10-Q 1 matw-20220331.htm FORM 10-Q FOR THE 2ND QUARTER FISCAL 2022 matw-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
____________________________________________________________
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from _____ to _____

Commission File No. 0-09115
____________________________________________________________
MATTHEWS INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________________
Pennsylvania25-0644320
(State or other jurisdiction of
 incorporation or organization)
(I.R.S. Employer
Identification No.)

Two Northshore Center, Pittsburgh, PA 15212-5851
(Address of principal executive offices) (Zip Code)

(412) 442-8200
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $1.00 par valueMATWNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ý
Accelerated filer
Non-accelerated filer ☐Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes No ý

As of March 31, 2022, shares of common stock outstanding were: Class A Common Stock 31,306,248 shares.



PART I ‑ FINANCIAL INFORMATION

Item 1.   Financial Statements

MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands)
 March 31, 2022September 30, 2021
ASSETS    
Current assets:    
Cash and cash equivalents $53,777  $49,176 
Accounts receivable, net 223,283  309,818 
Inventories, net 201,566  189,088 
Restricted cash, current22,295  
Other current assets 111,371  76,083 
Total current assets 612,292  624,165 
Restricted cash, non-current 19,167 
Investments 23,697  30,438 
Property, plant and equipment, net 213,104  223,707 
Operating lease right-of-use assets78,984 80,262 
Deferred income taxes 2,950  3,489 
Goodwill 769,111  773,787 
Other intangible assets, net 227,255  261,542 
Other assets25,400 15,521 
Total assets $1,952,793  $2,032,078 
LIABILITIES    
Current liabilities:    
Long-term debt, current maturities  $3,872  $4,624 
Current portion of operating lease liabilities24,541 25,151 
Trade accounts payable 114,984  112,722 
Accrued compensation 47,580  68,938 
Accrued income taxes 3,751  4,235 
Other current liabilities 143,831  138,555 
Total current liabilities 338,559  354,225 
Long-term debt 749,092  759,086 
Operating lease liabilities56,719 57,272 
Accrued pension 33,544  84,803 
Postretirement benefits 17,897  17,958 
Deferred income taxes 109,596  97,416 
Other liabilities 18,371  24,915 
Total liabilities 1,323,778  1,395,675 
SHAREHOLDERS' EQUITY    
Shareholders' equity-Matthews:    
Common stock$36,334  $36,334  
Additional paid-in capital151,891  149,484  
Retained earnings798,548  834,208  
Accumulated other comprehensive loss(161,230) (192,739) 
Treasury stock, at cost(196,353) (190,739) 
Total shareholders' equity-Matthews 629,190  636,548 
Noncontrolling interests (175) (145)
Total shareholders' equity 629,015  636,403 
Total liabilities and shareholders' equity $1,952,793  $2,032,078 

The accompanying notes are an integral part of these consolidated financial statements.
2


MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
Sales$444,978 $417,154 $883,557 $803,811 
Cost of sales(320,459)(276,143)(627,401)(537,302)
Gross profit124,519 141,011 256,156 266,509 
Selling expense(33,381)(32,360)(64,124)(63,155)
Administrative expense(71,819)(70,749)(140,388)(139,858)
Intangible amortization(11,953)(22,930)(33,499)(38,151)
Operating profit7,366 14,972 18,145 25,345 
Investment (loss) income(327)969 676 2,046 
Interest expense(6,260)(7,233)(12,767)(14,961)
Other income (deductions), net562 (2,584)(31,151)(4,318)
Income (loss) before income taxes1,341 6,124 (25,097)8,112 
Income tax (provision) benefit(3,277)(972)3,351 (4,952)
Net (loss) income(1,936)5,152 (21,746)3,160 
Net loss (income) attributable to noncontrolling interests31 (163)38 71 
Net (loss) income attributable to Matthews shareholders$(1,905)$4,989 $(21,708)$3,231 
(Loss) earnings per share attributable to Matthews shareholders:
Basic$(0.06)$0.16 $(0.68)$0.10 
Diluted$(0.06)$0.16 $(0.68)$0.10 

The accompanying notes are an integral part of these consolidated financial statements.
3


MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Dollar amounts in thousands)
 Three Months Ended March 31,
 MatthewsNoncontrolling InterestTotal
 202220212022202120222021
Net (loss) income:$(1,905)$4,989 $(31)$163 $(1,936)$5,152 
Other comprehensive income (loss) ("OCI"), net of tax:      
Foreign currency translation adjustment(6,181)(8,898)4 1 (6,177)(8,897)
Pension plans and other postretirement benefits(27)2,255   (27)2,255 
Unrecognized gain on derivatives:      
Net change from periodic revaluation3,538 2,088   3,538 2,088 
Net amount reclassified to earnings554 567   554 567 
Net change in unrecognized gain on derivatives4,092 2,655   4,092 2,655 
OCI, net of tax(2,116)(3,988)4 1 (2,112)(3,987)
Comprehensive (loss) income$(4,021)$1,001 $(27)$164 $(4,048)$1,165 

 Six Months Ended March 31,
 MatthewsNoncontrolling InterestTotal
 202220212022202120222021
Net (loss) income:$(21,708)$3,231 $(38)$(71)$(21,746)$3,160 
OCI, net of tax:      
Foreign currency translation adjustment(8,170)8,157 8 (2)(8,162)8,155 
Pension plans and other postretirement benefits34,106 4,379   34,106 4,379 
Unrecognized gain on derivatives:      
Net change from periodic revaluation4,413 2,441   4,413 2,441 
Net amount reclassified to earnings1,160 1,249   1,160 1,249 
Net change in unrecognized gain on derivatives5,573 3,690   5,573 3,690 
OCI, net of tax31,509 16,226 8 (2)31,517 16,224 
Comprehensive income (loss)$9,801 $19,457 $(30)$(73)$9,771 $19,384 

The accompanying notes are an integral part of these consolidated financial statements.

4


MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
for the three and six months ended March 31, 2022 and 2021 (Unaudited)
(Dollar amounts in thousands, except per share data)
 Shareholders' Equity
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Non-
controlling
Interests
Total
Balance,
     September 30, 2021
$36,334 $149,484 $834,208 $(192,739)$(190,739)$(145)$636,403 
Net loss— — (19,803)— — (7)(19,810)
Minimum pension liability— — — 34,133 — — 34,133 
Translation adjustment— — — (1,989)— 4 (1,985)
Fair value of derivatives— — — 1,481 — — 1,481 
Total comprehensive income      13,819 
Stock-based compensation— 3,709 — — — — 3,709 
Purchase of 62,746 shares of treasury stock
— — — — (2,435)— (2,435)
Issuance of 174,107 shares of treasury stock
— (6,859)— — 6,859 —  
Cancellations of 31,057 shares of treasury stock
— 2,091 — — (2,091)—  
Dividends, $0.22 per share
— — (6,824)— — — (6,824)
Balance,
     December 31, 2021
$36,334 $148,425 $807,581 $(159,114)$(188,406)$(148)$644,672 
Net loss— — (1,905)— — (31)(1,936)
Minimum pension liability— — — (27)— — (27)
Translation adjustment— — — (6,181)— 4 (6,177)
Fair value of derivatives— — — 4,092 — — 4,092 
Total comprehensive loss      (4,048)
Stock-based compensation— 5,222 — — — — 5,222 
Purchase of 289,184 shares of treasury stock
— — — — (9,703)— (9,703)
Issuance of 45,096 shares of treasury stock
— (1,761)— — 1,761 —  
Cancellations of 80 shares of treasury stock
— 5 — — (5)—  
Dividends, $0.22 per share
— — (7,128)— — — (7,128)
Balance,
     March 31, 2022
$36,334 $151,891 $798,548 $(161,230)$(196,353)$(175)$629,015 
5


MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY, Continued
for the three and six months ended March 31, 2022 and 2021 (Unaudited)
(Dollar amounts in thousands, except per share data)





 Shareholders' Equity
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Non-
controlling
Interests
Total
Balance,
     September 30, 2020
$36,334 $135,187 $859,002 $(240,719)$(178,997)$626 $611,433 
Net loss— — (1,758)— — (234)(1,992)
Minimum pension liability— — — 2,124 — — 2,124 
Translation adjustment— — — 17,055 — (3)17,052 
Fair value of derivatives— — — 1,035 — — 1,035 
Total comprehensive income      18,219 
Stock-based compensation— 3,246 — — — — 3,246 
Purchase of 162,291 shares of treasury stock
— — — — (4,237)— (4,237)
Issuance of 10,300 shares of treasury stock
— (407)— — 407 —  
Cancellations of 34,727 shares of treasury stock
— 1,982 — — (1,982)—  
Dividends, $0.215 per share
— — (6,808)— — — (6,808)
Balance,
     December 31, 2020
$36,334 $140,008 $850,436 $(220,505)$(184,809)$389 $621,853 
Net income— — 4,989 — — 163 5,152 
Minimum pension liability— — — 2,255 — — 2,255 
Translation adjustment— — — (8,898)— 1 (8,897)
Fair value of derivatives— — — 2,655 — — 2,655 
Total comprehensive income      1,165 
Stock-based compensation— 4,001 — — — — 4,001 
Purchase of 6,000 shares of treasury stock
— — — — (249)— (249)
Issuance of 17,357 shares of treasury stock
— (685)— — 685 —  
Dividends, $0.215 per share
— — (7,171)— — — (7,171)
Balance,
     March 31, 2021
$36,334 $143,324 $848,254 $(224,493)$(184,373)$553 $619,599 

The accompanying notes are an integral part of these consolidated financial statements.
6


MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands)
Six Months Ended
March 31,
 20222021
Cash flows from operating activities:  
Net (loss) income$(21,746)$3,160 
Adjustments to reconcile net (loss) income to net cash flows from operating activities:  
Depreciation and amortization57,225 62,530 
Stock-based compensation expense8,931 7,247 
Deferred tax (benefit) provision(16)930 
Gain on sale of assets, net(528)(511)
Other investment loss (gain)214 (844)
Pension settlement loss30,856  
Asset write-downs10,486  
Changes in working capital items18,842 2,730 
Decrease in other assets5,823 2,556 
(Decrease) increase in other liabilities(41,971)12,962 
Other operating activities, net4,607 1,422 
Net cash provided by operating activities72,723 92,182 
Cash flows from investing activities:  
Capital expenditures(28,096)(15,819)
Acquisitions, net of cash acquired (13,100)
Proceeds from sale of assets360 2,065 
Proceeds from sale of investments3,127 15,000 
Investments and advances(130) 
Net cash used in investing activities(24,739)(11,854)
Cash flows from financing activities:  
Proceeds from long-term debt342,847 249,833 
Payments on long-term debt(353,385)(303,781)
Purchases of treasury stock(12,138)(4,486)
Dividends(13,952)(13,979)
Acquisition holdback and contingent consideration payments(613)(1,556)
Other financing activities(1,434)(1,484)
Net cash used in financing activities(38,675)(75,453)
Effect of exchange rate changes on cash(1,580)771 
Net change in cash, cash equivalents and restricted cash7,729 5,646 
Cash, cash equivalents and restricted cash at beginning of year68,343 41,334 
Cash, cash equivalents and restricted cash at end of period$76,072 $46,980 

The accompanying notes are an integral part of these consolidated financial statements.
7


MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 2022
(Dollar amounts in thousands, except per share data)


Note 1.   Nature of Operations

Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of brand solutions, memorialization products and industrial technologies. The Company manages its businesses under three segments: SGK Brand Solutions, Memorialization and Industrial Technologies. Effective in the first quarter of fiscal 2022, the Company transferred its surfaces and engineered products businesses from the SGK Brand Solutions segment to the Industrial Technologies segment. This business segment change is consistent with internal management structure and reporting changes effective for fiscal 2022. Prior periods were revised to reflect retrospective application of this segment realignment. Brand solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial technologies includes the design, manufacturing, service and distribution of high-tech custom energy storage, marking, coding and industrial automation technologies and solutions, and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products.

The Company has facilities in North America, Europe, Asia, Australia, and Central and South America.


Note 2.   Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information for commercial and industrial companies and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2021. The consolidated financial statements include all domestic and foreign subsidiaries in which the Company maintains an ownership interest and has operating control and any variable interest entities for which the Company is the primary beneficiary.  Investments in certain companies over which the Company exerts significant influence, but does not control the financial and operating decisions, are accounted for as equity method investments. Investments in certain companies over which the Company does not exert significant influence are accounted for as cost method investments. All intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


Note 3.   Revenue Recognition

The Company delivers a variety of products and services through its business segments. The SGK Brand Solutions segment delivers brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. The Memorialization segment produces and delivers bronze and granite memorials and other memorialization products, caskets, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment designs, manufactures, services and distributes high-tech custom energy storage, marking, coding and industrial automation technologies and solutions, and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products.




8


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
(Dollar amounts in thousands, except per share data)
Note 3.   Revenue Recognition (continued)

The Company disaggregates revenue from contracts with customers by geography, as it believes geographic regions best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Disaggregated sales by segment and region for the three and six months ended March 31, 2022 and 2021 were as follows:
 SGK Brand SolutionsMemorializationIndustrial TechnologiesConsolidated
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
20222021202220212022202120222021
North America$69,080 $66,282 $205,655 $190,253 $34,768 $32,260 $309,503 $288,795 
Central and South America1,123 1,319     1,123 1,319 
Europe60,852 64,581 11,924 12,662 41,611 31,622 114,387 108,865 
Australia2,687 3,456 2,425 2,542   5,112 5,998 
Asia13,078 10,777   1,775 1,400 14,853 12,177 
Total Sales$146,820 $146,415 $220,004 $205,457 $78,154 $65,282 $444,978 $417,154 
 SGK Brand SolutionsMemorializationIndustrial TechnologiesConsolidated
Six Months Ended March 31,Six Months Ended March 31,Six Months Ended March 31,Six Months Ended March 31,
20222021202220212022202120222021
North America$143,270 $