Mohawk Industries Reports Q4 Results

CALHOUN, Ga., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) today announced a 2021 fourth quarter net earnings of $189 million and diluted earnings per share (EPS) of $2.80. Adjusted net earnings were $199 million, and EPS was $2.95, excluding restructuring, acquisition, and other charges. Net sales for the fourth quarter of 2021 were $2.8 billion, an increase of 4.5% as reported and 11.8% on a constant currency and days basis. For the fourth quarter of 2020, net sales were $2.6 billion, net earnings were $248 million and EPS was $3.49. Adjusted net earnings were $252 million, and EPS was $3.54, excluding restructuring, acquisition, and other charges.

For the twelve months ending December 31, 2021, net earnings and EPS were $1,033 million and $14.94, respectively. Net earnings excluding restructuring, acquisition and other charges were $1,027 million and EPS was $14.86. For the 2021 twelve-month period, net sales were $11.2 billion, an increase of 17.3% versus prior year as reported or 16% on a constant currency and days basis. For the twelve-month period ending December 31, 2020, net sales were approximately $9.6 billion, net earnings were $516 million and EPS was $7.22; excluding restructuring, acquisition, and other charges, net earnings and EPS were $631 million and $8.83, respectively.

Commenting on Mohawk Industries’ fourth quarter and full year performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, “For the full year, Mohawk’s business improved significantly. Our operating margin for the year rose dramatically to approximately 12%. Our 2021 adjusted operating income approached $1.4 billion with adjusted EBITDA exceeding $1.9 billion. In addition, we achieved 12% organic sales growth and improved our adjusted margin by 270 basis points versus our 2019 pre-pandemic results. We ended the year with a historically strong balance sheet, and during the fourth quarter we purchased approximately 2.4 million additional shares of our stock, for a total of approximately 4.9 million shares purchased during the full year. In February, the board of directors approved an additional authorization for share repurchases of $500 million reiterating our confidence in the company’s strength and to enhance shareholder return.

“Our fourth quarter sales remained strong, driven by a robust residential new construction and remodeling environment. Commercial sales improved as well, though they still lagged pre-pandemic levels. Earnings in the quarter benefited from improved price, mix and productivity, offset by increased inflation and lower volume from fewer days in the quarter compared to the prior year, which included abnormal seasonal demand.

“For the quarter, our Flooring Rest of World Segment net sales increased 5% as reported or approximately 14% on a constant days and currency basis. The Segment’s operating margin was 14.4% as reported and 14.8% on an adjusted basis, impacted by inflation, fewer shipping days and supply chain constraints, partially offset by pricing and mix gains during the quarter. Beginning in the third quarter, the segment’s material costs began escalating at an unpredictable pace due to the impact of electricity, gas and material shortages. Despite multiple pricing actions to recover, we are still lagging inflation and have announced further price increases to offset these extraordinary circumstances. We will continue to monitor and take further actions as required. To maximize our growing premium laminate sales, we expanded our press capacity last year, and we are investing in a new line that will support $150 million of additional sales when operational towards the end of 2023. We are continuing to enhance our LVT processes, even as we experience shortages that limited our production and sales. Throughout this year, we will optimize our bolt-on acquisitions of a French MDF facility, and an Irish insulation manufacturer by integrating them with our existing operations and upgrading their assets and processes.

“In the fourth quarter, our Global Ceramic segment sales increased 3% as reported and 10% on a constant days and currency basis. The Segment’s operating margin was 6.3%, as a result of productivity, pricing and mix improvements offset by the European gas crisis, inflation and more normal seasonality. Mexico, Brazil and Russia outperformed in the quarter, even though sales in those regions were constrained by capacity limitations. We grew sales and improved mix with our innovative floor, wall and mosaic offerings, quartz and porcelain slabs, as well as expanding our position in exterior products. Inflation in material, labor and energy continue to impact our ceramic markets, and we are taking additional pricing actions to recover. In Europe, natural gas prices are presently more than five times higher than last year and we anticipate our pricing aligning with our costs in the second half of this year. Future European energy prices will depend on stability in the region and whether Russia increases supply. As the world’s largest producer of ceramic tile, Mohawk has many opportunities to leverage our position and grow long-term sales and profits. In Brazil we are constructing a new porcelain tile facility that should be starting up the second half of next year. In Mexico, we are expanding our production of mosaics and specialty products. In Russia, we are increasing our porcelain tile capacity with a new production line this year and another line in 2023. In Europe, we are adding capacity to expand our porcelain slab, outdoor and specialty tile businesses and in the U.S., we are increasing our quartz countertop production. Collectively, these expansions will support additional sales of approximately $300 million when all the lines are fully operational.

“In the quarter, our Flooring North America segment sales increased 5% as reported or 12% on a constant basis, and operating margin was 9% as a result of productivity, pricing and mix improvements partially offset by inflation and a return to more normal seasonality. The success of our differentiated products benefited our mix, though some consumers did trade down to offset inflation. In the quarter, we increased prices again due to higher energy and material inflation. Mohawk is the leader in the U.S. laminate market, and we have reinvigorated the product category in all channels with improved visuals and waterproof performance. We are increasing our laminate capacity to support $300 million of additional sales, and the first expansion phase is starting up this quarter with the second phase following in 2023. LVT remains the fastest growing flooring product in the market, and our LVT business delivered strong growth in the fourth quarter, as we continued to improve production at our existing facility. We are starting up a new LVT operation to support sales of over $160 million. The first equipment in the plant is being installed now, and the project will be completed in phases through the second half of 2023. In addition to these capacity increases, we also have many cost-saving investments, including fiber manufacturing and transportation projects, that will improve productivity and profitability within the segment over the next two to three years.

“After our record-setting 2021, we are enthusiastic about Mohawk’s future growth and profitability. This year, GDP is expected to grow 3 to 5% in most of our markets, with residential sales remaining strong and commercial improving. Interest rates will likely rise but should remain historically favorable and support continued home sales and remodeling. During the year we anticipate inflation moderating, and constraints in labor, material and energy declining. We are selling all of our capacity in many product categories and are optimizing our mix and margins this year. We have initiated multiple expansion projects to increase our sales in these growing areas this year and beyond. Significant short-term material, energy and transportation inflation is affecting all our businesses, and we are reengineering formulations, reducing spending and improving efficiencies to offset. We are presently implementing price increases and have announced additional ones across our products and geographies. We will continue to adjust our pricing as necessary and will recover our margins over time. In Europe, energy costs have dramatically accelerated and have also affected the cost of our materials. Our European ceramic business has been the most impacted, which we anticipate will create a $40-$45 million headwind, net of price increases, in the first quarter. Given these factors, we anticipate our first quarter adjusted EPS to be $2.90 to $3.00, excluding any restructuring charges. In the second half, we expect our margins to improve as capacity expands, inflation moderates and pricing aligns.

“Based on the strength of our company, our product and geographic diversity, investments in growing categories and potential acquisitions, our long-range outlook is for higher sales growth and margin expansion. Flooring is an essential part of new construction and remodeling, and, as the world’s largest flooring manufacturer, Mohawk has built leading positions in the major flooring categories and key markets around the globe. Given this, we expect our business to benefit from strong demand through this economic cycle. With today’s low inventory of existing homes, new residential construction and remodeling should remain high for many years. In time, we expect the commercial sector to return to its historical growth with pent-up demand representing a significant opportunity. Mohawk’s sustainable products enhance both our distribution and bottom line by appealing to today’s environmentally conscious end users. During the fourth quarter, we released our annual environmental, sustainability and governance report, which details Mohawk’s commitment to product circularity and decarbonization; it is available on our investor website. In addition to expanding capacity, we continue to invest in our organization’s talent and state-of-the-art technology to deliver exceptional design, value and service to our customers. Over the next three years, we anticipate higher sales and margins as we implement our product, manufacturing and marketing initiatives. We will continue to leverage our strong balance sheet to pursue acquisitions that further our geographic reach and product offering while growing our sales and profitability.”

ABOUT MOHAWK INDUSTRIES

Mohawk Industries is the leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. Mohawk’s vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring. Our industry leading innovation has yielded products and technologies that differentiate our brands in the marketplace and satisfy all remodeling and new construction requirements. Our brands are among the most recognized in the industry and include American Olean, Daltile, Durkan, Eliane, Feltex, Godfrey Hirst, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step and Unilin. During the past decade, Mohawk has transformed its business from an American carpet manufacturer into the world’s largest flooring company with operations in Australia, Brazil, Canada, Europe, Malaysia, Mexico, New Zealand, Russia and the United States.

Certain of the statements in the immediately preceding paragraphs, particularly those anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words “could,” “should,” “believes,” “anticipates,” “expects,” and “estimates,” or similar expressions constitute “forward-looking statements.” For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation and deflation in freight, raw material prices and other input costs; inflation and deflation in consumer markets; currency fluctuations; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company’s products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; taxes and tax reform, product and other claims; litigation; the risks and uncertainty related to the COVID-19 pandemic; regulatory and political changes in the jurisdictions in which the Company does business and other risks identified in Mohawk’s SEC reports and public announcements.

Conference call Friday, February 11, 2022, at 11:00 AM Eastern Time

The telephone number is 1-800-603-9255 for U.S./Canada and 1-706-634-2294 for International/Local. Conference ID # 6194374. A replay will be available until March 11, 2022, by dialing 1-855-859-2056 for U.S./local calls and 1-404-537-3406 for International/Local calls and entering Conference ID # 6194374.

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
Condensed Consolidated Statement of Operations Data		Three Months Ended							Twelve Months Ended
(Amounts in thousands, except per share data)		December 31, 2021				December 31, 2020			December 31, 2021				December 31, 2020
Net sales		$	2,760,737			2,641,764				11,200,613			9,552,197
Cost of sales			2,023,294			1,903,680				7,931,879			7,121,507
Gross profit			737,443			738,084				3,268,734			2,430,690
Selling, general and administrative expenses			484,345			455,351				1,933,723			1,794,688
Operating income			253,098			282,733				1,335,011			636,002
Interest expense			12,169			15,897				57,252			52,379
Other (income) expense, net			1,140			(6,742	)			(12,234	)		(751	)
Earnings before income taxes			239,789			273,578				1,289,993			584,374
Income tax expense			50,689			25,180				256,445			68,647
Net earnings including noncontrolling interests			189,100			248,398				1,033,548			515,727
Net earnings attributable to noncontrolling interests			11			176				389			132
Net earnings attributable to Mohawk Industries, Inc.		$	189,089			248,222				1,033,159			515,595
Basic earnings per share attributable to Mohawk Industries, Inc.
Basic earnings per share attributable to Mohawk Industries, Inc.		$	2.81			3.50				15.01			7.24
Weighted-average common shares outstanding - basic			67,209			70,951				68,852			71,214
Diluted earnings per share attributable to Mohawk Industries, Inc.
Diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.80			3.49				14.94			7.22
Weighted-average common shares outstanding - diluted			67,535			71,209				69,145			71,401
Other Financial Information
(Amounts in thousands)
Net cash provided by operating activities		$	212,384			407,844				1,309,119			1,769,839
Less: Capital expenditures			300,941			160,142				676,120			425,557
Free cash flow		$	(88,557	)		247,702				632,999			1,344,282
Depreciation and amortization		$	143,411			156,555				591,711			607,507
Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
									December 31, 2021				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents									$	268,895			768,625
Short-term investments										323,000			571,741
Receivables, net										1,839,985			1,709,493
Inventories										2,391,672			1,913,020
Prepaid expenses and other current assets										414,805			400,775
Total current assets										5,238,357			5,363,654
Property, plant and equipment, net										4,636,865			4,591,229
Right of use operating lease assets										389,967			323,138
Goodwill										2,607,909			2,650,831
Intangible assets, net										899,980			951,607
Deferred income taxes and other non-current assets										451,439			447,292
Total assets									$	14,224,517			14,327,751
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt									$	624,503			377,255
Accounts payable and accrued expenses										2,217,418			1,895,951
Current operating lease liabilities										104,434			98,042
Total current liabilities										2,946,355			2,371,248
Long-term debt, less current portion										1,700,282			2,356,887
Non-current operating lease liabilities										297,390			234,726
Deferred income taxes and other long-term liabilities										852,274			823,732
Total liabilities										5,796,301			5,786,593
Total stockholders' equity										8,428,216			8,541,158
Total liabilities and stockholders' equity									$	14,224,517			14,327,751
Segment Information		Three Months Ended							As of or for the Twelve Months Ended
(Amounts in thousands)		December 31, 2021				December 31, 2020			December 31, 2021				December 31, 2020
Net sales:
Global Ceramic		$	949,501			919,668				3,917,319			3,432,756
Flooring NA			1,015,513			963,365				4,116,405			3,594,075
Flooring ROW			795,723			758,731				3,166,889			2,525,366
Consolidated net sales		$	2,760,737			2,641,764				11,200,613			9,552,197
Operating income (loss):
Global Ceramic		$	60,000			79,565				403,135			167,731
Flooring NA			91,711			82,407				407,577			147,442
Flooring ROW			114,339			132,505				571,126			366,934
Corporate and intersegment eliminations			(12,952	)		(11,744	)			(46,827	)		(46,105	)
Consolidated operating income		$	253,098			282,733				1,335,011			636,002
Assets:
Global Ceramic									$	5,160,776			5,250,069
Flooring NA										4,125,960			3,594,976
Flooring ROW										4,361,741			4,194,447
Corporate and intersegment eliminations										576,040			1,288,259
Consolidated assets									$	14,224,517			14,327,751

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							Twelve Months Ended
		December 31, 2021				December 31, 2020			December 31, 2021			December 31, 2020
Net earnings attributable to Mohawk Industries, Inc.		$	189,089			248,222			1,033,159			515,595
Adjusting items:
Restructuring, acquisition and integration-related and other costs			4,558			22,382			23,118			166,817
Acquisitions purchase accounting, including inventory step-up			1,067			-			1,749			-
Resolution of foreign non-income tax contingencies			-			-			(6,211	)		-
Income tax effect on resolution of foreign non-income tax contingencies			-			-			2,302			-
One-time tax planning election			4,568			-			(22,163	)		-
Income taxes			(309	)		(18,596	)		(4,626	)		(51,740	)
Adjusted net earnings attributable to Mohawk Industries, Inc.		$	198,973			252,008			1,027,328			630,672
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.95			3.54			14.86			8.83
Weighted-average common shares outstanding - diluted			67,535			71,209			69,145			71,401
Reconciliation of Total Debt to Net Debt Less Short-Term Investments
(Amounts in thousands)
		December 31, 2021
Short-term debt and current portion of long-term debt		$	624,503
Long-term debt, less current portion			1,700,282
Total debt			2,324,785
Less: Cash and cash equivalents			268,895
Net Debt			2,055,890
Less: Short-term investments			323,000
Net debt less short-term investments		$	1,732,890
Reconciliation of Operating Income to Adjusted EBITDA
(Amounts in thousands)															Trailing Twelve
		Three Months Ended													Months Ended
		April 3, 2021				July 3, 2021			October 2, 2021			December 31, 2021			December 31, 2021
Operating income		$	317,515			404,424			359,974			253,098			1,335,011
Other income (expense)			2,227			11,168			(21	)		(1,140	)		12,234
Net income attributable to noncontrolling interests			(4	)		(168	)		(206	)		(11	)		(389	)
Depreciation and amortization (1)			151,216			148,466			148,618			143,411			591,711
EBITDA			470,954			563,890			508,365			395,358			1,938,567
Restructuring, acquisition and integration-related and other costs			5,756			3,321			982			4,641			14,700
Acquisitions purchase accounting, including inventory step-up			303			153			226			1,067			1,749
Resolution of foreign non-income tax contingencies			-			(6,211	)		-			-			(6,211	)
Adjusted EBITDA		$	477,013			561,153			509,573			401,066			1,948,805
Net Debt less short-term investments to adjusted EBITDA															0.9
(1) Includes $8,417 of accelerated depreciation in Q4 YTD 2021.
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
		Three Months Ended							Twelve Months Ended
		December 31, 2021				December 31, 2020			December 31, 2021			December 31, 2020
Net sales		$	2,760,737			2,641,764			11,200,613			9,552,197
Adjustment to net sales on constant shipping days			173,206			-			41,841			-
Adjustment to net sales on a constant exchange rate			20,737			-			(160,015	)		-
Net sales on a constant exchange rate and constant shipping days		$	2,954,680			2,641,764			11,082,439			9,552,197
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 Ceramic		December 31, 2021				December 31, 2020
Net sales		$	949,501			919,668
Adjustment to segment net sales on constant shipping days			54,209			-
Adjustment to segment net sales on a constant exchange rate			5,951			-
Segment net sales on a constant exchange rate and constant shipping days		$	1,009,661			919,668
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days
(Amounts in thousands)
		Three Months Ended
Flooring NA		December 31, 2021				December 31, 2020
Net sales		$	1,015,513			963,365
Adjustment to segment net sales on constant shipping days			65,517			-
Segment net sales on constant shipping days		$	1,081,030			963,365
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
Flooring ROW		December 31, 2021				December 31, 2020
Net sales		$	795,723			758,731
Adjustment to segment net sales on constant shipping days			53,481			-
Adjustment to segment net sales on a constant exchange rate			14,786			-
Segment net sales on a constant exchange rate and constant shipping days		$	863,990			758,731
Reconciliation of Gross Profit to Adjusted Gross Profit
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Gross Profit		$	737,443			738,084
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs			2,363			22,789
Acquisitions purchase accounting, including inventory step-up			1,067			-
Adjusted gross profit		$	740,873			760,873
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Selling, general and administrative expenses		$	484,345			455,351
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs			(2,238	)		394
Adjusted selling, general and administrative expenses		$	482,107			455,745
Reconciliation of Operating Income to Adjusted Operating Income
(Amounts in thousands)
		Three Months Ended							Twelve Months Ended
		December 31, 2021				December 31, 2020			December 31, 2021			December 31, 2020
Operating income		$	253,098			282,733			1,335,011			636,002
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs			4,601			22,395			23,637			163,479
Acquisitions purchase accounting, including inventory step-up			1,067			-			1,749			-
Adjusted operating income		$	258,766			305,128			1,360,397			799,481
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
		Three Months Ended
Global Ceramic		December 31, 2021				December 31, 2020
Operating income		$	60,000			79,565
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			416			8,164
Adjusted segment operating income		$	60,416			87,729
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
		Three Months Ended
Flooring NA		December 31, 2021				December 31, 2020
Operating income		$	91,711			82,407
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			1,146			8,651
Adjusted segment operating income		$	92,857			91,058
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
		Three Months Ended
Flooring ROW		December 31, 2021				December 31, 2020
Operating income		$	114,339			132,505
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			2,022			5,496
Acquisitions purchase accounting, including inventory step-up			1,067			-
Adjusted segment operating income		$	117,428			138,001
Reconciliation of Segment Operating (Loss) to Adjusted Segment Operating (Loss)
(Amounts in thousands)
		Three Months Ended
Corporate and intersegment eliminations		December 31, 2021				December 31, 2020
Operating (loss)		$	(12,952	)		(11,744	)
Adjustments to segment operating (loss):
Restructuring, acquisition and integration-related and other costs			1,018			84
Adjusted segment operating (loss)		$	(11,934	)		(11,660	)
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Earnings before income taxes		$	239,789			273,578
Net earnings attributable to noncontrolling interests			(11	)		(176	)
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs			4,558			22,382
Acquisitions purchase accounting, including inventory step-up			1,067			-
Adjusted earnings including noncontrolling interests before income taxes		$	245,403			295,784
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Income tax expense		$	50,689			25,180
One-time tax planning election			(4,568	)		-
Income tax effect of adjusting items			309			18,596
Adjusted income tax expense		$	46,430			43,776
Adjusted income tax rate			18.9	%		14.8	%
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.

Contact: James Brunk, Chief Financial Officer (706) 624-2239