$TREX
TREX CO INC

2018 Q3 Form 10-Q Financial Statement

#000119312518310751 Filed on October 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $166.4M $140.2M
YoY Change 18.68% 32.05%
Cost Of Revenue $99.17M $84.91M
YoY Change 16.79% 11.4%
Gross Profit $67.21M $55.28M
YoY Change 21.57% 84.62%
Gross Profit Margin 40.4% 39.43%
Selling, General & Admin $28.13M $24.92M
YoY Change 12.89% 28.59%
% of Gross Profit 41.86% 45.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.800M $4.600M
YoY Change -17.39% 31.43%
% of Gross Profit 5.65% 8.32%
Operating Expenses $28.13M $24.92M
YoY Change 12.89% 28.59%
Operating Profit $39.08M $30.37M
YoY Change 28.69% 187.38%
Interest Expense $200.0K $59.00K
YoY Change 238.98% -23.38%
% of Operating Profit 0.51% 0.19%
Other Income/Expense, Net
YoY Change
Pretax Income $39.30M $30.31M
YoY Change 29.68% 188.93%
Income Tax $9.829M $10.21M
% Of Pretax Income 25.01% 33.68%
Net Earnings $29.47M $20.10M
YoY Change 46.64% 158.1%
Net Earnings / Revenue 17.71% 14.34%
Basic Earnings Per Share $0.50 $0.34
Diluted Earnings Per Share $0.50 $0.34
COMMON SHARES
Basic Shares Outstanding 58.74M shares 58.81M shares
Diluted Shares Outstanding 59.08M shares 59.16M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.3M $25.50M
YoY Change 320.78% 11.35%
Cash & Equivalents $107.3M $25.54M
Short-Term Investments
Other Short-Term Assets $2.416M $722.0K
YoY Change 234.63% -48.21%
Inventory $35.45M $26.03M
Prepaid Expenses $4.228M $3.190M
Receivables $87.92M $70.80M
Other Receivables $200.0K $1.900M
Total Short-Term Assets $248.8M $132.9M
YoY Change 87.22% 33.84%
LONG-TERM ASSETS
Property, Plant & Equipment $108.2M $102.8M
YoY Change 5.3% 4.0%
Goodwill $68.50M $68.46M
YoY Change 0.06%
Intangibles $6.147M $4.083M
YoY Change 50.55%
Long-Term Investments
YoY Change
Other Assets $3.283M $2.981M
YoY Change 10.13% 48.68%
Total Long-Term Assets $186.1M $178.3M
YoY Change 4.38% 60.12%
TOTAL ASSETS
Total Short-Term Assets $248.8M $132.9M
Total Long-Term Assets $186.1M $178.3M
Total Assets $434.9M $311.2M
YoY Change 39.75% 47.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.20M $15.96M
YoY Change 14.02% 45.43%
Accrued Expenses $52.00M $44.40M
YoY Change 17.12% 28.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.84M $66.32M
YoY Change 14.36% 35.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.892M $2.676M
YoY Change -29.3% -27.66%
Total Long-Term Liabilities $1.892M $2.676M
YoY Change -29.3% -27.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.84M $66.32M
Total Long-Term Liabilities $1.892M $2.676M
Total Liabilities $106.3M $99.62M
YoY Change 6.66% 10.53%
SHAREHOLDERS EQUITY
Retained Earnings $391.8M $264.1M
YoY Change 48.36% 52.67%
Common Stock $123.4M $121.0M
YoY Change 1.99% -0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $186.5M $173.5M
YoY Change 7.51% 0.0%
Treasury Stock Shares 11.24M shares 5.494M shares
Shareholders Equity $328.7M $211.6M
YoY Change
Total Liabilities & Shareholders Equity $434.9M $311.2M
YoY Change 39.75% 47.73%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $29.47M $20.10M
YoY Change 46.64% 158.1%
Depreciation, Depletion And Amortization $3.800M $4.600M
YoY Change -17.39% 31.43%
Cash From Operating Activities $117.1M $92.70M
YoY Change 26.32% 37.95%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$4.000M
YoY Change -2.5% 21.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$71.50M
YoY Change -100.0%
Cash From Investing Activities -$3.900M -$75.50M
YoY Change -94.83% 2120.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.700M -200.0K
YoY Change 4250.0% -99.54%
NET CHANGE
Cash From Operating Activities 117.1M 92.70M
Cash From Investing Activities -3.900M -75.50M
Cash From Financing Activities -8.700M -200.0K
Net Change In Cash 104.5M 17.00M
YoY Change 514.71% -16.67%
FREE CASH FLOW
Cash From Operating Activities $117.1M $92.70M
Capital Expenditures -$3.900M -$4.000M
Free Cash Flow $121.0M $96.70M
YoY Change 25.13% 37.16%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left"><b>4.</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left"><b>NEW ACCOUNTING STANDARDS NOT YET ADOPTED</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In June 2018, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2018-07,</font> &#x201C;<i>Compensation &#x2013; Stock Compensation (Topic 718)</i>.&#x201D; The ASU expands the scope of Topic 718, which currently only includes share-based payments issued to employees, to also include share-based payments issued to nonemployees for goods or services. The ASU supersedes Subtopic <font style="WHITE-SPACE: nowrap">505-50,</font> &#x201C;<i>Equity - Equity-Based Payment to <font style="WHITE-SPACE: nowrap">Non-Employees</font></i>.&#x201D; Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU is effective for fiscal years beginning after December&#xA0;15, 2018, including interim periods within that fiscal year. Early adoption is permitted. The Company intends to adopt the guidance on January&#xA0;1, 2019 and does not believe adoption will have a material impact on its financial condition or results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In January 2017, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2017-04,</font> &#x201C;<i>Intangibles&#x2014;Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment</i>.&#x201D; The guidance removes Step 2 of the goodwill impairment test and eliminates the need to determine the fair value of individual assets and liabilities to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit&#x2019;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The guidance will be applied prospectively, and is effective for annual and interim goodwill impairment tests in fiscal years beginning after December&#xA0;15, 2019. Early adoption is permitted for any impairment tests performed on testing dates after January&#xA0;1, 2017. The Company intends to adopt the guidance on January&#xA0;1, 2020 and does not believe adoption will have a material impact on its financial condition or results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-02,</font> &#x201C;<i>Leases (Topic 842),</i>&#x201D; and issued subsequent amendments to the initial guidance in January 2018 within ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2018-01</font> and in July 2018 within ASU Nos. <font style="WHITE-SPACE: nowrap">2018-10</font> and <font style="WHITE-SPACE: nowrap">2018-11.</font> The standard requires lessees to recognize leases on the balance sheet as a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> asset and a lease liability, other than leases that meet the definition of a short-term lease. The liability will be equal to the present value of the lease payments. The asset will be based on the liability, subject to adjustment. Currently, under existing U.S. generally accepted accounting principles, the Company does not recognize on the balance sheet a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> asset or lease liability related to its operating leases. For income statement purposes, the leases will continue to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) and finance leases will result in a front-loaded expense pattern (similar to current capital leases). The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2018. Early adoption is permitted. The standard allows an entity to elect to have a date of initial application as of the beginning of the period of adoption. The standard provides for the option to elect a package of practical expedients upon adoption. The Company intends to adopt the standard on January&#xA0;1, 2019 and continues to assess its lease population and its option to elect certain practical expedients as defined in the new standard. The Company expects expanded financial statement note disclosure in addition to recognizing a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> asset and lease liability for its operating leases on the balance sheet. The Company continues to evaluate the impacts of the pending adoption. As such, the Company&#x2019;s preliminary assessments are subject to change.</p> </div>
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.241 pure
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.85
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
dei Entity Central Index Key
EntityCentralIndexKey
0001069878
dei Entity Registrant Name
EntityRegistrantName
TREX CO INC
dei Entity Small Business
EntitySmallBusiness
false
dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.86
us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
0.10 pure
us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-50000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
144058000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34657000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
8245000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
619000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3155000
us-gaap Gross Profit
GrossProfit
235038000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
39170000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
4369000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
21034000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-377000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
927000
us-gaap Interest Paid Net
InterestPaidNet
662000
us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left"><b>BUSINESS AND ORGANIZATION</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Trex Company, Inc. (Company) is the world&#x2019;s largest manufacturer of wood-alternative decking and railing products, with more than 25 years of product experience, which are marketed under the brand name Trex<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup>. The Company manufactures and distributes high-performance, <font style="WHITE-SPACE: nowrap">low-maintenance</font> wood/plastic composite outdoor living products and related accessories. A majority of its products are manufactured in a proprietary process that combines reclaimed wood fibers and scrap polyethylene. On July&#xA0;31, 2017, through its newly-formed, wholly-owned subsidiary, Trex Commercial Products, Inc., the Company acquired certain assets and assumed certain liabilities of Staging Concepts Acquisition, LLC (SC Company) and thus expanded its markets to also become a market leader for the design, engineering and marketing of modular and architectural railing, staging, acoustical and seating systems for the commercial and multi-family market, including sports stadiums and performing arts venues. Additional information on the acquisition of SC Company is presented in Note 5. Subsequent to the acquisition, the Company began operating in two reportable segments, Trex Residential Products and Trex Commercial Products. The Company is incorporated in Delaware. The principal executive offices are located at 160 Exeter Drive, Winchester, Virginia 22603, and the telephone number at that address is <font style="WHITE-SPACE: nowrap">(540)&#xA0;542-6300.</font></p> </div>
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21528000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17042000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
115369000
us-gaap Net Income Loss
NetIncomeLoss
109401000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
408000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Open Tax Year
OpenTaxYear
2014 2015 2016 2017
us-gaap Operating Income Loss
OperatingIncomeLoss
144435000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17723000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21611000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
681000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
83000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
172250000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
172250000
us-gaap Profit Loss
ProfitLoss
109401000
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
The Company discloses only the transaction price allocated to its remaining performance obligations on contracts with an original duration greater than one year
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
544279000
us-gaap Share Based Compensation
ShareBasedCompensation
5045000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59111303 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58785546 shares
trex Number Of Stock Based Compensation Plan
NumberOfStockBasedCompensationPlan
1 Plan
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
90603000
dei Trading Symbol
TradingSymbol
TREX
CY2017Q3 us-gaap Gross Profit
GrossProfit
55284000
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-59000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
20098000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
30365000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
140194000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24919000
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1037000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
20098000
CY2017Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
84910000
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30306000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10208000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59156432 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58808098 shares
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1401000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
29471000
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
99170000
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
39300000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9829000
CY2018Q3 us-gaap Gross Profit
GrossProfit
67210000
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
222000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
29471000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
39078000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
166380000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28132000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59084117 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58741973 shares

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