LAKE SUCCESS, N.Y.,
Aug. 26, 2021 /PRNewswire/
-- The Hain Celestial Group, Inc. (Nasdaq: HAIN) ("Hain
Celestial", "Hain" or the "Company"), a leading organic and natural
products company with operations in North
America, Europe,
Asia and the Middle East providing consumers with A
Healthier Way of Life®, today reported financial results
for the fourth quarter and fiscal year ended June 30, 2021.
Mark L. Schiller, Hain
Celestial's President and Chief Executive Officer, commented, "We
are very proud of our solid fourth quarter and full fiscal year
2021 results. In spite of the many challenges our industry faced
this past year, we continued to successfully execute against our
transformation plan, delivering robust full year margin expansion
and strong adjusted EBITDA growth. Heading into 2022, we expect
another strong year with adjusted net sales growth, margin
expansion and adjusted EBITDA growth even in this challenging
environment of high inflation and labor shortages."
FINANCIAL HIGHLIGHTS*
Summary of Fourth Quarter Results from Continuing
Operations
- Net sales decreased 12% to $450.7
million, or 17% on a constant currency basis, compared to
the prior year period.
- When adjusted for foreign exchange, divestitures and
discontinued brands, net sales decreased 8% compared to the prior
year period.
- Gross margin of 25.0%, a 41 basis point decrease from the prior
year period.
- Adjusted gross margin of 25.7%, a 49 basis point increase from
the prior year period.
- Operating income of $41.6 million
compared $25.3 million in the prior
year period.
- Adjusted operating income of $53.0
million compared to $47.9
million in the prior year period.
- Net income of $40.5 million
compared to $3.7 million in the prior
year period.
- Adjusted net income of $39.7
million compared to $32.3
million in prior year period.
- Adjusted EBITDA of $68.1 million
compared to $62.2 million in the
prior year period.
- Adjusted EBITDA margin of 15.1%, a 296 basis point increase
compared to the prior year period.
- Earnings per diluted share ("EPS") of $0.40 compared to $0.04 in the prior year period.
- Adjusted EPS of $0.39 compared to
$0.32 in the prior year period.
- Repurchased 0.7 million shares, or 0.7% of the outstanding
common stock, at an average price of $40.41 per share.
Summary of Fiscal Year 2021 Results from Continuing
Operations
- Net sales decreased 4% to $1,970.3
million, or 7% on a constant currency basis, compared to the
prior year.
- When adjusted for foreign exchange, divestitures and
discontinued brands, net sales decreased 1% compared to the prior
year.
- Gross margin of 25.0%, a 227 basis point increase over the
prior year.
- Adjusted gross margin of 25.6%, a 249 basis point increase over
the prior year.
- Operating income of $107.4
million compared to $56.0
million in the prior year.
- Adjusted operating income of $199.5
million compared to $140.0
million in the prior year.
- Net income of $66.1 million
compared to $25.6 million in the
prior year.
- Adjusted net income of $146.5
million compared to $87.1
million in the prior year.
- Adjusted EBITDA of $258.9 million
compared to $200.0 million in the
prior year.
- Adjusted EBITDA margin of 13.1%, a 340 basis point increase
compared to the prior year.
- EPS of $0.65 compared to
$0.25 in the prior year.
- Adjusted EPS of $1.45 compared to
$0.84 in the prior year.
- Repurchased 3.1 million shares, or 3.0% of the outstanding
common stock, at an average price of $34.87 per share.
SEGMENT HIGHLIGHTS FROM CONTINUING OPERATIONS
The Company operates under two reportable segments: North America and International.
North
America
North
America net sales in the fourth quarter were $253.3 million, a decrease of 15% compared to the
prior year period. When adjusted for foreign exchange,
divestitures and discontinued brands, net sales decreased 12%
from the prior year period.
Segment gross profit in the fourth quarter was $59.6 million, a 29% decrease from the prior
year period. Adjusted gross profit was $62.4
million, a decrease of 25% from the prior year period. Gross
margin was 23.5%, a 446 basis point decrease from the prior year
period, and adjusted gross margin was 24.6%, a 313 basis point
decrease from the prior year period.
Segment operating income in the fourth quarter was $23.8 million, a 25% decrease from the prior year
period. Adjusted operating income was $29.6
million, a 24% decrease from the prior year period.
Adjusted EBITDA in the fourth quarter was $34.8 million, a 20% decrease from the prior year
period. As a percentage of sales, North
America adjusted EBITDA margin was 13.7%, a 92 basis point
decrease from the prior year period.
North America net sales in
fiscal year 2021 were $1,104.1
million, a decrease of 6% compared to the prior year. When
adjusted for foreign exchange, divestitures and discontinued
brands, net sales decreased 2% from the prior year. On an adjusted
basis, the decrease was primarily driven by pantry stocking in the
prior year as a result of stay-at-home orders at the beginning of
the COVID-19 pandemic and a large program with a wholesale club
which was not repeated in the current year.
Segment gross profit in fiscal year 2021 was $291.4 million, a 1% decrease from the prior
year. Adjusted gross profit was $300.6
million, relatively flat compared to the prior year. Gross
margin was 26.4%, a 134 basis point increase from the prior year
and adjusted gross margin was 27.2%, a 155 basis point increase
from the prior year.
Segment operating income in fiscal year 2021 was $129.0 million, a 34% increase from the prior
year. Adjusted operating income was $143.7
million, a 19% increase from the prior year.
Adjusted EBITDA in fiscal year 2021 was $162.0 million, a 15% increase from the prior
year. As a percentage of sales, North
America adjusted EBITDA margin was 14.7%, a 265 basis point
increase from the prior year.
International
International net sales in the fourth
quarter were $197.3 million, a
decrease of 7% compared to the prior year period. When adjusted for
foreign exchange, divestitures and discontinued brands, net
sales decreased 1% compared to the prior year period.
Segment gross profit in the fourth quarter was $53.0 million, a 14% increase from the prior
year period. Adjusted gross profit was $53.6
million, an increase of 16% from the prior year period.
Gross margin was 26.8%, a 509 basis point increase from the prior
year period, and adjusted gross margin was 27.2%, a 543 basis point
increase from the prior year period.
Segment operating income in the fourth quarter was $29.9 million, a 104% increase from the
prior year period. Adjusted operating income was $31.3 million, an increase of 38% from the prior
year period.
Adjusted EBITDA in the fourth quarter was $38.3 million, a 28% increase from the prior year
period. As a percentage of sales, International adjusted EBITDA
margin was 19.4%, a 536 basis point increase from the prior year
period.
International net sales in fiscal year 2021 were $866.2 million, a decrease of 2% when compared to
the prior year. When adjusted for foreign exchange,
divestitures and discontinued brands, net sales increased 1%
compared to the prior year. On an adjusted basis, the increase was
mainly due to sustained demand from the prior year with additional
growth in the current year from our plant-based food and
beverage products.
Segment gross profit in fiscal year 2021 was $200.2 million, a 16% increase from the
prior year. Adjusted gross profit was $204.7
million, an increase of 17% from the prior year. Gross
margin was 23.1%, a 359 basis point increase from the prior year
and adjusted gross margin was 23.6%, a 382 basis point increase
from the prior year.
Segment operating income in fiscal year 2021 was $38.0 million, a 31% decrease from the prior
year. Adjusted operating income was $103.3
million, an increase of 40% from the prior year.
Adjusted EBITDA in fiscal year 2021 was $133.9 million, a 27% increase from the prior
year. As a percentage of sales, International adjusted EBITDA
margin was 15.5%, a 348 basis point increase from the prior
year.
CAPITAL MANAGEMENT
The Company is announcing today that its Board of Directors has
approved an additional $300 million
share repurchase authorization. Share repurchases under this 2021
authorization will commence after the Company's existing 2017
authorization is fully utilized. As of June 30, 2021, the
Company had $82.4 million remaining
under the 2017 authorization. The extent to which the Company
repurchases its shares and the timing of such repurchases will be
at the Company's discretion and will depend upon market conditions
and other corporate considerations. Repurchases may be made from
time to time in the open market, pursuant to pre-set trading plans,
in private transactions or otherwise.
During the fourth quarter of fiscal year 2021, the Company
repurchased 0.7 million shares, or 0.7% of the outstanding common
stock, at an average price of $40.41
per share for a total of $27.2
million, excluding commissions, under its 2017 share
repurchase authorization.
During fiscal year 2021, the Company repurchased 3.1 million
shares, or 3.0% of the outstanding common stock, at an average
price of $34.87 per share for a total
of $107.4 million, excluding
commissions, under its 2017 share repurchase authorization.
FISCAL YEAR 2022 GUIDANCE
For fiscal year 2022, compared to fiscal year 2021, the Company
expects:
- Low single digit adjusted net sales growth,
- Adjusted gross margin expansion, and
- Mid to high single digit adjusted EBITDA growth.
Relative to fiscal 2019, the most recent pre-pandemic period,
the Company expects full year adjusted net sales growth of high
single digits with adjusted EBITDA and EBITDA margin growth of at
least 65% and 500 bps, respectively.
Given the elevated demand during the first half of fiscal
year 2021 from the COVID-19 pandemic and the timing of the
price increase, among other factors, the Company expects:
- Net sales to be down low to mid single digits on an adjusted
basis in the first half of fiscal year 2022 and up by mid to high
single digits in the second half, and
- Adjusted EBITDA to be close to flat in the first half of fiscal
year 2022 and up high single digits to low double digits in the
second half.
In addition, for the first quarter of fiscal year 2022, the
Company expects:
- Net sales to be down low to mid single digits on an adjusted
basis but down low double digits on a reported basis, compared to
the first quarter of fiscal year 2021,
- Net sales to be up by mid to high single digits on an adjusted
basis compared to the first quarter of fiscal year 2020, the most
recent pre-pandemic period,
- Adjusted gross margin expansion, compared to the first quarter
of fiscal year 2021, and
- A mid to high teens adjusted EBITDA decrease compared to the
first quarter of fiscal year 2021, given the overlap of 70%
adjusted EBITDA growth in the first quarter of fiscal year 2021
versus prior year, lower sales due to divestitures, a highly
inflationary environment and the timing of the Company's pricing
actions.
Notes: Adjusted net sales is defined as adjusted for the impact
of foreign currency changes, divestitures and discontinued
brands. All references in this "Fiscal Year 2022 Guidance"
section to growth or declines in adjusted net sales or adjusted
EBITDA compared to a prior period represent percentage growth or
percentage decline.
Webcast Presentation
Hain Celestial will host a
conference call and webcast today at 8:30 AM
Eastern Time to discuss its results and business outlook.
The call will be webcast and the accompanying presentation will be
available under the Investor Relations section of the Company's
website at www.hain.com.
About The Hain Celestial Group, Inc.
The Hain
Celestial Group (Nasdaq: HAIN), headquartered in Lake Success, NY, is a leading organic and
natural products company with operations in North America, Europe, Asia
and the Middle East. Hain
Celestial participates in many natural categories with well-known
brands that include Celestial Seasonings®, Clarks™, Cully &
Sully®, Earth's Best®, Ella's Kitchen®, Frank Cooper's®, Gale's®, Garden of Eatin'®,
Hain Pure Foods®, Hartley's®, Health Valley®, Imagine®, Joya®,
Lima®, Linda McCartney's® (under
license), MaraNatha®, Natumi®, New Covent Garden Soup Co.®,
Robertson's®, Rose's® (under license), Sensible Portions®,
Spectrum®, Sun-Pat®, Terra®, The Greek Gods®, Yorkshire Provender®
and Yves Veggie Cuisine®. The Company's personal care products are
marketed under the Alba Botanica®, Avalon Organics®, JASON®, Live
Clean® and Queen Helene® brands.
Safe Harbor Statement
Certain statements contained in
this press release constitute "forward-looking statements" within
the meaning of federal securities laws, including the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are predictions based on expectations and projections
about future events and are not statements of historical fact. You
can identify forward-looking statements by the use of
forward-looking terminology such as "plan," "continue," "expect,"
"anticipate," "intend," "predict," "project," "estimate," "likely,"
"believe," "might," "seek," "may," "will," "remain," "potential,"
"can," "should," "could," "future" and similar expressions, or the
negative of those expressions, or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. You can also identify
forward-looking statements by discussions of the Company's
strategic initiatives, including productivity and transformation,
the Company's guidance for fiscal year 2022 and our future
performance and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
levels of activity, performance or achievements of the Company, or
industry results, to be materially different from any future
results, levels of activity, performance or achievements expressed
or implied by such forward-looking statements, and you should not
rely on them as predictions of future events. Forward-looking
statements depend on assumptions, data or methods that may be
incorrect or imprecise and may not be able to be realized. We do
not guarantee that the transactions and events described will
happen as described (or that they will happen at all). Such factors
include, among others, the impact of competition; challenges and
uncertainty resulting from the COVID-19 pandemic; our ability to
manage our supply chain effectively; disruption of operations at
our manufacturing facilities; reliance on independent contract
manufacturers; changes to consumer preferences; customer
concentration; reliance on independent distributors; the
availability of organic ingredients; risks associated with our
international sales and operations; risks associated with
outsourcing arrangements; our ability to execute our cost reduction
initiatives and related strategic initiatives; our reliance on
independent certification for a number of our products; the
reputation of our Company and our brands; our ability to use and
protect trademarks; general economic conditions; input cost
inflation; the United Kingdom's
exit from the European Union; cybersecurity incidents; disruptions
to information technology systems; the impact of climate change;
liabilities, claims or regulatory change with respect to
environmental matters; potential liability if our products cause
illness or physical harm; the highly regulated environment in which
we operate; pending and future litigation; compliance with data
privacy laws; compliance with our credit agreement; the
discontinuation of LIBOR; concentration in the ownership of our
common stock; our ability to issue preferred stock; the adequacy of
our insurance coverage; impairments in the carrying value of
goodwill or other intangible assets; and other risks detailed
from time-to-time in the Company's reports filed with the United
States Securities and Exchange Commission, including our most
recent Annual Report on Form 10-K and our subsequent reports on
Forms 10-Q and 8-K. As a result of the foregoing and other factors,
the Company cannot provide any assurance regarding future results,
levels of activity and achievements of the Company, and neither the
Company nor any person assumes responsibility for the accuracy and
completeness of these statements. All forward-looking statements
contained herein apply as of the date hereof or as of the date they
were made and, except as required by applicable law, the Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors or new methods, future events or other
changes.
Non-GAAP Financial Measures
This press release and the
accompanying tables include non-GAAP financial measures, including
adjusted operating income and its related margin, adjusted gross
margin, adjusted net income, adjusted earnings per diluted share,
net sales adjusted for the impact of foreign exchange,
divestitures and discontinued brands, adjusted EBITDA and its
related margin and operating free cash flow. The reconciliations of
these non-GAAP financial measures to the comparable GAAP financial
measures are provided herein in the tables. Management believes
that the non-GAAP financial measures presented provide useful
additional information to investors about current trends in the
Company's operations and are useful for period-over-period
comparisons of operations. These non-GAAP financial measures should
not be considered in isolation or as a substitute for the
comparable GAAP measures. In addition, these non-GAAP measures may
not be the same as similar measures provided by other companies due
to potential differences in methods of calculation and items being
excluded. They should be read only in connection with the Company's
Consolidated Statements of Operations and Cash Flows presented in
accordance with GAAP.
Certain forward-looking non-GAAP financial measures included in
this press release are not reconciled to the comparable
forward-looking GAAP financial measures. The Company is not able to
reconcile these forward-looking non-GAAP financial measures to
their most directly comparable forward-looking GAAP financial
measures without unreasonable efforts because the Company is unable
to predict with a reasonable degree of certainty the type and
extent of certain items that would be expected to impact GAAP
measures but would not impact the non-GAAP measures. Such items may
include litigation and related expenses, productivity and
transformation costs, impairments, gains or losses on sales of
assets and businesses, foreign exchange movements and other items.
The unavailable information could have a significant impact on the
Company's GAAP financial results.
The Company believes presenting net sales at constant currency
provides useful information to investors because it provides
transparency to underlying performance in the Company's
consolidated net sales by excluding the effect that foreign
currency exchange rate fluctuations have on period-to-period
comparability given the volatility in foreign currency exchange
markets. To present this information for historical periods,
current period net sales for entities reporting in currencies other
than the U.S. dollar are translated into U.S. dollars at the
average monthly exchange rates in effect during the corresponding
period of the prior fiscal year, rather than at the actual average
monthly exchange rate in effect during the current period of the
current fiscal year. As a result, the foreign currency impact is
equal to the current year results in local currencies multiplied by
the change in average foreign currency exchange rate between the
current fiscal period and the corresponding period of the prior
fiscal year.
The Company provides net sales adjusted for the impact of
foreign currency, divestitures and discontinued brands to
understand the growth rate of net sales excluding the impact of
such items. The Company's management believes net sales adjusted
for such items is useful to investors because it enables them to
better understand the growth of our business from
period-to-period.
The Company defines adjusted EBITDA as net income (loss) before
income taxes, net interest expense, depreciation and amortization,
equity in net (loss of equity-method investees, stock-based
compensation, net, unrealized currency gains and losses,
productivity and transformation costs, proceeds from an insurance
claim, impairment of long-lived assets and intangibles, warehouse
and manufacturing consolidation and other costs, gains or losses on
sales of assets and businesses, litigation and related expenses,
plant closure related costs, SKU rationalization and inventory
write-downs and other adjustments. The Company's management
believes that these presentations provide useful information to
management, analysts and investors regarding certain additional
financial and business trends relating to its results of operations
and financial condition. In addition, management uses these
measures for reviewing the financial results of the Company as well
as a component of performance-based executive compensation.
The Company defines operating free cash flow as cash provided by
or used in operating activities from continuing operations (a GAAP
measure) less purchases of property, plant and equipment. The
Company views operating free cash flow as an important measure
because it is one factor in evaluating the amount of cash available
for discretionary investments.
* Notes:
|
(1)
|
The results contained
in this press release are presented with the Hain Pure Protein and
Tilda operating segments being treated as discontinued operations.
Unless otherwise noted, all results included in this press release
are from continuing operations.
|
(2)
|
This press release
includes certain non-GAAP financial measures, which are intended to
supplement, not substitute for, comparable GAAP financial measures.
Reconciliations of non-GAAP financial measures to GAAP financial
measures and other non-GAAP financial calculations are provided in
the tables included in this press release.
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Balance Sheets
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
June 30,
2021
|
|
June 30,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
75,871
|
|
$
37,771
|
|
Accounts receivable,
net
|
174,066
|
|
170,969
|
|
Inventories
|
285,410
|
|
248,170
|
|
Prepaid expenses and
other current assets
|
39,834
|
|
95,690
|
|
Assets held for
sale
|
1,874
|
|
8,334
|
|
Total current
assets
|
577,055
|
|
560,934
|
Property, plant and
equipment, net
|
312,777
|
|
289,256
|
Goodwill
|
871,067
|
|
861,958
|
Trademarks and other
intangible assets, net
|
314,895
|
|
346,462
|
Investments and joint
ventures
|
16,917
|
|
17,439
|
Operating lease
right-of-use assets
|
92,010
|
|
88,165
|
Other
assets
|
21,187
|
|
24,238
|
|
Total
assets
|
$
2,205,908
|
|
$
2,188,452
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
171,947
|
|
$
171,009
|
|
Accrued expenses and
other current liabilities
|
117,957
|
|
124,045
|
|
Current portion of
long-term debt
|
530
|
|
1,656
|
|
Liabilities related
to assets held for sale
|
-
|
|
3,567
|
|
Total current
liabilities
|
290,434
|
|
300,277
|
Long-term debt, less
current portion
|
230,492
|
|
281,118
|
Deferred income
taxes
|
42,639
|
|
51,849
|
Operating lease
liabilities, noncurrent portion
|
85,929
|
|
82,962
|
Other noncurrent
liabilities
|
33,531
|
|
28,692
|
|
Total
liabilities
|
683,025
|
|
744,898
|
|
Total stockholders'
equity
|
1,522,883
|
|
1,443,554
|
|
Total liabilities and
stockholders' equity
|
$
2,205,908
|
|
$
2,188,452
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Operations
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth Quarter
Year to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Net sales
|
$ 450,653
|
|
$ 511,746
|
|
$
1,970,302
|
|
$
2,053,903
|
Cost of
sales
|
338,073
|
|
381,809
|
|
1,478,687
|
|
1,588,133
|
Gross
profit
|
112,580
|
|
129,937
|
|
491,615
|
|
465,770
|
Selling, general and
administrative expenses
|
62,082
|
|
79,171
|
|
299,077
|
|
324,376
|
Amortization of
acquired intangible assets
|
2,160
|
|
2,192
|
|
8,931
|
|
11,638
|
Productivity and
transformation costs
|
6,528
|
|
10,840
|
|
18,899
|
|
48,789
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(592)
|
|
(2,962)
|
Goodwill
impairment
|
-
|
|
394
|
|
-
|
|
394
|
Long-lived asset and
intangibles impairment
|
244
|
|
12,079
|
|
57,920
|
|
27,493
|
Operating
income
|
41,566
|
|
25,261
|
|
107,380
|
|
56,042
|
Interest and other
financing expense, net
|
1,834
|
|
3,190
|
|
8,654
|
|
18,258
|
Other (income)
expense, net
|
(9,215)
|
|
1,644
|
|
(10,067)
|
|
3,956
|
Income from
continuing operations before income taxes and equity in net loss of
equity-method investees
|
48,947
|
|
20,427
|
|
108,793
|
|
33,828
|
Provision for income
taxes
|
7,896
|
|
15,958
|
|
41,093
|
|
6,205
|
Equity in net loss of
equity-method investees
|
566
|
|
770
|
|
1,591
|
|
1,989
|
Net
income from continuing operations
|
$
40,485
|
|
$
3,699
|
|
$
66,109
|
|
$
25,634
|
Net
(loss) income from discontinued operations, net of tax
|
-
|
|
(460)
|
|
11,255
|
|
(106,041)
|
Net income
(loss)
|
$
40,485
|
|
$
3,239
|
|
$
77,364
|
|
$
(80,407)
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
|
|
|
Basic net income per
common share from continuing operations
|
$
0.41
|
|
$
0.04
|
|
$
0.66
|
|
$
0.25
|
Basic net income
(loss) per common share from discontinued operations
|
-
|
|
-
|
|
0.11
|
|
(1.02)
|
Basic net income
(loss) per common share
|
$
0.41
|
|
$
0.04
|
|
$
0.77
|
|
$
(0.77)
|
|
|
|
|
|
|
|
|
Diluted net income
per common share from continuing operations
|
$
0.40
|
|
$
0.04
|
|
$
0.65
|
|
$
0.25
|
Diluted net income
(loss) per common share from discontinued operations
|
-
|
|
-
|
|
0.11
|
|
(1.02)
|
Diluted net income
(loss) per common share
|
$
0.40
|
|
$
0.04
|
|
$
0.76
|
|
$
(0.77)
|
|
|
|
|
|
|
|
|
Shares used in the
calculation of net income (loss) per common share:
|
|
|
|
|
|
|
|
Basic
|
99,435
|
|
101,895
|
|
100,235
|
|
103,618
|
Diluted
|
101,133
|
|
102,280
|
|
101,322
|
|
103,937
|
THE HAIN CELESTIAL
GROUP, INC.
|
Consolidated
Statements of Cash Flows
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth Quarter
Year to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 40,485
|
|
$
3,239
|
|
$
77,364
|
|
$ (80,407)
|
Net (loss) income
from discontinued operations, net of tax
|
-
|
|
(460)
|
|
11,255
|
|
(106,041)
|
Net income from
continuing operations
|
40,485
|
|
3,699
|
|
66,109
|
|
25,634
|
Adjustments to
reconcile net income from continuing operations to net cash
provided by operating activities from continuing
operations:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
11,801
|
|
12,019
|
|
49,569
|
|
52,088
|
Deferred income
taxes
|
6,668
|
|
45,195
|
|
9,884
|
|
36,160
|
Equity in net loss of
equity-method investees
|
566
|
|
770
|
|
1,591
|
|
1,989
|
Stock-based
compensation, net
|
3,771
|
|
3,497
|
|
15,659
|
|
13,078
|
Goodwill
impairment
|
-
|
|
394
|
|
-
|
|
394
|
Long-lived asset and
intangibles impairment
|
244
|
|
12,079
|
|
57,920
|
|
27,493
|
Gain on sale of
assets
|
(4,900)
|
|
-
|
|
(4,900)
|
|
-
|
(Gain) loss on sale
of businesses
|
(3,897)
|
|
1,448
|
|
(2,604)
|
|
3,564
|
Other non-cash items,
net
|
1,152
|
|
123
|
|
353
|
|
342
|
(Decrease) increase
in cash attributable to changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
17,831
|
|
64,726
|
|
(2,890)
|
|
33,856
|
Inventories
|
21,782
|
|
(14,044)
|
|
(38,522)
|
|
33,236
|
Other current
assets
|
(1,315)
|
|
(55,639)
|
|
55,172
|
|
(45,337)
|
Other assets and
liabilities
|
732
|
|
7,152
|
|
(220)
|
|
5,986
|
Accounts payable and
accrued expenses
|
(44,678)
|
|
11,403
|
|
(10,362)
|
|
(31,569)
|
Net cash provided by
operating activities from continuing operations
|
50,242
|
|
92,822
|
|
196,759
|
|
156,914
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
(18,491)
|
|
(13,932)
|
|
(71,553)
|
|
(60,893)
|
Proceeds from sale of
assets
|
10,395
|
|
-
|
|
10,395
|
|
-
|
Proceeds from sale of
businesses, net and other
|
31,700
|
|
1,337
|
|
58,794
|
|
15,765
|
Net cash provided by
(used in) investing activities from continuing
operations
|
23,604
|
|
(12,595)
|
|
(2,364)
|
|
(45,128)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Borrowings under bank
revolving credit facility
|
35,000
|
|
65,000
|
|
241,000
|
|
262,000
|
Repayments under bank
revolving credit facility
|
(60,000)
|
|
(147,169)
|
|
(291,000)
|
|
(401,669)
|
Repayments under term
loan
|
-
|
|
-
|
|
-
|
|
(206,250)
|
Proceeds from
discontinued operations entities
|
-
|
|
398
|
|
-
|
|
305,645
|
Repayments of other
debt, net
|
(177)
|
|
(538)
|
|
(2,094)
|
|
(2,040)
|
Share
repurchases
|
(25,769)
|
|
(2,815)
|
|
(106,067)
|
|
(60,221)
|
Shares withheld for
payment of employee payroll taxes
|
(541)
|
|
(425)
|
|
(4,282)
|
|
(1,931)
|
Net cash used in
financing activities from continuing operations
|
(51,487)
|
|
(85,549)
|
|
(162,443)
|
|
(104,466)
|
Effect of exchange
rate changes on cash from continuing operations
|
498
|
|
1,544
|
|
6,148
|
|
(566)
|
CASH FLOWS FROM
DISCONTINUED OPERATIONS
|
|
|
|
|
|
|
|
Cash provided by
(used in) operating activities
|
-
|
|
398
|
|
-
|
|
(5,748)
|
Cash provided by
investing activities
|
-
|
|
-
|
|
-
|
|
297,592
|
Cash used in
financing activities
|
-
|
|
(398)
|
|
-
|
|
(299,816)
|
Effect of exchange
rate changes on cash from discontinued operations
|
-
|
|
-
|
|
-
|
|
(537)
|
Net cash flows used
in discontinued operations
|
-
|
|
-
|
|
-
|
|
(8,509)
|
Net increase
(decrease) in cash and cash equivalents
|
22,857
|
|
(3,778)
|
|
38,100
|
|
(1,755)
|
Cash and cash
equivalents at beginning of period
|
53,014
|
|
41,549
|
|
37,771
|
|
39,526
|
Cash and cash
equivalents at end of period
|
$ 75,871
|
|
$
37,771
|
|
$
75,871
|
|
$
37,771
|
THE HAIN CELESTIAL
GROUP, INC.
|
Net Sales, Gross
Profit and Operating Income (Loss) by Segment
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Net
Sales
|
|
|
|
|
|
|
|
Net sales - Q4
FY21
|
$
253,348
|
|
$
197,305
|
|
$
-
|
|
$
450,653
|
Net sales - Q4
FY20
|
$
298,644
|
|
$
213,102
|
|
$
-
|
|
$
511,746
|
% change - FY21 net
sales vs. FY20 net sales
|
(15.2)%
|
|
(7.4)%
|
|
|
|
(11.9)%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
Q4 FY21
|
|
|
|
|
|
|
|
Gross
profit
|
$
59,622
|
|
$
52,958
|
|
$
-
|
|
$
112,580
|
Non-GAAP adjustments
(1)
|
2,752
|
|
686
|
|
-
|
|
3,438
|
Adjusted gross
profit
|
$
62,374
|
|
$
53,644
|
|
$
-
|
|
$
116,018
|
Gross
margin
|
23.5%
|
|
26.8%
|
|
|
|
25.0%
|
Adjusted gross
margin
|
24.6%
|
|
27.2%
|
|
|
|
25.7%
|
|
|
|
|
|
|
|
|
Q4 FY20
|
|
|
|
|
|
|
|
Gross
profit
|
$
83,589
|
|
$
46,348
|
|
$
-
|
|
$
129,937
|
Non-GAAP adjustments
(1)
|
(728)
|
|
13
|
|
-
|
|
(715)
|
Adjusted gross
profit
|
$
82,861
|
|
$
46,361
|
|
$
-
|
|
$
129,222
|
Gross
margin
|
28.0%
|
|
21.7%
|
|
|
|
25.4%
|
Adjusted gross
margin
|
27.7%
|
|
21.8%
|
|
|
|
25.3%
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Q4 FY21
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
23,822
|
|
$
29,892
|
|
$
(12,148)
|
|
$
41,566
|
Non-GAAP adjustments
(1)
|
5,732
|
|
1,439
|
|
4,227
|
|
11,398
|
Adjusted operating
income (loss)
|
$
29,554
|
|
$
31,331
|
|
$
(7,921)
|
|
$
52,964
|
Operating income
margin
|
9.4%
|
|
15.2%
|
|
|
|
9.2%
|
Adjusted operating
income margin
|
11.7%
|
|
15.9%
|
|
|
|
11.8%
|
|
|
|
|
|
|
|
|
Q4 FY20
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
31,867
|
|
$
14,667
|
|
$
(21,273)
|
|
$
25,261
|
Non-GAAP adjustments
(1)
|
7,020
|
|
8,056
|
|
7,521
|
|
22,597
|
Adjusted operating
income (loss)
|
$
38,887
|
|
$
22,723
|
|
$
(13,752)
|
|
$
47,858
|
Operating income
margin
|
10.7%
|
|
6.9%
|
|
|
|
4.9%
|
Adjusted operating
income margin
|
13.0%
|
|
10.7%
|
|
|
|
9.4%
|
|
|
|
|
|
|
|
|
(1)See
accompanying table "Adjusted Gross Profit, Adjusted Operating
Income, Adjusted Net Income and Adjusted EPS"
|
THE HAIN CELESTIAL
GROUP, INC.
|
Net Sales, Gross
Profit and Operating Income (Loss) by Segment
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Net
Sales
|
|
|
|
|
|
|
|
Net sales - Q4 FY21
YTD
|
$
1,104,128
|
|
$
866,174
|
|
$
-
|
|
$
1,970,302
|
Net sales - Q4 FY20
YTD
|
$
1,171,478
|
|
$
882,425
|
|
$
-
|
|
$
2,053,903
|
% change - FY21 net
sales vs. FY20 net sales
|
(5.7)%
|
|
(1.8)%
|
|
|
|
(4.1)%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
Q4 FY21
YTD
|
|
|
|
|
|
|
|
Gross
profit
|
$
291,435
|
|
$
200,180
|
|
$
-
|
|
$
491,615
|
Non-GAAP adjustments
(1)
|
9,190
|
|
4,555
|
|
-
|
|
13,745
|
Adjusted gross
profit
|
$
300,625
|
|
$
204,735
|
|
$
-
|
|
$
505,360
|
Gross
margin
|
26.4%
|
|
23.1%
|
|
|
|
25.0%
|
Adjusted gross
margin
|
27.2%
|
|
23.6%
|
|
|
|
25.6%
|
|
|
|
|
|
|
|
|
Q4 FY20
YTD
|
|
|
|
|
|
|
|
Gross
profit
|
$
293,545
|
|
$
172,225
|
|
$
-
|
|
$
465,770
|
Non-GAAP adjustments
(1)
|
7,309
|
|
2,679
|
|
-
|
|
9,988
|
Adjusted gross
profit
|
$
300,854
|
|
$
174,904
|
|
$
-
|
|
$
475,758
|
Gross
margin
|
25.1%
|
|
19.5%
|
|
|
|
22.7%
|
Adjusted gross
margin
|
25.7%
|
|
19.8%
|
|
|
|
23.2%
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Q4 FY21
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
129,010
|
|
$
38,036
|
|
$
(59,666)
|
|
$
107,380
|
Non-GAAP adjustments
(1)
|
14,661
|
|
65,231
|
|
12,208
|
|
92,100
|
Adjusted operating
income (loss)
|
$
143,671
|
|
$
103,267
|
|
$
(47,458)
|
|
$
199,480
|
Operating income
margin
|
11.7%
|
|
4.4%
|
|
|
|
5.4%
|
Adjusted operating
income margin
|
13.0%
|
|
11.9%
|
|
|
|
10.1%
|
|
|
|
|
|
|
|
|
Q4 FY20
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
95,934
|
|
$
55,333
|
|
$
(95,225)
|
|
$
56,042
|
Non-GAAP adjustments
(1)
|
25,083
|
|
18,559
|
|
40,296
|
|
83,938
|
Adjusted operating
income (loss)
|
$
121,017
|
|
$
73,892
|
|
$
(54,929)
|
|
$
139,980
|
Operating income
margin
|
8.2%
|
|
6.3%
|
|
|
|
2.7%
|
Adjusted operating
income margin
|
10.3%
|
|
8.4%
|
|
|
|
6.8%
|
|
|
|
|
|
|
|
|
(1)See
accompanying table "Adjusted Gross Profit, Adjusted Operating
Income, Adjusted Net Income and Adjusted EPS"
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted
Gross Profit, Adjusted Operating Income, Adjusted Net Income and
Adjusted EPS
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
2021
GAAP
|
Adjustments
|
2021
Adjusted
|
|
2020
GAAP
|
Adjustments
|
2020
Adjusted
|
|
|
|
|
|
|
|
|
Net sales
|
$
450,653
|
$
-
|
$
450,653
|
|
$
511,746
|
$
-
|
$
511,746
|
Cost of
sales
|
338,073
|
(3,438)
|
334,635
|
|
381,809
|
715
|
382,524
|
Gross
profit
|
112,580
|
3,438
|
116,018
|
|
129,937
|
(715)
|
129,222
|
Operating expenses
(a)
|
64,486
|
(1,432)
|
63,054
|
|
93,442
|
(12,079)
|
81,363
|
Productivity and
transformation costs
|
6,528
|
(6,528)
|
-
|
|
10,840
|
(10,840)
|
-
|
Goodwill
impairment
|
-
|
-
|
-
|
|
394
|
(394)
|
-
|
Operating
income
|
41,566
|
11,398
|
52,964
|
|
25,261
|
22,597
|
47,858
|
Interest and other
(income) expense, net (b)
|
(7,381)
|
7,510
|
129
|
|
4,834
|
(1,803)
|
3,031
|
Provision (benefit)
for income taxes
|
7,896
|
4,714
|
12,610
|
|
15,958
|
(4,243)
|
11,715
|
Net
income (loss) from continuing operations
|
40,485
|
(826)
|
39,659
|
|
3,699
|
28,644
|
32,343
|
Net
(loss) income from discontinued operations, net of tax
|
-
|
-
|
-
|
|
(460)
|
460
|
-
|
Net income
(loss)
|
40,485
|
(826)
|
39,659
|
|
3,239
|
29,104
|
32,343
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per common share from continuing operations
|
0.40
|
(0.01)
|
0.39
|
|
0.04
|
0.28
|
0.32
|
Diluted net income
per common share from discontinued operations
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Diluted net income
(loss) per common share
|
0.40
|
(0.01)
|
0.39
|
|
0.04
|
0.28
|
0.32
|
|
|
|
|
|
|
|
|
Detail of
Adjustments:
|
|
|
|
|
|
|
|
|
|
Q4
FY21
|
|
|
|
Q4
FY20
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
$
4,038
|
|
|
|
$
385
|
|
Plant closure related
costs
|
|
132
|
|
|
|
3
|
|
SKU rationalization
and inventory write-down
|
|
(732)
|
|
|
|
(1,103)
|
|
Cost of
sales
|
|
3,438
|
|
|
|
(715)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,438
|
|
|
|
(715)
|
|
|
|
|
|
|
|
|
|
Litigation and
related expenses
|
|
943
|
|
|
|
-
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
245
|
|
|
|
-
|
|
Long-lived asset
impairment
|
|
244
|
|
|
|
12,079
|
|
Operating expenses
(a)
|
|
1,432
|
|
|
|
12,079
|
|
|
|
|
|
|
|
|
|
Productivity and
transformation costs
|
|
6,528
|
|
|
|
10,840
|
|
Productivity and
transformation costs
|
|
6,528
|
|
|
|
10,840
|
|
|
|
|
|
|
|
|
|
Goodwill
impairment
|
|
-
|
|
|
|
394
|
|
Goodwill
impairment
|
|
-
|
|
|
|
394
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
11,398
|
|
|
|
22,597
|
|
|
|
|
|
|
|
|
|
Unrealized currency
losses
|
|
1,287
|
|
|
|
355
|
|
Gain on sale of
assets
|
|
(4,900)
|
|
|
|
-
|
|
(Gain) loss on sale
of businesses
|
|
(3,897)
|
|
|
|
1,448
|
|
Interest and other
(income) expense, net (b)
|
|
(7,510)
|
|
|
|
1,803
|
|
|
|
|
|
|
|
|
|
Income tax related
adjustments
|
|
(4,714)
|
|
|
|
4,243
|
|
(Benefit) provision
for income taxes
|
|
(4,714)
|
|
|
|
4,243
|
|
|
|
|
|
|
|
|
|
Net
(loss) income from continuing operations
|
|
$
(826)
|
|
|
|
$
28,644
|
|
|
|
|
|
|
|
|
|
(a)Operating expenses include amortization
of acquired intangibles, selling, general and administrative
expenses and long-lived asset impairment.
|
(b)Interest and other (income) expense,
net includes interest and other financing expenses, net, unrealized
currency losses, (gain) loss on sale of assets and businesses and
other expense, net.
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted
Gross Profit, Adjusted Operating Income, Adjusted Net Income and
Adjusted EPS
|
(unaudited and
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
Year to Date
|
|
2021
GAAP
|
Adjustments
|
2021
Adjusted
|
|
2020
GAAP
|
Adjustments
|
2020
Adjusted
|
|
|
|
|
|
|
|
|
Net sales
|
$
1,970,302
|
$
-
|
$
1,970,302
|
|
$
2,053,903
|
$
-
|
$
2,053,903
|
Cost of
sales
|
1,478,687
|
(13,745)
|
1,464,942
|
|
1,588,133
|
(9,988)
|
1,578,145
|
Gross
profit
|
491,615
|
13,745
|
505,360
|
|
465,770
|
9,988
|
475,758
|
Operating expenses
(a)
|
365,928
|
(60,048)
|
305,880
|
|
363,507
|
(27,730)
|
335,777
|
Productivity and
transformation costs
|
18,899
|
(18,899)
|
-
|
|
48,789
|
(48,789)
|
-
|
Proceeds from
insurance claim
|
(592)
|
592
|
-
|
|
(2,962)
|
2,962
|
-
|
Goodwill
impairment
|
-
|
-
|
-
|
|
394
|
(394)
|
-
|
Operating
income
|
107,380
|
92,100
|
199,480
|
|
56,042
|
83,938
|
139,980
|
Interest and other
(income) expense, net (b)
|
(1,413)
|
6,752
|
5,339
|
|
22,214
|
(5,082)
|
17,132
|
Provision for income
taxes
|
41,093
|
4,929
|
46,022
|
|
6,205
|
27,575
|
33,780
|
Net
income from continuing operations
|
66,109
|
80,419
|
146,528
|
|
25,634
|
61,445
|
87,079
|
Net
income (loss) from discontinued operations, net of tax
|
11,255
|
(11,255)
|
-
|
|
(106,041)
|
106,041
|
-
|
Net income
(loss)
|
77,364
|
69,164
|
146,528
|
|
(80,407)
|
167,486
|
87,079
|
|
|
|
|
|
|
|
|
Diluted net income
per common share from continuing operations
|
0.65
|
0.80
|
1.45
|
|
0.25
|
0.59
|
0.84
|
Diluted net income
(loss) per common share from discontinued operations
|
0.11
|
(0.11)
|
-
|
|
(1.02)
|
1.02
|
-
|
Diluted net income
(loss) per common share
|
0.76
|
0.69
|
1.45
|
|
(0.77)
|
1.61
|
0.84
|
|
|
|
|
|
|
|
|
Detail of
Adjustments:
|
|
|
|
|
|
|
|
|
|
Q4 FY21
YTD
|
|
|
|
Q4 FY20
YTD
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
$
11,313
|
|
|
|
$
3,251
|
|
Plant closure related
costs
|
|
2,853
|
|
|
|
2,562
|
|
SKU rationalization
and inventory write-down
|
|
(421)
|
|
|
|
4,175
|
|
Cost of
sales
|
|
13,745
|
|
|
|
9,988
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
13,745
|
|
|
|
9,988
|
|
|
|
|
|
|
|
|
|
Long-lived asset
impairment
|
|
57,920
|
|
|
|
17,954
|
|
Litigation and
related expenses
|
|
1,587
|
|
|
|
48
|
|
Warehouse/manufacturing consolidation and other
costs
|
|
508
|
|
|
|
189
|
|
Plant closure related
costs
|
|
33
|
|
|
|
-
|
|
Intangibles
impairment
|
|
-
|
|
|
|
9,539
|
|
Operating expenses
(a)
|
|
60,048
|
|
|
|
27,730
|
|
|
|
|
|
|
|
|
|
Productivity and
transformation costs
|
|
18,899
|
|
|
|
48,789
|
|
Productivity and
transformation costs
|
|
18,899
|
|
|
|
48,789
|
|
|
|
|
|
|
|
|
|
Proceeds from
insurance claim
|
|
(592)
|
|
|
|
(2,962)
|
|
Proceeds from
insurance claim
|
|
(592)
|
|
|
|
(2,962)
|
|
|
|
|
|
|
|
|
|
Goodwill
impairment
|
|
-
|
|
|
|
394
|
|
Goodwill
impairment
|
|
-
|
|
|
|
394
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
92,100
|
|
|
|
83,938
|
|
|
|
|
|
|
|
|
|
Unrealized currency
losses
|
|
752
|
|
|
|
543
|
|
Gain on sale of
assets
|
|
(4,900)
|
|
|
|
-
|
|
(Gain) loss on sale
of businesses
|
|
(2,604)
|
|
|
|
3,564
|
|
Deferred financing
cost write-off
|
|
-
|
|
|
|
975
|
|
Interest and other
(income) expense, net (b)
|
|
(6,752)
|
|
|
|
5,082
|
|
|
|
|
|
|
|
|
|
Income tax related
adjustments
|
|
(4,929)
|
|
|
|
(27,575)
|
|
Benefit for income
taxes
|
|
(4,929)
|
|
|
|
(27,575)
|
|
|
|
|
|
|
|
|
|
Net
income from continuing operations
|
|
$
80,419
|
|
|
|
$
61,445
|
|
|
|
|
|
|
|
|
|
(a)Operating expenses include amortization
of acquired intangibles, selling, general and administrative
expenses and long-lived asset and intangibles
impairment.
|
(b)Interest and other (income) expense,
net includes interest and other financing expenses, net, unrealized
currency losses, (gain) loss on sale of assets and businesses and
other expense, net.
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted Net Sales
Growth
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
Q4
FY21
|
North
America
|
|
International
|
|
Hain
Consolidated
|
Net sales
|
$
253,348
|
|
$
197,305
|
|
$
450,653
|
Divestitures and
discontinued brands
|
(525)
|
|
-
|
|
(525)
|
Impact of foreign
currency exchange
|
(3,940)
|
|
(20,091)
|
|
(24,031)
|
Net sales on a
constant currency basis adjusted for
divestitures and discontinued brands
|
$
248,883
|
|
$
177,214
|
|
$
426,097
|
|
|
|
|
|
|
Q4
FY20
|
|
|
|
|
|
Net
sales
|
$
298,644
|
|
$
213,102
|
|
$
511,746
|
Divestitures and
discontinued brands
|
(15,551)
|
|
(35,051)
|
|
(50,602)
|
Net sales adjusted
for divestitures and discontinued
brands
|
$
283,093
|
|
$
178,051
|
|
$
461,144
|
|
|
|
|
|
|
Net sales
decline
|
(15.2)%
|
|
(7.4)%
|
|
(11.9)%
|
Impact of
divestitures and discontinued brands
|
4.4%
|
|
16.3%
|
|
9.0%
|
Impact of foreign
currency exchange
|
(1.3)%
|
|
(9.4)%
|
|
(4.7)%
|
Net sales decline on
a constant currency basis adjusted for
divestitures and discontinued brands
|
(12.1)%
|
|
(0.5)%
|
|
(7.6)%
|
|
|
|
|
|
|
Q4 FY21
YTD
|
North
America
|
|
International
|
|
Hain
Consolidated
|
Net sales
|
$
1,104,128
|
|
$
866,174
|
|
$
1,970,302
|
Divestitures and
discontinued brands
|
(4,630)
|
|
(5,052)
|
|
(9,682)
|
Impact of foreign
currency exchange
|
(6,083)
|
|
(55,224)
|
|
(61,307)
|
Net sales on a
constant currency basis adjusted for
divestitures and discontinued brands
|
$
1,093,415
|
|
$
805,898
|
|
$
1,899,313
|
|
|
|
|
|
|
Q4 FY20
YTD
|
|
|
|
|
|
Net sales
|
$
1,171,478
|
|
$
882,425
|
|
$
2,053,903
|
Divestitures and
discontinued brands
|
(59,671)
|
|
(83,173)
|
|
(142,844)
|
Net sales adjusted
for divestitures and discontinued
brands
|
$
1,111,807
|
|
$
799,252
|
|
$
1,911,059
|
|
|
|
|
|
|
Net sales
decline
|
(5.7)%
|
|
(1.8)%
|
|
(4.1)%
|
Impact of
divestitures and discontinued brands
|
4.5%
|
|
8.9%
|
|
6.5%
|
Impact of foreign
currency exchange
|
(0.5)%
|
|
(6.3)%
|
|
(3.0)%
|
Net sales (decline)
growth on a constant currency basis adjusted
for divestitures and discontinued
brands
|
(1.7)%
|
|
0.8%
|
|
(0.6)%
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted
EBITDA
|
(unaudited and
in thousands)
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth Quarter
Year to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 40,485
|
|
$
3,239
|
|
$
77,364
|
|
$ (80,407)
|
Net (loss) income
from discontinued operations, net of tax
|
-
|
|
(460)
|
|
11,255
|
|
(106,041)
|
Net income from
continuing operations
|
$ 40,485
|
|
$
3,699
|
|
$
66,109
|
|
$
25,634
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
7,896
|
|
15,958
|
|
41,093
|
|
6,205
|
Interest expense,
net
|
1,099
|
|
2,467
|
|
5,880
|
|
14,351
|
Depreciation and
amortization
|
11,801
|
|
12,019
|
|
49,569
|
|
52,088
|
Equity in net loss of
equity-method investees
|
566
|
|
770
|
|
1,591
|
|
1,989
|
Stock-based
compensation, net
|
3,771
|
|
3,497
|
|
15,659
|
|
13,078
|
Goodwill
impairment
|
-
|
|
394
|
|
-
|
|
394
|
Unrealized currency
losses
|
1,287
|
|
355
|
|
752
|
|
543
|
Productivity and
transformation costs
|
5,435
|
|
10,194
|
|
15,863
|
|
47,596
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(592)
|
|
(2,962)
|
Long-lived asset and
intangibles impairment
|
244
|
|
12,079
|
|
57,920
|
|
27,493
|
Warehouse/manufacturing consolidation and other
costs
|
4,061
|
|
385
|
|
11,374
|
|
3,440
|
Litigation and
related expenses
|
943
|
|
-
|
|
1,587
|
|
48
|
Plant closure related
costs
|
41
|
|
3
|
|
58
|
|
2,357
|
Gain on sale of
assets
|
(4,900)
|
|
-
|
|
(4,900)
|
|
-
|
(Gain) loss on sale
of businesses
|
(3,897)
|
|
1,448
|
|
(2,604)
|
|
3,564
|
SKU rationalization
and inventory write-down
|
(732)
|
|
(1,103)
|
|
(421)
|
|
4,175
|
Adjusted
EBITDA
|
$ 68,100
|
|
$ 62,165
|
|
$ 258,938
|
|
$ 199,993
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted EBITDA
and Adjusted EBITDA Margin by Segment
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Q4
FY21
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
23,822
|
|
$
29,892
|
|
$
(12,148)
|
|
$
41,566
|
Depreciation and
amortization
|
4,123
|
|
6,946
|
|
732
|
|
11,801
|
Stock-based
compensation, net
|
841
|
|
312
|
|
2,618
|
|
3,771
|
Productivity and
transformation costs
|
2,954
|
|
285
|
|
2,196
|
|
5,435
|
Long-lived asset
impairment
|
-
|
|
244
|
|
-
|
|
244
|
Warehouse/manufacturing consolidation and other
costs
|
3,396
|
|
665
|
|
-
|
|
4,061
|
Plant closure related
costs
|
41
|
|
-
|
|
-
|
|
41
|
SKU rationalization
and inventory write-down
|
(732)
|
|
-
|
|
-
|
|
(732)
|
Litigation and
related expenses
|
-
|
|
-
|
|
943
|
|
943
|
Other
|
372
|
|
(85)
|
|
683
|
|
970
|
Adjusted
EBITDA
|
$
34,817
|
|
$
38,259
|
|
$
(4,976)
|
|
$
68,100
|
|
|
|
|
|
|
|
|
Net
sales
|
$
253,348
|
|
$
197,305
|
|
|
|
$
450,653
|
Adjusted EBITDA
margin
|
13.7%
|
|
19.4%
|
|
|
|
15.1%
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Q4
FY20
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
31,867
|
|
$
14,667
|
|
$
(21,273)
|
|
$
25,261
|
Depreciation and
amortization
|
4,101
|
|
7,179
|
|
739
|
|
12,019
|
Stock-based
compensation, net
|
631
|
|
333
|
|
2,533
|
|
3,497
|
Goodwill
impairment
|
-
|
|
394
|
|
-
|
|
394
|
Productivity and
transformation costs
|
1,553
|
|
2,765
|
|
5,876
|
|
10,194
|
Long-lived asset
impairment
|
6,196
|
|
4,883
|
|
1,000
|
|
12,079
|
SKU rationalization
and inventory write-down
|
(1,103)
|
|
-
|
|
-
|
|
(1,103)
|
Warehouse/manufacturing consolidation and other
costs
|
385
|
|
-
|
|
-
|
|
385
|
Plant closure related
costs
|
3
|
|
-
|
|
-
|
|
3
|
Other
|
153
|
|
(312)
|
|
(405)
|
|
(564)
|
Adjusted
EBITDA
|
$
43,786
|
|
$
29,909
|
|
$
(11,530)
|
|
$
62,165
|
|
|
|
|
|
|
|
|
Net
sales
|
$
298,644
|
|
$
213,102
|
|
|
|
$
511,746
|
Adjusted EBITDA
margin
|
14.7%
|
|
14.0%
|
|
|
|
12.1%
|
THE HAIN CELESTIAL
GROUP, INC.
|
Adjusted EBITDA
and Adjusted EBITDA Margin by Segment
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Q4 FY21
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
129,010
|
|
$
38,036
|
|
$
(59,666)
|
|
$
107,380
|
Depreciation and
amortization
|
16,816
|
|
29,915
|
|
2,838
|
|
49,569
|
Stock-based
compensation, net
|
3,410
|
|
1,535
|
|
10,714
|
|
15,659
|
Productivity and
transformation costs
|
5,388
|
|
3,880
|
|
6,595
|
|
15,863
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(592)
|
|
(592)
|
Long-lived asset
impairment
|
(11)
|
|
56,348
|
|
1,583
|
|
57,920
|
Warehouse/manufacturing consolidation and other
costs
|
7,809
|
|
3,565
|
|
-
|
|
11,374
|
Plant closure related
costs
|
34
|
|
24
|
|
-
|
|
58
|
SKU rationalization
and inventory write-down
|
(421)
|
|
-
|
|
-
|
|
(421)
|
Litigation and
related expenses
|
-
|
|
-
|
|
1,587
|
|
1,587
|
Other
|
10
|
|
579
|
|
(48)
|
|
541
|
Adjusted
EBITDA
|
$
162,045
|
|
$
133,882
|
|
$
(36,989)
|
|
$
258,938
|
|
|
|
|
|
|
|
|
Net
sales
|
$
1,104,128
|
|
$
866,174
|
|
|
|
$
1,970,302
|
Adjusted EBITDA
margin
|
14.7%
|
|
15.5%
|
|
|
|
13.1%
|
|
|
|
|
|
|
|
|
|
North
America
|
|
International
|
|
Corporate/Other
|
|
Hain
Consolidated
|
Q4 FY20
YTD
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
95,934
|
|
$
55,333
|
|
$
(95,225)
|
|
$
56,042
|
Depreciation and
amortization
|
16,890
|
|
31,437
|
|
3,761
|
|
52,088
|
Stock-based
compensation, net
|
2,716
|
|
1,316
|
|
9,046
|
|
13,078
|
Goodwill
impairment
|
-
|
|
394
|
|
-
|
|
394
|
Productivity and
transformation costs
|
9,053
|
|
7,034
|
|
31,509
|
|
47,596
|
Proceeds from
insurance claim
|
-
|
|
-
|
|
(2,962)
|
|
(2,962)
|
Long-lived asset and
intangibles impairment
|
8,499
|
|
8,454
|
|
10,540
|
|
27,493
|
SKU rationalization
and inventory write-down
|
3,996
|
|
179
|
|
-
|
|
4,175
|
Warehouse/manufacturing consolidation and other
costs
|
3,440
|
|
-
|
|
-
|
|
3,440
|
Plant closure related
costs
|
75
|
|
2,282
|
|
-
|
|
2,357
|
Litigation and
related expenses
|
-
|
|
-
|
|
48
|
|
48
|
Other
|
283
|
|
(733)
|
|
(3,306)
|
|
(3,756)
|
Adjusted
EBITDA
|
$
140,886
|
|
$
105,696
|
|
$
(46,589)
|
|
$
199,993
|
|
|
|
|
|
|
|
|
Net
sales
|
$
1,171,478
|
|
$
882,425
|
|
|
|
$
2,053,903
|
Adjusted EBITDA
margin
|
12.0%
|
|
12.0%
|
|
|
|
9.7%
|
THE HAIN CELESTIAL
GROUP, INC.
|
Operating
Free Cash Flow
|
(unaudited and in
thousands)
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth Quarter
Year to Date
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities from continuing operations
|
$ 50,242
|
|
$ 92,822
|
|
$ 196,759
|
|
$ 156,914
|
Purchases of
property, plant and equipment
|
(18,491)
|
|
(13,932)
|
|
(71,553)
|
|
(60,893)
|
Operating free cash
flow from continuing operations
|
$ 31,751
|
|
$ 78,890
|
|
$ 125,206
|
|
$
96,021
|
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SOURCE The Hain Celestial Group, Inc.