$SWBI
SMITH & WESSON BRANDS, INC.

2019 Q3 Form 10-Q Financial Statement

#000156459019033589 Filed on August 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $123.7M $138.8M
YoY Change -10.93% 7.6%
Cost Of Revenue $75.81M $86.41M
YoY Change -12.27% -2.25%
Gross Profit $47.85M $52.42M
YoY Change -8.71% 29.02%
Gross Profit Margin 38.7% 37.76%
Selling, General & Admin $43.48M $36.10M
YoY Change 20.45% -12.05%
% of Gross Profit 90.86% 68.86%
Research & Development $3.229M $2.810M
YoY Change 14.91% 0.86%
% of Gross Profit 6.75% 5.36%
Depreciation & Amortization $14.30M $12.90M
YoY Change 10.85% -6.52%
% of Gross Profit 29.88% 24.61%
Operating Expenses $46.71M $38.95M
YoY Change 19.94% -11.15%
Operating Profit $1.143M $13.48M
YoY Change -91.52% -521.13%
Interest Expense -$2.600M -$2.001M
YoY Change 29.94% -16.31%
% of Operating Profit -227.47% -14.85%
Other Income/Expense, Net -$2.622M -$2.019M
YoY Change 29.87% -255.55%
Pretax Income -$1.479M $11.46M
YoY Change -112.91% -366.44%
Income Tax $629.0K $3.812M
% Of Pretax Income 33.27%
Net Earnings -$2.108M $7.645M
YoY Change -127.57% -453.12%
Net Earnings / Revenue -1.7% 5.51%
Basic Earnings Per Share -$0.04 $0.14
Diluted Earnings Per Share -$0.04 $0.14
COMMON SHARES
Basic Shares Outstanding 54.78M 54.35M
Diluted Shares Outstanding 54.78M 54.93M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.70M $25.20M
YoY Change 21.83% -41.94%
Cash & Equivalents $30.73M $25.24M
Short-Term Investments
Other Short-Term Assets $9.400M $9.300M
YoY Change 1.08% 10.71%
Inventory $195.4M $166.9M
Prepaid Expenses
Receivables $70.24M $41.50M
Other Receivables $2.200M $1.000M
Total Short-Term Assets $307.9M $243.9M
YoY Change 26.25% -23.23%
LONG-TERM ASSETS
Property, Plant & Equipment $174.4M $172.8M
YoY Change 0.9% 18.44%
Goodwill $182.3M $191.2M
YoY Change -4.67% 13.07%
Intangibles $87.11M
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.81M $11.50M
YoY Change 80.94% 18.56%
Total Long-Term Assets $464.5M $482.9M
YoY Change -3.8% 4.89%
TOTAL ASSETS
Total Short-Term Assets $307.9M $243.9M
Total Long-Term Assets $464.5M $482.9M
Total Assets $772.5M $726.8M
YoY Change 6.28% -6.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.55M $31.60M
YoY Change -6.49% -21.0%
Accrued Expenses $53.90M $53.30M
YoY Change 1.13% -27.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $80.70M $6.600M
YoY Change 1122.73% -91.88%
Total Short-Term Liabilities $164.4M $93.90M
YoY Change 75.13% -51.87%
LONG-TERM LIABILITIES
Long-Term Debt $140.2M $188.0M
YoY Change -25.43% 18.02%
Other Long-Term Liabilities $15.09M $6.900M
YoY Change 118.71% -8.0%
Total Long-Term Liabilities $15.09M $194.9M
YoY Change -92.26% 16.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.4M $93.90M
Total Long-Term Liabilities $15.09M $194.9M
Total Liabilities $329.4M $300.2M
YoY Change 9.73% -22.53%
SHAREHOLDERS EQUITY
Retained Earnings $400.8M
YoY Change
Common Stock $264.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.4M
YoY Change
Treasury Stock Shares $18.17M
Shareholders Equity $443.1M $426.7M
YoY Change
Total Liabilities & Shareholders Equity $772.5M $726.8M
YoY Change 6.28% -6.59%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$2.108M $7.645M
YoY Change -127.57% -453.12%
Depreciation, Depletion And Amortization $14.30M $12.90M
YoY Change 10.85% -6.52%
Cash From Operating Activities -$29.14M $10.64M
YoY Change -373.88% -130.84%
INVESTING ACTIVITIES
Capital Expenditures $3.695M $6.919M
YoY Change -46.6% 47.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$3.818M -$7.108M
YoY Change -46.29% 48.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.575M $26.58M
YoY Change -94.07% 1587.3%
Cash From Financing Activities 22.67M -27.15M
YoY Change -183.5% -228.67%
NET CHANGE
Cash From Operating Activities -29.14M 10.64M
Cash From Investing Activities -3.818M -7.108M
Cash From Financing Activities 22.67M -27.15M
Net Change In Cash -10.28M -23.62M
YoY Change -56.47% 29.96%
FREE CASH FLOW
Cash From Operating Activities -$29.14M $10.64M
Capital Expenditures $3.695M $6.919M
Free Cash Flow -$32.83M $3.720M
YoY Change -982.61% -109.49%

Facts In Submission

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CY2019Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3818000
CY2018Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7108000
CY2018Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
139000
CY2019Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
538000
CY2018Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
556000
CY2019Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22673000
CY2018Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27153000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10283000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-23622000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
41015000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
48860000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30732000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25238000
CY2019Q3 us-gaap Interest Paid Net
InterestPaidNet
1690000
CY2018Q3 us-gaap Interest Paid Net
InterestPaidNet
1220000
CY2018Q3 aobc Purchases Of Property And Equipment Funded By Capital Lease
PurchasesOfPropertyAndEquipmentFundedByCapitalLease
12074000
CY2018Q3 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
12074000
CY2019Q3 aobc Changes In Other Assets For Operating Lease Obligations
ChangesInOtherAssetsForOperatingLeaseObligations
10928000
CY2019Q3 aobc Changes In Lease Liabilities For Operating Lease Obligations
ChangesInLeaseLiabilitiesForOperatingLeaseObligations
11970000
CY2019Q3 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(1) Organization: </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle and suppressor markets. We are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, suppressors, and other firearm-related products for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our firearm products under the Smith &amp; Wesson, M&amp;P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We also sell our manufacturing services to other businesses to level-load our factories. We sell those services under our Smith &amp; Wesson and Smith &amp; Wesson Precision Components brands.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our Outdoor Products &amp; Accessories segment, we design, source, distribute, and manufacture reloading, gunsmithing, and gun cleaning supplies; high-quality stainless steel cutting tools and accessories; flashlights; tree saws and related trimming accessories; shooting supplies, rests, and other related accessories; fishing accessories; apparel; vault accessories; laser grips and laser sights; and a full range of products for survival and emergency preparedness. We sell our products under the Caldwell, Crimson Trace, Wheeler, Tipton, Frankford Arsenal, Schrade, Imperial, Uncle Henry, BUBBA, UST, Lockdown, Hooyman, BOG, Old Timer, LaserLyte, and KeyGear brands. We also offer firearms and non-firearms accessories, such as flashlights and knives, under our brands in our firearms business, including Smith &amp; Wesson, M&amp;P, Performance Center, and Thompson/Center Arms. We develop and market our outdoor products and accessories at our facilities in Columbia, Missouri and Wilsonville, Oregon.</p>
CY2019Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(2) Basis of Presentation: </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Interim Financial Information –<span style="font-style:normal;"> The condensed consolidated balance sheet as of July 31, 2019, the condensed consolidated statements of (loss)/income and comprehensive (loss)/income for the three months ended July 31, 2019 and 2018, the condensed consolidated statement of changes in stockholders’ equity for the three months ended July 31, 2019, and the condensed consolidated statements of cash flows for the three months ended July 31, 2019 and 2018 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at July 31, 2019 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2019 has been derived from our audited consolidated financial statements. </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2019. The results of operations for the three months ended<span style="font-size:9pt;"> </span>July 31, 2019<span style="font-size:8pt;"> </span>may<span style="font-size:9pt;"> </span>not be indicative of the results that may be expected for the year ending April 30, 2020, or any other period. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Revenue Recognition - <span style="font-style:normal;">We recognize revenue in accordance with the provisions of Accounting Standards Update, or ASU, </span>Revenue from Contracts with<span style="font-style:normal;"> </span>Customers<span style="font-style:normal;"> (Topic 606), which became effective for us on May 1, 2018. Generally, all performance obligations are satisfied and revenue is recognized when the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until the receipt of customer acceptance. </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In some instances, sales include multiple performance obligations. The most common of these instances relates to sales promotion programs that entitle customers to receive free goods based upon their purchase of our products. The fulfillment of these free goods are our responsibility. In such instances, we allocate the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the products included in the promotional program, including the free goods. We recognize revenue proportionally as each performance obligation is satisfied, based on the relative transaction price of each product. The net change in contract liabilities for a given period is reported as an increase or decrease to sales.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. For contracts with discounted terms, we determine the transaction price upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. In all cases, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Recently Issued Accounting Standards –<span style="font-style:normal;"> In February 2016, the FASB issued ASU 2016-02, </span>Leases<span style="font-style:normal;"> (Topic 842), or ASU 2016-02, which amends the existing guidance to require lessees to recognize right-of-use assets and lease liabilities in a classified balance sheet. The most prominent among the changes in the standard is the requirement for lessees to recognize right-of-use assets and lease liabilities for those leases classified as operating leases under current U.S. GAAP. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2018, and early adoption is permitted. We utilized leasing software to assist us in the accounting and tracking of leases and used the optional transitional method allowed by ASU 2018-11, Leases (Topic 842 Targeted Improvements. Under this method, we applied the standard using the modified retrospective method with an adoption date of May 1, 2019. We elected to use the package of practical expedients, which permits us to not reassess certain lease contract provisions. We adopted ASU 2016-02 effective May 1, 2019 and recognized right-of-use assets of $11.5 million, lease liabilities of $12.8 million. The difference between the right-of-use assets and the lease liabilities of $1.3 million is a result of the reclassification of deferred rent and lease incentive liabilities primarily relating to our real estate operating leases into the right-of use assets, which had no impact to retained earnings. See also Note 3 – </span>Leases<span style="font-style:normal;">, for more information.</span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments — <span style="font-style:italic;">Credit Losses</span> (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2019, and early adoption is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements, which we do not expect to be material.<span style="font-size:12pt;"> </span></p>
CY2019Q3 aobc Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
10928000
CY2019Q3 aobc Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
643000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10285000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2726000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8778000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
11504000
CY2019Q3 aobc Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
41070000
CY2019Q3 aobc Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
551000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
40519000
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
914000
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
40708000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
41622000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1000000.0
CY2019Q3 aobc Short Term Operating Lease Cost
ShortTermOperatingLeaseCost
200000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
535000
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
520000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.046
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P19Y
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.050
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2503000
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
2230000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
4733000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2874000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
3016000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
5890000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2712000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
3056000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
5768000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2582000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
3071000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
5653000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1537000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
3125000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due Year Five
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
4662000
CY2019Q3 aobc Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
268000
CY2019Q3 aobc Finance Lease Liability Payments Due Year Six
FinanceLeaseLiabilityPaymentsDueYearSix
3180000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due Year Six
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearSix
3438000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
173314000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
81700000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
86887000
CY2019Q3 aobc Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
680000
CY2019Q3 aobc Finance Lease Liability Payments Due After Year Six
FinanceLeaseLiabilityPaymentsDueAfterYearSix
48853000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due After Year Six
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearSix
49543000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13156000
CY2019Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
66531000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
79687000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1652000
CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
24909000
CY2019Q3 aobc Lessee Operating And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
26561000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
11504000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
41622000
CY2019Q3 aobc Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
53126000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2726000
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
914000
CY2019Q3 aobc Operating And Finance Lease Liability Current
OperatingAndFinanceLeaseLiabilityCurrent
3640000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8778000
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
40708000
CY2019Q3 aobc Operating And Finance Lease Liability Noncurrent
OperatingAndFinanceLeaseLiabilityNoncurrent
49486000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1400000
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14600000
CY2019Q3 aobc Contract With Customer Liability Revenue Deferred
ContractWithCustomerLiabilityRevenueDeferred
5500000
CY2019Q3 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
9100000
CY2018Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14000000.0
CY2018Q3 aobc Contract With Customer Liability Revenue Deferred
ContractWithCustomerLiabilityRevenueDeferred
4300000
CY2018Q3 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
9700000
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
13600000
CY2019Q2 us-gaap Goodwill
Goodwill
182269000
CY2019Q3 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-2000
CY2019Q3 us-gaap Goodwill
Goodwill
182267000
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
173436000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
91614000
CY2019Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
226000
CY2019Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
226000
CY2019Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
173662000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
86549000
CY2019Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
87113000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
81700000
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
91840000
CY2019Q3 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y
CY2019Q3 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The Revolving Line provides for availability for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election.
CY2015Q2 aobc Percentage Of Interest Rate Protection
PercentageOfInterestRateProtection
0.75
CY2019Q3 us-gaap Interest Rate Derivative Assets At Fair Value
InterestRateDerivativeAssetsAtFairValue
300000
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
134874000
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
108247000
CY2019Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
41727000
CY2019Q2 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
36181000
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5569000
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7576000
CY2019Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
13278000
CY2019Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11766000
CY2019Q3 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
195448000
CY2019Q2 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
163770000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2108000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54783000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
7645000
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2108000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54783000
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
7645000
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2019Q3 aobc Number Of Stock Option Plans
NumberOfStockOptionPlans
2
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
267761
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.76
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
316160
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.69
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
17399
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.98
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
267761
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.76
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
298761
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.61
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y1M6D
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y10M9D
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
267761
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.76
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
298761
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y1M6D
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y10M9D
CY2019Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000.0
CY2019Q3 aobc Number Of Product Liability Cases
NumberOfProductLiabilityCases
8
CY2019Q3 aobc Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
6
CY2019Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
183268000
CY2019Q3 us-gaap Assets
Assets
772455000
CY2019Q2 us-gaap Assets
Assets
766789000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
174355000
CY2019Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
87113000
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
91840000
CY2019Q3 us-gaap Goodwill
Goodwill
182267000
CY2019Q2 us-gaap Goodwill
Goodwill
182269000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
123665000
CY2019Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
75811000
CY2019Q3 us-gaap Gross Profit
GrossProfit
47854000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1143000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
629000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
138833000
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
86411000
CY2018Q3 us-gaap Gross Profit
GrossProfit
52422000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
13476000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3812000
CY2019Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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