(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 November 16, 2023, issued by Matthews International Corporation | ||||||||
Matthews International Corporation earnings teleconference presentation for the fourth quarter and fiscal year ended September 30, 2023 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
MATTHEWS INTERNATIONAL CORPORATION | |||||||||||
(Registrant) | |||||||||||
By: | /s/ Steven F. Nicola | ||||||||||
Steven F. Nicola | |||||||||||
Chief Financial Officer and Secretary |
NEWS RELEASE |
November 16, 2023 | Contact: | Steven F. Nicola | William D. Wilson | ||||||||
Chief Financial Officer | Senior Director, | ||||||||||
and Secretary | Corporate Development |
($ in millions, except per share data) | Q4 FY2023 | Q4 FY2022 | Change | % Change | |||||||||||||||||||
Sales | $ | 480.2 | $ | 457.1 | $ | 23.1 | 5.0 | % | |||||||||||||||
Net income (loss) attributable to Matthews | $ | 17.7 | $ | (81.0) | $ | 98.7 | (121.9) | % | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.56 | $ | (2.63) | $ | 3.19 | (121.3) | % | |||||||||||||||
Non-GAAP adjusted net income | $ | 30.3 | $ | 25.6 | $ | 4.7 | 18.4 | % | |||||||||||||||
Non-GAAP adjusted EPS | $ | 0.96 | $ | 0.82 | $ | 0.14 | 17.1 | % | |||||||||||||||
Adjusted EBITDA | $ | 61.9 | $ | 55.9 | $ | 6.0 | 10.7 | % | |||||||||||||||
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. | |||||||||||||||||||||||
($ in millions, except per share data) | YTD FY2023 | YTD FY2022 | Change | % Change | |||||||||||||||||||
Sales | $ | 1,880.9 | $ | 1,762.4 | $ | 118.5 | 6.7 | % | |||||||||||||||
Net income (loss) attributable to Matthews | $ | 39.3 | $ | (99.8) | $ | 139.1 | (139.4) | % | |||||||||||||||
Diluted earnings (loss) per share | $ | 1.26 | $ | (3.18) | $ | 4.44 | (139.6) | % | |||||||||||||||
Non-GAAP adjusted net income | $ | 90.1 | $ | 90.4 | $ | (0.3) | (0.3) | % | |||||||||||||||
Non-GAAP adjusted EPS | $ | 2.88 | $ | 2.88 | $ | — | — | % | |||||||||||||||
Adjusted EBITDA | $ | 225.8 | $ | 210.4 | $ | 15.4 | 7.3 | % | |||||||||||||||
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. | |||||||||||||||||||||||
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Sales | $ | 480,168 | $ | 457,127 | 5.0 | % | $ | 1,880,896 | $ | 1,762,403 | 6.7 | % | |||||||||||||||||||||||
Cost of sales | (329,354) | (311,870) | 5.6 | % | (1,303,224) | (1,240,125) | 5.1 | % | |||||||||||||||||||||||||||
Gross profit | 150,814 | 145,257 | 3.8 | % | 577,672 | 522,278 | 10.6 | % | |||||||||||||||||||||||||||
Gross margin | 31.4 | % | 31.8 | % | 30.7 | % | 29.6 | % | |||||||||||||||||||||||||||
Selling and administrative expenses | (113,931) | (124,067) | (8.2) | % | (447,487) | (426,677) | 4.9 | % | |||||||||||||||||||||||||||
Intangible amortization | (10,569) | (11,781) | (10.3) | % | (42,068) | (57,084) | (26.3) | % | |||||||||||||||||||||||||||
Goodwill write-downs | — | (82,454) | 100.0 | % | — | (82,454) | 100.0 | % | |||||||||||||||||||||||||||
Operating profit (loss) | 26,314 | (73,045) | (136.0) | % | 88,117 | (43,937) | NM | ||||||||||||||||||||||||||||
Operating margin | 5.5 | % | (16.0) | % | 4.7 | % | (2.5) | % | |||||||||||||||||||||||||||
Interest and other, net | (10,983) | (9,992) | 9.9 | % | (47,207) | (60,282) | (21.7) | % | |||||||||||||||||||||||||||
Income (loss) before income taxes | 15,331 | (83,037) | (118.5) | % | 40,910 | (104,219) | (139.3) | % | |||||||||||||||||||||||||||
Income taxes | 2,362 | 2,080 | 13.6 | % | (1,774) | 4,391 | (140.4) | % | |||||||||||||||||||||||||||
Net income (loss) | 17,693 | (80,957) | (121.9) | % | 39,136 | (99,828) | (139.2) | % | |||||||||||||||||||||||||||
Non-controlling interests | 30 | (2) | NM | 155 | 54 | 187.0 | % | ||||||||||||||||||||||||||||
Net income (loss) attributable to Matthews | $ | 17,723 | $ | (80,959) | (121.9) | % | $ | 39,291 | $ | (99,774) | (139.4) | % | |||||||||||||||||||||||
Earnings (loss) per share -- diluted | $ | 0.56 | $ | (2.63) | (121.3) | % | $ | 1.26 | $ | (3.18) | (139.6) | % | |||||||||||||||||||||||
Earnings per share -- non-GAAP(1) | $ | 0.96 | $ | 0.82 | 17.1 | % | $ | 2.88 | $ | 2.88 | — | % | |||||||||||||||||||||||
Dividends declared per share | $ | 0.23 | $ | 0.22 | 4.5 | % | $ | 0.92 | $ | 0.88 | 4.5 | % | |||||||||||||||||||||||
Diluted shares | 31,517 | 30,825 | 31,289 | 31,367 | |||||||||||||||||||||||||||||||
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release | |||||||||||||||||||||||||||||||||||
NM: Not meaningful |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Memorialization | $ | 204,878 | $ | 206,256 | $ | 842,997 | $ | 840,124 | |||||||||||||||
Industrial Technologies | 140,561 | 104,595 | 505,751 | 335,523 | |||||||||||||||||||
SGK Brand Solutions | 134,729 | 146,276 | 532,148 | 586,756 | |||||||||||||||||||
$ | 480,168 | $ | 457,127 | $ | 1,880,896 | $ | 1,762,403 |
Adjusted EBITDA: | |||||||||||||||||||||||
Memorialization | $ | 36,890 | $ | 33,445 | $ | 163,986 | $ | 151,849 | |||||||||||||||
Industrial Technologies | 23,470 | 23,385 | 66,278 | 56,762 | |||||||||||||||||||
SGK Brand Solutions | 17,512 | 16,698 | 57,128 | 60,120 | |||||||||||||||||||
Corporate and Non-Operating | (15,989) | (17,667) | (61,583) | (58,323) | |||||||||||||||||||
Total Adjusted EBITDA(1) | $ | 61,883 | $ | 55,861 | $ | 225,809 | $ | 210,408 | |||||||||||||||
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release |
September 30, 2023 | September 30, 2022 | ||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 42,101 | $ | 69,016 | |||||||||||||
Accounts receivable, net | 207,526 | 221,015 | |||||||||||||||
Inventories, net | 260,409 | 225,440 | |||||||||||||||
Other current assets | 138,221 | 113,145 | |||||||||||||||
Total current assets | 648,257 | 628,616 | |||||||||||||||
Property, plant and equipment, net | 270,326 | 256,065 | |||||||||||||||
Goodwill | 698,109 | 675,421 | |||||||||||||||
Other intangible assets, net | 160,478 | 202,154 | |||||||||||||||
Other long-term assets | 110,211 | 120,515 | |||||||||||||||
Total assets | $ | 1,887,381 | $ | 1,882,771 | |||||||||||||
LIABILITIES | |||||||||||||||||
Long-term debt, current maturities | $ | 3,696 | $ | 3,277 | |||||||||||||
Other current liabilities | 390,904 | 408,098 | |||||||||||||||
Total current liabilities | 394,600 | 411,375 | |||||||||||||||
Long-term debt | 786,484 | 795,291 | |||||||||||||||
Other long-term liabilities | 181,016 | 189,029 | |||||||||||||||
Total liabilities | 1,362,100 | 1,395,695 | |||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||
Total shareholders' equity | 525,281 | 487,076 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,887,381 | $ | 1,882,771 |
Year Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 39,136 | $ | (99,828) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 96,530 | 104,056 | |||||||||
Changes in working capital items | (35,503) | 29,590 | |||||||||
Goodwill write-downs | — | 82,454 | |||||||||
Other operating activities | (20,639) | 10,588 | |||||||||
Net cash provided by operating activities | 79,524 | 126,860 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (50,598) | (61,321) | |||||||||
Acquisitions, net of cash acquired | (15,341) | (44,469) | |||||||||
Other investing activities | 7,214 | 24,938 | |||||||||
Net cash used in investing activities | (58,725) | (80,852) | |||||||||
Cash flows from financing activities: | |||||||||||
Net (payments) proceeds from long-term debt | (18,224) | 35,688 | |||||||||
Purchases of treasury stock | (2,857) | (41,717) | |||||||||
Dividends | (28,202) | (27,685) | |||||||||
Other financing activities | (912) | (3,499) | |||||||||
Net cash used in financing activities | (50,195) | (37,213) | |||||||||
Effect of exchange rate changes on cash | 83 | (5,724) | |||||||||
Net change in cash, cash equivalents and restricted cash | $ | (29,313) | $ | 3,071 |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | 17,693 | $ | (80,957) | $ | 39,136 | $ | (99,828) | |||||||||||||||
Income tax (benefit) provision | (2,362) | (2,080) | 1,774 | (4,391) | |||||||||||||||||||
Income (loss) before income taxes | $ | 15,331 | $ | (83,037) | 40,910 | (104,219) | |||||||||||||||||
Net loss (gain) attributable to noncontrolling interests | 30 | (2) | 155 | 54 | |||||||||||||||||||
Interest expense, including RPA and factory financing fees (1) | 12,746 | 9,345 | 48,690 | 28,771 | |||||||||||||||||||
Depreciation and amortization * | 24,717 | 23,893 | 96,530 | 104,056 | |||||||||||||||||||
Acquisition and divestiture related items (2) ** | 848 | 6,947 | 5,293 | 7,898 | |||||||||||||||||||
Strategic initiatives and other charges (3) ** | 6,168 | 13,174 | 13,923 | 31,045 | |||||||||||||||||||
Highly inflationary accounting impacts (primarily non-cash) (4) | (1,714) | 228 | 1,360 | 1,473 | |||||||||||||||||||
Defined benefit plan termination related items (5) | — | (713) | — | (429) | |||||||||||||||||||
Asset write-downs, net (6) | — | 33 | — | 10,050 | |||||||||||||||||||
Goodwill write-downs (7) | — | 82,454 | — | 82,454 | |||||||||||||||||||
Stock-based compensation | 3,673 | 3,304 | 17,308 | 17,432 | |||||||||||||||||||
Non-service pension and postretirement expense (8) | 84 | 235 | 1,640 | 31,823 | |||||||||||||||||||
Total Adjusted EBITDA | $ | 61,883 | $ | 55,861 | $ | 225,809 | $ | 210,408 | |||||||||||||||
Adjusted EBITDA margin | 12.9 | % | 12.2 | % | 12.0 | % | 11.9 | % | |||||||||||||||
(1) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,284 and $1,046 for the three months ended September 30, 2023 and 2022, respectively, and $4,042 and $1,046 for the fiscal years ended September 30, 2023 and 2022, respectively. | |||||||||||||||||||||||
(2) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain of $1,827 for the three months and fiscal year ended September 30, 2023 related to the divestiture of a business in the Industrial Technologies segment. | |||||||||||||||||||||||
(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 and costs associated with global ERP system integration efforts totaling $6,168 and $13,923 for the three months ended September 30, 2023 and 2022, respectively, and $12,393 and $28,060 for the fiscal years ended September 30, 2023 and 2022, respectively, net of loss recoveries of $2,154 for the fiscal year ended September 30, 2023 related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. Also 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 totaling $781 and $2,985 for the three months and fiscal year ended September 30, 2022, respectively. This amount does not include the impact of any lost sales or underutilization due to COVID-19. | |||||||||||||||||||||||
(4) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. | |||||||||||||||||||||||
(5) Represents items associated with the termination of the Company's DB Plan, supplemental retirement plan and the defined benefit portion of the officers retirement restoration plan. | |||||||||||||||||||||||
(6) Represents asset write-downs, net of recoveries within the SGK Brand Solutions segment. | |||||||||||||||||||||||
(7) Represents goodwill write-downs within the SGK Brand Solutions segment. | |||||||||||||||||||||||
(8) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement 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 and settlement 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 or settlements of plan obligations. 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 September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
per share | per share | per share | per share | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Matthews | $ | 17,723 | $ | 0.56 | $ | (80,959) | $ | (2.63) | $ | 39,291 | $ | 1.26 | $ | (99,774) | $ | (3.18) | |||||||||||||||||||
Acquisition and divestiture items (1) | 1,626 | 0.05 | 5,581 | 0.18 | 4,874 | 0.15 | 6,319 | 0.20 | |||||||||||||||||||||||||||
Strategic initiatives and other charges (2) | 4,053 | 0.13 | 12,736 | 0.41 | 11,106 | 0.36 | 26,092 | 0.84 | |||||||||||||||||||||||||||
Highly inflationary accounting impacts (primarily non-cash) (3) | (1,714) | (0.05) | 228 | 0.01 | 1,360 | 0.04 | 1,473 | 0.05 | |||||||||||||||||||||||||||
Defined benefit plan termination related items (4) | 649 | 0.02 | (537) | (0.02) | 665 | 0.02 | (182) | (0.01) | |||||||||||||||||||||||||||
Asset write-downs, net (5) | — | — | 38 | — | — | — | 9,993 | 0.32 | |||||||||||||||||||||||||||
Goodwill write-downs (6) * | — | — | 79,762 | 2.59 | — | — | 79,762 | 2.54 | |||||||||||||||||||||||||||
Non-service pension and postretirement expense (7) | 63 | — | 50 | — | 1,230 | 0.04 | 23,867 | 0.76 | |||||||||||||||||||||||||||
Intangible amortization expense | 7,927 | 0.25 | 8,655 | 0.28 | 31,551 | 1.01 | 42,813 | 1.36 | |||||||||||||||||||||||||||
Adjusted net income | $ | 30,327 | $ | 0.96 | $ | 25,554 | $ | 0.82 | $ | 90,077 | $ | 2.88 | $ | 90,363 | $ | 2.88 | |||||||||||||||||||
Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 26.9% and 7.5%, for the three months ended September 30, 2023 and 2022, respectively, and 25.7% and 14.5% for the fiscal year ended September 30, 2023 and 2022, respectively. | |||||||||||||||||||||||||||||||||||
(1) Includes certain non-recurring costs associated with recent acquisition and divestiture activities, and also includes a gain in fiscal year 2023 related to the divestiture of a business in the Industrial Technologies segment. | |||||||||||||||||||||||||||||||||||
(2) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels and costs associated with global ERP system integration efforts, net of loss recoveries in fiscal year 2023 related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. Also 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. | |||||||||||||||||||||||||||||||||||
(3) Represents exchange gains and losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries | |||||||||||||||||||||||||||||||||||
(4) Represents items associated with the termination of the Company's DB Plan, supplemental retirement plan and the defined benefit portion of the officers retirement restoration plan. | |||||||||||||||||||||||||||||||||||
(5) Represents asset write-downs, net of recoveries within the SGK Brand Solutions segment. | |||||||||||||||||||||||||||||||||||
(6) Represents goodwill write-downs within the SGK Brand Solutions segment. | |||||||||||||||||||||||||||||||||||
(7) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement 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 and settlement 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 or settlements of plan obligations. 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. | |||||||||||||||||||||||||||||||||||
* Per share amounts based on the diluted shares for each respective period. |
Memorialization | Industrial Technologies | SGK Brand Solutions | Corporate and Non-Operating | Consolidated | |||||||||||||||||||||||||
Reported sales for the quarter ended September 30, 2023 | $ | 204,878 | $ | 140,561 | $ | 134,729 | $ | — | $ | 480,168 | |||||||||||||||||||
Changes in foreign exchange translation rates | (504) | (2,748) | (1,786) | — | (5,038) | ||||||||||||||||||||||||
Constant currency sales for the quarter ended September 30, 2023 | $ | 204,374 | $ | 137,813 | $ | 132,943 | $ | — | $ | 475,130 |
Reported sales for the year ended September 30, 2023 | $ | 842,997 | $ | 505,751 | $ | 532,148 | $ | — | $ | 1,880,896 | |||||||||||||||||||
Changes in foreign exchange translation rates | 1,759 | 5,744 | 16,088 | — | 23,591 | ||||||||||||||||||||||||
Constant currency sales for the year ended September 30, 2023 | $ | 844,756 | $ | 511,495 | $ | 548,236 | $ | — | $ | 1,904,487 |
Reported adjusted EBITDA for the quarter ended September 30, 2023 | $ | 36,890 | $ | 23,470 | $ | 17,512 | $ | (15,989) | $ | 61,883 | |||||||||||||||||||
Changes in foreign exchange translation rates | 135 | (805) | 235 | 13 | (422) | ||||||||||||||||||||||||
Constant currency adjusted EBITDA for the quarter ended September 30, 2023 | $ | 37,025 | $ | 22,665 | $ | 17,747 | $ | (15,976) | $ | 61,461 |
Reported adjusted EBITDA for the year ended September 30, 2023 | $ | 163,986 | $ | 66,278 | $ | 57,128 | $ | (61,583) | $ | 225,809 | |||||||||||||||||||
Changes in foreign exchange translation rates | 140 | 1,323 | 1,999 | 290 | 3,752 | ||||||||||||||||||||||||
Constant currency adjusted EBITDA for the year ended September 30, 2023 | $ | 164,126 | $ | 67,601 | $ | 59,127 | $ | (61,293) | $ | 229,561 |
September 30, 2023 | September 30, 2022 | ||||||||||
Long-term debt, current maturities | $ | 3,696 | $ | 3,277 | |||||||
Long-term debt | 786,484 | 795,291 | |||||||||
Total long-term debt | 790,180 | 798,568 | |||||||||
Less: Cash and cash equivalents | (42,101) | (69,016) | |||||||||
Net Debt | $ | 748,079 | $ | 729,552 | |||||||
Adjusted EBITDA | $ | 225,809 | $ | 210,408 | |||||||
Net Debt Leverage Ratio | 3.3 | 3.5 | |||||||||
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