佐治亞州卡爾霍恩, Oct. 30, 2022 (GLOBE NEWSWIRE via SEAPRWire.com) — Mohawk Industries, Inc. （紐約證券交易所代碼：MHK）今天宣佈，公司 2022 年第三季度淨虧損 5.34 億美元，攤薄每股虧損 8.40 美元，其中包括 6.96 億美元的非現金減值費用支出。公司目前的市值以及具有挑戰性的經濟狀況和較高的貼現率促使其商譽和無形資產結餘接受審查，從而產生了減值費用。調整後的淨收益為 2.12 億美元，調整後的每股收益 (EPS) 為 3.34 美元，不包括減值和其他非經常性費用。2022 年第三季度的淨銷售額為 29 億美元，報告增長 3.6%，按固定標準計算增長 8.3%。2021 年第三季度，淨銷售額為 28 億美元，淨收益為 2.71 億美元，每股收益為 3.93 美元。調整後的淨收益為 2.72 億美元，調整後的每股收益為 3.95 美元，不包括重組、收購和其他費用。
截至 2022 年 10 月 1 日的前九個月，淨虧損和每股虧損分別為 800 萬美元和 0.13 美元，包括上述非現金減值費用的影響。不包括減值和其他非經常性費用，調整後淨收益為 7.39 億美元，調整後每股收益為 11.56 美元。在 2022 年的 9 個月期間，淨銷售額為 91 億美元，根據報告與去年相比增長了 7.7%，或按固定標準計算增長 12.1%。截至 2021 年 10 月 2 日的前九個月期間，淨銷售額為 84 億美元，淨收益為 8.44 億美元，每股收益為 12.11 美元；不包括重組、收購和其他費用，調整後的淨收益和每股收益分別為 8.28 億美元和 11.89 美元。
董事長兼首席執行官 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 第三季度的業績時表示：「莫霍克公司第三季度的銷售額增長主要來自價格上漲和商業領域的實力。由於所有地區和產品類別的零售渠道疲軟，我們的銷售額低於預期。美元匯率走強也對我們折算銷售額產生了 1.17 億美元或 4.1% 的負面影響。由於銷量減少導致未分攤成本上升，材料、能源和運輸通脹影響了我們的業績，使我們的營運收入下降。我們的全球組織透過額外行動應對經濟挑戰，以優化成本、生產力和庫存水準。」
「由於前所未有的能源危機和高通脹減緩了歐洲的經濟，我們在該地區的業務受到的影響比其他地區更大。我們的成本持續上升，我們在歐洲的定價跟不上最近的材料和能源通脹，這壓縮了我們的利潤。義大利政府在第三季度提供了能源補貼，並且正在討論歐盟和個別國家的額外行動。高昂的能源成本迫使歐洲消費者將注意力集中在必需品上並推遲非必需品的購買。在該地區克服這些挑戰之前，我們在該市場的銷售額和利潤率將繼續面臨壓力。這些被推遲的購買將在經濟反彈時增加需求從而提升我們的業績。」
「美國正受整體高通脹和抵押貸款利率的影響，抵押貸款利率已從低於 3% 上升至約 7%。住宅市場是我們業務的重中之重，預計住宅市場將在我們看到拐點前進一步下滑。改造速度放緩，我們的產品組合受到影響，因為消費者選擇了適合他們預算的選項。據估計，美國的住房赤字為 500 萬套，超過一半的美國房屋的使用年限已超過 50 年。隨著美國住房存量老化，以及抵押貸款利率較低的家庭選擇留在自己的房子裏，預計改造投資將長期增長。」
「在我們透過當前條件進行管理的同時，我們也在長期投資於我們的業務。我們正在擴大我們不斷增長的產品類別的產能，包括豪華乙烯基地板 (LVT)、層壓板、石英枱面以及優質陶瓷和絕緣材料。我們最近完成了一些小型的戰略收購，這將加強我們當前的產品供應，並利用我們現有的市場地位。這些企業包括在歐洲的一家乙烯基板材企業、一家夾層地板公司和一家木飾面板廠。我們還在美國收購了一家無紡布地板生產商和一家地板配件公司。」
「第三季度，我們全球陶瓷部門的淨銷售額為 11 億美元，報告增長 9.8%，按固定標準計算增長 12.4%。該部門的營運利潤率為負 51.0%，包括非現金商譽減值費用和更高的通貨膨脹的影響，部分被定價和組合改進以及生產力所抵消。不包括減值和重組費用的影響，該部門的調整後營運利潤率為 12.1%。即使在歐洲面臨巨大的通貨膨脹阻力的情況下，該部門在本季度實現了最強勁的營運業績。在大多數地區，新屋建設渠道的銷售表現穩健，商業渠道表現出韌性，新建築和改造項目仍在繼續進行。在大多數市場，由於非必需消費品支出收緊和利率上升，住宅改造放緩。我們在美國的陶瓷業務銷售額在本季度有所增長，我們推出的新產品利潤率更高，是歐洲進口產品的替代選擇，我們也從中獲得支援。在高端石英系列的帶動下，我們的枱面銷售額在本季度有所增長。得利於我們的銷售和定價行動、積極的組合以及義大利能源補貼，我們在歐洲的陶瓷業績超出了我們的預期。我們高級系列產品的銷售保持強勁，而汽油價格上漲則影響了我們的户外和低端產品的銷售。我們在其他市場的陶瓷銷售額增長主要透過商業渠道的定價、組合和實力來實現。第四季度所有企業都在減產，這將增加我們的成本。」
「本季度，我們在世界其他地區的地板部門的淨銷售額為 7 億美元，據報告下降 4.8%，或按固定標準計算增長 9.4%。該部門的營運利潤率為 6.2%，原因是較高的通貨膨脹率、臨時停產和產量下降，部分被有所改善的產品組合所抵消。調整後該部門的營運利潤率為 8.5%，不包括重組活動的影響和某些無形資產的減值。該部門的銷售額增長主要來自於價格上漲，以及我們的面板、絕緣材料和大洋洲業務的增長。該部門的銷售核心是住宅，受消費者支出受限的影響較大。零售部門正在減少庫存，而消費者支出在所有類別的交易中均在減少。我們的利潤率受到通貨膨脹、銷售量下降和產量減少的擠壓。疲軟的市場使額外的價格上漲難以實施。由於地板銷售疲軟，我們增加了促銷活動以鼓勵消費者更新存量。雖然我們的優質層壓板和 LVT 面臨更大的壓力，但我們更具價值導向的乙烯基板材的銷售卻在增長。我們已經完成了對波蘭一家小型乙烯基板材生產商的收購，這將擴大我們在中歐和東歐的業務。西歐的新建築項目開始放緩，我們正在通過擴大客户群和出口來加強絕緣材料的分銷。我們的絕緣材料的銷售價格略低於通脹，隨著需求疲軟和競爭加劇，我們的面板業績有所下降。我們去年收購的法國面板廠的銷售額正在增長，我們也已經改善其生產力和運營費用。我們擴大了高端裝飾板的分銷，並收購了德國一家小型夾層地板公司，該公司將與我們現有的業務相連結。隨著澳大利亞放鬆新冠肺炎管控，其市場正在改善，而新西蘭市場則因住宅銷售疲軟而變得困難重重。」
「本季度，我們的北美地板部門的淨銷售額為 11 億美元，據報告增長 3.7%，由於較高的通貨膨脹、產量下降和臨時停產，該部門的營業利潤率為 5.9%，部分被定價和有所改善的組合以及生產力所抵消。調整後，該部門的營業利潤率為 8.0%，不包括重組、收購和整合相關費用的影響，以及某些無形資產的減值。該部門的銷售額增長主要來自定價，得益於我們對優質層壓板和 LVT 的投資，硬表面產品表現出色。由於通脹影響了非必需品消費支出，零售商減少了庫存，住宅市場疲軟。我們的定價行動有助於抵消材料和能源通脹，儘管較低的製造量導致不利的成本分攤。我們正在實施重組計劃，透過關閉成本較高的資產、減少人員配備以及調整生產與需求來降低固定成本和可變成本。我們的彈性銷售仍在繼續改善，在新房建設、多户家庭和商業渠道中表現最為強勁。由於通貨膨脹增加了人們對價值導向地板的興趣，乙烯基板材的銷售有所加強。我們新的西海岸 LVT 工廠的第一階段正在按計劃的產量水準運行，明年將安裝更多的生產線。作為高性能、超值的同類產品替代品，我們的優質層壓板的需求持續增長。我們承諾加強飽和我們目前的層壓板產能，並啟動進一步的擴張投資。第三季度地毯市場的疲軟程度超出了我們的預期，因此我們減少了產量，導致成本無法分攤。隨著通貨膨脹持續上升，在第二季度我們宣佈上調地毯價格並在第三季度實施。隨著需求疲軟，我們無法在宣佈後進一步提高價格以恢復通脹。當我們消耗掉高成本的庫存時，我們看到原材料成本的降低應與我們當前的定價相一致。我們的商業業務保持良好，建築帳單指數 (ABI) 反映了持續的建設活動。由於定價和組合覆蓋了我們在本季度的通貨膨脹，我們的商業利潤率很高。我們收購了一家小型橡膠製造商，該製造商主要生產用於商業地板安裝的裝飾件。由於主要的全國性零售商繼續調整庫存，我們小毛毯業務的銷售額低於去年。我們於 7 月收購了一家無紡布小毛毯和地毯公司，這一整合正在產生協同效應。」
「預測當前經濟狀況的持續時間或其對我們行業的影響是一項挑戰。世界各國央行繼續加息和通貨膨脹減少了可自由支配的支出，預計我們的業務將繼續面臨壓力。住宅改造推動了我們的大部分銷售，消費者正在推遲購買並減少交易。歐洲的天然氣和電力價格正在使需求減少，這也將增加我們的製造和材料成本。我們預計，歐洲各國政府將採取行動降低對經濟、企業和消費者的影響。我們專注於在當前環境中進行管理，同時進行投資以最大化我們的長期盈利能力。我們預計，第四季度的需求將進一步放緩，我們將減少產量，而這將導致更多未分攤的管理費用。為提高銷售額，我們正在增加促銷活動，推出差異化的產品系列並對競爭行為採取行動。我們正在執行重組行動，降低管理和製造成本，並減少營銷和廣告投資。在此期間，材料價格飆升，許多類別的材料價格開始回落。在歐洲，地板項目遭到推遲，壓縮了行業產量；與此同時，我們正在提高特定產品的庫存，以應對今年冬季預期的能源成本上升。在我們宣佈第二季度美國定價後，我們的地毯材料成本達到峯值，這將壓縮我們的利潤，直至庫存銷完。我們正在推遲不影響長期戰略的資本項目，同時完成對我們業務的近期業績至關重要的項目。最後，我們預計美元走強將繼續降低我們的折算率。鑑於這些因素，我們預計第四季度調整後的 EPS 為 1.40 美元至 1.50 美元，不包括任何重組或其他一次性費用。」
「在過去的幾十年間，Mohawk 已經成功度過許多充滿挑戰的時期和行業衰退。我們的業務基礎依然富有活力，地板仍然是所有新建築和改造中至關重要的組成部分。Mohawk 憑藉知名品牌和廣泛的產品供應在全球主要市場確立了領先地位。在此期間，我們正投資於行業收縮之後通常出現的市場反彈。我們正在擴大 LVT、層壓板、石英枱面、優質陶瓷和絕緣材料等較高增長類別，這將在下一個增長週期增加我們的收入和盈利能力。我們還進行了戰略性收購，以鞏固業務並創造顯著的協同效應，從而提高綜合業績表現。Mohawk 擁有強勁的資產負債表，淨債務槓桿率低至税前息前折舊前攤銷前利潤 (EBITDA) 的 1.2 倍，可用流動資金超過 18 億美元，可在當前環境中進行管理並優化長期業績。」
前面幾段中的某些陳述，特別是那些預期未來業績、業務前景、增長和經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預期」、「預期」和「估計」或類似表達構成「前瞻性陳述」的陳述。」對於這些陳述，Mohawk 受 1995 年《美國私人證券訴訟改革法案》中包含的前瞻性陳述的保護。無法保證前瞻性陳述是準確的，因其基於許多假設、涉及風險及不確定性。以下重要因素可能導致未來結果有所不同：經濟或行業狀況的變化；競爭；原材料價格及其他投入成本的通貨膨脹與通貨緊縮；消費市場的通貨膨脹與通貨緊縮；能源成本與供應；時間和資本支出水準；公司產品的價格上調時間和實施；減值費用；收購的整合；國際業務；新產品的推出；操作的合理性; 税收與税收改革，產品及其他索賠；訴訟；與 2019 冠狀病毒病疫情相關的風險和不確定性；以及 Mohawk 的美國證券交易委員會報告和公開公告中指出的其他風險。
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
|
| (Unaudited) |
|
|
|
|
|
|
|
| Condensed Consolidated Statement of Operations Data |
Three Months Ended |
|
Nine Months Ended |
| (Amounts in thousands, except per share data) |
October 1, 2022 |
|
October 2, 2021 |
|
October 1, 2022 |
|
October 2, 2021 |
| |
|
|
|
|
|
|
|
| Net sales |
$ |
2,917,539 |
|
|
2,817,017 |
|
|
|
9,086,390 |
|
|
8,439,876 |
|
| Cost of sales |
|
2,203,878 |
|
|
1,979,702 |
|
|
|
6,697,404 |
|
|
5,908,585 |
|
| Gross profit |
|
713,661 |
|
|
837,315 |
|
|
|
2,388,986 |
|
|
2,531,291 |
|
| Selling, general and administrative expenses |
|
523,479 |
|
|
477,341 |
|
|
|
1,510,076 |
|
|
1,449,378 |
|
| Impairment of goodwill and indefinite-lived intangibles |
|
695,771 |
|
|
– |
|
|
|
695,771 |
|
|
– |
|
| Operating (loss) income |
|
(505,589 |
) |
|
359,974 |
|
|
|
183,139 |
|
|
1,081,913 |
|
| Interest expense |
|
13,797 |
|
|
14,948 |
|
|
|
37,337 |
|
|
45,083 |
|
| Other (income) expense, net |
|
(1,242 |
) |
|
21 |
|
|
|
(1,622 |
) |
|
(13,374 |
) |
| (Loss) earnings before income taxes |
|
(518,144 |
) |
|
345,005 |
|
|
|
147,424 |
|
|
1,050,204 |
|
| Income tax expense |
|
15,569 |
|
|
73,821 |
|
|
|
155,193 |
|
|
205,756 |
|
| Net (loss) earnings including noncontrolling interests |
|
(533,713 |
) |
|
271,184 |
|
|
|
(7,769 |
) |
|
844,448 |
|
| Net earnings attributable to noncontrolling interests |
|
256 |
|
|
206 |
|
|
|
440 |
|
|
378 |
|
| Net (loss) earnings attributable to Mohawk Industries, Inc. |
$ |
(533,969 |
) |
|
270,978 |
|
|
|
(8,209 |
) |
|
844,070 |
|
| |
|
|
|
|
|
|
|
| Basic (loss) earnings per share attributable to Mohawk Industries, Inc. |
|
|
|
|
|
|
|
| Basic (loss) earnings per share attributable to Mohawk Industries, Inc. |
$ |
(8.40 |
) |
|
3.95 |
|
|
|
(0.13 |
) |
|
12.16 |
|
| Weighted-average common shares outstanding – basic |
|
63,534 |
|
|
68,541 |
|
|
|
63,923 |
|
|
69,389 |
|
| |
|
|
|
|
|
|
|
| Diluted (loss) earnings per share attributable to Mohawk Industries, Inc. |
|
|
|
|
|
|
|
| Diluted (loss) earnings per share attributable to Mohawk Industries, Inc. |
$ |
(8.40 |
) |
|
3.93 |
|
|
|
(0.13 |
) |
|
12.11 |
|
| Weighted-average common shares outstanding – diluted |
|
63,534 |
|
|
68,864 |
|
|
|
63,923 |
|
|
69,683 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Other Financial Information |
|
|
|
|
|
|
|
| (Amounts in thousands) |
|
|
|
|
|
|
|
| Net cash provided by operating activities |
$ |
224,774 |
|
|
498,739 |
|
|
|
427,435 |
|
|
1,096,735 |
|
| Less: Capital expenditures |
|
150,043 |
|
|
147,740 |
|
|
|
430,084 |
|
|
375,179 |
|
| Free cash flow |
$ |
74,731 |
|
|
350,999 |
|
|
|
(2,649 |
) |
|
721,556 |
|
| |
|
|
|
|
|
|
|
| Depreciation and amortization |
$ |
153,466 |
|
|
148,618 |
|
|
|
436,449 |
|
|
448,299 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Condensed Consolidated Balance Sheet Data |
|
|
|
|
|
|
|
| (Amounts in thousands) |
|
|
|
|
|
|
|
| |
|
|
|
|
October 1, 2022 |
|
October 2, 2021 |
| ASSETS |
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
$ |
326,971 |
|
|
1,128,027 |
|
| Short-term investments |
|
|
|
|
|
110,000 |
|
|
– |
|
| Receivables, net |
|
|
|
|
|
2,003,261 |
|
|
1,880,476 |
|
| Inventories |
|
|
|
|
|
2,900,116 |
|
|
2,215,630 |
|
| Prepaid expenses and other current assets |
|
|
|
|
|
513,981 |
|
|
421,944 |
|
| Total current assets |
|
|
|
|
|
5,854,329 |
|
|
5,646,077 |
|
| Property, plant and equipment, net |
|
|
|
|
|
4,524,536 |
|
|
4,442,339 |
|
| Right of use operating lease assets |
|
|
|
|
|
400,412 |
|
|
385,606 |
|
| Goodwill |
|
|
|
|
|
1,827,968 |
|
|
2,612,201 |
|
| Intangible assets, net |
|
|
|
|
|
823,100 |
|
|
911,271 |
|
| Deferred income taxes and other non-current assets |
|
|
|
|
|
370,689 |
|
|
452,806 |
|
| Total assets |
|
|
|
|
$ |
13,801,034 |
|
|
14,450,300 |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
| Short-term debt and current portion of long-term debt |
|
|
|
|
$ |
1,542,139 |
|
|
588,669 |
|
| Accounts payable and accrued expenses |
|
|
|
|
|
2,256,097 |
|
|
2,209,942 |
|
| Current operating lease liabilities |
|
|
|
|
|
106,511 |
|
|
103,132 |
|
| Total current liabilities |
|
|
|
|
|
3,904,747 |
|
|
2,901,743 |
|
| Long-term debt, less current portion |
|
|
|
|
|
1,019,984 |
|
|
1,710,207 |
|
| Non-current operating lease liabilities |
|
|
|
|
|
306,617 |
|
|
292,806 |
|
| Deferred income taxes and other long-term liabilities |
|
|
|
|
|
744,629 |
|
|
793,095 |
|
| Total liabilities |
|
|
|
|
|
5,975,977 |
|
|
5,697,851 |
|
| Total stockholders’ equity |
|
|
|
|
|
7,825,057 |
|
|
8,752,449 |
|
| Total liabilities and stockholders’ equity |
|
|
|
|
$ |
13,801,034 |
|
|
14,450,300 |
|
| |
|
|
|
|
|
|
|
| Segment Information |
Three Months Ended |
|
As of or for the Nine Months Ended |
| (Amounts in thousands) |
October 1, 2022 |
|
October 2, 2021 |
|
October 1, 2022 |
|
October 2, 2021 |
| |
|
|
|
|
|
|
|
| Net sales: |
|
|
|
|
|
|
|
| Global Ceramic |
$ |
1,096,656 |
|
|
998,444 |
|
|
|
3,319,982 |
|
|
2,967,818 |
|
| Flooring NA |
|
1,089,634 |
|
|
1,050,453 |
|
|
|
3,261,082 |
|
|
3,100,892 |
|
| Flooring ROW |
|
731,249 |
|
|
768,120 |
|
|
|
2,505,326 |
|
|
2,371,166 |
|
| Consolidated net sales |
$ |
2,917,539 |
|
|
2,817,017 |
|
|
|
9,086,390 |
|
|
8,439,876 |
|
| |
|
|
|
|
|
|
|
| Operating (loss) income: |
|
|
|
|
|
|
|
| Global Ceramic |
$ |
(559,706 |
) |
|
118,896 |
|
|
|
(305,099 |
) |
|
343,135 |
|
| Flooring NA |
|
64,672 |
|
|
118,625 |
|
|
|
260,026 |
|
|
315,866 |
|
| Flooring ROW |
|
45,508 |
|
|
133,595 |
|
|
|
304,265 |
|
|
456,787 |
|
| Corporate and intersegment eliminations |
|
(56,063 |
) |
|
(11,142 |
) |
|
|
(76,053 |
) |
|
(33,875 |
) |
| Consolidated operating (loss) income |
$ |
(505,589 |
) |
|
359,974 |
|
|
|
183,139 |
|
|
1,081,913 |
|
| |
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
| Global Ceramic |
|
|
|
|
$ |
4,866,822 |
|
|
5,174,981 |
|
| Flooring NA |
|
|
|
|
|
4,490,502 |
|
|
3,960,037 |
|
| Flooring ROW |
|
|
|
|
|
4,036,675 |
|
|
4,276,310 |
|
| Corporate and intersegment eliminations |
|
|
|
|
|
407,035 |
|
|
1,038,972 |
|
| Consolidated assets |
|
|
|
|
$ |
13,801,034 |
|
|
14,450,300 |
|
| Reconciliation of Net (Loss) 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 |
|
Nine Months Ended |
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
October 1, 2022 |
|
October 2, 2021 |
|
|
| Net (loss) earnings attributable to Mohawk Industries, Inc. |
|
$ |
(533,969 |
) |
|
270,978 |
|
|
(8,209 |
) |
|
844,070 |
|
|
|
| Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
34,460 |
|
|
1,044 |
|
|
38,118 |
|
|
18,560 |
|
|
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
1,401 |
|
|
226 |
|
|
1,544 |
|
|
682 |
|
|
|
| Impairment of goodwill and indefinite-lived intangibles |
|
|
695,771 |
|
|
– |
|
|
695,771 |
|
|
– |
|
|
|
| Resolution of foreign non-income tax contingencies |
|
|
– |
|
|
– |
|
|
– |
|
|
(6,211 |
) |
|
|
| Income tax effect on resolution of foreign non-income tax contingencies |
|
|
– |
|
|
– |
|
|
– |
|
|
2,302 |
|
|
|
| One-time tax planning election |
|
|
|
– |
|
|
– |
|
|
– |
|
|
(26,731 |
) |
|
|
| Legal settlements and reserves |
|
|
|
45,000 |
|
|
– |
|
|
45,000 |
|
|
– |
|
|
|
| Release of indemnification asset |
|
|
|
– |
|
|
– |
|
|
7,324 |
|
|
– |
|
|
|
| Income taxes – reversal of uncertain tax position |
|
|
– |
|
|
– |
|
|
(7,324 |
) |
|
– |
|
|
|
| Income taxes – impairment of goodwill and indefinite-lived intangibles |
|
|
(10,168 |
) |
|
– |
|
|
(10,168 |
) |
|
– |
|
|
|
| Income taxes |
|
|
|
|
(20,487 |
) |
|
(203 |
) |
|
(23,291 |
) |
|
(4,317 |
) |
|
|
| Adjusted net earnings attributable to Mohawk Industries, Inc. |
|
$ |
212,008 |
|
|
272,045 |
|
|
738,765 |
|
|
828,355 |
|
|
|
| Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. |
|
$ |
3.34 |
|
|
3.95 |
|
|
11.56 |
|
|
11.89 |
|
|
|
| Weighted-average common shares outstanding – diluted |
|
|
63,534 |
|
|
68,864 |
|
|
63,923 |
|
|
69,683 |
|
|
|
| |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Total Debt to Net Debt Less Short-Term Investments |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
October 1, 2022 |
|
|
|
|
|
|
|
|
| Short-term debt and current portion of long-term debt |
|
$ |
1,542,139 |
|
|
|
|
|
|
|
|
|
| Long-term debt, less current portion |
|
|
|
1,019,984 |
|
|
|
|
|
|
|
|
|
| Total debt |
|
|
|
|
2,562,123 |
|
|
|
|
|
|
|
|
|
| Less: Cash and cash equivalents |
|
|
|
326,971 |
|
|
|
|
|
|
|
|
|
| Net debt |
|
|
|
|
2,235,152 |
|
|
|
|
|
|
|
|
|
| Less: Short-term investments |
|
|
|
110,000 |
|
|
|
|
|
|
|
|
|
| Net debt less short-term investments |
|
|
$ |
2,125,152 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Operating Income (Loss) to Adjusted EBITDA |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve |
| |
|
|
|
Three Months Ended |
|
Months Ended |
| |
|
|
|
December 31,2021 |
|
April 2,2022 |
|
July 2,2022 |
|
October 1, 2022 |
|
October 1, 2022 |
| Operating income (loss) |
|
|
|
$ |
253,098 |
|
|
320,801 |
|
|
367,927 |
|
|
(505,589 |
) |
|
436,237 |
|
| Other income (expense) |
|
|
|
|
(1,140 |
) |
|
(2,438 |
) |
|
2,818 |
|
|
1,242 |
|
|
482 |
|
| Net income attributable to noncontrolling interests |
|
|
(11 |
) |
|
(105 |
) |
|
(79 |
) |
|
(256 |
) |
|
(451 |
) |
| Depreciation and amortization(1) |
|
|
|
143,411 |
|
|
141,415 |
|
|
141,569 |
|
|
153,466 |
|
|
579,861 |
|
| EBITDA |
|
|
|
|
395,358 |
|
|
459,673 |
|
|
512,235 |
|
|
(351,137 |
) |
|
1,016,129 |
|
| Restructuring, acquisition and integration-related and other costs |
|
|
4,641 |
|
|
1,857 |
|
|
1,801 |
|
|
21,375 |
|
|
29,674 |
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
1,067 |
|
|
– |
|
|
143 |
|
|
1,401 |
|
|
2,611 |
|
| Impairment of goodwill and indefinite-lived intangibles |
|
|
– |
|
|
– |
|
|
– |
|
|
695,771 |
|
|
695,771 |
|
| Legal settlements and reserves |
|
|
|
– |
|
|
– |
|
|
– |
|
|
45,000 |
|
|
45,000 |
|
| Release of indemnification asset |
|
|
|
– |
|
|
7,324 |
|
|
– |
|
|
– |
|
|
7,324 |
|
| Adjusted EBITDA |
|
|
|
$ |
401,066 |
|
|
468,854 |
|
|
514,179 |
|
|
412,410 |
|
|
1,796,509 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net debt less short-term investments to adjusted EBITDA |
|
|
|
|
|
|
|
|
|
1.2 |
|
| (1) Includes accelerated depreciation of $13,085 for Q3 2022. |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
October 1, 2022 |
|
October 2, 2021 |
|
|
| Net sales |
|
|
|
$ |
2,917,539 |
|
|
2,817,017 |
|
|
9,086,390 |
|
|
8,439,876 |
|
|
|
| Adjustment to net sales on constant shipping days |
|
|
17,504 |
|
|
– |
|
|
49,315 |
|
|
– |
|
|
|
| Adjustment to net sales on a constant exchange rate |
|
|
116,782 |
|
|
– |
|
|
327,350 |
|
|
– |
|
|
|
| Net sales on a constant exchange rate and constant shipping days |
|
$ |
3,051,825 |
|
|
2,817,017 |
|
|
9,463,055 |
|
|
8,439,876 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Net sales |
|
|
|
$ |
1,096,656 |
|
|
998,444 |
|
|
|
|
|
|
|
| Adjustment to segment net sales on constant shipping days |
|
|
4,542 |
|
|
– |
|
|
|
|
|
|
|
| Adjustment to segment net sales on a constant exchange rate |
|
|
20,774 |
|
|
– |
|
|
|
|
|
|
|
| Segment net sales on a constant exchange rate and constant shipping days |
|
$ |
1,121,972 |
|
|
998,444 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Segment Net Sales to Adjusted Segment Net Sales |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| Flooring NA |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Net sales |
|
|
|
$ |
1,089,634 |
|
|
1,050,453 |
|
|
|
|
|
|
|
| Rug adjustment |
|
|
|
|
40,000 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted segment net sales |
|
$ |
1,129,634 |
|
|
1,050,453 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Net sales |
|
|
|
$ |
731,249 |
|
|
768,120 |
|
|
|
|
|
|
|
| Adjustment to segment net sales on constant shipping days |
|
|
12,962 |
|
|
– |
|
|
|
|
|
|
|
| Adjustment to segment net sales on a constant exchange rate |
|
|
96,008 |
|
|
– |
|
|
|
|
|
|
|
| Segment net sales on a constant exchange rate and constant shipping days |
|
$ |
840,219 |
|
|
768,120 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Gross Profit to Adjusted Gross Profit |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Gross Profit |
|
|
|
$ |
713,661 |
|
|
837,315 |
|
|
|
|
|
|
|
| Adjustments to gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
30,422 |
|
|
552 |
|
|
|
|
|
|
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
1,401 |
|
|
226 |
|
|
|
|
|
|
|
| Adjusted gross profit |
|
|
|
$ |
745,484 |
|
|
838,093 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Selling, general and administrative expenses |
|
$ |
523,479 |
|
|
477,341 |
|
|
|
|
|
|
|
| Adjustments to selling, general and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
(4,117 |
) |
|
(521 |
) |
|
|
|
|
|
|
| Legal settlements and reserves |
|
|
|
(45,000 |
) |
|
– |
|
|
|
|
|
|
|
| Adjusted selling, general and administrative expenses |
|
$ |
474,362 |
|
|
476,820 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Operating (Loss) Income to Adjusted Operating Income |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Operating (loss) income |
|
|
|
$ |
(505,589 |
) |
|
359,974 |
|
|
|
|
|
|
|
| Adjustments to operating (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
34,539 |
|
|
1,073 |
|
|
|
|
|
|
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
1,401 |
|
|
226 |
|
|
|
|
|
|
|
| Impairment of goodwill and indefinite-lived intangibles |
|
|
695,771 |
|
|
– |
|
|
|
|
|
|
|
| Legal settlements and reserves |
|
|
|
45,000 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted operating income |
|
|
$ |
271,122 |
|
|
361,273 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Segment Operating (Loss) Income to Adjusted Segment Operating Income |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| Global Ceramic |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Operating (loss) income |
|
|
|
$ |
(559,706 |
) |
|
118,896 |
|
|
|
|
|
|
|
| Adjustments to segment operating (loss) income: |
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
3,366 |
|
|
212 |
|
|
|
|
|
|
|
| Impairment of goodwill |
|
|
|
|
688,514 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted segment operating income |
|
|
$ |
132,174 |
|
|
119,108 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Segment Operating Income to Adjusted Segment Operating Income |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| Flooring NA |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Operating income |
|
|
|
$ |
64,672 |
|
|
118,625 |
|
|
|
|
|
|
|
| Adjustments to segment operating income: |
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
20,223 |
|
|
1,396 |
|
|
|
|
|
|
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
1,401 |
|
|
– |
|
|
|
|
|
|
|
| Impairment of indefinite-lived intangibles |
|
|
1,407 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted segment operating income |
|
|
$ |
87,703 |
|
|
120,021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Segment Operating Income to Adjusted Segment Operating Income |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| Flooring ROW |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Operating income |
|
|
|
$ |
45,508 |
|
|
133,595 |
|
|
|
|
|
|
|
| Adjustments to segment operating income: |
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
10,950 |
|
|
(454 |
) |
|
|
|
|
|
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
– |
|
|
226 |
|
|
|
|
|
|
|
| Impairment of indefinite-lived intangibles |
|
|
5,850 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted segment operating income |
|
|
$ |
62,308 |
|
|
133,367 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Segment Operating (Loss) to Adjusted Segment Operating (Loss) |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| Corporate and intersegment eliminations |
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Operating (loss) |
|
|
|
$ |
(56,063 |
) |
|
(11,142 |
) |
|
|
|
|
|
|
| Adjustments to segment operating (loss): |
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
– |
|
|
(82 |
) |
|
|
|
|
|
|
| Legal settlements and reserves |
|
|
|
45,000 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted segment operating (loss) |
|
|
$ |
(11,063 |
) |
|
(11,224 |
) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of (Loss) Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| (Loss) earnings before income taxes |
|
|
$ |
(518,144 |
) |
|
345,005 |
|
|
|
|
|
|
|
| Net earnings attributable to noncontrolling interests |
|
|
(256 |
) |
|
(206 |
) |
|
|
|
|
|
|
| Adjustments to (loss) earnings including noncontrolling interests before income taxes: |
|
|
|
|
|
|
|
|
|
|
| Restructuring, acquisition and integration-related and other costs |
|
|
34,460 |
|
|
1,044 |
|
|
|
|
|
|
|
| Acquisitions purchase accounting, including inventory step-up |
|
|
1,401 |
|
|
226 |
|
|
|
|
|
|
|
| Impairment of goodwill and indefinite-lived intangibles |
|
|
695,771 |
|
|
– |
|
|
|
|
|
|
|
| Legal settlements and reserves |
|
|
|
45,000 |
|
|
– |
|
|
|
|
|
|
|
| Adjusted earnings including noncontrolling interests before income taxes |
|
$ |
258,232 |
|
|
346,069 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Income Tax Expense to Adjusted Income Tax Expense |
| (Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
|
|
|
|
|
|
| |
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
|
|
|
|
|
| Income tax expense |
|
|
|
$ |
15,569 |
|
|
73,821 |
|
|
|
|
|
|
|
| Income tax effect on impairment of goodwill and indefinite-lived intangibles |
|
|
10,168 |
|
|
– |
|
|
|
|
|
|
|
| Income tax effect of adjusting items |
|
|
|
20,487 |
|
|
203 |
|
|
|
|
|
|
|
| Adjusted income tax expense |
|
|
$ |
46,224 |
|
|
74,024 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted income tax rate |
|
|
|
17.9 |
% |
|
21.4 |
% |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 本公司根據美國公認會計原則 (GAAP) 編制和呈報此簡明綜合財務報表，並以這些非 GAAP 財務指標加以補充。根據美國證券交易委員會 (SEC) 的規則，上表顯示了公司的這些非 GAAP 財務指標與最直接可比的美國 GAAP 指標進行對賬。除了可比的美國 GAAP 指標之外，還應考慮上述每項非 GAAP 指標，並且可能無法與其他公司報告的類似標題的指標進行比較。本公司認為，當這些非 GAAP 指標與相應的美國 GAAP 指標協調一致時，可以在下方面幫助其投資者：非 GAAP 收入指標有助於確定增長趨勢並將收入與前期和未來時期進行比較，而非 GAAP 盈利能力指標有助於了解公司業務的長期盈利趨勢，並將其利潤與前期和未來時期進行比較。 |
| 本公司將某些項目排除在其非 GAAP 收入指標之外，因為這些項目在不同時期之間可能會有很大差異，並可能會掩蓋潛在的業務趨勢。本公司非 GAAP 收入指標排除的項目包括：外幣交易和折算以及收購的影響。 |
| 本公司將某些項目排除在其非 GAAP 盈利能力指標之外，因為這些項目可能不代表公司核心經營業績的指示性指標或與公司的核心經營業績無關。本公司的非 GAAP 盈利能力指標排除的項目包括：重組、收購和整合相關成本和其他成本、法律和解和準備金、商譽和無限期無形資產減值、收購採購會計，包括庫存增加、釋放賠償資產和不確定税收狀況的逆轉。 |
(GMAT
