Exhibit 99.1



WD-40 Company Reports Second Quarter 2020 Financial Results

~  Management takes decisive steps to ensure company has ample liquidity to navigate period of unprecedented macroeconomic uncertainty  ~



SAN DIEGO – April 9, 2020 ― WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its second fiscal quarter ended February 29, 2020.



Second Fiscal Quarter Financial Highlights

·

Total net sales for the second quarter were $100.0 million, a decrease of 1 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $198.6 million, a decrease of 2 percent compared to the prior year fiscal period.  

·

Translation of the Company’s foreign subsidiary results to U.S. dollars had a favorable impact on sales for the current quarter and an unfavorable impact on sales year-to-date.  On a constant currency basis, total net sales would have been $99.7 million for the second quarter and $200.6 million year to date.

·

Net income for the second quarter was $14.3 million, a decrease of 10 percent compared to the prior year fiscal quarter.  Year-to-date net income was $26.5 million, a decrease of 9 percent from the prior year fiscal period.

·

Diluted earnings per share were $1.04 in the second quarter, compared to $1.14 per share for the prior year fiscal quarter.  Year-to-date diluted earnings per share were $1.92 compared to $2.09 in the prior year fiscal period.

·

Gross margin was 53.6 percent in the second quarter compared to 55.4 percent in the prior year fiscal quarter.  Year-to-date gross margin was 53.9 percent compared to 55.3 percent in the prior year fiscal period.

·

Selling, general and administrative expenses were down 2 percent in the second quarter to $29.9 million when compared to the prior year fiscal quarter.  Year-to-date selling, general and administrative expenses were down 1 percent to $62.5 million compared to the prior year fiscal period. 

·

Advertising and sales promotion expenses were down 6 percent in the second quarter to $4.9 million when compared to the prior year fiscal quarter.  Year-to-date advertising and sales promotion expenses were down 6 percent to $10.4 million compared to the prior year fiscal period. 



Our total sales declined in the second quarter primarily due to a 31 percent decline in sales within the Asia-Pacific segment,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer. “This decline was mainly driven by a significant decrease in maintenance product sales in China due to disruptions related to the COVID-19 outbreak and resulting health crisis. Though the impact in the second quarter was significant, we are pleased that things appear to be slowly returning to normal for our tribe members in China.” 

   

“However, we currently find ourselves at the peak of uncertainty as it relates to this global health crisis and its effects on both our company and the global economy. To navigate these unprecedented times, we have three primary areas of focus for the company.  First, the safety and wellbeing of our tribe members and their families is our top priority.  Second, we need to stay connected with our customers and vendor partners to ensure we continue to meet market needs.  Third, we need to maintain the infrastructure of our business operations.  In support of this third area of focus, we have recently taken steps to strengthen our balance sheet.

   

We know we will probably face some challenges in the coming weeks and months as we continue to operate a global business through these volatile and uncertain times.  But we are a strong tribe and an enduring company.  We  are confident that we are well positioned to navigate this storm as it unfolds from both a financial and operational perspective and emerge on the other side a stronger company,” concluded Ridge.



1

 


 

Other Significant Financial Developments

·

The Company entered into an Amended and Restated Credit Agreement with Bank of America in March 2020 to extend the maturity date of its revolving credit facility to 2025 and increase the revolving commitment to $150.0 million. Subsequently, the Company drew an additional $80.0 million in U.S. Dollars under this line of credit agreement, bringing the balance on the line of credit to approximately $149.0 million. 

·

Management has elected to suspend the stock purchases being executed under the Company’s current share buy-back plan.

·

Management has withdrawn previously issued full fiscal year 2020 earnings guidance due to the rapidly evolving situation and impact of the COVID-19 health crisis.



“Today we are withdrawing our fiscal year 2020 guidance because the current health crisis has injected a measure of uncertainly into our business, which makes it very difficult for us to accurately forecast short-term financial results for the company, said Jay Rembolt, WD-40 Company’s vice president and chief financial officer. “We are dealing with an unprecedented and extremely fluid situation.     



“However, the good news is that the company’s financial position and liquidity remain strong. We believe our efficient business model and the recent steps we have taken to strengthen our balance sheet leave us positioned to manage our business through this crisis as it continues to unfold,” continued Rembolt.



“In March, we amended our revolving credit agreement and elected to draw down an additional $80.0 million under the agreement.  Though we are already fairly well capitalized, we decided to exercise an abundance of caution and draw on substantially all of the remaining balance on our line of credit to ensure liquidity and manage potential risks during this period of unprecedented macroeconomic uncertainty.”



In addition, we have elected to suspend the stock purchases we are making under our current share buy-back plan in order to preserve our cash until we have a better idea of the long-term financial impacts of this crisis,” concluded Rembolt.  



Net Sales by Segment (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended February 29/28,

 

Six Months Ended February 29/28,



2020

 

2019

 

Change

 

2020

 

2019

 

Change

Americas

$

46,842 

 

$

43,897 

 

 

7% 

 

$

93,578 

 

$

91,688 

 

 

2% 

EMEA

 

41,753 

 

 

40,966 

 

 

2% 

 

 

80,998 

 

 

79,711 

 

 

2% 

Asia-Pacific

 

11,454 

 

 

16,472 

 

 

(30)%

 

 

24,029 

 

 

31,218 

 

 

(23)%

Total

$

100,049 

 

$

101,335 

 

 

(1)%

 

$

198,605 

 

$

202,617 

 

 

(2)%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





·

Net sales by segment as a percent of total net sales for the second quarter were as follows: for the Americas, 47 percent; for EMEA, 42 percent; and for Asia-Pacific, 11 percent.

·

Net sales in the Americas increased 7 percent in the second quarter primarily due to higher sales of maintenance products in the United States and Canada, which increased 9 and 25 percent, respectively, compared to the prior year fiscal quarterThe increase in sales in the United States was mainly driven by higher sales of WD-40 Multi-Use Product due to successful promotional activities during the quarter. The increase in sales in Canada was mainly driven by higher sales of WD-40 Multi-Use Product due to successful promotional activities and the timing of customer orders during the quarter. Also contributing to the increase in sales in the Americas were higher sales of WD-40 Specialist which were up 15 percent compared to the prior year fiscal quarter due to successful promotional programs and expanded online distribution. 

2

 


 

·

Net sales in EMEA increased 2 percent in the second quarter primarily due to higher sales of WD-40 Multi-Use Product in our European direct markets due to successful promotional activities and the timing of customer orders. EMEA also experienced strong sales of homecare and cleaning products which increased 11 percent compared to the prior year fiscal quarter.   This sales increase was primarily due to higher sales of 1001 Carpet Fresh due to the favorable impacts of digital marketing associated with this brand.  Changes in foreign currency exchange rates had a favorable impact on sales for EMEA when compared to the prior year quarter.  On a constant currency basis, EMEA sales for the second quarter would have increased to $41.3 million or 1 percent compared to the prior year fiscal quarter.

·

Net sales in Asia-Pacific decreased 30 percent in the second quarter primarily due lower sales of maintenance products in China and the Asia distributor market, which decreased 70 and 17 percent, respectively, compared to the prior fiscal quarter. The decrease in sales in China was mainly due to disruptions related to the government’s response to the public health crisis caused by COVID-19.    The decrease in sales in the Asia distributer markets was mainly driven by the timing of customer orders particularly in Indonesia, South Korea and Thailand. Changes in foreign currency exchange rates did not have a significant impact on sales for the three months ended February 29, 2020 compared to the corresponding period of the prior fiscal year.



Net Sales by Product Group (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended February 29/28,

 

Six Months Ended February 29/28,



2020

 

2019

 

Change

 

2020

 

2019

 

Change

Maintenance products

$

91,147 

 

$

92,370 

 

 

(1)%

 

$

180,817 

 

$

184,838 

 

 

(2)%

Homecare and cleaning products

 

8,902 

 

 

8,965 

 

 

(1)%

 

 

17,788 

 

 

17,779 

 

 

-

Total

$

100,049 

 

$

101,335 

 

 

(1)%

 

$

198,605 

 

$

202,617 

 

 

(2)%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



·

Net sales of maintenance products, which are considered the primary growth focus for the Company, decreased 1 percent in the second quarter when compared to the prior year fiscal quarterThis was primarily attributable to decreased sales of WD-40 Multi-Use Product within Asia-Pacific.  Sales of WD-40 Multi-Use Product declined 74 percent in China during the second fiscal quarter due to disruptions related to the government’s response to the public health crisis caused by COVID-19.    



·

Net sales of homecare and cleaning products decreased 1 percent in the second quarter when compared to the prior year fiscal quarter.  The homecare and cleaning products, particularly those in the United States, are considered harvest brands providing healthy profit returns to the Company and are becoming a smaller part of the business as net sales of multi-purpose maintenance products grow per the execution of the Company’s strategic initiatives. 



3

 


 

Dividend and Share Repurchase

As previously announced, WD-40 Company’s board of directors declared on Tuesday, March 17, 2020 a quarterly dividend of $0.67  per share payable April 30, 2020 to stockholders of record at the close of business on April 17, 2020.



On June 19, 2018, the Company’s Board of Directors approved a share buy-back plan. Under the plan, which became effective on September 1, 2018, the Company is authorized to acquire up to $75.0 million of its outstanding shares through August 31, 2020. The timing and amount of repurchases are based on terms and conditions as may be acceptable to the Company’s Chief Executive Officer and Chief Financial Officer and in compliance with all laws and regulations applicable thereto. During the period from September 1, 2018 through February 29, 2020, the Company repurchased 227,529 shares at a total cost of $39.3 million under this $75.0 million plan.



Withdrawal of Fiscal Year 2020 Guidance

Due to the rapidly evolving  situation associated with the global health crisis caused by COVID-19 and its impact on the global economy, management has elected to withdrawal the fiscal year 2020 guidance which was reiterated on January 9, 2020.  The extent to which the global health crisis will impact the Company’s financial results and operations for fiscal year 2020 will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the outbreak and the international actions being taken to contain and treat it.

   

Webcast Information
As previously announced, WD-40 Company management will host a live webcast at approximately 5:00 p.m. ET / 2:00 p.m. PT today to discuss these results.  Other forward-looking and material information may also be discussed during this call including management’s current view of the business in light of the COVID-19 health crisis.   Please visit http://investor.wd40company.com for more information and to view supporting materials.



About WD-40 Company

WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company markets its maintenance products and homecare and cleaning products under the following well-known brands: WD-40®, 3-IN-ONE®, GT85®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava® and Solvol®.  



Headquartered in San Diego, WD-40 Company recorded net sales of $423.4 million in fiscal year 2019 and its products are currently available in more than 176 countries and territories worldwide. WD-40 Company is traded on the NASDAQ Global Select market under the ticker symbol “WDFC.” For additional information about WD-40 Company please visit http://www.wd40company.com.



Forward-Looking Statements

Except for the historical information contained herein, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information.  These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements.

Our forward-looking statements include, but are not limited to, discussions about future financial and operating results, including:  growth expectations for maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing and the costs associated with distribution of our products; plans for and success of product innovation, the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; expected tax rates and the impact of tax legislation and regulatory action; the length and severity of the recent COVID-19 outbreak and its impact on the global economy and the Company’s financial results; and forecasted foreign currency exchange rates and commodity prices. Our forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions. 



4

 


 

The Company's expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company's expectations, beliefs or forecasts will be achieved or accomplished.

 

Actual events or results may differ materially from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part IItem 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019, and in the Company’s Quarterly Report on Form 10-Q for the period ended February 29, 2020 which the Company expects to file with the SEC on April 9, 2020.



All forward-looking statements included in this press release should be considered in the context of these risks. All forward-looking statements speak only as of April 9, 2020, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.



Table Notes and General Definitions

(1)

The Company markets maintenance products under the WD-40®, GT85® and 3-IN-ONE® brand names. Currently included in the WD-40 brand are the WD-40 Multi-Use Product and the WD-40 Specialist® and WD-40 BIKE® product lines.

(2)

The Company markets the following homecare and cleaning brands:  X-14® mildew stain remover and automatic toilet bowl cleaners, 2000 Flushes® automatic toilet bowl cleaners, Carpet Fresh® and no  vac® rug and room deodorizers, Spot Shot® aerosol and liquid carpet stain removers, 1001® household cleaners and rug and room deodorizers and Lava®  and Solvol® heavy-duty hand cleaners.

(3)

The Americas segment consists of the U.S., Canada and Latin America.

(4)

The EMEA segment consists of countries in Europe, the Middle East, Africa and India.

(5)

The Asia-Pacific segment consists of Australia, China and other countries in the Asia region.

(6)

Constant currency represents the translation of the current quarter and year-to-date results from the functional currencies of the Company’s subsidiaries to U.S. dollars using the exchange rate in effect for the corresponding periods of the prior fiscal year. 

5

 


 









 

 

 

 

 



 

 

 

 

 

WD-40 COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share amounts)



 

 

 

 

 



February 29,

 

August 31,



2020

 

2019

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

30,503 

 

$

27,233 

Trade accounts receivable, less allowance for doubtful

 

 

 

 

 

accounts of $330 and $300 at February 29, 2020

 

 

 

 

 

and August 31, 2019, respectively

 

75,827 

 

 

72,864 

Inventories

 

42,960 

 

 

40,682 

Other current assets

 

8,973 

 

 

7,216 

Total current assets

 

158,263 

 

 

147,995 

Property and equipment, net

 

57,910 

 

 

45,076 

Goodwill

 

95,580 

 

 

95,347 

Other intangible assets, net

 

9,475 

 

 

10,652 

Operating lease right-of-use assets

 

8,324 

 

 

 -

Deferred tax assets, net

 

423 

 

 

403 

Other assets

 

3,356 

 

 

3,189 

Total assets

$

333,331 

 

$

302,662 



 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

24,643 

 

$

18,727 

Accrued liabilities

 

20,627 

 

 

18,513 

Accrued payroll and related expenses

 

8,239 

 

 

15,301 

Short-term borrowings

 

41,729 

 

 

21,205 

Income taxes payable

 

186 

 

 

844 

Total current liabilities

 

95,424 

 

 

74,590 

Long-term borrowings

 

61,117 

 

 

60,221 

Deferred tax liabilities, net

 

11,665 

 

 

11,688 

Long-term operating lease liabilities

 

6,727 

 

 

 -

Other long-term liabilities

 

10,439 

 

 

10,688 

Total liabilities

 

185,372 

 

 

157,187 



 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 



 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

Common stock ― authorized 36,000,000 shares, $0.001 par value;

 

 

 

 

 

19,812,685 and 19,773,977 shares issued at February 29, 2020 and

 

 

 

 

 

August 31, 2019, respectively; and 13,705,795 and 13,718,661 shares

 

 

 

 

 

outstanding at February 29, 2020 and August 31, 2019, respectively

 

20 

 

 

20 

Additional paid-in capital

 

156,381 

 

 

155,132 

Retained earnings

 

382,939 

 

 

374,060 

Accumulated other comprehensive loss

 

(30,468)

 

 

(32,482)

Common stock held in treasury, at cost ― 6,106,890 and 6,055,316

 

 

 

 

 

shares at February 29, 2020 and August 31, 2019, respectively

 

(360,913)

 

 

(351,255)

Total shareholders' equity

 

147,959 

 

 

145,475 

Total liabilities and shareholders' equity

$

333,331 

 

$

302,662 



 

 

 

 

 



 

 

 

 

 



























6

 


 



















 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

WD-40 COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except per share amounts)



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended February 29/28,

 

Six Months Ended February 29/28,



 

2020

 

 

2019

 

 

2020

 

 

2019



 

 

 

 

 

 

 

 

 

 

 

Net sales

$

100,049 

 

$

101,335 

 

$

198,605 

 

$

202,617 

Cost of products sold

 

46,447 

 

 

45,177 

 

 

91,460 

 

 

90,628 

Gross profit

 

53,602 

 

 

56,158 

 

 

107,145 

 

 

111,989 



 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

29,906 

 

 

30,591 

 

 

62,505 

 

 

63,322 

Advertising and sales promotion

 

4,857 

 

 

5,184 

 

 

10,447 

 

 

11,150 

Amortization of definite-lived intangible assets

 

654 

 

 

668 

 

 

1,304 

 

 

1,401 

Total operating expenses

 

35,417 

 

 

36,443 

 

 

74,256 

 

 

75,873 



 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

18,185 

 

 

19,715 

 

 

32,889 

 

 

36,116 



 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

28 

 

 

45 

 

 

53 

 

 

96 

Interest expense

 

(593)

 

 

(685)

 

 

(1,035)

 

 

(1,395)

Other (expense) income, net

 

(229)

 

 

497 

 

 

(224)

 

 

873 

Income before income taxes

 

17,391 

 

 

19,572 

 

 

31,683 

 

 

35,690 

Provision for income taxes

 

3,064 

 

 

3,666 

 

 

5,162 

 

 

6,505 

Net income

$

14,327 

 

$

15,906 

 

$

26,521 

 

$

29,185 



 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.04 

 

$

1.15 

 

$

1.92 

 

$

2.10 

Diluted

$

1.04 

 

$

1.14 

 

$

1.92 

 

$

2.09 



 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

13,712 

 

 

13,828 

 

 

13,713 

 

 

13,837 

Diluted

 

13,737 

 

 

13,857 

 

 

13,741 

 

 

13,869 



 

 

 

 

 

 

 

 

 

 

 



























7

 


 







 

 

 

 

 



 

 

 

 

 

WD-40 COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)



 

 

 

 

 



Six Months Ended February 29/28,



2020

 

2019

Operating activities:

 

 

 

 

 

Net income

$

26,521 

 

$

29,185 

Adjustments to reconcile net income to net cash provided by

 

 

 

 

 

operating activities:

 

 

 

 

 

Depreciation and amortization

 

4,024 

 

 

3,825 

Net gains on sales and disposals of property and equipment

 

(66)

 

 

(15)

Deferred income taxes

 

(79)

 

 

411 

Stock-based compensation

 

3,889 

 

 

3,358 

Unrealized foreign currency exchange (gains) losses

 

(249)

 

 

460 

Provision for bad debts

 

61 

 

 

35 

Changes in assets and liabilities:

 

 

 

 

 

Trade accounts receivable

 

(1,313)

 

 

(6,378)

Inventories

 

(1,648)

 

 

(7,189)

Other assets

 

(1,781)

 

 

5,318 

Operating lease assets and liabilities, net

 

211 

 

 

 -

Accounts payable and accrued liabilities

 

1,969 

 

 

(5,239)

Accrued payroll and related expenses

 

(7,345)

 

 

(5,251)

Other long-term liabilities and income taxes payable

 

(812)

 

 

(1,294)

Net cash provided by operating activities

 

23,382 

 

 

17,226 



 

 

 

 

 

Investing activities:

 

 

 

 

 

Purchases of property and equipment

 

(10,695)

 

 

(5,006)

Proceeds from sales of property and equipment

 

212 

 

 

124 

Net cash used in investing activities

 

(10,483)

 

 

(4,882)



 

 

 

 

 

Financing activities:

 

 

 

 

 

Treasury stock purchases

 

(9,658)

 

 

(12,061)

Dividends paid

 

(17,642)

 

 

(16,011)

Repayments of long-term senior notes

 

(400)

 

 

(400)

Net proceeds of revolving credit facility

 

20,524 

 

 

2,407 

Shares withheld to cover taxes upon conversions of equity awards

 

(2,640)

 

 

(2,433)

 Net cash used in financing activities

 

(9,816)

 

 

(28,498)

Effect of exchange rate changes on cash and cash equivalents

 

187 

 

 

(1,116)

Net increase (decrease) in cash and cash equivalents

 

3,270 

 

 

(17,270)

Cash and cash equivalents at beginning of period

 

 

 

27,233 

 

 

48,866 

Cash and cash equivalents at end of period

$

30,503 

 

$

31,596 



 

 

 

 

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

Accrued capital expenditures

$

5,724 

 

$

334 



 

 

 

 

 































8

 


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Screenshot taken from Lumber Liquidators 10-K Annual Report
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Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
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Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

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FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
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Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Financial Ratios
Available Financial Ratios
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