Strong track record of profitability and cash flow
Well positioned for existing and new market trends
www.middleby.com
2020 REVENUE BY SEGMENT
Food Processing
17.4%
Commercial
60.1%
Residential
22.5%
2020 REVENUE BY REGION
Asia
7.5%
United States
and Canada
69.7%
Europe and
Middle East
20.2%
Latin
2
America
2.5%
Financial Results
Q2 2021 FINANCIAL RESULTS
Q2 '21
Q2 '20
Change
Net Sales
$808.8
$472.0
71.4%
Gross Profit
303.7
153.1
98.4%
% of Sales
37.6%
32.4%
Operating Income
136.7
39.1
249.6%
Net Earnings
120.6
21.2
468.9%
Adjusted EBITDA
186.2
74.4
150.3%
% of Sales
23.0%
15.8%
LTM Bank EBITDA
666.0
597.1
11.5%
as defined in credit
agreement
Operating Cash Flow
112.7
77.6
45.2%
RESULTS COMMENTARY
Revenue increase of 64% organically as compared to prior year.
Organic revenue growth at Commercial Foodservice 80%, Residential Kitchen 63% and Food Processing 25%.
Strong organic adjusted EBITDA across all segments, with all having increases over 2019 and 2020 levels:
•
Commercial Foodservice
25.9%
•
Residential Kitchen
22.9%
•
Food Processing
23.1%
Q2 Order rates for all segments reported growth over 2020 and 2019, resulting in record high backlog levels.
Tax benefit from legislation changes of approximately $19 million.
www.middleby.com
3
Commercial Foodservice
Q2 2021 FINANCIAL RESULTS
RESULTS COMMENTARY
Q2 '21
Revenues
508,778
Adjusted EBITDA
131,347
Adjusted EBITDA as %
25.8%
of Revenues
Organic Adjusted EBITDA as %
25.9%
of Revenues
Q2 '20
Change
267,500 90.2%
47,864 174.4%
17.9%
• Growth across all regions globally as compared to prior year.
• Margin expansion provided by sales volume, pricing, profitability
initiatives and disciplined cost control.
• Q2 backlog is up 130%+ from prior year end and 50%+ over Q1 '21.
• Order rates grew 160%+ in Q2 over prior year, 30%+ over Q2 '19 and
10%+ over Q1 '21.
• We are investing in automation and robotics solutions to address our
customers' critical challenges from labor shortages.
• The Middleby Innovation Kitchen continues to receive rave reviews
throughout the industry and serve as an invaluable tool for
Revenue and Growth
U.S. and Canada
359,026
83.3%
International
149,752
109.1%
collaboration with our customers.
www.middleby.com
4
Residential Kitchen
Q2 2021 FINANCIAL RESULTS
RESULTS COMMENTARY
Q2 '21
Revenues
169,987
Adjusted EBITDA
38,695
Adjusted EBITDA as %
22.8%
of Revenues
Organic Adjusted EBITDA as %
22.9%
of Revenues
Q2 '20
Change
102,914 65.2%
12,589 207.4%
12.2%
Growth across all regions globally as compared to prior year.
EBITDA improvements reflect higher sales volumes, benefits from facility consolidations and the sale of a non-core tile business in January 2021.
Q2 backlog is up 90%+ from prior year end and 30%+ over Q1 '21.
Order rates grew 110%+ in Q2 over prior year and 5%+ over Q1 '21.
Dallas Residential showroom is now open for customers and industry partners to view our latest innovation in ultra-premium kitchen appliances and experience live cooking demonstrations.
Revenue and Growth
U.S. and Canada
113,334
38.7%
International
56,653
167.4%
www.middleby.com
5
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The Middleby Corporation published this content on 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 11:11:07 UTC.
The Middleby Corporation is an engaged in designing, manufacturing and selling of commercial foodservice, food processing equipment and residential kitchen equipment. The company operates through three segments. Commercial Foodservice Equipment Group has a portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, holding, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. Food Processing Equipment Group offers a portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and bakery products, such as muffins, cookies, crackers, pastries, bread and buns. Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. Principal product lines of this group are ranges, cookers, stoves, cooktops, microwaves, refrigerators, refrigeration, wine cellars and others.