FISCAL 2022 Q3 HIGHLIGHTS
MELVILLE, N.Y. and DAVIDSON, N.C., June 29, 2022 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC," "MSC Industrial" 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 third quarter ended May 28, 2022.
Financial Highlights3 |
FY22 Q3 |
FY21 Q3 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$958.6 |
$866.3 |
10.7 % |
$2,669.6 |
$2,412.2 |
10.7 % |
||||||
Income from Operations |
$136.8 |
$128.6 |
6.4 % |
$324.7 |
$210.6 |
54.2 % |
||||||
Operating Margin |
14.3 % |
14.8 % |
12.2 % |
8.7 % |
||||||||
Net Income Attributable to MSC Industrial |
$99.7 |
$94.4 |
5.5 % |
$235.7 |
$151.0 |
56.1 % |
||||||
Diluted EPS |
$1.78 |
4 |
$1.68 |
5 |
6.0 % |
$4.21 |
4 |
$2.69 |
5 |
56.5 % |
Adjusted Financial Highlights1,3 |
FY22 Q3 |
FY21 Q3 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$958.6 |
$866.3 |
10.7 % |
$2,669.6 |
$2,412.2 |
10.7 % |
||||||
Income from Operations |
$140.3 |
$109.5 |
28.1 % |
$336.6 |
$274.9 |
22.5 % |
||||||
Operating Margin |
14.6 % |
12.6 % |
12.6 % |
11.4 % |
||||||||
Net Income Attributable to MSC Industrial |
$102.2 |
$80.2 |
27.5 % |
$244.5 |
$199.5 |
22.5 % |
||||||
Diluted EPS |
$1.82 |
4 |
$1.42 |
5 |
28.2 % |
$4.36 |
4 |
$3.55 |
5 |
22.8 % |
1 Represents a non-GAAP financial measure and a reconciliation 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 56.1 million and 56.0 million weighted-average diluted shares outstanding for FY22 Q3 and FY22 YTD respectively. |
5 Based on 56.4 million and 56.1 million weighted-average diluted shares outstanding for FY21 Q3 and FY21 YTD respectively. |
Erik Gershwind, President and Chief Executive Officer, said, "Our fiscal third quarter is another proof point of the building momentum inside of our Company. We achieved double-digit average daily sales growth, roughly 500 basis points above the Industrial Production ("IP") index. We grew gross margins sequentially and year over year thanks to strong price realization in an inflationary environment. Finally, and most notably, we translated top line growth into significant operating leverage and adjusted operating margin expansion."
Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Double-digit sales growth, gross margin execution and productivity all combined to expand adjusted operating margin by 200 basis in the fiscal third quarter with an adjusted incremental margin in the thirties. Looking to the fiscal fourth quarter, we expect double-digit average daily sales growth to continue and to finish the year in the top scenario of our fiscal 2022 annual framework."
Gershwind concluded, "We are encouraged with progress on our Mission Critical journey and, in fact, are ahead of schedule against our primary goals for fiscal 2023 - to grow revenues at least 400 basis points above the IP index and to restore ROIC into the high teens. At the same time, we are not satisfied. We will look to build on recent momentum and to set our sights even higher in terms of market share capture and profitability improvements."
Conference Call InformationMSC will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2022 third 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 July 6, 2022.
The Company's reporting date for fiscal 2022 fourth quarter and full year results is scheduled for October 20, 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; volatility in commodity and energy prices, the impact of prolonged periods of low, high, and rapid inflation, and fluctuations in interest rates; 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; 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 or incur additional borrowings on terms that we deem attractive; 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 United States 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) |
|||||
May 28, |
August 28, |
||||
2022 |
2021 |
||||
ASSETS |
(unaudited) |
||||
Current Assets: |
|||||
Cash and cash equivalents |
$ |
28,847 |
$ |
40,536 |
|
Accounts receivable, net of allowance for credit losses |
667,019 |
560,373 |
|||
Inventories |
679,516 |
624,169 |
|||
Prepaid expenses and other current assets |
92,178 |
89,167 |
|||
Total current assets |
1,467,560 |
1,314,245 |
|||
Property, plant and equipment, net |
299,143 |
298,416 |
|||
Goodwill |
692,668 |
692,704 |
|||
Identifiable intangibles, net |
93,422 |
101,854 |
|||
Operating lease assets |
58,854 |
49,011 |
|||
Other assets |
7,671 |
5,885 |
|||
Total assets |
$ |
2,619,318 |
$ |
2,462,115 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Current portion of debt including obligations under finance leases |
$ |
250,904 |
$ |
202,433 |
|
Current portion of operating lease liabilities |
16,464 |
13,927 |
|||
Accounts payable |
199,477 |
186,330 |
|||
Accrued expenses and other current liabilities |
152,961 |
159,238 |
|||
Total current liabilities |
619,806 |
561,928 |
|||
Long-term debt including obligations under finance leases |
539,050 |
583,616 |
|||
Noncurrent operating lease liabilities |
43,648 |
36,429 |
|||
Deferred income taxes and tax uncertainties |
108,849 |
108,827 |
|||
Other noncurrent liabilities |
— |
9,443 |
|||
Total liabilities |
1,311,353 |
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 |
780,311 |
740,867 |
|||
Retained earnings |
641,444 |
532,315 |
|||
Accumulated other comprehensive loss |
(19,032) |
(17,984) |
|||
Class A treasury stock, at cost |
(106,655) |
(104,384) |
|||
Total MSC shareholders' equity |
1,296,125 |
1,150,871 |
|||
Noncontrolling interest |
$ |
11,840 |
$ |
11,001 |
|
Total shareholders' equity |
1,307,965 |
1,161,872 |
|||
Total liabilities and shareholders' equity |
$ |
2,619,318 |
$ |
2,462,115 |
MSC INDUSTRIAL DIRECT CO., INC. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Thirty-Nine Weeks Ended |
||||||||||
May 28, |
May 29, |
May 28, |
May 29, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net sales |
$ |
958,579 |
$ |
866,294 |
$ |
2,669,648 |
$ |
2,412,193 |
|||
Cost of goods sold |
547,430 |
499,823 |
1,539,628 |
1,427,653 |
|||||||
Gross profit |
411,149 |
366,471 |
1,130,020 |
984,540 |
|||||||
Operating expenses |
271,046 |
257,336 |
793,600 |
741,156 |
|||||||
Impairment loss (loss recovery), net |
— |
(20,840) |
— |
5,886 |
|||||||
Restructuring and other costs |
3,267 |
1,349 |
11,684 |
26,943 |
|||||||
Income from operations |
136,836 |
128,626 |
324,736 |
210,555 |
|||||||
Other income (expense): |
|||||||||||
Interest expense |
(4,277) |
(3,696) |
(11,622) |
(10,632) |
|||||||
Interest income |
17 |
15 |
57 |
52 |
|||||||
Other income, net |
558 |
1,131 |
236 |
1,724 |
|||||||
Total other expense |
(3,702) |
(2,550) |
(11,329) |
(8,856) |
|||||||
Income before provision for income taxes |
133,134 |
126,076 |
313,407 |
201,699 |
|||||||
Provision for income taxes |
33,417 |
31,141 |
77,279 |
49,639 |
|||||||
Net income |
99,717 |
94,935 |
236,128 |
152,060 |
|||||||
Less: Net income attributable to noncontrolling interest |
60 |
501 |
473 |
1,087 |
|||||||
Net income attributable to MSC Industrial |
$ |
99,657 |
$ |
94,434 |
$ |
235,655 |
$ |
150,973 |
|||
Per share data attributable to MSC Industrial: |
|||||||||||
Net income per common share: |
|||||||||||
Basic |
$ |
1.78 |
$ |
1.69 |
$ |
4.23 |
$ |
2.70 |
|||
Diluted |
$ |
1.78 |
$ |
1.68 |
$ |
4.21 |
$ |
2.69 |
|||
Weighted average shares used in computing |
|||||||||||
Basic |
55,914 |
55,944 |
55,748 |
55,814 |
|||||||
Diluted |
56,106 |
56,352 |
56,019 |
56,139 |
MSC INDUSTRIAL DIRECT CO., INC. Condensed Consolidated Statements of Comprehensive Income (In thousands) (Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Thirty-Nine Weeks Ended |
||||||||||
May 28, |
May 29, |
May 28, |
May 29, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net income, as reported |
$ |
99,717 |
$ |
94,935 |
$ |
236,128 |
$ |
152,060 |
|||
Other comprehensive income, net of tax: |
|||||||||||
Foreign currency translation adjustments |
542 |
4,325 |
(682) |
7,147 |
|||||||
Comprehensive income (1) |
100,259 |
99,260 |
235,446 |
159,207 |
|||||||
Comprehensive income attributable to noncontrolling interest: |
|||||||||||
Net income |
(60) |
(501) |
(473) |
(1,087) |
|||||||
Foreign currency translation adjustments |
(453) |
(299) |
(366) |
(509) |
|||||||
Comprehensive income attributable to MSC Industrial |
$ |
99,746 |
$ |
98,460 |
$ |
234,607 |
$ |
157,611 |
(1) There were no material taxes associated with other comprehensive income during the thirteen- and thirty-nine-week periods ended May 28, 2022 and May 29, 2021. |
MSC INDUSTRIAL DIRECT CO., INC. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||
Thirty-Nine Weeks Ended |
|||||
May 28, |
May 29, |
||||
2022 |
2021 |
||||
Cash Flows from Operating Activities: |
|||||
Net income |
$ |
236,128 |
$ |
152,060 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
52,426 |
51,575 |
|||
Non-cash operating lease cost |
12,583 |
11,650 |
|||
Stock-based compensation |
14,559 |
13,407 |
|||
Loss on disposal of property, plant and equipment |
489 |
460 |
|||
Inventory write-down |
— |
30,091 |
|||
Operating lease and fixed asset impairment due to restructuring |
— |
15,819 |
|||
Provision for credit losses |
6,255 |
5,303 |
|||
Deferred income taxes |
(341) |
— |
|||
Changes in operating assets and liabilities: |
|||||
Accounts receivable |
(113,664) |
(77,130) |
|||
Inventories |
(55,866) |
(82,864) |
|||
Prepaid expenses and other current assets |
(2,859) |
(38,658) |
|||
Operating lease liabilities |
(12,674) |
(25,576) |
|||
Other assets |
(1,405) |
585 |
|||
Accounts payable and accrued liabilities |
(329) |
82,638 |
|||
Total adjustments |
(100,826) |
(12,700) |
|||
Net cash provided by operating activities |
135,302 |
139,360 |
|||
Cash Flows from Investing Activities: |
|||||
Expenditures for property, plant and equipment |
(44,943) |
(37,598) |
|||
Net cash used in investing activities |
(44,943) |
(37,598) |
|||
Cash Flows from Financing Activities: |
|||||
Repurchases of common stock |
(4,944) |
(50,700) |
|||
Payments of regular cash dividends |
(125,532) |
(125,707) |
|||
Payments of special cash dividends |
— |
(195,351) |
|||
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan |
3,364 |
3,112 |
|||
Proceeds from exercise of Class A Common Stock options |
21,540 |
28,969 |
|||
Borrowings under credit facilities |
244,000 |
505,000 |
|||
Payments under credit facilities |
(239,500) |
(365,000) |
|||
Borrowings under financing obligations |
1,058 |
1,286 |
|||
Payments on finance lease and financing obligations |
(1,984) |
(1,896) |
|||
Net cash used in financing activities |
(101,998) |
(200,287) |
|||
Effect of foreign exchange rate changes on cash and cash equivalents |
(50) |
743 |
|||
Net decrease in cash and cash equivalents |
(11,689) |
(97,782) |
|||
Cash and cash equivalents – beginning of period |
40,536 |
125,211 |
|||
Cash and cash equivalents – end of period |
$ |
28,847 |
$ |
27,429 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash paid for income taxes |
$ |
90,696 |
$ |
60,903 |
|
Cash paid for interest |
$ |
10,009 |
$ |
8,776 |
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 and loss recovery (prior year), inventory write-downs (prior year), legal costs for impairment of prepaid PPE (prior year), acquisition-related costs, 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 and loss recovery (prior year), inventory write-downs (prior year), legal costs for impairment of prepaid PPE (prior year), acquisition-related costs, 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. |
||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
||||||||||||
Thirteen Weeks Ended May 28, 2022 |
||||||||||||
(In thousands, except percentages and per share data) |
||||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
||||||||||
Total MSC |
Restructuring and |
Acquisition-related |
Adjusted Total |
|||||||||
Net Sales |
$ |
958,579 |
$ |
- |
$ |
- |
$ |
958,579 |
||||
Cost of Goods Sold |
547,430 |
- |
- |
547,430 |
||||||||
Gross Profit |
411,149 |
- |
- |
411,149 |
||||||||
Gross Margin |
42.9 % |
42.9 % |
||||||||||
Operating Expenses |
271,046 |
- |
211 |
270,835 |
||||||||
Operating Exp as % of Sales |
28.3 % |
0.0 % |
28.3 % |
|||||||||
Restructuring and Other Costs |
3,267 |
3,267 |
- |
- |
||||||||
Income from Operations |
136,836 |
(3,267) |
(211) |
140,314 |
||||||||
Operating Margin |
14.3 % |
-0.3 % |
0.0 % |
14.6 % |
||||||||
Incremental Margin |
8.9 % |
33.4 % |
||||||||||
Total Other Expense |
(3,702) |
- |
- |
(3,702) |
||||||||
Income before provision for income taxes |
133,134 |
(3,267) |
(211) |
136,612 |
||||||||
Provision for income taxes |
33,417 |
(884) |
(57) |
34,358 |
||||||||
Net income |
99,717 |
(2,383) |
(154) |
102,254 |
||||||||
Net income attributable to noncontrolling interest |
60 |
- |
- |
60 |
||||||||
Net income attributable to MSC Industrial |
$ |
99,657 |
$ |
(2,383) |
$ |
(154) |
$ |
102,194 |
||||
Net income per common share: |
||||||||||||
Diluted |
$ |
1.78 |
$ |
(0.04) |
$ |
(0.0) |
$ |
1.82 |
||||
*Individual amounts may not agree to the total due to rounding. |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||
Thirty-Nine Weeks Ended May 28, 2022 |
|||||||||||
(In thousands, except percentages and per share data) |
|||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
|||||||||
Total MSC Industrial |
Restructuring and |
Acquisition-related |
Adjusted Total |
||||||||
Net Sales |
$ |
2,669,648 |
$ |
- |
$ |
- |
$ |
2,669,648 |
|||
Cost of Goods Sold |
1,539,628 |
- |
- |
1,539,628 |
|||||||
Gross Profit |
1,130,020 |
- |
- |
1,130,020 |
|||||||
Gross Margin |
42.3 % |
42.3 % |
|||||||||
Operating Expenses |
793,600 |
- |
211 |
793,389 |
|||||||
Operating Exp as % of Sales |
29.7 % |
0.0 % |
29.7 % |
||||||||
Restructuring and Other Costs |
11,684 |
11,684 |
- |
- |
|||||||
Income from Operations |
324,736 |
(11,684) |
(211) |
336,631 |
|||||||
Operating Margin |
12.2 % |
-0.4 % |
0.0 % |
12.6 % |
|||||||
Incremental Margin |
44.3 % |
24.0 % |
|||||||||
Total Other Expense |
(11,329) |
- |
- |
(11,329) |
|||||||
Income before provision for income taxes |
313,407 |
(11,684) |
(211) |
325,302 |
|||||||
Provision for income taxes |
77,279 |
(3,014) |
(57) |
80,350 |
|||||||
Net income |
236,128 |
(8,670) |
(154) |
244,952 |
|||||||
Net income attributable to noncontrolling interest |
473 |
- |
- |
473 |
|||||||
Net income attributable to MSC Industrial |
$ |
235,655 |
$ |
(8,670) |
$ |
(154) |
$ |
244,479 |
|||
Net income per common share: |
|||||||||||
Diluted |
$ |
4.21 |
$ |
(0.15) |
$ |
(0.0) |
$ |
4.36 |
|||
*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 May 29, 2021 |
||||||||||||||
(In thousands, except percentages and per share data) |
||||||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
||||||||||||
Total MSC |
Impairment |
Restructuring and |
Legal Costs- |
Adjusted Total |
||||||||||
Net Sales |
$ |
866,294 |
$ |
- |
$ |
- |
$ |
- |
$ |
866,294 |
||||
Cost of Goods Sold |
499,823 |
- |
- |
- |
499,823 |
|||||||||
Gross Profit |
366,471 |
- |
- |
- |
366,471 |
|||||||||
Gross Margin |
42.3 % |
- |
- |
- |
42.3 % |
|||||||||
Operating Expenses |
257,336 |
- |
- |
401 |
256,935 |
|||||||||
Operating Exp as % of Sales |
29.7 % |
- |
- |
0.0 % |
29.7 % |
|||||||||
Impairment Loss (Loss Recovery), Net |
(20,840) |
(20,840) |
- |
- |
- |
|||||||||
Restructuring and Other Costs |
1,349 |
- |
1,349 |
- |
- |
|||||||||
Income from Operations |
128,626 |
20,840 |
(1,349) |
(401) |
109,536 |
|||||||||
Operating Margin |
14.8 % |
2.4 % |
-0.2 % |
0.0 % |
12.6 % |
|||||||||
Total Other Expense |
(2,550) |
- |
- |
- |
(2,550) |
|||||||||
Income before provision for income taxes |
126,076 |
20,840 |
(1,349) |
(401) |
106,986 |
|||||||||
Provision for income taxes |
31,141 |
5,263 |
(341) |
(100) |
26,319 |
|||||||||
Net income |
94,935 |
15,577 |
(1,008) |
(301) |
80,667 |
|||||||||
Net income attributable to noncontrolling interest |
501 |
- |
- |
- |
501 |
|||||||||
Net income attributable to MSC Industrial |
$ |
94,434 |
$ |
15,577 |
$ |
(1,008) |
$ |
(301) |
$ |
80,166 |
||||
Net income per common share: |
||||||||||||||
Diluted |
$ |
1.68 |
$ |
0.28 |
$ |
(0.02) |
$ |
(0.01) |
$ |
1.42 |
||||
*Individual amounts may not agree to the total due to rounding. |
MSC INDUSTRIAL DIRECT CO., INC. |
|||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||||||||
Thirty-Nine Weeks Ended May 29, 2021 |
|||||||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
|||||||||||||||
Total MSC |
Inventory |
Restructuring |
Impairment |
Legal Costs - |
Adjusted Total |
||||||||||||
Net Sales |
$ |
2,412,193 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
2,412,193 |
|||||
Cost of Goods Sold |
1,427,653 |
30,091 |
- |
- |
- |
1,397,562 |
|||||||||||
Gross Profit |
984,540 |
(30,091) |
- |
- |
- |
1,014,631 |
|||||||||||
Gross Margin |
40.8 % |
-1.2 % |
- |
- |
- |
42.1 % |
|||||||||||
Operating Expenses |
741,156 |
- |
- |
- |
1,421 |
739,735 |
|||||||||||
Operating Exp as % of Sales |
30.7 % |
- |
- |
- |
0.1 % |
30.7 % |
|||||||||||
Impairment Loss |
5,886 |
- |
- |
5,886 |
- |
- |
|||||||||||
Restructuring and Other Costs |
26,943 |
- |
26,943 |
- |
- |
- |
|||||||||||
Income from Operations |
210,555 |
(30,091) |
(26,943) |
(5,886) |
(1,421) |
274,896 |
|||||||||||
Operating Margin |
8.7 % |
-1.2 % |
-1.1 % |
-0.2 % |
-0.1 % |
11.4 % |
|||||||||||
Total Other Expense |
(8,856) |
- |
- |
- |
- |
(8,856) |
|||||||||||
Income before provision for income taxes |
201,699 |
(30,091) |
(26,943) |
(5,886) |
(1,421) |
266,040 |
|||||||||||
Provision for income taxes |
49,639 |
(7,392) |
(6,620) |
(1,446) |
(349) |
65,446 |
|||||||||||
Net income |
152,060 |
(22,699) |
(20,323) |
(4,440) |
(1,072) |
200,594 |
|||||||||||
Net income attributable to noncontrolling interest |
1,087 |
- |
- |
- |
- |
1,087 |
|||||||||||
Net income attributable to MSC Industrial |
$ |
150,973 |
$ |
(22,699) |
$ |
(20,323) |
$ |
(4,440) |
$ |
(1,072) |
$ |
199,507 |
|||||
Net income per common share: |
|||||||||||||||||
Diluted |
$ |
2.69 |
$ |
(0.40) |
$ |
(0.36) |
$ |
(0.08) |
$ |
(0.02) |
$ |
3.55 |
|||||
*Individual amounts may not agree to the total due to rounding. |
SOURCE MSC Industrial Supply Co.
основные моменты третьего квартала 2022 финансового года
МЕЛВИЛЛ, Нью-Йорк и ДЭВИДСОН, Северная Каролина, 29 июня 2022 г. /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC", "MSC Industrial" или "Компания", ведущий североамериканский дистрибьютор широкого спектра металлообработки, технического обслуживания, ремонта и эксплуатации (MRO) products and services, сегодня сообщила о финансовых результатах за третий квартал 2022 финансового года, закончившийся 28 мая 2022 года.
Financial Highlights3 |
FY22 Q3 |
FY21 Q3 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$958.6 |
$866.3 |
10.7 % |
$2,669.6 |
$2,412.2 |
10.7 % |
||||||
Income from Operations |
$136.8 |
$128.6 |
6.4 % |
$324.7 |
$210.6 |
54.2 % |
||||||
Operating Margin |
14.3 % |
14.8 % |
12.2 % |
8.7 % |
||||||||
Net Income Attributable to MSC Industrial |
$99.7 |
$94.4 |
5.5 % |
$235.7 |
$151.0 |
56.1 % |
||||||
Diluted EPS |
$1.78 |
4 |
$1.68 |
5 |
6.0 % |
$4.21 |
4 |
$2.69 |
5 |
56.5 % |
Adjusted Financial Highlights1,3 |
FY22 Q3 |
FY21 Q3 |
Change |
FY22 YTD |
FY21 YTD |
Change |
||||||
Net Sales |
$958.6 |
$866.3 |
10.7 % |
$2,669.6 |
$2,412.2 |
10.7 % |
||||||
Income from Operations |
$140.3 |
$109.5 |
28.1 % |
$336.6 |
$274.9 |
22.5 % |
||||||
Operating Margin |
14.6 % |
12.6 % |
12.6 % |
11.4 % |
||||||||
Net Income Attributable to MSC Industrial |
$102.2 |
$80.2 |
27.5 % |
$244.5 |
$199.5 |
22.5 % |
||||||
Diluted EPS |
$1.82 |
4 |
$1.42 |
5 |
28.2 % |
$4.36 |
4 |
$3.55 |
5 |
22.8 % |
1 Represents a non-GAAP financial measure and a reconciliation 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 56.1 million and 56.0 million weighted-average diluted shares outstanding for FY22 Q3 and FY22 YTD respectively. |
5 Based on 56.4 million and 56.1 million weighted-average diluted shares outstanding for FY21 Q3 and FY21 YTD respectively. |
Эрик Гершвинд, президент и главный исполнительный директор, сказал: "Наш третий финансовый квартал является еще одним доказательством того, что наша компания набирает обороты. Мы добились двузначного среднесуточного роста продаж, что примерно на 500 базисных пунктов выше индекса промышленного производства ("IP"). Мы последовательно и из года в год увеличивали валовую прибыль благодаря высокой ценовой реализации в условиях инфляции. Наконец, и это самое важное, мы перевели рост выручки в значительный операционный левередж и скорректировали увеличение операционной маржи".
Кристен Актис-Гранде, исполнительный вице-президент и финансовый директор, добавила: "Двузначный рост продаж, валовая прибыль и производительность - все это в совокупности позволило увеличить скорректированную операционную маржу на 200 базисных пунктов в третьем финансовом квартале с скорректированной дополнительной маржой в тридцатых годах. Заглядывая в четвертый финансовый квартал, мы ожидаем, что двузначный среднесуточный рост продаж продолжится и завершит год в соответствии с лучшим сценарием нашей годовой программы на 2022 финансовый год".
Гершвинд заключил: "Мы воодушевлены прогрессом на нашем критически важном пути и, по сути, опережаем график достижения наших основных целей на 2023 финансовый год - увеличить доходы как минимум на 400 базисных пунктов выше индекса IP и вернуть рентабельность инвестиций на высокий уровень. В то же время мы не удовлетворены. Мы будем стремиться развить недавний импульс и нацелиться еще выше с точки зрения захвата доли рынка и повышения прибыльности".
Конференц-связь InformationMSC проведет конференц-связь сегодня в 8:30 утра по восточному времени, чтобы обсудить результаты Компании за третий квартал 2022 финансового года. 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 июля 2022 года.
Отчетная дата Компании за четвертый квартал 2022 финансового года и результаты за весь год запланирована на 20 октября 2022 года.
О компании MSC Industrial Supply Co. 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 благодаря примерно 2,0 миллионам продуктов, управлению запасами и другим решениям для цепочки поставок, а также глубокому опыту, накопленному за более чем 80-летний опыт работы с клиентами в разных отраслях. 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 будущего. 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 из наших инвестиционных и стратегических планов и других инициатив, а также ожидаемый будущий рост, прибыльность и доходность на вложенный капитал являются прогнозными заявлениями. 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 прогнозные заявления. Включение любого заявления в настоящий пресс-релиз не означает признания MSC или любым другим лицом 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; волатильность в сырьевых и энергетических цен, влияние продолжительного периода низких, высоких, и быстрая инфляция и колебания процентных ставок; 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 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; кредитные риски наших клиентов, в том числе изменения кредитного риска в результате COVID-19 пандемией, 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, дефицита рабочей силы или иных коммерческих перерывов (в том числе из-за экстремальных погодных условий или в результате COVID-19 пандемией) на транспортных центров, грузовых портах, 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 цепи поставок, перебои, 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 о влиянии существенных 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 или нести дополнительные заимствования на условиях, которые мы считаем привлекательными; процентная ставка неопределенности из-за Лондонская межбанковская ставка (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; наша общая цена акций 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 подаем в Соединенные Штаты. Государственная 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) |
|||||
May 28, |
August 28, |
||||
2022 |
2021 |
||||
ASSETS |
(unaudited) |
||||
Current Assets: |
|||||
Cash and cash equivalents |
$ |
28,847 |
$ |
40,536 |
|
Accounts receivable, net of allowance for credit losses |
667,019 |
560,373 |
|||
Inventories |
679,516 |
624,169 |
|||
Prepaid expenses and other current assets |
92,178 |
89,167 |
|||
Total current assets |
1,467,560 |
1,314,245 |
|||
Property, plant and equipment, net |
299,143 |
298,416 |
|||
Goodwill |
692,668 |
692,704 |
|||
Identifiable intangibles, net |
93,422 |
101,854 |
|||
Operating lease assets |
58,854 |
49,011 |
|||
Other assets |
7,671 |
5,885 |
|||
Total assets |
$ |
2,619,318 |
$ |
2,462,115 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Current portion of debt including obligations under finance leases |
$ |
250,904 |
$ |
202,433 |
|
Current portion of operating lease liabilities |
16,464 |
13,927 |
|||
Accounts payable |
199,477 |
186,330 |
|||
Accrued expenses and other current liabilities |
152,961 |
159,238 |
|||
Total current liabilities |
619,806 |
561,928 |
|||
Long-term debt including obligations under finance leases |
539,050 |
583,616 |
|||
Noncurrent operating lease liabilities |
43,648 |
36,429 |
|||
Deferred income taxes and tax uncertainties |
108,849 |
108,827 |
|||
Other noncurrent liabilities |
— |
9,443 |
|||
Total liabilities |
1,311,353 |
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 |
780,311 |
740,867 |
|||
Retained earnings |
641,444 |
532,315 |
|||
Accumulated other comprehensive loss |
(19,032) |
(17,984) |
|||
Class A treasury stock, at cost |
(106,655) |
(104,384) |
|||
Total MSC shareholders' equity |
1,296,125 |
1,150,871 |
|||
Noncontrolling interest |
$ |
11,840 |
$ |
11,001 |
|
Total shareholders' equity |
1,307,965 |
1,161,872 |
|||
Total liabilities and shareholders' equity |
$ |
2,619,318 |
$ |
2,462,115 |
MSC Industrial Direct Co., INC. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Thirty-Nine Weeks Ended |
||||||||||
May 28, |
May 29, |
May 28, |
May 29, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net sales |
$ |
958,579 |
$ |
866,294 |
$ |
2,669,648 |
$ |
2,412,193 |
|||
Cost of goods sold |
547,430 |
499,823 |
1,539,628 |
1,427,653 |
|||||||
Gross profit |
411,149 |
366,471 |
1,130,020 |
984,540 |
|||||||
Operating expenses |
271,046 |
257,336 |
793,600 |
741,156 |
|||||||
Impairment loss (loss recovery), net |
— |
(20,840) |
— |
5,886 |
|||||||
Restructuring and other costs |
3,267 |
1,349 |
11,684 |
26,943 |
|||||||
Income from operations |
136,836 |
128,626 |
324,736 |
210,555 |
|||||||
Other income (expense): |
|||||||||||
Interest expense |
(4,277) |
(3,696) |
(11,622) |
(10,632) |
|||||||
Interest income |
17 |
15 |
57 |
52 |
|||||||
Other income, net |
558 |
1,131 |
236 |
1,724 |
|||||||
Total other expense |
(3,702) |
(2,550) |
(11,329) |
(8,856) |
|||||||
Income before provision for income taxes |
133,134 |
126,076 |
313,407 |
201,699 |
|||||||
Provision for income taxes |
33,417 |
31,141 |
77,279 |
49,639 |
|||||||
Net income |
99,717 |
94,935 |
236,128 |
152,060 |
|||||||
Less: Net income attributable to noncontrolling interest |
60 |
501 |
473 |
1,087 |
|||||||
Net income attributable to MSC Industrial |
$ |
99,657 |
$ |
94,434 |
$ |
235,655 |
$ |
150,973 |
|||
Per share data attributable to MSC Industrial: |
|||||||||||
Net income per common share: |
|||||||||||
Basic |
$ |
1.78 |
$ |
1.69 |
$ |
4.23 |
$ |
2.70 |
|||
Diluted |
$ |
1.78 |
$ |
1.68 |
$ |
4.21 |
$ |
2.69 |
|||
Weighted average shares used in computing |
|||||||||||
Basic |
55,914 |
55,944 |
55,748 |
55,814 |
|||||||
Diluted |
56,106 |
56,352 |
56,019 |
56,139 |
MSC Industrial Direct Co., INC. Condensed Consolidated Statements of Comprehensive Income (In thousands) (Unaudited) |
|||||||||||
Thirteen Weeks Ended |
Thirty-Nine Weeks Ended |
||||||||||
May 28, |
May 29, |
May 28, |
May 29, |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Net income, as reported |
$ |
99,717 |
$ |
94,935 |
$ |
236,128 |
$ |
152,060 |
|||
Other comprehensive income, net of tax: |
|||||||||||
Foreign currency translation adjustments |
542 |
4,325 |
(682) |
7,147 |
|||||||
Comprehensive income (1) |
100,259 |
99,260 |
235,446 |
159,207 |
|||||||
Comprehensive income attributable to noncontrolling interest: |
|||||||||||
Net income |
(60) |
(501) |
(473) |
(1,087) |
|||||||
Foreign currency translation adjustments |
(453) |
(299) |
(366) |
(509) |
|||||||
Comprehensive income attributable to MSC Industrial |
$ |
99,746 |
$ |
98,460 |
$ |
234,607 |
$ |
157,611 |
(1) There were no material taxes associated with other comprehensive income during the thirteen- and thirty-nine-week periods ended May 28, 2022 and May 29, 2021. |
MSC Industrial Direct Co., INC. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||
Thirty-Nine Weeks Ended |
|||||
May 28, |
May 29, |
||||
2022 |
2021 |
||||
Cash Flows from Operating Activities: |
|||||
Net income |
$ |
236,128 |
$ |
152,060 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
52,426 |
51,575 |
|||
Non-cash operating lease cost |
12,583 |
11,650 |
|||
Stock-based compensation |
14,559 |
13,407 |
|||
Loss on disposal of property, plant and equipment |
489 |
460 |
|||
Inventory write-down |
— |
30,091 |
|||
Operating lease and fixed asset impairment due to restructuring |
— |
15,819 |
|||
Provision for credit losses |
6,255 |
5,303 |
|||
Deferred income taxes |
(341) |
— |
|||
Changes in operating assets and liabilities: |
|||||
Accounts receivable |
(113,664) |
(77,130) |
|||
Inventories |
(55,866) |
(82,864) |
|||
Prepaid expenses and other current assets |
(2,859) |
(38,658) |
|||
Operating lease liabilities |
(12,674) |
(25,576) |
|||
Other assets |
(1,405) |
585 |
|||
Accounts payable and accrued liabilities |
(329) |
82,638 |
|||
Total adjustments |
(100,826) |
(12,700) |
|||
Net cash provided by operating activities |
135,302 |
139,360 |
|||
Cash Flows from Investing Activities: |
|||||
Expenditures for property, plant and equipment |
(44,943) |
(37,598) |
|||
Net cash used in investing activities |
(44,943) |
(37,598) |
|||
Cash Flows from Financing Activities: |
|||||
Repurchases of common stock |
(4,944) |
(50,700) |
|||
Payments of regular cash dividends |
(125,532) |
(125,707) |
|||
Payments of special cash dividends |
— |
(195,351) |
|||
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan |
3,364 |
3,112 |
|||
Proceeds from exercise of Class A Common Stock options |
21,540 |
28,969 |
|||
Borrowings under credit facilities |
244,000 |
505,000 |
|||
Payments under credit facilities |
(239,500) |
(365,000) |
|||
Borrowings under financing obligations |
1,058 |
1,286 |
|||
Payments on finance lease and financing obligations |
(1,984) |
(1,896) |
|||
Net cash used in financing activities |
(101,998) |
(200,287) |
|||
Effect of foreign exchange rate changes on cash and cash equivalents |
(50) |
743 |
|||
Net decrease in cash and cash equivalents |
(11,689) |
(97,782) |
|||
Cash and cash equivalents – beginning of period |
40,536 |
125,211 |
|||
Cash and cash equivalents – end of period |
$ |
28,847 |
$ |
27,429 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash paid for income taxes |
$ |
90,696 |
$ |
60,903 |
|
Cash paid for interest |
$ |
10,009 |
$ |
8,776 |
Финансовые показатели, не относящиеся к ОПБУ
В дополнение к неаудированным финансовым данным MSC, представленным в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах ("GAAP"), Компания раскрывает некоторые 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, операционную маржу, не относящуюся к GAAP., дополнительная маржа, не соответствующая GAAP, резерв по налогу на прибыль, не соответствующий GAAP, чистая прибыль, не соответствующая GAAP, и разводненная прибыль на акцию, не соответствующая GAAP, которые исключают убытки от обесценения и возмещение убытков (предыдущий год), списание запасов (предыдущий год), судебные издержки в связи с обесценением предоплаченных СИЗ (предыдущий год), затраты, связанные с приобретением, реструктуризацией и другие затраты, а также другие связанные с этим 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 убытки от обесценения и возмещение убытков (предыдущий год), списание запасов (предыдущий год), судебные издержки в связи с обесценением предоплаченных СИЗ (предыдущий год), затраты, связанные с приобретением, реструктуризацией и прочими затратами, а также другие связанные с этим затраты 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 Weeks Ended May 28, 2022 |
||||||||||||
(In thousands, except percentages and per share data) |
||||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
||||||||||
Total MSC |
Restructuring and |
Acquisition-related |
Adjusted Total |
|||||||||
Net Sales |
$ |
958,579 |
$ |
- |
$ |
- |
$ |
958,579 |
||||
Cost of Goods Sold |
547,430 |
- |
- |
547,430 |
||||||||
Gross Profit |
411,149 |
- |
- |
411,149 |
||||||||
Gross Margin |
42.9 % |
42.9 % |
||||||||||
Operating Expenses |
271,046 |
- |
211 |
270,835 |
||||||||
Operating Exp as % of Sales |
28.3 % |
0.0 % |
28.3 % |
|||||||||
Restructuring and Other Costs |
3,267 |
3,267 |
- |
- |
||||||||
Income from Operations |
136,836 |
(3,267) |
(211) |
140,314 |
||||||||
Operating Margin |
14.3 % |
-0.3 % |
0.0 % |
14.6 % |
||||||||
Incremental Margin |
8.9 % |
33.4 % |
||||||||||
Total Other Expense |
(3,702) |
- |
- |
(3,702) |
||||||||
Income before provision for income taxes |
133,134 |
(3,267) |
(211) |
136,612 |
||||||||
Provision for income taxes |
33,417 |
(884) |
(57) |
34,358 |
||||||||
Net income |
99,717 |
(2,383) |
(154) |
102,254 |
||||||||
Net income attributable to noncontrolling interest |
60 |
- |
- |
60 |
||||||||
Net income attributable to MSC Industrial |
$ |
99,657 |
$ |
(2,383) |
$ |
(154) |
$ |
102,194 |
||||
Net income per common share: |
||||||||||||
Diluted |
$ |
1.78 |
$ |
(0.04) |
$ |
(0.0) |
$ |
1.82 |
||||
*Individual amounts may not agree to the total due to rounding. |
MSC Industrial Direct Co., INC. |
|||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||
Thirty-Nine Weeks Ended May 28, 2022 |
|||||||||||
(In thousands, except percentages and per share data) |
|||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
|||||||||
Total MSC Industrial |
Restructuring and |
Acquisition-related |
Adjusted Total |
||||||||
Net Sales |
$ |
2,669,648 |
$ |
- |
$ |
- |
$ |
2,669,648 |
|||
Cost of Goods Sold |
1,539,628 |
- |
- |
1,539,628 |
|||||||
Gross Profit |
1,130,020 |
- |
- |
1,130,020 |
|||||||
Gross Margin |
42.3 % |
42.3 % |
|||||||||
Operating Expenses |
793,600 |
- |
211 |
793,389 |
|||||||
Operating Exp as % of Sales |
29.7 % |
0.0 % |
29.7 % |
||||||||
Restructuring and Other Costs |
11,684 |
11,684 |
- |
- |
|||||||
Income from Operations |
324,736 |
(11,684) |
(211) |
336,631 |
|||||||
Operating Margin |
12.2 % |
-0.4 % |
0.0 % |
12.6 % |
|||||||
Incremental Margin |
44.3 % |
24.0 % |
|||||||||
Total Other Expense |
(11,329) |
- |
- |
(11,329) |
|||||||
Income before provision for income taxes |
313,407 |
(11,684) |
(211) |
325,302 |
|||||||
Provision for income taxes |
77,279 |
(3,014) |
(57) |
80,350 |
|||||||
Net income |
236,128 |
(8,670) |
(154) |
244,952 |
|||||||
Net income attributable to noncontrolling interest |
473 |
- |
- |
473 |
|||||||
Net income attributable to MSC Industrial |
$ |
235,655 |
$ |
(8,670) |
$ |
(154) |
$ |
244,479 |
|||
Net income per common share: |
|||||||||||
Diluted |
$ |
4.21 |
$ |
(0.15) |
$ |
(0.0) |
$ |
4.36 |
|||
*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 May 29, 2021 |
||||||||||||||
(In thousands, except percentages and per share data) |
||||||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
||||||||||||
Total MSC |
Impairment |
Restructuring and |
Legal Costs- |
Adjusted Total |
||||||||||
Net Sales |
$ |
866,294 |
$ |
- |
$ |
- |
$ |
- |
$ |
866,294 |
||||
Cost of Goods Sold |
499,823 |
- |
- |
- |
499,823 |
|||||||||
Gross Profit |
366,471 |
- |
- |
- |
366,471 |
|||||||||
Gross Margin |
42.3 % |
- |
- |
- |
42.3 % |
|||||||||
Operating Expenses |
257,336 |
- |
- |
401 |
256,935 |
|||||||||
Operating Exp as % of Sales |
29.7 % |
- |
- |
0.0 % |
29.7 % |
|||||||||
Impairment Loss (Loss Recovery), Net |
(20,840) |
(20,840) |
- |
- |
- |
|||||||||
Restructuring and Other Costs |
1,349 |
- |
1,349 |
- |
- |
|||||||||
Income from Operations |
128,626 |
20,840 |
(1,349) |
(401) |
109,536 |
|||||||||
Operating Margin |
14.8 % |
2.4 % |
-0.2 % |
0.0 % |
12.6 % |
|||||||||
Total Other Expense |
(2,550) |
- |
- |
- |
(2,550) |
|||||||||
Income before provision for income taxes |
126,076 |
20,840 |
(1,349) |
(401) |
106,986 |
|||||||||
Provision for income taxes |
31,141 |
5,263 |
(341) |
(100) |
26,319 |
|||||||||
Net income |
94,935 |
15,577 |
(1,008) |
(301) |
80,667 |
|||||||||
Net income attributable to noncontrolling interest |
501 |
- |
- |
- |
501 |
|||||||||
Net income attributable to MSC Industrial |
$ |
94,434 |
$ |
15,577 |
$ |
(1,008) |
$ |
(301) |
$ |
80,166 |
||||
Net income per common share: |
||||||||||||||
Diluted |
$ |
1.68 |
$ |
0.28 |
$ |
(0.02) |
$ |
(0.01) |
$ |
1.42 |
||||
*Individual amounts may not agree to the total due to rounding. |
MSC Industrial Direct Co., INC. |
|||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information |
|||||||||||||||||
Thirty-Nine Weeks Ended May 29, 2021 |
|||||||||||||||||
(In thousands, except percentages and per share data) |
|||||||||||||||||
GAAP Financial |
Items Affecting Comparability |
Non-GAAP |
|||||||||||||||
Total MSC |
Inventory |
Restructuring |
Impairment |
Legal Costs - |
Adjusted Total |
||||||||||||
Net Sales |
$ |
2,412,193 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
2,412,193 |
|||||
Cost of Goods Sold |
1,427,653 |
30,091 |
- |
- |
- |
1,397,562 |
|||||||||||
Gross Profit |
984,540 |
(30,091) |
- |
- |
- |
1,014,631 |
|||||||||||
Gross Margin |
40.8 % |
-1.2 % |
- |
- |
- |
42.1 % |
|||||||||||
Operating Expenses |
741,156 |
- |
- |
- |
1,421 |
739,735 |
|||||||||||
Operating Exp as % of Sales |
30.7 % |
- |
- |
- |
0.1 % |
30.7 % |
|||||||||||
Impairment Loss |
5,886 |
- |
- |
5,886 |
- |
- |
|||||||||||
Restructuring and Other Costs |
26,943 |
- |
26,943 |
- |
- |
- |
|||||||||||
Income from Operations |
210,555 |
(30,091) |
(26,943) |
(5,886) |
(1,421) |
274,896 |
|||||||||||
Operating Margin |
8.7 % |
-1.2 % |
-1.1 % |
-0.2 % |
-0.1 % |
11.4 % |
|||||||||||
Total Other Expense |
(8,856) |
- |
- |
- |
- |
(8,856) |
|||||||||||
Income before provision for income taxes |
201,699 |
(30,091) |
(26,943) |
(5,886) |
(1,421) |
266,040 |
|||||||||||
Provision for income taxes |
49,639 |
(7,392) |
(6,620) |
(1,446) |
(349) |
65,446 |
|||||||||||
Net income |
152,060 |
(22,699) |
(20,323) |
(4,440) |
(1,072) |
200,594 |
|||||||||||
Net income attributable to noncontrolling interest |
1,087 |
- |
- |
- |
- |
1,087 |
|||||||||||
Net income attributable to MSC Industrial |
$ |
150,973 |
$ |
(22,699) |
$ |
(20,323) |
$ |
(4,440) |
$ |
(1,072) |
$ |
199,507 |
|||||
Net income per common share: |
|||||||||||||||||
Diluted |
$ |
2.69 |
$ |
(0.40) |
$ |
(0.36) |
$ |
(0.08) |
$ |
(0.02) |
$ |
3.55 |
|||||
*Individual amounts may not agree to the total due to rounding. |
ИСТОЧНИК MSC Industrial Supply Co.
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