$IMKTA
INGLES MARKETS INC

2021 Q2 Form 10-Q Financial Statement

#000005049321000014 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $1.277B $1.190B $1.145B
YoY Change 7.39% 11.99% 14.34%
Cost Of Revenue $940.0M $864.9M $853.9M
YoY Change 8.69% 7.66% 12.72%
Gross Profit $337.5M $324.7M $291.6M
YoY Change 3.92% 25.4% 19.36%
Gross Profit Margin 26.42% 27.3% 25.46%
Selling, General & Admin $239.4M $234.6M $228.4M
YoY Change 2.05% 8.36% 5.5%
% of Gross Profit 70.94% 72.25% 78.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.71M $28.90M $29.00M
YoY Change 6.26% 3.21% 4.32%
% of Gross Profit 9.1% 8.9% 9.95%
Operating Expenses $239.4M $234.6M $228.4M
YoY Change 2.05% 8.38% 5.51%
Operating Profit $100.6M $91.46M $63.30M
YoY Change 9.97% 110.97% 105.88%
Interest Expense $5.529M $9.715M $10.18M
YoY Change -43.08% -16.65% -15.11%
% of Operating Profit 5.5% 10.62% 16.09%
Other Income/Expense, Net $678.4K $626.3K $207.4K
YoY Change 8.32% 381.88% -53.69%
Pretax Income $94.65M $82.37M $53.32M
YoY Change 14.9% 158.82% 177.77%
Income Tax $22.68M $19.62M $13.03M
% Of Pretax Income 23.96% 23.82% 24.44%
Net Earnings $71.97M $62.75M $40.29M
YoY Change 14.69% 166.92% 168.62%
Net Earnings / Revenue 5.63% 5.28% 3.52%
Basic Earnings Per Share
Diluted Earnings Per Share $3.789M $2.388M $1.532M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $319.5M $152.1M $145.0M
YoY Change 110.04% 717.74% 768.26%
Cash & Equivalents $24.47M $152.1M $145.0M
Short-Term Investments $295.0M
Other Short-Term Assets $10.25M $11.58M $13.50M
YoY Change -11.46% 3.37% -45.77%
Inventory $380.5M $355.5M $315.3M
Prepaid Expenses
Receivables $90.18M $77.00M $82.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $800.4M $596.2M $556.0M
YoY Change 34.25% 25.33% 15.61%
LONG-TERM ASSETS
Property, Plant & Equipment $1.373B $1.341B $1.382B
YoY Change 2.33% 0.47% 3.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.28M $27.60M $25.80M
YoY Change 16.99% -2.14% -6.81%
Total Long-Term Assets $1.447B $1.415B $1.408B
YoY Change 2.28% 3.78% 3.42%
TOTAL ASSETS
Total Short-Term Assets $800.4M $596.2M $556.0M
Total Long-Term Assets $1.447B $1.415B $1.408B
Total Assets $2.247B $2.011B $1.964B
YoY Change 11.75% 9.36% 6.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.2M $167.0M $168.3M
YoY Change 7.88% 13.76% 3.25%
Accrued Expenses $82.32M $83.91M $84.40M
YoY Change -1.9% 17.26% 16.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $314.5M $168.9M $38.08M
YoY Change 86.19% 1212.07% 196.65%
Total Short-Term Liabilities $585.6M $428.0M $294.9M
YoY Change 36.81% 85.06% 18.65%
LONG-TERM LIABILITIES
Long-Term Debt $586.7M $650.3M $804.0M
YoY Change -9.78% -22.75% -4.81%
Other Long-Term Liabilities $50.59M $55.15M $51.32M
YoY Change -8.25% 33.19% 22.68%
Total Long-Term Liabilities $637.3M $705.5M $855.3M
YoY Change -9.66% -20.13% -3.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $585.6M $428.0M $294.9M
Total Long-Term Liabilities $637.3M $705.5M $855.3M
Total Liabilities $1.333B $1.247B $1.258B
YoY Change 6.92% 4.47% 3.44%
SHAREHOLDERS EQUITY
Retained Earnings $917.1M $761.6M $702.1M
YoY Change 20.41% 20.32% 14.59%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $914.3M $764.2M $705.8M
YoY Change
Total Liabilities & Shareholders Equity $2.247B $2.011B $1.964B
YoY Change 11.75% 9.36% 6.61%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $71.97M $62.75M $40.29M
YoY Change 14.69% 166.92% 168.62%
Depreciation, Depletion And Amortization $30.71M $28.90M $29.00M
YoY Change 6.26% 3.21% 4.32%
Cash From Operating Activities $99.22M $53.60M $159.2M
YoY Change 85.12% 47.66% 256.95%
INVESTING ACTIVITIES
Capital Expenditures -$38.55M -$22.10M -$25.70M
YoY Change 74.45% -23.79% 10.78%
Acquisitions
YoY Change
Other Investing Activities -$289.9M $2.000M $100.0K
YoY Change -14594.59% 122.22% -98.63%
Cash From Investing Activities -$328.3M -$20.10M -$25.60M
YoY Change 1533.56% -28.47% 60.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 244.7M -26.30M -11.50M
YoY Change -1030.37% 310.94% -55.77%
NET CHANGE
Cash From Operating Activities 99.22M 53.60M 159.2M
Cash From Investing Activities -328.3M -20.10M -25.60M
Cash From Financing Activities 244.7M -26.30M -11.50M
Net Change In Cash 15.57M 7.200M 122.1M
YoY Change 116.19% 300.0% 4596.15%
FREE CASH FLOW
Cash From Operating Activities $99.22M $53.60M $159.2M
Capital Expenditures -$38.55M -$22.10M -$25.70M
Free Cash Flow $137.8M $75.70M $184.9M
YoY Change 82.0% 15.93% 172.71%

Facts In Submission

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INGLES MARKETS, INCORPORATED
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14690061
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
213923307
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
228961517
us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
6508215
us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
7257103
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
295000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
107952929
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
78884499
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-396444714
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
653623780
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
692507850
imkta Proceeds From Issuance Of Bond
ProceedsFromIssuanceOfBond
350000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5239937
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
854793
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
155000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
16222945
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
188756386
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2971350
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
79998588
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9567385
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9755569
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
200087075
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-47338098
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
17565668
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
109996023
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6903955
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42125105
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24469623
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
152121128
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
81000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
325000
CY2021Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
17447671
CY2020Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
22334471
CY2021Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
40020750
CY2020Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
44975510
CY2021Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
13920488
CY2020Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
14064210
CY2021Q2 us-gaap Interest Payable Current
InterestPayableCurrent
1533110
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
6686195
CY2021Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
5291815
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4106675
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3951960
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
82320509
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
92012346
CY2021Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1000000.0
CY2021Q2 imkta Medical Care Benefits Insurance Liability Per Person
MedicalCareBenefitsInsuranceLiabilityPerPerson
450000
CY2021Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
33700000
CY2020Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
34100000
CY2021Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
13900000
CY2021Q2 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
19800000
CY2021Q2 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
4800000
CY2020Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
14100000
CY2020Q3 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
20000000.0
CY2020Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
4700000
CY2021Q2 us-gaap General Insurance Expense
GeneralInsuranceExpense
7800000
CY2020Q2 us-gaap General Insurance Expense
GeneralInsuranceExpense
9400000
us-gaap General Insurance Expense
GeneralInsuranceExpense
28200000
us-gaap General Insurance Expense
GeneralInsuranceExpense
27700000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0351
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y10M24D
CY2021Q2 imkta Mandatory Redemption Of Bonds Annual Amount
MandatoryRedemptionOfBondsAnnualAmount
4500000
imkta Mandatory Redemption Of Bonds Annual Start Date
MandatoryRedemptionOfBondsAnnualStartDate
2014-01-01
us-gaap Debt Instrument Redemption Period End Date
DebtInstrumentRedemptionPeriodEndDate
2026-09-26
CY2021Q2 imkta Property And Equipment With Undepreciated Cost Pledge As Collateral For Long Term Debt
PropertyAndEquipmentWithUndepreciatedCostPledgeAsCollateralForLongTermDebt
298500000
CY2021Q2 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
202600000
imkta Number Of Classes Of Common Stock
NumberOfClassesOfCommonStock
2
us-gaap Common Stock Conversion Features
CommonStockConversionFeatures
each share is convertible into one share of Class A Common Stock at any time
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of Class A Common Stock has one vote per share and each share of Class B Common Stock has ten votes per share
imkta Percentage Of Cash Dividend On Class B Common Stock Entitled To Receive For Each Share Of Class Common Stock
PercentageOfCashDividendOnClassBCommonStockEntitledToReceiveForEachShareOfClassCommonStock
1.10
CY2021Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P20Y
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2700000
us-gaap Operating Lease Cost
OperatingLeaseCost
8400000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2497202
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9990903
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8300557
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5516257
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4715550
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
25889333
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
56909802
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12274275
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
44635527
imkta Number Of Shopping Centers Owned And Operated
NumberOfShoppingCentersOwnedAndOperated
84
CY2021Q2 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P20Y
CY2021Q2 imkta Operating Leases Base Rental Income
OperatingLeasesBaseRentalIncome
4532913
imkta Operating Leases Base Rental Income
OperatingLeasesBaseRentalIncome
14450465
CY2021Q2 imkta Operating Leases Variable Rental Income
OperatingLeasesVariableRentalIncome
72458
imkta Operating Leases Variable Rental Income
OperatingLeasesVariableRentalIncome
217373
CY2021Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
4605371
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
14667838
CY2021Q2 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
1054469
us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
3693739
CY2021Q2 imkta Operating Leases Income Statement Other Expenses
OperatingLeasesIncomeStatementOtherExpenses
571999
imkta Operating Leases Income Statement Other Expenses
OperatingLeasesIncomeStatementOtherExpenses
2199072
CY2021Q2 imkta Operating Leases Income Statement Lease Revenue Net
OperatingLeasesIncomeStatementLeaseRevenueNet
2978903
imkta Operating Leases Income Statement Lease Revenue Net
OperatingLeasesIncomeStatementLeaseRevenueNet
8775027
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
3500699
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
14269749
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
12962271
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
11876474
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
10553809
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
38267329
CY2021Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
91430331
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q2 us-gaap Revenues
Revenues
1277465000
CY2020Q2 us-gaap Revenues
Revenues
1189600000
us-gaap Revenues
Revenues
3652463000
us-gaap Revenues
Revenues
3413437000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
100585000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
91462000
us-gaap Operating Income Loss
OperatingIncomeLoss
251339000
us-gaap Operating Income Loss
OperatingIncomeLoss
193238000
CY2021Q2 us-gaap Assets
Assets
2247492000
CY2020Q3 us-gaap Assets
Assets
1899299000

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