Mohawk Industries 公布第四季度业绩
Source: GlobeNewswire卡尔霍恩，佐治亚州, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.(NYSE:MHK)今天宣布2023年第四季度净收益为1.39亿美元，每股收益（"EPS"）为2.18美元；调整后净收益为1.25亿美元，调整后每股收益为1.96美元。2023年第四季度净销售额为26亿美元，按报告数据计算，较上年同期下降了1.4%，按照原有固定汇率计算，较去年同期下降了4.1%。2022年第四季度，该公司报告的净销售额为27亿美元，净收益为3,300万美元，每股收益为0.52美元；调整后净收益为8,400万美元，调整后每股收益为1.32美元。
截至2023年12月31日止十二个月，公司报告的净亏损为4.4亿美元，每股亏损为6.90美元，其中包括非现金减值费用8.78亿美元；调整后净收益为5.87亿美元，调整后每股收益为9.19美元。截至2023年12月31日止十二个月期间，净销售额为111亿美元，按报告数据计算，较上年同期下降了5.1%，按照原有固定汇率计算，较上年同期下降了7.7%。截至2022年12月31日止十二个月期间，该公司报告的净销售额为117亿美元，净收益为2,500万美元，每股收益为0.39美元；调整后净收益为8.23亿美元，调整后每股收益为12.85美元。
公司董事长兼首席执行官Jeff Lorberbaum在就公司第四季度和全年业绩发表评论时表示：“我们的第四季度业绩超出了我们的预期，得益于成本控制、生产力提升和较低的投入成本。行业降低了销售价格，而我们通过降低能源和原材料成本来应对。在这种情况下，我们专注于通过重组行动和生产优化来优化收入并降低成本。我们积极管理库存水平，与上年相比，营运资金减少了超过3亿美元，不包括收购。我们还投资于销售资源、商品陈列和具有创新特点的新产品，以激发消费者购买地板。我们年末的净债务/调整后息税折旧及摊销前利润（EBITDA）比率为1.5倍、自由现金流为7.16亿美元，可用流动资金为19亿美元，同时我们计划在2024年第一季度偿还约9亿美元的高利率定期贷款。我们已经做好了应对当前形势的准备，并在经济反弹时从这一经济周期中脱颖而出。
就第四季度而言，全球陶瓷分部的净销售额按报告计算增长了0.6%，或按原有固定汇率计算下降了4.7%。该分部的经营利润率按报告为4.2%，调整后为4.8%。在整个分部范围内，我们正在调整生产以与需求保持一致，并在全年大大减少了库存。为了控制成本，我们提高了生产效率，减少了间接费用，并实施了替代配方。在美国，我们通过本地服务中心扩大了分销网络，并推出了具有优质意大利风格的新系列产品，以改善产品组合。我们已经将墨西哥的Vitromex和巴西的Elizabeth整合，并强化了我们的销售、市场营销和运营策略。在这两个国家，由于利率上升和经济增长放缓，去年需求大幅下降，导致我们的业绩受到影响。在意大利，我们正在优化最近优质瓷板的扩张，以满足住宅和商业渠道日益增长的需求。
在第四季度，我们的全球其余地区地板业务部门的净销售额按报告下降了1.5%，或按原有固定汇率计算下降了4.1%。该分部的经营利润率按报告为9.5%，调整后为10.6%。欧洲建筑产品类别仍然面临压力，消费者保持谨慎态度，零售商降低库存水平。我们正在投资2024年的新产品，同时实施严格的成本控制。我们正在通过富有灵感的互动式商品陈列架重新激活我们的旗舰品牌Quick-Step。我们正在完成向刚性LVT的过渡，并已停用了我们的住宅柔性生产线。我们的木板业绩在过去一年中从周期性高定价环境下下降，转变为产能过剩、竞争更加激烈的环境。我们继续在该分部实施重组措施，并加强我们最近的较小的欧洲补强收购，包括隔热材料、中密度纤维板、塑料地板和夹层地板。
在第四季度，我们的北美地板业务分部销售额下降了3.6%。该分部的经营利润率按报告为8.2%，按调整后为6.9%。市场销量减少导致行业利用率降低，并在市场上出现激烈的竞争。我们继续投资于销售和营销计划，以扩大我们的分销渠道，并改善我们的长期增长。为了增强我们的业务，我们正在进行资本投资，以增加我们的差异化特色并降低生产成本。在每个产品类别中，我们都推出了创新的新系列，并得到了广泛认可。商业渠道表现超出了我们的预期，主要得益于酒店业。我们正在利用客户关系，扩大针刺地板和装饰材料的收购。
进入2024年，我们的行业正处于周期性低谷，我们预计第一季度的季节性将与长期历史水平更加一致。我们的企业正在最大限度地减少开支，降低管理费用，调整业务结构，以适应当前的形势。我们继续投资于创新产品，以增加销售额和产品组合。随着投入成本的下降，我们正在应对竞争压力，优化产量。我们将继续管理我们的库存，并预计将根据需求临时停产。我们的所有业务都在实施流程改进措施，以减少通货膨胀的影响。考虑到这些因素，我们预计第一季度调整后的每股收益将在1.60美元至1.70美元之间。
在过去的十八个月里，我们在全公司范围内采取了许多行动，以改善我们的成本结构、管理较低的产量并整合我们最近的收购。在采取这些行动的同时，随着我们走出本轮周期的谷底，行业状况也将有所改善，这将改善我们下半年的业绩。市场预计各国央行将会降低利率，从而扩大房屋销售、住宅改建和商业项目。地板类别的改善速度将取决于通货膨胀率、消费者信心和房屋销售的强劲程度。我们认为，美国和拉丁美洲市场可能会先于欧洲市场得到改善，而欧洲市场可能会因当前的地缘政治压力而滞后。在过去的房地产衰退之后，我们的行业已经连续多年实现反弹，销售额增加，利润率扩大。我们所有地区的住房仍然短缺，需要增加改造投资来更新老化的住房存量。我们的重组行动、对新技术的投资、有针对性的扩张和近期的收购，将使我们能够进一步拓展业务。作为全球最大的地板公司，我们相信，随着市场的复苏，我们在改善业绩方面具有得天独厚的优势。”
关于 MOHAWK INDUSTRIES
Mohawk Industries是全球领先的地板制造商，其产品旨在改善世界各地的住宅和商业空间。Mohawk垂直整合的制造和分销流程为地毯、地垫、瓷砖、复合地板、木地板、石材地板和乙烯基地板的生产提供了竞争优势。我们行业领先的创新所带来的产品和技术，使我们的品牌在市场上脱颖而出，并满足了所有改造和新建设项目的需求。我们的品牌是业内最受认可的品牌之一，包括American Olean、Daltile、Durkan、Eliane、Elizabeth、Feltex、GH Commercial、Godfrey Hirst、Grupo Daltile、IVC Commercial、IVC Home、Karastan、Marazzi、Mohawk、Mohak Group、Mohakh Home、Pergo、Quick-Step、Unilin和Vitromex。在过去十年里，Mohawk将其业务从一家美国地毯制造商转变为全球最大的地板公司，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。
前几段中的某些陈述，特别是对未来业绩、业务前景、增长和经营战略及类似事项的预期，以及包含"可能"、"应该"、"相信"、"预计"、"期望"和"估计"等词语或类似表述的陈述构成"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》(Private Securities Litigation Reform Act of 1995)所载的前瞻性陈述安全港的保护。由于前瞻性陈述基于许多假设，涉及风险和不确定性，因此无法保证其准确性。以下重要因素可能导致未来结果出现差异：经济或行业状况的变化；竞争；运费、原材料价格和其他投入成本的通货膨胀和通货紧缩；消费市场的通货膨胀和通货紧缩；货币波动；能源成本和供应；资本支出的时间和水平；公司产品提价的时间和实施；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；产品和其他索赔；诉讼；地缘政治冲突；公司业务所在辖区的监管和政治变化；以及Mohawk在SEC报告和公告中指出的其他风险。
电话会议：美国东部时间2024年2月9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-4th-quarter-2023-earnings-call。如欲通过电话参加电话会议，请提前在以下链接注册：https://dpregister.com/sreg/10185489/fb57257e00，以获取唯一的个人识别号码，或者在电话会议当天拨打以下号码获得接线员的协助：美国/加拿大拨打1-833-630-1962，国际/本地拨打1-412-317-1843。可在2024年3月8日前通过拨打以下电话号码回放电话会议：美国/加拿大拨打1-877-344-7529，国际/本地拨打1-412-317-0088，并输入访问代码#3161276。
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| (Amounts in thousands, except per share data) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||
| Net sales | $ | 2,612,278 | 2,650,675 | 11,135,115 | 11,737,065 | ||||||
| Cost of sales | 1,969,984 | 2,096,235 | 8,425,463 | 8,793,639 | |||||||
| Gross profit | 642,294 | 554,440 | 2,709,652 | 2,943,426 | |||||||
| Selling, general and administrative expenses | 473,560 | 493,362 | 2,119,716 | 2,003,438 | |||||||
| Impairment of goodwill and indefinite-lived intangibles | 1,636 | — | 877,744 | 695,771 | |||||||
| Operating income (loss) | 167,098 | 61,078 | (287,808 | ) | 244,217 | ||||||
| Interest expense | 17,376 | 14,601 | 77,514 | 51,938 | |||||||
| Other (income) expense, net | (3,911 | ) | 10,008 | (10,813 | ) | 8,386 | |||||
| Earnings (loss) before income taxes | 153,633 | 36,469 | (354,509 | ) | 183,893 | ||||||
| Income tax expense | 14,205 | 2,917 | 84,862 | 158,110 | |||||||
| Net earnings (loss) including noncontrolling interests | 139,428 | 33,552 | (439,371 | ) | 25,783 | ||||||
| Net earnings (loss) attributable to noncontrolling interests | (60 | ) | 96 | 145 | 536 | ||||||
| Net earnings (loss) attributable to Mohawk Industries, Inc. | $ | 139,488 | 33,456 | (439,516 | ) | 25,247 | |||||
| Basic earnings (loss) per share attributable to Mohawk Industries, Inc. | $ | 2.19 | 0.53 | (6.90 | ) | 0.40 | |||||
| Weighted-average common shares outstanding - basic | 63,683 | 63,534 | 63,657 | 63,826 | |||||||
| Diluted earnings (loss) per share attributable to Mohawk Industries, Inc. | $ | 2.18 | 0.52 | (6.90 | ) | 0.39 | |||||
| Weighted-average common shares outstanding - diluted | 63,938 | 63,792 | 63,657 | 64,062 | |||||||
| Other Financial Information | |||||||||
| Three Months Ended | Twelve Months Ended | ||||||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||
| Net cash provided by operating activities | $ | 296,322 | 241,718 | 1,329,229 | 669,153 | ||||
| Less: Capital expenditures | 240,364 | 150,658 | 612,929 | 580,742 | |||||
| Free cash flow | $ | 55,958 | 91,060 | 716,300 | 88,411 | ||||
| Depreciation and amortization | $ | 154,215 | 159,014 | 630,327 | 595,464 | ||||
| MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES | ||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (Unaudited) | ||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 642,550 | 509,623 | |
| Short-term investments | — | 158,000 | ||
| Receivables, net | 1,874,656 | 1,904,786 | ||
| Inventories | 2,551,853 | 2,793,765 | ||
| Prepaid expenses and other current assets | 535,158 | 528,925 | ||
| Total current assets | 5,604,217 | 5,895,099 | ||
| Property, plant and equipment, net | 4,993,166 | 4,661,178 | ||
| Right of use operating lease assets | 428,532 | 387,816 | ||
| Goodwill | 1,159,724 | 1,927,759 | ||
| Intangible assets, net | 875,383 | 857,948 | ||
| Deferred income taxes and other non-current assets | 498,847 | 390,632 | ||
| Total assets | $ | 13,559,869 | 14,120,432 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Short-term debt and current portion of long-term debt | $ | 1,001,715 | 840,571 | |
| Accounts payable and accrued expenses | 2,035,339 | 2,124,448 | ||
| Current operating lease liabilities | 108,860 | 105,266 | ||
| Total current liabilities | 3,145,914 | 3,070,285 | ||
| Long-term debt, less current portion | 1,701,785 | 1,978,563 | ||
| Non-current operating lease liabilities | 337,506 | 296,136 | ||
| Deferred income taxes and other long-term liabilities | 745,528 | 757,534 | ||
| Total liabilities | 5,930,733 | 6,102,518 | ||
| Total stockholders' equity | 7,629,136 | 8,017,914 | ||
| Total liabilities and stockholders' equity | $ | 13,559,869 | 14,120,432 | |
| Segment Information | ||||||||||||||
| Three Months Ended | As of or for the Twelve Months Ended | |||||||||||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||
| Net sales: | ||||||||||||||
| Global Ceramic | $ | 993,739 | 987,699 | 4,300,107 | 4,307,681 | |||||||||
| Flooring NA | 912,049 | 945,959 | 3,829,386 | 4,207,041 | ||||||||||
| Flooring ROW | 706,490 | 717,017 | 3,005,622 | 3,222,343 | ||||||||||
| Consolidated net sales | $ | 2,612,278 | 2,650,675 | 11,135,115 | 11,737,065 | |||||||||
| Operating income (loss): | ||||||||||||||
| Global Ceramic | $ | 41,505 | 69,033 | (166,448 | ) | (236,066 | ) | |||||||
| Flooring NA | 74,605 | (28,950 | ) | (57,182 | ) | 231,076 | ||||||||
| Flooring ROW | 67,137 | 35,902 | 69,727 | 340,167 | ||||||||||
| Corporate and intersegment eliminations | (16,149 | ) | (14,907 | ) | (133,905 | ) | (90,960 | ) | ||||||
| Consolidated operating income (loss) | $ | 167,098 | 61,078 | (287,808 | ) | 244,217 | ||||||||
| Assets: | ||||||||||||||
| Global Ceramic | $ | 4,988,347 | 4,841,310 | |||||||||||
| Flooring NA | 3,909,943 | 4,299,360 | ||||||||||||
| Flooring ROW | 4,051,647 | 4,275,519 | ||||||||||||
| Corporate and intersegment eliminations | 609,932 | 704,243 | ||||||||||||
| Consolidated assets | $ | 13,559,869 | 14,120,432 | |||||||||||
| 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 | Twelve Months Ended | ||||||||||||
| (Amounts in thousands, except per share data) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||
| Net earnings (loss) attributable to Mohawk Industries, Inc. | $ | 139,488 | 33,456 | (439,516 | ) | 25,247 | |||||||
| Adjusting items: | |||||||||||||
| Restructuring, acquisition and integration-related and other costs | 8,591 | 49,701 | 129,323 | 87,819 | |||||||||
| Inventory step-up from purchase accounting | — | 1,218 | 4,476 | 2,762 | |||||||||
| Impairment of goodwill and indefinite-lived intangibles | 1,636 | — | 877,744 | 695,771 | |||||||||
| Legal settlements, reserves and fees | (4,652 | ) | 9,231 | 87,824 | 54,231 | ||||||||
| Release of indemnification asset | (107 | ) | — | (2,957 | ) | 7,324 | |||||||
| Income taxes - reversal of uncertain tax position | 107 | — | 2,957 | (7,324 | ) | ||||||||
| Income taxes - impairment of goodwill and indefinite-lived intangibles | — | — | (12,838 | ) | (10,168 | ) | |||||||
| European tax restructuring | (9,999 | ) | — | (9,999 | ) | — | |||||||
| Income tax effect of adjusting items | (9,805 | ) | (9,245 | ) | (50,038 | ) | (32,536 | ) | |||||
| Adjusted net earnings attributable to Mohawk Industries, Inc. | $ | 125,259 | 84,361 | 586,976 | 823,126 | ||||||||
| Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 1.96 | 1.32 | 9.19 | 12.85 | ||||||||
| Weighted-average common shares outstanding - diluted | 63,938 | 63,792 | 63,892 | 64,062 | |||||||||
| Reconciliation of Total Debt to Net Debt | ||
| (Amounts in thousands) | December 31, 2023 | |
| Short-term debt and current portion of long-term debt | $ | 1,001,715 |
| Long-term debt, less current portion | 1,701,785 | |
| Total debt | 2,703,500 | |
| Less: Cash and cash equivalents | 642,550 | |
| Net debt | $ | 2,060,950 |
| Reconciliation of Net Earnings(Loss) to Adjusted EBITDA | ||||||||||||||||
| Trailing Twelve | ||||||||||||||||
| Three Months Ended | Months Ended | |||||||||||||||
| (Amounts in thousands) | April 1, 2023 | July 1, 2023 | September 30, 2023 | December 31, 2023 | December 31, 2023 | |||||||||||
| Net earnings (loss) including noncontrolling interests | $ | 80,276 | 101,214 | (760,289 | ) | 139,428 | (439,371 | ) | ||||||||
| Interest expense | 17,137 | 22,857 | 20,144 | 17,376 | 77,514 | |||||||||||
| Income tax expense | 28,943 | 26,760 | 14,954 | 14,205 | 84,862 | |||||||||||
| Net (earnings) loss attributable to noncontrolling interests | (38 | ) | 3 | (170 | ) | 60 | (145 | ) | ||||||||
| Depreciation and amortization(1) | 169,909 | 156,633 | 149,570 | 154,215 | 630,327 | |||||||||||
| EBITDA | 296,227 | 307,467 | (575,791 | ) | 325,284 | 353,187 | ||||||||||
| Restructuring, acquisition and integration-related and other costs | 8,971 | 33,682 | 47,606 | 5,959 | 96,218 | |||||||||||
| Inventory step-up from purchase accounting | 3,305 | 1,276 | (105 | ) | — | 4,476 | ||||||||||
| Impairment of goodwill and indefinite-lived intangibles | — | — | 876,108 | 1,636 | 877,744 | |||||||||||
| Legal settlements, reserves and fees | 990 | 48,022 | 43,464 | (4,652 | ) | 87,824 | ||||||||||
| Release of indemnification asset | (857 | ) | (103 | ) | (1,890 | ) | (107 | ) | (2,957 | ) | ||||||
| Adjusted EBITDA | $ | 308,636 | 390,344 | 389,392 | 328,120 | 1,416,492 | ||||||||||
| Net debt to adjusted EBITDA | 1.5 | |||||||||||||||
(1)Includes accelerated depreciation of $23,019 for Q1 2023, $7,978 for Q2 2023, ($525) for Q3 2023 and $2,632 for Q4 2023.
| Reconciliation of Net Sales to Adjusted Net Sales | |||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||
| Mohawk Consolidated | |||||||||||
| Net sales | $ | 2,612,278 | 2,650,675 | 11,135,115 | 11,737,065 | ||||||
| Adjustment for constant shipping days | 1,878 | — | 20,707 | — | |||||||
| Adjustment for constant exchange rates | 9,987 | — | 71,553 | — | |||||||
| Adjustment for acquisition volume | (82,669 | ) | — | (389,018 | ) | — | |||||
| Adjusted net sales | $ | 2,541,474 | 2,650,675 | 10,838,357 | 11,737,065 | ||||||
| Three Months Ended | ||||||
| December 31, 2023 | December 31, 2022 | |||||
| Global Ceramic | ||||||
| Net sales | $ | 993,739 | 987,699 | |||
| Adjustment for constant shipping days | 12,719 | — | ||||
| Adjustment for constant exchange rates | 15,521 | — | ||||
| Adjustment for acquisition volume | (80,321 | ) | — | |||
| Adjusted net sales | $ | 941,658 | 987,699 | |||
| Flooring ROW | ||||||
| Net sales | $ | 706,490 | 717,017 | |||
| Adjustment for constant shipping days | (10,841 | ) | — | |||
| Adjustment for constant exchange rates | (5,534 | ) | — | |||
| Adjustment for acquisition volume | (2,348 | ) | — | |||
| Adjusted net sales | $ | 687,767 | 717,017 | |||
| Reconciliation of Gross Profit to Adjusted Gross Profit | |||||
| Three Months Ended | |||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | |||
| Gross Profit | $ | 642,294 | 554,440 | ||
| Adjustments to gross profit: | |||||
| Restructuring, acquisition and integration-related and other costs | 2,829 | 39,159 | |||
| Inventory step-up from purchase accounting | — | 1,218 | |||
| Adjusted gross profit | $ | 645,123 | 594,817 | ||
| Adjusted gross profit as a percent of net sales | 24.7 | % | 22.4 | % |
| Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | |||||
| Selling, general and administrative expenses | $ | 473,560 | 493,362 | ||||
| Adjustments to selling, general and administrative expenses: | |||||||
| Restructuring, acquisition and integration-related and other costs | (8,507 | ) | (8,480 | ) | |||
| Legal settlements, reserves and fees | 4,652 | (9,231 | ) | ||||
| Adjusted selling, general and administrative expenses | $ | 469,705 | 475,651 | ||||
| Adjusted selling, general and administrative expenses as a percent of net sales | 18.0 | % | 17.9 | % |
| Reconciliation of Operating Income (Loss) to Adjusted Operating Income | ||||||
| Three Months Ended | ||||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | ||||
| Mohawk Consolidated | ||||||
| Operating income | $ | 167,098 | 61,078 | |||
| Adjustments to operating income: | ||||||
| Restructuring, acquisition and integration-related and other costs | 11,336 | 47,639 | ||||
| Inventory step-up from purchase accounting | — | 1,218 | ||||
| Impairment of goodwill and indefinite-lived intangibles | 1,636 | — | ||||
| Legal settlements, reserves and fees | (4,652 | ) | 9,231 | |||
| Adjusted operating income | $ | 175,418 | 119,166 | |||
| Adjusted operating income as a percent of net sales | 6.7 | % | 4.5 | % |
| Global Ceramic | |||||
| Operating income | $ | 41,505 | 69,033 | ||
| Adjustments to segment operating income: | |||||
| Restructuring, acquisition and integration-related and other costs | 4,907 | 1,054 | |||
| Impairment of goodwill and indefinite-lived intangibles | 1,636 | — | |||
| Adjusted segment operating income | $ | 48,048 | 70,087 | ||
| Adjusted segment operating income as a percent of net sales | 4.8 | % | 7.1 | % |
| Flooring NA | |||||||
| Operating income (loss) | $ | 74,605 | (28,950 | ) | |||
| Adjustments to segment operating income (loss): | |||||||
| Restructuring, acquisition and integration-related and other costs | (1,113 | ) | 28,174 | ||||
| Legal settlements, reserves and fees | (10,250 | ) | — | ||||
| Adjusted segment operating income (loss) | $ | 63,242 | (776 | ) | |||
| Adjusted segment operating income (loss) as a percent of net sales | 6.9 | % | (0.1 | )% |
| Flooring ROW | |||||
| Operating income | $ | 67,137 | 35,902 | ||
| Adjustments to segment operating income: | |||||
| Restructuring, acquisition and integration-related and other costs | 7,542 | 18,411 | |||
| Acquisitions purchase accounting, including inventory step-up | — | 1,218 | |||
| Adjusted segment operating income | $ | 74,679 | 55,531 | ||
| Adjusted segment operating income as a percent of net sales | 10.6 | % | 7.7 | % |
| Corporate and intersegment eliminations | ||||||
| Operating (loss) | $ | (16,149 | ) | (14,907 | ) | |
| Adjustments to segment operating (loss): | ||||||
| Legal settlement, reserves and fees | 5,598 | 9,231 | ||||
| Adjusted segment operating (loss) | $ | (10,551 | ) | (5,676 | ) | |
| 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) | December 31, 2023 | December 31, 2022 | |||||
| Earnings before income taxes | $ | 153,633 | 36,469 | ||||
| Net earnings (loss) attributable to noncontrolling interests | 60 | (96 | ) | ||||
| Adjustments to earnings including noncontrolling interests before income taxes: | |||||||
| Restructuring, acquisition and integration-related and other costs | 8,591 | 49,701 | |||||
| Inventory step-up from purchase accounting | — | 1,218 | |||||
| Impairment of goodwill and indefinite-lived intangibles | 1,636 | — | |||||
| Legal settlements, reserves and fees | (4,652 | ) | 9,231 | ||||
| Release of indemnification asset | (107 | ) | — | ||||
| Adjusted earnings including noncontrolling interests before income taxes | $ | 159,161 | 96,523 | ||||
| Reconciliation of Income Tax Expense to Adjusted Income Tax Expense | |||||||
| Three Months Ended | |||||||
| (Amounts in thousands) | December 31, 2023 | December 31, 2022 | |||||
| Income tax expense | $ | 14,205 | 2,917 | ||||
| Income taxes - reversal of uncertain tax position | (107 | ) | — | ||||
| European tax restructuring | 9,999 | — | |||||
| Income tax effect of adjusting items | 9,805 | 9,245 | |||||
| Adjusted income tax expense | $ | 33,902 | 12,162 | ||||
| Adjusted income tax rate | 21.3 | % | 12.6 | % | |||
公司根据美国公认会计原则（以下简称“美国GAAP”）编制和呈列其简明综合财务报表，并采用若干非公认会计原则（以下简称“非GAAP”）的财务指标作为补充。根据证券交易委员会规定，上述表格呈列了公司非GAAP财务指标与最直接可比的美国GAAP财务指标之间的调节。上述每个非GAAP指标均应视为可比的美国GAAP指标的补充，并且可能与其他公司报告的同类指标不可比。公司认为，这些非GAAP指标在与相应的美国GAAP指标进行调节时，有助于其投资者如下方面：非GAAP营收指标有助于识别增长趋势，并与过去和未来期间的营收进行比较；非GAAP盈利能力指标有助于理解公司业务的长期盈利能力趋势，并将其利润与过去和未来期间进行比较。
公司从其非GAAP营收指标中剔除了某些项目，因为这些项目在不同期间会有很大差异，而且会掩盖潜在的业务趋势。公司非GAAP营收指标中剔除的项目包括：外币交易和折算；某一期间发货天数的增加或减少以及收购的影响。
公司从其非GAAP盈利能力指标中剔除了某些项目，因为这些项目可能不代表公司的核心经营业绩，或与其无关。公司的非GAAP盈利能力指标中剔除的项目包括：重组、收购和整合相关成本及其他成本、法律和解、准备金和费用、商誉和无限期无形资产减值、收购购买会计，包括从购买会计中的存货递增、赔偿资产的释放、不确定税务状况的转回以及欧洲税务重组。
联系人：
James Brunk，首席财务官
(706) 624-2239
