2022 Q4 Form 10-Q Financial Statement

#000006329623000011 Filed on January 27, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $449.2M $457.1M $438.6M
YoY Change 2.43% 4.17% 13.43%
Cost Of Revenue $310.3M $311.9M $306.9M
YoY Change 1.1% 3.69% 17.53%
Gross Profit $138.9M $145.3M $131.6M
YoY Change 5.54% 5.21% 4.89%
Gross Profit Margin 30.93% 31.78% 30.01%
Selling, General & Admin $111.4M $124.1M $99.31M
YoY Change 12.13% 15.3% -0.59%
% of Gross Profit 80.16% 85.41% 75.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.73M $23.89M $33.50M
YoY Change -29.17% -32.87% 22.49%
% of Gross Profit 17.08% 16.45% 25.45%
Operating Expenses $111.4M $135.8M $99.31M
YoY Change 12.13% 3.98% -0.59%
Operating Profit $17.23M $9.409M $10.78M
YoY Change 59.83% 26.86% 3.91%
Interest Expense $10.22M -$7.998M $6.507M
YoY Change 56.98% 9.04% -15.8%
% of Operating Profit 59.29% -85.0% 60.37%
Other Income/Expense, Net -$2.054M -$9.992M -$31.71M
YoY Change -93.52% 499500.0% 1728.89%
Pretax Income $4.959M -$83.04M -$26.44M
YoY Change -118.76% -103896.25% -1429.88%
Income Tax $1.312M -$2.080M -$6.628M
% Of Pretax Income 26.46%
Net Earnings $3.703M -$80.96M -$19.80M
YoY Change -118.7% 2102.37% 1026.45%
Net Earnings / Revenue 0.82% -17.71% -4.52%
Basic Earnings Per Share $0.12 -$0.62
Diluted Earnings Per Share $0.12 -$2.626M -$0.62
COMMON SHARES
Basic Shares Outstanding 30.30M shares 31.72M shares
Diluted Shares Outstanding 30.95M shares 31.72M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.72M $69.02M $70.98M
YoY Change -39.82% 40.34% 72.29%
Cash & Equivalents $42.72M $69.02M $70.98M
Short-Term Investments
Other Short-Term Assets $121.0M $110.7M $89.86M
YoY Change 34.6% 45.56% 35.74%
Inventory $245.6M $225.4M $192.7M
Prepaid Expenses
Receivables $221.6M $221.0M $314.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $633.2M $628.6M $686.8M
YoY Change -7.79% 0.71% 16.21%
LONG-TERM ASSETS
Property, Plant & Equipment $264.7M $256.1M $301.1M
YoY Change -12.08% -15.76% -1.61%
Goodwill $692.0M $675.4M $772.0M
YoY Change -10.36% -12.71% -0.83%
Intangibles $193.8M $202.2M $239.7M
YoY Change -19.18% -22.71% -25.32%
Long-Term Investments $2.974M $2.729M $391.0K
YoY Change 660.61% 495.85% -99.39%
Other Assets $15.02M $18.96M $20.39M
YoY Change -26.3% 22.12% -12.55%
Total Long-Term Assets $1.270B $1.254B $1.367B
YoY Change -7.09% -10.92% -8.68%
TOTAL ASSETS
Total Short-Term Assets $633.2M $628.6M $686.8M
Total Long-Term Assets $1.270B $1.254B $1.367B
Total Assets $1.903B $1.883B $2.053B
YoY Change -7.32% -7.35% -1.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.3M $121.4M $112.0M
YoY Change -9.59% 7.66% 51.79%
Accrued Expenses $65.60M $81.14M $63.04M
YoY Change 4.06% -13.76% -13.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.977M $3.277M $4.271M
YoY Change -30.3% -29.13% -84.08%
Total Short-Term Liabilities $366.7M $411.4M $341.1M
YoY Change 7.51% 16.13% 2.71%
LONG-TERM LIABILITIES
Long-Term Debt $834.1M $795.3M $831.8M
YoY Change 0.28% 4.77% 4.26%
Other Long-Term Liabilities $24.23M $20.58M $18.18M
YoY Change 33.28% -17.42% -51.11%
Total Long-Term Liabilities $858.4M $815.9M $850.0M
YoY Change 0.99% 4.06% 1.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $366.7M $411.4M $341.1M
Total Long-Term Liabilities $858.4M $815.9M $850.0M
Total Liabilities $1.398B $1.396B $1.409B
YoY Change -0.75% 0.0% -3.89%
SHAREHOLDERS EQUITY
Retained Earnings $701.7M $706.7M $807.6M
YoY Change -13.12% -15.28% -5.04%
Common Stock $193.7M $36.33M $184.8M
YoY Change 4.85% -80.45% 4.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $221.1M $225.8M $188.4M
YoY Change 17.33% 18.38% 1.95%
Treasury Stock Shares 6.036M shares
Shareholders Equity $505.2M $487.4M $644.8M
YoY Change
Total Liabilities & Shareholders Equity $1.903B $1.883B $2.053B
YoY Change -7.32% -7.35% -1.64%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income $3.703M -$80.96M -$19.80M
YoY Change -118.7% 2102.37% 1026.45%
Depreciation, Depletion And Amortization $23.73M $23.89M $33.50M
YoY Change -29.17% -32.87% 22.49%
Cash From Operating Activities -$36.22M $42.49M -$27.16M
YoY Change 33.39% -24.06% -176.87%
INVESTING ACTIVITIES
Capital Expenditures $12.40M -$20.72M $12.64M
YoY Change -1.91% 111.08% 67.75%
Acquisitions $1.759M $0.00
YoY Change
Other Investing Activities -$4.000K -$21.20M $171.0K
YoY Change -102.34% -207.43% -89.94%
Cash From Investing Activities -$14.15M -$41.92M -$12.47M
YoY Change 13.51% -522.87% 113.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.435M
YoY Change -42.53%
Debt Paid & Issued, Net $208.1M $102.5M
YoY Change 103.0% -26.58%
Cash From Financing Activities $22.32M 6.563M $62.36M
YoY Change -64.21% -115.25% -298.76%
NET CHANGE
Cash From Operating Activities -$36.22M 42.49M -$27.16M
Cash From Investing Activities -$14.15M -41.92M -$12.47M
Cash From Financing Activities $22.32M 6.563M $62.36M
Net Change In Cash -$26.30M 7.133M $21.81M
YoY Change -220.59% -68.78% -13815.72%
FREE CASH FLOW
Cash From Operating Activities -$36.22M $42.49M -$27.16M
Capital Expenditures $12.40M -$20.72M $12.64M
Free Cash Flow -$48.62M $63.22M -$39.80M
YoY Change 22.18% -3.88% -243.2%

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Nature of Operations<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of memorialization products, industrial technologies and brand solutions. The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial technologies includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions, product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products. Brand solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has facilities in North America, Europe, Asia, Australia, and Central and South America.</span></div>
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