Monro, Inc. Files Q1 FY25 10-Q
Ticker: MNRO · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 876427
Sentiment: neutral
Topics: 10-Q, financials, automotive-services, quarterly-report
TL;DR
Monro's Q1 FY25 10-Q is in: check financials for auto repair performance.
AI Summary
Monro, Inc. filed its 10-Q for the period ending June 29, 2024, reporting on its first quarter of fiscal year 2025. The filing details financial performance and operational updates for the automotive repair and services company. Key financial figures and balance sheet items as of June 29, 2024, are presented, reflecting the company's financial position.
Why It Matters
This filing provides investors and analysts with the latest financial snapshot of Monro, Inc., crucial for understanding the company's performance and making informed investment decisions in the automotive services sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.
Key Numbers
- 2024-06-29 — Reporting Period End Date (End of the first quarter of fiscal year 2025.)
- 2024-03-30 — Previous Period End Date (End of the prior fiscal year's fourth quarter.)
- 2023-06-24 — Prior Year Period End Date (End of the first quarter of fiscal year 2024.)
Key Players & Entities
- MONRO, INC. (company) — Filer
- 200 HOLLEDER PKWY (address) — Business and Mail Address
- ROCHESTER (location) — City for Business and Mail Address
- NY (location) — State for Business and Mail Address
- 14615-3808 (postal_code) — ZIP Code for Business and Mail Address
- 585-647-6400 (phone_number) — Business Phone Number
- 000-19357 (filing_id) — SEC File Number
- 241162472 (film_number) — Film Number
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the first quarter of fiscal year 2025, ending on June 29, 2024.
What is Monro, Inc.'s primary business?
Monro, Inc. operates in the Services-Automotive Repair, Services & Parking industry, as indicated by its Standard Industrial Classification code [7500].
When was Monro, Inc. previously known as Monro Muffler Brake Inc?
The company's name was changed from Monro Muffler Brake Inc. on March 28, 1993.
What are the key balance sheet components mentioned for June 29, 2024?
Key balance sheet components mentioned for June 29, 2024, include Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income.
What is the fiscal year end for Monro, Inc.?
Monro, Inc.'s fiscal year ends on March 29.
Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 13.9 · Accepted 2024-07-31 16:30:39
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share MNRO The Nasdaq Stock Mar
Filing Documents
- mnro-20240629x10q.htm (10-Q) — 2251KB
- mnro-20240629xex10_22d.htm (EX-10.22D) — 1221KB
- mnro-20240629xex31_1.htm (EX-31.1) — 13KB
- mnro-20240629xex31_2.htm (EX-31.2) — 14KB
- mnro-20240629xex32_1.htm (EX-32.1) — 10KB
- mnro-20240629x10qg001.jpg (GRAPHIC) — 2KB
- 0001562762-24-000189.txt ( ) — 7256KB
- mnro-20240629.xsd (EX-101.SCH) — 31KB
- mnro-20240629_cal.xml (EX-101.CAL) — 56KB
- mnro-20240629_def.xml (EX-101.DEF) — 74KB
- mnro-20240629_lab.xml (EX-101.LAB) — 259KB
- mnro-20240629_pre.xml (EX-101.PRE) — 208KB
- mnro-20240629x10q_htm.xml (XML) — 761KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income and Comprehensive Income 4 Consolidated Statements of Changes in Shareholders' Equity 5 Consolidated Statements of Cash Flows 6
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 22
Controls and Procedures
Item 4. Controls and Procedures 22
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 23
Exhibits
Item 6. Exhibits 24
Signatures
Signatures 25 Monro, Inc. Q1 2025 Form 10-Q 2 Table of Contents CONSOLIDATED FINANCIAL STATEMENTS
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Ite m 1. Financial Statements Consolidated Balance Sheets (thousands, except footnotes) (unaudited) June 29, 2024 March 30, 2024 Assets Current assets Cash and equivalents $ 18,665 $ 6,561 Accounts receivable 12,054 11,738 Inventory 162,251 154,085 Other current assets 85,113 80,905 Total current assets 278,083 253,289 Property and equipment, net 276,121 280,154 Finance lease and financing obligation assets, net 182,860 180,803 Operating lease assets, net 200,169 202,718 Goodwill 736,435 736,435 Intangible assets, net 12,521 13,298 Assets held for sale 6,961 6,961 Other non-current assets 19,086 19,156 Total assets $ 1,712,236 $ 1,692,814 Liabilities and shareholders' equity Current liabilities Current portion of finance leases and financing obligations $ 37,921 $ 38,233 Current portion of operating lease liabilities 39,566 39,442 Accounts payable 278,903 251,940 Federal and state income taxes payable 1,539 880 Accrued payroll, payroll taxes and other payroll benefits 14,307 21,205 Accrued insurance 53,374 55,547 Deferred revenue 14,867 15,155 Other current liabilities 28,177 32,754 Total current liabilities 468,654 455,156 Long-term debt 112,000 102,000 Long-term finance leases and financing obligations 248,862 249,484 Long-term operating lease liabilities 179,187 181,852 Other long-term liabilities 10,485 10,553 Long-term deferred income tax liabilities 38,595 36,962 Long-term income taxes payable 32 32 Total liabilities 1,057,815 1,036,039 Commitments and contingencies - Note 9 Shareholders' equity: Class C Convertible Preferred stock 29 29 Common stock 400 400 Treasury stock ( 250,111 ) ( 250,115 ) Additional paid-in capital 255,039 254,484 Accumulated other comprehensive loss ( 3,417 ) ( 3,451 )
Notes to Consolidated Financial Statements (unaudited)
Notes to Consolidated Financial Statements (unaudited) Note 1 Description of Business and Basis of Presentation 8 Note 2 Divestiture 9 Note 3 Earnings per Common Share 10 Note 4 Income Taxes 10 Note 5 Fair Value 10 Note 6 Cash Dividend 10 Note 7 Revenues 11 Note 8 Long-term Debt 11 Note 9 Commitments and Contingencies 12 Note 10 Supplier Finance Program 13 Note 11 Equity Capital Structure Reclassification 13 Monro, Inc. Q1 2025 Form 10-Q 7 Table of Contents CONSOLIDATED FINANCIAL STATEMENTS NOTES Note 1 – Description of Business and Basis of Presentation Description of business Monro, Inc. and its direct and indirect subsidiaries (together, "Monro", the "Company", "we", "us", or "our"), are engaged principally in providing automotive undercar repair and tire replacement sales and tire related services in the United States. Monro had 1,284 Company-operated retail stores located in 32 states and 50 Car-X franchised locations as of June 29, 2024. A certain number of our retail locations also service commercial customers. Our locations that serve commercial customers generally operate consistently with our other retail locations, except that the sales mix for these locations includes a higher number of commercial tires. Monro's operations are organized and managed as one single segment designed to offer to our customers replacement tires and tire related services, automotive undercar repair services as well as a broad range of routine maintenance services, primarily on passenger cars, light trucks and vans. We also provide other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to interim financial statements. While t