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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 September 30, 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: 1-12235

 

TRIUMPH GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

51-0347963

(State or other jurisdiction of incorporation or organization)

 

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

 

 

 

 

 

 

 

 

899 Cassatt Road, Suite 210, Berwyn, PA

 

19312

(Address of principal executive offices)

 

(Zip Code)

 

(610) 251-1000

(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 $.001 per share

 

TGI

 

New York Stock Exchange

Purchase Rights

 

 

 

New York Stock Exchange

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 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 definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934. (Check one)

 

 

 

 

 

 

 

 

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 Securities Exchange Act of 1934). Yes     No 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

The number of outstanding shares of the Registrant's Common Stock, par value $.001 per share, on November 3, 2020, was 52,110,657.

 

 


Table of Contents

TRIUMPH GROUP, INC.

TABLE OF CONTENTS

 

 

 

Page

Number

Part I. Financial Information

 

Item 1.

Financial Statements (Unaudited)

 

 

Condensed Consolidated Balance Sheets at September 30, 2020 and March 31, 2020

1

 

Condensed Consolidated Statements of Operations - Three and six months ended September 30, 2020 and 2019

2

 

Condensed Consolidated Statements of Comprehensive (Loss) Income - Three and six months ended September 30, 2020 and 2019

3

 

Condensed Consolidated Statements of Stockholders' Deficit - Three and six months ended September 30, 2020 and 2019

4

 

Condensed Consolidated Statements of Cash Flows - Six months ended September 30, 2020 and 2019

6

 

Notes to Condensed Consolidated Financial Statements - September 30, 2020

7

Item 2.

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

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

42

 

 

 

Part II. Other Information

43

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Default Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

43

Signatures

 

45

 

 

 

 

 


TRIUMPH GROUP, INC.

Condensed Consolidated Balance Sheets

(unaudited)

(Dollars in thousands, except per share data)

 

 

 

September 30,

 

 

March 31,

 

 

 

2020

 

 

2020 (1)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

440,211

 

 

$

485,463

 

Trade and other receivables, less allowance for credit losses

   of $7,890 and $4,293

 

 

233,802

 

 

 

359,487

 

Contract assets

 

 

193,056

 

 

 

244,417

 

Inventory, net

 

 

465,800

 

 

 

452,976

 

Assets held for sale

 

 

115,940

 

 

 

 

Prepaid expenses and other current assets

 

 

15,727

 

 

 

19,289

 

Total current assets

 

 

1,464,536

 

 

 

1,561,632

 

Property and equipment, net

 

 

360,949

 

 

 

418,141

 

Goodwill

 

 

516,833

 

 

 

513,527

 

Intangible assets, net

 

 

116,886

 

 

 

381,968

 

Other, net

 

 

74,221

 

 

 

105,065

 

Total assets

 

$

2,533,425

 

 

$

2,980,333

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

7,212

 

 

$

7,336

 

Accounts payable

 

 

242,475

 

 

 

457,694

 

Contract liabilities

 

 

175,159

 

 

 

295,320

 

Accrued expenses

 

 

196,623

 

 

 

227,403

 

Liabilities related to assets held for sale

 

 

52,573

 

 

 

 

Total current liabilities

 

 

674,042

 

 

 

987,753

 

Long-term debt, less current portion

 

 

2,014,595

 

 

 

1,800,171

 

Accrued pension and other postretirement benefits

 

 

626,851

 

 

 

660,065

 

Deferred income taxes

 

 

7,493

 

 

 

7,439

 

Other noncurrent liabilities

 

 

274,801

 

 

 

306,169

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920

   and 52,460,920 shares issued; 52,078,690 and 51,858,089

   shares outstanding

 

 

52

 

 

 

52

 

Capital in excess of par value

 

 

794,619

 

 

 

804,830

 

Treasury stock, at cost, 382,230 and 602,831 shares

 

 

(20,886

)

 

 

(36,217

)

Accumulated other comprehensive loss

 

 

(725,386

)

 

 

(746,448

)

Accumulated deficit

 

 

(1,112,756

)

 

 

(803,481

)

Total stockholders' deficit

 

 

(1,064,357

)

 

 

(781,264

)

Total liabilities and stockholders' deficit

 

$

2,533,425

 

 

$

2,980,333

 

(1)

As adjusted; refer to Note 1.

 

See accompanying notes to condensed consolidated financial statements.

1


TRIUMPH GROUP, INC.

Condensed Consolidated Statements of Operations

(unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2020

 

 

2019 (1)

 

 

2020

 

 

2019 (1)

 

Net sales

 

$

481,815

 

 

$

772,110

 

 

$

976,892

 

 

$

1,502,341

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (exclusive of depreciation shown separately below)

 

 

382,072

 

 

 

622,236

 

 

 

775,915

 

 

 

1,204,469

 

Selling, general and administrative

 

 

56,239

 

 

 

66,201

 

 

 

113,442

 

 

 

128,538

 

Depreciation and amortization

 

 

22,098

 

 

 

30,219

 

 

 

50,700

 

 

 

74,269

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

252,382

 

 

 

 

Restructuring

 

 

13,237

 

 

 

5,782

 

 

 

28,676

 

 

 

8,746

 

Legal judgment gain, net of expenses

 

 

 

 

 

(5,400

)

 

 

 

 

 

(5,400

)

Loss (gain) on sale of assets and businesses

 

 

747

 

 

 

(7,965

)

 

 

747

 

 

 

(4,829

)

 

 

 

474,393

 

 

 

711,073

 

 

 

1,221,862

 

 

 

1,405,793

 

Operating income (loss)

 

 

7,422

 

 

 

61,037

 

 

 

(244,970

)

 

 

96,548

 

Non-service defined benefit income

 

 

(12,427

)

 

 

(27,824

)

 

 

(24,843

)

 

 

(41,226

)

Interest expense and other, net

 

 

52,506

 

 

 

35,400

 

 

 

87,463

 

 

 

62,891

 

(Loss) income from continuing operations before income taxes

 

 

(32,657

)

 

 

53,461

 

 

 

(307,590

)

 

 

74,883

 

Income tax expense

 

 

832

 

 

 

11,227

 

 

 

1,685

 

 

 

15,725

 

Net (loss) income

 

$

(33,489

)

 

$

42,234

 

 

$

(309,275

)

 

$

59,158

 

(Loss) earnings per share—basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(0.64

)

 

$

0.84

 

 

$

(5.95

)

 

$

1.18

 

Weighted average common shares outstanding—basic

 

 

52,011

 

 

 

49,987

 

 

 

51,941

 

 

 

49,927

 

(Loss) earnings per share—diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(0.64

)

 

$

0.84

 

 

$

(5.95

)

 

$

1.17

 

Weighted average common shares outstanding—diluted

 

 

52,011

 

 

 

50,460

 

 

 

51,941

 

 

 

50,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared and paid per common share

 

$

 

 

$

0.04

 

 

$

 

 

$

0.08

 

(1)

As adjusted; refer to Note 1.

 

See accompanying notes to condensed consolidated financial statements.

2


TRIUMPH GROUP, INC.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended September 30,

 

 

 

 

Six Months Ended September 30,

 

 

 

2020

 

 

2019 (1)

 

 

 

 

2020

 

 

2019 (1)

 

Net (loss) income

 

$

(33,489

)

 

$

42,234

 

 

 

 

$

(309,275

)

 

$

59,158

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

7,282

 

 

 

(6,227

)

 

 

 

 

8,201

 

 

 

(8,910

)

Defined benefit pension plans and other postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts arising during the period - net of tax (expense) benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost, net of taxes of $0 and $0, respectively

 

 

 

 

 

(4,898

)

 

 

 

 

 

 

 

(4,898

)

Actuarial loss, net of taxes of $0 and $0, respectively

 

 

 

 

 

(118,073

)

 

 

 

 

 

 

 

(118,073

)

Reclassification to net (loss) income - net of expense (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net loss, net of taxes of $0 and $0, respectively

 

 

5,298

 

 

 

5,174

 

 

 

 

 

10,596

 

 

 

9,189

 

Recognized prior service (credits) cost, net of taxes of $0 and $0, respectively

 

 

(1,033

)

 

 

48,945

 

 

 

 

 

(2,066

)

 

 

47,503

 

Total defined benefit pension plans and other postretirement benefits, net of taxes

 

 

4,265

 

 

 

(68,852

)

 

 

 

 

8,530

 

 

 

(66,279

)

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain arising during the period, net of tax benefit of $0 and $0 respectively

 

 

2,772

 

 

 

245

 

 

 

 

 

6,430

 

 

 

340

 

Reclassification of loss included in net earnings, net of tax expense of $0 and $0 respectively

 

 

(541

)

 

 

(1,323

)

 

 

 

 

(2,099

)

 

 

(1,737

)

Net unrealized gain (loss) on cash flow hedges, net of tax

 

 

2,231

 

 

 

(1,078

)

 

 

 

 

4,331

 

 

 

(1,397

)

Total other comprehensive income (loss)

 

 

13,778

 

 

 

(76,157

)

 

 

 

 

21,062

 

 

 

(76,586

)

Total comprehensive loss

 

$

(19,711

)

 

$

(33,923

)

 

 

 

$

(288,213

)

 

$

(17,428

)

(1)

As adjusted; refer to Note 1.

 

See accompanying notes to condensed consolidated financial statements.

3


TRIUMPH GROUP, INC.

Condensed Consolidated Statements of Stockholders' Deficit

For the three and six months ended September 30, 2020

(unaudited)

(Dollars in thousands)

 

 

 

Outstanding

Shares

 

 

Common

Stock

All Classes

 

 

Capital in

Excess of

Par Value

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Total

 

March 31,

2020 (1)

 

 

51,858,089

 

 

$

52

 

 

$

804,830

 

 

$

(36,217

)

 

$

(746,448

)

 

$

(803,481

)

 

$

(781,264

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(275,786

)

 

 

(275,786

)

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

919

 

 

 

 

 

 

919

 

Pension liability adjustment, net of

   income taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,265

 

 

 

 

 

 

4,265

 

Change in fair value of foreign

   currency hedges, net of income

   taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,100

 

 

 

 

 

 

2,100

 

Share-based compensation

 

 

158,274

 

 

 

 

 

 

(6,670

)

 

 

9,291

 

 

 

 

 

 

 

 

 

2,621

 

Repurchase of shares for share-based compensation

   minimum tax obligation

 

 

(50,955

)

 

 

 

 

 

 

 

 

(474

)

 

 

 

 

 

 

 

 

(474

)

Employee stock purchase plan

 

 

36,802

 

 

 

 

 

 

(1,974

)

 

 

2,212

 

 

 

 

 

 

 

 

 

238

 

June 30, 2020 (1)

 

 

52,002,210

 

 

$

52

 

 

$

796,186

 

 

$

(25,188

)

 

$

(739,164

)

 

$

(1,079,267

)

 

$

(1,047,381

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,489

)

 

 

(33,489

)

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,282

 

 

 

 

 

 

7,282

 

Pension liability adjustment, net of

   income taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,265

 

 

 

 

 

 

4,265

 

Change in fair value of foreign currency

   hedges, net of income taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,231

 

 

 

 

 

 

2,231

 

Share-based compensation

 

 

54,313

 

 

 

 

 

 

(446

)

 

 

2,982

 

 

 

 

 

 

 

 

 

2,536

 

Repurchase of shares for share-based compensation

   minimum tax obligation

 

 

(2,246

)

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

 

 

 

(21

)

Employee stock purchase plan

 

 

24,413

 

 

 

 

 

 

(1,122

)

 

 

1,341

 

 

 

 

 

 

 

 

 

219

 

September 30, 2020

 

 

52,078,690

 

 

$

52

 

 

$

794,619

 

 

$

(20,886

)

 

$

(725,386

)

 

$

(1,112,756

)

 

$

(1,064,357

)

(1)

As adjusted; refer to Note 1.

 

 

4


TRIUMPH GROUP, INC.

Condensed Consolidated Statements of Stockholders' Deficit

For the three and six months ended September 30, 2019

(unaudited)

(Dollars in thousands)

 

 

 

Outstanding

Shares

 

 

Common

Stock

All Classes

 

 

Capital in

Excess of

Par Value

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Total

 

March 31, 2019 (1)

 

 

49,887,268

 

 

$

52

 

 

$

867,545

 

 

$

(159,154

)

 

$

(516,011

)

 

$

(765,745

)

 

$

(573,313

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,924

 

 

 

16,924

 

Adoption of ASC 842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(225

)

 

 

(225

)

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,683

)

 

 

 

 

 

(2,683

)

Pension liability adjustment, net of

   income taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,573

 

 

 

 

 

 

2,573

 

Change in fair value of foreign

   currency hedges, net of income

   taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(319

)

 

 

 

 

 

(319

)

Cash dividends ($0.04 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,998

)

 

 

(1,998

)

Share-based compensation

 

 

154,802

 

 

 

 

 

 

(7,631

)

 

 

9,534

 

 

 

 

 

 

 

 

 

1,903

 

Repurchase of shares for share-based compensation

   minimum tax obligation

 

 

(51,406

)

 

 

 

 

 

 

 

 

(1,043

)

 

 

 

 

 

 

 

 

(1,043

)

Employee stock purchase plan

 

 

14,489

 

 

 

 

 

 

(634

)

 

 

896

 

 

 

 

 

 

 

 

 

262

 

June 30, 2019 (1)

 

 

50,005,153

 

 

$

52

 

 

$

859,280

 

 

$

(149,767

)

 

$

(516,440

)

 

$

(751,044

)

 

$

(557,919

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,234

 

 

 

42,234

 

Foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,227

)

 

 

 

 

 

(6,227

)

Pension liability adjustment, net of

   income taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(68,852

)

 

 

 

 

 

(68,852

)

Change in fair value of foreign currency

   hedges, net of income taxes of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,078

)

 

 

 

 

 

(1,078

)

Cash dividends ($0.04 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,003

)

 

 

(2,003

)

Share-based compensation

 

 

59,938

 

 

 

 

 

 

(850

)

 

 

3,654

 

 

 

 

 

 

 

 

 

2,804

 

Repurchase of shares for share-based compensation

   minimum tax obligation

 

 

(764

)

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

 

 

(5

)

Employee stock purchase plan

 

 

10,196

 

 

 

 

 

 

(400

)

 

 

622

 

 

 

 

 

 

 

 

 

222

 

September 30, 2019 (1)

 

 

50,074,523

 

 

$

52

 

 

$

858,030

 

 

$

(145,496

)

 

$

(592,597

)

 

$

(710,813

)

 

$

(590,824

)

(1)

As adjusted; refer to Note 1.

 

See accompanying notes to condensed consolidated financial statements.

5


TRIUMPH GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Dollars in thousands)

 

 

 

Six Months Ended September 30,

 

 

 

2020

 

 

2019

 

Operating Activities

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(309,275

)

 

$

59,158

 

Adjustments to reconcile net loss to net cash used in

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

50,700

 

 

 

74,269

 

Impairment of long-lived assets

 

 

252,382

 

 

 

 

Amortization of acquired contract liability

 

 

(28,150

)

 

 

(39,556

)

Loss (gain) on sale of assets and businesses

 

 

747

 

 

 

(4,829

)

Curtailments and special termination benefits gain, net