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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 30, 2021
or
|
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 0-28839
VOXX International Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization) |
|
13-1964841
(IRS Employer Identification No.) |
2351 J Lawson Blvd., Orlando, Florida
(Address of principal executive offices) |
|
32824
(Zip Code) |
|
|
|
(800) 645-7750
(Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: |
|
Title of each class: |
Trading Symbol: |
Name of Each Exchange on which Registered |
Class A Common Stock $.01 par value |
VOXX |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition 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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of each class of the issuer's common stock outstanding as of the latest practicable date.
Class |
|
As of January 7, 2022 |
Class A Common Stock |
|
21,614,629 Shares |
Class B Common Stock |
|
2,260,954 Shares |
VOXX International Corporation and Subsidiaries
Table of Contents
2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VOXX International Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
|
|
November 30,
2021 |
|
|
February 28,
2021 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
21,162 |
|
|
$ |
59,404 |
|
Accounts receivable, net |
|
|
131,811 |
|
|
|
106,165 |
|
Inventory |
|
|
166,361 |
|
|
|
130,793 |
|
Receivables from vendors |
|
|
398 |
|
|
|
277 |
|
Prepaid expenses and other current assets |
|
|
24,935 |
|
|
|
22,266 |
|
Income tax receivable |
|
|
431 |
|
|
|
434 |
|
Total current assets |
|
|
345,098 |
|
|
|
319,339 |
|
Investment securities |
|
|
1,440 |
|
|
|
1,777 |
|
Equity investment |
|
|
22,628 |
|
|
|
23,267 |
|
Property, plant and equipment, net |
|
|
50,692 |
|
|
|
52,026 |
|
Operating lease, right of use asset |
|
|
4,010 |
|
|
|
4,572 |
|
Goodwill |
|
|
66,913 |
|
|
|
58,311 |
|
Intangible assets, net |
|
|
111,293 |
|
|
|
90,104 |
|
Deferred income tax assets |
|
|
95 |
|
|
|
99 |
|
Other assets |
|
|
946 |
|
|
|
1,323 |
|
Total assets |
|
$ |
603,115 |
|
|
$ |
550,818 |
|
Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
78,274 |
|
|
$ |
61,826 |
|
Accrued expenses and other current liabilities |
|
|
64,782 |
|
|
|
53,392 |
|
Income taxes payable |
|
|
1,172 |
|
|
|
1,587 |
|
Accrued sales incentives |
|
|
31,450 |
|
|
|
25,313 |
|
Interim arbitration award payable (see Note 24) |
|
|
39,444 |
|
|
|
— |
|
Contract liabilities, current |
|
|
3,713 |
|
|
|
4,178 |
|
Current portion of long-term debt |
|
|
2,091 |
|
|
|
500 |
|
Total current liabilities |
|
|
220,926 |
|
|
|
146,796 |
|
Long-term debt, net of debt issuance costs |
|
|
9,925 |
|
|
|
5,962 |
|
Finance lease liabilities, less current portion |
|
|
117 |
|
|
|
302 |
|
Operating lease liabilities, less current portion |
|
|
3,073 |
|
|
|
3,582 |
|
Deferred compensation |
|
|
1,440 |
|
|
|
1,777 |
|
Contingent consideration, less current portion (see Note 2) |
|
|
5,582 |
|
|
|
— |
|
Deferred income tax liabilities |
|
|
6,128 |
|
|
|
6,645 |
|
Other tax liabilities |
|
|
1,002 |
|
|
|
1,170 |
|
Other long-term liabilities |
|
|
5,790 |
|
|
|
5,255 |
|
Total liabilities |
|
|
253,983 |
|
|
|
171,489 |
|
Commitments and contingencies (see Note 24) |
|
|
|
|
|
|
|
|
Redeemable equity (see Note 8) |
|
|
3,448 |
|
|
|
3,260 |
|
Redeemable non-controlling interest (see Note 2) |
|
|
1,355 |
|
|
|
— |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock: |
|
|
|
|
|
|
|
|
No shares issued or outstanding (see Note 20) |
|
|
— |
|
|
|
— |
|
Common stock: |
|
|
|
|
|
|
|
|
Class A, $.01 par value, 60,000,000 shares authorized, 24,476,847 and 24,416,194 shares issued and 21,614,629 and 21,666,976 shares outstanding at November 30, 2021 and February 28, 2021, respectively |
|
|
245 |
|
|
|
245 |
|
Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and outstanding at both November 30, 2021 and February 28, 2021 |
|
|
22 |
|
|
|
22 |
|
Paid-in capital |
|
|
300,240 |
|
|
|
300,402 |
|
Retained earnings |
|
|
123,812 |
|
|
|
148,906 |
|
Accumulated other comprehensive loss |
|
|
(17,249 |
) |
|
|
(14,977 |
) |
Less: Treasury stock, at cost, 2,862,218 and 2,749,218 shares of Class A Common Stock at November 31, 2021 and February 28, 2021, respectively |
|
|
(25,138 |
) |
|
|
(23,918 |
) |
Less: Redeemable equity |
|
|
(3,448 |
) |
|
|
(3,260 |
) |
Total VOXX International Corporation stockholders' equity |
|
|
378,484 |
|
|
|
407,420 |
|
Non-controlling interest |
|
|
(34,155 |
) |
|
|
(31,351 |
) |
Total stockholders' equity |
|
|
344,329 |
|
|
|
376,069 |
|
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity |
|
$ |
603,115 |
|
|
$ |
550,818 |
|
See accompanying notes to unaudited consolidated financial statements.
3
VOXX International Corporation and Subsidiaries
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income
(In thousands, except share and per share data)
|
|
Three months ended
November 30, |
|
|
Nine months ended
November 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net sales |
|
$ |
191,871 |
|
|
$ |
201,065 |
|
|
$ |
472,040 |
|
|
$ |
401,084 |
|
Cost of sales |
|
|
140,167 |
|
|
|
142,937 |
|
|
|
346,455 |
|
|
|
284,905 |
|
Gross profit |
|
|
51,704 |
|
|
|
58,128 |
|
|
|
125,585 |
|
|
|
116,179 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
13,864 |
|
|
|
13,176 |
|
|
|
37,169 |
|
|
|
30,976 |
|
General and administrative |
|
|
20,049 |
|
|
|
21,104 |
|
|
|
56,609 |
|
|
|
51,398 |
|
Engineering and technical support |
|
|
9,706 |
|
|
|
5,676 |
|
|
|
23,824 |
|
|
|
14,942 |
|
Acquisition costs |
|
|
287 |
|
|
|
24 |
|
|
|
3,279 |
|
|
|
270 |
|
Total operating expenses |
|
|
43,906 |
|
|
|
39,980 |
|
|
|
120,881 |
|
|
|
97,586 |
|
Operating income |
|
|
7,798 |
|
|
|
18,148 |
|
|
|
4,704 |
|
|
|
18,593 |
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank charges |
|
|
(730 |
) |
|
|
(471 |
) |
|
|
(1,840 |
) |
|
|
(2,280 |
) |
Equity in income of equity investee |
|
|
2,206 |
|
|
|
1,761 |
|
|
|
6,964 |
|
|
|
4,506 |
|
Interim arbitration award (see Note 24) |
|
|
(39,444 |
) |
|
|
— |
|
|
|
(39,444 |
) |
|
|
— |
|
Investment gain (see Note 4) |
|
|
— |
|
|
|
42 |
|
|
|
— |
|
|
|
42 |
|
Other, net |
|
|
(143 |
) |
|
|
294 |
|
|
|
675 |
|
|
|
753 |
|
Total other (expense) income, net |
|
|
(38,111 |
) |
|
|
1,626 |
|
|
|
(33,645 |
) |
|
|
3,021 |
|
(Loss) income before income taxes |
|
|
(30,313 |
) |
|
|
19,774 |
|
|
|
(28,941 |
) |
|
|
21,614 |
|
Income tax (benefit) expense |
|
|
(641 |
) |
|
|
2,334 |
|
|
|
(374 |
) |
|
|
6,724 |
|
Net (loss) income |
|
|
(29,672 |
) |
|
|
17,440 |
|
|
|
(28,567 |
) |
|
|
14,890 |
|
Less: net loss attributable to non-controlling interest |
|
|
(1,551 |
) |
|
|
(811 |
) |
|
|
(3,473 |
) |
|
|
(2,429 |
) |
Net (loss) income attributable to VOXX International Corporation |
|
$ |
(28,121 |
) |
|
$ |
18,251 |
|
|
$ |
(25,094 |
) |
|
$ |
17,319 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(1,835 |
) |
|
|
79 |
|
|
|
(2,797 |
) |
|
|
3,608 |
|
Derivatives designated for hedging |
|
|
184 |
|
|
|
(43 |
) |
|
|
466 |
|
|
|
(514 |
) |
Pension plan adjustments |
|
|
36 |
|
|
|
(6 |
) |
|
|
59 |
|
|
|
(85 |
) |
Other comprehensive (loss) income, net of tax |
|
|
(1,615 |
) |
|
|
30 |
|
|
|
(2,272 |
) |
|
|
3,009 |
|
Comprehensive (loss) income attributable to VOXX International Corporation |
|
$ |
(29,736 |
) |
|
$ |
18,281 |
|
|
$ |
(27,366 |
) |
|
$ |
20,328 |
|
(Loss) income per share - basic: Attributable to VOXX International Corporation |
|
$ |
(1.16 |
) |
|
$ |
0.75 |
|
|
$ |
(1.03 |
) |
|
$ |
0.72 |
|
(Loss) income per share - diluted: Attributable to VOXX International Corporation |
|
$ |
(1.16 |
) |
|
$ |
0.74 |
|
|
$ |
(1.03 |
) |
|
$ |
0.71 |
|
Weighted-average common shares outstanding (basic) |
|
|
24,289,909 |
|
|
|
24,197,786 |
|
|
|
24,279,084 |
|
|
|
24,196,393 |
|
Weighted-average common shares outstanding (diluted) |
|
|
24,289,909 |
|
|
|
24,677,525 |
|
|
|
24,279,084 |
|
|
|
24,532,329 |
|
See accompanying notes to unaudited consolidated financial statements.
4
VOXX International Corporation and Subsidiaries
Unaudited Consolidated Statements of Stockholders' Equity
For the three and nine months ended November 30, 2021 and 2020
(In thousands, except share and per share data)
|
|
Class A
and Class B
Common
Stock |
|
|
Paid-in
Capital |
|
|
Retained
Earnings |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Non-
controlling
Interests |
|
|
Treasury
Stock |
|
|
Redeemable Equity |
|
|
Total
Stock-
holders'
Equity |
|
Balances at February 28, 2021 |
|
$ |
267 |
|
|
$ |
300,402 |
|
|
$ |
148,906 |
|
|
$ |
(14,977 |
) |
|
$ |
(31,351 |
) |
|
$ |
(23,918 |
) |
|
$ |
(3,260 |
) |
|
$ |
376,069 |
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
2,716 |
|
|
|
— |
|
|
|
(919 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,797 |
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
492 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
492 |
|
Net settlement of 60,693 shares of common stock upon vesting of stock awards |
|
|
— |
|
|
|
(856 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(856 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
236 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34 |
|
|
|
270 |
|
Balances at May 31, 2021 |
|
|
267 |
|
|
|
299,782 |
|
|
|
151,622 |
|
|
|
(14,485 |
) |
|
|
(32,270 |
) |
|
|
(23,918 |
) |
|
|
(3,226 |
) |
|
|
377,772 |
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
311 |
|
|
|
— |
|
|
|
(1,003 |
) |
|
|
— |
|
|
|
— |
|
|
|
(692 |
) |
Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,149 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,149 |
) |
Repurchase of 113,000 shares of Class A common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,220 |
) |
|
|
— |
|
|
|
(1,220 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
237 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(119 |
) |
|
|
118 |
|
Balances at August 31, 2021 |
|
|
267 |
|
|
|
300,019 |
|
|
|
151,933 |
|
|
|
(15,634 |
) |
|
|
(33,273 |
) |
|
|
(25,138 |
) |
|
|
(3,345 |
) |
|
|
374,829 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
(28,121 |
) |
|
|
— |
|
|
|
(882 |
) |
|
|
— |
|
|
|
— |
|
|
|
(29,003 |
) |
Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,615 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,615 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
221 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(103 |
) |
|
|
118 |
|
Balances at November 30, 2021 |
|
$ |
267 |
|
|
$ |
300,240 |
|
|
$ |
123,812 |
|
|
$ |
(17,249 |
) |
|
$ |
(34,155 |
) |
|
$ |
(25,138 |
) |
|
$ |
(3,448 |
) |
|
$ |
344,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|