Lands’ End, Inc. (NASDAQ: LE) today announced financial results for
the second quarter ended July 29, 2022.
Jerome Griffith, Chief Executive Officer, stated, “We are very
pleased with our performance this quarter, exceeding our revenue
and profit expectations. Despite global supply chain and consumer
challenges, our teams continue to successfully navigate these
challenges. Our performance this quarter across our four strategic
growth pillars – product, digital, uni-channel distribution, and
infrastructure – gives us confidence in the long-term opportunity
ahead.”
Second Quarter Financial Highlights:
- For the second quarter, net revenue decreased 8.6% to $351.2
million compared to $384.1 million in the second quarter of fiscal
2021.
- Global eCommerce net revenue decreased 16.0% for the second
quarter. Net revenue in U.S. eCommerce decreased 14.4% and
International eCommerce decreased 23.9%, both driven by delayed
receipts of key products due to global supply chain and continued
macroeconomic challenges.
- Outfitters net revenue increased 7.7%, attributed to stronger
demand within school uniform households and national accounts.
- Third Party net revenue increased 42.9%, primarily attributed
to growth in the Kohl’s online marketplace, and growth in other new
and existing online marketplaces.
- Gross margin decreased approximately 530 basis points to 41.0%,
compared to 46.3% in second quarter of fiscal 2021. The Gross
margin decline was attributable to an incremental $11.7 million of
transportation costs as a result of global supply chain challenges,
in addition to increased promotional activity and margin mix from
growth in our Third Party business.
- Selling and administrative expenses decreased $8.0 million to
$128.6 million or 36.6% of net revenue, compared to $136.6 million
or 35.6% of net revenue in second quarter of fiscal 2021. The
approximately 100 basis points increase was driven by deleverage on
lower sales partially offset by continued expense controls.
- Net loss was $2.2 million, or $0.07 loss per diluted share.
This compares to Net income of $16.2 million or $0.48 earnings per
diluted share in the second quarter of fiscal 2021.
- Adjusted EBITDA decreased to $15.8 million compared to $41.4
million in the second quarter of fiscal 2021.
Second Quarter Business Highlights:
- The Company exceeded its profit expectations despite the
ongoing global supply chain challenges, changing consumer landscape
and difficult macroeconomic conditions.
- Continued to expand its Third Party business with a strong
growth in existing and new online marketplaces.
- Outfitters business experienced strong demand across its school
uniform households and national accounts.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $23.5 million as of July 29,
2022, compared to $39.2 million as of July 30, 2021.
Inventories, net, was $569.2 million as of July 29, 2022, and
$464.3 million as of July 30, 2021.
Net cash used in operations was $117.5 million for the 26 weeks
ended July 29, 2022, compared to net cash provided by operations of
$30.5 million for the 26 weeks ended July 30, 2021. The increase in
Net cash used in operations was primarily attributable to earlier
receipts and in-transit shipments for fall and holiday inventory
compared to prior years and increased transportation costs due to
the global supply chain challenges.
As of July 29, 2022, the Company had $135.0 million of
borrowings outstanding and $126.2 million of availability, based
upon the loan cap calculated in the borrowing base under its
asset-based senior secured credit facility, compared to $25.0
million of borrowings as of July 30, 2021. Additionally, as of July
29, 2022, the Company had $250.9 million of term loan debt
outstanding compared to $264.7 million of term loan debt
outstanding as of July 30, 2021.
During the second quarter, the Company repurchased $2.4 million
of the Company’s common stock under its previously announced $50
million share repurchase program.
Outlook
Jim Gooch, President and Chief Financial Officer, stated, “We
are pleased to have delivered profitability ahead of our
expectations despite continued supply chain challenges and
macroeconomic factors impacting our customer. Despite these ongoing
industry-wide challenges, we remain confident in our digitally-led
business model and our ability to execute on our strategic
initiatives.”
For the third quarter of fiscal 2022 the Company expects:
- Net revenue to be between $375.0 million and $390.0
million.
- Net income to be between $1.0 million and $4.0 million and
diluted earnings per share to be between $0.03 and $0.12.
- Adjusted EBITDA in the range of $20.0 million to $24.0
million.
This third quarter outlook assumes approximately $9.0 million of
incremental transportation expenses due to the global supply chain
challenges.
For fiscal 2022 the Company now expects:
- Net revenue to be between $1.60 billion and $1.64 billion.
- Net income to be between $16.5 million and $23.5 million, and
diluted earnings per share to be between $0.49 and $0.70.
- Adjusted EBITDA in the range of $95.0 million to $105.0
million.
- Capital expenditures of approximately $37.0 million.
This full year outlook assumes approximately $35.0 million of
incremental transportation expenses due to the global supply chain
challenges and gross margin improvement in the second half of the
year, as higher supply chain costs are lapped.
Conference Call
The Company will host a conference call on Thursday, September
1, 2022, at 8:30 a.m. ET to review its second quarter financial
results and related matters. The call may be accessed through the
Investor Relations section of the Company’s website at
http://investors.landsend.com.
About Lands’ End, Inc.
Lands’ End, Inc. (NASDAQ:LE) is a leading uni-channel retailer
of casual clothing, accessories, footwear and home products. We
offer products online at www.landsend.com, through our own Company
Operated stores and through third-party distribution channels. We
are a classic American lifestyle brand with a passion for quality,
legendary service and real value. We seek to deliver timeless style
for women, men, kids and the home.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding the
Company’s ability to successfully navigate global supply chain and
consumer challenges; the Company’s confidence in its long-term
opportunity; the Company’s confidence in its business model and its
ability to execute on and the expected results of its strategic
initiatives; and the Company’s outlook and expectations as to net
revenue, net income, earnings per share and Adjusted EBITDA for the
third quarter of fiscal 2022 and for the full year of fiscal 2022,
capital expenditures for fiscal 2022, assumptions regarding
incremental transportation expenses due to the global supply chain
challenges in the third quarter of fiscal 2022 and full year of
fiscal 2022 and gross margin improvement in the second half of
fiscal 2022, as higher supply chain costs are lapped. The following
important factors and uncertainties, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: global supply chain challenges have
resulted in a significant increase in inbound transportation costs
and delays in receiving product; further disruption in the
Company’s supply chain, including with respect to its distribution
centers, third-party manufacturing partners and logistics partners,
caused by limits in freight capacity, increases in transportation
costs, port congestion, other logistics constraints, and closure of
certain manufacturing facilities and production lines due to
COVID-19 and other global economic conditions; the impact of global
economic conditions, including inflation, on consumer discretionary
spending; the impact of COVID-19 on operations, customer demand and
the Company’s supply chain, as well as its consolidated results of
operation, financial position and cash flows; the Company may be
unsuccessful in implementing its strategic initiatives, or its
initiatives may not have their desired impact on its business; the
Company’s ability to offer merchandise and services that customers
want to purchase; changes in customer preference from the Company’s
branded merchandise; the Company’s results may be materially
impacted if tariffs on imports to the United States increase and it
is unable to offset the increased costs from current or future
tariffs through pricing negotiations with its vendor base, moving
production out of countries impacted by the tariffs, passing
through a portion of the cost increases to the customer, or other
savings opportunities; customers’ use of the Company’s digital
platform, including customer acceptance of its efforts to enhance
its eCommerce websites, including the Outfitters website; customer
response to the Company’s marketing efforts across all types of
media; the Company’s maintenance of a robust customer list; the
Company’s retail store strategy may be unsuccessful; the Company’s
Third Party channel may not develop as planned or have its desired
impact; the Company’s dependence on information technology and a
failure of information technology systems, including with respect
to its eCommerce operations, or an inability to upgrade or adapt
its systems; fluctuations and increases in costs of raw materials
as well as fluctuations in other production and
distribution-related costs; impairment of the Company’s
relationships with its vendors; the Company’s failure to maintain
the security of customer, employee or company information; the
Company’s failure to compete effectively in the apparel industry;
legal, regulatory, economic and political risks associated with
international trade and those markets in which the Company conducts
business and sources its merchandise; the Company’s failure to
protect or preserve the image of its brands and its intellectual
property rights; increases in postage, paper and printing costs;
failure by third parties who provide the Company with services in
connection with certain aspects of its business to perform their
obligations; the Company’s failure to timely and effectively obtain
shipments of products from its vendors and deliver merchandise to
its customers; reliance on promotions and markdowns to encourage
customer purchases; the Company’s failure to efficiently manage
inventory levels; unseasonal or severe weather conditions; the
adverse effect on the Company’s reputation if its independent
vendors do not use ethical business practices or comply with
applicable laws and regulations; assessments for additional state
taxes; incurrence of charges due to impairment of goodwill, other
intangible assets and long-lived assets; the impact on the
Company’s business of adverse worldwide economic and market
conditions, including inflation and other economic factors that
negatively impact consumer spending on discretionary items;
potential indemnification liabilities to Sears Holdings pursuant to
the separation and distribution agreement in connection with the
Company’s separation from Sears Holdings; the ability of the
Company’s principal stockholders to exert substantial influence
over the Company; potential liabilities under fraudulent conveyance
and transfer laws and legal capital requirements; and other risks,
uncertainties and factors discussed in the “Risk Factors” section
of the Company’s Annual Report on Form 10-K for the fiscal year
ended January 28, 2022. The Company intends the forward-looking
statements to speak only as of the time made and does not undertake
to update or revise them as more information becomes available,
except as required by law.
CONTACTS
Lands’ End, Inc.James GoochPresident and Chief Financial
Officer(608) 935-9341
Investor Relations:ICR, Inc.Bruce Williams(332)
242-4303Bruce.Williams@icrinc.com
-Financial Tables Follow-
LANDS’ END,
INC.Condensed Consolidated Balance
Sheets(Unaudited)
(in
thousands, except per share data) |
|
July 29, 2022 |
|
|
July 30, 2021 |
|
|
January 28, 2022* |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,505 |
|
|
$ |
39,223 |
|
|
$ |
34,301 |
|
Restricted cash |
|
|
2,091 |
|
|
|
2,102 |
|
|
|
1,834 |
|
Accounts receivable, net |
|
|
40,917 |
|
|
|
30,203 |
|
|
|
49,668 |
|
Inventories, net |
|
|
569,174 |
|
|
|
464,291 |
|
|
|
384,241 |
|
Prepaid expenses and other current assets |
|
|
39,267 |
|
|
|
31,127 |
|
|
|
36,905 |
|
Total current assets |
|
|
674,954 |
|
|
|
566,946 |
|
|
|
506,949 |
|
Property and equipment, net |
|
|
124,626 |
|
|
|
136,714 |
|
|
|
129,791 |
|
Operating lease right-of-use
asset |
|
|
32,115 |
|
|
|
33,989 |
|
|
|
31,492 |
|
Goodwill |
|
|
106,700 |
|
|
|
106,700 |
|
|
|
106,700 |
|
Intangible asset |
|
|
257,000 |
|
|
|
257,000 |
|
|
|
257,000 |
|
Other assets |
|
|
3,760 |
|
|
|
4,347 |
|
|
|
4,702 |
|
TOTAL ASSETS |
|
$ |
1,199,155 |
|
|
$ |
1,105,696 |
|
|
$ |
1,036,634 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
13,750 |
|
|
$ |
13,750 |
|
|
$ |
13,750 |
|
Accounts payable |
|
|
236,015 |
|
|
|
211,916 |
|
|
|
145,802 |
|
Lease liability – current |
|
|
6,720 |
|
|
|
5,437 |
|
|
|
5,617 |
|
Other current liabilities |
|
|
101,015 |
|
|
|
130,285 |
|
|
|
146,263 |
|
Total current liabilities |
|
|
357,500 |
|
|
|
361,388 |
|
|
|
311,432 |
|
Long-term borrowings under ABL
Facility |
|
|
135,000 |
|
|
|
25,000 |
|
|
|
— |
|
Long-term debt, net |
|
|
228,948 |
|
|
|
240,020 |
|
|
|
234,474 |
|
Lease liability – long-term |
|
|
32,333 |
|
|
|
35,912 |
|
|
|
32,731 |
|
Deferred tax liabilities |
|
|
45,516 |
|
|
|
47,469 |
|
|
|
46,191 |
|
Other liabilities |
|
|
4,913 |
|
|
|
6,084 |
|
|
|
5,110 |
|
TOTAL LIABILITIES |
|
|
804,210 |
|
|
|
715,873 |
|
|
|
629,938 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 authorized: 480,000 shares; issued
and outstanding: 33,202, 32,981 and 32,985, respectively |
|
|
332 |
|
|
|
330 |
|
|
|
330 |
|
Additional paid-in capital |
|
|
371,245 |
|
|
|
370,353 |
|
|
|
374,413 |
|
Retained earnings |
|
|
39,947 |
|
|
|
30,086 |
|
|
|
44,595 |
|
Accumulated other comprehensive (loss) |
|
|
(16,579 |
) |
|
|
(10,946 |
) |
|
|
(12,642 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
394,945 |
|
|
|
389,823 |
|
|
|
406,696 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
1,199,155 |
|
|
$ |
1,105,696 |
|
|
$ |
1,036,634 |
|
*Derived from the audited consolidated financial statements
included in the Company’s Annual Report on Form 10-K for the fiscal
year ended January 28, 2022.
LANDS’ END,
INC.Condensed Consolidated Statements of
Operations(Unaudited)
|
|
13 Weeks Ended |
|
|
26 Weeks Ended |
|
(in
thousands, except per share data) |
|
July 29,2022 |
|
|
July 30,2021 |
|
|
July 29,2022 |
|
|
July 30, 2021 |
|
Net revenue |
|
$ |
351,178 |
|
|
$ |
384,109 |
|
|
$ |
654,843 |
|
|
$ |
705,406 |
|
Cost of sales (excluding
depreciation and amortization) |
|
|
207,141 |
|
|
|
206,320 |
|
|
|
381,631 |
|
|
|
379,880 |
|
Gross
profit |
|
|
144,037 |
|
|
|
177,789 |
|
|
|
273,212 |
|
|
|
325,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative |
|
|
128,573 |
|
|
|
136,649 |
|
|
|
244,267 |
|
|
|
262,171 |
|
Depreciation and
amortization |
|
|
9,883 |
|
|
|
9,791 |
|
|
|
19,467 |
|
|
|
19,695 |
|
Other operating expense, net |
|
|
39 |
|
|
|
— |
|
|
|
39 |
|
|
|
443 |
|
Operating income |
|
|
5,542 |
|
|
|
31,349 |
|
|
|
9,439 |
|
|
|
43,217 |
|
Interest expense |
|
|
8,813 |
|
|
|
8,837 |
|
|
|
16,982 |
|
|
|
17,897 |
|
Other (income), net |
|
|
(166 |
) |
|
|
(123 |
) |
|
|
(328 |
) |
|
|
(290 |
) |
(Loss) income before income
taxes |
|
|
(3,105 |
) |
|
|
22,635 |
|
|
|
(7,215 |
) |
|
|
25,610 |
|
Income tax (benefit) expense |
|
|
(926 |
) |
|
|
6,414 |
|
|
|
(2,665 |
) |
|
|
6,750 |
|
NET (LOSS)
INCOME |
|
$ |
(2,179 |
) |
|
$ |
16,221 |
|
|
$ |
(4,550 |
) |
|
$ |
18,860 |
|
NET (LOSS) INCOME PER
COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
$ |
(0.07 |
) |
|
$ |
0.49 |
|
|
$ |
(0.14 |
) |
|
$ |
0.57 |
|
Diluted: |
|
$ |
(0.07 |
) |
|
$ |
0.48 |
|
|
$ |
(0.14 |
) |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
|
33,361 |
|
|
|
32,979 |
|
|
|
33,262 |
|
|
|
32,875 |
|
Diluted weighted average common
shares outstanding |
|
|
33,361 |
|
|
|
33,713 |
|
|
|
33,262 |
|
|
|
33,710 |
|
Use and Definition of Non-GAAP Financial
Measures
Adjusted EBITDA - In addition to our Net income
(loss) determined in accordance with GAAP, for purposes of
evaluating operating performance, the Company uses an Adjusted
EBITDA measurement. Adjusted EBITDA is computed as Net income
(loss) appearing on the Condensed Consolidated Statements of
Operations net of Income tax expense/(benefit), Interest expense,
Depreciation and amortization and certain significant items as set
forth below. Our management uses Adjusted EBITDA to evaluate the
operating performance of our business for comparable periods and as
a basis for an executive compensation metric. The methods used by
the Company to calculate its non-GAAP financial measures may differ
significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures
presented herein may not be comparable to similar measures provided
by other companies. Adjusted EBITDA should not be used by investors
or other third parties as the sole basis for formulating investment
decisions as it excludes a number of important cash and non-cash
recurring items.
While Adjusted EBITDA is a non-GAAP measurement,
management believes that it is an important indicator of operating
performance, and useful to investors, because:
- EBITDA excludes the effects of financings, investing activities
and tax structure by eliminating the effects of interest,
depreciation and income tax.
- Other significant items, while periodically affecting our
results, may vary significantly from period to period and have a
disproportionate effect in a given period, which affects
comparability of results. We have adjusted our results for these
items to make our statements more comparable and therefore more
useful to investors as the items are not representative of our
ongoing operations.
- For the 13 weeks and 26 weeks ended July 29, 2022 and July 30,
2021, we excluded the impacts of amortization of transaction
related costs associated with Third Party distribution
channel.
- For the 13 weeks ended July 29, 2022 and 26 weeks ended July
29, 2022 and July 30, 2021 we excluded the impacts of loss on
disposal of property and equipment as management considers the net
gains or losses on asset valuation to result from investing
decisions rather than ongoing operations.
Reconciliation of Non-GAAP Financial
Information to GAAP(Unaudited)
The following table sets forth, for the periods
indicated, selected income statement data, both in dollars and as a
percentage of Net revenue:
|
|
13 Weeks Ended |
|
(in
thousands) |
|
July 29, 2022 |
|
|
July 30, 2021 |
|
Net (loss) income |
|
$ |
(2,179 |
) |
|
(0.6 |
)% |
|
$ |
16,221 |
|
|
4.2 |
% |
Income tax (benefit) expense |
|
|
(926 |
) |
|
(0.3 |
)% |
|
|
6,414 |
|
|
1.7 |
% |
Other (income), net |
|
|
(166 |
) |
|
(0.0 |
)% |
|
|
(123 |
) |
|
(0.0 |
)% |
Interest expense |
|
|
8,813 |
|
|
2.5 |
% |
|
|
8,837 |
|
|
2.3 |
% |
Operating income |
|
|
5,542 |
|
|
1.6 |
% |
|
|
31,349 |
|
|
8.2 |
% |
Depreciation and
amortization |
|
|
9,883 |
|
|
2.8 |
% |
|
|
9,791 |
|
|
2.5 |
% |
Other |
|
|
344 |
|
|
0.1 |
% |
|
|
250 |
|
|
0.1 |
% |
Loss on disposal of property and
equipment |
|
|
39 |
|
|
0.0 |
% |
|
|
— |
|
|
— |
% |
Adjusted
EBITDA |
|
$ |
15,808 |
|
|
4.5 |
% |
|
$ |
41,390 |
|
|
10.8 |
% |
|
|
26 Weeks Ended |
|
(in
thousands) |
|
July 29, 2022 |
|
|
July 30, 2021 |
|
Net (loss) income |
|
$ |
(4,550 |
) |
|
(0.7 |
)% |
|
$ |
18,860 |
|
|
2.7 |
% |
Income tax (benefit) expense |
|
|
(2,665 |
) |
|
(0.4 |
)% |
|
|
6,750 |
|
|
0.9 |
% |
Other (income), net |
|
|
(328 |
) |
|
(0.1 |
)% |
|
|
(290 |
) |
|
(0.0 |
)% |
Interest expense |
|
|
16,982 |
|
|
2.6 |
% |
|
|
17,897 |
|
|
2.5 |
% |
Operating income |
|
|
9,439 |
|
|
1.4 |
% |
|
|
43,217 |
|
|
6.1 |
% |
Depreciation and
amortization |
|
|
19,467 |
|
|
3.0 |
% |
|
|
19,695 |
|
|
2.8 |
% |
Other |
|
|
688 |
|
|
0.1 |
% |
|
|
500 |
|
|
0.1 |
% |
Loss on disposal of property and
equipment |
|
|
39 |
|
|
0.0 |
% |
|
|
443 |
|
|
0.1 |
% |
Adjusted
EBITDA |
|
$ |
29,633 |
|
|
4.5 |
% |
|
$ |
63,855 |
|
|
9.1 |
% |
Third Quarter Fiscal
2022 Guidance |
13 Weeks Ended |
|
(in millions) |
October 28, 2022 |
|
Net income |
$ |
1.0 |
|
— |
$ |
4.0 |
|
Depreciation, interest, other
income, taxes and other adjustments |
|
19.0 |
|
— |
|
20.0 |
|
Adjusted EBITDA |
$ |
20.0 |
|
— |
$ |
24.0 |
|
Fiscal 2022
Guidance |
52 Weeks Ended |
|
(in millions) |
January 27, 2023 |
|
Net income |
$ |
16.5 |
|
— |
$ |
23.5 |
|
Depreciation, interest, other
income, taxes and other adjustments |
|
78.5 |
|
— |
|
81.5 |
|
Adjusted EBITDA |
$ |
95.0 |
|
— |
$ |
105.0 |
|
LANDS’ END,
INC.Condensed Consolidated Statements of Cash
Flows(Unaudited)
|
|
26 Weeks Ended |
|
(in
thousands) |
|
July 29, 2022 |
|
|
July 30, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(4,550 |
) |
|
$ |
18,860 |
|
Adjustments to reconcile net
(loss) income to net cash (used in) provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
19,467 |
|
|
|
19,695 |
|
Amortization of debt issuance costs |
|
|
1,546 |
|
|
|
1,597 |
|
Loss on disposal of property and equipment |
|
|
39 |
|
|
|
443 |
|
Stock-based compensation |
|
|
3,403 |
|
|
|
6,069 |
|
Deferred income taxes |
|
|
372 |
|
|
|
46 |
|
Other |
|
|
(374 |
) |
|
|
194 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
8,292 |
|
|
|
7,071 |
|
Inventories, net |
|
|
(190,885 |
) |
|
|
(81,971 |
) |
Accounts payable |
|
|
91,370 |
|
|
|
78,376 |
|
Other operating assets |
|
|
(2,105 |
) |
|
|
10,615 |
|
Other operating liabilities |
|
|
(44,100 |
) |
|
|
(30,470 |
) |
Net cash (used in) provided by operating activities |
|
|
(117,525 |
) |
|
|
30,525 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Sales of property and equipment |
|
|
87 |
|
|
|
— |
|
Purchases of property and equipment |
|
|
(14,863 |
) |
|
|
(11,961 |
) |
Net cash used in investing activities |
|
|
(14,776 |
) |
|
|
(11,961 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from borrowings under ABL Facility |
|
|
141,000 |
|
|
|
75,000 |
|
Payments of borrowings under ABL Facility |
|
|
(6,000 |
) |
|
|
(75,000 |
) |
Payments on term loan |
|
|
(6,875 |
) |
|
|
(6,875 |
) |
Payments for taxes related to net share settlement of equity
awards |
|
|
(4,310 |
) |
|
|
(5,084 |
) |
Purchases and retirement of common stock |
|
|
(2,357 |
) |
|
|
— |
|
Payment of debt-issuance costs |
|
|
— |
|
|
|
(932 |
) |
Net cash provided by (used in) financing activities |
|
|
121,458 |
|
|
|
(12,891 |
) |
Effects of exchange rate changes
on cash, cash equivalents and restricted cash |
|
|
304 |
|
|
|
(142 |
) |
NET (DECREASE) INCREASE
IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
(10,539 |
) |
|
|
5,531 |
|
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH, BEGINNING OF
PERIOD |
|
|
36,135 |
|
|
|
35,794 |
|
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH, END OF PERIOD |
|
$ |
25,596 |
|
|
$ |
41,325 |
|
SUPPLEMENTAL CASH FLOW
DATA |
|
|
|
|
|
|
|
|
Unpaid liability to acquire property and equipment |
|
$ |
2,914 |
|
|
$ |
2,726 |
|
Income taxes paid, net of refunds |
|
$ |
4,013 |
|
|
$ |
18,338 |
|
Interest paid |
|
$ |
16,661 |
|
|
$ |
16,306 |
|
Lease liabilities arising from obtaining operating lease
right-of-use assets |
|
$ |
3,902 |
|
|
$ |
1,161 |
|
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