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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)

 

 

 

(800645-7750

(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

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1

 

FINANCIAL STATEMENTS

 

 

 

 

Consolidated Balance Sheets at November 30, 2021 (unaudited) and February 28, 2021

 

3

 

 

Unaudited Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended November 30, 2021 and 2020

 

4

 

 

Unaudited Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended November 30, 2021 and 2020

 

5

 

 

Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended November 30, 2021 and 2020

 

6

 

 

Notes to Unaudited Consolidated Financial Statements

 

7

Item 2

 

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

33

Item 3

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

47

Item 4

 

CONTROLS AND PROCEDURES

 

47

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1

 

LEGAL PROCEEDINGS

 

48

Item 1A

 

RISK FACTORS

 

48

Item 2

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

48

Item 6

 

EXHIBITS

 

49

SIGNATURES

 

50

 

 

 

 

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