佐治亚州，卡尔霍恩, Oct. 28, 2023 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 于今日宣布，2023 年第三季度净亏损为 7.6 亿美元，每股亏损为 11.94 美元，非现金减值费用的影响为 8.76 亿美元。Mohawk 目前的市值以及不断充满挑战的宏观经济条件和较高的贴现率促使 Mohawk 对其商誉和无形资产余额进行审查，从而导致减值支出。调整后净利润为 1.74 亿美元，每股收益 (EPS) 为 2.72 美元，不包括减值和其他非经常性费用。2023 年第三季度报告净销售额为 28 亿美元，与上一年相比下降 5.2%，或以固定汇率按天计算则为 8.1%。2022 年第三季度，Mohawk 报告净销售额为 29 亿美元，净亏损 5.34 亿美元，每股亏损 8.40 美元。调整后净利润为 2.12 亿美元，EPS 为 3.34 美元，不包括减值和其他非经常性费用。

截至 2023 年 9 月 30 日的九个月期间，净亏损和每股亏损分别为 5.79 亿美元和 9.10 美元。调整后净利润为 4.62 亿美元，EPS 为 7.23 美元，不包括减值和其他非经常性费用。2023 年前 9 个月期间，净销售额为 85 亿美元，与上一年相比下降 6.2%，或以固定汇率按天计算则为 8.7%。截至 2022 年 10 月 1 日的九个月期间，净销售额为 91 亿美元，净亏损 800 万美元，每股亏损 0.13 美元； 调整后净利润为 7.39 亿美元，EPS 为 11.56 美元，不包括减值和其他非经常性费用。

谈及 Mohawk 第三季度业绩时，Mohawk 董事长兼首席执行官 Jeff Lorberbaum 表示：“住宅投资受限和消费者可自由支配支出进一步收紧是导致我们行业在所有地区都持续面临压力的一大主要原因，因此我们本季度的业绩符合预期。第三季度业绩受到欧洲假期的季节性影响，与上一季度相比，我们的销售额和利润有所下降。较低的材料和能源成本抵消了价格和产品组合的下降。我们还面临营业收入约 2000 万美元或 EPS 为 0.25 美元的外汇不利因素。整个业务受益于成本降低、生产力提升和投入成本降低。我们正在管理自己的营运资金，本季度产生了 3.85 亿美元的强劲自由现金流，今年迄今产生了 6.6 亿美元的强劲自由现金流。

本季度，世界各国央行继续加息，以减缓经济增长并降低通胀。此行为正在影响住宅和商业渠道的新建和改建，推迟了新项目的支出。在美国，抵押贷款利率已攀升至二十多年来最高水平，这抑制了房地产市场并限制了房屋翻新活动。在欧洲，由于能源成本上升、通货膨胀以及乌克兰战争带来的不确定性，消费者推迟了地板等大宗采购。鉴于大多数地板采购可能延期，我们的行业较之其他行业压力更大。由于生产地板所需的固定成本较高，随着行业放缓，竞争加剧，参与者试图增加销量以最大限度地吸纳资金。因此，我们的平均售价和产品组合有所下降，这一影响被材料和能源成本下降、重组收益和流程改进所抵消。

房地产行业复苏的预计时间不断推迟。我们正在管理业务从而优化业绩和现金流，直到行业复苏。此外，我们正在采取行动增加产量，同时管理利润和运营费用。我们推出差异化系列，有选择地推出促销活动，扩大参与新建工程渠道。为了进一步增强竞争地位，我们将关闭意大利的旧陶瓷生产，并将美国的刚性豪华乙烯基地板 (LVT) 生产转换为直接挤压工艺生产。这些重组举措将产生约 5500 万美元的非经常性费用，其中 5000 万美元为非现金费用。完成这些举措后，将通过提高生产力、降低制造成本和优化生产灵活性，将我们的盈利能力每年提高 3000 万美元。

目前，我们在欧洲的绝缘板和瓷板扩张项目正在进行，美国优质复合地板和 LVT 项目也将继续启动。2024 年下半年将分别在欧洲和美国扩大复合地板和石英台面的生产。随着我们在墨西哥和巴西的收购整合推进，我们整合了一般管理、销售和行政职能，同时增强了公司的产品供应、运营效率和客户群。虽然墨西哥和巴西市场的需求和利润正在减少，但随着这些市场的复苏，我们预计将从收购中获得更多收益。

第三季度，全球陶瓷业务部门 (Global Ceramic Segment) 报告净销售额下降 0.5%，或以固定汇率按天计算则为 6.0%。由于不利的价格和产品组合、工厂临时关闭、销量下降和外汇不利因素，部门的营业利润率为负 32.5%（调整后为 8.0%），但部分被生产力提高所抵消。由于我们创新产品的推出和服务水平的提高，我们在美国的陶瓷业务表现出色。借此，我们扩大了在新房建设和商业渠道的地位。我们在新装饰技术、抛光和马赛克方面的投资将为优质进口陶瓷提供国内替代品。为了进一步扩大石英台面的销售额，我们正在推出更多利用新技术制成的风格化系列，从而提供更大的价值。在欧洲，零售交通和新建工程正受到经济不确定性的影响。为了增加销售额，我们根据地域和渠道进行特定的价格促销。天然气价格已较峰值下降 80% 以上，我们已重新调整定价以与能源成本保持一致。我们的优质瓷板销售额持续增长，并且我们正在优化近期的产能扩张。在拉丁美洲，我们降低了成本结构，以适应速度较慢、竞争更加激烈的市场，其中墨西哥受到的影响较小。随着我们整合收购，我们正在获得客户承诺，利用合并后的产品组合扩大所有渠道和价位的销售额。

第三季度，我们的全球地板业务部门 (Flooring Rest of the World Segment) 报告净销售额下降 2.6%，或以固定汇率计算为 5.0%。该部门的营业利润率为负 22.4%（调整后为 10.9%），比上一年有所改善，因为该部门受益于原材料、能源和停机时间的减少，抵消了不利的价格、产品组合和外汇的影响。乙烯基片材的表现持续优于其他地板类别，并且我们增加了产量以满足更高的需求。在市场疲软的情况下，我们的复合地板和 LVT 销售面临压力，因此，我们正在推出新产品、推销和精选促销活动从而优化销量。我们进行了重组，以支持我们的住宅 LVT 产品从灵活核心向刚性核心的转变，这对销量产生了积极影响。由于改造活动、建筑项目和工业需求的下降，我们已放缓面板业务。随着我们客户群的扩大，我们利润率较高的防火板 (HPL) 面板系列的销量也在不断增长。第三季度, 我们的绝缘材料销量有所增长，利润率与去年持平。绝缘材料行业的定价随着投入成本的下降而下降，新工厂的投产造成了地区差异。在澳大利亚和新西兰，该行业在本季度有所放缓，我们在这两个国家的销售额略有下降。为了增加销售额并保护我们的利润，我们正在推出跨纤维类别的增强系列，提升我们高端产品的营销力度，并实施有针对性的促销活动，以满足不断变化的需求。

第三季度，我们的北美地板业务部门 (Flooring North America Segment) 报告销售额下降 11.7%，按传统基础计算下降 12.2%。据报告，该部门的营业利润率为负 17.4%，调整后为 8.1%，原因是不利的定价和产品组合、工厂资产利用不足导致产量减少和生产率下降，但部分被较低的通胀所抵消。所有产品类别的竞争都在加剧，为了提高销量，我们继续投资新产品和销售推广系统，以扩大我们的零售业务。我们还加大了与地区和全国建筑商的新房建设渠道的参与力度。我们正在实施许多项目来降低成本、提高效率并最大限度地提高材料利用率。在住宅地毯方面，为了改善我们的产品组合，我们正在扩大优质系列，这些系列提供卓越的款式和功能。对于注重价值的房主，我们正在增加我们的环保再生聚酯产品。我们的乙烯基片材系列持续在注重预算的消费者中表现突出。作为 基于 PVC 的 LVT 产品的替代品，我们推出了一种更加环保且耐刮擦的新型弹性聚合物芯材。我们正在继续提高西海岸 LVT 产量和佐治亚州的新挤压工艺，这两项工艺预计将于 2024 年第一季度大规模投入运营。我们也正在扩大层压板在零售和建筑商渠道的分销。随着消费者寻求以可承受的价格点获得优质视觉效果，我们的新复合地板系列广受好评。

在当前行业低迷的情况下，我们在管理业务可控方面的同时，根据区域市场情况进行调整。在所有地区，利率上升和持续的通货膨胀限制了消费者的可自由支配支出，导致改建项目和购买新房延期。随着商业信心下降，类似的压力也开始促使商业投资减少。在我们所有的市场中，利用工厂产能进行销售的竞争都在加剧，较低的投入成本应该可以抵消这种影响。通过增强产品和扩大推销、选择性促销以及扩大表现突出销售渠道的参与，我们在管理利润和运营费用的同时将销量最大化。在整个企业范围内，我们正在实施提高生产力、降低成本和重组举措，以降低开支并改善业绩。我们继续管理营运资金以优化我们的现金流。我们预计外汇将继续成为盈利的阻力。鉴于这些因素，我们预计第四季度调整后 EPS 将在 1.80 美元至 1.90 美元之间，不包括任何非经常性费用。如此一来，2023 年全年调整后的 EPS 应超过 9.00 美元。

据以往看来，由于其可推迟的性质，地板行业比其他建筑产品经历了更大的周期性高峰和低谷。我们的业务基本面仍然强劲，当行业反弹时，我们将受益于大量被压抑的需求。鉴于美国住房存量老化，在摩根大通最近的调查中，超过 80% 的房主表示他们正在计划在短期内进行翻修项目。此外，经过多年的建设落后于需求，未来许多年将需要大量的新住宅建设。随着经济前景的改善，商业活动将会扩大。作为全球最大的地板供应商，Mohawk 完全有能力利用这些机会。”

关于 MOHAWK INDUSTRIES

Mohawk Industries 是全球领先的地板材料制造商，致力于创造可提升全球住宅和商业空间的产品。Mohawk 采用垂直整合生产和分销流程，为其地毯、地垫、瓷砖、复合地板、木地板、石材和石塑地材生产提供了竞争优势。我们依托业内领先的创新方式推出多种产品和技术，令公司品牌在市场上脱颖而出，满足所有改造和新建工程的需求。我们旗下的品牌跻身业内最受认可的品牌，其中包括 American Olean、Daltile、Durkan、Eliane、Elizabeth、Feltex、GH Commercial、Godfrey Hirst、Grupo Daltile、IVC Commercial、IVC Home、Karastan、Marazzi、Mohawk、Mohawk Group、Mohawk Home、Pergo、Quick-Step、Unilin 和 Vitromex。在 过去十年里，Mohawk 已从一家美国地毯制造商成功转型为全球最大的地板材料公司，业务遍及澳大利亚、巴西、加拿大、欧洲、马来西亚、墨西哥、新西兰、俄罗斯和美国。

上文各段中的某些陈述，特别是预期未来业绩、业务前景、增长和经营战略以及类似事项，以及包含“可能”、“应该”、“相信”、“预期”、“预计”和“估计”等词语或类似表述，构成“前瞻性陈述”。对于这些陈述，Mohawk 声明受《1995 年私人证券诉讼改革法案》中的前瞻性陈述安全港的保护。前瞻性陈述的准确性无法保证，因为其基于许多假设，涉及诸多风险和不确定性。以下重要因素可能导致未来结果出现差异：经济或行业状况变化；竞争；运输、原材料价格和其他投入成本通货膨胀和通货紧缩；消费市场通货膨胀和通货紧缩；货币波动；能源成本和供应；资本支出的时机和实施情况；公司产品提价的时机和实施情况；减值费用；收购整合；国际运营；新产品的推出；运营合理化；税收和税务改革、产品和其他权利要求；诉讼；与 2019 冠状病毒病 (COVID-19) 相关的风险和不确定性；公司开展业务的司法管辖区的监管和政治变化；以及 Mohawk 提交给美国证券交易委员会 (SEC) 的报告和公告中提及的其他风险。

电话会议时间：东部时间 2023 年 10 月 27 日星期五上午 11:00

如欲通过互联网参加电话会议，请访问 http://ir.mohawkind.com/events/event-details/mohawk-industries-inc-3rd-quarter-2023-earnings-call。如欲通过电话参加电话会议，请提前在 https://dpregister.com/sreg/4129026795/18d03660587a8 注册以获取唯一个人识别号或于电话会议当天拨打 1-833-630-1962（美国/加拿大）以及 1-412 -317-1843（国际/本地）以获得话务员协助。可于 2023 年 11 月 24 日前获取回放，敬请拨打 1-877-344-7529（美国/加拿大通话）以及 1-412-317-0088（国际/本地通话）并输入访问代码 9747702。

 

  

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended							Nine Months Ended
(Amounts in thousands, except per share data)		September 30, 2023				October 1, 2022			September 30, 2023			October 1, 2022
Net sales		$	2,766,186			2,917,539			8,522,837			9,086,390
Cost of sales			2,074,179			2,203,878			6,455,479			6,697,404
Gross profit			692,007			713,661			2,067,358			2,388,986
Selling, general and administrative expenses			549,641			523,479			1,646,156			1,510,076
Impairment of goodwill and indefinite-lived intangibles			876,108			695,771			876,108			695,771
Operating income (loss)			(733,742	)		(505,589	)		(454,906	)		183,139
Interest expense			20,144			13,797			60,138			37,337
Other (income), net			(8,551	)		(1,242	)		(6,902	)		(1,622	)
Earnings (loss) before income taxes			(745,335	)		(518,144	)		(508,142	)		147,424
Income tax expense			14,954			15,569			70,657			155,193
Net earnings (loss) including noncontrolling interests			(760,289	)		(533,713	)		(578,799	)		(7,769	)
Net earnings attributable to noncontrolling interests			170			256			205			440
Net earnings (loss) attributable to Mohawk Industries, Inc.		$	(760,459	)		(533,969	)		(579,004	)		(8,209	)
Basic earnings (loss) per share attributable to Mohawk Industries, Inc.		$	(11.94	)		(8.40	)		(9.10	)		(0.13	)
Weighted-average common shares outstanding – basic			63,682			63,534			63,648			63,923
Diluted earnings (loss) per share attributable to Mohawk Industries, Inc.		$	(11.94	)		(8.40	)		(9.10	)		(0.13	)
Weighted-average common shares outstanding – diluted			63,682			63,534			63,648			63,923

 

Other Financial Information
		Three Months Ended							Nine Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022			September 30, 2023			October 1, 2022
Net cash provided by operating activities		$	512,034			224,774			1,032,907			427,435
Less: Capital expenditures			127,419			150,044			372,565			430,084
Free cash flow		$	384,615			74,730			660,342			(2,649	)
Depreciation and amortization		$	149,570			153,466			476,112			436,449

 

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands)		September 30, 2023				October 1, 2022
ASSETS
Current assets:
Cash and cash equivalents		$	518,452			326,971
Short-term investments			—			110,000
Receivables, net			1,943,147			2,003,261
Inventories			2,519,709			2,900,116
Prepaid expenses and other current assets			523,017			513,981
Total current assets			5,504,325			5,854,329
Property, plant and equipment, net			4,788,825			4,524,536
Right of use operating lease assets			404,477			400,412
Goodwill			1,125,434			1,827,968
Intangible assets, net			854,427			823,100
Deferred income taxes and other non-current assets			461,007			370,689
Total assets		$	13,138,495			13,801,034
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt		$	922,697			1,542,139
Accounts payable and accrued expenses			2,159,499			2,256,097
Current operating lease liabilities			106,378			106,511
Total current liabilities			3,188,574			3,904,747
Long-term debt, less current portion			1,675,590			1,019,984
Non-current operating lease liabilities			314,984			306,617
Deferred income taxes and other long-term liabilities			687,957			744,629
Total liabilities			5,867,105			5,975,977
Total stockholders' equity			7,271,390			7,825,057
Total liabilities and stockholders' equity		$	13,138,495			13,801,034

 

Segment Information
		Three Months Ended							As of or for the Nine Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022			September 30, 2023				October 1, 2022
Net sales:
Global Ceramic		$	1,091,672			1,096,656				3,306,368			3,319,982
Flooring NA			962,222			1,089,634				2,917,337			3,261,082
Flooring ROW			712,292			731,249				2,299,132			2,505,326
Consolidated net sales		$	2,766,186			2,917,539			$	8,522,837			9,086,390
Operating income (loss):
Global Ceramic		$	(355,304	)		(559,706	)			(207,953	)		(305,099	)
Flooring NA			(166,973	)		64,672				(131,787	)		260,026
Flooring ROW			(159,569	)		45,508				2,590			304,265
Corporate and intersegment eliminations			(51,896	)		(56,063	)			(117,756	)		(76,053	)
Consolidated operating income (loss)		$	(733,742	)		(505,589	)			(454,906	)		183,139
Assets:
Global Ceramic									$	4,905,861			4,866,822
Flooring NA										3,911,708			4,490,502
Flooring ROW										3,857,628			4,036,675
Corporate and intersegment eliminations										463,298			407,035
Consolidated assets									$	13,138,495			13,801,034

 

Reconciliation of Net Earnings (Loss) Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.
		Three Months Ended							Nine Months Ended
(Amounts in thousands, except per share data)		September 30, 2023				October 1, 2022			September 30, 2023			October 1, 2022
Net earnings (loss) attributable to Mohawk Industries, Inc.		$	(760,459	)		(533,969	)		(579,004	)		(8,209	)
Adjusting items:
Restructuring, acquisition and integration-related and other costs			47,081			34,460			120,732			38,118
Inventory step-up from purchase accounting			(105	)		1,401			4,476			1,544
Impairment of goodwill and indefinite-lived intangibles			876,108			695,771			876,108			695,771
Legal settlements, reserves and fees			43,464			45,000			92,476			45,000
Release of indemnification asset			(1,890	)		—			(2,850	)		7,324
Income taxes – reversal of uncertain tax position			1,890			—			2,850			(7,324	)
Income taxes – impairment of goodwill and indefinite-lived intangibles			(12,838	)		(10,168	)		(12,838	)		(10,168	)
Income tax effect of adjusting items			(19,594	)		(20,487	)		(40,234	)		(23,291	)
Adjusted net earnings attributable to Mohawk Industries, Inc.		$	173,657			212,008			461,716			738,765
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.72			3.34			7.23			11.56
Weighted-average common shares outstanding - diluted			63,934			63,534			63,883			63,923

 

Reconciliation of Total Debt to Net Debt
(Amounts in thousands)		September 30, 2023
Short-term debt and current portion of long-term debt		$	922,697
Long-term debt, less current portion			1,675,590
Total debt			2,598,287
Less: Cash and cash equivalents			518,452
Net debt		$	2,079,835

 

Reconciliation of Net Earnings to Adjusted EBITDA
															Trailing Twelve
		Three Months Ended													Months Ended
(Amounts in thousands)		December 31,2022				April 1,2023			July 1,2023			September 30,2023			September 30,2023
Net earnings (loss) including noncontrolling interests		$	33,552			80,276			101,214			(760,289	)		(545,247	)
Interest expense			14,601			17,137			22,857			20,144			74,739
Income tax expense			2,917			28,943			26,760			14,954			73,574
Net (earnings) loss attributable to noncontrolling interests			(96	)		(38	)		3			(170	)		(301	)
Depreciation and amortization(1)			159,014			169,909			156,633			149,570			635,126
EBITDA			209,988			296,227			307,467			(575,791	)		237,891
Restructuring, acquisition and integration-related and other costs			33,875			8,971			33,682			47,606			124,134
Inventory step-up from purchase accounting			1,218			3,305			1,276			(105	)		5,694
Impairment of goodwill and indefinite-lived intangibles			—			—						876,108			876,108
Legal settlements, reserves and fees, net of insurance proceeds			9,231			990			48,022			43,464			101,707
Release of indemnification asset			(89	)		(857	)		(103	)		(1,890	)		(2,939	)
Adjusted EBITDA		$	254,223			308,636			390,344			389,392			1,342,595
Net debt to adjusted EBITDA															1.5

^{(1) Includes accelerated depreciation of $15,915 for Q4 2022, $23,019 for Q1 2023, $7,978 for Q2 2023 and ($525) for Q3 2023.}

 

Reconciliation of Net Sales to Adjusted Net Sales
		Three Months Ended							Nine Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022			September 30, 2023			October 1, 2022
Mohawk Consolidated
Net sales		$	2,766,186			2,917,539			8,522,837			9,086,390
Adjustment for constant shipping days			2,473			—			18,829			—
Adjustment for constant exchange rates			11,230			—			61,566			—
Adjustment for acquisition volume			(97,312	)		—			(306,349	)		—
Adjusted net sales		$	2,682,577			2,917,539			8,296,883			9,086,390

 

		Three Months Ended
		September 30, 2023				October 1, 2022
Global Ceramic
Net sales		$	1,091,672			1,096,656
Adjustment for constant shipping days			2,472			—
Adjustment for constant exchange rates			19,362			—
Adjustment for acquisition volume			(82,571	)		—
Adjusted net sales		$	1,030,935			1,096,656
Flooring NA
Net sales		$	962,222			1,089,634
Adjustment for acquisition volume			(5,233	)		—
Adjusted net sales		$	956,989			1,089,634

 

Flooring ROW
Net sales		$	712,292			731,249
Adjustment for constant exchange rates			(8,132	)		—
Adjustment for acquisition volume			(9,509	)		—
Adjusted net sales		$	694,651			731,249

 

Reconciliation of Gross Profit to Adjusted Gross Profit
		Three Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022
Gross Profit		$	692,007			713,661
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs			42,663			30,422
Inventory step-up from purchase accounting			(105	)		1,401
Adjusted gross profit		$	734,565			745,484

 

Adjusted gross profit as a percent of net sales

26.6

%

25.6

%

 

Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
		Three Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022
Selling, general and administrative expenses		$	549,641			523,479
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs			(4,420	)		(4,117	)
Legal settlements, reserves and fees			(43,464	)		(45,000	)
Adjusted selling, general and administrative expenses		$	501,757			474,362

 

Adjusted selling, general and administrative expenses as a percent of net sales

18.1

%

16.3

%

 

Reconciliation of Operating Income (loss) to Adjusted Operating Income
		Three Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022
Mohawk Consolidated
Operating earnings (loss)		$	(733,742	)		(505,589	)
Adjustments to operating earnings (loss):
Restructuring, acquisition and integration-related and other costs			47,083			34,539
Inventory step-up from purchase accounting			(105	)		1,401
Impairment of goodwill and indefinite-lived intangibles			876,108			695,771
Legal settlements, reserves and fees			43,464			45,000
Adjusted operating income		$	232,808			271,122

 

Adjusted operating income as a percent of net sales

8.4

%

9.3

%

 

Global Ceramic
Operating earnings (loss)		$	(355,304	)		(559,706	)
Adjustments to segment operating income (loss):
Restructuring, acquisition and integration-related and other costs			17,762			3,366
Impairment of goodwill and indefinite-lived intangibles			425,232			688,514
Inventory step-up from purchase accounting			(105	)		—
Adjusted segment operating income		$	87,585			132,174

 

Adjusted segment operating income as a percent of net sales

8.0

%

12.1

%

 

Flooring NA
Operating income (loss)		$	(166,973	)		64,672
Adjustments to segment operating income (loss):
Restructuring, acquisition and integration-related and other costs			27,323			20,223
Legal settlements and reserves			1,500			—
Acquisitions purchase accounting, including inventory step-up			—			1,401
Impairment of goodwill and indefinite-lived intangibles			215,809			1,407
Adjusted segment operating income		$	77,659			87,703

 

Adjusted segment operating income as a percent of net sales

8.1

%

8.0

%

 

Flooring ROW
Operating income (loss)		$	(159,569	)		45,508
Adjustments to segment operating income (loss):
Restructuring, acquisition and integration-related and other costs			1,836			10,950
Impairment of goodwill and indefinite-lived intangibles			235,067			5,850
Adjusted segment operating income		$	77,334			62,308

 

Adjusted segment operating income as a percent of net sales

10.9

%

8.5

%

 

Corporate and intersegment eliminations
Operating (loss)		$	(51,896	)		(56,063	)
Adjustments to segment operating (loss):
Restructuring, acquisition and integration-related and other costs			162			—
Legal settlement, reserves and fees			41,964			45,000
Adjusted segment operating (loss)		$	(9,770	)		(11,063	)

 

Reconciliation of Earnings (Loss) Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
		Three Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022
Earnings (loss) before income taxes		$	(745,335	)		(518,144	)
Net earnings (loss) attributable to noncontrolling interests			(170	)		(256	)
Adjustments to earnings (loss) including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs			47,081			34,460
Inventory step-up from purchase accounting			(105	)		1,401
Impairment of goodwill and indefinite-lived intangibles			876,108			695,771
Legal settlements, reserves and fees			43,464			45,000
Release of indemnification asset			(1,890	)		—
Adjusted earnings including noncontrolling interests before income taxes		$	219,153			258,232

 

Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
		Three Months Ended
(Amounts in thousands)		September 30, 2023				October 1, 2022
Income tax expense		$	14,954			15,569
Income taxes – reversal of uncertain tax position			(1,890	)		—
Income tax effect on impairment of goodwill and indefinite-lived intangibles			12,838			10,168
Income tax effect of adjusting items			19,594			20,487
Adjusted income tax expense		$	45,496			46,224
Adjusted income tax rate			20.8	%		17.9	%

Mohawk 根据美国一般公认会计原则 (GAAP) 编制和列报的简明合并财务报表，会增补某些非 GAAP 财务指标。根据 SEC 规则的要求，上表列报了 Mohawk 非 GAAP 财务指标与最直接可比的美国 GAAP 指标的对账。除了可比较的美国 GAAP 指标外，还应考虑上述每项非 GAAP 指标，且其可能无法与其他公司报告的类似名称的指标标准进行比较。Mohawk 认为，这些非 GAAP 指标与相应的美国 GAAP 指标一致后，将为其投资者带来以下帮助：非 GAAP 营收指标有助于确定增长趋势，并可将营收与前期和未来时期进行比较，非 GAAP 盈利能力指标有助于了解公司业务的长期盈利趋势，并可将其利润与前期和未来时期进行比较。

Mohawk 会将某些项目从非 GAAP 营收指标中排除，因为这些项目在不同时期之间可能存在巨大差异，并且可能混淆潜在的业务趋势。从 Mohawk 的非 GAAP 营收指标中排除的项目包括：外币交易和换算；一段时间内较多或较少的运输天数以及收购的影响。

Mohawk 从其非 GAAP 盈利能力指标中排除了某些项目，因为这些项目可能并不代表公司的核心经营业绩，或与此不相关。这些排除的项目包括：重组、收购和整合相关成本及其他成本、法律和解、储备金和费用、保险收益净值、商誉减值和无限期无形资产、收购采购会计，包括存货加强、补偿性资产让与以及不确定税务状况的逆转。

联系人：
James Brunk，首席财务官
(706) 624-2239

(来源:GlobeNewswire)