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Axalta Coating Systems (AXTA)

Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, its coatings are designed to prevent corrosion, increase productivity, and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve its more than 100,000 customers in over 130 countries better every day with the finest coatings, application systems and technology.

Company profile

Ticker
AXTA
Exchange
CEO
Robert Bryant
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Axalta Coating Systems Belgium BVBA • Axalta Coating Systems Canada Company • Axalta Coating Systems Deutschland Holding GmbH & Co. KG • Axalta Coating Systems Dutch Holding A B.V. • Axalta Coating Systems Dutch Holding B B.V. • Axalta Coating Systems EMEA Holding B.V. • Axalta Coating Systems France Holding SAS • Axalta Coating Systems France SAS • Axalta Coating Systems Germany GmbH & Co. KG • Axalta Coating Systems GmbH ...

AXTA stock data

Calendar

26 Jul 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 510.2M 510.2M 510.2M 510.2M 510.2M 510.2M
Cash burn (monthly) 25.53M 60.94M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 78.07M 186.33M n/a n/a n/a n/a
Cash remaining 432.13M 323.87M n/a n/a n/a n/a
Runway (months of cash) 16.9 5.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Sep 22 Elizabeth Cahill Lempres Common Shares Option exercise Acquire M No No 0 4,904 0 39,538
15 Sep 22 Elizabeth Cahill Lempres RSU Common Shares Option exercise Dispose M No No 0 4,904 0 0
13 Sep 22 Bertsch Jan RSU Common Shares Grant Acquire A No No 0 2,374 0 2,374
31 Aug 22 Sachdev Rakesh RSU Common Shares Grant Acquire A No No 0 233,009 0 233,009
29 Jul 22 Troy D. Weaver Common Shares Payment of exercise Dispose F No No 25.22 1,297 32.71K 36,889
29 Jul 22 Troy D. Weaver Common Shares Option exercise Acquire M No No 0 3,052 0 38,186
29 Jul 22 Troy D. Weaver RSU Common Shares Option exercise Dispose M No No 0 3,052 0 0
13F holders Current Prev Q Change
Total holders 289 294 -1.7%
Opened positions 39 40 -2.5%
Closed positions 44 63 -30.2%
Increased positions 111 113 -1.8%
Reduced positions 98 113 -13.3%
13F shares Current Prev Q Change
Total value 4.82B 5.19B -7.2%
Total shares 217.78M 211.11M +3.2%
Total puts 717.3K 476.5K +50.5%
Total calls 655.94K 1.35M -51.6%
Total put/call ratio 1.1 0.4 +210.9%
Largest owners Shares Value Change
Vanguard 20.46M $452.37M +0.6%
Massachusetts Financial Services 16.94M $374.63M +2.1%
Barrow Hanley Mewhinney & Strauss 15.84M $350.15M -0.3%
BLK Blackrock 15.68M $346.72M +22.0%
Boston Partners 15.19M $337.22M +3.7%
JPM JPMorgan Chase & Co. 8.78M $194.11M +1.0%
Ariel Investments 7.27M $160.68M -1.8%
FMR 6.69M $147.93M -0.5%
Rivulet Capital 5.63M $124.48M -5.0%
Wellington Management 5.33M $117.9M +6.6%
Largest transactions Shares Bought/sold Change
FIFTHDELTA 745.16K -5.69M -88.4%
MS Morgan Stanley 3.92M +3.02M +333.4%
BLK Blackrock 15.68M +2.83M +22.0%
Scopia Capital Management 2.22M +2.22M NEW
Allspring Global Investments 2.22M +2.19M +9486.0%
Millennium Management 10.3K -1.92M -99.5%
PZN Pzena Investment Management 5.07M +1.87M +58.4%
TROW T. Rowe Price 1.54M +1.36M +776.1%
Marshall Wace 4.8M +1.34M +38.8%
Nuveen Asset Management 2.33M +1.04M +80.2%

Financial report summary

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Risks
  • Our business, results of operations, financial condition, cash flows and stock price has been, and may in the future be, adversely affected by the COVID-19 pandemic.
  • Our financial position, results of operations and cash flows could be materially adversely affected by difficult economic conditions, and/or significant volatility in the capital, credit and commodities markets.
  • Improved safety features on vehicles, commercialization of autonomous vehicles, insurance company influence, the introduction of new business models or new methods of travel, and weather conditions may reduce the demand for some of our products and could have a negative effect on our business, financial condition, results of operations and cash flows.
  • The loss of or reduced purchases by any of our largest customers, or the consolidation of MSOs, distributors and/or body shops, could adversely affect our business, financial condition, results of operations and cash flows.
  • We rely on our distributor network and third-party delivery services for the distribution and export of certain of our products. A significant disruption in these services or significant increases in prices for those services may disrupt our ability to export material or increase our costs.
  • Price increases, business and supply chain interruptions, declines in the supply of raw materials or disruptions to our major tolling arrangements could have a significant impact on our ability to grow or sustain earnings.
  • Failure to develop and market new products and manage product life cycles could impact our competitive position and have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • As a global business, we are subject to risks associated with our non-U.S. operations that are not present in the United States.
  • Our failure to comply with the anti-corruption laws of the United States and various international jurisdictions could negatively impact our reputation and results of operations.
  • Evolving environmental, safety or other regulations and laws could have a material adverse effect on our business and consolidated financial condition.
  • As a result of our current and past operations and/or products, including operations and/or products related to our businesses prior to the Acquisition, we could incur significant environmental liabilities and costs.
  • We handle and transport certain materials that are inherently hazardous due to their toxic nature.
  • Our results of operations could be adversely affected by litigation and claims.
  • If we are required to make unexpected payments to any pension plans applicable to our employees, our financial condition may be adversely affected.
  • We are subject to work stoppages, union negotiations, labor disputes and other matters associated with our labor force, which may adversely impact our operations and cause us to incur incremental costs.
  • We may not be able to recruit and retain the experienced and skilled personnel we need to compete.
  • Our inability to protect and enforce our intellectual property rights could adversely affect our financial results.
  • If we are sued for infringing intellectual property rights of third parties, it may be costly and time consuming, and an unfavorable outcome in any litigation could harm our business.
  • We may continue to engage in acquisitions and divestitures, and may encounter difficulties integrating acquired businesses with, or disposing of divested businesses from, our current operations and, as a result, we may not realize the anticipated benefits of these acquisitions and divestitures.
  • Our joint ventures may not operate according to our business strategy if our joint venture partners fail to fulfill their obligations.
  • DuPont's potential breach of its obligations in connection with the Acquisition, including failure to comply with its indemnification obligations, may materially affect our business and operating results.
  • We may be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. holders of our common shares.
  • Our substantial indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy and our industry and our flexibility in managing our business, expose us to interest rate risk to the extent of our variable rate debt and prevent us from meeting our obligations with respect to our indebtedness.
  • To service all of our indebtedness, we will require a significant amount of cash and our ability to generate cash depends on many factors beyond our control.
  • Despite our current level of indebtedness and restrictive covenants, we and our subsidiaries may incur additional indebtedness. This could further exacerbate the risks associated with our substantial financial leverage.
  • We are dependent upon our lenders for financing to execute our business strategy and meet our liquidity needs. If our lenders are unable or unwilling to fund borrowings under their credit commitments or we are unable to borrow, it could negatively impact our business.
  • Our ability to obtain additional capital on commercially reasonable terms may be limited.
  • Difficult and volatile conditions in the capital, credit and commodities markets and in the overall economy could have a material adverse effect on our financial position, results of operations and cash flows.
  • We are subject to risks associated with the current interest rate environment and, to the extent we use debt to fund our operations, changes in interest rates will affect our cost of debt.
  • Risks Related to Ownership of our Common Shares
  • Axalta Coating Systems Ltd. is a holding company with no operations of its own. Because our operations are conducted almost entirely through our subsidiaries and joint ventures, we are largely dependent on our receipt of distributions and
  • dividends or other payments from our subsidiaries and joint ventures for cash to fund all of our operations and expenses, including to make future dividend payments, if any.
  • The price of our common shares may fluctuate significantly, and you could lose all or part of your investment.
  • We do not expect to pay dividends on our common shares and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common shares.
  • Future sales of our common shares in the public market could lower our share price, and any additional capital raised by us through the sale of equity or convertible debt securities may dilute your ownership in us and may adversely affect the market price of our common shares.
  • We are a Bermuda company and it may be difficult for you to enforce judgments against us or our directors and executive officers.
  • Bermuda law differs from the laws in effect in the U.S. and may afford less protection to our shareholders.
  • We have anti-takeover provisions in our bye-laws that may discourage a change of control.
  • We may be unable to successfully execute on our growth initiatives, business strategies or operating plans.
  • Increased competition may adversely affect our business, financial condition, results of operations and cash flows.
  • We take on credit risk exposure from our customers in the ordinary course of our business.
  • Currency risk may adversely affect our financial condition, results of operations and cash flows.
  • Terrorist acts, conflicts, wars, natural disasters, pandemics and other health crises, among other events beyond our control, may materially adversely affect our business, financial condition, results of operations and cash flows.
  • Interruption, interference with, or failure of our information technology and communications systems could hurt our ability to effectively provide our products and services, which could harm our reputation, financial condition, operating results and cash flows.
  • The insurance we maintain may not fully cover all potential exposures.
  • We are subject to complex and evolving data privacy laws.
  • We may be subject to changes in our tax rates and the adoption of tax legislation or exposure to additional tax liabilities that may adversely affect our results of operations.
  • Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
Management Discussion
  • (1) Primarily related to earnings in Bermuda, Germany, Luxembourg, and Switzerland.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: concession, country, forgo, macroeconomic, margin, recapitalization, revenue, unrelated
Removed: deferred, finalize, impairment, indemnity, intend, measurement, Mexican, offsetting, order, Peso, redemption, South