ORLANDO, Fla., Jan. 31, 2018 /PRNewswire/ -- (NYSE:
TUP) Tupperware Brands Corporation today announced fourth
quarter 2017 operating results.
Rick Goings, Chairman and CEO,
commented, "Our local currency sales came in 1-point under our
October guidance range. Overall, our top-line did accelerate on a
sequential basis after adjusting for calendar shifts, in connection
with having an additional week in the fourth quarter of 2016, and
the closure of Beauticontrol. China's significant growth trajectory
continued, while Brazil and
Tupperware Mexico grew nicely, demonstrating resilience in the face
of tough externals coming out of the third quarter of 2017.
Adjusted earnings per share was 6-cents above the high-end of our range in local
currency after a 1-cent drag from
foreign exchange rates versus October guidance."
Goings continued, "Our re-engineering program to revitalize
operations and improve the cost structure, primarily in
Europe, continues to progress.
Globally, we continue efforts to evolve our relationship-selling
business model to include greater access to our powerful brands and
innovative products through the use of digital tools, branded
contact points and a relevant earning opportunity for our growing
sales force of 3.2 million."
Fourth Quarter Executive Summary - (Comparisons with Fourth
Quarter 2016)
- Net sales were $588.6 million,
down 2% (4% local currency). On a Comparable Basis, adjusting for
the impacts of the 53rd week in 2016 and the closure of
Beauticontrol, local currency sales were estimated to be up
3%++. Emerging markets**, accounting for 67% of sales,
were up 2% (1% local currency). On a Comparable Basis, local
currency sales in the emerging markets increased 7%++.
The most significant contributions to the fourth quarter growth in
local currency sales were in Brazil, China
and Tupperware Mexico, partially offset by India and Indonesia. Established market sales decreased
9% (14% local currency). On a Comparable Basis, local currency
sales in the established markets decreased 5%++. The
local currency sales decreases were most significant in
France, Germany and Italy.
- GAAP net loss and diluted loss per share were $326.5 million and $6.41, versus net income and diluted earnings per
share of $79.0 million and
$1.55 in 2016, respectively. "Items"
in the 2017 quarter included non-cash, income tax charges related
to the enactment of the new U.S. tax law of $375 million, or $7.36 per share, and pre-tax costs in connection
with the Company's re-engineering program of $22 million, or $0.40 in 2017, versus $0.04 in 2016. Adjusted, diluted earnings per
share of $1.59 was 10% higher (6%
local currency). This was 6-cents
above the high-end of the October guidance range. Versus the
October guidance, there was a 1-cent
negative impact on adjusted, diluted earnings per share comparison
from net weaker foreign exchange rates, while there was a
5-cent benefit versus the same period
in 2016.
- Total sales force of 3.2 million was up 3%, including a 1-point
negative impact from removing the Beauticontrol sales force.
Average active sellers in the fourth quarter was down 3%, including
a negative 3-point impact related to Beauticontrol. This was a
3-point improvement from the third quarter after adjusting for
Beauticontrol.
Fourth Quarter Business Highlights - (Comparisons with Fourth
Quarter 2016)
Europe: Segment sales were
down 3% (10% local currency). Comparable Basis: down
5%++.
- Emerging markets in Europe
were down 2% (3% local currency), mainly in Tupperware South
Africa, down 7% (10% local currency), partially offset by CIS, up
18% (13% local currency).
- Established markets were down 4% (13% local currency), in part,
due to service issues in connection with the pending closure of the
French supply chain facility, most significantly in Germany, up 1% (down 9% local currency),
France, down 6% (15% local
currency), and Italy, down 12%
(20% local currency).
Asia Pacific: Segment sales
were down 2% (4% local currency). Comparable Basis: up
2%++.
- Emerging markets in Asia
Pacific were down 1% (3% local currency), reflecting sales
in China, up 33% (28% local
currency) on the strength of significantly more members and
continued leveraging of the product portfolio, digital technologies
and its 6,100 studios (11% advantage over 2016). India was down 19% (23% local currency),
reflecting continued challenges with the sales force size in light
of the government direct selling guidelines, along with a negative
6% impact from the goods and services tax effective in July 2017. Indonesia was down 21% (20% local currency)
from fewer active sellers.
North America: Segment sales
were down 7% (8% local currency), including 8-points of an impact
from Beauticontrol closure. Comparable Basis: up
4%++.
- Tupperware United States and Canada sales were down 2% (3% local currency),
including a negative timing shift.
- Tupperware Mexico sales were up 13% (10% local currency) and
Fuller Mexico sales were down 1% (5% local currency), despite
impacts from natural disasters at the end of the third quarter
2017.
South America: Segment sales
grew 6% (10% local currency). Comparable Basis: up
16%++.
- Brazil was up 4% (5% local
currency), leveraging a 16% sales force size advantage to overcome
challenges in the consumer spending environment.
- Sales in Argentina were even
with 2016 (up 16% local currency). Local currency comparison mainly
reflected price increases related to the highly inflationary
environment.
Revitalization Program
Under the Company's revitalization plan announced in
July 2017, it expects to incur a
total of $100 to $110 million in pretax costs, of which
$65 million was recorded in 2017. The
Company expects to incur an additional $30
million in 2018. Cash outflows associated with the overall
program are expected to total $90 to
$100 million, including $13 million paid in 2017 and $70 million expected in 2018. Both the cost and
cash flow are before related asset sales that could bring proceeds
of up to $50 to $60 million over time. The program is expected to
generate about $35 million of
annualized benefits once fully implemented. Other than an increase
in expected proceeds from the sale of related assets, the amounts
associated with the program have not changed since it was
announced. The Company realized a small benefit in 2017 and expects
to realize about two-thirds of the annualized benefit in 2018.
After reinvestment, a mid-teen dollar benefit is expected in 2018.
In addition, there will be a $2.6
million benefit versus 2017, of not having operating losses
from Beauticontrol in the first half of 2018.
U.S Tax Cuts and Jobs Act of 2017 (the "Tax Act")
In December 2017, the U.S.
government enacted the Tax Act that significantly changed the U.S.
corporate income tax system by, among other things, lowering the U.
S. corporate income tax rate and implementing a territorial tax
system. Upon enactment in the fourth quarter of 2017, the Company
recorded an estimate of non-cash, income tax charges of
$375 million.
The changes included in the Tax Act are broad and complex. The
final transition impacts may differ from the above estimate,
possibly materially, due to, among other things, changes in
interpretations; legislative action, including U.S. Treasury
regulations and guidance; changes in accounting standards or
related interpretations; and updates or changes to estimates the
Company has utilized to calculate the transition impacts, including
impacts from changes to earnings estimates. A different amount than
reflected in this release could be recorded related to transition
impacts in the Company's 2017 audited financial statements included
in its Form 10-K expected to be filed in late February, and/or
additional transition-related amounts could be recorded in
the Company's 2018 financial statements.
2018 Outlook
Based on current business trends and foreign currency rates, the
Company's first quarter and fiscal 2018 full year outlook is
provided below.
Company Level
|
13 Weeks
Ended
|
|
13 Weeks
|
|
52 Weeks
Ended
|
|
52 Weeks
|
|
Mar. 31,
2018
|
|
Ended
|
|
Dec. 29,
2018
|
|
Ended
|
|
Low
|
High
|
|
Apr. 1,
2017
|
|
Low
|
High
|
|
Dec 30,
2017
|
|
|
|
|
|
|
|
|
|
|
USD Sales Growth vs
Prior Year
|
1
|
%
|
3
|
%
|
|
6
|
%
|
|
2
|
%
|
4
|
%
|
|
2
|
%
|
GAAP EPS
|
$0.77
|
|
$0.82
|
|
|
$0.93
|
|
|
$4.50
|
|
$4.65
|
|
|
($5.22)
|
|
GAAP Pre-Tax
ROS
|
9.9
|
%
|
10.4
|
%
|
|
11.6
|
%
|
|
13.9
|
%
|
14.1
|
%
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
Local
Currency+ Sales Growth vs Prior
Year
|
(3)
|
%
|
(1)
|
%
|
|
6
|
%
|
|
—
|
%
|
2
|
%
|
|
1
|
%
|
EPS Excluding
Items*
|
$1.01
|
|
$1.06
|
|
|
$1.01
|
|
|
$5.09
|
|
$5.24
|
|
|
$4.84
|
|
Pre-Tax ROS Excluding
Items*
|
12.7
|
%
|
13.1
|
%
|
|
12.5
|
%
|
|
15.5
|
%
|
15.7
|
%
|
|
14.6
|
%
|
|
|
|
|
|
|
|
|
|
|
FX Impact on EPS
Comparison (a)
|
$0.06
|
|
$0.06
|
|
|
|
|
$0.14
|
|
$0.14
|
|
|
|
|
(a) Impact of
changes in foreign currency versus prior year is updated monthly
and posted at: Tupperware Brands Foreign Exchange Translation
Impact Update.
|
Full Year 2018
- There is a negative 1.7 and 1.4 point impact in the 2018 first
quarter and full year sales comparisons, respectively, from the
closure of Beauticontrol in 2017.
- Tax rate estimated at 27.8% on a U.S. GAAP basis and 27.0%
excluding items.
- Excludes Orlando, Florida land
sales and revitalization program related asset sales that may
occur.
Segment Level
- For the full year, sales are expected to be up by a mid-single
digit in dollars (down 1 to 3% local currency) in Europe; up by a low-single digit in dollars
(down 1 to 3% local currency) in Asia
Pacific; about even in dollars (even to down 2% local
currency) in North America,
including a 6% negative impact from the closure of Beauticontrol;
and up by a mid-single digit in dollars (11 to 13% local currency)
in South America.
- Segment profit return on sales, excluding items, is expected to
be up about 1½ points in Europe,
to increase a ½ point Asia
Pacific, to increase almost 2 points in North America and to be about even in
South America.
Dividend Declaration
The Company's Board of Directors declared today the Company's
regular quarterly dividend. The dividend declared was 68
cents per share, even with the previous quarter. It is payable on
April 5, 2018 to shareholders of
record as of March 20, 2018.
* See Non-GAAP Financial Measures Reconciliation Schedules.
** The Company classifies established market units as those
operating in Western Europe,
including Scandinavia, the United
States, Canada,
Australia and Japan and its remaining units as emerging
market units.
+ Local currency changes are measured by comparing
current year results with those of the prior year translated at the
current year's foreign exchange rates.
++ Includes the Company's assessment of the impact on
the comparison of fourth quarter 2016 sales results having one
additional week and the related calendar shift benefit into the
first quarter, from the fourth quarter, of 2017, as well as the
impact of no longer having Beauticontrol sales after the closure in
the third quarter of 2017 (defined as Comparable Basis).
Fourth Quarter Earnings Conference Call
Tupperware Brands will conduct a conference call today,
Wednesday, January 31, 2018, at 8:30 am
Eastern time. The conference call will be webcast and
accessible, along with a copy of this news release and slides
presented during the conference call, on
www.tupperwarebrands.com.
Tupperware Brands Corporation, through an independent
sales force of 3.2 million, is the leading global marketer of
innovative, premium products across multiple brands utilizing
social selling. Product brands and categories include
design-centric preparation, storage and serving solutions for the
kitchen and home through the Tupperware brand and beauty and
personal care products through the Avroy Shlain, Fuller Cosmetics,
NaturCare, Nutrimetics and Nuvo brands.
The Company's stock is listed on the New York Stock Exchange
(NYSE: TUP). Statements contained in this release, which are not
historical fact and use predictive words such as "estimates",
"outlook", "guidance", "expects", "target" or "will" are
forward-looking statements. These statements involve risks
and uncertainties that include impairment and other charges related
to purchase accounting goodwill and restructuring actions,
enactment related and ongoing impacts related to the Tax Act,
recruiting and activity of the Company's independent sales forces
relating to governmental actions and otherwise, the success of new
product introductions and promotional programs, governmental
approvals of materials for use in food containers and beauty,
personal care nutraceutical products, the success of buyers in
obtaining financing or attracting tenants for commercial and
residential developments, the effects of economic and political
conditions generally and foreign exchange risk in particular and
other risks detailed in the Company's periodic reports as filed in
accordance with the Securities Exchange Act of 1934, as
amended.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on Tupperware
Brands Foreign Exchange Translation Impact Update. Other than
updating for changes in foreign currency exchange rates, the
Company does not intend to update forward-looking information,
except through its quarterly earnings releases, unless it expects
diluted earnings per share for the current quarter, excluding items
impacting comparability and changes versus its guidance of the
impact of changes in foreign exchange rates, to be significantly
below its previous guidance.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this
release, which are provided to assist readers' understanding of the
Company's results of operations. These amounts exclude certain
items that at times materially impact the comparability of the
Company's results of operations. The adjusted information is
intended to be indicative of the Company's primary operations, and
to assist readers in evaluating performance and analyzing trends
across periods. These results should be considered in addition to,
not as a substitute for, results reported in accordance with
GAAP.
The non-GAAP financial measures include related to sales
adjustments to remove the impact of the 53rd week in the
Company's 2016 fiscal calendar and the impact of the 2017 closure
of Beauticontrol. On comparisons related to profit, the non-GAAP
financial measures exclude gains from the sale of property,
plant and equipment and insurance settlements related to casualty
losses, other income in connection with real estate related
operations, inventory obsolescence and operating losses in
conjunction with decisions to exit, wind-down or significantly
restructure businesses along with asset sales related to exited
businesses, certain asset retirement obligations, re-engineering
including the exit of businesses and fixed asset impairment
charges, pension settlements and significant discrete impacts of
new tax laws upon adoption. While the Company is engaged in a
multi-year program to sell land adjacent to its Orlando, Florida headquarters, and also
disposes of other excess land and facilities periodically, these
activities are not part of its primary business operations.
Additionally, amounts recognized in any given period are not
indicative of amounts that may be recognized in any particular
future period. For this reason, these amounts are
excluded as indicated. The Company excludes significant
charges related to casualty losses caused by significant weather
events, fires or similar circumstances. It also excludes any
related gains resulting from the settlement of associated insurance
claims. While these types of events can and do recur periodically,
they are excluded from indicated financial information due to their
distinction from ongoing business operations, inherent volatility
and impact on the comparability of earnings across periods. The
Company periodically records exit costs accounted for using the
applicable accounting guidance for exit or disposal cost
obligations and other amounts related to rationalizing its supply
chain operations and other re-engineering activities, including the
exit of businesses and upon liquidation of operations in a country,
the recognition in income of amounts previously recorded in equity
as a cumulative translation adjustment. Also, the Company excludes
the impact of changes in tax laws on cumulative deferred taxes from
items previously recorded as cumulative translation adjustments.
The Company believes these amounts are similarly volatile and
impact the comparability of earnings across periods. Therefore,
they are also excluded from indicated financial information to
provide what the Company believes represents a useful measure for
analysis and predictive purposes.
The Company believes that excluding from reported financial
information costs incurred in connection with a significant change
in its capital structure that is of a nature that would be expected
to recur sporadically, also provides a useful measure for analysis
and predictive purposes. The Venezuelan government over the last
several years has severely restricted the ability to translate
bolivars into U.S. dollars. Due to volatility in changes in the
mandated exchange rates, the Company's non-GAAP measures exclude
for analysis and predictive purposes, the impact from devaluations
on the bolivar denominated net monetary assets and other balance
sheet positions that impact near term income, since they appear in
the income statement at the exchange rate at which they were
originally translated rather than the exchange rate at which
current operating activity is being translated.
The Company has also elected to present financial measures
excluding the impact of amortizing the purchase accounting carrying
value of certain definite-lived intangible assets, primarily the
value of its Fuller trade name recorded in connection with the
Company's December 2005 acquisition
of the direct selling businesses of Sara Lee Corporation. The
amortization expense related to these assets will continue for
several years. Similarly, in connection with its evaluation
of the carrying value of acquired intangible assets and goodwill,
the Company has periodically recognized impairment charges.
The Company believes that these types of non-cash charges will not
be representative in any single reporting period of amounts
recorded in prior reporting periods or expected to be recorded in
future reporting periods. Therefore, they are excluded from
indicated financial information to also provide a useful measure
for analysis and predictive purposes.
As the impact of changes in exchange rates is an important
factor in understanding period-to-period comparisons, the Company
believes the presentation of results on a local currency basis, in
addition to reported results, helps improve readers' ability to
understand the Company's operating results and evaluate performance
in comparison with prior periods. The Company presents local
currency information that compares results between periods as if
current period exchange rates had been the exchange rates in the
prior period. The Company uses results on a local currency basis as
one measure to evaluate performance. The Company generally refers
to such amounts as calculated on a local currency basis, as
restated or excluding the impact of foreign currency. These results
should be considered in addition to, not as a substitute for,
results reported in accordance with GAAP. Results on a local
currency basis may not be comparable to similarly titled measures
used by other companies and are not measures of performance
presented in accordance with GAAP.
In information included with this release, the Company has
referred to Adjusted EBITDA and a Debt/Adjusted EBITDA ratio, which
are non-GAAP financial measures used in the Company's credit
agreement. The Company uses these measures in its capital
allocation decision process and in discussions with investors,
analysts and other interested parties, and therefore believes it is
useful to disclose this amount and ratio. The Company's calculation
of these measures is in accordance with its credit agreement, and
is set forth in the reconciliation from GAAP amounts in an
attachment to this release; however, the reader is cautioned that
other companies define these measures in different ways, and
consequently they may not be comparable with similarly labeled
amounts disclosed by others.
TUPPERWARE BRANDS
CORPORATION
|
|
FOURTH QUARTER
2017 SALES FORCE STATISTICS*
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
All
Units
|
Reported
Inc/(Dec)
vs. Q4
'16
%
|
Restated+
Inc/(Dec)
vs. Q4
'16
%
|
g
|
|
Active
Sales
Force
|
Inc/(Dec)
vs. Q4
'16
%
|
g
|
|
Total
Sales
Force
|
Inc/(Dec)
vs. Q4
'16
%
|
g
|
Europe
|
(3)
|
(10)
|
|
b
|
102,078
|
|
4
|
|
e
|
823,958
|
|
10
|
|
Asia
Pacific
|
(2)
|
(4)
|
|
|
204,719
|
|
(7)
|
|
f
|
1,071,492
|
|
(1)
|
|
North
America
|
(7)
|
(8)
|
—
|
|
200,415
|
|
(11)
|
(2)
|
|
750,750
|
|
(6)
|
1
|
South
America
|
6
|
10
|
|
|
141,048
|
|
12
|
|
|
549,485
|
|
14
|
|
Total All
Units
|
(2)
|
(4)
|
(2)
|
a
|
648,260
|
|
(3)
|
—
|
|
3,195,685
|
|
3
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Market
Units
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
(2)
|
(3)
|
|
b
|
75,609
|
|
10
|
|
e
|
644,714
|
|
17
|
|
Asia
Pacific
|
(1)
|
(3)
|
|
|
178,667
|
|
(4)
|
|
|
965,742
|
|
—
|
|
North
America
|
5
|
2
|
|
|
185,818
|
|
(3)
|
|
|
641,523
|
|
—
|
|
South
America
|
6
|
10
|
|
|
141,048
|
|
12
|
|
|
549,485
|
|
14
|
|
Total Emerging Market
Units
|
2
|
1
|
|
|
581,142
|
|
2
|
|
|
2,801,464
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Market
Units
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
(4)
|
(13)
|
|
|
26,469
|
|
(11)
|
|
|
179,244
|
|
(9)
|
|
Asia
Pacific
|
(7)
|
(8)
|
|
c
|
26,052
|
|
(23)
|
|
f
|
105,750
|
|
(8)
|
|
North
America
|
(18)
|
(19)
|
(3)
|
d
|
14,597
|
|
(55)
|
5
|
|
109,227
|
|
(30)
|
6
|
South
America
|
—
|
—
|
|
|
—
|
—
|
|
|
—
|
—
|
|
Total Established
Market Units
|
(9)
|
(14)
|
(9)
|
|
67,118
|
|
(30)
|
(13)
|
|
394,221
|
|
(16)
|
(5)
|
|
* Sales force
statistics as collected by the Company and, in some cases, provided
by distributors and sales force. The Company classifies Established
Market Units as those operating in Western Europe, including
Scandinavia, the United States, Canada, Australia and Japan, and
its remaining units as Emerging Market Units. Active Sales Force is
defined as the average number of people ordering in each cycle over
the course of the quarter, and Total Sales Force is defined as the
number of sales force members of the units as of the end of the
quarter.
|
+ Local
currency, or restated, changes are measured by comparing current
year results with those of the prior year, translated at the
current year's foreign exchange rates.
|
Notes
|
a Overall
the lower active sellers than local currency sales comparison
reflects 5pp benefit on productivity from a 14th week in
fiscal year 2016, offset by 2.8pp negative impact from
Beauticontrol closure and negative 1pp related to unit
mix.
|
b The
better active sellers than local currency sales comparison for
Europe reflects 6pp of unit mix, and for emerging markets a
decrease in productivity in Tupperware South Africa.
|
c The
larger active sellers than local currency sales decrease comparison
for Asia Pacific in the established markets came primarily from
improved productivity from TW Australia/New Zealand, and a ramp up
in order size of the subscription program for NaturCare Japan prior
to the completion of its integration with TW Japan in Q1
2018.
|
d The 8pp
difference in total local currency sales versus active sellers in
North America established markets, excluding Beauticontrol, relates
to a decrease in productivity in Tupperware U.S. and
Canada.
|
e The
better total than active sellers comparison in Europe emerging
markets, came from TW CIS and South Africa's high number of sales
force additions under relatively low qualification
standards.
|
f The
worse active than total sellers comparison in Asia Pacific
established markets was mainly from Nutrimetics Australia/New
Zealand due to lower number of sales force managers to stimulate
activity, and lower activity from NaturCare Japan as no new sales
force members were added in the quarter as a result of its
integration with the Tupperware Japan business in Q1
2018.
|
g
Comparison excluding Beauticontrol amounts from last
year
|
TUPPERWARE
BRANDS CORPORATION
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
(In millions,
except per share data)
|
13 Weeks
Ended
|
|
14 Weeks
Ended
|
|
52 Weeks
Ended
|
|
53 Weeks
Ended
|
|
Dec
30, 2017
|
|
Dec
31, 2016
|
|
Dec
30, 2017
|
|
Dec
31, 2016
|
Net sales
|
$
|
588.6
|
|
$
|
600.9
|
|
$
|
2,255.8
|
|
$
|
2,213.1
|
Cost of products
sold
|
201.6
|
|
196.7
|
|
744.6
|
|
715.0
|
Gross
margin
|
387.0
|
|
404.2
|
|
1,511.2
|
|
1,498.1
|
|
|
|
|
|
|
|
|
Delivery, sales and
administrative expense
|
279.8
|
|
299.7
|
|
1,162.3
|
|
1,170.8
|
Re-engineering and
impairment charges
|
22.1
|
|
2.2
|
|
66.0
|
|
7.6
|
Impairment of
goodwill
|
—
|
|
—
|
|
62.9
|
|
—
|
Gains on disposal of
assets
|
1.8
|
|
2.2
|
|
9.1
|
|
27.3
|
Operating
income
|
86.9
|
|
104.5
|
|
229.1
|
|
347.0
|
|
|
|
|
|
|
|
|
Interest
income
|
0.9
|
|
1.1
|
|
2.9
|
|
3.4
|
Interest
expense
|
11.4
|
|
12.7
|
|
46.1
|
|
48.8
|
Other expense
(income), net
|
(0.8)
|
|
(0.7)
|
|
0.8
|
|
0.3
|
Income before income
taxes
|
77.2
|
|
93.6
|
|
185.1
|
|
301.3
|
Provision for income
taxes
|
403.7
|
|
14.6
|
|
450.5
|
|
77.7
|
Net income
(loss)
|
$
|
(326.5)
|
|
$
|
79.0
|
|
$
|
(265.4)
|
|
$
|
223.6
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
|
|
Basic income (loss)
per share
|
$
|
(6.41)
|
|
$
|
1.56
|
|
$
|
(5.22)
|
|
$
|
4.43
|
Diluted income (loss)
per share
|
$
|
(6.41)
|
|
$
|
1.55
|
|
$
|
(5.22)
|
|
$
|
4.41
|
TUPPERWARE
BRANDS CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks
Ended
|
|
14 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
52 Weeks
Ended
|
|
53 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
Dec
30, 2017
|
|
Dec 31,
2016
|
|
%
|
|
%
|
|
Exchange
|
|
Dec
30, 2017
|
|
Dec 31,
2016
|
|
%
|
|
%
|
|
Exchange
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
154.7
|
|
$
|
159.8
|
|
(3)
|
|
(10)
|
|
$
|
11.9
|
|
$
|
550.4
|
|
$
|
559.4
|
|
(2)
|
|
(4)
|
|
$
|
16.0
|
Asia
Pacific
|
189.6
|
|
193.8
|
|
(2)
|
|
(4)
|
|
3.8
|
|
734.8
|
|
748.6
|
|
(2)
|
|
(1)
|
|
(3.8)
|
North
America
|
129.3
|
|
138.4
|
|
(7)
|
|
(8)
|
|
3.0
|
|
541.5
|
|
548.3
|
|
(1)
|
|
(1)
|
|
(0.6)
|
South
America
|
115.0
|
|
108.9
|
|
6
|
|
10
|
|
(4.8)
|
|
429.1
|
|
356.8
|
|
20
|
|
19
|
|
5.1
|
|
$
|
588.6
|
|
$
|
600.9
|
|
(2)
|
|
(4)
|
|
$
|
13.9
|
|
$
|
2,255.8
|
|
$
|
2,213.1
|
|
2
|
|
1
|
|
$
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
25.1
|
|
$
|
27.3
|
|
(8)
|
|
(14)
|
|
$
|
2.1
|
|
$
|
54.5
|
|
$
|
65.3
|
|
(16)
|
|
(21)
|
|
$
|
3.7
|
Asia
Pacific
|
53.6
|
|
50.6
|
|
6
|
|
3
|
|
1.4
|
|
189.3
|
|
181.0
|
|
5
|
|
5
|
|
(0.2)
|
North
America
|
17.5
|
|
17.2
|
|
2
|
|
(1)
|
|
0.5
|
|
69.7
|
|
66.1
|
|
6
|
|
6
|
|
(0.3)
|
South
America
|
29.0
|
|
29.7
|
|
(2)
|
|
2
|
|
(1.3)
|
|
98.7
|
|
82.2
|
|
20
|
|
19
|
|
1.2
|
|
125.2
|
|
124.8
|
|
—
|
|
(2)
|
|
2.7
|
|
412.2
|
|
394.6
|
|
5
|
|
3
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(17.2)
|
|
(19.6)
|
|
(12)
|
|
(11)
|
|
0.1
|
|
(64.1)
|
|
(67.6)
|
|
(5)
|
|
(5)
|
|
0.1
|
Gains on disposal of
assets
|
1.8
|
|
2.2
|
|
(18)
|
|
(18)
|
|
—
|
|
9.1
|
|
27.3
|
|
(67)
|
|
(67)
|
|
—
|
Re-engineering and
impairment charges
|
(22.1)
|
|
(2.2)
|
|
+
|
|
+
|
|
—
|
|
(66.0)
|
|
(7.6)
|
|
+
|
|
+
|
|
—
|
Impairment of
goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(62.9)
|
|
—
|
|
+
|
|
+
|
|
—
|
Interest expense,
net
|
(10.5)
|
|
(11.6)
|
|
(9)
|
|
(9)
|
|
—
|
|
(43.2)
|
|
(45.4)
|
|
(5)
|
|
(5)
|
|
—
|
Income before
taxes
|
77.2
|
|
93.6
|
|
(18)
|
|
(20)
|
|
2.8
|
|
185.1
|
|
301.3
|
|
(39)
|
|
(39)
|
|
4.5
|
Provision for income
taxes
|
403.7
|
|
14.6
|
|
+
|
|
+
|
|
0.7
|
|
450.5
|
|
77.7
|
|
+
|
|
+
|
|
1.1
|
Net income
(loss)
|
$
|
(326.5)
|
|
$
|
79.0
|
|
—
|
|
—
|
|
$
|
2.1
|
|
$
|
(265.4)
|
|
$
|
223.6
|
|
—
|
|
+
|
|
$
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (diluted)
|
$
|
(6.41)
|
|
$
|
1.55
|
|
—
|
|
—
|
|
$
|
0.05
|
|
$
|
(5.22)
|
|
$
|
4.41
|
|
+
|
|
—
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted shares
|
51.0
|
|
50.8
|
|
|
|
|
|
|
|
50.8
|
|
50.7
|
|
|
|
|
|
|
|
* 2017 actual
compared with 2016 translated at 2017 exchange rates
|
+ Greater
than 100% increase
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(UNAUDITED)
|
|
(In
millions, except per share data)
|
13 Weeks Ended Dec
30, 2017
|
|
14 Weeks Ended Dec
31, 2016
|
|
Reported
|
|
Adj's
|
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
|
Restated* Excl Adj's
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
25.1
|
|
$
|
—
|
|
|
$
|
25.1
|
|
$
|
27.3
|
|
$
|
2.1
|
|
$
|
0.2
|
|
b
|
$
|
29.6
|
Asia
Pacific
|
53.6
|
|
0.5
|
|
a, f
|
54.1
|
|
50.6
|
|
1.4
|
|
0.6
|
|
a,b
|
52.6
|
North
America
|
17.5
|
|
4.1
|
|
a,b,h
|
21.6
|
|
17.2
|
|
0.5
|
|
2.6
|
|
a,b
|
20.3
|
South
America
|
29.0
|
|
3.4
|
|
a,c
|
32.4
|
|
29.7
|
|
(1.3)
|
|
0.2
|
|
a,c
|
28.6
|
|
125.2
|
|
8.0
|
|
|
133.2
|
|
124.8
|
|
2.7
|
|
3.6
|
|
|
131.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(17.2)
|
|
(0.6)
|
|
b
|
(17.8)
|
|
(19.6)
|
|
0.1
|
|
0.9
|
|
b
|
(18.6)
|
Gains on disposal of
assets
|
1.8
|
|
(1.8)
|
|
d
|
—
|
|
2.2
|
|
—
|
|
(2.2)
|
|
d
|
—
|
Re-engineering and
impairment charges
|
(22.1)
|
|
22.1
|
|
e
|
—
|
|
(2.2)
|
|
—
|
|
2.2
|
|
e
|
—
|
Interest expense,
net
|
(10.5)
|
|
—
|
|
|
(10.5)
|
|
(11.6)
|
|
—
|
|
—
|
|
|
(11.6)
|
Income before
taxes
|
77.2
|
|
27.7
|
|
|
104.9
|
|
93.6
|
|
2.8
|
|
4.5
|
|
|
100.9
|
Provision for income
taxes
|
403.7
|
|
(380.3)
|
|
j
|
23.4
|
|
14.6
|
|
0.7
|
|
9.8
|
|
j
|
25.1
|
Net income
(loss)
|
$
|
(326.5)
|
|
$
|
408.0
|
|
|
$
|
81.5
|
|
$
|
79.0
|
|
$
|
2.1
|
|
$
|
(5.3)
|
|
|
$
|
75.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (diluted)
|
$
|
(6.41)
|
|
$
|
8.00
|
|
|
$
|
1.59
|
|
$
|
1.55
|
|
$
|
0.05
|
|
$
|
(0.10)
|
|
|
$
|
1.50
|
|
52 Weeks Ended Dec
30, 2017
|
|
53 Weeks Ended Dec
31, 2016
|
|
Reported
|
|
Adj's
|
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
|
Restated*
Excl Adj's
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
54.5
|
|
$
|
1.2
|
|
b,f
|
$
|
55.7
|
|
$
|
65.3
|
|
$
|
3.7
|
|
$
|
0.5
|
|
a,b
|
$
|
69.5
|
Asia
Pacific
|
189.3
|
|
1.9
|
|
a,f
|
191.2
|
|
181.0
|
|
(0.2)
|
|
1.9
|
|
a,b
|
182.7
|
North
America
|
69.7
|
|
13.1
|
|
a,b,h
|
82.8
|
|
66.1
|
|
(0.3)
|
|
7.6
|
|
a,b
|
73.4
|
South
America
|
98.7
|
|
8.1
|
|
a,c
|
106.8
|
|
82.2
|
|
1.2
|
|
4.6
|
|
a,c
|
88.0
|
|
412.2
|
|
24.3
|
|
|
436.5
|
|
394.6
|
|
4.4
|
|
14.6
|
|
|
413.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(64.1)
|
|
(0.6)
|
|
b
|
(64.7)
|
|
(67.6)
|
|
0.1
|
|
0.7
|
|
b,i
|
(66.8)
|
Gains on disposal of
assets
|
9.1
|
|
(9.1)
|
|
d
|
—
|
|
27.3
|
|
—
|
|
(27.3)
|
|
d
|
—
|
Re-engineering and
impairment charges
|
(66.0)
|
|
66.0
|
|
e
|
—
|
|
(7.6)
|
|
—
|
|
7.6
|
|
e
|
—
|
Impairment of
goodwill
|
(62.9)
|
|
62.9
|
|
g
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
Interest expense,
net
|
(43.2)
|
|
—
|
|
|
(43.2)
|
|
(45.4)
|
|
—
|
|
—
|
|
|
(45.4)
|
Income before
taxes
|
185.1
|
|
143.5
|
|
|
328.6
|
|
301.3
|
|
4.5
|
|
(4.4)
|
|
|
301.4
|
Provision for income
taxes
|
450.5
|
|
(370.2)
|
|
j
|
80.3
|
|
77.7
|
|
1.1
|
|
(3.3)
|
|
j
|
75.5
|
Net income
(loss)
|
$
|
(265.4)
|
|
$
|
513.7
|
|
|
$
|
248.3
|
|
$
|
223.6
|
|
$
|
3.4
|
|
$
|
(1.1)
|
|
|
$
|
225.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (diluted)
|
$
|
(5.22)
|
|
$
|
10.06
|
|
|
$
|
4.84
|
|
$
|
4.41
|
|
$
|
0.06
|
|
$
|
(0.02)
|
|
|
$
|
4.45
|
|
* 2017 actual
compared with 2016 translated at 2017 exchange rates.
|
a Amortization of
intangibles of acquired beauty units.
|
b Pension settlement
costs.
|
c As a result of
devaluations in the Venezuelan bolivar, the Company had negative
impacts of $3.3 million and $7.4 million in the fourth quarter and
year-to-date periods of 2017, respectively, and $0.1 million and
$4.3 million in the fourth quarter and year-to-date periods of
2016, respectively. These amounts are related to expense from
re-measuring bolivar denominated net monetary assets, along with
the impact of recording in income amounts on the balance sheet when
the devaluations occurred, primarily inventory, at the exchange
rates at the time the amounts were made or purchased, rather than
the exchange rates in use when they were included in income, and in
2017 a write-down of inventory reflecting its lower fair market
value based in the most recent devaluation.
|
d Gains on disposal
of assets in 2017 relates to an insurance settlement, sale of
assets and transactions related to land held near the Orlando, FL
headquarters, and in 2016 to transactions related to land held near
the Orlando, FL headquarters.
|
e In both years,
re-engineering and impairment charges related mainly to severance
costs incurred for headcount reduction in several of the Company's
operations in connection with changes in its management and
organizational structures, as well as in 2017 the costs associated
with the closure of Beauticontrol, the pending closure of the
French manufacturing facility and a fixed asset impairment in
Venezuela related to currency devaluation.
|
f Write-off of
inventory associated with closing units.
|
g Impairment of
goodwill of Fuller Mexico.
|
h Beauticontrol
loss during wind-down period and inventory write-off.
|
i Other income from
real estate related operations in 2016.
|
j Provision for
income taxes represents the net tax impact of adjusted amounts, as
well as the impact of implementing the U.S. tax reform.
|
|
See note regarding
non-GAAP financial measures in the attached press
release.
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
52 Weeks
Ended
|
|
53 Weeks
Ended
|
|
December
30, 2017
|
|
December
31, 2016
|
Operating
Activities:
|
|
|
|
Net cash provided by
operating activities
|
$
|
217.0
|
|
$
|
238.6
|
|
|
|
|
Investing
Activities:
|
|
|
|
Capital
expenditures
|
(72.3)
|
|
(61.6)
|
Proceeds from
disposal of property, plant & equipment
|
14.7
|
|
35.9
|
Net cash used in
investing activities
|
(57.6)
|
|
(25.7)
|
|
|
|
|
Financing
Activities:
|
|
|
|
Dividend payments to
shareholders
|
(139.5)
|
|
(138.8)
|
Repurchase of common
stock
|
(2.5)
|
|
(1.7)
|
Repayment of
long-term debt and capital lease obligations
|
(2.0)
|
|
(2.2)
|
Net change in
short-term debt
|
15.6
|
|
(52.0)
|
Proceeds from
exercise of stock options
|
11.8
|
|
0.8
|
Excess tax benefits
from share-based payment arrangements
|
—
|
|
0.6
|
Net cash used in
financing activities
|
(116.6)
|
|
(193.3)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
8.1
|
|
(6.2)
|
Net change in cash
and cash equivalents
|
50.9
|
|
13.4
|
Cash and cash
equivalents at beginning of year
|
93.2
|
|
79.8
|
Cash and cash
equivalents at end of period
|
$
|
144.1
|
|
$
|
93.2
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
Dec
30, 2017
|
|
Dec
31, 2016
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
144.1
|
|
$
|
93.2
|
Other current
assets
|
486.4
|
|
452.1
|
Total current
assets
|
630.5
|
|
545.3
|
|
|
|
|
Property, plant and
equipment, net
|
278.2
|
|
259.8
|
Other
assets
|
389.4
|
|
782.7
|
Total
assets
|
$
|
1,298.1
|
|
$
|
1,587.8
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
|
133.0
|
|
$
|
105.9
|
Accounts payable and
other current liabilities
|
462.4
|
|
441.7
|
Total current
liabilities
|
595.4
|
|
547.6
|
|
|
|
|
Long-term
debt
|
605.1
|
|
606.0
|
Other
liabilities
|
214.1
|
|
221.4
|
Total shareholders'
equity
|
(116.5)
|
|
212.8
|
Total liabilities and
shareholders' equity
|
$
|
1,298.1
|
|
$
|
1,587.8
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
January 31,
2018
|
(UNAUDITED)
|
|
|
|
|
|
|
|
First
Quarter
|
|
First
Quarter
|
(In millions,
except per share data)
|
2017
Actual
|
|
2018
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
64.2
|
|
|
$
|
55.6
|
|
|
$
|
59.3
|
|
|
|
|
|
|
|
Income tax
|
$
|
16.8
|
|
|
$
|
16.1
|
|
|
$
|
17.1
|
|
Effective
Rate
|
26
|
%
|
|
29
|
%
|
|
29
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
47.4
|
|
|
$
|
39.5
|
|
|
$
|
42.2
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(17)
|
%
|
|
(11)
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
(0.1)
|
|
|
—
|
|
|
—
|
|
Re-engineering and
pension settlements
|
3.1
|
|
|
13.4
|
|
|
13.4
|
|
Net impact of
Venezuelan bolivar devaluations
|
0.2
|
|
|
—
|
|
|
—
|
|
Acquired intangible
asset amortization
|
1.9
|
|
|
1.9
|
|
|
1.9
|
|
Income
tax(2)
|
(0.8)
|
|
|
(3.1)
|
|
|
(3.0)
|
|
Net Income
(adjusted)
|
$
|
51.7
|
|
|
$
|
51.7
|
|
|
$
|
54.5
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
2.9
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2017 restated for currency changes)
|
$
|
54.6
|
|
|
$
|
51.7
|
|
|
$
|
54.5
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(5)
|
%
|
|
—
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
0.93
|
|
|
$
|
0.77
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(17)
|
%
|
|
(12)
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
1.01
|
|
|
$
|
1.01
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
1.07
|
|
|
$
|
1.01
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(6)
|
%
|
|
(1)
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
51.0
|
|
|
51.4
|
|
|
51.4
|
|
|
(1) Refer
to Non-GAAP Financial Measures section of attached release for
description of the general nature of adjustment items
|
(2)
Represents income tax impact of adjustments on an item-by-item
basis.
|
(3)
Difference between 2017 actual and 2017 translated at current
currency exchange rates
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
January 31,
2018
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Full
Year
|
|
Full
Year
|
(In millions,
except per share data)
|
2017
Actual
|
|
2018
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
185.1
|
|
|
$
|
320.6
|
|
|
$
|
331.2
|
|
|
|
|
|
|
|
Income tax
|
$
|
450.5
|
|
|
$
|
89.2
|
|
|
$
|
92.0
|
|
Effective
Rate
|
243
|
%
|
|
28
|
%
|
|
28
|
%
|
|
|
|
|
|
|
Net Income, (loss)
(GAAP)
|
$
|
(265.4)
|
|
|
$
|
231.4
|
|
|
$
|
239.2
|
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
$
|
(9.1)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchase accounting
intangibles impairment
|
62.9
|
|
|
—
|
|
|
—
|
|
Re-engineering and
pension settlements
|
74.4
|
|
|
29.9
|
|
|
29.9
|
|
Net impact of
Venezuelan bolivar devaluations
|
7.4
|
|
|
—
|
|
|
—
|
|
Acquired intangible
asset amortization
|
7.9
|
|
|
7.6
|
|
|
7.6
|
|
Income
tax(2)
|
370.2
|
|
|
(7.5)
|
|
|
(7.5)
|
|
Net Income
(adjusted)
|
$
|
248.3
|
|
|
$
|
261.4
|
|
|
$
|
269.2
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
7.1
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2017 restated for currency changes)
|
$
|
255.4
|
|
|
$
|
261.4
|
|
|
$
|
269.2
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
2
|
%
|
|
5
|
%
|
|
|
|
|
|
|
Net income, (loss)
(GAAP) per common share (diluted)
|
$
|
(5.22)
|
|
|
$
|
4.50
|
|
|
$
|
4.65
|
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
4.84
|
|
|
$
|
5.09
|
|
|
$
|
5.24
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
4.98
|
|
|
$
|
5.09
|
|
|
$
|
5.24
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
2
|
%
|
|
5
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
51.3
|
|
|
51.4
|
|
|
51.4
|
|
|
(1) Refer
to Non-GAAP Financial Measures section of attached release for
description of the general nature of adjustment items
|
(2)
Represents income tax impact of adjustments on an item-by-item
basis, as well as $375 million impact from adoption of new tax law
in the United States.
|
(3)
Difference between 2017 actual and 2017 translated at current
currency exchange rates
|
TUPPERWARE BRANDS
CORPORATION
|
ADJUSTED EBITDA
AND DEBT/ADJUSTED EBITDA*
|
(UNAUDITED)
|
|
|
|
As of and for
the
four quarters ended
|
|
December
30,
2017
|
Adjusted
EBITDA:
|
|
Net income
|
$
|
(265.4)
|
Add:
|
|
Depreciation and
amortization
|
60.5
|
Gross interest
expense
|
46.1
|
Provision for income
taxes
|
450.5
|
Equity
compensation
|
22.6
|
Pre-tax
re-engineering and impairment charges
|
69.1
|
Other non-cash
extraordinary, unusual or non-recurring charges
|
57.4
|
Deduct:
|
|
Cash paid for
re-engineering
|
(12.6)
|
Gains on land sales,
insurance recoveries, etc.
|
(9.1)
|
Total Adjusted
EBITDA
|
$
|
419.1
|
|
|
Consolidated total
debt
|
$
|
738.1
|
Divided by adjusted
EBITDA
|
419.1
|
Debt to Adjusted
EBITDA Ratio
|
1.76
|
|
* Amounts and
calculations are based on the definitions and provisions of the
Company's $600 million Credit Agreement dated September 11, 2013,
as amended and restated ("Credit Agreement") and, where applicable,
are based on the trailing four quarter amounts. "Adjusted EBITDA"
is calculated as defined for "Consolidated EBITDA" in the Credit
Agreement.
|
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SOURCE Tupperware Brands Corporation