美國
證券和交易委員會
華盛頓特區20549
Form
根據1934年證券交易法第13條或15(d)條，提交的季度報告 |
截至季度結束
或者
根據1934年證券交易法第13條或15(d)條，提交的過渡報告 |
過渡期從 至
委員會文件號
(根據其章程規定的註冊人準確名稱)
（國家或其他管轄區的 |
（美國國稅局就業者識別號碼） |
公司成立或組織） |
請勾選下面適當的方框，以便本表8-K的提交同時滿足註冊人根據以下任一規定的申報義務： |
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(主要行政辦公室地址) |
(郵政編碼) |
(
(註冊人電話號碼，包括區號)
在法案第12(b)條的規定下注冊的證券：
每種類別的證券 |
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交易標的 |
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註冊的交易所名字 |
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請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。
請勾選方框，以表明註冊人是否在過去12個月內（或其要求提交此類文件的較短期限內）提交了每份交互式數據文件，其提交是根據規則405號第S-T條（本章第232.405條）要求提交的。
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人 |
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非加速 filer |
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較小的報告公司 |
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新興成長公司 |
如果是新興成長公司，請勾選登記人是否選擇不使用延長過渡期以遵守根據《交易所法》第13(a)條款提供的任何新的或修訂的財務會計標準。☐
請勾選以下選項以指示註冊人是否爲外殼公司(根據交易所法規則12b-2定義)。是☐ 不是
截至2024年11月1日，發行人無面值普通股的流通股數爲
目錄
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33 |
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34 |
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35 |
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展品31.1 |
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展覽 31.2 |
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附件32.1 |
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展品101 |
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面值t I — 財務信息
第一項。財務務報表
邁爾斯工業公司及其子公司
壓縮合並財務報表運營事項（未經審計）
(以千美元爲單位，除每股數據外)
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截至9月30日的季度 |
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截至9月30日九個月期間 |
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淨銷售額 |
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銷售成本 |
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毛利潤 |
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銷售、一般和管理費用 |
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固定資產處置（收益）損失 |
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減值損失 |
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營業利潤（虧損） |
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利息費用，淨額 |
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稅前收入（損失） |
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所得稅費用（利益） |
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淨利潤（損失） |
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每股普通股淨收益（虧損）： |
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基本 |
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攤薄 |
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請參閱未經審計的合併基本財務報表註釋。
1
邁爾斯工業公司及其子公司
綜合收益（損失）簡明合併財務報表綜合收益（損失）簡明合併財務報表（未經審計）
（以千美元計）
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截至9月30日的季度 |
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截至9月30日九個月期間 |
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2024 |
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2023 |
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2023 |
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淨利潤（損失） |
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其他全面收益（損失）： |
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外幣兌換調整 |
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未實現的利率互換合約收益（損失），扣除稅費（利益）後爲（$ |
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已實現的利率互換合同（收益）損失重新分類爲利息支出 |
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總其他全面收益（損失） |
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綜合收益（損失） |
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請參閱未經審計的合併基本財務報表註釋。
2
邁爾斯工業公司及其子公司
綜合（損失）收益的簡明合併財務報表 財務狀況表（未經審計）
(千位美元)
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9月30日, |
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2023年12月31日, |
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2023 |
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資產 |
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流動資產 |
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現金 |
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應收賬款，扣除$1,271,796的折舊。 |
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其他應收款，淨額 |
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淨存貨 |
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預付費用及其他流動資產 |
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流動資產合計 |
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物業、廠房和設備-淨額 |
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使用權資產 - 經營租賃 |
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商譽 |
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無形資產-淨額 |
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遞延所得稅 |
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其他 |
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總資產 |
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$ |
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負債和股東權益 |
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流動負債 |
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應付賬款 |
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$ |
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$ |
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員工應付薪酬 |
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應付所得稅 |
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應付的稅款，除了所得稅以外的其他稅款 |
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應計利息 |
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其他流動負債 |
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經營租賃負債-短期 |
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融資租賃負債 - 短期 |
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到期長期債券 - 流動部分 |
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總流動負債 |
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長期債務 |
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經營租賃負債-長期 |
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融資租賃負債 - 長期 |
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其他負債 |
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遞延所得稅 |
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總負債 |
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股東權益 |
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普通股份，無面值（已授權） |
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追加實收資本 |
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累計其他綜合損失 |
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赤字 |
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股東權益合計 |
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負債合計和股東權益總計 |
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$ |
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$ |
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請參閱未經審計的合併基本財務報表註釋。
3
邁爾斯工業公司及其子公司
(以千美元爲單位，除每股數據外)
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2024年9月30日季度結束 |
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普通股 |
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額外的 |
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累計 |
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保留 |
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總計 |
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2024年7月1日的餘額 |
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$ |
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$ |
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淨利潤（損失） |
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外匯翻譯 |
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利率互換，扣除稅後（$ |
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根據激勵計劃發行的股份， |
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股票補償費用 |
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宣佈分紅派息 - $ |
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2024年9月30日的結餘 |
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$ |
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$ |
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( |
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2023年9月30日季度結束 |
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普通股 |
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額外的 |
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累計 |
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保留 |
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總計 |
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2023年7月1日的餘額 |
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$ |
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$ |
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淨利潤（損失） |
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外匯翻譯 |
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根據激勵計劃發行的股份， |
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股票補償費用 |
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已宣佈的分紅派息 - $ |
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2023年9月30日的餘額 |
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$ |
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$ |
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$ |
( |
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( |
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$ |
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請參閱未經審計的合併基本財務報表註釋。
4
邁爾斯工業公司及其子公司
股東權益綜合簡明彙編表（未經審計）
(以千美元爲單位，除每股數據外)
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截至2024年9月30日的九個月 |
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普通股 |
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額外的 |
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累計 |
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保留 |
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總計 |
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2024年1月1日的餘額 |
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$ |
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淨利潤（損失） |
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外匯翻譯 |
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利率掉期，扣除稅後（$ |
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激勵計劃下發行的股票， |
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股票補償費用 |
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已宣告分紅 - $ |
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2024年9月30日的結餘 |
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$ |
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( |
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截至2023年9月30日的九個月 |
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普通股 |
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額外的 |
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累計 |
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保留 |
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總計 |
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2023年1月1日的餘額 |
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$ |
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$ |
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淨利潤（損失） |
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外匯翻譯 |
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根據激勵計劃發行的分享， |
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股票補償費用 |
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已宣告的分紅派息 - $ |
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( |
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( |
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2023年9月30日的餘額 |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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請參閱未經審計的合併基本財務報表註釋。
5
邁爾斯工業公司及其子公司
Condensed Consolidated Statements of Cash Flows (Unaudited)
(千位美元)
|
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截至9月30日九個月期間 |
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|||||
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2024 |
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2023 |
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經營活動現金流 |
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淨利潤（損失） |
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$ |
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$ |
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調整淨利潤（虧損）與經營活動提供（使用）現金的調節 |
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折舊和攤銷 |
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推遲融資成本的攤銷 |
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收購相關存貨步增攤銷 |
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||
非現金股份報酬支出 |
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||
固定資產處置（收益）損失 |
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( |
) |
|
減值損失 |
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其他 |
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營運資本提供的（使用的）現金流量 |
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應收賬款 - 交易和其他，淨額 |
|
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|
|
|
||
存貨 |
|
|
( |
) |
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|
( |
) |
預付費用及其他流動資產 |
|
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( |
) |
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( |
) |
應付賬款和應計費用 |
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( |
) |
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經營活動產生的淨現金流量 |
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||
投資活動產生的現金流量 |
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||
資本支出 |
|
|
( |
) |
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|
( |
) |
業務收購，扣除現金收購 |
|
|
( |
) |
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( |
) |
出售固定資產收益 |
|
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|
||
投資活動提供的淨現金 |
|
|
( |
) |
|
|
( |
) |
籌資活動現金流量 |
|
|
|
|
|
|
||
淨借款（償還）來自循環信貸工具 |
|
|
( |
) |
|
|
( |
) |
A類定期貸款的收益 |
|
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|
||
A類定期貸款的還款 |
|
|
( |
) |
|
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|
高優先級無擔保債券的還款 |
|
|
( |
) |
|
|
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|
融資租賃的付款 |
|
|
( |
) |
|
|
( |
) |
支付現金分紅派息 |
|
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( |
) |
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( |
) |
普通股發行收入 |
|
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||
因員工股權獎勵而扣留的股票用於繳納稅款 |
|
|
( |
) |
|
|
( |
) |
延期融資費用 |
|
|
( |
) |
|
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|
籌資活動中提供（使用）的淨現金流量 |
|
|
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|
( |
) |
|
匯率對現金的影響 |
|
|
( |
) |
|
|
( |
) |
現金淨增加（減少） |
|
|
( |
) |
|
|
|
|
1月1日現金 |
|
|
|
|
|
|
||
9月30日現金 |
|
$ |
|
|
$ |
|
||
請參閱未經審計的合併基本財務報表註釋。
6
邁爾斯工業公司及其子公司
未經審計的簡明合併財務報表附註基本財務報表
(以千美元計，除非另有說明)
1. 重要會計政策摘要
呈現基礎
這份未經審計的簡明合併基本報表包含了邁爾斯工業公司及其所有全資子公司的賬目（統稱爲「公司」），並根據證券交易委員會（「SEC」）的規則和規定編制。根據這些規則和規定，財務報表中通常包含的某些信息和腳註披露已被簡化或省略，儘管公司認爲披露內容足以使信息不具誤導性。這些中期基本報表應與包含在公司截至2023年12月31日的年報10-K中的合併財務報表及其註釋一起閱讀。
根據公司的觀點，這份未經審計的簡明合併基本報表包含了所有必要的調整（包括正常經常性應計項），以公正地呈現截至2024年9月30日的財務狀況及所呈現期間的經營成果和現金流量。2024年9月30日季度和九個月的經營成果並不一定是截至2024年12月31日的年度經營成果的指示。.
尚未採納的會計準則
2023年12月，FASB發佈了ASU 2023-09，所得稅（主題740）：改進所得稅披露。該標準要求上市的業務實體在每年披露稅率調節表的特定類別，併爲滿足數量門限的調節項目提供其他信息（如果這些調節項目的影響相當於或大於將稅前收入（或損失）與適用的法定所得稅率相乘所得金額的5%）。它還要求所有實體每年披露按聯邦、州和外國稅種分解的所支付的所得稅（扣除退款），以及按所支付的所得稅（扣除退款）在個別司法管轄區分解的金額，當所支付的所得稅（扣除退款）相當於或大於所支付的總所得稅（扣除退款）的5%時。最後，該標準取消了要求所有實體披露未識別稅務負債餘額在未來12個月內合理可能變動範圍的性質和估計，或聲明無法估算範圍的要求。該標準對公司自2026年1月1日開始的年度適用。可以提前採納該標準。該標準應以前瞻性基礎應用。允許追溯適用。公司目前正在評估該標準可能對其財務報表產生的影響。此ASU旨在增強所得稅披露的透明度和決策有效性，以提供更好評估實體的經營及相關稅務風險和稅務規劃與運營機會如何影響其稅率和未來現金流展望的信息。對公司而言，此ASU在2024年12月15日之後開始的年度期間生效。允許提前採用。該ASU中的修訂應按前瞻性應用，儘管也允許追溯應用。公司目前正在評估採用該標準對其合併財務報表的影響。
2023年11月，FASB發佈了ASU 2023-07，分部報告（主題 280）：報告服務部門（主題 280）變更披露方式，通過升級對意義重大的分部費用的披露來改進分部報告披露要求。該準則適用於 2023 年 12 月 15 日之後的財年和 2024 年 12 月 15 日之後的財年間隔期。該準則必須適用於財務報表中呈現的所有期間的追溯。該公司目前正在評估該標準對合並財務報表的影響。該ASU旨在改善可報告 Segments 的披露要求，主要通過增強對重要 Segment 費用的披露。對於本公司，該ASU 的生效時間爲2023年12月15日後開始的財年，以及2024年12月15日後開始財年的中期。允許提前採用。本ASU 中的修訂要求對財務報表中呈現的所有以前期間進行追溯適用。 公司目前正在評估這一標準的採納對其合併基本報表的影響。
公允價值計量
公司遵循ASC 820中包含的指導， 公允價值計量和披露對於其金融資產和負債，如要求，ASC 820 將用於衡量公允價值的估值技術的輸入優先級劃分爲三個級別：
第1級: 在活躍市場上針對相同資產或負債的未調整報價。
第2級: 在活躍市場上針對類似資產或負債的未調整報價，在不活躍市場上的相同或類似資產或負債的未調整報價，或者可以直接或間接觀察到的輸入。
第3級: 無法觀察到的輸入，其市場數據很少或沒有，或者反映實體自身的假設。
公司擁有包括現金、應收賬款、應付賬款和應計費用在內的金融工具。這些金融工具的公允價值因其性質和相對短期的到期而與賬面價值大致相等。
根據第11條的定義，公司循環信用額度的公允價值因浮動利率和相對短期（少於90天）的任何循環借款的到期而與賬面價值大致相等。根據第11條的定義，公司未對沖的定期貸款部分的賬面價值在公允價值方面大致相等，因爲該金額的基礎利率目前基於浮動市場利率，並且公司有能力根據本協議的條款隨時按面值償還未償還本金。公司固定利率的無擔保高級票據的公允價值是基於公司公共債務可比同行的市場可觀察輸入來估計的，包括活躍市場中的報價和被視爲第2級輸入的利率測量。截至2023年12月31日，公司尚未償還的固定利率無擔保高級票據的總公允價值預計爲 $
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
公司還簽訂了利率互換合約，以減少其未來利息支付中利率期貨波動的風險，如第11條所定義。 公司在確定利率互換的公允價值時使用了重要的其他可觀察市場數據或假設（2級輸入），我們認爲市場參與者在定價類似資產或負債時會使用這些數據，包括有關交易對手風險的假設。 公允價值估計反映了基於利率互換合約條款和經由利率曲線等可觀察市場數據支持的輸入的收入法。 有關利率互換公允價值測量的進一步信息，請參見下文的衍生工具部分。
與2024年2月8日收購Signature CR Intermediate Holdco, Inc.（「Signature」或「Signature Systems」）和2022年5月31日收購Mohawk Rubber Sales of New England Inc.（「Mohawk」）相關的購買價格分配，如第3條中所述，需要使用被視爲3級輸入的不可觀察的輸入進行公允價值測量。 根據收入法確定了所收購無形資產的公允價值。
公司每年於10月1日進行商譽減值測試，並且只在存在減值指標時進行中期測試。 如第7條所述，在2024年9月30日結束的季度，公司在其旋轉模塑報告單位發現了減值跡象，觸發了旋轉模塑報告單位商譽的中期定量評估。 定量評估要求公司估計報告單位的公允價值（3級衡量），公司使用貼現現金流分析和基於市場的方法的組合來進行這一估計。 估計公允價值需要進行重大的判斷，包括對適當貼現率、長期增長率以及預期未來現金流量的金額和時機的判斷。 在貼現現金流分析中使用的現金流是基於最近的預算和長期預測。 在貼現現金流分析中使用的貼現率旨在反映各報告單位未來現金流中固有的風險。 基於市場的方法通過以各種財務指標的市場倍數與一組可比上市公司和最近的可比交易相比較，估計公允價值。 然後將報告單位的公允價值與賬面價值進行比較，如果報告單位的賬面價值超過公允價值，將表明發生減值。
衍生金融工具
2024年5月2日，公司簽訂了一項利率互換協議，以限制其在部分浮動利率負債上對利率變動的敞口。利率互換協議被指定爲符合套期會計的現金流套期成本。該互換的初始名義價值爲$
截至2024年9月30日，公司利率互換的剩餘名義價值總計$
累計其他綜合收益（損失）
其他綜合收益（損失）累計變動如下：
|
|
外匯 |
|
|
利率互換 (1) |
|
|
企業養老金 |
|
|
總計 |
|
||||
2024年7月1日的餘額 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
重新分類之前的其他全面收益（損失） |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
重新分類爲（收益）損失 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
當前期其他全面收益（損失）淨額 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
2024年9月30日的結餘 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
(1) 在重新分類前的其他全面收入（損失），稅後費用（收益）爲$(
8
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
|
|
外匯 |
|
|
利率掉期 |
|
|
企業養老金 |
|
|
總計 |
|
||||
2023年7月1日的餘額 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
重新分類之前的其他全面收益（損失） |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
當前期其他全面收益（損失）淨額 |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
2023年9月30日的餘額 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
外匯 |
|
|
利率互換 (2) |
|
|
企業養老金 |
|
|
總計 |
|
||||
2024年1月1日的餘額 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
重新分類之前的其他全面收益（損失） |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
重新分類爲（收益）損失 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
當前期其他全面收益（損失）淨額 |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
2024年9月30日的結餘 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
(2) 重新分類前的其他綜合收益（損失），扣除稅費（收益）$(
|
|
外匯 |
|
|
利率掉期 |
|
|
企業養老金 |
|
|
總計 |
|
||||
2023年1月1日的餘額 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
重新分類之前的其他全面收益（損失） |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
當前期其他全面收益（損失）淨額 |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
2023年9月30日的餘額 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
信用損失準備
管理層已經建立了客戶在獲得信用之前必須滿足的某些要求。客戶的財務狀況會持續被監控，通常不需要抵押品。公司根據多種因素評估應收賬款的可收回性。公司在確定信用損失準備金的估算時，會考慮歷史信用損失趨勢以及當前的經濟狀況。此外，在公司了解到特定客戶無法履行其財務義務的情況下，對到期金額記錄特定的信用損失準備金，以減少淨確認應收賬款至公司合理預期能夠收回的金額。
在截止到2024年和2023年9月30日的九個月內，信用損失準備金的變動包括在 應收賬款 如上所述：
|
|
2024 |
|
|
2023 |
|
||
1月1日結餘 |
|
$ |
|
|
$ |
|
||
預期信用損失準備，扣除回收款項後 |
|
|
|
|
|
|
||
註銷和其他 |
|
|
( |
) |
|
|
( |
) |
截至9月30日餘額 |
|
$ |
|
|
$ |
|
||
與簽名收購相關的購置信用惡化資產的信用損失準備，如第3條所述，不包括在上述表格中。這些金額總計$
9
邁爾斯工業公司和子公司
未經審計的簡明合併財務報表附註—（續）
（除非另有說明，否則以千美元計）
2. 營業收入確認
公司的營業收入按主要市場分類如下：
|
|
截至2024年9月30日季度結束 |
|
|||||||||||||
|
|
？重要一節 |
|
|
分銷 |
|
|
公司間 |
|
|
合併 |
|
||||
消費 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
車輛 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
食品和飲料 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
製造業 |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
基礎設施 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
汽車售後市場 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總淨銷售額 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
|
|
截至2023年9月30日的季度 |
|
|||||||||||||
|
|
？重要一節 |
|
|
分銷 |
|
|
公司間 |
|
|
合併 |
|
||||
消費 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
車輛 |
|
|
|
|
|
|
|
|
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|
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||||
食品和飲料 |
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|
||||
製造業 |
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( |
) |
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|||
基礎設施 |
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|
||||
汽車售後市場 |
|
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|
|
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|
|
|
|
|
||||
總淨銷售額 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
|
|
2024年9月30日結束的九個月 |
|
|||||||||||||
|
|
？重要一節 |
|
|
分銷 |
|
|
公司間 |
|
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合併 |
|
||||
消費 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
車輛 |
|
|
|
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|
||||
食品和飲料 |
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||||
製造業 |
|
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|
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( |
) |
|
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|
|||
基礎設施 |
|
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|
||||
汽車後市場 |
|
|
|
|
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|
|
|
|
|
|
|
||||
總淨銷售額 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
|
|
截止2023年9月30日止九個月 |
|
|||||||||||||
|
|
？重要一節 |
|
|
分銷 |
|
|
公司間 |
|
|
合併 |
|
||||
消費 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
車輛 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
食品和飲料 |
|
|
|
|
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|
|
|
|
|
|
|
||||
製造業 |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
基礎設施 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
汽車售後市場 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總淨銷售額 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
10
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
當符合與客戶合同條款下義務履行時，將確認營業收入。在分銷和物料處理領域，這通常發生在產品控制權轉移時。此控制權的轉移可能發生在從公司設施發貨時，或在交付至指定客戶地點時。與客戶的合同義務通常在收到客戶的採購訂單後的90天內完成，通常無需執行其他未來義務。公司通常不會與客戶簽訂超過一年的長期合同。根據公司產品和客戶合同的性質，未記錄任何遞延收入，除了在產品控制權轉移前從客戶處收到的預付款或定金。這些預付款通常在上述90天時間範圍內完成。
營業收入的計量是公司預期爲轉讓產品而收到的對價金額。與客戶的某些合同包括可變對價，例如折扣或回扣。公司每個期間確認對這些可變對價的估計，主要基於在基礎計劃特定條款下向客戶支付的最可能水平的對價。雖然公司與客戶的合同通常不包括明確的退貨權，但公司實際上會在正常業務過程中允許退貨，並作爲客戶關係的一部分。預期退貨津貼根據歷史經驗的分析每個期間確認，當從退貨中恢復產品物理時，還會根據產品的近似成本記錄預計的退貨權資產。
未經審計的財務狀況簡表中包括與營業收入確認相關的金額：
|
|
9月30日, |
|
|
2023年12月31日, |
|
|
財務報表 |
||
|
|
2024 |
|
|
2023 |
|
|
分類 |
||
退貨、折扣和其他折讓 |
|
$ |
( |
) |
|
$ |
( |
) |
|
應收賬款 |
退貨資產權 |
|
$ |
|
|
$ |
|
|
淨存貨 |
||
客戶存款 |
|
$ |
( |
) |
|
$ |
( |
) |
|
其他流動負債 |
應計折扣 |
|
$ |
( |
) |
|
$ |
( |
) |
|
其他流動負債 |
銷售、增值和其他稅收，以及從客戶營業收入中收取的其他稅收，不計入淨銷售額。向客戶發貨的成本是在產品控制權轉移給客戶時被確認，並分類爲 對於公司的製造業務和其他業務 銷售成本 對於公司的分銷業務 銷售、一般及行政費用 支向客戶的成本約爲$
根據上述合同的短期性質，合同獲取成本並不顯着。這些成本以及其他與合同相關並在合同範圍內微不足道的雜項費用，會在發生時確認爲費用。
3. 收購
簽名
2024年2月8日，公司收購了Signature Systems的股票，他們是一家制造和分銷複合地墊地面保護產品的公司，主要用於工業應用、體育場草坪保護和臨時活動地板，這個業務包含在物料搬運部門。Signature的收購符合公司的長期戰略計劃，將公司轉型爲高增長、以客戶爲中心的、創新的增值工程塑料解決方案提供商。 現金考慮金額爲$
公司通過修改和重籤Myers現有貸款協議來資助Signature的收購，詳情請參閱備註11。與收購有關的成本已計入 銷售管理費用 在綜合利潤表（未經審計）上，總計爲$
11
邁爾斯工業公司和子公司
未經審計的簡明合併財務報表附註—（續）
（除非另有說明，否則以千美元計）
Signature的收購採用了收購法進行覈算，即在收購日期以所有資產和負債的公允價值計量，超過預估公允價值的購買價的任何部分均記錄爲商譽。商譽代表了來源於其他資產收購中無法單獨識別的未來經濟利益。本次交易中獲取的商譽不得稅前扣除。 以下表格總結了根據收購日期初步估計的公允價值對所收購資產和所承擔負債的分配，這些估計值將進行調整。截至2024年9月30日結束的期間發生的計量期調整也在下表中有所概述。購買會計將在收購日期起的一年內最終確定。
12
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
初步估計的購買價格分配概要如下：
|
對對價的初步分配 |
|
（不應計入其他所有項目的除外）(1) |
|
更新的初步分配 |
|
|||
獲得的資產: |
|
|
|
|
|
|
|||
應收賬款 |
$ |
|
$ |
( |
) |
$ |
|
||
存貨 |
|
|
|
( |
) |
|
|
||
預付費用 |
|
|
|
( |
) |
|
|
||
其他資產 - 長期 |
|
|
|
|
|
|
|||
物業、廠房和設備 |
|
|
|
|
|
|
|||
使用權資產 - 經營租賃 |
|
|
|
|
|
|
|||
無形資產 |
|
|
|
|
|
|
|||
商譽 |
|
|
|
( |
) |
|
|
||
已取得資產 |
$ |
|
$ |
|
$ |
|
|||
|
|
|
|
|
|
|
|||
負債承擔: |
|
|
|
|
|
|
|||
應付賬款 |
$ |
|
$ |
|
$ |
|
|||
應計費用 |
|
|
|
( |
) |
|
|
||
短期經營租賃負債 |
|
|
|
|
|
|
|||
長期經營租賃負債 |
|
|
|
|
|
|
|||
遞延所得稅 |
|
|
|
|
|
|
|||
承擔的總負債 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
淨收購成本 |
$ |
|
$ |
|
$ |
|
|||
(1)
包括應收賬款 和 其他資產 - 長期 上述表格中的長期應收票據，面值爲$
無形資產包括簽名公司的科技、客戶關係和簽名系統。 無限期使用的商標名稱，並在下面的表格中進行了彙總：
|
|
公允價值 |
|
|
加權平均 |
|
客戶關係 |
|
$ |
|
|
||
科技 |
|
|
|
|
||
可攤銷無形資產總額 |
|
$ |
|
|
|
|
不受攤銷影響的無形資產： |
|
|
|
|
|
|
商標和商業名稱 |
|
$ |
|
|
||
13
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
未經審計的淨利潤假設收購是在2023年1月1日完成的，並顯示了2024年3月31日和2023年9月30日三個月的經營結果。
|
|
2024年3月31日止三個月 |
|
|
2023年9月30日結束的三個月 |
|
|
截至2023年9月30日的九個月中， |
|
|||
淨銷售額 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
淨利潤 |
|
|
|
|
|
|
|
|
|
|||
未經審計的淨利潤結果可能不反映如果收購發生於所呈現期間開頭時將獲得的結果，也不意味着是對未來結果的預測。
莫霍克
2022年5月31日，公司收購了莫霍克的資產，這是一家領先的汽車售後市場分銷商，該交易包含在分銷業務部門。莫霍克的收購與公司優化和發展其分銷業務的長期目標一致。 現金考慮金額爲$
4. 重組
在2024年8月1日，公司宣佈將其位於愛荷華州大西洋的旋轉成型工廠整合到其他旋轉成型工廠中，以減少公司在材料處理部分的整體佔地面積和成本結構。與該設施整合相關的總重組成本約爲$
在2024年5月29日，公司宣佈了一項重組計劃，以改善公司的組織結構和分銷部門的運營效率，主要與計劃的設施整合以及相關活動有關，旨在簡化其分銷網絡並通過減少複雜性提高服務。與這些措施相關的總重組費用在截至2024年9月30日的季度和九個月中發生約爲$
與公司之前公佈的Ameri-Kart計劃相關，公司在
在截至2024年9月30日的季度和九個月內，其他重組計劃產生的費用以降低間接成本 和
14
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
5. 存貨
存貨按照末進先出（"LIFO"）存貨的成本或市場價值以及先進先出（"FIFO"）存貨的成本或淨實現價值中較低者進行計價。大約
存貨如下：
|
|
9月30日, |
|
|
2023年12月31日, |
|
||
|
|
2024 |
|
|
2023 |
|
||
已完成和進行中的產品 |
|
$ |
|
|
$ |
|
||
原材料及用品 |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
6。其他負債
餘額在 其他流動負債 由以下內容組成：
|
|
九月三十日 |
|
|
十二月 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
客戶存款和應計返利 |
|
$ |
|
|
$ |
|
||
應付股息 |
|
|
|
|
|
|
||
應計訴訟、索賠和專業費用 |
|
|
|
|
|
|
||
環境的當前部分 |
|
|
|
|
|
|
||
對沖合約負債 |
|
|
|
|
|
|
||
其他應計費用 |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
餘額在 其他負債 （長期）包括以下內容：
|
|
九月三十日 |
|
|
十二月 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
環境保護區 |
|
$ |
|
|
$ |
|
||
補充高管退休計劃負債 |
|
|
|
|
|
|
||
養老金責任 |
|
|
|
|
|
|
||
對沖合約負債 |
|
|
|
|
|
|
||
其他長期負債 |
|
|
|
|
|
|
||
|
|
$ |
|
|
$ |
|
||
7.商譽與無形資產
商譽變動爲 自2024年9月30日結束的九個月的情況如下：
|
|
分銷 |
|
|
？重要一節 |
|
|
總計 |
|
|||
2024年1月1日 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
收購 |
|
|
|
|
|
|
|
|
|
|||
減值損失 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
外匯翻譯 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
2024年9月30日 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
15
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
除商譽外，無形資產主要包括商標、客戶關係、專利、非競爭協議和與收購相關的技術資產。這些無形資產，除了某些商標，按照其估計的使用壽命攤銷。無限期使用的商標的賬面價值爲$
在2024年9月30日結束的季度中，公司旋轉成型報告單位繼續經歷進一步下降的市場情況，包括整體成交量下降以及對報告單位長期前景的不確定性，主要是由於當前宏觀經濟環境減少了我們產品的預期需求。由於在2024年9月30日結束的季度內識別到的這些潛在減值跡象，公司對其旋轉成型報告單位的商譽進行了中期定量減值測試，並按照ASC 350的要求，將報告單位的公允價值與其賬面價值進行了比較。公司未在任何其他報告單位發現減值跡象。
公允價值是使用收入和市場方法確定的。收入方法採用折現現金流量法，反映市場參與者預計將生成的現金流量，並經過時間價值調整因素的調整，並要求管理層對未來收入、息稅折舊及攤銷前利潤（EBITDA）和折現率的預測進行重大估計和假設。市場方法利用可比公開交易公司的分析，並要求管理層對未來收入、EBITDA和適用於管理層預測的收入和EBITDA估計的倍數進行重大估計和假設。
公司在減值測試中使用的技術結合了許多假設，公司認爲這些假設是合理的，體現了中期減值日期已知市場條件。使用的變量和假設，全部爲三級公允價值輸入，包括未來收入和支出的預測、營運資金、期末價值、折現率和長期增長率。根據各種因素，包括公司普通股的市值總額、基礎業務的實際運營表現，或未來事件對資本成本和相關折現率的影響，公允價值和相關商譽的估計可能會隨時間變化。
公司的定量分析發現，旋轉成型報告單位的預計公允價值低於賬面價值。因此，在2024年9月30日結束的季度和九個月期間，公司錄得了一筆非現金減值損失，爲關聯於旋轉成型報告單位的全部商譽賬面價值。商譽減值損失已記錄在未經審計的綜合損益表中。 $
如上所述，導致中期商譽評估的情況也觸發了對長期資產的評估，公司首先執行了其他長期資產的ASC 360-10-35 可回收性測試，包括旋轉成型資產組的無形資產。關於資產組，預期現金流量估算爲資產的預期剩餘壽命期間，公司確定，在未打折的基礎上，預期現金流量超過了資產組的賬面價值，
8. 每普通股的淨利潤（或虧損）
每股普通股淨收益（淨虧損）如附帶的簡要合併損益表（未經審計）所示，淨利潤是基於期間內普通股的加權平均流通股數計算的，如下所示：
|
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截至9月30日的季度 |
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截至9月30日九個月期間 |
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2024 |
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2023 |
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2024 |
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2023 |
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基本加權平均流通普通股數 |
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期權和限制性股票的稀釋效應 |
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稀釋後加權平均流通普通股數 |
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股票期權和限制性股票的稀釋效應是使用庫存股法計算的。由於公司在截至2024年9月30日的季度出現了淨虧損，基本和稀釋股份是相同的。如果公司在截至2024年9月30日的季度處於淨利潤狀態，，稀釋股份將包括額外的
16
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
期權購買
9. 股票補償
公司的2021年長期激勵計劃（「2021年計劃」）於2021年3月4日由董事會通過，並於2021年4月20日由董事會修訂，且於2021年4月29日的年度股東大會上獲得股東批准。2021年計劃授權董事會的薪酬和管理發展委員會（「薪酬委員會」）發放最多
公司的2024年長期激勵計劃（「2024年計劃」）於2024年2月29日由董事會通過，並於2024年4月25日的年度股東大會上獲得股東批准。2024年計劃授權薪酬委員會發放最多
股票補償費用約爲 $
10. 緊急情況
公司是各種訴訟的被告，並且是各種其他法律程序的一方，這些訴訟和程序是在業務正常過程中產生的，其中一些訴訟和程序在整體或部分上是由保險覆蓋的。當這些事項造成的損失是可能的且可以合理估算時，記錄最可能的估計損失金額；如果可以估算一個損失的區間，並且區間內沒有任何金額比其他金額的估計更好，則記錄區間內的最小金額。隨着更多信息的可用，任何與這些事項相關的潛在責任都會被評估，並在必要時修正估計。
根據當前可用的信息，管理層認爲這些事項的最終結果，包括下文所述的事項，將不會對我們的財務狀況、現金流或整體經營結果趨勢產生重大不利影響。然而，這些事項存在內在的不確定性，可能會出現不利的裁決。如果發生不利的裁決，可能會對發生裁決的時期或未來時期的財務狀況和經營結果產生重大不利影響。
新伊德里亞汞礦
2015年9月，美國環保署（"EPA"）通過一封通知信和相關文件（"通知信"）通知公司的子公司Buckhorn, Inc.（"Buckhorn"）認爲Buckhorn在新伊德里亞汞礦場（"新伊德里亞礦"）中是一個潛在的責任方（"PRP"）。新伊德里亞礦業與化學公司（"NIMCC"）在1976年之前擁有和/或經營新伊德里亞礦，1981年與Buckhorn金屬製品公司合併，該公司於1987年被邁爾斯工業公司收購。由於EPA的通知信，Buckhorn和公司與EPA就EPA提出的針對修復調查/可行性研究（"RI/FS"）的草案行政同意令（"AOC"）進行了協商，以判斷必要的修復範圍和替代方案的篩選。Buckhorn和EPA最終敲定了針對新伊德里亞礦的AOC及相關工作聲明（"SOW"），自2018年11月27日起生效，該日期爲EPA簽署日期。AOC要求$
17
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
所有與環保母基有關的合理可估計費用已經計提。 這些成本主要包括進行RI/FS的估算、AOC的談判、可能其他PRPs的確定、EPA的監督費、EPA提出的過去成本索賠、定期監測以及響應AOC下發的要求。 可能需要根據獲得的新信息對上述準備金進行調整，包括在完成RI/FS工作計劃並經EPA批准後。 對Buckhorn責任的估算基於當前的事實、法律、法規和技術。 對Buckhorn的環保責任的估算進一步受到有關現場污染性質和範圍、可用的整治方案範圍、不斷髮展的整治標準、不精確的工程評估和成本估算、可能需要的整治行動範圍、EPA的監督範圍以及可能被命名的其他PRPs數量和財務狀況的不確定性，以及他們對整治責任的範圍的不確定性的影響。 從2021年底開始，並持續到當前時期，Buckhorn和EPA繼續積極討論RI/FS工作計劃的活動範圍，導致對執行RI/FS工作計劃的估計費用不斷進行調整。 隨着RI/FS工作計劃和最終整治活動的制定以及活動的進行，成本估算也將繼續完善，預計將持續數年。
2022年第四季度，Buckhorn就與軍工股相關的特定保險費用達成一項協議，預計將適用於估計的RI/FS成本的相當大部分。 根據該協議確定此類收回的已計提成本被記錄爲應收款項。 隨着RI/FS工作計劃的最終確定以及活動的進行，成本追收的估算將繼續完善，預計將持續數年。 Buckhorn也可能有機會在其他保險政策下獲得成本追收。
自2011年10月以來，當新伊德里亞礦被EPA列入超級基金國家優先事項名單時，巴克霍恩已經認識到 $
|
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截至9月30日的季度 |
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截至9月30日九個月期間 |
|
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2024 |
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2023 |
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2024 |
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2023 |
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||||
期初儲備餘額 |
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$ |
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$ |
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$ |
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$ |
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||||
預計環保責任變動 |
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||||
已支付金額 (3) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
期末儲備餘額 (1) |
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$ |
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$ |
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$ |
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$ |
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||||
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期初應收賬款餘額 |
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$ |
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$ |
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$ |
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$ |
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||||
預計保險賠償變動 |
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保險賠償返還 |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
期末應收餘額 (2) |
|
$ |
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$ |
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$ |
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$ |
|
||||
(1) 截至2024年9月30日，Buckhorn的總期末儲備餘額爲$
(2) 截至2024年9月30日，Buckhorn的總應收賬款餘額與可能的保險賠償金額爲$
(3) 截至2023年9月30日的九個月支付包括一筆涉及與EPA達成解決過去費用索賠的和解協議的1百萬美元支付，Buckhorn在2023年第一季度支付了這筆款項。
鑑於上述情況，包括尚未確定最終修復策略的事實，Buckhorn未對與該地點有關的修復成本計提費用，因爲無法估計合理可能負責任修復成本的範圍。
18
邁爾斯工業公司及其子公司
未經審計的簡明綜合財務報表註解 - (續)
(以千美元計，除非另有說明)
新阿爾馬登礦
包括公司及其子公司Buckhorn（作爲NIMCC的繼承者）在內的多個方被美國及加利福尼亞州的受託機構指控對由於環境污染造成的自然資源損害負責，該污染涉及位於加利福尼亞州聖克拉拉縣Guadalupe河流域的歷史新阿爾馬登汞礦區。2005年，Buckhorn和公司在未承認對NIMCC的責任或所有權鏈的情況下，已通過一項同意判決解決了受託人對他們的索賠，要求他們在受影響區域內向縣實施一個環保項目進行經濟貢獻。Buckhorn和公司與縣談判達成了一項協議（「費用分擔協議」），根據該協議，Buckhorn和公司同意報銷縣實施該項目的費用的一半。 2016年，縣收到了詳細的估算，實施該項目的預估費用範圍在$
有可能需要對上述儲備進行調整，以反映新信息。此外，公司可能針對2005年協議與縣的索賠有索賠權和辯護權，這可能會減少或抵消其對於一些額外潛在成本的賠償義務。在環保諮詢公司的協助下，公司將密切關注此事，並在獲取更多信息時繼續評估其儲備。
該公司的任何回購活動，無論是與債券定價同時進行，還是根據其股份回購計劃的要求或其他情形，都可能增加或減少ADSs和普通股市場價格和票據價格的下跌幅度。
2023年2月14日，Nan Morgan McCartney在佛羅里達州Escambia縣地方法院對公司、Scepter US Holding Company、Scepter Manufacturing, LLC、Scepter Canada Inc.、沃爾瑪公司及沃爾瑪商店東部有限公司提起訴訟。該訴狀尋求因使用Scepter公司製造的5加侖可攜帶燃料容器而對McCartney女士造成的傷害的賠償性損害和訴訟費用，並聲稱爭議金額超過$
11. Long-Term Debt and Loan Agreements
Long-term debt consisted of the following:
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September 30, |
|
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December 31, |
|
||
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2024 |
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2023 |
|
||
Amended Loan Agreement - Revolving Credit Facility |
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$ |
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$ |
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Amended Loan Agreement - Term Loan A |
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Less unamortized deferred financing costs |
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Less current portion long-term debt |
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Long-term debt |
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$ |
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$ |
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19
MYERS INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
(Dollars in thousands, except where otherwise indicated)
balance due upon maturity. Term Loan A may be voluntarily prepaid at any time, in whole or in part, without penalty or premium, however, all amounts repaid or prepaid in respect of Term Loan A may not be reborrowed.
Amendment No. 1 did not change the existing revolving credit facility’s maturity date or $
The Amended Loan Agreement is on substantially the same terms as the Loan Agreement, except Amendment No. 1 has amended, among other items, (i) to permit the Signature Systems acquisition, (ii) to modify the maximum leverage ratio to not exceed (x)
As of September 30, 2024, the Company had $
On January 12, 2024, the Company repaid $
The weighted average interest rate on borrowings under the Company’s long-term debt was
20
MYERS INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
(Dollars in thousands, except where otherwise indicated)
As of September 30, 2024, the Company was in compliance with all of its debt covenants associated with its Amended Loan Agreement. The most restrictive financial covenants for all of the Company’s debt are a net leverage ratio (defined as net debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted) and an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense).
On May 2, 2024, the Company entered into an interest rate swap agreement to mitigate the variable interest rate risk of borrowings under the Amended Loan Agreement. The swap has a beginning notional value of $
12. Income Taxes
The Company’s effective tax rate was
13. Leases
The Company determines if an arrangement is a lease at inception. The Company has leases for manufacturing facilities, distribution centers, warehouses, office space and equipment, with remaining lease terms of to
The ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the obligation to make lease payments. ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. When leases do not provide an implicit rate, the Company’s incremental borrowing rate is used, which is then applied at the portfolio level, based on the information available at commencement date in determining the present value of lease payments. The Company has also elected not to separate lease and non-lease components. The lease terms include options to extend or terminate the lease when it is reasonably certain the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.
21
MYERS INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
(Dollars in thousands, except where otherwise indicated)
Amounts included in the Condensed Consolidated Statements of Financial Position (Unaudited) related to leases include:
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September 30, |
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December 31, |
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Classification |
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2024 |
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2023 |
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Assets: |
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Operating lease assets |
Right of use asset - operating leases |
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$ |
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$ |
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Finance lease assets |
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Total lease assets |
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$ |
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$ |
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Liabilities: |
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Current |
Operating lease liability - short-term |
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$ |
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$ |
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Long-term |
Operating lease liability - long-term |
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Total operating lease liabilities |
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Current |
Finance lease liability - short-term |
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Long-term |
Finance lease liability - long-term |
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Total finance lease liabilities |
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Total lease liabilities |
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$ |
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$ |
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The components of lease expense include:
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For the Quarter Ended September 30, |
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For the Nine Months Ended September 30, |
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Lease Cost |
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Classification |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating lease cost (1) (2) |
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Cost of sales |
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$ |
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$ |
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$ |
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$ |
|
||||
Operating lease cost (1) |
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Selling, general and administrative expenses |
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Finance lease cost |
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Amortization expense |
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Cost of sales |
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Interest expense on lease liabilities |
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Interest expense, net |
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Total lease cost |
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$ |
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$ |
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$ |
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$ |
|
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Supplemental cash flow information related to leases was as follows:
|
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For the Nine Months Ended September 30, |
|
|||||
Supplemental Cash Flow Information |
|
2024 |
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2023 |
|
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
|
$ |
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$ |
|
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Operating cash flows from finance leases |
|
$ |
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$ |
|
||
Financing cash flows from finance leases |
|
$ |
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$ |
|
||
Right-of-use assets obtained in exchange for new lease liabilities: |
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||
Operating leases |
|
$ |
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|
$ |
|
||
Finance leases |
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$ |
|
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$ |
|
||
Lease Term and Discount Rate |
|
September 30, 2024 |
|
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December 31, 2023 |
|
||
Weighted-average remaining lease term (years): |
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||
Operating leases |
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Finance leases |
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Weighted-average discount rate: |
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||
Operating leases |
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% |
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% |
||
Finance leases |
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% |
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% |
||
22
MYERS INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
(Dollars in thousands, except where otherwise indicated)
Maturity of Lease Liabilities - As of September 30, 2024 |
|
Operating Leases |
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Finance Leases |
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Total |
|
|||
2024(1) |
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$ |
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$ |
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$ |
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2025 |
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2026 |
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2027 |
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2028 |
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|||
After 2028 |
|
|
|
|
|
|
|
|
|
|||
Total lease payments |
|
|
|
|
|
|
|
|
|
|||
Less: interest |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Present value of lease liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|||
14. Segments
The Company manages its business under
The Material Handling Segment manufactures a broad selection of durable plastic reusable products that are used repeatedly during the course of their service life. At the end of their service life, these highly sustainable products can be recovered, recycled, and reprocessed into new products. The Material Handling Segment’s products include a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded, compression molded or blow molded. This segment conducts its primary operations in the United States, Canada and the United Kingdom. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, construction, infrastructure and consumer, among others. Products are sold both directly to end-users and through distributors. The acquisition of Signature, as described in Note 3, is included in the Material Handling Segment.
The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive under-vehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment also manufactures and sells certain traffic markings, including reflective highway marking tape. The Distribution Segment operates domestically through its sales offices and five regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, truck stop operations, auto dealers, general service and repair centers, tire retreaders, and government agencies.
Total sales from foreign business units were approximately $
23
MYERS INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
(Dollars in thousands, except where otherwise indicated)
Summarized segment detail for the quarters and nine months ended September 30, 2024 and 2023 are presented in the following table:
|
For the Quarter Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
||||
Material Handling |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Distribution |
|
|
|
|
|
|
|
|
|
|
|
||||
Inter-company sales |
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Total net sales |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
||||
Material Handling (2) (3) (4) (6) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Distribution (4) (5) |
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate (1) (3) (4) (5) |
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Total operating income (loss) |
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Interest expense, net |
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Income (loss) before income taxes |
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||
(1) The Company recognized $(
(2) The Company recognized $
(3) The Company incurred $
(4) The Company incurred $
(5) The Company recognized $
(6) The Company recognized $
24
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Quarterly Report on Form 10-Q and the information incorporated by reference contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company’s financial outlook, future plans, objectives, business prospects and anticipated financial performance. Forward-looking statements can be identified by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” or variations of these words, or similar expressions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, these statements inherently involve a wide range of inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. The Company’s actual actions, results, and financial condition may differ materially from what is expressed or implied by the forward-looking statements.
Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities or unexpected failures at those facilities; future economic and financial conditions in the United States and around the world; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; unforeseen events, including natural disasters, unusual or severe weather events and patterns, public health crises, geopolitical crises, and other catastrophic events; and other risks and uncertainties detailed from time to time in the Company’s filings with the SEC, including without limitation, the risk factors disclosed in Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Given these factors, as well as other variables that may affect our operating results, readers should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, nor use historical trends to anticipate results or trends in future periods. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them.
Executive Overview
The Company conducts its business activities in two reportable segments: The Material Handling Segment and the Distribution Segment.
The Company designs, manufactures, and markets a variety of plastic, metal and rubber products. The Material Handling Segment manufactures a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded, blow molded or compression molded. The Distribution Segment is engaged in the distribution of tools, equipment and supplies used for tire, wheel and under vehicle service on passenger, heavy truck and off-road vehicles, as well as the manufacturing of tire repair and retreading products.
The Company’s results of operations for the quarter and nine months ended September 30, 2024 are discussed below. The current economic environment includes heightened risks from inflation, interest rates, banking liquidity, volatile commodity costs, supply chain disruptions and labor availability stemming from the broader economic effects of the international geopolitical climate, including the conflict between Russia and Ukraine and Israel and Hamas. Such events have increased volatility in global commodity markets, including oil (a component of many plastic resins), energy and agricultural commodities. Some of our businesses have been and may continue to be affected by these broader economic effects, including customer demand for our products, supply chain disruptions, labor availability and inflation. The Company believes it is well-positioned to manage through this uncertainty as it has a strong balance sheet with sufficient liquidity and borrowing capacity as well as a diverse product offering and customer base.
25
Results of Operations:
Comparison of the Quarter Ended September 30, 2024 to the Quarter Ended September 30, 2023
Net Sales:
(dollars in thousands) |
|
Quarter Ended September 30, |
|
|
|
|
|
|
|
|||||||
Segment |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Material Handling |
|
$ |
150,718 |
|
|
$ |
132,484 |
|
|
$ |
18,234 |
|
|
|
13.8 |
% |
Distribution |
|
|
54,384 |
|
|
|
65,335 |
|
|
|
(10,951 |
) |
|
|
(16.8 |
)% |
Inter-company sales |
|
|
(35 |
) |
|
|
(21 |
) |
|
|
(14 |
) |
|
|
|
|
Total net sales |
|
$ |
205,067 |
|
|
$ |
197,798 |
|
|
$ |
7,269 |
|
|
|
3.7 |
% |
Net sales for the quarter ended September 30, 2024 were $205.1 million, an increase of $7.3 million or 3.7% compared to the quarter ended September 30, 2023. Net sales increased due to $20.7 million of incremental sales from the acquisition of Signature on February 8, 2024, included in the Material Handling Segment. Signature's annual sales were approximately $110 million at the time of the acquisition. The increase in net sales was partially offset by lower volume of $11.2 million, lower pricing of $2.1 million and the effect of unfavorable currency translation of $0.2 million.
Net sales in the Material Handling Segment increased $18.2 million or 13.8% for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023. Net sales increased due to $20.7 million of incremental sales from the acquisition of Signature on February 8, 2024, partially offset by lower volume of $1.7 million, lower pricing of $0.6 million and the effect of unfavorable currency translation of $0.2 million.
Net sales in the Distribution Segment decreased $11.0 million or 16.8% for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023, primarily due to lower volume of $9.5 million and lower pricing of $1.5 million.
Cost of Sales & Gross Profit:
|
|
Quarter Ended September 30, |
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Cost of sales |
|
$ |
139,937 |
|
|
$ |
135,419 |
|
|
$ |
4,518 |
|
|
|
3.3 |
% |
Gross profit |
|
$ |
65,130 |
|
|
$ |
62,379 |
|
|
$ |
2,751 |
|
|
|
4.4 |
% |
Gross profit as a percentage of sales |
|
|
31.8 |
% |
|
|
31.5 |
% |
|
|
|
|
|
|
||
Gross profit increased $2.8 million, or 4.4%, for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023, due to the benefits of the acquisition of Signature on February 8, 2024 and favorable mix, partially offset by lower volume and pricing as described under Net Sales above, and higher material costs. Gross margin was 31.8% for the quarter ended September 30, 2024 compared with 31.5% for the quarter ended September 30, 2023.
Selling, General and Administrative Expenses:
|
|
Quarter Ended September 30, |
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
SG&A expenses |
|
$ |
47,686 |
|
|
$ |
43,698 |
|
|
$ |
3,988 |
|
|
|
9.1 |
% |
SG&A expenses as a percentage of sales |
|
|
23.3 |
% |
|
|
22.1 |
% |
|
|
|
|
|
|
||
Selling, general and administrative (“SG&A”) expenses for the quarter ended September 30, 2024 were $47.7 million, an increase of $4.0 million or 9.1% compared to the same period in the prior year. Increases in SG&A expenses for the third quarter 2024 were primarily due to $8.0 million of incremental SG&A, including $3.1 million of intangible amortization, from the acquisition of Signature on February 8, 2024, $0.9 million of higher facility costs and $0.5 million of higher legal and professional fees, partially offset by $0.1 million of lower variable selling expenses, $4.6 million of lower incentive compensation, $0.7 million of lower commissions, and $0.8 million of lower salaries and benefits. Executive severance was $1.4 million for the quarter ended September 30, 2024. Environmental matters, as described in Note 10 resulted in a net $0.5 million net recovery for the quarter ended September 30, 2024, compared to $0.1 million of net recovery for the quarter ended September 30, 2023.
26
Impairment Charges:
During the quarter ended September 30, 2024, the Company recorded a $22.0 million non-cash impairment charge, for the full carrying value of goodwill in the rotational molding reporting unit, included in the Material Handling Segment, as discussed in Note 7.
Net Interest Expense:
|
|
Quarter Ended September 30, |
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Net interest expense |
|
$ |
8,091 |
|
|
$ |
1,539 |
|
|
$ |
6,552 |
|
|
|
425.7 |
% |
Average outstanding borrowings, net |
|
$ |
414,953 |
|
|
$ |
84,220 |
|
|
$ |
330,733 |
|
|
|
392.7 |
% |
Weighted-average borrowing rate |
|
|
8.40 |
% |
|
|
7.09 |
% |
|
|
|
|
|
|
||
Net interest expense for the quarter ended September 30, 2024 was $8.1 million, an increase of $6.6 million, or 425.7%, compared with $1.5 million for the quarter ended September 30, 2023. The higher net interest expense was due to higher deferred financing fees and average outstanding borrowings as a result of the acquisition of Signature, which was funded through an amendment and restatement of Myers' existing loan agreement discussed below, and a higher weighted-average borrowing rate in the quarter ended September 30, 2024.
Income Taxes:
|
|
Quarter Ended September 30, |
|
|||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
||
Income (loss) before income taxes |
|
$ |
(12,855 |
) |
|
$ |
17,164 |
|
Income tax expense (benefit) |
|
$ |
(1,977 |
) |
|
$ |
4,417 |
|
Effective tax rate |
|
|
15.4 |
% |
|
|
25.7 |
% |
The Company’s effective tax rate was 15.4% for the quarter ended September 30, 2024, compared to 25.7% for the quarter ended September 30, 2023. The difference in the effective tax rate compared to the 21% U.S. federal statutory rate was primarily due to non-deductible expenses, which include expenses related to the Signature acquisition, that partially offset the income tax benefit from the current quarter loss before income taxes.
Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023
Net Sales:
(dollars in thousands) |
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|||||||
Segment |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Material Handling |
|
$ |
468,951 |
|
|
$ |
428,341 |
|
|
$ |
40,610 |
|
|
|
9.5 |
% |
Distribution |
|
|
163,543 |
|
|
|
193,693 |
|
|
|
(30,150 |
) |
|
|
(15.6 |
)% |
Inter-company sales |
|
|
(89 |
) |
|
|
(44 |
) |
|
|
(45 |
) |
|
|
|
|
Total net sales |
|
$ |
632,405 |
|
|
$ |
621,990 |
|
|
$ |
10,415 |
|
|
|
1.7 |
% |
Net sales for the nine months ended September 30, 2024 were $632.4 million, an increase of $10.4 million or 1.7% compared to the nine months ended September 30, 2023. Net sales increased due to $71.8 million of incremental sales from the acquisition of Signature on February 8, 2024, included in the Material Handling Segment. Signature's annual sales were approximately $110 million at the time of the acquisition. The increase in net sales was partially offset by lower volume of $47.1 million, lower pricing of $14.0 million and the effect of unfavorable currency translation of $0.3 million.
Net sales in the Material Handling Segment increased $40.6 million or 9.5% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Net sales increased due to $71.8 million of incremental sales from the acquisition of Signature on February 8, 2024, partially offset by lower volume of $19.9 million, lower pricing of $11.0 million and the effect of unfavorable currency translation of $0.3 million.
Net sales in the Distribution Segment decreased $30.2 million or 15.6% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily due to lower volume of $27.2 million and lower pricing of $3.0 million.
27
Cost of Sales & Gross Profit:
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Cost of sales |
|
$ |
427,489 |
|
|
$ |
420,136 |
|
|
$ |
7,353 |
|
|
|
1.8 |
% |
Gross profit |
|
$ |
204,916 |
|
|
$ |
201,854 |
|
|
$ |
3,062 |
|
|
|
1.5 |
% |
Gross profit as a percentage of sales |
|
|
32.4 |
% |
|
|
32.5 |
% |
|
|
|
|
|
|
||
Gross profit increased $3.1 million, or 1.5%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, due to the benefits of the acquisition of Signature on February 8, 2024, favorable mix and lower material costs, partially offset by lower volume and pricing as described under Net Sales above, the impact from acquisition-related inventory step-up amortization of $4.5 million and unfavorable cost productivity. Gross margin was 32.4% for the nine months ended September 30, 2024 compared with 32.5% for the nine months ended September 30, 2023.
Selling, General and Administrative Expenses:
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
SG&A expenses |
|
$ |
152,804 |
|
|
$ |
148,130 |
|
|
$ |
4,674 |
|
|
|
3.2 |
% |
SG&A expenses as a percentage of sales |
|
|
24.2 |
% |
|
|
23.8 |
% |
|
|
|
|
|
|
||
Selling, general and administrative (“SG&A”) expenses for the nine months ended September 30, 2024 were $152.8 million, an increase of $4.7 million or 3.2% compared to the same period in the prior year. Increases in SG&A expenses for the nine months ended September 30, 2024 were primarily due to $21.1 million of incremental SG&A, including $7.3 million of intangible amortization, from the acquisition of Signature on February 8, 2024 and $1.5 million of higher facility costs, partially offset by $10.1 million of lower incentive compensation, $2.8 million of lower legal and professional fees, excluding acquisition costs, $3.4 million of lower salaries and benefits, $1.1 million of lower commissions and $1.2 million of lower variable selling expenses. Acquisition and integration costs included in SG&A expenses increased $4.0 million due to the Signature acquisition described in Note 3. Additionally, the company incurred $1.3 million of consulting costs for the nine months ended September 30, 2023, to improve its capabilities to screen and execute large acquisitions. Executive severance was $1.4 million for the nine months ended September 30, 2024, compared to $0.7 million for the nine months ended September 30, 2023. Environmental matters, as described in Note 10 resulted in a net $0.7 million recovery for the nine months ended September 30, 2024, which compared to $2.2 million of charges for the nine months ended September 30, 2023.
Impairment Charges:
During the nine months ended September 30, 2024, the Company recorded a $22.0 million non-cash impairment charge, for the full carrying value of goodwill in the rotational molding reporting unit, included in the Material Handling Segment, as discussed in Note 7.
Net Interest Expense:
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Net interest expense |
|
$ |
23,176 |
|
|
$ |
4,975 |
|
|
$ |
18,201 |
|
|
|
365.8 |
% |
Average outstanding borrowings, net |
|
$ |
372,759 |
|
|
$ |
96,112 |
|
|
$ |
276,647 |
|
|
|
287.8 |
% |
Weighted-average borrowing rate |
|
|
8.60 |
% |
|
|
6.74 |
% |
|
|
|
|
|
|
||
Net interest expense for the nine months ended September 30, 2024 was $23.2 million, an increase of $18.2 million, or 365.8%, compared with $5.0 million for the nine months ended September 30, 2023. The higher net interest expense was due to higher deferred financing fees and average outstanding borrowings as a result of the acquisition of Signature, which was funded through an amendment and restatement of Myers' existing loan agreement discussed below, and a higher weighted-average borrowing rate for the nine months ended September 30, 2024.
28
Income Taxes:
|
|
Nine Months Ended September 30, |
|
|||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
||
Income (loss) before income taxes |
|
$ |
6,667 |
|
|
$ |
48,827 |
|
Income tax expense (benefit) |
|
$ |
3,763 |
|
|
$ |
12,499 |
|
Effective tax rate |
|
|
56.4 |
% |
|
|
25.6 |
% |
The Company’s effective tax rate was 56.4% and 25.6% for the nine months ended September 30, 2024 and 2023, respectively. The increase in the effective tax rate is driven by the fixed non-deductible expenses, including expenses related to the Signature acquisition, on lower income before income taxes plus the tax effect of impairment charges.
Liquidity and Capital Resources:
The Company’s primary sources of liquidity are cash on hand, cash generated from operations and availability under the Amended Loan Agreement (defined below). At September 30, 2024, the Company had $29.7 million of cash, $239.4 million available under the Amended Loan Agreement and outstanding debt of $396.2 million, including the finance lease liability of $8.8 million. Based on this liquidity and borrowing capacity, the Company believes it is well-positioned to manage through the working capital demands and the heightened uncertainty in the current macroeconomic environment. The Company believes that cash on hand, cash flows from operations and available capacity under its Amended Loan Agreement will be sufficient to meet expected business requirements including capital expenditures, dividends, working capital, debt service, and to fund future growth.
Operating Activities
Net cash provided by operating activities was $51.9 million for the nine months ended September 30, 2024, compared to $70.8 million in the same period in 2023. The decrease was primarily due to changes in working capital, primarily due to reductions in accounts payable and accrued expenses. Year to date cash used for working capital was $9.1 million for the nine months ended September 30, 2024, compared to cash generated from working capital of $9.8 million in the prior year to date period, primarily due to reductions in accounts receivable.
Investing Activities
Net cash used for investing activities was $365.5 million for the nine months ended September 30, 2024 compared to cash used of $19.3 million for the same period in 2023. In 2024, the Company paid $348.3 million to acquire Signature, net of cash acquired and working capital adjustments, as discussed in Note 3. Capital expenditures were $17.3 million and $19.3 million for the nine months ended September 30, 2024 and 2023, respectively. Full year 2024 capital expenditures are expected to be approximately $30 million.
Financing Activities
Cash provided by financing activities was $313.0 million for the nine months ended September 30, 2024 compared to cash used of $49.8 million for the same period in 2023. In 2024, the Company received proceeds of $400 million under a new term loan facility, as described below and repaid $38.0 million of senior unsecured notes, including $26.0 million of senior unsecured notes that matured in January 2024 and the prepayment of $12.0 million of senior unsecured notes in conjunction with the amendment and restatement to the Loan Agreement described below. The company also made scheduled repayments of the Term Loan A totaling $10.0 million. Net borrowings (repayments) of the Company's existing revolving credit facility were $(15.0) million and $(34.0) million for the nine months ended September 30, 2024 and 2023, respectively. Net proceeds from the issuance of common stock in connection with incentive stock option exercises were $3.1 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for tax withholdings on vesting of stock compensation totaled $2.0 million and $2.1 million for the nine months ended September 30, 2024 and 2023, respectively. Fees paid for the amendment and restatement to the Loan Agreement in February 2024 totaled $9.2 million. The Company also used cash to pay dividends of $15.4 million and $15.3 million for the nine months ended September 30, 2024 and 2023, respectively.
29
Credit Sources
Seventh Amendment to Loan Agreement
On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement (the "Sixth Amendment"), dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024. There was no change to the credit facility's borrowing limit of $250 million.
Repayment and termination of Senior Unsecured Notes
On January 12, 2024, the Company repaid $26.0 million of senior unsecured notes upon maturity using cash on hand and availability under the Loan Agreement. On February 6, 2024, in connection with the first amendment and restatement to the Loan Agreement described below, the Company prepaid the remaining $12.0 million face value of senior unsecured notes, which were due January 15, 2026, using availability under the revolving credit facility under the Loan Agreement. After giving effect to the payment in full, all outstanding senior unsecured notes under the Note Purchase Agreement have been paid and the Note Purchase Agreement has been terminated. In conjunction with the termination the Company recognized a loss on debt extinguishment of $0.1 million, primarily representing the make-whole fees on the senior unsecured notes and the unamortized value of the original issuance discount.
First Amendment to Loan Agreement
On February 8, 2024, the Company entered into Amendment No. 1 to the Seventh Amended and Restated Loan Agreement (“Amendment No. 1”), which amended the Seventh Amended and Restated Loan Agreement (the "Loan Agreement” – see also Note 11) dated September 29, 2022 (collectively, the “Amended Loan Agreement”). Amendment No. 1, among other things, permitted the acquisition of Signature Systems and provided a new 5-year $400 million term loan facility (“Term Loan A”). Term Loan A will amortize in eight quarterly installment payments of $5 million beginning June 30, 2024, quarterly installment payments of $10 million thereafter, and any remaining balance due upon maturity. Term Loan A may be voluntarily prepaid at any time, in whole or in part, without penalty or premium, however, all amounts repaid or prepaid in respect of Term Loan A may not be reborrowed.
Amendment No. 1 did not change the existing revolving credit facility’s maturity date or $250 million borrowing limit, which includes a letter of credit subfacility and swingline subfacility. In connection with Amendment No. 1, the Company incurred deferred financing fees of $9.2 million.
The Amended Loan Agreement is on substantially the same terms as the Loan Agreement, except Amendment No. 1 has amended, among other items, (i) to permit the Signature Systems acquisition, (ii) to modify the maximum leverage ratio to not exceed (x) 4.00 to 1:00 on a “net” basis for an initial “net” leverage ratio holiday period for the immediate fiscal quarter end after the Signature Systems acquisition is consummated and for the three immediately following fiscal quarter ends thereafter and (y) 3.25 to 1.00 on a “net” basis after such “net” leverage ratio holiday period (subject to additional “net” leverage ratio holiday periods at the election of the Company for such periods that are more fully described in the Amended Loan Agreement), (iii) to modify certain negative covenants (including the restricted payment covenant) so that the applicable incurrence tests for such negative covenants is now based on the new “net” leverage ratio level, (iv) to increase the applicable margins for the loans under the Amended Loan Agreement to range between 1.775% to 2.35% for Term SOFR, RFR, SONIA, EURIBOR and CORRA based loans and between 0.775% and 1.35% for base rate loans, in each case based from time to time on the determination of the Company’s then net leverage ratio, (v) to replace the Canadian Dealer Offered Rate (CDOR) as the applicable reference rate with respect to loans denominated in Canadian Dollars to the Canadian Overnight Repo Rate Average (CORRA), and (vi) to amend the scope of collateral securing the obligations under the Amended Loan Agreement to be an “all asset” lien (subject to customary provisions of excluded collateral not subject to the liens).
On May 2, 2024, the Company entered into an interest rate swap agreement to mitigate the variable interest rate risk of borrowings under the Amended Loan Agreement. The swap has a beginning notional value of $200.0 million, which reduces proportionately with scheduled Term Loan A amortization payments, and has a final maturity date of January 31, 2029. At September 30, 2024, the remaining notional value of the Company's interest rate swap totaled $195.0 million. The swap is designated as a cash flow hedge and effectively results in a fixed rate of 4.606% plus the applicable margin for the hedged debt, as described in Notes 1 and 11.
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As of September 30, 2024, $239.4 million was available under the Amended Loan Agreement, after borrowings and the Company had $5.6 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business. Borrowings under the Amended Loan Agreement bear interest at the Term SOFR, RFR, SONIA, EURIBOR and CORRA-based borrowing rates.
As of September 30, 2024, the Company was in compliance with all of its debt covenants. The most restrictive financial covenants for all of the Company’s debt are a net leverage ratio (defined as net debt divided by earnings before interest, taxes, depreciation and amortization, as adjusted) and an interest coverage ratio (defined as earnings before interest, taxes, depreciation and amortization, as adjusted, divided by interest expense). The ratios as calculated under the terms of the Amended Loan Agreement as of and for the period ended September 30, 2024 are shown in the following table:
|
|
Required Level |
|
Actual Level |
|
|
Interest Coverage Ratio |
|
3.00 to 1 (minimum) |
|
|
5.52 |
|
Net Leverage Ratio |
|
4.00 to 1 (maximum) |
|
|
2.72 |
|
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that have, or are reasonably expected to have, a material current or future effect on its financial condition, results of operations, liquidity, capital expenditures or capital resources at September 30, 2024.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
The Company has certain financing arrangements that require interest payments based on floating interest rates, and to that extent, the Company’s financial results are subject to changes in the market rate of interest. Borrowings under the Amended Loan Agreement bear interest at the Term SOFR, RFR, SONIA, EURIBOR and CORRA-based borrowing rates. Based on current debt levels at September 30, 2024, if market interest rates decrease or increase one percent, the Company’s annual variable interest expense would change by approximately $2.0 million.
The Company has entered into an interest rate swap agreement to mitigate the variable interest rate risk under the Amended Loan Agreement, which effectively results in a fixed rate debt on a portion of its outstanding borrowings. Based on current debt levels at September 30, 2024, if market interest rates decrease or increase one percent, the Company's annual fixed rate interest expense on the fair value of the interest rate swap would change by approximately $6.8 million.
Foreign Currency Exchange Risk
Certain of the Company’s subsidiaries operate in foreign countries and their financial results are subject to exchange rate movements. The Company has operations in Canada and the United Kingdom with foreign currency exposure, primarily due to U.S. dollar sales made from businesses in Canada and the United Kingdom to customers in the United States. The Company has a systematic program to limit its exposure to fluctuations in exchange rates related to certain assets and liabilities of its operations in Canada and the United Kingdom that are denominated in U.S. dollars. The net exposure is generally less than $1 million. The foreign currency contracts and arrangements created under this program are not designated as hedged items under ASC 815, Derivatives and Hedging, and accordingly, the changes in the fair value of the foreign currency arrangements, which have been immaterial, are recorded in the Condensed Consolidated Statements of Operations (Unaudited). The Company’s foreign currency arrangements are typically three months or less and are settled before the end of a reporting period. At September 30, 2024, the Company had no foreign currency arrangements or contracts in place.
Commodity Price Risk
The Company uses certain commodity raw materials, primarily plastic resins, and other commodities, such as natural gas, in its operations. The cost of operations can be affected by changes in the market for these commodities, particularly plastic resins. The Company currently has no derivative contracts to hedge changes in raw material pricing. The Company may from time to time enter into forward buy positions for certain utility costs, which were not material at September 30, 2024. Significant future increases in the cost of plastic resin or other adverse changes in the general economic environment could have a material adverse impact on the Company’s financial position, results of operations or cash flows.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures, as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.
The Company carries out a variety of on-going procedures, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, to evaluate the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024.
Changes in Internal Control Over Financial Reporting
On February 8, 2024, the Company acquired the stock of Signature Systems. As permitted by SEC rules and regulations, the scope of management’s evaluation of internal control over financial reporting as of September 30, 2024 did not include an evaluation of the internal control over financial reporting of Signature. However, we are extending our oversight and monitoring processes that support our review of internal control over financial reporting to include Signature’s operations.
Excluding the Signature acquisition, during the nine months ended September 30, 2024, there have been no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – Other Information
Item 1. Legal Proceedings
Certain legal proceedings in which the Company is involved are discussed in Note 10, Contingencies, in the Unaudited Condensed Consolidated Financial Statements in Part I of this report, and Part I, Item 3 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s disclosures relating to legal proceedings in Note 10, Contingencies, in the Unaudited Condensed Consolidated Financial Statements in Part I of this report are incorporated into Part II of this report by reference. The Company is a defendant in various lawsuits and a party to various other legal proceedings, in the ordinary course of business, some of which are covered in whole or in part by insurance. We believe that the outcome of these lawsuits and other proceedings will not individually or in the aggregate have a future material adverse effect on our consolidated financial position, results of operations or cash flows.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table presents information regarding the Company’s stock repurchase plan during the quarter ended September 30, 2024:
|
|
Total Number of |
|
|
Average Price Paid |
|
|
Total Number of Shares Purchased as Part of the Publicly Announced Plans or Programs |
|
|
Maximum number of Shares that may yet be Purchased Under the Plans or Programs (1) |
|
||||
7/1/2024 to 7/31/2024 |
|
|
— |
|
|
$ |
— |
|
|
|
5,547,665 |
|
|
|
2,452,335 |
|
8/1/2024 to 8/31/2024 |
|
|
— |
|
|
|
— |
|
|
|
5,547,665 |
|
|
|
2,452,335 |
|
9/1/2024 to 9/30/2024 |
|
|
— |
|
|
|
— |
|
|
|
5,547,665 |
|
|
|
2,452,335 |
|
Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2024, none of our directors or executive officers
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Item 6. Exhibits
3.1 |
|
3.2 |
|
10.1* |
|
10.2* |
|
31.1 |
|
31.2 |
|
32.1 |
|
101 |
The following financial information from Myers Industries, Inc. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, formatted in inline XBRL includes: (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Financial Position, (iv) Condensed Consolidated Statements of Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements. |
104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
* |
Indicates executive compensation plan or arrangement |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
MYERS INDUSTRIES, INC. |
|
|
November 4, 2024 |
/s/ Grant E. Fitz |
|
Grant E. Fitz |
|
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
35