Interface Inc. Files 10-Q for Q1 2024

TL;DR

<b>Interface Inc. filed its Q1 2024 10-Q report on May 7, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

INTERFACE INC (TILE) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Interface Inc. reported its Q1 2024 results on May 7, 2024. The filing covers the period ending March 31, 2024. The company's fiscal year ends on December 29th. Interface Inc. is in the Carpets and Rugs industry (SIC 2273). The filing includes financial data for various segments including Modular Carpet, Resilient Flooring, and Installation Services across Americas, Europe, and Asia Pacific.

Why It Matters

For investors and stakeholders tracking INTERFACE INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational details of Interface Inc. Understanding the segment performance and financial health detailed in this report is crucial for assessing the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — INTERFACE INC shows moderate risk based on this filing. The company operates in the carpets and rugs industry, which can be subject to economic downturns and shifts in consumer spending, as indicated by the SIC code and the nature of its products.

Analyst Insight

Monitor Interface Inc.'s revenue growth and profitability in its key segments (Modular Carpet, Resilient Flooring, Installation Services) and geographic regions (Americas, Europe, Asia Pacific) in future filings.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-01-02 — Prior Year Quarter Start Date (Reporting Period)

Key Players & Entities

• INTERFACE INC (company) — FILER
• 1280 WEST PEACHTREE ST. NW (address) — BUSINESS ADDRESS
• ATLANTA (location) — BUSINESS ADDRESS CITY
• GA (location) — BUSINESS ADDRESS STATE
• 30309 (postal_code) — BUSINESS ADDRESS ZIP
• INTERFACE FLOORING SYSTEMS INC (company) — FORMER COMPANY NAME

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's performance is subject to fluctuations in the broader economic environment and demand for flooring products.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could impact the company's ability to meet demand.
• Debt Obligations [medium — financial]: The company has various debt instruments, including term loans and senior notes, which require ongoing interest payments and principal repayment.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.10 — ange on Which Registered Common Stock, $0.10 Par Value Per Share TILE Nasdaq Global

Filing Documents

• tile-20240331.htm (10-Q) — 775KB
• insidertradingpolicy.htm (EX-19.1) — 88KB
• tile-20240331xexx311.htm (EX-31.1) — 9KB
• tile-20240331xexx312.htm (EX-31.2) — 10KB
• tile-20240331xexx321.htm (EX-32.1) — 5KB
• tile-20240331xexx322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 1KB
• 0000715787-24-000019.txt (&nbsp;) — 5879KB
• tile-20240331.xsd (EX-101.SCH) — 37KB
• tile-20240331_cal.xml (EX-101.CAL) — 73KB
• tile-20240331_def.xml (EX-101.DEF) — 148KB
• tile-20240331_lab.xml (EX-101.LAB) — 495KB
• tile-20240331_pre.xml (EX-101.PRE) — 374KB
• tile-20240331_htm.xml (XML) — 938KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Condensed Balance Sheets – March 31, 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations – Three Months Ended March 31, 2024 and April 2, 2023 4 Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and April 2, 2023 5 Consolidated Condensed Statements of Cash Flows – Three Months Ended March 31, 2024 and April 2, 2023 6 Notes to Consolidated Condensed Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38 SIGNATURE 39 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INTERFACE, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands, except par values) MARCH 31, 2024 DECEMBER 31, 2023 (UNAUDITED) ASSETS Current assets Cash and cash equivalents $ 89,774 $ 110,498 Accounts receivable, net 147,185 163,386 Inventories, net 296,249 279,079 Prepaid expenses and other current assets 32,853 30,895 Total current assets 566,061 583,858 Property, plant and equipment, net 280,333 291,140 Operating lease right-of-use assets 83,766 87,519 Deferred tax asset 21,428 21,721 Goodwill and intangible assets, net 156,951 161,703 Other assets 84,953 84,154 Total assets $ 1,193,492 $ 1,230,095 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 74,503 $ 62,912 Accrued expenses 112,126 130,890 Current portion of operating lease liabilities 12,574 12,347 Current portion of long-term debt 8,523 8,572 Total current liabilities 207,726 214,721 Long-term debt 383,261 408,641 Operating lease liabilities 74,286 78,269 Deferred income taxes 32,098 33,832 Other long-term liabilities 67,573 68,685 Total liabilities 764,944 804,148 Commitments and contingencies (Note 14) Shareholders' equity Preferred stock, par value $ 1.00 per share; 5,000 shares authorized; none issued or outstanding at March 31, 2024 and December 31, 2023 — — Common stock, par value $ 0.10 per share; 120,000 shares authorized; 58,273 and 58,112 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 5,827 5,811 Additional paid-in capital 252,538 252,909 Retained earnings 334,423 320,833 Accumulated other comprehensive loss – foreign currency translation ( 130,682 ) ( 119,590 ) Accumulated other comprehensive loss – pension liability ( 33,558 ) ( 34,016 ) Total shareholders' equity 428,548 425,947 Total liabilities and shareholders' equity $ 1,193,492 $ 1,230,095 See accompanying notes to consolidated condensed financial statements. 3 Table

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View this 10-Q filing on SEC EDGAR