UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________ FORM 10-Q ____________________________________________________________ (Mark One) Table of Contents x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ ...

Monro, Inc. (NASDAQ:MNRO) Q2 2023 Results Earnings Conference Call October 26, 2022 8:30 AM ET Company Participants Felix Veksler - Senior Director, Investor Relations Michael Broderick - President and Chief Executive Officer Brian D'Ambrosia ??? Executive Vice President and Chief Financial Officer Conference Call Participants Daniel Imbro - Stephens Inc. Brian Nagel - Oppenheimer & Co. Bret Jordan - Jefferies Group John Healy - Northcoast Research Partners Operator Good morning, ladies and gentlemen, and w ...

MONRO SECOND QUARTER FISCAL 2023 EARNINGS CALL OCTOBER 26, 2022 MONRO TIRECHONE MR.TIRE 华영WVERVE @ TREWAREHOUSE THAM CAR Safe Harbor Statement and Non-GAAP Measures Certain statements in this presentation, other than statements of historical fact, including estimates, projections, statements related to our business plans and operating results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Monro has identified some of these forward-looking statement ...

PART I [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Monro, Inc.'s unaudited consolidated financial statements for Q1 FY2023 show increased sales but decreased net income and EPS [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets and liabilities decreased as of June 25, 2022, primarily due to reductions in goodwill, inventories, and long-term debt Consolidated Balance Sheet Highlights (in millions) | Account | June 25, 2022 (in millions) | March 26, 2022 (in millions) | | :--- | :--- | :--- | | **Total Assets** | **$1,815.7** | **$1,871.4** | | Cash and equivalents | $30.6 | $7.9 | | Inventories | $128.7 | $166.3 | | Goodwill | $730.3 | $776.7 | | **Total Liabilities** | **$1,046.1** | **$1,088.5** | | Long-term debt | $110.0 | $176.5 | | **Total Shareholders' Equity** | **$769.7** | **$782.9** | [Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Q1 FY2023 sales increased by 2.3% to $349.5 million, but net income and diluted EPS declined due to lower gross and operating profit Q1 Fiscal 2023 Income Statement Summary (in millions, except per share data) | Metric | Q1 FY2023 (ended June 25, 2022) | Q1 FY2022 (ended June 26, 2021) | Change | | :--- | :--- | :--- | :--- | | Sales | $349.5 | $341.8 | +2.3% | | Gross Profit | $122.2 | $125.9 | -3.0% | | Operating Income | $26.3 | $27.9 | -6.0% | | Net Income | $12.5 | $15.7 | -20.4% | | Diluted EPS | $0.37 | $0.46 | -19.6% | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased, investing activities provided cash due to divestiture, while financing activities used cash for debt and repurchases Cash Flow Summary (in millions) | Activity | Three Months Ended June 25, 2022 (in millions) | Three Months Ended June 26, 2021 (in millions) | | :--- | :--- | :--- | | Cash provided by operating activities | $77.2 | $62.7 | | Cash provided by (used for) investing activities | $48.9 | $(66.8) | | Cash used for financing activities | $(103.4) | $(9.0) | | **Increase (decrease) in cash and equivalents** | **$22.7** | **$(13.1)** | - The significant positive cash flow from investing activities in Q1 2023 was driven by **$56.6 million** in proceeds from a divestiture, compared to the prior year's quarter which included **$62.1 million** used for acquisitions[18](index=18&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail business operations, accounting policies, the ATD divestiture, share repurchases, and revenue by category - Monro operates **1,303** company-operated retail stores and **80** franchised locations in **32** states, focusing on automotive undercar repair and tire services[23](index=23&type=chunk) - On June 17, 2022, Monro divested its wholesale tire and internal tire distribution operations to ATD for **$102 million**, consisting of **$62 million** at closing and a **$40 million** earnout, resulting in a pre-tax gain of **$2.4 million**[46](index=46&type=chunk) Revenue by Category (as % of Total) | Category | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Tires | 50% | 52% | | Maintenance | 26% | 25% | | Brakes | 14% | 14% | | Steering | 9% | 8% | | Exhaust | 1% | 1% | - The company repurchased **413.6 thousand shares** for **$17.2 million** during the quarter under a **$150 million** share repurchase program authorized in May 2022[69](index=69&type=chunk)[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 FY2023 financial results, noting sales growth, operating income decline, and strategic capital allocation Q1 FY2023 Financial Summary | Metric | Q1 FY2023 | Q1 FY2022 | Change | | :--- | :--- | :--- | :--- | | Sales | $349.5M | $341.8M | +2.3% | | Comparable Store Sales | +0.4% | N/A | N/A | | Operating Income | $26.3M | $27.9M | -6.0% | | Diluted EPS | $0.37 | $0.46 | -19.6% | | Adjusted Diluted EPS (Non-GAAP) | $0.42 | $0.55 | -23.6% | - The decrease in gross profit margin by **180 bps** was primarily driven by a **200 bps** negative impact from increased technician labor costs and a **60 bps** impact from higher distribution and occupancy costs[85](index=85&type=chunk)[86](index=86&type=chunk) - The company expects capital expenditures for fiscal 2023 to be between **$40 million** and **$50 million**[100](index=100&type=chunk) [Analysis of Results of Operations](index=15&type=section&id=Analysis%20of%20Results%20of%20Operations) Sales increased by 2.3% driven by new stores and comparable sales, while gross profit margin declined due to higher costs Drivers of Sales Percentage Change | Driver | Contribution to Sales Change | | :--- | :--- | | New store sales | 3.3% | | Comparable store sales | 0.4% | | Closed store sales | (1.3)% | | **Total Sales Change** | **2.3%** | Comparable Store Product Category Sales Change (YoY) | Category | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Tires | 0% | 25% | | Maintenance service | 1% | 42% | | Brakes | 2% | 57% | | Alignment | (2)% | 54% | | Front end/shocks | 5% | 40% | | Exhaust | 5% | 35% | - OSG&A expenses decreased by **$2.1 million**, driven by a **$3.9 million** reduction in litigation settlement costs and a **$1.2 million** net gain from the sale of wholesale assets[87](index=87&type=chunk)[89](index=89&type=chunk) [Non-GAAP Financial Measures](index=18&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures, adjusted net income and diluted EPS, are presented to enhance comparability by excluding non-recurring items Reconciliation of Net Income to Adjusted Net Income (in millions) | Description | Q1 FY2023 (ended June 25, 2022) (in millions) | Q1 FY2022 (ended June 26, 2021) (in millions) | | :--- | :--- | :--- | | **Net income (GAAP)** | **$12.5** | **$15.7** | | Gain on sale of assets, net | $(1.2) | — | | Litigation settlement costs | — | $3.9 | | Certain discrete tax items | $2.6 | — | | Other adjustments | $0.0 | $0.1 | | **Adjusted net income (Non-GAAP)** | **$14.3** | **$18.8** | Reconciliation of Diluted EPS to Adjusted Diluted EPS | Description | Q1 FY2023 (ended June 25, 2022) | Q1 FY2022 (ended June 26, 2021) | | :--- | :--- | :--- | | **Diluted EPS (GAAP)** | **$0.37** | **$0.46** | | Gain on sale of assets, net | $(0.03) | — | | Litigation settlement costs | — | $0.09 | | Certain discrete tax items | $0.08 | — | | Other adjustments | $0.00 | $0.00 | | **Adjusted diluted EPS (Non-GAAP)** | **$0.42** | **$0.55** | [Analysis of Financial Condition](index=19&type=section&id=Analysis%20of%20Financial%20Condition) The company maintains strong liquidity, prioritizing acquisitions, debt reduction, dividends, and share repurchases in its capital allocation - Capital allocation strategy focuses on acquisitions, debt repayment, dividends, and share repurchases[98](index=98&type=chunk) - As of June 25, 2022, the company had **$30.6 million** in cash and equivalents and **$460.4 million** available under its Credit Facility[106](index=106&type=chunk) - Cash used for financing activities of **$103.4 million** included **$66.5 million** in net debt payments, **$17.2 million** in share repurchases, and **$9.5 million** in dividend payments[114](index=114&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its floating-rate debt, impacting annual interest expense - The company's primary market risk is interest rate risk on its floating-rate debt[125](index=125&type=chunk) - A **100 basis point** change in interest rates would impact annual interest expense by approximately **$1.1 million** based on the debt position at June 25, 2022[125](index=125&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no material changes in internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 25, 2022[128](index=128&type=chunk) - No material changes were made to the internal control over financial reporting during the quarter ended June 25, 2022[129](index=129&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with no material adverse impact currently anticipated - The company is involved in legal proceedings incidental to its business, but notes that the ultimate resolution is subject to inherent uncertainties[131](index=131&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company authorized a new $150 million share repurchase program, repurchasing $17.2 million in Q1 FY2023 - A new share repurchase program for up to **$150 million** was authorized on May 19, 2022[132](index=132&type=chunk) Share Repurchase Activity (Q1 FY2023) | Total Shares Purchased | Average Price Paid per Share | Total Cost (in millions) | Remaining Authorization (in millions) | | :--- | :--- | :--- | :--- | | 413,600 | $41.60 | $17.2 | $132.8 | [Item 6. Exhibits](index=25&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including key agreements and executive certifications - The exhibit list includes key agreements related to the ATD transaction and required executive certifications[134](index=134&type=chunk) Signatures [Signatures](index=26&type=section&id=Signatures) The report is signed by the CEO and CFO, authorizing its content on August 1, 2022 - The Form 10-Q was signed on August 1, 2022, by the company's Principal Executive Officer and Principal Financial Officer[137](index=137&type=chunk)[139](index=139&type=chunk)

Monro, Inc. (NASDAQ:MNRO) Q1 2023 Earnings Conference Call July 27, 2022 8:30 AM ET Company Participants Felix Veksler ??? Senior Director of Investor Relations Michael Broderick ??? President and Chief Executive Officer Brian D???Ambrosia ??? Executive Vice President and Chief Financial Officer Conference Call Participants Daniel Imbro ??? Stephens Inc. Brian Nagel ??? Oppenheimer Brett Jordan ??? Jefferies Operator Good morning, ladies and gentlemen, and welcome to Monro Inc.???s Earnings Conference Call ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-K _________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 26, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number 0-19357 __________________________________ ...

Financial Performance - Monro's Q4 Fiscal Year 2022 sales increased by 7.4% to $328 million[9] - Comparable store sales increased by 1.4% in Q4 Fiscal Year 2022[9] - Gross margin decreased by 320 basis points to 31.9% in Q4 Fiscal Year 2022, driven by investments in technician headcount and wages[9] - Adjusted Diluted EPS was $0.20 in Q4 Fiscal Year 2022[9] - Strong operating cash flow of approximately $174 million was generated in Fiscal Year 2022[11,17] Strategic Initiatives and Divestiture - Monro completed acquisitions of 47 stores, bringing annualized sales from acquisitions completed in fiscal 2022 to $70 million[6] - An agreement was entered into to divest Wholesale and tire distribution assets for approximately $105 million, expected to close in June 2022[13,21] - The divestiture is expected to be accretive to overall gross and operating margins, and neutral to earnings per share[21,30] Capital Allocation and Shareholder Returns - The Board of Directors approved a $0.02 per share increase in the company's cash dividend for the first quarter of fiscal 2023, bringing it to $0.28 per share[22] - The company authorized the repurchase of up to $150 million of its common stock[22] Fiscal Year 2023 Outlook - Capital expenditures are projected to be approximately $40 million to $50 million[29]

Financial Data and Key Metrics Changes - Sales increased by 7.4% year-over-year to $328 million in Q4 2022, with same-store sales rising by 1.4% [22] - Gross margin decreased by 320 basis points to 31.9%, primarily due to increased technician headcount and wages, which impacted gross margin by 250 basis points [22] - Net income was $8.6 million, down from $11.8 million in the same period last year, with diluted earnings per share at $0.25 compared to $0.35 [27] Business Line Data and Key Metrics Changes - Comparable store sales in medium and larger stores increased by about 5% compared to fiscal 2020, while small and underperforming stores saw a decline of about 8% due to understaffing [10] - Staffing initiatives in over 150 smaller stores led to an 8% increase in comparable sales, indicating a significant turnaround [11] Market Data and Key Metrics Changes - April's comparable store sales were 3% lower than the previous year, but May showed a 3% increase on a larger sales base, indicating a positive trend [12] Company Strategy and Development Direction - The company announced the divestiture of its wholesale and tire distribution assets to focus on retail operations, which is expected to enhance service availability and pricing [14][15] - The divestiture is valued at approximately $105 million and is expected to close in June, allowing the company to return capital to shareholders through dividends and share repurchase programs [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about fiscal 2023, highlighting strong demand for products and services and the effectiveness of staffing strategies [19][33] - The company anticipates continued improvement in sales and productivity as it resolves understaffing issues in smaller stores [19] Other Important Information - The company generated $174 million in cash from operations during fiscal 2022 and has a solid financial position with a net bank debt to EBITDA ratio of 0.9 times [28][29] - The board approved a $0.02 increase in the cash dividend to $0.28 per share, marking the 17th increase since the dividend was first issued [16] Q&A Session Summary Question: How far are the gross margins below average for the 300 underperforming stores? - Management indicated that gross profit margins for these stores are similar to most stores, emphasizing the need to align capacity and productivity to drive sales [38] Question: What were the trailing sales for the tire distribution assets sold? - The sold assets generated about $115 million in sales for the trailing 12 months, and the sale is expected to be accretive to gross and operating margins [41] Question: How do you expect to manage parts sourcing after the divestiture? - The company will rely on third-party partners for parts and tire sourcing, aiming to improve service and pricing through these relationships [50][53] Question: What was the monthly comp performance for the quarter? - Monthly comps were up about 1% in January, up 5% in February, and down about 2% in March [56] Question: How does the company plan to achieve mid-single-digit comp growth? - Management believes that achieving mid-single-digit comp growth is possible as they focus on improving productivity and addressing the needs of underperforming stores [74]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________ Monro, Inc. (Exact name of registrant as specified in its charter) ____________________________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 25, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

THIRD QUARTER FISCAL 2022 EARNINGS CALL JANUARY 26, 2022 MONRO TIRECHSICE MR.TIRE 4 Safe Harbor Statement and Non-GAAP Measures Certain statements in this presentation, other than statements of historical fact, including estimates, projections, statements related to our business plans and operating results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Monro has identified some of these forward-looking statements with words such as "anticipates," " ...