Skyline Champion Corp Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Skyline Champion Corp filed its Q3 2023 10-Q report, detailing financial performance and segment operations.</b>

AI Summary

Skyline Champion Corp (SKY) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Skyline Champion Corp filed a 10-Q report for the period ending December 30, 2023. The filing covers the third quarter of the fiscal year. Key segments mentioned include US Factory Built Housing and Canadian Factory Built Housing. The company's fiscal year ends on April 1st. The filing references various financial instruments and accounts, including revolving credit facilities and standby letters of credit.

Why It Matters

For investors and stakeholders tracking Skyline Champion Corp, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Skyline Champion's financial health and operational performance for the third quarter of fiscal year 2023. Understanding the details within this report is crucial for assessing the company's current financial standing, segment contributions, and potential future performance in the factory-built housing market.

Risk Assessment

Risk Level: medium — Skyline Champion Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the drivers of revenue and profitability for Skyline Champion Corp.

Key Numbers

• 2023-12-30 — Conformed Period of Report (The end date for the reporting period)
• 2024-02-06 — Filed As Of Date (The date the report was filed)
• Q3 — Fiscal Quarter (The specific quarter being reported)
• 0401 — Fiscal Year End (The end date of the company's fiscal year)

Key Players & Entities

• Skyline Champion Corp (company) — Filer of the 10-Q report
• 2023-12-30 (date) — Conformed period of report
• 2024-02-06 (date) — Filed as of date
• US Factory Built Housing (business) — Operating segment
• Canadian Factory Built Housing (business) — Operating segment
• Skyline Corp (company) — Former company name

Forward-Looking Statements

• Skyline Champion Corp. will likely face continued pressure on sales in the near term due to persistent weak demand in the manufactured housing market. (Skyline Champion Corp.) — medium confidence, target: 2024-06-30

FAQ

Risk Factors

• Floor Plan Financing Arrangements [medium — financial]: The company utilizes floor plan financing arrangements, which are subject to specific terms and conditions.
• Revolving Credit Facility [medium — financial]: Skyline Champion has a revolving credit facility with specific terms, including a condition related to consolidated total net leverage.
• Notes Payable [medium — financial]: The company has notes payable due in 2026 and 2039, indicating future financial obligations.

Key Dates

• 2023-12-30: End of Reporting Period — Marks the conclusion of the financial period covered by the 10-Q.
• 2024-02-06: Filing Date — The date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition.)

Operating Segments

Distinct business units or divisions within a company that are reported separately. (Helps in understanding the performance and contribution of different parts of the business.)

Revolving Credit Facility

A type of credit that a business can draw down, repay, and draw down again. (Indicates the company's access to short-term financing and its debt structure.)

Filing Documents

• sky-20231230.htm (10-Q) — 2045KB
• sky-ex31_1.htm (EX-31.1) — 15KB
• sky-ex31_2.htm (EX-31.2) — 15KB
• sky-ex32.htm (EX-32) — 9KB
• 0000950170-24-011727.txt (&nbsp;) — 7665KB
• sky-20231230.xsd (EX-101.SCH) — 962KB
• sky-20231230_htm.xml (XML) — 1445KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of December 30, 2023 (unaudited) and April 1, 2023 1 Condensed Consolidated Income Statements (unaudited) for the three and nine months ended December 30, 2023 and December 31, 2022 2 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended December 30, 2023 and December 31, 2022 3 Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended December 30, 2023 and December 31, 2022 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the three and nine months ended December 30, 2023 and December 31, 2022 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 31

Exhibits

Item 6. Exhibits 32

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements Skyline Champion Corporation Condensed Consolida ted Balance Sheets (Dollars and shares in thousands, except per share amounts) December 30, 2023 April 1, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 497,907 $ 747,453 Trade accounts receivable, net 48,659 67,296 Inventories, net 290,542 202,238 Other current assets 33,057 26,479 Total current assets 870,165 1,043,466 Long-term assets: Property, plant, and equipment, net 287,708 177,125 Goodwill 359,260 196,574 Amortizable intangible assets, net 79,320 45,343 Deferred tax assets 22,255 17,422 Other noncurrent assets 250,711 82,794 Total assets $ 1,869,419 $ 1,562,724 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Floorplan payable $ 80,389 $ — Accounts payable 43,810 44,702 Other current liabilities 215,098 204,215 Total current liabilities 339,297 248,917 Long-term liabilities: Long-term debt 24,663 12,430 Deferred tax liabilities 6,867 5,964 Other liabilities 76,634 62,412 Total long-term liabilities 108,164 80,806 Stockholders' Equity: Common stock, $ 0.0277 par value, 115,000 shares authorized 57,636 and 57,108 shares issued as of December 30, 2023 and April 1, 2023, respectively 1,600 1,585 Additional paid-in capital 563,019 519,479 Retained earnings 868,598 725,672 Accumulated other comprehensive loss ( 11,259 ) ( 13,735 ) Total stockholders' equity 1,421,958 1,233,001 Total liabilities and stockholders' equity $ 1,869,419 $ 1,562,724 See accompanying Notes to Condensed Consolidated Financial Statements. 1 Skyline Champion Corporation Condensed Consol idated Income Statements (Unaudited, dollars in thousands, except per share amounts) Three months ended Nine months ended December 30, 2023 December 31, 2022 December 30, 2023 December

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View this 10-Q filing on SEC EDGAR