$MEI
METHODE ELECTRONICS INC

2022 Q1 Form 10-Q Financial Statement

#000156459022008408 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $291.6M $295.3M
YoY Change -1.25% 3.29%
Cost Of Revenue $221.3M $222.3M
YoY Change -0.45% 7.6%
Gross Profit $69.10M $72.60M
YoY Change -4.82% -8.45%
Gross Profit Margin 23.7% 24.59%
Selling, General & Admin $32.60M $32.10M
YoY Change 1.56% -2.73%
% of Gross Profit 47.18% 44.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.900M $8.700M
YoY Change 2.3% -60.09%
% of Gross Profit 12.88% 11.98%
Operating Expenses $37.40M $36.90M
YoY Change 1.36% -2.38%
Operating Profit $29.80M $35.40M
YoY Change -15.82% -14.7%
Interest Expense -$400.0K -$1.300M
YoY Change -69.23% -45.83%
% of Operating Profit -1.34% -3.67%
Other Income/Expense, Net $4.400M $2.400M
YoY Change 83.33% -51.02%
Pretax Income $33.50M $36.50M
YoY Change -8.22% -17.05%
Income Tax $4.100M $4.600M
% Of Pretax Income 12.24% 12.6%
Net Earnings $29.40M $31.90M
YoY Change -7.84% -22.57%
Net Earnings / Revenue 10.08% 10.8%
Basic Earnings Per Share $0.80 $0.84
Diluted Earnings Per Share $0.78 $0.83
COMMON SHARES
Basic Shares Outstanding 36.85M 38.11M
Diluted Shares Outstanding 37.48M 38.40M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.1M $218.7M
YoY Change -30.0% 173.72%
Cash & Equivalents $153.1M $218.7M
Short-Term Investments
Other Short-Term Assets $20.90M $18.30M
YoY Change 14.21% -9.85%
Inventory $167.0M $124.0M
Prepaid Expenses
Receivables $285.2M $278.5M
Other Receivables $14.20M $5.500M
Total Short-Term Assets $640.4M $645.0M
YoY Change -0.71% 39.04%
LONG-TERM ASSETS
Property, Plant & Equipment $200.6M $205.4M
YoY Change -2.34% 3.22%
Goodwill $234.0M
YoY Change
Intangibles $213.3M $233.7M
YoY Change -8.73% -6.89%
Long-Term Investments
YoY Change
Other Assets $105.0M $102.3M
YoY Change 2.64% -87.5%
Total Long-Term Assets $770.9M $799.5M
YoY Change -3.58% -2.31%
TOTAL ASSETS
Total Short-Term Assets $640.4M $645.0M
Total Long-Term Assets $770.9M $799.5M
Total Assets $1.411B $1.445B
YoY Change -2.3% 12.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.9M $117.8M
YoY Change -1.61% 32.66%
Accrued Expenses $57.40M $65.80M
YoY Change -12.77% 36.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.20M $15.40M
YoY Change -14.29% 1.99%
Total Short-Term Liabilities $203.7M $209.2M
YoY Change -2.63% 27.87%
LONG-TERM LIABILITIES
Long-Term Debt $202.4M $229.2M
YoY Change -11.69% -5.25%
Other Long-Term Liabilities $51.40M $66.40M
YoY Change -22.59% 292.9%
Total Long-Term Liabilities $202.4M $229.2M
YoY Change -11.69% -33.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $203.7M $209.2M
Total Long-Term Liabilities $202.4M $229.2M
Total Liabilities $494.9M $546.9M
YoY Change -9.51% 7.36%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $916.4M $897.6M
YoY Change
Total Liabilities & Shareholders Equity $1.411B $1.445B
YoY Change -2.3% 12.65%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $29.40M $31.90M
YoY Change -7.84% -22.57%
Depreciation, Depletion And Amortization $8.900M $8.700M
YoY Change 2.3% -60.09%
Cash From Operating Activities $20.10M $87.10M
YoY Change -76.92% 488.51%
INVESTING ACTIVITIES
Capital Expenditures -$8.300M -$4.900M
YoY Change 69.39% -39.51%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0% -200.0%
Cash From Investing Activities -$8.300M -$4.800M
YoY Change 72.92% -41.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.10M -108.6M
YoY Change -68.6% 372.17%
NET CHANGE
Cash From Operating Activities 20.10M 87.10M
Cash From Investing Activities -8.300M -4.800M
Cash From Financing Activities -34.10M -108.6M
Net Change In Cash -22.30M -26.30M
YoY Change -15.21% 60.37%
FREE CASH FLOW
Cash From Operating Activities $20.10M $87.10M
Capital Expenditures -$8.300M -$4.900M
Free Cash Flow $28.40M $92.00M
YoY Change -69.13% 301.75%

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 <span style="color:#000000;">January 29, 2022</span> and January 30, 2021 were both <span style="-sec-ix-hidden:F_000405"><span style="-sec-ix-hidden:F_000406">13-week</span></span> periods, and <span style="color:#000000;">the nine months ended January 29, 2022 and January 30, 2021</span> were both <span style="-sec-ix-hidden:F_000407"><span style="-sec-ix-hidden:F_000408">39-week</span></span> periods.</p>
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CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
18000000.0
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
17200000
CY2022Q1 mei Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
133900000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
211500000
us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2023-08-31
CY2022Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
60000000.0
CY2022Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
54800000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
3100000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
-2700000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
6500000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent
-6300000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
44.73
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
21300000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
63700000
CY2022Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1000000.0
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
215600000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
13200000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
202400000
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
460161
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1425190
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
46.39
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1593139
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
71200000
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
28800000
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5100000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4100000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
15400000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
13200000
mei Description Of Changes In Dividends Rate
DescriptionOfChangesInDividendsRate
increased its quarterly dividend from $0.11 per share to $0.14 per share
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-7900000
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-15400000
CY2022Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
700000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1300000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-8600000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-16700000
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
15800000
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
34200000
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-300000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-900000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16100000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
35100000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
29400000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
31900000
us-gaap Net Income Loss
NetIncomeLoss
86000000.0
us-gaap Net Income Loss
NetIncomeLoss
91200000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36853617
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38106793
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37445822
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38016711
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
622273
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
559881
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
211974
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37475890
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38400096
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38005703
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38228685
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.84
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.40
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.39
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
928412
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
917000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
928412
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
678556
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
291600000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
29800000
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-700000
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4400000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
33500000
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
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36500000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
874900000
us-gaap Operating Income Loss
OperatingIncomeLoss
97100000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2900000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
7100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
101300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
787000000.0
us-gaap Operating Income Loss
OperatingIncomeLoss
94200000
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
CY2022Q1 us-gaap Assets
Assets
1411300000
CY2021Q2 us-gaap Assets
Assets
1467000000.0

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