$WDFC
WD 40 CO

2022 Q3 Form 10-Q Financial Statement

#000010513222000026 Filed on July 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $130.4M $123.7M $130.0M
YoY Change 13.17% -9.34% 16.16%
Cost Of Revenue $68.63M $64.68M $64.47M
YoY Change 22.09% 1.15% 29.2%
Gross Profit $61.79M $58.99M $65.52M
YoY Change 4.68% -18.59% 5.66%
Gross Profit Margin 47.38% 47.7% 50.4%
Selling, General & Admin $40.80M $33.62M $34.82M
YoY Change -8.92% -11.83% -1.86%
% of Gross Profit 66.02% 57.0% 53.14%
Research & Development $1.100M $1.400M $1.300M
YoY Change -21.43% 7.69% 0.0%
% of Gross Profit 1.78% 2.37% 1.98%
Depreciation & Amortization $2.154M $2.058M $2.095M
YoY Change 22.88% 13.83% 19.24%
% of Gross Profit 3.49% 3.49% 3.2%
Operating Expenses $42.25M $40.00M $40.78M
YoY Change -9.25% -11.38% -1.4%
Operating Profit $19.54M $18.98M $24.74M
YoY Change 56.68% -30.51% 19.79%
Interest Expense -$1.274M $669.0K $613.0K
YoY Change 13.85% 8.78% 0.49%
% of Operating Profit -6.52% 3.52% 2.48%
Other Income/Expense, Net -$42.00K $252.0K
YoY Change -122.95% 66.89%
Pretax Income $18.27M $18.30M $24.40M
YoY Change 60.9% -32.0% 20.72%
Income Tax $3.483M $3.820M $4.895M
% Of Pretax Income 19.07% 20.87% 20.06%
Net Earnings $14.79M $14.48M $19.51M
YoY Change 75.84% -31.07% 13.48%
Net Earnings / Revenue 11.34% 11.71% 15.01%
Basic Earnings Per Share $1.07 $1.41
Diluted Earnings Per Share $1.083M $1.07 $1.41
COMMON SHARES
Basic Shares Outstanding 13.63M 13.66M 13.68M
Diluted Shares Outstanding 13.68M 13.70M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.84M $40.80M $43.32M
YoY Change -55.98% -49.23% -40.16%
Cash & Equivalents $37.84M $40.80M $43.32M
Short-Term Investments
Other Short-Term Assets $17.77M $11.94M $12.16M
YoY Change 78.59% 51.11% 7.22%
Inventory $104.1M $95.99M $75.54M
Prepaid Expenses
Receivables $89.93M $92.62M $103.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $249.6M $241.4M $234.6M
YoY Change 3.49% 0.17% 5.75%
LONG-TERM ASSETS
Property, Plant & Equipment $65.98M $69.16M $69.33M
YoY Change -5.94% 0.27% 3.36%
Goodwill $95.18M $95.50M $95.75M
YoY Change -0.72% -0.54% -0.24%
Intangibles $5.588M $6.037M $6.478M
YoY Change -22.86% -21.24% -19.23%
Long-Term Investments
YoY Change
Other Assets $9.672M $8.718M $8.013M
YoY Change 60.03% 87.4% 109.33%
Total Long-Term Assets $184.7M $187.8M $188.5M
YoY Change -2.29% 0.44% 2.39%
TOTAL ASSETS
Total Short-Term Assets $249.6M $241.4M $234.6M
Total Long-Term Assets $184.7M $187.8M $188.5M
Total Assets $434.3M $429.1M $423.1M
YoY Change 0.95% 0.29% 4.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.85M $40.68M $39.66M
YoY Change -1.93% 29.95% 43.01%
Accrued Expenses $27.16M $26.06M $28.13M
YoY Change 5.86% 5.4% 15.05%
Deferred Revenue
YoY Change
Short-Term Debt $39.17M $16.38M $2.038M
YoY Change 4796.63% 1947.13% 154.75%
Long-Term Debt Due $39.17M $16.38M $2.038M
YoY Change 4796.63% 1947.12% 154.75%
Total Short-Term Liabilities $110.8M $96.27M $83.39M
YoY Change 28.96% 21.68% 16.01%
LONG-TERM LIABILITIES
Long-Term Debt $107.1M $110.2M $112.8M
YoY Change -6.79% -5.42% -3.36%
Other Long-Term Liabilities $11.19M $11.15M $11.03M
YoY Change -2.59% -2.38% -2.55%
Total Long-Term Liabilities $118.3M $121.3M $123.8M
YoY Change -6.41% -5.14% -3.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.8M $96.27M $83.39M
Total Long-Term Liabilities $118.3M $121.3M $123.8M
Total Liabilities $245.7M $233.9M $224.3M
YoY Change 6.9% 3.84% 2.7%
SHAREHOLDERS EQUITY
Retained Earnings $456.1M $452.0M $448.2M
YoY Change 5.88% 4.57% 6.42%
Common Stock $166.0M $165.2M $164.2M
YoY Change 1.37% 1.8% 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $397.2M $390.5M $386.2M
YoY Change 7.92% 6.08% 4.94%
Treasury Stock Shares $6.286M $6.250M $6.227M
Shareholders Equity $188.6M $195.2M $198.9M
YoY Change
Total Liabilities & Shareholders Equity $434.3M $429.1M $423.1M
YoY Change 0.95% 0.29% 4.23%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $14.79M $14.48M $19.51M
YoY Change 75.84% -31.07% 13.48%
Depreciation, Depletion And Amortization $2.154M $2.058M $2.095M
YoY Change 22.88% 13.83% 19.24%
Cash From Operating Activities -$5.052M $3.573M $5.030M
YoY Change -124.36% -83.35% -72.94%
INVESTING ACTIVITIES
Capital Expenditures -$1.188M -$3.255M -$1.426M
YoY Change -72.18% 2.39% -62.47%
Acquisitions
YoY Change
Other Investing Activities $235.0K $88.00K $217.0K
YoY Change 29.83% -50.56% 117.0%
Cash From Investing Activities -$953.0K -$3.167M -$1.209M
YoY Change -76.69% 5.53% -67.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.248M -992.0K -20.33M
YoY Change -151.79% -90.37% 120.5%
NET CHANGE
Cash From Operating Activities -5.052M 3.573M 5.030M
Cash From Investing Activities -953.0K -3.167M -1.209M
Cash From Financing Activities 5.248M -992.0K -20.33M
Net Change In Cash -757.0K -586.0K -16.51M
YoY Change -111.62% -107.18% -391.16%
FREE CASH FLOW
Cash From Operating Activities -$5.052M $3.573M $5.030M
Capital Expenditures -$1.188M -$3.255M -$1.426M
Free Cash Flow -$3.864M $6.828M $6.456M
YoY Change -115.45% -72.29% -71.17%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Increase Decrease In Other Operating Assets
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wdfc Increase Decrease In Operating Lease Assets And Liabilities Net
IncreaseDecreaseInOperatingLeaseAssetsAndLiabilitiesNet
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wdfc Increase Decrease In Operating Lease Assets And Liabilities Net
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Note 1. The Company</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">WD-40 Company (the “Company”), based in San Diego, California, is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company owns a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40® Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, 2000 Flushes®, no vac®, 1001®, Spot Shot®, Lava®, Solvol®, X-14®, and Carpet Fresh®.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company’s products are sold in various locations around the world. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America, the United Kingdom (“U.K.”) and Australia. The Company’s products are sold primarily through warehouse club stores, hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, farm supply, sport retailers, and independent bike dealers.</span>
dei Current Fiscal Year End Date
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us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.</span></p>
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
123667000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
388399000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136405000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
372869000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3700000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3700000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3700000
CY2021Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.209
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.219
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.202
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.177
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
123667000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18984000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2058000
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
27000
CY2022Q2 us-gaap Interest Expense
InterestExpense
669000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136405000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
27321000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1808000
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
21000
CY2021Q2 us-gaap Interest Expense
InterestExpense
615000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
388399000
us-gaap Operating Income Loss
OperatingIncomeLoss
67787000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6140000
us-gaap Investment Income Interest
InvestmentIncomeInterest
73000
us-gaap Interest Expense
InterestExpense
1902000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
372869000
us-gaap Operating Income Loss
OperatingIncomeLoss
76368000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5266000
us-gaap Investment Income Interest
InvestmentIncomeInterest
59000
us-gaap Interest Expense
InterestExpense
1795000

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