– Solid 4Q results include inline net sales of $1.75 billion, as
well as GAAP operating profit of $243 million and adjusted
operating profit of $263 million
– 4Q GAAP EPS and adjusted EPS, both $0.51, increased 24% and
13%, respectively
– Record net cash from operations of $803 million for full year
and $559 million in 4Q
– Net debt reduced to 2.9 times adjusted EBITDA with debt
reduction of $460 million in 4Q
– Regular quarterly cash dividend declared, new share-repurchase
program authorized, and 2020 guidance issued, including
expectations of $200 million in share repurchases
HanesBrands (NYSE: HBI), a leading global marketer of branded
everyday basic apparel, today announced record operating cash flow
for the fourth-quarter and full-year 2019 and strong diluted
earnings per share growth.
The company generated $803 million of net cash from operations
in 2019, an increase of 25% and surpassing the high end of the
company’s guidance for operating cash flow expectations of $700
million to $800 million. The company significantly reduced its debt
leverage by paying down $609 million of debt in 2019.
For the fourth quarter ended Dec. 28, 2019, net sales of $1.75
billion decreased 1% while constant-currency organic sales
increased slightly. For the full year, net sales increased 2% to
$6.97 billion and represented the second consecutive year of
constant-currency organic sales growth.
Fourth-quarter GAAP EPS and adjusted EPS excluding actions were
each $0.51, increases of 24% and 13%, respectively. For the full
year, GAAP EPS increased 11% to $1.64 and adjusted EPS excluding
actions increased 5% to $1.76. (See the Note on Revisions of
Previously Issued Consolidated Financial Statements and the Note on
Adjusted Measures, Rebased Measures and Reconciliation to GAAP
Measures later in this news release for additional discussion and
details.)
“HanesBrands delivered a solid fourth quarter right in line with
our guidance and concluded a very successful year with record
operating cash flow, significantly reduced debt, continued organic
revenue growth, and strong underlying business fundamentals,” said
Hanes Chief Executive Officer Gerald W. Evans Jr. “Looking forward,
we expect to create meaningful shareholder value using our strong
balance sheet, stabilized Innerwear profitability, and Champion,
International and consumer-directed growth. We view 2020 to be an
inflection point for sales, profit and EPS growth rates that
accelerate down the P&L.”
While the company has exited its C9 Champion business in the
mass retail channel and its DKNY license for intimate apparel, the
company expects continued growth in 2020 for its underlying
business.
As a result of the program exits and negative currency exchange
rates, the company expects net sales at the midpoint of full-year
2020 guidance to decline approximately 3%, GAAP and adjusted
operating profit declines of approximately 3% and 4%, respectively,
and GAAP and adjusted EPS both to be flat to a year ago. Net cash
from operations is expected to be in the range of $700 million to
$800 million for 2020.
When comparing the midpoint of 2020 guidance to 2019 results
rebased to account for the C9 Champion and DKNY program exits, net
sales would increase approximately 3%, adjusted operating profit
would increase 7%, and adjusted EPS would increase 15%. (See
additional guidance information in the section titled 2020
Financial Guidance later in this news release.)
Callouts for Fourth-Quarter and Full-Year
2019 Results
Strength of Champion Brand, International Segment and
Consumer-Directed Business Has Driven 10 Consecutive Quarters of
Constant-Currency Organic Net Sales Growth. In the fourth
quarter, constant-currency organic sales increased slightly, while
full-year constant-currency organic sales increased 4%.
Global Champion sales, excluding C9 Champion in the U.S. mass
channel, totaled $1.9 billion in constant currency in 2019, an
increase of 40% over last year as a result of expanded product
offerings and increased distribution. With balanced growth in the
fourth quarter, Champion sales increased 22% both domestically and
internationally.
Total International constant currency organic sales increased
10% in the fourth quarter and 12% for 2019. In the quarter, sales
increased in all International regions, including the Americas,
Asia, Australia and Europe.
Consumer-directed sales, defined as all sales to consumers
online or through brand stores, continue to increase and account
for a larger portion of total sales. Consumer-directed sales in
constant currency increased 17% in the fourth quarter and 16% for
the full year. Consumer-directed sales in constant currency
represented 30% of total sales in the quarter and 25% for the full
year.
Fourth-Quarter Operating Profit Margin Increases. The
GAAP operating profit margin of 13.9% increased approximately 10
basis points, while the adjusted operating profit margin of 15.0%
increased 40 basis points. Margins benefited from price increases
and strong improved profitability for Innerwear intimates.
Record Operating Cash Flow, Reduced Debt, and Lower
Leverage. Record operating cash flow was generated from a
combination of increased GAAP net income and strong working capital
management, including reduced inventory, in the fourth quarter and
full year. Year-ending inventory was $150 million lower than prior
year.
The company generated $803 million in net operating cash in 2019
and paid down $609 million of debt. Of that, $559 million of
operating cash generation and $460 million of debt reduction
occurred in the fourth quarter.
The company met its goal of reducing its debt leverage to 2.9
times net debt to adjusted EBITDA, which is within the company’s
desired long-term debt leverage range of 2 to 3 times. The company
ended 2018 with debt leverage of 3.3 times.
Fourth-Quarter 2019 Business Segment
Summaries
Constant-Currency International Segment Growth Continues.
International segment sales increased 7% while operating profit
decreased 2%. On a constant-currency basis, net sales increased 10%
and operating profit increased 1%.
Sales for the International segment’s activewear and innerwear
businesses increased more than expected. Operating profit was
reduced by bankruptcy related bad-debt expense and negative foreign
exchange rates on operational transactions.
Innerwear Segment Operating Profit Increases despite Lower
Sales. U.S. Innerwear segment sales decreased 4% in the fourth
quarter while operating profit increased 5%. Segment operating
profit margin of 24.6% increased 210 basis points, benefiting from
increased pricing and lower selling, general and administrative
expenses.
Sales of Innerwear basics decreased 5% as a result of
earlier-than-planned disruption from ongoing store resets in the
mass channel that are expected to generate increased space and
share beginning in the second half of 2020.
Sales of Innerwear intimates decreased 2%, which was
sequentially better than the third quarter and consistent with
expectations. Bra revenue increased slightly and contributed
significantly to segment operating margin expansion. Successful
market performance of the EasyLite and DreamWire bra innovations
are contributing to revitalization efforts.
Activewear Segment Sales and Profits Affected by Program
Exits, As Expected. U.S. Activewear segment fourth-quarter
sales decreased 7%, slightly better than expected. Segment
operating profit in the quarter decreased 8% as a result of higher
SG&A expenses.
Champion sales, excluding C9 Champion in the mass channel,
increased more than 14% in the quarter. C9 Champion sales decreased
26% as that program continued to wind down to conclusion in January
2020. Sales in the remainder of the Activewear segment declined but
performed better than expected.
Regular Quarterly Cash Dividend Declared
and New Share Repurchase Program Authorized
The Hanes Board of Directors has declared a regular quarterly
cash dividend of $0.15 per share and approved a new share
repurchase authorization of up to 40 million shares.
The regular quarterly cash dividend, which will be the 28th
consecutive quarterly return of cash to stockholders, will be paid
March 10, 2020, to stockholders of record at the close of business
Feb. 18, 2020.
To date, the company has returned nearly $1.2 billion in
cumulative quarterly cash dividends to stockholders since
initiating the program in April 2013.
The new share repurchase plan authorizes the company to buy up
to 40 million shares without expiration. The new plan replaces the
company’s previous share-repurchase authorization for 40 million
shares that was approved in April 2016.
2020 Financial Guidance
Hanes has issued initial 2020 guidance for the fiscal year
ending Jan. 2, 2021, which includes a 53rd week. Certain
year-over-year comparisons reference rebased 2019 results, which
adjusts for the exited C9 Champion program and DKNY license for
intimate apparel. (See the Note on Adjusted Measures, Rebased
Measures and Reconciliation to GAAP Measures later in this news
release for additional discussion and details.)
Full-Year Guidance. The company expects 2020 net sales of
$6.675 billion to $6.775 billion, GAAP operating profit of $850
million to $880 million, adjusted operating profit excluding
actions of $900 million to $930 million, GAAP EPS of $1.60 to
$1.68, adjusted EPS excluding actions of $1.72 to $1.80, and net
cash from operations of $700 million to $800 million.
The company continues to expect growth for its underlying
business on a rebased basis when isolating program exits. When
comparing the midpoint of 2020 guidance to 2019 results rebased to
account for the exits of the C9 Champion and DKNY programs,
full-year net sales are expected to increase 3%, adjusted operating
profit is expected to increase 7%, and adjusted EPS is expected to
increase 15%.
First-Quarter Guidance. For the first quarter, net sales
are expected to be approximately $1.466 billion to $1.496 billion.
GAAP operating profit is expected to be $118 million to $128
million, and adjusted operating profit is expected to be $145
million to $155 million. GAAP EPS is expected to be $0.17 to $0.20,
and adjusted EPS is expected to be $0.23 to $0.26.
For the first-quarter 2020, the midpoint of guidance represents
a net sales decrease of 7% compared with 2019, GAAP operating
profit and adjusted operating profit declines of approximately 18%
and 12%, respectively, and GAAP and adjusted EPS declines of
approximately 14% and 7%, respectively.
When comparing the midpoint of first-quarter 2020 guidance to
2019 results rebased to account for the exits of the C9 Champion
and DKNY programs, net sales are expected to decrease 1%, adjusted
operating profit is expected to be flat, and adjusted EPS is
expected to increase 14%.
Guidance Assumptions. The company expects foreign
currency exchange rates to reduce net sales by approximately $25
million for the full year compared with 2019 and reduce
first-quarter net sales by approximately $14 million compared with
the first quarter of 2019.
The currency exchange rates are expected to reduce operating
profit by approximately $3 million and $1 million in the full year
and first quarter, respectively.
The company expects global Champion sales growth of
approximately 10% for the year with growth in Asia, Australia,
Europe and the United States.
The fiscal year’s 53rd week occurs in the fourth quarter and is
expected to contribute approximately $40 million in net sales.
Segment Guidance. At the midpoint of full-year guidance,
International segment revenue is expected to increase approximately
5% as reported and approximately 6% in constant currency. Growth
drivers are expected to be Champion sales growth and increased
innerwear sales.
For the first quarter, International segment revenue comparisons
are expected to be affected by the timing of Asia distribution
expansion for Champion (earlier in 2019 and later in 2020). Net
sales growth on a reported basis in the quarter is expected to be
flat at the midpoint of guidance while increasing approximately 2%
in constant currency. The segment’s operating profit margin is
expected to decline in the first quarter as a result of increased
investments to support Asia distribution expansion as well as cost
pressures related to foreign currency exchange rates on operational
transactions. Price increases are expected to mitigate the
transactional currency pressures as the year progresses.
U.S. Innerwear net sales are expected to decrease by
approximately 1.5% to 3.5% for the full year and approximately 5.5%
to 7.5% for the first quarter as result of the C9 Champion and DKNY
program exits, retailer door closures and higher year-ago shipments
for a new sock program. When 2019 is rebased for the program exits,
full-year net sales for the segment are expected to range from -1%
to +1% and first-quarter net sales are expected to decline
approximately 3% to 6%.
The company expects an improving sales trend for U.S. Innerwear
through the year as store resets in the mass channel for Innerwear
basics start to yield benefits and the Innerwear intimates
revitalization progresses, particularly in bras. The company
believes that supply chain restructuring initiatives are
stabilizing segment profitability with operating profit margins
expected to increase for the full year on a reported and rebased
basis.
U.S. Activewear net sales, at the midpoint of 2020 guidance, are
expected to decrease by approximately 17% for both the full year
and the first quarter as a result of the C9 Champion program exit
at mass retail. On a rebased comparison at the midpoint of
guidance, segment sales for the full year and first quarter are
expected to increase approximately 3.5% and 4.5%, respectively. The
company expects reduced segment profitability as reported for the
full year but improved profitability on a rebased comparison.
Additional Guidance. GAAP operating profit in 2020 is
expected to be reduced by approximately $50 million for pretax
charges for restructuring and other actions, including
approximately $27 million in the first quarter. Cash charges are
expected to account for approximately $30 million of the full-year
total.
The charges are related to supply chain cost-reduction
initiatives and program exit costs. None of the charges are related
to acquisition integrations, which have been completed for all
prior acquisitions.
Hanes expects interest expense and other expenses to be
approximately $185 million combined for the year, including
approximately $46 million in the first quarter. The company expects
capital expenditure investment of approximately $100 million.
The company’s priority for use of excess operating cash flow in
2020 is to repurchase shares, and the company expects to make
approximately $200 million of share repurchases early in the year.
The company expects diluted shares outstanding of approximately 354
million for the year and approximately 357 million in the first
quarter. The company expects an annual tax rate and first-quarter
tax rate of approximately 14.5%.
Hanes has updated its quarterly frequently-asked-questions
document, which is available at www.Hanes.com/faq.
Note on Revisions of Previously Issued
Consolidated Financial Statements
In the course of its annual review of 2019 financial statements,
HanesBrands identified prior-period tax errors related to
intercompany inventory transactions. The company put in place new
processes to address the issue and has revised prior-period
financials to correct these errors and other immaterial
out-of-period items.
The company does not believe the corrected intercompany tax
accounting process will affect the company’s ongoing tax rate. The
revisions had a minor cumulative effect on EPS of $0.01 over the
three-year period of 2017 through 2019. The company has provided
revised 2018 and 2019 quarterly P&Ls in Supplemental Table A
dated Feb. 7, 2020, on the company’s investor relations website
(www.Hanes.com/investors).
The company has identified control deficiencies that constituted
a material weakness in its internal control over financial
reporting and has enhanced and will continue to enhance the design
and operation of controls related to these areas. The company
intends to implement the enhancements during 2020. Additional
information will be filed with the company’s Annual Report on Form
10-K for the year ended December 28, 2019.
Note on Adjusted Measures, Rebased
Measures and Reconciliation to GAAP Measures
To supplement financial guidance prepared in accordance with
generally accepted accounting principles, the company provides
quarterly and full-year results and guidance concerning certain
non‐GAAP financial measures, including adjusted EPS, adjusted net
income, adjusted operating profit (and margin), adjusted SG&A,
adjusted gross profit (and margin), EBITDA and adjusted EBITDA.
Adjusted EPS is defined as diluted EPS excluding actions and the
tax effect on actions. Adjusted net income is defined as net income
excluding actions and the tax effect on actions. Adjusted operating
profit is defined as operating profit excluding actions. Adjusted
gross profit is defined as gross profit excluding actions. Adjusted
SG&A is defined as selling, general and administrative expenses
excluding actions.
Charges for actions taken in 2018 primarily represented
acquisition and integration costs related to Hanes Europe
Innerwear, Hanes Australasia, Champion Europe, Alternative Apparel
and Bras N Things, and other costs related to supply chain network
changes. Charges for actions taken in 2019 primarily represented
supply chain network changes, program exit costs, and overhead
reduction as well as completion of outstanding acquisition
integration. Charges for actions expected to be taken in 2020
primarily represent supply chain restructuring and program exit
costs. Acquisition and integration costs include legal fees,
consulting fees, bank fees, severance costs, certain purchase
accounting items, facility closures, inventory write-offs,
information technology integration costs and similar charges. While
these costs are not operational in nature and are not expected to
continue for any singular transaction on an ongoing basis, similar
types of costs, expenses and charges have occurred in prior periods
and may recur in future periods depending upon acquisition
activity.
Hanes has chosen to present these non‐GAAP measures to investors
to enable additional analyses of past, present and future operating
performance and as a supplemental means of evaluating operations
absent the effect of acquisitions and other actions. Hanes believes
these non-GAAP measures provide management and investors with
valuable supplemental information for analyzing the operating
performance of the company’s ongoing business during each period
presented without giving effect to costs associated with the
execution and integration of any of the aforementioned actions
taken.
The company has also chosen to present EBITDA and adjusted
EBITDA to investors because it considers these measures to be an
important supplemental means of evaluating operating performance.
EBITDA is defined as earnings before interest, taxes, depreciation
and amortization. Adjusted EBITDA is defined as EBITDA excluding
actions and stock compensation expense. Hanes believes that EBITDA
and adjusted EBITDA are frequently used by securities analysts,
investors and other interested parties in the evaluation of
companies in the industry, and management uses EBITDA and adjusted
EBITDA for planning purposes in connection with setting its capital
allocation strategy. EBITDA and adjusted EBITDA should not,
however, be considered as measures of discretionary cash available
to invest in the growth of the business.
In addition, with respect to 2020 financial guidance, Hanes has
chosen to present certain year-over-year comparisons with respect
to the company’s rebased 2019 business, which excludes the exited
C9 Champion program and DKNY license. Hanes believes this
information is useful to management and investors to facilitate a
more meaningful comparison of the results of the company’s ongoing
business between 2019 and 2020. The company has provided rebased
2018 and 2019 quarterly P&Ls in Supplemental Table B dated Feb.
7, 2020, contained in this news release.
Hanes is a global company that reports financial information in
U.S. dollars in accordance with GAAP. As a supplement to the
company’s reported operating results, Hanes also presents
constant-currency financial information, which is a non-GAAP
financial measure that excludes the impact of translating foreign
currencies into U.S. dollars. The company uses constant-currency
information to provide a framework to assess how the business
performed excluding the effects of changes in the rates used to
calculate foreign currency translation.
To calculate foreign currency translation on a constant currency
basis, operating results for the current-year period for entities
reporting in currencies other than the U.S. dollar are translated
into U.S. dollars at the average exchange rates in effect during
the comparable period of the prior year (rather than the actual
exchange rates in effect during the current year period).
Organic sales are net sales excluding those derived from
businesses acquired within the previous 12 months of a reporting
date.
Hanes believes constant currency and organic sales information
is useful to management and investors to facilitate comparison of
operating results and better identify trends in the company’s
businesses.
Non‐GAAP financial measures have limitations as analytical tools
and should not be considered in isolation or as an alternative to,
or substitute for, financial results prepared in accordance with
GAAP. Further, the non-GAAP measures presented may be different
from non-GAAP measures with similar or identical names presented by
other companies.
Reconciliations of non-GAAP to the most directly comparable GAAP
financial measures are presented in the supplemental financial
information included with this news release.
Webcast Conference Call
Hanes will host an Internet webcast of its fourth-quarter
investor conference call at 8:30 a.m. EST today, Feb. 7, 2020. The
webcast of the call, which will consist of prepared remarks
followed by a question-and-answer session, may be accessed at
www.Hanes.com/investors. The call is expected to conclude by 9:30
a.m.
An archived replay of the conference call webcast will be
available in the investors section of the Hanes corporate website.
A telephone playback will be available from approximately noon EST
today through midnight EST Feb. 14, 2020. The replay will be
available by calling toll-free (855) 859-2056 or by toll call at
(404) 537-3406. The replay ID is 1274288.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains certain forward-looking statements,
as defined under U.S. federal securities laws, with respect to our
long-term goals and trends associated with our business, as well as
guidance as to future performance. In particular, among others,
statements regarding Champion brand growth, our revitalization
strategy for U.S. Innerwear, our outlook for cash flow growth and
share repurchases, and statements following the heading 2020
Financial Guidance, are forward-looking statements. These
forward-looking statements are based on our current intent,
beliefs, plans and expectations. Readers are cautioned not to place
any undue reliance on any forward-looking statements.
Forward-looking statements necessarily involve risks and
uncertainties, many of which are outside of our control, that could
cause actual results to differ materially from such statements and
from our historical results and experience. These risks and
uncertainties include such things as: the highly competitive and
evolving nature of the industry in which we compete; the rapidly
changing retail environment; any inadequacy, interruption,
integration failure or security failure with respect to our
information technology; the impact of significant fluctuations and
volatility in various input costs, such as cotton and oil-related
materials, utilities, freight and wages; our ability to attract and
retain a senior management team with the core competencies needed
to support growth in global markets; our ability to properly manage
strategic projects in order to achieve the desired results;
significant fluctuations in foreign exchange rates; our reliance on
a relatively small number of customers for a significant portion of
our sales; legal, regulatory, political and economic risks related
to our international operations; our ability to effectively manage
our complex multinational tax structure; the existence of a
material weakness in our internal control over financial reporting;
and other risks identified from time to time in our most recent
Securities and Exchange Commission reports, including our annual
report on Form 10-K and quarterly reports on Form 10-Q. Since it is
not possible to predict or identify all of the risks, uncertainties
and other factors that may affect future results, the above list
should not be considered a complete list. Any forward-looking
statement speaks only as of the date on which such statement is
made, and HanesBrands undertakes no obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise, other than as required by
law.
HanesBrands
HanesBrands, based in Winston-Salem, N.C., is a socially
responsible leading marketer of everyday basic innerwear and
activewear apparel in the Americas, Europe, Australia and
Asia-Pacific. The company sells its products under some of the
world’s strongest apparel brands, including Hanes, Champion, Bonds,
DIM, Maidenform, Bali, Playtex, Lovable, Bras N Things, Nur Die/Nur
Der, Alternative, L’eggs, JMS/Just My Size, Wonderbra, Berlei, and
Gear for Sports. The company sells T-shirts, bras, panties,
shapewear, underwear, socks, hosiery, and activewear produced in
the company’s low-cost global supply chain. A member of the S&P
500 stock index, Hanes has approximately 63,000 employees in more
than 40 countries and is ranked No. 432 on the Fortune 500 list of
America’s largest companies by sales. Hanes takes pride in its
strong reputation for ethical business practices. For more
information, visit the company’s corporate website at
www.Hanes.com/corporate and newsroom at
https://newsroom.hanesbrands.com/. Connect with the company via
social media: Twitter (@hanesbrands), Facebook
(www.facebook.com/hanesbrandsinc), Instagram
(@hanesbrands_careers), and LinkedIn (@Hanesbrandsinc).
TABLE 1
HANESBRANDS INC.
Condensed Consolidated
Statements of Income
(in thousands, except
per-share amounts)
(Unaudited)
Quarters Ended
Years Ended
December 28, 2019
December 29, 2018
% Change
December 28, 2019
December 29, 2018
% Change
Net sales
$
1,751,005
$
1,768,301
(1.0
)%
$
6,966,923
$
6,803,955
2.4
%
Cost of sales
1,044,262
1,064,144
4,247,593
4,150,736
Gross profit
706,743
704,157
0.4
%
2,719,330
2,653,219
2.5
%
As a % of net sales
40.4
%
39.8
%
39.0
%
39.0
%
Selling, general and administrative
expenses
463,328
460,034
1,829,600
1,788,568
As a % of net sales
26.5
%
26.0
%
26.3
%
26.3
%
Operating profit
243,415
244,123
(0.3
)%
889,730
864,651
2.9
%
As a % of net sales
13.9
%
13.8
%
12.8
%
12.7
%
Other expenses
7,658
6,779
31,424
26,395
Interest expense, net
40,907
47,687
178,579
194,675
Income before income tax expense
194,850
189,657
679,727
643,581
Income tax expense
9,864
39,629
79,007
103,915
Net income
$
184,986
$
150,028
$
600,720
$
539,666
Earnings per share:
Basic
$
0.51
$
0.41
$
1.65
$
1.48
Diluted
$
0.51
$
0.41
$
1.64
$
1.48
Weighted average shares outstanding:
Basic
364,885
364,003
364,709
363,513
Diluted
365,644
364,748
365,519
364,505
The following tables present a reconciliation of reported results
on a constant currency basis for the quarter and year ended
December 28, 2019 and a comparison to prior year:
Quarter Ended December 28,
2019
As Reported
Impact from Foreign
Currency1
Constant Currency
Quarter Ended
December 29, 2018
% Change,
As Reported
% Change,
Constant Currency
As reported under GAAP:
Net sales
$
1,751,005
$
(18,443
)
$
1,769,448
$
1,768,301
(1.0
)%
0.1
%
Gross profit
706,743
(10,450
)
717,193
704,157
0.4
%
1.9
%
Operating profit
243,415
(2,877
)
246,292
244,123
(0.3
)%
0.9
%
Diluted earnings per share
$
0.51
$
(0.01
)
$
0.52
$
0.41
24.4
%
26.8
%
As adjusted:2
Net sales
$
1,751,005
$
(18,443
)
$
1,769,448
$
1,768,301
(1.0
)%
0.1
%
Gross profit
725,296
(10,450
)
735,746
708,916
2.3
%
3.8
%
Operating profit
262,982
(2,877
)
265,859
258,807
1.6
%
2.7
%
Diluted earnings per share
$
0.51
$
(0.01
)
$
0.52
$
0.45
13.3
%
15.6
%
Year Ended December 28,
2019
As Reported
Impact from Foreign
Currency1
Constant Currency
Year Ended
December 29, 2018
% Change,
As Reported
% Change,
Constant Currency
As reported under GAAP:
Net sales
$
6,966,923
$
(121,530
)
$
7,088,453
$
6,803,955
2.4
%
4.2
%
Gross profit
2,719,330
(64,599
)
2,783,929
2,653,219
2.5
%
4.9
%
Operating profit
889,730
(15,907
)
905,637
864,651
2.9
%
4.7
%
Diluted earnings per share
$
1.64
$
(0.04
)
$
1.68
$
1.48
10.8
%
13.5
%
As adjusted:2
Net sales
$
6,966,923
$
(121,530
)
$
7,088,453
$
6,803,955
2.4
%
4.2
%
Gross profit
2,777,597
(64,599
)
2,842,196
2,691,574
3.2
%
5.6
%
Operating profit
953,216
(15,907
)
969,123
944,849
0.9
%
2.6
%
Diluted earnings per share
$
1.76
$
(0.04
)
$
1.80
$
1.67
5.4
%
7.8
%
1
Effect of the change in foreign currency
exchange rates year-over-year. Calculated by applying prior period
exchange rates to the current year financial results. This
calculation excludes entities acquired within the past twelve
months.
2
See “Reconciliation of Select GAAP
Measures to Non-GAAP Measures” in Table 5.
TABLE 2
HANESBRANDS INC.
Supplemental Financial
Information
(in thousands)
(Unaudited)
Quarters Ended
Years Ended
December 28, 2019
December 29, 2018
% Change
December 28, 2019
December 29, 2018
% Change
Segment net sales:
Innerwear
$
569,630
$
594,177
(4.1
)%
$
2,302,632
$
2,379,675
(3.2
)%
Activewear
452,970
485,417
(6.7
)%
1,854,704
1,792,280
3.5
%
International
650,807
608,931
6.9
%
2,529,375
2,344,115
7.9
%
Other
77,598
79,776
(2.7
)%
280,212
287,885
(2.7
)%
Total net sales
$
1,751,005
$
1,768,301
(1.0
)%
$
6,966,923
$
6,803,955
2.4
%
Segment operating profit:
Innerwear
$
140,368
$
134,039
4.7
%
$
515,991
$
526,831
(2.1
)%
Activewear
71,633
78,028
(8.2
)%
281,319
267,428
5.2
%
International
96,765
98,526
(1.8
)%
384,784
351,769
9.4
%
Other
8,400
7,161
17.3
%
24,829
25,348
(2.0
)%
General corporate expenses/other
(54,184
)
(58,947
)
(8.1
)%
(253,707
)
(226,527
)
12.0
%
Restructuring and other action-related
charges
(19,567
)
(14,684
)
33.3
%
(63,486
)
(80,198
)
(20.8
)%
Total operating profit
$
243,415
$
244,123
(0.3
)%
$
889,730
$
864,651
2.9
%
The following tables present a reconciliation of total reported net
sales to organic constant currency net sales for the quarter and
year ended December 28, 2019 and a comparison to prior year:
Quarter Ended December 28,
2019
Reported Net Sales
Acquisitions1
Impact from Foreign
Currency2
Organic Constant
Currency
Organic $ Change
% Change
Segment net sales:
Innerwear
$
569,630
$
—
$
—
$
569,630
$
(24,547
)
(4.1
)%
Activewear
452,970
—
—
452,970
(32,447
)
(6.7
)
International
650,807
—
(18,443
)
669,250
60,319
9.9
Other
77,598
—
—
77,598
(2,178
)
(2.7
)
Total
$
1,751,005
$
—
$
(18,443
)
$
1,769,448
$
1,147
0.1
%
Year Ended December 28,
2019
Reported Net Sales
Acquisitions1
Impact from Foreign
Currency2
Organic Constant
Currency
Organic $ Change
% Change
Segment net sales:
Innerwear
$
2,302,632
$
—
$
—
$
2,302,632
$
(77,043
)
(3.2
)%
Activewear
1,854,704
—
—
1,854,704
62,424
3.5
International
2,529,375
17,515
(121,530
)
2,633,390
289,275
12.3
Other
280,212
—
—
280,212
(7,673
)
(2.7
)
Total
$
6,966,923
$
17,515
$
(121,530
)
$
7,070,938
$
266,983
3.9
%
1
Net sales derived from businesses acquired
within the past twelve months.
2
Effect of the change in foreign currency
exchange rates year-over-year. Calculated by applying prior period
exchange rates to the current year net sales. This calculation
excludes entities acquired within the past twelve months.
On a constant currency basis, global
Champion sales outside the mass channel increased 22% in the fourth
quarter of 2019 compared to the fourth quarter of 2018. Including
the unfavorable foreign currency impact of $1 million, global
Champion sales outside the mass channel increased 22% in the
quarter.
On a constant currency basis,
consumer-directed sales increased 17% in the fourth quarter of 2019
compared to the fourth quarter of 2018. Including the unfavorable
foreign currency impact of $10 million, consumer-directed sales
increased 15% in the quarter. On a constant currency basis,
consumer-directed sales increased 16% in 2019 compared to 2018.
Including the unfavorable foreign currency impact of $54 million,
consumer-directed sales increased 12% in the year.
TABLE 3
HANESBRANDS INC.
Condensed Consolidated Balance
Sheets
(in thousands)
(Unaudited)
December 28, 2019
December 29, 2018
Assets
Cash and cash equivalents
$
328,876
$
433,022
Trade accounts receivable, net
815,210
870,878
Inventories
1,905,845
2,056,838
Other current assets
174,634
181,377
Total current assets
3,224,565
3,542,115
Property, net
587,896
607,688
Right-of-use assets
487,787
—
Trademarks and other identifiable
intangibles, net
1,520,800
1,555,381
Goodwill
1,235,711
1,241,727
Deferred tax assets
203,331
207,449
Other noncurrent assets
93,896
83,880
Total assets
$
7,353,986
$
7,238,240
Liabilities
Accounts payable
$
959,006
$
1,029,933
Accrued liabilities
531,184
569,597
Lease liabilities
166,091
—
Notes payable
4,244
5,824
Accounts Receivable Securitization
Facility
—
161,608
Current portion of long-term debt
110,914
278,976
Total current liabilities
1,771,439
2,045,938
Long-term debt
3,256,870
3,534,183
Lease liabilities - noncurrent
358,281
—
Pension and postretirement benefits
403,458
378,972
Other noncurrent liabilities
327,343
407,021
Total liabilities
6,117,391
6,366,114
Stockholders’ Equity
Preferred stock
—
—
Common stock
3,624
3,613
Additional paid-in capital
304,395
284,877
Retained earnings
1,546,224
1,079,503
Accumulated other comprehensive loss
(617,648
)
(495,867
)
Total stockholders equity
1,236,595
872,126
Total liabilities and stockholders’
equity
$
7,353,986
$
7,238,240
TABLE 4
HANESBRANDS INC.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(Unaudited)
Quarters Ended
Years Ended
December 28, 2019
December 29, 2018
December 28, 2019
December 29, 2018
Operating activities:
Net income
$
184,986
$
150,028
$
600,720
$
539,666
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation
24,418
24,449
96,030
95,359
Amortization of acquisition
intangibles
6,159
5,126
24,868
25,670
Other amortization
2,548
2,907
10,069
10,767
Amortization of debt issuance costs
3,710
2,327
10,731
9,278
Stock compensation expense
483
16,795
9,277
21,416
Deferred taxes
45,478
30,062
41,817
26,611
Other
3,371
(415
)
5,033
(1,134
)
Changes in assets and liabilities, net of
acquisition of businesses:
Accounts receivable
215,505
166,778
45,157
10,269
Inventories
203,800
74,461
147,330
(202,019
)
Other assets
19,434
(32,803
)
(6,597
)
(7,585
)
Accounts payable
(55,421
)
49,599
(67,390
)
165,788
Accrued pension and postretirement
benefits
4,518
(184
)
(9,843
)
(5,024
)
Accrued liabilities and other
(100,257
)
12,983
(103,770
)
(45,660
)
Net cash from operating activities
558,732
502,113
803,432
643,402
Investing activities:
Capital expenditures
(21,134
)
(22,821
)
(101,084
)
(86,293
)
Proceeds from sales of assets
1,354
778
4,884
2,557
Acquisition of businesses, net of cash
acquired1
(3,872
)
1
(25,232
)
(334,915
)
Other
11,772
—
11,772
—
Net cash from investing activities
(11,880
)
(22,042
)
(109,660
)
(418,651
)
Financing activities:
Borrowings on notes payable
90,405
60,438
341,117
278,147
Repayments on notes payable
(90,492
)
(68,604
)
(342,576
)
(286,591
)
Borrowings on Accounts Receivable
Securitization Facility
39,312
21,440
246,417
213,336
Repayments on Accounts Receivable
Securitization Facility
(247,915
)
(81,811
)
(408,025
)
(176,937
)
Borrowings on Revolving Loan
Facilities
614,000
704,500
3,198,277
3,546,360
Repayments on Revolving Loan
Facilities
(614,000
)
(1,018,000
)
(3,199,592
)
(3,506,500
)
Repayments on Term Loan Facilities
(261,250
)
(9,375
)
(413,498
)
(31,875
)
Borrowings on International Debt
—
—
27,680
—
Repayments on International Debt
(6,903
)
—
(48,327
)
(1,105
)
Cash dividends paid
(54,269
)
(54,116
)
(216,958
)
(216,316
)
Payments to amend and refinance credit
facilities
(105
)
(44
)
(1,203
)
(677
)
Payment of contingent consideration
—
—
—
(3,540
)
Taxes paid related to net shares
settlement of equity awards
(8,020
)
(6,937
)
(9,543
)
(12,715
)
Other
843
(2,570
)
2,221
(2,084
)
Net cash from financing activities
(538,394
)
(455,079
)
(824,010
)
(200,497
)
Effect of changes in foreign exchange
rates on cash
3,421
9,033
4,429
9,912
Change in cash, cash equivalents and
restricted cash
11,879
34,025
(125,809
)
34,166
Cash, cash equivalents and restricted cash
at beginning of period
318,044
421,707
455,732
421,566
Cash, cash equivalents and restricted cash
at end of year
329,923
455,732
329,923
455,732
Less restricted cash at end of
year1
1,047
22,710
1,047
22,710
Cash and cash equivalents per balance
sheet at end of year
$
328,876
$
433,022
$
328,876
$
433,022
1
As previously disclosed in the Company’s
Annual Report on Form 10-K for the year ended December 29, 2018,
the Company acquired Bras N Things for a total purchase price of
A$495 million (U.S.$389 million) which included an indemnification
escrow of A$32 million (U.S.$25 million). During the third quarter
of 2019, the Company paid A$31 million (U.S.$21 million) of the
indemnification escrow related to the Bras N Things acquisition to
the sellers. The remaining indemnification escrow is classified as
restricted cash and is included in the “Other current assets” line
of the Condensed Consolidated Balance Sheet at December 28,
2019.
TABLE 5
HANESBRANDS INC.
Supplemental Financial
Information
Reconciliation of Select GAAP
Measures to Non-GAAP Measures
(in thousands, except
per-share amounts)
(Unaudited)
Quarters Ended
Years Ended
December 28, 2019
December 29, 2018
December 28, 2019
December 29, 2018
Gross profit, as reported under GAAP
$
706,743
$
704,157
$
2,719,330
$
2,653,219
Restructuring and other action-related
charges
18,553
4,759
58,267
38,355
Gross profit, as adjusted
$
725,296
$
708,916
$
2,777,597
$
2,691,574
As a % of net sales
41.4
%
40.1
%
39.9
%
39.6
%
Selling, general and administrative
expenses, as reported under GAAP
$
463,328
$
460,034
$
1,829,600
$
1,788,568
Restructuring and other action-related
charges
(1,014
)
(9,925
)
(5,219
)
(41,843
)
Selling, general and administrative
expenses, as adjusted
$
462,314
$
450,109
$
1,824,381
$
1,746,725
As a % of net sales
26.4
%
25.5
%
26.2
%
25.7
%
Operating profit, as reported under
GAAP
$
243,415
$
244,123
$
889,730
$
864,651
Restructuring and other action-related
charges included in gross profit
18,553
4,759
58,267
38,355
Restructuring and other action-related
charges included in SG&A
1,014
9,925
5,219
41,843
Operating profit, as adjusted
$
262,982
$
258,807
$
953,216
$
944,849
As a % of net sales
15.0
%
14.6
%
13.7
%
13.9
%
Net income, as reported under GAAP
$
184,986
$
150,028
$
600,720
$
539,666
Restructuring and other action-related
charges:
Restructuring and other action-related
charges included in gross profit
18,553
4,759
58,267
38,355
Restructuring and other action-related
charges included in SG&A
1,014
9,925
5,219
41,843
Debt refinance charges included in other
expenses
—
—
—
(36
)
Tax effect on actions and other tax
adjustments
(16,309
)
(1,678
)
(22,502
)
(11,624
)
Net income, as adjusted
$
188,244
$
163,034
$
641,704
$
608,204
Diluted earnings per share, as reported
under GAAP1
$
0.51
$
0.41
$
1.64
$
1.48
Restructuring and other action-related
charges
0.01
0.04
0.11
0.19
Diluted earnings per share, as
adjusted
$
0.51
$
0.45
$
1.76
$
1.67
1
Results may not be additive due to
rounding.
Quarters Ended
Years Ended
December 28, 2019
December 29, 2018
December 28, 2019
December 29, 2018
Restructuring and other action-related
charges by category:
Supply chain actions
$
13,937
$
—
$
53,651
$
—
Program exit costs
4,616
—
4,616
—
Hanes Europe Innerwear
—
2,296
—
26,403
Hanes Australasia
—
83
—
14,266
Other acquisitions and other
action-related costs
1,014
12,305
5,219
39,529
Debt refinance charges
—
—
—
(36
)
Tax effect on actions and other tax
adjustments
(16,309
)
(1,678
)
(22,502
)
(11,624
)
Total restructuring and other
action-related charges
$
3,258
$
13,006
$
40,984
$
68,538
Last Twelve Months
December 28, 2019
December 29, 2018
EBITDA1:
Net income
$
600,720
$
539,666
Interest expense, net
178,579
194,675
Income tax expense
79,007
103,915
Depreciation and amortization
130,967
131,796
Total EBITDA
989,273
970,052
Total action and other related charges
(excluding tax effect on actions)
63,486
80,162
Stock compensation expense
9,277
21,416
Total EBITDA, as adjusted
$
1,062,036
$
1,071,630
Net debt:
Debt (current and long term debt and
Accounts Receivable Securitization Facility)
$
3,367,784
$
3,974,767
Notes payable
4,244
5,824
(Less) Cash and cash equivalents
(328,876
)
(433,022
)
Net debt
$
3,043,152
$
3,547,569
Net debt/EBITDA, as adjusted
2.9
3.3
1
Earnings before interest, taxes,
depreciation and amortization (EBITDA) is a non-GAAP financial
measure.
Quarters Ended
Years Ended
December 28, 2019
December 29, 2018
December 28, 2019
December 29, 2018
Free Cash Flow:
Net cash from operating activities
$
558,732
$
502,113
$
803,432
$
643,402
Capital expenditures
(21,134
)
(22,821
)
(101,084
)
(86,293
)
Free Cash Flow
$
537,598
$
479,292
$
702,348
$
557,109
TABLE 6
HANESBRANDS INC.
Supplemental Financial
Information
Reconciliation of GAAP Outlook
to Adjusted Outlook1
(in thousands, except
per-share amounts)
(Unaudited)
Quarter Ended
Year Ended
March 28, 2020
January 2, 2021
Operating profit outlook, as calculated
under GAAP
$118,000 to $128,000
$850,000 to $880,000
Restructuring and other action-related
charges
$27,000
$50,000
Operating profit outlook, as adjusted
$145,000 to $155,000
$900,000 to $930,000
Diluted earnings per shares, as calculated
under GAAP2
$0.17 to $0.20
$1.60 to $1.68
Restructuring and other action-related
charges
$0.06
$0.12
Diluted earnings per share, as
adjusted
$0.23 to $0.26
$1.72 to $1.80
1
Hanesbrands is unable to reconcile
projections for net debt to EBITDA, as adjusted, as of the end of
the 2020 fiscal year without unreasonable efforts, because the
Company cannot predict, without unreasonable effort and otherwise
to a reasonable degree of certainty, the exact amount of certain
items that would impact this ratio, such as debt balances, revenue,
tax rates, interest expense and stock compensation expense.
2
The company expects approximately 357
million and 354 million diluted weighted average shares outstanding
for the quarter ended March 28, 2020 and the year ended January 2,
2021, respectively.
Supplemental B - p. 1
February 7, 2020
REBASED FOR EXITED
PROGRAMS
HANESBRANDS INC.
Condensed Consolidated
Statements of Income - REBASED*
(in thousands, except
per-share amounts)
(Unaudited)
Quarters Ended
Year Ended
March 30, 2019
June 29, 2019
September 28, 2019
December 28, 2019
December 28, 2019
Net sales
$
1,493,920
$
1,642,217
$
1,748,269
$
1,663,070
$
6,547,476
Cost of sales
886,085
989,265
1,058,102
968,288
3,901,740
Gross profit
607,835
652,952
690,167
694,782
2,645,736
As a % of net sales
40.7
%
39.8
%
39.5
%
41.8
%
40.4
%
Selling, general and administrative
expenses
457,741
436,200
440,431
453,007
1,787,379
As a % of net sales
30.6
%
26.6
%
25.2
%
27.2
%
27.3
%
Operating profit
150,094
216,752
249,736
241,775
858,357
As a % of net sales
10.0
%
13.2
%
14.3
%
14.5
%
13.1
%
Other expenses
7,451
8,249
8,066
7,658
31,424
Interest expense, net
48,059
46,522
43,091
40,907
178,579
Income before income tax expense
94,584
161,981
198,579
193,210
648,354
Income tax expense
13,109
23,462
28,377
24,932
89,880
Net income
$
81,475
$
138,519
$
170,202
$
168,278
$
558,474
Earnings per share:
Basic
$
0.22
$
0.38
$
0.47
$
0.46
$
1.53
Diluted
$
0.22
$
0.38
$
0.47
$
0.46
$
1.53
Weighted average shares outstanding:
Basic
364,570
364,637
364,743
364,885
364,709
Diluted
365,299
365,537
365,597
365,644
365,519
*This information reflects Hanesbrands'
Condensed Consolidated Statements of Income on a rebased basis to
reflect adjustments for restructuring and other action-related
charges and the exited C9 Champion program at Target and DKNY
Intimates license.
Supplemental B - p. 2
February 7, 2020
REBASED FOR EXITED
PROGRAMS
HANESBRANDS INC.
Supplemental Financial
Information - REBASED*
Reconciliation of Select GAAP
Measures to Non-GAAP Measures
(in thousands, except
per-share amounts)
(Unaudited)
Quarters Ended
Year Ended
March 30, 2019
June 29, 2019
September 28, 2019
December 28, 2019
December 28, 2019
Net sales, as reported under GAAP
$
1,588,024
$
1,760,927
$
1,866,967
$
1,751,005
$
6,966,923
Net sales from exited programs
(94,104
)
(118,710
)
(118,698
)
(87,935
)
(419,447
)
Net sales, rebased
$
1,493,920
$
1,642,217
$
1,748,269
$
1,663,070
$
6,547,476
Gross profit, as reported under GAAP
$
620,031
$
675,523
$
717,033
$
706,743
$
2,719,330
Restructuring and other action-related
charges
17,692
12,598
9,424
18,553
58,267
Gross profit on exited programs
(29,888
)
(35,169
)
(36,290
)
(30,514
)
(131,861
)
Adjusted gross profit, rebased
$
607,835
$
652,952
$
690,167
$
694,782
$
2,645,736
As a % of net sales, rebased
40.7
%
39.8
%
39.5
%
41.8
%
40.4
%
Selling, general and administrative
expenses, as reported under GAAP
$
470,387
$
445,923
$
449,962
$
463,328
$
1,829,600
Restructuring and other action-related
charges
(3,681
)
(11
)
(513
)
(1,014
)
(5,219
)
Selling, general and administrative
expenses related to exited programs
(8,965
)
(9,712
)
(9,018
)
(9,307
)
(37,002
)
Adjusted selling, general and
administrative expenses, rebased
$
457,741
$
436,200
$
440,431
$
453,007
$
1,787,379
As a % of net sales, rebased
30.6
%
26.6
%
25.2
%
27.2
%
27.3
%
Operating profit, as reported under
GAAP
$
149,644
$
229,600
$
267,071
$
243,415
$
889,730
Restructuring and other action-related
charges included in gross profit
17,692
12,598
9,424
18,553
58,267
Restructuring and other action-related
charges included in SG&A
3,681
11
513
1,014
5,219
Gross profit on exited programs
(29,888
)
(35,169
)
(36,290
)
(30,514
)
(131,861
)
Selling, general and administrative
expenses related to exited programs
8,965
9,712
9,018
9,307
37,002
Adjusted operating profit, rebased
$
150,094
$
216,752
$
249,736
$
241,775
$
858,357
As a % of net sales, rebased
10.0
%
13.2
%
14.3
%
14.5
%
13.1
%
Net income, as reported under GAAP
$
81,088
$
149,555
$
185,091
$
184,986
$
600,720
Restructuring and other action-related
charges included in gross profit
17,692
12,598
9,424
18,553
58,267
Restructuring and other action-related
charges included in SG&A
3,681
11
513
1,014
5,219
Gross profit on exited programs
(29,888
)
(35,169
)
(36,290
)
(30,514
)
(131,861
)
Selling, general and administrative
expenses related to exited programs
8,965
9,712
9,018
9,307
37,002
Tax effect on actions and other tax
adjustments
(63
)
1,812
2,446
(15,068
)
(10,873
)
Adjusted net income, rebased
$
81,475
$
138,519
$
170,202
$
168,278
$
558,474
Diluted earnings per share, as reported
under GAAP1
$
0.22
$
0.41
$
0.51
$
0.51
$
1.64
Restructuring and other action-related
charges
0.05
0.03
0.02
0.01
0.11
Exited programs
(0.05
)
(0.06
)
(0.06
)
(0.05
)
(0.23
)
Adjusted diluted earnings per share,
rebased
$
0.22
$
0.38
$
0.47
$
0.46
$
1.53
1
Results may not be additive due to
rounding.
*This information reconciles Hanesbrands'
GAAP measures to measures on a rebased basis to reflect adjustments
for restructuring and other action-related charges and the exited
C9 Champion program at Target and DKNY Intimates license.
Supplemental B - p. 3
February 7, 2020
REBASED FOR EXITED
PROGRAMS
HANESBRANDS INC.
Supplemental Financial
Information - REBASED*
(in thousands)
(Unaudited)
Quarters Ended
Year Ended
March 30, 2019
June 29, 2019
September 28, 2019
December 28, 2019
December 28, 2019
Innerwear net sales:
As reported
$
475,945
$
678,604
$
578,453
$
569,630
$
2,302,632
Less:
C9 Champion
6,731
12,765
13,262
9,533
42,291
DKNY Intimates
2,800
8,362
2,906
1,795
15,863
Rebased Innerwear net sales
$
466,414
$
657,477
$
562,285
$
558,302
$
2,244,478
Quarters Ended
Year Ended
March 30, 2019
June 29, 2019
September 28, 2019
December 28, 2019
December 28, 2019
Innerwear operating profit:
As reported
$
104,626
$
149,530
$
121,467
$
140,368
$
515,991
Less:
C9 Champion
2,305
4,387
4,655
3,630
14,977
DKNY Intimates
(805
)
(1,854
)
(959
)
(1,207
)
(4,825
)
Rebased Innerwear operating profit
$
103,126
$
146,997
$
117,771
$
137,945
$
505,839
Quarters Ended
Year Ended
March 30, 2019
June 29, 2019
September 28, 2019
December 28, 2019
December 28, 2019
Activewear net sales:
As reported
$
405,340
$
448,277
$
548,117
$
452,970
$
1,854,704
Less:
C9 Champion
84,573
97,583
102,530
76,607
361,293
Rebased Activewear net sales
$
320,767
$
350,694
$
445,587
$
376,363
$
1,493,411
Quarters Ended
Year Ended
March 30, 2019
June 29, 2019
September 28, 2019
December 28, 2019
December 28, 2019
Activewear operating profit:
As reported
$
43,593
$
68,779
$
97,314
$
71,633
$
281,319
Less:
C9 Champion
19,423
22,924
23,576
18,784
84,707
Rebased Activewear operating profit
$
24,170
$
45,855
$
73,738
$
52,849
$
196,612
*This information reflects Hanesbrands'
supplemental financial information on a rebased basis to reflect
adjustments for restructuring and other action-related charges and
the exited C9 Champion program at Target and DKNY Intimates
license.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200207005206/en/
News Media, contact: Matt Hall, (336) 519-3386
Analysts and Investors, contact: T.C. Robillard, (336)
519-2115
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