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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 26, 2021
OR
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 0-22684
UFP INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
| | | | |
| Michigan | | 38-1465835 | |
| (State or other jurisdiction of incorporation or | | (I.R.S. Employer Identification Number) | |
| organization) | | | |
| | | | |
| 2801 East Beltline NE, Grand Rapids, Michigan | | 49525 | |
| (Address of principal executive offices) | | (Zip Code) | |
Registrant’s telephone number, including area code (616) 364-6161
| | |
| NONE | |
| (Former name or former address, if changed since last report.) | |
| | |
| | |
Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | |
Large Accelerated Filer ⌧ | Accelerated Filer ◻ | Non-Accelerated Filer ◻ | Smaller Reporting Company ☐ |
| | | Emerging Growth Company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
| | | | |
| Class | | Outstanding as of June 26, 2021 | |
| Common stock, $1 par value | | 61,850,733 | |
| | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class | Trading Symbol | Name of Each Exchange On Which Registered |
Common Stock, no par value | UFPI | The Nasdaq Stock Market, LLC |
TABLE OF CONTENTS
PART I. | | FINANCIAL INFORMATION. | Page No. |
| | | |
| Item 1. | Financial Statements | |
| | | |
| | Condensed Consolidated Balance Sheets at June 26, 2021, December 26, 2020 and June 27, 2020 | 3 |
| | | |
| | Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three and Six Months Ended June 26, 2021 and June 27, 2020 | 4 |
| | | |
| | Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 26, 2021 and June 27, 2020 | 5 |
| | | |
| | Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 26, 2021 and June 27, 2020 | 7 |
| | | |
| | Notes to Unaudited Condensed Consolidated Financial Statements | 8 |
| | | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18 |
| | | |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 34 |
| | | |
| Item 4. | Controls and Procedures | 34 |
| | | |
PART II. | | OTHER INFORMATION | |
| | | |
| Item 1. | Legal Proceedings – NONE | |
| | | |
| Item 1A. | Risk Factors - NONE | 35 |
| | | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 35 |
| | | |
| Item 3. | Defaults upon Senior Securities – NONE | |
| | | |
| Item 4. | Mine Safety Disclosures – NONE | |
| | | |
| Item 5. | Other Information – NONE | 35 |
| | | |
| Item 6. | Exhibits | 35 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | |
(in thousands, except share data) | | | | | | | |
| | June 26, | | December 26, | | June 27, | |
| | 2021 | | 2020 | | 2020 | |
ASSETS | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | |
Cash and cash equivalents | | $ | 44,286 | | $ | 436,507 | | $ | 200,546 | |
Restricted cash | | | 629 | | | 101 | | | 724 | |
Investments | | | 33,827 | | | 24,308 | | | 19,195 | |
Accounts receivable, net | | | 980,571 | | | 470,504 | | | 522,930 | |
Inventories: | | | | | | | | | | |
Raw materials | | | 540,289 | | | 316,481 | | | 244,073 | |
Finished goods | | | 486,199 | | | 250,813 | | | 215,351 | |
Total inventories | | | 1,026,488 | | | 567,294 | | | 459,424 | |
Refundable income taxes | | | — | | | 5,836 | | | — | |
Other current assets | | | 36,699 | | | 33,812 | | | 33,786 | |
TOTAL CURRENT ASSETS | | | 2,122,500 | | | 1,538,362 | | | 1,236,605 | |
DEFERRED INCOME TAXES | | | 2,362 | | | 2,413 | | | 2,058 | |
RESTRICTED INVESTMENTS | | | 18,896 | | | 17,565 | | | 17,162 | |
RIGHT OF USE ASSETS | | | 97,597 | | | 77,245 | | | 77,039 | |
OTHER ASSETS | | | 29,631 | | | 20,298 | | | 24,205 | |
GOODWILL | | | 318,108 | | | 252,193 | | | 247,482 | |
INDEFINITE-LIVED INTANGIBLE ASSETS | | | 7,401 | | | 7,401 | | | 7,350 | |
OTHER INTANGIBLE ASSETS, NET | | | 98,601 | | | 72,252 | | | 45,131 | |
PROPERTY, PLANT AND EQUIPMENT: | | | | | | | | | | |
Property, plant and equipment | | | 1,120,381 | | | 974,497 | | | 922,427 | |
Less accumulated depreciation and amortization | | | (587,194) | | | (557,335) | | | (520,851) | |
PROPERTY, PLANT AND EQUIPMENT, NET | | | 533,187 | | | 417,162 | | | 401,576 | |
TOTAL ASSETS | | | 3,228,283 | | | 2,404,891 | | | 2,058,608 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | |
Cash overdraft | | $ | 34,229 | | $ | — | | $ | — | |
Accounts payable | | | 359,484 | | | 211,518 | | | 199,338 | |
Accrued liabilities: | | | | | | | | | | |
Compensation and benefits | | | 213,655 | | | 166,478 | | | 129,290 | |
Income taxes | | | 11,188 | | | — | | | 25,109 | |
Other | | | 90,153 | | | 69,104 | | | 63,278 | |
Current portion of lease liability | | | 22,511 | | | 16,549 | | | 15,411 | |
Current portion of long-term debt | | | 97 | | | 100 | | | 2,786 | |
TOTAL CURRENT LIABILITIES | | | 731,317 | | | 463,749 | | | 435,212 | |
LONG-TERM DEBT | | | 571,856 | | | 311,607 | | | 161,057 | |
LEASE LIABILITY | | | 78,564 | | | 61,509 | | | 61,674 | |
DEFERRED INCOME TAXES | | | 34,983 | | | 25,266 | | | 22,685 | |
OTHER LIABILITIES | | | 52,000 | | | 59,608 | | | 38,655 | |
TOTAL LIABILITIES | | | 1,468,720 | | | 921,739 | | | 719,283 | |
SHAREHOLDERS’ EQUITY: | | | | | | | | | | |
Controlling interest shareholders’ equity: | | | | | | | | | | |
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none | | $ | — | | $ | — | | $ | — | |
Common stock, $1 par value; shares authorized 80,000,000; issued and outstanding, 61,850,733, 61,205,780 and 61,169,181 | | | 61,851 | | | 61,206 | | | 61,169 | |
Additional paid-in capital | | | 235,309 | | | 218,224 | | | 213,809 | |
Retained earnings | | | 1,440,833 | | | 1,182,680 | | | 1,057,817 | |
Accumulated other comprehensive loss | | | (1,464) | | | (1,794) | | | (8,396) | |
Total controlling interest shareholders’ equity | | | 1,736,529 | | | 1,460,316 | | | 1,324,399 | |
Noncontrolling interest | | | 23,034 | | | 22,836 | | | 14,926 | |
TOTAL SHAREHOLDERS’ EQUITY | | | 1,759,563 | | | 1,483,152 | | | 1,339,325 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 3,228,283 | | $ | 2,404,891 | | $ | 2,058,608 | |
See notes to consolidated condensed financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
AND COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | |
(in thousands, except per share data) | | | | | | | | | |
| | Three Months Ended | | Six Months Ended | |
| | June 26, | | June 27, | | June 26, | | June 27, | |
| | 2021 | | 2020 | | 2021 | | 2020 | |
NET SALES | | $ | 2,700,541 | | $ | 1,242,001 | | $ | 4,525,545 | | $ | 2,274,063 | |
COST OF GOODS SOLD | | | 2,279,247 | | | 1,037,070 | | | 3,817,697 | | | 1,901,896 | |
GROSS PROFIT | | | 421,294 | | | 204,931 | | | 707,848 | | | 372,167 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | | | 184,539 | | | 113,781 | | | 334,637 | | | 223,121 | |
OTHER GAINS, NET | | | (180) | | | (1,209) | | | (1,211) | | | (1,944) | |
EARNINGS FROM OPERATIONS | | | 236,935 | | | 92,359 | | | 374,422 | | | 150,990 | |
INTEREST EXPENSE | | | 3,899 | | | 1,898 | | | 7,050 | | | 3,805 | |
INTEREST AND INVESTMENT INCOME | | | (1,689) | | | (2,890) | | | (3,985) | | | (58) | |
EQUITY IN EARNINGS OF INVESTEE | | | 835 | | | — | | | 1,465 | | | — | |
| | | 3,045 | | | (992) | | | 4,530 | | | 3,747 | |
EARNINGS BEFORE INCOME TAXES | | | 233,890 | | | 93,351 | | | 369,892 | | | 147,243 | |
INCOME TAXES | | | 58,530 | | | 23,657 | | | 90,281 | | | 36,979 | |
NET EARNINGS | | | 175,360 | | | 69,694 | | | 279,611 | | | 110,264 | |
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | | | (1,978) | | | (3,231) | | | (2,918) | | | (3,642) | |
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST | | $ | 173,382 | | $ | 66,463 | | $ | 276,693 | | $ | 106,622 | |
| | | | | | | | | | | | | |
EARNINGS PER SHARE – BASIC | | $ | 2.79 | | $ | 1.08 | | $ | 4.46 | | $ | 1.73 | |
EARNINGS PER SHARE – DILUTED | | $ | 2.78 | | $ | 1.08 | | $ | 4.45 | | $ | 1.73 | |
| | | | | | | | | | | | | |
OTHER COMPREHENSIVE INCOME: | | | | | | | | | | | | | |
NET EARNINGS | | | 175,360 | | | 69,694 | | | 279,611 | | | 110,264 | |
OTHER COMPREHENSIVE GAIN (LOSS) | | | 2,720 | | | 2,839 | | | 524 | | | (5,717) | |
COMPREHENSIVE INCOME | | | 178,080 | | | 72,533 | | | 280,135 | | | 104,547 | |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | | | (2,698) | | | (3,356) | | | (3,112) | | | (1,432) | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | | $ | 175,382 | | $ | 69,177 | | $ | 277,023 | | $ | 103,115 | |
See notes to consolidated condensed financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | |
(in thousands, except share and per share data) | | | | | | | | | | | | | | | | | |
| | Controlling Interest Shareholders’ Equity |
| | | | | | | | | | | Accumulated | | | | | | |
| | | | | Additional | | | | | Other | | | | | | |
| | Common | | Paid-In | | Retained | | Comprehensive | | Noncontrolling | | | |
| | Stock | | Capital | | Earnings | | Earnings | | Interest | | Total |
Balance on December 26, 2020 | | $ | 61,206 | | $ | 218,224 | | $ | 1,182,680 | | $ | (1,794) | | $ | 22,836 | | $ | 1,483,152 |
Net earnings | | | | | | | | | 103,311 | | | | | | 940 | | | 104,251 |
Foreign currency translation adjustment | | | | | | | | | | | | (374) | | | (526) | | | (900) |
Unrealized loss on debt securities | | | | | | | | | | | | (1,296) | | | | | | (1,296) |
Distributions to noncontrolling interest | | | | | | | | | | | | | | | (2,914) | | | (2,914) |
Cash dividends - $0.15 per share - quarterly | | | | | | | | | (9,274) | | | | | | | | | (9,274) |
Issuance of 5,816 shares under employee stock purchase plan | | | 6 | | | 357 | | | | | | | | | | | | 363 |
Net issuance of 536,970 shares under stock grant programs | | | 537 | | | 3,888 | | | 5 | | | | | | | | | 4,430 |
Issuance of 89,690 shares under deferred compensation plans | | | 89 | | | (89) | | | | | | | | | | | | — |
Expense associated with share-based compensation arrangements | | | | | | 2,936 | | | | | | | | | | | | 2,936 |
Accrued expense under deferred compensation plans | | | | | | 5,795 | | | | | | | | | | | | 5,795 |
Balance on March 27, 2021 | | $ | 61,838 | | $ | 231,111 | | $ | 1,276,722 | | $ | (3,464) | | $ | 20,336 | | $ | 1,586,543 |
Net earnings | | | | | | | | | 173,382 | | | | | | 1,978 | | | 175,360 |
Foreign currency translation adjustment | | | | | | | | | | | | 1,759 | | | 720 | | | 2,479 |
Unrealized gain on debt securities | | | | | | | | | | | | 241 | | | | | | 241 |
Cash dividends - $0.15 per share - quarterly | | | | | | | | | (9,276) | | | | | | | | | (9,276) |
Issuance of 9,282 shares under employee stock plans | | | 9 | | | 564 | | | | | | | | | | | | 573 |
Net forfeitures of 5,718 shares under stock grant programs | | | (6) | | | (224) | | | 5 | | | | | | | | | (225) |
Issuance of 8,913 shares under deferred compensation plans | | | 10 | | | (10) | | | | | | | | | | | | — |
Expense associated with share-based compensation arrangements | | | | | | 2,728 | | | | | | | | | | | | 2,728 |
Accrued expense under deferred compensation plans | | | | | | 1,140 | | | | | | | | | | | | 1,140 |
Balance on June 26, 2021 | | $ | 61,851 | | $ | 235,309 | | $ | 1,440,833 | | $ | (1,464) | | $ | 23,034 | | $ | 1,759,563 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY, CONTINUED
(Unaudited)
| | | | | | | | | | | | | | | | | | |
(in thousands, except share and per share data) | | | | | | | | | | | | | | | | | | |
| | Controlling Interest Shareholders’ Equity |
| | | | | | | | | | | Accumulated | | | | | | |
| | | | | Additional | | | | | Other | | | | | | |
| | Common | | Paid-In | | Retained | | Comprehensive | | Noncontrolling | | | |
| | Stock | | Capital | | Earnings | | Earnings | | Interest | | Total |
Balance on December 28, 2019 | | $ | 61,409 | | $ | 192,173 | | $ | 995,022 | | $ | (4,889) | | $ | 14,018 | | $ | 1,257,733 |
Net earnings | | | | | | | | | 40,159 | | | | | | 411 | | | 40,570 |
Foreign currency translation adjustment | | | | | | | | | | | | (5,951) | | | (2,335) | | | (8,286) |
Unrealized loss on debt securities | | | | | | | | | | | | (270) | | | | | | (270) |
Distributions to noncontrolling interest | | | | | | | | | | | | | | | (299) | | | (299) |
Additional purchase of noncontrolling interest | | | | | | 130 | | | | | | | | | (225) | | | (95) |
Cash dividends - $0.125 per share - quarterly | | | | | | | | | (7,730) | | | | | | | | | (7,730) |
Issuance of 10,549 shares under employee stock purchase plan | | | 10 | | | 309 | | | | | | | | | | | | 319 |
Net issuance of 350,124 shares under stock grant programs | | | 350 | | | 12,454 | | | 1 | | | | | | | | | 12,805 |
Issuance of 89,616 shares under deferred compensation plans | | | 89 | | | (89) | | | | | | | | | | | | — |
Repurchase of 756,397 shares | | | (756) | | | | | | (28,456) | | | | | | | | | (29,212) |
Expense associated with share-based compensation arrangements | | | | | | 1,404 | | | | | | | | | | | | 1,404 |
Accrued expense under deferred compensation plans | | | | | | 5,343 | | | | | | | | | | | | 5,343 |
Balance on March 28, 2020 | | $ | 61,102 | | $ | 211,724 | | $ | 998,996 | | $ | (11,110) | | $ | 11,570 | | $ | 1,272,282 |
Net earnings | | | | | | | | | 66,463 | | | | | | 3,231 | | | 69,694 |
Foreign currency translation adjustment | | | | | | | | | | | | 2,026 | | | 125 | | | 2,151 |
Unrealized gain on debt securities | | | | | | | | | | | | 688 | | | | | | 688 |
Cash dividends - $0.125 per share - quarterly | | | | | | | | | (7,644) | | | | | | | | | (7,644) |
Issuance of 9,714 shares under employee stock plans | | | 10 | | | 367 | | | | | | | | | | | | 377 |
Net issuance of 42,880 shares under stock grant programs | | | 43 | | | (174) | | | 2 | | | | | | | | | (129) |
Issuance of 14,106 shares under deferred compensation plans | | | 14 | | | (14) | | | | | | | | | | | | — |
Expense associated with share-based compensation arrangements | | | | | | 824 | | | | | | | | | | | | 824 |
Accrued expense under deferred compensation plans | | | | | | 1,082 | | | | | | | | | | | | 1,082 |
Balance on June 27, 2020 | | $ | 61,169 | | $ | 213,809 | | $ | 1,057,817 | | $ | (8,396) | | $ | 14,926 | | $ | 1,339,325 |
See notes to consolidated condensed financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | |
(in thousands) | | Six Months Ended | |
| | June 26, | | June 27, | |
| | 2021 | | 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |
Net earnings | | $ | 279,611 | | $ | 110,264 | |
Adjustments to reconcile net earnings to net cash from operating activities: | | | | | | | |
Depreciation | | | 38,342 | | | 31,330 | |
Amortization of intangibles | | | 7,193 | | | 3,129 | |
Expense associated with share-based and grant compensation arrangements | | | 5,742 | | | 2,303 | |
Deferred income taxes | | | 177 | | | 290 | |
Unrealized (gain) loss on investments and other | | | (2,784) | | | 473 | |
Equity in earnings of investee | | | 1,465 | | | — | |
Net gain on sale and disposition of assets | | | (1,577) | | | (271) | |
Changes in: | | | | | | | |
Accounts receivable | | | (336,094) | | | (155,554) | |
Inventories | | | (329,577) | | | 25,983 | |
Accounts payable and cash overdraft | | | 143,018 | | | 57,017 | |
Accrued liabilities and other | | | 78,751 | | | 72,246 | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | | | (115,733) | | | 147,210 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |
Purchases of property, plant and equipment | | | (79,028) | | | (46,730) | |
Proceeds from sale of property, plant and equipment | | | 6,673 | | | 644 | |
Acquisitions and purchases of non-controlling interest, net of cash received | | | (433,239) | | | (18,689) | |
Purchases of investments | | | (14,581) | | | (20,094) | |
Proceeds from sale of investments | | | 6,885 | | | 18,339 | |
Other | | | (708) | | | 318 | |
NET CASH USED IN INVESTING ACTIVITIES | | | (513,998) | | | (66,212) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |
Borrowings under revolving credit facilities | | | 849,944 | | | 6,759 | |
Repayments under revolving credit facilities | | | (589,695) | | | (6,498) | |
Contingent consideration payments and other | | | (1,464) | | | (3,077) | |
Proceeds from issuance of common stock | | | 936 | | | 697 | |
Dividends paid to shareholders | | | (18,550) | | | (15,374) | |
Distributions to noncontrolling interest | | | (2,914) | | | (299) | |
Repurchase of common stock | | | — | | | (29,212) | |
Other | | | (331) | | | 32 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | | 237,926 | | | (46,972) | |
Effect of exchange rate changes on cash | | | 112 | | | (1,422) | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | | | (391,693) | | | 32,604 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | | | 436,608 | | | 168,666 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | | $ | 44,915 | | $ | 201,270 | |
| | | | | | | |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: | | | | | | | |
Cash and cash equivalents, beginning of period | | $ | 436,507 | | $ | 168,336 | |
Restricted cash, beginning of period | | | 101 | | | 330 | |
Cash, cash equivalents, and restricted cash, beginning of period | | $ | 436,608 | | $ | 168,666 | |
| | | | | | | |
Cash and cash equivalents, end of period | | $ | 44,286 | | $ | 200,546 | |
Restricted cash, end of period | | | 629 | | | 724 | |
Cash, cash equivalents, and restricted cash, end of period | | $ | 44,915 | | $ | 201,270 | |
| | | | | | | |
SUPPLEMENTAL INFORMATION: | | | | | | |