Matthews International Corporation (MATW) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	781	822	899	900	985	1,107	1,426	1,480	1,516	1,603	1,537	1,498	1,671	1,762	1,881
+ Sales & Services Revenue	781	822	899	900	985	1,107	1,426	1,480	1,516	1,603	1,537	1,498	1,671	1,762	1,881
- Cost of Revenue	486	498	547	564	629	714	897	924	948	1,018	995	1,001	1,129	1,240	1,303
+ Cost of Goods & Services	486	498	547	564	629	714	897	924	948	1,018	995	1,001	1,129	1,240	1,303
Gross Profit	295	323	352	337	357	392	529	556	568	584	542	498	542	522	578
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	194	207	233	244	262	311	424	438	446	446	455	472	500	484	490
+ Selling, General & Admin	194	207	233	244	262	311	424	417	423	414	409	400	416	427	447
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	21	23	32	46	72	84	57	42
Operating Income (Loss)	101	117	119	93	95	82	105	119	121	139	88	26	42	39	88
- Non-Operating (Income) Loss	10	6	6	10	14	15	15	24	25	41	126	133	33	143	47
+ Interest Expense, Net	12	7	7	11	13	13	21	24	26	37	41	35	29	28	45
+ Interest Expense	12	7	8	11	13	13	21	24	26	37	41	35	29	28	45
- Interest Income	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-2	-1	- -	-2	2	3	-5	-1	-1	3	85	98	4	115	3
Pretax Income	91	110	112	83	80	66	90	95	96	98	-38	-106	9	-104	41
- Income Tax Expense (Benefit)	31	39	39	28	26	23	26	29	22	-9	1	-19	6	-4	2
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	60	72	73	55	54	43	63	66	74	107	-39	-88	3	-100	39
- Net Extraordinary Losses (Gains)	4	5	2	-1	- -	1	- -	-1	-1	-1	-2	-1	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	4	5	2	-1	- -	1	- -	-1	-1	-1	-2	-1	- -	- -	- -
Income (Loss) Incl. MI	56	66	71	56	54	42	64	67	75	108	-37	-87	3	-100	39
- Minority Interest	-2	-3	-1	1	- -	-1	- -	1	- -	- -	1	- -	- -	- -	- -
Net Income, GAAP	58	69	72	55	54	43	63	67	74	107	-38	-87	3	-100	39
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	58	69	72	55	54	43	63	67	74	107	-38	-87	3	-100	39
Basic Weighted Avg Shares	30	30	29	28	27	28	33	33	32	32	31	31	32	31	31
Basic EPS, GAAP	1.91	2.33	2.52	1.99	1.99	1.51	1.93	2.04	2.31	3.39	-1.21	-2.79	0.09	-3.18	1.28
Basic EPS from Cont Ops	1.97	2.42	2.55	1.97	1.98	1.53	1.92	2.03	2.29	3.38	-1.24	-2.81	0.09	-3.18	1.27
Diluted Weighted Avg Shares	30	30	29	28	27	28	33	33	33	32	31	31	32	31	31
Diluted EPS, GAAP	1.9	2.32	2.51	1.99	1.97	1.5	1.91	2.03	2.28	3.37	-1.21	-2.79	0.09	-3.18	1.26
Diluted EPS from Cont Ops	1.96	2.42	2.55	1.96	1.97	1.52	1.91	2.01	2.27	3.36	-1.24	-2.81	0.09	-3.18	1.25
EBITDA	131	144	146	121	132	124	168	184	189	216	179	145	176	143	185
EBITDA Margin (%)	16.81	17.51	16.26	13.48	13.44	11.24	11.76	12.45	12.49	13.45	11.62	9.7	10.51	8.09	9.82
EBITA	101	117	119	93	95	82	105	119	121	139	88	26	42	39	88
EBIT	101	117	119	93	95	82	105	119	121	139	88	26	42	39	88
Gross Margin (%)	37.75	39.35	39.12	37.38	36.18	35.47	37.12	37.59	37.46	36.46	35.29	33.22	32.43	29.63	30.71
Operating Margin (%)	12.94	14.19	13.19	10.28	9.6	7.37	7.36	8.03	8.01	8.65	5.72	1.75	2.52	2.19	4.68
Profit Margin (%)	7.39	8.4	8.05	6.14	5.49	3.85	4.45	4.51	4.91	6.7	-2.47	-5.82	0.17	-5.66	2.09
Sales per Employee	173,535	167,720	169,589	166,725	169,889	117,723	138,453	143,734	137,783	145,689	139,752	136,210	151,912	146,867	156,741
Dividend per Share	0.35	0.29	0.33	0.37	0.41	0.47	0.54	0.59	0.68	0.78	0.82	0.85	0.87	0.88	0.92
Depreciation Expense	30	27	28	29	38	43	63	65	68	77	91	119	134	104	97

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	305	336	370	393	400	566	605	574	595	615	584	576	624	629	648
+ Cash, Cash Equivalents & STI	58	61	63	58	48	63	72	56	58	42	35	41	49	69	42
+ Cash & Cash Equivalents	58	60	62	58	48	63	72	56	58	42	35	41	49	69	42
+ ST Investments	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	139	151	165	175	178	283	284	295	320	331	319	295	310	269	282
+ Accounts Receivable, Net	139	151	165	175	178	283	284	295	320	331	319	295	310	221	208
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	48	75
+ Inventories	94	108	126	131	130	153	171	162	171	180	180	175	189	225	260
+ Raw Materials	81	28	36	41	41	46	49	30	29	35	36	36	38	53	70
+ Work In Process	14	14	21	23	24	39	33	54	62	68	76	70	76	95	108
+ Finished Goods	- -	66	68	67	65	68	90	79	80	78	68	69	75	78	82
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	14	16	16	30	45	68	77	61	47	62	49	64	76	65	64
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	644	658	728	735	809	1,458	1,539	1,517	1,650	1,743	1,607	1,497	1,408	1,254	1,239
+ Property, Plant & Equip, Net	138	130	135	144	181	209	227	219	236	253	237	309	304	328	342
+ Property, Plant & Equip	305	309	331	351	415	459	502	525	571	611	599	700	704	733	759
- Accumulated Depreciation	167	179	196	206	234	250	274	306	335	358	361	391	400	405	417
+ LT Investments & Receivables	13	14	15	19	22	23	26	31	38	45	86	63	30	26	25
+ LT Investments	13	14	15	19	22	23	26	31	38	45	86	63	30	26	25
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	493	515	578	572	606	1,225	1,286	1,266	1,376	1,444	1,284	1,125	1,074	900	872
+ Total Intangible Assets	440	463	528	535	590	1,201	1,271	1,245	1,322	1,393	1,247	1,099	1,035	878	859
+ Goodwill	385	405	465	476	525	819	856	851	898	949	847	765	774	675	698
+ Other Intangible Assets	55	58	63	59	65	382	415	394	424	444	401	333	262	202	160
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	53	52	50	37	16	24	15	21	54	52	36	26	38	23	14
Total Assets	950	994	1,097	1,128	1,209	2,024	2,144	2,091	2,245	2,358	2,191	2,073	2,032	1,883	1,887
+ Payables & Accruals	72	49	53	52	51	79	80	74	88	81	81	87	117	131	127
+ Accounts Payable	29	36	43	44	45	72	69	58	67	70	75	83	113	121	114
+ Accrued Taxes	8	13	10	8	6	7	11	16	21	11	6	4	4	9	13
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	14	12	18	22	24	15	12	28	30	31	43	51	30	26	28
+ ST Borrowings	14	12	18	22	24	15	12	28	30	31	43	27	5	3	4
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24	25	23	24
+ Other ST Liabilities	46	87	90	107	113	159	157	158	168	174	157	180	207	255	240
+ Deferred Revenue	- -	- -	14	16	14	- -	- -	- -	- -	- -	- -	- -	- -	32	37
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	46	87	76	91	100	159	156	158	168	174	157	180	207	223	203
Total Current Liabilities	132	148	162	181	188	253	249	259	285	286	280	317	354	411	395
+ LT Debt	238	225	299	298	351	714	891	845	882	929	898	857	816	847	837
+ LT Borrowings	238	225	299	298	351	714	891	845	882	929	898	808	759	795	786
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	49	57	51	50
+ Other LT Liabilities	141	127	158	158	124	282	270	278	288	273	293	287	225	138	131
+ Accrued Liabilities	13	16	17	19	20	129	125	107	139	122	102	79	97	93	71
+ Pension Liabilities	25	74	93	106	80	99	115	133	123	100	154	168	103	24	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	103	37	48	33	24	53	29	37	26	52	37	40	25	21	60
Total Noncurrent Liabilities	378	352	457	456	475	996	1,161	1,122	1,169	1,203	1,191	1,144	1,041	984	968
Total Liabilities	511	500	619	637	663	1,249	1,410	1,382	1,454	1,489	1,471	1,461	1,396	1,396	1,362
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	84	85	85	84	84	150	152	153	160	166	174	172	186	197	205
+ Common Stock	36	36	36	36	36	36	36	36	36	36	36	36	36	36	36
+ Additional Paid in Capital	47	48	49	48	47	113	116	117	123	129	138	135	149	160	168
- Treasury Stock	179	207	243	268	283	110	115	159	165	173	200	179	191	226	219
+ Retained Earnings	560	622	682	727	769	798	844	896	949	1,040	973	859	834	707	715
+ Other Equity	-30	-37	-59	-65	-27	-67	-150	-182	-154	-164	-228	-241	-193	-190	-174
Equity Before Minority Interest	434	462	465	478	543	771	731	709	790	868	718	611	637	487	526
+ Minority/Non Controlling Interest	5	32	14	13	3	4	3	1	1	- -	1	1	- -	- -	- -
Total Equity	439	494	478	491	546	775	734	709	790	869	719	611	636	487	525
Total Liabilities & Equity	950	994	1,097	1,128	1,209	2,024	2,144	2,091	2,245	2,358	2,191	2,073	2,032	1,883	1,887
Shares Outstanding	30	29	28	28	27	33	33	32	32	32	31	32	31	30	30
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	73	82	74	74
Net Debt	194	178	256	261	327	666	831	817	854	919	905	793	715	730	748
Net Debt to Equity	44.2	35.97	53.43	53.26	59.78	85.95	113.18	115.16	108.02	105.79	125.88	129.73	112.28	149.78	142.42
Tangible Common Equity Ratio	-0.26	5.77	-8.7	-7.47	-7	-51.79	-61.48	-63.38	-57.66	-54.31	-56.01	-50.06	-40.02	-38.85	-32.4
Current Ratio	2.31	2.27	2.29	2.17	2.13	2.24	2.43	2.21	2.09	2.15	2.09	1.82	1.76	1.53	1.64
Cash Conversion Cycle	117.24	115.35	116.37	123.74	114.83	119.12	110.42	111.97	114.5	112.93	116.84	110.73	93.7	82.5	77.48
Number of Employees	4,500	4,900	5,300	5,400	5,800	9,400	10,300	10,300	11,000	11,000	11,000	11,000	11,000	12,000	12,000

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	60	72	73	55	54	43	63	66	74	107	-39	-88	3	-100	39
+ Depreciation & Amortization	30	27	28	29	38	43	63	65	68	77	91	119	134	104	97
+ Non-Cash Items	13	10	16	7	3	10	13	-2	16	-22	79	81	15	83	-21
+ Stock-Based Compensation	6	7	7	5	6	7	9	11	15	13	8	8	16	17	17
+ Deferred Income Taxes	8	4	9	6	3	5	9	-4	10	-23	-7	-17	4	-33	-22
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	5	- -	- -	- -	78	90	- -	93	- -
+ Other Non-Cash Adj	- -	-1	-1	-4	-6	-2	-10	-9	-8	-12	1	-1	-5	6	-17
+ Chg in Non-Cash Work Cap	-12	-3	-19	-8	13	-5	2	11	-9	-14	- -	68	12	40	-35
+ (Inc) Dec in Accts Receiv	9	-8	-6	-5	-3	-13	8	-11	-7	-1	9	24	-13	74	26
+ (Inc) Dec in Inventories	5	-2	-14	-3	4	4	17	10	-2	-3	1	6	-13	-23	-24
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-7	12	4	-2	-3	7	-6	-7	11	-7	-2	6	30	13	-6
+ Inc (Dec) in Other	-19	-5	-4	2	16	-3	-17	18	-10	-3	-8	32	8	-24	-32
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	91	106	98	82	108	91	141	140	149	148	131	180	163	127	80
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-19	-21	-22	-33	-25	-29	-48	-42	-45	-43	-38	-35	-34	-61	-51
+ Acq of Fixed Prod Assets	-19	-21	-22	-33	-25	-29	-48	-42	-45	-43	-38	-35	-34	-61	-51
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-3	-1	-1	-1	- -	- -	- -	- -	-2	-3	-33	-10	34	20	-2
+ Dec in LT Investment	- -	1	- -	- -	- -	- -	- -	- -	- -	9	- -	- -	34	22	- -
+ Inc in LT Investment	-3	-2	-2	-1	- -	- -	- -	- -	-2	-12	-33	-10	- -	-2	-2
+ Net Cash From Acq & Div	-11	-32	-84	-13	-74	-382	-203	-7	-98	-121	-3	41	-16	-44	-9
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	10	- -	- -	- -	8	42	- -	- -	7
+ Cash for Acq of Subs	-11	-32	-84	-13	-74	-382	-213	-7	-98	-121	-12	-1	-16	-44	-15
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	1	1	- -	- -	-12	1	4	5	13	1	3	5	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-33	-54	-107	-45	-99	-411	-263	-47	-142	-162	-61	-3	-13	-81	-59
+ Dividends Paid	-10	-9	-10	-10	-11	-13	-18	-19	-22	-25	-26	-26	-28	-28	-28
+ Net Cash From Debt	-16	-9	69	- -	33	357	179	-30	29	53	-16	-126	-77	36	-18
+ Cash From Debt	54	58	117	53	116	416	279	90	417	704	504	1,155	626	778	866
+ Repayments of Debt	-70	-67	-48	-53	-83	-58	-100	-120	-388	-651	-520	-1,281	-702	-742	-884
+ Cash (Repurchase) of Equity	-28	-34	-43	-31	-21	-2	-11	-58	-14	-21	-26	-4	-12	-42	-3
+ Increase in Capital Stock	1	2	2	- -	1	8	4	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-29	-35	-45	-31	-22	-10	-15	-58	-14	-21	-26	-4	-12	-42	-3
+ Other Financing Activities	- -	- -	-6	- -	-12	-4	-20	-1	- -	-6	-7	-15	-7	-3	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-54	-51	10	-41	-11	338	131	-109	-7	1	-75	-172	-123	-37	-50
Effect of Foreign Exchange Rates	2	1	-1	- -	1	-3	- -	-1	1	-2	-2	1	- -	-6	- -
Net Changes in Cash	5	1	1	-4	-1	18	9	-16	1	-14	-5	5	27	9	-29
Capital Expenditures	-19	-21	-22	-33	-25	-29	-48	-42	-45	-43	-38	-35	-34	-61	-51
EBITDA	131	144	146	121	132	124	168	184	189	216	179	145	176	143	185
EBITDA Margin (%)	16.81	17.51	16.26	13.48	13.44	11.24	11.76	12.45	12.49	13.45	11.62	9.7	10.51	8.09	9.82
Net Cash Paid for Acquisitions	11	32	84	13	74	382	203	7	98	121	3	-41	16	44	9
Free Cash Flow	71	85	75	49	83	61	93	99	104	104	93	146	128	66	29
Free Cash Flow to Firm	79	90	81	57	92	70	107	116	125	- -	- -	- -	137	- -	72
Free Cash Flow to Equity	56	76	144	49	116	419	272	69	133	157	77	19	52	101	11
Free Cash Flow per Basic Share	2.36	2.87	2.62	1.77	3.05	2.18	2.82	3.02	3.24	3.3	2.97	4.67	4.05	2.09	0.94
Price/Free Cash Flow	9.83	8.13	7.33	7.29	7.69	10.59	8.58	10.93	10.82	8.32	6.72	3.22	5.75	3.73	9.6
Cash Flow to Net Income	1.57	1.54	1.35	1.49	2	2.13	2.22	2.1	2.01	1.37	-3.45	-2.07	55.95	-1.27	2.02

Matthews International Corporation

MATW US

24.57