HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

hni_logoa05.gif
News Release
                                    
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Jack D. Herring, Treasurer, Director of Finance and Investor Relations (563) 506-9783

HNI CORPORATION REPORTS EARNINGS
FOR SECOND QUARTER FISCAL YEAR 2019

MUSCATINE, Iowa (July 24, 2019) – HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended
June 29, 2019
of $526.0 million and net income of $15.8 million. GAAP net income per diluted share was $0.36 compared to $0.42 in the prior year. Non-GAAP net income per diluted share was $0.38 compared to $0.44 in the prior year.

Second Quarter Summary Comments
"Our teams are performing well - managing through dynamic market conditions while staying focused on our key initiatives. Our efforts to drive operational efficiencies are on-track and bearing fruit. We are seeing strong momentum in our contract business. Our hearth business is executing well while navigating a slower housing market. We continue to see inconsistent demand in our supplies-driven business, which negatively impacted the quarter. We are confident in our ability to deliver profit improvement in the second half," said Jeff Lorenger, HNI Corporation President and Chief Executive Officer.


1


HNI Corporation - Financial Performance
(Dollars in millions, except per share data)
 
Three Months Ended
 
 
 
June 29,
2019
 
June 30,
2018
 
Change
GAAP
 
 
 
 
 
Net Sales

$526.0

 

$543.6

 
(3.2
%)
Gross Profit %
36.6
%
 
37.0
%
 
-40
 bps
SG&A %
32.0
%
 
31.8
%
 
20
 bps
Restructuring and impairment charges %
0.2
%
 
0.2
%
 

Operating Income

$23.2

 

$27.1

 
(14.1
%)
Operating Income %
4.4
%
 
5.0
%
 
-60
 bps
Effective Tax Rate
23.9
%
 
23.9
%
 


Net Income %
3.0
%
 
3.4
%
 
-40
 bps
EPS – diluted

$0.36

 

$0.42

 
(14.3
%)
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
Gross Profit %
36.6
%
 
37.0
%
 
-40
 bps
Operating Income

$24.2

 

$28.2

 
(14.2
%)
Operating Income %
4.6
%
 
5.2
%
 
-60
 bps
EPS – diluted

$0.38

 

$0.44

 
(13.6
%)

Second Quarter Summary Comments
Consolidated net sales decreased $17.6 million or 3.2 percent from the prior year quarter to $526.0 million. On an organic basis, sales decreased 2.3 percent. The net impact of closing and divesting small office furniture companies decreased sales $5.0 million compared to the prior year quarter. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release.
Gross profit margin decreased 40 basis points compared to the prior year quarter. This decrease was driven by lower volume and higher input costs, partially offset by price realization and improved operational performance.
Selling and administrative expenses as a percent of sales increased 20 basis points compared to the prior year quarter. This increase was primarily due to lower sales volume, partially offset by lower Business System Transformation costs and freight expenses.
The Corporation recorded $0.9 million of restructuring charges in connection with a structural realignment in the office furniture segment. In the prior year quarter, $0.8 million of restructuring and impairment charges were recorded in connection with previously announced facilities closures.
Non-GAAP net income per diluted share was $0.38 compared to $0.44 in the prior year.  This $0.06 decline was due to lower sales volume and higher input costs, partially offset by price realization and improved operational performance.






2


Office Furniture – Financial Performance
(Dollars in millions)
 
Three Months Ended
 
 
 
June 29,
2019
 
June 30,
2018
 
Change
GAAP
 
 
 
 
 
Net Sales

$409.5

 

$423.9

 
(3.4
%)
Operating Profit

$18.7

 

$20.0

 
(6.4
%)
Operating Profit %
4.6
%
 
4.7
%
 
-10
 bps
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
Operating Profit

$19.7

 

$20.4

 
(3.5
%)
Operating Profit %
4.8
%
 
4.8
%
 


Office furniture net sales decreased $14.4 million or 3.4 percent from the prior year quarter to $409.5 million. On an organic basis, sales decreased 2.2 percent primarily due to a decrease in the supplies-driven business. The net impact of closing and divesting small office furniture companies decreased sales $5.0 million compared to the prior year quarter.
Office furniture GAAP operating profit margin decreased 10 basis points. Lower sales volume, higher input costs, and investments were fully offset by improved price realization, operational performance, Business System Transformation costs, and freight expenses. Higher current year restructuring charges drove a 10 basis points decrease.

Hearth Products – Financial Performance
(Dollars in millions)
 
Three Months Ended
 
 
 
June 29,
2019
 
June 30,
2018
 
Change
GAAP
 
 
 
 
 
Net Sales

$116.5

 

$119.7

 
(2.7
%)
Operating Profit

$13.4

 

$16.3

 
(18.1
%)
Operating Profit %
11.5
%
 
13.6
%
 
-210
 bps
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
Operating Profit

$13.4

 

$17.1

 
(21.7
%)
Operating Profit %
11.5
%
 
14.3
%
 
-280
 bps

Hearth products net sales decreased $3.2 million or 2.7 percent from the prior year quarter to $116.5 million with decreases in both the new construction and retail businesses.
Hearth products GAAP operating profit margin decreased 210 basis points for the quarter. Of this decrease, 280 basis points were driven by lower sales volume, higher input costs, and investments, partially offset by price realization and lower core SG&A spend. This decline was partially offset by a 70 basis points increase due to restructuring and impairment charges and other one-time costs incurred in the prior year quarter.

3


Outlook
The Corporation expects full year organic sales to be up 1 to 4 percent. This compares to the previous organic sales growth expectation of up 2 to 6 percent. The change is primarily driven by lower sales in the supplies-driven business. Including the impact of closing and divesting small office furniture companies, full year sales are expected to be flat to up 3 percent. The Corporation's estimate of full year earnings per diluted share has narrowed and is expected to be in the range of $2.50 to $2.70 versus the previous guidance range of $2.50 to $2.90.

"As we look at the second half of the year, our operational cost efforts are ramping up and will deliver significant benefits. We are also seeing improved second half demand, driven by strong sales growth in our contract and e-commerce office furniture businesses. We expect our supplies-driven business to stabilize in the second half. Our hearth business will deliver modest growth as strength in our retail products channel is partially offset by slow new construction sales.

We are focused on strengthening our operational excellence position and creating effortless experiences for our customers through deepening customer insights. We remain confident in our strategies and continue to invest in critical capabilities to drive long-term results," said Mr. Lorenger.




4


Conference Call
HNI Corporation will host a conference call on Thursday, July 25, 2019 at 10:00 a.m. (Central) to discuss second quarter fiscal year 2019 results. To participate, call 1-877-512-9166 – conference ID number 8295057. A live webcast of the call will be available on HNI Corporation’s website at http://www.hnicorp.com (under Investors – News Releases & Events). A replay of the webcast will also be made available at that website address. An audio replay of the call will be available until Thursday, August 1, 2019, 10:59 p.m. (Central) by dialing 1-855-859-2056 or 1-404-537-3406 – Conference ID number 8295057.


About HNI Corporation
HNI Corporation is an NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is a leading global office furniture manufacturer and is the nation's leading manufacturer of hearth products. The Corporation's strong brands have leading positions in their markets. More information can be found on the Corporation's website at www.hnicorp.com.


Forward-Looking Statements
This release contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, expectations for sales growth, and earnings per diluted share (GAAP and non-GAAP). Forward-looking statements can be identified by words including “expect,” “believe,” “anticipate,” “estimate,” “may,” “will,” “would,” “could,” “confident”, or other similar words, phrases, or expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation's actual future results and performance to differ materially from expected results. These risks include but are not limited to: the levels of office furniture needs and housing starts; overall demand for the Corporation's products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of the Corporation's customers; the Corporation's reliance on its network of independent dealers; change in trade policy; changes in raw material, component, or commodity pricing; market acceptance and demand for the Corporation's new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on the Corporation's financing activities; an inability to protect the Corporation's intellectual property; impacts of tax legislation; and force majeure events outside the Corporation’s control. A description of these risks and additional risks can be found in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.

5


HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except share and per share data)

(Unaudited)
 
Three Months Ended
 
Six Months Ended
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net sales
$
526,026

 
$
543,614

 
$
1,005,482

 
$
1,048,683

Cost of sales
333,437

 
342,744

 
643,279

 
670,894

Gross profit
192,589

 
200,870

 
362,203

 
377,789

Selling and administrative expenses
168,411

 
172,973

 
334,348

 
344,868

Restructuring and impairment charges
930

 
837

 
930

 
2,175

Operating income
23,248

 
27,060

 
26,925

 
30,746

Interest income
282

 
89

 
638

 
202

Interest expense
2,762

 
2,718

 
5,229

 
5,055

Income before income taxes
20,768

 
24,431

 
22,334

 
25,893

Income taxes
4,957

 
5,835

 
5,503

 
4,836

Net income
15,811

 
18,596

 
16,831

 
21,057

Less: Net income (loss) attributable to non-controlling interest
1

 
(1
)
 
(1
)
 
(50
)
Net income attributable to HNI Corporation
$
15,810

 
$
18,597

 
$
16,832

 
$
21,107

 
 
 
 
 
 
 
 
Average number of common shares outstanding – basic
43,217,580

 
43,665,411

 
43,375,554

 
43,512,691

Net income attributable to HNI Corporation per common share – basic
$
0.37

 
$
0.43

 
$
0.39

 
$
0.49

Average number of common shares outstanding – diluted
43,633,949

 
44,289,662

 
43,860,013

 
44,201,285

Net income attributable to HNI Corporation per common share – diluted
$
0.36

 
$
0.42

 
$
0.38

 
$
0.48



6



HNI Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)

(Unaudited)
 
June 29,
2019
 
December 29,
2018
Assets
 
 
 
Current Assets:
 
 
 
   Cash and cash equivalents
$
28,782

 
$
76,819

   Short-term investments
1,668

 
1,327

   Receivables
245,331

 
255,207

   Inventories
193,952

 
157,178

   Prepaid expenses and other current assets
41,318

 
41,352

     Total Current Assets
511,051

 
531,883

Property, Plant, and Equipment:
 
 
 
   Land and land improvements
29,133

 
28,377

   Buildings
292,081

 
290,263

   Machinery and equipment
574,982

 
565,884

   Construction in progress
27,252

 
28,443

 
923,448

 
912,967

   Less accumulated depreciation
537,368

 
528,034

     Net Property, Plant, and Equipment
386,080

 
384,933

 
 
 
 
Right-of-use Operating / Finance Leases
70,241

 

Goodwill and Other Intangible Assets
453,356

 
463,290

Deferred Income Taxes
1,569

 
1,569

Other Assets
19,812

 
20,169

     Total Assets
$
1,442,109

 
$
1,401,844

 
 
 
 
Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
   Accounts payable and accrued expenses
$
396,301

 
$
428,865

   Current maturities of long-term debt
1,101

 
679

   Current maturities of other long-term obligations
3,582

 
4,764

   Current lease obligations - Operating / Finance
22,194

 

     Total Current Liabilities
423,178

 
434,308

 
 
 
 
Long-Term Debt
285,397

 
249,355

Long-Term Lease Obligations - Operating / Finance
56,307

 

Other Long-Term Liabilities
63,753

 
72,767

Deferred Income Taxes
83,965

 
82,155

Equity:
 
 
 
HNI Corporation shareholders' equity
529,184

 
562,933

Non-controlling interest
325

 
326

     Total Equity
529,509

 
563,259

     Total Liabilities and Equity
$
1,442,109

 
$
1,401,844


7


HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)

(Unaudited)
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
Net Cash Flows From (To) Operating Activities:
 
 
 
Net income
$
16,831

 
$
21,057

Non-cash items included in net income:
 
 
 
Depreciation and amortization
38,450

 
37,280

Other post-retirement and post-employment benefits
738

 
883

Stock-based compensation
4,072

 
4,908

Operating / finance lease interest and amortization
11,617

 

Deferred income taxes
1,360

 
762

(Gain) loss on sale and retirement of long-lived assets, net
1,046

 
1,488

Other – net
2,810

 
175

Net increase (decrease) in operating assets and liabilities, net of divestitures
(56,281
)
 
(37,008
)
Increase (decrease) in other liabilities
(7,876
)
 
(67
)
Net cash flows from (to) operating activities
12,767

 
29,478

 
 
 
 
Net Cash Flows From (To) Investing Activities:
 
 
 
Capital expenditures
(34,659
)
 
(26,687
)
Proceeds from sale of property, plant, and equipment
159

 
18,444

Capitalized software
(2,948
)
 
(5,637
)
Purchase of investments
(2,459
)
 
(1,329
)
Sales or maturities of investments
1,802

 
1,357

Other – net
2,025

 
1,136

Net cash flows from (to) investing activities
(36,080
)
 
(12,716
)
 
 
 
 
Net Cash Flows From (To) Financing Activities:
 
 
 
Payments of long-term debt
(40,272
)
 
(291,330
)
Proceeds from long-term debt
76,677

 
312,279

Dividends paid
(26,075
)
 
(25,268
)
Purchase of HNI Corporation common stock
(57,357
)
 
(9,120
)
Proceeds from sales of HNI Corporation common stock
18,906

 
8,755

Other – net
3,397

 
(4,361
)
Net cash flows from (to) financing activities
(24,724
)
 
(9,045
)
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(48,037
)
 
7,717

Cash and cash equivalents at beginning of period
76,819

 
23,348

Cash and cash equivalents at end of period
$
28,782

 
$
31,065



8


HNI Corporation and Subsidiaries
Reportable Segment Data
(In thousands)

(Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net Sales:
 
 
 
 
 
 
 
Office furniture
$
409,512

 
$
423,878

 
$
763,023

 
$
804,793

Hearth products
116,514

 
119,736

 
242,459

 
243,890

Total
$
526,026

 
$
543,614

 
$
1,005,482

 
$
1,048,683

 
 
 
 
 
 
 
 
Income Before Income Taxes:
 
 
 
 
 
 
 
Office furniture
$
18,749

 
$
20,035

 
$
17,018

 
$
19,177

Hearth products
13,362

 
16,312

 
30,970

 
33,426

General corporate
(8,863
)
 
(9,287
)
 
(21,063
)
 
(21,857
)
Operating Income
23,248

 
27,060

 
26,925

 
30,746

Interest expense, net
2,480

 
2,629

 
4,591

 
4,853

Total
$
20,768

 
$
24,431

 
$
22,334

 
$
25,893

 
 
 
 
 
 
 
 
Depreciation and Amortization Expense:
 
 
 
 
 
 
 
Office furniture
$
11,247

 
$
11,204

 
$
22,307

 
$
22,190

Hearth products
2,174

 
2,092

 
4,230

 
4,054

General corporate
5,989

 
5,539

 
11,913

 
11,036

Total
$
19,410

 
$
18,835

 
$
38,450

 
$
37,280

 
 
 
 
 
 
 
 
Capital Expenditures (including capitalized software):
 
 
 
 
 
 
 
Office furniture
$
12,347

 
$
13,420

 
$
22,666

 
$
24,997

Hearth products
2,577

 
1,229

 
7,575

 
4,167

General corporate
3,587

 
1,344

 
7,366

 
3,160

Total
$
18,511

 
$
15,993

 
$
37,607

 
$
32,324

 
 
 
 
 
 
 
 
 
 
 
 
 
As of
June 29,
2019
 
As of
December 29,
2018
Identifiable Assets:
 
 
 
 
 
 
 
Office furniture
 
 
 
 
$
864,155

 
$
797,574

Hearth products
 
 
 
 
375,817

 
352,060

General corporate
 
 
 
 
202,137

 
252,210

Total
 
 
 
 
$
1,442,109

 
$
1,401,844



9


Non-GAAP Financial Measures

This earnings release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to HNI’s financial statements as prepared in accordance with GAAP are included below and throughout this earnings release. This information gives investors additional insights into HNI’s financial performance and operations. While HNI’s management believes the non-GAAP financial measures are useful in evaluating HNI’s operations, this information should be considered supplemental and not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures within this earnings release: organic sales, gross profit, operating income, operating profit, income taxes, net income, and net income per diluted share (i.e., EPS). These measures are adjusted from the comparable GAAP measures to exclude the impacts of the selected items as summarized in the table below. Generally, non-GAAP EPS is calculated using HNI’s overall effective tax rate for the period, as this rate is reflective of the tax applicable to most non-GAAP adjustments.

The sales adjustments to arrive at our non-GAAP organic sales information included in this earnings release excludes the impact of closing and divesting small office furniture companies. The transactions excluded for purposes of our other non-GAAP financial information included in this earnings release for both periods presented include restructuring charges, impairment charges, and/or transition costs. Restructuring charges incurred in the current year period presented are primarily comprised of severance costs related to a structural realignment in the office furniture segment. In the prior year period presented, costs were incurred as part of the previously announced closures of the hearth manufacturing facility in Paris, Kentucky, the office furniture manufacturing facility in Orleans, Indiana, and structural realignments in China. Restructuring items incurred include severance, while impairment charges recorded in the second quarter of 2018 relate to a closed manufacturing facility previously held for sale. Transition items incurred include production move costs.

This earnings release also contains a forward-looking estimate of non-GAAP earnings per diluted share for the full fiscal year. We provide such non-GAAP measure to investors on a prospective basis for the same reasons we provide it to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of non-GAAP earnings per diluted share to a forward-looking estimate of GAAP earnings per diluted share without unreasonable efforts because certain information needed to make a reasonable forward-looking estimate of GAAP earnings per diluted share is highly variable and difficult to predict and estimate, and is dependent on future events which are uncertain or outside of our control. These may include unanticipated charges related to asset impairments (fixed assets, intangibles, or goodwill), unanticipated acquisition related costs, and other unanticipated nonrecurring items not reflective of ongoing operations. We expect the variability of these charges to have a potentially unpredictable, and potentially significant, impact on our GAAP earnings per diluted share.

HNI Corporation Reconciliation
(Dollars in millions)
 
Three Months Ended
 
June 29, 2019
 
June 30, 2018
 
Office Furniture
Hearth
Total
 
Office Furniture
Hearth
Total
Sales as reported (GAAP)
$
409.5

$
116.5

$
526.0

 
$
423.9

$
119.7

$
543.6

% change from PY
(3.4
%)
(2.7
%)
(3.2
%)
 
 
 
 
 
 
 
 
 
 
 
 
Less: Closure and Divestitures



 
5.0


5.0

 
 
 
 
 
 
 
 
Organic Sales (non-GAAP)
$
409.5

$
116.5

$
526.0

 
$
418.8

$
119.7

$
538.6

% change from PY
(2.2
%)
(2.7
%)
(2.3
%)
 
 
 
 



10




HNI Corporation Reconciliation
(Dollars in millions, except per share data)
 
Three Months Ended
June 29, 2019
 
Gross Profit
 
Operating Income
 
Tax
 
Net Income
 
EPS
As reported (GAAP)
$
192.6

 
$
23.2

 
$
5.0

 
$
15.8

 
$
0.36

% of net sales
36.6
%
 
4.4
%
 
 
 
3.0
%
 
 
Tax %
 
 
 
 
23.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges

 
0.9

 
0.2

 
0.7

 
0.02

 
 
 
 
 
 
 
 
 
 
Results (non-GAAP)
$
192.6

 
$
24.2

 
$
5.2

 
$
16.5

 
$
0.38

% of net sales
36.6
%
 
4.6
%
 
 
 
3.1
%
 
 
Tax %
 
 
 
 
23.9
%
 
 
 
 


HNI Corporation Reconciliation
(Dollars in millions, except per share data)
 
Three Months Ended
June 30, 2018
 
Gross Profit
 
Operating Income
 
Tax
 
Net Income
 
EPS
As reported (GAAP)
$
200.9

 
$
27.1

 
$
5.8

 
$
18.6

 
$
0.42

% of net sales
37.0
%
 
5.0
%
 
 
 
3.4
%
 
 
Tax %
 
 
 
 
23.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring and impairment charges

 
0.8

 
0.2

 
0.6

 
0.02

Transition costs
0.3

 
0.3

 
0.1

 
0.2

 
0.00

 
 
 
 
 
 
 
 
 
 
Results (non-GAAP)
$
201.1

 
$
28.2

 
$
6.1

 
$
19.4

 
$
0.44

% of net sales
37.0
%
 
5.2
%
 
 
 
3.6
%
 
 
Tax %
 
 
 
 
23.9
%
 
 
 
 





11


Office Furniture Reconciliation
(Dollars in millions)
 
Three Months Ended
 
 
 
June 29,
2019
 
June 30,
2018
 
Percent Change
Operating profit as reported (GAAP)
$
18.7

 
$
20.0

 
(6.4
%)
% of net sales
4.6
%
 
4.7
%
 
 
 
 
 
 
 
 
Restructuring charges
0.9

 
0.1

 
 
Transition costs

 
0.3

 
 
 
 
 
 
 
 
Operating profit (non-GAAP)
$
19.7

 
$
20.4

 
(3.5
%)
% of net sales
4.8
%
 
4.8
%
 
 
 
Hearth Products Reconciliation
(Dollars in millions)
 
Three Months Ended
 
 
 
June 29,
2019
 
June 30,
2018
 
Percent Change
Operating profit as reported (GAAP)
$
13.4

 
$
16.3

 
(18.1
%)
% of net sales
11.5
%
 
13.6
%
 
 
 
 
 
 
 
 
Restructuring and impairment charges

 
0.7

 
 
 
 
 
 
 
 
Operating profit (non-GAAP)
$
13.4

 
$
17.1

 
(21.7
%)
% of net sales
11.5
%
 
14.3
%
 
 


12

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