☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Indiana | 35-1057796 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
107 W. FRANKLIN STREET, P.O. BOX 638 | ELKHART, | Indiana | 46515 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Common stock, without par value | PATK | Nasdaq Stock Market LLC | ||||||
(Title of each class) | (Trading Symbol) | (Name of each exchange on which registered) |
ITEM 16. | FORM 10-K SUMMARY | ||||||||||
F- | ||||||||
Report of Independent Registered Public Accounting Firm, Deloitte & Touche LLP | F-2 | |||||||
F-5 | ||||||||
F-6 | ||||||||
F-7 | ||||||||
Consolidated Statements of Financial Position | F-8 | |||||||
Consolidated Statements of Cash Flows | F-9 | |||||||
F-10 | ||||||||
F- | ||||||||
Exhibits |
Manufacturing | Distribution | ||||
Laminated products for furniture, shelving, walls and countertops | Pre-finished wall and ceiling panels | ||||
Decorative vinyl, wrapped vinyl, paper laminated panels and vinyl printing | Drywall and drywall finishing products | ||||
Solid surface, granite and quartz countertops | Interior and exterior lighting products | ||||
Fabricated aluminum products | Wiring, electrical and plumbing products | ||||
Wrapped vinyl, paper and hardwood profile mouldings | Transportation and logistics services | ||||
Electrical systems components including instrument and dash panels | |||||
Slide-out trim and fascia | |||||
Cabinet products, doors, components and custom cabinetry | Raw and processed lumber | ||||
Hardwood furniture | Fiber reinforced polyester (“FRP”) products | ||||
Fiberglass bath fixtures and tile systems | |||||
Specialty bath and closet building products | |||||
Boat covers, towers, tops, and frames | |||||
Softwoods lumber | |||||
Interior passage doors | Fireplaces and surrounds | ||||
Wiring and wire harnesses | Appliances | ||||
CNC molds and composite parts | Tile | ||||
Aluminum and plastic fuel tanks | Other miscellaneous products | ||||
Slotwall panels and components | |||||
RV painting | |||||
Thermoformed shower surrounds | |||||
Fiberglass and plastic components including front and rear caps and marine helms | |||||
Polymer-based flooring | |||||
Air handling products | |||||
Marine hardware | |||||
Treated, untreated and laminated plywood |
2020 | 2019 | |||||||||||||
RV | 56 | % | 55 | % | ||||||||||
Marine | 14 | % | 14 | % | ||||||||||
MH | 17 | % | 19 | % | ||||||||||
Industrial | 13 | % | 12 | % | ||||||||||
Total | 100 | % | 100 | % |
2019 | 2018 | |||
RV | 55 | % | 63 | % |
Marine | 14 | % | 12 | % |
MH | 19 | % | 12 | % |
Industrial | 12 | % | 13 | % |
Total | 100 | % | 100 | % |
Officer | Position | Age | ||||||||||||
Todd M. Cleveland | Executive Chairman of the Board | |||||||||||||
Andy L. Nemeth | President and Chief Executive Officer | |||||||||||||
Jeffrey M. Rodino | Executive Vice President-Sales and Chief Sales Officer | |||||||||||||
Kip B. Ellis | Executive Vice President-Operations and Chief Operating Officer | |||||||||||||
Executive Vice President-Finance, Chief Financial Officer, and | ||||||||||||||
Courtney A. Blosser | Executive Vice President-Human Resources and Chief Human Resources Officer |
Area Sq. Ft. | |||
Location | Use | Leased | Owned |
Alabama | Manufacturing | 10,000 | |
Alabama | Distribution | 103,000 | |
Alabama | Manufacturing & Distribution | 94,000 | |
Arizona | Manufacturing | 22,550 | |
Arizona | Distribution | 10,600 | |
California | Manufacturing | 332,404 | |
California | Manufacturing & Distribution | 193,297 | |
Canada | Distribution | 9,752 | |
China | Manufacturing | 6,876 | |
Colorado | Distribution | 9,918 | |
Florida | Manufacturing | 316,661 | |
Florida | Distribution | 60,977 | |
Georgia | Manufacturing | 150,800 | 50,440 |
Georgia | Distribution | 75,000 | 31,000 |
Idaho | Manufacturing | 117,510 | |
Idaho | Distribution | 16,000 | |
Illinois | Manufacturing | 54,400 | |
Indiana | Manufacturing | 2,283,171 | 1,271,761 |
Indiana | Distribution | 669,653 | 593,733 |
Indiana | Manufacturing & Distribution | 373,400 | |
Michigan | Manufacturing | 363,552 | |
Michigan | Distribution | 22,525 | |
Minnesota | Distribution | 58,000 | |
Minnesota | Manufacturing | 19,088 | |
Mississippi | Manufacturing | 267,250 | |
Missouri | Manufacturing | 223,000 | 31,250 |
North Carolina | Manufacturing | 81,950 | |
North Carolina | Distribution | 104,160 | |
The Netherlands | Distribution | 1,300 | |
Nevada | Manufacturing | 8,295 | |
Nevada | Distribution | 6,720 | |
Oregon | Manufacturing | 54,600 | |
Oregon | Distribution | 86,000 | 48,565 |
Pennsylvania | Manufacturing | 89,000 | |
Pennsylvania | Distribution | 79,000 | |
South Carolina | Manufacturing | 57,650 | |
Tennessee | Manufacturing | 371,837 | |
Tennessee | Distribution | 67,500 | |
Texas | Manufacturing | 105,162 | 132,600 |
Texas | Distribution | 99,510 | |
Utah | Distribution | 6,000 | |
Washington | Manufacturing | 64,000 | |
Wisconsin | Manufacturing | 85,055 | |
Corporate/Other: | |||
Indiana | Corporate/Administrative Offices | 35,000 | |
Indiana | Design Center & Showrooms | 56,200 | |
Various | Other | 52,137 | 50,925 |
Total square footage | 6,931,455 | 2,653,279 |
Leased | Owned | |||||||||||||||||||||||||
Purpose / Nature | # of Properties | Square Footage | # of Properties | Square Footage | ||||||||||||||||||||||
Manufacturing | 105 | 5,623,000 | 31 | 1,950,000 | ||||||||||||||||||||||
Distribution | 42 | 1,302,000 | 13 | 521,000 | ||||||||||||||||||||||
Manufacturing & Distribution (shared space) | 3 | 567,000 | 1 | 94,000 | ||||||||||||||||||||||
Corporate & Other | 16 | 102,000 | 2 | 210,000 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | |||||||||
Sep. 30 - Oct. 27, 2019 | — | $ | — | — | $ | 26,722,195 | |||||||
Oct. 28 - Dec. 1, 2019 | 3,582 | 48.96 | 3,166 | 26,567,451 | |||||||||
Dec. 2 - Dec. 31, 2019 | 1,565 | 48.68 | 1,565 | 26,491,262 | |||||||||
Total | 5,147 | 4,731 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
Sep. 28 - Oct. 25, 2020 | — | $ | — | — | $ | 38,779,489 | ||||||||||||||||||||
Oct. 26 - Nov. 29, 2020 | 50,700 | 55.60 | 50,700 | 35,960,557 | ||||||||||||||||||||||
Nov. 30 - Dec. 31, 2020 | 11,844 | 70.11 | — | 35,960,557 | ||||||||||||||||||||||
Total | 62,544 | 50,700 |
($) | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | ||||||
Patrick Industries, Inc. | 100.00 | 148.36 | 260.23 | 355.30 | 151.48 | 268.23 | ||||||
Peer Group | 100.00 | 97.15 | 157.74 | 231.50 | 125.10 | 212.63 | ||||||
Russell 2000 | 100.00 | 94.29 | 112.65 | 127.46 | 111.94 | 138.50 |
($) | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | ||||||||||||||
Patrick Industries, Inc. | 100.00 | 175.40 | 239.48 | 102.10 | 180.79 | 235.69 | ||||||||||||||
Peer Group | 100.00 | 143.24 | 206.88 | 131.29 | 191.50 | 230.53 | ||||||||||||||
Russell 2000 | 100.00 | 119.48 | 135.18 | 118.72 | 146.89 | 173.86 |
ITEM 6. SELECTED FINANCIAL DATA |
As of or for the Year Ended December 31 | As of or for the Year Ended December 31 | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
(thousands except per share amounts) | (thousands except per share amounts) | |||||||||||||||||||||||||||||||
Operating Data: | Operating Data: | |||||||||||||||||||||||||||||||
Net sales (1) | $ | 2,337,082 | $ | 2,263,061 | $ | 1,635,653 | $ | 1,221,887 | $ | 920,333 | Net sales (1) | $ | 2,486,597 | $ | 2,337,082 | $ | 2,263,061 | $ | 1,635,653 | $ | 1,221,887 | |||||||||||
Gross profit | 422,871 | 415,866 | 278,915 | 202,469 | 152,279 | Gross profit | 459,017 | 422,871 | 415,866 | 278,915 | 202,469 | |||||||||||||||||||||
Operating income (1) | 154,442 | 178,415 | 121,900 | 90,837 | 69,918 | Operating income (1) | 173,373 | 154,442 | 178,415 | 121,900 | 90,837 | |||||||||||||||||||||
Net income | 89,566 | 119,832 | 85,718 | 55,577 | 42,219 | Net income | 97,061 | 89,566 | 119,832 | 85,718 | 55,577 | |||||||||||||||||||||
Basic net income per common share | $ | 3.88 | $ | 4.99 | $ | 3.54 | $ | 2.47 | $ | 1.84 | Basic net income per common share | $ | 4.27 | $ | 3.88 | $ | 4.99 | $ | 3.54 | $ | 2.47 | |||||||||||
Diluted net income per common share | $ | 3.85 | $ | 4.93 | $ | 3.48 | $ | 2.43 | $ | 1.81 | Diluted net income per common share | $ | 4.20 | $ | 3.85 | $ | 4.93 | $ | 3.48 | $ | 2.43 | |||||||||||
Cash dividends paid per common share | $ | 0.25 | $ | — | $ | — | $ | — | $ | — | Cash dividends paid per common share | $ | 1.03 | $ | 0.25 | $ | — | $ | — | $ | — | |||||||||||
Financial Data: | Financial Data: | |||||||||||||||||||||||||||||||
Total assets (1) (2) | $ | 1,470,993 | $ | 1,231,231 | $ | 866,644 | $ | 534,950 | $ | 381,584 | Total assets (1) (2) | $ | 1,753,435 | $ | 1,470,993 | $ | 1,231,231 | $ | 866,644 | $ | 534,950 | |||||||||||
Cash and cash equivalents | 139,390 | 6,895 | 2,767 | 6,449 | 87 | Cash and cash equivalents | 44,767 | 139,390 | 6,895 | 2,767 | 6,449 | |||||||||||||||||||||
Total short-term and long-term debt (3) | 705,000 | 661,082 | 354,357 | 273,153 | 204,484 | Total short-term and long-term debt (3) | 840,000 | 705,000 | 661,082 | 354,357 | 273,153 | |||||||||||||||||||||
Shareholders' equity | 497,481 | 408,754 | 370,685 | 185,448 | 128,597 | Shareholders' equity | 559,441 | 497,481 | 408,754 | 370,685 | 185,448 | |||||||||||||||||||||
Cash flows from operating activities | 192,410 | 200,013 | 99,901 | 97,147 | 66,856 | Cash flows from operating activities | 160,153 | 192,410 | 200,013 | 99,901 | 97,147 |
Year Ended December 31, | |||||||||||||||||||||||||||||
(thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Net sales | 2,486,597 | 100.0 | % | 2,337,082 | 100.0 | % | 2,263,061 | 100.0 | % | ||||||||||||||||||||
Cost of goods sold | 2,027,580 | 81.5 | 1,914,211 | 81.9 | 1,847,195 | 81.6 | |||||||||||||||||||||||
Gross profit | 459,017 | 18.5 | 422,871 | 18.1 | 415,866 | 18.4 | |||||||||||||||||||||||
Warehouse and delivery expenses | 98,400 | 4.0 | 98,055 | 4.2 | 74,996 | 3.3 | |||||||||||||||||||||||
Selling, general and administrative expenses | 146,376 | 5.9 | 134,466 | 5.8 | 128,242 | 5.7 | |||||||||||||||||||||||
Amortization of intangible assets | 40,868 | 1.6 | 35,908 | 1.5 | 34,213 | 1.5 | |||||||||||||||||||||||
Operating income | 173,373 | 7.0 | 154,442 | 6.6�� | 178,415 | 7.9 | |||||||||||||||||||||||
Interest expense, net | 43,001 | 1.7 | 36,616 | 1.6 | 26,436 | 1.2 | |||||||||||||||||||||||
Income taxes | 33,311 | 1.3 | 28,260 | 1.2 | 32,147 | 1.4 | |||||||||||||||||||||||
Net income | 97,061 | 3.9 | 89,566 | 3.8 | 119,832 | 5.3 |
Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | ||
Cost of goods sold | 81.9 | 81.6 | 82.9 | |||||
Gross profit | 18.1 | 18.4 | 17.1 | |||||
Warehouse and delivery expenses | 4.2 | 3.3 | 2.9 | |||||
Selling, general and administrative expenses | 5.8 | 5.7 | 5.6 | |||||
Amortization of intangible assets | 1.5 | 1.5 | 1.2 | |||||
Operating income | 6.6 | 7.9 | 7.4 | |||||
Interest expense, net | 1.6 | 1.2 | 0.5 | |||||
Income taxes | 1.2 | 1.4 | 1.7 | |||||
Net income | 3.8 | 5.3 | 5.2 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
(thousands) | 2019 | 2018 | 2017 | (thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Sales | Sales | |||||||||||||||||||||||||||
Manufacturing | $ | 1,673,486 | $ | 1,779,048 | $ | 1,368,454 | Manufacturing | $ | 1,765,818 | $ | 1,673,486 | $ | 1,779,048 | |||||||||||||||
Distribution | 699,159 | 521,235 | 300,447 | Distribution | 762,472 | 699,159 | 521,235 | |||||||||||||||||||||
Gross Profit | Gross Profit | |||||||||||||||||||||||||||
Manufacturing | 307,362 | 337,451 | 232,671 | Manufacturing | 324,938 | 307,362 | 337,451 | |||||||||||||||||||||
Distribution | 110,957 | 81,016 | 48,136 | Distribution | 133,291 | 110,957 | 81,016 | |||||||||||||||||||||
Operating Income | Operating Income | |||||||||||||||||||||||||||
Manufacturing | 174,913 | 215,246 | 151,635 | Manufacturing | 190,518 | 174,913 | 215,246 | |||||||||||||||||||||
Distribution | 38,953 | 31,491 | 18,858 | Distribution | 54,376 | 38,953 | 31,491 |
Required | Actual | |||||
Consolidated total leverage ratio (12-month period) | 4.00 | 2.27 | ||||
Consolidated fixed charge coverage ratio (12-month period) | 1.50 | 5.28 |
Required | Actual | |||||||||||||
Consolidated total leverage ratio (12-month period) | 4.50 | 2.44 | ||||||||||||
Consolidated fixed charge coverage ratio (12-month period) | 1.50 | 4.81 |
Payments due by period | |||||||||||||||
(thousands) | 2020 | 2021-2022 | 2023-2024 | Thereafter | Total | ||||||||||
Long-term debt | $ | 5,000 | $ | 17,500 | $ | 382,500 | $ | 300,000 | $ | 705,000 | |||||
Interest payments on debt (1) | 34,838 | 68,884 | 61,213 | 62,812 | 227,747 | ||||||||||
Deferred compensation payments | 216 | 309 | 260 | 1,831 | 2,616 | ||||||||||
Minimum pension contributions | 610 | 1,810 | 1,500 | 1,800 | 5,720 | ||||||||||
Purchase obligations (2) | 210,609 | — | — | — | 210,609 | ||||||||||
Contingent consideration (3) | 2,000 | 8,000 | 1,000 | — | 11,000 | ||||||||||
Leases payments | 30,443 | 42,765 | 22,553 | 5,867 | 101,628 | ||||||||||
Total contractual cash obligations | $ | 283,716 | $ | 139,268 | $ | 469,026 | $ | 372,310 | $ | 1,264,320 |
Other Commercial Commitments | Total Amount Committed | Outstanding at 12/31/19 | Date of Expiration | ||||||
Letters of Credit | $ | 25,000 | (1) | $ | 3,863 | September 17, 2024 |
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
(a) | (1) The financial statements listed in the accompanying Index to the Financial Statements on page F-1 of the separate financial section of this Report are incorporated herein by reference. | |||||||
(3) The exhibits required to be filed as part of this Annual Report on Form 10-K are listed under (c) below. | ||||||||
(c) | Exhibits |
Exhibit Number | Exhibits | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3** | ||||||||
10.1 | ||||||||
10.2* | ||||||||
10.3* | ||||||||
10.4* | ||||||||
10.5* | ||||||||
10.6* | ||||||||
10.7* | ||||||||
10.8* | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
23.1** | ||||||||
23.2** | ||||||||
31.1** | ||||||||
31.2** | ||||||||
32** |
101.INS | XBRL Instance Document | ||||
101.SCH | XBRL Taxonomy Schema Document | ||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document |
PATRICK INDUSTRIES, INC. | ||||||||
Date: February | By: | /s/ Andy L. Nemeth | ||||||
Andy L. Nemeth | ||||||||
President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Andy L. Nemeth | President and Chief Executive Officer | February 26, 2021 | ||||||||||||
Andy L. Nemeth | (Principal Executive Officer) | |||||||||||||
Director | ||||||||||||||
/s/ | ||||||||||||||
Vice President Finance, | February 26, 2021 | |||||||||||||
Jacob R. Petkovich | Chief Financial Officer and Treasurer | |||||||||||||
(Principal Financial | ||||||||||||||
/s/ James E. Rose | Principal Accounting Officer | February 26, 2021 | ||||||||||||
James E. Rose | (Principal Accounting Officer) | |||||||||||||
/s/ Joseph M. Cerulli | Director | February | ||||||||||||
Joseph M. Cerulli | ||||||||||||||
/s/ Todd M. Cleveland | Executive Chairman of the Board | February | ||||||||||||
Todd M. Cleveland | ||||||||||||||
/s/ John A. Forbes | Director | February | ||||||||||||
John A. Forbes | ||||||||||||||
/s/ Michael A. Kitson | Director | February | ||||||||||||
Michael A. Kitson | ||||||||||||||
/s/ Pamela R. Klyn | Director | February | ||||||||||||
Pamela R. Klyn | ||||||||||||||
/s/ Derrick B. Mayes | Director | February | ||||||||||||
Derrick B. Mayes | ||||||||||||||
/s/ Denis G. Suggs | Director | February | ||||||||||||
Denis G. Suggs | ||||||||||||||
/s/ M. Scott Welch | Lead Director | February | ||||||||||||
M. Scott Welch |
Report of Independent Registered Public Accounting Firm, Deloitte & Touche LLP | F-2 | ||||
F-5 | |||||
Financial Statements: | |||||
F-6 | |||||
F-7 | |||||
F-8 | |||||
F-9 | |||||
F-10 | |||||
F-11 |
•With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology and discount rates by testing the source information underlying the determination of the discount rates and the mathematicalaccuracy of the calculations and developing a range of independent estimates and comparing those to the discount rates selected by management. |
(thousands except per share data) | Year Ended December 31, | ||||||||||
2019 | 2018 | 2017 | |||||||||
NET SALES | $ | 2,337,082 | $ | 2,263,061 | $ | 1,635,653 | |||||
Cost of goods sold | 1,914,211 | 1,847,195 | 1,356,738 | ||||||||
GROSS PROFIT | 422,871 | 415,866 | 278,915 | ||||||||
Operating Expenses: | |||||||||||
Warehouse and delivery | 98,055 | 74,996 | 46,905 | ||||||||
Selling, general and administrative | 134,466 | 128,242 | 90,736 | ||||||||
Amortization of intangible assets | 35,908 | 34,213 | 19,374 | ||||||||
Total operating expenses | 268,429 | 237,451 | 157,015 | ||||||||
OPERATING INCOME | 154,442 | 178,415 | 121,900 | ||||||||
Interest expense, net | 36,616 | 26,436 | 8,790 | ||||||||
Income before income taxes | 117,826 | 151,979 | 113,110 | ||||||||
Income taxes | 28,260 | 32,147 | 27,392 | ||||||||
NET INCOME | $ | 89,566 | $ | 119,832 | $ | 85,718 | |||||
BASIC NET INCOME PER COMMON SHARE | $ | 3.88 | $ | 4.99 | $ | 3.54 | |||||
DILUTED NET INCOME PER COMMON SHARE | $ | 3.85 | $ | 4.93 | $ | 3.48 | |||||
Weighted average shares outstanding - Basic | 23,058 | 23,995 | 24,230 | ||||||||
Weighted average shares outstanding - Diluted | 23,280 | 24,317 | 24,643 |
(thousands except per share data) | Year Ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
NET SALES | $ | 2,486,597 | $ | 2,337,082 | $ | 2,263,061 | |||||||||||
Cost of goods sold | 2,027,580 | 1,914,211 | 1,847,195 | ||||||||||||||
GROSS PROFIT | 459,017 | 422,871 | 415,866 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Warehouse and delivery | 98,400 | 98,055 | 74,996 | ||||||||||||||
Selling, general and administrative | 146,376 | 134,466 | 128,242 | ||||||||||||||
Amortization of intangible assets | 40,868 | 35,908 | 34,213 | ||||||||||||||
Total operating expenses | 285,644 | 268,429 | 237,451 | ||||||||||||||
OPERATING INCOME | 173,373 | 154,442 | 178,415 | ||||||||||||||
Interest expense, net | 43,001 | 36,616 | 26,436 | ||||||||||||||
Income before income taxes | 130,372 | 117,826 | 151,979 | ||||||||||||||
Income taxes | 33,311 | 28,260 | 32,147 | ||||||||||||||
NET INCOME | $ | 97,061 | $ | 89,566 | $ | 119,832 | |||||||||||
BASIC NET INCOME PER COMMON SHARE | $ | 4.27 | $ | 3.88 | $ | 4.99 | |||||||||||
DILUTED NET INCOME PER COMMON SHARE | $ | 4.20 | $ | 3.85 | $ | 4.93 | |||||||||||
Weighted average shares outstanding - Basic | 22,730 | 23,058 | 23,995 | ||||||||||||||
Weighted average shares outstanding - Diluted | 23,087 | 23,280 | 24,317 |
(thousands) | Year Ended December 31, | (thousands) | Year Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
NET INCOME | $ | 89,566 | $ | 119,832 | $ | 85,718 | NET INCOME | $ | 97,061 | $ | 89,566 | $ | 119,832 | |||||||||||||||
Other comprehensive (loss) income, net of tax: | Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||||||
Change in unrealized loss of hedge derivatives | (2,401 | ) | (1,973 | ) | — | Change in unrealized loss of hedge derivatives | (515) | (2,401) | (1,973) | |||||||||||||||||||
Foreign currency translation loss | (22 | ) | (32 | ) | — | |||||||||||||||||||||||
Foreign currency translation gain (loss) | Foreign currency translation gain (loss) | 154 | (22) | (32) | ||||||||||||||||||||||||
Other | (595 | ) | (741 | ) | 39 | Other | 7 | (595) | (741) | |||||||||||||||||||
Total other comprehensive (loss) income | (3,018 | ) | (2,746 | ) | 39 | |||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | (354) | (3,018) | (2,746) | ||||||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 86,548 | $ | 117,086 | $ | 85,757 | COMPREHENSIVE INCOME | $ | 96,707 | $ | 86,548 | $ | 117,086 |
December 31, | December 31, | ||||||||||||||||||||
(thousands except share data) | 2019 | 2018 | (thousands except share data) | 2020 | 2019 | ||||||||||||||||
ASSETS | ASSETS | ||||||||||||||||||||
Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 139,390 | $ | 6,895 | Cash and cash equivalents | $ | 44,767 | $ | 139,390 | ||||||||||||
Trade receivables, net | 87,536 | 82,499 | |||||||||||||||||||
Trade and other receivables, net | Trade and other receivables, net | 132,505 | 87,536 | ||||||||||||||||||
Inventories | 253,870 | 272,898 | Inventories | 312,809 | 253,870 | ||||||||||||||||
Prepaid expenses and other | 36,038 | 22,875 | Prepaid expenses and other | 37,982 | 36,038 | ||||||||||||||||
Total current assets | 516,834 | 385,167 | Total current assets | 528,063 | 516,834 | ||||||||||||||||
Property, plant and equipment, net | 180,849 | 177,145 | Property, plant and equipment, net | 251,493 | 180,849 | ||||||||||||||||
Operating lease right-of-use-assets | 93,546 | — | Operating lease right-of-use-assets | 117,816 | 93,546 | ||||||||||||||||
Goodwill | 319,349 | 281,734 | Goodwill | 395,800 | 319,349 | ||||||||||||||||
Intangible assets, net | 357,014 | 382,982 | Intangible assets, net | 456,276 | 357,014 | ||||||||||||||||
Deferred financing costs, net | 2,978 | 3,688 | Deferred financing costs, net | 2,382 | 2,978 | ||||||||||||||||
Other non-current assets | 423 | 515 | Other non-current assets | 1,605 | 423 | ||||||||||||||||
TOTAL ASSETS | $ | 1,470,993 | $ | 1,231,231 | TOTAL ASSETS | $ | 1,753,435 | $ | 1,470,993 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | Current Liabilities | ||||||||||||||||||||
Current maturities of long-term debt | $ | 5,000 | $ | 8,750 | Current maturities of long-term debt | $ | 7,500 | $ | 5,000 | ||||||||||||
Current operating lease liabilities | 27,694 | — | Current operating lease liabilities | 30,901 | 27,694 | ||||||||||||||||
Accounts payable | 96,208 | 89,803 | Accounts payable | 105,786 | 96,208 | ||||||||||||||||
Accrued liabilities | 58,033 | 59,202 | Accrued liabilities | 83,202 | 58,033 | ||||||||||||||||
Total current liabilities | 186,935 | 157,755 | Total current liabilities | 227,389 | 186,935 | ||||||||||||||||
Long-term debt, less current maturities, net | 670,354 | 621,751 | Long-term debt, less current maturities, net | 810,907 | 670,354 | ||||||||||||||||
Long-term operating lease liabilities | 66,467 | — | Long-term operating lease liabilities | 88,175 | 66,467 | ||||||||||||||||
Deferred tax liabilities, net | 27,284 | 22,699 | Deferred tax liabilities, net | 39,516 | 27,284 | ||||||||||||||||
Other long-term liabilities | 22,472 | 20,272 | Other long-term liabilities | 28,007 | 22,472 | ||||||||||||||||
TOTAL LIABILITIES | 973,512 | 822,477 | TOTAL LIABILITIES | 1,193,994 | 973,512 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||||||||||||||
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Preferred stock, no par value; authorized 1,000,000 shares; none issued | — | — | |||||||||||||||||||
Common stock, no par value; authorized 40,000,000 shares; issued 2019 - 23,753,551 shares; issued 2018 - 23,527,307 shares | 172,662 | 161,436 | |||||||||||||||||||
Preferred stock, 0 par value; authorized 1,000,000 shares; NaN issued | Preferred stock, 0 par value; authorized 1,000,000 shares; NaN issued | 0 | 0 | ||||||||||||||||||
Common stock, 0 par value; authorized 40,000,000 shares; issued 2020 - 23,360,619 shares; issued 2019 - 23,753,551 shares | Common stock, 0 par value; authorized 40,000,000 shares; issued 2020 - 23,360,619 shares; issued 2019 - 23,753,551 shares | 180,892 | 172,662 | ||||||||||||||||||
Additional paid-in-capital | 25,014 | 25,124 | Additional paid-in-capital | 24,387 | 25,014 | ||||||||||||||||
Accumulated other comprehensive loss | (5,698 | ) | (2,680 | ) | Accumulated other comprehensive loss | (6,052) | (5,698) | ||||||||||||||
Retained earnings | 305,503 | 224,874 | Retained earnings | 360,214 | 305,503 | ||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 497,481 | 408,754 | TOTAL SHAREHOLDERS’ EQUITY | 559,441 | 497,481 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,470,993 | $ | 1,231,231 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,753,435 | $ | 1,470,993 |
(thousands) | Year Ended December 31, | (thousands) | Year Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||
Net income | $ | 89,566 | $ | 119,832 | $ | 85,718 | Net income | $ | 97,061 | $ | 89,566 | $ | 119,832 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 62,795 | 55,052 | 33,541 | Depreciation and amortization | 73,270 | 62,795 | 55,052 | |||||||||||||||||||||
Amortization of convertible notes debt discount | 7,021 | 5,885 | — | Amortization of convertible notes debt discount | 7,187 | 7,021 | 5,885 | |||||||||||||||||||||
Stock-based compensation expense | 15,436 | 13,981 | 10,411 | Stock-based compensation expense | 15,960 | 15,436 | 13,981 | |||||||||||||||||||||
Deferred income taxes | 5,593 | 759 | (6,477 | ) | Deferred income taxes | 8,091 | 5,593 | 759 | ||||||||||||||||||||
Other | (1,661 | ) | (2,841 | ) | 422 | Other | 3,991 | (1,661) | (2,841) | |||||||||||||||||||
Change in operating assets and liabilities, net of acquisitions of businesses: | Change in operating assets and liabilities, net of acquisitions of businesses: | |||||||||||||||||||||||||||
Trade receivables | 5,768 | 26,680 | (11,152 | ) | ||||||||||||||||||||||||
Trade and other receivables, net | Trade and other receivables, net | (29,190) | 5,768 | 26,680 | ||||||||||||||||||||||||
Inventories | 19,682 | 92 | (35,270 | ) | Inventories | (34,554) | 19,682 | 92 | ||||||||||||||||||||
Prepaid expenses and other assets | (12,869 | ) | 1,654 | (7,600 | ) | Prepaid expenses and other assets | (2,414) | (12,869) | 1,654 | |||||||||||||||||||
Accounts payable, accrued liabilities and other | 1,079 | (21,081 | ) | 30,308 | Accounts payable, accrued liabilities and other | 20,751 | 1,079 | (21,081) | ||||||||||||||||||||
Net cash provided by operating activities | 192,410 | 200,013 | 99,901 | Net cash provided by operating activities | 160,153 | 192,410 | 200,013 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||
Capital expenditures | (27,661 | ) | (34,486 | ) | (22,497 | ) | Capital expenditures | (32,100) | (27,661) | (34,486) | ||||||||||||||||||
Proceeds from sale of property, equipment, facility and other | 4,402 | 6,463 | 1,211 | Proceeds from sale of property, equipment, facility and other | 211 | 4,402 | 6,463 | |||||||||||||||||||||
Business acquisitions, net of cash acquired | (55,953 | ) | (343,347 | ) | (251,851 | ) | Business acquisitions, net of cash acquired | (305,995) | (55,953) | (343,347) | ||||||||||||||||||
Net cash used in investing activities | (79,212 | ) | (371,370 | ) | (273,137 | ) | Net cash used in investing activities | (337,884) | (79,212) | (371,370) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||
Term debt borrowings | 7,500 | 36,981 | — | Term debt borrowings | 0 | 7,500 | 36,981 | |||||||||||||||||||||
Term debt repayments | (6,250 | ) | (7,691 | ) | (15,766 | ) | Term debt repayments | (5,000) | (6,250) | (7,691) | ||||||||||||||||||
Borrowing on revolver | 653,129 | 1,211,464 | 673,830 | Borrowing on revolver | 239,277 | 653,129 | 1,211,464 | |||||||||||||||||||||
Repayments on revolver | (910,461 | ) | (1,106,528 | ) | (576,860 | ) | Repayments on revolver | (99,277) | (910,461) | (1,106,528) | ||||||||||||||||||
Proceeds from senior notes offering | 300,000 | — | — | Proceeds from senior notes offering | 0 | 300,000 | 0 | |||||||||||||||||||||
Proceeds from convertible notes offering | — | 172,500 | — | Proceeds from convertible notes offering | 0 | 0 | 172,500 | |||||||||||||||||||||
Purchase of convertible notes hedges | — | (31,481 | ) | — | Purchase of convertible notes hedges | 0 | 0 | (31,481) | ||||||||||||||||||||
Proceeds from sale of warrants | — | 18,147 | — | Proceeds from sale of warrants | 0 | 0 | 18,147 | |||||||||||||||||||||
Cash dividends paid to shareholders | (5,798 | ) | — | — | Cash dividends paid to shareholders | (23,630) | (5,798) | 0 | ||||||||||||||||||||
Stock repurchases under buyback program | (3,815 | ) | (107,567 | ) | — | Stock repurchases under buyback program | (23,106) | (3,815) | (107,567) | |||||||||||||||||||
Proceeds from public offering of common stock, net of expenses | — | — | 93,306 | |||||||||||||||||||||||||
Payments related to vesting of stock-based awards, net of shares tendered for taxes | (3,380 | ) | (2,698 | ) | (4,821 | ) | Payments related to vesting of stock-based awards, net of shares tendered for taxes | (3,741) | (3,380) | (2,698) | ||||||||||||||||||
Payment of deferred financing costs | (7,219 | ) | (7,632 | ) | (997 | ) | Payment of deferred financing costs | (58) | (7,219) | (7,632) | ||||||||||||||||||
Payment of contingent consideration from a business acquisition | (4,416 | ) | — | — | Payment of contingent consideration from a business acquisition | (2,000) | (4,416) | 0 | ||||||||||||||||||||
Other financing activities | 7 | (10 | ) | 862 | Other financing activities | 643 | 7 | (10) | ||||||||||||||||||||
Net cash provided by financing activities | 19,297 | 175,485 | 169,554 | Net cash provided by financing activities | 83,108 | 19,297 | 175,485 | |||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 132,495 | 4,128 | (3,682 | ) | Increase (decrease) in cash and cash equivalents | (94,623) | 132,495 | 4,128 | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 6,895 | 2,767 | 6,449 | Cash and cash equivalents at beginning of year | 139,390 | 6,895 | 2,767 | |||||||||||||||||||||
Cash and cash equivalents at end of year | $ | 139,390 | $ | 6,895 | $ | 2,767 | Cash and cash equivalents at end of year | $ | 44,767 | $ | 139,390 | $ | 6,895 |
(thousands except share data) | Common Stock | Additional Paid-in- Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | (thousands except share data) | Common Stock | Additional Paid-in- Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2017 | $ | 63,716 | $ | 8,243 | $ | 27 | $ | 113,462 | $ | 185,448 | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 85,718 | 85,718 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | 39 | — | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 2,025,000 shares in public offering, net of expenses | 93,306 | — | — | — | 93,306 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon exercise of common stock options | 926 | — | — | — | 926 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares used to pay taxes on stock grants | (5,163 | ) | — | — | — | (5,163 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 10,411 | — | — | — | 10,411 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2017 | $ | 163,196 | $ | 8,243 | $ | 66 | $ | 199,180 | $ | 370,685 | |||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2018 | Balance January 1, 2018 | $ | 163,196 | $ | 8,243 | $ | 66 | $ | 199,180 | $ | 370,685 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 119,832 | 119,832 | Net income | — | — | — | 119,832 | 119,832 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | (2,746 | ) | — | (2,746 | ) | Other comprehensive loss, net of tax | — | — | (2,746) | — | (2,746) | ||||||||||||||||||||||||||||||||||||||||
Stock repurchases under buyback program | (12,783 | ) | (646 | ) | — | (94,138 | ) | (107,567 | ) | Stock repurchases under buyback program | (12,783) | (646) | — | (94,138) | (107,567) | ||||||||||||||||||||||||||||||||||||||
Issuance of shares upon exercise of common stock options | — | 3 | — | — | — | 3 | Issuance of shares upon exercise of common stock options | 3 | — | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Shares used to pay taxes on stock grants | (2,961 | ) | — | — | — | (2,961 | ) | Shares used to pay taxes on stock grants | (2,961) | — | — | — | (2,961) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 13,981 | — | — | — | 13,981 | Stock-based compensation expense | 13,981 | — | — | — | 13,981 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of convertible notes hedges | — | (31,481 | ) | — | — | (31,481 | ) | Purchase of convertible notes hedges | — | (31,481) | — | — | (31,481) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of warrants | — | 18,147 | — | — | 18,147 | Proceeds from sale of warrants | — | 18,147 | — | — | 18,147 | ||||||||||||||||||||||||||||||||||||||||||
Equity component of convertible note issuance | — | 30,861 | — | — | 30,861 | Equity component of convertible note issuance | — | 30,861 | — | — | 30,861 | ||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2018 | $ | 161,436 | $ | 25,124 | $ | (2,680 | ) | $ | 224,874 | $ | 408,754 | Balance December 31, 2018 | $ | 161,436 | $ | 25,124 | $ | (2,680) | $ | 224,874 | $ | 408,754 | |||||||||||||||||||||||||||||||
Net income | — | — | — | 89,566 | 89,566 | Net income | — | — | — | 89,566 | 89,566 | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | (5,938 | ) | (5,938 | ) | Dividends declared | — | — | — | (5,938) | (5,938) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | (3,018 | ) | — | (3,018 | ) | Other comprehensive loss, net of tax | — | — | (3,018) | — | (3,018) | ||||||||||||||||||||||||||||||||||||||||
Stock repurchases under buyback program | — | (706 | ) | (110 | ) | (2,999 | ) | (3,815 | ) | Stock repurchases under buyback program | (706) | (110) | — | (2,999) | (3,815) | ||||||||||||||||||||||||||||||||||||||
Issuance of shares upon exercise of common stock options | 7 | — | — | — | 7 | Issuance of shares upon exercise of common stock options | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Shares used to pay taxes on stock grants | (3,511 | ) | — | — | — | (3,511 | ) | Shares used to pay taxes on stock grants | (3,511) | — | — | — | (3,511) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 15,436 | — | — | — | 15,436 | Stock-based compensation expense | 15,436 | — | — | — | 15,436 | ||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2019 | $ | 172,662 | $ | 25,014 | $ | (5,698 | ) | $ | 305,503 | $ | 497,481 | Balance December 31, 2019 | $ | 172,662 | $ | 25,014 | $ | (5,698) | $ | 305,503 | $ | 497,481 | |||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 97,061 | 97,061 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | Dividends declared | — | — | — | (24,202) | (24,202) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | (354) | — | (354) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchases under buyback program | Stock repurchases under buyback program | (4,331) | (627) | — | (18,148) | (23,106) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon exercise of common stock options | Issuance of shares upon exercise of common stock options | 643 | — | — | — | 643 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares used to pay taxes on stock grants | Shares used to pay taxes on stock grants | (4,042) | — | — | — | (4,042) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 15,960 | — | — | — | 15,960 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2020 | Balance December 31, 2020 | $ | 180,892 | $ | 24,387 | $ | (6,052) | $ | 360,214 | $ | 559,441 |
(thousands) | 2019 | 2018 | ||||||
Vendor rebates receivable | $ | 11,524 | $ | 10,127 | ||||
Income tax receivable | 3,895 | 2,030 | ||||||
Prepaid expenses | 7,571 | 8,419 | ||||||
Deposits | 1,409 | 2,299 | ||||||
Prepaid income taxes | 11,639 | — | ||||||
Total | $ | 36,038 | $ | 22,875 |
(thousands) | 2020 | 2019 | ||||||||||||
Vendor rebates receivable | $ | 6,527 | $ | 11,524 | ||||||||||
Income tax receivable | 0 | 3,895 | ||||||||||||
Prepaid expenses | 16,510 | 7,571 | ||||||||||||
Deposits | 14,945 | 1,409 | ||||||||||||
Prepaid income taxes | 0 | 11,639 | ||||||||||||
Total | $ | 37,982 | $ | 36,038 |
2020 | 2019 | |||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash Equivalents(1) | 0 | 0 | 0 | 132.6 | 0 | 0 | ||||||||||||||||||||
Senior Note | 0 | 329.0 | 0 | 0 | 320.3 | 0 | ||||||||||||||||||||
Convertible Note | 0 | 180.0 | 0 | 0 | 162.5 | 0 | ||||||||||||||||||||
Interest Rate Swaps(2) | 0 | 6.6 | 0 | 0 | 5.9 | 0 | ||||||||||||||||||||
Contingent consideration(3) | 0 | 0 | 6.9 | 0 | 0 | 9.6 |
Year Ended December 31, 2019 | ||||||||||||
(thousands) | Manufacturing | Distribution | Total | |||||||||
Market type: | ||||||||||||
Recreational Vehicle | $ | 897,848 | $ | 389,345 | $ | 1,287,193 | ||||||
Manufactured Housing | 176,665 | 260,121 | 436,786 | |||||||||
Industrial | 250,969 | 33,595 | 284,564 | |||||||||
Marine | 316,781 | 11,758 | 328,539 | |||||||||
Total | $ | 1,642,263 | $ | 694,819 | $ | 2,337,082 | ||||||
Year Ended December 31, 2018 | ||||||||||||
(thousands) | Manufacturing | Distribution | Total | |||||||||
Market type: | ||||||||||||
Recreational Vehicle | $ | 1,069,981 | $ | 364,276 | $ | 1,434,257 | ||||||
Manufactured Housing | 163,513 | 111,178 | 274,691 | |||||||||
Industrial | 246,168 | 33,813 | 279,981 | |||||||||
Marine | 265,805 | 8,327 | 274,132 | |||||||||
Total | $ | 1,745,467 | $ | 517,594 | $ | 2,263,061 |
Year Ended December 31, 2020 | ||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | |||||||||||||||||
Market type: | ||||||||||||||||||||
Recreational Vehicle | $ | 938,301 | $ | 453,907 | $ | 1,392,208 | ||||||||||||||
Manufactured Housing | 180,136 | 252,227 | 432,363 | |||||||||||||||||
Industrial | 286,764 | 36,601 | 323,365 | |||||||||||||||||
Marine | 324,250 | 14,411 | 338,661 | |||||||||||||||||
Total | $ | 1,729,451 | $ | 757,146 | $ | 2,486,597 | ||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | |||||||||||||||||
Market type: | ||||||||||||||||||||
Recreational Vehicle | $ | 897,848 | $ | 389,345 | $ | 1,287,193 | ||||||||||||||
Manufactured Housing | 176,665 | 260,121 | 436,786 | |||||||||||||||||
Industrial | 250,969 | 33,595 | 284,564 | |||||||||||||||||
Marine | 316,781 | 11,758 | 328,539 | |||||||||||||||||
Total | $ | 1,642,263 | $ | 694,819 | $ | 2,337,082 | ||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||
(thousands) | Manufacturing | Distribution | Total | |||||||||||||||||
Market type: | ||||||||||||||||||||
Recreational Vehicle | $ | 1,069,981 | $ | 364,276 | $ | 1,434,257 | ||||||||||||||
Manufactured Housing | 163,513 | 111,178 | 274,691 | |||||||||||||||||
Industrial | 246,168 | 33,813 | 279,981 | |||||||||||||||||
Marine | 265,805 | 8,327 | 274,132 | |||||||||||||||||
Total | $ | 1,745,467 | $ | 517,594 | $ | 2,263,061 |
Company | Segment | Description | ||||||
Maple City Woodworking Corporation | Manufacturing | Manufacturer of hardwood cabinet doors and fascia for the RV market based in Goshen, Indiana | ||||||
SEI Manufacturing, Inc. | Manufacturing | Manufacturer of towers, T-Tops, hardtops, rails, gates and other aluminum exterior products for the marine market located in Cromwell, Indiana | ||||||
Inland Plywood Company | Manufacturing | Supplier, laminator, and wholesale distributor of treated, untreated, and laminated plywood, medium density overlay panels, and other specialty products, primarily serving the marine market as well as the RV and industrial markets headquartered in Pontiac, Michigan with an additional facility in Cocoa, Florida | ||||||
Synergy RV Transport | Distribution | Transportation and logistics service provider primarily for original equipment manufacturers and dealers in the RV market located in Goshen, Indiana | ||||||
Front Range Stone | Manufacturing | Fabricator and installer of natural stone, quartz, solid surface, and laminate countertops, primarily serving big box home improvement retailers, home builders and commercial contractors in the industrial market based in Englewood, Colorado | ||||||
Geremarie Corporation | Manufacturing | Designer, manufacturer, and fabricator of a full suite of high-precision aluminum components serving the marine industry, in addition to the medical, aerospace, defense, commercial and industrial markets located in Lake Zurich, Illinois | ||||||
Taco Metals, LLC | Manufacturing | Manufacturer of boating products including rub rail systems, canvas and tower components, sport fishing and outrigger systems, helm chairs and pedestals, and specialty hardware for leading OEMs in the recreational boating industry and the related aftermarket headquartered in Miami, Florida, with manufacturing facilities in Tennessee and Florida, and distribution centers in Tennessee, Florida, South Carolina, and Massachusetts |
Company | Segment | Description | ||||||
G.G. Schmitt & Sons, Inc. | Manufacturing | Designer and manufacturer of customized hardware and structural components for the marine industry based in Sarasota, Florida | ||||||
Topline Counters, LLC | Manufacturing | Designer and manufacturer of kitchen and bathroom countertops for residential and commercial markets based in Sumner, Washington |
Company | Segment | Description | ||||||
Metal Moulding Corporation ("MAC") | Manufacturing | Manufacturer of custom metal fabricated products, primarily for the marine market, including hinges, arm rests, brackets, panels and trim, as well as plastic products including boxes, inlay tables, steps, and related components based in Madison, Tennessee | ||||||
Aluminum Metals Company, LLC | Manufacturing | Manufacturer of aluminum products including coil, fabricated sheets and extrusions and roofing products, primarily for the RV, industrial and marine markets based in Elkhart, Indiana | ||||||
IMP Holdings, LLC d/b/a Indiana Marine Products | Manufacturing | Manufacturer of fully-assembled helm assemblies, including electrical wiring harnesses, dash panels, instrumentation and gauges, and other products primarily for the marine market based in Angola, Indiana | ||||||
Collins & Company, Inc. | Distribution | Distributor of appliances, trim products, fuel systems, flooring, tile, and other related building materials primarily to the RV market as well as the housing and industrial markets based in Bristol, Indiana | ||||||
Dehco, Inc. | Manufacturing & Distribution | Distributor and manufacturer of flooring, kitchen and bath products, adhesives and sealants, electronics, appliances and accessories, LP tanks, and other related building materials, primarily for the RV market as well as the MH, marine, and other industrial markets operating facilities in Indiana, Oregon, Pennsylvania, and Alabama | ||||||
Dowco, Inc. | Manufacturing | Designer and manufacturer of custom designed boat covers and bimini tops, full boat enclosures, mounting hardware, and other accessories and components for the marine market operating facilities in Wisconsin, Missouri, Indiana, and Minnesota | ||||||
Marine Accessories Corporation | Manufacturing & Distribution | Manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors within the marine market, as well as direct to consumers based in Maryville, Tennessee | ||||||
Engineered Metals and Composites, Inc. | Manufacturing | Designer and manufacturer of custom marine towers, frames, and other fabricated component products for OEMs in the marine industry based in West Columbia, South Carolina | ||||||
LaSalle Bristol | Distribution & Manufacturing | Distributor and manufacturer of plumbing, flooring, tile, lighting, air handling and building products for the MH, RV, and industrial markets headquartered in Elkhart, Indiana and operating a total of 15 manufacturing and distribution centers located in North America |
(thousands) | Trade receivables | Inventories | Property, plant and equipment | Prepaid expenses & other | Intangible assets | Goodwill | Less: Total liabilities | Less: Deferred taxes | Total net assets acquired | ||||||||||||||||||
2019(1) | $ | 10,115 | $ | 7,257 | $ | 5,200 | $ | 103 | $ | 17,766 | $ | 24,088 | $ | 5,699 | $ | 1,922 | $ | 56,908 | |||||||||
2018 | |||||||||||||||||||||||||||
MMC(2) | $ | 1,463 | $ | 2,324 | $ | 2,085 | $ | — | $ | 8,540 | $ | 7,668 | $ | 827 | $ | — | $ | 21,253 | |||||||||
AMC | 3,942 | 5,623 | 2,321 | 39 | 6,550 | 1,755 | 2,463 | — | 17,767 | ||||||||||||||||||
IMP(3) | 1,943 | 4,286 | 1,463 | 13 | 12,920 | 8,803 | 2,930 | — | 26,498 | ||||||||||||||||||
Collins | 2,830 | 9,903 | 1,188 | 5 | 18,430 | 10,237 | 2,586 | — | 40,007 | ||||||||||||||||||
Dehco | 4,771 | 16,923 | 13,755 | 208 | 13,950 | 6,580 | 3,392 | — | 52,795 | ||||||||||||||||||
Dowco | 4,053 | 4,498 | 8,566 | 1,240 | 28,435 | 13,732 | 4,178 | — | 56,346 | ||||||||||||||||||
MAC | 3,054 | 6,815 | 7,003 | 284 | 26,190 | 25,669 | 4,227 | 7,767 | 57,021 | ||||||||||||||||||
EMC(4) | 623 | 1,678 | 1,684 | — | 17,350 | 7,483 | 987 | — | 27,831 | ||||||||||||||||||
LaSalle | 8,957 | 39,293 | 7,670 | 6,560 | 12,551 | 4,520 | 28,882 | (798 | ) | 51,467 | |||||||||||||||||
Other | 473 | 329 | 280 | 13 | 1,667 | 919 | 195 | — | 3,486 | ||||||||||||||||||
2018 Totals | $ | 32,109 | $ | 91,672 | $ | 46,015 | $ | 8,362 | $ | 146,583 | $ | 87,366 | $ | 50,667 | $ | 6,969 | $ | 354,471 | |||||||||
2017 | |||||||||||||||||||||||||||
Medallion | $ | 2,233 | $ | 2,605 | $ | 1,713 | $ | 118 | $ | 3,100 | $ | 1,342 | $ | 1,200 | $ | — | $ | 9,911 | |||||||||
LPE | 5,848 | 5,162 | 9,225 | 337 | 33,275 | 39,945 | 6,358 | 14,140 | 73,294 | ||||||||||||||||||
Wire Design | 615 | 437 | 555 | 21 | 5,590 | 4,052 | 491 | — | 10,779 | ||||||||||||||||||
Baymont(5) | — | 1,174 | 2,067 | — | 3,166 | 1,502 | 69 | — | 7,840 | ||||||||||||||||||
Indiana Transport | 6,379 | — | 2,594 | 1,309 | 31,675 | 19,950 | 3,117 | — | 58,790 | ||||||||||||||||||
LMI | 11,205 | 9,071 | 6,028 | 449 | 32,810 | 29,241 | 8,471 | — | 80,333 | ||||||||||||||||||
Nickell | 1,784 | 1,547 | 1,240 | — | 6,250 | 2,331 | 556 | — | 12,596 | ||||||||||||||||||
Other | — | 250 | 2,668 | — | — | 668 | 124 | — | 3,462 | ||||||||||||||||||
2017 Totals | $ | 28,064 | $ | 20,246 | $ | 26,090 | $ | 2,234 | $ | 115,866 | $ | 99,031 | $ | 20,386 | $ | 14,140 | $ | 257,005 |
(thousands) | 2020 Acquisitions | 2019 Acquisitions | 2018 Acquisitions | |||||||||||||||||||||||
Consideration | ||||||||||||||||||||||||||
Cash, net of cash acquired | $ | 307,011 | $ | 53,300 | $ | 342,696 | ||||||||||||||||||||
Working capital holdback and other, net(1) | (132) | 0 | 0 | |||||||||||||||||||||||
Contingent consideration(2) | 4,763 | 1,160 | 11,775 | |||||||||||||||||||||||
Total consideration | 311,642 | 54,460 | 354,471 | |||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||||
Trade receivables | $ | 15,359 | $ | 9,859 | $ | 32,109 | ||||||||||||||||||||
Inventories | 26,001 | 5,641 | 91,672 | |||||||||||||||||||||||
Prepaid expenses & other | 949 | 20 | 8,362 | |||||||||||||||||||||||
Property, plant & equipment | 66,574 | 6,469 | 46,015 | |||||||||||||||||||||||
Operating lease right-of-use assets | 20,029 | 5,653 | 0 | |||||||||||||||||||||||
Identifiable intangible assets | 136,070 | 23,715 | 146,583 | |||||||||||||||||||||||
Liabilities Assumed | ||||||||||||||||||||||||||
Current portion of operating lease obligations | (2,721) | (2,328) | 0 | |||||||||||||||||||||||
Accounts payable & accrued liabilities | (12,127) | (6,721) | (50,667) | |||||||||||||||||||||||
Operating lease obligations | (17,308) | (3,325) | 0 | |||||||||||||||||||||||
Deferred tax liabilities | (4,322) | (1,922) | (6,969) | |||||||||||||||||||||||
Total fair value of net assets acquired | 228,504 | 37,061 | 267,105 | |||||||||||||||||||||||
Goodwill(3) | 83,138 | 17,399 | 87,366 | |||||||||||||||||||||||
$ | 311,642 | $ | 54,460 | $ | 354,471 |
(thousands except year data) | Estimated Useful Life (in years) | 2020 Acquisitions | 2019 Acquisitions | 2018 Acquisitions | ||||||||||||||||||||||
Customer relationships | 10 | $ | 104,790 | $ | 18,112 | $ | 100,684 | |||||||||||||||||||
Non-compete agreements | 5 | 1,210 | 150 | 1,674 | ||||||||||||||||||||||
Patents | 10-18 | 6,470 | 0 | 15,290 | ||||||||||||||||||||||
Trademarks | Indefinite | 23,600 | 5,453 | 28,935 | ||||||||||||||||||||||
$ | 136,070 | $ | 23,715 | $ | 146,583 |
(thousands except per share data) | 2019 | 2018 | ||||||
Net sales | $ | 2,397,225 | $ | 2,658,544 | ||||
Net income | 92,847 | 133,234 | ||||||
Basic net income per common share | 4.03 | 5.55 | ||||||
Diluted net income per common share | 3.99 | 5.48 |
(thousands except per share data) | 2020 | 2019 | |||||||||||||||
Net sales | $ | 2,633,388 | $ | 2,600,568 | |||||||||||||
Net income | 100,069 | 97,872 | |||||||||||||||
Basic net income per common share | 4.40 | 4.24 | |||||||||||||||
Diluted net income per common share | 4.33 | 4.21 |
(thousands) | 2019 | 2018 | (thousands) | 2020 | 2019 | |||||||||||||||||
Raw materials | $ | 162,238 | $ | 164,408 | Raw materials | $ | 157,219 | $ | 162,238 | |||||||||||||
Work in process | 14,272 | 12,829 | Work in process | 19,282 | 14,272 | |||||||||||||||||
Finished goods | 28,446 | 28,341 | Finished goods | 37,632 | 28,446 | |||||||||||||||||
Less: reserve for inventory excess and obsolescence | (10,123 | ) | (5,354 | ) | Less: reserve for inventory excess and obsolescence | (8,320) | (10,123) | |||||||||||||||
Total manufactured goods, net | 194,833 | 200,224 | Total manufactured goods, net | 205,813 | 194,833 | |||||||||||||||||
Materials purchased for resale (distribution products) | 60,918 | 74,914 | Materials purchased for resale (distribution products) | 112,158 | 60,918 | |||||||||||||||||
Less: reserve for inventory excess and obsolescence | (1,881 | ) | (2,240 | ) | Less: reserve for inventory excess and obsolescence | (5,162) | (1,881) | |||||||||||||||
Total materials purchased for resale (distribution products), net | 59,037 | 72,674 | Total materials purchased for resale (distribution products), net | 106,996 | 59,037 | |||||||||||||||||
Total inventories | $ | 253,870 | $ | 272,898 | Total inventories | $ | 312,809 | $ | 253,870 |
(thousands) | 2019 | 2018 | (thousands) | 2020 | 2019 | |||||||||||||||||
Land and improvements | $ | 9,754 | $ | 8,686 | Land and improvements | $ | 12,670 | $ | 9,754 | |||||||||||||
Building and improvements | 67,493 | 59,701 | Building and improvements | 73,433 | 67,493 | |||||||||||||||||
Machinery and equipment | 204,383 | 191,142 | Machinery and equipment | 286,418 | 204,383 | |||||||||||||||||
Transportation equipment | 6,640 | 4,972 | Transportation equipment | 8,200 | 6,640 | |||||||||||||||||
Leasehold improvements | 14,738 | 11,873 | Leasehold improvements | 18,928 | 14,738 | |||||||||||||||||
Property, plant and equipment, at cost | 303,008 | 276,374 | Property, plant and equipment, at cost | 399,649 | 303,008 | |||||||||||||||||
Less: accumulated depreciation and amortization | (122,159 | ) | (99,229 | ) | Less: accumulated depreciation and amortization | (148,156) | (122,159) | |||||||||||||||
Property, plant and equipment, net | $ | 180,849 | $ | 177,145 | Property, plant and equipment, net | $ | 251,493 | $ | 180,849 |
(thousands) | Manufacturing | Distribution | Total | ||||||
Balance - January 1, 2018 | $ | 179,471 | $ | 28,573 | $ | 208,044 | |||
Acquisitions | 56,704 | 17,138 | 73,842 | ||||||
Adjustment to prior year preliminary purchase price allocation | (830 | ) | 678 | (152 | ) | ||||
Balance - December 31, 2018 | 235,345 | 46,389 | 281,734 | ||||||
Acquisitions | 21,488 | — | 21,488 | ||||||
Adjustment to prior year preliminary purchase price allocation | 11,569 | 4,558 | 16,127 | ||||||
Balance - December 31, 2019 | $ | 268,402 | $ | 50,947 | $ | 319,349 |
(thousands) | Manufacturing | Distribution | Total | |||||||||||||||||
Balance - January 1, 2019 | $ | 235,345 | $ | 46,389 | $ | 281,734 | ||||||||||||||
Acquisitions | 21,488 | 0 | 21,488 | |||||||||||||||||
Adjustment to prior year preliminary purchase price allocation | 11,569 | 4,558 | 16,127 | |||||||||||||||||
Balance - December 31, 2019 | 268,402 | 50,947 | 319,349 | |||||||||||||||||
Acquisitions | 78,055 | 5,083 | 83,138 | |||||||||||||||||
Adjustment to prior year preliminary purchase price allocation | (8,412) | 1,725 | (6,687) | |||||||||||||||||
Balance - December 31, 2020 | $ | 338,045 | $ | 57,755 | $ | 395,800 |
(thousands) | 2019 | Weighted Average Useful Life (years) | 2018 | Weighted Average Useful Life (years) | |||||||
Customer relationships | $ | 357,513 | 10.1 | $ | 366,228 | 10.1 | |||||
Non-compete agreements | 16,202 | 5.0 | 19,159 | 4.9 | |||||||
Patents | 16,495 | 14.6 | 1,048 | 8.9 | |||||||
Trademarks | 88,524 | Indefinite | 82,358 | Indefinite | |||||||
478,734 | 468,793 | ||||||||||
Less: accumulated amortization | (121,720 | ) | (85,811 | ) | |||||||
Intangible assets, net | $ | 357,014 | $ | 382,982 |
(thousands) | 2020 | 2019 | ||||||||||||
Customer relationships | $ | 461,754 | $ | 357,513 | ||||||||||
Non-compete agreements | 15,949 | 16,202 | ||||||||||||
Patents | 23,025 | 16,495 | ||||||||||||
Trademarks | 113,796 | 88,524 | ||||||||||||
614,524 | 478,734 | |||||||||||||
Less: accumulated amortization | (158,248) | (121,720) | ||||||||||||
Intangible assets, net | $ | 456,276 | $ | 357,014 |
(thousands) | Manufacturing | Distribution | Total | |||||||||||||||||
Balance - January 1, 2019 | $ | 304,485 | $ | 78,497 | $ | 382,982 | ||||||||||||||
Acquisitions | 17,922 | 0 | 17,922 | |||||||||||||||||
Amortization | (29,457) | (6,451) | (35,908) | |||||||||||||||||
Adjustment to prior year preliminary purchase price allocation | (10,827) | 2,845 | (7,982) | |||||||||||||||||
Balance - December 31, 2019 | 282,123 | 74,891 | 357,014 | |||||||||||||||||
Acquisitions | 119,130 | 17,000 | 136,130 | |||||||||||||||||
Amortization | (33,505) | (7,363) | (40,868) | |||||||||||||||||
Impairment of intangible assets (1) | (119) | (1,831) | (1,950) | |||||||||||||||||
Adjustment to prior year preliminary purchase price allocation | 6,088 | (138) | 5,950 | |||||||||||||||||
Balance - December 31, 2020 | $ | 373,717 | $ | 82,559 | $ | 456,276 |
(thousands) | Manufacturing | Distribution | Total | ||||||||
Balance - January 1, 2018 | $ | 220,540 | $ | 42,927 | $ | 263,467 | |||||
Acquisitions | 112,517 | 42,085 | 154,602 | ||||||||
Amortization | (27,413 | ) | (6,800 | ) | (34,213 | ) | |||||
Adjustment to prior year preliminary purchase price allocation | (1,159 | ) | 285 | (874 | ) | ||||||
Balance - December 31, 2018 | 304,485 | 78,497 | 382,982 | ||||||||
Acquisitions | 17,922 | — | 17,922 | ||||||||
Amortization | (29,457 | ) | (6,451 | ) | (35,908 | ) | |||||
Adjustment to prior year preliminary purchase price allocation | (10,827 | ) | 2,845 | (7,982 | ) | ||||||
Balance - December 31, 2019 | $ | 282,123 | $ | 74,891 | $ | 357,014 |
(thousands) | 2019 | 2018 | ||||||
Long-term debt: | ||||||||
Revolver | $ | 135,000 | $ | 392,332 | ||||
Term Loan | 97,500 | 96,250 | ||||||
Senior Notes | 300,000 | — | ||||||
Convertible Notes | 172,500 | 172,500 | ||||||
Total long-term debt | 705,000 | 661,082 | ||||||
Less: Convertible Notes discount and deferred financing costs, net | (23,260 | ) | (30,125 | ) | ||||
Less: Senior Notes deferred financing costs, net | (5,844 | ) | — | |||||
Less: Current maturities of long-term debt | (5,000 | ) | (8,750 | ) | ||||
Less: Term Loan deferred financing costs, net | (542 | ) | (456 | ) | ||||
Total long-term debt, less current maturities, net | $ | 670,354 | $ | 621,751 |
(thousands) | 2020 | 2019 | ||||||||||||
Long-term debt: | ||||||||||||||
1.0% convertible notes due 2023 | $ | 172,500 | $ | 172,500 | ||||||||||
Term loan due 2024 | 92,500 | 97,500 | ||||||||||||
Revolver due 2024 | 275,000 | 135,000 | ||||||||||||
7.5% senior notes due 2027 | 300,000 | 300,000 | ||||||||||||
Total long-term debt | 840,000 | 705,000 | ||||||||||||
Less: convertible notes debt discount, net | (16,072) | (23,260) | ||||||||||||
Less: term loan deferred financing costs, net | (434) | (542) | ||||||||||||
Less: senior notes deferred financing costs, net | (5,087) | (5,844) | ||||||||||||
Less: current maturities of long-term debt | (7,500) | (5,000) | ||||||||||||
Total long-term debt, less current maturities, net | $ | 810,907 | $ | 670,354 |
•The interest rates for borrowings under the 2019 Revolver and the 2019 Term Loan are the Prime Rate or LIBOR plus a margin, which ranges from 0.00% to 0.75% for Prime Rate loans and from 1.00% to 1.75% for LIBOR loans depending on the Company’s consolidated total leverage ratio, as defined below. The Company is required to pay fees on unused but committed portions of the 2019 Revolver, which range from 0.15% to 0.225%; and • |
2020 | $ | 5,000 | |
2021 | 7,500 | ||
2022 | 10,000 | ||
2023 | 182,500 | ||
2024 | 200,000 | ||
Thereafter | 300,000 | ||
Total | $ | 705,000 |
2021 | $ | 7,500 | |||
2022 | 10,000 | ||||
2023 | 182,500 | ||||
2024 | 340,000 | ||||
2025 | 0 | ||||
Thereafter | 300,000 | ||||
Total | $ | 840,000 |
Fair value of derivative liabilities | ||||||||||
Derivatives accounted for as cash flow hedges | Balance sheet location | December 31, 2019 | December 31, 2018 | |||||||
Interest rate swap agreements | Other long-term liabilities | $ | 5,868 | $ | 2,652 |
Fair value of derivative liabilities | ||||||||||||||||||||
Derivatives accounted for as cash flow hedges | Balance sheet location | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Interest rate swap agreements | Other long-term liabilities | $ | 6,567 | $ | 5,868 |
(thousands) | Cash Flow Hedges | Other | Foreign Currency Translation | Total | ||||||||||||||||||||||
Balance at January 1, 2019 | $ | (1,973) | $ | (675) | $ | (32) | $ | (2,680) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (3,340) | (595) | (22) | (3,957) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 939 | 0 | 0 | 939 | ||||||||||||||||||||||
Net current period other comprehensive loss | (2,401) | (595) | (22) | (3,018) | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | (4,374) | $ | (1,270) | $ | (54) | $ | (5,698) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (3,973) | 7 | 154 | (3,812) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 3,458 | 0 | 0 | 3,458 | ||||||||||||||||||||||
Net current period other comprehensive income (loss) | (515) | 7 | 154 | (354) | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | (4,889) | $ | (1,263) | $ | 100 | $ | (6,052) |
(thousands) | Cash Flow Hedges | Other | Foreign Currency Items | Total | |||||||||||
Balance at January 1, 2018 | $ | — | $ | 66 | $ | — | $ | 66 | |||||||
Other comprehensive loss (net of tax benefit of $679, $254 and $0) | (1,973 | ) | (741 | ) | (32 | ) | (2,746 | ) | |||||||
Balance at December 31, 2018 | $ | (1,973 | ) | $ | (675 | ) | $ | (32 | ) | $ | (2,680 | ) | |||
Other comprehensive loss (net of tax benefit of $816, $204 and $0) | (2,401 | ) | (595 | ) | (22 | ) | (3,018 | ) | |||||||
Balance at December 31, 2019 | $ | (4,374 | ) | $ | (1,270 | ) | $ | (54 | ) | $ | (5,698 | ) |
(thousands) | 2020 | 2019 | ||||||||||||
Employee compensation and benefits | $ | 46,061 | $ | 28,717 | ||||||||||
Property taxes | 4,689 | 3,657 | ||||||||||||
Customer incentives | 18,071 | 12,297 | ||||||||||||
Accrued interest | 5,819 | 7,460 | ||||||||||||
Other | 8,562 | 5,902 | ||||||||||||
Total accrued liabilities | $ | 83,202 | $ | 58,033 |
(thousands) | 2019 | 2018 | ||||||
Employee compensation and benefits | $ | 28,717 | $ | 31,898 | ||||
Property taxes | 3,657 | 3,405 | ||||||
Customer incentives | 12,297 | 10,318 | ||||||
Accrued interest | 7,460 | 1,232 | ||||||
Other | 5,902 | 12,349 | ||||||
Total accrued liabilities | $ | 58,033 | $ | 59,202 |
(thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 16,627 | $ | 17,587 | $ | 22,578 | ||||||||||||||
State | 8,584 | 5,019 | 8,725 | |||||||||||||||||
Foreign | 9 | 61 | 85 | |||||||||||||||||
Total current | 25,220 | 22,667 | 31,388 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | 8,344 | 4,529 | 1,529 | |||||||||||||||||
State | (253) | 1,064 | (770) | |||||||||||||||||
Total deferred | 8,091 | 5,593 | 759 | |||||||||||||||||
Income taxes | $ | 33,311 | $ | 28,260 | $ | 32,147 |
(thousands) | 2019 | 2018 | 2017 | |||||||||
Current: | ||||||||||||
Federal | $ | 17,587 | $ | 22,578 | $ | 27,833 | ||||||
State | 5,019 | 8,725 | 6,036 | |||||||||
Foreign | 61 | 85 | — | |||||||||
Total current | 22,667 | 31,388 | 33,869 | |||||||||
Deferred: | ||||||||||||
Federal | 4,529 | 1,529 | (6,289 | ) | ||||||||
State | 1,064 | (770 | ) | (188 | ) | |||||||
Total deferred | 5,593 | 759 | (6,477 | ) | ||||||||
Income taxes | $ | 28,260 | $ | 32,147 | $ | 27,392 |
(thousands) | 2019 | 2018 | 2017 | (thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||
Rate applied to pretax income | $ | 24,744 | 21.0 | % | $ | 31,916 | 21.0 | % | $ | 39,588 | 35.0 | % | Rate applied to pretax income | $ | 27,378 | 21.0 | % | $ | 24,744 | 21.0 | % | $ | 31,916 | 21.0 | % | ||||||||||||||||||||||
State taxes, net of federal tax effect | 5,147 | 4.4 | % | 6,427 | 4.2 | % | 4,060 | 3.6 | % | State taxes, net of federal tax effect | 6,026 | 4.6 | % | 5,147 | 4.4 | % | 6,427 | 4.2 | % | ||||||||||||||||||||||||||||
Remeasurement of net deferred tax liabilities | — | — | % | — | — | % | (7,699 | ) | (6.8 | )% | |||||||||||||||||||||||||||||||||||||
Research and development tax credits | Research and development tax credits | (1,647) | (1.3) | % | (343) | (0.3) | % | 0 | 0 | % | |||||||||||||||||||||||||||||||||||||
Excess tax benefit on stock-based compensation | (833 | ) | (0.7 | )% | (6,685 | ) | (4.4 | )% | (6,009 | ) | (5.3 | )% | Excess tax benefit on stock-based compensation | (350) | (0.3) | % | (833) | (0.7) | % | (6,685) | (4.4) | % | |||||||||||||||||||||||||
Other | (798 | ) | (0.7 | )% | 489 | 0.4 | % | (2,548 | ) | (2.3 | )% | Other | 1,904 | 1.6 | % | (455) | (0.4) | % | 489 | 0.4 | % | ||||||||||||||||||||||||||
Income taxes | $ | 28,260 | 24.0 | % | $ | 32,147 | 21.2 | % | $ | 27,392 | 24.2 | % | Income taxes | $ | 33,311 | 25.6 | % | $ | 28,260 | 24.0 | % | $ | 32,147 | 21.2 | % |
(thousands) | 2020 | 2019 | ||||||||||||
Long-term deferred income tax assets (liabilities): | ||||||||||||||
Trade receivables allowance | $ | 426 | $ | 417 | ||||||||||
Inventory capitalization | 2,796 | 2,226 | ||||||||||||
Accrued expenses | 8,988 | 5,987 | ||||||||||||
Deferred compensation | 447 | 413 | ||||||||||||
Inventory reserves | 5,235 | 4,651 | ||||||||||||
Federal NOL carryforwards | 1,288 | 1,113 | ||||||||||||
State NOL carryforwards | 1,040 | 953 | ||||||||||||
Valuation allowance - NOL | (767) | (872) | ||||||||||||
Share-based compensation | 8,087 | 7,221 | ||||||||||||
Operating lease right-of-use assets | (15,292) | (23,910) | ||||||||||||
Operating lease liabilities | 15,710 | 24,160 | ||||||||||||
Other | 1,454 | 2,015 | ||||||||||||
Intangibles | (28,992) | (28,160) | ||||||||||||
Depreciation expense | (37,661) | (22,368) | ||||||||||||
Prepaid expenses | (2,275) | (1,130) | ||||||||||||
Net deferred tax liabilities | $ | (39,516) | $ | (27,284) |
(thousands) | 2019 | 2018 | |||||
Long-term deferred income tax assets (liabilities): | |||||||
Trade receivables allowance | $ | 417 | $ | 418 | |||
Inventory capitalization | 2,226 | 2,591 | |||||
Accrued expenses | 5,987 | 6,123 | |||||
Deferred compensation | 413 | 462 | |||||
Inventory reserves | 4,651 | 1,278 | |||||
Federal NOL carryforwards | 1,113 | 1,607 | |||||
State NOL carryforwards | 953 | 2,060 | |||||
Valuation allowance - NOL | (872 | ) | (649 | ) | |||
Share-based compensation | 7,221 | 5,848 | |||||
Operating lease right-of-use assets | (23,910 | ) | — | ||||
Operating lease liabilities | 24,160 | — | |||||
Other | 2,015 | 1,432 | |||||
Intangibles | (28,160 | ) | (26,419 | ) | |||
Depreciation expense | (22,368 | ) | (16,562 | ) | |||
Prepaid expenses | (1,130 | ) | (888 | ) | |||
Net deferred tax liabilities | $ | (27,284 | ) | $ | (22,699 | ) |
2020 | 2019 | 2018 | ||||||||||||||||||
Shares repurchased | 595,805 | 102,932 | 1,984,095 | |||||||||||||||||
Average price | $ | 38.78 | $ | 37.06 | $ | 54.21 | ||||||||||||||
Aggregate cost (in millions) | $ | 23.1 | $ | 3.8 | $ | 107.6 |
(thousands except per share data) | 2019 | 2018 | 2017 | |||||||||
Net income | $ | 89,566 | $ | 119,832 | $ | 85,718 | ||||||
Weighted average common shares outstanding - basic | 23,058 | 23,995 | 24,230 | |||||||||
Effect of potentially dilutive securities | 222 | 322 | 413 | |||||||||
Weighted average common shares outstanding - diluted | 23,280 | 24,317 | 24,643 | |||||||||
Basic net income per common share | $ | 3.88 | $ | 4.99 | $ | 3.54 | ||||||
Diluted net income per common share | $ | 3.85 | $ | 4.93 | $ | 3.48 | ||||||
Cash dividends paid per common share | $ | 0.25 | $ | — | $ | — |
(thousands except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Net income | $ | 97,061 | $ | 89,566 | $ | 119,832 | ||||||||||||||
Weighted average common shares outstanding - basic | 22,730 | 23,058 | 23,995 | |||||||||||||||||
Effect of potentially dilutive securities | 357 | 222 | 322 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 23,087 | 23,280 | 24,317 | |||||||||||||||||
Basic net income per common share | $ | 4.27 | $ | 3.88 | $ | 4.99 | ||||||||||||||
Diluted net income per common share | $ | 4.20 | $ | 3.85 | $ | 4.93 | ||||||||||||||
Cash dividends paid per common share | $ | 1.03 | $ | 0.25 | $ | 0 |
Year Ended | |||
(thousands) | December 31, 2019 | ||
Operating lease cost | $ | 31,653 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ | 30,677 | |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ | 37,112 |
(thousands) | 2020 | 2019 | ||||||||||||
Operating lease cost | $ | 34,243 | $ | 31,653 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows for operating leases | $ | 33,599 | $ | 30,677 | ||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases | $ | 56,526 | $ | 37,112 |
(thousands, except lease term and discount rate) | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
Operating lease right-of-use assets | $ | 117,816 | $ | 93,546 | ||||||||||
Liabilities | ||||||||||||||
Operating lease liabilities, current portion | $ | 30,901 | $ | 27,694 | ||||||||||
Long-term operating lease liabilities | 88,175 | 66,467 | ||||||||||||
Total lease liabilities | $ | 119,076 | $ | 94,161 |
(thousands, except lease term and discount rate) | December 31, 2019 | ||
Assets | |||
Operating lease right-of-use assets | $ | 93,546 | |
Liabilities | |||
Operating lease liabilities, current portion | $ | 27,694 | |
Long-term operating lease liabilities | 66,467 | ||
Total lease liabilities | $ | 94,161 |
Weighted average remaining lease term, operating leases (in years) | 5.3 | 4.2 | ||||||||||||
Weighted average discount rate, operating leases | 4.1 | % | 3.7 | % |
2021 | $ | 34,996 | ||||||
2022 | 29,867 | |||||||
2023 | 23,970 | |||||||
2024 | 17,575 | |||||||
2025 | 10,182 | |||||||
Thereafter | 17,489 | |||||||
Total lease payments | 134,079 | |||||||
Less imputed interest | (15,003) | |||||||
Total | $ | 119,076 |
(thousands) | |||
2020 | $ | 30,443 | |
2021 | 24,300 | ||
2022 | 18,465 | ||
2023 | 13,481 | ||
2024 | 9,072 | ||
Thereafter | 5,867 | ||
Total lease payments | 101,628 | ||
Less imputed interest | (7,467 | ) | |
Total | $ | 94,161 |
(thousands) | |||
2019 | $ | 29,345 | |
2020 | 23,344 | ||
2021 | 16,165 | ||
2022 | 9,602 | ||
2023 | 5,357 | ||
Thereafter | 4,883 | ||
Total | $ | 88,696 |
Years ended December 31 | 2019 | 2018 | 2017 | ||||||||||||
(shares in thousands) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||
Outstanding beginning of year | 545 | $ | 44.35 | 548 | $ | 44.07 | 288 | $ | 23.59 | ||||||
Granted during the year | — | — | — | — | 340 | 53.83 | |||||||||
Forfeited during the year | — | — | — | — | — | — | |||||||||
Exercised during the year | (9 | ) | 0.67 | (3 | ) | 0.78 | (80 | ) | 11.62 | ||||||
Outstanding end of year | 536 | $ | 45.11 | 545 | $ | 44.35 | 548 | $ | 44.07 | ||||||
Vested Options: | |||||||||||||||
Vested during the year | 115 | $ | 50.46 | 115 | $ | 50.46 | 30 | $ | 40.95 | ||||||
Eligible end of year for exercise | 336 | $ | 41.07 | 230 | $ | 34.72 | 118 | $ | 18.36 | ||||||
Aggregate intrinsic value ($ in thousands): | |||||||||||||||
Total options outstanding | $ | 4,398 | $ | 1,570 | $ | 13,932 | |||||||||
Options exercisable | $ | 4,051 | $ | 1,570 | $ | 6,037 | |||||||||
Options exercised | $ | 381 | $ | 195 | $ | 2,601 | |||||||||
Weighted average fair value of options granted during the year | N/A | N/A | $ | 17.76 |
Years ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
(shares in thousands) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||
Outstanding beginning of year | 536 | $ | 45.11 | 545 | $ | 44.35 | 548 | $ | 44.07 | |||||||||||
Granted during the year | 495 | 42.87 | 0 | 0 | 0 | 0 | ||||||||||||||
Forfeited during the year | (4) | 53.83 | 0 | 0 | 0 | 0 | ||||||||||||||
Exercised during the year | (12) | 53.83 | (9) | 0.67 | (3) | 0.78 | ||||||||||||||
Outstanding end of year | 1,015 | $ | 43.88 | 536 | $ | 45.11 | 545 | $ | 44.35 | |||||||||||
Vested Options: | ||||||||||||||||||||
Vested during the year | 115 | $ | 50.46 | 115 | $ | 50.46 | 115 | $ | 50.46 | |||||||||||
Eligible end of year for exercise | 439 | $ | 43.19 | 336 | $ | 41.07 | 230 | $ | 34.72 | |||||||||||
Aggregate intrinsic value ($ in thousands): | ||||||||||||||||||||
Total options outstanding | $ | 24,838 | $ | 4,398 | $ | 1,570 | ||||||||||||||
Options exercisable | $ | 11,047 | $ | 4,051 | $ | 1,570 | ||||||||||||||
Options exercised | $ | 97 | $ | 381 | $ | 195 | ||||||||||||||
Weighted average fair value of options granted during the year | $ | 15.17 | N/A | N/A |
(shares in thousands) | Options Outstanding | Options Exercisable | |||||||||
Shares Outstanding | Remaining Contractual Life (years) | Exercise Price | Shares Exercisable | Exercise Price | |||||||
2013 Grant: | |||||||||||
Exercise price - $12.30 | 75 | 3.0 | $ | 12.30 | 75 | $ | 12.30 | ||||
2016 Grant: | |||||||||||
Exercise price - $40.95 | 121 | 5.8 | $ | 40.95 | 91 | $ | 40.95 | ||||
2017 Grant: | |||||||||||
Exercise price - $53.83 | 340 | 6.0 | $ | 53.83 | 170 | $ | 53.83 |
Dividend rate | ||||||
Risk-free interest rate | % | |||||
Expected option life (years) | ||||||
Price volatility | % |
Years ended December 31 | 2019 | 2018 | 2017 | Years ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||
(shares in thousands) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | (shares in thousands) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||||||||||||
Total SARS: | Total SARS: | ||||||||||||||||||||||||||||||||||
Outstanding beginning of year | 535 | $ | 54.53 | 535 | $ | 54.53 | 270 | $ | 32.29 | Outstanding beginning of year | 535 | $ | 54.53 | 535 | $ | 54.53 | 535 | $ | 54.53 | ||||||||||||||||
Granted during the year | — | — | — | — | 340 | 63.85 | Granted during the year | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Forfeited during the year | — | — | — | — | — | — | Forfeited during the year | (10) | 68.01 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Exercised during the year | — | — | — | — | (75 | ) | 16.50 | Exercised during the year | (40) | 22.39 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Outstanding end of year | 535 | $ | 54.53 | 535 | $ | 54.53 | 535 | $ | 54.53 | Outstanding end of year | 485 | $ | 56.96 | 535 | $ | 54.53 | 535 | $ | 54.53 | ||||||||||||||||
Vested SARS: | Vested SARS: | ||||||||||||||||||||||||||||||||||
Vested during the year | 115 | $ | 60.71 | 115 | $ | 60.71 | 30 | $ | 51.87 | Vested during the year | 115 | $ | 60.71 | 115 | $ | 60.71 | 115 | $ | 60.71 | ||||||||||||||||
Eligible end of year for exercise | 336 | $ | 50.04 | 220 | $ | 44.46 | 105 | $ | 26.66 | Eligible end of year for exercise | 404 | $ | 55.58 | 336 | $ | 50.04 | 220 | $ | 44.46 | ||||||||||||||||
Aggregate intrinsic value ($ in thousands): | Aggregate intrinsic value ($ in thousands): | ||||||||||||||||||||||||||||||||||
Total SARS outstanding | $ | 3,190 | $ | 983 | $ | 8,458 | Total SARS outstanding | $ | 6,032 | $ | 3,190 | $ | 983 | ||||||||||||||||||||||
SARS exercisable | $ | 3,066 | $ | 983 | $ | 4,521 | SARS exercisable | $ | 5,540 | $ | 3,066 | $ | 983 | ||||||||||||||||||||||
SARS exercised | $ | — | $ | — | $ | 3,822 | SARS exercised | $ | 1,918 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Weighted average fair value of SARS granted during the year | N/A | N/A | $ | 14.66 | Weighted average fair value of SARS granted during the year | N/A | N/A | N/A |
SARS Outstanding | SARS Exercisable | ||||||||||
(shares in thousands) | Shares Outstanding | Remaining Contractual Life (years) | Exercise Price | Shares Exercisable | Exercise Price | ||||||
2013 Grant: | |||||||||||
Exercise price - $12.30 | 18 | 3.0 | $ | 12.30 | 18 | $ | 12.30 | ||||
Exercise price - $14.75 | 19 | 3.0 | 14.75 | 19 | 14.75 | ||||||
Exercise price - $17.71 | 19 | 3.0 | 17.71 | 19 | 17.71 | ||||||
Exercise price - $21.25 | 19 | 3.0 | 21.25 | 19 | 21.25 | ||||||
2016 Grant: | |||||||||||
Exercise price - $40.95 | 30 | 5.8 | $ | 40.95 | 22 | $ | 40.95 | ||||
Exercise price - $47.51 | 30 | 5.8 | 47.51 | 23 | 47.51 | ||||||
Exercise price - $55.11 | 30 | 5.8 | 55.11 | 22 | 55.11 | ||||||
Exercise price - $63.93 | 30 | 5.8 | 63.93 | 23 | 63.93 | ||||||
2017 Grant: | |||||||||||
Exercise price - $53.83 | 85 | 6.0 | $ | 53.83 | 42 | $ | 53.83 | ||||
Exercise price - $60.03 | 85 | 6.0 | 60.03 | 43 | 60.03 | ||||||
Exercise price - $66.93 | 85 | 6.0 | 66.93 | 42 | 66.93 | ||||||
Exercise price - $74.63 | 85 | 6.0 | 74.63 | 43 | 74.63 |
2020 | 2019 | 2018 | ||||||||||||||||||
(shares in thousands) | Shares | Weighted-Average Grant Date Stock Price | Shares | Weighted-Average Grant Date Stock Price | Shares | Weighted-Average Grant Date Stock Price | ||||||||||||||
Unvested beginning of year | 738 | $ | 49.65 | 606 | $ | 48.56 | 634 | $ | 35.68 | |||||||||||
Granted during the year | 309 | 55.03 | 378 | 39.74 | 182 | 65.35 | ||||||||||||||
Vested during the year | (178) | 52.80 | (230) | 30.46 | (209) | 23.98 | ||||||||||||||
Forfeited during the year | (79) | 55.87 | (16) | 50.49 | (1) | 57.93 | ||||||||||||||
Unvested end of year | 790 | $ | 50.39 | 738 | $ | 49.65 | 606 | $ | 48.56 |
2019 | 2018 | 2017 | |||||||||||||
(shares in thousands) | Shares | Weighted-Average Grant Date Stock Price | Shares | Weighted-Average Grant Date Stock Price | Shares | Weighted-Average Grant Date Stock Price | |||||||||
Unvested beginning of year | 606 | $ | 48.56 | 634 | $ | 35.68 | 644 | $ | 22.15 | ||||||
Granted during the year | 378 | 39.74 | 182 | 65.35 | 233 | 54.46 | |||||||||
Vested during the year | (230 | ) | 30.46 | (209 | ) | 23.98 | (240 | ) | 17.49 | ||||||
Forfeited during the year | (16 | ) | 50.49 | (1 | ) | 57.93 | (3 | ) | 46.64 | ||||||
738 | $ | 49.65 | 606 | $ | 48.56 | 634 | $ | 35.68 |
2020 | |||||||||||||||||
Manufacturing | Distribution | Total | |||||||||||||||
Net outside sales | $ | 1,729,451 | $ | 757,146 | $ | 2,486,597 | |||||||||||
Intersegment sales | 36,367 | 5,326 | 41,693 | ||||||||||||||
Total sales | 1,765,818 | 762,472 | 2,528,290 | ||||||||||||||
Operating income | 190,518 | 54,376 | 244,894 | ||||||||||||||
Total assets | 1,337,920 | 343,170 | 1,681,090 | ||||||||||||||
Capital expenditures | 30,588 | 788 | 31,376 | ||||||||||||||
Depreciation and amortization | 61,407 | 8,527 | 69,934 |
2019 | |||||||||||||||||
Manufacturing | Distribution | Total | |||||||||||||||
Net outside sales | $ | 1,642,263 | $ | 694,819 | $ | 2,337,082 | |||||||||||
Intersegment sales | 31,223 | 4,340 | 35,563 | ||||||||||||||
Total sales | 1,673,486 | 699,159 | 2,372,645 | ||||||||||||||
Operating income | 174,913 | 38,953 | 213,866 | ||||||||||||||
Total assets | 990,692 | 304,230 | 1,294,922 | ||||||||||||||
Capital expenditures | 25,291 | 1,973 | 27,264 | ||||||||||||||
Depreciation and amortization | 52,036 | 7,534 | 59,570 |
2018 | 2018 | 2018 | ||||||||||||||||||||||||||
Manufacturing | Distribution | Total | Manufacturing | Distribution | Total | |||||||||||||||||||||||
Net outside sales | $ | 1,745,467 | $ | 517,594 | $ | 2,263,061 | Net outside sales | $ | 1,745,467 | $ | 517,594 | $ | 2,263,061 | |||||||||||||||
Intersegment sales | 33,581 | 3,641 | 37,222 | Intersegment sales | 33,581 | 3,641 | 37,222 | |||||||||||||||||||||
Total sales | 1,779,048 | 521,235 | 2,300,283 | Total sales | 1,779,048 | 521,235 | 2,300,283 | |||||||||||||||||||||
Operating income | 215,246 | 31,491 | 246,737 | Operating income | 215,246 | 31,491 | 246,737 | |||||||||||||||||||||
Total assets | 948,557 | 240,499 | 1,189,056 | |||||||||||||||||||||||||
Capital expenditures | 31,152 | 1,852 | 33,004 | Capital expenditures | 31,152 | 1,852 | 33,004 | |||||||||||||||||||||
Depreciation and amortization | 44,747 | 7,613 | 52,360 | Depreciation and amortization | 44,747 | 7,613 | 52,360 |
2017 | |||||||||||
Manufacturing | Distribution | Total | |||||||||
Net outside sales | $ | 1,337,785 | $ | 297,868 | $ | 1,635,653 | |||||
Intersegment sales | 30,669 | 2,579 | 33,248 | ||||||||
Total sales | 1,368,454 | 300,447 | 1,668,901 | ||||||||
Operating income | 151,635 | 18,858 | 170,493 | ||||||||
Capital expenditures | 21,204 | 309 | 21,513 | ||||||||
Depreciation and amortization | 27,481 | 3,521 | 31,002 |
2019 | 2018 | 2017 | |||||||||
Net sales: | |||||||||||
Total sales for reportable segments | $ | 2,372,645 | $ | 2,300,283 | $ | 1,668,901 | |||||
Elimination of intersegment sales | (35,563 | ) | (37,222 | ) | (33,248 | ) | |||||
Consolidated net sales | $ | 2,337,082 | $ | 2,263,061 | $ | 1,635,653 | |||||
Operating income: | |||||||||||
Operating income for reportable segments | $ | 213,866 | $ | 246,737 | $ | 170,493 | |||||
Unallocated corporate expenses | (23,516 | ) | (34,109 | ) | (29,219 | ) | |||||
Amortization | (35,908 | ) | (34,213 | ) | (19,374 | ) | |||||
Consolidated operating income | $ | 154,442 | $ | 178,415 | $ | 121,900 | |||||
Total assets: | |||||||||||
Identifiable assets for reportable segments | $ | 1,294,922 | $ | 1,189,056 | |||||||
Corporate assets unallocated to segments | 36,681 | 35,280 | |||||||||
Cash and cash equivalents | 139,390 | 6,895 | |||||||||
Consolidated total assets | $ | 1,470,993 | $ | 1,231,231 | |||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization for reportable segments | $ | 59,570 | $ | 52,360 | $ | 31,002 | |||||
Corporate depreciation and amortization | 3,225 | 2,692 | 2,539 | ||||||||
Consolidated depreciation and amortization | $ | 62,795 | $ | 55,052 | $ | 33,541 | |||||
Capital expenditures: | |||||||||||
Capital expenditures for reportable segments | $ | 27,264 | $ | 33,004 | $ | 21,513 | |||||
Corporate capital expenditures | 397 | 1,482 | 984 | ||||||||
Consolidated capital expenditures | $ | 27,661 | $ | 34,486 | $ | 22,497 |
2020 | 2019 | 2018 | |||||||||||||||
Net sales: | |||||||||||||||||
Total sales for reportable segments | $ | 2,528,290 | $ | 2,372,645 | $ | 2,300,283 | |||||||||||
Elimination of intersegment sales | (41,693) | (35,563) | (37,222) | ||||||||||||||
Consolidated net sales | $ | 2,486,597 | $ | 2,337,082 | $ | 2,263,061 | |||||||||||
Operating income: | |||||||||||||||||
Operating income for reportable segments | $ | 244,894 | $ | 213,866 | $ | 246,737 | |||||||||||
Unallocated corporate expenses | (30,653) | (23,516) | (34,109) | ||||||||||||||
Amortization | (40,868) | (35,908) | (34,213) | ||||||||||||||
Consolidated operating income | $ | 173,373 | $ | 154,442 | $ | 178,415 | |||||||||||
Total assets: | |||||||||||||||||
Identifiable assets for reportable segments | $ | 1,681,090 | $ | 1,294,922 | |||||||||||||
Corporate assets unallocated to segments | 27,578 | 36,681 | |||||||||||||||
Cash and cash equivalents | 44,767 | 139,390 | |||||||||||||||
Consolidated total assets | $ | 1,753,435 | $ | 1,470,993 | |||||||||||||
Depreciation and amortization: | |||||||||||||||||
Depreciation and amortization for reportable segments | $ | 69,934 | $ | 59,570 | $ | 52,360 | |||||||||||
Corporate depreciation and amortization | 3,336 | 3,225 | 2,692 | ||||||||||||||
Consolidated depreciation and amortization | $ | 73,270 | $ | 62,795 | $ | 55,052 | |||||||||||
Capital expenditures: | |||||||||||||||||
Capital expenditures for reportable segments | $ | 31,376 | $ | 27,264 | $ | 33,004 | |||||||||||
Corporate capital expenditures | 724 | 397 | 1,482 | ||||||||||||||
Consolidated capital expenditures | $ | 32,100 | $ | 27,661 | $ | 34,486 |
2020 | 2019 | 2018 | ||||||||||||||||||
Customer 1 | ||||||||||||||||||||
Net sales | 22 | % | 23 | % | 29 | % | ||||||||||||||
Trade receivables | 13 | % | 6 | % | ||||||||||||||||
Customer 2 | ||||||||||||||||||||
Net sales | 17 | % | 17 | % | 20 | % | ||||||||||||||
Trade receivables | 17 | % | 14 | % |
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2019 | (thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2020 | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 608,218 | $ | 613,218 | $ | 566,186 | $ | 549,460 | $ | 2,337,082 | Net sales | $ | 589,232 | $ | 424,045 | $ | 700,707 | $ | 772,613 | $ | 2,486,597 | ||||||||||||||||||||||||||
Gross profit | 106,548 | 112,661 | 104,335 | 99,327 | 422,871 | Gross profit | 109,481 | 73,721 | 133,497 | 142,318 | 459,017 | ||||||||||||||||||||||||||||||||||||
Net income | 20,849 | 27,416 | 21,317 | 19,984 | 89,566 | Net income | 21,187 | 714 | 37,336 | 37,824 | 97,061 | ||||||||||||||||||||||||||||||||||||
Net income per common share(1) | Net income per common share(1) | ||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.90 | $ | 1.19 | $ | 0.92 | $ | 0.87 | $ | 3.88 | Basic | $ | 0.92 | $ | 0.03 | $ | 1.65 | $ | 1.68 | $ | 4.27 | ||||||||||||||||||||||||||
Diluted | 0.90 | 1.18 | 0.92 | 0.86 | 3.85 | Diluted | 0.91 | 0.03 | 1.62 | 1.64 | 4.20 | ||||||||||||||||||||||||||||||||||||
Cash dividends paid per common share | $ | — | $ | — | $ | — | $ | 0.25 | $ | 0.25 | Cash dividends paid per common share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.28 | $ | 1.03 | ||||||||||||||||||||||||||
(thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2018 | (thousands except per share data) | 1Q | 2Q | 3Q | 4Q | 2019 | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 551,832 | $ | 604,879 | $ | 575,139 | $ | 531,211 | $ | 2,263,061 | Net sales | $ | 608,218 | $ | 613,218 | $ | 566,186 | $ | 549,460 | $ | 2,337,082 | ||||||||||||||||||||||||||
Gross profit | 97,754 | 114,792 | 106,655 | 96,665 | 415,866 | Gross profit | 106,548 | 112,661 | 104,335 | 99,327 | 422,871 | ||||||||||||||||||||||||||||||||||||
Net income | 30,068 | 34,860 | 27,934 | 26,970 | 119,832 | Net income | 20,849 | 27,416 | 21,317 | 19,984 | 89,566 | ||||||||||||||||||||||||||||||||||||
Net income per common share(1) | Net income per common share(1) | ||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.22 | $ | 1.44 | $ | 1.17 | $ | 1.17 | $ | 4.99 | Basic | $ | 0.90 | $ | 1.19 | $ | 0.92 | $ | 0.87 | $ | 3.88 | ||||||||||||||||||||||||||
Diluted | 1.20 | 1.42 | 1.15 | 1.15 | 4.93 | Diluted | 0.90 | 1.18 | 0.92 | 0.86 | 3.85 | ||||||||||||||||||||||||||||||||||||
Cash dividends paid per common share | Cash dividends paid per common share | $ | 0 | $ | 0 | $ | 0 | $ | 0.25 | $ | 0.25 |