Cash flow Miller Industries, Inc.

Equities

MLR

US6005512040

Auto, Truck & Motorcycle Parts

Market Closed - Nyse Other stock markets 16:00:02 2025-01-10 EST			5-day change	1st Jan Change
63.27 ^USD	-2.86%		-5.38%	-3.20%

11-13	Miller Industries, Inc., Q3 2024 Earnings Call, Nov 13, 2024
11-12	Earnings Flash (MLR) MILLER INDUSTRIES Reports Q3 Revenue $314.3M	MT

892f981.Jo6U6zIOrNsl03MiWM5HaEcdIRd7HGOCXNfdTBDQhf0.Ff7RrUR95ZNdnx53LvopXgxsV0c9UFDyJY-vfXKV0phMxN2ZC3z1s1DnJg

Published financial data: MILLER INDUSTRIES, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	818M	651M	717M	848M	1.15B
Total Revenues	818M	651M	717M	848M	1.15B
Cost of Goods Sold, Total	722M	573M	648M	766M	1B
Gross Profit	96.49M	78.36M	69.85M	82.42M	152M
Selling General & Admin Expenses, Total	39.69M	35M	42.67M	52.83M	73.09M
R&D Expenses	3.7M	4.72M	3.56M	-	-
Other Operating Expenses, Total	43.39M	39.71M	46.23M	52.83M	73.09M
Operating Income	53.09M	38.64M	23.62M	29.59M	78.77M
Interest Expense, Total	-2.38M	-1.22M	-1.36M	-3.38M	-5.97M
Net Interest Expenses	-2.38M	-1.22M	-1.36M	-3.38M	-5.97M
Currency Exchange Gains (Loss)	-274K	685K	-536K	-669K	800K
Other Non Operating Income (Expenses)	-78K	-	-	135K	-60K
EBT, Excl. Unusual Items	50.36M	38.11M	21.73M	25.68M	73.53M
Gain (Loss) On Sale Of Assets	21K	-17K	38K	53K	251K
EBT, Incl. Unusual Items	50.38M	38.1M	21.77M	25.73M	73.78M
Income Tax Expense	11.27M	8.27M	5.51M	5.39M	15.49M
Earnings From Continuing Operations	39.11M	29.83M	16.26M	20.35M	58.29M
Net Income to Company	39.11M	29.83M	16.26M	20.35M	58.29M
Minority Interest	-	-	-	-	-
Net Income - (IS)	39.11M	29.83M	16.26M	20.35M	58.29M
Net Income to Common Incl Extra Items	39.11M	29.83M	16.26M	20.35M	58.29M
Net Income to Common Excl. Extra Items	39.11M	29.83M	16.26M	20.35M	58.29M
Per Share Items
Net EPS - Basic	3.43	2.62	1.42	1.78	5.1
Basic EPS - Continuing Operations	3.43	2.62	1.42	1.78	5.1
Basic Weighted Average Shares Outstanding	11.4M	11.4M	11.41M	11.42M	11.44M
Net EPS - Diluted	3.43	2.62	1.42	1.78	5.07
Diluted EPS - Continuing Operations	3.43	2.62	1.42	1.78	5.07
Diluted Weighted Average Shares Outstanding	11.4M	11.4M	11.41M	11.42M	11.51M
Normalized Basic EPS	2.76	2.09	1.19	1.41	4.02
Normalized Diluted EPS	2.76	2.09	1.19	1.41	3.99
Dividend Per Share	0.72	0.72	0.72	0.72	0.72
Payout Ratio	20.99	27.53	50.54	40.4	14.15
Supplemental Items
EBITDA	62.22M	48.24M	34.66M	41.35M	92.01M
EBITA	53.09M	38.64M	23.62M	29.59M	78.77M
EBIT	53.09M	38.64M	23.62M	29.59M	78.77M
EBITDAR	64.04M	49.2M	35.57M	42.74M	92.74M
Effective Tax Rate - (Ratio)	22.38	21.7	25.32	20.93	21
Current Domestic Taxes	6.48M	5.2M	1.47M	3.4M	15.49M
Current Foreign Taxes	3.08M	2.34M	3.02M	920K	2.18M
Total Current Taxes	9.56M	7.54M	4.48M	4.32M	17.67M
Deferred Domestic Taxes	1.62M	743K	994K	981K	-2.11M
Deferred Foreign Taxes	100K	-15K	32K	80K	-74K
Total Deferred Taxes	1.72M	728K	1.03M	1.06M	-2.18M
Normalized Net Income	31.48M	23.82M	13.58M	16.05M	45.96M
Interest on Long-Term Debt	686K	237K	76K	1.09M	3.4M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	1.18M
Research And Development Expense From Footnotes	3.7M	4.72M	3.56M	4.03M	6M
Net Rental Expense, Total	1.82M	957K	912K	1.38M	733K
Imputed Operating Lease Interest Expense	3.02M	2.17M	7.18M	1.58M	656K
Imputed Operating Lease Depreciation	-1.2M	-1.21M	-6.27M	-202K	76.58K
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	1.18M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	943K	-
Stock-Based Comp., Other (Total)	150K	194K	200K	-	-
Total Stock-Based Compensation	150K	194K	200K	943K	1.18M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	26.07M	57.52M	54.33M	40.15M	29.91M
Total Cash And Short Term Investments	26.07M	57.52M	54.33M	40.15M	29.91M
Accounts Receivable, Total	169M	142M	154M	178M	286M
Total Receivables	169M	142M	154M	178M	286M
Inventory	87.96M	83.94M	115M	154M	190M
Prepaid Expenses	4.8M	3.17M	5.75M	4.58M	4.62M
Deferred Tax Assets Current	-	-	-	-	-
Total Current Assets	287M	286M	329M	376M	510M
Gross Property Plant And Equipment	154M	170M	178M	203M	218M
Accumulated Depreciation	-61.78M	-69.94M	-80.07M	-90.24M	-102M
Net Property Plant And Equipment	92.38M	100M	97.73M	113M	116M
Goodwill	11.62M	11.62M	11.62M	11.62M	20.02M
Other Long-Term Assets, Total	521K	434K	533K	708K	819K
Total Assets	392M	398M	439M	501M	647M
Liabilities
Accounts Payable, Total	95.75M	85.53M	119M	126M	192M
Accrued Expenses, Total	21.88M	19.24M	19.7M	25.81M	32.08M
Current Portion of Long-Term Debt	368K	-	-	-	-
Current Portion of Leases	351K	375K	376K	311K	320K
Current Income Taxes Payable	2.08M	2.16M	2.09M	2.43M	1.82M
Unearned Revenue Current, Total	-	-	-	-	5.9M
Other Current Liabilities	3.86M	3.37M	3.08M	2.1M	2.81M
Total Current Liabilities	124M	111M	144M	156M	235M
Long-Term Debt	5M	-	-	45M	60M
Long-Term Leases	1.34M	1.13M	870K	597K	506K
Deferred Tax Liability Non Current	3.42M	4.14M	5.17M	6.23M	4.07M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	134M	116M	150M	208M	299M
Common Stock, Total	114K	114K	114K	114K	114K
Additional Paid In Capital	151M	151M	151M	152M	154M
Retained Earnings	112M	134M	142M	150M	200M
Comprehensive Income and Other	-5.5M	-2.79M	-4.94M	-9.17M	-5.93M
Total Common Equity	258M	282M	289M	293M	348M
Total Equity	258M	282M	289M	293M	348M
Total Liabilities And Equity	392M	398M	439M	501M	647M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	11.41M	11.41M	11.42M	11.42M	11.45M
ECS Total Common Shares Outstanding	11.4M	11.41M	11.41M	11.42M	11.45M
Book Value / Share	22.62	24.76	25.29	25.7	30.4
Tangible Book Value	246M	271M	277M	282M	328M
Tangible Book Value Per Share	21.61	23.75	24.27	24.69	28.65
Total Debt	7.06M	1.51M	1.25M	45.91M	60.83M
Net Debt	-19.01M	-56.02M	-53.09M	5.76M	30.92M
Debt Equivalent Oper. Leases	14.53M	7.66M	7.3M	11.05M	5.86M
Account Code - Inventory Valuation	5	5	6	6	6
Inventories - Raw Materials, Total	39.44M	36.16M	59.65M	75.93M	89.05M
Inventories - Work In Process, Total	16.52M	16.28M	33.99M	40.66M	47.93M
Inventories - Finished Goods, Total	32M	31.5M	21.26M	37.07M	52.82M
Land - (BS)	13.95M	13.96M	15.5M	16.86M	19.6M
Buildings, Total	73.12M	83.32M	79.3M	83.22M	86.35M
Machinery, Total	59.41M	64.95M	71.39M	91.41M	99.81M
Full Time Employees	1.31K	1.25K	1.42K	1.44K	1.8K
Part Time Employees	-	26	29	15	16
Accumulated Allowance for Doubtful Accounts (Supple)	1.11M	1.3M	1.16M	1.32M	1.53M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	39.11M	29.83M	16.26M	20.35M	58.29M
Depreciation & Amortization - CF	9.13M	9.6M	11.04M	11.76M	13.24M
Depreciation & Amortization, Total	9.13M	9.6M	11.04M	11.76M	13.24M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-21K	17K	-38K	-53K	-251K
Stock-Based Compensation (CF)	150K	194K	200K	943K	1.18M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	15K	195K	-137K	174K	203K
Other Operating Activities, Total	1.71M	752K	1.01M	1.06M	-2.18M
Change In Accounts Receivable	-19.6M	27.38M	-12.72M	-24.34M	-106M
Change In Inventories	5.45M	5.47M	-32.07M	-40.75M	-30.42M
Change In Accounts Payable	-2.16M	-10.88M	33.94M	4.48M	64.94M
Change In Income Taxes	-	-	-	929K	451K
Change in Other Net Operating Assets	1.36M	-1.84M	-2.2M	6.29M	11.11M
Cash from Operations	35.13M	60.71M	15.27M	-19.16M	10.96M
Capital Expenditure	-17.39M	-17.5M	-9.15M	-28.94M	-12.1M
Sale of Property, Plant, and Equipment	328K	276K	91K	8K	398K
Cash Acquisitions	-	-	-	-	-17.38M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-17.06M	-17.22M	-9.06M	-28.93M	-29.08M
Long-Term Debt Issued, Total	-	-	-	45M	15M
Total Debt Issued	-	-	-	45M	15M
Long-Term Debt Repaid, Total	-10.39M	-5.42M	-22K	-15K	-
Total Debt Repaid	-10.39M	-5.42M	-22K	-15K	-
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-8.21M	-8.21M	-8.22M	-8.22M	-8.25M
Common & Preferred Stock Dividends Paid	-8.21M	-8.21M	-8.22M	-8.22M	-8.25M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-18.6M	-13.63M	-8.24M	36.76M	6.75M
Foreign Exchange Rate Adjustments	-437K	1.6M	-1.16M	-2.86M	1.12M
Net Change in Cash	-965K	31.45M	-3.19M	-14.18M	-10.24M
Supplemental Items
Cash Interest Paid	3.25M	2.05M	1.57M	3.33M	8.09M
Cash Income Tax Paid (Refund)	10.07M	6.72M	5.89M	1.81M	18.05M
Levered Free Cash Flow	8.86M	35.06M	3.7M	-51.89M	-18.28M
Unlevered Free Cash Flow	10.35M	35.82M	4.55M	-49.78M	-14.55M
Change In Net Working Capital	14.72M	-19.38M	12.3M	52.04M	66.11M
Net Debt Issued / Repaid	-10.39M	-5.42M	-22K	44.98M	15M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	8.73	6.11	3.53	3.94	8.57
Return on Total Capital	13.05	8.8	5.15	5.92	13.16
Return On Equity %	16.11	11.04	5.69	7.04	18.18
Return on Common Equity	16.11	11.04	5.69	7.04	18.18
Margin Analysis
Gross Profit Margin %	11.79	12.03	9.74	9.71	13.17
SG&A Margin	4.85	5.37	5.95	6.23	6.34
EBITDA Margin %	7.6	7.41	4.83	4.87	7.98
EBITA Margin %	6.49	5.93	3.29	3.49	6.83
EBIT Margin %	6.49	5.93	3.29	3.49	6.83
Income From Continuing Operations Margin %	4.78	4.58	2.27	2.4	5.05
Net Income Margin %	4.78	4.58	2.27	2.4	5.05
Net Avail. For Common Margin %	4.78	4.58	2.27	2.4	5.05
Normalized Net Income Margin	3.85	3.66	1.89	1.89	3.98
Levered Free Cash Flow Margin	1.08	5.38	0.52	-6.12	-1.59
Unlevered Free Cash Flow Margin	1.27	5.5	0.63	-5.87	-1.26
Asset Turnover
Asset Turnover	2.15	1.65	1.71	1.81	2.01
Fixed Assets Turnover	9.34	6.77	7.25	8.1	10.08
Receivables Turnover (Average Receivables)	5.15	4.2	4.85	5.12	4.97
Inventory Turnover (Average Inventory)	7.94	6.67	6.51	5.7	5.83
Short Term Liquidity
Current Ratio	2.31	2.59	2.28	2.41	2.17
Quick Ratio	1.57	1.8	1.44	1.39	1.35
Operating Cash Flow to Current Liabilities	0.28	0.55	0.11	-0.12	0.05
Days Sales Outstanding (Average Receivables)	70.88	87.18	75.19	71.33	73.39
Days Outstanding Inventory (Average Inventory)	45.96	54.91	56.03	63.98	62.59
Average Days Payable Outstanding	49.45	58.31	55.01	56.07	55.8
Cash Conversion Cycle (Average Days)	67.39	83.77	76.21	79.25	80.17
Long Term Solvency
Total Debt/Equity	2.74	0.53	0.43	15.64	17.48
Total Debt / Total Capital	2.66	0.53	0.43	13.53	14.88
LT Debt/Equity	2.46	0.4	0.3	15.54	17.39
Long-Term Debt / Total Capital	2.39	0.4	0.3	13.44	14.8
Total Liabilities / Total Assets	34.2	29.1	34.25	41.48	46.24
EBIT / Interest Expense	22.33	31.81	17.43	8.76	13.18
EBITDA / Interest Expense	26.93	40.49	26.25	12.65	15.52
(EBITDA - Capex) / Interest Expense	19.62	26.09	19.5	4.08	13.5
Total Debt / EBITDA	0.11	0.03	0.04	1.07	0.66
Net Debt / EBITDA	-0.3	-1.14	-1.49	0.13	0.33
Total Debt / (EBITDA - Capex)	0.15	0.05	0.05	3.33	0.75
Net Debt / (EBITDA - Capex)	-0.41	-1.77	-2.01	0.42	0.38
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.96	-20.4	10.16	18.26	35.94
Gross Profit, 1 Yr. Growth %	15.78	-18.79	-10.86	17.99	84.25
EBITDA, 1 Yr. Growth %	20.73	-22.47	-28.16	19.33	122.49
EBITA, 1 Yr. Growth %	21.24	-27.22	-38.88	25.29	166.18
EBIT, 1 Yr. Growth %	21.24	-27.22	-38.88	25.29	166.18
Earnings From Cont. Operations, 1 Yr. Growth %	15.9	-23.73	-45.51	25.17	186.5
Net Income, 1 Yr. Growth %	15.9	-23.73	-45.51	25.17	186.5
Normalized Net Income, 1 Yr. Growth %	20.43	-24.32	-42.99	18.18	186.35
Diluted EPS Before Extra, 1 Yr. Growth %	15.88	-23.75	-45.54	25.35	184.83
Accounts Receivable, 1 Yr. Growth %	13.06	-16	8.71	15.38	61.06
Inventory, 1 Yr. Growth %	-6.19	-4.58	36.89	33.72	23.53
Net Property, Plant and Equip., 1 Yr. Growth %	11.5	8.35	-2.36	17.13	2.52
Total Assets, 1 Yr. Growth %	6.46	1.64	10.15	14.57	29.07
Tangible Book Value, 1 Yr. Growth %	14.06	9.96	2.25	3.24	16.34
Common Equity, 1 Yr. Growth %	13.34	9.51	2.15	3.11	18.56
Cash From Operations, 1 Yr. Growth %	60.44	72.8	-74.85	-225.46	-157.23
Capital Expenditures, 1 Yr. Growth %	30.35	0.63	-47.71