- Delivers Consolidated Net Sales
Revenue Growth of 2.8%; Core Business growth of 2.7%
- Delivers GAAP Diluted Earnings Per
Share (EPS) of $0.33; Non-GAAP Adjusted Diluted EPS of
$1.65
- Updates Fiscal 2018 GAAP Diluted EPS
Outlook to $4.01 to $4.34
- Reiterates non-GAAP Adjusted Diluted
EPS Outlook of $6.50 to $6.90
- Updates Fiscal 2018 Consolidated Net
Sales Outlook to $1.560 to $1.585 billion; Growth of 1.5% to
3.1%
- Announces Project Refuel with
Targeted Annualized Savings of $10 Million
Helen of Troy Limited (NASDAQ:HELE), designer, developer
and worldwide marketer of consumer brand-name housewares, health
and home, nutritional supplement and beauty products, today
reported results for the three-month period ended August 31, 2017.
Second quarter fiscal 2018 results include pre-tax non-cash asset
impairment charges of $18.1 million and a $3.6 million charge
related to the bankruptcy of Toys “R” Us, with no comparable
charges in the same period last year.
Executive Summary
- Consolidated net sales revenue increase
of 2.8%, including:
- An increase in Leadership Brand net
sales of approximately 5.9%
- An increase in online channel net sales
of approximately 17.9%
- GAAP operating income of $20.1 million,
or 5.3% of net sales, which includes $18.1 million in non-cash
pre-tax asset impairment charges and a $3.6 million charge related
to the bankruptcy of Toys “R” Us, compared to $37.5 million, or
10.2% of net sales in the same period last year
- Non-GAAP adjusted operating income
growth of 7.7% to $51.5 million, or 13.6% of net sales, which
excludes the impairment and bankruptcy charges mentioned above,
compared to $47.9 million, or 13.0% of net sales in the same period
last year
- Effective tax rate of 45.3% compared to
15.9% in the same period of the prior year, driven by the tax
impact of impairment charges
- GAAP diluted EPS of $0.33, which
includes $1.02 per share in impairment and bankruptcy charges
mentioned above, compared to $1.00 in the same period last
year
- Non-GAAP adjusted diluted EPS growth of
26.0% to $1.65, compared to $1.31 in the same period last year
Julien R. Mininberg, Chief Executive Officer, stated: “We are
pleased to deliver another solid quarter at Helen of Troy,
highlighted by a 2.8% increase in total sales, driven primarily by
new product introductions, online customer growth, incremental
distribution, and growth in international sales. Importantly, we
achieved growth of 5.9% in our Leadership Brand sales and a 17.9%
increase in online sales. This growth, coupled with disciplined
incremental investment spending, operating efficiency and lower tax
expense led to an increase in adjusted diluted EPS of 26%. The
quarter was again led by our Housewares segment, which grew sales
8.3%, followed by 2.4% growth in Health & Home. Beauty
benefitted from new appliance introductions with segment net sales
in line with the same period last year, and improved profitability
driven by improved sales mix and operating efficiency. In
Nutritional Supplements the sales decline moderated in the second
quarter; however, we are not satisfied with the segment’s
performance and continue to focus on improvement, while also
pursuing strategic alternatives. In an effort to enhance the
performance of our Nutritional Supplements and Beauty segments, we
are initiating a restructuring plan we are calling Project Refuel.
It focuses primarily on rightsizing the resources allocated to
these businesses and improving the return on our investments. We
are targeting annualized pre-tax savings of $10 million from
Project Refuel once it is substantially implemented.”
Mr. Mininberg continued: “Looking more broadly, I am pleased
with our progress in the first half of the year. During this
period, we achieved total sales growth of 3.1% and an increase in
our Leadership Brand net sales of 7.9%, most of which are growing
share. In addition, sales to the online channel increased 23.0% and
now represents 14.6% of our total sales. Adjusted diluted EPS grew
17% due primarily to disciplined incremental investment spending,
operating efficiency, and lower tax expense. Our balance sheet is
strong, with low leverage, which allows us to continue to pursue
strategic acquisitions. For the year in total, we are reiterating
our adjusted diluted EPS outlook despite the expectation of
challenging conditions in the second half of the year. We now
expect net sales revenue in the range of $1.560 to $1.585 billion,
which reflects the substantial and continued uncertainty in the
retail environment leading to changes in customer order patterns,
much of which is driven by the impact of sweeping changes in
consumer shopping preferences. Overall, we remain confident about
our business and the choices we are making to position our company
for continued long-term profitable growth through product
innovation, increased operating efficiencies, and disciplined
investments with a high return.”
Three Months Ended August 31,
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Fiscal 2017 sales revenue, net $ 105,976
$
144,453
$ 33,112 $ 84,629 $
368,170
Core business 8,804 3,024 (1,855 ) (177 ) 9,796 Impact of foreign
currency (60 ) 384 - 172
496 Change in sales revenue, net 8,744
3,408 (1,855 ) (5 )
10,292 Fiscal 2018 sales revenue, net $ 114,720 $
147,861 $ 31,257 $ 84,624 $ 378,462
Total net sales revenue growth 8.3 % 2.4 % (5.6 ) %
0.0
% 2.8 % Core business 8.3 % 2.1 % (5.6 ) % (0.2 ) % 2.7 % Impact of
foreign currency (0.1 ) % 0.3 % 0.0 % 0.2 % 0.1 % Operating
margin (GAAP) Second quarter fiscal 2018 20.5 % 5.2 % (64.9 ) %
10.8 % 5.3 % Second quarter fiscal 2017 22.9 % 6.5 % (3.7 ) % 6.0 %
10.2 % Adjusted operating margin (non-GAAP) Second quarter fiscal
2018 22.6 % 9.6 % (0.4 ) % 13.5 % 13.6 % Second quarter fiscal 2017
24.2 % 9.7 % 2.0 % 9.0 % 13.0 %
Consolidated Operating Results - Second
Quarter Fiscal 2018 Compared to Second Quarter Fiscal
2017
- Consolidated net sales revenue
increased 2.8% to $378.5 million compared to $368.2 million, which
included an increase of 0.1% from foreign currency fluctuations.
The net sales increase includes the contribution from new product
introductions, online customer growth, incremental distribution,
and growth in international sales, partially offset by a 5.6%
decline in the Nutritional Supplements segment, which had
unfavorable impact of 0.5% on consolidated sales growth, a decrease
in the personal care category within Beauty, and the impact of
lower store traffic and soft consumer spending at traditional brick
and mortar retail.
- Consolidated gross profit margin
increased 0.1 percentage point to 44.4% compared to 44.3%. The
increase in consolidated gross profit margin is primarily due to
favorable product mix and growth in the Company’s Leadership
Brands, partially offset by higher overall promotional spending
with customers and the unfavorable impact that the revenue decline
in Nutritional Supplements had on consolidated gross profit
margin.
- Consolidated SG&A increased by 0.2
percentage points to 34.3% of net sales compared to 34.1%. The
increase is primarily due to a $3.6 million charge related to the
bankruptcy of Toys “R” Us, higher product liability expense and
higher overall marketing, advertising and new product development
expense in support of the Company’s Leadership Brands, partially
offset by lower license royalty expense, lower incentive
compensation expense, lower amortization expense, and improved
distribution and logistics efficiency and lower outbound freight
expense.
- GAAP operating income was $20.1
million, or 5.3% of net sales, compared to $37.5 million, or 10.2%
of net sales in the same period last year. Operating income
includes pre-tax non-cash impairment charges of $18.1 million and a
$3.6 million charge related to the bankruptcy of Toys “R” Us, with
no comparable charges in the same period last year. These items
unfavorably impacted the year-over-year comparison of operating
margin by 5.8 percentage points.
- Income tax expense as a percentage of
pretax income was 45.3%, compared to 15.9% for the same period last
year, primarily due to the recognition of tax benefits from
impairment charges over the course of the year in relation to
pre-tax income as opposed to the periods in which the charges were
incurred. The net effect of this treatment resulted in an
additional tax expense of $6.5 million in the second quarter of
fiscal 2018. For the six months ended August 31, 2017, the Company
has recognized $6.4 million of the expected $19.9 million tax
benefit from impairment charges. The remaining tax benefit of $13.5
million will be recognized in the third and fourth quarters of
fiscal 2018 relative to pre-tax income each quarter. Income taxes
for the three months ended August 31, 2017 also includes a tax
benefit of $2.2 million related to the favorable resolution of an
uncertain tax position. There were no comparable expenses or
benefits in the same period last year.
- Net income was $8.9 million, or $0.33
per diluted share on 27.4 million weighted average diluted shares
outstanding, compared to $28.4 million, or $1.00 per diluted share
on 28.2 million weighted average diluted shares outstanding. Net
income for the three months ended August 31, 2017 includes an
after-tax non-cash asset impairment charge of $24.6 million and a
charge of $3.4 million related to the bankruptcy of Toys “R” Us,
with no comparable charges for the same period last year.
- Adjusted EBITDA (EBITDA excluding
non-cash asset impairment charges, the Toys “R” Us bankruptcy
charge, and non‐cash share based compensation, as applicable) was
$55.9 million compared to $51.8 million.
On an adjusted basis for the second quarters of fiscal 2018 and
2017, excluding non-cash asset impairment charges, the Toys “R” Us
bankruptcy charge, non‐cash share based compensation, and non-cash
amortization of intangible assets, as applicable:
- Adjusted operating income was $51.5
million, or 13.6% of net sales, compared to $47.9 million, or 13.0%
of net sales, primarily reflecting a higher mix of Leadership Brand
sales at a higher operating margin, lower license royalty expense,
lower incentive compensation expense, lower amortization expense,
and improved distribution and logistics efficiency and lower
outbound freight costs. These factors were partially offset by (i)
lower operating leverage in the Nutritional Supplements segment;
(ii) higher product liability expense; and, (iii) higher marketing,
advertising and new product development expense in support of the
Company’s Leadership Brands.
- Adjusted income increased to $45.2
million, or $1.65 per diluted share, compared to $37.0 million, or
$1.31 per diluted share, primarily reflecting the impact of higher
adjusted operating income across all segments except for the
Nutritional Supplements segment, and lower weighted average diluted
shares outstanding year-over-year.
Segment Operating Results - Second
Quarter Fiscal 2018 Compared to Second Quarter Fiscal
2017
Housewares core net sales increased by 8.3% reflecting an
increase in online channel sales, incremental distribution with
existing customers, expanded international and U.S. distribution,
and new product introductions for both Hydro Flask and OXO brands.
This growth includes the unfavorable impact of lower store traffic
and soft consumer spending at traditional brick and mortar retail
and the impact of slowing growth in the Outdoor sector. Net foreign
currency fluctuations were immaterial to segment sales in the
period. GAAP operating margin was 20.5% compared to 22.9%. Adjusted
operating margin decreased 1.6 percentage points primarily due to
higher marketing, advertising and new product development expense,
partially offset by lower incentive compensation expense and the
impact of increased operating leverage from net sales growth.
Health & Home net sales increased 2.4% reflecting growth in
online channel sales, strong sales in certain seasonal categories,
incremental distribution with existing customers, new product
introductions, and growth in international sales. Segment net sales
also benefitted from the favorable impact of net foreign currency
fluctuations of approximately $0.3 million, or 0.3%. Segment net
sales were partially offset by lower club sales and lower royalty
revenue. GAAP operating margin was 5.2% compared to 6.5%. Adjusted
operating margin decreased 0.1 percentage point reflecting an
increase in marketing, advertising and new product development
expense and an increase in product liability expense. These factors
were partially offset by improved distribution and logistics
efficiency and lower outbound freight costs, increased operating
leverage from net sales growth, lower legal fee expense, and lower
royalty expense.
Beauty core business net sales were unchanged at $84.6 million.
Solid growth in both retail and professional appliance sales,
particularly to online retail customers, was offset by declines in
the personal care category due primarily to competitive conditions.
Segment net sales benefitted from the favorable impact of net
foreign currency fluctuations of approximately $0.2 million, or
0.2%. GAAP operating margin was 10.8% compared to 6.0%. Adjusted
operating margin increased 4.5 percentage points reflecting the
favorable impact of new product introductions in the appliance
category, lower personnel expense, lower media advertising expense,
and improved distribution and logistics efficiency and lower
outbound freight costs. These factors were partially offset by the
net sales decline in the personal care category and its unfavorable
impact on sales mix and operating leverage. In an effort to enhance
the segment’s performance, the Company plans to restructure the
business as a part of Project Refuel. The restructuring will have a
high concentration on the personal care business within Beauty. We
expect 75% - 85% of the total targeted annualized savings of $10
million from Refuel to benefit the Beauty segment. We expect to
incur restructuring charges as the plan is put into place.
Nutritional Supplements net sales decreased 5.6%, reflecting a
decline in auto-delivery revenue resulting primarily from the
transition to new order management and customer relationship
management systems, partially offset by increases in direct mail
and third-party retail sales. The segment’s operating loss was
$20.3 million compared to an operating loss of $1.2 million in the
same period last year. The Company recorded pre-tax non-cash asset
impairment charges of $18.1 million with no comparable charges in
the same period last year. Segment adjusted operating loss was $0.1
million compared to adjusted operating income of $0.7 million in
the same period last year. The decrease in adjusted operating
income is primarily due to the net sales decline and its
unfavorable impact on operating leverage, and higher promotion,
advertising and customer acquisition costs. These factors were
partially offset by lower royalty expense and lower incentive
compensation expense. The Company plans to restructure the business
as part of Project Refuel in an effort to improve its performance.
We expect 15% - 25% of the total targeted savings from Refuel to
benefit Nutritional Supplements. We expect to incur restructuring
charges as the plan is put into place. The Company continues to
pursue strategic alternatives for this segment, which could include
divestiture, further restructuring or realignment programs, and
consolidation of operations and functions.
Balance Sheet Highlights - Second
Quarter Fiscal 2018 Compared to Second Quarter Fiscal
2017
- Cash and cash equivalents totaled $13.7
million, compared to $25.8 million
- Total short- and long-term debt was
$444.3 million, compared to $548.6 million, a net decrease of
$104.3 million
- Accounts receivable turnover was 55.7
days, compared to 54.8 days
- Inventory was $325.6 million, compared
to $317.5 million. Inventory turnover was 2.8 times compared to 2.7
times
Fiscal 2018 Annual
Outlook
For fiscal 2018, the Company now expects consolidated net sales
revenue in the range of $1.560 to $1.585 billion, which implies
consolidated sales growth of 1.5% to 3.1%. The Company’s net sales
outlook assumes that September 2017 foreign currency exchange rates
will remain constant for the remainder of the fiscal year and that
the severity of the cough/cold/flu season will be in line with
long-term historical averages. Finally, the Company’s net sales
outlook reflects the following expectations by segment:
- Housewares net sales growth of 8% to
10%;
- Health & Home net sales growth in
the mid-single digits;
- Beauty net sales decline in the
mid-single digits; and
- Nutritional Supplements net sales
decline in the mid-single digits.
The Company’s current Housewares outlook reflects management’s
expectation that solid growth achieved in the first half of fiscal
2018 for both OXO and Hydro Flask will moderate in the second half
of the fiscal year due to weakness at brick and mortar retail,
slowing growth in the Outdoor sector and a difficult comparison
from new product introductions and distribution gains in the same
period last year.
The Company expects consolidated GAAP diluted EPS of $4.01 to
$4.34 and adjusted diluted EPS (non-GAAP) in the range of $6.50 to
$6.90, which excludes after-tax asset impairment charges, the Toys
“R” Us bankruptcy charge, share-based compensation expense and
intangible asset amortization expense. The Company’s diluted EPS
outlook assumes that September 2017 foreign currency exchange rates
will remain constant for the remainder of the fiscal year.
Consistent with the Company’s strategies of investing in core
business growth and consumer centric innovation, its outlook now
includes approximately $0.40 to $0.50 per share year-over-year in
incremental after-tax growth investments expanding digital
marketing, advertising, new product development and e-commerce,
primarily behind the Company’s Leadership Brands. The revised
incremental spending plan partially reflects the effectiveness
achieved from the Company’s spend in the first half of the year. It
also includes a shift in the timing of some planned investment to
the second half of the year. The diluted EPS outlook is based on an
estimated weighted average diluted shares outstanding of 27.4
million.
As previously mentioned, the Company is initiating Project
Refuel, which is targeted to achieve annualized pre-tax cost
savings of $10.0 million once the plan is substantially
implemented. The Company expects the plan to be completed in
approximately 18 months, with the savings highly concentrated in
fiscal 2019. The Company expects to incur restructuring charges
related to this plan in the range of $4.0 million to $6.0 million
over the course of the implementation period.
The Company now expects a reported effective tax rate range of
(4.6)% to (2.6)%, and an adjusted effective tax rate range of 9.2%
to 11.2%, which compares to the Company’s prior outlook of 10% to
12%, for the remainder of fiscal year 2018. The adjusted effective
tax rate range excludes the impact of asset impairment charges on
tax expense for the remainder of fiscal year 2018. Please refer to
the schedule entitled “Effective Tax Rate and Adjusted Effective
Tax Rate (Non-GAAP)” in the accompanying tables to this press
release.
The likelihood and potential impact of any fiscal 2018
acquisitions and divestitures, future asset impairment charges,
future foreign currency fluctuations, or further share repurchases
are unknown and cannot be reasonably estimated; therefore, they are
not included in the Company’s sales and earnings outlook.
Conference Call and
Webcast
The Company will conduct a teleconference in conjunction with
today's earnings release. The teleconference begins at 4:45
p.m. Eastern Time today, Thursday, October 5, 2017. Institutional
investors and analysts interested in participating in the call are
invited to dial (888) 455-2263 approximately ten minutes prior to
the start of the call. The conference call will also be webcast
live at: www.hotus.com. A telephone replay of this call will be
available at 7:45 p.m. Eastern Time on October 5, 2017 until 11:59
p.m. Eastern Time on October 12, 2017 and can be accessed by
dialing (844) 512-2921 and entering replay pin number 8041398. A
replay of the webcast will remain available on the website for 60
days.
Non-GAAP Financial
Measures:
The Company reports and discusses its operating results using
financial measures consistent with accounting principles generally
accepted in the United States of America (“GAAP”). To supplement
its presentation, the Company discloses certain financial measures
that may be considered non-GAAP financial measures, such as
Leadership Brand net sales, adjusted operating income, adjusted
operating margin, adjusted effective tax rate, adjusted income,
adjusted diluted EPS, EBITDA and adjusted EBITDA, which are
presented in accompanying tables to this press release along with a
reconciliation of these financial measures to their corresponding
GAAP-based measures presented in the Company’s consolidated
statements of income.
About Helen of Troy
Limited:
Helen of Troy Limited (NASDAQ, NM: HELE) is a leading global
consumer products company offering creative solutions for its
customers through a strong portfolio of well-recognized and
widely-trusted brands, including OXO®, Hydro Flask®, Vicks®,
Braun®, Honeywell®, PUR®, Febreze®, Revlon®, Pro Beauty Tools®,
Sure®, Pert®, Infusium23®, Brut®, Ammens®, Hot Tools®, Bed Head®,
Dr. Sinatra®, Dr. David Williams, and Dr. Whitaker®. All trademarks
herein belong to Helen of Troy Limited (or its affiliates) and/or
are used under license from their respective licensors.
For more information about Helen of Troy, please visit
www.hotus.com.
Forward Looking Statements:
Certain written and oral statements made by our Company and
subsidiaries of our Company may constitute "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. This includes statements made in this press
release. Generally, the words "anticipates," "believes," "expects,"
"plans," "may," "will," "should," "seeks," "estimates," "project,"
"predict," "potential," "continue," "intends," and other similar
words identify forward-looking statements. All statements that
address operating results, events or developments that we expect or
anticipate will occur in the future, including statements related
to sales, earnings per share results, and statements expressing
general expectations about future operating results, are
forward-looking statements and are based upon our current
expectations and various assumptions. We believe there is a
reasonable basis for our expectations and assumptions, but there
can be no assurance that we will realize our expectations or that
our assumptions will prove correct. Forward-looking statements are
subject to risks that could cause them to differ materially from
actual results. Accordingly, we caution readers not to place undue
reliance on forward-looking statements. The forward-looking
statements contained in this press release should be read in
conjunction with, and are subject to and qualified by, the risks
described in the Company's Form 10-K for the year ended February
28, 2017 and in our other filings with the SEC. Investors are urged
to refer to the risk factors referred to above for a description of
these risks. Such risks include, among others, our ability to
deliver products to our customers in a timely manner and according
to their fulfillment standards, the costs of complying with the
business demands and requirements of large sophisticated customers,
our relationships with key customers and licensors, our dependence
on the strength of retail economies and vulnerabilities to any
prolonged economic downturn, our dependence on sales to several
large customers and the risks associated with any loss or
substantial decline in sales to top customers, expectations
regarding any proposed restructurings, our recent and future
acquisitions or divestitures, including our ability to realize
anticipated cost savings, synergies and other benefits along with
our ability to effectively integrate acquired businesses or
separate divested businesses, circumstances which may contribute to
future impairment of goodwill, intangible or other long-lived
assets, the retention and recruitment of key personnel, foreign
currency exchange rate fluctuations, disruptions in U.S., U.K.,
Euro zone, and other international credit markets, risks associated
with weather conditions, the duration and severity of the cold and
flu season and other related factors, our dependence on foreign
sources of supply and foreign manufacturing, and associated
operational risks including, but not limited to, long lead times,
consistent local labor availability and capacity, and timely
availability of sufficient shipping carrier capacity, risks to the
Nutritional Supplements segment associated with the availability,
purity and integrity of materials used in the manufacture of
vitamins, minerals and supplements, the impact of changing costs of
raw materials, labor and energy on cost of goods sold and certain
operating expenses, the geographic concentration and peak season
capacity of certain U.S. distribution facilities increases our
exposure to significant shipping disruptions and added shipping and
storage costs, our projections of product demand, sales and net
income are highly subjective in nature and future sales and net
income could vary in a material amount from such projections, the
risks associated with the use of trademarks licensed from and to
third parties, our ability to develop and introduce a continuing
stream of new products to meet changing consumer preferences,
increased product liability and reputational risks associated with
the formulation and distribution of vitamins, minerals and
supplements, the risks associated with potential adverse publicity
and negative public perception regarding the use of vitamins,
minerals and supplements, trade barriers, exchange controls,
expropriations, and other risks associated with U.S. and foreign
operations, the risks to our liquidity as a result of changes to
capital market conditions and other constraints or events that
impose constraints on our cash resources and ability to operate our
business, the costs, complexity and challenges of upgrading and
managing our global information systems, the risks associated with
information security breaches, the increased complexity of
compliance with new government regulations covering vitamins,
minerals and supplements, the risks associated with product
recalls, product liability, other claims, and related litigation
against us, the risks associated with accounting for tax positions,
tax audits and related disputes with taxing authorities, the risks
of potential changes in laws in the U.S. or abroad, including tax
laws, regulations or treaties, employment and health insurance laws
and regulations, and laws relating to environmental policy,
financial regulation, transportation policy and infrastructure
policy along with the costs and complexities of compliance with
such laws, and our ability to continue to avoid classification as a
controlled foreign corporation. We undertake no obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or otherwise.
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Consolidated Condensed Statements of
Income
(Unaudited)
(in thousands, except per share
data)
Three Months Ended August 31, 2017
2016 Sales revenue, net $ 378,462
100.0 % $ 368,170 100.0 % Cost of goods sold
210,529 55.6 % 205,202 55.7
% Gross profit 167,933 44.4 % 162,968 44.3 % Selling,
general, and administrative expense ("SG&A") 129,755 34.3 %
125,481 34.1 % Asset impairment charges 18,070 4.8
% - - % Operating income 20,108
5.3 % 37,487 10.2 %
Nonoperating income, net 81 - % 88 - % Interest expense
(3,869 ) (1.0 ) % (3,866 ) (1.1 ) % Income before income
taxes 16,320 4.3 % 33,709 9.2 % Income tax expense
7,387 2.0 % 5,354 1.5 % Net
income $ 8,933 2.4 % $ 28,355 7.7 %
Diluted EPS $ 0.33 $ 1.00 Weighted average shares of
common stock used in computing diluted EPS 27,401 28,224
Six Months Ended August 31, 2017 2016
Sales revenue, net $ 738,067 100.0 % $ 716,108 100.0 % Cost of
goods sold 413,685 56.0 % 400,713
56.0 % Gross profit 324,382 44.0 % 315,395 44.0 %
Selling, general, and administrative expense ("SG&A")
253,438 34.3 % 247,610 34.6 % Asset impairment charges
54,070 7.3 % 7,400 1.0 %
Operating income 16,874 2.3 % 60,385
8.4 % Nonoperating income, net 247 - % 237 - %
Interest expense (7,708 ) (1.0 ) % (7,517 ) (1.0 ) %
Income before income taxes 9,413 1.3 % 53,105 7.4 % Income
tax expense (benefit) (5,388 ) (0.7 ) % 5,724
0.8 % Net income $ 14,801 2.0 % $ 47,381
6.6 % Diluted EPS $ 0.54 $ 1.68
Weighted average shares of common stock used in computing diluted
EPS 27,323 28,185
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Net Sales Revenue by Segment
(Unaudited)
(in thousands)
Three Months Ended August 31,
% of Sales Revenue, net
2017
2016
$ Change
% Change 2017 2016 Sales
revenue by segment, net Housewares $ 114,720 $ 105,976 $
8,744 8.3 %
30.3
%
28.8
% Health & Home 147,861 144,453 3,408 2.4 % 39.1 % 39.2 %
Nutritional Supplements 31,257 33,112 (1,855 ) (5.6 ) % 8.3 % 9.0 %
Beauty 84,624 84,629 (5 ) (0.0 )
% 22.4 % 23.0 % Total sales revenue, net $ 378,462
$ 368,170 $ 10,292 2.8 % 100.0 %
100.0 %
Six Months Ended August 31,
% of Sales Revenue, net 2017 (a ) 2016
$ Change % Change
2017 2016 Sales revenue by
segment, net Housewares $ 213,148 $ 190,579 $ 22,569 11.8 % 28.9 %
26.6 % Health & Home 298,127 290,808 7,319 2.5 % 40.4 % 40.6 %
Nutritional Supplements 62,876 69,052 (6,176 ) (8.9 ) % 8.5 % 9.6 %
Beauty 163,916 165,669 (1,753 )
(1.1 ) % 22.2 % 23.1 % Total sales revenue, net $
738,067 $ 716,108 $ 21,959 3.1 % 100.0
% 100.0 % ________________ (a) Includes approximately
one-half month of incremental operating results from Hydro Flask,
which was acquired on March 18, 2016
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Leadership Brand Net Sales Revenue
(1)
(Unaudited)
(in thousands)
Three Months Ended August 31, Six
Months Ended August 31,
2017
2016
2017
2016
Leadership Brand sales revenue, net (b) $ 266,575 $ 251,829 $
513,285 $ 475,668 All other sales revenue, net 111,887
116,341 224,782 240,440
Total sales revenue, net $ 378,462 $ 368,170 $
738,067 $ 716,108 ________________ (b) Leadership
Brand net sales consists of revenue from the OXO, Honeywell, Braun,
PUR, Hydro Flask, Vicks, and Hot Tools brands.
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Consolidated and Segment Net Sales,
Operating Margin and Adjusted Operating Margin (non-GAAP)
(Unaudited)
(in thousands)
Three Months Ended August 31,
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Fiscal 2017 sales revenue, net $ 105,976
$ 144,453 $ 33,112 $ 84,629 $ 368,170 Core business 8,804 3,024
(1,855 ) (177 ) 9,796 Impact of foreign currency (60 )
384 - 172 496
Change in sales revenue, net 8,744
3,408 (1,855 ) (5 ) 10,292
Fiscal 2018 sales revenue, net $ 114,720 $ 147,861 $
31,257 $ 84,624 $ 378,462 Total net
sales revenue growth 8.3 % 2.4 % (5.6 ) % (0.0 ) % 2.8 % Core
business 8.3 % 2.1 % (5.6 ) % (0.2 ) % 2.7 % Impact of foreign
currency (0.1 ) % 0.3 % 0.0 % 0.2 % 0.1 % Operating margin
(GAAP) Second quarter fiscal 2018 20.5 % 5.2 % (64.9 ) % 10.8 % 5.3
% Second quarter fiscal 2017 22.9 % 6.5 % (3.7 ) % 6.0 % 10.2 %
Adjusted operating margin (non-GAAP) Second quarter fiscal 2018
22.6 % 9.6 % (0.4 ) % 13.5 % 13.6 % Second quarter fiscal 2017 24.2
% 9.7 % 2.0 % 9.0 % 13.0 %
Six Months Ended August
31,
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Fiscal 2017 sales revenue, net $ 190,579
$ 290,808 $ 69,052 $ 165,669 $ 716,108 Core business 16,969 8,041
(6,176 ) (1,294 ) 17,540 Impact of foreign currency (548 ) (722 ) -
(459 ) (1,729 ) Acquisitions (a) 6,148 -
- - 6,148 Change
in sales revenue, net 22,569 7,319
(6,176 ) (1,753 ) 21,959 Fiscal 2018
sales revenue, net $ 213,148 $ 298,127 $ 62,876
$ 163,916 $ 738,067 Total net sales
revenue growth 11.8 % 2.5 % (8.9 ) % (1.1 ) % 3.1 % Core business
8.9 % 2.8 % (8.9 ) % (0.8 ) % 2.4 % Impact of foreign currency (0.3
) % (0.2 ) % 0.0 % (0.3 ) % (0.2 ) % Acquisitions 3.2 % 0.0 % 0.0 %
0.0 % 0.9 % Operating Margin (GAAP) Year-to-Date Fiscal 2018
19.5 % 7.5 % (87.3 ) % 4.8 % 2.3 % Year-to-Date Fiscal 2017 20.8 %
6.5 % (9.4 ) % 4.9 % 8.4 % Adjusted Operating Margin (non-GAAP)
Year-to-Date Fiscal 2018 21.5 % 11.0 % (1.1 ) % 10.0 % 12.8 %
Year-to-Date Fiscal 2017 22.5 % 10.5 % 4.4 % 9.8 % 12.9 %
________________ (a) Includes approximately one-half month of
incremental operating results from Hydro Flask, which was acquired
on March 18, 2016.
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Selected Consolidated Balance Sheet,
Cash Flow and Liquidity Information
(Unaudited)
(in thousands)
August 31,
2017
2016
Balance Sheet: Cash and cash equivalents $ 13,720 $ 25,809
Receivables, net 238,421 222,909 Inventory, net 325,562 317,497
Total assets, current 592,702 580,317 Total assets 1,798,487
1,855,515 Total liabilities, current 312,781 296,359 Total
long-term liabilities 448,367 567,345 Total debt 444,266 548,562
Stockholders' equity 1,037,339 991,811 Liquidity: Working
capital $ 279,921 $ 283,958
Six Months Ended August
31, 2017 2016 Cash Flow:
Depreciation and amortization $ 21,602 $ 22,098 Net cash provided
by operating activities 49,999 85,681 Capital and intangible asset
expenditures 16,814 10,215 Payments to acquire businesses, net of
cash received - 209,258 Net amounts repaid 42,000 71,900
SELECTED OTHER DATA
Reconciliation of Non-GAAP Financial
Measures – GAAP Operating Income (Loss)
to Adjusted Operating Income (Loss)
(non-GAAP) (1)
(Unaudited)
(in thousands)
Three Months Ended August 31, 2017
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating income (loss), as reported
(GAAP) $ 23,513 20.5 % $ 7,730
5.2 % $ (20,293 ) (64.9 ) % $ 9,158
10.8 % $ 20,108 5.3 % Asset impairment charges
(2) - - % - - % 18,070 57.8 % - - % 18,070 4.8 % TRU bankruptcy
charge (4) 956 0.8 % 2,640 1.8 % - -
% - - % 3,596 1.0 % Subtotal 24,469 21.3 %
10,370 7.0 % (2,223 ) (7.1 ) % 9,158 10.8 % 41,774 11.0 %
Amortization of intangible assets (5) 485 0.4 % 2,790 1.9 % 1,772
5.7 % 1,416 1.7 % 6,463 1.7 % Non-cash share-based compensation (6)
1,028 0.9 % 1,080 0.7 % 332 1.1
% 848 1.0 % 3,288 0.9 % Adjusted operating income
(loss) (non-GAAP) $ 25,982 22.6 % $ 14,240 9.6 % $ (119 ) (0.4 ) %
$ 11,422 13.5 % $ 51,525 13.6 %
Three Months Ended August
31, 2016
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating income (loss), as reported
(GAAP) $ 24,233 22.9 % $ 9,397 6.5 % $ (1,229 ) (3.7 ) % $
5,086 6.0 % $ 37,487 10.2 % Asset impairment charges (2) - - % - -
% - - % - - % - - % TRU bankruptcy charge (4) - - % -
- % - - % - - % - - % Subtotal
24,233 22.9 % 9,397 6.5 % (1,229 ) (3.7 ) % 5,086 6.0 % 37,487 10.2
% Amortization of intangible assets (5) 671 0.6 % 3,542 2.5 % 1,571
4.7 % 1,438 1.7 % 7,222 2.0 % Non-cash share-based compensation (6)
705 0.7 % 1,005 0.7 % 333 1.0 %
1,101 1.3 % 3,144 0.9 % Adjusted operating income
(non-GAAP) $ 25,609 24.2 % $ 13,944 9.7 % $ 675 2.0 %
$ 7,625 9.0 % $ 47,853 13.0 %
Six Months Ended August 31,
2017
Health &
Nutritional
Housewares (a)
Home
Supplements
Beauty Total Operating income (loss), as reported
(GAAP) $ 41,619 19.5 % $ 22,290 7.5 % $
(54,892 ) (87.3
)
%
$
7,857
4.8
%
$
16,874
2.3
% Asset impairment charges (2) - - % - - % 50,070 79.6 % 4,000 2.4
% 54,070 7.3 % TRU bankruptcy charge (4) 956 0.4 %
2,640 0.9 % - - % - - %
3,596 0.5 % Subtotal 42,575 20.0 % 24,930 8.4
% (4,822 ) (7.7
)
%
11,857 7.2 % 74,540 10.1 % Amortization of intangible assets (5)
1,129 0.5 % 5,576 1.9 % 3,610 5.7 % 2,833 1.7 % 13,148 1.8 %
Non-cash share-based compensation (6) 2,052 1.0 %
2,160 0.7 % 513 0.8 % 1,754 1.1
% 6,479 0.9 % Adjusted operating income
(loss) (non-GAAP) $ 45,756 21.5 % $ 32,666 11.0 % $ (699 ) (1.1
)
%
$ 16,444 10.0 % $ 94,167 12.8 %
Six Months Ended August 31, 2016
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating income (loss), as reported
(GAAP) $ 39,733 20.8 % $ 19,001 6.5 % $ (6,501 ) (9.4
)
%
$ 8,152 4.9 % $ 60,385 8.4 % Asset impairment charges (2) - - % - -
% 5,000 7.2 % 2,400 1.4 % 7,400 1.0 % Patent litigation charge (3)
- - % 1,468 0.5 % - - % -
- % 1,468 0.2 % Subtotal 39,733
20.8 % 20,469 7.0 % (1,501 ) (2.2
)
%
10,552 6.4 % 69,253 9.7 % Amortization of intangible assets (5)
1,328 0.7 % 7,080 2.4 % 3,142 4.6 % 2,876 1.7 % 14,426 2.0 %
Non-cash share-based compensation (6) 1,733 0.9 %
2,915 1.0 % 1,365 2.0 % 2,745
1.7 % 8,758
1.2
% Adjusted operating income (non-GAAP) $ 42,794 22.5 % $
30,464 10.5 % $ 3,006 4.4 % $ 16,173 9.8
% $ 92,437 12.9 % ________________ (a)
Includes approximately one-half month of incremental operating
results from Hydro Flask, which was acquired on March 18, 2016.
SELECTED OTHER DATA
Reconciliation of Non-GAAP Financial
Measures - EBITDA
(Earnings Before Interest, Taxes,
Depreciation and Amortization) and Adjusted EBITDA (1)
(Unaudited)
(in thousands)
Three Months Ended August 31, Six
Months Ended August 31,
2017
2016
2017
2016
Net income (GAAP) $ 8,933 $ 28,355 $ 14,801 $ 47,381
Interest expense, net 3,831 3,840 7,617 7,448 Income tax
expense (benefit) 7,387 5,354 (5,388 ) 5,724 Depreciation
and amortization, excluding amortized interest 10,805
11,142 21,602 22,098
EBITDA (non-GAAP) 30,956 48,691 38,632 82,651 Add:
Non-cash asset impairment charges (2) 18,070 - 54,070 7,400
TRU bankruptcy charge (4) 3,596 - 3,596 - Patent litigation
charge (3) - - - 1,468 Non-cash share-based compensation (6)
3,288 3,144 6,479
8,758 Adjusted EBITDA (non-GAAP) $ 55,910 $
51,835 $ 102,777 $ 100,277
SELECTED OTHER DATA
Reconciliation of Non-GAAP Financial
Measures - EBITDA
(Earnings Before Interest, Taxes,
Depreciation and Amortization) and Adjusted EBITDA by Segment
(1)
(Unaudited)
(in thousands)
Three Months Ended August 31, 2017
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating Income (loss) (GAAP) $
23,513
$
7,730
$ (20,293 ) $
9,158
$
20,108
Depreciation and amortization, excluding amortized interest 1,419
4,183 2,390 2,813 10,805 Nonoperating income, net -
- - 43 43
EBITDA (non-GAAP) 24,932 11,913 (17,903 ) 12,014 30,956 Add:
Non-cash asset impairment charges (2) - - 18,070 - 18,070 TRU
bankruptcy charge (4) 956 2,640 - - 3,596 Non-cash share-based
compensation (6) 1,028 1,080 332
848 3,288 Adjusted EBITDA
(non-GAAP) $ 26,916 $ 15,633 $ 499 $ 12,862
$ 55,910
Three Months Ended August
31, 2016
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating Income (loss) (GAAP) $ 24,233
$ 9,397 $ (1,229 ) $ 5,086 $ 37,487 Depreciation and amortization,
excluding amortized interest 1,442 5,284 2,174 2,242 11,142
Nonoperating income, net - - -
62 62 EBITDA (non-GAAP) 25,675
14,681 945 7,390 48,691 Add: Non-cash share-based compensation (6)
705 1,005 333
1,101 3,144 Adjusted EBITDA (non-GAAP) $
26,380 $ 15,686 $ 1,278 $ 8,491 $
51,835
Six Months Ended August 31, 2017
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating income (loss) (GAAP) $
41,619
$
22,290
$ (54,892 ) $
7,857
$
16,874
Depreciation and amortization, excluding amortized interest 2,846
8,321 4,846 5,589 21,602 Nonoperating income, net -
- - 156 156
EBITDA (non-GAAP) 44,465 30,611 (50,046 ) 13,602 38,632 Add:
Non-cash asset impairment charges (2) - - 50,070 4,000 54,070 TRU
bankruptcy charge (4) 956 2,640 - - 3,596 Non-cash asset
share-based compensation (6) 2,052 2,160
513 1,754 6,479
Adjusted EBITDA (non-GAAP) $ 47,473 $ 35,411 $ 537
$ 19,356 $ 102,777
Six Months Ended
August 31, 2016
Health &
Nutritional
Housewares
Home
Supplements
Beauty Total Operating income (loss) (GAAP) $ 39,733
$ 19,001 $ (6,501 ) $ 8,152 $ 60,385 Depreciation and amortization,
excluding amortized interest 2,771 10,517 4,134 4,676 22,098
Nonoperating income, net - - -
168 168 EBITDA (non-GAAP) 42,504
29,518 (2,367 ) 12,996 82,651 Add: Non-cash asset impairment
charges (2) - - 5,000 2,400 7,400 Patent litigation charge (3) -
1,468 - - 1,468 Non-cash asset share-based compensation (6)
1,733 2,915 1,365 2,745
8,758 Adjusted EBITDA (non-GAAP) $ 44,237
$ 33,901 $ 3,998 $ 18,141 $ 100,277
SELECTED OTHER DATA
Effective Tax Rate and Adjusted
Effective Tax Rate (Non-GAAP) (1) (7)
(Unaudited)
Outlook for the Outlook
for Six Months Ended Balance of the Fiscal
Fiscal Year August 31, 2017 Year (Six Months)
2018 Effective tax rate, as reported (57.2 )% (4.6 )% - (2.6
)% (9.2 )% - (8.0 )% Asset impairment charges 58.8 % 13.8 %
- 13.8 % 15.4 % - 15.4 % TRU Bankruptcy charge 0.2 % 0.0 % -
0.0 % 0.0 % - 0.0 % Adjusted
effective tax rate (Non-GAAP) 1.8 % 9.2 % - 11.2 % 6.2 % - 7.4 %
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Reconciliation of GAAP Net Income and
Earnings Per Share (EPS) to Adjusted Income and Adjusted EPS
(non-GAAP) (1) (7)
(Unaudited)
(dollars in thousands, except per share
data)
Three Months Ended August 31, Basic
EPS Diluted EPS
2017
2016
2017
2016
2017
2016
Net income as reported (GAAP) $ 8,933 $ 28,355 $ 0.33 $ 1.02 $ 0.33
$ 1.00 Asset impairment charges, net of tax (2) 24,559 - 0.90 -
0.90 - TRU bankruptcy charge (4) 3,392 -
0.12 - 0.12
- Subtotal 36,884 28,355 1.35 1.02 1.35 1.00 Amortization of
intangible assets, net of tax (5) 5,607 6,228 0.21 0.22 0.20 0.22
Non-cash share-based compensation, net of tax (6) 2,698
2,451 0.10 0.09
0.10 0.09 Adjusted income (non-GAAP) $
45,189 $ 37,034 $ 1.66 $ 1.33 $ 1.65
$ 1.31
Weighted average shares of common stock
used in computing basic and diluted EPS
27,232 27,845 27,401
28,224
Six Months Ended August 31,
Basic EPS Diluted EPS 2017 2016
2017 2016 2017 2016 Net income as
reported (GAAP) $ 14,801 $ 47,381 $ 0.55 $ 1.70 $ 0.54 $ 1.68 Asset
impairment charges, net of tax (2) 47,687 5,097 1.76 0.18 1.75 0.18
Patent litigation charge, net of tax (3) - 1,464 - 0.05 - 0.05 TRU
bankruptcy charge (4) 3,392 -
0.12 - 0.12 -
Subtotal 65,880 53,942 2.43 1.94 2.41 1.91 Amortization of
intangible assets, net of tax (5) 11,376 12,430 0.42 0.45 0.42 0.44
Non-cash share-based compensation, net of tax (6) 5,398
6,544 0.20 0.24
0.20 0.23 Adjusted income (non-GAAP) $
82,654 $ 72,916 $ 3.04 $ 2.62 $ 3.03
$ 2.59
Weighted average shares of common stock
used in computing basic and diluted EPS
27,154 27,809 27,323 28,185
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Reconciliation of Fiscal Year 2018
Outlook for GAAP Diluted EPS
to Adjusted Diluted EPS (non-GAAP) (1)
(7) (8)
(Unaudited)
Fiscal Year Ended February 28, 2018
Outlook for the
Balance of the
Outlook for the
Six Months Ended
Fiscal Year
Fiscal Year
August 31, 2017
(Six Months)
(Twelve Months)
Diluted EPS, as reported (GAAP) $
0.54
$ 3.47 - $ 3.80 $
4.01
- $
4.34
Asset impairment charges, net of tax (2) 1.75 (0.50 ) - (0.50 )
1.25 - 1.25 TRU bankruptcy charge (4) 0.12 -
- - 0.12 -
0.12 Subtotal 2.41 2.97 - 3.30 5.38 - 5.71 Amortization of
intangible assets, net of tax (5) 0.42 0.37 - 0.39 0.79 - 0.81
Non-cash share-based compensation, net of tax (6) 0.20
0.13 - 0.18 0.33
- 0.38 Adjusted diluted EPS (non-GAAP)
$ 3.03 $ 3.47 - $ 3.87 $ 6.50 -
$ 6.90
HELEN OF TROY LIMITED AND
SUBSIDIARIES
________________ Notes to Press Release (1) This
press release contains non-GAAP financial measures. Leadership
Brand net sales revenue, adjusted operating income, adjusted
operating margin, adjusted effective tax rate, adjusted income,
adjusted diluted EPS, EBITDA, and adjusted EBITDA (“Non-GAAP
measures”) that are discussed in the accompanying press release or
in the preceding tables may be considered non-GAAP financial
information as contemplated by SEC Regulation G, Rule 100.
Accordingly, we are providing the preceding tables that reconcile
these measures to their corresponding GAAP-based measures presented
in our Consolidated Condensed Statements of Income in the
accompanying tables to the press release. The Company believes that
these non-GAAP measures provide useful information to management
and investors regarding financial and business trends relating to
its financial condition and results of operations. We believe that
these non-GAAP financial measures, in combination with the
Company’s financial results calculated in accordance with GAAP,
provide investors with additional perspective regarding the impact
of such charges on net income and earnings per share. We also
believe that these non-GAAP measures facilitate a more direct
comparison of the Company’s performance with its competitors. We
further believe that including the excluded charges would not
accurately reflect the underlying performance of the Company’s
continuing operations for the period in which the charges are
incurred, even though such charges may be incurred and reflected in
the Company’s GAAP financial results in the near future.
Additionally, the non-GAAP financial measures are used by
management for measuring and evaluating the Company’s performance.
The Company further believes that the items excluded from certain
non-GAAP measures do not accurately reflect the underlying
performance of its continuing operations for the periods in which
they are incurred, even though some of these excluded items may be
incurred and reflected in the Company's GAAP financial results in
the foreseeable future. The material limitation associated with the
use of the non-GAAP financial measures is that the non-GAAP
measures do not reflect the full economic impact of the Company's
activities. These non-GAAP measures are not prepared in accordance
with GAAP, are not an alternative to GAAP financial information,
and may be calculated differently than non-GAAP financial
information disclosed by other companies. Accordingly, undue
reliance should not be placed on non-GAAP information. (2)
Non-cash asset impairment charges of $18.1 million ($24.6 million
after tax) for the three months ended August 31, 2017, and $54.1
million ($47.7 million after tax) and $7.4 million ($5.1 million
after tax) for the six months ended August 31, 2017 and 2016,
respectively. (3) Adjustments consist of patent litigation
charges of $1.5 million (before and after tax) recorded during the
six months ended August 31, 2016. (4) A $3.6 million charge
($3.4 million after tax) related to the Toys “R” Us, Inc. (“TRU”)
bankruptcy for both the three and six months ended August 31, 2017.
(5) Amortization of intangible assets of $6.5 million ($5.6
million after tax) and $7.2 million ($6.2 million after tax), for
the three months ended August 31, 2017 and 2016, respectively, and
$13.1 million ($11.4 million after tax) and $14.4 million ($12.4
million after tax), for the six months ended August 31, 2017 and
2016, respectively. (6) Non-cash share-based compensation
expense of $3.3 million ($2.7 million after tax) and $3.1 million
($2.5 million after tax) for the three months ended August 31, 2017
and 2016, respectively, and $6.5 million ($5.4 million after tax)
and $8.8 million ($6.5 million after tax) for the six months ended
August 31, 2017 and 2016, respectively. (7) Total tax
effects of adjustments described in Notes 2 through 6, for each of
the periods presented:
Three Months Ended August 31,
Six Months Ended August 31, (In thousands)
2017 2016 2017
2016 Asset impairment charges (2) $ 6,489 $ - (6,383
) (2,303 ) Patent litigation charge (3) - - - (4 ) TRU
bankruptcy charge (4) (204 ) - (204 ) - Amortization of intangible
assets (5) (856 ) (994 ) (1,772 ) (1,996 ) Non-cash share-based
compensation (6) (590 ) (693 ) (1,081 )
(2,214 ) Total $ 4,839 $ (1,687 ) $ (9,440 ) $ (6,517 )
(8) The diluted EPS outlook is based on an estimated weighted
average shares outstanding of 27.4 million for fiscal year
2018.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171005006329/en/
Investors:Helen of Troy LimitedAnne Rakunas,
915-225-4841Director, External CommunicationsorICR, Inc.Allison
Malkin, 203-682-8200Sr. Managing Director
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