$MIDD
MIDDLEBY Corp

2020 Q1 Form 10-Q Financial Statement

#000076952020000009 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $677.5M $686.8M
YoY Change -1.36% 17.44%
Cost Of Revenue $427.3M $429.5M
YoY Change -0.52% 15.09%
Gross Profit $250.2M $257.3M
YoY Change -2.77% 21.58%
Gross Profit Margin 36.93% 37.47%
Selling, General & Admin $143.9M $155.9M
YoY Change -7.68% 26.81%
% of Gross Profit 57.53% 60.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.60M $25.51M
YoY Change 4.25% 27.42%
% of Gross Profit 10.63% 9.92%
Operating Expenses $143.9M $155.9M
YoY Change -7.68% 26.81%
Operating Profit $105.4M $101.1M
YoY Change 4.31% 16.17%
Interest Expense -$15.70M -$20.50M
YoY Change -23.41% 130.34%
% of Operating Profit -14.89% -20.28%
Other Income/Expense, Net -$3.326M $1.413M
YoY Change -335.39% -220.46%
Pretax Income $96.46M $89.72M
YoY Change 7.52% 3.48%
Income Tax $22.70M $20.70M
% Of Pretax Income 23.53% 23.07%
Net Earnings $73.78M $69.01M
YoY Change 6.91% 5.49%
Net Earnings / Revenue 10.89% 10.05%
Basic Earnings Per Share $1.33 $1.24
Diluted Earnings Per Share $1.33 $1.24
COMMON SHARES
Basic Shares Outstanding 55.40M shares 55.60M shares
Diluted Shares Outstanding 55.40M shares 55.60M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $381.0M $81.20M
YoY Change 369.21% -21.39%
Cash & Equivalents $381.0M $81.21M
Short-Term Investments
Other Short-Term Assets $54.00M $43.90M
YoY Change 23.01% -33.08%
Inventory $623.8M $580.2M
Prepaid Expenses
Receivables $425.6M $388.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.508B $1.111B
YoY Change 35.69% 15.79%
LONG-TERM ASSETS
Property, Plant & Equipment $345.8M $318.2M
YoY Change 8.68% 7.33%
Goodwill $1.836B $1.739B
YoY Change 5.58% 34.38%
Intangibles $1.434B $1.371B
YoY Change 4.58% 74.14%
Long-Term Investments
YoY Change
Other Assets $121.4M $118.1M
YoY Change 2.81% 174.13%
Total Long-Term Assets $500.4M $466.9M
YoY Change 7.18% 21.0%
TOTAL ASSETS
Total Short-Term Assets $1.508B $1.111B
Total Long-Term Assets $500.4M $466.9M
Total Assets $5.278B $4.688B
YoY Change 12.58% 36.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $191.7M $194.9M
YoY Change -1.64% 34.08%
Accrued Expenses $393.6M $363.6M
YoY Change 8.24% 19.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.93M $3.017M
YoY Change 626.98% -40.99%
Total Short-Term Liabilities $607.2M $561.6M
YoY Change 8.13% 23.25%
LONG-TERM LIABILITIES
Long-Term Debt $2.177B $1.889B
YoY Change 15.24% 80.99%
Other Long-Term Liabilities $206.6M $142.0M
YoY Change 45.46% 151.55%
Total Long-Term Liabilities $2.384B $2.031B
YoY Change 17.35% 84.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $607.2M $561.6M
Total Long-Term Liabilities $2.384B $2.031B
Total Liabilities $2.991B $2.593B
YoY Change 15.35% 66.64%
SHAREHOLDERS EQUITY
Retained Earnings $2.435B $2.078B
YoY Change 17.18% 18.25%
Common Stock $145.0K $145.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $525.9M $450.4M
YoY Change 16.76% 1.18%
Treasury Stock Shares 7.896M shares 6.934B shares
Shareholders Equity $1.895B $1.726B
YoY Change
Total Liabilities & Shareholders Equity $5.278B $4.688B
YoY Change 12.58% 36.8%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $73.78M $69.01M
YoY Change 6.91% 5.49%
Depreciation, Depletion And Amortization $26.60M $25.51M
YoY Change 4.25% 27.42%
Cash From Operating Activities $87.14M $33.95M
YoY Change 156.68% -24.14%
INVESTING ACTIVITIES
Capital Expenditures $9.181M $8.095M
YoY Change 13.42% -51.4%
Acquisitions $30.04M $12.40M
YoY Change 142.32% -57.92%
Other Investing Activities -$30.00M -$12.40M
YoY Change 141.94% -64.47%
Cash From Investing Activities -$39.22M -$20.49M
YoY Change 91.4% -60.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $74.60M $5.268M
YoY Change 1316.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $245.1M -$4.111M
YoY Change -6062.0% -122.38%
NET CHANGE
Cash From Operating Activities $87.14M $33.95M
Cash From Investing Activities -$39.22M -$20.49M
Cash From Financing Activities $245.1M -$4.111M
Net Change In Cash $286.5M $9.345M
YoY Change 2966.27% -19.43%
FREE CASH FLOW
Cash From Operating Activities $87.14M $33.95M
Capital Expenditures $9.181M $8.095M
Free Cash Flow $77.96M $25.85M
YoY Change 201.54% -7.97%

Facts In Submission

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<div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates </span></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates. </span></div>
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<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Litigation Matters</span></div><div style="line-height:120%;padding-top:12px;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows.</span></div>
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Files In Submission

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0000769520-20-000009-index-headers.html Edgar Link pending
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0000769520-20-000009.txt Edgar Link pending
0000769520-20-000009-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
midd-20200328.xsd Edgar Link pending
midd-20200328_cal.xml Edgar Link unprocessable
midd-20200328_def.xml Edgar Link unprocessable
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midd-20200328_pre.xml Edgar Link unprocessable
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