$TREX
TREX CO INC

2022 Q4 Form 10-Q Financial Statement

#000119312522274084 Filed on October 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $192.1M $188.5M $335.9M
YoY Change -36.8% -43.89% 45.09%
Cost Of Revenue $126.6M $142.3M $207.6M
YoY Change -31.85% -31.48% 41.72%
Gross Profit $65.49M $46.21M $128.3M
YoY Change -44.58% -63.97% 50.88%
Gross Profit Margin 34.09% 24.52% 38.18%
Selling, General & Admin $35.44M $26.86M $30.15M
YoY Change -16.09% -10.93% 7.69%
% of Gross Profit 54.12% 58.12% 23.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.03M $11.47M $9.902M
YoY Change 6.64% 15.78% 115.26%
% of Gross Profit 16.84% 24.81% 7.72%
Operating Expenses $35.44M $26.86M $30.15M
YoY Change -16.09% -10.93% 7.31%
Operating Profit $30.05M $19.35M $98.10M
YoY Change -60.43% -80.27% 72.4%
Interest Expense $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -95.0%
% of Operating Profit 0.0% 0.0% 0.01%
Other Income/Expense, Net
YoY Change
Pretax Income $14.62M $19.35M $98.11M
YoY Change -51.98% -80.28% 71.81%
Income Tax $4.547M $4.928M $24.31M
% Of Pretax Income 31.09% 25.47% 24.78%
Net Earnings $10.08M $14.42M $73.80M
YoY Change -59.74% -80.46% 72.82%
Net Earnings / Revenue 5.25% 7.65% 21.97%
Basic Earnings Per Share $0.13 $0.64
Diluted Earnings Per Share $0.09 $0.13 $638.2K
COMMON SHARES
Basic Shares Outstanding 109.7M 110.3M 115.3M
Diluted Shares Outstanding 110.3M 115.6M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.33M $5.885M $54.04M
YoY Change -91.26% -89.11% 168.87%
Cash & Equivalents $12.33M $5.885M $54.04M
Short-Term Investments
Other Short-Term Assets $339.0K $753.0K $9.688M
YoY Change -41.15% -92.23% 7.64%
Inventory $141.4M $132.1M $73.64M
Prepaid Expenses $10.79M $12.41M
Receivables $98.06M $88.75M $275.7M
Other Receivables $23.98M $1.176M $0.00
Total Short-Term Assets $286.8M $245.4M $413.0M
YoY Change -28.48% -40.58% 20.45%
LONG-TERM ASSETS
Property, Plant & Equipment $589.9M $536.4M $461.1M
YoY Change 28.14% 16.32% 54.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.398M $6.519M $5.969M
YoY Change 38.8% 9.21% 49.23%
Total Long-Term Assets $646.9M $596.5M $540.4M
YoY Change 24.57% 10.37% 44.0%
TOTAL ASSETS
Total Short-Term Assets $286.8M $245.4M $413.0M
Total Long-Term Assets $646.9M $596.5M $540.4M
Total Assets $933.7M $841.9M $953.5M
YoY Change 1.45% -11.7% 32.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.94M $21.88M $45.42M
YoY Change -19.81% -51.82% 36.38%
Accrued Expenses $48.66M $73.73M $94.04M
YoY Change -22.02% -21.6% 35.51%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $222.0M $76.00M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $290.6M $180.7M $156.0M
YoY Change 227.61% 15.81% 41.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.56M $11.56M $53.68M
YoY Change 0.0% -78.46% -0.96%
Total Long-Term Liabilities $11.56M $11.56M $53.68M
YoY Change 0.0% -78.46% -0.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $290.6M $180.7M $156.0M
Total Long-Term Liabilities $11.56M $11.56M $53.68M
Total Liabilities $415.4M $285.4M $232.6M
YoY Change 112.69% 22.66% 33.55%
SHAREHOLDERS EQUITY
Retained Earnings $1.131B $1.121B
YoY Change 19.52%
Common Stock $132.9M $131.2M
YoY Change 2.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $745.3M $695.3M
YoY Change 112.81%
Treasury Stock Shares $32.10M $30.95M
Shareholders Equity $518.3M $556.5M $720.8M
YoY Change
Total Liabilities & Shareholders Equity $933.7M $841.9M $953.5M
YoY Change 1.45% -11.7% 32.76%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $10.08M $14.42M $73.80M
YoY Change -59.74% -80.46% 72.82%
Depreciation, Depletion And Amortization $11.03M $11.47M $9.902M
YoY Change 6.64% 15.78% 115.26%
Cash From Operating Activities -$28.17M $54.40M $131.3M
YoY Change -119.43% -58.57% 193.08%
INVESTING ACTIVITIES
Capital Expenditures $68.07M -$41.56M -$29.62M
YoY Change -294.79% 40.3% -20.16%
Acquisitions
YoY Change
Other Investing Activities $7.299M $0.00 $41.00K
YoY Change -100.0% -59.0%
Cash From Investing Activities -$60.77M -$41.56M -$29.58M
YoY Change 73.9% 40.49% -20.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$3.650M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 95.38M -23.61M -53.15M
YoY Change -513.77% -55.58% -53250.0%
NET CHANGE
Cash From Operating Activities -28.17M 54.40M 131.3M
Cash From Investing Activities -60.77M -41.56M -29.58M
Cash From Financing Activities 95.38M -23.61M -53.15M
Net Change In Cash 6.440M -10.76M 48.57M
YoY Change -92.6% -122.16% 514.84%
FREE CASH FLOW
Cash From Operating Activities -$28.17M $54.40M $131.3M
Capital Expenditures $68.07M -$41.56M -$29.62M
Free Cash Flow -$96.24M $95.96M $160.9M
YoY Change -153.48% -40.37% 96.48%

Facts In Submission

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TREX CO INC
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<table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">BUSINESS AND ORGANIZATION </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Trex Company, Inc. (Trex), a Delaware corporation, was incorporated on September 4, 1998. Together, Trex and its wholly-owned subsidiary, Trex Commercial Products, Inc., are referred to as the Company. The Company operates in two reportable segments, Trex Residential Products (Trex Residential) and Trex Commercial Products (Trex Commercial). Trex Residential, the Company’s principal business based on net sales, is the world’s largest manufacturer of high-performance, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">low-maintenance</div> wood-alternative decking and residential railing and outdoor living products and accessories, marketed under the brand name Trex<div style="font-size: 75%; vertical-align: top;;display:inline;;font-size:8.3px">®</div>, with more than 30 years of product experience. A majority of its products are manufactured in a proprietary process that combines reclaimed wood fibers and scrap polyethylene. Also, the Company is a leading national provider of custom-engineered railing and staging systems for the commercial and multi-family market, including sports stadiums and performing arts venues. The principal executive offices are located at 160 Exeter Drive, Winchester, Virginia 22603, and the telephone number at that address is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(540) 542-6300.</div> </div>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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InventoryLIFOReserve
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InventoryLIFOReserve
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LIFOInventoryAmount
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FIFOInventoryAmount
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PrepaidExpenseCurrent
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IncomeTaxesReceivable
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IncomeTaxesReceivable
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OtherAssetsCurrent
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CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
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CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
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CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2022Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
43564000
CY2021Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
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CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9075000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q3 trex Accrued Manufacturing Expenses Current
AccruedManufacturingExpensesCurrent
3503000
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AccruedManufacturingExpensesCurrent
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CY2022Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
7850000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
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CY2022Q3 trex Billings In Excess Of Revenues Current
BillingsInExcessOfRevenuesCurrent
1213000
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BillingsInExcessOfRevenuesCurrent
1436000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3694000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3540000
CY2022Q3 trex Accrued Liabilities And Other Liabilities Current Excluding Warranty
AccruedLiabilitiesAndOtherLiabilitiesCurrentExcludingWarranty
76495000
CY2021Q4 trex Accrued Liabilities And Other Liabilities Current Excluding Warranty
AccruedLiabilitiesAndOtherLiabilitiesCurrentExcludingWarranty
58041000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2024-11-05
CY2022Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
76000000
CY2022Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
324000000
us-gaap Operating Lease Cost
OperatingLeaseCost
6300000
us-gaap Operating Lease Cost
OperatingLeaseCost
6100000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0219
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0247
us-gaap Operating Lease Payments
OperatingLeasePayments
6532000
us-gaap Operating Lease Payments
OperatingLeasePayments
6196000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7332000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7047000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
34933000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
34571000
CY2022Q3 trex Lessee Operating Leases Accrued Expenses And Other Current Liabilities
LesseeOperatingLeasesAccruedExpensesAndOtherCurrentLiabilities
7596000
CY2021Q4 trex Lessee Operating Leases Accrued Expenses And Other Current Liabilities
LesseeOperatingLeasesAccruedExpensesAndOtherCurrentLiabilities
7066000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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OperatingLeaseLiabilityNoncurrent
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OperatingLeaseLiability
35505000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2147000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
7775000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5627000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4977000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
10158000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
37646000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2141000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
35505000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
14423000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
73795000
us-gaap Net Income Loss
NetIncomeLoss
174549000
us-gaap Net Income Loss
NetIncomeLoss
183705000
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WeightedAverageNumberOfSharesOutstandingBasic
110140496
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WeightedAverageNumberOfSharesOutstandingBasic
115344015
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112609684
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115455543
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WeightedAverageNumberOfDilutedSharesOutstanding
110300017
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WeightedAverageNumberOfDilutedSharesOutstanding
115625760
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112787994
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115767426
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.55
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.55
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.59
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
greater than one year
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
42500000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
188472000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
335872000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
892991000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
248000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1887000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3531000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6195000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
6300000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61200000
trex Excess Tax Benefits From Stock Based Awards
ExcessTaxBenefitsFromStockBasedAwards
100
trex Excess Tax Benefits From Stock Based Awards
ExcessTaxBenefitsFromStockBasedAwards
2100
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2200000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q3 trex Sensitivity Change In Surface Flaking Warranty Reserve
SensitivityChangeInSurfaceFlakingWarrantyReserve
1600000
CY2021Q4 us-gaap Area Of Land
AreaOfLand
300

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