LAKE SUCCESS, N.Y.,
May 6, 2021 /PRNewswire/ -- The Hain
Celestial Group, Inc. (Nasdaq: HAIN) ("Hain Celestial", "Hain" or
the "Company"), a leading organic and natural products company with
operations in North America,
Europe, Asia and the Middle
East providing consumers with A Healthier Way of Life™,
today reported financial results for the third quarter ended
March 31, 2021. The results contained
herein are presented with the Hain Pure Protein and Tilda operating
segments being treated as discontinued operations. All growth
comparisons are against the corresponding prior year period unless
otherwise noted.
Mark L. Schiller, Hain
Celestial's President and Chief Executive Officer, commented, "We
are pleased with our strong third quarter results. We successfully
lapped the March 2020 stock up period
to deliver sales in line with our guidance, several hundred basis
points of margin improvement and strong adjusted EBITDA growth. I
am extremely proud of our team which continues to execute more than
a full year into this challenging macro operating environment. As a
result, I remain confident we will continue to see growth in our
get bigger businesses, solid margin expansion and profit growth as
we progress through the remainder of fiscal year 2021."
FINANCIAL HIGHLIGHTS1
Summary of Third Quarter Results from Continuing
Operations2
- Net sales decreased 11% to $492.6
million compared to the prior year period.
- When adjusted to exclude the effects of foreign exchange,
divestitures and discontinued brands, net sales decreased 6%
compared to the prior year period.
- Gross margin of 26.4%, a 244 basis point increase from the
prior year period.
- Adjusted gross margin of 27.4%, a 317 basis point increase from
the prior year period.
- Operating income of $49.6 million
compared to $19.1 million in the
prior year period.
- Adjusted operating income of $59.7
million compared to $45.7
million in the prior year period.
- Net income of $34.3 million
compared to $25.0 million in the
prior year period.
- Adjusted net income of $44.7
million compared to $28.8
million in the prior year period.
- Adjusted EBITDA of $73.8 million
compared to $60.7 million in the
prior year period.
- Adjusted EBITDA margin of 15.0%, a 400 basis point increase
compared to the prior year period.
- Earnings per diluted share ("EPS") of $0.34 compared to $0.24 in the prior year period.
- Adjusted EPS of $0.44 compared to
$0.28 in the prior year period.
- Repurchased 0.2 million shares, or 0.2% of the outstanding
common stock, at an average price of $41.86 per share.
|
|
|
1 This press
release includes certain non-GAAP financial measures, which are
intended to supplement, not substitute for, comparable GAAP
financial measures. Reconciliations of non-GAAP financial measures
to GAAP financial measures and other non-GAAP financial
calculations are provided herein in the tables.
|
2 Unless
otherwise noted all results included in this press release are from
continuing operations.
|
SEGMENT HIGHLIGHTS FROM CONTINUING OPERATIONS
The Company operates under two reportable segments: North America and International.
North
America
North
America net sales in the third quarter were $287.5 million, a decrease of 10% compared to the
prior year period. When adjusted for foreign exchange,
divestitures and discontinued brands, net sales decreased 8%
from the prior year period. On an adjusted basis, the decrease was
primarily driven by a large program with a wholesale club which was
not repeated in the current quarter and pantry stocking in the
prior year quarter as a result of stay-at-home orders at the
beginning of the COVID-19 pandemic.
Segment gross profit in the third quarter was $78.5 million, a 5% decrease from the prior
year period. Adjusted gross profit was $81.8
million, a decrease of 3% from the prior year period. Gross
margin was 27.3%, a 152 basis point increase from the prior year
period, and adjusted gross margin was 28.4%, a 208 basis point
increase from the prior year period.
Segment operating income in the third quarter was $39.5 million, a 37% increase from the prior year
period. Adjusted operating income was $43.9
million, a 15% increase from the prior year period.
Adjusted EBITDA in the third quarter was $48.5 million, a 13% increase from the prior year
period. As a percentage of sales, North
America adjusted EBITDA margin was 16.9%, a 348 basis point
increase from the prior year period.
International
International net sales in the third
quarter were $205.1 million, a
decrease of 12% compared to the prior year period. When adjusted
for foreign exchange, divestitures and discontinued brands,
net sales decreased 3% compared to the prior year period. On an
adjusted basis, the decrease was mainly due to United Kingdom customer inventory reductions
that were elevated in Q2 in anticipation of potential Brexit supply
disruptions as well as pantry stocking in the prior year quarter as
a result of stay-at-home orders at the beginning of the COVID-19
pandemic.
Segment gross profit in the third quarter was $51.4 million, a 3% increase from the prior
year period. Adjusted gross profit was $53.3
million, an increase of 7% from the prior year period. Gross
margin was 25.1%, a 368 basis point increase from the prior year
period, and adjusted gross margin was 26.0%, a 464 basis point
increase from the prior year period.
Segment operating income in the third quarter was $26.8 million, a 44% increase from the prior
year period. Adjusted operating income was $29.6 million, an increase of 28% from the prior
year period.
Adjusted EBITDA in the third quarter was $36.7 million, a 19% increase from the prior year
period. As a percentage of sales, International adjusted EBITDA
margin was 17.9%, a 463 basis point increase from the prior year
period.
CAPITAL MANAGEMENT
During the third quarter of fiscal year 2021, the Company
repurchased 0.2 million shares, or 0.2% of the outstanding common
stock, at an average price of $41.86
per share for a total of $8.6
million, excluding commissions under our share repurchase
program. As of March 31, 2021, the
Company had remaining authorization of $109.5 million under this program.
SALE OF NORTH AMERICA
NON-DAIRY BEVERAGES BRANDS, DREAM® AND WESTSOY®
On April 15, 2021, the Company
completed the divestiture of its North
America non-dairy beverages brands, Dream® and WestSoy®, to
SunOpta Inc. for $33 million subject
to customary post-closing adjustments.
FISCAL YEAR 2021 GUIDANCE
The Company reaffirms its expectation for gross and adjusted
EBITDA margin expansion as well as strong double-digit adjusted
EBITDA and operating free cash flow growth for fiscal year 2021.
For the fourth quarter fiscal year 2021, in comparison to the prior
year period, the Company expects (a) strong gross margin and EBITDA
margin improvement, (b) adjusted EBITDA growth near 10% and (c) 5%
to 8% decline in net sales when adjusted for foreign exchange,
divestitures and discontinued brands. Compared to the fourth
quarter of fiscal year 2019, we expect mid-single digit growth in
net sales when adjusted for foreign exchange, divestitures and
discontinued brands.
Webcast Presentation
Hain Celestial will host a
conference call and webcast today at 8:30 AM
Eastern Time to discuss its results and business outlook.
The call will be webcast and the accompanying presentation will be
available under the Investor Relations section of the Company's
website at www.hain.com.
About The Hain Celestial Group, Inc.
The Hain
Celestial Group (Nasdaq: HAIN), headquartered in Lake Success, NY, is a leading organic and
natural products company with operations in North America, Europe, Asia
and the Middle East. Hain
Celestial participates in many natural categories with well-known
brands that include Celestial Seasonings®, Clarks™, Cully &
Sully®, Earth's Best®, Ella's Kitchen®, Farmhouse Fare™,
Frank Cooper's®, GG UniqueFiber®,
Gale's®, Garden of Eatin'®, Hain Pure Foods®, Hartley's®, Health
Valley®, Imagine®, Joya®, Lima®, Linda
McCartney's®™ (under license), MaraNatha®, Natumi®, New
Covent Garden Soup Co.®, Robertson's®, Sensible Portions®,
Spectrum®, Sun-Pat®, Terra®, The Greek Gods®, William's™, Yorkshire
Provender® and Yves Veggie Cuisine®. The Company's personal care
products are marketed under the Alba Botanica®, Avalon Organics®,
Earth's Best®, JASON®, Live Clean®, One Step® and Queen Helene®
brands.
Safe Harbor Statement
Certain statements contained in
this press release constitute "forward-looking statements" within
the meaning of federal securities laws, including the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are predictions based on expectations and projections
about future events and are not statements of historical fact. You
can identify forward-looking statements by the use of
forward-looking terminology such as "plan," "continue," "expect,"
"anticipate," "intend," "predict," "project," "estimate," "likely,"
"believe," "might," "seek," "may," "will," "remain," "potential,"
"can," "should," "could," "future" and similar expressions, or the
negative of those expressions, or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. You can also identify
forward-looking statements by discussions of the Company's
strategic initiatives, including productivity and transformation,
the Company's guidance for fiscal year 2021 and our future
performance and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
levels of activity, performance or achievements of the Company, or
industry results, to be materially different from any future
results, levels of activity, performance or achievements expressed
or implied by such forward-looking statements, and you should not
rely on them as predictions of future events. Forward-looking
statements depend on assumptions, data or methods that may be
incorrect or imprecise and may not be able to be realized. We do
not guarantee that the transactions and events described will
happen as described (or that they will happen at all). Such factors
include, among others, challenges and uncertainty resulting from
the COVID-19 pandemic, the impact of competitive products and
changes to the competitive environment, changes to consumer
preferences, general economic and financial market conditions,
potential legal claims and other risks relating to regulatory
requirements, government investigations and other regulatory
enforcement actions, the United
Kingdom's exit from the European Union, consolidation of
customers or the loss of a significant customer, reliance on
independent distributors, risks associated with our international
sales and operations, our ability to manage our supply chain
effectively, volatility in the cost of commodities, ingredients,
freight and fuel, our ability to implement cost savings
initiatives, the impact of our debt covenants, the potential
discontinuation of LIBOR, our ability to manage our financial
reporting and internal control system processes, costs incurred due
to pending and future litigation, potential liability, including in
connection with indemnification obligations to our former officers
and members of our Board of Directors that may not be covered by
insurance, potential liability if our products cause illness or
physical harm, impairments in the carrying value of goodwill or
other intangible assets, our ability to consummate divestitures,
the availability of organic ingredients, disruption of operations
at our manufacturing facilities, loss of one or more independent
co-packers, disruption of our transportation systems, risks
relating to the protection of intellectual property, the risk of
liabilities and claims with respect to environmental matters, the
reputation of our brands, our reliance on independent certification
for a number of our products, and other risks detailed from
time-to-time in the Company's reports filed with the United States
Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K and our subsequent reports on Forms 10-Q
and 8-K. As a result of the foregoing and other factors, the
Company cannot provide any assurance regarding future results,
levels of activity and achievements of the Company, and neither the
Company nor any person assumes responsibility for the accuracy and
completeness of these statements. All forward-looking statements
contained herein apply as of the date hereof or as of the date they
were made and, except as required by applicable law, the Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors or new methods, future events or other
changes.
Non-GAAP Financial Measures
This press release and the
accompanying tables include non-GAAP financial measures, including
adjusted operating income and its related margin, adjusted gross
margin, adjusted net income, adjusted earnings per diluted share,
net sales adjusted for the impact of foreign exchange,
divestitures and discontinued brands, adjusted EBITDA and its
related margin and operating free cash flow. The reconciliations of
these non-GAAP financial measures to the comparable GAAP financial
measures are provided herein in the tables. Management believes
that the non-GAAP financial measures presented provide useful
additional information to investors about current trends in the
Company's operations and are useful for period-over-period
comparisons of operations. These non-GAAP financial measures should
not be considered in isolation or as a substitute for the
comparable GAAP measures. In addition, these non-GAAP measures may
not be the same as similar measures provided by other companies due
to potential differences in methods of calculation and items being
excluded. They should be read only in connection with the Company's
Consolidated Statements of Operations and Cash Flows presented in
accordance with GAAP.
Certain forward-looking non-GAAP financial measures included in
this press release are not reconciled to the comparable
forward-looking GAAP financial measures. The Company is not able to
reconcile these forward-looking non-GAAP financial measures to
their most directly comparable forward-looking GAAP financial
measures without unreasonable efforts because the Company is unable
to predict with a reasonable degree of certainty the type and
extent of certain items that would be expected to impact GAAP
measures but would not impact the non-GAAP measures. Such items may
include income taxes, interest expense, stock-based compensation,
impairments, gains or losses on sales of businesses, foreign
exchange movements and other items. The unavailable information
could have a significant impact on the Company's GAAP financial
results.
The Company believes presenting net sales at constant currency
provides useful information to investors because it provides
transparency to underlying performance in the Company's
consolidated net sales by excluding the effect that foreign
currency exchange rate fluctuations have on period-to-period
comparability given the volatility in foreign currency exchange
markets. To present this information for historical periods,
current period net sales for entities reporting in currencies other
than the U.S. dollar are translated into U.S. dollars at the
average monthly exchange rates in effect during the corresponding
period of the prior fiscal year, rather than at the actual average
monthly exchange rate in effect during the current period of the
current fiscal year. As a result, the foreign currency impact is
equal to the current year results in local currencies multiplied by
the change in average foreign currency exchange rate between the
current fiscal period and the corresponding period of the prior
fiscal year.
The Company provides net sales adjusted for the impact of
foreign currency, divestitures and discontinued brands to
understand the growth rate of net sales excluding the impact of
such items. The Company's management believes net sales adjusted
for such items is useful to investors because it enables them to
better understand the growth of our business from
period-to-period.
The Company defines adjusted EBITDA as net income (loss) before
income taxes, net interest expense, depreciation and amortization,
equity in net (income) loss of equity-method investees, stock-based
compensation, net, unrealized currency gains and losses,
productivity and transformation costs, proceeds from an insurance
claim, impairment of long-lived assets and intangibles, warehouse
and manufacturing consolidation and other costs, gains or losses on
sales of businesses, litigation and related expenses, plant closure
related costs, SKU rationalization and inventory write-downs and
other adjustments. The Company's management believes that these
presentations provide useful information to management, analysts
and investors regarding certain additional financial and business
trends relating to its results of operations and financial
condition. In addition, management uses these measures for
reviewing the financial results of the Company as well as a
component of performance-based executive compensation.
The Company defines operating free cash flow as cash provided by
or used in operating activities from continuing operations (a GAAP
measure) less purchases of property, plant and equipment. The
Company views operating free cash flow as an important measure
because it is one factor in evaluating the amount of cash available
for discretionary investments.
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Balance Sheets
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
|
June 30,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
53,014
|
|
$
37,771
|
|
Accounts receivable,
net
|
190,737
|
|
170,969
|
|
Inventories
|
313,898
|
|
248,170
|
|
Prepaid expenses and
other current assets
|
38,648
|
|
95,690
|
|
Assets held for
sale
|
-
|
|
8,334
|
|
Total current
assets
|
596,297
|
|
560,934
|
Property, plant and
equipment, net
|
311,342
|
|
289,256
|
Goodwill
|
|
877,723
|
|
861,958
|
Trademarks and other
intangible assets, net
|
324,791
|
|
346,462
|
Investments and joint
ventures
|
17,342
|
|
17,439
|
Operating lease
right-of-use assets
|
90,130
|
|
88,165
|
Other
assets
|
22,263
|
|
24,238
|
|
Total
assets
|
$
2,239,888
|
|
$
2,188,452
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
210,223
|
|
$
171,009
|
|
Accrued expenses and
other current liabilities
|
120,498
|
|
124,045
|
|
Current portion of
long-term debt
|
699
|
|
1,656
|
|
Liabilities related
to assets held for sale
|
-
|
|
3,567
|
|
Total current
liabilities
|
331,420
|
|
300,277
|
Long-term debt, less
current portion
|
255,540
|
|
281,118
|
Deferred income
taxes
|
36,103
|
|
51,849
|
Operating lease
liabilities, noncurrent portion
|
83,564
|
|
82,962
|
Other noncurrent
liabilities
|
31,579
|
|
28,692
|
|
Total
liabilities
|
738,206
|
|
744,898
|
|
Total stockholders'
equity
|
1,501,682
|
|
1,443,554
|
|
Total liabilities and
stockholders' equity
|
$
2,239,888
|
|
$
2,188,452
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Operations
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Third Quarter Year
to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Net sales
|
$
492,604
|
|
$
553,297
|
|
$
1,519,649
|
|
$
1,542,157
|
Cost of
sales
|
362,698
|
|
420,902
|
|
1,140,614
|
|
1,206,324
|
Gross
profit
|
129,906
|
|
132,395
|
|
379,035
|
|
335,833
|
Selling, general and
administrative expenses
|
74,223
|
|
85,447
|
|
236,995
|
|
245,205
|
Amortization of
acquired intangible assets
|
2,145
|
|
3,174
|
|
6,771
|
|
9,446
|
Productivity and
transformation costs
|
4,553
|
|
11,514
|
|
12,371
|
|
37,949
|
Proceeds from
insurance claim
|
(592)
|
|
(400)
|
|
(592)
|
|
(2,962)
|
Long-lived asset and
intangibles impairment
|
-
|
|
13,525
|
|
57,676
|
|
15,414
|
Operating
income
|
49,577
|
|
19,135
|
|
65,814
|
|
30,781
|
Interest and other
financing expense, net
|
2,030
|
|
4,037
|
|
6,820
|
|
15,068
|
Other expense
(income), net
|
1,566
|
|
(260)
|
|
(852)
|
|
2,312
|
Income from
continuing operations before income taxes and equity in net
(income) loss of equity-method investees
|
45,981
|
|
15,358
|
|
59,846
|
|
13,401
|
Provision (benefit)
for income taxes
|
11,797
|
|
(10,242)
|
|
33,197
|
|
(9,753)
|
Equity in net
(income) loss of equity-method investees
|
(70)
|
|
564
|
|
1,025
|
|
1,219
|
Net
income from continuing operations
|
$
34,254
|
|
$
25,036
|
|
$
25,624
|
|
$
21,935
|
Net
(loss) income from discontinued operations, net of tax
|
-
|
|
(697)
|
|
11,255
|
|
(105,581)
|
Net income
(loss)
|
$
34,254
|
|
$
24,339
|
|
$
36,879
|
|
$
(83,646)
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
|
|
|
Basic net income per
common share from continuing operations
|
$
0.34
|
|
$
0.24
|
|
$
0.25
|
|
$
0.21
|
Basic net (loss)
income per common share from discontinued operations
|
-
|
|
(0.01)
|
|
0.11
|
|
(1.01)
|
Basic net income
(loss) per common share
|
$
0.34
|
|
$
0.23
|
|
$
0.36
|
|
$
(0.80)
|
|
|
|
|
|
|
|
|
Diluted net income
per common share from continuing operations
|
$
0.34
|
|
$
0.24
|
|
$
0.25
|
|
$
0.21
|
Diluted net (loss)
income per common share from discontinued operations
|
-
|
|
(0.01)
|
|
0.11
|
|
(1.01)
|
Diluted net income
(loss) per common share
|
$
0.34
|
|
$
0.23
|
|
$
0.36
|
|
$
(0.80)
|
|
|
|
|
|
|
|
|
Shares used in the
calculation of net income (loss) per common share:
|
|
|
|
|
|
|
|
Basic
|
99,831
|
|
104,032
|
|
100,502
|
|
104,192
|
Diluted
|
101,596
|
|
104,337
|
|
101,385
|
|
104,489
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Cash Flows
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Third Quarter Year
to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
34,254
|
|
$
24,339
|
|
$
36,879
|
|
$
(83,646)
|
Net (loss) income
from discontinued operations, net of tax
|
-
|
|
(697)
|
|
11,255
|
|
(105,581)
|
Net income from
continuing operations
|
34,254
|
|
25,036
|
|
25,624
|
|
21,935
|
Adjustments to
reconcile net income from continuing operations to net cash
provided
by operating activities from continuing operations:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
12,814
|
|
12,927
|
|
37,768
|
|
40,069
|
Deferred income
taxes
|
3,124
|
|
(3,880)
|
|
3,216
|
|
(9,035)
|
Equity in net
(income) loss of equity-method investees
|
(70)
|
|
564
|
|
1,025
|
|
1,219
|
Stock-based
compensation, net
|
3,698
|
|
3,761
|
|
11,888
|
|
9,581
|
Long-lived asset and
intangibles impairment
|
-
|
|
13,525
|
|
57,676
|
|
15,414
|
Other non-cash items,
net
|
2,259
|
|
(326)
|
|
494
|
|
2,335
|
(Decrease) increase
in cash attributable to changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(11,198)
|
|
(38,410)
|
|
(20,721)
|
|
(30,870)
|
Inventories
|
(1,792)
|
|
37,891
|
|
(60,304)
|
|
47,280
|
Other current
assets
|
769
|
|
8,407
|
|
56,487
|
|
10,302
|
Other assets and
liabilities
|
85
|
|
76
|
|
(952)
|
|
(1,166)
|
Accounts payable and
accrued expenses
|
(1,956)
|
|
(12,627)
|
|
34,316
|
|
(42,972)
|
Net cash provided by
operating activities from continuing operations
|
41,987
|
|
46,944
|
|
146,517
|
|
64,092
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
(23,391)
|
|
(17,624)
|
|
(53,062)
|
|
(46,961)
|
Proceeds from sale of
businesses, net and other
|
22,667
|
|
1,308
|
|
27,094
|
|
14,428
|
Net cash used in
investing activities from continuing operations
|
(724)
|
|
(16,316)
|
|
(25,968)
|
|
(32,533)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Borrowings under bank
revolving credit facility
|
56,000
|
|
50,000
|
|
206,000
|
|
197,000
|
Repayments under bank
revolving credit facility
|
(94,000)
|
|
(9,000)
|
|
(231,000)
|
|
(254,500)
|
Repayments under term
loan
|
-
|
|
-
|
|
-
|
|
(206,250)
|
(Repayments) proceeds
from discontinued operations entities
|
-
|
|
(4,682)
|
|
-
|
|
305,247
|
Repayments of other
debt, net
|
(206)
|
|
(1,001)
|
|
(1,917)
|
|
(1,502)
|
Share
repurchases
|
(8,562)
|
|
(57,406)
|
|
(80,298)
|
|
(57,406)
|
Shares withheld for
payment of employee payroll taxes
|
(2,018)
|
|
(522)
|
|
(3,741)
|
|
(1,506)
|
Net cash used in
financing activities from continuing operations
|
(48,786)
|
|
(22,611)
|
|
(110,956)
|
|
(18,917)
|
Effect of exchange
rate changes on cash from continuing operations
|
(84)
|
|
(3,492)
|
|
5,650
|
|
(2,110)
|
CASH FLOWS FROM
DISCONTINUED OPERATIONS
|
|
|
|
|
|
|
|
Cash used in
operating activities
|
-
|
|
(459)
|
|
-
|
|
(6,146)
|
Cash (used in)
provided by investing activities
|
-
|
|
(4,223)
|
|
-
|
|
297,592
|
Cash provided by
(used in) financing activities
|
-
|
|
4,682
|
|
-
|
|
(299,418)
|
Effect of exchange
rate changes on cash from discontinued operations
|
-
|
|
-
|
|
-
|
|
(537)
|
Net cash flows used
in discontinued operations
|
-
|
|
-
|
|
-
|
|
(8,509)
|
Net (decrease)
increase in cash and cash equivalents
|
(7,607)
|
|
4,525
|
|
15,243
|
|
2,023
|
Cash and cash
equivalents at beginning of period
|
60,621
|
|
37,024
|
|
37,771
|
|
39,526
|
Cash and cash
equivalents at end of period
|
$
53,014
|
|
$
41,549
|
|
$
53,014
|
|
$
41,549
|
THE HAIN CELESTIAL
GROUP, INC.
|
Net Sales, Gross
Profit and Operating Income (Loss) by Segment
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Net
Sales
|
|
|
|
|
|
|
|
Net sales - Q3
FY21
|
$
287,500
|
|
$
205,104
|
|
$
-
|
|
$
492,604
|
Net sales - Q3
FY20
|
$
320,440
|
|
$
232,857
|
|
$
-
|
|
$
553,297
|
% change - FY21 net
sales vs. FY20 net sales
|
(10.3)%
|
|
(11.9)%
|
|
|
|
(11.0)%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
Q3 FY21
|
|
|
|
|
|
|
|
Gross
profit
|
$
78,513
|
|
$
51,393
|
|
$
-
|
|
$
129,906
|
Non-GAAP adjustments
(1)
|
3,272
|
|
1,954
|
|
-
|
|
5,226
|
Adjusted gross
profit
|
$
81,785
|
|
$
53,347
|
|
$
-
|
|
$
135,132
|
Gross
margin
|
27.3%
|
|
25.1%
|
|
|
|
26.4%
|
Adjusted gross
margin
|
28.4%
|
|
26.0%
|
|
|
|
27.4%
|
|
|
|
|
|
|
|
|
Q3 FY20
|
|
|
|
|
|
|
|
Gross
profit
|
$
82,626
|
|
$
49,769
|
|
$
-
|
|
$
132,395
|
Non-GAAP adjustments
(1)
|
1,873
|
|
-
|
|
-
|
|
1,873
|
Adjusted gross
profit
|
$
84,499
|
|
$
49,769
|
|
$
-
|
|
$
134,268
|
Gross
margin
|
25.8%
|
|
21.4%
|
|
|
|
23.9%
|
Adjusted gross
margin
|
26.4%
|
|
21.4%
|
|
|
|
24.3%
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Q3 FY21
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
39,492
|
|
$
26,774
|
|
$
(16,689)
|
|
$
49,577
|
Non-GAAP adjustments
(1)
|
4,438
|
|
2,798
|
|
2,856
|
|
10,092
|
Adjusted operating
income (loss)
|
$
43,930
|
|
$
29,572
|
|
$
(13,833)
|
|
$
59,669
|
Operating income
margin
|
13.7%
|
|
13.1%
|
|
|
|
10.1%
|
Adjusted operating
income margin
|
15.3%
|
|
14.4%
|
|
|
|
12.1%
|
|
|
|
|
|
|
|
|
Q3 FY20
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
28,873
|
|
$
18,660
|
|
$
(28,398)
|
|
$
19,135
|
Non-GAAP adjustments
(1)
|
9,202
|
|
4,512
|
|
12,824
|
|
26,538
|
Adjusted operating
income (loss)
|
$
38,075
|
|
$
23,172
|
|
$
(15,574)
|
|
$
45,673
|
Operating income
margin
|
9.0%
|
|
8.0%
|
|
|
|
3.5%
|
Adjusted operating
income margin
|
11.9%
|
|
10.0%
|
|
|
|
8.3%
|
|
|
|
|
|
|
|
|
(1)See
accompanying table "Adjusted Gross Profit, Adjusted Operating
Income, Adjusted Net Income and Adjusted EPS"
|
THE HAIN CELESTIAL
GROUP, INC.
|
Net Sales, Gross
Profit and Operating Income (Loss) by Segment
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Net
Sales
|
|
|
|
|
|
|
|
Net sales - Q3 FY21
YTD
|
$
850,780
|
|
$
668,869
|
|
$
-
|
|
$
1,519,649
|
Net sales - Q3 FY20
YTD
|
$
872,834
|
|
$
669,323
|
|
$
-
|
|
$
1,542,157
|
% change - FY21 net
sales vs. FY20 net sales
|
(2.5)%
|
|
(0.1)%
|
|
|
|
(1.5)%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
Q3 FY21
YTD
|
|
|
|
|
|
|
|
Gross
profit
|
$
231,813
|
|
$
147,222
|
|
$
-
|
|
$
379,035
|
Non-GAAP adjustments
(1)
|
6,438
|
|
3,869
|
|
-
|
|
10,307
|
Adjusted gross
profit
|
$
238,251
|
|
$
151,091
|
|
$
-
|
|
$
389,342
|
Gross
margin
|
27.2%
|
|
22.0%
|
|
|
|
24.9%
|
Adjusted gross
margin
|
28.0%
|
|
22.6%
|
|
|
|
25.6%
|
|
|
|
|
|
|
|
|
Q3 FY20
YTD
|
|
|
|
|
|
|
|
Gross
profit
|
$
209,956
|
|
$
125,877
|
|
$
-
|
|
$
335,833
|
Non-GAAP adjustments
(1)
|
8,037
|
|
2,666
|
|
-
|
|
10,703
|
Adjusted gross
profit
|
$
217,993
|
|
$
128,543
|
|
$
-
|
|
$
346,536
|
Gross
margin
|
24.1%
|
|
18.8%
|
|
|
|
21.8%
|
Adjusted gross
margin
|
25.0%
|
|
19.2%
|
|
|
|
22.5%
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Q3 FY21
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
105,188
|
|
$
8,144
|
|
$
(47,518)
|
|
$
65,814
|
Non-GAAP adjustments
(1)
|
8,929
|
|
63,792
|
|
7,981
|
|
80,702
|
Adjusted operating
income (loss)
|
$
114,117
|
|
$
71,936
|
|
$
(39,537)
|
|
$
146,516
|
Operating income
margin
|
12.4%
|
|
1.2%
|
|
|
|
4.3%
|
Adjusted operating
income margin
|
13.4%
|
|
10.8%
|
|
|
|
9.6%
|
|
|
|
|
|
|
|
|
Q3 FY20
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
64,067
|
|
$
40,666
|
|
$
(73,952)
|
|
$
30,781
|
Non-GAAP adjustments
(1)
|
18,063
|
|
10,503
|
|
32,775
|
|
61,341
|
Adjusted operating
income (loss)
|
$
82,130
|
|
$
51,169
|
|
$
(41,177)
|
|
$
92,122
|
Operating income
margin
|
7.3%
|
|
6.1%
|
|
|
|
2.0%
|
Adjusted operating
income margin
|
9.4%
|
|
7.6%
|
|
|
|
6.0%
|
|
|
|
|
|
|
|
|
(1)See
accompanying table "Adjusted Gross Profit, Adjusted Operating
Income, Adjusted Net Income and Adjusted EPS"
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted
Gross Profit, Adjusted Operating Income, Adjusted Net Income and
Adjusted EPS
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
2021
GAAP
|
Adjustments
|
2021
Adjusted
|
|
2020
GAAP
|
Adjustments
|
2020
Adjusted
|
|
|
|
|
|
|
|
|
Net sales
|
$
492,604
|
$
-
|
$
492,604
|
|
$
553,297
|
$
-
|
$
553,297
|
Cost of
sales
|
362,698
|
(5,226)
|
357,472
|
|
420,902
|
(1,873)
|
419,029
|
Gross
profit
|
129,906
|
5,226
|
135,132
|
|
132,395
|
1,873
|
134,268
|
Operating expenses
(a)
|
76,368
|
(905)
|
75,463
|
|
102,146
|
(13,551)
|
88,595
|
Productivity and
transformation costs
|
4,553
|
(4,553)
|
-
|
|
11,514
|
(11,514)
|
-
|
Proceeds from
insurance claim
|
(592)
|
592
|
-
|
|
(400)
|
400
|
-
|
Operating
income
|
49,577
|
10,092
|
59,669
|
|
19,135
|
26,538
|
45,673
|
Interest and other
expense (income), net (b)
|
3,596
|
(2,346)
|
1,250
|
|
3,777
|
679
|
4,456
|
Provision (benefit)
for income taxes
|
11,797
|
1,950
|
13,747
|
|
(10,242)
|
22,129
|
11,887
|
Net
income from continuing operations
|
34,254
|
10,488
|
44,742
|
|
25,036
|
3,730
|
28,766
|
Net
(loss) income from discontinued operations, net of tax
|
-
|
-
|
-
|
|
(697)
|
697
|
-
|
Net
income
|
34,254
|
10,488
|
44,742
|
|
24,339
|
4,427
|
28,766
|
|
|
|
|
|
|
|
|
Diluted net income
per common share from continuing operations
|
0.34
|
0.10
|
0.44
|
|
0.24
|
0.04
|
0.28
|
Diluted net (loss)
income per common share from discontinued operations
|
-
|
-
|
-
|
|
(0.01)
|
0.01
|
-
|
Diluted net income
per common share
|
0.34
|
0.10
|
0.44
|
|
0.23
|
0.05
|
0.28
|
|
|
|
|
|
|
|
|
Detail of
Adjustments:
|
|
|
|
|
|
|
|
|
|
Q3
FY21
|
|
|
|
Q3
FY20
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
$
3,560
|
|
|
|
$
511
|
|
Plant closure related
costs
|
|
1,666
|
|
|
|
-
|
|
SKU rationalization
and inventory write-down
|
|
-
|
|
|
|
1,362
|
|
Cost of
sales
|
|
5,226
|
|
|
|
1,873
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
5,226
|
|
|
|
1,873
|
|
|
|
|
|
|
|
|
|
Litigation and
related expenses
|
|
644
|
|
|
|
-
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
263
|
|
|
|
26
|
|
Plant closure related
costs
|
|
(2)
|
|
|
|
-
|
|
Long-lived asset
impairment
|
|
-
|
|
|
|
5,875
|
|
Intangibles
impairment
|
|
-
|
|
|
|
7,650
|
|
Operating expenses
(a)
|
|
905
|
|
|
|
13,551
|
|
|
|
|
|
|
|
|
|
Productivity and
transformation costs
|
|
4,553
|
|
|
|
11,514
|
|
Productivity and
transformation costs
|
|
4,553
|
|
|
|
11,514
|
|
|
|
|
|
|
|
|
|
Proceeds from
insurance claim
|
|
(592)
|
|
|
|
(400)
|
|
Proceeds from
insurance claim
|
|
(592)
|
|
|
|
(400)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
10,092
|
|
|
|
26,538
|
|
|
|
|
|
|
|
|
|
Unrealized currency
losses (gains)
|
|
442
|
|
|
|
(1,011)
|
|
Loss on sale of
businesses
|
|
1,904
|
|
|
|
332
|
|
Interest and other
expense (income), net (b)
|
|
2,346
|
|
|
|
(679)
|
|
|
|
|
|
|
|
|
|
Income tax related
adjustments
|
|
(1,950)
|
|
|
|
(22,129)
|
|
Benefit for income
taxes
|
|
(1,950)
|
|
|
|
(22,129)
|
|
|
|
|
|
|
|
|
|
Net
income from continuing operations
|
|
$
10,488
|
|
|
|
$
3,730
|
|
|
|
|
|
|
|
|
(a)
Operating expenses include amortization of acquired intangibles,
selling, general and administrative expenses and long-lived asset
and intangibles impairment.
|
(b)
Interest and other expense (income), net includes interest and
other financing expenses, net and other expense, net.
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted
Gross Profit, Adjusted Operating Income, Adjusted Net Income and
Adjusted EPS
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Third Quarter Year
to Date
|
|
2021
GAAP
|
Adjustments
|
2021
Adjusted
|
|
2020
GAAP
|
Adjustments
|
2020
Adjusted
|
|
|
|
|
|
|
|
|
Net sales
|
$
1,519,649
|
$
-
|
$
1,519,649
|
|
$
1,542,157
|
$
-
|
$
1,542,157
|
Cost of
sales
|
1,140,614
|
(10,307)
|
1,130,307
|
|
1,206,324
|
(10,703)
|
1,195,621
|
Gross
profit
|
379,035
|
10,307
|
389,342
|
|
335,833
|
10,703
|
346,536
|
Operating expenses
(a)
|
301,442
|
(58,616)
|
242,826
|
|
270,065
|
(15,651)
|
254,414
|
Productivity and
transformation costs
|
12,371
|
(12,371)
|
-
|
|
37,949
|
(37,949)
|
-
|
Proceeds from
insurance claim
|
(592)
|
592
|
-
|
|
(2,962)
|
2,962
|
-
|
Operating
income
|
65,814
|
80,702
|
146,516
|
|
30,781
|
61,341
|
92,122
|
Interest and other
expense (income), net (b)
|
5,968
|
(758)
|
5,210
|
|
17,380
|
(3,278)
|
14,102
|
Provision (benefit)
for income taxes
|
33,197
|
215
|
33,412
|
|
(9,753)
|
31,818
|
22,065
|
Net
income from continuing operations
|
25,624
|
81,245
|
106,869
|
|
21,935
|
32,801
|
54,736
|
Net
income (loss) from discontinued operations, net of tax
|
11,255
|
(11,255)
|
-
|
|
(105,581)
|
105,581
|
-
|
Net income
(loss)
|
36,879
|
69,990
|
106,869
|
|
(83,646)
|
138,382
|
54,736
|
|
|
|
|
|
|
|
|
Diluted net income
per common share from continuing operations
|
0.25
|
0.80
|
1.05
|
|
0.21
|
0.31
|
0.52
|
Diluted net income
(loss) per common share from discontinued operations
|
0.11
|
(0.11)
|
-
|
|
(1.01)
|
1.01
|
-
|
Diluted net income
(loss) per common share
|
0.36
|
0.69
|
1.05
|
|
(0.80)
|
1.32
|
0.52
|
|
|
|
|
|
|
|
|
Detail of
Adjustments:
|
|
|
|
|
|
|
|
|
|
Q3 FY21
YTD
|
|
|
|
Q3 FY20
YTD
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
$
7,275
|
|
|
|
$
2,866
|
|
Plant closure related
costs
|
|
2,721
|
|
|
|
2,559
|
|
SKU rationalization
and inventory write-down
|
|
311
|
|
|
|
5,278
|
|
Cost of
sales
|
|
10,307
|
|
|
|
10,703
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
10,307
|
|
|
|
10,703
|
|
|
|
|
|
|
|
|
|
Long-lived asset
impairment
|
|
57,676
|
|
|
|
5,875
|
|
Litigation and
related expenses
|
|
644
|
|
|
|
48
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
263
|
|
|
|
189
|
|
Plant closure related
costs
|
|
33
|
|
|
|
-
|
|
Intangibles
impairment
|
|
-
|
|
|
|
9,539
|
|
Operating expenses
(a)
|
|
58,616
|
|
|
|
15,651
|
|
|
|
|
|
|
|
|
|
Productivity and
transformation costs
|
|
12,371
|
|
|
|
37,949
|
|
Productivity and
transformation costs
|
|
12,371
|
|
|
|
37,949
|
|
|
|
|
|
|
|
|
|
Proceeds from
insurance claim
|
|
(592)
|
|
|
|
(2,962)
|
|
Proceeds from
insurance claim
|
|
(592)
|
|
|
|
(2,962)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
80,702
|
|
|
|
61,341
|
|
|
|
|
|
|
|
|
|
Unrealized currency
(gains) losses
|
|
(535)
|
|
|
|
188
|
|
Loss on sale of
businesses
|
|
1,293
|
|
|
|
2,115
|
|
Deferred financing
cost write-off
|
|
-
|
|
|
|
975
|
|
Interest and other
expense (income), net (b)
|
|
758
|
|
|
|
3,278
|
|
|
|
|
|
|
|
|
|
Income tax related
adjustments
|
|
(215)
|
|
|
|
(31,818)
|
|
Provision (benefit)
for income taxes
|
|
(215)
|
|
|
|
(31,818)
|
|
|
|
|
|
|
|
|
|
Net
income from continuing operations
|
|
$
81,245
|
|
|
|
$
32,801
|
|
|
|
|
|
|
|
|
|
(a)
Operating expenses include amortization of acquired intangibles,
selling, general and administrative expenses and long-lived asset
and intangibles impairment.
|
(b)
Interest and other expense (income), net includes interest and
other financing expenses, net and other expense, net.
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted Net Sales
Growth
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
Q3
FY21
|
North
America
|
|
International
|
|
Hain
Consolidated
|
Net
sales
|
$
287,500
|
|
$
205,104
|
|
$
492,604
|
Divestitures
and discontinued brands
|
(320)
|
|
(4,144)
|
|
(4,464)
|
Impact of
foreign currency exchange
|
(2,042)
|
|
(15,428)
|
|
(17,470)
|
Net sales on a
constant currency basis adjusted for
divestitures and discontinued
brands
|
$
285,138
|
|
$
185,532
|
|
$
470,670
|
|
|
|
|
|
|
Q3
FY20
|
|
|
|
|
|
Net
sales
|
$
320,440
|
|
$
232,857
|
|
$
553,297
|
Divestitures
and discontinued brands
|
(10,717)
|
|
(42,462)
|
|
(53,179)
|
Net sales
adjusted for divestitures and discontinued
brands
|
$
309,723
|
|
$
190,395
|
|
$
500,118
|
|
|
|
|
|
|
Net sales
decline
|
(10.3)%
|
|
(11.9)%
|
|
(11.0)%
|
Impact of
divestitures and discontinued brands
|
3.0%
|
|
15.9%
|
|
8.2%
|
Impact of
foreign currency exchange
|
(0.6)%
|
|
(6.6)%
|
|
(3.2)%
|
Net sales
decline on a constant currency basis adjusted for
divestitures and discontinued
brands
|
(7.9)%
|
|
(2.6)%
|
|
(6.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 FY21
YTD
|
North
America
|
|
International
|
|
Hain
Consolidated
|
Net
sales
|
$
850,780
|
|
$
668,869
|
|
$
1,519,649
|
Divestitures
and discontinued brands
|
(4,105)
|
|
(5,052)
|
|
(9,157)
|
Impact of
foreign currency exchange
|
(2,144)
|
|
(35,133)
|
|
(37,277)
|
Net sales on a
constant currency basis adjusted for
divestitures and discontinued
brands
|
$
844,531
|
|
$
628,684
|
|
$
1,473,215
|
|
|
|
|
|
|
Q3 FY20
YTD
|
|
|
|
|
|
Net
sales
|
$
872,834
|
|
$
669,323
|
|
$
1,542,157
|
Divestitures
and discontinued brands
|
(44,120)
|
|
(48,122)
|
|
(92,242)
|
Net sales
adjusted for divestitures and discontinued
brands
|
$
828,714
|
|
$
621,201
|
|
$
1,449,915
|
|
|
|
|
|
|
Net sales
decline
|
(2.5)%
|
|
(0.1)%
|
|
(1.5)%
|
Impact of
divestitures and discontinued brands
|
4.7%
|
|
6.5%
|
|
5.5%
|
Impact of
foreign currency exchange
|
(0.2)%
|
|
(5.2)%
|
|
(2.4)%
|
Net sales
growth on a constant currency basis adjusted for
divestitures and discontinued
brands
|
2.0%
|
|
1.2%
|
|
1.6%
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted
EBITDA
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Third Quarter Year
to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
34,254
|
|
$
24,339
|
|
$
36,879
|
|
$
(83,646)
|
Net (loss) income
from discontinued operations, net of tax
|
-
|
|
(697)
|
|
11,255
|
|
(105,581)
|
Net income from
continuing operations
|
$
34,254
|
|
$
25,036
|
|
$
25,624
|
|
$
21,935
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
11,797
|
|
(10,242)
|
|
33,197
|
|
(9,753)
|
Interest expense,
net
|
1,327
|
|
3,332
|
|
4,781
|
|
11,884
|
Depreciation and
amortization
|
12,814
|
|
12,927
|
|
37,768
|
|
40,069
|
Equity in net
(income) loss of equity-method investees
|
(70)
|
|
564
|
|
1,025
|
|
1,219
|
Stock-based
compensation, net
|
3,698
|
|
3,761
|
|
11,888
|
|
9,581
|
Unrealized currency
losses (gains)
|
442
|
|
(1,011)
|
|
(535)
|
|
188
|
Productivity and
transformation costs
|
3,915
|
|
10,967
|
|
10,428
|
|
37,402
|
Proceeds from
insurance claim
|
(592)
|
|
(400)
|
|
(592)
|
|
(2,962)
|
Long-lived asset and
intangibles impairment
|
-
|
|
13,525
|
|
57,676
|
|
15,414
|
Warehouse/manufacturing consolidation and other
costs
|
3,598
|
|
537
|
|
7,313
|
|
3,055
|
Loss on sale of
businesses
|
1,904
|
|
332
|
|
1,293
|
|
2,115
|
Litigation and
related expenses
|
644
|
|
-
|
|
644
|
|
48
|
Plant closure related
costs
|
21
|
|
-
|
|
17
|
|
2,354
|
SKU rationalization
and inventory write-down
|
-
|
|
1,362
|
|
311
|
|
5,278
|
Adjusted
EBITDA
|
$
73,752
|
|
$
60,690
|
|
$
190,838
|
|
$
137,827
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted EBITDA
and Adjusted EBITDA Margin by Segment
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/
Other
|
|
Hain
Consolidated
|
Q3
FY21
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
39,492
|
|
$
26,774
|
|
$
(16,689)
|
|
$
49,577
|
Depreciation and
amortization
|
4,432
|
|
7,688
|
|
694
|
|
12,814
|
Productivity and
transformation costs
|
1,129
|
|
621
|
|
2,165
|
|
3,915
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(592)
|
|
(592)
|
Warehouse/manufacturing consolidation and other
costs
|
2,591
|
|
1,007
|
|
-
|
|
3,598
|
Plant closure related
costs
|
21
|
|
-
|
|
-
|
|
21
|
Loss on sale of
businesses
|
-
|
|
1,050
|
|
854
|
|
1,904
|
Litigation and
related expenses
|
-
|
|
-
|
|
644
|
|
644
|
Other
|
842
|
|
(394)
|
|
1,423
|
|
1,871
|
Adjusted
EBITDA
|
$
48,507
|
|
$
36,746
|
|
$
(11,501)
|
|
$
73,752
|
|
|
|
|
|
|
|
|
Net
sales
|
$
287,500
|
|
$
205,104
|
|
|
|
$
492,604
|
Adjusted EBITDA
margin
|
16.9%
|
|
17.9%
|
|
|
|
15.0%
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/
Other
|
|
Hain
Consolidated
|
Q3
FY20
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
28,873
|
|
$
18,660
|
|
$
(28,398)
|
|
$
19,135
|
Depreciation and
amortization
|
4,240
|
|
7,993
|
|
694
|
|
12,927
|
Productivity and
transformation costs
|
5,000
|
|
941
|
|
5,026
|
|
10,967
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(400)
|
|
(400)
|
Long-lived asset and
intangibles impairment
|
2,303
|
|
3,571
|
|
7,651
|
|
13,525
|
SKU rationalization
and inventory write-down
|
1,362
|
|
-
|
|
-
|
|
1,362
|
Warehouse/manufacturing consolidation and other
costs
|
537
|
|
-
|
|
-
|
|
537
|
Loss on sale of
businesses
|
253
|
|
-
|
|
79
|
|
332
|
Other
|
352
|
|
(238)
|
|
2,191
|
|
2,305
|
Adjusted
EBITDA
|
$
42,920
|
|
$
30,927
|
|
$
(13,157)
|
|
$
60,690
|
|
|
|
|
|
|
|
|
Net
sales
|
$
320,440
|
|
$
232,857
|
|
|
|
$
553,297
|
Adjusted EBITDA
margin
|
13.4%
|
|
13.3%
|
|
|
|
11.0%
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted EBITDA
and Adjusted EBITDA Margin by Segment
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/
Other
|
|
Hain
Consolidated
|
Q3 FY21
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
105,188
|
|
$
8,144
|
|
$
(47,518)
|
|
$
65,814
|
Depreciation and
amortization
|
12,693
|
|
22,969
|
|
2,106
|
|
37,768
|
Productivity and
transformation costs
|
2,434
|
|
3,595
|
|
4,399
|
|
10,428
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(592)
|
|
(592)
|
Long-lived asset
impairment
|
(11)
|
|
56,104
|
|
1,583
|
|
57,676
|
Warehouse/manufacturing consolidation and other
costs
|
4,413
|
|
2,900
|
|
-
|
|
7,313
|
SKU rationalization
and inventory write-down
|
311
|
|
-
|
|
-
|
|
311
|
Loss (gain) on sale
of businesses
|
205
|
|
(294)
|
|
1,382
|
|
1,293
|
Litigation and
related expenses
|
-
|
|
-
|
|
644
|
|
644
|
Plant closure related
costs
|
(7)
|
|
24
|
|
-
|
|
17
|
Other
|
2,002
|
|
2,181
|
|
5,983
|
|
10,166
|
Adjusted
EBITDA
|
$
127,228
|
|
$
95,623
|
|
$
(32,013)
|
|
$
190,838
|
|
|
|
|
|
|
|
|
Net
sales
|
$
850,780
|
|
$
668,869
|
|
|
|
$
1,519,649
|
Adjusted EBITDA
margin
|
15.0%
|
|
14.3%
|
|
|
|
12.6%
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/
Other
|
|
Hain
Consolidated
|
Q3 FY20
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
64,067
|
|
$
40,666
|
|
$
(73,952)
|
|
$
30,781
|
Depreciation and
amortization
|
12,789
|
|
24,258
|
|
3,022
|
|
40,069
|
Productivity and
transformation costs
|
7,500
|
|
4,269
|
|
25,633
|
|
37,402
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(2,962)
|
|
(2,962)
|
Long-lived asset and
intangibles impairment
|
2,303
|
|
3,571
|
|
9,540
|
|
15,414
|
SKU rationalization
and inventory write-down
|
5,099
|
|
179
|
|
-
|
|
5,278
|
Warehouse/manufacturing consolidation and other
costs
|
3,055
|
|
-
|
|
-
|
|
3,055
|
Loss on sale of
businesses
|
2,036
|
|
-
|
|
79
|
|
2,115
|
Plant closure related
costs
|
72
|
|
2,282
|
|
-
|
|
2,354
|
Litigation and
related expenses
|
-
|
|
-
|
|
48
|
|
48
|
Other
|
180
|
|
562
|
|
3,531
|
|
4,273
|
Adjusted
EBITDA
|
$
97,101
|
|
$
75,787
|
|
$
(35,061)
|
|
$
137,827
|
|
|
|
|
|
|
|
|
Net
sales
|
$
872,834
|
|
$
669,323
|
|
|
|
$
1,542,157
|
Adjusted EBITDA
margin
|
11.1%
|
|
11.3%
|
|
|
|
8.9%
|
THE HAIN CELESTIAL
GROUP, INC.
|
Operating
Free Cash Flow
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Third Quarter Year
to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities from continuing operations
|
$
41,987
|
|
$
46,944
|
|
$
146,517
|
|
$
64,092
|
Purchases of
property, plant and equipment
|
(23,391)
|
|
(17,624)
|
|
(53,062)
|
|
(46,961)
|
Operating free cash
flow from continuing operations
|
$
18,596
|
|
$
29,320
|
|
$
93,455
|
|
$
17,131
|
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SOURCE The Hain Celestial Group, Inc.