Company Quick10K Filing
Quick10K
PGT Innovations
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$15.19 58 $886
10-Q 2019-09-28 Quarter: 2019-09-28
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-29 Annual: 2018-12-29
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-30 Annual: 2017-12-30
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-K 2016-01-02 Annual: 2016-01-02
10-Q 2015-10-03 Quarter: 2015-10-03
10-Q 2015-07-04 Quarter: 2015-07-04
10-Q 2015-04-04 Quarter: 2015-04-04
10-K 2015-01-03 Annual: 2015-01-03
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-28 Annual: 2013-12-28
8-K 2019-11-07 Earnings, Regulation FD, Exhibits
8-K 2019-10-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-27
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-22 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-03-26 Officers, Exhibits
8-K 2019-02-27 Earnings, Regulation FD, Exhibits
8-K 2018-12-28 Officers, Exhibits
8-K 2018-12-20 Enter Agreement, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-09-18 Other Events
8-K 2018-09-13 Other Events, Exhibits
8-K 2018-09-11 Regulation FD, Exhibits
8-K 2018-08-10 Enter Agreement, M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-08-02 Other Events, Exhibits
8-K 2018-07-31 Regulation FD, Other Events, Exhibits
8-K 2018-07-30 Earnings, Regulation FD, Exhibits
8-K 2018-07-24 Enter Agreement, Earnings, Regulation FD, Exhibits
8-K 2018-05-24 Officers
8-K 2018-05-21 Shareholder Vote
8-K 2018-04-30 Earnings, Regulation FD, Exhibits
8-K 2018-03-16 Enter Agreement, Exhibits
8-K 2018-02-20 Earnings, Regulation FD, Exhibits
AYI Acuity Brands 4,977
CCF Chase 1,106
AZZ AZZ 1,049
VSLR Vivint Solar 941
GFF Griffon 831
BW Babcock & Wilcox Enterprises 640
LYTS LSI Industries 113
OESX Orion Energy Systems 30
RVLT Revolution Lighting Technologies 7
EFOI Energy Focus 6
PGTI 2019-09-28
Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
Note 2. Revenue Recognition and Contracts with Customers
Note 3. Warranty
Note 4. Inventories
Note 5. Stock Based-Compensation
Note 6. Acquisition
Note 7. Net Income per Common Share
Note 8. Goodwill and Other Intangible Assets
Note 9. Long-Term Debt
Note 10. Leases
Note 11. Commitments and Contingencies
Note 12. Income Taxes
Note 13. Fair Value
Note 14. Derivatives
Note 15. Accumulated Other Comprehensive Loss
Note 16. Shareholders' Equity
Note 17. Segments
Note 18. 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 Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-31.1 pgti-ex311_8.htm
EX-31.2 pgti-ex312_7.htm
EX-32.1 pgti-ex321_6.htm
EX-32.2 pgti-ex322_9.htm

PGT Innovations Earnings 2019-09-28

PGTI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

pgti-10q_20190928.htm
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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 28, 2019

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 001-37971

PGT Innovations, Inc.

 

1070 Technology Drive

North Venice, FL 34275

Registrant’s telephone number: 941-480-1600

 

State of Incorporation

 

IRS Employer Identification No.

Delaware

 

20-0634715

 

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

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 Section13(a) of the Exchange Act.

Yes No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

Common Stock, $0.01 par value, outstanding was 58,404,734 shares, as of October 31, 2019.

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, par value $0.01 per share

 

PGTI

 

New York Stock Exchange, Inc.

 

 

 

 


PGT INNOVATIONS, INC.

TABLE OF CONTENTS

 

Form 10-Q for the Three and Nine Months Ended September 28, 2019

 

 

 

 

 

 

 

Page

 

 

 

 

 

 

Number

Part I.

 

Financial Information

 

3

 

 

Item 1.

 

Condensed Consolidated Financial Statements (unaudited):

 

3

 

 

 

 

Condensed Consolidated Statements of Operations

 

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income

 

4

 

 

 

 

Condensed Consolidated Balance Sheets

 

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

6

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity

 

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

 

 

Item 4.

 

Controls and Procedures

 

42

 

 

 

 

 

 

 

Part II.

 

Other Information

 

43

 

 

Item 1.

 

Legal Proceedings

 

43

 

 

Item 1A.

 

Risk Factors

 

43

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

 

 

Item 3.

 

Defaults Upon Senior Securities

 

44

 

 

Item 4.

 

Mine Safety Disclosure

 

44

 

 

Item 5.

 

Other Information

 

44

 

 

Item 6.

 

Exhibits

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


- 2 -


PART I — FINANCIAL INFORMATION

ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

PGT INNOVATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 28,

 

 

September 29,

 

 

September 28,

 

 

September 29,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

(unaudited)

 

 

(unaudited)

 

Net sales

$

197,823

 

 

$

199,084

 

 

$

570,130

 

 

$

508,606

 

Cost of sales

 

127,828

 

 

 

126,086

 

 

 

365,925

 

 

 

330,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

69,995

 

 

 

72,998

 

 

 

204,205

 

 

 

177,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

44,564

 

 

 

44,055

 

 

 

132,604

 

 

 

105,293

 

Gains on sales of assets under APA

 

 

 

 

 

 

 

 

 

 

(2,551

)

Income from operations

 

25,431

 

 

 

28,943

 

 

 

71,601

 

 

 

74,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

6,452

 

 

 

11,741

 

 

 

19,922

 

 

 

19,393

 

Debt extinguishment costs

 

 

 

 

296

 

 

 

 

 

 

3,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

18,979

 

 

 

16,906

 

 

 

51,679

 

 

 

52,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

3,873

 

 

 

3,335

 

 

 

11,271

 

 

 

8,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

15,106

 

 

$

13,571

 

 

$

40,408

 

 

$

43,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.26

 

 

$

0.26

 

 

$

0.69

 

 

$

0.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

$

0.26

 

 

$

0.26

 

 

$

0.68

 

 

$

0.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

58,433

 

 

 

51,682

 

 

 

58,320

 

 

 

50,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

59,142

 

 

 

53,068

 

 

 

59,192

 

 

 

52,378

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 3 -


PGT INNOVATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 28,

 

 

September 29,

 

 

September 28,

 

 

September 29,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

(unaudited)

 

 

(unaudited)

 

Net income

$

15,106

 

 

$

13,571

 

 

$

40,408

 

 

$

43,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

(1,136

)

 

 

(649

)

 

 

(2,083

)

 

 

(1,122

)

Reclassification to earnings

 

1,532

 

 

 

58

 

 

 

3,670

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before tax

 

396

 

 

 

(591

)

 

 

1,587

 

 

 

(1,107

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) related to components of

   other comprehensive income (loss)

 

(102

)

 

 

151

 

 

 

(406

)

 

 

283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

294

 

 

 

(440

)

 

 

1,181

 

 

 

(824

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

15,400

 

 

$

13,131

 

 

$

41,589

 

 

$

42,635

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 4 -


PGT INNOVATIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)

 

 

 

September 28,

 

 

December 29,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

81,803

 

 

$

52,650

 

Accounts receivable, net

 

 

77,375

 

 

 

80,717

 

Inventories

 

 

47,566

 

 

 

44,666

 

Contract assets, net

 

 

12,735

 

 

 

6,757

 

Prepaid expenses

 

 

4,279

 

 

 

2,863

 

Other current assets

 

 

10,312

 

 

 

7,908

 

Total current assets

 

 

234,070

 

 

 

195,561

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

122,354

 

 

 

115,707

 

Operating lease right-of-use asset, net

 

 

26,899

 

 

 

 

Intangible assets, net

 

 

259,859

 

 

 

271,818

 

Goodwill

 

 

277,600

 

 

 

277,827

 

Other assets, net

 

 

1,012

 

 

 

1,240

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

921,794

 

 

$

862,153

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

61,249

 

 

$

68,557

 

Current portion of long-term debt

 

 

 

 

 

163

 

Current portion of operating lease liability

 

 

4,551

 

 

 

 

Total current liabilities

 

 

65,800

 

 

 

68,720

 

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

367,917

 

 

 

366,614

 

Operating lease liability, less current portion

 

 

24,639

 

 

 

 

Deferred income taxes

 

 

22,991

 

 

 

22,758

 

Other liabilities

 

 

14,815

 

 

 

18,517

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

496,162

 

 

 

476,609

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock; par value $.01 per share; 10,000 shares

   authorized; none outstanding

 

 

 

 

 

 

Common stock; par value $.01 per share; 200,000 shares authorized; 61,712 and

   60,729 shares issued and 58,354 and 58,082 shares outstanding at

   September 28, 2019 and December 29, 2018, respectively

 

 

617

 

 

 

607

 

Additional paid-in-capital

 

 

413,700

 

 

 

409,661

 

Accumulated other comprehensive loss

 

 

(1,884

)

 

 

(3,065

)

Retained earnings (accumulated deficit)

 

 

31,508

 

 

 

(8,900

)

Shareholders' equity

 

 

443,941

 

 

 

398,303

 

Less:  Treasury stock at cost

 

 

(18,309

)

 

 

(12,759

)

Total shareholders' equity

 

 

425,632

 

 

 

385,544

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

921,794

 

 

$

862,153

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 5 -


PGT INNOVATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Nine Months Ended

 

 

 

September 28,

 

 

September 29,

 

 

 

2019

 

 

2018

 

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

40,408

 

 

$

43,459

 

Adjustments to reconcile net income to net cash

 

 

 

 

 

 

 

 

provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

13,854

 

 

 

9,724

 

Amortization

 

 

11,959

 

 

 

6,126

 

Amortization of operating lease right-of-use asset

 

 

3,637

 

 

 

 

Provision for allowance for doubtful accounts

 

 

1,659

 

 

 

1,017

 

Stock-based compensation, including special employee grant

 

 

3,246

 

 

 

2,543

 

Amortization and write-offs of deferred financing costs and debt discount

 

 

1,303

 

 

 

7,086

 

Debt extinguishment costs

 

 

 

 

 

3,375

 

Gains on sales of assets

 

 

(3

)

 

 

(2,611

)

Change in operating assets and liabilities (net of effects of acquisition):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(2,682

)

 

 

(27,598

)

Inventories

 

 

(2,900

)

 

 

(1,723

)

Contract assets, net, prepaid expenses, other current and other assets

 

 

(7,720

)

 

 

(4,448

)

Change in operating lease liability

 

 

1,421

 

 

 

-

 

Accounts payable, accrued and other liabilities

 

 

(9,910

)

 

 

27,602

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

 

54,272

 

 

 

64,552

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(20,252

)

 

 

(21,740

)

Business acquisition

 

 

 

 

 

(355,213

)

Proceeds from sales of assets

 

 

43

 

 

 

5,866

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

 

(20,209

)

 

 

(371,087

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of senior notes

 

 

 

 

 

315,000

 

Proceeds from issuance of common stock

 

 

 

 

 

152,653

 

Payments of long-term debt

 

 

(163

)

 

 

(152,220

)

Payments of financing costs

 

 

 

 

 

(12,066

)

Purchases of treasury stock under Board of Director approved plan

 

 

(5,550

)

 

 

-

 

Purchases of treasury stock relating to tax withholdings on employee equity awards

 

 

(505

)

 

 

(637

)

Proceeds from exercise of stock options

 

 

1,262

 

 

 

1,928

 

Proceeds from issuance of common stock under employee

 

 

 

 

 

 

 

 

stock purchase plan (ESPP)

 

 

46

 

 

 

18

 

Other

 

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

 

(4,910

)

 

 

304,665

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

29,153

 

 

 

(1,870

)

Cash and cash equivalents at beginning of period

 

 

52,650

 

 

 

34,029

 

Cash and cash equivalents at end of period

 

$

81,803

 

 

$

32,159

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 6 -


PGT INNOVATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands, except shares)(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Retained

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

Earnings/

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

Paid-in