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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/08/21 Trex Co. Inc. 10-Q 9/30/21 76:5.5M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 742K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 4: EX-32 Certification -- §906 - SOA'02 HTML 22K 11: R1 Cover Page HTML 74K 12: R2 Condensed Consolidated Statements of Comprehensive HTML 88K Income 13: R3 Condensed Consolidated Balance Sheets HTML 120K 14: R4 Condensed Consolidated Balance Sheets HTML 42K (Parenthetical) 15: R5 Condensed Consolidated Statements of Changes in HTML 91K Stockholders' Equity 16: R6 Condensed Consolidated Statements of Cash Flows HTML 98K 17: R7 Business and Organization HTML 26K 18: R8 Basis of Presentation HTML 27K 19: R9 Recently Adopted Accounting Standards HTML 35K 20: R10 New Accounting Standards Not Yet Adopted HTML 26K 21: R11 Inventories HTML 35K 22: R12 Prepaid Expenses and Other Assets HTML 32K 23: R13 Goodwill and Other Intangible Assets HTML 26K 24: R14 Accrued Expenses and Other Liabilities HTML 37K 25: R15 Debt HTML 32K 26: R16 Leases HTML 51K 27: R17 Financial Instruments HTML 25K 28: R18 Stockholders' Equity HTML 63K 29: R19 Revenue From Contracts With Customers HTML 76K 30: R20 Stock-Based Compensation HTML 54K 31: R21 Income Taxes HTML 29K 32: R22 Segment Information HTML 107K 33: R23 Seasonality HTML 25K 34: R24 Commitments and Contingencies HTML 53K 35: R25 Subsequent Event HTML 25K 36: R26 Summary of Significant Accounting Policies HTML 25K (Policies) 37: R27 Inventories (Tables) HTML 33K 38: R28 Prepaid Expenses and Other Assets (Tables) HTML 31K 39: R29 Accrued Expenses and Other Liabilities (Tables) HTML 36K 40: R30 Leases (Tables) HTML 50K 41: R31 Stockholders' Equity (Tables) HTML 59K 42: R32 Revenue From Contracts With Customers (Tables) HTML 68K 43: R33 Stock-Based Compensation (Tables) HTML 53K 44: R34 Segment Information (Tables) HTML 101K 45: R35 Commitments and Contingencies (Tables) HTML 44K 46: R36 Business and Organization - Additional Information HTML 23K (Detail) 47: R37 Inventories - Summary of Inventories (Detail) HTML 31K 48: R38 Inventories - Additional Information (Detail) HTML 25K 49: R39 Prepaid Expenses and Other Assets - Summary of HTML 35K Prepaid Expenses and Other Assets (Detail) 50: R40 Goodwill and Other Intangible Assets - Additional HTML 39K Information (Detail) 51: R41 Accrued Expenses and Other Liabilities - Summary HTML 42K of Accrued Expenses and Other Liabilities (Detail) 52: R42 Debt - Additional Information (Detail) HTML 41K 53: R43 Leases - Additional Information (Detail) HTML 32K 54: R44 Leases - Supplemental Cash flow Information to HTML 38K operating leases (Details) 55: R45 Leases - Maturities of Operating Lease Liabilities HTML 41K (Details) 56: R46 Stockholders' Equity - Additional Information HTML 27K (Detail) 57: R47 Stockholders' Equity - Computation of Basic and HTML 65K Diluted Earnings Per Share (Detail) 58: R48 Stockholders' Equity - Antidilutive Securities HTML 29K Excluded from Computation of Earnings Per Share (Detail) 59: R49 Revenue From Contracts With Customers - Additional HTML 25K Information (Detail) 60: R50 Revenue From Contracts With Customers - Summary of HTML 40K Disaggregated Net Sales (Detail) 61: R51 Stock-Based Compensation - Additional Information HTML 34K (Detail) 62: R52 Stock-Based Compensation - Summary of Stock-Based HTML 31K Compensation Grants (Detail) 63: R53 Stock-Based Compensation - Summary of Stock-Based HTML 26K Compensation Grants (Parenthetical) (Detail) 64: R54 Stock-Based Compensation - Summary of Assumptions HTML 36K Used to Estimate Fair Value of Each SAR (Detail) 65: R55 Stock-Based Compensation - Summary of Stock-Based HTML 35K Compensation Expenses (Detail) 66: R56 Income Taxes - Additional Information (Detail) HTML 40K 67: R57 Segment Information - Additional Information HTML 23K (Detail) 68: R58 Segment Information - Details of Segment HTML 81K Information (Detail) 69: R59 Segment Information - Schedule of Reconciliation HTML 59K of Net Income to EBITDA (Detail) 70: R60 Commitments and Contingencies - Additional HTML 43K Information (Detail) 71: R61 Commitments and Contingencies - Summary of HTML 36K Reconciliation of Company's Residential Product Warranty Reserve (Detail) 72: R62 Subsequent Event - Additional Information (Detail) HTML 31K 74: XML IDEA XML File -- Filing Summary XML 135K 10: XML XBRL Instance -- d213697d10q_htm XML 1.34M 73: EXCEL IDEA Workbook of Financial Reports XLSX 75K 6: EX-101.CAL XBRL Calculations -- trex-20210930_cal XML 119K 7: EX-101.DEF XBRL Definitions -- trex-20210930_def XML 433K 8: EX-101.LAB XBRL Labels -- trex-20210930_lab XML 829K 9: EX-101.PRE XBRL Presentations -- trex-20210930_pre XML 662K 5: EX-101.SCH XBRL Schema -- trex-20210930 XSD 131K 75: JSON XBRL Instance as JSON Data -- MetaLinks 324± 447K 76: ZIP XBRL Zipped Folder -- 0001193125-21-323183-xbrl Zip 140K
10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 54-1910453 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
i 160 Exeter Drive i Winchester, i Virginia |
i 22603-8605 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Common stock |
i TREX |
i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☐ | Smaller reporting company | i ☐ | |||
Emerging growth company | i ☐ |
Page |
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2 |
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Item 1. |
2 | |||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
Item 2. |
17 | |||||
Item 3. |
26 | |||||
Item 4. |
26 | |||||
27 |
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Item 1. |
27 | |||||
Item 2. |
27 | |||||
Item 5. |
27 | |||||
Item 6. |
27 |
Item 1. |
Condensed Consolidated Financial Statements |
Three Months Ended September 30, |
Nine Months Ended |
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2020 |
2021 |
2020 |
||||||||||||||
Net sales |
$ | i 335,872 | $ | i 231,502 | $ | i 892,991 | $ | i 652,545 | ||||||||
Cost of sales |
i 207,622 | i 146,538 | i 550,668 | i 385,479 | ||||||||||||
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Gross profit |
i 128,250 | i 84,964 | i 342,323 | i 267,066 | ||||||||||||
Selling, general and administrative expenses |
i 30,154 | i 28,027 | i 97,383 | i 91,598 | ||||||||||||
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Income from operations |
i 98,096 | i 56,937 | i 244,940 | i 175,468 | ||||||||||||
Interest income, net |
( i 10 | ) | ( i 208 | ) | i — | ( i 801 | ) | |||||||||
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Income before income taxes |
i 98,106 | i 57,145 | i 244,940 | i 176,269 | ||||||||||||
Provision for income taxes |
i 24,311 | i 14,435 | i 61,235 | i 43,938 | ||||||||||||
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Net income |
$ | i 73,795 | $ | i 42,710 | $ | i 183,705 | $ | i 132,331 | ||||||||
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Basic earnings per common share |
$ | i 0.64 | $ | i 0.37 | $ | i 1.59 | $ | i 1.14 | ||||||||
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Basic weighted average common shares outstanding |
i 115,344,015 | i 115,773,030 | i 115,455,543 | i 115,921,463 | ||||||||||||
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Diluted earnings per common share |
$ | i 0.64 | $ | i 0.37 | $ | i 1.59 | $ | i 1.14 | ||||||||
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Diluted weighted average common shares outstanding |
i 115,625,760 | i 116,134,623 | i 115,767,426 | i 116,280,807 | ||||||||||||
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Comprehensive income |
$ | i 73,795 | $ | i 42,710 | $ | i 183,705 | $ | i 132,331 | ||||||||
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2021 |
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(Unaudited) |
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Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | i 54,042 | $ | i 121,701 | ||||
Accounts receivable, net |
i 265,560 | i 106,748 | ||||||
Inventories |
i 73,636 | i 68,238 | ||||||
Prepaid expenses and other assets |
i 19,782 | i 25,310 | ||||||
Total current assets |
i 413,020 | i 321,997 | ||||||
Property, plant and equipment, net |
i 424,974 | i 336,537 | ||||||
Goodwill and other intangible assets, net |
i 73,351 | i 73,665 | ||||||
Operating lease assets |
i 36,137 | i 34,382 | ||||||
Other assets |
i 5,969 | i 3,911 | ||||||
Total assets |
$ | i 953,451 | $ | i 770,492 | ||||
Liabilities and Stockholders’ Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | i 45,415 | $ | i 38,622 | ||||
Accrued expenses and other liabilities |
i 105,193 | i 62,331 | ||||||
Accrued warranty |
i 5,400 | i 5,400 | ||||||
Line of credit |
i — | — | ||||||
Total current liabilities |
i 156,008 | i 106,353 | ||||||
Operating lease liabilities |
i 29,716 | i 28,579 | ||||||
Non-current accrued warranty |
i 23,962 | i 24,073 | ||||||
Deferred income taxes |
i 22,956 | i 22,956 | ||||||
Total liabilities |
i 232,642 | i 181,961 | ||||||
Commitments and contingencies |
i — | i — | ||||||
Stockholders’ equity: |
||||||||
Preferred stock, $ i i 0.01 /
par value, i i 3,000,000 / shares authorized; i i i i none / / /
issued and outstanding |
i — | i — | ||||||
Common stock, $ i i 0.01 /
par value, i i 180,000,000 / shares authorized; i 140,703,442
and i 140,577,005 shares issued and i 115,349,226 and i 115,799,503
shares outstanding at September 30, 2021 and December 31, 2020, respectively |
i 1,407 | i 1,406 | ||||||
Additional paid-in capital |
i 126,956 | i 126,087 | ||||||
Retained earnings |
i 921,016 | i 737,311 | ||||||
Treasury stock, at cost, i 25,354,216 and i 24,777,502 shares at September 30, 2021 and December 31, 2020, respectively |
( i 328,570 | ) | ( i 276,273 | ) | ||||
Total stockholders’ equity |
i 720,809 | i 588,531 | ||||||
Total liabilities and stockholders’ equity |
$ | i 953,451 | $ | i 770,492 | ||||
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Total |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance, December 31, 2020 |
i 115,799,503 | $ | i 1,406 | $ | i 126,087 | $ | i 737,311 | i 24,777,502 | $ | ( i 276,273 | ) | $ | i 588,531 | |||||||||||||||
Net income |
— | — | — | i 48,545 | — | — | i 48,545 | |||||||||||||||||||||
Employee stock plans |
i 28,286 | — | i 460 | — | — | — | i 460 | |||||||||||||||||||||
Shares withheld for taxes on awards |
( i 38,212 | ) | — | ( i 4,045 | ) | — | — | — | ( i 4,045 | ) | ||||||||||||||||||
Stock-based compensation |
i 76,094 | — | i 2,176 | — | — | — | i 2,176 | |||||||||||||||||||||
Repurchases of common stock |
( i 504,275 | ) | — | — | — | i 504,275 | ( i 45,523 | ) | ( i 45,523 | ) | ||||||||||||||||||
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Balance, March 31, 2021 |
i 115,361,396 | $ | i 1,406 | $ | i 124,678 | $ | i 785,855 | i 25,281,777 | $ | ( i 321,796 | ) | $ | i 590,143 | |||||||||||||||
Net income |
— | — | — | i 61,366 | — | — | i 61,366 | |||||||||||||||||||||
Employee stock plans |
i 20,341 | — | i 400 | — | — | — | i 400 | |||||||||||||||||||||
Shares withheld for taxes on awards |
( i 13,491 | ) | — | ( i 1,446 | ) | — | — | — | ( i 1,446 | ) | ||||||||||||||||||
Stock-based compensation |
i 17,210 | i 1 | i 2,132 | — | — | — | i 2,133 | |||||||||||||||||||||
Repurchases of common stock |
( i 40,751 | ) | — | — | — | i 40,751 | ( i 3,820 | ) | ( i 3,820 | ) | ||||||||||||||||||
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Balance, June 30, 2021 |
i 115,344,705 | $ | i 1,407 | $ | i 125,764 | $ | i 847,221 | i 25,322,528 | $ | ( i 325,616 | ) | $ | i 648,776 | |||||||||||||||
Net income |
— | — | — | i 73,795 | — | — | i 73,795 | |||||||||||||||||||||
Employee stock plans |
i 36,590 | — | i 464 | — | — | — | i 464 | |||||||||||||||||||||
Shares withheld for taxes on awards |
( i 10,946 | ) | — | ( i 1,159 | ) | — | — | — | ( i 1,159 | ) | ||||||||||||||||||
Stock-based compensation |
i 10,565 | i — | i 1,887 | — | — | — | i 1,887 | |||||||||||||||||||||
Repurchases of common stock |
( i 31,688 | ) | — | — | — | i 31,688 | ( i 2,954 | ) | ( i 2,954 | ) | ||||||||||||||||||
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Balance, September 30, 2021 |
i 115,349,226 | $ | i 1,407 | $ | i 126,956 | $ | i 921,016 | i 25,354,216 | $ | ( i 328,570 | ) | $ | i 720,809 | |||||||||||||||
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Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Total |
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Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance, December 31, 2019 |
i 116,481,442 | $ | i 1,404 | $ | i 123,294 | $ | i 561,680 | i 23,893,484 | $ | ( i 237,203 | ) | $ | i 449,175 | |||||||||||||||
Net income |
— | — | — | i 42,402 | — | — | i 42,402 | |||||||||||||||||||||
Employee stock plans |
i 32,772 | — | i 299 | — | — | — | i 299 | |||||||||||||||||||||
Shares withheld for taxes on awards |
( i 76,284 | ) | — | ( i 3,856 | ) | — | — | — | ( i 3,856 | ) | ||||||||||||||||||
Stock-based compensation |
i 152,408 | — | i 2,775 | — | — | — | i 2,775 | |||||||||||||||||||||
Repurchases of common stock |
( i 884,018 | ) | — | — | — | i 884,018 | ( i 39,072 | ) | ( i 39,072 | ) | ||||||||||||||||||
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Balance, March 31, 2020 |
i 115,706,320 | $ | i 1,404 | $ | i 122,512 | $ | i 604,082 | i 24,777,502 | $ | ( i 276,275 | ) | $ | i 451,723 | |||||||||||||||
Net income |
— | — | — | i 47,218 | — | — | i 47,218 | |||||||||||||||||||||
Employee stock plans |
i 16,412 | — | i 391 | — | — | — | i 391 | |||||||||||||||||||||
Shares withheld for taxes on awards |
( i 24,786 | ) | — | ( i 1,199 | ) | — | — | — | ( i 1,199 | ) | ||||||||||||||||||
Stock-based compensation |
i 58,060 | i 1 | i 1,527 | — | — | — | i 1,528 | |||||||||||||||||||||
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Balance, June 30, 2020 |
i 115,756,006 | $ | i 1,405 | $ | i 123,231 | $ | i 651,300 | i 24,777,502 | $ | ( i 276,275 | ) | $ | i 499,661 | |||||||||||||||
Net income |
— | — | — | i 42,710 | — | — | i 42,710 | |||||||||||||||||||||
Employee stock plans |
i 6,559 | — | i 390 | — | — | — | i 390 | |||||||||||||||||||||
Shares withheld for taxes on awards |
( i 4,486 | ) | — | ( i 313 | ) | — | — | — | ( i 313 | ) | ||||||||||||||||||
Stock-based compensation |
i 27,594 | i 1 | i 1,615 | — | — | — | i 1,616 | |||||||||||||||||||||
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Balance, September 30, 2020 |
i 115,785,673 | $ | i 1,406 | $ | i 124,923 | $ | i 694,010 | i 24,777,502 | $ | ( i 276,275 | ) | $ | i 544,064 | |||||||||||||||
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Nine Months Ended September 30, |
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2020 |
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Operating Activities |
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Net income |
$ | i 183,705 | $ | i 132,331 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
i 25,604 | i 12,450 | ||||||
Stock-based compensation |
i 6,195 | i 5,919 | ||||||
Gain on disposal of property, plant and equipment |
( i 1,057 | ) | ( i 138 | ) | ||||
Other non-cash adjustments |
( i 40 | ) | ( i 28 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
( i 158,813 | ) | ( i 174,954 | ) | ||||
Inventories |
( i 5,399 | ) | i 4,525 | |||||
Prepaid expenses and other assets |
( i 4,311 | ) | ( i 694 | ) | ||||
Accounts payable |
i 17,219 | i 14,447 | ||||||
Accrued expenses and other liabilities |
i 28,472 | i 13,286 | ||||||
Income taxes receivable/payable |
i 21,484 | i 5,370 | ||||||
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Net cash provided by operating activities |
i 113,059 | i 12,514 | ||||||
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Investing Activities |
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Expenditures for property, plant and equipment |
( i 124,451 | ) | ( i 99,696 | ) | ||||
Proceeds from sales of property, plant and equipment |
i 1,355 | i 2,150 | ||||||
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Net cash used in investing activities |
( i 123,096 | ) | ( i 97,546 | ) | ||||
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Financing Activities |
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Borrowings under line of credit |
i 416,000 | i 235,000 | ||||||
Principal payments under line of credit |
( i 416,000 | ) | ( i 235,000 | ) | ||||
Repurchases of common stock |
( i 58,945 | ) | ( i 44,437 | ) | ||||
Financing costs |
— | ( i 361 | ) | |||||
Proceeds from employee stock purchase and option plans |
i 1,323 | i 1,078 | ||||||
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Net cash used in financing activities |
( i 57,622 | ) | ( i 43,720 | ) | ||||
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Net decrease in cash and cash equivalents |
( i 67,659 | ) | ( i 128,752 | ) | ||||
Cash and cash equivalents, beginning of period |
i 121,701 | i 148,833 | ||||||
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Cash and cash equivalents, end of period |
$ | i 54,042 | $ | i 20,081 | ||||
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Supplemental Disclosure: |
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Cash paid for interest, net of amounts capitalized |
$ | — | $ | i 155 | ||||
Cash paid for income taxes, net |
$ | i 39,750 | $ | i 38,567 |
1. |
BUSINESS AND ORGANIZATION |
2. |
BASIS OF PRESENTATION |
3. |
RECENTLY ADOPTED ACCOUNTING STANDARDS |
4. |
NEW ACCOUNTING STANDARDS NOT YET ADOPTED |
5. |
INVENTORIES |
Finished goods |
$ | i 43,212 | $ | i 39,048 | ||||
Raw materials |
i 43,882 | i 44,475 | ||||||
Total FIFO (first-in, first-out) inventories |
i 87,094 | i 83,523 | ||||||
Reserve to adjust inventories to LIFO value |
( i 16,821 | ) | ( i 16,821 | ) | ||||
Total LIFO inventories |
$ | i 70,273 | $ | i 66,702 | ||||
6. |
PREPAID EXPENSES AND OTHER ASSETS |
2021 |
||||||||
Prepaid expenses |
$ | i 9,195 | $ | i 7,285 | ||||
Revenues in excess of billings |
i 10,094 | i 8,879 | ||||||
Income tax receivable |
— | i 7,823 | ||||||
Other |
i 493 | i 1,323 | ||||||
Total prepaid expenses and other assets |
$ | i 19,782 | $ | i 25,310 | ||||
7. |
GOODWILL AND OTHER INTANGIBLE ASSETS |
8. |
ACCRUED EXPENSES AND OTHER LIABILITIES |
2021 |
||||||||
Sales and marketing |
$ | i 51,596 | $ | i 22,938 | ||||
Compensation and benefits |
i 21,421 | i 21,156 | ||||||
Income taxes |
i 14,050 | i 389 | ||||||
Operating lease liabilities |
i 7,221 | i 6,708 | ||||||
Manufacturing costs |
i 4,175 | i 3,641 | ||||||
Billings in excess of revenues |
i 1,923 | i 1,244 | ||||||
Customer deposits |
i 577 | i 1,174 | ||||||
Other |
i 4,230 | i 5,081 | ||||||
Total accrued expenses and other liabilities |
$ | i 105,193 | $ | i 62,331 | ||||
9. |
DEBT |
10. |
LEASES |
Nine Months Ended September 30, |
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Supplemental cash flow information |
2021 |
2020 |
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Cash paid for amounts included in the measurement of operating lease liabilities |
$ | i 6,196 | $ | i 6,506 | ||||
Operating ROU assets obtained in exchange for lease liabilities |
$ | i 7,047 | $ | i 2,254 | ||||
Supplemental balance sheet information |
2021 |
|||||||
Operating lease ROU assets |
$ | i 36,137 | $ | i 34,382 | ||||
Operating lease liabilities: |
||||||||
Accrued expenses and other current liabilities |
$ | i 7,221 | $ | i 6,708 | ||||
Operating lease liabilities |
i 29,716 | i 28,579 | ||||||
Total operating lease liabilities |
$ | i 36,937 | $ | i 35,287 | ||||
Maturities of operating lease liabilities |
||||
2021 |
$ | i 2,067 | ||
2022 |
i 7,808 | |||
2023 |
i 6,833 | |||
2024 |
i 6,475 | |||
2025 |
i 4,523 | |||
Thereafter |
i 12,044 | |||
Total lease payments |
i 39,750 | |||
Less imputed interest |
( i 2,813 | ) | ||
Total operating lease liabilities |
$ | i 36,937 | ||
11. |
FINANCIAL INSTRUMENTS |
12. |
STOCKHOLDERS’ EQUITY |
Three Months Ended September 30, |
Nine Months Ended |
|||||||||||||||
2020 |
2021 |
2020 |
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Numerator: |
||||||||||||||||
Net income available to common shareholders |
$ | i 73,795 | $ | i 42,710 | $ | i 183,705 | $ | i 132,331 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Denominator: |
||||||||||||||||
Basic weighted average shares outstanding |
i 115,344,015 | i 115,773,030 | i 115,455,543 | i 115,921,463 | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Stock appreciation rights and options |
i 171,514 | i 202,113 | i 190,680 | i 187,767 | ||||||||||||
Restricted stock |
i 110,231 | i 159,480 | i 121,203 | i 171,577 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted weighted average shares outstanding |
i 115,625,760 | i 116,134,623 | i 115,767,426 | i 116,280,807 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic earnings per share |
$ | i 0.64 | $ | i 0.37 | $ | i 1.59 | $ | i 1.14 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted earnings per share |
$ | i 0.64 | $ | i 0.37 | $ | i 1.59 | $ | i 1.14 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2020 |
2021 |
2020 |
||||||||||||||
Stock appreciation rights |
i 14,409 | i 390 | i 12,206 | i 19,415 | ||||||||||||
Restricted stock |
i 1,844 | — | i 8,308 | — |
13. |
REVENUE FROM CONTRACTS WITH CUSTOMERS |
Three Months Ended September 30, 2021 |
Reportable Segment |
|||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Timing of Revenue Recognition and Type of Contract |
||||||||||||
Products transferred at a point in time and variable consideration contracts |
$ | i 319,207 | $ | — | $ | i 319,207 | ||||||
Products transferred over time and fixed price contracts |
— | i 16,665 | i 16,665 | |||||||||
|
|
|
|
|
|
|||||||
$ | i 319,207 | $ | i 16,665 | $ | i 335,872 | |||||||
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
Reportable Segment |
|||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Timing of Revenue Recognition and Type of Contract |
||||||||||||
Products transferred at a point in time and variable consideration contracts |
$ | i 218,435 | $ | — | $ | i 218,435 | ||||||
Products transferred over time and fixed price contracts |
— | i 13,067 | i 13,067 | |||||||||
|
|
|
|
|
|
|||||||
$ | i 218,435 | $ | i 13,067 | $ | i 231,502 | |||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2021 |
Reportable Segment |
|||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Timing of Revenue Recognition and Type of Contract |
||||||||||||
Products transferred at a point in time and variable consideration contracts |
$ | i 850,909 | $ | — | $ | i 850,909 | ||||||
Products transferred over time and fixed price contracts |
— | i 42,082 | i 42,082 | |||||||||
|
|
|
|
|
|
|||||||
$ | i 850,909 | $ | i 42,082 | $ | i 892,991 | |||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
Reportable Segment |
|||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Timing of Revenue Recognition and Type of Contract |
||||||||||||
Products transferred at a point in time and variable consideration contracts |
$ | i 614,187 | $ | — | $ | i 614,187 | ||||||
Products transferred over time and fixed price contracts |
— | i 38,358 | i 38,358 | |||||||||
|
|
|
|
|
|
|||||||
$ | i 614,187 | $ | i 38,358 | $ | i 652,545 | |||||||
|
|
|
|
|
|
14. |
STOCK-BASED COMPENSATION |
Stock Awards Granted |
Weighted-Average Grant Price Per Share |
|||||||
Time-based restricted stock units |
i 33,442 | $ | i 101.28 | |||||
Performance-based restricted stock units (a) |
i 36,522 | $ | i 86.26 | |||||
Stock appreciation rights |
i 15,029 | $ | i 104.56 |
(a) | Includes i 26,511 of target performance-based restricted stock unit awards granted during the nine months ended September 30, 2021, and adjustments of i 4,813,
( i 887) and i 6,085
to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2020, 2019, and 2018, respectively. |
Nine Months Ended |
Nine Months Ended |
|||||||
Weighted-average fair value of grants |
$ | i 51.84 | $ | i 17.81 | ||||
Dividend yield |
i 0 | % | i 0 | % | ||||
Average risk-free interest rate |
i 0.6 | % | i 1.3 | % | ||||
Expected term (years) |
i 5 | i 5 | ||||||
Expected volatility |
i 58.7 | % | i 38.3 | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2020 |
2021 |
2020 |
||||||||||||||
Stock appreciation rights |
$ | i 94 | $ | i 99 | $ | i 352 | $ | i 548 | ||||||||
Time-based restricted stock and restricted stock units |
i 692 | i 663 | i 2,133 | i 2,590 | ||||||||||||
Performance-based restricted stock and restricted stock units |
i 1,047 | i 774 | i 3,487 | i 2,471 | ||||||||||||
Employee stock purchase plan |
i 54 | i 79 | i 223 | i 310 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total stock-based compensation |
$ | i 1,887 | $ | i 1,615 | $ | i 6,195 | $ | i 5,919 | ||||||||
|
|
|
|
|
|
|
|
15. |
INCOME TAXES |
16. |
SEGMENT INFORMATION |
• | Trex Residential manufactures wood-alternative decking and residential railing and related products marketed under the brand name Trex ® . Trex Residential products are sold to distributors and home centers for final resale primarily to the residential market, which includes replacement, remodeling and new construction related to outdoor living products. |
• | Trex Commercial designs, engineers, and markets modular and architectural railing and staging systems for the commercial and multi-family market, including sports stadiums and performing arts venues. Trex Commercial products are marketed to architects, specifiers, contractors, and others doing business within the commercial and multi-family market. |
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
Trex Residential |
Trex Commercial |
Total |
Trex Residential |
Trex Commercial |
Total |
|||||||||||||||||||
Net sales |
$ | i 319,207 | $ | i 16,665 | $ | i 335,872 | $ | i 218,435 | $ | i 13,067 | $ | i 231,502 | ||||||||||||
Net income |
$ | i 72,603 | $ | i 1,192 | $ | i 73,795 | $ | i 42,225 | $ | i 485 | $ | i 42,710 | ||||||||||||
EBITDA |
$ | i 106,135 | $ | i 1,862 | $ | i 107,997 | $ | i 60,619 | $ | i 853 | $ | i 61,472 | ||||||||||||
Depreciation and amortization |
$ | i 9,643 | $ | i 258 | $ | i 9,901 | $ | i 4,326 | $ | i 209 | $ | i 4,535 | ||||||||||||
Income tax expense |
$ | i 23,899 | $ | i 412 | $ | i 24,311 | $ | i 14,276 | $ | i 159 | $ | i 14,435 | ||||||||||||
Capital expenditures |
$ | i 29,554 | $ | i 66 | $ | i 29,620 | $ | i 36,887 | $ | i 197 | $ | i 37,084 | ||||||||||||
Total assets |
$ | i 858,330 | $ | i 95,121 | $ | i 953,451 | $ | i 624,904 | $ | i 93,331 | $ | i 718,235 |
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
Trex Residential |
Trex Commercial |
Total |
Trex Residential |
Trex Commercial |
Total |
|||||||||||||||||||
Net income |
$ | i 72,603 | $ | i 1,192 | $ | i 73,795 | $ | i 42,225 | $ | i 485 | $ | i 42,710 | ||||||||||||
Interest income, net |
( i 10 | ) | — | ( i 10 | ) | ( i 208 | ) | — | ( i 208 | ) | ||||||||||||||
Income tax expense |
i 23,899 | i 412 | i 24,311 | i 14,276 | i 159 | i 14,435 | ||||||||||||||||||
Depreciation and amortization |
i 9,643 | i 258 | i 9,901 | i 4,326 | i 209 | i 4,535 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
EBITDA |
$ | i 106,135 | $ | i 1,862 | $ | i 107,997 | $ | i 60,619 | $ | i 853 | $ | i 61,472 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
Trex Residential |
Trex Commercial |
Total |
Trex Residential |
Trex Commercial |
Total |
|||||||||||||||||||
Net sales |
$ | i 850,909 | $ | i 42,082 | $ | i 892,991 | $ | i 614,187 | $ | i 38,358 | $ | i 652,545 | ||||||||||||
Net income |
$ | i 182,437 | $ | i 1,268 | $ | i 183,705 | $ | i 129,157 | $ | i 3,174 | $ | i 132,331 | ||||||||||||
EBITDA |
$ | i 268,107 | $ | i 2,437 | $ | i 270,544 | $ | i 183,064 | $ | i 4,854 | $ | i 187,918 | ||||||||||||
Depreciation and amortization |
$ | i 24,873 | $ | i 731 | $ | i 25,604 | $ | i 11,855 | $ | i 595 | $ | i 12,450 | ||||||||||||
Income tax expense |
$ | i 60,797 | $ | i 438 | $ | i 61,235 | $ | i 42,853 | $ | i 1,085 | $ | i 43,938 | ||||||||||||
Capital expenditures |
$ | i 122,631 | $ | i 1,820 | $ | i 124,451 | $ | i 98,913 | $ | i 783 | $ | i 99,696 | ||||||||||||
Total assets |
$ | i 858,330 | $ | i 95,121 | $ | i 953,451 | $ | i 624,904 | $ | i 93,331 | $ | i 718,235 |
Nine Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
Trex Residential |
Trex Commercial |
Total |
Trex Residential |
Trex Commercial |
Total |
|||||||||||||||||||
Net income |
$ | i 182,437 | $ | i 1,268 | $ | i 183,705 | $ | i 129,157 | $ | i 3,174 | $ | i 132,331 | ||||||||||||
Interest income, net |
— | — | — | ( i 801 | ) | — | ( i 801 | ) | ||||||||||||||||
Income tax expense |
i 60,797 | i 438 | i 61,235 | i 42,853 | i 1,085 | i 43,938 | ||||||||||||||||||
Depreciation and amortization |
i 24,873 | i 731 | i 25,604 | i 11,855 | i 595 | i 12,450 | ||||||||||||||||||
EBITDA |
$ | i 268,107 | $ | i 2,437 | $ | i 270,544 | $ | i 183,064 | $ | i 4,854 | $ | i 187,918 | ||||||||||||
17. |
SEASONALITY |
18. |
COMMITMENTS AND CONTINGENCIES |
Nine Months Ended September 30, 2021 |
||||||||||||
Surface Flaking |
Other Residential |
Total |
||||||||||
Beginning balance, January 1 |
$ | i 21,325 | $ | i 8,148 | $ | i 29,473 | ||||||
Provisions and changes in estimates |
— | i 3,743 | i 3,743 | |||||||||
Settlements made during the period |
( i 2,315 | ) | ( i 1,539 | ) | ( i 3,854 | ) | ||||||
Ending balance, September 30 |
$ | i 19,010 | $ | i 10,352 | $ | i 29,362 | ||||||
Nine Months Ended September 30, 2020 |
||||||||||||
Surface Flaking |
Other Residential |
Total |
||||||||||
Beginning balance, January 1 |
$ | i 19,024 | $ | i 6,470 | $ | i 25,494 | ||||||
Provisions and changes in estimates |
i 6,479 | i 1,932 | i 8,411 | |||||||||
Settlements made during the period |
( i 3,078 | ) | ( i 1,178 | ) | ( i 4,256 | ) | ||||||
Ending balance, September 30 |
$ | i 22,425 | $ | i 7,224 | $ | i 29,649 | ||||||
19. |
SUBSEQUENT EVENT |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Decking and Accessories |
Our principal decking products are Trex Transcend ® , Trex Select® ® . In addition, our Trex Transcend decking product can also be used as cladding. Our high-performance, low-maintenance, eco-friendly composite decking products are comprised of a blend of 95 percent reclaimed wood fibers and recycled polyethylene film and feature a protective polymer shell for enhanced protection against fading, staining, mold and scratching.We also offer accessories to our decking products, including Trex Hideaway ® and Trex DeckLighting™ , an outdoor lighting system. Trex DeckLighting is a line of energy-efficient LED dimmable deck lighting, which is designed for use on posts, floors and
steps. The line includes a post cap light, deck rail light, riser light and a recessed deck light. | |
Railing |
Our residential railing products are Trex Transcend ® Railing, Trex Select® Railing, Trex Enhance® Railing and Trex Signature® aluminum railing. Trex Transcend Railing, made from approximately 40 percent recycled content, is available in the colors of Trex Transcend decking and finishes that make it appropriate for use with Trex decking products as well as other decking materials, which we believe enhances the sales prospects of our railing products. Trex Select Railing, made from approximately 40 percent recycled content, is offered in a white finish and is ideal for consumers who desire a simple clean finished look for their deck. Trex Enhance, made from approximately 40 percent recycled content, is available in three colors and is offered through home improvement retailers in kits that contain the complete railing system. Trex Signature aluminum railing, made from
a minimum of 50 percent recycled content, is available in three colors and designed for consumers who want a sleek, contemporary look. | |
Fencing |
Our Trex Seclusions ® fencing product is offered through two specialty distributors. This product consists of structural posts, bottom rail, pickets, top rail and decorative post caps. |
Architectural Railing Systems |
Our architectural railing systems are pre-engineered guardrails with options to accommodate styles ranging from classic and elegant wood top rail combined with sleek stainless components and glass infill, to modern and minimalist stainless cable and rod infill choices. Trex Commercial can also design, engineer and manufacture custom railing systems tailored to the customer’s specific material, style and finish. Many railing styles are achievable, including glass, mesh, perforated railing and cable railing. | |
Aluminum Railing Systems |
Trex Signature ® aluminum railing collection, made from a minimum of 50 percent recycled content, combines superior styling with the unparalleled strength of aluminum – making it an ideal railing choice for a variety of commercial settings. Its straightforward, unobtrusive design features traditional balusters and contemporary vertical rods, and can be installed with continuously graspable rail options for added safety, comfort and functionality. Trex Signature is available in a variety of colors and stock lengths to accommodate project needs. |
Staging Equipment and Accessories |
Our advanced modular, lightweight custom staging systems include portable platforms, orchestra shells, guardrails, stair units, barricades, camera platforms, VIP viewing decks, ADA infills, DJ booths, pool covers, and other custom applications. Our systems provide superior staging product solutions for facilities and venues with custom needs. Our modular stage equipment is designed to appear seamless, feel permanent, and maximize the functionality of the space. |
• | Increase in net sales of 45.1%, or $104.4 million, to $335.9 million for the three months ended September 30, 2021 compared to $231.5 million for the three months ended September 30, 2020. |
• | Increase in gross profit of 50.9%, or $43.3 million, to $128.3 million for the three months ended September 30, 2021 compared to $85.0 million for the three months ended September 30, 2020. |
• | Increase in net income to $73.8 million, or $0.64 per diluted share, for the three months ended September 30, 2021 compared to $42.7 million, or $0.37 per diluted share, for the three months ended September 30, 2020. |
• | Increase in EBITDA (earnings before interest, income tax and depreciation and amortization) of 75.7%, or $46.5 million, to $108 million for the three months ended September 30, 2021 compared to $61.5 million for the three months ended September 30, 2020. |
• | Capital expenditures of $29.6 million, primarily to increase production capacity at the Trex Residential facilities and for cost reduction initiatives and other production improvements. |
Nine Months Ended September 30, |
||||||||
2020 |
||||||||
Claims open, beginning of period |
1,799 | 1,724 | ||||||
Claims received (1) |
788 | 1,263 | ||||||
Claims resolved (2) |
(785 | ) | (1,042 | ) | ||||
|
|
|
|
|||||
Claims open, end of period |
1,802 | 1,945 | ||||||
|
|
|
|
|||||
Average cost per claim (3) |
$ | 3,492 | $ | 3,396 |
(1) | Claims received include new claims received or identified during the period. |
(2) | Claims resolved include all claims settled with or without payment and closed during the period. |
(3) | Average cost per claim represents the average settlement cost of claims closed with payment during the period. |
Three Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Total net sales |
$ | 335,872 | $ | 231,502 | $ | 104,370 | 45.1 | % | ||||||||
Trex Residential net sales |
$ | 319,207 | $ | 218,435 | $ | 100,772 | 46.1 | % | ||||||||
Trex Commercial net sales |
$ | 16,665 | $ | 13,067 | $ | 3,598 | 27.5 | % |
Three Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Cost of sales |
$ | 207,622 | $ | 146,538 | $ | 61,084 | 41.7 | % | ||||||||
% of total net sales |
61.8 | % | 63.3 | % | ||||||||||||
Gross profit |
$ | 128,250 | $ | 84,964 | $ | 43,286 | 50.9 | % | ||||||||
Gross margin |
38.2 | % | 36.7 | % |
Three Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Selling, general and administrative expenses |
$ | 30,154 | $ | 28,027 | $ | 2,127 | 7.6 | % | ||||||||
% of total net sales |
9.0 | % | 12.1 | % |
Three Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Provision for income taxes |
$ | 24,311 | $ | 14,435 | $ | 9,876 | 68.4 | % | ||||||||
Effective tax rate |
24.8 | % | 25.3 | % |
Three Months Ended September 30, 2021 |
||||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Net income |
$ | 72,603 | $ | 1,192 | $ | 73,795 | ||||||
Interest income, net |
(10 | ) | — | (10 | ) | |||||||
Income tax expense |
23,899 | 412 | 24,311 | |||||||||
Depreciation and amortization |
9,643 | 258 | 9,901 | |||||||||
|
|
|
|
|
|
|||||||
EBITDA |
$ | 106,135 | $ | 1,862 | $ | 107,997 | ||||||
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
||||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Net income |
$ | 42,225 | $ | 485 | $ | 42,710 | ||||||
Interest income, net |
(208 | ) | — | (208 | ) | |||||||
Income tax expense |
14,276 | 159 | 14,435 | |||||||||
Depreciation and amortization |
4,326 | 209 | 4,535 | |||||||||
|
|
|
|
|
|
|||||||
EBITDA |
$ | 60,619 | $ | 853 | $ | 61,472 | ||||||
|
|
|
|
|
|
Three Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Total EBITDA |
$ | 107,997 | $ | 61,472 | $ | 46,525 | 75.7 | % | ||||||||
Trex Residential EBITDA |
$ | 106,135 | $ | 60,619 | $ | 45,516 | 75.1 | % | ||||||||
Trex Commercial EBITDA |
$ | 1,862 | $ | 853 | $ | 1,009 | 118.3 | % |
1 |
EBITDA represents net income before interest, income taxes, depreciation and amortization. EBITDA is not a measurement of financial performance under accounting principles generally accepted in the United States (GAAP). We have included data with respect to EBITDA because management believes it facilitates performance comparison between the Company and its competitors, and management evaluates the performance of its reportable segments using several measures, including EBITDA. Management considers EBITDA to be an important supplemental indicator of our core operating performance because it eliminates interest, income taxes, and depreciation and amortization charges to net income or loss. In relation to competitors, EBITDA eliminates differences among companies in capitalization and tax structures, capital investment cycles and ages of related
assets. For these reasons, management believes that EBITDA provides important information regarding the operating performance of the Company and its reportable segments. |
Nine Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Total net sales |
$ | 892,991 | $ | 652,545 | $ | 240,446 | 36.8 | % | ||||||||
Trex Residential net sales |
$ | 850,909 | $ | 614,187 | $ | 236,722 | 38.5 | % | ||||||||
Trex Commercial net sales |
$ | 42,082 | $ | 38,358 | $ | 3,724 | 9.7 | % |
Nine Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Cost of sales |
$ | 550,668 | $ | 385,479 | $ | 165,189 | 42.9 | % | ||||||||
% of total net sales |
61.7 | % | 59.1 | % | ||||||||||||
Gross profit |
$ | 342,323 | $ | 267,066 | $ | 75,257 | 28.2 | % | ||||||||
Gross margin |
38.3 | % | 40.9 | % |
Nine Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Selling, general and administrative expenses |
$ | 97,383 | $ | 91,598 | $ | 5,785 | 6.3 | % | ||||||||
% of total net sales |
10.9 | % | 14.0 | % |
Nine Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Provision for income taxes |
$ | 61,235 | $ | 43,938 | $ | 17,297 | 39.4 | % | ||||||||
Effective tax rate |
25.0 | % | 24.9 | % |
Nine Months Ended September 30, 2021 |
||||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Net income |
$ | 182,437 | $ | 1,268 | $ | 183,705 | ||||||
Interest income, net |
— | — | — | |||||||||
Income tax expense |
60,797 | 438 | 61,235 | |||||||||
Depreciation and amortization |
24,873 | 731 | 25,604 | |||||||||
|
|
|
|
|
|
|||||||
EBITDA |
$ | 268,107 | $ | 2,437 | $ | 270,544 | ||||||
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
||||||||||||
Trex Residential |
Trex Commercial |
Total |
||||||||||
Net income |
$ | 129,157 | $ | 3,174 | $ | 132,331 | ||||||
Interest income, net |
(801 | ) | — | (801 | ) | |||||||
Income tax expense |
42,853 | 1,085 | 43,938 | |||||||||
Depreciation and amortization |
11,855 | 595 | 12,450 | |||||||||
|
|
|
|
|
|
|||||||
EBITDA |
$ | 183,064 | $ | 4,854 | $ | 187,918 | ||||||
|
|
|
|
|
|
Nine Months Ended September 30, |
$ Change |
% Change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
(dollars in thousands) |
||||||||||||||||
Total EBITDA |
$ | 270,544 | $ | 187,918 | $ | 82,626 | 44.0 | % | ||||||||
Trex Residential EBITDA |
$ | 268,107 | $ | 183,064 | $ | 85,043 | 46.5 | % | ||||||||
Trex Commercial EBITDA |
$ | 2,437 | $ | 4,854 | $ | (2,417 | ) | (49.8 | )% |
2 |
EBITDA represents net income before interest, income taxes, depreciation and amortization. EBITDA is not a measurement of financial performance under accounting principles generally accepted in the United States (GAAP). We have included data with respect to EBITDA because management believes it facilitates performance comparison between the Company and its competitors, and management evaluates the performance of its reportable segments using several measures, including EBITDA. Management considers EBITDA to be an important supplemental indicator of our core operating performance because it eliminates interest, income taxes, and depreciation and amortization charges to net income or loss. In relation to competitors, EBITDA eliminates differences among companies in capitalization and tax structures, capital investment cycles and ages of related
assets. For these reasons, management believes that EBITDA provides important information regarding the operating performance of the Company and its reportable segments. |
Nine Months Ended September 30, |
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2020 |
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Net cash provided by operating activities |
$ | 113,059 | $ | 12,514 | ||||
Net cash used in investing activities |
(123,096 | ) | (97,546 | ) | ||||
Net cash used in financing activities |
(57,622 | ) | (43,720 | ) | ||||
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Net decrease in cash and cash equivalents |
$ | (67,659 | ) | $ | (128,752 | ) | ||
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Period |
(a) Total Number of Shares (or Units) Purchased (1) |
(b) Average Price Paid per Share (or Unit) ($) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2) |
(d) Maximum number of Shares (or Units) that May Yet Be Purchased Under the Plan or Program |
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408 | $ | 95.61 | 300 | 8,251,896 | ||||||||||||
42,226 | $ | 96.47 | 31,388 | 8,220,508 | ||||||||||||
— | $ | — | — | 8,220,508 | ||||||||||||
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Quarterly period ended September 30, 2021 |
42,634 | 31,688 | ||||||||||||||
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(1) | Includes shares withheld by, or delivered to, the Company pursuant to provisions in agreements with recipients of restricted stock granted under the Company’s 2014 Stock Incentive Plan allowing the Company to withhold, or the recipient to deliver to the Company, the number of shares having the fair value equal to tax withholding due. |
(2) | On February 16, 2018, the Company’s Board of Directors authorized a common stock repurchase program of up to 11.6 million shares of the Company’s outstanding common stock (Stock Repurchase Program). The Stock Repurchase Program was publicly announced on February 21, 2018. The Company purchased 31,688 shares of its common stock under the Stock Repurchase Program during the three months ended September 30, 2021. |
Item 5. |
Other Information |
Item 6. |
Exhibits |
TREX COMPANY, INC. | ||||||
Date: November 8, 2021 | By: | /s/ Dennis C. Schemm | ||||
Dennis C. Schemm | ||||||
Senior Vice President and Chief Financial Officer | ||||||
( Duly Authorized Officer and Principal Financial Officer |
* |
*** | Furnished herewith. |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/5/24 | ||||
12/31/22 | ||||
5/26/22 | ||||
12/31/21 | 10-K | |||
Filed on: | 11/8/21 | 8-K, 8-K/A | ||
10/26/21 | 8-K | |||
For Period end: | 9/30/21 | |||
9/1/21 | ||||
8/31/21 | ||||
8/2/21 | 10-Q, 8-K, 8-K/A | |||
8/1/21 | ||||
7/31/21 | ||||
7/1/21 | 4 | |||
6/30/21 | 10-Q | |||
3/31/21 | 10-Q | |||
3/13/21 | 8-K | |||
1/1/21 | ||||
12/31/20 | 10-K | |||
9/30/20 | 10-Q | |||
6/30/20 | 10-Q | |||
5/26/20 | 8-K | |||
5/4/20 | 10-Q, 8-K, 8-K/A | |||
3/31/20 | 10-Q | |||
3/12/20 | ||||
12/31/19 | 10-K | |||
11/5/19 | 8-K | |||
5/1/19 | 4, 8-K, DEF 14A, PRE 14A | |||
5/7/18 | 10-Q, 8-K | |||
2/21/18 | 10-K, 8-K | |||
2/16/18 | 4 | |||
1/12/16 | 8-K | |||
5/5/14 | 10-Q, 8-K | |||
3/24/99 | 8-A12B, S-1/A | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/02/21 Trex Co. Inc. 10-Q 6/30/21 75:5.2M Donnelley … Solutions/FA 5/04/20 Trex Co. Inc. 10-Q 3/31/20 75:5.5M Donnelley … Solutions/FA 5/01/19 Trex Co. Inc. 8-K:5,9 5/01/19 3:108K Donnelley … Solutions/FA 5/07/18 Trex Co. Inc. 10-Q 3/31/18 77:3.1M Donnelley … Solutions/FA 5/05/14 Trex Co. Inc. 10-Q 3/31/14 58:2.7M Donnelley … Solutions/FA 3/24/99 Trex Co. Inc. S-1/A 11:523K Donnelley Fin’l S… 09/FA |