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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 December 31, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 000-08408

WOODWARD, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

36-1984010

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

1081 Woodward Way, Fort Collins, Colorado

 

80524

(Address of principal executive offices)

 

(Zip Code)

 

(970) 482-5811

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

 

 

Common Stock, par value $0.001455 per share

WWD

NASDAQ Global Select Market

 

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 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 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

As of February 2, 2021, 63,044,002 shares of the registrant’s common stock with a par value of $0.001455 per share were outstanding.

 

 

 

 

 


 

 

 

 

 

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

Item 1.

 

Financial Statements

 

1

 

 

Condensed Consolidated Statements of Earnings

 

1

 

 

Condensed Consolidated Statements of Comprehensive Earnings

 

2

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Cash Flows

 

4

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

5

 

 

Notes to Condensed Consolidated Financial Statements

 

6

Item 2.

 

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

 

29

 

 

Forward Looking Statements

 

29

 

 

Overview

 

30

 

 

Results of Operations

 

32

 

 

Liquidity and Capital Resources

 

36

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

Item 4.

 

Controls and Procedures

 

42

PART II – OTHER INFORMATION

Item 1.

 

Legal Proceedings

 

42

Item 1A.

 

Risk Factors

 

42

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

Item 6.

 

Exhibits

 

43

 

 

Signatures

 

44

 

 

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

WOODWARD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

Three-Months Ended

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Net sales

 

$

537,619

 

 

$

720,355

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

401,640

 

 

 

534,917

 

Selling, general and administrative expenses

 

 

56,111

 

 

 

62,045

 

Research and development costs

 

 

31,996

 

 

 

36,846

 

Impairment of assets sold

 

 

 

 

 

37,902

 

Interest expense

 

 

8,906

 

 

 

9,009

 

Interest income

 

 

(495

)

 

 

(487

)

Other (income) expense, net

 

 

(8,123

)

 

 

(21,425

)

Total costs and expenses

 

 

490,035

 

 

 

658,807

 

Earnings before income taxes

 

 

47,584

 

 

 

61,548

 

Income tax expense

 

 

6,014

 

 

 

8,175

 

Net earnings

 

$

41,570

 

 

$

53,373

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.66

 

 

$

0.86

 

Diluted earnings per share

 

$

0.64

 

 

$

0.83

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

62,812

 

 

 

61,991

 

Diluted

 

 

64,892

 

 

 

64,673

 

 

See accompanying Notes to Condensed Consolidated Financial Statements

1


 

WOODWARD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(In thousands)

(Unaudited)

 

 

 

Three-Months Ended

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Net earnings

 

$

41,570

 

 

$

53,373

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

21,782

 

 

 

11,153

 

Net loss on foreign currency transactions designated as hedges of net investments in foreign subsidiaries

 

 

(2,227

)

 

 

(1,045

)

Taxes on changes in foreign currency translation adjustments

 

 

1,684

 

 

 

(340

)

Foreign currency translation and transactions adjustments, net of tax

 

 

21,239

 

 

 

9,768

 

 

 

 

 

 

 

 

 

 

Unrealized loss on fair value adjustment of derivative instruments

 

 

(30,658

)

 

 

(11,294

)

Reclassification of net realized loss on derivatives to earnings

 

 

20,960

 

 

 

11,656

 

Taxes on changes in derivative transactions

 

 

(1,340

)

 

 

18

 

Derivative adjustments, net of tax

 

 

(11,038

)

 

 

380

 

 

 

 

 

 

 

 

 

 

Amortization of pension and other postretirement plan:

 

 

 

 

 

 

 

 

Net prior service cost

 

 

248

 

 

 

241

 

Net loss

 

 

370

 

 

 

631

 

Foreign currency exchange rate changes on pension and other postretirement benefit plan liabilities

 

 

(1,697

)

 

 

(1,502

)

Taxes on changes in pension and other postretirement benefit plan liability adjustments, net of foreign currency exchange rate changes

 

 

356

 

 

 

240

 

Pension and other postretirement benefit plan adjustments, net of tax

 

 

(723

)

 

 

(390

)

Total comprehensive earnings

 

$

51,048

 

 

$

63,131

 

 

See accompanying Notes to Condensed Consolidated Financial Statements

 

2


 

WOODWARD, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents, including restricted cash of $1,908 and $3,497, respectively

 

$

201,881

 

 

$

153,270

 

Accounts receivable, less allowance for uncollectible amounts of $7,499 and $8,359, respectively

 

 

509,721

 

 

 

537,987

 

Inventories

 

 

445,463

 

 

 

437,943

 

Income taxes receivable

 

 

34,092

 

 

 

28,879

 

Other current assets

 

 

55,397

 

 

 

52,786

 

Total current assets

 

 

1,246,554

 

 

 

1,210,865

 

Property, plant and equipment, net

 

 

986,030

 

 

 

997,415

 

Goodwill

 

 

821,609

 

 

 

808,252

 

Intangible assets, net

 

 

619,721

 

 

 

606,711

 

Deferred income tax assets

 

 

13,970

 

 

 

14,658

 

Other assets

 

 

271,621

 

 

 

265,435

 

Total assets

 

$

3,959,505

 

 

$

3,903,336

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

1,623

 

 

$

101,634

 

Accounts payable

 

 

158,568

 

 

 

134,242

 

Income taxes payable

 

 

11,987

 

 

 

4,662

 

Accrued liabilities

 

 

155,932

 

 

 

151,794

 

Total current liabilities

 

 

328,110

 

 

 

392,332

 

Long-term debt, less current portion

 

 

745,464

 

 

 

736,849

 

Deferred income tax liabilities

 

 

168,181

 

 

 

163,573

 

Other liabilities

 

 

654,288

 

 

 

617,905

 

Total liabilities

 

 

1,896,043

 

 

 

1,910,659

 

Commitments and contingencies (Note 22)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued

 

 

 

 

 

 

Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued

 

 

106

 

 

 

106

 

Additional paid-in capital

 

 

244,394

 

 

 

231,936

 

Accumulated other comprehensive losses

 

 

(80,316

)

 

 

(89,794

)

Deferred compensation

 

 

9,485

 

 

 

9,222

 

Retained earnings

 

 

2,464,373

 

 

 

2,427,905

 

 

 

 

2,638,042

 

 

 

2,579,375

 

Treasury stock at cost, 9,992 shares and 10,277 shares, respectively

 

 

(565,095

)

 

 

(577,476

)

Treasury stock held for deferred compensation, at cost, 201 shares and 199 shares, respectively

 

 

(9,485

)

 

 

(9,222

)

Total stockholders' equity

 

 

2,063,462

 

 

 

1,992,677

 

Total liabilities and stockholders' equity

 

$

3,959,505

 

 

$

3,903,336

 

 

See accompanying Notes to Condensed Consolidated Financial Statements

3


 

WOODWARD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Three-Months Ended December 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

41,570

 

 

$

53,373

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33,077

 

 

 

32,451

 

Impairment of assets sold

 

 

 

 

 

37,902

 

Net gain on sales of assets and businesses

 

 

(588

)

 

 

(13,547

)

Stock-based compensation

 

 

13,469

 

 

 

10,982

 

Deferred income taxes

 

 

1,332

 

 

 

(47

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

57,001

 

 

 

37,652

 

Unbilled receivables (contract assets)

 

 

(17,468

)

 

 

(33,150

)

Costs to fulfill a contract

 

 

(5,321

)

 

 

(6,401

)

Inventories

 

 

(2,528

)

 

 

(17,065

)

Accounts payable and accrued liabilities

 

 

22,725

 

 

 

(79,535

)

Contract liabilities

 

 

8,509

 

 

 

(144

)

Income taxes

 

 

1,795

 

 

 

1,001

 

Retirement benefit obligations

 

 

(1,317

)

 

 

(1,490

)

Other

 

 

(5,531

)

 

 

5,463

 

Net cash provided by operating activities

 

 

146,725

 

 

 

27,445

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Payments for purchase of property, plant, and equipment

 

 

(7,263

)

 

 

(17,232

)

Proceeds from sale of assets

 

 

48

 

 

 

18,809

 

Payments for purchases of short-term investments

 

 

(2,740

)

 

 

(2

)

Net cash (used in) provided by investing activities

 

 

(9,955

)

 

 

1,575

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash dividends paid

 

 

(5,102

)

 

 

(10,064

)

Proceeds from sales of treasury stock

 

 

10,855

 

 

 

7,558

 

Borrowings on revolving lines of credit and short-term borrowings

 

 

74,400

 

 

 

461,633

 

Payments on revolving lines of credit and short-term borrowings

 

 

(74,400

)

 

 

(441,500

)

Payments of long-term debt and finance lease obligations

 

 

(100,395

)

 

 

(439

)

Net cash (used in) provided by financing activities

 

 

(94,642

)

 

 

17,188

 

Effect of exchange rate changes on cash and cash equivalents

 

 

6,483

 

 

 

2,727

 

Net change in cash and cash equivalents

 

 

48,611

 

 

 

48,935

 

Cash and cash equivalents, including restricted cash, at beginning of year

 

 

153,270

 

 

 

99,073

 

Cash and cash equivalents, including restricted cash, at end of period

 

$

201,881

 

 

$

148,008

 

 

See accompanying Notes to Condensed Consolidated Financial Statements

 

4


 

 

WOODWARD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Number of shares

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive (loss) earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

stock

 

 

Treasury

stock

 

 

Treasury

stock held for

deferred

compensation

 

 

Common

stock

 

 

Additional

paid-in

capital

 

 

Foreign

currency

translation

adjustments

 

 

Unrealized

derivative

gains

(losses)

 

 

Minimum

retirement

benefit

liability

adjustments

 

 

Total

accumulated

other

comprehensive

(loss) earnings

 

 

Deferred

compensation

 

 

Retained

earnings

 

 

Treasury

stock at

cost

 

 

Treasury

stock held for

deferred

compensation

 

 

Total

stockholders'

equity

 

Balances as of September 30, 2019

 

 

72,960

 

 

 

(11,040

)

 

 

(211

)

 

$

106

 

 

$

207,120

 

 

$

(53,235

)

 

$

(4,955

)

 

$

(45,116

)

 

$

(103,306

)

 

$

9,382

 

 

$

2,224,919

 

 

$

(602,098

)

 

$

(9,382

)

 

$

1,726,741

 

Cumulative effect from adoption of ASC 842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

255

 

 

 

 

 

 

 

 

 

255

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,373

 

 

 

 

 

 

 

 

 

53,373

 

Other comprehensive earnings (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,768

 

 

 

380

 

 

 

(390

)

 

 

9,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,758

 

Cash dividends paid ($0.1625 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,064

)

 

 

 

 

 

 

 

 

(10,064

)

Sales of treasury stock

 

 

 

 

 

226

 

 

 

 

 

 

 

 

 

(1,944

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,502

 

 

 

 

 

 

7,558

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,982

 

Purchases/transfers of stock by/to deferred compensation plan

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

543

 

 

 

 

 

 

 

 

 

(543

)

 

 

 

Distribution of stock from deferred compensation plan

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

 

 

 

14

 

 

 

 

Balances as of December 31, 2019

 

 

72,960

 

 

 

(10,814

)

 

 

(215

)

 

$

106

 

 

$

216,158

 

 

$

(43,467

)

 

$

(4,575

)

 

$

(45,506

)

 

$

(93,548

)

 

$

9,911

 

 

$

2,268,483

 

 

$

(592,596

)

 

$

(9,911

)