Interface Inc. Q2 2024 Sales Top $772M

TL;DR

Interface Inc. Q2 2024 sales hit $772.6M. Year-end Dec 29.

AI Summary

Interface Inc. reported its Q2 2024 results, with net sales for the six months ended June 30, 2024, reaching $772.6 million. The company's fiscal year ends on December 29th. This filing covers the period up to June 30, 2024.

Why It Matters

This filing provides investors with a mid-year financial snapshot of Interface Inc., detailing their sales performance and financial position as of June 30, 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial results and does not contain unusual or high-risk information.

Key Numbers

• $772.6M — Net Sales (For the six months ended June 30, 2024)
• 12/29 — Fiscal Year End (Interface Inc.'s fiscal year concludes on December 29th.)

Key Players & Entities

• INTERFACE INC (company) — Filer
• 0000715787 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• $772.6 million (dollar_amount) — Net sales for the six months ended June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• tile-20240630.htm (10-Q) — 1049KB
• tile-20240630xexx311.htm (EX-31.1) — 9KB
• tile-20240630xexx312.htm (EX-31.2) — 10KB
• tile-20240630xexx321.htm (EX-32.1) — 5KB
• tile-20240630xexx322.htm (EX-32.2) — 5KB
• 0000715787-24-000027.txt ( ) — 6864KB
• tile-20240630.xsd (EX-101.SCH) — 37KB
• tile-20240630_cal.xml (EX-101.CAL) — 73KB
• tile-20240630_def.xml (EX-101.DEF) — 151KB
• tile-20240630_lab.xml (EX-101.LAB) — 501KB
• tile-20240630_pre.xml (EX-101.PRE) — 379KB
• tile-20240630_htm.xml (XML) — 1358KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Condensed Balance Sheets – June 30, 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations – Three Months and Six Months Ended June 30, 2024 and July 2, 2023 4 Consolidated Statements of Comprehensive Income – Three Months and Six Months Ended June 30, 2024 and July 2, 2023 5 Consolidated Condensed Statements of Cash Flows – Six Months Ended June 30, 2024 and July 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 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 SIGNATURE 42 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) JUNE 30, 2024 DECEMBER 31, 2023 (UNAUDITED) ASSETS Current assets Cash and cash equivalents $ 94,187 $ 110,498 Accounts receivable, net 179,604 163,386 Inventories, net 281,074 279,079 Prepaid expenses and other current assets 36,953 30,895 Total current assets 591,818 583,858 Property, plant and equipment, net 281,719 291,140 Operating lease right-of-use assets 80,696 87,519 Deferred tax asset 21,577 21,721 Goodwill and intangible assets, net 154,605 161,703 Other assets 85,702 84,154 Total assets $ 1,216,117 $ 1,230,095 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 78,524 $ 62,912 Accrued expenses 114,961 130,890 Current portion of operating lease liabilities 12,692 12,347 Current portion of long-term debt 8,526 8,572 Total current liabilities 214,703 214,721 Long-term debt 379,027 408,641 Operating lease liabilities 71,531 78,269 Deferred income taxes 31,639 33,832 Other long-term liabilities 68,052 68,685 Total liabilities 764,952 804,148 Commitments and contingencies (Note 15) Shareholders' equity Preferred stock, par value $ 1.00 per share; 5,000 shares authorized; none issued or outstanding at June 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.10 per share; 120,000 shares authorized; 58,303 and 58,112 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 5,830 5,811 Additional paid-in capital 254,666 252,909 Retained earnings 356,397 320,833 Accumulated other comprehensive loss – foreign currency translation ( 132,704 ) ( 119,590 ) Accumulated other comprehensive loss – pension liability ( 33,024 ) ( 34,016 ) Total shareholders' equity 451,165 425,947 Total liabilities and shareholders' equity $ 1,216,117 $ 1,230,095 See accompanying notes to consolidated condensed financial statements. 3 Table of

View Full Filing

View this 10-Q filing on SEC EDGAR