$TREX
TREX CO INC

2023 Q4 Form 10-Q Financial Statement

#000119312523266276 Filed on October 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $195.7M $303.8M
YoY Change 1.9% 61.21%
Cost Of Revenue $125.1M $172.9M
YoY Change -1.18% 21.56%
Gross Profit $70.64M $130.9M
YoY Change 7.86% 183.27%
Gross Profit Margin 36.09% 43.08%
Selling, General & Admin $42.51M $44.53M
YoY Change 19.93% 65.81%
% of Gross Profit 60.18% 34.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.99M $13.00M
YoY Change 17.83% 13.35%
% of Gross Profit 18.4% 9.93%
Operating Expenses $42.51M $44.53M
YoY Change 19.93% 65.81%
Operating Profit $28.13M $86.36M
YoY Change -6.39% 346.3%
Interest Expense $2.550M $734.0K
YoY Change
% of Operating Profit 9.07% 0.85%
Other Income/Expense, Net
YoY Change
Pretax Income $30.68M $87.10M
YoY Change 109.77% 350.09%
Income Tax $8.726M $21.83M
% Of Pretax Income 28.44% 25.07%
Net Earnings $21.95M $65.27M
YoY Change 117.83% 352.51%
Net Earnings / Revenue 11.21% 21.48%
Basic Earnings Per Share $0.60
Diluted Earnings Per Share $0.20 $0.60
COMMON SHARES
Basic Shares Outstanding 108.6M 108.6M
Diluted Shares Outstanding 108.7M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.959M $4.644M
YoY Change -84.11% -21.09%
Cash & Equivalents $1.959M $4.644M
Short-Term Investments
Other Short-Term Assets $629.0K $271.0K
YoY Change 85.55% -64.01%
Inventory $107.1M $60.38M
Prepaid Expenses $11.83M $6.859M
Receivables $41.14M $200.9M
Other Receivables $9.611M $0.00
Total Short-Term Assets $172.3M $273.1M
YoY Change -39.95% 11.27%
LONG-TERM ASSETS
Property, Plant & Equipment $709.4M $671.0M
YoY Change 20.26% 25.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.833M $7.157M
YoY Change -7.64% 9.79%
Total Long-Term Assets $760.6M $723.7M
YoY Change 17.59% 21.33%
TOTAL ASSETS
Total Short-Term Assets $172.3M $273.1M
Total Long-Term Assets $760.6M $723.7M
Total Assets $932.9M $996.8M
YoY Change -0.09% 18.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.96M $31.80M
YoY Change 20.21% 45.32%
Accrued Expenses $61.60M $90.90M
YoY Change 26.58% 23.28%
Deferred Revenue
YoY Change
Short-Term Debt $5.500M $56.50M
YoY Change -97.52% -25.66%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.06M $182.3M
YoY Change -68.66% 0.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.56M $16.56M
YoY Change 43.25% 43.25%
Total Long-Term Liabilities $16.56M $16.56M
YoY Change 43.25% 43.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.06M $182.3M
Total Long-Term Liabilities $16.56M $16.56M
Total Liabilities $216.2M $305.2M
YoY Change -47.94% 6.94%
SHAREHOLDERS EQUITY
Retained Earnings $1.336B $1.314B
YoY Change 18.16% 17.27%
Common Stock $141.6M $138.5M
YoY Change 6.48% 5.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $761.0M $761.0M
YoY Change 2.1% 9.45%
Treasury Stock Shares
Shareholders Equity $716.7M $691.7M
YoY Change
Total Liabilities & Shareholders Equity $932.9M $996.8M
YoY Change -0.09% 18.4%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $21.95M $65.27M
YoY Change 117.83% 352.51%
Depreciation, Depletion And Amortization $12.99M $13.00M
YoY Change 17.83% 13.35%
Cash From Operating Activities $101.2M $180.4M
YoY Change -459.19% 231.69%
INVESTING ACTIVITIES
Capital Expenditures $53.17M $30.56M
YoY Change -21.88% -173.54%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$53.17M -$30.56M
YoY Change -12.5% -26.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.71M -149.5M
YoY Change -153.17% 533.13%
NET CHANGE
Cash From Operating Activities 101.2M 180.4M
Cash From Investing Activities -53.17M -30.56M
Cash From Financing Activities -50.71M -149.5M
Net Change In Cash -2.685M 418.0K
YoY Change -141.69% -103.88%
FREE CASH FLOW
Cash From Operating Activities $101.2M $180.4M
Capital Expenditures $53.17M $30.56M
Free Cash Flow $48.03M $149.9M
YoY Change -149.9% 56.19%

Facts In Submission

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TREX CO INC
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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trex Payments For Proceeds From Financing Costs
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trex Payments For Proceeds From Financing Costs
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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IncomeTaxesPaidNet
35106000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
50585000
trex Capital Expenditures In Accounts Payable
CapitalExpendituresInAccountsPayable
1183000
trex Capital Expenditures In Accounts Payable
CapitalExpendituresInAccountsPayable
787000
us-gaap Nature Of Operations
NatureOfOperations
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <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="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">BUSINESS AND ORGANIZATION </div></div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Trex Company, Inc. (Trex, Company), a Delaware corporation, was incorporated on September 4, 1998. As of December 30, 2022, the Company operates in one reportable segment, Trex Residential Products (Trex Residential). Through December 30, 2022, Trex had one wholly-owned subsidiary, Trex Commercial Products, Inc. (Trex Commercial) and operated in two reportable segments, Trex Residential and Trex Commercial. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. The principal executive offices are located at 2500 Trex Way, Winchester, Virginia 22601, 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>
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NumberOfReportableSegments
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PrepaidExpenseCurrent
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IncomeTaxesReceivable
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CY2023Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
6300000
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IntangibleAssetsGrossExcludingGoodwill
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CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2200000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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AccruedMarketingCostsCurrent
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AccruedMarketingCostsCurrent
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EmployeeRelatedLiabilitiesCurrent
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OperatingLeaseLiabilityCurrent
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OperatingLeaseLiabilityCurrent
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CY2023Q3 trex Accrued Manufacturing Expenses Current
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AccruedManufacturingExpensesCurrent
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AccruedIncomeTaxesCurrent
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AccruedIncomeTaxesCurrent
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OtherAccruedLiabilitiesCurrent
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OtherAccruedLiabilitiesCurrent
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CY2022Q4 trex Accrued Liabilities And Other Liabilities Current Excluding Warranty
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CY2023Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
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us-gaap Operating Lease Cost
OperatingLeaseCost
6100000
us-gaap Operating Lease Cost
OperatingLeaseCost
6300000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0225
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.021
us-gaap Operating Lease Payments
OperatingLeasePayments
6236000
us-gaap Operating Lease Payments
OperatingLeasePayments
6532000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1882000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7332000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27286000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
30991000
CY2023Q3 trex Lessee Operating Leases Accrued Expenses And Other Current Liabilities
LesseeOperatingLeasesAccruedExpensesAndOtherCurrentLiabilities
7409000
CY2022Q4 trex Lessee Operating Leases Accrued Expenses And Other Current Liabilities
LesseeOperatingLeasesAccruedExpensesAndOtherCurrentLiabilities
7488000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
20197000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23974000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
27606000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
31462000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1893000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
183433000
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NetIncomeLoss
174549000
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.6
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
0.6
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EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.55
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
188472000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
913950000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2821000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
248000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7384000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3531000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
12500000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.253
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
62100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57700000
trex Excess Tax Benefits From Stock Based Awards
ExcessTaxBenefitsFromStockBasedAwards
400000
trex Excess Tax Benefits From Stock Based Awards
ExcessTaxBenefitsFromStockBasedAwards
100000
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3000000
CY2022Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-3800000
CY2023Q3 trex Sensitivity Change In Surface Flaking Warranty Reserve
SensitivityChangeInSurfaceFlakingWarrantyReserve
1100000
CY2021Q4 us-gaap Area Of Land
AreaOfLand
300

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