FISCAL 2022 Q2 HIGHLIGHTS
MELVILLE, N.Y. and DAVIDSON, N.C., March 30, 2022 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" or the "Company," a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services, today reported financial results for its fiscal 2022 second quarter ended February 26, 2022.
Financial Highlights3 |
FY22 Q2 |
FY21 Q2 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$862.5 |
$774.0 |
11.4% |
$1,711.1 |
$1,545.9 |
10.7% |
||||||
Income from Operations |
$97.2 |
$28.0 |
246.8% |
$187.9 |
$81.9 |
129.3% |
||||||
Operating Margin |
11.3% |
3.6% |
11.0% |
5.3% |
||||||||
Net Income attributable to MSC |
$69.9 |
$18.1 |
286.7% |
$136.0 |
$56.5 |
140.5% |
||||||
Diluted EPS |
$1.25 |
4 |
0.32 |
5 |
290.6% |
$2.43 |
4 |
$1.01 |
5 |
140.6% |
||
Adjusted Financial Highlights1,3 |
FY22 Q2 |
FY21 Q2 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$862.5 |
$774.0 |
11.4% |
$1,711.1 |
$1,545.9 |
10.7% |
||||||
Income from Operations |
$100.3 |
$80.5 |
24.7% |
$196.3 |
$165.4 |
18.7% |
||||||
Operating Margin |
11.6% |
10.4% |
11.5% |
10.7% |
||||||||
Net Income attributable to MSC |
$72.3 |
$57.6 |
25.6% |
$142.2 |
$119.4 |
19.2% |
||||||
Diluted EPS |
$1.29 |
4 |
$1.03 |
5 |
25.2% |
$2.54 |
4 |
$2.13 |
5 |
19.2% |
1 Represents a non-GAAP financial measure and reconciliations to the most directly comparable GAAP financial measure is presented in the schedules accompanying this press release. |
2 Reflects severance and separation costs, consulting costs and exit-related costs to better align our strategy. |
3 In millions except percentages and per share data or as otherwise noted. |
4 Based on 56.0 million and 55.9 million weighted average diluted shares outstanding for FY22 Q2 and FY22 YTD respectively. |
5 Based on 56.1 million and 56.0 million weighted average diluted shares outstanding for FY21 Q2 and FY21 YTD respectively. |
Erik Gershwind, President and Chief Executive Officer, said, "I am excited by the growing momentum inside the Company to accelerate market share capture and improve profitability. We achieved double-digit top-line growth despite Covid-related disruptions during the first two weeks of January. Our growth initiatives are in high gear and the productivity improvements we deliver to our customers are resonating. Gross margin countermeasures, including a late January price increase, are working well and give us confidence that we can keep gross margins flat or better for full year fiscal 2022 versus fiscal 2021."
Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Strong top line growth combined with gross margin execution and Mission Critical cost savings resulted in 11.6% adjusted operating margin and 22.4% adjusted incremental margin over the prior year fiscal second quarter. With the building momentum, we are adding a low double-digit growth tier to our fiscal 2022 annual adjusted operating margin framework with a corresponding annual adjusted operating margin between 12.5% and 13.1%. Should recent trends continue, we expect to be in that range."
Gershwind concluded, "I am pleased with the progress I see throughout the Company. We are already at or above our long-range target of growing sales by at least 400 basis points above the Industrial Production Index and are well on our way to achieving ROIC in the high-teens by the end of fiscal 2023."
Conference Call InformationMSC will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2022 second quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).
An online archive of the broadcast will be available until April 6, 2022.
The Company's reporting date for fiscal 2022 third quarter results is scheduled for June 29, 2022.
About MSC Industrial Supply Co. MSC Industrial Supply Co. (NYSE: MSM) is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 2.0 million products, inventory management and other supply chain solutions, and deep expertise from over 80 years of working with customers across industries. Our experienced team of more than 6,500 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.
Cautionary Note Regarding Forward-Looking Statements: Statements in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about the future impact of COVID-19 on our business operations, results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words "will," "may," "believes," "anticipates," "thinks," "expects," "estimates," "plans," "intends," and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, any statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management's assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward looking statements. The inclusion of any statement in this press release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward looking statements. These risks and uncertainties include, but are not limited to, the following: the impact of the COVID-19 pandemic on our sales, operations and supply chain; general economic conditions in the markets in which we operate, including conditions resulting from the COVID-19 pandemic; changing customer and product mixes; competition, including the adoption by competitors of aggressive pricing strategies and sales methods; industry consolidation and other changes in the industrial distribution sector; our ability to realize the expected benefits from our investment and strategic plans, including our transition from being a spot-buy supplier to a mission-critical partner to our customers; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; the retention of key personnel; volatility in commodity and energy prices, the impact of prolonged periods of low, high and rapid inflation, and fluctuations in interest rates; the credit risk of our customers, including changes in credit risk as a result of the COVID-19 pandemic, higher inflation and fluctuations in interest rates; the risk of customer cancellation or rescheduling of orders; difficulties in calibrating customer demand for our products, in particular personal protective equipment or "PPE" products, which could cause an inability to sell excess products ordered from manufacturers resulting in inventory write-downs or could conversely cause inventory shortages of such products; work stoppages, labor shortages or other business interruptions (including those due to extreme weather conditions or as a result of the COVID-19 pandemic) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; disruptions or breaches of our information technology systems, or violations of data privacy laws; the retention of qualified sales and customer service personnel and metalworking specialists; the risk of loss of key suppliers or contractors or key brands or supply chain disruptions, including due to import restrictions resulting from the COVID-19 pandemic or global geopolitical conditions; changes to governmental trade or sanctions policies, including the impact from significant import restrictions or tariffs or moratoriums on economic activity with certain countries or regions; risks related to opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; our ability to maintain our credit facilities; the interest rate uncertainty due to the London InterBank Offered Rate ("LIBOR") reform; the failure to comply with applicable environmental, health and safety laws and regulations, including government action in response to the COVID-19 pandemic, and other laws applicable to our business; the outcome of government or regulatory proceedings or future litigation; goodwill and intangible assets recorded resulting from our acquisitions could be impaired; our common stock price may be volatile due to factors outside of our control; and our principal shareholders exercise significant control over us, which may result in our taking actions or failing to take actions which our other shareholders do not prefer. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the U.S. Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.
MSC INDUSTRIAL DIRECT CO., INC. |
|||||
Condensed Consolidated Balance Sheets |
|||||
(In thousands) |
|||||
February 26, |
August 28, |
||||
2022 |
2021 |
||||
ASSETS |
(unaudited) |
||||
Current Assets: |
|||||
Cash and cash equivalents |
$ |
41,754 |
$ |
40,536 |
|
Accounts receivable, net of allowance for credit losses |
619,913 |
560,373 |
|||
Inventories |
657,710 |
624,169 |
|||
Prepaid expenses and other current assets |
97,435 |
89,167 |
|||
Total current assets |
1,416,812 |
1,314,245 |
|||
Property, plant and equipment, net |
300,232 |
298,416 |
|||
Goodwill |
692,482 |
692,704 |
|||
Identifiable intangibles, net |
96,061 |
101,854 |
|||
Operating lease assets |
51,602 |
49,011 |
|||
Other assets |
7,726 |
5,885 |
|||
Total assets |
$ |
2,564,915 |
$ |
2,462,115 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Current portion of debt including obligations under finance leases |
$ |
251,269 |
$ |
202,433 |
|
Current portion of operating lease liabilities |
13,417 |
13,927 |
|||
Accounts payable |
191,436 |
186,330 |
|||
Accrued expenses and other current liabilities |
141,049 |
159,238 |
|||
Total current liabilities |
597,171 |
561,928 |
|||
Long-term debt including obligations under finance leases |
584,182 |
583,616 |
|||
Noncurrent operating lease liabilities |
39,410 |
36,429 |
|||
Deferred income taxes and tax uncertainties |
108,851 |
108,827 |
|||
Other noncurrent liabilities |
— |
9,443 |
|||
Total liabilities |
1,329,614 |
1,300,243 |
|||
Commitments and Contingencies |
|||||
Shareholders' Equity: |
|||||
Preferred Stock |
— |
— |
|||
Class A Common Stock |
48 |
48 |
|||
Class B Common Stock |
9 |
9 |
|||
Additional paid-in capital |
766,156 |
740,867 |
|||
Retained earnings |
584,283 |
532,315 |
|||
Accumulated other comprehensive loss |
(19,121) |
(17,984) |
|||
Class A treasury stock, at cost |
(107,401) |
(104,384) |
|||
Total MSC shareholders' equity |
1,223,974 |
1,150,871 |
|||
Noncontrolling interest |
$ |
11,327 |
$ |
11,001 |
|
Total shareholders' equity |
1,235,301 |
1,161,872 |
|||
Total liabilities and shareholders' equity |
$ |
2,564,915 |
$ |
2,462,115 |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||
Condensed Consolidated Statements of Income |
|||||||||||
(In thousands, except per share data) |
|||||||||||
(Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Twenty-Six Weeks Ended |
||||||||||
February 26, |
February 27, |
February 26, |
February 27, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net sales |
$ |
862,522 |
$ |
773,995 |
$ |
1,711,069 |
$ |
1,545,899 |
|||
Cost of goods sold |
496,247 |
479,244 |
992,198 |
927,830 |
|||||||
Gross profit |
366,275 |
294,751 |
718,871 |
618,069 |
|||||||
Operating expenses |
265,973 |
245,115 |
522,554 |
483,820 |
|||||||
Impairment loss |
— |
— |
— |
26,726 |
|||||||
Restructuring and other costs |
3,134 |
21,615 |
8,417 |
25,594 |
|||||||
Income from operations |
97,168 |
28,021 |
187,900 |
81,929 |
|||||||
Other income (expense): |
|||||||||||
Interest expense |
(3,617) |
(3,580) |
(7,345) |
(6,936) |
|||||||
Interest income |
21 |
16 |
40 |
37 |
|||||||
Other income (expense), net |
91 |
(58) |
(322) |
593 |
|||||||
Total other expense |
(3,505) |
(3,622) |
(7,627) |
(6,306) |
|||||||
Income before provision for income taxes |
93,663 |
24,399 |
180,273 |
75,623 |
|||||||
Provision for income taxes |
23,509 |
6,051 |
43,862 |
18,498 |
|||||||
Net income |
70,154 |
18,348 |
136,411 |
57,125 |
|||||||
Less: Net income attributable to noncontrolling interest |
223 |
263 |
413 |
586 |
|||||||
Net income attributable to MSC Industrial |
$ |
69,931 |
$ |
18,085 |
$ |
135,998 |
$ |
56,539 |
|||
Per share data attributable to MSC Industrial: |
|||||||||||
Net income per common share: |
|||||||||||
Basic |
$ |
1.25 |
$ |
0.32 |
$ |
2.44 |
$ |
1.01 |
|||
Diluted |
$ |
1.25 |
$ |
0.32 |
$ |
2.43 |
$ |
1.01 |
|||
Weighted average shares used in computing |
|||||||||||
Basic |
55,799 |
55,838 |
55,664 |
55,749 |
|||||||
Diluted |
55,971 |
56,133 |
55,945 |
56,019 |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||
Condensed Consolidated Statements of Comprehensive Income |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Twenty-Six Weeks Ended |
||||||||||
February 26, |
February 27, |
February 26, |
February 27, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net income, as reported |
$ |
70,154 |
$ |
18,348 |
$ |
136,411 |
$ |
57,125 |
|||
Other comprehensive income, net of tax: |
|||||||||||
Foreign currency translation adjustments |
3,768 |
626 |
(1,224) |
2,822 |
|||||||
Comprehensive income |
73,922 |
18,974 |
135,187 |
59,947 |
|||||||
Comprehensive income attributable to noncontrolling interest: |
|||||||||||
Net income |
(223) |
(263) |
(413) |
(586) |
|||||||
Foreign currency translation adjustments |
(824) |
251 |
87 |
(210) |
|||||||
Comprehensive income attributable to MSC Industrial |
$ |
72,875 |
$ |
18,962 |
$ |
134,861 |
$ |
59,151 |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||
Condensed Consolidated Statements of Cash Flows |
|||||
(In thousands) |
|||||
(Unaudited) |
|||||
Twenty-Six Weeks Ended |
|||||
February 26, |
February 27, |
||||
2022 |
2021 |
||||
Cash Flows from Operating Activities: |
|||||
Net income |
$ |
136,411 |
$ |
57,125 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
34,985 |
34,571 |
|||
Non-cash operating lease cost |
8,012 |
7,537 |
|||
Stock-based compensation |
10,189 |
8,994 |
|||
Loss on disposal of property, plant and equipment |
230 |
345 |
|||
Inventory write-down |
— |
30,091 |
|||
Operating lease and fixed asset impairment due to restructuring |
— |
18,097 |
|||
Provision for credit losses |
4,245 |
4,280 |
|||
Deferred income taxes |
(341) |
— |
|||
Changes in operating assets and liabilities: |
|||||
Accounts receivable |
(64,293) |
(39,421) |
|||
Inventories |
(34,024) |
(18,647) |
|||
Prepaid expenses and other current assets |
(8,358) |
(27,214) |
|||
Operating lease liabilities |
(8,136) |
(9,074) |
|||
Other assets |
(1,492) |
494 |
|||
Accounts payable and accrued liabilities |
(20,007) |
51,756 |
|||
Total adjustments |
(78,990) |
61,809 |
|||
Net cash provided by operating activities |
57,421 |
118,934 |
|||
Cash Flows from Investing Activities: |
|||||
Expenditures for property, plant and equipment |
(31,179) |
(19,954) |
|||
Net cash used in investing activities |
(31,179) |
(19,954) |
|||
Cash Flows from Financing Activities: |
|||||
Repurchases of common stock |
(4,813) |
(3,519) |
|||
Payments of regular cash dividends |
(83,586) |
(83,685) |
|||
Payments of special cash dividends |
— |
(195,351) |
|||
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan |
2,259 |
2,040 |
|||
Proceeds from exercise of Class A Common Stock options |
12,053 |
10,834 |
|||
Borrowings under credit facilities |
184,000 |
415,000 |
|||
Payments under credit facilities |
(134,500) |
(350,000) |
|||
Borrowings under financing obligations |
1,058 |
1,269 |
|||
Other, net |
(1,387) |
(1,392) |
|||
Net cash used in financing activities |
(24,916) |
(204,804) |
|||
Effect of foreign exchange rate changes on cash and cash equivalents |
(108) |
855 |
|||
Net increase (decrease) in cash and cash equivalents |
1,218 |
(104,969) |
|||
Cash and cash equivalents – beginning of period |
40,536 |
125,211 |
|||
Cash and cash equivalents – end of period |
$ |
41,754 |
$ |
20,242 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash paid for income taxes |
$ |
63,909 |
$ |
41,265 |
|
Cash paid for interest |
$ |
7,068 |
$ |
6,606 |
Non-GAAP Financial Measures
To supplement MSC's unaudited selected financial data presented consistent with accounting principles generally accepted in the United States ("GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP incremental margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude impairment loss (prior year), inventory write-downs (prior year), legal costs for impairment of prepaid PPE (prior year), restructuring and other costs, and other related costs and tax effects.
These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures and should only be used to evaluate MSC's results of operations in conjunction with the corresponding GAAP financial measures.
In calculating non-GAAP financial measures, we exclude impairment loss (prior year), inventory write-downs (prior year), legal costs for impairment of prepaid PPE (prior year), restructuring and other costs, and other related costs and tax effects. Management makes these adjustments to facilitate a review of the Company's operating performance on a comparable basis between periods, for comparison with forecasts and strategic plans, for identifying and analyzing trends in the Company's underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.
MSC INDUSTRIAL DIRECT CO., INC. |
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Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||||||||
Thirteen and Twenty-Six Weeks Ended February 26, 2022 |
|||||||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||||||
GAAP Financial Measure |
Items Affecting Comparability |
Non-GAAP Financial Measure |
|||||||||||||||
Total MSC Industrial |
Restructuring and Other Costs |
Adjusted Total MSC Industrial |
|||||||||||||||
Thirteen Weeks Ended |
Twenty-Six |
Thirteen Weeks Ended |
Twenty-Six |
Thirteen Weeks Ended |
Twenty-Six |
||||||||||||
Net Sales |
$ |
862,522 |
$ |
1,711,069 |
$ |
- |
$ |
- |
$ |
862,522 |
$ |
1,711,069 |
|||||
Cost of Goods Sold |
496,247 |
992,198 |
- |
- |
496,247 |
992,198 |
|||||||||||
Gross Profit |
366,275 |
718,871 |
- |
- |
366,275 |
718,871 |
|||||||||||
Gross Margin |
42.5% |
42.0% |
42.5% |
42.0% |
|||||||||||||
Operating Expenses |
265,973 |
522,554 |
- |
- |
265,973 |
522,554 |
|||||||||||
Operating Exp as % of Sales |
30.8% |
30.5% |
30.8% |
30.5% |
|||||||||||||
Restructuring and Other Costs |
3,134 |
8,417 |
3,134 |
8,417 |
- |
- |
|||||||||||
Income from Operations |
97,168 |
187,900 |
(3,134) |
(8,417) |
100,302 |
196,317 |
|||||||||||
Operating Margin |
11.3% |
11.0% |
-0.4% |
-0.5% |
11.6% |
11.5% |
|||||||||||
Incremental Margin |
78.1% |
64.2% |
22.4% |
18.7% |
|||||||||||||
Total Other Expense |
(3,505) |
(7,627) |
- |
- |
(3,505) |
(7,627) |
|||||||||||
Income before provision for income taxes |
93,663 |
180,273 |
(3,134) |
(8,417) |
96,797 |
188,690 |
|||||||||||
Provision for income taxes |
23,509 |
43,862 |
(787) |
(2,178) |
24,296 |
46,040 |
|||||||||||
Net income |
70,154 |
136,411 |
(2,347) |
(6,239) |
72,501 |
142,650 |
|||||||||||
Net income attributable to noncontrolling interest |
223 |
413 |
- |
- |
223 |
413 |
|||||||||||
Net income attributable to MSC Industrial |
$ |
69,931 |
$ |
135,998 |
$ |
(2,347) |
$ |
(6,239) |
$ |
72,278 |
$ |
142,237 |
|||||
Net income per common share: |
|||||||||||||||||
Diluted |
$ |
1.25 |
$ |
2.43 |
$ |
(0.04) |
$ |
(0.11) |
$ |
1.29 |
$ |
2.54 |
|||||
*Individual amounts may not agree to the total due to rounding. |
MSC INDUSTRIAL DIRECT CO., INC. |
||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
||||||||||||||
Thirteen Weeks Ended February 27, 2021 |
||||||||||||||
(In thousands, except percentages and per share data) |
||||||||||||||
GAAP Financial Measure |
Items Affecting Comparability |
Non-GAAP Financial Measure |
||||||||||||
Total MSC Industrial |
Inventory Write-down |
Restructuring and Other Costs |
Legal Costs-impairment of prepaid for PPE |
Adjusted Total MSC Industrial |
||||||||||
Net Sales |
$ |
773,995 |
$ |
- |
$ |
- |
$ |
- |
$ |
773,995 |
||||
Cost of Goods Sold |
479,244 |
30,091 |
- |
- |
449,153 |
|||||||||
Gross Profit |
294,751 |
(30,091) |
- |
- |
324,842 |
|||||||||
Gross Margin |
38.1% |
-3.9% |
- |
- |
42.0% |
|||||||||
Operating Expenses |
245,115 |
- |
- |
727 |
244,388 |
|||||||||
Operating Exp as % of Sales |
31.7% |
0.1% |
31.6% |
|||||||||||
Restructuring and Other Costs |
21,615 |
- |
21,615 |
- |
- |
|||||||||
Income from Operations |
28,021 |
(30,091) |
(21,615) |
(727) |
80,454 |
|||||||||
Operating Margin |
3.6% |
-3.9% |
-2.8% |
-0.1% |
10.4% |
|||||||||
Total Other Expense |
(3,622) |
- |
- |
- |
(3,622) |
|||||||||
Income before provision for income taxes |
24,399 |
(30,091) |
(21,615) |
(727) |
76,832 |
|||||||||
Provision for income taxes |
6,051 |
(7,432) |
(5,339) |
(180) |
19,002 |
|||||||||
Net income |
18,348 |
(22,659) |
(16,276) |
(547) |
57,830 |
|||||||||
Net income attributable to noncontrolling interest |
263 |
- |
- |
- |
263 |
|||||||||
Net income attributable to MSC Industrial |
$ |
18,085 |
$ |
(22,659) |
$ |
(16,276) |
$ |
(547) |
$ |
57,567 |
||||
Net income per common share: |
||||||||||||||
Diluted |
$ |
0.32 |
$ |
(0.40) |
$ |
(0.29) |
$ |
(0.01) |
$ |
1.03 |
||||
*Individual amounts may not agree to the total due to rounding. |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||||||||
Twenty-Six Weeks Ended February 27, 2021 |
|||||||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||||||
GAAP Financial Measure |
Items Affecting Comparability |
Non-GAAP Financial Measure |
|||||||||||||||
Total MSC Industrial |
Inventory Write-down |
Restructuring and Other Costs |
Impairment Loss |
Legal Costs - impairment of prepaid for PPE |
Adjusted Total MSC Industrial |
||||||||||||
Net Sales |
$ |
1,545,899 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
1,545,899 |
|||||
Cost of Goods Sold |
927,830 |
30,091 |
- |
- |
- |
897,739 |
|||||||||||
Gross Profit |
618,069 |
(30,091) |
- |
- |
- |
648,160 |
|||||||||||
Gross Margin |
40.0% |
-1.9% |
- |
- |
- |
41.9% |
|||||||||||
Operating Expenses |
483,820 |
- |
- |
- |
1,020 |
482,800 |
|||||||||||
Operating Exp as % of Sales |
31.3% |
- |
- |
- |
0.1% |
31.2% |
|||||||||||
Impairment Loss |
26,726 |
- |
- |
26,726 |
- |
- |
|||||||||||
Restructuring and Other Costs |
25,594 |
- |
25,594 |
- |
- |
- |
|||||||||||
Income from Operations |
81,929 |
(30,091) |
(25,594) |
(26,726) |
(1,020) |
165,360 |
|||||||||||
Operating Margin |
5.3% |
-1.9% |
-1.7% |
-1.7% |
-0.1% |
10.7% |
|||||||||||
Total Other Expense |
(6,306) |
- |
- |
- |
- |
(6,306) |
|||||||||||
Income before provision for income taxes |
75,623 |
(30,091) |
(25,594) |
(26,726) |
(1,020) |
159,054 |
|||||||||||
Provision for income taxes |
18,498 |
(7,432) |
(6,322) |
(6,601) |
(252) |
39,105 |
|||||||||||
Net income |
57,125 |
(22,659) |
(19,272) |
(20,125) |
(768) |
119,949 |
|||||||||||
Net income attributable to noncontrolling interest |
586 |
- |
- |
- |
- |
586 |
|||||||||||
Net income attributable to MSC Industrial |
$ |
56,539 |
$ |
(22,659) |
$ |
(19,272) |
$ |
(20,125) |
$ |
(768) |
$ |
119,363 |
|||||
Net income per common share: |
|||||||||||||||||
Diluted |
$ |
1.01 |
$ |
(0.40) |
$ |
(0.34) |
$ |
(0.36) |
$ |
(0.01) |
$ |
2.13 |
|||||
*Individual amounts may not agree to the total due to rounding. |
SOURCE MSC Industrial Supply Co.
основные моменты второго квартала 2022 финансового года
МЕЛВИЛЛ, Нью-Йорк и ДЭВИДСОН, Северная Каролина, 30 марта 2022 г. /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" или "Компания", ведущий североамериканский дистрибьютор широкого спектра продуктов и услуг для металлообработки, технического обслуживания, ремонта и эксплуатации (MRO)., сегодня сообщила о финансовых результатах за второй квартал 2022 финансового года, закончившийся 26 февраля 2022 года.
Financial Highlights3 |
FY22 Q2 |
FY21 Q2 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$862.5 |
$774.0 |
11.4% |
$1,711.1 |
$1,545.9 |
10.7% |
||||||
Income from Operations |
$97.2 |
$28.0 |
246.8% |
$187.9 |
$81.9 |
129.3% |
||||||
Operating Margin |
11.3% |
3.6% |
11.0% |
5.3% |
||||||||
Net Income attributable to MSC |
$69.9 |
$18.1 |
286.7% |
$136.0 |
$56.5 |
140.5% |
||||||
Diluted EPS |
$1.25 |
4 |
0.32 |
5 |
290.6% |
$2.43 |
4 |
$1.01 |
5 |
140.6% |
||
Adjusted Financial Highlights1,3 |
FY22 Q2 |
FY21 Q2 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$862.5 |
$774.0 |
11.4% |
$1,711.1 |
$1,545.9 |
10.7% |
||||||
Income from Operations |
$100.3 |
$80.5 |
24.7% |
$196.3 |
$165.4 |
18.7% |
||||||
Operating Margin |
11.6% |
10.4% |
11.5% |
10.7% |
||||||||
Net Income attributable to MSC |
$72.3 |
$57.6 |
25.6% |
$142.2 |
$119.4 |
19.2% |
||||||
Diluted EPS |
$1.29 |
4 |
$1.03 |
5 |
25.2% |
$2.54 |
4 |
$2.13 |
5 |
19.2% |
1 Represents a non-GAAP financial measure and reconciliations to the most directly comparable GAAP financial measure is presented in the schedules accompanying this press release. |
2 Reflects severance and separation costs, consulting costs and exit-related costs to better align our strategy. |
3 In millions except percentages and per share data or as otherwise noted. |
4 Based on 56.0 million and 55.9 million weighted average diluted shares outstanding for FY22 Q2 and FY22 YTD respectively. |
5 Based on 56.1 million and 56.0 million weighted average diluted shares outstanding for FY21 Q2 and FY21 YTD respectively. |
Эрик Гершвинд, президент и главный исполнительный директор, сказал: "Я рад растущей динамике внутри Компании, направленной на ускорение захвата доли рынка и повышение прибыльности. Мы добились двузначного роста выручки, несмотря на сбои, связанные с Covid, в течение первых двух недель января. Наши инициативы по росту идут полным ходом, и повышение производительности, которое мы предоставляем нашим клиентам, находит отклик. Меры по борьбе с валовой прибылью, включая повышение цен в конце января, работают хорошо и дают нам уверенность в том, что мы сможем сохранить валовую прибыль на прежнем уровне или даже выше в течение всего 2022 финансового года по сравнению с 2021 финансовым годом ".
Кристен Актис-Гранде, исполнительный вице-президент и финансовый директор, добавила: "Сильный рост выручки в сочетании с валовой прибылью и экономией критически важных затрат привел к скорректированной операционной прибыли на 11,6% и скорректированной дополнительной прибыли на 22,4% по сравнению со вторым кварталом предыдущего финансового года. Набирая обороты, мы добавляем низкий уровень двузначного роста к нашей годовой скорректированной операционной марже на 2022 финансовый год с соответствующей годовой скорректированной операционной маржей от 12,5% до 13,1%. Если последние тенденции сохранятся, мы ожидаем, что окажемся в этом диапазоне".
Гершвинд заключил: "Я доволен прогрессом, который я вижу во всей Компании. Мы уже достигли или превысили нашу долгосрочную цель по увеличению продаж как минимум на 400 базисных пунктов выше индекса промышленного производства и находимся на пути к достижению рентабельности инвестиций в высокотехнологичном секторе к концу 2023 финансового года".
Конференц-связь InformationMSC проведет конференц-связь сегодня в 8:30 утра по восточному времени, чтобы обсудить результаты второго квартала 2022 финансового года Компании. С вызовом, сопровождающими слайдами и другой оперативной статистикой можно ознакомиться по адресу: http://investor.mscdirect.com . Конференц-связь также может быть доступна по телефонам 1-877-443-5575 (США), 1-855-669-9657 (Канада) или 1-412-902-6618 (международный).
Онлайн-архив трансляции будет доступен до 6 апреля 2022 года.
Отчетная дата Компании по результатам третьего квартала 2022 финансового года запланирована на 29 июня 2022 года.
О компании MSC Industrial Supply Co. Компания MSC Industrial Supply Co. (NYSE: MSM) является ведущим североамериканским дистрибьютором широкого спектра продуктов и услуг для металлообработки, технического обслуживания, ремонта и эксплуатации (MRO). Мы помогаем нашим клиентам повысить производительность, прибыльность и рост с помощью примерно 2,0 миллиона продуктов, управления запасами и других решений для цепочки поставок, а также глубокого опыта, накопленного за более чем 80 лет работы с клиентами в разных отраслях промышленности. Наша опытная команда из более чем 6500 сотрудников стремится работать бок о бок с нашими клиентами, чтобы помочь добиться результатов для их бизнеса - от поддержания эффективной работы сегодня до постоянного переосмысления, переоснащения и оптимизации для более продуктивного завтра. Для получения дополнительной информации о MSC Industrial, пожалуйста, посетите mscdirect.com .
Предостережение Относительно прогнозных заявлений: Заявления в этом пресс-релизе могут представлять собой "прогнозные заявления" в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Все заявления, кроме заявлений об исторических фактах, которые касаются деятельности, событий или событий, которые, как мы ожидаем, полагаем или ожидаем, произойдут или могут произойти в будущем, включая заявления о будущем влиянии COVID-19 на наши бизнес-операции, результаты операций и финансовое состояние, ожидаемые будущие результаты, ожидаемые выгоды исходя из наших инвестиционных и стратегических планов и других инициатив, а также ожидаемого будущего роста, прибыльности и рентабельности вложенного капитала, мы делаем прогнозные заявления. Слова "будет", "может", "полагает", "ожидает", "думает", "ожидает", "оценивает", "планирует", "намеревается" и подобные выражения предназначены для обозначения прогнозных заявлений. Прогнозные заявления связаны с рисками и неопределенностями, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые ожидаются в этих прогнозных заявлениях. Кроме того, любые заявления, которые относятся к ожиданиям, прогнозам или другим характеристикам будущих событий или обстоятельств, заявления, включающие обсуждение стратегии, планов или намерений, заявления о предположениях руководства, прогнозах или прогнозах будущих событий или перспектив рынка, а также любые другие заявления, отличные от заявления о настоящем или историческом факте, являются заявления о перспективах. Включение любого заявления в этот пресс-релиз не означает признания MSC или любого другого лица того, что события или обстоятельства, описанные в таком заявлении, являются существенными. Кроме того, время от времени могут возникать новые риски, и руководство не может предсказать такие риски или оценить влияние таких рисков на наш бизнес или финансовые результаты. Соответственно, будущие результаты могут существенно отличаться от исторических результатов или от тех, которые обсуждаются или подразумеваются в этих прогнозных заявлениях. Учитывая эти риски и неопределенности, читатель не должен чрезмерно полагаться на эти прогнозные заявления. Эти риски и неопределенности включают, но не ограничиваются следующим: влияние COVID-19 пандемией на нашем продаж, операций и цепи поставок; общих экономических условий на рынках, в которых мы работаем, в том числе состояний, вызванных COVID-19 пандемией; изменение клиента и продукта смесей; конкуренция, в том числе принятие конкурентов агрессивной ценовой стратегии и методов продаж; консолидация отрасли и другие изменения в отраслевом распределении сектора; нам возможность реализовать ожидаемые выгоды от наших инвестиционных и стратегических планов, в том числе и наш переход от точечной покупайте поставщика к критически важным партнером для наших клиентов; наши возможности по достижению ожидаемых экономии и выгоды от нашей перестройки деятельности и структурного сокращения затрат; удержание ключевого персонала; волатильность в сырьевых и энергетических цен, влияние продолжительного периода низких, высоких и быстрая инфляция и колебания процентных ставок; кредитному риску наших клиентов, включая изменение кредитного риска в результате COVID-19 пандемией более высокая инфляция и колебания процентных ставок; риск покупателя отмена или перенос заказов; трудности при калибровке поддержки спроса на нашу продукцию, в частности средств индивидуальной защиты или "СИЗ" средства, которые могли бы привести к невозможности продать излишки продукции у производителей в результате списания запасов или может наоборот привести к инвентаризации недостач таких изделий; перебои в работе, нехватке или иных коммерческих перерывов (в том числе из-за экстремальных погодных условий или в результате COVID-19 пандемией) на транспортных центров, доставка портов, в нашей штаб-квартире или нашему клиенту выполнение центры; сбоев или нарушений наших информационно-технических систем, или нарушений персональных данных законов; удержание квалифицированных продаж и обслуживания клиентов, кадров и металлообработка специалистов; риск потери ключевых поставщиков или подрядчиков или ключевых брендов или цепочке сбоев, в том числе за счет импортных ограничений, связанных с COVID-19 пандемии и глобальных геополитических условиях; внесение изменений в государственные торговли или политики применения санкций, в том числе воздействия от значительных ограничений на импорт или пошлины или моратории на экономическую активность в отдельных странах или регионах; риски, связанные с открытием или расширением нашей поддержки центров реализации; нам возможность оценить стоимость медицинских требований, возникших по нашей собственной программе страхования; судебного рисками из-за специфики нашего бизнеса; риски, связанные с интеграцией приобретенных активов и другие стратегические операции; финансовые ограничения в отношении непогашенных заимствований; наша способность сохранять наши кредиты; процентная ставка неопределенность в связи с Лондонской межбанковской ставки ("ЛИБОР") реформа; несоблюдение действующего окружающей среды, здоровья и безопасности, законы и нормативные акты, включая правительственные меры в ответ на COVID-19 пандемией, и другие законы, применимые к нашей деятельности; об итогах государственных или регулирующих судопроизводство или будущих судебных разбирательств; деловая репутация и нематериальные активы, учитываемые в результате наших приобретений, может быть нарушена; обыкновенные акции цена может быть нестабильным из-за факторов, находящихся вне нашего контроля; и наши основные акционеры осуществляют значительный контроль над нами, которая может привести к выполнению действий или непринятия мер, которые наши другие акционеры не нравится. Дополнительная информация, касающаяся этих и других рисков, описана в разделах "Факторы риска" и "Обсуждение и анализ руководством финансового состояния и результатов деятельности" в наших Годовых и Квартальных отчетах по формам 10-K и 10-Q соответственно, а также в других отчетах и документах, которые мы отправляем в США. Комиссия по ценным бумагам и биржам. Мы прямо отказываемся от каких-либо обязательств по обновлению любого из этих прогнозных заявлений, за исключением случаев, предусмотренных применимым законодательством.
MSC INDUSTRIAL DIRECT CO., INC. |
|||||
Condensed Consolidated Balance Sheets |
|||||
(In thousands) |
|||||
February 26, |
August 28, |
||||
2022 |
2021 |
||||
ASSETS |
(unaudited) |
||||
Current Assets: |
|||||
Cash and cash equivalents |
$ |
41,754 |
$ |
40,536 |
|
Accounts receivable, net of allowance for credit losses |
619,913 |
560,373 |
|||
Inventories |
657,710 |
624,169 |
|||
Prepaid expenses and other current assets |
97,435 |
89,167 |
|||
Total current assets |
1,416,812 |
1,314,245 |
|||
Property, plant and equipment, net |
300,232 |
298,416 |
|||
Goodwill |
692,482 |
692,704 |
|||
Identifiable intangibles, net |
96,061 |
101,854 |
|||
Operating lease assets |
51,602 |
49,011 |
|||
Other assets |
7,726 |
5,885 |
|||
Total assets |
$ |
2,564,915 |
$ |
2,462,115 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Current portion of debt including obligations under finance leases |
$ |
251,269 |
$ |
202,433 |
|
Current portion of operating lease liabilities |
13,417 |
13,927 |
|||
Accounts payable |
191,436 |
186,330 |
|||
Accrued expenses and other current liabilities |
141,049 |
159,238 |
|||
Total current liabilities |
597,171 |
561,928 |
|||
Long-term debt including obligations under finance leases |
584,182 |
583,616 |
|||
Noncurrent operating lease liabilities |
39,410 |
36,429 |
|||
Deferred income taxes and tax uncertainties |
108,851 |
108,827 |
|||
Other noncurrent liabilities |
— |
9,443 |
|||
Total liabilities |
1,329,614 |
1,300,243 |
|||
Commitments and Contingencies |
|||||
Shareholders' Equity: |
|||||
Preferred Stock |
— |
— |
|||
Class A Common Stock |
48 |
48 |
|||
Class B Common Stock |
9 |
9 |
|||
Additional paid-in capital |
766,156 |
740,867 |
|||
Retained earnings |
584,283 |
532,315 |
|||
Accumulated other comprehensive loss |
(19,121) |
(17,984) |
|||
Class A treasury stock, at cost |
(107,401) |
(104,384) |
|||
Total MSC shareholders' equity |
1,223,974 |
1,150,871 |
|||
Noncontrolling interest |
$ |
11,327 |
$ |
11,001 |
|
Total shareholders' equity |
1,235,301 |
1,161,872 |
|||
Total liabilities and shareholders' equity |
$ |
2,564,915 |
$ |
2,462,115 |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||
Condensed Consolidated Statements of Income |
|||||||||||
(In thousands, except per share data) |
|||||||||||
(Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Twenty-Six Weeks Ended |
||||||||||
February 26, |
February 27, |
February 26, |
February 27, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net sales |
$ |
862,522 |
$ |
773,995 |
$ |
1,711,069 |
$ |
1,545,899 |
|||
Cost of goods sold |
496,247 |
479,244 |
992,198 |
927,830 |
|||||||
Gross profit |
366,275 |
294,751 |
718,871 |
618,069 |
|||||||
Operating expenses |
265,973 |
245,115 |
522,554 |
483,820 |
|||||||
Impairment loss |
— |
— |
— |
26,726 |
|||||||
Restructuring and other costs |
3,134 |
21,615 |
8,417 |
25,594 |
|||||||
Income from operations |
97,168 |
28,021 |
187,900 |
81,929 |
|||||||
Other income (expense): |
|||||||||||
Interest expense |
(3,617) |
(3,580) |
(7,345) |
(6,936) |
|||||||
Interest income |
21 |
16 |
40 |
37 |
|||||||
Other income (expense), net |
91 |
(58) |
(322) |
593 |
|||||||
Total other expense |
(3,505) |
(3,622) |
(7,627) |
(6,306) |
|||||||
Income before provision for income taxes |
93,663 |
24,399 |
180,273 |
75,623 |
|||||||
Provision for income taxes |
23,509 |
6,051 |
43,862 |
18,498 |
|||||||
Net income |
70,154 |
18,348 |
136,411 |
57,125 |
|||||||
Less: Net income attributable to noncontrolling interest |
223 |
263 |
413 |
586 |
|||||||
Net income attributable to MSC Industrial |
$ |
69,931 |
$ |
18,085 |
$ |
135,998 |
$ |
56,539 |
|||
Per share data attributable to MSC Industrial: |
|||||||||||
Net income per common share: |
|||||||||||
Basic |
$ |
1.25 |
$ |
0.32 |
$ |
2.44 |
$ |
1.01 |
|||
Diluted |
$ |
1.25 |
$ |
0.32 |
$ |
2.43 |
$ |
1.01 |
|||
Weighted average shares used in computing |
|||||||||||
Basic |
55,799 |
55,838 |
55,664 |
55,749 |
|||||||
Diluted |
55,971 |
56,133 |
55,945 |
56,019 |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||
Condensed Consolidated Statements of Comprehensive Income |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Twenty-Six Weeks Ended |
||||||||||
February 26, |
February 27, |
February 26, |
February 27, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net income, as reported |
$ |
70,154 |
$ |
18,348 |
$ |
136,411 |
$ |
57,125 |
|||
Other comprehensive income, net of tax: |
|||||||||||
Foreign currency translation adjustments |
3,768 |
626 |
(1,224) |
2,822 |
|||||||
Comprehensive income |
73,922 |
18,974 |
135,187 |
59,947 |
|||||||
Comprehensive income attributable to noncontrolling interest: |
|||||||||||
Net income |
(223) |
(263) |
(413) |
(586) |
|||||||
Foreign currency translation adjustments |
(824) |
251 |
87 |
(210) |
|||||||
Comprehensive income attributable to MSC Industrial |
$ |
72,875 |
$ |
18,962 |
$ |
134,861 |
$ |
59,151 |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||
Condensed Consolidated Statements of Cash Flows |
|||||
(In thousands) |
|||||
(Unaudited) |
|||||
Twenty-Six Weeks Ended |
|||||
February 26, |
February 27, |
||||
2022 |
2021 |
||||
Cash Flows from Operating Activities: |
|||||
Net income |
$ |
136,411 |
$ |
57,125 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
34,985 |
34,571 |
|||
Non-cash operating lease cost |
8,012 |
7,537 |
|||
Stock-based compensation |
10,189 |
8,994 |
|||
Loss on disposal of property, plant and equipment |
230 |
345 |
|||
Inventory write-down |
— |
30,091 |
|||
Operating lease and fixed asset impairment due to restructuring |
— |
18,097 |
|||
Provision for credit losses |
4,245 |
4,280 |
|||
Deferred income taxes |
(341) |
— |
|||
Changes in operating assets and liabilities: |
|||||
Accounts receivable |
(64,293) |
(39,421) |
|||
Inventories |
(34,024) |
(18,647) |
|||
Prepaid expenses and other current assets |
(8,358) |
(27,214) |
|||
Operating lease liabilities |
(8,136) |
(9,074) |
|||
Other assets |
(1,492) |
494 |
|||
Accounts payable and accrued liabilities |
(20,007) |
51,756 |
|||
Total adjustments |
(78,990) |
61,809 |
|||
Net cash provided by operating activities |
57,421 |
118,934 |
|||
Cash Flows from Investing Activities: |
|||||
Expenditures for property, plant and equipment |
(31,179) |
(19,954) |
|||
Net cash used in investing activities |
(31,179) |
(19,954) |
|||
Cash Flows from Financing Activities: |
|||||
Repurchases of common stock |
(4,813) |
(3,519) |
|||
Payments of regular cash dividends |
(83,586) |
(83,685) |
|||
Payments of special cash dividends |
— |
(195,351) |
|||
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan |
2,259 |
2,040 |
|||
Proceeds from exercise of Class A Common Stock options |
12,053 |
10,834 |
|||
Borrowings under credit facilities |
184,000 |
415,000 |
|||
Payments under credit facilities |
(134,500) |
(350,000) |
|||
Borrowings under financing obligations |
1,058 |
1,269 |
|||
Other, net |
(1,387) |
(1,392) |
|||
Net cash used in financing activities |
(24,916) |
(204,804) |
|||
Effect of foreign exchange rate changes on cash and cash equivalents |
(108) |
855 |
|||
Net increase (decrease) in cash and cash equivalents |
1,218 |
(104,969) |
|||
Cash and cash equivalents – beginning of period |
40,536 |
125,211 |
|||
Cash and cash equivalents – end of period |
$ |
41,754 |
$ |
20,242 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash paid for income taxes |
$ |
63,909 |
$ |
41,265 |
|
Cash paid for interest |
$ |
7,068 |
$ |
6,606 |
Финансовые показатели, не относящиеся к GAAP
В дополнение к неаудированным отобранным финансовым данным MSC, представленным в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах ("GAAP"), Компания раскрывает определенные финансовые показатели, не относящиеся к GAAP, включая валовую прибыль, не относящуюся к GAAP, операционные расходы, не относящиеся к GAAP, доходы от операций, не относящиеся к GAAP, операционная маржа, не относящаяся к GAAP, дополнительная маржа не по GAAP, резерв по налогу на прибыль не по GAAP, чистая прибыль не по GAAP и разводненная прибыль на акцию не по GAAP, которые исключают убыток от обесценения (предыдущий год), списание запасов (предыдущий год), судебные издержки в связи с обесценением предоплаченных СИЗ (предыдущий год), реструктуризация и другие расходы, а также другие связанные с ними затраты и налоговые последствия.
Эти финансовые показатели, не относящиеся к GAAP, представлены не в соответствии с GAAP или альтернативой финансовым показателям GAAP и могут отличаться от аналогичных финансовых показателей, не относящихся к GAAP, используемых другими компаниями. Представление этой дополнительной информации не предназначено для рассмотрения изолированно или в качестве замены наиболее непосредственно сопоставимых финансовых показателей GAAP и должно использоваться только для оценки результатов деятельности MSC в сочетании с соответствующими финансовыми показателями GAAP.
При расчете финансовых показателей, не относящихся к GAAP, мы исключаем убыток от обесценения (предыдущий год), списание запасов (предыдущий год), судебные издержки в связи с обесценением предоплаченных СИЗ (предыдущий год), реструктуризацию и другие расходы, а также другие связанные с этим расходы и налоговые последствия. Руководство вносит эти корректировки, чтобы облегчить анализ операционных показателей Компании на сопоставимой основе между периодами, для сравнения с прогнозами и стратегическими планами, для выявления и анализа тенденций в базовом бизнесе Компании и для сравнительного анализа результатов деятельности с внешними конкурентами. Мы считаем, что инвесторам выгодно видеть результаты с точки зрения руководства в дополнение к результатам, представленным в соответствии с GAAP, по тем же причинам и в тех же целях, для которых руководство использует такие финансовые показатели, отличные от GAAP.
MSC Industrial Direct Co., INC. |
|||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||||||||
Thirteen and Twenty-Six Weeks Ended February 26, 2022 |
|||||||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||||||
GAAP Financial Measure |
Items Affecting Comparability |
Non-GAAP Financial Measure |
|||||||||||||||
Total MSC Industrial |
Restructuring and Other Costs |
Adjusted Total MSC Industrial |
|||||||||||||||
Thirteen Weeks Ended |
Twenty-Six |
Thirteen Weeks Ended |
Twenty-Six |
Thirteen Weeks Ended |
Twenty-Six |
||||||||||||
Net Sales |
$ |
862,522 |
$ |
1,711,069 |
$ |
- |
$ |
- |
$ |
862,522 |
$ |
1,711,069 |
|||||
Cost of Goods Sold |
496,247 |
992,198 |
- |
- |
496,247 |
992,198 |
|||||||||||
Gross Profit |
366,275 |
718,871 |
- |
- |
366,275 |
718,871 |
|||||||||||
Gross Margin |
42.5% |
42.0% |
42.5% |
42.0% |
|||||||||||||
Operating Expenses |
265,973 |
522,554 |
- |
- |
265,973 |
522,554 |
|||||||||||
Operating Exp as % of Sales |
30.8% |
30.5% |
30.8% |
30.5% |
|||||||||||||
Restructuring and Other Costs |
3,134 |
8,417 |
3,134 |
8,417 |
- |
- |
|||||||||||
Income from Operations |
97,168 |
187,900 |
(3,134) |
(8,417) |
100,302 |
196,317 |
|||||||||||
Operating Margin |
11.3% |
11.0% |
-0.4% |
-0.5% |
11.6% |
11.5% |
|||||||||||
Incremental Margin |
78.1% |
64.2% |
22.4% |
18.7% |
|||||||||||||
Total Other Expense |
(3,505) |
(7,627) |
- |
- |
(3,505) |
(7,627) |
|||||||||||
Income before provision for income taxes |
93,663 |
180,273 |
(3,134) |
(8,417) |
96,797 |
188,690 |
|||||||||||
Provision for income taxes |
23,509 |
43,862 |
(787) |
(2,178) |
24,296 |
46,040 |
|||||||||||
Net income |
70,154 |
136,411 |
(2,347) |
(6,239) |
72,501 |
142,650 |
|||||||||||
Net income attributable to noncontrolling interest |
223 |
413 |
- |
- |
223 |
413 |
|||||||||||
Net income attributable to MSC Industrial |
$ |
69,931 |
$ |
135,998 |
$ |
(2,347) |
$ |
(6,239) |
$ |
72,278 |
$ |
142,237 |
|||||
Net income per common share: |
|||||||||||||||||
Diluted |
$ |
1.25 |
$ |
2.43 |
$ |
(0.04) |
$ |
(0.11) |
$ |
1.29 |
$ |
2.54 |
|||||
*Individual amounts may not agree to the total due to rounding. |
MSC Industrial Direct Co., INC. |
||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
||||||||||||||
Thirteen Weeks Ended February 27, 2021 |
||||||||||||||
(In thousands, except percentages and per share data) |
||||||||||||||
GAAP Financial Measure |
Items Affecting Comparability |
Non-GAAP Financial Measure |
||||||||||||
Total MSC Industrial |
Inventory Write-down |
Restructuring and Other Costs |
Legal Costs-impairment of prepaid for PPE |
Adjusted Total MSC Industrial |
||||||||||
Net Sales |
$ |
773,995 |
$ |
- |
$ |
- |
$ |
- |
$ |
773,995 |
||||
Cost of Goods Sold |
479,244 |
30,091 |
- |
- |
449,153 |
|||||||||
Gross Profit |
294,751 |
(30,091) |
- |
- |
324,842 |
|||||||||
Gross Margin |
38.1% |
-3.9% |
- |
- |
42.0% |
|||||||||
Operating Expenses |
245,115 |
- |
- |
727 |
244,388 |
|||||||||
Operating Exp as % of Sales |
31.7% |
0.1% |
31.6% |
|||||||||||
Restructuring and Other Costs |
21,615 |
- |
21,615 |
- |
- |
|||||||||
Income from Operations |
28,021 |
(30,091) |
(21,615) |
(727) |
80,454 |
|||||||||
Operating Margin |
3.6% |
-3.9% |
-2.8% |
-0.1% |
10.4% |
|||||||||
Total Other Expense |
(3,622) |
- |
- |
- |
(3,622) |
|||||||||
Income before provision for income taxes |
24,399 |
(30,091) |
(21,615) |
(727) |
76,832 |
|||||||||
Provision for income taxes |
6,051 |
(7,432) |
(5,339) |
(180) |
19,002 |
|||||||||
Net income |
18,348 |
(22,659) |
(16,276) |
(547) |
57,830 |
|||||||||
Net income attributable to noncontrolling interest |
263 |
- |
- |
- |
263 |
|||||||||
Net income attributable to MSC Industrial |
$ |
18,085 |
$ |
(22,659) |
$ |
(16,276) |
$ |
(547) |
$ |
57,567 |
||||
Net income per common share: |
||||||||||||||
Diluted |
$ |
0.32 |
$ |
(0.40) |
$ |
(0.29) |
$ |
(0.01) |
$ |
1.03 |
||||
*Individual amounts may not agree to the total due to rounding. |
MSC Industrial Direct Co., INC. |
|||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||||||||
Twenty-Six Weeks Ended February 27, 2021 |
|||||||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||||||
GAAP Financial Measure |
Items Affecting Comparability |
Non-GAAP Financial Measure |
|||||||||||||||
Total MSC Industrial |
Inventory Write-down |
Restructuring and Other Costs |
Impairment Loss |
Legal Costs - impairment of prepaid for PPE |
Adjusted Total MSC Industrial |
||||||||||||
Net Sales |
$ |
1,545,899 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
1,545,899 |
|||||
Cost of Goods Sold |
927,830 |
30,091 |
- |
- |
- |
897,739 |
|||||||||||
Gross Profit |
618,069 |
(30,091) |
- |
- |
- |
648,160 |
|||||||||||
Gross Margin |
40.0% |
-1.9% |
- |
- |
- |
41.9% |
|||||||||||
Operating Expenses |
483,820 |
- |
- |
- |
1,020 |
482,800 |
|||||||||||
Operating Exp as % of Sales |
31.3% |
- |
- |
- |
0.1% |
31.2% |
|||||||||||
Impairment Loss |
26,726 |
- |
- |
26,726 |
- |
- |
|||||||||||
Restructuring and Other Costs |
25,594 |
- |
25,594 |
- |
- |
- |
|||||||||||
Income from Operations |
81,929 |
(30,091) |
(25,594) |
(26,726) |
(1,020) |
165,360 |
|||||||||||
Operating Margin |
5.3% |
-1.9% |
-1.7% |
-1.7% |
-0.1% |
10.7% |
|||||||||||
Total Other Expense |
(6,306) |
- |
- |
- |
- |
(6,306) |
|||||||||||
Income before provision for income taxes |
75,623 |
(30,091) |
(25,594) |
(26,726) |
(1,020) |
159,054 |
|||||||||||
Provision for income taxes |
18,498 |
(7,432) |
(6,322) |
(6,601) |
(252) |
39,105 |
|||||||||||
Net income |
57,125 |
(22,659) |
(19,272) |
(20,125) |
(768) |
119,949 |
|||||||||||
Net income attributable to noncontrolling interest |
586 |
- |
- |
- |
- |
586 |
|||||||||||
Net income attributable to MSC Industrial |
$ |
56,539 |
$ |
(22,659) |
$ |
(19,272) |
$ |
(20,125) |
$ |
(768) |
$ |
119,363 |
|||||
Net income per common share: |
|||||||||||||||||
Diluted |
$ |
1.01 |
$ |
(0.40) |
$ |
(0.34) |
$ |
(0.36) |
$ |
(0.01) |
$ |
2.13 |
|||||
*Individual amounts may not agree to the total due to rounding. |
ИСТОЧНИК MSC Industrial Supply Co.
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