$TREX
TREX CO INC

2024 Q2 Form 10-Q Financial Statement

#000119312524135380 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $376.5M $373.6M $238.7M
YoY Change 5.59% 56.52% -29.63%
Cost Of Revenue $208.4M $204.0M $144.3M
YoY Change 4.13% 41.4% -29.38%
Gross Profit $168.1M $169.6M $94.43M
YoY Change 7.45% 79.62% -30.01%
Gross Profit Margin 44.65% 45.4% 39.56%
Selling, General & Admin $51.21M $50.60M $37.48M
YoY Change -0.92% 35.01% -6.21%
% of Gross Profit 30.46% 29.83% 39.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.45M $14.15M $11.92M
YoY Change 9.52% 18.79% 13.77%
% of Gross Profit 8.0% 8.34% 12.62%
Operating Expenses $51.21M $50.60M $37.48M
YoY Change -0.92% 35.01% -6.21%
Operating Profit $116.9M $119.0M $56.95M
YoY Change 11.58% 108.98% -40.02%
Interest Expense $0.00 $5.000K -$1.985M
YoY Change -100.0% -100.25% 14078.57%
% of Operating Profit 0.0% 0.0% -3.49%
Other Income/Expense, Net
YoY Change
Pretax Income $116.9M $119.0M $54.96M
YoY Change 12.99% 116.54% -42.11%
Income Tax $29.91M $29.90M $13.80M
% Of Pretax Income 25.58% 25.12% 25.11%
Net Earnings $87.00M $89.07M $41.13M
YoY Change 12.93% 116.55% -42.24%
Net Earnings / Revenue 23.11% 23.84% 17.23%
Basic Earnings Per Share $0.80 $0.82 $0.38
Diluted Earnings Per Share $0.80 $0.82 $0.38
COMMON SHARES
Basic Shares Outstanding 108.7M 108.6M 108.8M
Diluted Shares Outstanding 108.8M 108.8M 108.9M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.172M $3.053M $3.916M
YoY Change -72.27% -22.04% -96.6%
Cash & Equivalents $1.172M $3.053M $3.916M
Short-Term Investments
Other Short-Term Assets $629.0K $629.0K $339.0K
YoY Change -93.44% 85.55% -97.44%
Inventory $148.9M $123.9M $127.8M
Prepaid Expenses $13.12M $12.33M $10.74M
Receivables $270.0M $373.5M $302.1M
Other Receivables $0.00 $0.00 $14.63M
Total Short-Term Assets $433.8M $513.4M $459.5M
YoY Change 17.42% 11.73% 5.11%
LONG-TERM ASSETS
Property, Plant & Equipment $774.0M $730.0M $617.5M
YoY Change 14.71% 18.22% 21.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.152M $6.531M $7.004M
YoY Change -15.07% -6.75% 10.58%
Total Long-Term Assets $836.1M $779.6M $673.6M
YoY Change 19.38% 15.73% 25.86%
TOTAL ASSETS
Total Short-Term Assets $433.8M $513.4M $459.5M
Total Long-Term Assets $836.1M $779.6M $673.6M
Total Assets $1.270B $1.293B $1.133B
YoY Change 18.71% 14.11% 16.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.27M $49.35M $23.14M
YoY Change 83.9% 113.3% -62.51%
Accrued Expenses $113.0M $72.74M $51.27M
YoY Change 64.43% 41.88% -9.62%
Deferred Revenue
YoY Change
Short-Term Debt $63.00M $223.0M $369.5M
YoY Change -69.42% -39.65%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $244.4M $369.2M $447.8M
YoY Change -24.29% -17.55% 213.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.56M $16.56M $11.56M
YoY Change -70.04% 43.25% -82.03%
Total Long-Term Liabilities $16.56M $16.56M $11.56M
YoY Change -70.04% 43.25% -82.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $244.4M $369.2M $447.8M
Total Long-Term Liabilities $16.56M $16.56M $11.56M
Total Liabilities $375.0M $488.8M $572.9M
YoY Change -15.97% -14.68% 127.96%
SHAREHOLDERS EQUITY
Retained Earnings $1.512B $1.425B $1.172B
YoY Change 21.08% 21.62%
Common Stock $143.7M $140.0M $133.6M
YoY Change 5.91% 4.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $761.0M $761.0M $745.3M
YoY Change -0.01% 2.1%
Treasury Stock Shares $32.10M
Shareholders Equity $894.9M $804.1M $560.2M
YoY Change
Total Liabilities & Shareholders Equity $1.270B $1.293B $1.133B
YoY Change 18.71% 14.11% 16.53%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $87.00M $89.07M $41.13M
YoY Change 12.93% 116.55% -42.24%
Depreciation, Depletion And Amortization $13.45M $14.15M $11.92M
YoY Change 9.52% 18.79% 13.77%
Cash From Operating Activities $193.7M -$174.0M -$115.5M
YoY Change -13.24% 50.73% -256.3%
INVESTING ACTIVITIES
Capital Expenditures $35.48M $37.72M $39.19M
YoY Change -17.8% -3.76% -275.84%
Acquisitions
YoY Change
Other Investing Activities $0.00 $106.0K
YoY Change
Cash From Investing Activities -$35.48M -$37.61M -$39.19M
YoY Change -17.8% -4.03% 75.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -160.1M 212.8M 146.3M
YoY Change -10.95% 45.47% -288.82%
NET CHANGE
Cash From Operating Activities 193.7M -174.0M -115.5M
Cash From Investing Activities -35.48M -37.61M -39.19M
Cash From Financing Activities -160.1M 212.8M 146.3M
Net Change In Cash -1.881M 1.094M -8.409M
YoY Change -706.77% -113.01% -67.49%
FREE CASH FLOW
Cash From Operating Activities $193.7M -$174.0M -$115.5M
Capital Expenditures $35.48M $37.72M $39.19M
Free Cash Flow $158.2M -$211.8M -$154.7M
YoY Change -12.15% 36.92% -260.83%

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<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 or Company), 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 Company is incorporated in Delaware. 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> The Company operates in a <div style="-sec-ix-hidden:hidden113862737;display:inline;">single</div> reportable segment. </div>
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