MASONITE INTERNATIONAL CORP

CIK:0000893691|SEC Filings

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 668,339	$ 725,984
Cost of goods sold	502,869	555,493
Gross profit	165,470	170,491
Selling, general and administration expenses	152,644	101,705
Restructuring costs	1,394	3,678
Operating income	11,432	65,108
Interest expense, net	12,022	14,252
Other (income) expense, net	(85,250)	52
Income before income tax expense	84,660	50,804
Income tax expense	23,278	11,360
Net income	61,382	39,444
Less: net income attributable to non-controlling interests	327	953
Net income attributable to Masonite	$ 61,055	$ 38,491
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 2.79	$ 1.74
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 2.74	$ 1.71
Comprehensive income:
Net income	$ 61,382	$ 39,444
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(4,907)	8,949
Amortization of actuarial net losses	218	191
Income tax expense related to other comprehensive (loss) income	(9)	(45)
Other comprehensive (loss) income, net of tax	(4,698)	9,095
Comprehensive income	56,684	48,539
Less: comprehensive income attributable to non-controlling interests	172	945
Comprehensive income attributable to Masonite	$ 56,512	$ 47,594

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Cash flows from operating activities:
Net income	$ 61,382	$ 39,444
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation	27,568	21,485
Amortization	10,876	7,421
Share based compensation expense	6,930	6,054
Deferred income taxes	12,196	885
Unrealized foreign exchange gain	(234)	(97)
Share of income from equity investees, net of tax	(838)	(748)
Pension and post-retirement funding, net of expense	(683)	(509)
Non-cash accruals and interest	1,420	1,445
Loss on sale of property, plant and equipment	1,068	1,038
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(6,692)	(5,457)
Inventories	6,494	34,024
Prepaid expenses and other assets	(197)	(7,730)
Accounts payable and accrued expenses	8,362	(33,223)
Other assets and liabilities	5,670	(7,685)
Net cash flow provided by operating activities	133,322	56,347
Cash flows from investing activities:
Additions to property, plant and equipment	(25,764)	(27,827)
Acquisition of businesses, net of cash acquired	(392)	(353,618)
Proceeds from sale of property, plant and equipment	0	4
Proceeds from repayment of note receivable	0	12,000
Other investing activities	(455)	(3,511)
Net cash flow used in investing activities	(26,611)	(372,952)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	250,000
Repayments of Long-term Debt	9,375	0
Payment of debt issuance costs	0	(3,628)
Proceeds from borrowings on revolving credit facilities	0	100,000
Repayments of borrowings on revolving credit facilities	0	(100,000)
Tax withholding on share based awards	(2,094)	(1,960)
Distributions to non-controlling interests	(1,582)	(554)
Repurchases of common shares	0	(14,717)
Net cash flow (used in) provided by financing activities	(13,051)	229,141
Net foreign currency translation adjustment on cash	(133)	855
Increase (decrease) in cash, cash equivalents and restricted cash	93,527	(86,609)
Cash, cash equivalents and restricted cash, beginning of period	149,340	308,921
Cash, cash equivalents and restricted cash, at end of period	$ 242,867	$ 222,312

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 230,441	$ 137,414
Restricted cash	12,426	11,926
Accounts receivable, net	336,472	326,224
Inventories, net	383,866	391,199
Prepaid expenses and other assets	60,168	60,092
Income taxes receivable	27,928	26,544
Total current assets	1,051,301	953,399
Property, plant and equipment, net	743,900	747,970
Operating lease right-of-use assets	235,408	202,806
Investment in equity investees	21,360	20,378
Goodwill	294,846	294,710
Intangible assets, net	391,913	402,941
Deferred income taxes	10,420	26,658
Other assets	37,570	36,517
Total assets	2,786,718	2,685,379
Current liabilities:
Accounts payable	151,392	113,208
Accrued expenses	225,500	240,476
Income taxes payable	11,281	3,400
Long-Term Debt, Current Maturities	37,500	37,500
Total current liabilities	425,673	394,584
Long-term debt	1,040,536	1,049,384
Long-term operating lease liabilities	226,058	186,647
Deferred income taxes	116,348	120,278
Other liabilities	58,049	75,158
Total liabilities	1,866,664	1,826,051
Commitments and Contingencies
Equity:
Share capital: unlimited shares authorized, no par value, 21,976,156 and 21,835,474 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively	538,746	525,232
Additional paid-in capital	223,442	231,332
Retained earnings	272,936	211,881
Accumulated other comprehensive loss	(124,735)	(120,192)
Total equity attributable to Masonite	910,389	848,253
Equity attributable to non-controlling interests	9,665	11,075
Total equity	920,054	859,328
Total liabilities and equity	$ 2,786,718	$ 2,685,379