$SKY
Champion Homes, Inc.

2020 Q4 Form 10-Q Financial Statement

#000156459021003853 Filed on February 02, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $377.6M $342.2M $354.5M
YoY Change 10.33% -3.51% -0.28%
Cost Of Revenue $305.8M $273.3M $280.4M
YoY Change 11.88% -5.72% -5.41%
Gross Profit $71.78M $68.90M $74.06M
YoY Change 4.18% 6.43% 25.52%
Gross Profit Margin 19.01% 20.13% 20.89%
Selling, General & Admin $44.29M $45.20M $48.40M
YoY Change -2.02% -7.38% -62.21%
% of Gross Profit 61.69% 65.6% 65.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.025M $3.171M $3.545M
YoY Change -4.6% 7.71% 26.61%
% of Gross Profit 4.21% 4.6% 4.79%
Operating Expenses $44.29M $45.30M $48.40M
YoY Change -2.24% -7.36% -62.21%
Operating Profit $27.50M $23.66M $25.65M
YoY Change 16.2% 48.94% -137.14%
Interest Expense $795.0K $328.0K -$400.0K
YoY Change 142.38% -59.66% -148.37%
% of Operating Profit 2.89% 1.39% -1.56%
Other Income/Expense, Net $180.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $26.88M $23.34M $25.30M
YoY Change 15.2% 56.09% -135.53%
Income Tax $5.300M $6.300M $7.500M
% Of Pretax Income 19.72% 27.0% 29.64%
Net Earnings $21.60M $17.04M $17.75M
YoY Change 26.78% 62.06% -123.04%
Net Earnings / Revenue 5.72% 4.98% 5.01%
Basic Earnings Per Share $0.38 $0.30 $0.31
Diluted Earnings Per Share $0.38 $0.30 $0.31
COMMON SHARES
Basic Shares Outstanding 56.70M 56.52M 56.48M
Diluted Shares Outstanding 56.99M 56.79M 56.72M

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $267.1M $171.3M $154.7M
YoY Change 55.93% 32.79% 50.34%
Cash & Equivalents $267.1M $171.3M $154.7M
Short-Term Investments
Other Short-Term Assets $15.50M $13.40M $16.07M
YoY Change 15.67% 12.61% 36.91%
Inventory $131.1M $107.9M $113.1M
Prepaid Expenses
Receivables $41.30M $42.20M $56.19M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $455.0M $334.8M $340.1M
YoY Change 35.9% 12.09% 20.2%
LONG-TERM ASSETS
Property, Plant & Equipment $103.8M $110.9M $111.4M
YoY Change -6.42% -0.41% -0.47%
Goodwill $173.5M $173.5M $173.5M
YoY Change 0.0% -2.25%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.70M $48.80M $29.26M
YoY Change -14.55% 3.39% 128.86%
Total Long-Term Assets $370.9M $389.7M $391.5M
YoY Change -4.82% 2.66% 2.35%
TOTAL ASSETS
Total Short-Term Assets $455.0M $334.8M $340.1M
Total Long-Term Assets $370.9M $389.7M $391.5M
Total Assets $825.9M $724.5M $731.6M
YoY Change 14.0% 6.81% 9.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.60M $27.30M $43.34M
YoY Change 41.39% -21.33% -5.82%
Accrued Expenses $91.40M $84.70M $89.00M
YoY Change 7.91% 3.8% 11.67%
Deferred Revenue
YoY Change
Short-Term Debt $25.60M $32.40M $30.50M
YoY Change -20.99% -16.92% 2.01%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $207.7M $178.3M $200.6M
YoY Change 16.49% -9.26% 2.53%
LONG-TERM LIABILITIES
Long-Term Debt $39.33M $39.33M $44.33M
YoY Change 0.0% -33.68% -25.28%
Other Long-Term Liabilities $42.70M $33.90M $32.80M
YoY Change 25.95% 66.19% 59.97%
Total Long-Term Liabilities $39.33M $76.98M $44.33M
YoY Change -48.91% -3.42% -46.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $207.7M $178.3M $200.6M
Total Long-Term Liabilities $39.33M $76.98M $44.33M
Total Liabilities $293.7M $255.3M $281.4M
YoY Change 15.05% -8.73% 0.88%
SHAREHOLDERS EQUITY
Retained Earnings -$6.046M
YoY Change
Common Stock $484.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $532.2M $469.2M $450.2M
YoY Change
Total Liabilities & Shareholders Equity $825.9M $724.5M $731.6M
YoY Change 14.0% 6.81% 9.95%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $21.60M $17.04M $17.75M
YoY Change 26.78% 62.06% -123.04%
Depreciation, Depletion And Amortization $3.025M $3.171M $3.545M
YoY Change -4.6% 7.71% 26.61%
Cash From Operating Activities $40.00M $20.90M $25.40M
YoY Change 91.39% -8.73% 2.83%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$2.700M -$4.900M
YoY Change -40.74% -6.9% 81.48%
Acquisitions
YoY Change
Other Investing Activities $1.800M $1.100M $0.00
YoY Change 63.64% 1000.0% -100.0%
Cash From Investing Activities $100.0K -$1.600M -$4.900M
YoY Change -106.25% -42.86% 96.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.00M -3.200M -9.100M
YoY Change 1118.75% -145.07% 2175.0%
NET CHANGE
Cash From Operating Activities 40.00M 20.90M 25.40M
Cash From Investing Activities 100.0K -1.600M -4.900M
Cash From Financing Activities -39.00M -3.200M -9.100M
Net Change In Cash 1.100M 16.10M 11.40M
YoY Change -93.17% -40.81% -47.71%
FREE CASH FLOW
Cash From Operating Activities $40.00M $20.90M $25.40M
Capital Expenditures -$1.600M -$2.700M -$4.900M
Free Cash Flow $41.60M $23.60M $30.30M
YoY Change 76.27% -8.53% 10.58%

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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 to provide financial relief for affected businesses, including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and state level programs in the United States and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. The Company recognized $6.2 million for payroll subsidies under CEWS during the nine months ended December 26, 2020. No payroll subsidy was recognized under CEWS during the three months ended December 26, 2020. The Company also recognized $0.2 million and $0.8 million during the three and nine months ended December 26, 2020 for wage subsidies under the CARES Act and other state level programs in the United States. 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 December 26, 2020, the Company had collected all of the CEWS subsidies for which it has applied. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through December 26, 2020, the Company has deferred $11.6 million of payroll taxes that will be paid beginning in December 2021.</span></p>
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1803000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1124000
CY2020Q4 sky Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1879000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14548000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2033000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
12515000
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1430000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1711000
us-gaap Operating Lease Payments
OperatingLeasePayments
4255000
us-gaap Operating Lease Payments
OperatingLeasePayments
4262000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5300000
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6300000
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.270
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20500000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.233
CY2020Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
21599000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
17037000
CY2019Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
44000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
62000
CY2020Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21599000
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16993000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50951000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56702000
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56521000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56630000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56990000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56788000
CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
288000
CY2019Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
267000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
253000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56883000
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2020Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
180000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6993000
CY2020Q4 us-gaap Depreciation
Depreciation
3025000
CY2019Q4 us-gaap Depreciation
Depreciation
3171000
us-gaap Depreciation
Depreciation
8994000
CY2020Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1361000
CY2019Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1345000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-4082000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
148800000
CY2020Q4 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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