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OFFON

THE MIDDLEBY CORPORATION

(MIDD)
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3Q 2021 Presentation

11/09/2021 | 07:34am EST

Q3 Earnings Update

November 9, 2021

Middleby Segment Summary

THREE INDUSTRY-LEADING FOODSERVICE PLATFORMS

  • 100+ highly-respected, leading brands
  • Global business infrastructure
  • Highly synergistic business segments
  • Technology and innovation leader
  • 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

69.8%

Europe and

Middle East

20.2%

Latin

2

America

2.5%

Financial Results

Q3 2021 FINANCIAL RESULTS

Q3 '21

Q3 '20

Change

Net Sales

$817.5

$634.5

28.8%

Gross Profit

299.6

222.7

34.5%

% of Sales

36.6%

35.1%

Operating Income

233.5

86.7

169.3%

Net Earnings

176.0

60.5

190.9%

Adjusted EBITDA

172.2

126.5

36.1%

% of Sales

21.1%

19.9%

LTM Bank EBITDA

735.9

563.4

30.6%

as defined in credit

agreement

Operating Cash Flow

173.7

151.4

14.7%

RESULTS COMMENTARY

  • Revenue increase of 22% organically as compared to prior year.
  • Organic revenue growth at Commercial Foodservice 32%, Residential Kitchen 14% and Food Processing 1%.
  • Strong organic adjusted EBITDA across all segments:

Commercial Foodservice

24.5%

Residential Kitchen

20.6%

Food Processing

21.8%

  • Q3 Order rates for all segments continue to show strength with all exceeding 30%. Backlog levels continue to grow as well.

www.middleby.com

3

Commercial Foodservice

Q3 2021 FINANCIAL RESULTS

RESULTS COMMENTARY

Q3 '21

Revenues

511,480

Adjusted EBITDA

124,683

Adjusted EBITDA as %

24.4%

of Revenues

Organic Adjusted EBITDA as %

24.5%

of Revenues

Q3 '20

Change

371,223 37.8%

83,309 49.7%

22.4%

Growth across all regions globally as compared to prior year.

Margin expansion provided by sales volume, pricing, profitability

initiatives and disciplined cost control.

Q3 backlog is up 210%+ from prior year end and 30%+ over Q2 '21.

Order rates grew 60%+ in Q3 over prior year and 30% over Q3 '19.

We are investing in all types of automation - digital, embedded, and

collaborative solutions to address our customers' critical challenges

from labor shortages.

The Middleby Innovation Kitchens continues generate very robust

customer and channel partner traffic while receiving rave reviews.

Revenue and Growth

U.S. and Canada

366,619

37.9%

International

144,861

37.5%

The MIK is an invaluable tool for collaboration with our customers.

www.middleby.com

4

Residential Kitchen

Q3 2021 FINANCIAL RESULTS

RESULTS COMMENTARY

Q3 '21

Revenues

193,395

Adjusted EBITDA

40,473

Adjusted EBITDA as %

20.9%

of Revenues

Organic Adjusted EBITDA as %

20.6%

of Revenues

Q3 '20

Change

152,654 26.7%

27,899 45.1%

18.3%

  • Growth across most regions globally as compared to prior year resulting in organic growth of 16% domestic and 10% international.
  • EBITDA improvements reflect higher sales volumes, benefits from facility consolidations and the sale of a non-core tile business in January 2021.
  • Q3 backlog is up 85%+ from prior year end and down 3% over Q2 '21.
  • Order rates grew 30%+ over Q3 '19.
  • Seeing growth across our product portfolio, including premium appliances, under-counter refrigeration and outdoor cooking.

Revenue and Growth

U.S. and Canada

113,230

16.3%

International

80,165

44.8%

www.middleby.com

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

The Middleby Corporation published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 12:33:03 UTC.


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Financials (USD)
Sales 2021 3 234 M - -
Net income 2021 491 M - -
Net Debt 2021 1 776 M - -
P/E ratio 2021 20,7x
Yield 2021 -
Capitalization 10 164 M 10 164 M -
EV / Sales 2021 3,69x
EV / Sales 2022 3,01x
Nbr of Employees 9 289
Free-Float -
Chart THE MIDDLEBY CORPORATION
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Technical analysis trends THE MIDDLEBY CORPORATION
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Last Close Price 182,72 $
Average target price 226,80 $
Spread / Average Target 24,1%
EPS Revisions
Managers and Directors
Timothy John Fitzgerald Vice President & Controller
Bryan E. Mittelman CFO & Principal Accounting Officer
Gordon Jude O'Brien Chairman
James K. Pool Chief Operating & Technology Officer
Martin Mckay Lindsay Secretary, Treasurer & Chief Risk Officer
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