喬治亞洲卡爾霍恩, July 31, 2022 (GLOBE NEWSWIRE) --  Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2022 年第二季度的淨收益為 2.8 億美元,攤薄後每股盈利 (EPS)為 4.40 美元。調整後淨盈利為 2.81 億美元,每股盈利為 4.41 美元,不包括調整、收購及其他費用。2020 年第二季度的淨銷售額為 32 億美元,按報告季度上升 6.7 %,而按固定貨幣和天數計算為 11.1%。2021 年第二季度淨銷售額為 30 億美元,淨收益為 3.36 億美元,每股盈利為 4.82 美元。調整後的淨盈利為 3.10 億美元,每股盈利為 4.45 美元,不包括調整、收購和其他費用。

在截至 2022 年 7 月 2 日的六個月中,淨收益及每股收益分別為 5.26 億美元及 8.17 美元。調整後淨收益為 5.27 億美元,每股收益為 8.18 美元,不包括調整、收購及其他費用。在 2022 年的六個月期間,淨銷售額為 62 億美元,比去年報告增加 9.7%,或按固定貨幣和天數計算增長為 14.0%。在截至 2021 年 7 月 3 日的六個月期間,淨銷售額為 56 億美元,淨收益為 5.73 億美元,每股盈利為 8.18 美元;不包括調整、收購、其他費用和利益的淨收益和每股盈利分別為 5.56 億美元和 7.94 美元。

主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第二季度業績時表示:「在本季度,我們所有部門的銷售都有所增長,而我們的首要成果受益於價格上漲、產品組合增強、營商狀況改善和小型收購的貢獻。隨著本季度發展,全球經濟環境變得越來越具挑戰性,我們的組織採取了其他措施以支持我們的業績。我們本季度的營業收入符合我們的預期,即使由於材料、能源和運輸通貨膨脹仍然是一個重大的不利因素,我們的轉換業績也受到美元轉強的影響。

在過去 18 個月,我們所有業務都經歷不尋常的通貨膨脹,而我們已多次提高價格,以克服成本上漲。我們還採取了多項營運行動,包括成本控制、生產力改進、組合和物流強化。在我們所有市場,通貨膨脹導致消費者可支配支出的變化。隨著按揭利率上升得更快,美國房屋銷售的影響比我們其他市場更大。與過去的經濟週期不同,房屋需求超過市場供應,而止贖並無問題。在歐洲,利率升幅不及美國,儘管消費者可支配支出受能源和其他通貨膨脹的侵蝕,而這影響了需求。在我們的大多數區域,商業新建築和改建的投資仍然強健。隨著業界持續強化,由於疫情而推遲的商業項目和新的項目開始進行數目日益增加。

對於我們駕馭近期市場變化,Mohawk 的強健資產負債表為我們帶來了許多投資選擇,包括內部擴張、收購和股票回購。在第二季度,我們宣佈了約 4.4 億美元的新收購,而最大宗的收購協議是墨西哥領先陶瓷製造商 Vitromex。我們於 7 月初完成收購美國領先針孔地板製造商 Foss Floors。我們在歐洲整合 2021 年絕緣和面板收購方面取得了極佳進展,這正按預期為我們的業績作出貢獻。我們的擴展項目仍按計劃進行,包括:層壓板、LVT、石英枱面和歐洲高端瓷器板,這些都將幫助我們滿足目前和未來的需求。

在第二季度,我們的全球陶瓷部門淨銷售額為 12 億美元,按報告增長 11.5%,按固定貨幣計算為 14.6%。由於通貨膨脹抵消了定價、產品組合和生產力的改善,該部門的經營利潤率為 13.3%。 在我們的大多數市場,建築商的銷售保持強勁,商業翻新和新建工程開始數目越來越多。由於通貨膨脹和利率上升影響改建投資,住宅活動在我們的大多數地區都略為疲弱。隨著陶瓷業務的能源和原材料價格增加,我們將繼續實施新的定價行動。在美國,我們的陶瓷業務的營業收入增長至四年間的最高水平,商業銷售轉佳推動強化產品組合和提升利潤率。我們的美國枱面業務中,石英、石材和瓷器部份正在增長,而為滿足不斷增長的需求,我們正在採購產品並擴展石英枱面生產。我們的歐洲陶瓷業務亦繼而改善,銷售增加和產品組合提升。雖然定價行動提高了我們的利潤率,但與去年相比,並未完全抵消通脹率。未來,由於我們的天然氣成本將更高,我們的產量和利潤率將受到更大壓力。我們的其他國際陶瓷市場表現良好,銷售增長主要由定價和產品組合推動,而商業業務較住宅業務強勁。

根據報告,本季度我們的世界地板部門的淨銷售額增加 9 億美元,即 7.4%,而按固定貨幣計算為 18.8%。由於有利的定價和產品組合改善抵消通貨膨脹和銷量下降,該部門的經營利潤率為 13.9%。我們看到整個部門的零售流量放緩,這正在減少大多數類別的工業數量。隨著通貨膨脹繼續上升,我們已提高價格,而隨著天然氣和化學品價格在本季度末攀升,我們已宣布進一步調高價格。層壓板、LVT 和乙烯基板材都有類似的需求趨勢,隨著季度發展和客戶減少存貨,銷售疲軟。在此期間,我們的成本繼續上升,而材料供應有所改善。我們正在採取行動應對不斷變化的環境,包括降低成本、改善流程和延遲非關鍵項目。我們的絕緣材料業務繼續提供卓越的業績,而銷售量及價格亦增長。絕緣產品的銷售保持強勁,因為它們受益於消費者投資增加以降低能源成本。我們的面板業務表現良好,但銷量隨著季度發展而放緩。我們將繼續提高價格並以更高價值產品改善產品組合。我們對廢木材能源生產的投資將有助降低成本,並有益環境。

在本季度,我們的北美地板部門淨銷售額為 11 億美元,按報告季度增長了 1.7%,由於通貨膨脹上升和銷量下降部分影響由定價、產品組合和生產力改善抵消,該部門的營業利潤率增加了 9.1%。商業部門有所改善,而住宅市場正在疲軟。隨著我們的服務水平提升,客戶減少其在住宅方面的存貨。我們繼續執行定價行動以抵消通貨膨脹,但減少工廠產量正在減少吸收並提高成本。我們的 LVT 銷售繼續增長,而我們經歷較少材料中斷,這促進營運改善並有益利潤率。我們新的西岸 LVT 工廠已開始向客戶發貨,而我們合併的東岸和西岸業務將增強我們的服務。我們防水層壓板系列產品的銷售在專業零售和新建築渠道中有所增加,但家居中心的存貨調整影響了我們的銷售。我們新的層壓板生產線繼續提升至目標生產水平,並滿足我們下一代產品的需求。隨著商業部門復甦,我們地毯瓷磚和商業 LVT 的銷售和利潤率正在改善。根據建築帳單指數,商業設計活動保持強勁,包括支持可預見未來銷售增長的一系列正在計劃中的項目。由於住宅地毯數量因市場疲軟和存貨減少而下降,我們正在根據需求調整產能、減少開支,並宣佈更多價格上調以反映通貨膨脹。 我們的地毯業務集中在主要的全國零售商,在本季度,隨著銷售預測減弱,他們都大幅削減訂單以減少存貨。若無購買地毯的 5,000 萬美元下跌,該部門的銷售額與去年相比增加約 6.5%。

為了適應目前的條件和改善我們的業績,我們正在整個企業採取行動,以重新調整成本。我們正在總結計劃將較舊、效率較低的資產重新安排,並優化流程,以降低成本。最重要的行動是在北美地板,包括一些纖維資產和減少地毯製造產能。在世界其他地方地板,我們正在整合絕緣產品並簡化我們的組織。在陶瓷歐洲,我們簡化了我們的行政和製造組織。我們估計這些措施將使我們的成本每年減少 3,500 萬至 4,000 萬美元,估計現金成本為 1,500 至 2,000 萬美元,而總成本為 9,000 萬至 95 萬美元。

在 2022 年上半年,儘管通貨膨脹嚴重、利率上升和地緣政治不穩定,但我們仍取得了可觀的業績。在美國,快速上升的利率影響了房屋銷售,而通貨膨脹正在導致消費者可支配支出的變化。隨著消費者延遲升級他們的住宅,住宅改建變得疲軟。新住宅和多家庭地板渠道保持強勁,而隨著新項目和延遲後的項目展開,商業部門繼續改善。雖然歐洲利率較低,但天然氣價格急劇上升,加上供應受到限制,減少經濟增長。考慮到這些因素,我們預計會使需求疲軟,並增加我們利潤率的壓力。我們正在整個企業採取焦點行動,以適應這些不斷變化的市場狀況。材料和能源成本繼續上漲,我們正在實施進一步的價格上調。我們正在引入更高價值的產品,並提高我們的服務水平,以擴大我們的銷售。我們正在減少開支並開始新的流程改善計劃。我們將在公司實施多項重組項目,以降低成本。我們也預計材料供應和運輸將在今年下半年持續改善。在美國,我們預計利率上漲將強化美元,並減少我們的轉換業績。考慮到這些因素,我們預計第三季度調整後的每股收益將在 3.33 美元至 3.43 美元之間,不包括任何重組費用。

Mohawk 此前已多次成功度過經濟週期。從長遠來看,地板以比整體經濟增長更快的速度增長。在大多數地區因房屋短缺而需要進行大量額外的建設,美國房屋的需求比供應估計多出超過 500 萬個單位,而且有 20 至 40 年屋齡需要翻新的房屋有超過 2,000 萬間。我們的業務處於有利地位,可以獲益於新住宅建設、住宅改建和商業項目的長期增長。我們有強大的資產負債表,可透過內部投資、收購和股票回購來支持業務不斷增長。我們將加強經收購公司的表現,並將繼續在新的產品和地區尋求機會。我們對 Mohawk 的未來保持樂觀,而我們今天採取的行動將增加我們的銷售並改善我們的未來業績。」

關於 MOHAWK INDUSTRIES

Mohawk Industries 是全球領先的地板製造商,致力於創造產品來提升全球住宅及商業空間。Mohawk 垂直整合的製造和分銷流程在地毯、地毯、瓷磚、層壓板、木材、石材和乙烯基地板的生產方面具有競爭優勢。我們行業領先的創新產品和技術使我們的品牌在市場上脫穎而出,並滿足所有改造和新建工程要求。我們是在行內最受認可的品牌,並包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 及 Unilin。在過去的十年中, Mohawk 已經將其業務從一家美國地毯製造商轉變為世界上最大的地板公司,在澳洲、巴西、加拿大、歐洲、馬來西亞、墨西哥、紐西蘭和美國開展業務。

前面幾段中的某些陳述,特別是預測未來業績、業務前景、增長及經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預料」、「預期」及「估計」或類似可構成「前瞻性陳述」的字眼。對於這些陳述,Mohawk 受 1995 年《美國私人證券訴訟改革法案》中包含的前瞻性陳述的保護。無法保證前瞻性陳述是準確的,因其基於許多假設、涉及風險及不確定性。以下的重要因素可導致未來結果有所不同:經濟或業界狀況的變化;競爭;原材料價格及其他投入成本的通貨膨脹及通貨緊縮;消費市場的通脹及通縮;能源成本及供應;資本支出的時間及水平;公司產品提價的時間及實施;減值費用;收購整合;國際營運;新產品推出;業務合理化;稅收及稅收改革、產品及其他債權;訴訟;與新型冠狀病毒大流行相關的風險及不確定性;以及 Mohawk 的證券交易委員會報告及公告中所提及的其他風險。

電話會議時間為美國東部時間 2022 年 7 月 29 日(星期五)上午 11 時,
電話號碼為 1-866-777-2509(美國/加拿大)及 1-412-317-5413(國際/本地)。
重播可於 2022 年 8 月 26 日或之前,致電 1-877-344-7529(美國/本地)及 1-412-317-0088(國際/本地)並輸入存取代碼 #3250579 收聽。

聯絡人:James Brunk-財務總監 (706) 624-2239

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES        
(Unaudited)        
Condensed Consolidated Statement of Operations Data Three Months Ended Six Months Ended
(Amounts in thousands, except per share data) July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
         
Net sales $3,153,188  2,953,833   6,168,851  5,622,859 
Cost of sales  2,279,991  2,051,626   4,493,526  3,928,883 
Gross profit  873,197  902,207   1,675,325  1,693,976 
Selling, general and administrative expenses  505,270  497,783   986,597  972,037 
Operating income  367,927  404,424   688,728  721,939 
Interest expense  12,059  14,894   23,540  30,135 
Other income, net  (2,818) (11,168)  (380) (13,395)
Earnings before income taxes  358,686  400,698   665,568  705,199 
Income tax expense  78,176  64,245   139,624  131,935 
Net earnings including noncontrolling interests  280,510  336,453   525,944  573,264 
Net earnings attributable to noncontrolling interests  79  168   184  172 
Net earnings attributable to Mohawk Industries, Inc. $280,431  336,285   525,760  573,092 
         
Basic earnings per share attributable to Mohawk Industries, Inc.        
Basic earnings per share attributable to Mohawk Industries, Inc. $4.41  4.84   8.20  8.21 
Weighted-average common shares outstanding - basic  63,540  69,432   64,116  69,809 
         
Diluted earnings per share attributable to Mohawk Industries, Inc.        
Diluted earnings per share attributable to Mohawk Industries, Inc. $4.40  4.82   8.17  8.18 
Weighted-average common shares outstanding - diluted  63,798  69,745   64,374  70,102 
         
         
         
Other Financial Information        
(Amounts in thousands)        
Net cash provided by operating activities $147,706  338,391   202,661  597,996 
Less: Capital expenditures  150,571  112,703   280,041  227,439 
Free cash flow $(2,865) 225,688   (77,380) 370,557 
         
Depreciation and amortization $141,569  148,466   282,984  299,681 
         
         
Condensed Consolidated Balance Sheet Data        
(Amounts in thousands)        
      July 2, 2022 July 3, 2021
ASSETS        
Current assets:        
Cash and cash equivalents     $223,986  753,677 
Short-term investments      265,000  662,358 
Receivables, net      2,105,809  2,017,622 
Inventories      2,826,044  2,081,967 
Prepaid expenses and other current assets      519,895  434,932 
Total current assets      5,940,734  5,950,556 
Property, plant and equipment, net      4,582,075  4,459,380 
Right of use operating lease assets      404,726  383,343 
Goodwill      2,536,314  2,609,174 
Intangible assets, net      856,401  922,699 
Deferred income taxes and other non-current assets      369,237  467,641 
Total assets     $14,689,487  14,792,793 
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Short-term debt and current portion of long-term debt     $1,498,900  958,781 
Accounts payable and accrued expenses      2,316,980  2,119,154 
Current operating lease liabilities      108,497  100,951 
Total current liabilities      3,924,377  3,178,886 
Long-term debt, less current portion      1,052,064  1,723,294 
Non-current operating lease liabilities      309,261  292,101 
Deferred income taxes and other long-term liabilities      796,847  824,570 
Total liabilities      6,082,549  6,018,851 
Total stockholders' equity      8,606,938  8,773,942 
Total liabilities and stockholders' equity     $14,689,487  14,792,793 
         
Segment Information Three Months Ended As of or for the Six Months Ended
(Amounts in thousands) July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
         
Net sales:        
Global Ceramic $1,158,569  1,039,503   2,223,326  1,969,374 
Flooring NA  1,099,538  1,081,189   2,171,448  2,050,439 
Flooring ROW  895,081  833,141   1,774,077  1,603,046 
Consolidated net sales $3,153,188  2,953,833   6,168,851  5,622,859 
         
Operating income (loss):        
Global Ceramic $154,269  136,435   254,607  224,239 
Flooring NA  100,030  115,943   195,354  197,241 
Flooring ROW  124,107  163,886   258,757  323,192 
Corporate and intersegment eliminations  (10,479) (11,840)  (19,990) (22,733)
Consolidated operating income $367,927  404,424   688,728  721,939 
         
Assets:        
Global Ceramic     $5,537,075  5,206,786 
Flooring NA      4,345,912  3,870,309 
Flooring ROW      4,334,649  4,240,433 
Corporate and intersegment eliminations      471,851  1,475,265 
Consolidated assets     $14,689,487  14,792,793 
         


Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.
(Amounts in thousands, except per share data)  
 Three Months Ended Six Months Ended  
 July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021  
Net earnings attributable to Mohawk Industries, Inc.$280,431  336,285  525,760  573,092   
Adjusting items:         
Restructuring, acquisition and integration-related and other costs 1,801  5,941  3,658  17,515   
Acquisitions purchase accounting, including inventory step-up 143  153  143  456   
Resolution of foreign non-income tax contingencies -  (6,211) -  (6,211)  
Income tax effect on resolution of foreign non-income tax contingencies -  2,302  -  2,302   
One-time tax planning election -  (26,731) -  (26,731)  
Release of indemnification asset -  -  7,324  -   
Income taxes - reversal of uncertain tax position -  -  (7,324) -   
Income taxes (1,181) (1,379) (2,805) (4,114)  
Adjusted net earnings attributable to Mohawk Industries, Inc.$281,194  310,360  526,756  556,309   
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.$4.41  4.45  8.18  7.94   
Weighted-average common shares outstanding - diluted 63,798  69,745  64,374  70,102   
 
 
          
Reconciliation of Total Debt to Net Debt Less Short-Term Investments  
(Amounts in thousands)         
 July 2, 2022        
Short-term debt and current portion of long-term debt$1,498,900         
Long-term debt, less current portion 1,052,064         
Total debt 2,550,964         
Less: Cash and cash equivalents 223,986         
Net debt 2,326,978         
Less: Short-term investments 265,000         
Net debt less short-term investments$2,061,978         
          
          
          
          
          
Reconciliation of Operating Income to Adjusted EBITDA         
(Amounts in thousands)        Trailing Twelve
 Three Months Ended Months Ended
 October 2,2021 December 31,2021 April 2,2022 July 2, 2022 July 2, 2022
Operating income$359,974  253,098  320,801  367,927  1,301,800 
Other income (expense) (21) (1,140) (2,438) 2,818  (781)
Net income attributable to noncontrolling interests (206) (11) (105) (79) (401)
Depreciation and amortization 148,618  143,411  141,415  141,569  575,013 
EBITDA 508,365  395,358  459,673  512,235  1,875,631 
Restructuring, acquisition and integration-related and other costs 982  4,641  1,857  1,801  9,281 
Acquisitions purchase accounting, including inventory step-up 226  1,067  -  143  1,436 
Release of indemnification asset -  -  7,324  -  7,324 
Adjusted EBITDA$509,573  401,066  468,854  514,179  1,893,672 
          
Net debt less short-term investments to adjusted EBITDA        1.1 
          
          
          
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days  
(Amounts in thousands)         
 Three Months Ended Six Months Ended  
 July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021  
Net sales$3,153,188  2,953,833  6,168,851  5,622,859   
Adjustment to net sales on constant shipping days 10,794  -  31,811  -   
Adjustment to net sales on a constant exchange rate 116,787  -  210,568  -   
Net sales on a constant exchange rate and constant shipping days$3,280,769  2,953,833  6,411,230  5,622,859   
          
          
          
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days  
(Amounts in thousands)         
 Three Months Ended      
Global CeramicJuly 2, 2022 July 3, 2021      
Net sales$1,158,569  1,039,503       
Adjustment to segment net sales on constant shipping days 10,794  -       
Adjustment to segment net sales on a constant exchange rate 21,870  -       
Segment net sales on a constant exchange rate and constant shipping days$1,191,233  1,039,503       
          
          
Reconciliation of Segment Net Sales to Adjusted Segment Net Sales      
(Amounts in thousands)         
 Three Months Ended      
Flooring NAJuly 2, 2022 July 3, 2021      
Net sales$1,099,538  1,081,189       
Rug adjustment 50,000  -       
Adjusted segment net sales$1,149,538  1,081,189       
          
          
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate      
(Amounts in thousands)         
 Three Months Ended      
Flooring ROWJuly 2, 2022 July 3, 2021      
Net sales$895,081  833,141       
Adjustment to segment net sales on a constant exchange rate 94,917  -       
Segment net sales on a constant exchange rate$989,998  833,141       
          
          
          
Reconciliation of Gross Profit to Adjusted Gross Profit         
(Amounts in thousands)         
 Three Months Ended      
 July 2, 2022 July 3, 2021      
Gross Profit$873,197  902,207       
Adjustments to gross profit:         
Restructuring, acquisition and integration-related and other costs 713  5,299       
Acquisitions purchase accounting, including inventory step-up 143  153       
Adjusted gross profit$874,053  907,659       
          
          
          
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses      
(Amounts in thousands)         
 Three Months Ended      
 July 2, 2022 July 3, 2021      
Selling, general and administrative expenses$505,270  497,783       
Adjustments to selling, general and administrative expenses:         
Restructuring, acquisition and integration-related and other costs (1,186) (1,480)      
Adjusted selling, general and administrative expenses$504,084  496,303       
          
          
          
          
Reconciliation of Operating Income to Adjusted Operating Income      
(Amounts in thousands)         
 Three Months Ended    
 July 2, 2022 July 3, 2021      
Operating income$367,927  404,424       
Adjustments to operating income:         
Restructuring, acquisition and integration-related and other costs 1,899  6,779       
Acquisitions purchase accounting, including inventory step-up 143  153       
Adjusted operating income$369,969  411,356       
          
          
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income      
(Amounts in thousands)         
 Three Months Ended      
Global CeramicJuly 2, 2022 July 3, 2021      
Operating income$154,269  136,435       
Adjustments to segment operating income:         
Restructuring, acquisition and integration-related and other costs -  726       
Adjusted segment operating income$154,269  137,161       
          
          
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income      
(Amounts in thousands)         
 Three Months Ended      
Flooring NAJuly 2, 2022 July 3, 2021      
Operating income$100,030  115,943       
Adjustments to segment operating income:         
Restructuring, acquisition and integration-related and other costs (239) 5,487       
Adjusted segment operating income$99,791  121,430       
          
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income      
(Amounts in thousands)         
 Three Months Ended      
Flooring ROWJuly 2, 2022 July 3, 2021      
Operating income$124,107  163,886       
Adjustments to segment operating income:         
Restructuring, acquisition and integration-related and other costs 2,139  289       
Acquisitions purchase accounting, including inventory step-up 143  153       
Adjusted segment operating income$126,389  164,328       
          
          
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes       
(Amounts in thousands)         
 Three Months Ended      
 July 2, 2022 July 3, 2021      
Earnings before income taxes$358,686  400,698       
Net earnings attributable to noncontrolling interests (79) (168)      
Adjustments to earnings including noncontrolling interests before income taxes:         
Restructuring, acquisition and integration-related and other costs 1,801  5,941       
Acquisitions purchase accounting, including inventory step-up 143  153       
Resolution of foreign non-income tax contingencies -  (6,211)      
Adjusted earnings including noncontrolling interests before income taxes$360,551  400,413       
          
          
          
          
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense      
(Amounts in thousands)         
 Three Months Ended      
 July 2, 2022 July 3, 2021      
Income tax expense$78,176  64,245       
Income tax effect on resolution of foreign non-income tax contingencies -  (2,302)      
One-time tax planning election -  26,731       
Income tax effect of adjusting items 1,181  1,379       
Adjusted income tax expense$79,357  90,053       
          
Adjusted income tax rate 22.0% 22.5%      
          
The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company's non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company's business and in comparisons of its profits with prior and future periods.
          
The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company's non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions.
          
The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company's core operating performance. Items excluded from the Company's non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.


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