating Profit $13.20M $24.32M
YoY Change -45.74% 141.46%
Interest Expense $942.0K $309.0K
YoY Change 204.85% -71.18%
% of Operating Profit 7.14% 1.27%
Other Income/Expense, Net $4.214M $0.00
YoY Change -100.0%
Pretax Income $16.47M $24.01M
YoY Change -31.41% 828.14%
Income Tax $4.600M $6.600M
% Of Pretax Income 27.93% 27.49%
Net Earnings $11.90M $17.38M
YoY Change -31.51% -2137.51%
Net Earnings / Revenue 4.36% 4.67%
Basic Earnings Per Share $0.21 $0.31
Diluted Earnings Per Share $0.21 $0.31
COMMON SHARES
Basic Shares Outstanding 56.53M 56.37M
Diluted Shares Outstanding 56.76M 56.64M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $236.5M $143.6M
YoY Change 64.69% 77.5%
Cash & Equivalents $236.5M $143.6M
Short-Term Investments
Other Short-Term Assets $16.10M $14.08M
YoY Change 14.36% 12.35%
Inventory $115.8M $113.2M
Prepaid Expenses
Receivables $43.40M $57.69M
Other Receivables $0.00 $0.00
Total Short-Term Assets $411.8M $328.6M
YoY Change 25.32% 24.69%
LONG-TERM ASSETS
Property, Plant & Equipment $108.0M $110.2M
YoY Change -2.05% -1.53%
Goodwill $173.5M $173.5M
YoY Change 0.0% -2.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.60M $29.76M
YoY Change 39.79% 129.93%
Total Long-Term Assets $378.5M $393.9M
YoY Change -3.91% 2.09%
TOTAL ASSETS
Total Short-Term Assets $411.8M $328.6M
Total Long-Term Assets $378.5M $393.9M
Total Assets $790.3M $722.5M
YoY Change 9.39% 11.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.30M $45.04M
YoY Change -28.28% 4.1%
Accrued Expenses $72.30M $84.10M
YoY Change -14.03% 16.48%
Deferred Revenue
YoY Change
Short-Term Debt $29.40M $32.70M
YoY Change -10.09% 10.85%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.6M $204.5M
YoY Change -13.14% 9.58%
LONG-TERM LIABILITIES
Long-Term Debt $77.33M $49.33M
YoY Change 56.76% -16.85%
Other Long-Term Liabilities $42.60M $32.94M
YoY Change 29.34% 60.41%
Total Long-Term Liabilities $77.33M $85.85M
YoY Change -9.92% 3.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.6M $204.5M
Total Long-Term Liabilities $77.33M $85.85M
Total Liabilities $254.9M $290.3M
YoY Change -12.19% 7.61%
SHAREHOLDERS EQUITY
Retained Earnings -$40.83M
YoY Change 4686.4%
Common Stock $482.7M
YoY Change 23.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $489.3M $432.2M
YoY Change
Total Liabilities & Shareholders Equity $790.3M $722.5M
YoY Change 9.39% 11.26%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $11.90M $17.38M
YoY Change -31.51% -2137.51%
Depreciation, Depletion And Amortization $2.921M $3.110M
YoY Change -6.08% 27.98%
Cash From Operating Activities $32.21M $26.78M
YoY Change 20.26% 527.9%
INVESTING ACTIVITIES
Capital Expenditures $1.311M $4.526M
YoY Change -71.03% 124.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.299M -$4.514M
YoY Change -71.22% -158.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.524M -5.653M
YoY Change -19.97% -91.63%
NET CHANGE
Cash From Operating Activities 32.21M 26.78M
Cash From Investing Activities -1.299M -4.514M
Cash From Financing Activities -4.524M -5.653M
Net Change In Cash 27.05M 17.01M
YoY Change 59.01% -130.53%
FREE CASH FLOW
Cash From Operating Activities $32.21M $26.78M
Capital Expenditures $1.311M $4.526M
Free Cash Flow $30.89M $22.25M
YoY Change 38.82% 891.27%

Facts In Submission

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CY2020Q2 sky Coronavirus Nineteen Government Financial Assistance
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.25%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">COVID-19 Government Financial Assistance: <span style="font-style:normal;">The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs have been announced which provide financial relief for affected businesses including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in the United States, and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. During the first quarter of fiscal 2021, the Company recognized CARES Act subsidies of $0.6 million. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through June 27, 2020, the Company has deferred $3.6 million of payroll taxes that will be paid beginning in December 2021. In Canada, the Company recognized $3.6 million of payroll subsidies under CEWS during the first quarter of fiscal 2021. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. As of June 27, 2020, the Company had received $1.7 million of the CEWS subsidies.</span></p>
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EffectiveIncomeTaxRateContinuingOperations
0.277
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.276
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
17380000
CY2020Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
30000
CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
89000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11873000
CY2020Q2 sky Antidilutive Securities
AntidilutiveSecurities
400000
CY2019Q2 sky Antidilutive Securities
AntidilutiveSecurities
0
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
11903000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56761000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17291000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56532000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56368000
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
229000
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
267000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56635000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2020Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q2 us-gaap Depreciation
Depreciation
2921000
CY2019Q2 us-gaap Depreciation
Depreciation
3110000
CY2020Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1361000
CY2019Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1362000
CY2020Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1000000.0
CY2020Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1000000.0
CY2020Q2 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
145200000
CY2019Q2 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
145200000
CY2020Q2 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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