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KBRA Assigns Preliminary Ratings to Dext ABS 2020-1, LLC

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Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Dext ABS 2020-1, LLC, an equipment ABS transaction.

Dext Capital, LLC (Dext), founded in 2018 and headquartered near Portland, OR, is an independent equipment finance company focused primarily on financing medium- and small-ticket medical equipment. The transaction represents Dexts first ABS transaction. As of September 30, 2020, the pool of equipment contracts backing the Transaction (Statistical Pool) has a discounted pool balance of $112.26 million, based on a 7.4% discount rate. While the Statistical Pool does not represent the final pool of collateral to be sold on the closing date of the transaction, it is anticipated that the final pool will have characteristics substantially similar to the Statistical Pool.

Dext ABS 2020-1, LLC will issue four classes of notes. Credit enhancement is comprised of overcollateralization, a cash reserve, subordination benefiting senior classes and excess spread. The overcollateralization is subject to a target equal to 5.9% of the initial pool balance and is non-amortizing after reaching this target level. The reserve account is funded at 2% of the initial pool balance and is non-amortizing.

Click here to view the report. To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.

Analytical Contacts

Joanne DeSimone, Senior Director (Lead Analyst)

+1 (646) 731-2306

[email protected]

Sandy Azer, Associate Director

+1 (646) 731-1200

[email protected]

James Chiavaro, Analyst

+1 (646) 731-2383

[email protected]

Cecil Smart, Jr., Managing Director (Rating Committee Chair)

+1 (646) 731-2381

[email protected]

Business Development Contact

Ted Burbage, Managing Director

+1 (646) 731-3325

[email protected]

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Intuit CFO Michelle Clatterbuck to Present at Credit Suisse Technology Virtual Conference

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Michelle Clatterbuck, chief financial officer of Intuit (Nasdaq: INTU) will present at the Credit Suisse Technology Virtual Conference on Dec. 1.

The presentation will begin at 1:10 p.m. Pacific time and will be available live via audio webcast on Intuits investor relations website at http://investors.intuit.com/events/default.aspx. A replay of the webcast will be available approximately 24 hours after the presentation ends.

About Intuit

Intuits mission is to power prosperity around the world. We are a mission-driven, global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves more than 50 million customers worldwide. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.

Investors

Lisa Patterson

Intuit Inc.

650-944-2713

[email protected]

Media

Karen Nolan

Intuit Inc.

650-944-6619

[email protected]

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Raven Industries Reports Strong Third Quarter Fiscal 2021 Results

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Raven Industries, Inc. (the Company; NASDAQ:RAVN) today reported financial results for the third quarter that ended October 31, 2020.

Third Quarter Fiscal 2021 Noteworthy Items:

  • Company reported earnings of $0.24 per share while investing in Raven Autonomy„¢, Raven Composites„¢ and Thunderhead Balloon Systems;
  • Net sales in Applied Technology increased 22 percent versus the prior year, driven by growth in the OEM channel;
  • Company invested $4.6 million, or $0.10 per share after-tax, primarily in incremental research and development activities, to advance Raven Autonomy„¢;
  • Aerostar achieved year-over-year revenue growth of 15 percent driven by the delivery of aerostat systems and the execution of a record number of customer flight campaigns;
  • Company generated $21 million in free cash flow1 led by strong profitability and management of net working capital;
  • Engineered Films’ net sales declined 22 percent versus the prior year as the division’s end-markets continued to face economic challenges resulting from the global pandemic;
  • Company announced executive leadership changes to accelerate execution of its growth strategy and to further position itself for long-term success;
  • Applied Technology was recognized for top innovative new products, receiving awards from the American Society of Agricultural and Biological Engineers for VSN and the Hawkeye 2 Nozzle Control System.

Third Quarter Results:

Consolidated net sales for the third quarter of fiscal 2021 were $96.6 million, down 3.9 percent versus the third quarter of fiscal 2020. Applied Technology and Aerostar achieved significant year-over-year growth, but this was offset by a decline in Engineered Films. Strong growth in OEM sales drove the increase in Applied Technology. Aerostar achieved year-over-year growth by executing on a record number of successful stratospheric balloon flight campaigns and completing the delivery of aerostats on its current contract. The global pandemic continued to present challenges for Engineered Films’ end-markets, leading to the year-over-year decline in revenue.

Consolidated operating income for the third quarter of fiscal 2021 was $9.3 million, versus operating income of $11.3 million in the third quarter of fiscal 2020. Included in the results for the third quarter of fiscal 2021 were $4.6 million of incremental research and development and selling expenses to advance Raven Autonomy„¢. The strong profitability performance in this year’s third quarter was driven by improved gross profit margin, which increased from 30.1 percent to 35.7 percent year-over-year. Applied Technology and Engineered Films improved gross profit margins materially versus the prior year, on improved volume and overhead reduction measures, respectively. Prudent cost containment actions, outside of committed investments in platforms for growth, also contributed to the strong profit performance in this year’s third quarter. Prior year third quarter operating income included a pre-tax gain of $1.9 million on the sale of an Applied Technology facility in Austin, Texas.

Net income for the third quarter of fiscal 2021 was $8.7 million, or $0.24 per diluted share, compared to $9.9 million, or $0.28 per diluted share, in last year’s third quarter. The Company’s investment in Raven Autonomy„¢ reduced net income attributable to Raven by $3.6 million, or $0.10 per diluted share, in the third quarter of fiscal 2021. Prior year net income included a $1.5 million, or $0.04 per diluted share, gain on sale of a facility in Austin, Texas.

Balance Sheet and Cash Flow:

At the end of the third quarter of fiscal 2021, cash and cash equivalents totaled $38.2 million, increasing $22.4 million versus the previous quarter. The sequential increase in cash was led by improved profitability and a reduction in net working capital requirements. Total liquidity4 at the end of the third quarter totaled $138.2 million.

Applied Technology Division:

Net sales for Applied Technology in the third quarter of fiscal 2021 were $34.8 million, increasing $6.3 million or 22.2 percent versus the third quarter of the prior year. The year-over-year sales growth was primarily driven by higher volumes to OEMs, both domestically and internationally. This growth included last-time buy activity associated with the division’s strategic decision to exit a commercial relationship. Excluding the benefit of the last-time buy activity, the division achieved growth over the prior year while overcoming certain production inefficiencies caused by process changes in response to the pandemic.

Division operating income in the third quarter of fiscal 2021 was $5.8 million, down $1.2 million or 17.6 percent versus the third quarter of fiscal 2020. The profitability of the division was very strong and included an incremental investment of $4.5 million year-over-year into Raven Autonomy„¢. The prior year results included a pre-tax gain of $1.9 million on the sale of the division’s facility in Austin, Texas.

Engineered Films Division:

Net sales for Engineered Films in the third quarter of fiscal 2021 were $43.8 million, down $12.6 million or 22.4 percent year-over-year. Increased demand and a recapture of market share in the industrial market led to year-over-year growth within this market. However, Engineered Films continued to face weak demand across a majority of its end-markets, resulting in the year-over-year decline in revenue. Engineered Films serves the following markets: geomembrane (including the energy sub-market), agriculture, construction and industrial. Geomembrane (including the energy sub-market) experienced the largest decline, as rig counts in the Permian Basin were down approximately 70 percent year-over-year. The construction market also experienced reduced demand as non-residential construction starts decreased significantly versus the prior year. Partially offsetting these declines was the delivery of the remaining $2.4 million of film-based medical supplies associated with a FEMA contract to aid in the pandemic response.

Division operating income in the third quarter of fiscal 2021 was $7.3 million, down $1.2 million or 13.6 percent versus the third quarter of fiscal 2020. Engineered Films achieved an improved operating margin year-over-year from 15.0 percent to 16.7 percent, driven by operational efficiency improvements and expense reductions, as the division mitigated the impact of negative operating leverage on division profit margin and continued to invest in Raven Composites„¢. Additionally, the division generated strong cash flows as it continues to effectively manage working capital levels.

Aerostar Division:

Net sales for Aerostar in the third quarter of fiscal 2021 were $18.0 million, up $2.3 million or 15.0 percent versus the third quarter of fiscal 2020. The year-over-year growth in net sales was driven by the delivery of aerostat systems and the completion of a record number of successful stratospheric flight campaigns for the Department of Defense throughout the quarter. Momentum continues to build for the division’s Thunderhead Balloon Systems as it further develops and demonstrates the capabilities and technology offering.

Division operating income in the third quarter of fiscal 2021 was $2.8 million, up $0.3 million or 11.6 percent versus the third quarter of fiscal 2020. The year-over-year increase in operating income was driven by increased sales volume.

Update on Strategic Platforms for Growth:

In the third quarter, the Company continued to aggressively and strategically invest in Raven Autonomy„¢, the Company’s strategic platform for growth within the Applied Technology Division. Field testing continues to progress, preparing for initial product launches for both the Raven Dot Power Platform and tractor autonomous power units (APUs) next year. Raven is commercializing its first available solutions in driverless ag technology, allowing ag professionals to be safer, more efficient and run their operations with less reliance on human variability. The Company plans to introduce additional smart implements leveraging these APUs as it continues to advance agriculture solutions.

In Raven Composites„¢, the Company invested in research and development equipment to support new product development efforts. This specialty equipment was installed and became operational subsequent to the end of the third quarter. Additionally, the Company continues to develop new products and strengthen strategic relationships in targeted markets while building out greenfield operations. Larger scale manufacturing equipment to advance Raven Composites„¢ is on order and expected to be operational during the first quarter of fiscal 2022.

For Raven Thunderhead, Aerostar continues to develop and demonstrate the functionalities of the technology. The Company achieved milestones throughout the quarter on flight durations, mission functionalities and successful flight campaigns. The stratosphere is the next frontier, and Aerostar is at the forefront of capitalizing on the significant opportunity.

Supplemental Raven Autonomy„¢ Financial Information:

The financial impact of Raven Autonomy„¢ in the third quarter of fiscal 2021 was as follows:

Third Quarter Fiscal 2021 Financial Impact of Raven Autonomy„¢

 

 

Increase (Decrease)

(dollars in millions, except per share amounts)

 

Three Months Ended October 31, 2020

 

Nine Months Ended October 31, 2020

Net sales

 

$

 

 

$

0.9

 

Gross profit

 

 

 

(0.2)

 

Applied Technology Operating income

 

(4.5)

 

 

(12.3)

 

Consolidated Operating income

 

(4.6)

 

 

(12.4)

 

Consolidated EBITDA3

 

(4.2)

 

 

(11.7)

 

Net income attributable to Raven Industries, Inc.

 

(3.6)

 

 

(9.6)

 

 

 

 

 

 

Net income per common share – Diluted

 

$

(0.10)

 

 

$

(0.26)

 

Fiscal 2021 Outlook:

“The third quarter of fiscal 2021 was strong, from both a financial performance perspective and taking into account the key steps we took to advance our strategic platforms for growth,” said Dan Rykhus, President and CEO. “We achieved strong profitability and cash flows while investing aggressively in Raven Autonomy„¢, advancing our greenfield operations in Raven Composites„¢ and executing on contracts for Thunderhead Balloon Systems.

“Applied Technology generated significant profitability while aggressively investing in Raven Autonomy„¢ during the third quarter. We continue to advance our core technology, as evidenced by enhancements and new product releases – including Hawkeye 2 and VSN full canopy guidance – that solve problems for our customers and generate strong returns for end users. In Raven Autonomy„¢, our team continues to perform field validation trials with farmers while development proceeds with our Raven Autonomy„¢ platform framework to enhance customer value with autonomous applications. The momentum and our position in the market continues to improve, and the outlook for this initiative is revolutionary for the Company.

“In Engineered Films, our end markets continued to be suppressed by adverse economic challenges related to the pandemic. We expect these conditions to persist throughout the remainder of the current fiscal year and into the next fiscal year, especially in the geomembrane market due to low oil prices. However, I am confident in our ability to effectively manage through these challenges. The health and long-term prospects of Engineered Films’ core business and our Raven Composites„¢ platform is very strong.

“Aerostar achieved mission success on a record number of flight campaigns, leading to strong financial performance in the quarter. We continue to see growing momentum surrounding our Thunderhead Balloon Systems, and we believe this market will grow substantially over the coming years. We are the clear leader in this space, and our team continues to enhance the capabilities of our technology.

“We are well-positioned for substantial long-term growth across all three of our operating divisions. This confidence stems from the opportunities in front of us combined with our performance throughout the first three quarters of fiscal 2021. In Applied Technology, we generated strong margins in our underlying business, and economic conditions in the ag market appear to be improving for the first time in several years. In Engineered Films, our operational discipline and ability to generate significant cash flows in the midst of this pandemic is evidence of our strong business model. Additionally, Aerostar continues to prove the value of Thunderhead, creating momentum for strong growth in both the short-term and the long-term,” concluded Rykhus.

Regulation G:

The information presented in this earnings release regarding consolidated and segment earnings before interest, taxes, depreciation, and amortization (EBITDA), do not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Additionally, management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below.

About Raven Industries, Inc.:

Raven Industries (NASDAQ: RAVN) provides innovative, high-value products and systems that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and aerospace and defense solutions, and the company’s groundbreaking work in autonomous systems is unlocking new possibilities in areas like farming, national defense, and scientific research. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.

Forward-Looking Statements:

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.

Generally, forward-looking statements can be identified by words such as “may,” “will,” “plan,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “should,” “estimate,” “predict,” “project,” “would,” and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to our future operating or financial performance or events, our strategy, goals, plans, and projections regarding our financial position, our liquidity and capital resources, and our product development – are forward-looking statements.

Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements, because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Companys 10K under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Companys historical experience and our present expectations or projections.

RAVEN INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars and shares in thousands, except earnings per share) (Unaudited)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

2020

 

2019

 

Fav (Un) Change

 

 

2020

 

2019

 

Fav (Un) Change

Net sales

 

$

96,607

 

 

$

100,533

 

 

(3.9)

%

 

 

$

268,282

 

 

$

296,769

 

 

(9.6)

%

Cost of sales

 

62,083

 

 

70,229

 

 

 

 

 

175,159

 

 

200,061

 

 

 

Gross profit

 

34,524

 

 

30,304

 

 

13.9

%

 

 

93,123

 

 

96,708

 

 

(3.7)

%

Gross profit percentage

 

35.7

%

 

30.1

%

 

 

 

 

34.7

%

 

32.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

10,949

 

 

7,662

 

 

 

 

 

32,262

 

 

22,000

 

 

 

Selling, general, and administrative expenses

 

14,284

 

 

11,310

 

 

 

 

 

41,488

 

 

37,685

 

 

 

Operating income

 

9,291

 

 

11,332

 

 

(18.0)

%

 

 

19,373

 

 

37,023

 

 

(47.7)

%

Operating income percentage

 

9.6

%

 

11.3

%

 

 

 

 

7.2

%

 

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

(423

)

 

84

 

 

 

 

 

(514

)

 

398

 

 

 

Income before income taxes

 

8,868

 

 

11,416

 

 

(22.3)

%

 

 

18,859

 

 

37,421

 

 

(49.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

140

 

 

1,483

 

 

 

 

 

363

 

 

5,512

 

 

 

Net income

 

8,728

 

 

9,933

 

 

(12.1)

%

 

 

18,496

 

 

31,909

 

 

(42.0)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to the noncontrolling interest

 

 

 

(1

)

 

 

 

 

(98

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Raven Industries, Inc.

 

$

8,728

 

 

$

9,934

 

 

(12.1)

%

 

 

$

18,594

 

 

$

31,910

 

 

(41.7)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

– Basic

 

$

0.24

 

 

$

0.28

 

 

(14.3)

%

 

 

$

0.52

 

 

$

0.89

 

 

(41.6)

%

– Diluted

 

$

0.24

 

 

$

0.28

 

 

(14.3)

%

 

 

$

0.51

 

 

$

0.88

 

 

(42.0)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

– Basic

 

36,001

 

 

35,914

 

 

 

 

 

35,975

 

 

36,014

 

 

 

– Diluted

 

36,151

 

 

36,091

 

 

 

 

 

36,118

 

 

36,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RAVEN INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands) (Unaudited)

 

 

 

October 31

 

January 31

 

October 31

 

 

2020

 

2020

 

2019

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

38,217

 

 

$

20,707

 

 

$

77,094

 

Accounts receivable, net

 

54,224

 

 

62,552

 

 

62,057

 

Inventories, net

 

44,674

 

 

53,899

 

 

51,981

 

Other current assets

 

4,938

 

 

5,436

 

 

5,095

 

Total current assets

 

142,053

 

 

142,594

 

 

196,227

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

104,596

 

 

100,850

 

 

101,487

 

Goodwill

 

105,925

 

 

106,509

 

 

50,834

 

Intangible assets, net

 

44,083

 

 

46,217

 

 

14,933

 

Other assets

 

11,123

 

 

7,087

 

 

8,795

 

TOTAL ASSETS

 

$

407,780

 

 

$

403,257

 

 

$

372,276

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Accounts payable

 

$

19,314

 

 

$

14,893

 

 

$

11,045

 

Accrued and other liabilities

 

25,927

 

 

23,030

 

 

23,083

 

Total current liabilities

 

45,241

 

 

37,923

 

 

34,128

 

 

 

 

 

 

 

 

Long-term debt

 

1,900

 

 

225

 

 

 

Other liabilities

 

32,944

 

 

29,161

 

 

21,969

 

Total liabilities

 

80,085

 

 

67,309

 

 

56,097

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

 

21,302

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

327,695

 

 

314,646

 

 

316,179

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

407,780

 

 

$

403,257

 

 

$

372,276

 

Net Working Capital and Net Working Capital Percentage2

Accounts receivable, net

 

$

54,224

 

 

$

62,552

 

 

$

62,057

 

Plus: Inventories, net

 

44,674

 

 

53,899

 

 

51,981

 

Less: Accounts payable

 

19,314

 

 

14,893

 

 

11,045

 

Net working capital2

 

$

79,584

 

 

$

101,558

 

 

$

102,993

 

 

 

 

 

 

 

 

Annualized net sales

 

$

386,428

 

 

$

343,044

 

 

$

402,132

 

Net working capital percentage2

 

20.6

%

 

29.6

%

 

25.6

%

 

RAVEN INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands) (Unaudited)

 

 

 

Nine Months Ended October 31,

 

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

Net income

 

$

18,496

 

 

$

31,909

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

12,829

 

 

12,124

 

Other operating activities, net

 

23,775

 

 

3,045

 

Net cash provided by operating activities

 

55,100

 

 

47,078

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

(10,931)

 

 

(6,143)

 

Proceeds from sale or maturities of investments

 

586

 

 

993

 

Purchases of investments

 

(227)

 

 

(934)

 

Proceeds from sale of assets

 

251

 

 

3,459

 

Other investing activities, net

 

(272)

 

 

(3,208)

 

Net cash used in investing activities

 

(10,593)

 

 

(5,833)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Dividends paid

 

(9,318)

 

 

(14,001)

 

Payments for common shares repurchased

 

 

 

(10,781)

 

Proceeds from debt

 

51,685

 

 

 

Repayments of debt

 

(50,000)

 

 

 

Payments for redeemable noncontrolling interest

 

(17,853)

 

 

 

Payment of acquisition-related contingent liabilities

 

 

 

(1,308)

 

Other financing activities, net

 

(1,169)

 

 

(3,780)

 

Net cash used in financing activities

 

(26,655)

 

 

(29,870)

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

(342)

 

 

(68)

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

17,510

 

 

11,307

 

Cash and cash equivalents at beginning of period

 

20,707

 

 

65,787

 

Cash and cash equivalents at end of period

 

$

38,217

 

 

$

77,094

 

RAVEN INDUSTRIES, INC.

SALES AND OPERATING INCOME BY SEGMENT

(Dollars in thousands) (Unaudited)

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2020

 

2019

 

Fav (Un) Change

 

2020

 

2019

 

Fav (Un) Change

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Applied Technology

 

$

34,838

 

 

$

28,500

 

 

22.2

%

 

$

112,347

 

 

$

97,596

 

 

15.1

%

Engineered Films

 

43,765

 

 

56,406

 

 

(22.4)

%

 

113,415

 

 

158,214

 

 

(28.3)

%

Aerostar

 

18,010

 

 

15,661

 

 

15.0

%

 

42,626

 

 

41,040

 

 

3.9

%

Intersegment eliminations

 

(6

)

 

(34

)

 

 

 

(106

)

 

(81

)

 

 

Consolidated net sales

 

$

96,607

 

 

$

100,533

 

 

(3.9)

%

 

$

268,282

 

 

$

296,769

 

 

(9.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Applied Technology

 

$

5,797

 

 

$

7,035

 

 

(17.6)

%

 

$

21,247

 

 

$

25,120

 

 

(15.4)

%

Engineered Films

 

7,321

 

 

8,474

 

 

(13.6)

%

 

13,393

 

 

24,987

 

 

(46.4)

%

Aerostar

 

2,777

 

 

2,488

 

 

11.6

%

 

4,821

 

 

7,427

 

 

(35.1)

%

Intersegment eliminations

 

9

 

 

(12

)

 

 

 

60

 

 

(10

)

 

 

Total segment income

 

$

15,904

 

 

$

17,985

 

 

(11.6)

%

 

$

39,521

 

 

$

57,524

 

 

(31.3)

%

Corporate expenses

 

(6,613

)

 

(6,653

)

 

0.6

%

 

(20,148

)

 

(20,501

)

 

1.7

%

Consolidated operating income

 

$

9,291

 

 

$

11,332

 

 

(18.0)

%

 

$

19,373

 

 

$

37,023

 

 

(47.7)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income percentages

 

 

 

 

 

 

 

 

 

 

 

 

Applied Technology

 

16.6

%

 

24.7

%

 

(810)bps

 

18.9

%

 

25.7

%

 

(680)bps

Engineered Films

 

16.7

%

 

15.0

%

 

170bps

 

11.8

%

 

15.8

%

 

(400)bps

Aerostar

 

15.4

%

 

15.9

%

 

(50)bps

 

11.3

%

 

18.1

%

 

(680)bps

Consolidated operating income

 

9.6

%

 

11.3

%

 

(170)bps

 

7.2

%

 

12.5

%

 

(530)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RAVEN INDUSTRIES, INC.

EBITDA REGULATION G RECONCILIATION3

(Dollars in thousands) (Unaudited)

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

 

 

 

 

Fav (Un)

 

 

 

 

 

Fav (Un)

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Applied Technology

 

 

 

 

 

 

 

 

 

 

 

 

Reported Operating income

 

$

5,797

 

 

$

7,035

 

 

(17.6)

%

 

$

21,247

 

 

$

25,120

 

 

(15.4)

%

Plus: Depreciation and amortization

 

1,335

 

 

957

 

 

39.5

%

 

3,656

 

 

2,956

 

 

23.7

%

ATD EBITDA

 

$

7,132

 

 

$

7,992

 

 

(10.8)

%

 

$

24,903

 

 

$

28,076

 

 

(11.3)

%

ATD EBITDA % of Net Sales

 

20.5

%

 

28.0

%

 

 

 

22.2

%

 

28.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineered Films

 

 

 

 

 

 

 

 

 

 

 

 

Reported Operating income

 

$

7,321

 

 

$

8,474

 

 

(13.6)

%

 

$

13,393

 

 

$

24,987

 

 

(46.4)

%

Plus: Depreciation and amortization

 

2,384

 

 

2,397

 

 

(0.5)

%

 

7,220

 

 

7,121

 

 

1.4

%

EFD EBITDA

 

$

9,705

 

 

$

10,871

 

 

(10.7)

%

 

$

20,613

 

 

$

32,108

 

 

(35.8)

%

EFD EBITDA % of Net Sales

 

22.2

%

 

19.3

%

 

 

 

18.2

%

 

20.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerostar

 

 

 

 

 

 

 

 

 

 

 

 

Reported Operating income

 

$

2,777

 

 

$

2,488

 

 

11.6

%

 

$

4,821

 

 

$

7,427

 

 

(35.1)

%

Plus: Depreciation and amortization

 

278

 

 

240

 

 

15.8

%

 

765

 

 

680

 

 

12.5

%

Aerostar EBITDA

 

$

3,055

 

 

$

2,728

 

 

12.0

%

 

$

5,586

 

 

$

8,107

 

 

(31.1)

%

Aerostar EBITDA % of Net Sales

 

17.0

%

 

17.4

%

 

 

 

13.1

%

 

19.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Raven Industries Inc.

 

$

8,728

 

 

$

9,934

 

 

(12.1)

%

 

$

18,594

 

 

$

31,910

 

 

(41.7)

%

Interest (income) expense, net

 

103

 

 

(210

)

 

 

 

383

 

 

(644

)

 

 

Income tax expense

 

140

 

 

1,483

 

 

 

 

363

 

 

5,512

 

 

 

Plus: Depreciation and amortization

 

4,351

 

 

4,002

 

 

 

 

12,829

 

 

12,124

 

 

 

Consolidated EBITDA

 

$

13,322

 

 

$

15,209

 

 

(12.4)

%

 

$

32,169

 

 

$

48,902

 

 

(34.2)

%

Consolidated EBITDA % of Net Sales

 

13.8

%

 

15.1

%

 

 

 

12.0

%

 

16.5

%

 

 

 

1 Free cash flow is defined as Net cash provided by operating activities, less capital expenditures, less dividends paid.

2 Net working capital is defined as accounts receivable, (net) plus inventories, (net) less accounts payable. Net working capital percentage is defined as net working capital divided by four times quarterly sales for each respective period.

3 EBITDA is a non-GAAP financial measure defined on a consolidated basis as net income attributable to Raven Industries, Inc., plus income taxes, plus depreciation and amortization expense, plus interest (income) expense, (net). On a segment basis, it is defined as operating income plus depreciation expense and amortization expense. EBITDA margin is defined as EBITDA divided by net sales.

4 Total liquidity is defined as Cash and cash equivalents plus the available balance on the Company’s revolving credit facility

 

Jared Stearns

Investor Relations Manager

Raven Industries, Inc.

+1(605) 336-2750

Continue Reading

News

NetApp to Participate in Upcoming Virtual Investor/Technology Conferences

gbafNews28

NetApp (NASDAQ: NTAP), a global cloud-led, data centric software company, today announced the Company will participate virtually in fireside chats at the following conferences:

Credit Suisse Technology Conference Mike Berry, executive vice president, finance and chief financial officer December 3, 2020 10:30 “ 11:00 a.m. Pacific Time

Barclays TMT Conference Mike Berry, executive vice president, finance and chief financial officer December 9, 2020 10:30 “ 10:55 a.m. Pacific Time

Live audio Webcasts of the presentations will be available at investors.netapp.com. An audio Webcast archive of each event will be available after the conferences.

About NetApp

NetApp is a global cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services and applications to the right peopleanytime, anywhere. Learn more at www.netapp.com or follow us on Twitter, LinkedIn, Facebook, and Instagram.

NETAPP, the NETAPP logo, and the marks listed at http://www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.

Press Contact

Amelia Vierra

NetApp

1 408 822 6403

[email protected]

Investor Contact

Billie Fagenstrom

NetApp

1 408 822 6428

[email protected]

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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