$SKY
Champion Homes, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020048330 Filed on October 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $322.4M $354.5M $371.9M
YoY Change -9.05% -0.28% 15.4%
Cost Of Revenue $259.6M $280.4M $295.9M
YoY Change -7.43% -5.41% 10.76%
Gross Profit $62.79M $74.06M $76.04M
YoY Change -15.21% 25.52% 37.84%
Gross Profit Margin 19.48% 20.89% 20.45%
Selling, General & Admin $41.37M $48.40M $51.72M
YoY Change -14.52% -62.21% 14.7%
% of Gross Profit 65.89% 65.36% 68.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.048M $3.545M $3.110M
YoY Change -14.02% 26.61% 27.98%
% of Gross Profit 4.85% 4.79% 4.09%
Operating Expenses $41.37M $48.40M $51.72M
YoY Change -14.52% -62.21% 14.7%
Operating Profit $21.42M $25.65M $24.32M
YoY Change -16.51% -137.14% 141.46%
Interest Expense $864.0K -$400.0K $309.0K
YoY Change -316.0% -148.37% -71.18%
% of Operating Profit 4.03% -1.56% 1.27%
Other Income/Expense, Net $2.599M $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $23.16M $25.30M $24.01M
YoY Change -8.48% -135.53% 828.14%
Income Tax $5.600M $7.500M $6.600M
% Of Pretax Income 24.18% 29.64% 27.49%
Net Earnings $17.51M $17.75M $17.38M
YoY Change -1.32% -123.04% -2137.51%
Net Earnings / Revenue 5.43% 5.01% 4.67%
Basic Earnings Per Share $0.31 $0.31 $0.31
Diluted Earnings Per Share $0.31 $0.31 $0.31
COMMON SHARES
Basic Shares Outstanding 56.65M 56.48M 56.37M
Diluted Shares Outstanding 56.91M 56.72M 56.64M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $264.3M $154.7M $143.6M
YoY Change 70.85% 50.34% 77.5%
Cash & Equivalents $264.3M $154.7M $143.6M
Short-Term Investments
Other Short-Term Assets $18.20M $16.07M $14.08M
YoY Change 13.25% 36.91% 12.35%
Inventory $128.0M $113.1M $113.2M
Prepaid Expenses
Receivables $46.80M $56.19M $57.69M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $457.3M $340.1M $328.6M
YoY Change 34.47% 20.2% 24.69%
LONG-TERM ASSETS
Property, Plant & Equipment $104.7M $111.4M $110.2M
YoY Change -6.06% -0.47% -1.53%
Goodwill $173.5M $173.5M $173.5M
YoY Change 0.0% -2.25% -2.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.90M $29.26M $29.76M
YoY Change 39.8% 128.86% 129.93%
Total Long-Term Assets $372.2M $391.5M $393.9M
YoY Change -4.93% 2.35% 2.09%
TOTAL ASSETS
Total Short-Term Assets $457.3M $340.1M $328.6M
Total Long-Term Assets $372.2M $391.5M $393.9M
Total Assets $829.5M $731.6M $722.5M
YoY Change 13.39% 9.94% 11.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.20M $43.34M $45.04M
YoY Change 1.98% -5.82% 4.1%
Accrued Expenses $77.20M $89.00M $84.10M
YoY Change -13.26% 11.67% 16.48%
Deferred Revenue
YoY Change
Short-Term Debt $26.60M $30.50M $32.70M
YoY Change -12.79% 2.01% 10.85%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $195.1M $200.6M $204.5M
YoY Change -2.74% 2.53% 9.58%
LONG-TERM LIABILITIES
Long-Term Debt $77.33M $44.33M $49.33M
YoY Change 74.44% -25.28% -16.85%
Other Long-Term Liabilities $45.90M $32.80M $32.94M
YoY Change 39.94% 59.97% 60.41%
Total Long-Term Liabilities $77.33M $44.33M $85.85M
YoY Change 74.44% -46.78% 3.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $195.1M $200.6M $204.5M
Total Long-Term Liabilities $77.33M $44.33M $85.85M
Total Liabilities $322.0M $281.4M $290.3M
YoY Change 14.43% 0.88% 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 $507.4M $450.2M $432.2M
YoY Change
Total Liabilities & Shareholders Equity $829.5M $731.6M $722.5M
YoY Change 13.38% 9.95% 11.26%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $17.51M $17.75M $17.38M
YoY Change -1.32% -123.04% -2137.51%
Depreciation, Depletion And Amortization $3.048M $3.545M $3.110M
YoY Change -14.02% 26.61% 27.98%
Cash From Operating Activities $31.60M $25.40M $26.78M
YoY Change 24.41% 2.83% 527.9%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$4.900M $4.526M
YoY Change -73.47% 81.48% 124.06%
Acquisitions
YoY Change
Other Investing Activities $1.200M $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 -$4.900M -$4.514M
YoY Change -100.0% 96.0% -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 -4.400M -9.100M -5.653M
YoY Change -51.65% 2175.0% -91.63%
NET CHANGE
Cash From Operating Activities 31.60M 25.40M 26.78M
Cash From Investing Activities 0.000 -4.900M -4.514M
Cash From Financing Activities -4.400M -9.100M -5.653M
Net Change In Cash 27.20M 11.40M 17.01M
YoY Change 138.6% -47.71% -130.53%
FREE CASH FLOW
Cash From Operating Activities $31.60M $25.40M $26.78M
Capital Expenditures -$1.300M -$4.900M $4.526M
Free Cash Flow $32.90M $30.30M $22.25M
YoY Change 8.58% 10.58% 891.27%

Facts In Submission

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sky Coronavirus Nineteen Government Financial Assistance
CoronavirusNineteenGovernmentFinancialAssistance
<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 September 26, 2020, the Company has deferred $7.4 million of payroll taxes that will be paid beginning in December 2021. In Canada, the Company recognized $2.6 million and $6.2 million of payroll subsidies under CEWS during the three and six months ended September 26, 2020, respectively. 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 September 26, 2020, the Company had received $5.6 million of the CEWS subsidies.</span></p>
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UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
53000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
154000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17680000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29361000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34971000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56481000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56593000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
233000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56424000
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
243000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
238000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56724000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56831000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56657000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2599000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6813000
CY2019Q3 us-gaap Depreciation
Depreciation
3545000
us-gaap Depreciation
Depreciation
5969000
us-gaap Depreciation
Depreciation
6655000
CY2019Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1362000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-2721000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-2724000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
142600000
CY2020Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
900000
CY2020Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1000000.0
us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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