Company Quick10K Filing
NN
Price7.10 EPS-6
Shares42 P/E-1
MCap300 P/FCF9
Net Debt855 EBIT-207
TEV1,155 TEV/EBIT-6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-04-02
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-11
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-11-05
8-K 2020-10-19
8-K 2020-10-06
8-K 2020-08-22
8-K 2020-08-06
8-K 2020-07-29
8-K 2020-05-29
8-K 2020-05-20
8-K 2020-05-07
8-K 2020-04-15
8-K 2020-04-06
8-K 2020-03-12
8-K 2020-02-17
8-K 2020-01-31
8-K 2019-12-27
8-K 2019-12-19
8-K 2019-12-11
8-K 2019-12-05
8-K 2019-11-24
8-K 2019-11-07
8-K 2019-10-29
8-K 2019-10-21
8-K 2019-09-23
8-K 2019-09-20
8-K 2019-09-15
8-K 2019-08-23
8-K 2019-08-08
8-K 2019-07-12
8-K 2019-06-11
8-K 2019-05-16
8-K 2019-05-09
8-K 2019-03-15
8-K 2019-03-13
8-K 2019-03-13
8-K 2019-02-25
8-K 2019-02-01
8-K 2018-12-26
8-K 2018-11-07
8-K 2018-09-18
8-K 2018-09-13
8-K 2018-08-09
8-K 2018-08-08
8-K 2018-05-18
8-K 2018-05-09
8-K 2018-05-07
8-K 2018-04-02
8-K 2018-04-02
8-K 2018-03-08
8-K 2018-01-02

NNBR 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Note 1. Interim Financial Statements
Note 3. Prior Periods' Financial Statement Revisions
Note 4. Segment Information
Note 5. Inventories
Note 6. Goodwill
Note 7. Intangible Assets, Net
Note 8. Investment in Joint Venture
Note 9. Income Taxes
Note 10. Debt
Note 11. Leases
Note 12. Commitments and Contingencies
Note 13. Preferred Stock and Stockholders' Equity
Note 14. Revenue From Contracts with Customers
Note 15. Share - Based Compensation
Note 16. Accumulated Other Comprehensive Income
Note 17. Net Income (Loss) per Common Share
Note 18. Fair Value Measurements
Note 19. Subsequent Events
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 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 q32020ex311.htm
EX-31.2 q32020ex312.htm
EX-32.1 q32020ex321.htm
EX-32.2 q32020ex322.htm

NN Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.30.20.1-0.1-0.2-0.32012201420172020
Rev, G Profit, Net Income
0.60.30.1-0.2-0.4-0.72012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-23486
 nnbr-20200930_g1.jpg
NN, Inc.
(Exact name of registrant as specified in its charter)
Delaware 62-1096725
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
6210 Ardrey Kell Road
Charlotte, North Carolina 28277
(Address of principal executive offices, including zip code)
(980) 264-4300
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, par value $0.01 per shareNNBRThe 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 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
Non-accelerated filer ☐ Smaller reporting company
 Emerging growth 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 November 2, 2020, there were 42,730,069 shares of the registrant’s common stock, par value $0.01 per share, outstanding.


Table of Contents
NN, Inc.
INDEX
 
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1.Financial Statements
NN, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per share data)2020201920202019
Net sales$113,761 $120,459 $308,506 $378,838 
Cost of sales (exclusive of depreciation and amortization shown separately below)90,076 96,654 249,612 300,666 
Selling, general and administrative expense13,745 15,493 44,178 52,994 
Depreciation and amortization11,435 11,284 34,119 33,552 
Restructuring and integration expense, net   (12)
Goodwill impairment  92,942  
Other operating expense (income), net(39)(1,161)4,138 (905)
Loss from operations(1,456)(1,811)(116,483)(7,457)
Interest expense6,873 3,805 17,036 8,829 
Loss on extinguishment of debt and write-off of debt issuance costs144  144 308 
Other expense (income), net(262)633 67 863 
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture(8,211)(6,249)(133,730)(17,457)
Benefit (provision) for income taxes8,715 1,134 7,935 (3,694)
Share of net income from joint venture1,136 279 1,792 345 
Income (loss) from continuing operations1,640 (4,836)(124,003)(20,806)
Income (loss) from discontinued operations, net of tax (Note 2)20,330 (1,019)(123,966)(11,850)
Net income (loss)$21,970 $(5,855)$(247,969)$(32,656)
Other comprehensive income (loss):
Foreign currency translation gain (loss)$6,712 $(11,178)$(6,636)$(11,354)
Interest rate swap:
Change in fair value, net of tax21 (1,181)(12,443)(11,999)
Reclassification adjustment for losses included in net income (loss), net of tax3,148 238 6,838 238 
Other comprehensive income (loss)$9,881 $(12,121)$(12,241)$(23,115)
Comprehensive income (loss)$31,851 $(17,976)$(260,210)$(55,771)
Basic net income (loss) per common share:
Income (loss) from continuing operations per common share$(0.04)$(0.12)$(3.16)$(0.50)
Income (loss) from discontinued operations per common share0.49 (0.02)(2.94)(0.28)
Net income (loss) per common share$0.45 $(0.14)$(6.10)$(0.78)
Weighted average common shares outstanding42,202 42,038 42,170 42,013 
Diluted net income (loss) per common share:
Income (loss) from continuing operations per common share$(0.04)$(0.12)$(3.16)$(0.50)
Income (loss) from discontinued operations per common share0.49 (0.02)(2.94)(0.28)
Net income (loss) per common share$0.45 $(0.14)$(6.10)$(0.78)
Weighted average common shares outstanding42,202 42,038 42,170 42,013 
See notes to condensed consolidated financial statements (unaudited).
3

Table of Contents
NN, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) 
(in thousands, except per share data)September 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$56,131 $17,911 
Accounts receivable, net87,411 83,240 
Inventories63,718 67,078 
Income tax receivable13,640 5,973 
Current assets held for sale630,900 117,000 
Other current assets11,753 11,778 
Total current assets863,553 302,980 
Property, plant and equipment, net225,514 255,977 
Operating lease right-of-use assets51,601 45,452 
Goodwill 94,779 
Intangible assets, net106,652 117,413 
Investment in joint venture24,147 21,755 
Deferred tax assets38,026  
Non-current assets held for sale 695,054 
Other non-current assets6,716 8,574 
Total assets$1,316,209 $1,541,984 
Liabilities, Preferred Stock, and Stockholders’ Equity
Current liabilities:
Accounts payable$42,890 $40,973 
Accrued salaries, wages and benefits19,159 15,584 
Income tax payable810 684 
Current maturities of long-term debt713,350 19,106 
Current portion of operating lease liabilities5,005 4,288 
Current liabilities held for sale120,832 41,546 
Other current liabilities25,113 17,300 
Total current liabilities927,159 139,481 
Deferred tax liabilities2,127 24,461 
Non-current income tax payable 1,272 
Long-term debt, net of current portion117,482 757,250 
Operating lease liabilities, net of current portion56,111 48,575 
Non-current liabilities held for sale 84,199 
Other non-current liabilities25,137 40,457 
Total liabilities1,128,016 1,095,695 
Commitments and contingencies (Note 12)
Series B convertible preferred stock - $0.01 par value per share, 100 shares authorized, 100 shares issued and outstanding at December 31, 2019, and September 30, 2020
101,846 93,012 
Stockholders' equity:
Common stock - $0.01 par value per share, 90,000 shares authorized, 42,313 and 42,739 shares issued and outstanding at December 31, 2019, and September 30, 2020, respectively
427 423 
Additional paid-in capital495,967 501,615 
Warrants 1,076 
Accumulated deficit(353,252)(105,283)
Accumulated other comprehensive loss(56,795)(44,554)
Total stockholders’ equity86,347 353,277 
Total liabilities, preferred stock, and stockholders’ equity$1,316,209 $1,541,984 
See notes to condensed consolidated financial statements (unaudited).
4

Table of Contents
NN, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended September 30, 2020 and 2019
(Unaudited)
 
Common Stock
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
WarrantsRetained earnings (Accumulated
deficit)
Accumulated other comprehensive income (loss)Total
Balance, June 30, 202042,747 $427 $498,294 $1,076 $(375,222)$(66,676)$57,899 
Net income— — — — 21,970 — 21,970 
Dividends accrued for preferred stock— — (3,139)— — — (3,139)
Share-based compensation expense— — 1,435 — — — 1,435 
Restricted shares forgiven for taxes(8)— (46)— — — (46)
Change in estimate of share-based award vesting— — (577)— — — (577)
Reclassification of warrants to liabilities (Note 18)— — — (1,076)— — (1,076)
Change in fair value of interest rate swap, net of tax of $6
— — — — — 21 21 
Reclassification of interest rate swap settlement to net income, net of tax of $952
— — — — — 3,148 3,148 
Foreign currency translation gain— — — — — 6,712 6,712 
Balance, September 30, 202042,739 $427 $495,967 $ $(353,252)$(56,795)$86,347 

Common Stock
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
Retained earnings (Accumulated
deficit)
Accumulated other comprehensive income (loss)Total
Balance, June 30, 201942,367 $424 $504,556 $(85,343)$(42,308)$377,329 
Net loss— — — (5,855)— (5,855)
Dividends declared or accrued for common stock— — (2,973)— — (2,973)
Shares issued for options exercised5 — 21 — — 21 
Share-based compensation expense(50)(1)1,152 — — 1,151 
Restricted shares forgiven for taxes(25)— (10)— — (10)
Change in estimate of share-based award vesting— — (1,240)— — (1,240)
Change in fair value of interest rate swap, net of tax of $375
— — — — (1,181)(1,181)
Reclassification of interest rate swap settlement to net loss, net of tax of $68
— — — — 238 238 
Foreign currency translation loss— — — — (11,178)(11,178)
Balance, September 30, 201942,297 $423 $501,506 $(91,198)$(54,429)$356,302 
See notes to condensed consolidated financial statements (unaudited).

5

Table of Contents
NN, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Nine Months Ended September 30, 2020 and 2019
(Unaudited)
 
Common Stock
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
WarrantsRetained earnings (Accumulated
deficit)
Accumulated other comprehensive income (loss)Total
Balance, December 31, 201942,313 $423 $501,615 $1,076 $(105,283)$(44,554)$353,277 
Net loss— — — — (247,969)— (247,969)
Dividends accrued for preferred stock— — (9,133)— — — (9,133)
Share-based compensation expense442 4 4,138 — — — 4,142 
Restricted shares forgiven for taxes(16)— (76)— — — (76)
Change in estimate of share-based award vesting— — (577)— — — (577)
Reclassification of warrants to liabilities (Note 18)— — — (1,076)— — (1,076)
Change in fair value of interest rate swap, net of tax of $3,764
— — — — — (12,443)(12,443)
Reclassification of interest rate swap settlement to net loss, net of tax of $2,068
— — — — — 6,838 6,838 
Foreign currency translation loss— — — — — (6,636)(6,636)
Balance, September 30, 202042,739 $427 $495,967 $ $(353,252)$(56,795)$86,347 
Common Stock
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
Retained earnings (Accumulated
deficit)
Accumulated other comprehensive income (loss)Total
Balance, December 31, 201842,104 $421 $508,655 $(58,491)$(31,314)$419,271 
Net loss— — — (32,656)— (32,656)
Dividends declared or accrued for common stock— — (8,907)— — (8,907)
Shares issued for option exercises5 — 21 — — 21 
Share-based compensation expense231 2 3,128 — — 3,130 
Restricted shares forgiven for taxes(43)— (151)— — (151)
Change in estimate of share-based award vesting— — (1,240)— — (1,240)
Change in fair value of interest rate swap, net of tax of $3,472
— — — — (11,999)(11,999)
Reclassification of interest rate swap settlement to net loss, net of tax of $68
— — — — 238 238 
Foreign currency translation loss— — — — (11,354)(11,354)
Adoption of new accounting standard— — — (51)— (51)
Balance, September 30, 201942,297 423 501,506 (91,198)(54,429)356,302 
See notes to condensed consolidated financial statements (unaudited).

6

Table of Contents
NN, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in thousands) 20202019
Cash flows from operating activities
Net loss$(247,969)$(32,656)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of continuing operations34,119 33,552 
Depreciation and amortization of discontinued operations35,731 35,418 
Amortization of debt issuance costs4,981 3,538 
Goodwill impairment of continuing operations92,942  
Goodwill impairment of discontinued operations146,757  
Loss on extinguishment of debt and write-off of debt issuance costs1,532 2,699 
Share of net income from joint venture, net of cash dividends received(1,792)(345)
Compensation expense from issuance of share-based awards3,565 1,855 
Deferred income taxes(61,889)(11,024)
Other(1,516)2,091 
Changes in operating assets and liabilities:
Accounts receivable4,894 (9,929)
Inventories4,149 (4,825)
Accounts payable(1,702)(334)
Income taxes receivable and payable, net(10,753)1,696 
Other16,295 11,871 
Net cash provided by operating activities19,344 33,607 
Cash flows from investing activities
Acquisition of property, plant and equipment(20,518)(40,720)
Proceeds from liquidation of short-term investment 8,000 
Proceeds from sale of property, plant, and equipment3,153 2,435 
Other (712)
Net cash used in investing activities(17,365)(30,997)
Cash flows from financing activities
Cash paid for debt issuance costs(661)(1,016)
Dividends paid (8,879)
Proceeds from long-term debt64,716 52,144 
Repayments of long-term debt(17,123)(26,634)
Proceeds from (repayments of) short-term debt, net(849)(6,086)
Other(2,142)(2,636)
Net cash provided by financing activities43,941 6,893 
Effect of exchange rate changes on cash flows(5,506)(3,082)
Net change in cash and cash equivalents40,414