Interface Inc. Files Q3 2024 10-Q

TL;DR

Interface Inc. dropped its Q3 2024 10-Q. Check financials.

AI Summary

Interface Inc. filed its 10-Q for the period ending September 29, 2024. The company, based in Atlanta, GA, operates in the carpets and rugs industry. Key financial data and operational details for the third quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational insights for Interface Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information and does not inherently present new risks.

Key Numbers

• 20240929 — Period End Date (The filing covers the financial performance up to this date.)
• 1229 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• INTERFACE INC (company) — Filer
• 20240929 (date) — Period of Report
• ATLANTA (location) — City
• GA (location) — State
• 2273 (industry_code) — Standard Industrial Classification
• Daniel T. Hendrix (person) — Director

FAQ

Key Financial Figures

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

Filing Documents

• tile-20240929.htm (10-Q) — 1137KB
• tile-20240929xexx311.htm (EX-31.1) — 9KB
• tile-20240929xexx312.htm (EX-31.2) — 10KB
• tile-20240929xexx321.htm (EX-32.1) — 5KB
• tile-20240929xexx322.htm (EX-32.2) — 5KB
• 0000715787-24-000035.txt ( ) — 7292KB
• tile-20240929.xsd (EX-101.SCH) — 37KB
• tile-20240929_cal.xml (EX-101.CAL) — 74KB
• tile-20240929_def.xml (EX-101.DEF) — 152KB
• tile-20240929_lab.xml (EX-101.LAB) — 509KB
• tile-20240929_pre.xml (EX-101.PRE) — 383KB
• tile-20240929_htm.xml (XML) — 1516KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Condensed Balance Sheets – September 29, 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations – Three Months and Nine Months Ended September 29, 2024 and October 1, 2023 4 Consolidated Statements of Comprehensive Income – Three Months and Nine Months Ended September 29, 2024 and October 1, 2023 5 Consolidated Condensed Statements of Cash Flows – Nine Months Ended September 29, 2024 and October 1, 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 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42 SIGNATURE 43 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) SEPTEMBER 29, 2024 DECEMBER 31, 2023 (UNAUDITED) ASSETS Current assets Cash and cash equivalents $ 115,601 $ 110,498 Accounts receivable, net 173,859 163,386 Inventories, net 283,096 279,079 Prepaid expenses and other current assets 35,605 30,895 Total current assets 608,161 583,858 Property, plant and equipment, net 284,845 291,140 Operating lease right-of-use assets 81,716 87,519 Deferred tax asset 21,604 21,721 Goodwill and intangible assets, net 159,428 161,703 Other assets 87,510 84,154 Total assets $ 1,243,264 $ 1,230,095 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 78,279 $ 62,912 Accrued expenses 136,626 130,890 Current portion of operating lease liabilities 12,888 12,347 Current portion of long-term debt 8,593 8,572 Total current liabilities 236,386 214,721 Long-term debt 329,347 408,641 Operating lease liabilities 72,861 78,269 Deferred income taxes 32,945 33,832 Other long-term liabilities 70,162 68,685 Total liabilities 741,701 804,148 Commitments and contingencies (Note 15) Shareholders' equity Preferred stock, par value $ 1.00 per share; 5,000 shares authorized; none issued or outstanding at September 29, 2024 and December 31, 2023 — — Common stock, par value $ 0.10 per share; 120,000 shares authorized; 58,304 and 58,112 shares issued and outstanding at September 29, 2024 and December 31, 2023, respectively 5,830 5,811 Additional paid-in capital 257,282 252,909 Retained earnings 384,258 320,833 Accumulated other comprehensive loss – foreign currency translation ( 111,573 ) ( 119,590 ) Accumulated other comprehensive loss – pension liability ( 34,234 ) ( 34,016 ) Total shareholders' equity 501,563 425,947 Total liabilities and shareholders' equity $ 1,243,264 $ 1,230,095 See accompanying notes to consolidated condensed financial statement

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View this 10-Q filing on SEC EDGAR