$SWBI
SMITH & WESSON BRANDS, INC.

2021 Q1 Form 10-Q Financial Statement

#000156459021010954 Filed on March 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $257.6M $166.7M $154.4M
YoY Change 54.55% 2.89% -4.52%
Cost Of Revenue $148.0M $91.70M $104.1M
YoY Change 61.35% -15.01% -1.17%
Gross Profit $109.7M $55.20M $50.31M
YoY Change 98.68% 2.12% -10.78%
Gross Profit Margin 42.57% 33.12% 32.58%
Selling, General & Admin $27.54M $25.10M $26.90M
YoY Change 9.73% -40.8% -35.65%
% of Gross Profit 25.11% 45.47% 53.47%
Research & Development $1.757M $3.192M $2.988M
YoY Change -44.96% -3.27% -8.09%
% of Gross Profit 1.6% 5.78% 5.94%
Depreciation & Amortization $7.000M $7.800M $2.200M
YoY Change -10.26% -42.65% -83.21%
% of Gross Profit 6.38% 14.13% 4.37%
Operating Expenses $29.30M $3.192M $45.42M
YoY Change 817.86% -94.31% 0.8%
Operating Profit $80.38M $52.01M $4.884M
YoY Change 54.55% -2658.34% -56.88%
Interest Expense -$550.0K -$2.900M -$3.039M
YoY Change -81.03% 13.81% 33.64%
% of Operating Profit -0.68% -5.58% -62.22%
Other Income/Expense, Net $402.0K $0.00 -$2.953M
YoY Change -100.0% 30.32%
Pretax Income $80.78M $5.900M $1.931M
YoY Change 1269.2% -231.11% -78.69%
Income Tax $18.52M $1.700M $638.0K
% Of Pretax Income 22.93% 28.81% 33.04%
Net Earnings $62.39M $5.731M $1.293M
YoY Change 988.64% -200.1% -80.6%
Net Earnings / Revenue 24.22% 3.44% 0.84%
Basic Earnings Per Share $1.13 $0.10 $0.02
Diluted Earnings Per Share $1.12 $0.10 $0.02
COMMON SHARES
Basic Shares Outstanding 55.14M 55.06M 54.91M
Diluted Shares Outstanding 55.70M 55.74M 55.42M

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.70M $46.10M $43.80M
YoY Change 29.5% 22.93% 20.33%
Cash & Equivalents $59.68M $46.15M $43.42M
Short-Term Investments
Other Short-Term Assets $8.600M $9.600M $8.900M
YoY Change -10.42% 26.32% 8.54%
Inventory $84.40M $201.5M $201.2M
Prepaid Expenses
Receivables $61.60M $101.8M $93.60M
Other Receivables $9.200M $4.800M $5.500M
Total Short-Term Assets $223.5M $363.8M $353.1M
YoY Change -38.57% 22.33% 23.94%
LONG-TERM ASSETS
Property, Plant & Equipment $150.5M $164.3M $170.3M
YoY Change -8.42% -11.45% -5.15%
Goodwill $19.00M $182.3M $182.3M
YoY Change -89.58% -4.98%
Intangibles $78.35M $82.56M
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.400M $9.600M $10.10M
YoY Change -12.5% -8.57% -10.62%
Total Long-Term Assets $182.4M $444.3M $455.7M
YoY Change -58.95% -6.53% -5.98%
TOTAL ASSETS
Total Short-Term Assets $223.5M $363.8M $353.1M
Total Long-Term Assets $182.4M $444.3M $455.7M
Total Assets $405.9M $808.1M $808.8M
YoY Change -49.77% 4.57% 5.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.20M $31.80M $36.10M
YoY Change 54.72% -6.19% -5.99%
Accrued Expenses $50.00M $49.40M $51.30M
YoY Change 1.21% -18.62% -4.11%
Deferred Revenue $5.048M $7.103M $5.502M
YoY Change -28.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.000M $75.90M
YoY Change 10.0% -84.13% 1104.76%
Total Short-Term Liabilities $116.4M $95.34M $170.2M
YoY Change 22.1% -5.89% 71.92%
LONG-TERM LIABILITIES
Long-Term Debt $39.10M $239.2M $168.2M
YoY Change -83.65% 7.99% -22.13%
Other Long-Term Liabilities $11.90M $13.48M $14.20M
YoY Change -11.73% 92.6% 102.86%
Total Long-Term Liabilities $51.00M $13.48M $182.4M
YoY Change 278.28% -94.1% -18.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.4M $95.34M $170.2M
Total Long-Term Liabilities $51.00M $13.48M $182.4M
Total Liabilities $168.1M $357.6M $362.2M
YoY Change -53.0% 4.91% 8.64%
SHAREHOLDERS EQUITY
Retained Earnings $407.9M
YoY Change
Common Stock $264.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.4M
YoY Change
Treasury Stock Shares $18.17M
Shareholders Equity $237.7M $450.5M $446.6M
YoY Change
Total Liabilities & Shareholders Equity $405.9M $808.1M $808.8M
YoY Change -49.77% 4.57% 5.09%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $62.39M $5.731M $1.293M
YoY Change 988.64% -200.1% -80.6%
Depreciation, Depletion And Amortization $7.000M $7.800M $2.200M
YoY Change -10.26% -42.65% -83.21%
Cash From Operating Activities $60.40M $10.10M -$5.800M
YoY Change 498.02% -12.93% 286.67%
INVESTING ACTIVITIES
Capital Expenditures -$3.600M -$2.300M -$4.700M
YoY Change 56.52% -64.62% -62.99%
Acquisitions
YoY Change
Other Investing Activities $300.0K -$700.0K -$800.0K
YoY Change -142.86% -61.11% -166.67%
Cash From Investing Activities -$3.200M -$2.900M -$5.600M
YoY Change 10.34% -65.06% -51.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.00M -4.400M 24.10M
YoY Change 1104.55% 91.3% -0.82%
NET CHANGE
Cash From Operating Activities 60.40M 10.10M -5.800M
Cash From Investing Activities -3.200M -2.900M -5.600M
Cash From Financing Activities -53.00M -4.400M 24.10M
Net Change In Cash 4.200M 2.800M 12.70M
YoY Change 50.0% 180.0% 12.39%
FREE CASH FLOW
Cash From Operating Activities $60.40M $10.10M -$5.800M
Capital Expenditures -$3.600M -$2.300M -$4.700M
Free Cash Flow $64.00M $12.40M -$1.100M
YoY Change 416.13% -31.49% -109.82%

Facts In Submission

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<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 firearms and firearm-related 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 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 products under the Smith &amp; Wesson, M&amp;P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our 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:0pt;text-indent:0%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 13, 2019, we announced that we were proceeding with a plan to spin-off our outdoor products and accessories business and create an independent publicly traded company to conduct that business, or the Separation. On August 24, 2020, or the Distribution Date, we completed the previously announced Separation. See also Note 3 — <span style="font-style:italic;">Discontinued Operations</span>, for more information. </p>
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us-gaap Basis Of Accounting
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<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 January 31, 2021, the condensed consolidated statements of income/(loss) and comprehensive income/(loss) for the three and nine months ended January 31, 2021 and 2020, the condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended January 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the nine months ended January 31, 2021 and 2020 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 January 31, 2021 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2020 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, 2020. The results of operations for the three and nine months ended<span style="font-size:9pt;"> </span>January 31, 2021<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 fiscal year ending April 30, 2021, or any other period.</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 June 2016, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 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 ASU 2016-13 are effective for financial statements for annual periods beginning after December 15, 2019, and early adoption is permitted. We adopted ASU 2016-13 on May 1, 2020, and the adoption of ASU 2016-13 did not have a material impact on our condensed consolidated financial statements. </span></p>
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FinanceLeaseLiabilityPaymentsDueYearTwo
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations Per Basic Share
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3.22
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y5M12D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2900000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
941000
swbi Number Of Product Liability Cases
NumberOfProductLiabilityCases
4
swbi Number Of Other Product Liability Claims
NumberOfOtherProductLiabilityClaims
2
us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2021-03-02
us-gaap Dividends Payable Nature
DividendsPayableNature
regular quarterly dividend
CY2021Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.05
us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2021-03-17
us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2021-03-31

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