- Net sales decreased 2.7% year-over-year to $676.5 million
- Net income was $45.3 million compared to $51.2 million in the
prior year, with net income margin of 6.7% and 7.4%,
respectively
- Adjusted EBITDA margin1 increased 20 basis points
year-over-year to 15.5%
- Diluted earnings per share was $0.35 compared to $0.39 in the
prior year quarter; adjusted diluted earnings per share1 was
$0.45 compared to $0.44 in the prior year quarter
- Operating cash flow for the twenty-six weeks ended June 30,
2024 was $96.1 million with free cash flow1 of $77.8
million
- Increases 2024 financial outlook following the closing of
Supreme Cabinetry Brands acquisition
MasterBrand, Inc. (NYSE: MBC, the “Company,” or “MasterBrand”),
the largest residential cabinet manufacturer in North America,
today announced second quarter 2024 financial results.
“MasterBrand delivered another solid quarter of financial
performance, with continued year-over-year adjusted EBITDA margin
expansion and strong free cash flow,” said Dave Banyard, President
and Chief Executive Officer. “Our performance is again the result
of our associates’ dedication to The MasterBrand Way and their
execution on our strategy. Further investments in our strategic
initiatives, complemented by acquisitions such as Supreme Cabinetry
Brands, give us confidence in our ability to outperform the market,
achieve our long-term financial targets, and deliver sustained
shareholder value.”
Second Quarter 2024
Net sales were $676.5 million, compared to $695.1 million in the
second quarter of 2023, a decrease of 2.7%. Gross profit was $231.0
million, compared to $236.2 million in the prior year. Gross profit
margin expanded 10 basis points to 34.1%, as additional cost
savings from strategic initiatives, specifically quality processes,
and continuous improvement efforts more than offset lower average
selling price due primarily to product trade downs, the return of
normal seasonal promotional activities, and personnel
inflation.
Net income was $45.3 million, compared to $51.2 million in the
second quarter of 2023, a decrease of 11.5%, due to lower net
sales, higher interest expense, the result of a non-recurring
expense related to the restructuring of debt, and acquisition and
transaction related costs, slightly offset by a lower effective tax
rate. Net income margin was 6.7% compared to 7.4% in the prior
year.
Adjusted EBITDA1 was $105.1 million, compared to $106.3
million in the second quarter of 2023. Adjusted EBITDA margin1
expanded 20 basis points to 15.5%, on improved gross profit margin
performance.
Diluted earnings per share were $0.35 compared to $0.39 in the
second quarter of 2023. Adjusted diluted earnings per share1
were $0.45 compared to $0.44 in the second quarter of 2023. In the
second quarter of 2024, adjusted diluted earnings per share1 has
been revised to exclude amortization expense, including those
related to acquisitions. Prior period information has been recast
to reflect the updated presentation.
Balance Sheet, Cash Flow and Share
Repurchases
As of June 30, 2024, the Company had $189.4 million in cash and
$727.3 million of availability under its new revolving credit
facility. Total debt was $688.9 million and our ratio of total debt
to net income from the most recent four quarters was 3.9x as of
June 30, 2024. Net debt1 was $499.5 million and net debt to
adjusted EBITDA1 was 1.3x.
Operating cash flow was $96.1 million for the twenty-six weeks
ended June 30, 2024, compared to $194.0 million in the twenty-six
weeks ended June 25, 2023. This decline was due to a benefit in the
prior year from a strategic inventory build release. Free cash
flow1 was $77.8 million for the twenty-six weeks ended June
30, 2024, compared to $182.6 million for the twenty-six weeks ended
June 25, 2023.
During the twenty-six weeks ended June 30, 2024, the Company
repurchased approximately 371 thousand shares of common stock for
approximately $6.5 million.
Supreme Cabinetry Brands
Acquisition
Subsequent to the quarter ended June, 30, 2024, the Company
closed the acquisition of Supreme Cabinetry Brands for a net cash
payment of $520 million, subject to customary adjustments as set
forth in the merger agreement. Total pre-tax acquisition-related
charges in the second quarter of 2024, due to transaction costs,
were $4.4 million. MasterBrand expects to deliver $28 million of
annual run-rate cost synergies by the end of year three, and
anticipates commercial synergies across the combined Company’s
complementary channels and product lines. The transaction is
expected to be accretive to adjusted EBITDA margin1 and to adjusted
diluted earnings per share1 in 2024, exclusive of
acquisition-related charges.
2024 Financial Outlook
For full year 2024, the Company has increased its outlook
following the closing of the Supreme Cabinetry Brands acquisition.
On a consolidated basis the Company expects:
- Net sales year-over-year increase of low single-digit
percentage
- Organic decline of low single-digit percentage
- Acquisition-related increase of mid single-digit
percentage
- Adjusted EBITDA1,2 in the range of $385 million to $405
million, with related adjusted EBITDA margin1,2 of roughly
14.0% to 14.5%
- Adjusted Diluted EPS1,2 in the range of $1.50 to
$1.62
The Company expects organic net sales performance to be in line
to slightly better than the underlying market demand, as new
products and channel specific offerings gain traction.
“We are pleased with our second quarter financial performance,
as end market demand remained mixed,” said Andi Simon, Executive
Vice President and Chief Financial Officer. “Feedback from our
channels and recent macroeconomic indicators, suggests end market
demand will trend towards the lower end of our original range for
the legacy MasterBrand business. Despite this end market softness,
we believe we will now deliver year-on-year net sales growth and
increased profitability, following the successful closing of the
Supreme acquisition.”
Conference Call Details
The Company will hold a live conference call and webcast at 4:30
p.m. ET today, August 6, 2024, to discuss the financial results and
business outlook. Telephone access to the live call will be
available at (877) 407-4019 (U.S.) or by dialing (201) 689-8337
(international). The live audio webcast can be accessed on the
“Investors” section of the MasterBrand website
www.masterbrand.com.
A telephone replay will be available approximately one hour
following completion of the call through August 20, 2024. To access
the replay, please dial 877-660-6853 (U.S.) or 201-612-7415
(international). The replay passcode is 13747550. An archived
webcast of the conference call will also be available on the
"Investors" page of the Company's website.
Non-GAAP Financial
Measures
To supplement the financial information presented in accordance
with generally accepted accounting principles in the United States
(“GAAP”) in this earnings release, certain non-GAAP financial
measures as defined under SEC rules have been included. It is our
intent to provide non-GAAP financial information to enhance
understanding of our financial information as prepared in
accordance with GAAP. Non-GAAP financial measures should be
considered in addition to, not as a substitute for, other financial
measures prepared in accordance with GAAP. Our methods of
determining these non-GAAP financial measures may differ from the
methods used by other companies for these or similar non-GAAP
financial measures. Accordingly, these non-GAAP financial measures
may not be comparable to measures used by other companies.
We use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted
net income, adjusted net income margin, adjusted diluted earnings
per share (“adjusted diluted EPS”), free cash flow, net debt, and
net debt to adjusted EBITDA, which are all non-GAAP financial
measures. EBITDA is defined as earnings before interest, taxes,
depreciation and amortization. We evaluate the performance of our
business based on income before income taxes, but also look to
EBITDA as a performance evaluation measure because interest expense
is related to corporate functions, as opposed to operations. For
that reason, we believe EBITDA is a useful metric to investors in
evaluating our operating results. Adjusted EBITDA is calculated by
removing the impact of non-operational results and special items
from EBITDA. Adjusted EBITDA margin is calculated as adjusted
EBITDA divided by net sales. Adjusted net income is calculated by
removing the impact of non-operational results, including non-cash
amortization expense, which is not deemed to be indicative of the
results of current or future operations, and special items from net
income. Adjusted net income margin is calculated as adjusted net
income divided by net sales. Adjusted diluted EPS is a measure of
our diluted earnings per share excluding non-operational results
and special items. These non-GAAP measures are useful to investors
as they are representative of our core operations and are used in
the management of our business, including decisions concerning the
allocation of resources and assessment of performance.
Free cash flow is defined as cash flow from operations less
capital expenditures. We believe that free cash flow is a useful
measure to investors because it is a meaningful indicator of cash
generated from operating activities available for the execution of
our business strategy, and is used in the management of our
business, including decisions concerning the allocation of
resources and assessment of performance. Net debt is defined as
total balance sheet debt less cash and cash equivalents. We believe
this measure is useful to investors as it provides a measure to
compare debt less cash and cash equivalents across periods on a
consistent basis. Net debt to adjusted EBITDA is calculated by
dividing net debt by the trailing twelve months adjusted EBITDA.
Net debt to adjusted EBITDA is used by management to assess our
financial leverage and ability to service our debt obligations.
As required by SEC rules, see the financial statement section of
this earnings release for detailed reconciliations of these
non-GAAP financial measures to the most directly comparable GAAP
measure. We have not provided a reconciliation of our fiscal 2024
adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS
guidance because the information needed to reconcile these measures
is unavailable due to the inherent difficulty of forecasting the
timing or amount of various items that have not yet occurred,
including gains and losses associated with our defined benefit
plans and restructuring and other charges, which are excluded from
adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS.
Additionally, estimating such GAAP measures and providing a
meaningful reconciliation consistent with the Company’s accounting
policies for future periods requires a level of precision that is
unavailable for these future periods and cannot be accomplished
without unreasonable effort. Forward-looking non-GAAP measures are
estimated consistent with the relevant definitions and assumptions
used for historical non-GAAP measures.
About MasterBrand:
MasterBrand, Inc. (NYSE: MBC) is the largest manufacturer of
residential cabinets in North America and offers a comprehensive
portfolio of leading residential cabinetry products for the
kitchen, bathroom and other parts of the home. MasterBrand products
are available in a wide variety of designs, finishes and styles and
span the most attractive categories of the cabinets market: stock,
semi-custom and premium cabinetry. These products are delivered
through an industry-leading distribution network of over 6,000
dealers, major retailers and builders. MasterBrand employs over
13,000 associates across more than 20 manufacturing facilities and
offices. Additional information can be found at
www.masterbrand.com.
Forward-Looking Statements:
Certain statements contained in this Press Release, other than
purely historical information, including, but not limited to
estimates, projections, statements relating to our business plans
objectives and expected operating results, and the assumptions upon
which those statements are based, are forward-looking statements.
Statements preceded by, followed by or that otherwise include the
word “believes,” “expects,” “anticipates,” “intends,” “projects,”
“estimates,” “plans,” “may increase,” “may fluctuate,” and similar
expressions or future or conditional verbs such as “will,”
“should,” “would,” “may,” and “could,” are generally
forward-looking in nature and not historical facts. Where, in any
forward-looking statement, we express an expectation or belief as
to future results or events, such expectation or belief is based on
the current plans and expectations of our management. Although we
believe that these statements are based on reasonable assumptions,
they are subject to numerous factors, risks and uncertainties that
could cause actual outcomes and results to be materially different
from those indicated in such statements. These factors include
those listed under “Risk Factors” in Part I, Item 1A of our Form
10-K for the fiscal year ended December 31, 2023, and other filings
with the SEC.
The forward-looking statements included in this document are
made as of the date of this Press Release and, except pursuant to
any obligations to disclose material information under the federal
securities laws, we undertake no obligation to update, amend or
clarify any forward-looking statements to reflect events, new
information or circumstances occurring after the date of this Press
Release.
Some of the important factors that could cause our actual
results to differ materially from those projected in any such
forward-looking statements include:
- Our ability to develop and expand our business;
- Our ability to develop new products or respond to changing
consumer preferences and purchasing practices;
- Our anticipated financial resources and capital spending;
- Our ability to manage costs;
- Our ability to effectively manage manufacturing operations, and
capacity or an inability to maintain the quality of our
products;
- The impact of our dependence on third parties to source raw
materials and our ability to obtain raw materials in a timely
manner or fluctuations in raw material costs;
- Our ability to accurately price our products;
- Our projections of future performance, including future
revenues, capital expenditures, gross margins, and cash flows;
- The effects of competition and consolidation of competitors in
our industry;
- Costs of complying with evolving tax and other regulatory
requirements and the effect of actual or alleged violations of tax,
environmental or other laws;
- The effect of climate change and unpredictable seasonal and
weather factors;
- Conditions in the housing market in the United States and
Canada;
- The expected strength of our existing customers and consumers
and any loss or reduction in business from one or more of our key
customers or increased buying power of large customers;
- Information systems interruptions or intrusions or the
unauthorized release of confidential information concerning
customers, employees, or other third parties;
- Worldwide economic, geopolitical and business conditions and
risks associated with doing business on a global basis;
- The effects of a public health crisis or other unexpected
event;
- The inability to recognize or delays in obtaining, anticipated
benefits of the acquisition of Supreme Cabinetry Brands, Inc. (the
“Acquisition”), including synergies, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain key
employees;
- The impact of our current and any additional future debt
obligations on our business, current and future operations,
profitability and our ability to meet other obligations;
- Business disruption following the Acquisition;
- Diversion of management time on Acquisition-related
issues;
- The reaction of customers and other persons to the Acquisition;
and
- Other statements contained in this Press Release regarding
items that are not historical facts or that involve
predictions.
1
- See "Non-GAAP Financial Measures" and
the corresponding financial tables at the end of this press release
for definitions and reconciliations of non-GAAP measures.
2
- We have not provided a reconciliation of
our fiscal 2024 adjusted EBITDA, adjusted EBITDA margin and
adjusted diluted EPS guidance because the information needed to
reconcile these measures is unavailable due to the inherent
difficulty of forecasting the timing or amount of various items
that have not yet occurred and which may be excluded from adjusted
EBITDA, adjusted EBITDA margin and adjusted diluted EPS.
Additionally, estimating such GAAP measures and providing a
meaningful reconciliation for future periods requires a level of
precision that is unavailable for these future periods and cannot
be accomplished without unreasonable effort. Forward-looking
non-GAAP measures are estimated consistent with the relevant
definitions and assumptions used for historical non-GAAP
measures.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
13 Weeks Ended
26 Weeks Ended
(U.S. Dollars presented in millions,
except per share amounts)
June 30, 2024
June 25, 2023
June 30, 2024
June 25, 2023
NET SALES
$
676.5
$
695.1
$
1,314.6
$
1,371.8
Cost of products sold
445.5
458.9
878.9
931.0
GROSS PROFIT
231.0
236.2
435.7
440.8
Gross Profit Margin
34.1
%
34.0
%
33.1
%
32.1
%
Selling, general and administrative
expenses
146.7
141.7
284.5
277.0
Amortization of intangible assets
3.7
4.0
7.4
8.0
Restructuring charges
2.8
3.1
3.2
2.7
OPERATING INCOME
77.8
87.4
140.6
153.1
Interest expense
20.6
17.2
34.7
34.6
Other (income) expense, net
(2.9
)
0.5
(3.2
)
0.9
INCOME BEFORE TAXES
60.1
69.7
109.1
117.6
Income tax expense
14.8
18.5
26.3
31.4
NET INCOME
$
45.3
$
51.2
$
82.8
$
86.2
Average Number of Shares of Common Stock
Outstanding
Basic
127.0
128.4
127.0
128.3
Diluted
130.7
129.9
130.8
129.7
Earnings Per Common Share
Basic
$
0.36
$
0.40
$
0.65
$
0.67
Diluted
$
0.35
$
0.39
$
0.63
$
0.66
SUPPLEMENTAL INFORMATION -
Quarter-to-date
(Unaudited)
13 Weeks Ended
June 30,
June 25,
(U.S. Dollars presented in millions,
except per share amounts and percentages)
2024
2023
1. Reconciliation
of Net Income to EBITDA to ADJUSTED EBITDA
Net income (GAAP)
$
45.3
$
51.2
Interest expense
20.6
17.2
Income tax expense
14.8
18.5
Depreciation expense
13.5
11.7
Amortization expense
3.7
4.0
EBITDA (Non-GAAP Measure)
$
97.9
$
102.6
[1] Separation costs
—
0.6
[2] Restructuring charges
2.8
3.1
[4] Acquisition-related costs
4.4
—
Adjusted EBITDA (Non-GAAP
Measure)
$
105.1
$
106.3
2. Reconciliation
of Net Income to Adjusted Net Income
Net Income (GAAP)
$
45.3
$
51.2
[1] Separation costs
—
0.6
[2] Restructuring charges
2.8
3.1
[4] Acquisition-related costs
4.4
—
[5] Non-recurring components of interest
expense
6.5
—
[6] Amortization expense
3.7
4.0
[7] Income tax impact of adjustments
(4.4
)
(1.9
)
Adjusted Net Income (Non-GAAP
Measure)
$
58.3
$
57.0
3. Earnings per
Share Summary
Diluted EPS (GAAP)
$
0.35
$
0.39
Impact of adjustments
$
0.10
$
0.05
Adjusted Diluted EPS (Non-GAAP
Measure)
$
0.45
$
0.44
Weighted average diluted shares
outstanding
130.7
129.9
4. Profit
Margins
Net Sales (GAAP)
$
676.5
$
695.1
Net Income Margin % (GAAP)
6.7
%
7.4
%
Adjusted Net Income Margin % (Non-GAAP
Measure)
8.6
%
8.2
%
Adjusted EBITDA Margin % (Non-GAAP
Measure)
15.5
%
15.3
%
SUPPLEMENTAL INFORMATION -
Year-to-date
(Unaudited)
26 Weeks Ended
June 30,
June 25,
(U.S. Dollars presented in millions,
except per share amounts and percentages)
2024
2023
1. Reconciliation
of Net Income to EBITDA to Adjusted EBITDA
Net income (GAAP)
$
82.8
$
86.2
Interest expense
34.7
34.6
Income tax expense
26.3
31.4
Depreciation expense
25.7
23.0
Amortization expense
7.4
8.0
EBITDA (Non-GAAP Measure)
$
176.9
$
183.2
[1] Separation costs
—
2.2
[2] Restructuring charges
3.2
2.7
[3] Restructuring-related adjustments
—
(0.3
)
[4] Acquisition-related costs
4.4
—
Adjusted EBITDA (Non-GAAP
Measure)
$
184.5
$
187.8
2. Reconciliation
of Net Income to Adjusted Net Income
Net Income (GAAP)
$
82.8
$
86.2
[1] Separation costs
—
2.2
[2] Restructuring charges
3.2
2.7
[3] Restructuring-related adjustments
—
(0.3
)
[4] Acquisition-related costs
4.4
—
[5] Non-recurring components of interest
expense
6.5
—
[6] Amortization expense
7.4
8.0
[7] Income tax impact of adjustments
(5.4
)
(3.2
)
Adjusted Net Income (Non-GAAP
Measure)
$
98.9
$
95.6
3. Earnings per
Share Summary
Diluted EPS (GAAP)
$
0.63
$
0.66
Impact of adjustments
$
0.13
$
0.08
Adjusted Diluted EPS (Non-GAAP
Measure)
$
0.76
$
0.74
Weighted average diluted shares
outstanding
130.8
129.7
4. Profit
Margins
Net Sales (GAAP)
$
1,314.6
$
1,371.8
Net Income Margin % (GAAP)
6.3
%
6.3
%
Adjusted Net Income Margin % (Non-GAAP
Measure)
7.5
%
7.0
%
Adjusted EBITDA Margin % (Non-GAAP
Measure)
14.0
%
13.7
%
TICK
LEGEND:
[1]
Separation costs represent one-time costs
incurred directly by MasterBrand related to the separation from
Fortune Brands.
[2]
Restructuring charges are nonrecurring
costs incurred to implement significant cost reduction initiatives
and may consist of workforce reduction costs, facility closure
costs, and other costs to maintain certain facilities where
operations have ceased, but which we are still responsible for. The
restructuring charges for all periods presented are mainly
comprised of workforce reduction costs and other costs to maintain
facilities that have been closed, but not yet sold.
[3]
Restructuring-related charges are expenses
directly related to restructuring initiatives that do not represent
normal, recurring expenses necessary to operate the business, but
cannot be reported as restructuring under GAAP. Such costs may
include losses on disposal of inventories from exiting product
lines, accelerated depreciation expense, and gains/losses on the
sale of facilities closed as a result of restructuring actions.
Restructuring-related adjustments are recoveries of previously
recorded restructuring-related charges resulting from changes in
estimates of accruals recorded in prior periods. The
restructuring-related adjustments for the first half of fiscal 2023
are recoveries of previously recorded restructuring-related charges
resulting from changes in estimates of accruals recorded in prior
periods.
[4]
Acquisition-related costs are transaction
and integration costs, including legal, accounting and other
professional fees, severance, stock-based compensation, and other
integration related costs. These charges are primarily recorded
within selling, general and administrative expenses within the
Condensed Consolidated Statements of Income. Acquisition-related
costs may also include expenses associated with fair value
adjustments required under GAAP at the close of a transaction.
Acquisition-related costs are significantly impacted by the timing
and complexity of the underlying acquisition related activities and
are not indicative of the Company’s ongoing operating performance.
The acquisition-related costs in the second quarter of fiscal 2024
are comprised primarily of professional fees associated with the
acquisition of Supreme Cabinetry Brands, Inc., which was announced
in the second quarter of fiscal 2024 and closed early in the third
quarter of fiscal 2024.
[5]
Non-recurring components of interest
expense are one-time costs associated with the refinancing of debt
facilities and usage of temporary debt facilities. The
non-recurring components of interest expense in the second quarter
of fiscal 2024 relate primarily to non-recurring write-offs of
deferred financing costs resulting from the debt restructuring
transaction. These charges are classified as interest expense
within the Condensed Consolidated Statements of Income and are not
indicative of the Company’s ongoing operating performance.
[6]
Beginning in the second quarter of fiscal
2024 reporting, management began adding back amortization of
intangible assets in calculating adjusted net income and adjusted
diluted EPS for all periods presented. Non-cash amortization
expenses are not indicative of the Company’s ongoing operations.
Prior period information has been recast to reflect the updated
presentation.
[7]
In order to calculate Adjusted Net Income,
each of the items described in Items [1] - [6] above were tax
effected based upon an estimated annual effective income tax rate
of 25.0 percent, inclusive of recurring permanent differences and
the net effect of state income taxes and excluding the impact of
discrete income tax items. Discrete items are recorded in the
relevant period identified and include, but are not limited to,
changes in judgment or estimates of uncertain tax positions related
to prior periods, return-to-provision adjustments, the tax effect
of relevant stock-based compensation items, certain changes in the
valuation allowance for the realizability of deferred tax assets,
or enacted changes in tax law. Management believes this approach
assists investors in understanding the income tax provision and the
estimated annual effective income tax rate related to ongoing
operations.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
June 30,
June 25,
(U.S. Dollars presented in millions)
2024
2023
ASSETS
Current assets
Cash and cash equivalents
$
189.4
$
110.2
Accounts receivable, net
213.5
235.7
Inventories
270.0
319.6
Other current assets
72.4
62.7
TOTAL CURRENT ASSETS
745.3
728.2
Property, plant and equipment, net
343.0
341.9
Operating lease right-of-use assets,
net
57.2
59.7
Goodwill
924.0
925.2
Other intangible assets, net
326.8
342.9
Other assets
30.8
26.1
TOTAL ASSETS
$
2,427.1
$
2,424.0
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
173.6
$
182.2
Current portion of long-term debt
—
26.9
Current operating lease liabilities
15.7
14.1
Other current liabilities
142.9
151.2
TOTAL CURRENT LIABILITIES
332.2
374.4
Long-term debt
688.9
788.3
Deferred income taxes
81.8
85.2
Pension and other postretirement plan
liabilities
8.3
12.3
Operating lease liabilities
43.8
47.9
Other non-current liabilities
13.0
8.3
TOTAL LIABILITIES
1,168.0
1,316.4
Stockholders' equity
1,259.1
1,107.6
TOTAL EQUITY
1,259.1
1,107.6
TOTAL LIABILITIES AND EQUITY
$
2,427.1
$
2,424.0
Reconciliation of Net Debt
Current portion of long-term debt
$
—
$
26.9
Long-term debt
688.9
788.3
LESS: Cash and cash equivalents
(189.4
)
(110.2
)
Net Debt
$
499.5
$
705.0
Adjusted EBITDA for Prior Fiscal Year
383.4
411.4
LESS: Adjusted EBITDA for 26 weeks ended
June 25, 2023
(187.8
)
(187.8
)
PLUS: Adjusted EBITDA for 26 weeks ended
June 30, 2024
184.5
187.8
Adjusted EBITDA (trailing twelve
months)
$
380.1
$
411.4
Net Debt to Adjusted EBITDA
1.3x
1.7x
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
26 Weeks Ended
June 30,
June 25,
(U.S. Dollars presented in millions)
2024
2023
OPERATING ACTIVITIES
Net income
$
82.8
$
86.2
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
25.7
23.0
Amortization of intangibles
7.4
8.0
Restructuring charges, net of cash
payments
0.1
(12.1
)
Write-off and amortization of finance
fees
7.5
1.0
Stock-based compensation
11.1
8.9
Changes in operating assets and
liabilities:
Accounts receivable
(11.2
)
58.6
Inventories
(20.7
)
54.0
Other current assets
(9.1
)
4.1
Accounts payable
21.8
(39.6
)
Accrued expenses and other current
liabilities
(22.9
)
(1.7
)
Other items
3.6
3.6
NET CASH PROVIDED BY OPERATING
ACTIVITIES
96.1
194.0
INVESTING ACTIVITIES
Capital expenditures
(18.3
)
(11.4
)
Proceeds from the disposition of
assets
6.4
0.2
NET CASH USED IN INVESTING
ACTIVITIES
(11.9
)
(11.2
)
FINANCING ACTIVITIES
Issuance of long-term and short-term
debt
700.0
55.0
Repayments of long-term and short-term
debt
(712.5
)
(219.4
)
Payment of financing fees
(15.2
)
—
Repurchase of common stock
(6.5
)
(4.1
)
Payments of employee taxes withheld from
share-based awards
(5.1
)
(2.9
)
Other items
(1.0
)
(0.6
)
NET CASH USED IN FINANCING
ACTIVITIES
(40.3
)
(172.0
)
Effect of foreign exchange rate changes on
cash and cash equivalents
(3.2
)
(1.7
)
NET INCREASE IN CASH AND CASH
EQUIVALENTS
$
40.7
$
9.1
Cash and cash equivalents at beginning of
period
$
148.7
$
101.1
Cash and cash equivalents at end of
period
$
189.4
$
110.2
Reconciliation of Free Cash
Flow
Net cash provided by operating
activities
$
96.1
$
194.0
Less: Capital expenditures
(18.3
)
(11.4
)
Free cash flow
$
77.8
$
182.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806036293/en/
Investor Relations: Investorrelations@masterbrand.com Media
Contact: Media@masterbrand.com
Masterbrand (NYSE:MBC)
過去 株価チャート
から 8 2024 まで 9 2024
Masterbrand (NYSE:MBC)
過去 株価チャート
から 9 2023 まで 9 2024