Havertys Reports Operating Results for Second Quarter 2023
Havertys Reports Operating Results for Second Quarter 2023
ATLANTA, GA / ACCESSWIRE / August 1, 2023 / HAVERTYS (NYSE:HVT and HVT.A), today reported its operating results for the second quarter ended June 30, 2023.
佐治亞州亞特蘭大/ACCESSWIRE/2023年8月1日/哈弗蒂斯公司(紐約證券交易所代碼:HVT和HVT.A)今天公佈了截至2023年6月30日的第二季度的經營業績。
Second quarter 2023 versus second quarter 2022:
2023年第二季度與2022年第二季度:
- Diluted earnings per common share ("EPS") of $0.70 versus $1.27.
- Consolidated sales decreased 18.5% to $206.3 million. Comparable-store sales decreased 19.1%.
- Gross profit margin increased to 60.5% from 57.9%.
- 稀釋後每股普通股收益(EPS)為0.70美元,而不是1.27美元。
- 合併銷售額下降18.5%,至2.063億美元。可比店銷售額下降了19.1%。
- 毛利率由57.9%升至60.5%。
Clarence H. Smith, chairman and CEO said, "The impact of inflation and rising interest rates have caused some consumers to pull back on discretionary home related spending. Our second quarter sales reflected this challenge, particularly early in the quarter. The second quarter's average ticket was an all-time high aided by our free in-home design service involvement in 28.6% of sales. Gross profit margin also reached a historic high as freight and product costs declined. Operationally, we are identifying processes for improvement and cost reductions to further improve our efficiency and performance.
公司董事長兼首席執行官Clarence H.Smith表示:“通貨膨脹和利率上升的影響導致一些消費者減少了可自由支配的購房支出。我們第二季度的銷售額反映了這一挑戰,特別是在季度初。第二季度的平均門票創下歷史新高,這得益於我們免費的室內設計服務佔銷售額的28.6%。隨著運費和產品成本的下降,毛利率也達到了歷史最高水準。在運營方面,我們正在確定改善和降低成本的流程,以進一步提高我們的效率和業績。
We were pleased to secure four excellent locations from the Bed Bath & Beyond bankruptcy. These stores will allow us to reach more consumers in the Memphis, TN and Destin, FL markets, southeast Florida near Miami, and St. Petersburg in the Tampa Bay Area which is one of the hottest markets in the country. We expect these locations will open as Havertys stores in the first half of 2024. The sites are within our current footprint enabling us to further leverage our investment in a best-in-class distribution network.
我們很高興從Bed Bath和破產後獲得了四個絕佳的地點。這些商店將使我們能夠接觸到佛羅裡達州孟菲斯、田納西州和德斯汀、佛羅裡達州東南部邁阿密附近的市場以及坦帕灣地區的聖彼得堡的更多消費者,坦帕灣地區是美國最熱門的市場之一。我們預計這些門店將在2024年上半年以哈弗蒂門店的形式開業。這些網站在我們目前的足跡範圍內,使我們能夠進一步利用我們在同類最佳分銷網路中的投資。
We are carefully watching the economic green shoots in the housing market as we enter the second half of the year. Our financial strength and experienced teams position us to capitalize on the opportunities ahead."
進入下半年,我們正密切關注房地產市場的經濟萌芽。我們的財務實力和經驗豐富的團隊使我們能夠充分利用未來的機會。“
Key Results
(amounts in millions, except per share amounts)
關鍵結果
(以百萬為單位,每股除外)
Results of Operations | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Sales |
$ | 206.3 | $ | 253.2 | $ | 431.0 | $ | 492.2 | ||||||||
Gross Profit |
124.9 | 146.6 | 257.7 | 287.6 | ||||||||||||
Gross profit as a % of sales |
60.5 | % | 57.9 | % | 59.8 | % | 58.4 | % | ||||||||
SGA |
||||||||||||||||
Variable |
41.0 | 45.9 | 85.9 | 90.4 | ||||||||||||
Fixed |
69.0 | 72.2 | 142.5 | 142.9 | ||||||||||||
Total |
110.0 | 118.1 | 228.4 | 233.3 | ||||||||||||
SGA as a % of sales |
||||||||||||||||
Variable |
19.9 | % | 18.2 | % | 19.9 | % | 18.4 | % | ||||||||
Fixed |
33.4 | % | 28.5 | % | 33.1 | % | 29.0 | % | ||||||||
Total |
53.3 | % | 46.7 | % | 53.0 | % | 47.4 | % | ||||||||
Pre-tax income |
15.8 | 28.7 | 31.3 | 54.4 | ||||||||||||
Pre-tax income as a % of sales |
7.7 | % | 11.3 | % | 7.3 | % | 11.1 | % | ||||||||
Net income |
11.8 | 21.7 | 24.2 | 41.1 | ||||||||||||
Net income as a % of sales |
5.7 | % | 8.6 | % | 5.6 | % | 8.4 | % | ||||||||
Diluted earnings per share ("EPS") |
$ | 0.70 | $ | 1.27 | $ | 1.44 | $ | 2.37 |
經營成果 | ||||||||||||||||
截至6月30日的三個月, | 截至6月30日的六個月, | |||||||||||||||
2023年年 | 2022 | 2023年年 | 2022 | |||||||||||||
銷售額 |
$ | 206.3 | $ | 253.2 | $ | 431.0 | $ | 492.2 | ||||||||
毛利 |
124.9 | 146.6 | 257.7 | 287.6 | ||||||||||||
毛利潤佔銷售額的百分比 |
60.5 | 百分比 | 57.9 | 百分比 | 59.8 | 百分比 | 58.4 | 百分比 | ||||||||
SGA |
||||||||||||||||
變量 |
41.0 | 45.9 | 85.9 | 90.4 | ||||||||||||
固定 |
69.0 | 72.2 | 142.5 | 142.9 | ||||||||||||
總計 |
110.0 | 118.1 | 228.4 | 233.3 | ||||||||||||
SGA佔銷售額的百分比 |
||||||||||||||||
變量 |
19.9 | 百分比 | 18.2 | 百分比 | 19.9 | 百分比 | 18.4 | 百分比 | ||||||||
固定 |
33.4 | 百分比 | 28.5 | 百分比 | 33.1 | 百分比 | 29.0 | 百分比 | ||||||||
總計 |
53.3 | 百分比 | 46.7 | 百分比 | 53.0 | 百分比 | 47.4 | 百分比 | ||||||||
稅前收入 |
15.8 | 28.7 | 31.3 | 54.4 | ||||||||||||
稅前收入佔銷售額的百分比 |
7.7 | 百分比 | 11.3 | 百分比 | 7.3 | 百分比 | 11.1 | 百分比 | ||||||||
淨收入 |
11.8 | 21.7 | 24.2 | 41.1 | ||||||||||||
淨收益佔銷售額的百分比 |
5.7 | 百分比 | 8.6 | 百分比 | 5.6 | 百分比 | 8.4 | 百分比 | ||||||||
稀釋後每股收益(EPS) |
$ | 0.70 | $ | 1.27 | $ | 1.44 | $ | 2.37 |
Other Financial and Operations Data |
||||||||
Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
EBITDA (in millions)(1)
|
$ | 38.3 | $ | 62.8 | ||||
Sales per square foot |
$ | 189 | $ | 232 | ||||
Average ticket |
$ | 3,250 | $ | 3,122 |
其他財務和運營數據 |
||||||||
截至6月30日的六個月, | ||||||||
2023年年 | 2022 | |||||||
EBITDA(百萬美元)(1)
|
$ | 38.3 | $ | 62.8 | ||||
每平方米英尺銷售額 |
$ | 189 | $ | 二百三十二 | ||||
普通車票 |
$ | 3,250 | $ | 3,122 |
Liquidity Measures
流動性措施
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
Free Cash Flow |
2023 | 2022 | Cash Returns to Shareholders |
2023 | 2022 | ||||||||||||
Operating cash flow |
$ | 40.1 | $ | 26.3 | Share repurchases |
$ | - | $ | 25.0 | ||||||||
Dividends |
9.4 | 8.8 | |||||||||||||||
Capital expenditures |
(40.5 | ) | (13.5 | ) | Cash returns to shareholders |
$ | 9.4 | $ | 33.8 | ||||||||
Free cash flow |
$ | (0.4 | ) | $ | 12.8 | ||||||||||||
Cash at period end |
$ | 116.1 | $ | 150.2 |
截至6月30日的六個月, | 截至6月30日的六個月, | ||||||||||||||||
自由現金流 |
2023年年 | 2022 | 向股東返還現金 |
2023年年 | 2022 | ||||||||||||
營運現金流 |
$ | 40.1 | $ | 26.3 | 股份回購 |
$ | - | $ | 25.0 | ||||||||
分紅 |
9.4 | 8.8 | |||||||||||||||
資本支出 |
(40.5 | ) | (13.5 | ) | 向股東返還現金 |
$ | 9.4 | $ | 33.8 | ||||||||
自由現金流 |
$ | (0.4 | ) | $ | 12.8 | ||||||||||||
期末現金 |
$ | 116.1 | $ | 150.2 |
(1) See the reconciliation of the non-GAAP metrics at the end of the release.
(1)請參閱版本末尾的非GAAP指標對賬。
Second Quarter ended June 30, 2023 Compared to Same Period of 2022
截至2023年6月30日的第二季度與2022年同期相比
- Total sales down 18.5%, comp-store sales down 19.1% for the quarter. Total written sales were down 14.7% and written comp-store sales declined 15.2% for the quarter.
- Gross profit margins increased to 60.5% in 2023 from 57.9% in 2022. In 2023, the change in the LIFO reserve generated a positive impact on gross profit of $3.4 million compared to a negative impact of $2.5 million in 2022.
- SG&A expenses were 53.3% of sales versus 46.7% and decreased $8.1 million. The primary drivers of this change are:
- decrease of $3.0 million in selling expenses due to lower commissioned-based compensation expense offset partially by increased third-party credit costs.
- decrease of $1.4 million in occupancy costs driven by decreased rent expenses primarily from a $1.8 million lease incentive payment.
- decrease in warehouse and delivery costs of $1.9 million primarily from lower compensation and fuel costs, demurrage fees, and a reduction in usage of temporary labor.
- decrease of $1.1 million in advertising expenses driven by lower television advertising costs.
- 該季度總銷售額下降了18.5%,連鎖店銷售額下降了19.1%。該季度總書面銷售額下降了14.7%,書面商店銷售額下降了15.2%。
- 毛利率從2022年的57.9%提高到2023年的60.5%。2023年,後進先出準備金的變化對毛利潤產生了340萬美元的積極影響,而2022年的負面影響為250萬美元。
- SG&A費用佔銷售額的比例為53.3%,而銷售額為46.7%,減少了810萬美元。這一變化的主要驅動因素是:
- 銷售費用減少300萬美元,原因是基於佣金的薪酬支出減少,部分被第三方信貸成本增加所抵消。
- 租用費用減少140萬美元,主要原因是租金支出減少,主要是180萬美元的租賃獎勵付款。
- 倉庫和交付費用減少190萬美元,主要原因是補償和燃料費用、滯期費以及減少使用臨時工。
- 由於電視廣告成本下降,廣告費用減少110萬美元。
Balance Sheet and Cash Flow
資產負債表和現金流
- Cash, cash equivalents, and restricted cash equivalents at June 30, 2023 are $116.1 million.
- Generated $40.1 million in cash from operating activities primarily from solid earnings performance and changes in working capital including $10.1 million in vendor repayments and accrued liabilities, and an increase in other assets and liabilities of $11.6 million.
- Invested $40.5 million in capital expenditures including $28.2 million for the purchase of our Florida distribution center from our landlord in May.
- Paid $9.4 million in quarterly cash dividends during the six months ended June 30, 2023.
- No debt outstanding at June 30, 2023 and credit availability of $80.0 million.
- 截至2023年6月30日的現金、現金等價物和限制性現金等價物為1.161億美元。
- 經營活動產生了4,010萬美元現金,主要來自穩健的收益表現和營運資本的變化,包括1,010萬美元的供應商還款和應計負債,以及1160萬美元的其他資產和負債的增加。
- 在資本支出上投資了4050萬美元,其中包括5月份從房東手中購買佛羅裡達配送中心的2820萬美元。
- 在截至2023年6月30日的六個月中支付了940萬美元的季度現金股息。
- 截至2023年6月30日,沒有未償債務,信貸可獲得性為8000萬美元。
Expectations and Other
期望值和其他
- We expect gross profit margins for 2023 will be between 59.5% to 60.0%. Gross profit margins fluctuate quarter to quarter in relation to our promotional cadence. Our estimated gross profit margins are based on anticipated changes in product and freight costs and its impact on our LIFO reserve.
- Fixed and discretionary expenses within SG&A for the full year of 2023 are expected to be in the $286.0 to $289.0 million range, a reduction in our previous guidance related to advertising and warehouse and delivery costs. Variable SG&A expenses for the full year of 2023 are anticipated to be in the 19.5% to 19.7% range.
- Our effective tax rate for 2023 is expected to be 25% excluding the impact from the vesting of stock-based awards, potential tax credits, and any new tax legislation.
- Planned capital expenditures for the full year of 2023 are approximately $57.0 million.
- We expect retail square footage will increase approximately 1.6% in 2023 over 2022 as we open four stores and close one during the year.
- 我們預計2023年的毛利率將在59.5%至60.0%之間。毛利率因促銷節奏的不同而每季波動。我們預計的毛利率是基於產品和運費成本的預期變化及其對後進先出準備金的影響。
- 預計2023年全年SG&A內部的固定和可自由支配費用將在286.0美元至2.89億美元之間,這比我們之前與廣告、倉庫和交付成本相關的指導減少了。預計2023年全年的可變SG&A費用將在19.5%至19.7%之間。
- 我們2023年的有效稅率預計為25%,不包括基於股票的獎勵、潛在的稅收抵免和任何新稅收立法的影響。
- 2023年全年的計劃資本支出約為5700萬美元。
- 我們預計2023年零售面積將比2022年增加約1.6%,因為我們將在年內開設四家門店並關閉一家門店。
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
哈弗蒂傢俱公司。
簡明合併損益表
(未經審計)
Three Months Ended June 30, |
Six Months Ended
June 30,
|
|||||||||||||||
(In thousands, except per share data) |
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net sales |
$ | 206,289 | $ | 253,216 | $ | 431,042 | $ | 492,162 | ||||||||
Cost of goods sold |
81,394 | 106,608 | 173,363 | 204,593 | ||||||||||||
Gross profit |
124,895 | 146,608 | 257,679 | 287,569 | ||||||||||||
Expenses: |
||||||||||||||||
Selling, general and administrative |
110,016 | 118,129 | 228,377 | 233,283 | ||||||||||||
Other (income) expense, net |
14 | (45 | ) | 9 | 115 | |||||||||||
Total expenses |
110,030 | 118,084 | 228,386 | 233,398 | ||||||||||||
Income before interest and income taxes |
14,865 | 28,524 | 29,293 | 54,171 | ||||||||||||
Interest income, net |
973 | 144 | 1,983 | 218 | ||||||||||||
Income before income taxes |
15,838 | 28,668 | 31,276 | 54,389 | ||||||||||||
Income tax expense |
4,046 | 6,960 | 7,112 | 13,319 | ||||||||||||
Net income |
$ | 11,792 | $ | 21,708 | $ | 24,164 | $ | 41,070 | ||||||||
Basic earnings per share: |
||||||||||||||||
Common Stock |
$ | 0.73 | $ | 1.31 | $ | 1.49 | $ | 2.45 | ||||||||
Class A Common Stock |
$ | 0.68 | $ | 1.25 | $ | 1.41 | $ | 2.33 | ||||||||
Diluted earnings per share: |
||||||||||||||||
Common Stock |
$ | 0.70 | $ | 1.27 | $ | 1.44 | $ | 2.37 | ||||||||
Class A Common Stock |
$ | 0.67 | $ | 1.22 | $ | 1.38 | $ | 2.27 | ||||||||
Cash dividends per share: |
||||||||||||||||
Common Stock |
$ | 0.30 | $ | 0.28 | $ | 0.58 | $ | 0.53 | ||||||||
Class A Common Stock |
$ | 0.28 | $ | 0.26 | $ | 0.54 | $ | 0.49 |
截至三個月 6月30日, |
截至六個月
6月30日,
|
|||||||||||||||
(單位為千,每股數據除外) |
2023年年 | 2022 | 2023年年 | 2022 | ||||||||||||
淨銷售額 |
$ | 206,289 | $ | 253,216 | $ | 431,042 | $ | 492,162 | ||||||||
銷貨成本 |
81,394 | 106,608 | 173,363 | 204,593 | ||||||||||||
毛利 |
124,895 | 146,608 | 257,679 | 287,569 | ||||||||||||
費用: |
||||||||||||||||
銷售、一般和行政 |
110,016 | 118,129 | 228,377 | 233,283 | ||||||||||||
其他(收入)費用,淨額 |
14. | (45) | ) | 9. | 一百一十五 | |||||||||||
總費用 |
110,030 | 118,084 | 228,386 | 233,398 | ||||||||||||
息稅前收入 |
14,865 | 28,524 | 29,293 | 54,171 | ||||||||||||
利息收入,淨額 |
973 | 144 | 1983. | 218 | ||||||||||||
所得稅前收入 |
15,838 | 28,668 | 31,276 | 54,389 | ||||||||||||
所得稅費用 |
4,046 | 6960 | 7112 | 13,319 | ||||||||||||
淨收入 |
$ | 11,792 | $ | 21,708 | $ | 24,164 | $ | 41,070 | ||||||||
基本每股收益: |
||||||||||||||||
普通股 |
$ | 0.73 | $ | 1.31 | $ | 1.49 | $ | 2.45 | ||||||||
A類普通股 |
$ | 0.68 | $ | 1.25 | $ | 1.41 | $ | 2.33 | ||||||||
稀釋後每股收益: |
||||||||||||||||
普通股 |
$ | 0.70 | $ | 1.27 | $ | 1.44 | $ | 2.37 | ||||||||
A類普通股 |
$ | 0.67 | $ | 1.22 | $ | 1.38 | $ | 2.27 | ||||||||
每股現金股息: |
||||||||||||||||
普通股 |
$ | 0.30 | $ | 0.28 | $ | 0.58 | $ | 0.53 | ||||||||
A類普通股 |
$ | 0.28 | $ | 0.26 | $ | 0.54 | $ | 0.49 |
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
哈弗蒂傢俱公司。
CONDENSED CONSOLIDATED BALANCE SHEETS
(未經審計)
(In thousands) |
June 30, 2023 |
December 31, 2022 |
June 30, 2022 |
|||||||||
Assets |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
$ | 109,143 | $ | 123,126 | $ | 143,454 | ||||||
Restricted cash and cash equivalents |
6,959 | 6,804 | 6,722 | |||||||||
Inventories |
114,722 | 118,333 | 134,053 | |||||||||
Prepaid expenses |
11,734 | 9,707 | 10,523 | |||||||||
Other current assets |
14,914 | 18,283 | 14,653 | |||||||||
Total current assets |
257,472 | 276,253 | 309,405 | |||||||||
Property and equipment, net |
169,091 | 137,475 | 131,230 | |||||||||
Right-of-use lease assets |
199,698 | 207,390 | 222,702 | |||||||||
Deferred income taxes |
16,829 | 15,501 | 18,769 | |||||||||
Other assets |
13,100 | 12,430 | 12,190 | |||||||||
Total assets |
$ | 656,190 | $ | 649,049 | $ | 694,296 | ||||||
Liabilities and Stockholders' Equity |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable |
$ | 20,289 | $ | 23,345 | $ | 35,093 | ||||||
Customer deposits |
45,589 | 47,969 | 90,762 | |||||||||
Accrued liabilities |
41,798 | 48,676 | 48,122 | |||||||||
Current lease liabilities |
36,799 | 34,442 | 34,539 | |||||||||
Total current liabilities |
144,475 | 154,432 | 208,516 | |||||||||
Noncurrent lease liabilities |
178,835 | 186,845 | 198,338 | |||||||||
Other liabilities |
27,297 | 18,373 | 20,716 | |||||||||
Total liabilities |
350,607 | 359,650 | 427,570 | |||||||||
Stockholders' equity |
305,583 | 289,399 | 266,726 | |||||||||
Total liabilities and stockholders' equity |
$ | 656,190 | $ | 649,049 | $ | 694,296 |
(單位:千) |
6月30日, 2023年年 |
十二月三十一日, 2022 |
6月30日, 2022 |
|||||||||
資產 |
||||||||||||
流動資產 |
||||||||||||
現金和現金等價物 |
$ | 109,143 | $ | 123,126 | $ | 143,454 | ||||||
受限現金和現金等價物 |
6959 | 6,804 | 6722 | |||||||||
盤存 |
114,722 | 118,333 | 134,053 | |||||||||
預付費用 |
11,734 | 9707 | 10,523 | |||||||||
其他流動資產 |
14,914 | 18,283 | 14,653 | |||||||||
流動資產總額 |
257,472 | 276,253 | 309,405 | |||||||||
財產和設備,淨額 |
169,091 | 137,475 | 131,230 | |||||||||
使用權租賃資產 |
199,698 | 207,390 | 222,702 | |||||||||
遞延所得稅 |
16,829 | 15,501 | 18,769 | |||||||||
其他資產 |
13,100 | 12,430 | 12,190 | |||||||||
總資產 |
$ | 656,190 | $ | 649,049 | $ | 694,296 | ||||||
負債與股東權益 |
||||||||||||
流動負債 |
||||||||||||
應付帳款 |
$ | 20,289 | $ | 23,345 | $ | 35,093 | ||||||
客戶存款 |
45,589 | 47,969 | 90,762 | |||||||||
應計負債 |
41,798 | 48,676 | 48,122 | |||||||||
流動租賃負債 |
36,799 | 34,442 | 34,539 | |||||||||
流動負債總額 |
144,475 | 154,432 | 208,516 | |||||||||
非流動租賃負債 |
178,835 | 186,845 | 198,338 | |||||||||
其他負債 |
27,297 | 18,373 | 20,716 | |||||||||
總負債 |
350,607 | 359,650 | 427,570 | |||||||||
股東權益 |
305,583 | 289,399 | 266,726 | |||||||||
總負債和股東權益 |
$ | 656,190 | $ | 649,049 | $ | 694,296 |
HAVERTY FURNITURE COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
哈弗蒂傢俱公司。
簡明合併現金流量表
(未經審計)
(In thousands) |
Six Months Ended June 30, |
|||||||
2023 | 2022 | |||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 24,164 | $ | 41,070 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
9,017 | 8,664 | ||||||
Share-based compensation expense |
4,439 | 4,196 | ||||||
Other |
(256 | ) | (1,444 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Inventories |
3,611 | (22,022 | ) | |||||
Customer deposits |
(2,380 | ) | (8,135 | ) | ||||
Other assets and liabilities |
11,637 | (966 | ) | |||||
Accounts payable and accrued liabilities |
(10,104 | ) | 4,942 | |||||
Net cash provided by operating activities |
40,128 | 26,305 | ||||||
Cash Flows from Investing Activities: |
||||||||
Capital expenditures |
(40,482 | ) | (13,548 | ) | ||||
Proceeds from sale of land, property and equipment |
23 | 52 | ||||||
Net cash used in investing activities |
(40,459 | ) | (13,496 | ) | ||||
Cash Flows from Financing Activities: |
||||||||
Dividends paid |
(9,414 | ) | (8,819 | ) | ||||
Common stock repurchased |
- | (25,001 | ) | |||||
Taxes on vested restricted shares |
(4,083 | ) | (1,675 | ) | ||||
Net cash used in financing activities |
(13,497 | ) | (35,495 | ) | ||||
Decrease in cash, cash equivalents and restricted cash equivalents during the period |
(13,828 | ) | (22,686 | ) | ||||
Cash, cash equivalents and restricted cash equivalents at beginning of period |
129,930 | 172,862 | ||||||
Cash, cash equivalents and restricted cash equivalents at end of period |
$ | 116,102 | $ | 150,176 |
(單位:千) |
截至六個月 6月30日, |
|||||||
2023年年 | 2022 | |||||||
經營活動的現金流: |
||||||||
淨收入 |
$ | 24,164 | $ | 41,070 | ||||
將淨收入與經營活動提供的現金淨額進行調整: |
||||||||
折舊及攤銷 |
9,017 | 8,664 | ||||||
基於股份的薪酬費用 |
4439 | 4196 | ||||||
其他 |
(256 | ) | (1,444 | ) | ||||
經營性資產和負債變動情況: |
||||||||
盤存 |
3,611 | (22,022 | ) | |||||
客戶存款 |
(2380 | ) | (8,135 | ) | ||||
其他資產和負債 |
11,637 | (966 | ) | |||||
應付賬款和應計負債 |
(10,104 | ) | 4942 | |||||
經營活動提供的淨現金 |
40,128 | 26,305 | ||||||
投資活動產生的現金流: |
||||||||
資本支出 |
(40,482 | ) | (13,548 | ) | ||||
出售土地、財產和設備所得收益 |
23個 | 52 | ||||||
用於投資活動的現金淨額 |
(40,459 | ) | (13,496 | ) | ||||
融資活動的現金流: |
||||||||
已支付的股息 |
(9,414 | ) | (8819 | ) | ||||
回購普通股 |
- | (25,001) | ) | |||||
對既有限制性股票的徵稅 |
(4,083 | ) | (1,675 | ) | ||||
用於融資活動的現金淨額 |
(13,497 | ) | (35,495 | ) | ||||
本期間現金、現金等價物和限制性現金等價物減少 |
(13,828 | ) | (22,686 | ) | ||||
期初現金、現金等價物和限制性現金等價物 |
129,930 | 172,862 | ||||||
期末現金、現金等價物和限制性現金等價物 |
$ | 116,102 | $ | 150,176 |
GAAP to Non-GAAP Reconciliation
GAAP到非GAAP的對賬
We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that EBITDA is a meaningful measure to share with investors.
我們根據美國公認的會計原則(“公認會計原則”)報告我們的財務結果。我們使用某些非GAAP財務資訊來補充GAAP下我們的財務資訊的報告。所提供的非GAAP資訊提供了額外的有用資訊,但不應孤立地考慮,也不應作為相關GAAP措施的替代品。我們相信,EBITDA是與投資者分享的一項有意義的措施。
Reconciliation of GAAP measures to EBITDA
GAAP衡量標準與EBITDA的對賬
Six Months Ended June 30, | ||||||||
(in thousands) |
2023 | 2022 | ||||||
Income before income taxes, as reported |
$ | 31,276 | $ | 54,389 | ||||
Interest income, net |
(1,983 | ) | (218 | ) | ||||
Depreciation |
9,017 | 8,664 | ||||||
EBITDA |
$ | 38,310 | $ | 62,835 |
截至6月30日的六個月, | ||||||||
(單位:千) |
2023年年 | 2022 | ||||||
所得稅前收入,如所報告 |
$ | 31,276 | $ | 54,389 | ||||
利息收入,淨額 |
(1983) | ) | (218) | ) | ||||
折舊 |
9,017 | 8,664 | ||||||
EBITDA |
$ | 38,310 | $ | 62,835 |
Comparable Store Sales
可比門店銷售額
Comparable-store or "comp-store" sales is a measure which indicates the performance of our existing stores and website by comparing the sales growth for stores and online for a particular month over the corresponding month in the prior year. Stores are considered non-comparable if they were not open during the corresponding month or if the selling square footage has been changed significantly.
可比店或“對比店”銷售額是一種衡量標準,通過比較特定月份門店和在線銷售與上年同期相比的增長情況,來表明我們現有門店和網站的表現。如果商店在相應的月份沒有營業,或者如果銷售面積發生了顯著變化,則被認為是不可比較的。
Cost of Goods Sold and SG&A Expense
銷貨成本和銷售及銷售費用
We include substantially all our occupancy and home delivery costs in SG&A expense as well as a portion of our warehousing expenses. Accordingly, our gross profit may not be comparable to those entities that include these costs in cost of goods sold.
我們幾乎所有的入住費和送貨上門費用都包括在SG&A費用中,以及我們倉儲費用的一部分。因此,我們的毛利潤可能無法與那些將這些成本計入銷售商品成本的實體進行比較。
We classify our SG&A expenses as either variable or fixed and discretionary. Our variable expenses are comprised of selling and delivery costs. Selling expenses are primarily compensation and related benefits for our commission-based sales associates, the discount we pay for third party financing of customer sales and transaction fees for credit card usage. We do not outsource delivery, so these costs include personnel, fuel, and other expenses related to this function. Fixed and discretionary expenses are comprised of rent, depreciation and amortization and other occupancy costs for stores, warehouses and offices, and all advertising and administrative costs.
我們將SG&A費用分類為可變費用或固定費用和可自由支配費用。我們的可變費用包括銷售和交付成本。銷售費用主要是我們基於佣金的銷售人員的薪酬和相關福利,我們為客戶銷售支付的第三方融資的折扣,以及信用卡使用的交易費。我們不外包送貨,因此這些成本包括人員、燃料和與此職能相關的其他費用。固定和可自由支配費用包括租金、折舊和攤銷以及商店、倉庫和辦公室的其他佔用費用,以及所有廣告和行政費用。
Conference Call Information
電話會議資訊
The company invites interested parties to listen to the live webcast of the conference call on August 2, 2023 at 10:00 a.m. ET at its website, ir.havertys.com. If you cannot listen live, a replay will be available on the day of the conference call at the website at approximately 1:00 p.m. ET.
該公司邀請感興趣的各方在2023年8月2日上午10:00收聽電話會議的網路直播。ET在其網站ir.havertys.com上。如果您無法現場收聽,將在電話會議當天下午1點左右在網站上重播。Et.
About Havertys
關於哈弗蒂
Havertys (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 122 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company's website havertys.com.
哈弗蒂斯(紐約證券交易所代碼:HVT和HVT.A)成立於1885年,是一家提供全方位服務的家居用品零售商,在南部和中西部地區的16個州擁有122個展廳,為客戶提供從中檔到中檔價位的廣泛優質商品選擇。欲瞭解更多資訊,請訪問公司網站havertys.com。
Safe Harbor
安全港
This press release contains, and the conference call may contain forward-looking statements subject to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are subject to risks and uncertainties and change based on various important factors, many of which are beyond our control.
本新聞稿包含前瞻性陳述,電話會議可能包含符合1933年證券法第27A節和1934年證券法第21E節安全港條款的前瞻性陳述。這些前瞻性陳述會受到風險和不確定因素的影響,並會根據各種重要因素髮生變化,其中許多因素是我們無法控制的。
All statements in the future tense and all statements accompanied by words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "position," "will," "project," "intend," "plan," "on track," "anticipate," "to come," "may," "possible," "assume," and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, our expectations for retail and operating margins, selling square footage and capital expenditures for 2023, our liquidity position to continue to fund our growth plans, and our efforts and initiatives to execute our strategic plan.
所有未來時態的陳述,以及伴隨以下詞語的所有陳述:“預期”、“可能”、“展望”、“預測”、“初步”、“將會”、“可能”、“應該”、“位置”、“將會”、“專案”、“打算”、“計劃”、“在軌道上”、“預期”、“將會到來”、“可能”、“可能”、“假設”,“這些詞語和類似表達的變體旨在識別這種前瞻性陳述。這些前瞻性陳述包括但不限於我們對零售和運營利潤率的預期、2023年銷售面積和資本支出的預期、我們繼續為我們的增長計劃提供資金的流動性狀況,以及我們為執行我們的戰略計劃所做的努力和舉措。
We caution that our forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information you are cautioned not to place undue reliance on our forward-looking statements, and they should not be relied upon as a prediction of actual results. Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to: disruptions in our suppliers' operations; changes in national and international legislation or government regulations or policies, including changes to import tariffs and the unpredictability of such changes; failure of vendors to meet our quality control standards or to react to changes in legislative or regulatory frameworks; disruptions in our distribution centers; changes in general economic conditions, including unemployment, inflation (including the impact of tariffs); labor shortages and the Company's ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting; disruptions caused by a failure or breach of the Company's information systems and information technology infrastructure, as well as other risks and uncertainties discussed in the Company's Annual Report on Form 10-K for 2022 and from time to time in the Company's subsequent filings with the SEC.
我們提醒,我們的前瞻性陳述包含風險和不確定因素,雖然我們認為,根據現有資訊,我們對未來的預期是合理的,但我們告誡您不要過度依賴我們的前瞻性陳述,不應將其作為對實際結果的預測。可能導致實際結果與任何前瞻性陳述中明示或暗示的結果大不相同的因素包括但不限於:我們供應商的運營中斷;國家和國際立法或政府法規或政策的變化,包括進口關稅的變化以及此類變化的不可預測性;供應商未能達到我們的質量控制標準或對立法或監管框架的變化做出反應;我們的配送中心中斷;總體經濟狀況的變化,包括失業、通貨膨脹(包括關稅的影響);勞動力短缺以及公司在當前勞動力市場成功吸引和留住員工的能力;不確定的信貸市場和其他宏觀經濟狀況;這些風險和不確定性包括:競爭的產品、服務和定價壓力;我們對財務報告的披露控制和程式以及內部控制的失敗或薄弱;公司資訊系統和資訊技術基礎設施的故障或破壞造成的中斷;以及公司在提交給美國證券交易委員會的2022年10-K表格年度報告和公司不時提交給美國證券交易委員會的報告中提到的其他風險和不確定性。
Forward-looking statements describe our expectations only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K, and other reports filed with the SEC.
前瞻性陳述僅描述了我們的預期,除非法律要求,否則公司不承擔更新其前瞻性陳述的責任。然而,建議您查看我們在隨後提交給美國證券交易委員會的10-K、10-Q、8-K表格和其他報告中就相關主題所做的任何進一步披露。
Contact:
Havertys 404-443-2900
Jenny Hill Parker
SVP, Finance, and Corporate Secretary
聯繫方式:
哈弗蒂斯電話:404-443-2900
珍妮·希爾·帕克
高級副總裁、財務和企業祕書
SOURCE: Havertys
資料來源:哈弗蒂斯
譯文內容由第三人軟體翻譯。