Mohawk Industries 公佈第二季度業績
喬治亞洲卡爾霍恩, July 30, 2021 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2021 年第二季度的淨收益為 3.36 億美元，攤薄後每股盈利 (EPS）為 4.82 美元。調整後的淨盈利為 3.10 億美元，每股盈利為 4.45 美元，不包括調整、收購和其他費用。2021 年第二季度的淨銷售額為 30 億美元，本季度增長了 44%，按固定貨幣和天數計算為 38%。2021 年第二季度的淨銷售額為 20 億美元，淨虧損為 4,800 萬美元，每股收益為 0.68 美元，調整後淨收益為 2,600 萬美元，每股收益為 0.37 美元，不包括重組、收購及其他費用。
在截至 2021 年 7 月 3 日的六個月中，淨收益及每股收益分別為 5.73 億美元及 8.18 美元。調整後的淨收益為 5.56 億美元，每股收益為 7.94 美元，不包括調整、收購和其他費用。在 2021 年的六個月期間，淨銷售額為 56 億美元，比去年報告增加 30%，或按固定貨幣和天數計算增長為 23%。在截至 2021 年 6 月 27 日的六個月期間，淨銷售額為 43 億美元，淨收益為 6,200 萬美元，每股收益為 0.87 美元；淨收益及每股收益分別為 1.46 億美元及 2.04 美元，不包括重組、收購及其他費用。
主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第二季度業績時表示：「在本季，我們刷新了公司有史以來的最高季度銷售額。去年疫情全面打擊全球經濟，但我們的收入卻大幅增長。我們的第二季度業績比我們預期的所有業務都更強勁，銷售建基於我們第一期的動力之上。在本季度，我們的每股收益刷新季度最高記錄，而我們利用營運和銷售及行政開支，讓營運利潤率在過去四年上升至最高水平。我們採取的行動旨在簡化產品供應，提高生產力並重整成本，促進業績受益。我們已從重組計劃預期的 1 億 至 1.1 億美元節省約 9,500 萬美元。在整個企業中，我們透過增加產品價格並優化製造和物流以持續回應日益上升的材料、能源和運輸成本。
「在本季度，我們的大多數生產力接近最高上限，或受到材料供應和勞動力供應的限制。在我們的大量營運中，原材料的限制導致在此期間出現預料之外的生產中斷。整體而言，我們成功管理這些阻礙我們正常營運的中斷問題，以及與當地冠狀病毒病法例相關的區域製造和客戶關閉。在此期間，我們的庫存水平略為增加，主要反映出較高的材料成本。增加的貨運成本和運輸能力影響了我們的材料成本、進口產品的供應、客戶和國際出口的本地貨件。目前，我們並不預計這些限制在短期內消除。
「我們所有的市場都繼續展現實力，在全球擁有強大的房屋銷售和翻新投資。隨著全球經濟改善，商業項目不斷增加，企業重拾對擴展和落實改造的信心。大多數渠道的庫存水平仍然偏低，而我們的銷售回報率高於歷史水平。為改善我們的銷售、組合和效率，我們將在下半年推出更多新產品，提供更強的功能和更低的生產複雜性。為了減輕製造限制，我們已批准約 6.5 億美元的新資本投資，旨在提高產量，其中大多數需要 12 至 18 個月才能實施。自我們開始了購買計劃以來，在第二季度，我們以平均約 208 美元的股票價格購買了 1.42 億美元的股票，總價為 8.27 億美元。憑藉我們強大的資產負債表和歷史上的低槓桿效應，我們現正審查其他投資以擴大我們的銷售和盈利能力。
「根據報告，本季度我們的世界地板行業的銷售額增加了 68%，以及按固定貨幣和天數計算增長為 50%。該部門的營業利潤率從 5.9% 增至 19.7%。增長的原因是銷量增加、定價和組合改進，以及部分被通貨膨脹抵消冠狀病毒的限制。在此期間，由於住宅銷售在所有地區擴大，所有主要產品類別都顯著改善。我們在大多數產品類別中實施了多項價格上調，以涵蓋材料和貨物的通貨膨脹。原材料供應存在問題，主要影響了我們的 LVT 生產和銷售。我們預計材料和貨運挑戰將繼續影響我們第三季度的業務。我們高端層壓板的銷售繼續顯著增長，因為我們的專有產品獲市場廣泛接受為 LVT（石塑地板）和木材的防水替代品。我們最近在英國收購了一家層壓板經銷商，以改善我們的市場地位。在此期間，LVT 的銷售增長強勁，如果材料短缺沒有中斷製造，可能可以更高。我們正在透過專利防水接頭顯著擴展硬性 LVT 系列的銷售，以防止水分穿透地板。隨著我們主要市場的零售店開業，我們的乙烯基板材銷售大幅反彈。我們在俄羅斯的乙烯基板材分銷均已擴展，而我們現正盡量增加生產，以滿足不斷增長的需求。我們在澳洲和新西蘭地板業務的銷售和利潤率都超過預期，取得出色的業績。隨著推出新的高端羊毛和 triexta 系列，我們的產品組合以及地毯銷售也有所改善。為了擴大我們在愛爾蘭和英國現有的絕緣產品業務，我們已簽署協議，以收購有待政府批准的絕緣產品製造商。我們的面板業務以最高產量運作，而到目前為止，我們可在不受中斷的情況下管理材料短缺。為了加強我們的面板產品，我們正在調試一條新產品線，以創造獨特的表面和視覺效果，使我們的產品在市場上脫穎而出。
根據報告，本季度期間北美地板部門的銷售額增加了 35%，按固定匯率計算，營業利潤率為 10.7%，主要是由於銷量增加、生產力、定價和組合改善，以及較少冠狀病毒病中斷，部分由通貨膨脹抵消。在此期間，我們的訂單利率保持強勁，而銷售回報率仍然高於歷史水平。我們正在盡量提高設施產量，以支持更高的銷售並改善服務。在本季度，我們的生產水平受到當地勞動力短缺和材料供應的阻礙，特別是在 LVT、乙烯基地板和地毯方面。海路貨運限制延遲了進口產品的接收，因此影響了我們的銷售、庫存和服務水平。隨著材料和運輸成本有所增加，我們已將價格上調，隨著通貨膨脹繼續，我們宣佈採取額外的定價行動。隨著消費者繼續投資於住宅，我們的住宅地毯銷售繼續增長。隨著企業增加翻新和新建築項目，我們的商業銷售亦有所改善。為了支持優質層壓板系列的更高需求，我們經已實施大量流程改良，盡量提高我們的美國生產，並從全球營運中進口產品。我們的層壓板擴展仍按計劃進行，並應可在今年年底前開始運作。我們的新出防水 Ultrawood 系列正在陸續推出，以作為典型工程實木地板的高性能替代品。我們的 LVT 和乙烯基板材銷售繼續增長，配合住宅零售和新建築渠道的增長。我們已改善 LVT 產品系列，具有更逼真的視覺效果、專有的防水接頭和更強的防污漬和防刮效果。當材料可用性增加時，我們將看到美國 LVT 製造達到進一步改善，並將支持我們最近的產品推出。
「在該季度，我們全球陶瓷行業銷售額按報告增長了 38%，按固定貨幣和天數計算増長 34%。根據報告，該部門的經營利潤率增加至 13.1%，主要是由於銷量增加、生產力、定價和組合改善，以及較少冠狀病毒病中斷，部分由通貨膨脹抵消。我們在全球的陶瓷業務已大幅改善，住宅渠道展示實力，商業銷售也有所增加。上述各項的庫存都較低，因此影響了我們的銷售增長和服務水平。我們將繼續提高價格，以涵蓋材料、能源和運輸通貨膨脹。我們的美國陶瓷業務正逐步加強，而我們正在改善產品組合，提供新的形狀、尺寸和表面結構。隨著我們透過新技術擴大優質產品供應，我們的檯面銷售和組合繼續改善。我們的墨西哥和巴西陶瓷業務非常強大，我們在兩個地區的住宅業務都非常活躍，達到歷史上的高水平，商業則仍在恢復中。由於容量限制，我們的設施無法滿足客戶的需求，因此我們需要分配生產。我們本季度正在擴大墨西哥的業務，並已開始新投資以提高巴西的產能。隨著定價、組合和生產力改善利潤率，我們的歐洲陶瓷業務提供了強大的銷售和盈利能力。我們優質板、小尺寸、戶外和抗菌系列的銷售都有所增加。為支援我們高端系列的銷售，我們已開始擴展計劃，並於明年完成。我們在俄羅斯的陶瓷銷售在所有渠道中非常強勁，並透過自己的店舖和新建築項目的優秀表現向客戶進行直銷。我們已經開始在俄羅斯進行擴展計劃，預計明年下半年將有新產品。
「由於低利率、政府刺激和冠狀病毒病疫苗取得成功，全球經濟應逐步改善。全球各地的地板銷售趨勢對住宅改造，及高層和商業項目的新建設都保持有利定位。在第三個季度，我們預計強勁的銷售額將可繼續，而第二季度將出現典型季節性放緩。我們將擴大新產品的推出及提供額外功能，並增加我們的銷售投資，以增強我們未來的銷售和產品組合。預計材料、能源和運輸通貨膨脹將繼續，並將需要進一步的定價行動以作抵消。我們的大多數設施都應可以高利用率運作，但正在進行中的材料和當地勞動力規限將限制我們的生產。我們的全球陶瓷和地板部門將在第三季度觀察其歐洲假期時間表，造成減少生產並增加報告期內的成本。在許多國家，未來控制冠狀病毒病的政府行動仍然有風險，並可能影響我們的業務。考慮到這些因素，我們預計不計任何重組費用，第三季度調整後的每股收益將在 3.71 美元至 3.81 美元之間。
「我們踏入本年時，對冠狀病毒病、經濟復甦、住宅翻新和新建築工程都存有不確定性。我們的業務比預期的更大，而我們正在增加投資以支援額外增長和提高效率。長遠來說，預計住屋銷售和改造將保持在高水平，隨著租金延期到期和商業項目投資繼續加強，公寓翻新應會加速。我們現正擴大營運範圍並引入新的創新，以盡量提高我們的業績。我們的資產負債表很強，同時正在積極探索其他內部和收購機會。」
關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板製造商，致力於創造產品來提升全球住宅及商業空間。Mohawk 垂直整合的製造及分銷流程在地毯、小毛毯、瓷磚、層壓板、木材、石材及乙烯基地板的生產方面擁有競爭優勢。我們行業領先的創新產品及技術使我們的品牌在市場上脫穎而出，並滿足所有改造及新建工程要求。我們是在行內最受認可的品牌，並包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 及 Unilin。在過去的十年中，Mohawk 已經將其業務從一家美國地毯製造商轉變為世界上最大的地板公司，在澳洲、巴西、加拿大、歐洲、印度、馬來西亞、墨西哥、紐西蘭、俄羅斯及美國開展業務。
前面幾段中的某些陳述，特別是預測未來業績、業務前景、增長及經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預料」、「預期」及「估計」或類似可構成「前瞻性陳述」的字眼。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。以下的重要因素可導致未來結果不同：經濟或行業狀況的變化；競爭；原材料價格和其他投入成本的通貨膨脹和通貨緊縮；消費市場的通貨膨脹和通貨緊縮；能源成本和供應；資本支出的時間和水平；本公司產品價格上漲的時間和實施；減值費用；收購整合；國際業務；推出新產品；合理化運作；稅收和稅收改革、產品和其他索賠；訴訟；以及 Mohawk 的證券交易委員會報告和公告中所提及的其他風險。
電話會議：2021 年 7 月 30 日上午 11 時（美國東部時間）
電話號碼：1-800-603-9255（美國／加拿大）；1-706-634-2294（國際／本地）。會議驗證碼：6767965。直至 2021 年 8 月 30 日都可以經致電 1-855-859-2056（美國／本地）及 1-404-537-3406（國際／本地）並輸入會議驗證碼：6767965 收聽重播。
聯絡人：James Brunk | 財務總監 | 電話：(706) 624-2239
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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES |
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(Unaudited) |
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Condensed Consolidated Statement of Operations Data |
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Three Months Ended |
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Six Months Ended |
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(Amounts in thousands, except per share data) |
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July 3,2021 |
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June 27, 2020 |
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July 3,2021 |
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June 27, 2020 |
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Net sales |
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$ |
2,953,833 |
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2,049,800 |
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5,622,859 |
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4,335,563 |
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Cost of sales |
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2,051,626 |
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1,679,833 |
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3,928,883 |
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3,349,156 |
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Gross profit |
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902,207 |
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369,967 |
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1,693,976 |
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|
986,407 |
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Selling, general and administrative expenses |
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|
497,783 |
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430,925 |
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|
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972,037 |
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|
895,883 |
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Operating income (loss) |
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404,424 |
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(60,958 |
) |
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|
721,939 |
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90,524 |
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Interest expense |
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14,894 |
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12,956 |
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30,135 |
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21,627 |
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Other (income) expense, net |
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(11,168 |
) |
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1,037 |
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(13,395 |
) |
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6,716 |
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Earnings (loss) before income taxes |
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400,698 |
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|
(74,951 |
) |
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|
705,199 |
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|
62,181 |
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Income tax expense (benefit) |
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|
64,245 |
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|
(26,363 |
) |
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131,935 |
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|
304 |
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Net earnings (loss) including noncontrolling interests |
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336,453 |
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(48,588 |
) |
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573,264 |
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61,877 |
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Net earnings (loss) attributable to noncontrolling interests |
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|
168 |
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(331 |
) |
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|
172 |
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(380 |
) |
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Net earnings (loss) attributable to Mohawk Industries, Inc. |
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$ |
336,285 |
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(48,257 |
) |
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|
573,092 |
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|
62,257 |
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Basic earnings (loss) per share attributable to Mohawk Industries, Inc. |
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Basic earnings (loss) per share attributable to Mohawk Industries, Inc. |
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$ |
4.84 |
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(0.68 |
) |
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8.21 |
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0.87 |
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Weighted-average common shares outstanding - basic |
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69,432 |
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71,186 |
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69,809 |
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71,364 |
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Diluted earnings (loss) per share attributable to Mohawk Industries, Inc. |
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Diluted earnings (loss) per share attributable to Mohawk Industries, Inc. |
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$ |
4.82 |
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(0.68 |
) |
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8.18 |
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|
0.87 |
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Weighted-average common shares outstanding - diluted |
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69,745 |
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|
71,186 |
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|
70,102 |
|
|
71,547 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Other Financial Information |
|
|
|
|
|
|
|
|
||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
||||||
|
Net cash provided by operating activities |
|
$ |
338,391 |
|
|
568,521 |
|
|
|
597,996 |
|
|
763,495 |
|
|
Less: Capital expenditures |
|
|
112,703 |
|
|
80,639 |
|
|
|
227,439 |
|
|
196,271 |
|
|
Free cash flow |
|
$ |
225,688 |
|
|
487,882 |
|
|
|
370,557 |
|
|
567,224 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
$ |
148,466 |
|
|
154,094 |
|
|
|
299,681 |
|
|
299,610 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Condensed Consolidated Balance Sheet Data |
|
|
|
|
|
|
|
|
||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
||||||
|
ASSETS |
|
|
|
|
|
|
|
|
||||||
|
Current assets: |
|
|
|
|
|
|
|
|
||||||
|
Cash and cash equivalents |
|
|
|
|
|
$ |
753,677 |
|
|
737,712 |
|
|||
|
Short-term investments |
|
|
|
|
|
|
662,358 |
|
|
56,700 |
|
|||
|
Receivables, net |
|
|
|
|
|
|
2,017,622 |
|
|
1,586,398 |
|
|||
|
Inventories |
|
|
|
|
|
|
2,081,967 |
|
|
1,922,048 |
|
|||
|
Prepaid expenses and other current assets |
|
|
|
|
|
|
434,932 |
|
|
443,140 |
|
|||
|
Total current assets |
|
|
|
|
|
|
5,950,556 |
|
|
4,745,998 |
|
|||
|
Property, plant and equipment, net |
|
|
|
|
|
|
4,459,380 |
|
|
4,434,544 |
|
|||
|
Right of use operating lease assets |
|
|
|
|
|
|
383,343 |
|
|
318,047 |
|
|||
|
Goodwill |
|
|
|
|
|
|
2,609,174 |
|
|
2,541,906 |
|
|||
|
Intangible assets, net |
|
|
|
|
|
|
922,699 |
|
|
910,838 |
|
|||
|
Deferred income taxes and other non-current assets |
|
|
|
|
|
|
467,641 |
|
|
418,071 |
|
|||
|
Total assets |
|
|
|
|
|
$ |
14,792,793 |
|
|
13,369,404 |
|
|||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
||||||
|
Current liabilities: |
|
|
|
|
|
|
|
|
||||||
|
Short-term debt and current portion of long-term debt |
|
|
|
|
|
$ |
958,781 |
|
|
135,350 |
|
|||
|
Accounts payable and accrued expenses |
|
|
|
|
|
|
2,119,154 |
|
|
1,618,584 |
|
|||
|
Current operating lease liabilities |
|
|
|
|
|
|
100,951 |
|
|
118,296 |
|
|||
|
Total current liabilities |
|
|
|
|
|
|
3,178,886 |
|
|
1,872,230 |
|
|||
|
Long-term debt, less current portion |
|
|
|
|
|
|
1,723,294 |
|
|
2,573,155 |
|
|||
|
Non-current operating lease liabilities |
|
|
|
|
|
|
292,101 |
|
|
226,555 |
|
|||
|
Deferred income taxes and other long-term liabilities |
|
|
|
|
|
|
824,570 |
|
|
772,600 |
|
|||
|
Total liabilities |
|
|
|
|
|
|
6,018,851 |
|
|
5,444,540 |
|
|||
|
Total stockholders' equity |
|
|
|
|
|
|
8,773,942 |
|
|
7,924,864 |
|
|||
|
Total liabilities and stockholders' equity |
|
|
|
|
|
$ |
14,792,793 |
|
|
13,369,404 |
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
|
Segment Information |
|
Three Months Ended |
|
As of or for the Six Months Ended |
||||||||||
|
(Amounts in thousands) |
|
July 3,2021 |
|
June 27, 2020 |
|
July 3,2021 |
|
June 27, 2020 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Net sales: |
|
|
|
|
|
|
|
|
||||||
|
Global Ceramic |
|
$ |
1,039,503 |
|
|
753,335 |
|
|
|
1,969,374 |
|
|
1,601,785 |
|
|
Flooring NA |
|
|
1,081,189 |
|
|
800,088 |
|
|
|
2,050,439 |
|
|
1,648,418 |
|
|
Flooring ROW |
|
|
833,141 |
|
|
496,377 |
|
|
|
1,603,046 |
|
|
1,085,360 |
|
|
Consolidated net sales |
|
$ |
2,953,833 |
|
|
2,049,800 |
|
|
|
5,622,859 |
|
|
4,335,563 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Operating income (loss): |
|
|
|
|
|
|
|
|
||||||
|
Global Ceramic |
|
$ |
136,435 |
|
|
(33,809 |
) |
|
|
224,239 |
|
|
14,168 |
|
|
Flooring NA |
|
|
115,943 |
|
|
(45,484 |
) |
|
|
197,241 |
|
|
(9,278 |
) |
|
Flooring ROW |
|
|
163,886 |
|
|
29,478 |
|
|
|
323,192 |
|
|
105,294 |
|
|
Corporate and intersegment eliminations |
|
|
(11,840 |
) |
|
(11,143 |
) |
|
|
(22,733 |
) |
|
(19,660 |
) |
|
Consolidated operating income (loss) |
|
$ |
404,424 |
|
|
(60,958 |
) |
|
|
721,939 |
|
|
90,524 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Assets: |
|
|
|
|
|
|
|
|
||||||
|
Global Ceramic |
|
|
|
|
|
$ |
5,206,786 |
|
|
5,112,084 |
|
|||
|
Flooring NA |
|
|
|
|
|
|
3,870,309 |
|
|
3,682,638 |
|
|||
|
Flooring ROW |
|
|
|
|
|
|
4,240,433 |
|
|
3,770,581 |
|
|||
|
Corporate and intersegment eliminations |
|
|
|
|
|
|
1,475,265 |
|
|
804,101 |
|
|||
|
Consolidated assets |
|
|
|
|
|
$ |
14,792,793 |
|
|
13,369,404 |
|
|||
|
Reconciliation of Net Earnings (Loss) 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 |
|
Six Months Ended |
|
|
||||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
July 3,2021 |
|
June 27, 2020 |
|
|
||||||
|
Net earnings (loss) attributable to Mohawk Industries, Inc. |
|
|
|
$ |
336,285 |
|
|
(48,257 |
) |
|
573,092 |
|
|
62,257 |
|
|
|
|
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
6,094 |
|
|
100,336 |
|
|
17,971 |
|
|
112,266 |
|
|
|
|
|
Resolution of foreign non-income tax contingencies |
|
|
|
|
(6,211 |
) |
|
- |
|
|
(6,211 |
) |
|
- |
|
|
|
|
|
One-time tax planning election |
|
|
|
|
(26,731 |
) |
|
- |
|
|
(26,731 |
) |
|
- |
|
|
|
|
|
Income taxes |
|
|
|
|
923 |
|
|
(25,723 |
) |
|
(1,812 |
) |
|
(28,802 |
) |
|
|
|
|
Adjusted net earnings attributable to Mohawk Industries, Inc. |
|
|
|
$ |
310,360 |
|
|
26,356 |
|
|
556,309 |
|
|
145,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. |
|
|
|
$ |
4.45 |
|
|
0.37 |
|
|
7.94 |
|
|
2.04 |
|
|
|
|
|
Weighted-average common shares outstanding - diluted |
|
|
|
|
69,745 |
|
|
71,186 |
|
|
70,102 |
|
|
71,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Total Debt to Net Debt Less Short-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
July 3,2021 |
|
|
|
|
|
|
|
|
||||||
|
Short-term debt and current portion of long-term debt |
|
|
|
$ |
958,781 |
|
|
|
|
|
|
|
|
|
||||
|
Long-term debt, less current portion |
|
|
|
|
1,723,294 |
|
|
|
|
|
|
|
|
|
||||
|
Total debt |
|
|
|
|
2,682,075 |
|
|
|
|
|
|
|
|
|
||||
|
Less: Cash and cash equivalents |
|
|
|
|
753,677 |
|
|
|
|
|
|
|
|
|
||||
|
Net Debt |
|
|
|
|
1,928,398 |
|
|
|
|
|
|
|
|
|
||||
|
Less: Short-term investments |
|
|
|
|
662,358 |
|
|
|
|
|
|
|
|
|
||||
|
Net debt less short-term investments |
|
|
|
$ |
1,266,040 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Operating Income to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve |
||||||
|
|
|
|
|
Three Months Ended |
|
Months Ended |
||||||||||||
|
|
|
|
|
September 26, 2020 |
|
December 31, 2020 |
|
April 3, 2021 |
|
July 3,2021 |
|
July 3,2021 |
||||||
|
Operating income |
|
|
|
$ |
262,744 |
|
|
282,733 |
|
|
317,515 |
|
|
404,424 |
|
|
1,267,416 |
|
|
Other income |
|
|
|
|
726 |
|
|
6,742 |
|
|
2,227 |
|
|
11,168 |
|
|
20,863 |
|
|
Net income attributable to noncontrolling interests |
|
|
|
|
(336 |
) |
|
(176 |
) |
|
(4 |
) |
|
(168 |
) |
|
(684 |
) |
|
Depreciation and amortization (1) |
|
|
|
|
151,342 |
|
|
156,555 |
|
|
151,216 |
|
|
148,466 |
|
|
607,579 |
|
|
EBITDA |
|
|
|
|
414,476 |
|
|
445,854 |
|
|
470,954 |
|
|
563,890 |
|
|
1,895,174 |
|
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
26,925 |
|
|
15,947 |
|
|
6,059 |
|
|
(2,737 |
) |
|
46,194 |
|
|
Adjusted EBITDA |
|
|
|
$ |
441,401 |
|
|
461,801 |
|
|
477,013 |
|
|
561,153 |
|
|
1,941,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net Debt less short-term investments to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
0.7 |
|
|||||
|
(1) Includes $2,620 of accelerated depreciation in Q2 2021 with $5,243 in Q3 2020, $6,435 in Q4 2020 and $5,818 in Q1 2021. |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
||||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
July 3,2021 |
|
June 27, 2020 |
|
|
||||||
|
Net sales |
|
|
|
$ |
2,953,833 |
|
|
2,049,800 |
|
|
5,622,859 |
|
|
4,335,563 |
|
|
|
|
|
Adjustment to net sales on constant shipping days |
|
|
|
|
(20,418 |
) |
|
- |
|
|
(131,365 |
) |
|
- |
|
|
|
|
|
Adjustment to net sales on a constant exchange rate |
|
|
|
|
(97,818 |
) |
|
- |
|
|
(161,717 |
) |
|
- |
|
|
|
|
|
Net sales on a constant exchange rate and constant shipping days |
|
$ |
2,835,597 |
|
|
2,049,800 |
|
|
5,329,777 |
|
|
4,335,563 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
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 |
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Net sales |
|
|
|
$ |
1,039,503 |
|
|
753,335 |
|
|
|
|
|
|
|
|||
|
Adjustment to segment net sales on constant shipping days |
|
|
|
|
(8,193 |
) |
|
- |
|
|
|
|
|
|
|
|||
|
Adjustment to segment net sales on a constant exchange rate |
|
|
|
|
(22,242 |
) |
|
- |
|
|
|
|
|
|
|
|||
|
Segment net sales on a constant exchange rate and constant shipping days |
|
$ |
1,009,068 |
|
|
753,335 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
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 |
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Net sales |
|
|
|
$ |
833,141 |
|
|
496,377 |
|
|
|
|
|
|
|
|||
|
Adjustment to segment net sales on constant shipping days |
|
|
|
|
(12,225 |
) |
|
- |
|
|
|
|
|
|
|
|||
|
Adjustment to segment net sales on a constant exchange rate |
|
|
|
|
(75,575 |
) |
|
- |
|
|
|
|
|
|
|
|||
|
Segment net sales on a constant exchange rate and constant shipping days |
|
$ |
745,341 |
|
|
496,377 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Gross Profit to Adjusted Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Gross Profit |
|
|
|
$ |
902,207 |
|
|
369,967 |
|
|
|
|
|
|
|
|||
|
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
5,452 |
|
|
69,478 |
|
|
|
|
|
|
|
|||
|
Adjusted gross profit |
|
|
|
$ |
907,659 |
|
|
439,445 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Selling, general and administrative expenses |
|
|
|
$ |
497,783 |
|
|
430,925 |
|
|
|
|
|
|
|
|||
|
Adjustments to selling, general and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
(1,480 |
) |
|
(27,282 |
) |
|
|
|
|
|
|
|||
|
Adjusted selling, general and administrative expenses |
|
|
|
$ |
496,303 |
|
|
403,643 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Operating Income (Loss) to Adjusted Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Operating income (loss) |
|
|
|
$ |
404,424 |
|
|
(60,958 |
) |
|
|
|
|
|
|
|||
|
Adjustments to operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
6,932 |
|
|
96,760 |
|
|
|
|
|
|
|
|||
|
Adjusted operating income |
|
|
|
$ |
411,356 |
|
|
35,802 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Segment Operating Income (Loss) to Adjusted Segment Operating Income |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
Global Ceramic |
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Operating income (loss) |
|
|
|
$ |
136,435 |
|
|
(33,809 |
) |
|
|
|
|
|
|
|||
|
Adjustments to segment operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
726 |
|
|
37,672 |
|
|
|
|
|
|
|
|||
|
Adjusted segment operating income |
|
|
|
$ |
137,161 |
|
|
3,863 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Segment Operating Income (Loss) to Adjusted Segment Operating Income (Loss) |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
Flooring NA |
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Operating income (loss) |
|
|
|
$ |
115,943 |
|
|
(45,484 |
) |
|
|
|
|
|
|
|||
|
Adjustments to segment operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
5,487 |
|
|
28,226 |
|
|
|
|
|
|
|
|||
|
Adjusted segment operating income (loss) |
|
|
|
$ |
121,430 |
|
|
(17,258 |
) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
Flooring ROW |
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Operating income |
|
|
|
$ |
163,886 |
|
|
29,478 |
|
|
|
|
|
|
|
|||
|
Adjustments to segment operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
442 |
|
|
29,614 |
|
|
|
|
|
|
|
|||
|
Adjusted segment operating income |
|
|
|
$ |
164,328 |
|
|
59,092 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Earnings (Loss) Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Earnings (loss) before income taxes |
|
|
|
$ |
400,698 |
|
|
(74,951 |
) |
|
|
|
|
|
|
|||
|
Net (earnings) loss attributable to noncontrolling interests |
|
|
|
|
(168 |
) |
|
331 |
|
|
|
|
|
|
|
|||
|
Adjustments to earnings (loss) including noncontrolling interests before income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Restructuring, acquisition and integration-related and other costs |
|
|
|
|
6,094 |
|
|
100,336 |
|
|
|
|
|
|
|
|||
|
Resolution of foreign non-income tax contingencies |
|
|
|
|
(6,211 |
) |
|
- |
|
|
|
|
|
|
|
|||
|
Adjusted earnings including noncontrolling interests before income taxes |
|
|
|
$ |
400,413 |
|
|
25,716 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of Income Tax Expense (Benefit) to Adjusted Income Tax Expense (Benefit) |
||||||||||||||||||
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
||||||||
|
|
|
|
|
July 3,2021 |
|
June 27, 2020 |
|
|
|
|
|
|
||||||
|
Income tax expense (benefit) |
|
|
|
$ |
64,245 |
|
|
(26,363 |
) |
|
|
|
|
|
|
|||
|
One-time tax planning election |
|
|
|
|
26,731 |
|
|
- |
|
|
|
|
|
|
|
|||
|
Income tax effect of adjusting items |
|
|
|
|
(923 |
) |
|
25,723 |
|
|
|
|
|
|
|
|||
|
Adjusted income tax expense (benefit) |
|
|
|
$ |
90,053 |
|
|
(640 |
) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted income tax rate |
|
|
|
|
22.5 |
% |
|
(2.5 |
)% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
本公司補充其簡明綜合財務報表是根據美國一般公認會計原則編制及呈列，以及若干非一般公認會計原則財務指標。根據美國證券交易委員會的規定，上表顯示了公司非一般公認會計原則財務指標與最直接可比的美國一般公認會計原則指標的對賬。除了可比較的美國一般公認會計原則衡量指標外，還應考慮上述每項非一般公認會計原則指標，並且可能與其他公司報告的類似名稱的指標不具有可比性。公司認為，這些非一般公認會計原則指標在與相應的美國公認會計準則衡量標準相一致時，可幫助其投資者獲得如下：非一般公認會計原則收入指標，有助於確定增長趨勢，並將收入與前期和未來期間以及非一般公認會計原則盈利能力進行比較有助於了解公司業務的長期盈利趨勢以及將其利潤與前期和未來期間進行比較的措施。
公司將非一般公認會計原則收入計量中的某些項目排除在外，因為這些項目在不同時期之間會發生很大變化，並且可能會掩蓋潛在的業務趨勢。不包括在公司非一般公認會計原則收入措施中的項目包括：外幣交易和轉換以及收購的影響。
公司將非一般公認會計原則收益措施中的某些項目排除在外，因為這些項目可能與公司的核心經營業績無關，也不相關。不包括在公司非一般公認會計原則盈利能力指標中的項目包括：重組、收購和整合相關及其他成本，收購買入結帳，包括庫存增加，釋放補償性資產以及扭轉不確定稅務狀況。
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