Mohawk Industries 公布第一季度业绩

佐治亚洲卡尔霍恩, May 02, 2021 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣布 2021 年第一季度的净盈利为 2.37 亿美元,摊薄后每股盈利(EPS)为 3.36 美元。调整后净盈利为 2.46 亿美元,每股盈利为 3.49 美元,不包括调整、收购及其他费用。2021 年第一季度的净销售额为 27 亿美元,按报告季度下降 16.8%,而按固定货币及天数计算为 9.1%。2020 年的第一季度净销售额为 23 亿美元,净盈利为 1.11 亿美元,每股盈利为 1.54 美元,调整后净盈利为 1.19 亿美元,每股为 1.66 美元,不包括调整、收购及其他费用。

主席兼行政总裁 Jeffrey S. Lorberbaum 在评论 Mohawk Industries 的第一季度业绩时表示:“在此期间,我们的业绩出色,包括有史以来最高的销售记录与第一季度每股收益。在此期间,我们的业务持续增强,没有反映我们行业的正常季节性。在世界各地,消费者正在继续投资在自己的住屋上,在大多数改建项目中,新地板起著重要作用。随著全球经济的扩张以及企业开始投资以期望恢复正常,我们也开始看到对商业需求的温和改善。

市场需求随著时间增强,并且到第二季度我们的积压订单仍然强劲。我们的大多数业务都以高生产率运作,尽管我们的库存仍比我们想要的低。在此期间,我们的生产和营运成本受到我们大多数市场的供应限制,以及旷工、新员工培训和美国恶劣天气的影响。我们的利润率受益于强劲的消费者需求、我们的重组和生产力行动,以及利用对销售、一般及行政 (SG&A) 成本。我们提高了大多数产品类别和地区的价格,以反映原材料、劳动力、能源及运输方面的通货膨胀。全球运输能力受到限制,这增加了我们的成本并延迟收到我们的进口产品。我们已经看到本地运输受到类似的限制,并且正在提高运费以作为回应。”

“我们将继续实行我们的重组计划,并实现在我们预期的 1 亿至 1.1 亿美元中节省约 7,500 万美元。自我们开始了购买计划以来,在第一季度,我们以平均约 179 美元的价格购买了 1.23 亿美元的股票,总价为 6.86 亿美元。我们的资产负债表保持强势,净债务减去短期投资为 13 亿美元,反映出公司的杠杆水平处于历史低位。

“根据报告,本季度我们的世界地板部门的销售额增加了 30.7%,以及按固定货币和天数计算增长为 14.6%。根据报告,该部门的营业利润率增长了 780 个基点至 20.7%。增长的原因是销量增加、有利的价格和产品结构、生产率提高和有利的汇率,但部分被通货膨胀所抵消。第一季度受益于较低的营销费用、产品组合和天数的增加,从而为期内带来更高利润。在此期间,我们的大多数设施都处于高水平运作,尽管一些供应上的约束限制了我们的利用率。我们预计至少在第二季度仍会持续出现一些材料短缺。我们的层压板业务是该部门最大的产品类别,随著我们产品更逼真的视觉效果及更出色的性能获得了消费者的拥护,层压板业务持续录得显著增长。在第二季度,我们将安装更多的层压板制造资产,以支持进一步的增长。我们的 LVT(石塑地板)销量大幅增长,由于改良了的配方及生产速度的提高,我们的利润率也有所提升。我们的乙烯基板材销售受到欧洲零售商对冠状病毒封城的限制。随著我们扩大客户基础和产品范围,我们的俄罗斯乙烯基板材业务继续快速扩张。尽管材料供应和成本增加给我们的利润带来压力,但我们的绝缘材料业务仍继续增长。我们的木板业务提高了性能,并正在安装新的三聚氰胺压机,以增加更高的价值销售和效率。透过利用我们全面的软硬表面系列、强大的销售组织和行业领先的服务,我们在澳洲及新西兰的销售与利润率均获得显著增长。

“在本季度,我们的地板北美部门的销售额按报告增长了 14.3%,按固定汇率计算增长了约 9%,营业利润率为 8.4%,增长了 410 个基点。该部门的营业收入增加的主要原因是销量和生产力的提高,但部分被通货膨胀所抵消。我们的订单率保持强劲,并且积压量高于正常水平。当我们管理劳动力短缺和供应紧张的干扰时,我们所有的业务都在最大程度上提高产量。改变零售模式改善了我们优质产品的销售,从而改善了我们的住宅地毯销售。随著新项目投资的增加,我们的商业业务从低谷持续改善。随著逼真的视觉效果和防水性能在所有渠道中被广泛应用,我们的层压板销量创下了记录。我们大大提高了国内层压板的产量,并以我们全球业务的进口作为补充。我们将安装更多的层压板生产,以在今年年底之前进一步扩大我们的销售。随著我们扩大产品范围,我们的 LVT 销售持续增长,并且由于我们实施了与欧洲业务类似的流程,本地制造亦在不断改善。  我们正在提高优质 Ultrawood 的产量,这是第一款防水天然木地板,还具有行业领先的耐刮耐磨、抗凹痕和抗褪色特性。

“我们全球陶瓷部门销售额在该季度按报告增长了 9.6%,按固定货币和天数计算増长 5.4%。根据报告,该部门的营业利润率增长了 370 个基点而达到 9.4%,这主要是由于有利的价格和产品组合、更高的销量和生产率提高,但部分被通货膨胀所抵消。我们的美国工厂正在以更高的水平运行,并且我们透过重组行动提高了生产率。我们的石英厂正在提高其生产力,我们正在引入更成熟的脉状系列,这将增加我们的产品组合,并应提高我们的利润率。在此期间,袭击西南地区的冰暴中断了我们的电力和天然气供应,暂时停止了我们大多数制造工厂的生产。设施已全部恢复,并按预期运作,从而改善了我们的服务。我们的欧洲陶瓷业务表现出色,这得益于生产力、产品组合的改善和消费者需求的增长。尽管受能力限制,我们的俄罗斯、巴西和墨西哥的陶瓷业务仍取得了不错的业绩。在所有三个业务中,我们都在最大程度上提高产量并根据需要分配生产。在巴西和墨西哥,我们今年正在提高产能,以改善我们的销售和产品组合。在俄罗斯,我们正在优化瓷砖生产,并扩大新的高级卫生洁具工厂,以满足不断增长的需求。

“随著一年的发展,我们预计历史上的低利率、政府措施和较少的疫情限制将改善我们在全球的市场。疫苗接种计划应让人更安全,并减少与冠状病毒相关的进一步破坏的风险。我们预计目前强劲的住宅趋势将继续,第二阶段的商业销售将缓慢改善。在整个企业范围内,我们将增加产品介绍,以提供更多功能和优势,以增强我们的产品及利润。我们执行正在进行的成本节省计划的同时,亦正在改善制造业务以提高产量和效率。我们的供应商表示,尽管一些营运仍可能面临未来的供应限制,但从第一季度起物料的供应量应该会有所改善。我们正在某些美国社区管理充满挑战的劳动力市场,联邦的补充失业计划可能會干擾人员配备,从而在最大程度上提高这些活动的效率。如果原材料、能源和运输成本继续上涨,则可能需要在全球进一步提价。考虑到这些因素,我们预计不计任何重组费用,第二季度调整后的每股收益将在 3.57 美元至 3.67 美元之间。

“目前,我们的强劲积压订单反映了全球住宅需求的上升水平。我们正在引入新产品创新,以增强我们的产品和客户销售,并优化生产以改善我们的服务。我们正在为改善商业项目做准备,期望实现经济扩张并恢复正常的商业投资。凭借强大的流动性和历史上较低的杠杆率,我们将增加资本投资,并利用其他机会进行扩张。”

关于 MOHAWK INDUSTRIES

Mohawk Industries 是全球领先的地板制造商,致力于创造产品来提升全球住宅及商业空间。Mohawk 垂直集成的制造及分销流程在地毯、小毛毯、瓷砖、层压板、木材、石材及乙烯基地板的生产方面拥有竞争优势。我们行业领先的创新产品及技术使我们的品牌在市场上脱颖而出,并满足所有改造及新建工程要求。我们是在行内最受认可的品牌,并包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 及 Unilin。在过去的十年中,Mohawk 已经将其业务从一家美国地毯制造商转变为世界上最大的地板公司,在澳洲、巴西、加拿大、欧洲、印度、马来西亚、墨西哥、新西兰、俄罗斯及美国开展业务。

前面几段中的某些陈述,特别是预测未来业绩、业务前景、增长及经营策略以及类似事项以及包括“可能”、“应该”、“相信”、“预料”、“预期”及“估计”或类似可构成“前瞻性陈述”的字眼。对于这些陈述,Mohawk 受 1995 年《美国私人证券诉讼改革法案》中包含的前瞻性陈述的保护。无法保证前瞻性陈述是准确的,因其基于许多假设、涉及风险及不确定性。以下的重要因素可导致未来结果不同:经济或行业状况的变化;竞争;原材料价格和其他投入成本的通货膨胀和通货紧缩;消费市场的通货膨胀和通货紧缩;能源成本和供应;资本支出的时间和水平;本公司产品价格上涨的时间和实施;减值费用;收购集成;国际业务;推出新产品;合理化运作;税收和税收改革、产品和其他索赔;诉讼;以及 Mohawk 的证券交易委员会报告和公告中所提及的其他风险。

电话会议:2021 年 4 月 30 日上午 11 时(美国东部时间)

电话号码:1-800-603-9255(美国/加拿大);1-706-634-2294(国际/本地)。会议识别码:6084517。直至 2021 年 5 月 30 日都可以经致电 1-855-859-2056(美国/本地)及 1-404-537-3406(国际/本地)并输入会议验证码:6084517 收听重播。

联络人:James Brunk | 财务总监 | 电话:(706) 624-2239

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

(Unaudited)

Condensed Consolidated Statement of Operations Data

Three Months Ended

(Amounts in thousands, except per share data)

April 3, 2021

 

March 28, 2020

 

 

 

 

Net sales

$

2,669,026

 

 

2,285,763

 

Cost of sales

 

1,877,257

 

 

1,669,323

 

Gross profit

 

791,769

 

 

616,440

 

Selling, general and administrative expenses

 

474,254

 

 

464,957

 

Operating income

 

317,515

 

 

151,483

 

Interest expense

 

15,241

 

 

8,671

 

Other (income) expense, net

 

(2,227

)

 

5,679

 

Earnings before income taxes

 

304,501

 

 

137,133

 

Income tax expense

 

67,690

 

 

26,668

 

Net earnings including noncontrolling interests

 

236,811

 

 

110,465

 

Net earnings (loss) attributable to noncontrolling interests

 

4

 

 

(49

)

Net earnings attributable to Mohawk Industries, Inc.

$

236,807

 

 

110,514

 

 

 

 

 

Basic earnings per share attributable to Mohawk Industries, Inc.

 

 

 

Basic earnings per share attributable to Mohawk Industries, Inc.

$

3.37

 

 

1.54

 

Weighted-average common shares outstanding - basic

 

70,179

 

 

71,547

 

 

 

 

 

Diluted earnings per share attributable to Mohawk Industries, Inc.

 

 

 

Diluted earnings per share attributable to Mohawk Industries, Inc.

$

3.36

 

 

1.54

 

Weighted-average common shares outstanding - diluted

 

70,474

 

 

71,777

 

 

 

 

 

 

 

 

 

Other Financial Information

 

 

 

(Amounts in thousands)

 

 

 

Net cash provided by operating activities

$

259,605

 

 

194,974

 

Less: Capital expenditures

 

114,735

 

 

115,632

 

Free cash flow

$

144,870

 

 

79,342

 

 

 

 

 

Depreciation and amortization

$

151,216

 

 

145,516

 

 

Condensed Consolidated Balance Sheet Data

 

 

 

(Amounts in thousands)

 

 

 

 

April 3, 2021

 

March 28, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

557,262

 

 

263,086

 

Short-term investments

 

782,267

 

 

60,300

 

Receivables, net

 

1,813,858

 

 

1,644,750

 

Inventories

 

1,996,628

 

 

2,195,434

 

Prepaid expenses and other current assets

 

415,997

 

 

449,461

 

Total current assets

 

5,566,012

 

 

4,613,031

 

Property, plant and equipment, net

 

4,432,110

 

 

4,472,913

 

Right of use operating lease assets

 

337,767

 

 

331,329

 

Goodwill

 

2,594,727

 

 

2,519,979

 

Intangible assets, net

 

921,846

 

 

904,023

 

Deferred income taxes and other non-current assets

 

437,611

 

 

415,667

 

Total assets

$

14,290,073

 

 

13,256,942

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term debt and current portion of long-term debt

$

953,913

 

 

1,210,525

 

Accounts payable and accrued expenses

 

1,954,396

 

 

1,554,085

 

Current operating lease liabilities

 

98,982

 

 

106,673

 

Total current liabilities

 

3,007,291

 

 

2,871,283

 

Long-term debt, less current portion

 

1,719,115

 

 

1,514,000

 

Non-current operating lease liabilities

 

248,022

 

 

238,830

 

Deferred income taxes and other long-term liabilities

 

816,613

 

 

785,186

 

Total liabilities

 

5,791,041

 

 

5,409,299

 

Total stockholders' equity

 

8,499,032

 

 

7,847,643

 

Total liabilities and stockholders' equity

$

14,290,073

 

 

13,256,942

 

 

Segment Information

As of or for the Three Months Ended

(Amounts in thousands)

April 3, 2021

 

March 28, 2020

 

 

 

 

Net sales:

 

 

 

Global Ceramic

$

929,871

 

 

848,450

 

Flooring NA

 

969,250

 

 

848,330

 

Flooring ROW

 

769,905

 

 

588,983

 

Consolidated net sales

$

2,669,026

 

 

2,285,763

 

 

 

 

 

Operating income (loss):

 

 

 

Global Ceramic

$

87,804

 

 

47,976

 

Flooring NA

 

81,298

 

 

36,206

 

Flooring ROW

 

159,306

 

 

75,816

 

Corporate and intersegment eliminations

 

(10,893

)

 

(8,515

)

Consolidated operating income (a)

$

317,515

 

 

151,483

 

 

 

 

 

Assets:

 

 

 

Global Ceramic

$

5,161,660

 

 

5,237,631

 

Flooring NA

 

3,731,032

 

 

3,841,815

 

Flooring ROW

 

4,120,381

 

 

3,810,348

 

Corporate and intersegment eliminations

 

1,277,000

 

 

367,148

 

Consolidated assets

$

14,290,073

 

 

13,256,942

 

 

 

 

 

(a)During the second quarter of 2020, the Company revised the methodology it uses to estimate and allocate corporate general and administrative expenses to its operating segments to better align usage of corporate resources allocated to the Company segments.  The updated allocation methodology had no impact on the Company’s consolidated statements of operations.  This change was applied retrospectively, and segment operating income for all comparative periods has been updated to reflect this change.

 

Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.                                                 

(Amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

Net earnings attributable to Mohawk Industries, Inc.

 

 

 

 

$

236,807

 

 

110,514

 

 

 

Adjusting items:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

 

 

 

 

11,877

 

 

11,930

 

 

 

Income taxes

 

 

 

 

 

(2,735

)

 

(3,080

)

 

 

Adjusted net earnings attributable to Mohawk Industries, Inc.

 

 

 

 

$

245,949

 

 

119,364

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.

 

 

 

 

$

3.49

 

 

1.66

 

 

 

Weighted-average common shares outstanding - diluted

 

 

 

 

 

70,474

 

 

71,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Debt to Net Debt Less Short-Term Investments

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

April 3, 2021

 

 

 

 

 

 

 

 

Short-term debt and current portion of long-term debt

$

953,913

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

1,719,115

 

 

 

 

 

 

 

 

 

Total debt

 

2,673,028

 

 

 

 

 

 

 

 

 

Less: Cash and cash equivalents

 

557,262

 

 

 

 

 

 

 

 

 

Net Debt

 

2,115,766

 

 

 

 

 

 

 

 

 

Less: Short-term investments

 

782,267

 

 

 

 

 

 

 

 

 

Net debt less short-term investments

$

1,333,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(Amounts in thousands)

 

 

 

 

 

 

 

 

Trailing Twelve

 

Three Months Ended

 

Months Ended

 

June 27, 2020

 

September 26, 2020

 

December 31, 2020

 

April 3, 2021

 

April 3, 2021

Operating income (loss)

$

(60,958

)

 

262,744

 

 

 

282,733

 

 

317,515

 

 

802,034

 

Other (expense) income

 

(1,037

)

 

726

 

 

 

6,742

 

 

2,227

 

 

8,658

 

Net (income) loss attributable to noncontrolling interests

 

331

 

 

(336

)

 

 

(176

)

 

(4

)

 

(185

)

Depreciation and amortization (1)

 

154,094

 

 

151,342

 

 

 

156,555

 

 

151,216

 

 

613,207

 

EBITDA

 

92,430

 

 

414,476

 

 

 

445,854

 

 

470,954

 

 

1,423,714

 

Restructuring, acquisition and integration-related and other costs

 

91,940

 

 

26,925

 

 

 

15,947

 

 

6,059

 

 

140,871

 

Adjusted EBITDA

$

184,370

 

 

441,401

 

 

 

461,801

 

 

477,013

 

 

1,564,585

 

 

 

 

 

 

 

 

 

 

 

Net Debt less short-term investments to Adjusted EBITDA

 

 

 

 

 

 

 

 

0.9

 

(1) Includes $5,818 of accelerated depreciation in Q1 2021 with $8,395 in Q2 2020, $5,243 in Q3 2020 and $6,435 in Q4 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

Net sales

$

2,669,026

 

 

2,285,763

 

 

 

 

 

Adjustment to net sales on constant shipping days

 

(110,948

)

 

-

 

 

 

 

 

Adjustment to net sales on a constant exchange rate

 

(63,899

)

 

-

 

 

 

 

 

Net sales on a constant exchange rate and constant shipping days

$

2,494,179

 

 

2,285,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Global Ceramic

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Net sales

$

929,871

 

 

848,450

 

 

 

 

 

 

 

Adjustment to segment net sales on constant shipping days

 

(33,930

)

 

-

 

 

 

 

 

 

 

Adjustment to segment net sales on a constant exchange rate

 

(1,421

)

 

-

 

 

 

 

 

 

 

Segment net sales on a constant exchange rate and constant shipping days

$

894,520

 

 

848,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring NA

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Net sales

$

969,250

 

 

848,330

 

 

 

 

 

 

 

Adjustment to segment net sales on constant shipping days

 

(44,735

)

 

-

 

 

 

 

 

 

 

Segment net sales on constant shipping days

$

924,515

 

 

848,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring ROW

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Net sales

$

769,905

 

 

588,983

 

 

 

 

 

 

 

Adjustment to segment net sales on constant shipping days

 

(32,283

)

 

-

 

 

 

 

 

 

 

Adjustment to segment net sales on a constant exchange rate

 

(62,479

)

 

-

 

 

 

 

 

 

 

Segment net sales on a constant exchange rate and constant shipping days

$

675,143

 

 

588,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Gross Profit to Adjusted Gross Profit

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Gross Profit

$

791,769

 

 

616,440

 

 

 

 

 

 

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

10,485

 

 

11,080

 

 

 

 

 

 

 

Adjusted gross profit

$

802,254

 

 

627,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Selling, general and administrative expenses

$

474,254

 

 

464,957

 

 

 

 

 

 

 

Adjustments to selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

(1,002

)

 

(895

)

 

 

 

 

 

 

Adjusted selling, general and administrative expenses

$

473,252

 

 

464,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Operating Income to Adjusted Operating Income

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

317,515

 

 

151,483

 

 

 

 

 

 

 

Adjustments to operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

11,487

 

 

11,975

 

 

 

 

 

 

 

Adjusted operating income

$

329,002

 

 

163,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Global Ceramic

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

87,804

 

 

47,976

 

 

 

 

 

 

 

Adjustments to segment operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

1,273

 

 

(122

)

 

 

 

 

 

 

Adjusted segment operating income

$

89,077

 

 

47,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring NA 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

81,298

 

 

36,206

 

 

 

 

 

 

 

Adjustments to segment operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

8,859

 

 

8,067

 

 

 

 

 

 

 

Adjusted segment operating income

$

90,157

 

 

44,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income 

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Flooring ROW 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Operating income

$

159,306

 

 

75,816

 

 

 

 

 

 

 

Adjustments to segment operating income:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

1,357

 

 

3,969

 

 

 

 

 

 

 

Adjusted segment operating income

$

160,663

 

 

79,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Earnings before income taxes

$

304,501

 

 

137,133

 

 

 

 

 

 

 

Net (earnings) loss attributable to noncontrolling interests

 

(4

)

 

49

 

 

 

 

 

 

 

Adjustments to earnings including noncontrolling interests before income taxes:

 

 

 

 

 

 

 

 

 

Restructuring, acquisition and integration-related and other costs

 

11,877

 

 

11,930

 

 

 

 

 

 

 

Adjusted earnings including noncontrolling interests before income taxes

$

316,374

 

 

149,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

April 3, 2021

 

March 28, 2020

 

 

 

 

 

 

Income tax expense

$

67,690

 

 

26,668

 

 

 

 

 

 

 

Income tax effect of adjusting items

 

2,735

 

 

3,080

 

 

 

 

 

 

 

Adjusted income tax expense

$

70,425

 

 

29,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income tax rate

 

22.3

%

 

20.0

%

 

 

 

 

 

 

 

The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company's non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company's business and in comparisons of its profits with prior and future periods.

 

 

 

 

 

 

 

 

 

 

The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company's non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions.

 

 

 

 

 

 

 

 

 

 

The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company's core operating performance. Items excluded from the Company's non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.

 

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