$MEI
METHODE ELECTRONICS INC

2021 Q3 Form 10-Q Financial Statement

#000156459021046801 Filed on September 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $287.8M $190.9M
YoY Change 50.76% -29.35%
Cost Of Revenue $216.1M $145.8M
YoY Change 48.22% -25.0%
Gross Profit $71.70M $45.10M
YoY Change 58.98% -40.5%
Gross Profit Margin 24.91% 23.62%
Selling, General & Admin $32.80M $26.60M
YoY Change 23.31% -17.9%
% of Gross Profit 45.75% 58.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.60M $12.10M
YoY Change 4.13% 2.54%
% of Gross Profit 17.57% 26.83%
Operating Expenses $37.60M $26.60M
YoY Change 41.35% -17.9%
Operating Profit $34.10M $13.80M
YoY Change 147.1% -64.25%
Interest Expense -$900.0K -$2.300M
YoY Change -60.87% -14.81%
% of Operating Profit -2.64% -16.67%
Other Income/Expense, Net $1.800M $3.400M
YoY Change -47.06% -3500.0%
Pretax Income $34.80M $15.60M
YoY Change 123.08% -56.18%
Income Tax $5.700M -$5.100M
% Of Pretax Income 16.38% -32.69%
Net Earnings $29.10M $20.70M
YoY Change 40.58% -26.86%
Net Earnings / Revenue 10.11% 10.84%
Basic Earnings Per Share $0.77 $0.55
Diluted Earnings Per Share $0.76 $0.54
COMMON SHARES
Basic Shares Outstanding 37.94M 37.84M
Diluted Shares Outstanding 38.46M 38.16M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.9M $211.0M
YoY Change -1.47% 185.91%
Cash & Equivalents $207.9M $211.0M
Short-Term Investments
Other Short-Term Assets $20.60M $16.40M
YoY Change 25.61% -13.68%
Inventory $142.4M $124.0M
Prepaid Expenses
Receivables $276.7M $233.0M
Other Receivables $13.30M $13.60M
Total Short-Term Assets $660.9M $598.0M
YoY Change 10.52% 29.63%
LONG-TERM ASSETS
Property, Plant & Equipment $214.6M $208.6M
YoY Change 2.88% 6.21%
Goodwill $235.2M $233.3M
YoY Change 0.81% 0.13%
Intangibles $224.1M $242.1M
YoY Change -7.43% -7.03%
Long-Term Investments
YoY Change
Other Assets $103.6M $820.2M
YoY Change -87.37% 1.56%
Total Long-Term Assets $798.1M $820.2M
YoY Change -2.69% 1.56%
TOTAL ASSETS
Total Short-Term Assets $660.9M $598.0M
Total Long-Term Assets $798.1M $820.2M
Total Assets $1.459B $1.418B
YoY Change 2.88% 11.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.8M $83.20M
YoY Change 33.17% -8.27%
Accrued Expenses $58.70M $53.80M
YoY Change 9.11% -10.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.80M $15.40M
YoY Change -3.9% 0.0%
Total Short-Term Liabilities $204.1M $160.0M
YoY Change 27.56% -11.5%
LONG-TERM LIABILITIES
Long-Term Debt $220.6M $334.4M
YoY Change -34.03% 24.92%
Other Long-Term Liabilities $62.30M $20.00M
YoY Change 211.5% 19.76%
Total Long-Term Liabilities $220.6M $444.4M
YoY Change -50.36% 18.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.1M $160.0M
Total Long-Term Liabilities $220.6M $444.4M
Total Liabilities $524.7M $604.4M
YoY Change -13.19% 8.98%
SHAREHOLDERS EQUITY
Retained Earnings $664.6M
YoY Change 16.82%
Common Stock $19.40M
YoY Change 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.50M
YoY Change 0.0%
Treasury Stock Shares $1.347M
Shareholders Equity $934.3M $813.8M
YoY Change
Total Liabilities & Shareholders Equity $1.459B $1.418B
YoY Change 2.88% 11.77%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $29.10M $20.70M
YoY Change 40.58% -26.86%
Depreciation, Depletion And Amortization $12.60M $12.10M
YoY Change 4.13% 2.54%
Cash From Operating Activities $9.700M $16.40M
YoY Change -40.85% -14.14%
INVESTING ACTIVITIES
Capital Expenditures $15.90M $11.60M
YoY Change 37.07% -12.12%
Acquisitions
YoY Change
Other Investing Activities $500.0K
YoY Change
Cash From Investing Activities -$15.40M -$11.60M
YoY Change 32.76% -12.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.400M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.30M -13.00M
YoY Change 40.77% -9.72%
NET CHANGE
Cash From Operating Activities 9.700M 16.40M
Cash From Investing Activities -15.40M -11.60M
Cash From Financing Activities -18.30M -13.00M
Net Change In Cash -25.30M -6.300M
YoY Change 301.59% -32.98%
FREE CASH FLOW
Cash From Operating Activities $9.700M $16.40M
Capital Expenditures $15.90M $11.60M
Free Cash Flow -$6.200M $4.800M
YoY Change -229.17% -18.64%

Facts In Submission

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Financial reporting periods</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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. The three months ended July 31, 2021 and August 1, 2020 were both <span style="-sec-ix-hidden:F_000308"><span style="-sec-ix-hidden:F_000309">13 week</span></span> periods.</p>
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7400000
CY2021Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2500000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5500000
CY2021Q3 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Not Owned
PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned
27800000
CY2021Q2 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Not Owned
PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned
25000000.0
CY2021Q3 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Owned
PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsOwned
16700000
CY2021Q2 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Owned
PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsOwned
17000000.0
CY2021Q2 us-gaap Goodwill
Goodwill
235600000
CY2021Q3 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-400000
CY2021Q3 us-gaap Goodwill
Goodwill
235200000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
293500000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
71200000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
222300000
CY2021Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
295300000
CY2021Q3 mei Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
-71200000
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
229400000
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
7600000
CY2021Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
325462
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15100000
CY2021Q2 mei Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
-66400000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
14300000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
19100000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
18700000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
18200000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
17300000
CY2021Q3 mei Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
134700000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
222300000
CY2021Q3 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2023-08-31
CY2021Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
60000000.0
CY2021Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
54800000
CY2021Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
5700000
CY2021Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
6800000
CY2021Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1400000
CY2021Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1500000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
235400000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
240100000
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
14800000
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
14900000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
220600000
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
225200000
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
157513
CY2021Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
84900000
CY2021Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5200000
CY2020Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5000000.0
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
928412
CY2021Q3 mei Description Of Changes In Dividends Rate
DescriptionOfChangesInDividendsRate
increased its quarterly dividend from $0.11 per share to $0.14 per share
CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-200000
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
300000
CY2021Q3 us-gaap Derivatives Used In Net Investment Hedge Tax Expense Benefit
DerivativesUsedInNetInvestmentHedgeTaxExpenseBenefit
-200000
CY2020Q3 us-gaap Derivatives Used In Net Investment Hedge Tax Expense Benefit
DerivativesUsedInNetInvestmentHedgeTaxExpenseBenefit
1100000
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
2900000
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-10200000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
29100000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
20700000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37939488
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37836543
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
518470
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
321875
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38457958
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38158418
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
101668
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
287800000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
34100000
CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1100000
CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1800000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34800000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
190900000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
13800000
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1600000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3400000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
15600000
CY2021Q3 us-gaap Assets
Assets
1459000000.0
CY2021Q2 us-gaap Assets
Assets
1467000000.0

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