2016 Q4 Form 10-Q Financial Statement

#000100865416000052 Filed on October 25, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $600.9M $521.8M $521.0M
YoY Change 1.49% 0.15% -11.5%
Cost Of Revenue $196.4M $168.4M $172.5M
YoY Change 2.72% -2.38% -17.54%
Gross Profit $404.5M $353.4M $348.5M
YoY Change 0.9% 1.41% -8.17%
Gross Profit Margin 67.32% 67.73% 66.89%
Selling, General & Admin $292.8M $284.2M $288.5M
YoY Change -4.19% -1.49% -10.32%
% of Gross Profit 72.39% 80.42% 82.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.70M $13.60M $15.60M
YoY Change -13.29% -12.82% -3.11%
% of Gross Profit 3.39% 3.85% 4.48%
Operating Expenses $292.8M $284.2M $288.5M
YoY Change -4.19% -1.49% -10.32%
Operating Profit $111.7M $91.00M $61.70M
YoY Change 17.21% 47.49% 11.78%
Interest Expense -$11.60M $12.80M $11.30M
YoY Change -115.74% 13.27% -5.04%
% of Operating Profit -10.38% 14.07% 18.31%
Other Income/Expense, Net -$6.500M $300.0K -$300.0K
YoY Change -92.38% -200.0% -107.89%
Pretax Income $93.60M $79.30M $50.60M
YoY Change 14.57% 56.72% 5.64%
Income Tax $14.60M $30.50M $14.40M
% Of Pretax Income 15.6% 38.46% 28.46%
Net Earnings $79.00M $48.80M $36.20M
YoY Change 35.97% 34.81% 12.07%
Net Earnings / Revenue 13.15% 9.35% 6.95%
Basic Earnings Per Share $0.97 $0.72
Diluted Earnings Per Share $1.558M $0.96 $0.72
COMMON SHARES
Basic Shares Outstanding 50.56M shares 50.50M shares 49.90M shares
Diluted Shares Outstanding 50.80M shares 50.30M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.20M $98.50M $93.10M
YoY Change 16.79% 5.8% 4.14%
Cash & Equivalents $93.20M $98.50M $93.10M
Short-Term Investments
Other Short-Term Assets $62.60M $59.80M $166.4M
YoY Change 26.72% -64.06% 16.61%
Inventory $240.4M $275.0M $285.7M
Prepaid Expenses
Receivables $125.3M $142.4M $158.6M
Other Receivables $23.80M $30.50M $24.50M
Total Short-Term Assets $545.3M $606.2M $728.3M
YoY Change -0.94% -16.77% -8.93%
LONG-TERM ASSETS
Property, Plant & Equipment $259.8M $256.3M $254.7M
YoY Change 2.44% 0.63% -13.01%
Goodwill $132.6M $139.7M $148.7M
YoY Change -9.36% -6.05% -16.46%
Intangibles $67.30M
YoY Change -18.62%
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $29.90M $30.30M $27.70M
YoY Change 10.74% 9.39% -19.71%
Total Long-Term Assets $1.043B $1.049B $935.0M
YoY Change -26.73% 12.19% -12.62%
TOTAL ASSETS
Total Short-Term Assets $545.3M $606.2M $728.3M
Total Long-Term Assets $1.043B $1.049B $935.0M
Total Assets $1.588B $1.655B $1.663B
YoY Change -19.54% -0.49% -11.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.7M $88.50M $94.70M
YoY Change -7.1% -6.55% -10.66%
Accrued Expenses $324.0M $344.6M $327.8M
YoY Change -0.25% 5.13% -8.38%
Deferred Revenue
YoY Change
Short-Term Debt $104.0M $0.00 $0.00
YoY Change -35.16%
Long-Term Debt Due $105.9M $199.9M $286.2M
YoY Change -34.83% -30.15% -9.03%
Total Short-Term Liabilities $547.6M $633.0M $708.7M
YoY Change -10.81% -10.68% -8.95%
LONG-TERM LIABILITIES
Long-Term Debt $606.0M $606.9M $608.9M
YoY Change -0.36% -0.33% -1.22%
Other Long-Term Liabilities $221.4M $225.6M $221.0M
YoY Change 2.98% 2.08% 0.91%
Total Long-Term Liabilities $221.4M $225.6M $221.0M
YoY Change 2.98% 2.08% 0.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $547.6M $633.0M $708.7M
Total Long-Term Liabilities $221.4M $225.6M $221.0M
Total Liabilities $769.0M $858.6M $929.7M
YoY Change -7.24% -7.65% -6.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.455B $1.412B $1.364B
YoY Change 6.13% 3.48% 4.82%
Common Stock $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $880.2M $885.7M $922.9M
YoY Change -1.58% -4.03% 2.46%
Treasury Stock Shares 12.97M shares 13.05M shares 13.59M shares
Shareholders Equity $212.8M $189.7M $124.7M
YoY Change
Total Liabilities & Shareholders Equity $1.588B $1.655B $1.663B
YoY Change -0.65% -0.49% -11.04%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $79.00M $48.80M $36.20M
YoY Change 35.97% 34.81% 12.07%
Depreciation, Depletion And Amortization $13.70M $13.60M $15.60M
YoY Change -13.29% -12.82% -3.11%
Cash From Operating Activities $146.3M $60.50M $48.10M
YoY Change -4.69% 25.78% 6.89%
INVESTING ACTIVITIES
Capital Expenditures -$23.40M -$12.90M -$14.60M
YoY Change 25.13% -11.64% -1.35%
Acquisitions
YoY Change
Other Investing Activities $4.100M $29.50M $3.100M
YoY Change 720.0% 851.61% 416.67%
Cash From Investing Activities -$19.30M $16.60M -$11.50M
YoY Change 6.04% -244.35% -19.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.4M -60.00M -9.900M
YoY Change -15.15% 506.06% -46.49%
NET CHANGE
Cash From Operating Activities 146.3M 60.50M 48.10M
Cash From Investing Activities -19.30M 16.60M -11.50M
Cash From Financing Activities -120.4M -60.00M -9.900M
Net Change In Cash 6.600M 17.10M 26.70M
YoY Change -200.0% -35.96% 117.07%
FREE CASH FLOW
Cash From Operating Activities $146.3M $60.50M $48.10M
Capital Expenditures -$23.40M -$12.90M -$14.60M
Free Cash Flow $169.7M $73.40M $62.70M
YoY Change -1.45% 17.07% 4.85%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Basis of Presentation:</font><font style="font-family:inherit;font-size:10pt;"> The condensed consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively &#8220;Tupperware&#8221; or the &#8220;Company&#8221;, with all intercompany transactions and balances having been eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with the audited </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> financial statements included in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform with current year presentation. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These condensed consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair presentation of the results for the interim periods. Certain information and note disclosures normally included in the balance sheet, statements of income, comprehensive income and cash flows prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's fiscal year ends on the last Saturday of December. As a result, the 2016 fiscal year will include 53 weeks, as compared with 52 weeks for fiscal 2015, and the fourth quarter of 2016 will include 14 weeks.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates:</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. </font></div></div>

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