Interface Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Interface Inc. has filed its 2023 Form 10-K detailing its annual financial performance and business operations.</b>

AI Summary

INTERFACE INC (TILE) filed a Annual Report (10-K) with the SEC on February 28, 2024. Interface Inc. reported its fiscal year 2023 results in its 10-K filing. The company's fiscal year ended on December 31, 2023. The filing covers the period from January 2, 2023, to December 31, 2023. Interface Inc. is classified under SIC code 2273 for Carpets and Rugs. The company's principal business address is in Atlanta, Georgia.

Why It Matters

For investors and stakeholders tracking INTERFACE INC, this filing contains several important signals. This filing provides a comprehensive overview of Interface Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's revenue streams, asset base, liabilities, and overall financial stability, aiding in investment decisions.

Risk Assessment

Risk Level: — INTERFACE INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the company's disclosed performance.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-K to understand Interface Inc.'s revenue drivers and profitability trends for fiscal year 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240228 — Filing Date (Filed as of date)
• 2273 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• INTERFACE INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240228 (date) — Filed as of date
• 2273 (number) — Standard Industrial Classification
• GA (location) — State of incorporation
• 1280 WEST PEACHTREE ST. NW (address) — Business address street 1
• ATLANTA (location) — Business address city
• 30309 (postal_code) — Business address zip

FAQ

Industry Context

Interface Inc. operates in the carpets and rugs industry, classified under SIC code 2273. This sector involves the manufacturing and sale of various flooring products.

Regulatory Implications

As a publicly traded company, Interface Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the revenue breakdown by segment and geography for fiscal year 2023.
2. Examine the company's asset and liability structure as of December 31, 2023.
3. Review any disclosed risk factors or management discussion and analysis for insights into future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the fiscal year 2023. Comparative data from previous periods will be available within the detailed financial statements.

Key Financial Figures

• $0.10 — nge on Which Registered: Common Stock, $0.10 Par Value Per Share TILE Nasdaq Global
• $8.79 — res valued at the closing sale price of $8.79 on June 30, 2023). See Item 12. Number

Filing Documents

• tile-20231231.htm (10-K) — 2450KB
• exhibit1022executedconsent.htm (EX-10.22) — 90KB
• exhibit21interface-9169xv2.htm (EX-21) — 19KB
• exhibit23consent123123.htm (EX-23) — 2KB
• exhibit24123123.htm (EX-24) — 2KB
• ex-311ceo123123.htm (EX-31.1) — 10KB
• ex-312cfo123123.htm (EX-31.2) — 11KB
• ex-321ceo123123.htm (EX-32.1) — 4KB
• ex-322cfo123123.htm (EX-32.2) — 6KB
• exhibit97interface9007v1-c.htm (EX-97) — 34KB
• tile-20231231_g1.jpg (GRAPHIC) — 272KB
• 0000715787-24-000005.txt (&nbsp;) — 15370KB
• tile-20231231.xsd (EX-101.SCH) — 75KB
• tile-20231231_cal.xml (EX-101.CAL) — 118KB
• tile-20231231_def.xml (EX-101.DEF) — 483KB
• tile-20231231_lab.xml (EX-101.LAB) — 1106KB
• tile-20231231_pre.xml (EX-101.PRE) — 819KB
• tile-20231231_htm.xml (XML) — 2794KB

RISK FACTORS

ITEM 1A. RISK FACTORS 12

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 20 I TEM 1C. CYBERSECURITY 21

PROPERTIES

ITEM 2. PROPERTIES 22

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 23

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 23 PART II 24

MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24

[RESERVED]

ITEM 6. [RESERVED] 26

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 45 CONSOLIDATED STATEMENTS OF OPERATIONS 45 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 46 CONSOLIDATED BALANCE SHEETS 47 CONSOLIDATED STATEMENTS OF CASH FLOWS 48

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 49 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 98 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 100

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 101

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 101

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 101

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 101 PART III 101

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 101

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 102

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 102

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 102

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 102 PART IV 103

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 103

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 107

SIGNATURES

SIGNATURES 108 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General References in this Annual Report on Form 10-K to "Interface," "the Company," "we," "our," "ours" and "us" refer to Interface, Inc. and its subsidiaries or any of them, unless the context requires otherwise. Interface is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile ("LVT"), and nora rubber flooring. We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as sustainability of the planet. As a global company with a reputation for high quality, reliability and premium positioning, we market modular carpet under the established brand names Interface and FLOR , and we market LVT under the brand Interface. In 2018, the Company acquired nora Holding GmbH ("nora"), a worldwide leader in the rubber flooring category under the established nora brands noraplan and norament . Reportable Segments The Company has two operating and reportable segments – namely Americas ("AMS") and Europe, Africa, Asia and Australia (collectively "EAAA"). The AMS operating segment includes the United States, Canada and Latin America geographic areas. See Note 20 entitled "Segment Information" included in Item 8 of this Annual Report on Form 10-K for additional information . Below is a summary of total net sales percentages by reportable segment for the last three fiscal years. 2023 2022 2021 AMS 58% 58% 54% EAAA 42% 42% 46% Market Segmentation Our business, as well as the commercial interiors industry in general, is cyclical in nature and is impacted by economic conditions and trends that affect the markets for commercial and institutional business space. We believe the appeal and utilization of modular carpet and resilient flooring will continue to grow in corporate office and non-corporate office market segments, and we are using our considerable skills and experience with designing, producing and marketing m

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View this 10-K filing on SEC EDGAR