$MEI
METHODE ELECTRONICS INC

2021 Q2 Form 10-K Financial Statement

#000156459021034113 Filed on June 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 2020 Q2
Revenue $301.0M $1.088B $210.6M
YoY Change 42.92% 6.26% -20.83%
Cost Of Revenue $225.6M $813.9M $151.4M
YoY Change 49.01% 9.84% -22.52%
Gross Profit $75.60M $274.1M $59.20M
YoY Change 27.7% -3.11% -16.15%
Gross Profit Margin 25.12% 25.19% 28.11%
Selling, General & Admin $37.00M $126.9M $18.20M
YoY Change 103.3% 8.65% -44.0%
% of Gross Profit 48.94% 46.3% 30.74%
Research & Development $37.10M
YoY Change 6.3%
% of Gross Profit 13.54%
Depreciation & Amortization $13.30M $51.50M $12.30M
YoY Change 8.13% 6.63% -3.15%
% of Gross Profit 17.59% 18.79% 20.78%
Operating Expenses $41.80M $164.0M $22.90M
YoY Change 82.53% 8.11% -38.93%
Operating Profit $33.80M $127.9M $36.30M
YoY Change -6.89% -13.05% 9.67%
Interest Expense -$600.0K -$4.900M -$4.700M
YoY Change -87.23% -62.88% 42.42%
% of Operating Profit -1.78% -3.83% -12.95%
Other Income/Expense, Net $1.300M $12.20M $8.500M
YoY Change -84.71% 4.27% 2025.0%
Pretax Income $36.60M $134.9M $40.10M
YoY Change -8.73% -9.28% 33.22%
Income Tax $5.500M $12.60M $10.00M
% Of Pretax Income 15.03% 9.34% 24.94%
Net Earnings $31.10M $122.3M $30.10M
YoY Change 3.32% -0.89% 33.19%
Net Earnings / Revenue 10.33% 11.24% 14.29%
Basic Earnings Per Share $0.82 $3.22 $0.80
Diluted Earnings Per Share $0.81 $3.19 $0.79
COMMON SHARES
Basic Shares Outstanding 38.30M 38.04M 37.16M
Diluted Shares Outstanding 38.31M

Balance Sheet

Concept 2021 Q2 2021 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.2M $233.2M $217.3M
YoY Change 7.32% 7.32% 161.18%
Cash & Equivalents $233.2M $233.2M $217.3M
Short-Term Investments
Other Short-Term Assets $22.60M $22.60M $15.90M
YoY Change 42.14% 42.14% -20.5%
Inventory $124.2M $124.2M $131.0M
Prepaid Expenses
Receivables $282.5M $282.5M $188.5M
Other Receivables $11.50M $11.50M $12.90M
Total Short-Term Assets $674.0M $674.0M $565.6M
YoY Change 19.17% 19.17% 24.72%
LONG-TERM ASSETS
Property, Plant & Equipment $204.0M $226.3M $201.9M
YoY Change 1.04% 0.4% 5.21%
Goodwill $235.6M $231.6M
YoY Change 1.73% -0.73%
Intangibles $229.4M $244.8M
YoY Change -6.29% -7.59%
Long-Term Investments
YoY Change
Other Assets $793.0M $101.7M $805.0M
YoY Change -1.49% -1.45% 3.44%
Total Long-Term Assets $793.0M $793.0M $805.0M
YoY Change -1.49% -1.49% 3.44%
TOTAL ASSETS
Total Short-Term Assets $674.0M $674.0M $565.6M
Total Long-Term Assets $793.0M $793.0M $805.0M
Total Assets $1.467B $1.467B $1.371B
YoY Change 7.03% 7.03% 11.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.9M $122.9M $73.80M
YoY Change 66.53% 66.53% -19.7%
Accrued Expenses $64.60M $64.60M $43.10M
YoY Change 49.88% 49.88% -20.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $14.90M $14.90M $15.30M
YoY Change -2.61% -2.61% -2.55%
Total Short-Term Liabilities $222.7M $222.7M $143.8M
YoY Change 54.87% 54.87% -20.51%
LONG-TERM LIABILITIES
Long-Term Debt $225.2M $225.2M $336.8M
YoY Change -33.14% -33.14% 21.63%
Other Long-Term Liabilities $20.50M $62.80M $15.30M
YoY Change 33.99% -3.38% 3.38%
Total Long-Term Liabilities $326.3M $288.0M $443.4M
YoY Change -26.41% -28.32% 22.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $222.7M $222.7M $143.8M
Total Long-Term Liabilities $326.3M $288.0M $443.4M
Total Liabilities $549.0M $549.0M $587.2M
YoY Change -6.51% -6.51% 8.34%
SHAREHOLDERS EQUITY
Retained Earnings $746.0M $651.9M
YoY Change 14.43% 19.57%
Common Stock $19.80M $19.20M
YoY Change 3.13% 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 $1.347M
Shareholders Equity $918.0M $918.0M $783.4M
YoY Change
Total Liabilities & Shareholders Equity $1.467B $1.467B $1.371B
YoY Change 7.03% 7.03% 11.28%

Cashflow Statement

Concept 2021 Q2 2021 2020 Q2
OPERATING ACTIVITIES
Net Income $31.10M $122.3M $30.10M
YoY Change 3.32% -0.89% 33.19%
Depreciation, Depletion And Amortization $13.30M $51.50M $12.30M
YoY Change 8.13% 6.63% -3.15%
Cash From Operating Activities $36.00M $179.8M $58.00M
YoY Change -37.93% 27.88% 53.85%
INVESTING ACTIVITIES
Capital Expenditures -$4.800M $24.90M -$10.20M
YoY Change -52.94% -44.79% -20.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K $100.0K
YoY Change -100.0% -83.33% -66.67%
Cash From Investing Activities -$4.800M -$24.80M -$10.10M
YoY Change -52.48% -44.27% -19.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.700M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.10M -142.9M 91.40M
YoY Change -116.52% -442.69% -713.42%
NET CHANGE
Cash From Operating Activities 36.00M 179.8M 58.00M
Cash From Investing Activities -4.800M -24.80M -10.10M
Cash From Financing Activities -15.10M -142.9M 91.40M
Net Change In Cash 16.10M 15.90M 139.3M
YoY Change -88.44% -88.14% 1252.43%
FREE CASH FLOW
Cash From Operating Activities $36.00M $179.8M $58.00M
Capital Expenditures -$4.800M $24.90M -$10.20M
Free Cash Flow $40.80M $154.9M $68.20M
YoY Change -40.18% 62.2% 35.05%

Facts In Submission

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.22%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of estimates.<span style="font-style:normal;"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span></p>
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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15900000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
134100000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-162900000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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217300000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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83200000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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233200000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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217300000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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83200000
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9900000
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8800000
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27800000
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CY2021Q2 us-gaap Long Term Debt Noncurrent
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225200000
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CY2021 us-gaap Fiscal Period
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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.22%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Financial reporting periods. <span style="font-style:normal;">The Company maintains its financial records on the basis of a 52 or 53-week fiscal year ending on the Saturday closest to April 30. Fiscal 2021 and 2019 represented 52 weeks and ended on May 1, 2021 and April 27, 2019, respectively. Fiscal 2020 represented 53 weeks and ended on May 2, 2020. The following discussions of comparative results among periods should be reviewed in that context.</span></p>
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CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
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37100000
CY2021Q2 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Owned
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17000000.0
CY2020Q2 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Owned
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19000000.0
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34900000
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300000
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1088000000.0
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1000000.0
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CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y8M12D
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0.046
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0.047
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8400000
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1600000
CY2020 us-gaap Variable Lease Cost
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1300000
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8700000
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6900000
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4500000
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3000000.0
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2300000
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3900000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
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26600000
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3000000.0
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23600000
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24800000
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200000
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45700000
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10800000
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301000000.0
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32200000
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231600000
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235600000
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66400000
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75800000
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243000000.0
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320600000
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2200000
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2300000
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2900000
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47800000
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CY2020Q2 mei Deferred Tax Lease Assets
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CY2021Q2 us-gaap Deferred Income Tax Liabilities
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CY2020Q2 us-gaap Deferred Income Tax Liabilities
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