Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 25, 2022 | Jul. 22, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 25, 2022 | |
Current Fiscal Year End Date | --03-25 | |
Document Fiscal Year Focus | 2023 | |
Document Transition Report | false | |
Entity File Number | 0-19357 | |
Entity Registrant Name | Monro, Inc. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0838627 | |
Entity Address, Address Line One | 200 Holleder Parkway | |
Entity Address, City or Town | Rochester | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14615 | |
City Area Code | 585 | |
Local Phone Number | 647-6400 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | MNRO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 32,197,220 | |
Entity Central Index Key | 0000876427 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 25, 2022 | Mar. 26, 2022 |
Current assets | ||
Cash and equivalents | $ 30,648 | $ 7,948 |
Accounts receivable | 11,850 | 14,797 |
Inventories | 128,666 | 166,271 |
Other current assets | 76,157 | 56,486 |
Total current assets | 247,321 | 245,502 |
Property and equipment, net | 307,932 | 315,193 |
Finance lease and financing obligation assets, net | 253,259 | 268,406 |
Operating lease assets, net | 209,875 | 213,588 |
Goodwill | 730,293 | 776,714 |
Intangible assets, net | 19,087 | 26,682 |
Other non-current assets | 43,374 | 20,174 |
Long-term deferred income tax assets | 4,591 | 5,153 |
Total assets | 1,815,732 | 1,871,412 |
Current liabilities | ||
Current portion of finance leases and financing obligations | 41,213 | 42,092 |
Current portion of operating lease liabilities | 34,624 | 34,692 |
Accounts payable | 155,948 | 131,989 |
Federal and state income taxes payable | 15,850 | 2,921 |
Accrued payroll, payroll taxes and other payroll benefits | 24,344 | 18,540 |
Accrued insurance | 51,251 | 49,391 |
Deferred revenue | 14,500 | 14,153 |
Other current liabilities | 32,084 | 28,186 |
Total current liabilities | 369,814 | 321,964 |
Long-term debt | 110,000 | 176,466 |
Long-term finance leases and financing obligations | 339,775 | 357,475 |
Long-term operating lease liabilities | 189,973 | 192,637 |
Other long-term liabilities | 11,330 | 10,821 |
Long-term deferred income tax liabilities | 24,552 | 28,560 |
Long-term income taxes payable | 612 | 583 |
Total liabilities | 1,046,056 | 1,088,506 |
Commitments and contingencies - Note 9 | ||
Shareholders' equity | ||
Class C Convertible Preferred stock | 29 | 29 |
Common stock | 399 | 399 |
Treasury stock | (125,945) | (108,729) |
Additional paid-in capital | 245,689 | 244,577 |
Accumulated other comprehensive loss | (4,593) | (4,494) |
Retained earnings | 654,097 | 651,124 |
Total shareholders' equity | 769,676 | 782,906 |
Total liabilities and shareholders' equity | $ 1,815,732 | $ 1,871,412 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 25, 2022 | Mar. 26, 2022 |
Consolidated Balance Sheets [Abstract] | ||
Class C convertible preferred stock shares authorized | 150,000 | 150,000 |
Class C convertible preferred stock par value | $ 1.50 | $ 1.50 |
Class C convertible preferred stock, conversion value | $ 0.064 | $ 0.064 |
Class C convertible preferred stock shares issued | 19,664 | 19,664 |
Class C convertible preferred stock shares outstanding | 19,664 | 19,664 |
Common stock shares authorized | 65,000,000 | 65,000,000 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares issued | 39,920,441 | 39,906,561 |
Treasury stock shares | 6,773,471 | 6,359,871 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Consolidated Statements Of Income And Comprehensive Income [Abstract] | ||
Sales | $ 349,535 | $ 341,818 |
Cost of sales, including distribution and occupancy costs | 227,346 | 215,887 |
Gross profit | 122,189 | 125,931 |
Operating, selling, general and administrative expenses | 95,934 | 98,014 |
Operating income | 26,255 | 27,917 |
Interest expense, net of interest income | 5,658 | 6,941 |
Other income, net | (78) | (44) |
Income before income taxes | 20,675 | 21,020 |
Provision for income taxes | 8,191 | 5,339 |
Net income | 12,484 | 15,681 |
Other comprehensive loss | ||
Changes in pension, net of tax | (99) | (103) |
Other comprehensive loss | (99) | (103) |
Comprehensive income | $ 12,385 | $ 15,578 |
Earnings per share | ||
Basic | $ 0.37 | $ 0.46 |
Diluted | $ 0.37 | $ 0.46 |
Weighted average common shares outstanding | ||
Basic | 33,483 | 33,498 |
Diluted | 33,986 | 34,022 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes in Shareholders' Equity - USD ($) $ in Thousands | Class C Convertible Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Balance beginning at Mar. 27, 2021 | $ 29 | $ 398 | $ (108,729) | $ 238,244 | $ (4,619) | $ 624,361 | $ 749,684 |
Beginning balance, preferred shares at Mar. 27, 2021 | 20,000 | ||||||
Beginning balance, common shares at Mar. 27, 2021 | 39,848,000 | 6,360,000 | |||||
Net income | 15,681 | 15,681 | |||||
Other comprehensive loss | |||||||
Pension liability adjustment | (103) | (103) | |||||
Dividends declared | |||||||
Preferred | (110) | (110) | |||||
Common | (8,042) | (8,042) | |||||
Dividend payable | (14) | (14) | |||||
Stock options and restricted stock | $ 1 | 739 | 740 | ||||
Stock options and restricted stock, shares | 17,000 | ||||||
Stock-based compensation | 755 | 755 | |||||
Balance ending at Jun. 26, 2021 | $ 29 | $ 399 | $ (108,729) | 239,738 | (4,722) | 631,876 | 758,591 |
Ending balance, preferred shares at Jun. 26, 2021 | 20,000 | ||||||
Ending balance, common shares at Jun. 26, 2021 | 39,865,000 | 6,360,000 | |||||
Balance beginning at Mar. 26, 2022 | $ 29 | $ 399 | $ (108,729) | 244,577 | (4,494) | 651,124 | $ 782,906 |
Beginning balance, preferred shares at Mar. 26, 2022 | 20,000 | 19,664 | |||||
Beginning balance, common shares at Mar. 26, 2022 | 39,907,000 | 6,360,000 | |||||
Net income | 12,484 | $ 12,484 | |||||
Other comprehensive loss | |||||||
Pension liability adjustment | (99) | (99) | |||||
Dividends declared | |||||||
Preferred | (129) | (129) | |||||
Common | (9,337) | (9,337) | |||||
Dividend payable | (45) | (45) | |||||
Repurchase of stock | $ (17,216) | $ (17,216) | |||||
Repurchase of stock | 413,000 | 413,600 | |||||
Stock options and restricted stock | (41) | $ (41) | |||||
Stock options and restricted stock, shares | 13,000 | ||||||
Stock-based compensation | 1,153 | 1,153 | |||||
Balance ending at Jun. 25, 2022 | $ 29 | $ 399 | $ (125,945) | $ 245,689 | $ (4,593) | $ 654,097 | $ 769,676 |
Ending balance, preferred shares at Jun. 25, 2022 | 20,000 | 19,664 | |||||
Ending balance, common shares at Jun. 25, 2022 | 39,920,000 | 6,773,000 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||
Common stock cash dividends per share | $ 0.28 | $ 0.24 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Operating activities | ||
Net income | $ 12,484 | $ 15,681 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 20,100 | 20,278 |
Share-based compensation expense | 1,153 | 755 |
Loss (gain) on disposal of assets | 377 | (168) |
Gain on divestiture | (2,394) | |
Deferred income tax expense | (3,409) | 2,931 |
Change in operating assets and liabilities (excluding acquisitions) | ||
Accounts receivable | (1,038) | (98) |
Inventories | 184 | (4,110) |
Other current assets | (31) | (4,853) |
Other non-current assets | 9,256 | 7,950 |
Accounts payable | 23,959 | 9,000 |
Accrued expenses | 11,626 | 15,648 |
Federal and state income taxes payable | 12,929 | 7,759 |
Other long-term liabilities | (8,020) | (8,114) |
Long-term income taxes payable | 29 | 55 |
Cash provided by operating activities | 77,205 | 62,714 |
Investing activities | ||
Capital expenditures | (8,213) | (5,199) |
Acquisitions, net of cash acquired | (241) | (62,059) |
Proceeds from divestiture | 56,586 | |
Proceeds from the disposal of assets | 724 | 429 |
Other | 67 | |
Cash provided by (used for) investing activities | 48,856 | (66,762) |
Financing activities | ||
Proceeds from borrowings | 43,909 | 77,000 |
Principal payments on long-term debt, finance leases and financing obligations | (120,588) | (78,661) |
Repurchase of stock | (17,216) | |
Exercise of stock options | 779 | |
Dividends paid | (9,466) | (8,152) |
Cash used for financing activities | (103,361) | (9,034) |
Increase (decrease) in cash and equivalents | 22,700 | (13,082) |
Cash and equivalents at beginning of period | 7,948 | 29,960 |
Cash and equivalents at end of period | 30,648 | 16,878 |
Supplemental information | ||
Leased assets (reduced) obtained in exchange for (reduced) new finance lease liabilities | (989) | 6,599 |
Leased assets obtained in exchange for new operating lease liabilities | $ 7,878 | $ 1,382 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Jun. 25, 2022 | |
Description of Business and Basis of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | Note 1 – Description of Business and Basis of Presentation Description of business Monro, Inc. and its direct and indirect subsidiaries (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire replacement sales and tire related services in the United States. Monro had 1,303 Company-operated retail stores located in 32 states and 80 franchised locations as of June 25, 2022. A certain number of our retail locations also service commercial customers. Our locations that serve commercial customers generally operate consistently with our other retail locations, except that the sales mix for these locations includes a higher number of commercial tires. Monro’s operations are organized and managed as one single segment designed to offer to our customers replacement tires and tire related services, automotive undercar repair services as well as a broad range of routine maintenance services, primarily on passenger cars, light trucks and vans. We also provide other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statement presentation. The consolidated financial statements should be read in conjunction with the financial statement disclosures in our Form 10-K for the fiscal year ended March 26, 2022. We use the same significant accounting policies in preparing quarterly and annual financial statements. For a description of our significant accounting policies followed in the preparation of the financial statements, see Note 1 of our Form 10-K for the fiscal year ended March 26, 2022. Due to the seasonal nature of our business, quarterly operating results and cash flows are not necessarily indicative of the results that may be expected for other interim periods or the full year. Fiscal year We operate on a 52/53 week fiscal year ending on the last Saturday in March. Fiscal years 2023 and 2022 each contain 52 weeks. Unless specifically indicated otherwise, any references to “2023” or “fiscal 2023” and “2022” or “fiscal 2022” relate to the years ending March 25, 2023 and March 26, 2022, respectively. Recent accounting pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires an acquiring entity to recognize and measure contract assets and contract liabilities acquired in a business combination as if they entered into the original contract at the same time and same date as the acquiree. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact of adopting this guidance. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the SEC did not or are not expected to have a material effect on our consolidated financial statements. Working capital management As part of our ongoing efforts to manage our working capital and improve our cash flow, we work with suppliers to optimize our purchasing terms and conditions, including extending payment terms. We also facilitate a voluntary supply chain financing program to provide some of our suppliers with the opportunity to sell receivables due from us (our accounts payable) to a participating financial institution at the sole discretion of both the supplier and the financial institution. Should a supplier choose to participate in the program, it will receive payment from the financial institution in advance of agreed payment terms; our responsibility is limited to making payments to the respective financial institution on the terms originally negotiated with our supplier. We have concluded that the program is a trade payable program and not indicative of a borrowing arrangement. Supplemental information Property and equipment, net : Property and equipment balances are shown on the Consolidated Balance Sheets net of accumulated depreciation of $ 411.8 million and $ 414.2 million as of June 25, 2022 and March 26, 2022, respectively. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Jun. 25, 2022 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions And Divestitures | Note 2 – Acquisitions and Divestitures Acquisitions Monro’s acquisitions are strategic moves in our plan to fill in and expand our presence in our existing and contiguous markets, expand into new markets and leverage fixed operating costs such as advertising and administration. Acquisitions in this note generally include acquisitions of five or more locations as well as acquisitions of one to four locations that are part of our greenfield store growth strategy. 2022 On April 25, 2021 , we acquired 30 retail tire and automotive repair stores located in California from Mountain View Tire & Service, Inc. These stores operate under the Mountain View Tire & Service name. The acquisition was financed through our Credit Facility, as defined in Note 8 . The results of operations for this acquisition are included in our financial results from the acquisition date. The acquisition resulted in goodwill related to, among other things, growth opportunities, synergies and economies of scale expected from combining the business with ours, as well as unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We expensed all costs related to the acquisition in the three months ended June 26, 2021. The total costs related to the completed acquisition were $ 0.3 million and these costs are included in the Consolidated Statements of Income and Comprehensive Income primarily under operating, selling, general and administrative (“OSG&A”) expenses. Sales related to the completed acquisition totaled $ 7.9 million for the period from acquisition date through June 26, 2021. Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro. We accounted for the 2022 acquisition as a business combination using the acquisition method of accounting and we finalized the purchase accounting related to the 2022 acquisition during 2023. As a result of the updated purchase price allocation for the 2022 acquisition, certain of the fair value amounts previously estimated were adjusted during the measurement period. These measurement period adjustments resulted from updated valuation reports and appraisals received from our external valuation specialists, as well as revisions to internal estimates. The measurement period adjustments were not material to the Consolidated Balance Sheet as of June 25, 2022 and the Consolidated Statement of Income and Comprehensive Income for the three months ended June 25, 2022. The acquired assets and liabilities assumed were recorded at their assigned acquisition-date fair values and were consolidated with those of the Company as of the acquisition date. The consideration transferred and net liabilities assumed were recorded as goodwill. 2022 Acquisition-date Fair Values Assigned (thousands) Inventory $ 937 Other current assets 217 Property and equipment 2,939 Finance lease and financing obligation assets 15,758 Operating lease assets 17,545 Intangible assets 2,211 Other non-current assets 63 Long-term deferred income tax assets 4,001 Total assets acquired 43,671 Current portion of finance leases and financing obligations 1,447 Current portion of operating lease liabilities 1,698 Deferred revenue 955 Other current liabilities 208 Long-term finance leases and financing obligations 21,957 Long-term operating lease liabilities 22,447 Other long-term liabilities 754 Total liabilities assumed 49,466 Total net identifiable liabilities assumed $ ( 5,795 ) Total consideration transferred $ 62,127 Less: total net identifiable liabilities assumed ( 5,795 ) Goodwill $ 67,922 The total consideration of $ 62.1 million is comprised of $ 61.0 million in cash and $ 1.1 million which is due upon finalization of certain lease assignment terms for one store location. We recorded $ 2.2 million amortizable intangible assets, including a customer list and a trade name, with a weighted-average amortizable period of approximately eight years . We have recorded acquired right-of-use assets at the present value of remaining lease payments adjusted to reflect favorable or unfavorable market terms of the lease. We continue to refine the valuation data and estimates primarily related to inventory, warranty reserves, intangible assets, real property leases, and certain liabilities for the 2022 acquisitions that closed subsequent to June 26, 2021 and expect to complete the valuations no later than the first anniversary date of the acquisition. We anticipate that adjustments will continue to be made to the fair values of identifiable assets acquired and liabilities assumed, and those adjustments may or may not be material. Divestitures On June 17, 2022, we completed the divestiture of assets relating to our wholesale tire operations ( seven locations) and internal tire distribution operations to American Tire Distributors, Inc. (“ATD”). We received $ 62 million from ATD at the closing of the transaction, of which $ 5 million is currently being held in escrow. The remaining $ 40 million (“Earnout”) of the total consideration of $ 102 million will be paid quarterly over approximately two years based on our tire purchases from or through ATD pursuant to a distribution and fulfillment agreement with ATD. Under the distribution agreement, ATD agreed to supply and sell tires to retail locations we own. After ATD satisfies the Earnout payments, our company-owned retail stores will be required to purchase at least 90 percent of their forecasted requirements for certain passenger car tires, light truck replacement tires, and medium truck tires from or through ATD. Any tires that ATD is unable to supply or fulfill from those categories will be excluded from the calculation of our requirements for tires. The initial term of the distribution agreement is five years after the completion of the Earnout Period, with automatic 12-month renewal periods thereafter. The divestiture enables us to focus our resources on our core retail business operations. In connection with this transaction, we recognized a pre-tax gain of $ 2.4 million within OSG&A expenses. We also expensed $ 1.2 million of closing costs and costs associated with the closing of a related warehouse within OSG&A expenses. The divestiture did not meet the criteria to be reported as discontinued operations in our consolidated financial statements as our decision to divest this business did not represent a strategic shift that will have a major effect on our operations and financial results. For additional information regarding discrete tax impacts because of the divestiture, see Note 4 . |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Jun. 25, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings per Common Share Basic earnings per common share amounts are calculated by dividing income available to common shareholders, after deducting preferred stock dividends, by the weighted average number of shares of common stock outstanding. Diluted earnings per common share amounts are calculated by dividing net income by the weighted average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Earnings per Common Share Three Months Ended (thousands, except per share data) June 25, 2022 June 26, 2021 Numerator for earnings per common share calculation: Net income $ 12,484 $ 15,681 Less: Preferred stock dividends ( 129 ) ( 110 ) Income available to common shareholders $ 12,355 $ 15,571 Denominator for earnings per common share calculation: Weighted average common shares - basic 33,483 33,498 Effect of dilutive securities: Preferred stock 460 460 Stock based awards 43 64 Weighted average common shares - diluted 33,986 34,022 Basic earnings per common share $ 0.37 $ 0.46 Diluted earnings per common share $ 0.37 $ 0.46 Weighted average common share equivalents that have an anti-dilutive impact are excluded from the computation of diluted earnings per share. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 25, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 4 – Income Taxes For the three months ended June 25, 2022, our effective income tax rate was 39.6 percent, compared to 25.4 percent for the three months ended June 26, 2021 . Our effective income tax rate for the three months ended June 25, 2022 was higher by 12.8 percent because of discrete tax impacts from the divestiture of assets relating to our wholesale tire operations and internal tire distribution operations as well as the revaluation of deferred tax balances due to changes in the mix of pre-tax income in various U.S. state jurisdictions because of the divestiture. Our effective income tax rate for the three months ended June 25, 2022 was also higher by 0.8 percent due to the discrete tax impact related to share-based awards. |
Fair Value
Fair Value | 3 Months Ended |
Jun. 25, 2022 | |
Fair Value [Abstract] | |
Fair Value | Note 5 – Fair Value Long-term debt had a carrying amount that approximates a fair value of $ 110.0 million as of June 25, 2022, as compared to a carrying amount and a fair value of $ 176.5 million as of March 26, 2022. The carrying value of our debt approximated its fair value due to the variable interest nature of the debt. |
Cash Dividend
Cash Dividend | 3 Months Ended |
Jun. 25, 2022 | |
Cash Dividend [Abstract] | |
Cash Dividend | Note 6 – Cash Dividend We paid dividends of $ 9.5 million during the three months ended June 25, 2022. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with charter and Credit Facility restrictions, and such other factors as the Board of Directors deems relevant. Under our Credit Facility, there are no restrictions on our ability to declare dividends as long as we are in compliance with the covenants in the Credit Facility. For additional information regarding our Credit Facility, see Note 8 . |
Revenue
Revenue | 3 Months Ended |
Jun. 25, 2022 | |
Revenue [Abstract] | |
Revenue | Note 7 – Revenues Automotive undercar repair, tire replacement sales and tire related services represent the vast majority of our revenues. We also earn revenue from the sale of tire road hazard warranty agreements as well as commissions earned from the delivery of tires on behalf of certain tire vendors. Revenue from automotive undercar repair, tire replacement sales and tire related services is recognized at the time the customers take possession of their vehicle or merchandise. For sales to certain customers that are financed through the offering of credit on account, payment terms are established for customers based on our pre-established credit requirements. Payment terms may vary depending on the customer and generally are 30 days. Based on the nature of receivables, no significant financing components exist. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. Such amounts are immaterial to our consolidated financial statements. Revenues Three Months Ended (thousands) June 25, 2022 June 26, 2021 Tires (a) $ 173,064 $ 176,229 Maintenance 90,292 84,459 Brakes 49,155 45,975 Steering 29,981 28,266 Exhaust 6,275 5,789 Other 768 1,100 Total $ 349,535 $ 341,818 (a) Includes the sale of tire road hazard warranty agreements and tire delivery commissions. Revenue from the sale of tire road hazard warranty agreements is initially deferred and is recognized over the contract period as costs are expected to be incurred in performing such services, typically 21 to 36 months. The deferred revenue balances at June 25, 2022 and March 26, 2022 were $ 21.1 million and $ 20.6 million, respectively, of which $ 14.5 million and $ 14.2 million, respectively, are reported in Deferred revenue and $ 6.6 million and $ 6.4 million, respectively, are reported in Other long-term liabilities in our Consolidated Balance Sheets. Changes in Deferred Revenue (thousands) Balance at March 26, 2022 $ 20,632 Deferral of revenue 5,665 Recognition of revenue ( 5,184 ) Balance at June 25, 2022 $ 21,113 As of June 25, 2022 , we expect to recognize $ 12.0 million of deferred revenue related to road hazard warranty agreements in the remainder of fiscal 2023 , $ 7.2 million of deferred revenue during our fiscal year ending March 31, 2024 , and $ 1.9 million of deferred revenue thereafter. Under various arrangements, we receive from certain tire vendors a delivery commission and reimbursement for the cost of the tire that we may deliver to customers on behalf of the tire vendor. The commission we earn from these transactions is as an agent and the net amount retained is recorded as sales. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jun. 25, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 8 – Long-term Debt In April 2019, we entered into a new five year $ 600 million revolving credit facility agreement with eight banks (the “Credit Facility”). Interest only is payable monthly throughout the Credit Facility’s term. The borrowing capacity for the Credit Facility of $ 600 million includes an accordion feature permitting us to request an increase in availability of up to an additional $ 250 million. The Credit Facility initially bore interest at 75 to 200 basis points over the London Interbank Offered Rate (“LIBOR”) (or replacement index) or at the prime rate, depending on the type of borrowing and the rates then in effect. On June 11, 2020, we entered into a First Amendment to the Credit Facility (the “First Amendment”), which, among other things, amended the terms of certain of the financial and restrictive covenants in the credit agreement through the first quarter of fiscal 2022 to provide us with additional flexibility to operate our business. The First Amendment amended the interest rate charged on borrowings to be based on the greater of adjusted one-month LIBOR or 0.75 percent. For the period from June 30, 2020 to June 30, 2021, the minimum interest rate spread charged on borrowings was 225 basis points over LIBOR. Additionally, during the same period, we were permitted to declare, make or pay any dividend or distribution up to $ 38.5 million in the aggregate and the acquisition of stores or other businesses up to $ 100 million in the aggregate were permitted if we were in compliance with the financial covenants and other restrictions in the First Amendment and Credit Facility. As of July 1, 2021, the ability of our Board of Directors to declare, make or pay any dividend or distribution and our ability to acquire stores or other businesses is no longer restricted by the terms of the Credit Facility, as amended by the First Amendment. The Credit Facility requires fees payable quarterly throughout the term between 0.125 percent and 0.35 percent of the amount of the average net availability under the Credit Facility during the preceding quarter. On October 5, 2021, we entered into a Second Amendment to the Credit Facility (the “Second Amendment”). The Second Amendment, which among other things, amends certain of the financial terms in the Credit Agreement, as amended by the First Amendment. Specifically, the First Amendment had amended the interest rate charged on borrowings to be based on the greater of adjusted one-month LIBOR or 0.75 percent. The Second Amendment amended the interest rate to be based on the greater of adjusted one-month LIBOR or 0.00 percent. In addition, the Second Amendment updated certain provisions regarding a successor interest rate to LIBOR. Except as amended by the First Amendment and Second Amendment, the remaining terms of the credit agreement remain in full force and effect. Within the Credit Facility, we have a sub-facility of $ 80 million available for the purpose of issuing standby letters of credit. The sub-facility requires fees aggregating 87.5 to 212.5 basis points annually of the face amount of each standby letter of credit, payable quarterly in arrears. There was a $ 29.6 million outstanding letter of credit at June 25, 2022. There was $ 110.0 million outstanding and $ 460.4 million available under the Credit Facility at June 25, 2022. We were in compliance with all debt covenants at June 25, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 25, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Commitments Commitments Due by Period Within 2 to 4 to After (thousands) Total 1 Year 3 Years 5 Years 5 Years Principal payments on long-term debt $ 110,000 $ 110,000 Finance lease commitments/financing obligations (a) 475,700 $ 57,188 108,474 $ 98,145 $ 211,893 Operating lease commitments (a) 257,953 40,764 74,930 60,267 81,992 Accrued rent 764 674 34 25 31 Other liabilities 92 92 — — — Total $ 844,509 $ 98,718 $ 293,438 $ 158,437 $ 293,916 (a) Finance and operating lease commitments represent future undiscounted lease payments and include $ 98.5 million and $ 63.6 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. Contingencies We are currently a party to various claims and legal proceedings incidental to the conduct of our business. If management believes that a loss arising from any of these matters is probable and can reasonably be estimated, we will record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Litigation is subject to inherent uncertainties, and unfavorable rulings could occur and may include monetary damages. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which any such ruling occurs, or in future periods. |
Share Repurchase
Share Repurchase | 3 Months Ended |
Jun. 25, 2022 | |
Share Repurchase [Abstract] | |
Share Repurchase | Note 10 – Share Repurchase On May 19, 2022, our Board of Directors authorized a share repurchase program for the repurchase of up to $ 150 million of shares of our common stock. The Board of Directors did not specify a date upon which the authorization will expire. Shares repurchased under this authorization will become treasury shares. We periodically repurchased shares of our common stock under the repurchase program through open market transactions. Share Repurchase Activity Three Months Ended (thousands, except per share data) June 25, 2022 Number of shares purchased 413.6 Average price paid per share $ 41.60 Total repurchased $ 17,216 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policy) | 3 Months Ended |
Jun. 25, 2022 | |
Description of Business and Basis of Presentation [Abstract] | |
Description Of Business | Description of business Monro, Inc. and its direct and indirect subsidiaries (together, “Monro”, the “Company”, “we”, “us”, or “our”), are engaged principally in providing automotive undercar repair and tire replacement sales and tire related services in the United States. Monro had 1,303 Company-operated retail stores located in 32 states and 80 franchised locations as of June 25, 2022. A certain number of our retail locations also service commercial customers. Our locations that serve commercial customers generally operate consistently with our other retail locations, except that the sales mix for these locations includes a higher number of commercial tires. Monro’s operations are organized and managed as one single segment designed to offer to our customers replacement tires and tire related services, automotive undercar repair services as well as a broad range of routine maintenance services, primarily on passenger cars, light trucks and vans. We also provide other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension and wheel alignment. |
Basis Of Presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. While these statements reflect all adjustments (consisting of items of a normal recurring nature) that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statement presentation. The consolidated financial statements should be read in conjunction with the financial statement disclosures in our Form 10-K for the fiscal year ended March 26, 2022. We use the same significant accounting policies in preparing quarterly and annual financial statements. For a description of our significant accounting policies followed in the preparation of the financial statements, see Note 1 of our Form 10-K for the fiscal year ended March 26, 2022. Due to the seasonal nature of our business, quarterly operating results and cash flows are not necessarily indicative of the results that may be expected for other interim periods or the full year. |
Fiscal Year | Fiscal year We operate on a 52/53 week fiscal year ending on the last Saturday in March. Fiscal years 2023 and 2022 each contain 52 weeks. Unless specifically indicated otherwise, any references to “2023” or “fiscal 2023” and “2022” or “fiscal 2022” relate to the years ending March 25, 2023 and March 26, 2022, respectively. |
Recent Accounting Pronouncements | Recent accounting pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires an acquiring entity to recognize and measure contract assets and contract liabilities acquired in a business combination as if they entered into the original contract at the same time and same date as the acquiree. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact of adopting this guidance. Other recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification) and the SEC did not or are not expected to have a material effect on our consolidated financial statements. |
Working capital management | Working capital management As part of our ongoing efforts to manage our working capital and improve our cash flow, we work with suppliers to optimize our purchasing terms and conditions, including extending payment terms. We also facilitate a voluntary supply chain financing program to provide some of our suppliers with the opportunity to sell receivables due from us (our accounts payable) to a participating financial institution at the sole discretion of both the supplier and the financial institution. Should a supplier choose to participate in the program, it will receive payment from the financial institution in advance of agreed payment terms; our responsibility is limited to making payments to the respective financial institution on the terms originally negotiated with our supplier. We have concluded that the program is a trade payable program and not indicative of a borrowing arrangement. |
Supplemental information | Supplemental information Property and equipment, net : Property and equipment balances are shown on the Consolidated Balance Sheets net of accumulated depreciation of $ 411.8 million and $ 414.2 million as of June 25, 2022 and March 26, 2022, respectively. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Jun. 25, 2022 | |
Acquisitions And Divestitures [Abstract] | |
Schedule Of Purchase Price Allocation | 2022 Acquisition-date Fair Values Assigned (thousands) Inventory $ 937 Other current assets 217 Property and equipment 2,939 Finance lease and financing obligation assets 15,758 Operating lease assets 17,545 Intangible assets 2,211 Other non-current assets 63 Long-term deferred income tax assets 4,001 Total assets acquired 43,671 Current portion of finance leases and financing obligations 1,447 Current portion of operating lease liabilities 1,698 Deferred revenue 955 Other current liabilities 208 Long-term finance leases and financing obligations 21,957 Long-term operating lease liabilities 22,447 Other long-term liabilities 754 Total liabilities assumed 49,466 Total net identifiable liabilities assumed $ ( 5,795 ) Total consideration transferred $ 62,127 Less: total net identifiable liabilities assumed ( 5,795 ) Goodwill $ 67,922 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Jun. 25, 2022 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Basic And Diluted Earnings Per Share | Earnings per Common Share Three Months Ended (thousands, except per share data) June 25, 2022 June 26, 2021 Numerator for earnings per common share calculation: Net income $ 12,484 $ 15,681 Less: Preferred stock dividends ( 129 ) ( 110 ) Income available to common shareholders $ 12,355 $ 15,571 Denominator for earnings per common share calculation: Weighted average common shares - basic 33,483 33,498 Effect of dilutive securities: Preferred stock 460 460 Stock based awards 43 64 Weighted average common shares - diluted 33,986 34,022 Basic earnings per common share $ 0.37 $ 0.46 Diluted earnings per common share $ 0.37 $ 0.46 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Jun. 25, 2022 | |
Revenue [Abstract] | |
Schedule Of Disaggregated Revenue By Product Group | Revenues Three Months Ended (thousands) June 25, 2022 June 26, 2021 Tires (a) $ 173,064 $ 176,229 Maintenance 90,292 84,459 Brakes 49,155 45,975 Steering 29,981 28,266 Exhaust 6,275 5,789 Other 768 1,100 Total $ 349,535 $ 341,818 (a) Includes the sale of tire road hazard warranty agreements and tire delivery commissions. |
Schedule Of Changes In Deferred Revenue | Changes in Deferred Revenue (thousands) Balance at March 26, 2022 $ 20,632 Deferral of revenue 5,665 Recognition of revenue ( 5,184 ) Balance at June 25, 2022 $ 21,113 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 25, 2022 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Payments Due By Period | Commitments Due by Period Within 2 to 4 to After (thousands) Total 1 Year 3 Years 5 Years 5 Years Principal payments on long-term debt $ 110,000 $ 110,000 Finance lease commitments/financing obligations (a) 475,700 $ 57,188 108,474 $ 98,145 $ 211,893 Operating lease commitments (a) 257,953 40,764 74,930 60,267 81,992 Accrued rent 764 674 34 25 31 Other liabilities 92 92 — — — Total $ 844,509 $ 98,718 $ 293,438 $ 158,437 $ 293,916 (a) Finance and operating lease commitments represent future undiscounted lease payments and include $ 98.5 million and $ 63.6 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. |
Share Repurchase (Tables)
Share Repurchase (Tables) | 3 Months Ended |
Jun. 25, 2022 | |
Share Repurchase [Abstract] | |
Schedule Of Share Repurchase Activity | Share Repurchase Activity Three Months Ended (thousands, except per share data) June 25, 2022 Number of shares purchased 413.6 Average price paid per share $ 41.60 Total repurchased $ 17,216 |
Description of Business and B_3
Description of Business and Basis of Presentation (Narrative) (Details) $ in Millions | 3 Months Ended | |
Jun. 25, 2022 USD ($) store segment state item | Mar. 26, 2022 USD ($) | |
Description of Business and Basis of Presentation [Abstract] | ||
Company operated retail stores | store | 1,303 | |
Number of states in which entity operates | state | 32 | |
Number of franchised locations | item | 80 | |
Property and equipment accumulated depreciation | $ | $ 411.8 | $ 414.2 |
Number of operating segments | segment | 1 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Jun. 17, 2022 USD ($) item | Apr. 25, 2021 item | Jun. 25, 2022 USD ($) property | |
Acquisitions And Divestitures [Line Items] | |||
Store acquisitions related to acquisition growth strategy | property | 5 | ||
American Tire Distributors [Member] | Disposal Group, Not Discontinued Operations [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 2,400 | ||
Number of wholesale locations | item | 7 | ||
Amount received at closing of transaction | $ 62,000 | ||
Amount held in escrow | 5,000 | ||
Total conideration amount | 102,000 | ||
Disposal Group, Including Discontinued Operation, Consideration, Term | 2 years | ||
Disposal Group, Closing Costs | 1,200 | ||
Maximum [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Store acquisitions related to greenfield store growth strategy | property | 4 | ||
Minimum [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Store acquisitions related to greenfield store growth strategy | property | 1 | ||
Remaining Consideration [Member] | American Tire Distributors [Member] | Disposal Group, Not Discontinued Operations [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Total conideration amount | $ 40,000 | ||
Mountain View Tire And Service [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Number of repair stores acquired | item | 30 | ||
Acquisition date | Apr. 25, 2021 | ||
Costs related to completed acquisitions | $ 300 | ||
Sales for acquired entities | 7,900 | ||
Fiscal 2022 Acquisitions [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Total consideration transferred | 62,127 | ||
Total consideration transferred, portion in cash | 61,000 | ||
Payable to a seller | 1,100 | ||
Fiscal 2022 Acquisitions [Member] | Customer List and Trade Name [Member] | |||
Acquisitions And Divestitures [Line Items] | |||
Intangible assets | $ 2,200 | ||
Weighted average useful life | 8 years |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Mar. 26, 2022 | |
Purchase price of acquisitions allocation | ||
Goodwill | $ 730,293 | $ 776,714 |
Fiscal 2022 Acquisitions [Member] | ||
Purchase price of acquisitions allocation | ||
Inventory | 937 | |
Other current assets | 217 | |
Property and equipment | 2,939 | |
Finance lease and financing obligation assets | 15,758 | |
Operating lease assets | 17,545 | |
Intangible assets | 2,211 | |
Other non-current assets | 63 | |
Long-term deferred income tax assets | 4,001 | |
Total assets acquired | 43,671 | |
Current portion of finance leases and financing obligations | 1,447 | |
Current portion of operating lease liabilities | 1,698 | |
Deferred revenue | 955 | |
Other current liabilities | 208 | |
Long-term finance leases and financing obligations | 21,957 | |
Long-term operating lease liabilities | 22,447 | |
Other long-term liabilities | 754 | |
Total liabilities assumed | 49,466 | |
Total net identifiable liabilities assumed | (5,795) | |
Total consideration transferred | 62,127 | |
Less: total net identifiable liabilities assumed | (5,795) | |
Goodwill | $ 67,922 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Numerator for earnings per common share calculation: | ||
Net income | $ 12,484 | $ 15,681 |
Less: Preferred stock dividends | (129) | (110) |
Income available to common shareholders | $ 12,355 | $ 15,571 |
Denominator for earnings per common share calculation: | ||
Weighted average common shares - basic | 33,483 | 33,498 |
Effect of dilutive securities: | ||
Preferred stock | 460 | 460 |
Stock based awards | 43 | 64 |
Weighted average common shares - diluted | 33,986 | 34,022 |
Basic earnings per common share | $ 0.37 | $ 0.46 |
Diluted earnings per common share | $ 0.37 | $ 0.46 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Income Taxes [Abstract] | ||
Effective income tax rate | 39.60% | 25.40% |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 12.80% | |
Discrete tax impact related to share-based payments, Percent | 0.80% |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | Jun. 25, 2022 | Mar. 26, 2022 |
Fair Value [Abstract] | ||
Carrying amount of long-term debt ( including current portion) | $ 110 | $ 176.5 |
Cash Dividend (Narrative) (Deta
Cash Dividend (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Cash Dividend [Abstract] | ||
Dividends to shareholders | $ 9,466 | $ 8,152 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Mar. 26, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Payment term | 30 days | |
Deferred revenue | $ 21,113 | $ 20,632 |
Deferred revenue, current | 14,500 | 14,153 |
Deferred revenue, noncurrent | $ 6,600 | $ 6,400 |
Tire Road Hazard Warranty [Member] | Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognition, contract term | 21 months | |
Tire Road Hazard Warranty [Member] | Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognition, contract term | 36 months |
Revenue (Performance Obligation
Revenue (Performance Obligation) (Narrative) (Details) $ in Millions | Jun. 25, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-25 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 12 |
Deferred revenue, timing of satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-26 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 7.2 |
Deferred revenue, timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, performance obligation | $ 1.9 |
Deferred revenue, timing of satisfaction | 1 year |
Revenue (Schedule Of Disaggrega
Revenue (Schedule Of Disaggregated Revenue By Product Group) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | Jun. 26, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 349,535 | $ 341,818 |
Tires [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 173,064 | 176,229 |
Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 90,292 | 84,459 |
Brakes [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 49,155 | 45,975 |
Steering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,981 | 28,266 |
Exhaust [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,275 | 5,789 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 768 | $ 1,100 |
Revenue (Schedule Of Changes In
Revenue (Schedule Of Changes In Deferred Revenue) (Details) $ in Thousands | 3 Months Ended |
Jun. 25, 2022 USD ($) | |
Revenue [Abstract] | |
Balance | $ 20,632 |
Deferral of revenue | 5,665 |
Recognition of revenue | (5,184) |
Balance | $ 21,113 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 3 Months Ended |
Jun. 25, 2022 USD ($) entity | |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Credit facility term | 5 years |
Revolving credit facility agreement | $ 600,000,000 |
Number of banks involved in credit facility | entity | 8 |
Credit facility, Potential increased availability | $ 250,000,000 |
Net availability under the credit facility | 460,400,000 |
Amount outstanding under credit facility | 110,000,000 |
First Amendment To Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Allowable dividend or distribution | 38,500,000 |
Allowable acquisitions | $ 100,000,000 |
Interest rate | 0.75% |
Second Amendment To Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 0% |
Standby Letters of Credit [Member] | |
Debt Instrument [Line Items] | |
Revolving credit facility agreement | $ 80,000,000 |
Letters of credit outstanding | $ 29,600,000 |
Minimum [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Percentage of fees on amount available | 0.125% |
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate over LIBOR on the facility | 0.75% |
Minimum [Member] | First Amendment To Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate over LIBOR on the facility | 2.25% |
Minimum [Member] | Standby Letters of Credit [Member] | |
Debt Instrument [Line Items] | |
Percentage of fees on amount available | 0.875% |
Maximum [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Percentage of fees on amount available | 0.35% |
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate over LIBOR on the facility | 2% |
Maximum [Member] | Standby Letters of Credit [Member] | |
Debt Instrument [Line Items] | |
Percentage of fees on amount available | 2.125% |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule Of Payments Due By Period) (Details) $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 USD ($) | ||
Commitments and Contingencies [Abstract] | ||
Principal payments on long-term debt, Total | $ 110,000 | |
Principal payments on long-term debt, 2 to 3 years | 110,000 | |
Finance lease commitments/financing obligations, Total | 475,700 | [1] |
Finance lease commitments/financing obligations, Within 1 Year | 57,188 | [1] |
Finance lease commitments/financing obligations, 2 to 3 Years | 108,474 | [1] |
Finance lease commitments/financing obligations, 4 to 5 Years | 98,145 | [1] |
Finance lease commitments/financing obligations, After 5 Years | 211,893 | [1] |
Operating lease commitments, Total | 257,953 | [1] |
Operating lease commitments, Within 1 year | 40,764 | [1] |
Operating lease commitments, 2 to 3 years | 74,930 | [1] |
Operating lease commitments, 4 to 5 years | 60,267 | [1] |
Operating lease commitments, After 5 years | 81,992 | [1] |
Accrued rent, Total | 764 | |
Accrued rent, Within 1 year | 674 | |
Accrued rent, 2 to 3 Years | 34 | |
Accrued rent, 4 to 5 Years | 25 | |
Accrued rent, After 5 Years | 31 | |
Other liabilities, Total | 92 | |
Other liabilities, Within 1 year | 92 | |
Other liabilities, 4 to 5 years | ||
Other liabilities, After 5 years | ||
Contractual commitments, Total | 844,509 | |
Contractual commitments, Within 1 year | 98,718 | |
Contractual commitments, 2 to 3 years | 293,438 | |
Contractual commitments, 4 to 5 years | 158,437 | |
Contractual commitments, After 5 years | 293,916 | |
Finance lease payments, related to options to extend, reasonable certain of being exercised | 98,500 | |
Operating lease payments, related to options to extend, reasonably certain of being exercised | $ 63,600 | |
[1] Finance and operating lease commitments represent future undiscounted lease payments and include $ 98.5 million and $ 63.6 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. |
Share Repurchase (Details)
Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 25, 2022 | May 19, 2022 | |
Share Repurchase [Abstract] | ||
Share repurchase program, authorized amount | $ 150 | |
Number of shares purchased | 413,600 | |
Average price paid per share | $ 41.60 | |
Total repurchased | $ 17,216 |