Company Quick10K Filing
Monro
Price78.51 EPS2
Shares34 P/E33
MCap2,668 P/FCF26
Net Debt163 EBIT102
TEV2,831 TEV/EBIT28
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-12-28 Filed 2020-02-06
10-Q 2019-09-28 Filed 2019-11-07
10-Q 2019-06-29 Filed 2019-08-08
10-K 2019-03-30 Filed 2019-05-29
10-Q 2018-12-29 Filed 2019-02-07
10-Q 2018-09-29 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-K 2018-03-31 Filed 2018-05-30
10-Q 2017-12-23 Filed 2018-02-01
10-Q 2017-09-23 Filed 2017-11-02
10-Q 2017-06-24 Filed 2017-08-03
10-K 2017-03-25 Filed 2017-05-24
10-Q 2016-12-24 Filed 2017-02-02
10-Q 2016-09-24 Filed 2016-11-03
10-Q 2016-06-25 Filed 2016-08-04
10-K 2016-03-26 Filed 2016-05-25
10-Q 2015-12-26 Filed 2016-02-04
10-Q 2015-09-26 Filed 2015-11-05
10-Q 2015-06-27 Filed 2015-08-06
10-K 2015-03-28 Filed 2015-05-27
10-Q 2014-12-27 Filed 2015-02-05
10-Q 2014-09-27 Filed 2014-11-06
10-Q 2014-06-28 Filed 2014-08-07
10-K 2014-03-29 Filed 2014-05-28
10-Q 2013-12-28 Filed 2014-02-04
10-Q 2013-09-28 Filed 2013-10-31
10-Q 2013-06-29 Filed 2013-07-30
10-K 2013-03-30 Filed 2013-05-29
10-Q 2012-12-29 Filed 2013-02-07
10-Q 2012-09-29 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-K 2012-03-31 Filed 2012-05-30
10-Q 2011-12-24 Filed 2012-02-02
10-Q 2011-09-24 Filed 2011-11-03
10-Q 2011-06-25 Filed 2011-08-04
10-K 2011-03-26 Filed 2011-05-25
10-Q 2010-12-25 Filed 2011-02-03
10-Q 2010-09-25 Filed 2010-10-29
10-Q 2010-06-26 Filed 2010-08-02
10-K 2010-03-27 Filed 2010-06-10
10-Q 2009-12-26 Filed 2010-02-04
8-K 2020-04-11 Officers
8-K 2020-03-27 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-02-14 Other Events, Exhibits
8-K 2020-01-30 Earnings, Other Events, Exhibits
8-K 2019-10-24 Earnings, Other Events, Exhibits
8-K 2019-09-30 Officers
8-K 2019-08-13 Shareholder Vote, Other Events, Exhibits
8-K 2019-07-25 Earnings, Other Events, Exhibits
8-K 2019-05-21 Earnings, Other Events, Exhibits
8-K 2019-04-25 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-21 Other Events, Exhibits
8-K 2019-02-20 Officers
8-K 2019-01-31 Earnings, Other Events, Exhibits
8-K 2018-10-25 Earnings, Other Events, Exhibits
8-K 2018-10-08 Other Events, Exhibits
8-K 2018-09-27 Other Events, Exhibits
8-K 2018-08-14 Shareholder Vote, Other Events, Exhibits
8-K 2018-07-31 Other Events, Exhibits
8-K 2018-07-26 Earnings, Other Events, Exhibits
8-K 2018-06-28 Officers, Exhibits
8-K 2018-05-21 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-03-26 Officers, Other Events, Exhibits
8-K 2018-03-05 Other Events, Exhibits
8-K 2018-02-16 Other Events
8-K 2018-01-30 Earnings, Other Events, Exhibits

MNRO 10Q Quarterly Report

Part I - Financial Information
Note 1 - Condensed Consolidated Financial Statements
Note 2 - Acquisitions
Note 3 - Earnings per Common Share
Note 4 - Income Taxes
Note 5 - Fair Value
Note 6 - Cash Dividend
Note 7 - Revenues
Note 8 - Leasing
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
EX-31.1 mnro-20191228xex31_1.htm
EX-31.2 mnro-20191228xex31_2.htm
EX-32.1 mnro-20191228xex32_1.htm

Monro Earnings 2019-12-28

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.40.30.20.20.10.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________

FORM 10-Q

____________________________________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 28, 2019.

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 Number: 0-19357

____________________________________________________________

MONRO, INC.

(Exact name of registrant as specified in its charter)

____________________________________________________________

New York

16-0838627

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

200 Holleder ParkwayRochesterNew York

14615

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (585) 647-6400

_________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

MNRO

 

The Nasdaq Stock 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.      x  Yes     ¨  No

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 such files).      x  Yes     ¨  No

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   x      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     x  No

As of January 24, 2020, 33,283,751 shares of the registrant's common stock, par value $0.01 per share, were outstanding.

 


MONRO, INC.

INDEX

Part I. Financial Information

Page No.

Item 1. Financial Statements (Unaudited)

Consolidated Balance Sheets as of December 28, 2019 and March 30, 2019

3

Consolidated Statements of Comprehensive Income for the quarters and nine months ended December 28, 2019 and December 29, 2018

4

Consolidated Statements of Changes in Shareholders’ Equity for the quarters and nine months ended December 28, 2019 and December 29, 2018

5

Consolidated Statements of Cash Flows for the nine months ended December 28, 2019 and December 29, 2018

6

Notes to Consolidated Financial Statements

7

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3. Quantitative and Qualitative Disclosures About Market Risk

21

Item 4. Controls and Procedures

21

Part II. Other Information

Item 1. Legal Proceedings

22

Item 6. Exhibits

22

Signatures

23


2


MONRO, INC.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MONRO, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

December 28,

March 30,

2019

2019

(Dollars in thousands)

Assets

Current assets:

Cash and equivalents

$

8,826

$

6,214

Trade receivables

16,973

14,617

Federal and state income taxes receivable

1,652

5,586

Inventories

179,171

171,038

Other current assets

45,883

42,452

Total current assets

252,505

239,907

Property, plant and equipment

676,071

640,421

Less - Accumulated depreciation and amortization

(349,798)

(327,869)

Net property, plant and equipment

326,273

312,552

Finance lease and financing obligation assets, net

193,900

128,029

Operating lease assets, net

211,573

Goodwill

673,569

565,503

Intangible assets, net

30,916

51,107

Other non-current assets

18,436

13,024

Long-term deferred income tax assets

5,041

2,166

Total assets

$

1,712,213

$

1,312,288

Liabilities and Shareholders' Equity

Current liabilities:

Current portion of long-term debt, finance leases and financing obligations

$

31,084

$

22,229

Current portion of operating lease liabilities

30,534

Trade payables

115,512

103,602

Accrued payroll, payroll taxes and other payroll benefits

20,692

20,231

Accrued insurance

39,234

38,742

Deferred revenue

13,635

12,059

Other current liabilities

22,037

21,584

Total current liabilities

272,728

218,447

Long-term debt

196,985

137,682

Long-term finance leases and financing obligations

298,888

238,089

Long-term operating lease liabilities

176,583

Accrued rent expense

4,053

Other long-term liabilities

10,824

12,724

Long-term deferred income tax liabilities

7,258

Long-term income taxes payable

2,355

1,783

Total liabilities

965,621

612,778

Commitments and contingencies

 

 

Shareholders' equity:

Class C Convertible Preferred Stock, $1.50 par value, $0.064 conversion value,
150,000 shares authorized; 21,802 shares issued and outstanding

33

33

Common Stock, $0.01 par value, 65,000,000 shares authorized; 39,639,544 and
39,510,932 shares issued at December 28, 2019 and March 30, 2019, respectively

396

395

Treasury Stock, 6,359,871 shares at December 28, 2019 and March 30, 2019, at cost

(108,729)

(108,729)

Additional paid-in capital

228,617

220,173

Accumulated other comprehensive loss

(4,802)

(4,536)

Retained earnings

631,077

592,174

Total shareholders' equity

746,592

699,510

Total liabilities and shareholders' equity

$

1,712,213

$

1,312,288

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

3


MONRO, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Quarter Ended

Nine Months Ended

Fiscal December

Fiscal December

2019

2018

2019

2018

(Dollars in thousands,
except per share data)

Sales

$

329,281

$

310,110

$

970,458

$

913,027

Cost of sales, including distribution and occupancy costs

204,929

192,144

595,886

557,876

Gross profit

124,352

117,966

374,572

355,151

Operating, selling, general and administrative expenses

92,781

87,256

273,273

256,862

Operating income

31,571

30,710

101,299

98,289

Interest expense, net of interest income

6,983

6,797

21,100

20,180

Other income, net

(274)

(321)

(655)

(809)

Income before provision for income taxes

24,862

24,234

80,854

78,918

Provision for income taxes

5,982

3,703

19,054

15,982

Net income

18,880

20,531

61,800

62,936

Other comprehensive loss, net of tax:

Changes in pension, net of tax benefit

(89)

(76)

(266)

(227)

Comprehensive income

$

18,791

$

20,455

$

61,534

$

62,709

Earnings per common share:

Basic

$

0.56

$

0.62

$

1.85

$

1.90

Diluted

$

0.56

$

0.61

$

1.82

$

1.87

Weighted average number of common shares outstanding
     used in computing earnings per share:

Basic

33,274

33,032

33,234

32,932

Diluted

33,973

33,766

33,971

33,605

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


4


MONRO, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(UNAUDITED)

(Dollars and shares in thousands)

Class C Convertible
Preferred Stock

Common Stock

Treasury Stock

Additional
Paid-in

Accumulated
Other
Comprehensive

Retained

Shares

Amount

Shares

Amount

Shares

Amount

Capital

Loss

Earnings

Total

Balance at September 29, 2018

22

$

33

39,300

$

393

6,345

$

(107,523)

$

206,533

$

(4,399)

$

568,304

$

663,341

Net income

20,531

20,531

Other comprehensive loss:

Pension liability adjustment
   ($100) pre-tax

(76)

(76)

Cash dividends (1):

Preferred

(102)

(102)

Common

(6,620)

(6,620)

Dividend payable

(12)

(12)

Activity related to equity-based plans

159

2

15

(1,206)

9,191

7,987

Stock-based compensation

1,085

1,085

Balance at December 29, 2018

22

$

33

39,459

$

395

6,360

$

(108,729)

$

216,809

$

(4,475)

$

582,101

$

686,134

Balance at September 28, 2019

22

$

33

39,628

$

396

6,360

$

(108,729)

$

226,948

$

(4,713)

$

619,641

$

733,576

Net income

18,880

18,880

Other comprehensive loss:

Pension liability adjustment
   ($118) pre-tax