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AFI Armstrong Flooring

Armstrong Flooring, Inc. is a leading global manufacturer of flooring products and one of the industry’s most trusted and celebrated brands. The company continually builds on its resilient, 150-year legacy by delivering on its mission to create a stronger future for customers through adaptive and inventive solutions. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring safely and responsibly operates eight manufacturing facilities globally.

Company profile

Ticker
AFI
Exchange
CEO
Michel Vermette
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Armstrong Licensing LLC • Armstrong Flooring Pty Ltd • AFI Canada Ltd. • Armstrong (China) Investment Co. Ltd. • Armstrong Advanced Flooring (China) Co. Ltd • Armstrong Flooring Hong Kong Limited ...

AFI stock data

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Calendar

30 Jul 21
26 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 14.6M 14.6M 14.6M 14.6M 14.6M 14.6M
Cash burn (monthly) 700K 1.63M 6.27M 2.97M 1.3M 4.42M
Cash used (since last report) 2.72M 6.31M 24.33M 11.52M 5.05M 17.15M
Cash remaining 11.88M 8.29M -9.73M 3.08M 9.55M -2.55M
Runway (months of cash) 17.0 5.1 -1.6 1.0 7.3 -0.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Oct 21 Amy Trojanowski Common Stock Payment of exercise Dispose F No No 3.06 5,596 17.12K 44,404
19 Oct 21 Amy Trojanowski Common Stock Option exercise Acquire M No No 3.06 20,000 61.2K 50,000
19 Oct 21 Amy Trojanowski RSU Common Stock Option exercise Dispose M No No 0 20,000 0 80,000
13 Sep 21 Vermette Michel Common Stock Payment of exercise Dispose F No No 3.03 8,178 24.78K 239,523
13 Sep 21 Vermette Michel Common Stock Option exercise Acquire M No No 3.03 28,612 86.69K 247,701
13 Sep 21 Vermette Michel RSU Common Stock Option exercise Dispose M No No 0 28,612 0 85,838
27 Jul 21 22NW Common Stock Buy Acquire P Yes No 3.9984 13,695 54.76K 3,196,336
26 Jul 21 22NW Common Stock Buy Acquire P Yes No 3.99 8,402 33.52K 8,402
26 Jul 21 22NW Common Stock Buy Acquire P Yes No 4.0069 95,968 384.53K 3,182,641

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

84.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 62 63 -1.6%
Opened positions 6 57 -89.5%
Closed positions 7 0 NEW
Increased positions 10 1 +900.0%
Reduced positions 27 4 +575.0%
13F shares
Current Prev Q Change
Total value 256.87M 189.8M +35.3%
Total shares 18.41M 15.21M +21.0%
Total puts 26.5K 24.9K +6.4%
Total calls 50.6K 56.8K -10.9%
Total put/call ratio 0.5 0.4 +19.5%
Largest owners
Shares Value Change
22NW Fund 3.09M $17.26M NEW
22NW 3.09M $19.11M +44.2%
Hotchkis & Wiley Capital Management 2.34M $14.51M -4.9%
GBL Gamco Investors 1.88M $11.62M +1.3%
Renaissance Technologies 1.04M $6.45M -13.1%
Dimensional Fund Advisors 1M $6.2M -4.3%
Vanguard 946.12K $5.86M -0.0%
Acadian Asset Management 721.18K $4.46M -2.9%
Harvey Partners 555K $3.44M +70.8%
BLK Blackrock 502.52K $3.11M -13.9%
Largest transactions
Shares Bought/sold Change
22NW Fund 3.09M +3.09M NEW
22NW 3.09M +945.57K +44.2%
Nantahala Capital Management 0 -609.35K EXIT
Harvey Partners 555K +230K +70.8%
Boothbay Fund Management 152.83K -179.78K -54.1%
Renaissance Technologies 1.04M -157.7K -13.1%
Hotchkis & Wiley Capital Management 2.34M -121.32K -4.9%
Essex Investment Management 102.56K +102.56K NEW
Gendell Jeffrey L 306.69K +90.92K +42.1%
BLK Blackrock 502.52K -81.27K -13.9%

Financial report summary

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Risks
  • Failure to successfully execute our strategy to transform and modernize our business and related investment costs may materially adversely affect our market position, financial condition, liquidity or results of operations.
  • We compete with numerous flooring manufacturers in highly competitive markets. Competition can affect customer preferences, reduce demand for our products, negatively affect our product sales mix, leverage greater financial resources, or cause us to lower prices, any or all which could adversely affect our financial condition, liquidity or results of operations.
  • If the availability of direct materials (raw materials, packaging, sourced products, energy) decreases, or these costs increase and we are unable to pass along increased costs, our financial condition, liquidity or results of operations could be adversely affected.
  • Sales fluctuations to and changes in our relationships with key customers could have a material adverse effect on our financial condition, liquidity or results of operations.
  • Our business is dependent on construction activity. Downturns in construction activity could adversely affect our financial condition, liquidity or results of operations.
  • We require a significant amount of liquidity to fund our strategy and operations.
  • Our indebtedness may adversely affect our cash flow and our ability to operate our business, make payments on our indebtedness and declare dividends on our capital stock.
  • Our business, results of operations, financial condition, cash flows and stock price can be adversely affected by pandemics, epidemics or other public health emergencies, such as the outbreak of COVID-19.
  • Worldwide economic conditions could have a material adverse impact on our financial condition, liquidity or results of operations.
  • We are subject to risks associated with our international operations in both established and emerging markets. Legislative, political, regulatory and economic volatility, as well as vulnerability to infrastructure and labor disruptions, could have an adverse effect on our financial condition, liquidity or results of operations.
  • We may be subject to liability under and may make substantial future expenditures to comply with environmental laws and regulations, which could materially adversely affect our financial condition, liquidity or results of operations.
  • Disruptions to or failures of our various information systems could have an adverse effect on our business.
  • Our performance depends on our ability to attract, develop and retain talented management.
  • Our intellectual property rights may not provide meaningful commercial protection for our products or brands, which could adversely impact our financial condition, liquidity or results of operations.
  • Adverse judgments in regulatory actions, product claims, environmental claims and other litigation could be costly. Insurance coverage may not be available or adequate in all circumstances.
  • Increased costs of labor, labor disputes, work stoppages or union organizing activity could delay or impede production and could have a material adverse effect on our financial condition, liquidity or results of operations.
  • We outsource our information technology infrastructure which makes us more dependent upon third parties.
  • Our stock price is subject to volatility.
  • A stockholder's percentage of ownership in us may be diluted in the future.
  • Certain provisions in our amended and restated certificate of incorporation and bylaws, and of Delaware law, may prevent or delay an acquisition of our company, which could decrease the trading price of our common stock.
  • If the Separation and Distribution fails to qualify as a tax-free transaction for U.S. federal income tax purposes, then we could be subject to significant tax liability or tax indemnity obligations.
  • We will be required to satisfy certain indemnification obligations to AWI or may not be able to collect on indemnification rights from AWI.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • We are a leading global producer of flooring products for use primarily in the construction and renovation of commercial, residential and institutional buildings. We design, manufacture, source and sell resilient flooring products primarily in North America and the Pacific Rim. As of June 30, 2021, we operated seven manufacturing plants in three countries, including five manufacturing plants located throughout the U.S. (Illinois, Mississippi, Oklahoma and two in Pennsylvania) and one plant each in China and Australia.
  • During early 2020, we established a multi-year strategic roadmap to transform and modernize our operations to become a leaner, faster-growing and more profitable business. The transformation encompasses three critical objectives: (i) expanding customer reach; (ii) simplifying product offerings and operations; and (iii) strengthening core capabilities. In addition, we have implemented a new operating model to more effectively accomplish these objectives by: (i) placing customers first by aligning services and products through a more seamless value chain; (ii) leading the industry in product innovation; (iii) simplifying processes and operating complexity to become more competitive and efficient; (iv) realigning the go-to-market model to reach all relevant channels and customers; (v) implementing system changes to improve operations, reduce costs and reignite organic growth; and (vi) investing thoughtfully with a return-focused mindset. The goal of this focused strategy is to transform and modernize AFI, resulting in a company that is more agile, faster-growing and more profitable.
Content analysis
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Positive
Negative
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Constraining
Legalese
Litigous
Readability
7th grade Avg
New words: backlog, delayed, drove, entirety, hospitality, involuntary, judgement, outpaced, prejudice, prepaid, rationalization, recovery, region, reorganization, reserve, showcase, stop, structure, supply, transportation, unusual, vii
Removed: converted, data, employer, final, implementation, LVT, partially, past, reacquired, scheduled, senior, vesting, withholding