$TREX
TREX CO INC

2018 Q4 Form 10-K Financial Statement

#000119312519041150 Filed on February 14, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $140.0M $166.4M $206.7M
YoY Change 14.53% 18.68% 30.87%
Cost Of Revenue $80.10M $99.17M $115.6M
YoY Change 12.34% 16.79% 34.51%
Gross Profit $59.86M $67.21M $91.12M
YoY Change 17.58% 21.57% 26.52%
Gross Profit Margin 42.76% 40.4% 44.08%
Selling, General & Admin $27.60M $28.13M $33.51M
YoY Change 7.81% 12.89% 23.11%
% of Gross Profit 46.11% 41.86% 36.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.400M $3.800M $4.600M
YoY Change -29.17% -17.39% 24.32%
% of Gross Profit 5.68% 5.65% 5.05%
Operating Expenses $27.60M $28.13M $33.51M
YoY Change 7.81% 12.89% 23.11%
Operating Profit $32.26M $39.08M $57.60M
YoY Change 27.46% 28.69% 28.6%
Interest Expense $600.0K $200.0K $369.0K
YoY Change 500.0% 238.98% 47.01%
% of Operating Profit 1.86% 0.51% 0.64%
Other Income/Expense, Net
YoY Change
Pretax Income $32.80M $39.30M $57.23M
YoY Change 29.13% 29.68% 28.49%
Income Tax $7.600M $9.829M $14.41M
% Of Pretax Income 23.17% 25.01% 25.18%
Net Earnings $25.17M $29.47M $42.82M
YoY Change 37.55% 46.64% 48.77%
Net Earnings / Revenue 17.98% 17.71% 20.72%
Basic Earnings Per Share $0.43 $0.50 $0.73
Diluted Earnings Per Share $0.43 $0.50 $0.73
COMMON SHARES
Basic Shares Outstanding 58.60M shares 58.74M shares 58.76M shares
Diluted Shares Outstanding 58.94M shares 59.08M shares 59.05M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.7M $107.3M $2.900M
YoY Change 246.56% 320.78% -66.28%
Cash & Equivalents $105.7M $107.3M $2.901M
Short-Term Investments
Other Short-Term Assets $1.245M $2.416M $806.0K
YoY Change 44.1% 234.63% 379.76%
Inventory $57.80M $35.45M $36.19M
Prepaid Expenses $3.390M $4.228M $5.466M
Receivables $91.16M $87.92M $171.1M
Other Receivables $400.0K $200.0K $900.0K
Total Short-Term Assets $270.2M $248.8M $228.4M
YoY Change 81.61% 87.22% 35.87%
LONG-TERM ASSETS
Property, Plant & Equipment $117.1M $108.2M $107.7M
YoY Change 13.61% 5.3% 5.94%
Goodwill $68.50M $68.50M $68.50M
YoY Change 0.06% 0.06%
Intangibles $6.042M $6.147M $6.620M
YoY Change 111.41% 50.55%
Long-Term Investments
YoY Change
Other Assets $3.250M $3.283M $3.316M
YoY Change 8.33% 10.13% 43.36%
Total Long-Term Assets $194.9M $186.1M $186.1M
YoY Change 9.85% 4.38% 62.59%
TOTAL ASSETS
Total Short-Term Assets $270.2M $248.8M $228.4M
Total Long-Term Assets $194.9M $186.1M $186.1M
Total Assets $465.1M $434.9M $414.4M
YoY Change 42.58% 39.75% 46.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.08M $18.20M $24.82M
YoY Change 212.31% 14.02% 63.95%
Accrued Expenses $59.10M $52.00M $45.30M
YoY Change 19.39% 17.12% 24.79%
Deferred Revenue $2.058M
YoY Change
Short-Term Debt $0.00 $0.00 $8.500M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $92.78M $75.84M $85.71M
YoY Change 48.42% 14.36% 49.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.905M $1.892M $1.970M
YoY Change -22.97% -29.3% -31.6%
Total Long-Term Liabilities $1.905M $1.892M $1.970M
YoY Change -22.97% -29.3% -31.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.78M $75.84M $85.71M
Total Long-Term Liabilities $1.905M $1.892M $1.970M
Total Liabilities $122.2M $106.3M $116.4M
YoY Change 28.62% 6.66% 26.79%
SHAREHOLDERS EQUITY
Retained Earnings $416.9M $391.8M $362.3M
YoY Change 47.66% 48.36% 48.5%
Common Stock $124.9M $123.4M $122.2M
YoY Change 2.07% 1.99% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $198.9M $186.5M $186.5M
YoY Change 14.63% 7.51% 7.51%
Treasury Stock Shares $11.45M 11.24M shares 11.24M shares
Shareholders Equity $343.0M $328.7M $298.0M
YoY Change
Total Liabilities & Shareholders Equity $465.1M $434.9M $414.4M
YoY Change 42.58% 39.75% 46.69%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $25.17M $29.47M $42.82M
YoY Change 37.55% 46.64% 48.77%
Depreciation, Depletion And Amortization $3.400M $3.800M $4.600M
YoY Change -29.17% -17.39% 24.32%
Cash From Operating Activities $22.70M $117.1M $96.40M
YoY Change 149.45% 26.32% 11.45%
INVESTING ACTIVITIES
Capital Expenditures -$12.20M -$3.900M -$12.30M
YoY Change 212.82% -2.5% 339.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$12.20M -$3.900M -$12.20M
YoY Change 190.48% -94.83% 335.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.20M -8.700M -84.00M
YoY Change -12300.0% 4250.0% 9.09%
NET CHANGE
Cash From Operating Activities 22.70M 117.1M 96.40M
Cash From Investing Activities -12.20M -3.900M -12.20M
Cash From Financing Activities -12.20M -8.700M -84.00M
Net Change In Cash -1.700M 104.5M 200.0K
YoY Change -134.0% 514.71% -97.01%
FREE CASH FLOW
Cash From Operating Activities $22.70M $117.1M $96.40M
Capital Expenditures -$12.20M -$3.900M -$12.30M
Free Cash Flow $34.90M $121.0M $108.7M
YoY Change 168.46% 25.13% 21.72%

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11850000
CY2017 us-gaap Comprehensive Income Net Of Tax
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CY2017 us-gaap Current Federal Tax Expense Benefit
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CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
46597000
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2017 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
321780000
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1177000
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
194000
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2017 us-gaap Depreciation
Depreciation
14700000
CY2017 us-gaap Depreciation Depletion And Amortization
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16860000
CY2017 us-gaap Defined Contribution Plan Cost Recognized
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3000000
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
CY2017 us-gaap Earnings Per Share Basic
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1.62
CY2017 us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
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CY2017 us-gaap Goodwill Impairment Loss
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
141919000
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46791000
CY2017 us-gaap Increase Decrease In Accounts Payable
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-4804000
CY2017 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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2488000
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2194000
CY2017 us-gaap Gross Profit
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243373000
CY2017 us-gaap Income Taxes Paid Net
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44802000
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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IncomeTaxReconciliationDeductionsQualifiedProductionActivities
4376000
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
5110000
CY2017 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
534000
CY2017 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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1795000
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
576000
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-2202000
CY2017 us-gaap Increase Decrease In Accounts Receivable
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10486000
CY2017 us-gaap Interest Income Expense Net
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-461000
CY2017 us-gaap Increase Decrease In Inventories
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3635000
CY2017 us-gaap Interest Paid Net
InterestPaidNet
418000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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-3226000
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
101865000
CY2017 us-gaap Net Income Loss
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406000
CY2017 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
9100000
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
142380000
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3617000
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
71804000
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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15040000
CY2017 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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391000
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
55000
CY2017 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
201000000
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
201000000
CY2017 us-gaap Profit Loss
ProfitLoss
95128000
CY2017 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3800000
CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
565153000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
5187000
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
5187000
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
100993000
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
393000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59150920 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58785118 shares
CY2017 trex Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
1900000
CY2017 trex Valuation Allowance For Credit Losses And Disputed Amounts
ValuationAllowanceForCreditLossesAndDisputedAmounts
0
CY2017 trex Number Of Customer Accounted For Ten Percent Or More Sales Of Net Sales
NumberOfCustomerAccountedForTenPercentOrMoreSalesOfNetSales
2 Customer
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AllocatedShareBasedCompensationExpense
6344000
CY2018 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4695000
CY2018 us-gaap Advertising Expense
AdvertisingExpense
35000000
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2018 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3100000
CY2018 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1.00 pure
CY2018 us-gaap Depreciation
Depreciation
13400000
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16597000
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Concentrations and Credit Risk</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company&#x2019;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company from time to time may have bank deposits in excess of insurance limits of the Federal Deposit Insurance Corporation. As of December&#xA0;31, 2018, substantially all deposits are maintained in one financial institution. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to its cash and cash equivalents.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company routinely assesses the financial strength of its customers and believes that its trade receivables credit risk exposure is limited. Trade receivables are recognized at the amount of revenue recognized on each shipment for Trex Residential products and for satisfied performance obligations for Trex Commercial products as the Company has an unconditional right to consideration from the customer and payment is due based solely on the passage of time. A valuation allowance is provided for known and anticipated credit losses and disputed amounts, as determined by management in the course of regularly evaluating individual customer receivables. This evaluation takes into consideration a customer&#x2019;s financial condition and credit history, as well as current economic conditions. There was no material valuation allowance recorded as of December&#xA0;31, 2018 and 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In the years ended December&#xA0;31, 2018, 2017 and 2016, sales to certain customers accounted for 10% or more of the Company&#x2019;s total net sales. For the year ended December&#xA0;31, 2018, two customers of the Company represented approximately 42% of the Company&#x2019;s net sales. For the year ended December&#xA0;31, 2017, two customers of the Company represented approximately 41% of the Company&#x2019;s net sales. For the year ended December&#xA0;31, 2016, two customers of the Company represented approximately 39% of the Company&#x2019;s net sales. At December&#xA0;31, 2018, four customers represented 31%, 19%, 13% and 12%, respectively, of the Company&#x2019;s accounts receivable balance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> For each year ended December&#xA0;31, 2018, 2017 and 2016, approximately 33% of the Company&#x2019;s materials purchases were purchased from its four largest suppliers.</p> </div>
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
75185000
CY2018 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
134572000
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
33578000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
41252000
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
7674000
CY2018 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
389356000
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
988000
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1037000
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
49000
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Type
DocumentType
10-K
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4200000
CY2018 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06 pure
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.28
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001069878
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 dei Entity Registrant Name
EntityRegistrantName
TREX CO INC
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Small Business
EntitySmallBusiness
false
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.29
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-47000
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
176861000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42289000
CY2018 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
21131000
CY2018 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5040000
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
613000
CY2018 us-gaap Gross Profit
GrossProfit
294894000
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IncomeTaxesPaidNet
48238000
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
37141000
CY2018 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-2368000
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7716000
CY2018 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
662000
CY2018 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
1929000
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
470000
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IncomeTaxReconciliationOtherAdjustments
-8000
CY2018 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
24281000
CY2018 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
192000
CY2018 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
23276000
CY2018 us-gaap Interest Paid Net
InterestPaidNet
662000
CY2018 us-gaap Nature Of Operations
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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>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; TEXT-INDENT: 4%"> Trex Company, Inc. (together with its subsidiaries, the Company), a Delaware corporation, was incorporated on September&#xA0;4, 1998. The Company&#x2019;s principal business based on net sales is the manufacture and distribution of wood/plastic composite products, as well as related accessories, primarily for residential and commercial decking and railing applications. 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 include the design, engineering and marketing of modular and architectural railing and staging systems for the commercial and multi-family market, including sports stadiums and performing arts venues. Additional information on the acquisition of SC&#xA0;Company is presented in Note 3. 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> Subsequent to the acquisition, the Company operates in two reportable segments, Trex Residential Products (Trex Residential) and Trex Commercial Products (Trex Commercial).</p> </div>
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33733000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-29203000
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NetCashProvidedByUsedInOperatingActivities
138121000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
134572000
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OtherNoncashIncomeExpense
406000
CY2018 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2018 us-gaap Open Tax Year
OpenTaxYear
2015 2016 2017 2018
CY2018 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
10000000
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
176669000
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PaymentsForRepurchaseOfCommonStock
30085000
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33816000
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882000
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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83000
CY2018 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
172250000
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
172250000
CY2018 us-gaap Profit Loss
ProfitLoss
134572000
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4200000
CY2018 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
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
684250000
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6345000
CY2018 us-gaap Selling General And Administrative Expense
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118225000
CY2018 dei Trading Symbol
TradingSymbol
TREX
CY2018 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25391000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
882000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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59067302 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58739670 shares
CY2018 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.</p> </div>
CY2018 trex Valuation Allowance For Credit Losses And Disputed Amounts
ValuationAllowanceForCreditLossesAndDisputedAmounts
0
CY2018 trex Charge To Earnings To Fully Reserve Equity Investment And Note
ChargeToEarningsToFullyReserveEquityInvestmentAndNote
2400000
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StockIssuedSharesEmployeeStockPurchasePlan
874235 shares
CY2018 trex Number Of Sales Retailers
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2 Retailer
CY2018 trex Number Of Customer Accounted For Ten Percent Or More Account Receivable
NumberOfCustomerAccountedForTenPercentOrMoreAccountReceivable
4 Customer
CY2018 trex Number Of Financial Institution With Deposit
NumberOfFinancialInstitutionWithDeposit
1 Institution
CY2018 trex Number Of Largest Raw Material Suppliers
NumberOfLargestRawMaterialSuppliers
4 Supplier
CY2018 trex Unrecognized Tax Benefits Number Of Tax Matters Identified
UnrecognizedTaxBenefitsNumberOfTaxMattersIdentified
0 Tax_Positions
CY2018 trex Number Of Customer Accounted For Ten Percent Or More Sales Of Net Sales
NumberOfCustomerAccountedForTenPercentOrMoreSalesOfNetSales
2 Customer
CY2018 trex Maturity Period Of Cash Equivalent
MaturityPeriodOfCashEquivalent
P3M
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AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1934000
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24800000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
12669000
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ComprehensiveIncomeNetOfTax
67847000
CY2016 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
26752000
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CurrentIncomeTaxExpenseBenefit
29550000
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2798000
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292521000
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5217000
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DeferredIncomeTaxExpenseBenefit
5433000
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DeferredStateAndLocalIncomeTaxExpenseBenefit
216000
CY2016 us-gaap Depreciation
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14200000
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14498000
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2500000
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EarningsPerShareDiluted
1.15
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1.16
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185000
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0
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102830000
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34983000
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4256000
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28626000
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35990000
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-1749000
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2740000
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3747000
CY2016 us-gaap Income Tax Reconciliation Tax Credits
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488000
CY2016 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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1110000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense
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396000
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-173000
CY2016 us-gaap Increase Decrease In Accounts Receivable
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653000
CY2016 us-gaap Interest Income Expense Net
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-1125000
CY2016 us-gaap Increase Decrease In Inventories
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5442000
CY2016 us-gaap Interest Paid Net
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852000
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CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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85293000
CY2016 us-gaap Net Income Loss
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67847000
CY2016 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
284000
CY2016 us-gaap Operating Leases Rent Expense Minimum Rentals
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9900000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
103955000
CY2016 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
485000
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
55216000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14551000
CY2016 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
279000
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4349000
CY2016 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
242700000
CY2016 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
249700000
CY2016 us-gaap Profit Loss
ProfitLoss
67847000
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3700000
CY2016 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
479616000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
4788000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
4790000
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
83140000
CY2016 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
53285000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
281000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59225338 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58789118 shares
CY2016 trex Number Of Customer Accounted For Ten Percent Or More Sales Of Net Sales
NumberOfCustomerAccountedForTenPercentOrMoreSalesOfNetSales
2 Customer
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2017Q1 us-gaap Gross Profit
GrossProfit
65169000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
27949000
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
144806000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59122812 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58726420 shares
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2018Q1 us-gaap Gross Profit
GrossProfit
76713000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
37110000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
171207000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59199622 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58855156 shares
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2017Q2 us-gaap Gross Profit
GrossProfit
72014000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
28782000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
157941000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59100836 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58778916 shares
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2018Q2 us-gaap Gross Profit
GrossProfit
91115000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
42820000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206692000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59051413 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58760753 shares
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2017Q3 us-gaap Gross Profit
GrossProfit
55284000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
20098000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
140194000
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 Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2018Q3 us-gaap Gross Profit
GrossProfit
67210000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
29471000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
166380000
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
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2017Q4 us-gaap Gross Profit
GrossProfit
50906000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
18299000
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
122212000
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59222258 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58825696 shares
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2018Q4 us-gaap Gross Profit
GrossProfit
59856000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
25171000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
139971000
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58936795 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58603537 shares

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