Matthews International Corporation (NASDAQ GSM: MATW) today
announced financial results for its first quarter of fiscal 2024.
In discussing the results for the Company’s
fiscal 2024 first quarter, Joseph C. Bartolacci, President and
Chief Executive Officer, stated:
“Our operating performance for the fiscal 2024
first quarter was generally in line with our expectations across
our businesses, except energy solutions. As we advised last
quarter, the timing of activity in our energy business can have a
significant influence on our quarterly results, and it did in the
first quarter of fiscal 2024.
“The Industrial Technologies segment reported
another quarter of sales growth compared to a year ago primarily
reflecting the continued growth of our energy business. Although
higher than a year ago, energy sales for the current quarter were
well below anticipated levels. Customer readiness has affected the
timing of our equipment projects, which significantly impacted
sales for the current quarter. As we believe the challenges
underlying the delays will be resolved, we currently expect this
shift in timing to remain primarily within the current fiscal
year.
“In addition, sales for our product
identification and surfaces businesses in the Industrial
Technologies segment increased for the current quarter. Sales for
the warehouse automation business were lower for the current
quarter; this business is typically slower in our fiscal first
quarter due to the holiday shopping season.
“Our Memorialization segment reported higher
sales for the fiscal 2024 first quarter compared to a year ago,
primarily reflecting an increase in sales of granite memorial
products and the impact of the recent acquisition of Eagle Granite.
Casket sales declined reflecting lower death rates for the current
quarter compared to a year ago which still included excess
COVID-related deaths.
“The SGK Brand Solutions segment performed well
for the fiscal 2024 first quarter. Sales in the U.S. and
Asia-Pacific brand markets were relatively stable compared with a
year ago, although we continued to see softness in our European
brand markets. Most of the segment’s change for the quarter related
to the timing of projects in our retail-based business. Adjusted
EBITDA for the segment was higher than a year ago, primarily
reflecting improved pricing and realized benefits from our recent
cost reduction actions.
“Additionally, we renewed our $750 million
domestic revolving credit facility in January 2024. The maturity of
the renewed facility is January 2029, with generally the same
pricing terms and conditions as the previous facility.
“With respect to our fiscal 2024 outlook, we are
continuing to target growth in consolidated sales and adjusted
EBITDA over fiscal 2023. Customer interest in our energy storage
solutions remains strong. Our backlog in this business, which
reflects orders from multiple customers, exceeded $100 million at
the end of the current quarter. However, as we cautioned in
November 2023, with the increasing level of larger longer-term
projects, the timing of order execution can significantly influence
quarterly results as we experienced this quarter. Accordingly,
while we expect our fiscal 2024 results to exceed fiscal 2023, the
level of growth remains more difficult to predict at this
time.”
First Quarter Fiscal 2024 Consolidated Results
(Unaudited) |
($ in millions, except per share data) |
Q1 FY2024 |
|
Q1 FY2023 |
|
Change |
|
% Change |
|
|
Sales |
$ |
450.0 |
|
|
$ |
449.2 |
|
$ |
0.7 |
|
|
0.2 |
|
% |
Net (loss) income attributable to Matthews |
$ |
(2.3 |
) |
|
$ |
3.7 |
|
$ |
(6.0 |
) |
|
(162.2 |
) |
% |
Diluted (loss) earnings per share |
$ |
(0.07 |
) |
|
$ |
0.12 |
|
$ |
(0.19 |
) |
|
(158.3 |
) |
% |
Non-GAAP adjusted net income |
$ |
11.3 |
|
|
$ |
16.4 |
|
$ |
(5.1 |
) |
|
(31.0 |
) |
% |
Non-GAAP adjusted EPS |
$ |
0.37 |
|
|
$ |
0.53 |
|
$ |
(0.16 |
) |
|
(30.2 |
) |
% |
Adjusted EBITDA |
$ |
45.5 |
|
|
$ |
49.3 |
|
$ |
(3.8 |
) |
|
(7.7 |
) |
% |
Note: See the attached tables for additional important disclosures
regarding Matthews’ use of non-GAAP measures as well as
reconciliations of non-GAAP measures to corresponding GAAP
measures. |
|
|
|
|
|
Consolidated sales for the quarter ended
December 31, 2023 were $450.0 million, compared to $449.2
million for the same quarter a year ago, representing an increase
of $0.7 million, or 0.2%. Changes in foreign currency exchange
rates were estimated to have a favorable impact of $5.1 million on
fiscal 2024 first quarter sales compared to the prior year.
Net loss attributable to the Company for the
quarter ended December 31, 2023 was $2.3 million, or $0.07 per
share, compared to income of $3.7 million, or $0.12 per share in
the prior year. On a non-GAAP adjusted basis, earnings for the
fiscal 2024 first quarter were $0.37 per share, compared to $0.53
per share a year ago. The decrease was primarily attributable to a
decrease in consolidated adjusted EBITDA and higher interest
expense for the current quarter compared to a year ago. Adjusted
EBITDA for the fiscal 2024 first quarter was $45.5 million,
compared to $49.3 million a year ago, reflecting lower adjusted
EBITDA in the Memorialization and Industrial Technologies segments,
partially offset by higher adjusted EBITDA in the SGK Brand
Solutions segment and lower corporate and non-operating costs.
Webcast
The Company will host a conference call and
webcast on Friday, February 2, 2024 at 9:00 a.m. Eastern Time to
review its financial and operating results and discuss its
corporate strategies and outlook. A question-and-answer session
will follow. The conference call can be accessed by dialing (201)
689-8471. The audio webcast can be monitored at www.matw.com. As
soon as available after the call, a transcript of the call will be
posted on the Investor Relations section of the Company’s website
at www.matw.com.
About Matthews International
Corporation
Matthews International Corporation is a global
provider of memorialization products, industrial technologies, and
brand solutions. The Memorialization segment is a leading provider
of memorialization products, including memorials, caskets,
cremation-related products, and cremation and incineration
equipment, primarily to cemetery and funeral home customers that
help families move from grief to remembrance. The Industrial
Technologies segment includes the design, manufacturing, service
and distribution of high-tech custom energy storage solutions;
product identification and warehouse automation technologies and
solutions, including order fulfillment systems for identifying,
tracking, picking and conveying consumer and industrial products;
and coating and converting lines for the packaging, pharma, foil,
décor and tissue industries. The SGK Brand Solutions segment is a
leading provider of packaging solutions and brand experiences,
helping companies simplify their marketing, amplify their brands
and provide value. The Company has approximately 12,000 employees
in more than 30 countries on six continents that are committed to
delivering the highest quality products and services.
Forward-looking Information
Any forward-looking statements contained in this
release are included pursuant to the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements regarding the expectations, hopes, beliefs, intentions
or strategies of the Company regarding the future, and may be
identified by the use of words such as “expects,” “believes,”
“intends,” “projects,” “anticipates,” “estimates,” “plans,”
“seeks,” “forecasts,” “predicts,” “objective,” “targets,”
“potential,” “outlook,” “may,” “will,” “could” or the negative of
these terms, other comparable terminology and variations thereof.
Such forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company’s actual results in future
periods to be materially different from management’s expectations,
and no assurance can be given that such expectations will prove
correct. Factors that could cause the Company's results to differ
materially from the results discussed in such forward-looking
statements principally include changes in domestic or international
economic conditions, changes in foreign currency exchange rates,
changes in interest rates, changes in the cost of materials used in
the manufacture of the Company's products, any impairment of
goodwill or intangible assets, environmental liability and
limitations on the Company’s operations due to environmental laws
and regulations, disruptions to certain services, such as
telecommunications, network server maintenance, cloud computing or
transaction processing services, provided to the Company by
third-parties, changes in mortality and cremation rates, changes in
product demand or pricing as a result of consolidation in the
industries in which the Company operates, or other factors such as
supply chain disruptions, labor shortages or labor cost increases,
changes in product demand or pricing as a result of domestic or
international competitive pressures, ability to achieve
cost-reduction objectives, unknown risks in connection with the
Company's acquisitions and divestitures, cybersecurity concerns and
costs arising with management of cybersecurity threats,
effectiveness of the Company's internal controls, compliance with
domestic and foreign laws and regulations, technological factors
beyond the Company's control, impact of pandemics or similar
outbreaks, or other disruptions to our industries, customers, or
supply chains, the impact of global conflicts, such as the current
war between Russia and Ukraine, and other factors described in the
Company’s Annual Report on Form 10-K and other periodic filings
with the U.S. Securities and Exchange Commission.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)(In thousands, except per share
data) |
|
Three Months EndedDecember
31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Sales |
$ |
449,986 |
|
|
$ |
449,240 |
|
|
0.2 |
|
% |
Cost of sales |
|
(317,633 |
) |
|
|
(310,310 |
) |
|
2.4 |
|
% |
Gross profit |
|
132,353 |
|
|
|
138,930 |
|
|
(4.7 |
) |
% |
Gross margin |
|
29.4 |
% |
|
|
30.9 |
% |
|
|
|
|
|
|
|
|
Selling and administrative expenses |
|
(113,131 |
) |
|
|
(111,360 |
) |
|
1.6 |
|
% |
Amortization of intangible assets |
|
(9,795 |
) |
|
|
(10,342 |
) |
|
(5.3 |
) |
% |
Operating profit |
|
9,427 |
|
|
|
17,228 |
|
|
(45.3 |
) |
% |
Operating margin |
|
2.1 |
% |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
Interest and other deductions, net |
|
(12,456 |
) |
|
|
(12,269 |
) |
|
1.5 |
|
% |
(Loss) income before
income taxes |
|
(3,029 |
) |
|
|
4,959 |
|
|
(161.1 |
) |
% |
Income taxes |
|
726 |
|
|
|
(1,312 |
) |
|
(155.3 |
) |
% |
Net (loss) income |
|
(2,303 |
) |
|
|
3,647 |
|
|
(163.1 |
) |
% |
Non-controlling interests |
|
— |
|
|
|
56 |
|
|
(100.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Matthews |
$ |
(2,303 |
) |
|
$ |
3,703 |
|
|
(162.2 |
) |
% |
|
|
|
|
|
|
Earnings (loss) per
share -- diluted |
$ |
(0.07 |
) |
|
$ |
0.12 |
|
|
(158.3 |
) |
% |
|
|
|
|
|
|
Earnings per share --
non-GAAP(1) |
$ |
0.37 |
|
|
$ |
0.53 |
|
|
(30.2 |
) |
% |
|
|
|
|
|
|
Dividends declared per
share |
$ |
0.24 |
|
|
$ |
0.23 |
|
|
4.3 |
|
% |
|
|
|
|
|
|
Diluted
Shares |
|
30,915 |
|
|
|
30,953 |
|
|
|
(1)See reconciliation of non-GAAP financial information provided in
tables at the end of this release |
SEGMENT INFORMATION (Unaudited)(In
thousands) |
|
Three Months EndedDecember
31, |
|
|
|
2023 |
|
|
|
2022 |
|
Sales: |
|
|
|
|
|
Memorialization |
$ |
208,071 |
|
|
$ |
206,502 |
|
Industrial Technologies |
|
111,374 |
|
|
|
109,143 |
|
SGK Brand Solutions |
|
130,541 |
|
|
|
133,595 |
|
|
$ |
449,986 |
|
|
$ |
449,240 |
|
Adjusted
EBITDA: |
|
|
|
Memorialization |
$ |
36,700 |
|
|
$ |
39,137 |
|
Industrial Technologies |
|
9,622 |
|
|
|
12,202 |
|
SGK Brand Solutions |
|
12,893 |
|
|
|
12,232 |
|
Corporate and Non-Operating |
|
(13,733 |
) |
|
|
(14,280 |
) |
Total Adjusted EBITDA(1) |
$ |
45,482 |
|
|
$ |
49,291 |
|
|
|
|
|
(1)See reconciliation of non-GAAP financial information provided in
tables at the end of this release |
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)(In thousands) |
|
December 31, 2023 |
September 30, 2023 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
37,921 |
|
|
$ |
42,101 |
|
Accounts receivable, net |
|
216,402 |
|
|
|
207,526 |
|
Inventories, net |
|
257,836 |
|
|
|
260,409 |
|
Other current assets |
|
145,904 |
|
|
|
138,221 |
|
Total current assets |
|
658,063 |
|
|
|
648,257 |
|
Property, plant and equipment,
net |
|
281,839 |
|
|
|
270,326 |
|
Goodwill |
|
708,961 |
|
|
|
698,109 |
|
Other intangible assets,
net |
|
151,342 |
|
|
|
160,478 |
|
Other long-term assets |
|
102,920 |
|
|
|
110,211 |
|
Total
assets |
$ |
1,903,125 |
|
|
$ |
1,887,381 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Long-term debt, current
maturities |
$ |
4,948 |
|
|
$ |
3,696 |
|
Other current liabilities |
|
344,255 |
|
|
|
390,904 |
|
Total current liabilities |
|
349,203 |
|
|
|
394,600 |
|
Long-term debt |
|
857,423 |
|
|
|
786,484 |
|
Other long-term
liabilities |
|
187,690 |
|
|
|
181,016 |
|
Total liabilities |
|
1,394,316 |
|
|
|
1,362,100 |
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
Total shareholders' equity |
|
508,809 |
|
|
|
525,281 |
|
Total liabilities and
shareholders' equity |
$ |
1,903,125 |
|
|
$ |
1,887,381 |
|
CONDENSED CONSOLIDATED CASH FLOWS INFORMATION
(Unaudited)(In thousands) |
|
Three Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net (loss) income |
$ |
(2,303 |
) |
|
$ |
3,647 |
|
Adjustments to reconcile net (loss) income to net cash flows from
operating activities: |
|
|
Depreciation and amortization |
|
23,523 |
|
|
|
23,729 |
|
Changes in working capital items |
|
(51,640 |
) |
|
|
(43,152 |
) |
Other operating activities |
|
3,154 |
|
|
|
(20,448 |
) |
Net cash used in operating activities |
|
(27,266 |
) |
|
|
(36,224 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital expenditures |
|
(14,073 |
) |
|
|
(12,398 |
) |
Acquisitions, net of cash acquired |
|
— |
|
|
|
(1,759 |
) |
Other investing activities |
|
(113 |
) |
|
|
4 |
|
Net cash used in investing activities |
|
(14,186 |
) |
|
|
(14,153 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Net payments from long-term debt |
|
62,579 |
|
|
|
32,722 |
|
Purchases of treasury stock |
|
(17,185 |
) |
|
|
(2,451 |
) |
Dividends |
|
(9,280 |
) |
|
|
(7,003 |
) |
Other financing activities |
|
— |
|
|
|
(946 |
) |
Net cash provided by financing activities |
|
36,114 |
|
|
|
22,322 |
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
1,158 |
|
|
|
1,757 |
|
|
|
|
|
Net change in cash and
cash equivalents |
$ |
(4,180 |
) |
|
$ |
(26,298 |
) |
|
Reconciliations of Non-GAAP Financial
Measures
Included in this report are measures of
financial performance that are not defined by GAAP, including,
without limitation, adjusted EBITDA, adjusted net income and EPS,
constant currency sales, constant currency adjusted EBITDA, net
debt and net debt leverage ratio. The Company defines net debt
leverage ratio as outstanding debt (net of cash) relative to
adjusted EBITDA. The Company uses non-GAAP financial measures to
assist in comparing its performance on a consistent basis for
purposes of business decision-making by removing the impact of
certain items that management believes do not directly reflect the
Company’s core operations including acquisition and divestiture
costs, ERP integration costs, strategic initiative and other
charges (which includes non-recurring charges related to certain
commercial and operational initiatives and exit activities),
stock-based compensation and the non-service portion of pension and
postretirement expense. Constant currency sales and constant
currency adjusted EBITDA remove the impact of changes due to
foreign exchange translation rates. To calculate sales and adjusted
EBITDA on a constant currency basis, amounts for periods in the
current fiscal year are translated into U.S. dollars using exchange
rates applicable to the comparable periods of the prior fiscal
year. Management believes that presenting non-GAAP financial
measures is useful to investors because it (i) provides investors
with meaningful supplemental information regarding financial
performance by excluding certain items that management believes do
not directly reflect the Company's core operations, (ii) permits
investors to view performance using the same tools that management
uses to budget, forecast, make operating and strategic decisions,
and evaluate historical performance, and (iii) otherwise provides
supplemental information that may be useful to investors in
evaluating the Company’s results. The Company's calculations of its
non-GAAP financial measures, however, may not be comparable to
similarly titled measures reported by other companies. The Company
believes that the presentation of these non-GAAP financial
measures, when considered together with the corresponding GAAP
financial measures and the reconciliations to those measures,
provided herein, provide investors with an additional understanding
of the factors and trends affecting the Company’s business that
could not be obtained absent these disclosures.
ADJUSTED EBITDA RECONCILIATION
(Unaudited)(In thousands) |
|
Three Months EndedDecember
31, |
|
|
2023 |
|
|
|
2022 |
|
Net (loss)
income |
$ |
(2,303 |
) |
|
$ |
3,647 |
|
Income tax (benefit) provision |
|
(726 |
) |
|
|
1,312 |
|
(Loss) income before
income taxes |
$ |
(3,029 |
) |
|
$ |
4,959 |
|
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
56 |
|
Interest expense, including RPA and factoring financing
fees(1) |
|
12,751 |
|
|
|
10,671 |
|
Depreciation and amortization* |
|
23,523 |
|
|
|
23,729 |
|
Acquisition and divestiture related items(2)** |
|
1,237 |
|
|
|
1,285 |
|
Strategic initiatives and other charges(3)** |
|
5,920 |
|
|
|
1,781 |
|
Highly inflationary accounting losses (primarily non-cash)(4) |
|
320 |
|
|
|
1,088 |
|
Stock-based compensation |
|
4,651 |
|
|
|
4,334 |
|
Non-service pension and postretirement expense(5) |
|
109 |
|
|
|
1,388 |
|
Total Adjusted
EBITDA |
$ |
45,482 |
|
|
$ |
49,291 |
|
Adjusted EBITDA margin |
|
10.1 |
% |
|
|
11.0 |
% |
|
|
|
|
(1) Includes fees for receivables sold under the RPA and factoring
arrangements totaling $1,175 and $456 for the three months ended
December 31, 2023 and 2022, respectively. |
(2) Includes certain non-recurring items associated with recent
acquisition and divestiture activities. |
(3) Includes certain non-recurring costs associated with
commercial, operational and cost-reduction initiatives, and costs
associated with global ERP system integration efforts. |
(4) Represents exchange losses associated with highly inflationary
accounting related to the Company's Turkish subsidiaries. |
(5) Non-service pension and postretirement expense includes
interest cost, expected return on plan assets, amortization of
actuarial gains and losses, curtailment gains and losses, and
settlement gains and losses. These benefit cost components are
excluded from adjusted EBITDA since they are primarily influenced
by external market conditions that impact investment returns and
interest (discount) rates. Curtailment gains and losses and
settlement gains and losses are excluded from adjusted EBITDA since
they generally result from certain non-recurring events, such as
plan amendments to modify future benefits or settlements of plan
obligations. The service cost and prior service cost components of
pension and postretirement expense are included in the calculation
of adjusted EBITDA, since they are considered to be a better
reflection of the ongoing service-related costs of providing these
benefits. Please note that GAAP pension and postretirement expense
or the adjustment above are not necessarily indicative of the
current or future cash flow requirements related to these employee
benefit plans. |
|
* Depreciation and amortization was $6,413 and
$5,574 for the Memorialization segment, $6,377 and $5,853 for the
Industrial Technologies segment, $9,572 and $11,060 for the SGK
Brand Solutions segment, and $1,161 and $1,242 for Corporate and
Non-Operating, for the three months ended December 31, 2023
and 2022, respectively. ** Acquisition and divestiture costs, ERP
integration costs, and strategic initiatives and other charges were
$60 and $378 for the Memorialization segment, $5,367 and $937 for
the Industrial Technologies segment, $863 and $521 for the SGK
Brand Solutions segment, $867 and $1,230 for Corporate and
Non-Operating, for the three months ended December 31, 2023
and 2022, respectively.
ADJUSTED NET INCOME AND EPS RECONCILIATION
(Unaudited)(In thousands, except per share
data) |
|
Three Months EndedDecember
31, |
|
|
2023 |
|
|
|
2022 |
|
|
per share |
|
|
per share |
Net (loss) income attributable to Matthews |
$ |
(2,303 |
) |
$ |
(0.07 |
) |
|
$ |
3,703 |
$ |
0.12 |
Acquisition and divestiture costs(1) |
|
899 |
|
|
0.03 |
|
|
|
1,062 |
|
0.03 |
Strategic initiatives and other charges(2) |
|
5,004 |
|
|
0.16 |
|
|
|
1,787 |
|
0.06 |
Highly inflationary accounting losses (primarily non-cash)(3) |
|
320 |
|
|
0.01 |
|
|
|
1,088 |
|
0.04 |
Non-service pension and postretirement expense(4) |
|
81 |
|
|
— |
|
|
|
1,041 |
|
0.03 |
Amortization |
|
7,346 |
|
|
0.24 |
|
|
|
7,757 |
|
0.25 |
Adjusted net
income |
$ |
11,347 |
|
$ |
0.37 |
|
|
$ |
16,438 |
$ |
0.53 |
|
|
|
|
|
|
Note: Adjustments to net income for non-GAAP reconciling items were
calculated using an income tax rate of 26.4% for the three months
ended December 31, 2023, and 22.1% for the three months ended
December 31, 2022. |
(1)Includes certain non-recurring costs associated with recent
acquisition and divestiture activities. |
(2)Includes certain non-recurring costs associated with commercial,
operational and cost-reduction initiatives, and costs associated
with global ERP system integration efforts. |
(3)Represents exchange losses associated with highly inflationary
accounting related to the Company's Turkish subsidiaries. |
(4)Non-service pension and postretirement expense includes interest
cost, expected return on plan assets, amortization of actuarial
gains and losses, curtailment gains and losses, and settlement
gains and losses. These benefit cost components are excluded from
adjusted EBITDA since they are primarily influenced by external
market conditions that impact investment returns and interest
(discount) rates. Curtailment gains and losses and settlement gains
and losses are excluded from adjusted EBITDA since they generally
result from certain non-recurring events, such as plan amendments
to modify future benefits or settlements of plan obligations. The
service cost and prior service cost components of pension and
postretirement expense are included in the calculation of adjusted
EBITDA, since they are considered to be a better reflection of the
ongoing service-related costs of providing these benefits. Please
note that GAAP pension and postretirement expense or the adjustment
above are not necessarily indicative of the current or future cash
flow requirements related to these employee benefit plans. |
CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION
(Unaudited)(In thousands) |
|
|
Memorialization |
|
Industrial Technologies |
|
SGK Brand Solutions |
|
Corporate and Non-Operating |
|
Consolidated |
Reported sales for the three months ended December 31,
2023 |
$ |
208,071 |
|
|
$ |
111,374 |
|
|
$ |
130,541 |
|
|
$ |
— |
|
$ |
449,986 |
|
Changes in foreign exchange translation rates |
|
(381 |
) |
|
|
(3,731 |
) |
|
|
(969 |
) |
|
|
— |
|
|
(5,081 |
) |
Constant currency sales for
the three months ended December 31, 2023 |
$ |
207,690 |
|
|
$ |
107,643 |
|
|
$ |
129,572 |
|
|
$ |
— |
|
$ |
444,905 |
|
|
|
|
|
|
|
|
|
|
|
Reported adjusted EBITDA for the three months ended
December 31, 2023 |
$ |
36,700 |
|
|
$ |
9,622 |
|
|
$ |
12,893 |
|
|
$ |
(13,733 |
) |
|
$ |
45,482 |
|
Changes in foreign exchange translation rates |
|
34 |
|
|
|
(405 |
) |
|
|
142 |
|
|
|
(125 |
) |
|
|
(354 |
) |
Constant currency adjusted
EBITDA for the three months ended December 31, 2023 |
$ |
36,734 |
|
|
$ |
9,217 |
|
|
$ |
13,035 |
|
|
$ |
(13,858 |
) |
|
$ |
45,128 |
|
NET DEBT AND NET DEBT LEVERAGE RATIO RECONCILIATION
(Unaudited)(Dollars in thousands) |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
|
|
|
Long-term debt, current maturities |
$ |
4,948 |
|
|
|
$ |
3,696 |
|
Long-term debt |
|
857,423 |
|
|
|
|
786,484 |
|
Total debt |
|
862,371 |
|
|
|
|
790,180 |
|
|
|
|
|
|
Less: Cash and cash equivalents |
|
(37,921 |
) |
|
|
|
(42,101 |
) |
|
|
|
|
|
Net Debt |
$ |
824,450 |
|
|
|
$ |
748,079 |
|
|
|
|
|
|
Adjusted EBITDA (trailing 12 months) |
$ |
222,000 |
|
|
|
$ |
225,809 |
|
|
|
|
|
|
Net Debt Leverage
Ratio |
|
3.7 |
|
|
|
|
3.3 |
|
|
Matthews International CorporationCorporate OfficeTwo NorthShore
CenterPittsburgh, PA 15212-5851Phone: (412) 442-8200
|
Contact: |
Steven F. Nicola |
William D. Wilson |
|
|
Chief Financial
Officer and Secretary |
Senior Director,
Corporate Development |
Matthews (NASDAQ:MATW)
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