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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/03/22 Skyline Champion Corp. 10-Q 7/02/22 61:6.4M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.89M
2: EX-31.1 Certification -- §302 - SOA'02 HTML 24K
3: EX-31.2 Certification -- §302 - SOA'02 HTML 24K
4: EX-32 Certification -- §906 - SOA'02 HTML 21K
10: R1 Document and Entity Information HTML 72K
11: R2 Condensed Consolidated Balance Sheets HTML 116K
12: R3 Condensed Consolidated Balance Sheets HTML 24K
(Parenthetical)
13: R4 Condensed Consolidated Income Statements HTML 79K
14: R5 Condensed Consolidated Statements of Comprehensive HTML 38K
Income
15: R6 Consolidated Statements of Cash Flows HTML 96K
16: R7 Consolidated Statement of Equity HTML 53K
17: R8 Basis of Presentation and Business HTML 32K
18: R9 Inventories, Net HTML 42K
19: R10 Property, Plant, and Equipment HTML 57K
20: R11 Goodwill, Intangible Assets, and Cloud Computing HTML 75K
Arrangements
21: R12 Other Current Liabilities HTML 54K
22: R13 Accrued Warranty Obligations HTML 49K
23: R14 Debt and Floor Plan Payable HTML 65K
24: R15 Revenue Recognition HTML 120K
25: R16 Income Taxes HTML 29K
26: R17 Earnings Per Share HTML 59K
27: R18 Segment Information HTML 147K
28: R19 Commitments, Contingencies and Legal Proceedings HTML 31K
29: R20 Basis of Presentation and Business (Policies) HTML 32K
30: R21 Inventories, Net (Tables) HTML 40K
31: R22 Property, Plant, and Equipment (Tables) HTML 51K
32: R23 Goodwill, Intangible Assets, and Cloud Computing HTML 67K
Arrangements (Tables)
33: R24 Other Current Liabilities (Tables) HTML 53K
34: R25 Accrued Warranty Obligations (Tables) HTML 50K
35: R26 Debt and Floor Plan Payable (Tables) HTML 46K
36: R27 Revenue Recognition (Tables) HTML 116K
37: R28 Earnings Per Share (Tables) HTML 57K
38: R29 Segment Information (Tables) HTML 141K
39: R30 Basis of Presentation and Business - Additional HTML 38K
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40: R31 Business Acquisition - Schedule of Purchase Price HTML 22K
Preliminary Allocation on Assets and Liabilities
(Detail)
41: R32 Inventories, Net - Summary of Components of HTML 26K
Inventory, Net of Reserves for Obsolete Inventory
(Detail)
42: R33 Inventories, Net - Additional Information (Detail) HTML 20K
43: R34 Property Plant, and Equipment - Additional HTML 37K
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44: R35 Property Plant, and Equipment - Summary of HTML 35K
Components of Property, Plant, and Equipment
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45: R36 Goodwill, Intangible Assets, and Cloud Computing HTML 30K
Arrangements - Additional Information (Detail)
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Arrangements - Components of Amortizable
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47: R38 Other Current Liabilities - Components of Other HTML 36K
Current Liabilities (Detail)
48: R39 Accrued Warranty Obligations - Summary of Changes HTML 29K
in Accrued Warranty Obligations (Detail)
49: R40 Debt and Floor Plan Payable - Summary of Long Term HTML 28K
Debt (Detail)
50: R41 Debt and Floor Plan Payable - Additional HTML 83K
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51: R42 Revenue Recognition - Summary of Corporate Net HTML 42K
Sales (Detail)
52: R43 Income Taxes - Additional Information (Detail) HTML 29K
53: R44 Earnings Per Share - Computation of Basic and HTML 46K
Diluted Earnings Per Common Share (Detail)
54: R45 Segment Information - Additional Information HTML 20K
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55: R46 Segment Information - Schedule of Financial HTML 70K
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| 10-Q |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM i 10-Q
(Mark One)
i ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended i July 2, 2022
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: i 001-04714
i Skyline Champion Corporation
(Exact name of registrant as specified in its charter)
i Indiana |
|
i 35-1038277 |
(State of Incorporation) |
|
(I.R.S. Employer Identification No.) |
|
|
|
i 755 West Big Beaver Road, i Suite 1000 |
|
|
i Troy, i Michigan |
|
i 48084 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
( i 248) i 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 |
i Common Stock |
|
i SKY |
|
i 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. i 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). i 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:):
i Large accelerated filer |
☒ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
i ☐ |
Emerging growth company |
i ☐ |
|
|
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. i ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No i ☒
Number of shares of common stock outstanding as of July 22, 2022: i 56,889,105
SKYLINE CHAMPION CORPORATION
FORM 10-Q
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)
|
|
|
|
|
||||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
i 463,778 |
|
|
$ |
i 435,413 |
|
Trade accounts receivable, net |
|
|
i 128,573 |
|
|
|
i 90,536 |
|
Inventories, net |
|
|
i 292,158 |
|
|
|
i 241,334 |
|
Other current assets |
|
|
i 22,917 |
|
|
|
i 14,977 |
|
Total current assets |
|
|
i 907,426 |
|
|
|
i 782,260 |
|
Long-term assets: |
|
|
|
|
|
|
||
Property, plant, and equipment, net |
|
|
i 144,933 |
|
|
|
i 132,985 |
|
Goodwill |
|
|
i 192,555 |
|
|
|
i 191,970 |
|
Amortizable intangible assets, net |
|
|
i 50,026 |
|
|
|
i 51,283 |
|
Deferred tax assets |
|
|
i 16,302 |
|
|
|
i 17,750 |
|
Other noncurrent assets |
|
|
i 62,090 |
|
|
|
i 58,371 |
|
Total assets |
|
$ |
i 1,373,332 |
|
|
$ |
i 1,234,619 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Floor plan payable |
|
$ |
i 37,859 |
|
|
$ |
i 35,460 |
|
Accounts payable |
|
|
i 76,133 |
|
|
|
i 92,159 |
|
Other current liabilities |
|
|
i 256,243 |
|
|
|
i 222,493 |
|
Total current liabilities |
|
|
i 370,235 |
|
|
|
i 350,112 |
|
Long-term liabilities: |
|
|
|
|
|
|
||
Long-term debt |
|
|
i 12,430 |
|
|
|
i 12,430 |
|
Deferred tax liabilities |
|
|
i 5,384 |
|
|
|
i 5,124 |
|
Other liabilities |
|
|
i 41,705 |
|
|
|
i 41,840 |
|
Total long-term liabilities |
|
|
i 59,519 |
|
|
|
i 59,394 |
|
|
|
|
|
|
|
|
||
Stockholders' Equity: |
|
|
|
|
|
|
||
Common stock, $ i i 0.0277 / par value, i i 115,000 / shares authorized, i 56,848 and i 56,838 shares issued as of July 2, 2022 and April 2, 2022, respectively |
|
|
i 1,573 |
|
|
|
i 1,573 |
|
Additional paid-in capital |
|
|
i 506,815 |
|
|
|
i 502,846 |
|
Retained earnings |
|
|
i 444,702 |
|
|
|
i 327,902 |
|
Accumulated other comprehensive loss |
|
|
( i 9,512 |
) |
|
|
( i 7,208 |
) |
Total stockholders’ equity |
|
|
i 943,578 |
|
|
|
i 825,113 |
|
Total liabilities and stockholders’ equity |
|
$ |
i 1,373,332 |
|
|
$ |
i 1,234,619 |
|
See accompanying Notes to Condensed Consolidated Financial Statements.
1
Skyline Champion Corporation
Condensed Consolidated Income Statements
(Unaudited, dollars in thousands, except per share amounts)
|
|
Three months ended |
|
|||||
|
|
|
|
|
||||
Net sales |
|
$ |
i 725,881 |
|
|
$ |
i 510,197 |
|
Cost of sales |
|
|
i 496,546 |
|
|
|
i 398,667 |
|
Gross profit |
|
|
i 229,335 |
|
|
|
i 111,530 |
|
Selling, general, and administrative expenses |
|
|
i 72,282 |
|
|
|
i 54,023 |
|
Operating income |
|
|
i 157,053 |
|
|
|
i 57,507 |
|
Interest expense, net |
|
|
i 90 |
|
|
|
i 649 |
|
Other income |
|
|
( i 634 |
) |
|
|
( i 54 |
) |
Income before income taxes |
|
|
i 157,597 |
|
|
|
i 56,912 |
|
Income tax expense |
|
|
i 40,446 |
|
|
|
i 14,011 |
|
Net income |
|
$ |
i 117,151 |
|
|
$ |
i 42,901 |
|
Net income per share: |
|
|
|
|
|
|
||
Basic |
|
$ |
i 2.06 |
|
|
$ |
i 0.76 |
|
Diluted |
|
$ |
i 2.04 |
|
|
$ |
i 0.75 |
|
See accompanying Notes to Condensed Consolidated Financial Statements.
2
Skyline Champion Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, dollars in thousands)
|
|
Three months ended |
|
|||||
|
|
|
|
|
||||
Net income |
|
$ |
i 117,151 |
|
|
$ |
i 42,901 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
||
Foreign currency translation adjustments |
|
|
( i 2,304 |
) |
|
|
i 878 |
|
Total comprehensive income |
|
$ |
i 114,847 |
|
|
$ |
i 43,779 |
|
See accompanying Notes to Condensed Consolidated Financial Statements.
3
Skyline Champion Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited, dollars in thousands)
|
|
Three months ended |
|
|||||
|
|
|
|
|
||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
i 117,151 |
|
|
$ |
i 42,901 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
i 3,670 |
|
|
|
i 3,257 |
|
Amortization of intangible assets |
|
|
i 1,946 |
|
|
|
i 1,888 |
|
Amortization of deferred financing fees |
|
|
i 95 |
|
|
|
i 127 |
|
Equity-based compensation |
|
|
i 3,960 |
|
|
|
i 1,441 |
|
Deferred taxes |
|
|
i 1,685 |
|
|
|
i 4,079 |
|
Loss on disposal of property, plant, and equipment |
|
|
i 6 |
|
|
|
i 6 |
|
Foreign currency transaction loss (gain) |
|
|
i 351 |
|
|
|
( i 84 |
) |
Change in assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
( i 38,141 |
) |
|
|
( i 3,097 |
) |
Inventories |
|
|
( i 48,855 |
) |
|
|
( i 25,129 |
) |
Prepaids and other assets |
|
|
( i 11,084 |
) |
|
|
( i 14,992 |
) |
Accounts payable |
|
|
( i 15,931 |
) |
|
|
i 8,741 |
|
Accrued expenses and other liabilities |
|
|
i 32,569 |
|
|
|
i 12,767 |
|
Net cash provided by operating activities |
|
|
i 47,422 |
|
|
|
i 31,905 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Additions to property, plant, and equipment |
|
|
( i 9,435 |
) |
|
|
( i 9,221 |
) |
Cash paid for acquisition |
|
|
( i 9,553 |
) |
|
|
i — |
|
Proceeds from disposal of property, plant, and equipment |
|
|
i 17 |
|
|
|
i 2 |
|
Net cash used in investing activities |
|
|
( i 18,971 |
) |
|
|
( i 9,219 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Changes in floor plan financing, net |
|
|
i 2,398 |
|
|
|
i 3,045 |
|
Stock option exercises |
|
|
i 9 |
|
|
|
i 79 |
|
Tax payments for equity-based compensation |
|
|
( i 351 |
) |
|
|
( i 1,326 |
) |
Net cash provided by financing activities |
|
|
i 2,056 |
|
|
|
i 1,798 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
( i 2,142 |
) |
|
|
i 673 |
|
Net increase in cash and cash equivalents |
|
|
i 28,365 |
|
|
|
i 25,157 |
|
Cash and cash equivalents at beginning of period |
|
|
i 435,413 |
|
|
|
i 262,581 |
|
Cash and cash equivalents at end of period |
|
$ |
i 463,778 |
|
|
$ |
i 287,738 |
|
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 July 2, 2022 |
|
|||||||||||||||||||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Additional |
|
|
Retained |
|
|
Accumulated |
|
|
Total |
|
||||||
Balance at April 2, 2022 |
|
|
i 56,838 |
|
|
$ |
i 1,573 |
|
|
$ |
i 502,846 |
|
|
$ |
i 327,902 |
|
|
$ |
( i 7,208 |
) |
|
$ |
i 825,113 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
i 117,151 |
|
|
|
— |
|
|
|
i 117,151 |
|
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
i 3,960 |
|
|
|
— |
|
|
|
— |
|
|
|
i 3,960 |
|
Net common stock issued under equity-based compensation plans |
|
|
i 10 |
|
|
|
— |
|
|
|
i 9 |
|
|
|
( i 351 |
) |
|
|
— |
|
|
|
( i 342 |
) |
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( i 2,304 |
) |
|
|
( i 2,304 |
) |
Balance at July 2, 2022 |
|
|
i 56,848 |
|
|
$ |
i 1,573 |
|
|
$ |
i 506,815 |
|
|
$ |
i 444,702 |
|
|
$ |
( i 9,512 |
) |
|
$ |
i 943,578 |
|
|
|
Three months ended July 3, 2021 |
|
|||||||||||||||||||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Additional |
|
|
Retained |
|
|
Accumulated |
|
|
Total |
|
||||||
Balance at March 28, 2020 |
|
|
i 56,640 |
|
|
$ |
i 1,569 |
|
|
$ |
i 491,668 |
|
|
$ |
i 82,898 |
|
|
$ |
( i 7,524 |
) |
|
$ |
i 568,611 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
i 42,901 |
|
|
|
— |
|
|
|
i 42,901 |
|
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
i 1,441 |
|
|
|
— |
|
|
|
— |
|
|
|
i 1,441 |
|
Net common stock issued under equity-based compensation plans |
|
|
i 59 |
|
|
|
i 2 |
|
|
|
i 82 |
|
|
|
( i 1,332 |
) |
|
|
— |
|
|
|
( i 1,248 |
) |
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
i 878 |
|
|
|
i 878 |
|
Balance at July 3, 2021 |
|
|
i 56,699 |
|
|
$ |
i 1,571 |
|
|
$ |
i 493,191 |
|
|
$ |
i 124,467 |
|
|
$ |
( i 6,646 |
) |
|
$ |
i 612,583 |
|
Components of accumulated other comprehensive loss consisted solely of foreign currency translation adjustments.
See accompanying Notes to Condensed Consolidated Financial Statements.
5
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements
1. Basis of Presentation and Business
Nature of Operations: Skyline Champion Corporation's (the “Company”) operations consist of manufacturing, retail and transportation activities. At July 2, 2022, the Company operated i 37 manufacturing facilities throughout the United States (“U.S.”) and i five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of i 19 sales centers that sell manufactured houses to consumers primarily in the Southern U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands.
/Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations.
The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 24, 2022 (the “Fiscal 2022 Annual Report”).
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year.
The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. Accounts receivable are reflected net of reserves of $ i i 1.7 / million at both July 2, 2022 and April 2, 2022. At both July 2, 2022 and April 2, 2022, other notes receivable are reflected net of reserves of $ i i 0.4 / million.
The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2023,” will end on April 1, 2023 and will include 52 weeks. References to “fiscal 2022” refer to the Company’s fiscal year ended April 2, 2022. The three months ended July 2, 2022 and July 3, 2021 each included 13 weeks.
In May, 2022, the Company acquired Manis Custom Builders, Inc. ("Manis") for $ i 9.6 million. The net assets acquired were not material to the accompanying consolidated financial statements.
There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations.
/2. Inventories, net
The components of inventory, net of reserves for obsolete inventory, were as follows:
(Dollars in thousands) |
|
|
|
|
||||
Raw materials |
|
$ |
i 133,640 |
|
|
$ |
i 141,238 |
|
Work in process |
|
|
i 30,531 |
|
|
|
i 26,523 |
|
Finished goods and other |
|
|
i 127,987 |
|
|
|
i 73,573 |
|
Total inventories, net |
|
$ |
i 292,158 |
|
|
$ |
i 241,334 |
|
At July 2, 2022 and April 2, 2022, reserves for obsolete inventory were $ i 5.7 million and $ i 4.8 million, respectively.
/
6
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements - Continued
3. Property, Plant, and Equipment
Property, plant, and equipment are stated at cost. Depreciation is calculated primarily on a straight-line basis, generally over the following estimated useful lives: land improvements – i 3 to i 10 years; buildings and improvements – i 8 to i 25 years; and vehicles and machinery and equipment – i i 3 / to i i 8 years / . Depreciation expense for the three months ended July 2, 2022 and July 3, 2021 was $ i 3.7 million and $ i 3.3 million, respectively.
The components of property, plant, and equipment were as follows:
(Dollars in thousands) |
|
|
|
|
||||
Land and improvements |
|
$ |
i 40,502 |
|
|
$ |
i 39,815 |
|
Buildings and improvements |
|
|
i 110,338 |
|
|
|
i 104,085 |
|
Machinery and equipment |
|
|
i 73,244 |
|
|
|
i 69,518 |
|
Construction in progress |
|
|
i 14,789 |
|
|
|
i 10,280 |
|
Property, plant, and equipment, at cost |
|
|
i 238,873 |
|
|
|
i 223,698 |
|
Less: accumulated depreciation |
|
|
( i 93,940 |
) |
|
|
( i 90,713 |
) |
Property, plant, and equipment, net |
|
$ |
i 144,933 |
|
|
$ |
i 132,985 |
|
4. Goodwill, Intangible Assets, and Cloud Computing Arrangements
Goodwill
Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At July 2, 2022 and April 2, 2022, the Company had goodwill of $ i 192.6 million and $ i 192.0 million, respectively.
Intangible Assets
The components of amortizable intangible assets were as follows:
(Dollars in thousands) |
|
|
|
|
||||||||||||||||||||
|
|
Customer |
|
|
Trade |
|
|
Total |
|
|
Customer |
|
|
Trade |
|
|
Total |
|
||||||
Gross carrying amount |
|
$ |
i 62,168 |
|
|
$ |
i 21,696 |
|
|
$ |
i 83,864 |
|
|
$ |
i 61,986 |
|
|
$ |
i 21,419 |
|
|
$ |
i 83,405 |
|
Accumulated amortization |
|
|
( i 25,094 |
) |
|
|
( i 8,744 |
) |
|
|
( i 33,838 |
) |
|
|
( i 23,819 |
) |
|
|
( i 8,303 |
) |
|
$ |
( i 32,122 |
) |
Amortizable intangibles, net |
|
$ |
i 37,074 |
|
|
$ |
i 12,952 |
|
|
$ |
i 50,026 |
|
|
$ |
i 38,167 |
|
|
$ |
i 13,116 |
|
|
$ |
i 51,283 |
|
During both the three months ended July 2, 2022 and July 3, 2021, amortization of intangible assets was $ i i 1.9 / million.
Cloud Computing Arrangements
The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed technology. At July 2, 2022 and April 2, 2022, the Company had capitalized cloud computing costs of $ i 23.9 million and $ i 20.5 million, respectively. Cloud computing costs are included in other noncurrent assets in the accompanying condensed consolidated balance sheets. Amortization of capitalized cloud computing costs for the three months ended July 2, 2022 was $ i 0.2 million. There was i no amortization of capitalized cloud computing costs during the three months ended July 3, 2021.
/
7
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements - Continued
5. Other Current Liabilities
The components of other current liabilities were as follows:
(Dollars in thousands) |
|
|
|
|
||||
Customer deposits |
|
$ |
i 68,315 |
|
|
$ |
i 67,396 |
|
Accrued volume rebates |
|
|
i 26,133 |
|
|
|
i 23,505 |
|
Accrued warranty obligations |
|
|
i 26,129 |
|
|
|
i 25,806 |
|
Accrued compensation and payroll taxes |
|
|
i 50,618 |
|
|
|
i 64,888 |
|
Accrued insurance |
|
|
i 16,008 |
|
|
|
i 13,569 |
|
Accrued taxes |
|
|
i 42,413 |
|
|
|
i 6,959 |
|
Other |
|
|
i 26,627 |
|
|
|
i 20,370 |
|
Total other current liabilities |
|
$ |
i 256,243 |
|
|
$ |
i 222,493 |
|
6. i Accrued Warranty Obligations
Changes in the accrued warranty obligations were as follows:
|
|
Three months ended |
|
|||||
(Dollars in thousands) |
|
|
|
|
||||
Balance at beginning of period |
|
$ |
i 32,832 |
|
|
$ |
i 30,469 |
|
Warranty expense |
|
|
i 11,921 |
|
|
|
i 10,304 |
|
Cash warranty payments |
|
|
( i 11,598 |
) |
|
|
( i 9,694 |
) |
Balance at end of period |
|
|
i 33,155 |
|
|
|
i 31,079 |
|
Less: noncurrent portion in other long-term liabilities |
|
|
( i 7,026 |
) |
|
|
( i 6,436 |
) |
Total current portion |
|
$ |
i 26,129 |
|
|
$ |
i 24,643 |
|
7. Debt and Floor Plan Payable
Long-term debt consisted of the following:
(Dollars in thousands) |
|
|
|
|
||||
Revolving credit facility maturing in 2026 |
|
$ |
i — |
|
|
$ |
i — |
|
Obligations under industrial revenue bonds due 2029 |
|
|
i 12,430 |
|
|
|
i 12,430 |
|
Total debt |
|
|
i 12,430 |
|
|
|
i 12,430 |
|
Less: current portion |
|
|
— |
|
|
|
— |
|
Total long-term debt |
|
$ |
i 12,430 |
|
|
$ |
i 12,430 |
|
On July 7, 2021, the Company entered into an Amended and Restated Credit Agreement with a syndicate of banks that provides for a revolving credit facility of up to $ i 200.0 million, including a $ i 45.0 million letter of credit sub-facility ("Amended Credit Agreement"). The Amended Credit Agreement replaced the Company's previously existing $ i 100.0 million revolving credit facility. Outstanding borrowings of $ i 26.9 million on the Company's previous revolving credit facility were repaid in July 2021. The Amended Credit Agreement allows the Company to draw down, repay and re-draw loans on the available facility during the term, subject to certain terms and conditions, matures in July 2026, and has no scheduled amortization. The Company capitalized $ i 1.1 million of deferred financing fees associated with the Amended Credit Agreement, which are included in other noncurrent assets on the accompanying consolidated balance sheets. The Company wrote off $ i 0.3 million of deferred financing fees associated with the previously existing credit facility during the second quarter of fiscal 2022.
8
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements - Continued
The interest rate on borrowings under the Amended Credit Agreement adjusts based on the consolidated total net leverage of the Company from a high of the London Inter-Bank Offered Rate ("LIBOR") or the Secured Overnight Financing Rate plus the benchmark replacement adjustment ("Replacement Rate") plus i 1.875% and Alternative Base Rate ("ABR") plus i 0.875%, at the election of the Company, when the consolidated total net leverage ratio is equal to or greater than i 2.25:1.00, to a low of LIBOR or the Replacement Rate plus i 1.125% and ABR plus i 0.125% when the consolidated total net leverage is below 0.50:1.00. In addition, the Company is obligated to pay an unused line fee ranging between i 0.15% and i 0.3% (depending on the consolidated total net leverage ratio) in respect of unused commitments under the Amended Credit Agreement. There were i i no / outstanding borrowings under the revolving credit facility at July 2, 2022 and April, 2, 2022, respectively. At July 2, 2022 the interest rate under the Amended Credit Agreement was i 2.97% and letters of credit issued under the Amended Credit Agreement totaled $ i 32.1 million. Available borrowing capacity under the Amended Credit Agreement as of July 2, 2022 was $ i 167.9 million.
Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The weighted-average interest rate at July 2, 2022, including related costs and fees, was i 2.61%. The industrial revenue bonds require lump-sum payments of principal upon maturity in i 2029.
The Amended Credit Agreement contains covenants that restrict the amount of additional debt, liens and certain payments, including equity buybacks, investments, dispositions, mergers and consolidations, among other restrictions as defined. The Company was in compliance with all covenants of the Amended Credit Agreement as of July 2, 2022.
Floor Plan Payable
The Company’s retail operations utilize floor plan financing to fund the purchase of manufactured homes for display or resale. At July 2, 2022 and April 2, 2022, the Company had outstanding borrowings on floor plan financing agreements of $ i 37.9 million and $ i 35.5 million, respectively. Total credit line capacity provided under the agreements was $6 i 7.0 million as of July 2, 2022. i Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer.
/8. Revenue Recognition
The following tables disaggregate the Company’s revenue by sales category for the three months ended July 2, 2022 and July 3, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended July 2, 2022 |
|
|||||||||||||
(Dollars in thousands) |
|
U.S. |
|
|
Canadian |
|
|
Corporate/ |
|
|
Total |
|
||||
Manufacturing and retail |
|
$ |
i 660,811 |
|
|
$ |
i 45,062 |
|
|
$ |
— |
|
|
$ |
i 705,873 |
|
Commercial |
|
|
i 270 |
|
|
|
— |
|
|
|
— |
|
|
|
i 270 |
|
Transportation |
|
|
— |
|
|
|
— |
|
|
|
i 19,738 |
|
|
|
i 19,738 |
|
Total |
|
$ |
i 661,081 |
|
|
$ |
i 45,062 |
|
|
$ |
i 19,738 |
|
|
$ |
i 725,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended July 3, 2021 |
|
|||||||||||||
(Dollars in thousands) |
|
U.S. |
|
|
Canadian |
|
|
Corporate/ |
|
|
Total |
|
||||
Manufacturing and retail |
|
$ |
i 455,891 |
|
|
$ |
i 37,831 |
|
|
$ |
— |
|
|
$ |
i 493,722 |
|
Commercial |
|
|
i 1,429 |
|
|
|
— |
|
|
|
— |
|
|
|
i 1,429 |
|
Transportation |
|
|
— |
|
|
|
— |
|
|
|
i 15,046 |
|
|
|
i 15,046 |
|
Total |
|
$ |
i 457,320 |
|
|
$ |
i 37,831 |
|
|
$ |
i 15,046 |
|
|
$ |
i 510,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
9
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements - Continued
9. Income Taxes
For the three months ended July 2, 2022 and July 3, 2021, the Company recorded $ i 40.4 million and $ i 14.0 million of income tax expense and had an effective tax rate of i 25.7% and i 24.6%, respectively.
The Company’s effective tax rate for the three months ended July 2, 2022 differs from the federal statutory income tax rate of i 21.0% due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. The Company’s effective tax rate for the three months ended July 3, 2021 differs from the federal statutory income tax rate of i 21.0% due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, results in foreign jurisdictions and tax benefits from equity compensation.
At July 2, 2022, the Company had i no unrecognized tax benefits. The Company does not anticipate any material changes to uncertain tax benefits in the next twelve months. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense.
/
10. Earnings Per Share
Basic net income per share (“EPS”) attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method.
The following table sets forth the computation of basic and diluted earnings per common share:
|
Three months ended |
|
||||||
(Dollars and shares in thousands, except per share data) |
|
|
|
|
||||
Numerator: |
|
|
|
|
|
|
||
Net income attributable to the Company's common shareholders |
|
$ |
i 117,151 |
|
|
$ |
i 42,901 |
|
Denominator: |
|
|
|
|
|
|
||
Basic weighted-average shares outstanding |
|
|
i 56,910 |
|
|
|
i 56,706 |
|
Dilutive securities |
|
|
i 387 |
|
|
|
i 497 |
|
Diluted weighted-average shares outstanding |
|
|
i 57,297 |
|
|
|
i 57,203 |
|
|
|
|
|
|
|
|
||
Basic net income per share |
|
$ |
i 2.06 |
|
|
$ |
i 0.76 |
|
Diluted net income per share |
|
$ |
i 2.04 |
|
|
$ |
i 0.75 |
|
11. Segment Information
Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets.
The Company operates in i two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily includes cash and U.S. deferred tax items not specifically allocated to another segment.
10
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements - Continued
Selected financial information by reportable segment was as follows:
|
|
Three months ended |
|
|||||
(Dollars in thousands) |
|
|
|
|
||||
Net sales: |
|
|
|
|
|
|
||
U.S. Factory-built Housing |
|
$ |
i 661,081 |
|
|
$ |
i 457,320 |
|
Canadian Factory-built Housing |
|
|
i 45,062 |
|
|
|
i 37,831 |
|
Corporate/Other |
|
|
i 19,738 |
|
|
|
i 15,046 |
|
Consolidated net sales |
|
$ |
i 725,881 |
|
|
$ |
i 510,197 |
|
Operating income: |
|
|
|
|
|
|
||
U.S. Factory-built Housing EBITDA |
|
$ |
i 161,565 |
|
|
$ |
i 63,017 |
|
Canadian Factory-built Housing EBITDA |
|
|
i 11,327 |
|
|
|
i 5,666 |
|
Corporate/Other EBITDA |
|
|
( i 9,589 |
) |
|
|
( i 5,977 |
) |
Other income |
|
|
( i 634 |
) |
|
|
( i 54 |
) |
Depreciation |
|
|
( i 3,670 |
) |
|
|
( i 3,257 |
) |
Amortization |
|
|
( i 1,946 |
) |
|
|
( i 1,888 |
) |
Consolidated operating income |
|
$ |
i 157,053 |
|
|
$ |
i 57,507 |
|
Depreciation: |
|
|
|
|
|
|
||
U.S. Factory-built Housing |
|
$ |
i 3,037 |
|
|
$ |
i 2,610 |
|
Canadian Factory-built Housing |
|
|
i 281 |
|
|
|
i 285 |
|
Corporate/Other |
|
|
i 352 |
|
|
|
i 362 |
|
Consolidated depreciation |
|
$ |
i 3,670 |
|
|
$ |
i 3,257 |
|
Amortization of U.S. Factory-built Housing intangible assets: |
|
$ |
i 1,946 |
|
|
$ |
i 1,888 |
|
Capital expenditures: |
|
|
|
|
|
|
||
U.S. Factory-built Housing |
|
$ |
i 8,933 |
|
|
$ |
i 7,258 |
|
Canadian Factory-built Housing |
|
|
i 361 |
|
|
|
i 105 |
|
Corporate/Other |
|
|
i 141 |
|
|
|
i 1,858 |
|
Consolidated capital expenditures |
|
$ |
i 9,435 |
|
|
$ |
i 9,221 |
|
|
|
|
|
|
|
|
||
(Dollars in thousands) |
|
|
|
|
||||
Total Assets: |
|
|
|
|
|
|
||
U.S. Factory-built Housing (1) |
|
$ |
i 796,260 |
|
|
$ |
i 695,500 |
|
Canadian Factory-built Housing (1) |
|
|
i 114,485 |
|
|
|
i 107,459 |
|
Corporate/Other (1) |
|
|
i 462,587 |
|
|
|
i 431,660 |
|
Consolidated total assets |
|
$ |
i 1,373,332 |
|
|
$ |
i 1,234,619 |
|
12. Commitments, Contingencies and Legal Proceedings
Repurchase Contingencies and Guarantees
The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the manufactured housing industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on its agreement to pay the financial institution. The risk of loss from these agreements is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. Based on these repurchase agreements and our historical loss experience, we establish an associated loss reserve which was $ i 2.4 million and $ i 2.3 million at July 2, 2022 and April 2, 2022, respectively. Excluding the resale value of the homes, the contingent repurchase obligation as of July 2, 2022 was estimated to be $ i 373.6 million. Losses incurred on homes repurchased were not significant during the three months ended July 2, 2022 or July 3, 2021.
11
Skyline Champion Corporation
Notes to Condensed Consolidated Financial Statements - Continued
At July 2, 2022, the Company was contingently obligated for $ i 32.1 million under letters of credit, primarily consisting of $ i 12.6 million to support long-term debt, $ i 19.2 million to support the casualty insurance program, and $ i 0.3 million to support bonding agreements. The letters of credit are issued from a sub-facility of the Amended Credit Agreement. The Company was also contingently obligated for $ i 35.5 million under surety bonds, generally to support performance on long-term construction contracts and license and service bonding requirements.
In the normal course of business, the Company’s former subsidiaries that operated in the United Kingdom historically provided certain guarantees to two customers. Those guarantees provide contractual liability for proven construction defects up to i 12 years from the date of delivery of certain products. The guarantees remain a contingent liability of the Company which declines over time through October 2027. As of the date of this report, the Company expects few, if any, claims to be reported under the terms of the guarantees.
Legal Proceedings
The Company has agreed to indemnify counterparties in the ordinary course of its business in agreements to acquire and sell business assets and in financing arrangements. The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. As of the date of this filing, the Company believes the ultimate liability with respect to these contingent obligations will not have, either individually or in the aggregate, a material adverse effect on the Company’s financial condition, results of operations, or cash flows.
/
12
Item 2. MANAGEMENT’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following should be read in conjunction with Skyline Champion Corporation’s condensed consolidated financial statements and the related notes that appear in Item 1 of this Report.
Overview
Skyline Champion Corporation (the “Company”) is a leading producer of factory-built housing in the U.S. and Canada. The Company serves as a complete solutions provider across complementary and vertically integrated businesses including manufactured offsite construction, company-owned retail locations, and transportation logistics services. The Company markets its homes under several nationally recognized brand names including Skyline Homes, Champion Home Builders, Genesis Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, and Titan Homes in the U.S., and Moduline and SRI Homes in western Canada. The Company operates 37 manufacturing facilities throughout the U.S. and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed, manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 19 sales centers that sell manufactured homes to consumers primarily in the southern U.S. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles, and other products throughout the U.S. and Canada.
Acquisitions and Expansions
Over the last several years, demand for the Company’s products, primarily affordable housing in the U.S., has continued to improve. As a result, the Company has focused on operational improvements to increase capacity utilization and profitability at its existing manufacturing facilities as well as executing measured expansion of its manufacturing footprint through facility and equipment investments and acquisitions. The Company continues to focus on growing in strong housing markets across the U.S. and Canada, as well as expanding products and services to provide more wholistic solutions to homebuyers.
In May, 2022, the Company acquired Manis Custom Builders, Inc. ("Manis") in order to expand its manufacturing footprint and further streamline its product offering in the Southeast U.S. In June, 2021, the Company acquired two idle facilities in Navasota, Texas in order to increase its production capabilities in the Texas market. The Company began production and completed the certification process at one of those facilities during the fourth quarter of fiscal 2022. On February 28, 2021, the Company acquired ScotBilt, which operated two manufacturing facilities in Georgia providing affordable housing throughout Alabama, Florida, Georgia and the Carolinas. The ScotBilt acquisition complemented the Company’s prior manufacturing footprint in the attractive mid-south region.
In January, 2021, the Company acquired two idle facilities in Pembroke, North Carolina which provide an opportunity to further expand its manufacturing footprint in the Southeast markets. The Company is currently renovating one of those facilities for expected production in late fiscal 2023.
The Company's acquisitions and investments are part of a strategy to grow and diversify revenue with a focus on increasing the Company’s HUD and modular homebuilding presence in the U.S. as well as improving the results of operations. These acquisitions and investments are included in the Company's consolidated results for periods subsequent to their respective acquisition dates.
Industry and Company Outlook
Since July 2020, the U.S. and Canadian housing industry demand has been robust. The limited availability of existing homes for sale and the broader need for newly built affordable, single-family housing has continued to drive demand for new homes in these markets. In recent years, manufactured home construction experienced revenue growth due to a number of favorable demographic trends and demand drivers in the United States, including underlying growth trends in key homebuyer groups, such as the population over 55 years of age, the population of first-time homebuyers, and the population of households earning less than $60,000 per year. More recently, we have seen a number of market trends pointing to increased sales of ADUs and urban-to-rural migration as customers accommodate working-from-home patterns, as well as people seeking rent-to-own single-family options.
The robust demand environment has resulted in backlog of $1.4 billion as of July 2, 2022 compared to $1.2 billion as of July 3, 2021. Generally higher backlog at our manufacturing facilities creates an opportunity to increase production efficiencies. Although the higher demand brings opportunities, it also has resulted in significant increases in raw material and labor costs. Although we have seen recent improvements, we continue to experience intermittent supply disruption and higher freight costs. Finding and retaining qualified labor continues to be a challenge for our plants which requires us to monitor our compensation programs and adjust accordingly. We manage our business to anticipate or quickly react to these supply challenges and cost increases and generally are able to pass along increased costs to our customers. Generally, order cancellation rates have been very low, but the longer lead-time caused by larger backlogs, rising interest rates and changing prices could result in higher cancellations. During the first quarter, as interest rates increased, independent retailers cancelled a limited number of orders to decrease their inventory carrying costs.
13
For the three months ended July 2, 2022, approximately 86% of the Company’s U.S. manufacturing sales were generated from the manufacture of homes that comply with the Federal HUD code construction standard in the U.S. Industry shipments of HUD-code homes are reported on a one month lag. According to data reported by MHI, HUD-code industry home shipments were 31,894 and 27,857 units during the three months ended May 31, 2022 and 2021, respectively. Based on industry data, the Company’s U.S. wholesale market share of HUD code homes sold was 18.0% and 18.9%, for the three months ended May
31, 2022 and 2021, respectively. Annual HUD-code industry shipments have generally increased each year since calendar year 2009 when only 50,000 HUD-coded manufactured homes were shipped, the lowest level since the industry began recording statistics in 1959. While shipments of HUD-coded manufactured homes have improved modestly in recent years, manufactured housing’s most recent annual shipment levels still operate at lower levels than the long-term historical average of over 200,000 units annually.
UNAUDITED INCOME STATEMENTS FOR THE FIRST QUARTER OF FISCAL 2023 VS. 2022
|
|
Three months ended |
|
|||||
(Dollars in thousands) |
|
|
|
|
||||
|
|
|
|
|||||
Results of Operations Data: |
|
|
|
|
|
|
||
Net sales |
|
$ |
725,881 |
|
|
$ |
510,197 |
|
Cost of sales |
|
|
496,546 |
|
|
|
398,667 |
|
Gross profit |
|
|
229,335 |
|
|
|
111,530 |
|
Selling, general, and administrative expenses |
|
|
72,282 |
|
|
|
54,023 |
|
Operating income |
|
|
157,053 |
|
|
|
57,507 |
|
Interest expense, net |
|
|
90 |
|
|
|
649 |
|
Other income |
|
|
(634 |
) |
|
|
(54 |
) |
Income before income taxes |
|
|
157,597 |
|
|
|
56,912 |
|
Income tax expense |
|
|
40,446 |
|
|
|
14,011 |
|
Net income |
|
$ |
117,151 |
|
|
$ |
42,901 |
|
|
|
|
|
|
|
|
||
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
||
Net income |
|
$ |
117,151 |
|
|
$ |
42,901 |
|
Income tax expense |
|
|
40,446 |
|
|
|
14,011 |
|
Interest expense, net |
|
|
90 |
|
|
|
649 |
|
Depreciation and amortization |
|
|
5,616 |
|
|
|
5,145 |
|
Transaction costs |
|
|
338 |
|
|
|
— |
|
Other |
|
|
(973 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
162,668 |
|
|
$ |
62,706 |
|
As a percent of net sales: |
|
|
|
|
|
|
||
Gross profit |
|
|
31.6 |
% |
|
|
21.9 |
% |
Selling, general, and administrative expenses |
|
|
10.0 |
% |
|
|
10.6 |
% |
Operating income |
|
|
21.6 |
% |
|
|
11.3 |
% |
Net income |
|
|
16.1 |
% |
|
|
8.4 |
% |
Adjusted EBITDA |
|
|
22.4 |
% |
|
|
12.3 |
% |
14
NET SALES
The following table summarizes net sales for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Net sales |
|
$ |
725,881 |
|
|
$ |
510,197 |
|
|
$ |
215,684 |
|
|
|
42.3 |
% |
U.S. manufacturing and retail net sales |
|
$ |
661,081 |
|
|
$ |
457,320 |
|
|
$ |
203,761 |
|
|
|
44.6 |
% |
U.S. homes sold |
|
|
6,813 |
|
|
|
6,372 |
|
|
|
441 |
|
|
|
6.9 |
% |
U.S. manufacturing and retail average home selling price |
|
$ |
97.0 |
|
|
$ |
71.8 |
|
|
$ |
25.2 |
|
|
|
35.1 |
% |
Canadian manufacturing net sales |
|
$ |
45,062 |
|
|
$ |
37,831 |
|
|
$ |
7,231 |
|
|
|
19.1 |
% |
Canadian homes sold |
|
|
352 |
|
|
|
385 |
|
|
|
(33 |
) |
|
|
(8.6 |
%) |
Canadian manufacturing average home selling price |
|
$ |
128.0 |
|
|
$ |
98.3 |
|
|
$ |
29.7 |
|
|
|
30.2 |
% |
Corporate/Other net sales |
|
$ |
19,738 |
|
|
$ |
15,046 |
|
|
$ |
4,692 |
|
|
|
31.2 |
% |
U.S. manufacturing facilities in operation at end of period |
|
|
37 |
|
|
|
35 |
|
|
|
|
|
|
|
||
U.S. retail sales centers in operation at end of period |
|
|
19 |
|
|
|
18 |
|
|
|
|
|
|
|
||
Canadian manufacturing facilities in operation at end of period |
|
|
5 |
|
|
|
5 |
|
|
|
|
|
|
|
||
Net sales for the three months ended July 2, 2022 were $725.9 million, an increase of $215.7 million, or 42.3%,over the three months ended July 2, 2022. The following is a summary of the change by operating segment.
U.S. Factory-built Housing:
Net sales for the Company’s U.S. manufacturing and retail operations increased by $203.8 million, or 44.6%, for the three months ended July 2, 2022 compared to the three months ended July 3, 2021. The increase was primarily due to an increase in the number of homes sold during the three months ended July 2, 2022 of 6.9%, as well as an increase in the average home selling price of 35.1%. The increase in the number of homes sold was a result of additional capacity from recent expansions, Federal Emergency Management Agency ("FEMA") Disaster Relief housing sales of $82.5 million and increased production output from our existing facilities. The average selling price increase was due, in part, to the impact of sales to FEMA as well as due to pricing actions enacted on our core products in response to rising material, freight, and labor costs. FEMA units generally have more specifications than our typical products and therefore drive a higher average selling price per home. Generally, we are able to pass the increase in input costs to our customers.
Canadian Factory-built Housing:
The Canadian Factory-built Housing segment net sales increased by $7.2 million, or 19.1% for the three months ended July 2, 2022 compared to the same period in the prior fiscal year, primarily due to a 30.2% increase in average home selling price, partially offset by an 8.6% decrease in homes sold. The increase in average selling price was due to pricing actions enacted in response to rising material and labor costs and change in product mix. The decrease in homes sold is due to the timing of shipments. On a constant currency basis, net sales for the Canadian segment were unfavorably impacted by approximately $1.4 million due to fluctuations in the translation of the Canadian dollar to the U.S. dollar during the first three months of fiscal 2023 as compared to the same period of the prior fiscal year.
Corporate/Other:
Net sales for Corporate/Other includes the Company’s transportation business and the elimination of intersegment sales. For the three months ended July 2, 2022, net sales increased $4.7 million, or 31.2%, primarily attributable to an increase in shipments and an increase in average revenue per mile shipped.
15
GROSS PROFIT
The following table summarizes gross profit for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Factory-built Housing |
|
$ |
209,637 |
|
|
$ |
99,211 |
|
|
$ |
110,426 |
|
|
|
111.3 |
% |
Canadian Factory-built Housing |
|
|
14,795 |
|
|
|
8,325 |
|
|
|
6,470 |
|
|
|
77.7 |
% |
Corporate/Other |
|
|
4,903 |
|
|
|
3,994 |
|
|
|
909 |
|
|
|
22.8 |
% |
Total gross profit |
|
$ |
229,335 |
|
|
$ |
111,530 |
|
|
$ |
117,805 |
|
|
|
105.6 |
% |
Gross profit as a percent of net sales |
|
|
31.6 |
% |
|
|
21.9 |
% |
|
|
|
|
|
|
||
Gross profit as a percent of sales during the three months ended July 2, 2022 was 31.6% compared to 21.9% during the three months ended July 3, 2021. The following is a summary of the change by operating segment.
U.S. Factory-built Housing:
Gross profit for the U.S. Factory-built Housing segment increased by $110.4 million, or 111.3%, during the three months ended July 2, 2022 compared to the same period in the prior fiscal year. Gross profit was 31.7% as a percent of segment net sales for the three months ended July 2, 2022 compared to 21.7%% in the same period of the prior fiscal year. The increase in gross profit was due to price increases implemented in response to rising input costs. Sales to FEMA during the first quarter of fiscal 2023 also helped improve margins since these sales are generally at higher prices than our core product which help offset the disruption to our operations and our customers.
Canadian Factory-built Housing:
Gross profit for the Canadian Factory-built Housing segment increased by $6.5 million, or 77.7% during the three months ended July 2, 2022 compared to the same period in the prior fiscal year primarily due to increased sales volume. Gross profit as a percent of net sales was 32.8% for the three months ended July 2, 2022, compared to 22.0% in the same period of the prior fiscal year due to price increases in response to rising material and labor costs.
Corporate/Other:
Gross profit for the Corporate/Other segment increased $0.9 million, or 22.8%, during the three months ended July 2, 2022 compared to the same period of the prior fiscal year, primarily due to increased net sales in the Company’s transportation operations. Gross profit decreased as a percent of segment net sales to 24.8% from 26.5% as a result of changes in revenue mix.
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
Selling, general, and administrative expenses include foreign currency transaction gains and losses, equity compensation, and intangible amortization expense. The following table summarizes selling, general, and administrative expenses for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Selling, general, and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Factory-built Housing |
|
$ |
53,054 |
|
|
$ |
40,755 |
|
|
$ |
12,299 |
|
|
|
30.2 |
% |
Canadian Factory-built Housing |
|
|
3,749 |
|
|
|
2,945 |
|
|
|
804 |
|
|
|
27.3 |
% |
Corporate/Other |
|
|
15,479 |
|
|
|
10,323 |
|
|
|
5,156 |
|
|
|
49.9 |
% |
Total selling, general, and administrative expenses |
|
$ |
72,282 |
|
|
$ |
54,023 |
|
|
$ |
18,259 |
|
|
|
33.8 |
% |
Selling, general, and administrative expense as a percent of net sales |
|
|
10.0 |
% |
|
|
10.6 |
% |
|
|
|
|
|
|
||
Selling, general, and administrative expenses were $72.3 million for the three months ended July 2, 2022, an increase of $18.3 million, or 33.8%, compared to the same period in the prior fiscal year. The following is a summary of the change by operating segment.
16
U.S. Factory-built Housing:
Selling, general, and administrative expenses for the U.S. Factory-built Housing segment increased $12.3 million, or 30.2%, during the three months ended July 2, 2022 as compared to the same period in the prior fiscal year. Selling, general, and administrative expenses, as a percent of segment net sales decreased to 8.0% for the three months ended July 2, 2022 compared to 8.9% during the comparable period of the prior fiscal year primarily due to higher revenue and increased leverage of fixed costs. The increase in selling, general, and administrative expenses resulted from higher sales commissions and incentive compensation which is generally based on sales volume or a measure of profitability, and higher wage expense from headcount increases due to the growth in housing demand and our business expansion.
Canadian Factory-built Housing:
Selling, general, and administrative expenses for the Canadian Factory-built Housing segment increased $0.8 million, or 27.3%, for the three months ended July 2, 2022 when compared to the same period of the prior fiscal year. Selling, general, and administrative expenses as a percent of segment net sales increased to 8.3% for the three months ended July 2, 2022 compared to 7.8% during the comparable period of the prior fiscal year. The increase in selling, general, and administrative expenses is due to higher incentive compensation related to the increase in sales and gross profit of the segment.
Corporate/Other:
Selling, general, and administrative expenses for Corporate/Other includes the Company’s transportation operations, corporate costs incurred for all segments, and intersegment eliminations. Selling, general, and administrative expenses for Corporate/Other increased $5.2 million, or 49.9%, during the three months ended July 2, 2022 as compared to the same period of the prior fiscal year due to investments made to enhance our online customer experience and supporting systems, as well as an increase in equity compensation.
INTEREST EXPENSE, NET
The following table summarizes the components of interest expense, net for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Interest expense |
|
$ |
903 |
|
|
$ |
808 |
|
|
$ |
95 |
|
|
|
11.8 |
% |
Less: Interest income |
|
|
(813 |
) |
|
|
(159 |
) |
|
|
(654 |
) |
|
|
411.3 |
% |
Interest expense, net |
|
$ |
90 |
|
|
$ |
649 |
|
|
$ |
(559 |
) |
|
|
(86.1 |
%) |
Average outstanding floor plan payable |
|
$ |
38,696 |
|
|
$ |
28,592 |
|
|
|
|
|
|
|
||
Average outstanding long-term debt |
|
$ |
12,430 |
|
|
$ |
39,330 |
|
|
|
|
|
|
|
||
Interest expense, net was $0.1 million for the three months ended July 2, 2022, a decrease of $0.6 million, or 86.1%, compared to the same period of the prior fiscal year. The net decrease in expense was primarily due to higher interest income during the first quarter of fiscal 2023 compared to the first quarter of fiscal 2022 due to a significant increase in interest rates on our invested cash.
OTHER INCOME
The following table summarizes other income for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Other income |
|
$ |
(634 |
) |
|
$ |
(54 |
) |
|
$ |
(580 |
) |
|
|
1,074.1 |
% |
Other income increased $0.6 million during the three months ended July 2, 2022 as compared to the same period of the prior fiscal year. The Company received proceeds during the first quarter of fiscal 2023 from an insurance company that related to Champion Home Builders’ pre-bankruptcy workers compensation claims, which was partially offset by transaction costs for the acquisition of Manis.
17
INCOME TAX EXPENSE
The following table summarizes income tax expense for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Income tax expense |
|
$ |
40,446 |
|
|
$ |
14,011 |
|
|
$ |
26,435 |
|
|
|
188.7 |
% |
Effective tax rate |
|
|
25.7 |
% |
|
|
24.6 |
% |
|
|
|
|
|
|
||
Income tax expense for the three months ended July 2, 2022 was $40.4 million, representing an effective tax rate of 25.7%, compared to income tax expense of $14.0 million, representing an effective tax rate of 24.6% for the three months ended July 3, 2021.
The Company’s effective tax rate for the three months ended July 2, 2022 differs from the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. The Company’s effective tax rate for the three months ended July 3, 2021 differed from the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, results in foreign jurisdictions, and tax benefits from equity compensation.
18
ADJUSTED EBITDA
The following table reconciles net income, the most directly comparable U.S. GAAP measure, to Adjusted EBITDA, a non-GAAP financial measure, for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|
|
|
|
|
|
|||||||
(Dollars in thousands) |
|
|
|
|
|
$ |
|
|
% |
|
||||||
Net income |
|
$ |
117,151 |
|
|
$ |
42,901 |
|
|
$ |
74,250 |
|
|
|
173.1 |
% |
Income tax expense |
|
|
40,446 |
|
|
|
14,011 |
|
|
|
26,435 |
|
|
|
188.7 |
% |
Interest expense, net |
|
|
90 |
|
|
|
649 |
|
|
|
(559 |
) |
|
|
(86.1 |
%) |
Depreciation and amortization |
|
|
5,616 |
|
|
|
5,145 |
|
|
|
471 |
|
|
|
9.2 |
% |
Transaction costs |
|
|
338 |
|
|
|
— |
|
|
|
338 |
|
|
* |
|
|
Other |
|
|
(973 |
) |
|
|
— |
|
|
|
(973 |
) |
|
* |
|
|
Adjusted EBITDA |
|
$ |
162,668 |
|
|
$ |
62,706 |
|
|
$ |
99,962 |
|
|
|
159.4 |
% |
* indicates that the calculated percentage is not meaningful
Adjusted EBITDA for the three months ended July 2, 2022 was $162.7 million, an increase of $100.0 million from the same period of the prior fiscal year. The increase is primarily a result of higher operating income due to increases in sales volume, average selling prices and gross margins, partially offset by higher SG&A expenses.
The Company defines Adjusted EBITDA as net income or loss plus, (a) the provision for income taxes, (b) interest expense, net, (c) depreciation and amortization, (d) gain or loss from discontinued operations, (e) restructuring charges and impairment of assets, and (f) other non-operating income and costs, including those for the acquisition and integration or disposition of businesses. Adjusted EBITDA is not a measure of earnings calculated in accordance with U.S. GAAP, and should not be considered an alternative to, or more meaningful than, net income or loss, net sales, operating income or earnings per share prepared on a U.S. GAAP basis. Adjusted EBITDA does not purport to represent cash flow provided by, or used in, operating activities as defined by U.S. GAAP, which is presented in the Statement of Cash Flows. In addition, Adjusted EBITDA is not necessarily comparable to similarly titled measures reported by other companies.
In evaluating Adjusted EBITDA, investors should be aware that, in the future, the Company may incur expenses similar to those adjusted for in this presentation. This presentation of Adjusted EBITDA should not be construed as an implication that the Company’s future results will be unaffected by unusual or nonrecurring items.
Adjusted EBITDA has important limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:
Adjusted EBITDA:
Given these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our U.S. GAAP results and using non-GAAP financial measures only on a supplemental basis.
BACKLOG
Although orders from customers can be cancelled at any time without penalty, and unfilled orders are not necessarily an indication of future business, the Company’s unfilled U.S. and Canadian manufacturing orders at July 2, 2022 totaled $1.4 billion compared to $1.2 billion at July 3, 2021. The increase in backlog was primarily driven by an increase in average selling price per home in backlog. Increasing production rates to keep pace with orders is limited by individual plant capacity, time to train new employees, employee attendance and availability of materials, including most recently raw material allocations by certain suppliers.
19
Liquidity and Capital Resources
Sources and Uses of Cash
The following table presents summary cash flow information for the three months ended July 2, 2022 and July 3, 2021:
|
|
Three months ended |
|
|||||
(Dollars in thousands) |
|
|
|
|
||||
Net cash provided by (used in): |
|
|
|
|
|
|
||
Operating activities |
|
$ |
47,422 |
|
|
$ |
31,905 |
|
Investing activities |
|
|
(18,971 |
) |
|
|
(9,219 |
) |
Financing activities |
|
|
2,056 |
|
|
|
1,798 |
|
Effect of exchange rate changes on cash, cash equivalents |
|
|
(2,142 |
) |
|
|
673 |
|
Net increase in cash and cash equivalents |
|
|
28,365 |
|
|
|
25,157 |
|
Cash and cash equivalents at beginning of period |
|
|
435,413 |
|
|
|
262,581 |
|
Cash and cash equivalents at end of period |
|
$ |
463,778 |
|
|
$ |
287,738 |
|
The Company’s primary sources of liquidity are cash flows from operations and existing cash balances. Cash balances and cash flows from operations for the next year are expected to be adequate to cover working capital requirements, capital expenditures, and strategic initiatives and investments. On July 7, 2021, the Company entered into an Amended and Restated Credit Agreement which provides for a $200.0 million revolving credit facility, including a $45.0 million letter of credit sub-facility ("Amended Credit Agreement"). At July 2, 2022, $167.9 million was available for borrowing under the Amended Credit Agreement. The Company’s revolving credit facility includes (i) a maximum consolidated total net leverage ratio of 3.25 to 1.00, subject to an upward adjustment upon the consummation of a material acquisition, and (ii) a minimum interest coverage ratio of 3.00 to 1.00. The Company anticipates compliance with its debt covenants and projects its level of cash availability to be in excess of cash needed to operate the business for the next year and beyond. In the event operating cash flow and existing cash balances were deemed inadequate to support the Company’s liquidity needs, and one or more capital resources were to become unavailable, the Company would revise its operating strategies.
Cash provided by operating activities was $47.4 million for the three months ended July 2, 2022 compared to $31.9 million for the three months ended July 3, 2021. Cash provided by operating activities increased due to higher net income, partially offset by changes in working capital, primarily increases in inventory and accounts receivable related to production activities for the FEMA contract.
Cash used in investing activities was $19.0 million for the three months ended July 2, 2022 compared to $9.2 million for the three months ended July 3, 2021. The increase in cash used for investing activities was related to cash paid for the acquisition of Manis.
Cash provided by financing activities was $2.1 million for the three months ended July 2, 2022 compared to $1.8 million for the three months ended July 3, 2021. Cash provided by financing in each period was primarily a result of increased borrowings under floor plan financing agreements.
Critical Accounting Policies
For a discussion of our critical accounting policies that management believes affect its more significant judgments and estimates used in the preparation of our Consolidated Financial Statements, see Part II, Item 7 of the Fiscal 2022 Annual Report, under the heading “Critical Accounting Policies.” There have been no significant changes in our significant accounting policies or critical accounting estimates discussed in the Fiscal 2022 Annual Report.
Recently Issued Accounting Pronouncements
For information on the impact of recently issued accounting pronouncements, see Note 1, “Basis of Presentation – Recently Issued Accounting Pronouncements,” to the condensed consolidated financial statements included in this Report.
20
Forward-Looking Statements
Some of the statements in this Report are not historical in nature and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our expectations regarding our future liquidity, earnings, expenditures, and financial condition. These statements are often identified by the words “will,” “could”, “should,” “anticipate,” “believe,” “expect,” “intend,” “estimate,” “hope,” or similar expressions. These statements reflect management’s current views with respect to future events and are subject to risks and uncertainties. There are risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those in our forward-looking statements, including regional, national and international economic, financial, public health and labor conditions, and the following:
If any of the risks or uncertainties referred to above materializes or if any of the assumptions underlying our forward-looking statements proves to be incorrect, then differences may arise between our forward-looking statements and our actual results, and such differences may be material. Investors should not place undue reliance on our forward-looking statements, which speak only as of the date of this report. We assume no obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof, except as required by law.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For a discussion of the Company’s interest rate and foreign exchange risks, see Part II, Item 7A of the Fiscal 2022 Annual Report, under the heading "Quantitative and Qualitative Disclosures about Market Risk." There have been no significant changes in such risks since April 2, 2022.
21
Item 4. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
The Company maintains disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized, and reported within the specified time periods and accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
The Company’s management, with the participation of the CEO and CFO, evaluated the effectiveness of the Company’s disclosure controls and procedures pursuant to Rule 13a-15(e) of the Exchange Act at July 2, 2022. Based upon this evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of July 2, 2022.
Changes in internal control over financial reporting
There have been no changes in our internal control over financial reporting during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
22
PART II – OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
We are involved from time to time in various legal proceedings and claims, including, without limitation, commercial or contractual disputes, product liability claims and other matters. For additional information on legal proceedings, see Note 12 “Commitments, Contingencies and Legal Proceedings – Legal Proceedings,” to the condensed consolidated financial statements included in this Report.
23
Item 6. EXHIBITS
Exhibit Number |
|
Description |
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101 (INS) |
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101(SCH) |
|
Inline XBRL Taxonomy Extension Schema Document. |
101(CAL)
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101(DEF)
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101(LAB)
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101(PRE)
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
|
|
|
|
|
|
24
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Skyline Champion Corporation
Registrant
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/ Mark Yost |
|
President and Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
/s/ Laurie Hough |
|
Executive Vice President, Chief Financial Officer and Treasurer |
|
|
|
(Principal Financial Officer) |
|
|
25
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 4/1/23 | ||||
| Filed on: | 8/3/22 | |||
| 7/22/22 | ||||
| For Period end: | 7/2/22 | |||
| 5/31/22 | ||||
| 5/24/22 | 10-K | |||
| 4/2/22 | 10-K | |||
| 7/7/21 | 8-K | |||
| 7/3/21 | 10-Q | |||
| 5/31/21 | ||||
| 2/28/21 | ||||
| 3/28/20 | 10-K, 5 | |||
| List all Filings | ||||