GUADALAJARA, Mexico,
April 28,
2022 /PRNewswire/ -- Betterware de Mexico
S.A.P.I. de C.V. (NASDAQ: BWMX), ("Betterware" or the "Company"),
announced today its consolidated financial results for the first
quarter fiscal year 2022. The figures presented in this report are
expressed in nominal Mexican Pesos (Ps.) unless otherwise noted,
presented and approved by the Board of Directors, prepared in
accordance with IFRS, and may include minor differences due to
rounding. The Company will host a conference call at 9:00 am (Eastern Time) on April 29, 2022, to discuss its results for the
first quarter of 2022.
Key Highlights of Q1 2022
- Profitability recovery after Q4 2021 one-time impacts: Gross
margin recovered 993 basis points QoQ to 63.6% and EBITDA margin
expanded 1,003 basis points QoQ to 29.3%, reflecting Betterware´s
ability to efficiently manage costs, despite global supply chain
disruptions, higher input costs and a softer than expected economic
environment in Mexico.
- Return to normality and the effects of inflationary
pressures on disposable income continued generating short-term
changes in consumption patterns. Our focus in long-term growth
strategy and future opportunities remains.
- Successfully completed the acquisition of Jafra's operations
in Mexico and the US, along with
JAFRA's trademark rights worldwide.
Luis G. Campos, Executive
Chairman of the Board, stated, "The strength and resiliency of our
asset-light business model combined with the successful execution
and agility with which we operate our strategy served us well in
the first quarter, driving significant recovery in gross profit
margin and EBITDA margin compared to the fourth quarter of
2021. Furthermore, we were able to navigate the environment
well, offsetting cost pressure, commodity price inflation and
supply chain disruptions while implementing and developing
innovative product, pricing, and growth initiatives. To this
end, we focused on innovation planning to introduce new categories
and concepts; we will launch Betterware+ App in May providing our
Associates and Distributors with enhanced tools to grow orders
while elevating their rewards program. We were also delighted
to announce the closing of the acquisition of Jafra on April 7th, which expands our category
and geographic reach. While we expect the overall economic
and operating environment to remain tenuous, we remain confident
that our strategy and the discipline with which we execute has us
positioned to adapt to market conditions as they develop and
deliver improving trends in the second quarter and as the year
progresses for the organic business. Overall, we are still excited
by the growth potential we see for our business long term and
expect our strategy to result in increased value for all Betterware
stakeholders."
Luis G.
Campos
Executive Chairman of the Board
Q1 2022 Results
Metric
|
Amount
$ in
million
|
Variation
|
Comment
|
Net
Revenue
|
Ps. $1,869.1
|
-36% vs. Q1
2021
|
- Slightly below
expectations
- Extremely difficult
comparison base of Q1 2021, the strongest quarter in company´s
history, following 205% growth vs. Q1 2020
|
Gross
Margin
|
63.6%
|
+ 610 bps vs. Q1
2021
|
- Margin expansion
driven by price increases and efficient cost management
|
EBITDA
|
Ps. $547.8
|
-41% vs. Q1
2021
|
- In line with
expectations
- Extremely difficult
comparison base following 287% growth in Q1 2021vs. Q1
2020
- 30% growth compared
to Q4 2021
|
EBITDA
Margin
|
29.3%
|
-252 bps vs. Q1
2021
|
- Higher expenses due
to inflation and lower operating leverage
- Absence of
extraordinary expenses led to a 1,003 bps margin expansion relative
to Q4 2021, which shows expenses are under control
|
Net
Income
|
Ps. $267.3
|
-58% vs. Q1
2021
|
- Includes unrealized
loss in mark-to market of financial derivative
instruments
- Extremely difficult
comparison base following 339% growth in Q1 2021vs. Q1
2020
|
Adjusted Net
Income
|
Ps. $366.7
|
-27% vs. Q1
2021
|
- Excludes non-cash
mark-to market of financial derivative instruments, which had a
negative impact of Ps. $99.4 million in Q1 2022 Net Income,
compared to a positive impact of Ps. $132.8 million in Q1
2021.
|
Adjusted
EPS
|
Ps. $9.83
|
-29% vs. Q1
2021
|
- Same as Adjusted
Net Income
|
Average
Associates
|
997.8
thousand
|
-20% vs. Q1
2021
|
- Difficult
comparison base of Q1 2021, which was the strongest quarter in
company´s history
|
Average
Distributors
|
48.1
thousand
|
-24% vs. Q1
2021
|
- Difficult
comparison base of Q1 2021, which was the strongest quarter in
company´s history
|
The first quarter of 2022 was marked by uncertainty in several
fronts. Supply chain bottlenecks have continued worldwide, and
current geopolitical conditions are driving commodity price and
inflation rate increases.
In Mexico, we experienced lower
demand for household products relative to the difficult comparison
base of Q1 2021, driven mainly by two factors:
- Return to normality: economically active population continues
to shift back to their pre-pandemic lifestyle and consumption
patterns.
- Softer economic environment: weaker than expected economic
growth and the highest consumer inflation rate since 2001, reaching
7.45% YoY as of March 2022.
Both factors have resulted in a lower share of disposable income
spent on discretionary products.
Despite a challenging external environment, during the quarter
we were able to efficiently manage cost increases and, as
anticipated, recover profit margins compared to Q4 2021: +993 bps
gross margin expansion and +1,003 bps EBITDA margin expansion
quarter-on-quarter, which reaffirms the flexibility of our business
model to adapt to different market conditions while maintaining
profitability.
We remain fully confident in our long-term growth strategy and
in our ability to overcome any temporary external situation. We are
certain that we can take advantage of future opportunities which
will lead us to continue growing profitably, as we have in the last
20 years, to reach our target of 40% household penetration in
Mexico by 2025.
Commercial Strategy
The COVID period (2020-2022) brought about an abnormal expansion
of the market with the consequent impact on our revenues, which
have now adjusted to "back to normal" conditions. Despite the
adjustment, the need for order and organization solutions for the
home continues, therefore we remain confident in our ability to
return to year-on-year growth, and we have the commercial
strategies in place to achieve this.
On the innovation front, we have revised our three-year
innovation development focus, to make sure we reinforce products in
existing core categories, while simultaneously attacking new
categories and concepts. Accordingly, we are mainly strengthening
our "to go", "home renovation" and "home organization" categories,
and we keep exploring new categories, such as "smart home", "home
restoration", among others. Also, as we are aware of the effects of
inflationary pressures on consumer spending capacity, we continue
adapting our SKU range to cater to these needs.
Additionally, we are carrying out a "market size" study, which
will be ready by the end of the 2Q. This will give us more insight
into the "total market size", our share within it, and potential
category opportunities. We will share insights on this in our
Q2 earnings report.
As for our technology pillar, we are pleased to announce the
launch of our new Betterware+ App on May
22. The third version of our proprietary sales force app
will help us to enhance support, training, and motivation of our
Distributors and Associates. At the same time, we have rolled out
the first version of "Natural Language Processing" technology
within our service BOT, as well as our intelligent outbound
messaging system, which reminds all Distributors and Associates of
specific actions they should take to continue growing.
Finally, regarding the Business Intelligence pillar, we have
overhauled our rewards programs to continue motivating market
penetration and sales force growth. We are also making progress on
researching the Associates behaviors and motivations to cater
better programs and service to them, which we are sure will
contribute to increase attraction and retention starting on
May 1st, 2022 and going forward.
This entire set of initiatives is key to achieving a turning
point in Q2. Overall, we see 2020-2022 as an abnormal period within
our long-term focus on market penetration. We continue deepening
our understanding of the market, and the most effective actions to
deploy to seize existing opportunities. Thus, we are fully
confident our long-term target of reaching 40% market penetration
remains valid.
Net Revenues
As expected, given the difficult comparison base of Q1 2021,
which was the strongest quarter in the Company´s history both in
the level of associates and distributors base and in activity
levels, net revenues for Q1 2022 decreased 36% to Ps. 1,869.1M from Ps. 2,901.7M in Q1 2021, which represented a 205% net
revenue growth relative to in Q1 2020.
The lower level of net revenue was mainly a result of a lower
average distributors and associates base. For the period, on
average we had 48.1 thousand distributors, 24% lower than in Q1
2021, and 997.8 thousand associates, 20% lower than in Q1 2021,
coupled with a mild decline in their activity levels relative to Q1
2021, which was partially offset by a higher average price per SKU
sold.
Gross Margin
Gross margin expanded 610 bps to 63.6% in Q1 2022 from 57.5% in
Q1 2021. The improvement derives mainly from the product price
increase of 12% announced at the beginning of the year, efficient
cost management and planning for freight expenses.
For 2022, we expect our full year gross margin to be in the
range of 58% and 60%.
EBITDA
As in the case of net revenues, EBITDA for Q1 2021 was the
highest level achieved by the company yet, showing a 287% growth
compared to Q1 2020, representing a tough comparison base for this
year.
For the first quarter of 2022, Betterware's EBITDA decreased 41%
Year-on-Year to Ps. 547.8M, compared
to Ps. 923.6M in Q1 2021, in line
with the expected lower level of net revenue and lower operating
leverage relative to the prior year period.
EBITDA margin contracted 252 bps to 29.3% in Q1 2022 compared to
31.8% in Q1 2021, reflecting lower operating leverage and higher
costs due to surging inflation.
EBITDA margin expanded 1,003 bps versus Q4 2021, recovering our
profitability levels after the negative impacts due to
extraordinary expenses seen during the preceding quarter, thus
reflecting our ability to quickly adapt to market conditions while
efficiently controlling costs and maintaining profitability
levels.
For 2022, we expect our full year EBITDA margin to be in the
range of 27% and 29%.
Net Income
Due to the difficult comparison base relative to Q1 2021 after
the 339% growth in net income during Q1 2021, and the unfavorable
non-cash expense of Ps. 99.4 M
related to the unrealized loss in mark-to market valuation of
financial derivative instruments, which do not affect the Company's
cashflows or operating income, net income for Q1 2022 decreased 58%
to Ps. 267.3M, relative to Ps.
638.5M in 1Q 2021.
Adjusted net income, which excludes the non-cash expense related
to the unrealized loss in mark-to market valuation of financial
derivative instruments, decreased 27% relative to Q1 2021, aligned
with the lower level of net revenue.
Adjusted earnings per share decreased 29% to Ps. 9.83, relative
to adjusted earnings per share of 1Q 2021.
Strong Balance Sheet
As of the end of Q1 2022, the Company's financial position
remains strong, reflecting the main attributes of our
differentiated business model, namely high cash flow generation and
asset light business model. We ended the quarter with a
conservative Net Debt to EBITDA ratio of 0.4x, slightly higher than
our leverage ratio in Q1 2021 of 0.01x and the company's cash
conversion cycle stands strong at -16 days in 1Q 2022.
Growth Expectations for
2022
Betterware has a proven track record of performance and a clear
and executable long-term growth plan, which includes expansion of
our household penetration and share of wallet. We are certain in
our ability to navigate well during the year ahead despite
uncertainty regarding external conditions given our strategic
advantages and initiatives in place.
Regarding our full year expectations, at this point we
anticipate, on the one hand, net revenue to be slightly below and,
on the other hand, EBITDA to be close to the previous guidance. We
look forward to providing guidance for Jafra, within our Q2 report,
once we have more visibility into the external situation and have
properly assessed Jafra's synergies and its accretive impact within
Betterware. For now, we can gladly share 2021 Jafra's preliminary
figures of Net Revenue at Ps. 5.8 billion and EBITDA of Ps. 0.9
billion, pending release of audited financials from the external
auditor and IFRS adoption.
In the longer term, we are fully committed and confident of
Betterware´s growth opportunities in the years to come, which will
lead us to reach our target of 40% household penetration in
Mexico by 2025, as well as expand
our geographic reach starting with expansion to the United States by the end of 2023.
Dividend
Given our ability to generate strong cash flows and our asset
light business model with low CAPEX requirements, our Board of
Directors has proposed to pay a Ps. 350M dividend to shareholders for the quarter.
The dividend is subject to approval at the Ordinary General
Shareholders' Meeting of April
28th, 2022.
Share Repurchase Program
As mentioned in our Q4 2021 conference call, we began with the
execution of our share repurchase program in February and since
then, we have purchased 72,626 shares for Ps. 25.3 million. Given
the uncertainties that lay ahead, we will continue to
conservatively execute the repurchase program, always focused on
maximizing long-term shareholder´s value while maintaining a strong
balance sheet.
JAFRA Acquisition
On April 7, 2022, we announced the
successful completion of the acquisition of 100% of JAFRA's
operations in Mexico and
the United States, along with
JAFRA´s trademark rights worldwide. As previously stated, JAFRA
will operate as a separate subsidiary with its management team
remaining fully focused on its operations and growth
strategies.
We will adopt Betterware´s three strategic pillars of Product
Innovation, Technology and Business Intelligence across JAFRA's
operations to capitalize on operational synergies and cost
reductions, which we expect start achieving by year end 2022. We
strongly believe that our technology tools and platforms will
enable JAFRA to achieve a greater market reach and to take
advantage of the e-commerce opportunity in Mexico and the US.
In addition, JAFRA's know-how and presence in the US market of
over 65 years, will pave the way for us to enter the attractive US
market by the end of 2023 to continue expanding our business and
increase our overall revenue growth at increasing rates of
profitability for the combined company in the long-term.
Betterware de México, S.A.P.I.
de C.V.
|
Consolidated
Statements of Financial Position
|
As of March 31,
2022, and 2021
|
(In Thousands of
Mexican Pesos)
|
|
|
March
2022
|
March
2021
|
Assets
|
|
|
Cash and cash
equivalents
|
711,625
|
565,408
|
Trade accounts
receivable, net
|
756,100
|
1,044,800
|
Accounts receivable
from related parties
|
7
|
-
|
Inventories
|
1,670,444
|
1,229,628
|
Prepaid
expenses
|
100,754
|
202,533
|
Other assets
|
56,083
|
121,981
|
Total current
assets
|
3,295,013
|
3,164,350
|
Property, plant and
equipment, net
|
1,092,165
|
949,652
|
Right of use assets,
net
|
18,264
|
22,154
|
Deferred income
tax
|
-
|
17,605
|
Investment in
associates
|
1,521
|
28,786
|
Intangible assets,
net
|
376,433
|
323,812
|
Goodwill
|
353,703
|
365,813
|
Other assets
|
3,229
|
5,714
|
Total non-current
assets
|
1,845,315
|
1,713,536
|
Total assets
|
5,140,328
|
4,877,886
|
Liabilities and
Stockholders' Equity
|
|
|
Short term debt and
borrowings
|
107,047
|
104,582
|
Accounts payable to
suppliers
|
1,850,080
|
2,097,493
|
Accrued
expenses
|
199,773
|
406,390
|
Income tax
payable
|
52,335
|
167,009
|
Value added tax
payable
|
12,805
|
64,996
|
Trade accounts payable
to related parties
|
-
|
39,893
|
Statutory employee
profit sharing
|
67,415
|
10,744
|
Lease
liability
|
7,934
|
6,288
|
Derivative financial
instruments
|
71,219
|
166,689
|
Total current
liabilities
|
2,368,608
|
3,064,084
|
Employee
benefits
|
2,343
|
1,694
|
Derivative financial
instruments
|
-
|
20,820
|
Deferred income
tax
|
80,907
|
56,959
|
Lease
liability
|
10,575
|
16,266
|
Long term debt and
borrowings
|
1,483,082
|
498,146
|
Total non-current
liabilities
|
1,576,907
|
593,885
|
Total
Liabilities
|
3,945,515
|
3,657,969
|
|
|
|
Stockholders'
Equity
|
1,193,290
|
1,219,917
|
Non-controlling
interest
|
1,523
|
-
|
Total Stockholders'
Equity
|
1,194,813
|
1,219,917
|
Total Liabilities and
Stockholders' Equity
|
5,140,328
|
4,877,886
|
Betterware de México, S.A.P.I.
de C.V.
|
Consolidated
Statements of Profit or Loss and Other Comprehensive
Income
|
For the three-months
ended on March 31, 2022, and 2021
|
(In Thousands of
Mexican Pesos)
|
|
|
Q1
2022
|
Q1
2021
|
∆%
|
Net revenue
|
1,869,127
|
2,901,661
|
(35.6%)
|
Cost of
sales
|
680,327
|
1,233,280
|
(44.8%)
|
Gross
profit
|
1,188,800
|
1,668,381
|
(28.7%)
|
|
|
|
|
Administrative
expenses
|
315,954
|
298,734
|
5.8%
|
Selling
expenses
|
260,247
|
295,329
|
(11.9%)
|
Distribution
expenses
|
68,078
|
166,364
|
(59.1%)
|
Total expenses
|
644,279
|
760,427
|
(15.3%)
|
|
|
|
|
Share of results of
subsidiaries
|
(18,333)
|
265
|
(7018.1%)
|
|
|
|
|
Operating
income
|
526,188
|
908,219
|
(42.1%)
|
|
|
|
|
Interest
expense
|
(29,417)
|
(15,144)
|
94.2%
|
Interest
income
|
5,412
|
3,389
|
59.7%
|
Unrealized (loss) gain
in valuation of financial derivative instruments
|
(99,412)
|
132,785
|
(174.9%)
|
Foreign exchange gain
(loss), net
|
6,840
|
(103,823)
|
(106.6%)
|
Financing cost, net
|
(116,577)
|
17,207
|
(777.5%)
|
|
|
|
|
Income before income
taxes
|
409,611
|
925,426
|
(55.7%)
|
|
|
|
|
Income taxes
|
142,636
|
286,882
|
(50.3%)
|
|
|
|
|
Net income including
minority interest
|
266,975
|
638,544
|
(58.2%)
|
Non-controlling
interest loss
|
320
|
-
|
100.0%
|
Net
income
|
267,295
|
638,544
|
(58.1%)
|
EBITDA breakdown
(Ps. 548 million)
|
Concept
|
Q1
2022
|
Q1
2021
|
∆%
|
Net income including
minority interest
|
266,975
|
638,544
|
(58.2%)
|
(+) Income
taxes
|
142,636
|
286,882
|
(50.3%)
|
(+) Financing cost,
net
|
116,577
|
(17,207)
|
(777.5%)
|
(+) Depreciation and
amortization
|
21,617
|
15,426
|
40.1%
|
EBITDA
|
547,805
|
923,645
|
(40.7%)
|
EBITDA
margin
|
29.3%
|
31.8%
|
(2.5%)
|
Betterware de México, S.A.P.I.
de C.V.
|
Consolidated
Statements of Cash Flows
|
For the three-months
ended on March 31, 2022, and March 31, 2021
|
(In Thousands of
Mexican Pesos)
|
|
|
Mar
2022
|
Mar
2021
|
Cash flows from
operating activities:
|
|
|
Profit for the
period
|
266,975
|
638,544
|
Adjustments
for:
|
|
|
Income tax expense
recognized in profit of the year
|
142,636
|
286,882
|
Depreciation and
amortization of non-current assets
|
21,617
|
15,426
|
Interest income
recognized in profit or loss
|
(5,412)
|
(3,389)
|
Interest expense
recognized in profit or loss
|
29,417
|
15,144
|
Gain of property,
plant, equipment sale
|
(61)
|
-
|
Unrealized (gain)/ loss
in valuation of financial derivative instruments
|
99,412
|
(132,785)
|
Share-based payment
expense
|
9,011
|
14,514
|
Other gains and
losses
|
4,464
|
-
|
Movements in working
capital:
|
|
|
Trade accounts
receivable
|
21,954
|
(286,994)
|
Trade accounts
receivable from related parties
|
17
|
-
|
Inventory,
net
|
(331,066)
|
44,398
|
Prepaid expenses and
other assets
|
(4,580)
|
(99,536)
|
Accounts payable to
suppliers, accrued expenses and provisions
|
(192,733)
|
164,480
|
Value added tax
payable
|
12,805
|
38,293
|
Statutory employee
profit sharing
|
12,110
|
3,390
|
Trade accounts payable
to related parties
|
-
|
22,521
|
Income taxes
paid
|
(178,687)
|
(210,128)
|
Employee
benefits
|
250
|
16
|
Net cash (used) generated by operating activities
|
(91,871)
|
510,776
|
Cash flows from
investing activities:
|
|
|
Investment in
subsidiaries
|
(1,024)
|
(28,786)
|
Payments for property,
plant and equipment, net
|
(55,521)
|
(176,513)
|
Proceeds from disposal
of property, plant and equipment, net
|
6,299
|
839
|
Interest
received
|
5,412
|
3,389
|
Net cash used in investing activities
|
(44,834)
|
(201,071)
|
Cash flows from
financing activities:
|
|
|
Repayment of
borrowings
|
(120,006)
|
(47,200)
|
Proceeds from
borrowings
|
220,000
|
20,000
|
Interest
paid
|
(49,509)
|
(15,093)
|
Lease
payment
|
(2,089)
|
(1,824)
|
Share
repurchases
|
(25,264)
|
-
|
Dividends
paid
|
(350,000)
|
(350,000)
|
Net cash used in financing activities
|
(326,868)
|
(394,117)
|
Net decrease in cash and cash equivalents
|
(463,573)
|
(84,412)
|
Cash and cash
equivalents at the beginning of the period
|
1,175,198
|
649,820
|
Cash and cash
equivalents at the end of the period
|
711,625
|
565,408
|
Use of Non-IFRS Financial
Measures
This announcement includes certain references to EBITDA, EBITDA
Margin, Net Debt:
EBITDA: defined as profit for the year adding back the
depreciation of property, plant and equipment and right of use
assets, amortization of intangible assets, financing cost, net and
total income taxes
EBITDA Margin: is calculated by dividing EBITDA by net
revenues
EBITDA and EBITDA Margin are not measures recognized under IFRS
and should not be considered as an alternative to, or more
meaningful than, consolidated net income for the year as determined
in accordance with IFRS or as indicators of our operating
performance from continuing operations. Accordingly, readers are
cautioned not to place undue reliance on this information and
should note that these measures as calculated by the Company, may
differ materially from similarly titled measures reported by other
companies.
Betterware believes that these non-IFRS financial measures are
useful to investors because (i) Betterware uses these measures to
analyze its financial results internally and believes they
represent a measure of operating profitability and (ii) these
measures will serve investors to understand and evaluate
Betterware's EBITDA and provide more tools for their analysis as it
makes Betterware's results comparable to industry peers that also
prepare these measures.
About Betterware de México,
S.A.P.I. de C.V.
Founded in 1995, Betterware de Mexico is the leading direct-to-consumer
company in Mexico focused on
creating innovative products that solve specific needs regarding
organization, practicality, space saving and hygiene within the
household. Betterware's wide product portfolio includes home
organization, kitchen, commuting, laundry and cleaning, as well as
other categories that include products and solutions for every
corner of the household.
The Company has a differentiated two-tier network of
distributors and associates that sell their products through twelve
catalogues per year. All products are designed by the Company and
under the Betterware brand name through its different sources of
product innovation. The Company's state-of-the-art infrastructure
allows it to safely and timely deliver its products to every part
of the country, backed by the strategic location of its national
distribution center. Today, the Company distributes its products in
Mexico and Guatemala, and has plans of additional
international expansion.
Supported by its asset light business model and its three
strategic pillars of Product Innovation, Business Intelligence and
Technology, Betterware has been able to achieve sustainable
double-digit growth rates by successfully expanding its household
penetration and share of wallet.
Forward-Looking
Statements
This press release includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will", "estimate", "continue", "anticipate", "intend",
"expect", "should", "would", "plan", "predict", "potential",
"seem", "seek," "future," "outlook", and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. The reader should understand that
the results obtained may differ from the projections contained in
this document and that many factors could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward looking statements. For this reason,
the Company assumes no responsibility for any indirect factors or
elements beyond its control that might occur inside Mexico or abroad and which might affect the
outcome of these projections and encourages you to review the
'Cautionary Statement' and the 'Risk Factor' sections of our annual
report on Form 20-F for the year ended December 31, 2020 and any of the Company's other
applicable filings with the Securities and Exchange Commission for
additional information concerning factors that could cause those
differences
The Company undertakes no obligation and does
not intend to update these forward-looking statements to
reflect events or circumstances occurring after the date hereof.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Further information on risks and uncertainties that may affect the
Company's operations and financial performance, and the forward
statements contained herein, is available in the Company's filings
with the SEC. All forward-looking statements are qualified in their
entirety by this cautionary statement.
Q1 2022 Conference Call
Management will hold a conference call with investors on
April 29, 2022 at 8:00 am Central Standard Time (CST)/ 9:00am Eastern Time (EST). For anyone who wishes
to join live, the dial-in information is:
Toll Free: 1-877-451-6152
Toll/International: 1-201-389-0879
Conference ID: 13728901
If you wish to listen to the replay of the conference call,
please see instructions below:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13728901
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SOURCE Betterware de México, S.A.B. de C.V.