$TGI
TRIUMPH GROUP INC

2020 Q2 Form 10-Q Financial Statement

#000156459020036288 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $495.1M $730.2M
YoY Change -32.2% -12.33%
Cost Of Revenue $393.8M $582.2M
YoY Change -32.36% -24.41%
Gross Profit $101.2M $119.5M
YoY Change -15.26% 208.35%
Gross Profit Margin 20.45% 16.36%
Selling, General & Admin $57.20M $62.34M
YoY Change -8.24% -23.66%
% of Gross Profit 56.51% 52.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.60M $44.05M
YoY Change -35.07% 13.5%
% of Gross Profit 28.25% 36.87%
Operating Expenses $57.20M $694.7M
YoY Change -91.77% -22.76%
Operating Profit -$252.4M $35.51M
YoY Change -810.74% -153.36%
Interest Expense -$35.00M -$27.50M
YoY Change 27.27% 7.84%
% of Operating Profit -77.44%
Other Income/Expense, Net $12.40M $14.90M
YoY Change -16.78% -9.7%
Pretax Income -$274.9M $22.90M
YoY Change -1300.84% -130.32%
Income Tax $853.0K $4.807M
% Of Pretax Income 21.0%
Net Earnings -$275.8M $18.09M
YoY Change -1624.69% -123.63%
Net Earnings / Revenue -55.71% 2.48%
Basic Earnings Per Share -$5.32 $0.36
Diluted Earnings Per Share -$5.32 $0.36
COMMON SHARES
Basic Shares Outstanding 51.86M 49.85M
Diluted Shares Outstanding 51.86M 50.30M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.90M $28.90M
YoY Change 6.92% -12.69%
Cash & Equivalents $30.91M $28.93M
Short-Term Investments
Other Short-Term Assets $213.8M $23.90M
YoY Change 794.56% -78.57%
Inventory $467.1M $470.4M
Prepaid Expenses
Receivables $460.8M $331.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.173B $1.179B
YoY Change -0.51% -24.11%
LONG-TERM ASSETS
Property, Plant & Equipment $370.8M $515.2M
YoY Change -28.03% -29.64%
Goodwill $581.6M
YoY Change -1.01%
Intangibles $418.5M
YoY Change -15.13%
Long-Term Investments
YoY Change
Other Assets $88.60M $129.3M
YoY Change -31.46% 139.81%
Total Long-Term Assets $1.094B $1.645B
YoY Change -33.5% -11.91%
TOTAL ASSETS
Total Short-Term Assets $1.173B $1.179B
Total Long-Term Assets $1.094B $1.645B
Total Assets $2.266B $2.823B
YoY Change -19.73% -17.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $299.3M $426.6M
YoY Change -29.84% -17.15%
Accrued Expenses $199.3M $225.7M
YoY Change -11.68% 0.25%
Deferred Revenue $310.0M
YoY Change -34.69%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.600M $8.200M
YoY Change -7.32% -50.9%
Total Short-Term Liabilities $789.4M $970.4M
YoY Change -18.65% -23.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.557B $1.427B
YoY Change 9.09% -5.07%
Other Long-Term Liabilities $959.8M $449.5M
YoY Change 113.54% 12.32%
Total Long-Term Liabilities $2.517B $449.5M
YoY Change 459.97% 12.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $789.4M $970.4M
Total Long-Term Liabilities $2.517B $449.5M
Total Liabilities $3.314B $1.420B
YoY Change 133.38% -14.52%
SHAREHOLDERS EQUITY
Retained Earnings -$778.2M
YoY Change 50.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $149.8M
YoY Change -14.92%
Treasury Stock Shares 2.456M shares
Shareholders Equity -$1.047B -$557.9M
YoY Change
Total Liabilities & Shareholders Equity $2.266B $2.823B
YoY Change -19.73% -17.45%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$275.8M $18.09M
YoY Change -1624.69% -123.63%
Depreciation, Depletion And Amortization $28.60M $44.05M
YoY Change -35.07% 13.5%
Cash From Operating Activities -$197.5M $5.018M
YoY Change -4036.49% -107.64%
INVESTING ACTIVITIES
Capital Expenditures -$7.700M -$8.100M
YoY Change -4.94% -33.61%
Acquisitions
YoY Change
Other Investing Activities $800.0K -$2.600M
YoY Change -130.77% -471.43%
Cash From Investing Activities -$6.931M -$10.66M
YoY Change -34.98% -7.59%
FINANCING ACTIVITIES
Cash Dividend Paid $1.998M
YoY Change 0.5%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -250.9M -58.12M
YoY Change 331.75% -176.58%
NET CHANGE
Cash From Operating Activities -197.5M 5.018M
Cash From Investing Activities -6.931M -10.66M
Cash From Financing Activities -250.9M -58.12M
Net Change In Cash -454.6M -63.88M
YoY Change 611.57% 4583.28%
FREE CASH FLOW
Cash From Operating Activities -$197.5M $5.018M
Capital Expenditures -$7.700M -$8.100M
Free Cash Flow -$189.8M $13.12M
YoY Change -1547.12% -124.51%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Arial;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s trade and other accounts receivable are exposed to credit risk. However, the risk is limited due to the diversity of the customer base and the customer base’s wide geographical area. Trade accounts receivable from The Boeing Company ("Boeing") (representing commercial, military and space) represented approximately 17% and 21% of total trade accounts receivable as of June 30, 2020 and March 31, 2020, respectively. Trade and other accounts receivable from Bombardier Inc. ("Bombardier") include receivables from transition services and represented approximately 19% and 16% as of June 30, 2020 and March 31, 2020, respectively. The Company had no other concentrations of credit risk of more than 10%.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sales to Boeing for the three months ended June 30, 2020, were $188,137, or 38% of net sales, of which $52,022 and $136,114 were from the Systems &amp; Support and Aerospace Structures, respectively. Sales to Boeing for the three months ended June 30, 2019, were $245,315, or 34% of net sales, of which $61,032 and $184,282 were from the Systems &amp; Support and Aerospace Structures, respectively. The percentage increase in sales to Boeing as compared with the prior period is driven entirely by military sales.  </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sales to Gulfstream Aerospace Corporation (“Gulfstream”) for the three months ended June 30, 2020, were $53,710, or 11% of net sales, of which $843 and $52,867 were from the Systems &amp; Support and Aerospace Structures, respectively. Sales to Gulfstream for the three months ended June 30, 2019, were $102,315, or 14% of net sales, of which $855 and $101,459 were from the Systems &amp; Support and Aerospace Structures, respectively.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No other single customer accounted for more than 10% of the Company’s net sales. However, the loss of any significant customer, including Boeing and Gulfstream, could have a material adverse effect on the Company and its operating subsidiaries.</p>
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tgi-20200630_pre.xml Edgar Link unprocessable
tgi-ex102_352.htm Edgar Link pending
tgi-ex103_351.htm Edgar Link pending
tgi-ex311_10.htm Edgar Link pending
tgi-ex312_7.htm Edgar Link pending
tgi-ex321_6.htm Edgar Link pending
tgi-ex322_13.htm Edgar Link pending