Company Quick10K Filing
MTS Systems
Price55.27 EPS2
Shares19 P/E25
MCap1,075 P/FCF15
Net Debt483 EBIT51
TEV1,558 TEV/EBIT30
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-03-28 Filed 2020-05-04
10-Q 2019-12-28 Filed 2020-02-03
10-K 2019-09-28 Filed 2019-11-25
10-Q 2019-06-29 Filed 2019-08-05
10-Q 2019-03-30 Filed 2019-05-06
10-Q 2018-12-29 Filed 2019-02-04
10-K 2018-09-29 Filed 2018-11-26
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-30 Filed 2018-02-05
10-K 2017-09-30 Filed 2017-11-27
10-Q 2017-07-01 Filed 2017-08-07
10-Q 2017-04-01 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-04-10
10-K 2016-10-01 Filed 2017-04-10
10-Q 2016-07-02 Filed 2016-08-08
10-Q 2016-04-02 Filed 2016-05-10
10-Q 2016-01-02 Filed 2016-02-09
10-K 2015-10-03 Filed 2015-12-02
10-Q 2015-06-27 Filed 2015-08-03
10-Q 2015-03-28 Filed 2015-05-04
10-Q 2014-12-27 Filed 2015-02-02
10-K 2014-09-27 Filed 2014-11-26
10-Q 2014-06-28 Filed 2014-08-04
10-Q 2014-03-29 Filed 2014-05-05
10-Q 2013-12-28 Filed 2014-01-30
10-K 2013-09-28 Filed 2013-11-27
10-Q 2013-06-29 Filed 2013-08-05
10-Q 2013-03-30 Filed 2013-05-06
10-Q 2012-12-29 Filed 2013-01-31
10-K 2012-09-29 Filed 2012-11-28
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-12-31 Filed 2012-02-02
10-K 2011-10-01 Filed 2011-11-30
10-Q 2011-07-02 Filed 2011-08-05
10-Q 2011-04-02 Filed 2011-05-05
10-Q 2011-01-01 Filed 2011-02-03
10-K 2010-10-02 Filed 2010-12-01
10-Q 2010-07-03 Filed 2010-08-05
10-Q 2010-04-03 Filed 2010-05-07
10-Q 2010-01-02 Filed 2010-02-04
8-K 2020-05-14
8-K 2020-05-04
8-K 2020-04-16
8-K 2020-02-11
8-K 2020-02-03
8-K 2019-11-25
8-K 2019-11-25
8-K 2019-11-01
8-K 2019-10-17
8-K 2019-09-23
8-K 2019-09-09
8-K 2019-09-04
8-K 2019-08-05
8-K 2019-07-16
8-K 2019-05-06
8-K 2019-03-27
8-K 2019-02-13
8-K 2019-02-04
8-K 2018-11-26
8-K 2018-08-08
8-K 2018-08-06
8-K 2018-06-13
8-K 2018-05-07
8-K 2018-03-12
8-K 2018-02-13
8-K 2018-02-05

MTSC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 Basis of Presentation
Note 2 Recently Issued Accounting Pronouncements
Note 3 Revenue
Note 4 Inventories
Note 5 Leases
Note 6 Capital Assets
Note 7 Fair Value Measurements
Note 8 Derivative Instruments and Hedging Activities
Note 9 Financing
Note 10 Stock - Based Compensation
Note 11 Income Taxes
Note 12 Earnings (Loss) per Share
Note 13 Other Comprehensive Income (Loss)
Note 14 Business Segment Information
Note 15 Restructuring and Related Costs
Note 16 Business Acquisitions
Note 17 Risks and Uncertainties
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit311q2fy2032820.htm
EX-31.2 exhibit312q2fy2032820.htm
EX-32.1 exhibit321q2fy2032820.htm
EX-32.2 exhibit322q2fy2032820.htm

MTS Systems Earnings 2020-03-28

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02012201420172020
Assets, Equity
0.30.20.20.10.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

Document
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended March 28, 2020
or  
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the transition period from __________ to __________  
Commission File Number: 000-02382 
 mtslogojpga13.jpg
MTS SYSTEMS CORPORATION 
(Exact name of Registrant as specified in its charter) 
Minnesota
 
41-0908057
(State or other jurisdiction 
of incorporation or organization) 
 
(I.R.S. Employer Identification No.)
 
 
 
 
14000 Technology Drive
 

Eden Prairie,
Minnesota
 
55344
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number, including area code: (952) 937-4000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.25 par value
MTSC
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  Yes  ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer ☐
 
Emerging growth company
 
 
 
 
 
 
Non-accelerated filer ☐
Smaller reporting company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☒  No
As of April 30, 2020, there were 19,235,943 shares of common stock outstanding.




MTS Systems Corporation 
Quarterly Report on Form 10-Q 
For the Three Months Ended March 28, 2020 

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements 

MTS SYSTEMS CORPORATION
Consolidated Balance Sheets
(in thousands, except per share data)
 
 
March 28, 2020
 
September 28, 2019
 
 
(Unaudited)
 
(Note)
Assets
 
 

 
 

Current assets
 
 

 
 

Cash and cash equivalents
 
$
66,582

 
$
57,937

Accounts receivable, net of allowance for doubtful accounts of $4,648 and $5,963, respectively
 
122,207

 
121,260

Unbilled accounts receivable, net
 
82,274

 
80,331

Inventories, net
 
180,191

 
167,199

Prepaid expenses and other current assets
 
28,331

 
23,761

Total current assets
 
479,585

 
450,488

Property and equipment, net
 
101,856

 
101,083

Goodwill
 
465,411

 
429,039

Intangible assets, net
 
344,351

 
306,585

Other long-term assets
 
26,479

 
3,553

Deferred income taxes
 
6,166

 
7,229

Total assets
 
$
1,423,848

 
$
1,297,977

 
 
 
 
 
Liabilities and Shareholders' Equity
 
 

 
 

Current liabilities
 
 

 
 

Short-term borrowings
 
$
32,000

 
$

Current maturities of long-term debt, net
 
2,818

 
27,969

Accounts payable
 
59,107

 
46,849

Accrued payroll and related costs
 
39,694

 
46,760

Advance payments from customers
 
67,323

 
70,520

Accrued warranty costs
 
4,446

 
3,541

Accrued income taxes
 
3,328

 
7,077

Accrued dividends
 
5,718

 
5,695

Other accrued liabilities
 
45,954

 
43,165

Total current liabilities
 
260,388

 
251,576

Long-term debt, less current maturities, net
 
565,774

 
484,648

Deferred income taxes
 
51,558

 
41,531

Non-current accrued income taxes
 
4,985

 
4,414

Defined benefit pension plan obligation
 
19,046

 
16,585

Contingent consideration
 
17,673

 

Other long-term liabilities
 
22,746

 
15,164

Total liabilities
 
942,170

 
813,918

 
 
 
 
 
Shareholders' Equity
 
 

 
 

Common stock, $0.25 par value; 64,000 shares authorized: 19,188 and 19,124 shares
issued and outstanding as of March 28, 2020 and September 28, 2019, respectively
 
4,797

 
4,781

Additional paid-in capital
 
187,551

 
182,422

Retained earnings
 
308,055

 
315,329

Accumulated other comprehensive income (loss)
 
(18,725
)
 
(18,473
)
Total shareholders' equity
 
481,678

 
484,059

Total liabilities and shareholders' equity
 
$
1,423,848

 
$
1,297,977

Note: The Consolidated Balance Sheet as of September 28, 2019 has been derived from the audited consolidated financial statements at that date.
The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.

2



MTS SYSTEMS CORPORATION
Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)

 
 
Three Months Ended
 
Six Months Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 28,
2020
 
March 30,
2019
Revenue
 
 

 
 

 
 

 
 

Product
 
$
183,223

 
$
206,690

 
$
362,081

 
$
381,769

Service
 
28,240

 
26,356

 
55,225

 
54,458

Total revenue
 
211,463

 
233,046

 
417,306

 
436,227

Cost of Sales
 
 

 
 

 
 

 
 

Product
 
121,206

 
129,579

 
232,845

 
237,746

Service
 
19,016

 
16,117

 
36,611

 
32,826

Total cost of sales
 
140,222

 
145,696

 
269,456

 
270,572

Gross profit
 
71,241

 
87,350

 
147,850

 
165,655

Operating expenses
 
 

 
 

 
 

 
 

Selling and marketing
 
30,131

 
33,395

 
62,850

 
65,484

General and administrative
 
25,997

 
22,105

 
47,690

 
43,183

Research and development
 
7,143

 
7,676

 
14,182

 
14,848

Total operating expenses
 
63,271

 
63,176

 
124,722

 
123,515

Income from operations
 
7,970

 
24,174

 
23,128

 
42,140

Interest income (expense), net
 
(8,857
)
 
(7,368
)
 
(17,129
)
 
(14,186
)
Other income (expense), net
 
(182
)
 
270

 
(613
)
 
319

Income (loss) before income taxes
 
(1,069
)
 
17,076

 
5,386

 
28,273

Income tax provision
 
2

 
2,916

 
1,151

 
3,612

Net income (loss)
 
$
(1,071
)
 
$
14,160

 
$
4,235

 
$
24,661

 
 
 
 
 
 
 
 
 
Earnings (loss) per share
 
 

 
 

 
 

 
 

Basic
 
 

 
 

 
 

 
 

Earnings (loss) per share
 
$
(0.06
)
 
$
0.74

 
$
0.22

 
$
1.28

Weighted average common shares outstanding
 
19,193

 
19,251

 
19,169

 
19,234

 
 
 
 
 
 
 
 
 
Diluted
 
 

 
 

 
 

 
 

Earnings (loss) per share
 
$
(0.06
)
 
$
0.73

 
$
0.22

 
$
1.27

Weighted average common shares outstanding
 
19,361

 
19,441

 
19,361

 
19,393

 
 
 
 
 
 
 
 
 
Dividends declared per share
 
$
0.30

 
$
0.30

 
$
0.60

 
$
0.60

 
The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.        
                         

  

3



MTS SYSTEMS CORPORATION
Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)

 
 
Three Months Ended
 
Six Months Ended
 
 
March 28,
2020
 
March 30,
2019
 
March 28,
2020
 
March 30,
2019
Net income (loss)
 
$
(1,071
)
 
$
14,160

 
$
4,235

 
$
24,661

Other comprehensive income (loss), net of tax
 
 

 
 

 
 

 
 

Foreign currency translation gain (loss) adjustments
 
(2,599
)
 
(1,168
)
 
948

 
(2,671
)
Derivative instruments
 
 

 
 

 
 

 
 

Unrealized net gain (loss)
 
936

 
(392
)
 
822

 
(1,808
)
Net (gain) loss reclassified to earnings
 
(426
)
 
(567
)
 
(676
)
 
(1,481
)
Defined benefit pension plan
 
 

 
 

 
 

 
 

Unrealized net gain (loss)
 
(2,024
)
 
959

 
(1,640
)
 
(586
)
Net (gain) loss reclassified to earnings
 
209

 
95

 
421

 
191

Currency exchange rate gain (loss)
 
55

 
146

 
(127
)
 
261

Other comprehensive income (loss)
 
(3,849
)
 
(927
)
 
(252
)
 
(6,094
)
Comprehensive income (loss)
 
$
(4,920
)
 
$
13,233

 
$
3,983

 
$
18,567

 
The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.
 


 

4



MTS SYSTEMS CORPORATION
Consolidated Statements of Shareholders' Equity (Unaudited)
(in thousands)

 
 
Three Months Ended March 28, 2020
 
 
Common Stock
 
Additional
Paid-In
Capital
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders'
Equity
 
 
Shares
Issued
 
Amount
 
 
Retained
Earnings
 
 
Balance, December 28, 2019
 
19,156

 
$
4,789

 
$
183,948

 
$
314,887

 
$
(14,876
)
 
$
488,748

Total comprehensive income (loss)
 

 

 

 
(1,071
)
 
(3,849
)
 
(4,920
)
Stock-based compensation
 
18

 
5

 
3,054

 

 

 
3,059

Issuance for employee stock purchase plan
 
15

 
4

 
586

 

 

 
590

Common stock purchased and retired
 
(1
)
 
(1
)
 
(37
)
 

 

 
(38
)
Dividends, $0.30 per share
 

 

 

 
(5,761
)
 

 
(5,761
)
Balance, March 28, 2020
 
19,188

 
$
4,797

 
$
187,551

 
$
308,055

 
$
(18,725
)
 
$
481,678

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended March 28, 2020
 
 
Common Stock
 
Additional
Paid-In
Capital
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders'
Equity
 
 
Shares
Issued
 
Amount
 
 
Retained
Earnings
 
 
Balance, September 28, 2019
 
19,124

 
$
4,781

 
$
182,422

 
$
315,329

 
$
(18,473
)
 
$
484,059

Total comprehensive income
 

 

 

 
4,235

 
(252
)
 
3,983

Exercise of stock options
 
1

 

 
41

 

 

 
41

Stock-based compensation
 
67

 
17

 
5,370

 

 

 
5,387

Issuance for employee stock purchase plan
 
15

 
4

 
586

 

 

 
590

Common stock purchased and retired
 
(19
)
 
(5
)
 
(868
)
 

 

 
(873
)
Dividends, $0.60 per share
 

 

 

 
(11,509
)
 

 
(11,509
)
Balance, March 28, 2020
 
19,188

 
$
4,797

 
$
187,551

 
$
308,055

 
$
(18,725
)
 
$
481,678




5



 
 
Three Months Ended March 30, 2019
 
 
Common Stock
 
Additional
Paid-In
Capital
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders'
Equity
 
 
Shares
Issued
 
Amount
 
 
Retained
Earnings
 
 
Balance, December 29, 2018
 
17,872

 
$
4,468

 
$
173,065

 
$
299,493

 
$
(3,691
)
 
$
473,335

Total comprehensive income
 

 

 

 
14,160

 
(927
)
 
13,233

Exercise of stock options
 
3

 
1

 
105

 

 

 
106

Stock-based compensation
 
10

 
2

 
3,237

 

 

 
3,239

Issuance for employee stock purchase plan
 
16

 
4

 
553

 

 

 
557

Common stock purchased and retired
 
(1
)
 

 
(42
)
 

 

 
(42
)
Dividends, $0.30 per share
 

 

 

 
(5,374
)
 

 
(5,374
)
Balance, March 30, 2019
 
17,900

 
$
4,475

 
$
176,918

 
$
308,279

 
$
(4,618
)
 
$
485,054

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended March 30, 2019
 
 
Common Stock
 
Additional
Paid-In
Capital
 
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders'
Equity
 
 
Shares
Issued
 
Amount
 
 
Retained
Earnings
 
 
Balance, September 29, 2018
 
17,856

 
$
4,464

 
$
171,407

 
$
300,585

 
$
1,476

 
$
477,932

Total comprehensive income
 

 

 

 
24,661

 
(6,094
)
 
18,567

Cumulative effect of accounting change
 

 

 

 
(6,227
)
 

 
(6,227
)
Exercise of stock options
 
3

 
1

 
143

 

 

 
144

Stock-based compensation
 
33

 
8

 
5,211

 

 

 
5,219

Issuance for employee stock purchase plan
 
16

 
4

 
553

 

 

 
557

Common stock purchased and retired
 
(8
)
 
(2
)
 
(396
)
 

 

 
(398
)
Dividends, $0.60 per share
 

 

 

 
(10,740
)
 

 
(10,740
)
Balance, March 30, 2019
 
17,900

 
$
4,475

 
$
176,918

 
$
308,279

 
$
(4,618
)
 
$
485,054


The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.



6



MTS SYSTEMS CORPORATION
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
 
 
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
Cash Flows from Operating Activities
 
 

 
 

Net income
 
$
4,235

 
$
24,661

Adjustments to reconcile net income to net cash provided by (used in) operating activities
 
 

 
 

Stock-based compensation
 
5,095

 
4,689

Fair value adjustment to acquired inventory
 
1,140

 
984

Net periodic pension benefit cost
 
922