Mohawk(US:MHK)2020-09-10 18:31Company Overview - Mohawk is the world's largest flooring manufacturer and a market leader in all flooring categories[4] - The company has a strong balance sheet with over $2.4 billion in liquidity, including cash and available revolver[5] - Mohawk has a global presence with manufacturing in over 170 countries and sales in over 160 countries[5,19] Financial Performance - In Q2 2020, net sales were $2050 million, a decrease of 21% compared to Q2 2019[41] - Adjusted EBITDA for Q2 2020 was $184 million, with an adjusted EBITDA margin of 9%, compared to $420 million and 16% in Q2 2019[41] - The company issued over $1 billion of new bonds to reinforce liquidity[12,40] Segment Performance - Global Ceramic segment sales for 2020 (TTM) were $3377 million, a decrease of 7%[43] - Flooring North America segment sales for 2020 (TTM) were $3587 million, a decrease of 7%[43] - Flooring Rest of the World segment sales for 2020 (TTM) were $2316 million, a decrease of 7%[43] Market Position and Strategy - Mohawk participates in 20% of the worldwide ceramic market, and has 2% of the global market share[21] - The company is executing restructuring initiatives to benefit results and better position the business for the long term[40] - The U S flooring industry is a $27.6 billion market, with carpet and area rugs accounting for 41%, LVT for 17%, and ceramic for 14%[45]