$MEI
METHODE ELECTRONICS INC

2021 Q1 Form 10-Q Financial Statement

#000156459021010722 Filed on March 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $295.3M $285.9M $257.2M
YoY Change 3.29% 15.8% -2.58%
Cost Of Revenue $222.3M $206.6M $188.6M
YoY Change 7.6% 13.14% -2.38%
Gross Profit $72.60M $79.30M $68.60M
YoY Change -8.45% 23.33% -3.11%
Gross Profit Margin 24.59% 27.74% 26.67%
Selling, General & Admin $32.10M $33.00M $33.20M
YoY Change -2.73% 0.61% -30.83%
% of Gross Profit 44.21% 41.61% 48.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.700M $21.80M $7.200M
YoY Change -60.09% 225.37% 14.29%
% of Gross Profit 11.98% 27.49% 10.5%
Operating Expenses $36.90M $37.80M $33.20M
YoY Change -2.38% 15.24% -30.83%
Operating Profit $35.40M $41.50M $30.70M
YoY Change -14.7% 59.62% 60.73%
Interest Expense -$1.300M -$2.400M -$2.300M
YoY Change -45.83% -25.0% 43.75%
% of Operating Profit -3.67% -5.78% -7.49%
Other Income/Expense, Net $2.400M $4.900M $1.000M
YoY Change -51.02% 0.0% 900.0%
Pretax Income $36.50M $44.00M $29.00M
YoY Change -17.05% 58.84% 64.77%
Income Tax $4.600M $2.800M $5.200M
% Of Pretax Income 12.6% 6.36% 17.93%
Net Earnings $31.90M $41.20M $23.80M
YoY Change -22.57% 34.2% 63.01%
Net Earnings / Revenue 10.8% 14.41% 9.25%
Basic Earnings Per Share $0.84 $0.63
Diluted Earnings Per Share $0.83 $1.090M $0.63
COMMON SHARES
Basic Shares Outstanding 38.11M 37.09M shares 37.59M
Diluted Shares Outstanding 38.40M 37.74M

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $218.7M $79.90M $95.60M
YoY Change 173.72% 8.41% -13.8%
Cash & Equivalents $218.7M $79.90M $95.60M
Short-Term Investments
Other Short-Term Assets $18.30M $20.30M $18.70M
YoY Change -9.85% -9.78% -13.82%
Inventory $124.0M $126.1M $133.8M
Prepaid Expenses
Receivables $278.5M $227.9M $205.3M
Other Receivables $5.500M $9.700M $12.00M
Total Short-Term Assets $645.0M $463.9M $465.4M
YoY Change 39.04% 3.92% -5.23%
LONG-TERM ASSETS
Property, Plant & Equipment $205.4M $199.0M $198.1M
YoY Change 3.22% 5.24% 5.43%
Goodwill $233.2M $233.6M
YoY Change -1.52% -0.13%
Intangibles $233.7M $251.0M $255.8M
YoY Change -6.89% -6.2% -7.02%
Long-Term Investments
YoY Change
Other Assets $102.3M $818.4M $817.3M
YoY Change -87.5% 38.55% 38.17%
Total Long-Term Assets $799.5M $818.4M $817.3M
YoY Change -2.31% 4.95% 4.86%
TOTAL ASSETS
Total Short-Term Assets $645.0M $463.9M $465.4M
Total Long-Term Assets $799.5M $818.4M $817.3M
Total Assets $1.445B $1.282B $1.283B
YoY Change 12.65% 4.58% 0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.8M $88.80M $97.10M
YoY Change 32.66% 0.23% -8.05%
Accrued Expenses $65.80M $48.30M $56.80M
YoY Change 36.23% -13.44% 4.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $15.40M $15.10M $15.20M
YoY Change 1.99% -0.66% -0.65%
Total Short-Term Liabilities $209.2M $163.6M $184.3M
YoY Change 27.87% -7.26% -4.11%
LONG-TERM LIABILITIES
Long-Term Debt $229.2M $241.9M $259.9M
YoY Change -5.25% -15.92% -24.07%
Other Long-Term Liabilities $66.40M $16.90M $17.00M
YoY Change 292.9% 152.24% 304.76%
Total Long-Term Liabilities $229.2M $345.8M $365.8M
YoY Change -33.72% 5061.19% 8609.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $209.2M $163.6M $184.3M
Total Long-Term Liabilities $229.2M $345.8M $365.8M
Total Liabilities $546.9M $509.4M $550.1M
YoY Change 7.36% -7.73% -12.29%
SHAREHOLDERS EQUITY
Retained Earnings $625.6M $588.5M
YoY Change 18.78% 17.7%
Common Stock $19.20M $19.20M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.50M $11.50M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.347M shares 1.347M shares
Shareholders Equity $897.6M $772.9M $732.6M
YoY Change
Total Liabilities & Shareholders Equity $1.445B $1.282B $1.283B
YoY Change 12.65% 4.58% 0.96%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $31.90M $41.20M $23.80M
YoY Change -22.57% 34.2% 63.01%
Depreciation, Depletion And Amortization $8.700M $21.80M $7.200M
YoY Change -60.09% 225.37% 14.29%
Cash From Operating Activities $87.10M $14.80M $48.70M
YoY Change 488.51% -47.33% 200.62%
INVESTING ACTIVITIES
Capital Expenditures -$4.900M -$8.100M -$13.60M
YoY Change -39.51% -3.57% 30.77%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$100.0K $600.0K
YoY Change -200.0% -75.0% -100.14%
Cash From Investing Activities -$4.800M -$8.200M -$13.00M
YoY Change -41.46% -6.82% -96.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -108.6M -23.00M -12.30M
YoY Change 372.17% -60.88% -104.09%
NET CHANGE
Cash From Operating Activities 87.10M 14.80M 48.70M
Cash From Investing Activities -4.800M -8.200M -13.00M
Cash From Financing Activities -108.6M -23.00M -12.30M
Net Change In Cash -26.30M -16.40M 23.40M
YoY Change 60.37% -58.48% -120.42%
FREE CASH FLOW
Cash From Operating Activities $87.10M $14.80M $48.70M
Capital Expenditures -$4.900M -$8.100M -$13.60M
Free Cash Flow $92.00M $22.90M $62.30M
YoY Change 301.75% -37.26% 134.21%

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CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
18700000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
18200000
CY2021Q1 mei Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
151900000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
231900000
CY2021Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1700000
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2200000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
244600000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
352100000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
15400000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
15300000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
229200000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
336800000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4100000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4000000.0
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
13200000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12200000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
8200000
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-16400000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
8200000
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-16400000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36500000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
31900000
us-gaap Net Income Loss
NetIncomeLoss
41200000
us-gaap Net Income Loss
NetIncomeLoss
91200000
us-gaap Net Income Loss
NetIncomeLoss
93300000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38106793
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37587742
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38016711
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37570423
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
293303
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
166229
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
211974
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
150093
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38400096
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37753971
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38228685
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37720516
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.84
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.48
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.39
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.47
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
917000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
646075
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
678556
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
721604
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
295300000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
35400000
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1300000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2400000
us-gaap Operating Income Loss
OperatingIncomeLoss
41500000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2400000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4900000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
44000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
787000000.0
us-gaap Operating Income Loss
OperatingIncomeLoss
94200000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
285900000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4300000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
8400000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
98300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
813300000
us-gaap Operating Income Loss
OperatingIncomeLoss
110800000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-8000000.0
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5800000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
108600000
CY2021Q1 us-gaap Assets
Assets
1444500000
CY2020Q2 us-gaap Assets
Assets
1370600000

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