(State or other jurisdiction of | (Commission | (I.R.S. Employer | ||||||
Incorporation or organization) | File Number) | Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
Press Release, dated July 29, 2021, issued by Matthews International Corporation | ||||||||
Matthews International Corporation earnings teleconference presentation for the third fiscal quarter of 2021 |
MATTHEWS INTERNATIONAL CORPORATION | |||||||||||
(Registrant) | |||||||||||
By: | /s/ Steven F. Nicola | ||||||||||
Steven F. Nicola | |||||||||||
Chief Financial Officer and Secretary |
NEWS RELEASE |
July 29, 2021 | Contact: | Steven F. Nicola | William D. Wilson | ||||||||
Chief Financial Officer and Secretary | Senior Director, Corporate Development | ||||||||||
($ in millions, except per share data) | Q3 FY2021 | Q3 FY2020 | Change | % Change | |||||||||||||||||||
Sales | $ | 428.4 | $ | 359.4 | $ | 69.0 | 19.2 | % | |||||||||||||||
Net income attributable to Matthews | $ | 3.4 | $ | 2.3 | $ | 1.1 | 47.9 | % | |||||||||||||||
Diluted earnings per share | $ | 0.10 | $ | 0.07 | $ | 0.03 | 42.9 | % | |||||||||||||||
Non-GAAP adjusted net income | $ | 29.3 | $ | 24.8 | $ | 4.5 | 18.1 | % | |||||||||||||||
Non-GAAP adjusted EPS | $ | 0.91 | $ | 0.80 | $ | 0.11 | 13.8 | % | |||||||||||||||
Adjusted EBITDA | $ | 60.0 | $ | 49.4 | $ | 10.6 | 21.5 | % | |||||||||||||||
Note: See the attached tables for additional important disclosures regarding Matthews’ use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Organic sales represent changes in sales excluding the impact of acquisitions, divestitures, and changes in foreign currency exchange rates. |
($ in millions, except per share data) | YTD FY2021 | YTD FY2020 | Change | % Change | |||||||||||||||||||
Sales | $ | 1,232.2 | $ | 1,099.2 | $ | 133.0 | 12.1 | % | |||||||||||||||
Net income (loss) attributable to Matthews | $ | 6.6 | $ | (94.6) | $ | 101.2 | 107.0 | % | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.21 | $ | (3.04) | $ | 3.25 | 106.9 | % | |||||||||||||||
Non-GAAP adjusted net income | $ | 79.8 | $ | 59.1 | $ | 20.7 | 35.0 | % | |||||||||||||||
Non-GAAP adjusted EPS | $ | 2.48 | $ | 1.90 | $ | 0.58 | 30.5 | % | |||||||||||||||
Adjusted EBITDA | $ | 175.7 | $ | 139.0 | $ | 36.7 | 26.4 | % | |||||||||||||||
Note: See the attached tables for additional important disclosures regarding Matthews’ use of non-GAAP measures as well as reconciliations of non-GAAP measures to corresponding GAAP measures. Organic sales represent changes in sales excluding the impact of acquisitions, divestitures, and changes in foreign currency exchange rates. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Sales | $ | 428,380 | $ | 359,422 | 19.2 | % | $ | 1,232,191 | $ | 1,099,166 | 12.1 | % | |||||||||||||||||||||||
Cost of sales | (291,122) | (238,469) | 22.1 | % | (828,424) | (737,722) | 12.3 | % | |||||||||||||||||||||||||||
Gross profit | 137,258 | 120,953 | 13.5 | % | 403,767 | 361,444 | 11.7 | % | |||||||||||||||||||||||||||
Gross margin | 32.0 | % | 33.7 | % | 32.8 | % | 32.9 | % | |||||||||||||||||||||||||||
Selling and administrative expenses | (104,947) | (97,882) | 7.2 | % | (307,960) | (302,191) | 1.9 | % | |||||||||||||||||||||||||||
Amortization of intangible assets | (23,039) | (17,825) | 29.3 | % | (61,190) | (53,639) | 14.1 | % | |||||||||||||||||||||||||||
Goodwill write-down | — | — | — | % | — | (90,408) | (100.0) | % | |||||||||||||||||||||||||||
Operating profit (loss) | 9,272 | 5,246 | 76.7 | % | 34,617 | (84,794) | 140.8 | % | |||||||||||||||||||||||||||
Operating margin | 2.2 | % | 1.5 | % | 2.8 | % | (7.7) | % | |||||||||||||||||||||||||||
Interest and other deductions, net | (8,231) | (9,606) | (14.3) | % | (25,464) | (32,930) | (22.7) | % | |||||||||||||||||||||||||||
Income (loss) before income taxes | 1,041 | (4,360) | 123.9 | % | 9,153 | (117,724) | 107.8 | % | |||||||||||||||||||||||||||
Income taxes | 2,325 | 6,209 | (62.6) | % | (2,627) | 22,672 | (111.6) | % | |||||||||||||||||||||||||||
Net Income (loss) | 3,366 | 1,849 | 82.0 | % | 6,526 | (95,052) | 106.9 | % | |||||||||||||||||||||||||||
Non-controlling interests | (11) | 420 | (102.6) | % | 60 | 491 | (87.8) | % | |||||||||||||||||||||||||||
Net income (loss) attributable to Matthews | $ | 3,355 | $ | 2,269 | 47.9 | % | $ | 6,586 | $ | (94,561) | 107.0 | % | |||||||||||||||||||||||
Earnings (loss) per share -- diluted | $ | 0.10 | $ | 0.07 | 42.9 | % | $ | 0.21 | $ | (3.04) | 106.9 | % | |||||||||||||||||||||||
Earnings per share -- non-GAAP(1) | $ | 0.91 | $ | 0.80 | 13.8 | % | $ | 2.48 | $ | 1.90 | 30.5 | % | |||||||||||||||||||||||
Dividends declared per share | $ | 0.215 | $ | 0.21 | 2.4 | % | $ | 0.645 | $ | 0.63 | 2.4 | % | |||||||||||||||||||||||
Diluted Shares | 32,193 | 31,232 | 32,118 | 31,143 | |||||||||||||||||||||||||||||||
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Sales: | |||||||||||||||||||||||
SGK Brand Solutions | $ | 199,715 | $ | 165,780 | $ | 538,879 | $ | 513,515 | |||||||||||||||
Memorialization | 184,337 | 162,118 | 573,068 | 478,342 | |||||||||||||||||||
Industrial Technologies | 44,328 | 31,524 | 120,244 | 107,309 | |||||||||||||||||||
$ | 428,380 | $ | 359,422 | $ | 1,232,191 | $ | 1,099,166 |
Adjusted EBITDA: | |||||||||||||||||||||||
SGK Brand Solutions | $ | 33,258 | $ | 20,846 | $ | 75,426 | $ | 61,808 | |||||||||||||||
Memorialization | 36,402 | 37,734 | 132,080 | 103,020 | |||||||||||||||||||
Industrial Technologies | 5,940 | 4,679 | 15,242 | 15,205 | |||||||||||||||||||
Corporate and Non-Operating | (15,585) | (13,862) | (47,030) | (41,009) | |||||||||||||||||||
Total Adjusted EBITDA(1) | $ | 60,015 | $ | 49,397 | $ | 175,718 | $ | 139,024 | |||||||||||||||
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release |
June 30, 2021 | September 30, 2020 | ||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 46,230 | $ | 41,334 | |||||||||||||
Accounts receivable, net | 296,660 | 295,185 | |||||||||||||||
Inventories, net | 194,700 | 175,100 | |||||||||||||||
Other current assets | 83,141 | 63,954 | |||||||||||||||
Total current assets | 620,731 | 575,573 | |||||||||||||||
Property, plant and equipment, net | 229,207 | 236,788 | |||||||||||||||
Goodwill | 780,375 | 765,388 | |||||||||||||||
Other intangible assets, net | 285,756 | 333,498 | |||||||||||||||
Other long-term assets | 158,982 | 161,386 | |||||||||||||||
Total assets | $ | 2,075,051 | $ | 2,072,633 | |||||||||||||
LIABILITIES | |||||||||||||||||
Long-term debt, current maturities | $ | 4,994 | $ | 26,824 | |||||||||||||
Other current liabilities | 324,471 | 290,044 | |||||||||||||||
Total current liabilities | 329,465 | 316,868 | |||||||||||||||
Long-term debt | 787,493 | 807,710 | |||||||||||||||
Other long-term liabilities | 331,781 | 336,622 | |||||||||||||||
Total liabilities | 1,448,739 | 1,461,200 | |||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||
Total shareholders' equity | 626,312 | 611,433 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,075,051 | $ | 2,072,633 |
Nine Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 6,526 | $ | (95,052) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 97,919 | 88,418 | |||||||||
Changes in working capital items | (7,513) | 41,726 | |||||||||
Goodwill write-down | — | 90,408 | |||||||||
Other operating activities | 9,925 | (1,892) | |||||||||
Net cash provided by operating activities | 106,857 | 123,608 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (24,495) | (25,486) | |||||||||
Acquisitions, net of cash acquired | (15,623) | — | |||||||||
Other investing activities | 17,211 | 32,885 | |||||||||
Net cash (used in) provided by investing activities | (22,907) | 7,399 | |||||||||
Cash flows from financing activities: | |||||||||||
Net payments from long-term debt | (49,024) | (92,060) | |||||||||
Purchases of treasury stock | (6,149) | (2,372) | |||||||||
Dividends | (20,856) | (19,813) | |||||||||
Other financing activities | (3,801) | (8,845) | |||||||||
Net cash used in financing activities | (79,830) | (123,090) | |||||||||
Effect of exchange rate changes on cash | 776 | (315) | |||||||||
Net change in cash and cash equivalents | $ | 4,896 | $ | 7,602 | |||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 3,366 | $ | 1,849 | $ | 6,526 | $ | (95,052) | |||||||||||||||
Income tax (benefit) provision | (2,325) | (6,209) | 2,627 | (22,672) | |||||||||||||||||||
Income (loss) before income taxes | $ | 1,041 | $ | (4,360) | 9,153 | (117,724) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (11) | 420 | 60 | 491 | |||||||||||||||||||
Interest expense | 6,748 | 8,082 | 21,709 | 26,935 | |||||||||||||||||||
Depreciation and amortization * | 35,389 | 30,168 | 97,919 | 88,418 | |||||||||||||||||||
Acquisition related items (1)** | 398 | 355 | 38 | 2,576 | |||||||||||||||||||
ERP integration costs (2)** | 118 | 745 | 477 | 2,160 | |||||||||||||||||||
Strategic initiatives and other charges: (3)** | |||||||||||||||||||||||
Workforce reductions and related costs | 1,826 | 776 | 10,644 | 4,425 | |||||||||||||||||||
Other cost-reduction initiatives | 4,871 | 4,743 | 12,339 | 20,951 | |||||||||||||||||||
Gain on sale of ownership interest in a subsidiary (4) | — | (11,208) | — | (11,208) | |||||||||||||||||||
Legal matter reserve (5) | — | 10,566 | — | 10,566 | |||||||||||||||||||
Non-recurring / incremental COVID-19 costs (6) | 1,993 | 1,871 | 4,689 | 2,534 | |||||||||||||||||||
Goodwill write-down (7) | — | — | — | 90,408 | |||||||||||||||||||
Joint Venture depreciation, amortization, interest expense and other charges (8) | — | 2,473 | — | 4,732 | |||||||||||||||||||
Stock-based compensation | 5,713 | 2,539 | 12,960 | 7,078 | |||||||||||||||||||
Non-service pension and postretirement expense (9) | 1,929 | 2,227 | 5,730 | 6,682 | |||||||||||||||||||
Total Adjusted EBITDA | $ | 60,015 | $ | 49,397 | $ | 175,718 | $ | 139,024 | |||||||||||||||
Adjusted EBITDA margin | 14.0 | % | 13.7 | % | 14.3 | % | 12.6 | % | |||||||||||||||
(1) Includes certain non-recurring items associated with recent acquisition activities. | |||||||||||||||||||||||
(2) Represents costs associated with global ERP system integration efforts. | |||||||||||||||||||||||
(3) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels. | |||||||||||||||||||||||
(4) Represents a gain on the sale of an ownership interest in a subsidiary within the Memorialization segment. | |||||||||||||||||||||||
(5) Represents a reserve established for a legal matter involving a letter of credit for a customer in Saudi Arabia within the Memorialization segment. | |||||||||||||||||||||||
(6) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19. | |||||||||||||||||||||||
(7) Represents the goodwill write-down for two reporting units within the SGK Brand Solutions segment. | |||||||||||||||||||||||
(8) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment. | |||||||||||||||||||||||
(9) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, and curtailment gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
per share | per share | per share | per share | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Matthews | $ | 3,355 | $ | 0.10 | $ | 2,269 | $ | 0.07 | $ | 6,586 | $ | 0.21 | $ | (94,561) | $ | (3.04) | |||||||||||||||||||
Acquisition related items (1) | 295 | 0.01 | 265 | 0.01 | 28 | — | 1,932 | 0.06 | |||||||||||||||||||||||||||
ERP integration costs (2) | 87 | — | 559 | 0.02 | 353 | 0.01 | 1,620 | 0.05 | |||||||||||||||||||||||||||
Strategic initiatives and other charges: (3) | |||||||||||||||||||||||||||||||||||
Workforce reductions and related costs | 1,644 | 0.05 | 582 | 0.02 | 10,025 | 0.31 | 3,319 | 0.11 | |||||||||||||||||||||||||||
Other cost-reduction initiatives | 3,949 | 0.13 | 3,558 | 0.12 | 9,685 | 0.30 | 15,848 | 0.52 | |||||||||||||||||||||||||||
Gain on sale of ownership interests in a subsidiary (4) | — | — | (8,406) | (0.27) | — | — | (8,406) | (0.27) | |||||||||||||||||||||||||||
Legal matter reserve (5) | — | — | 7,924 | 0.25 | — | — | 7,924 | 0.25 | |||||||||||||||||||||||||||
Non-recurring / incremental COVID-19 costs (6) | 1,512 | 0.05 | 1,403 | 0.04 | 3,559 | 0.11 | 1,900 | 0.06 | |||||||||||||||||||||||||||
Goodwill write-down (7) | — | — | — | — | — | — | 81,861 | 2.63 | |||||||||||||||||||||||||||
Joint Venture amortization and other charges (8) | — | — | 1,561 | 0.05 | — | — | 2,433 | 0.08 | |||||||||||||||||||||||||||
Non-service pension and postretirement expense (9) | 1,426 | 0.04 | 1,671 | 0.06 | 4,239 | 0.13 | 5,012 | 0.16 | |||||||||||||||||||||||||||
Amortization | 17,050 | 0.53 | 13,368 | 0.43 | 45,281 | 1.41 | 40,229 | 1.29 | |||||||||||||||||||||||||||
Adjusted net income | $ | 29,318 | $ | 0.91 | $ | 24,754 | $ | 0.80 | $ | 79,756 | $ | 2.48 | $ | 59,111 | $ | 1.90 | |||||||||||||||||||
Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 26% for the three and nine months ended June 30, 2021, and 25% for the three and nine months ended June 30, 2020. | |||||||||||||||||||||||||||||||||||
(1) Includes certain non-recurring items associated with recent acquisition activities. | |||||||||||||||||||||||||||||||||||
(2) Represents costs associated with global ERP system integration efforts. | |||||||||||||||||||||||||||||||||||
(3) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels. | |||||||||||||||||||||||||||||||||||
(4) Represents a gain on the sale of an ownership interest in a subsidiary within the Memorialization segment. | |||||||||||||||||||||||||||||||||||
(5) Represents a reserve established for a legal matter involving a letter of credit for a customer in Saudi Arabia within the Memorialization segment. | |||||||||||||||||||||||||||||||||||
(6) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19. | |||||||||||||||||||||||||||||||||||
(7) Represents the goodwill write-down for two reporting units within the SGK Brand Solutions segment. | |||||||||||||||||||||||||||||||||||
(8) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment. | |||||||||||||||||||||||||||||||||||
(9) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, and curtailment gains and losses. These benefit cost components are excluded from adjusted net income since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses are excluded from adjusted net income since they generally result from certain non-recurring events, such as plan amendments to modify future benefits. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted net income, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||
Long-term debt, current maturities | $ | 4,994 | $ | 4,274 | $ | 26,826 | $ | 26,824 | |||||||||||||||
Long-term debt | 787,493 | 778,209 | 797,805 | 807,710 | |||||||||||||||||||
Total debt | 792,487 | 782,483 | 824,631 | 834,534 | |||||||||||||||||||
Less: Cash and cash equivalents | (46,230) | (46,980) | (41,175) | (41,334) | |||||||||||||||||||
Net Debt | $ | 746,257 | $ | 735,503 | $ | 783,456 | $ | 793,200 | |||||||||||||||
LTM adjusted EBITDA | $ | 239,774 | $ | 229,156 | $ | 217,613 | $ | 203,080 | |||||||||||||||
Net Debt Leverage Ratio | 3.1 | 3.2 | 3.6 | 3.9 | |||||||||||||||||||
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