$IMKTA
INGLES MARKETS INC

2022 Q2 Form 10-Q Financial Statement

#000005049322000014 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $1.458B $1.377B $1.392B
YoY Change 14.15% 16.26% 16.89%
Cost Of Revenue $1.106B $1.029B $1.041B
YoY Change 17.69% 17.68% 18.8%
Gross Profit $351.9M $348.6M $350.5M
YoY Change 4.27% 12.26% 11.57%
Gross Profit Margin 24.13% 25.31% 25.19%
Selling, General & Admin $257.3M $254.7M $260.1M
YoY Change 7.49% 7.53% 9.19%
% of Gross Profit 73.13% 73.08% 74.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.26M $29.97M $29.30M
YoY Change -4.72% -1.1% -2.02%
% of Gross Profit 8.32% 8.6% 8.36%
Operating Expenses $257.3M $254.7M $260.1M
YoY Change 7.49% 7.55% 9.19%
Operating Profit $94.56M $95.09M $90.40M
YoY Change -5.99% 27.96% 18.27%
Interest Expense $5.286M $5.426M $5.414M
YoY Change -4.41% -12.42% -15.42%
% of Operating Profit 5.59% 5.71% 5.99%
Other Income/Expense, Net $1.208M $1.344M $1.592M
YoY Change 78.13% 108.32% 130.06%
Pretax Income $90.49M $91.01M $86.58M
YoY Change -4.4% 32.35% 22.41%
Income Tax $22.72M $22.37M $20.39M
% Of Pretax Income 25.11% 24.58% 23.55%
Net Earnings $67.76M $68.64M $66.19M
YoY Change -5.85% 31.52% 22.97%
Net Earnings / Revenue 4.65% 4.98% 4.76%
Basic Earnings Per Share
Diluted Earnings Per Share $2.867M $2.900M $2.791M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $241.3M $180.6M $142.7M
YoY Change -24.48% 1929.57% 1326.51%
Cash & Equivalents $126.0M $65.62M $27.64M
Short-Term Investments $115.2M $115.0M $115.0M
Other Short-Term Assets $19.91M $24.91M $14.03M
YoY Change 94.2% 95.36% 4.06%
Inventory $418.6M $397.9M $389.5M
Prepaid Expenses
Receivables $99.37M $98.01M $103.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $779.1M $701.4M $649.2M
YoY Change -2.66% 41.14% 30.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.357B $1.343B $1.358B
YoY Change -1.12% -1.17% 0.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.77M $37.66M $32.60M
YoY Change 26.27% 18.43% 5.21%
Total Long-Term Assets $1.436B $1.423B $1.429B
YoY Change -0.75% -0.89% -0.12%
TOTAL ASSETS
Total Short-Term Assets $779.1M $701.4M $649.2M
Total Long-Term Assets $1.436B $1.423B $1.429B
Total Assets $2.215B $2.124B $2.078B
YoY Change -1.43% 9.91% 7.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $211.9M $188.1M $204.2M
YoY Change 17.64% -3.44% -2.34%
Accrued Expenses $81.91M $73.87M $77.75M
YoY Change -0.5% 3.68% -4.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.62M $17.62M $17.60M
YoY Change -94.4% -9.02% -8.92%
Total Short-Term Liabilities $319.4M $288.0M $307.8M
YoY Change -45.45% -2.05% -3.3%
LONG-TERM LIABILITIES
Long-Term Debt $557.6M $560.8M $568.5M
YoY Change -4.97% -10.76% -0.02%
Other Long-Term Liabilities $41.88M $45.08M $49.61M
YoY Change -17.22% 1026.96% -11.14%
Total Long-Term Liabilities $599.4M $605.9M $618.1M
YoY Change -5.94% -4.19% -1.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $319.4M $288.0M $307.8M
Total Long-Term Liabilities $599.4M $605.9M $618.1M
Total Liabilities $1.027B $1.003B $1.030B
YoY Change -23.0% -7.66% -2.49%
SHAREHOLDERS EQUITY
Retained Earnings $1.179B $1.114B $1.049B
YoY Change 28.58% 31.4% 21.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.189B $1.121B $1.048B
YoY Change
Total Liabilities & Shareholders Equity $2.215B $2.124B $2.078B
YoY Change -1.43% 9.91% 7.75%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $67.76M $68.64M $66.19M
YoY Change -5.85% 31.52% 22.97%
Depreciation, Depletion And Amortization $29.26M $29.97M $29.30M
YoY Change -4.72% -1.1% -2.02%
Cash From Operating Activities $106.1M $60.50M $94.98M
YoY Change 6.95% 6.33% 64.4%
INVESTING ACTIVITIES
Capital Expenditures -$39.07M -$12.76M $21.33M
YoY Change 1.35% -63.74% -37.69%
Acquisitions
YoY Change
Other Investing Activities -$102.0K $1.294M -$109.8M
YoY Change -99.96% 61.75% -18398.64%
Cash From Investing Activities -$39.17M -$11.47M -$131.1M
YoY Change -88.07% -66.76% 289.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.459M
YoY Change -11.09%
Cash From Financing Activities -6.523M -11.05M -6.522M
YoY Change -102.67% -53.16% -68.98%
NET CHANGE
Cash From Operating Activities 106.1M 60.50M 94.98M
Cash From Investing Activities -39.17M -11.47M -131.1M
Cash From Financing Activities -6.523M -11.05M -6.522M
Net Change In Cash 60.42M 37.98M -42.67M
YoY Change 288.18% -3265.01% -1475.74%
FREE CASH FLOW
Cash From Operating Activities $106.1M $60.50M $94.98M
Capital Expenditures -$39.07M -$12.76M $21.33M
Free Cash Flow $145.2M $73.27M $73.65M
YoY Change 5.38% -20.45% 212.92%

Facts In Submission

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INGLES MARKETS, INCORPORATED
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8662244
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-28355258
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
261602153
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
213923307
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
110210267
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
295000000
us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
1610401
us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
6508215
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
73168922
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
107952929
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-181768788
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-396444714
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 Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
14908144
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
16222945
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
79998588
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9190990
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9567385
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-24099134
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
200087075
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
55734231
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
17565668
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70313350
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6903955
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126047581
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24469623
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
602000
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
157000
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
19991186
CY2021Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
22621486
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
43679662
CY2021Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
45890517
CY2022Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
13099541
CY2021Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
13319556
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
956797
CY2021Q3 us-gaap Interest Payable Current
InterestPayableCurrent
4481104
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4183067
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4115904
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
81910253
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
90428567
CY2022Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1000000.0
CY2022Q2 imkta Medical Care Benefits Insurance Liability Per Person
MedicalCareBenefitsInsuranceLiabilityPerPerson
450000
CY2022Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
31000000.0
CY2021Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
32100000
CY2022Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
13100000
CY2022Q2 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
17900000
CY2022Q2 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
4000000.0
CY2021Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
13300000
CY2021Q3 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
18800000
CY2021Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
4200000
CY2022Q2 us-gaap General Insurance Expense
GeneralInsuranceExpense
7900000
CY2021Q2 us-gaap General Insurance Expense
GeneralInsuranceExpense
7800000
us-gaap General Insurance Expense
GeneralInsuranceExpense
28200000
us-gaap General Insurance Expense
GeneralInsuranceExpense
28200000
CY2022Q2 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
2029-12-17
CY2022Q2 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
134300000
CY2022Q2 imkta Property And Equipment With Undepreciated Cost Pledge As Collateral For Long Term Debt
PropertyAndEquipmentWithUndepreciatedCostPledgeAsCollateralForLongTermDebt
271500000
CY2022Q2 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
340000000.0
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
CY2022Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P20Y
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2600000
us-gaap Operating Lease Cost
OperatingLeaseCost
8200000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2386798
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9097692
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6313393
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5512685
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4230737
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
24152866
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
51694171
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11335893
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
40358278
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y6M
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0351
imkta Number Of Shopping Centers Owned And Operated
NumberOfShoppingCentersOwnedAndOperated
84
CY2022Q2 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P20Y
CY2022Q2 imkta Operating Leases Base Rental Income
OperatingLeasesBaseRentalIncome
5037443
imkta Operating Leases Base Rental Income
OperatingLeasesBaseRentalIncome
14707904
CY2022Q2 imkta Operating Leases Variable Rental Income
OperatingLeasesVariableRentalIncome
67892
imkta Operating Leases Variable Rental Income
OperatingLeasesVariableRentalIncome
203677
CY2022Q2 imkta Rents Earned On Owned And Subleased Properties
RentsEarnedOnOwnedAndSubleasedProperties
5105335
imkta Rents Earned On Owned And Subleased Properties
RentsEarnedOnOwnedAndSubleasedProperties
14911581
CY2022Q2 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
1463937
us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
4391812
CY2022Q2 imkta Operating Leases Income Statement Other Expenses
OperatingLeasesIncomeStatementOtherExpenses
658322
imkta Operating Leases Income Statement Other Expenses
OperatingLeasesIncomeStatementOtherExpenses
1976474
CY2022Q2 imkta Operating Leases Income Statement Lease Revenue Net
OperatingLeasesIncomeStatementLeaseRevenueNet
2983076
imkta Operating Leases Income Statement Lease Revenue Net
OperatingLeasesIncomeStatementLeaseRevenueNet
8543295
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
3852303
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
14376562
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
13190842
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
11831487
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
8919932
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
34465715
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
86636841
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q2 us-gaap Revenues
Revenues
1458167000
CY2021Q2 us-gaap Revenues
Revenues
1277465000
us-gaap Revenues
Revenues
4226815000
us-gaap Revenues
Revenues
3652463000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
94563000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
100585000
us-gaap Operating Income Loss
OperatingIncomeLoss
280055000
us-gaap Operating Income Loss
OperatingIncomeLoss
251339000
CY2022Q2 us-gaap Assets
Assets
2215396000
CY2021Q3 us-gaap Assets
Assets
2018344000

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