Company Quick10K Filing
Skyline Champion
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 57 $1,486
10-Q 2020-01-29 Quarter: 2019-12-28
10-Q 2019-10-31 Quarter: 2019-09-28
10-Q 2019-08-01 Quarter: 2019-06-29
10-K 2019-05-23 Annual: 2019-03-30
10-Q 2019-02-06 Quarter: 2018-12-29
10-Q 2018-11-08 Quarter: 2018-09-29
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-04-12 Quarter: 2018-03-04
10-Q 2018-01-11 Quarter: 2017-12-03
10-Q 2017-10-06 Quarter: 2017-09-03
10-K 2017-08-11 Annual: 2017-05-31
10-Q 2017-04-14 Quarter: 2017-02-28
10-Q 2017-01-12 Quarter: 2016-11-30
10-Q 2016-10-13 Quarter: 2016-08-31
10-K 2016-08-05 Annual: 2016-05-31
10-Q 2016-04-14 Quarter: 2016-02-29
10-Q 2016-01-14 Quarter: 2015-11-30
10-Q 2015-10-15 Quarter: 2015-08-31
10-K 2015-08-26 Annual: 2015-05-31
10-Q 2015-04-03 Quarter: 2015-02-28
10-Q 2015-01-14 Quarter: 2014-11-30
10-Q 2014-10-15 Quarter: 2014-08-31
10-K 2014-08-22 Annual: 2014-05-31
10-Q 2014-04-04 Quarter: 2014-02-28
10-Q 2014-01-10 Quarter: 2013-11-30
10-Q 2013-10-11 Quarter: 2013-08-31
10-Q 2013-04-05 Quarter: 2013-02-28
10-Q 2013-01-11 Quarter: 2012-11-30
10-Q 2012-10-05 Quarter: 2012-08-31
10-K 2012-07-27 Annual: 2012-05-31
10-Q 2012-04-06 Quarter: 2012-02-29
10-Q 2012-01-06 Quarter: 2011-11-30
10-Q 2011-10-07 Quarter: 2011-08-31
10-K 2011-07-29 Annual: 2011-05-31
10-Q 2011-04-08 Quarter: 2011-02-28
10-Q 2011-01-07 Quarter: 2010-11-30
10-Q 2010-10-08 Quarter: 2010-08-31
10-K 2010-08-06 Annual: 2010-05-31
10-Q 2010-04-02 Quarter: 2010-02-28
10-Q 2010-01-08 Quarter: 2009-11-30
8-K 2020-03-23 Regulation FD, Exhibits
8-K 2020-01-28 Earnings, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-09-16 Exhibits
8-K 2019-09-05 Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-30 Shareholder Vote
8-K 2019-05-21 Earnings, Exhibits
8-K 2019-05-01 Officers, Exhibits
8-K 2019-03-05 Officers
8-K 2019-02-27 Enter Agreement, Other Events, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-11-27 Enter Agreement, Other Events, Exhibits
8-K 2018-11-15 Officers, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-09-26 Officers, Shareholder Vote, Exhibits
8-K 2018-09-20 Enter Agreement, Other Events, Exhibits
8-K 2018-08-23 Officers
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-08-02 Enter Agreement, Other Events, Exhibits
8-K 2018-07-30 Other Events, Exhibits
8-K 2018-07-13 Other Events, Exhibits
8-K 2018-06-25 Regulation FD, Exhibits
8-K 2018-05-31 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Accountant, Control, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2018-05-31 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Shareholder Rights, Accountant, Control, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2018-05-25 Leave Agreement, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2018-05-17 Exhibits
8-K 2018-05-15 Other Events, Exhibits
8-K 2018-05-08
8-K 2018-04-12 Earnings, Exhibits
8-K 2018-01-25 Other Events, Exhibits
8-K 2018-01-25 Other Events, Exhibits
8-K 2018-01-23 Other Events, Exhibits
8-K 2018-01-11 Earnings, Exhibits
8-K 2018-01-04 Enter Agreement, Sale of Shares, Control, Officers, Amend Bylaw, Other Events, Exhibits
SKY 2019-12-28
Part I - Financial Information
Item 1. Financial Statements
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 6. Exhibits
EX-31 sky-ex311_6.htm
EX-31 sky-ex312_7.htm
EX-32 sky-ex32_8.htm

Skyline Champion Earnings 2019-12-28

SKY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
TMHC 2,751 5,340 2,854 4,753 834 209 300 4,658 18% 15.5 4%
MDC 2,701 3,159 1,457 882 141 200 263 3,341 16% 12.7 6%
MTH 2,743 3,635 1,761 0 0 222 296 2,289 7.7 6%
LGIH 2,169 1,636 859 1,658 398 156 233 2,132 24% 9.2 10%
IBP 1,778 1,064 836 1,464 413 65 131 2,108 28% 16.1 6%
TPH 2,108 3,941 1,830 3,074 235 190 253 1,978 8% 7.8 5%
SKY 1,655 732 281 1,409 281 55 96 1,545 20% 16.1 7%
CVCO 1,742 774 201 1,008 224 76 103 1,536 22% 14.9 10%
WGO 1,273 1,554 768 2,080 315 104 165 1,733 15% 10.5 7%
JOE 1,029 898 375 101 0 18 41 948 0% 22.9 2%

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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 EXCHANGE ACT OF 1934

For the quarterly period ended December 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: 001-04714

 

Skyline Champion Corporation

(Exact name of registrant as specified in its charter)

 

Indiana

 

35-1038277

(State of Incorporation)

 

(I.R.S. Employer Identification No.)

 

 

 

755 West Big Beaver Road, Suite 1000

 

 

Troy, Michigan

 

48084

(Address of Principal Executive Offices)

 

(Zip Code)

 

(248) 614-8211

(Registrant’s telephone number, including area code)

 

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

 

SKY

 

New York Stock Exchange

 

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 filers,” “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

Number of shares of common stock outstanding as of January 26, 2020: 56,665,681

 

 

 

 


 

SKYLINE CHAMPION CORPORATION

FORM 10-Q

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

 

Condensed Consolidated Balance Sheets as of December 28, 2019 (unaudited) and March 30, 2019

1

Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended December 28, 2019 and December 29, 2018

2

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended December 28, 2019 and December 29, 2018

3

Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended December 28, 2019 and December 29, 2018

4

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three and nine months ended December 28, 2019 and December 29, 2018

5

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

29

 

 

Item 4. Controls and Procedures

29

 

 

PART II – OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

30

 

 

Item 1A. Risk Factors

30

 

 

Item 6. Exhibits

31

 

 

SIGNATURES

32

 

 

 

i


 

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Skyline Champion Corporation

Condensed Consolidated Balance Sheets

(Dollars and shares in thousands, except per share amounts)

 

 

 

December 28,

2019

 

 

March 30,

2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

171,287

 

 

$

126,634

 

Trade accounts receivable, net

 

 

42,233

 

 

 

57,649

 

Inventories, net

 

 

107,938

 

 

 

122,638

 

Other current assets

 

 

13,377

 

 

 

11,369

 

Total current assets

 

 

334,835

 

 

 

318,290

 

Long-term assets:

 

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

110,944

 

 

 

108,587

 

Goodwill

 

 

173,521

 

 

 

173,406

 

Amortizable intangible assets, net

 

 

44,714

 

 

 

48,936

 

Deferred tax assets

 

 

30,435

 

 

 

34,058

 

Other noncurrent assets

 

 

30,029

 

 

 

16,677

 

Total assets

 

$

724,478

 

 

$

699,954

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Floor plan payable

 

$

32,375

 

 

$

33,321

 

Accounts payable

 

 

27,325

 

 

 

43,421

 

Other current liabilities

 

 

118,603

 

 

 

129,561

 

Total current liabilities

 

 

178,303

 

 

 

206,303

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

39,330

 

 

 

54,330

 

Deferred tax liabilities

 

 

3,746

 

 

 

3,422

 

Other

 

 

33,902

 

 

 

23,927

 

Total long-term liabilities

 

 

76,978

 

 

 

81,679

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Common stock, $0.0277 par value, 115,000 shares authorized, 56,666 and 56,657 shares issued (including 145 and 290 shares subject to restriction) as of December 28, 2019 and March 30, 2019, respectively

 

 

1,570

 

 

 

1,569

 

Additional paid-in capital

 

 

483,371

 

 

 

479,226

 

Accumulated deficit

 

 

(6,046

)

 

 

(58,208

)

Accumulated other comprehensive loss

 

 

(9,698

)

 

 

(10,615

)

Total stockholders’ equity

 

 

469,197

 

 

 

411,972

 

Total liabilities and stockholders’ equity

 

$

724,478

 

 

$

699,954

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

1


 

Skyline Champion Corporation

Condensed Consolidated Statements of Operations

(Unaudited, dollars in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 28,

2019

 

 

December 29,

2018

 

 

December 28,

2019

 

 

December 29,

2018

 

Net sales

 

$

342,239

 

 

$

354,671

 

 

$

1,068,585

 

 

$

1,032,368

 

Cost of sales

 

 

273,338

 

 

 

289,935

 

 

 

849,594

 

 

 

853,472

 

Gross profit

 

 

68,901

 

 

 

64,736

 

 

 

218,991

 

 

 

178,896

 

Selling, general, and administrative expenses

 

 

45,237

 

 

 

48,848

 

 

 

145,354

 

 

 

222,005

 

Operating income (loss)

 

 

23,664

 

 

 

15,888

 

 

 

73,637

 

 

 

(43,109

)

Interest expense, net

 

 

328

 

 

 

813

 

 

 

1,019

 

 

 

2,712

 

Other expense

 

 

 

 

 

125

 

 

 

 

 

 

7,845

 

Income (loss) before income taxes

 

 

23,336

 

 

 

14,950

 

 

 

72,618

 

 

 

(53,666

)

Income tax expense

 

 

6,299

 

 

 

4,437

 

 

 

20,456

 

 

 

13,699

 

Net income (loss)

 

$

17,037

 

 

$

10,513

 

 

$

52,162

 

 

$

(67,365

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.19

 

 

$

0.92

 

 

$

(1.28

)

Diluted

 

$

0.30

 

 

$

0.19

 

 

$

0.92

 

 

$

(1.28

)

 

See accompanying Notes to Condensed Consolidated Financial Statements.

2


 

Skyline Champion Corporation

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, dollars in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 28,

2019

 

 

December 29,

2018

 

 

December 28,

2019

 

 

December 29,

2018

 

Net income (loss)

 

$

17,037

 

 

$

10,513

 

 

$

52,162

 

 

$

(67,365

)

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

548

 

 

 

(2,099

)

 

 

917

 

 

 

(2,206

)

Total comprehensive income (loss)

 

$

17,585

 

 

$

8,414

 

 

$

53,079

 

 

$

(69,571

)

 

See accompanying Notes to Condensed Consolidated Financial Statements.

3


 

Skyline Champion Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited, dollars in thousands)

 

 

 

Nine Months Ended

 

 

 

December 28,

2019

 

 

December 29,

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

52,162

 

 

$

(67,365

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

9,826

 

 

 

8,219

 

Amortization of intangible assets

 

 

4,069

 

 

 

3,316

 

Amortization of deferred financing fees

 

 

384

 

 

 

409

 

Fair market value adjustment for asset classified as held for sale

 

 

986

 

 

 

 

Equity-based compensation

 

 

6,168

 

 

 

97,589

 

Deferred taxes

 

 

4,222

 

 

 

3,223

 

Loss on disposal of property, plant, and equipment

 

 

126

 

 

 

1

 

Foreign currency transaction (gain) loss

 

 

(93

)

 

 

188

 

Change in assets and liabilities net of business acquired:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

15,441

 

 

 

8,414

 

Inventories

 

 

14,980

 

 

 

4,991

 

Prepaids and other assets

 

 

(6,199

)

 

 

(286

)

Accounts payable

 

 

(16,130

)

 

 

(11,756

)

Accrued expenses and other liabilities

 

 

(12,865

)

 

 

4,975

 

Net cash provided by operating activities

 

 

73,077

 

 

 

51,918

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Additions to property, plant, and equipment

 

 

(12,110

)

 

 

(7,627

)

Cash acquired in business acquisition

 

 

 

 

 

9,722

 

Proceeds from disposal of property, plant, and equipment

 

 

44

 

 

 

17

 

Proceeds from sale of held for sale asset

 

 

1,100

 

 

 

 

Decrease in note receivable

 

 

 

 

 

284

 

Net cash (used in) provided by investing activities

 

 

(10,966

)

 

 

2,396

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Changes in floor plan financing, net

 

 

(946

)

 

 

9,133

 

Borrowings on revolving debt facility

 

 

 

 

 

46,900

 

Payments on revolving debt facility

 

 

(15,000

)

 

 

 

Payments on term-loans and other debt

 

 

 

 

 

(46,900

)

Payments for deferred financing fees

 

 

 

 

 

(2,169

)

Stock option exercises

 

 

109

 

 

 

1,615

 

Tax payments for equity-based compensation

 

 

(2,131

)

 

 

(4,117

)

Members' capital distribution

 

 

 

 

 

(65,277

)

Net cash used in financing activities

 

 

(17,968

)

 

 

(60,815

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

510

 

 

 

(1,130

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

44,653

 

 

 

(7,631

)

Cash, cash equivalents, and restricted cash at beginning of period

 

 

126,634

 

 

 

136,616

 

Cash, cash equivalents, and restricted cash at end of period

 

$

171,287

 

 

$

128,985

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

 

4


Skyline Champion Corporation

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited, dollars and shares in thousands)

 

 

 

Three Months Ended December 28, 2019

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Members'

Contributed

Capital

 

 

Additional

Paid in

Capital

 

 

Retained

Earnings

(Accumulated

Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

 

Balance at September 28, 2019

 

 

56,665

 

 

$

1,570

 

 

$

 

 

$

481,909

 

 

$

(23,083

)

 

$

(10,246

)

 

$

450,150

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,037

 

 

 

 

 

 

17,037

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

1,465

 

 

 

 

 

 

 

 

 

1,465

 

Net common stock issued under equity-based compensation plans

 

 

1

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

(3

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

548

 

 

 

548

 

Balance at December 28, 2019

 

 

56,666

 

 

$

1,570

 

 

$

 

 

$

483,371

 

 

$

(6,046

)

 

$

(9,698

)

 

$

469,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 28, 2019

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Members'

Contributed

Capital

 

 

Additional

Paid in

Capital

 

 

Retained

Earnings

(Accumulated

Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

 

Balance at March 30, 2019

 

 

56,657

 

 

$

1,569

 

 

$

 

 

$

479,226

 

 

$

(58,208

)

 

$

(10,615

)

 

$

411,972

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,162

 

 

 

 

 

 

52,162

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

6,168

 

 

 

 

 

 

 

 

 

6,168

 

Net common stock issued under equity-based compensation plans

 

 

9

 

 

 

1

 

 

 

 

 

 

(2,023

)

 

 

 

 

 

 

 

 

(2,022

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

917

 

 

 

917

 

Balance at December 28, 2019

 

 

56,666

 

 

$

1,570

 

 

$

 

 

$

483,371

 

 

$

(6,046

)

 

$

(9,698

)

 

$

469,197

 

 

 

 

 

 

Three Months Ended December 29, 2018

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Members'

Contributed

Capital

 

 

Additional

Paid in

Capital

 

 

Retained

Earnings

(Accumulated

Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

 

Balance at September 29, 2018

 

 

56,713

 

 

$

1,571

 

 

$

 

 

$

472,176

 

 

$

(77,878

)

 

$

(9,400

)

 

$

386,469

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,513

 

 

 

 

 

 

10,513

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

3,662

 

 

 

 

 

 

 

 

 

3,662

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,099

)

 

 

(2,099

)

Balance at December 29, 2018

 

 

56,713

 

 

$

1,571

 

 

$

 

 

$

475,838

 

 

$

(67,365

)

 

$

(11,499

)

 

$

398,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 29, 2018

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Members'

Contributed

Capital

 

 

Additional

Paid in

Capital

 

 

Retained

Earnings

(Accumulated

Deficit)

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Total

 

Balance at April 1, 2018

 

 

 

 

$

 

 

$

140,076

 

 

$