Leslie's, Inc. ("Leslie's" or "the Company”; NASDAQ: LESL), the
largest and most trusted direct-to-consumer brand in the U.S. pool
and spa care industry, today announced its financial results for
the first quarter of Fiscal 2022.
Mike Egeck, Chief Executive Officer, commented,
"We are very encouraged by our start to Fiscal 2022. Continued
industry tailwinds, the competitive advantages derived from our
integrated platform of physical and digital assets, and strong
execution of our strategic growth initiatives drove record first
quarter results. With this strong start, we remain confident in our
ability to continue to perform at a high level for the balance of
the year."
For the Thirteen-Weeks Ended January 1,
2022 Highlights
- Sales increased $39.8 million, or 27.5%, to $184.8 million
compared to $145.0 million in the prior year period. Comparable
sales increased 20.5%.
- Gross profit increased $15.6 million, or 30.2%, to $67.3
million compared to $51.7 million in the prior year period and
gross margin increased 70 basis points to 36.4% compared to 35.7%
in the prior year period.
- Selling, general and administrative expenses ("SG&A")
increased $2.3 million, or 3.0%, to $79.8 million compared to $77.5
million in the prior year period, primarily driven by the sales
increase, continued investments to support Company growth, and
expenses associated with acquisitions completed after the end of
the first quarter of Fiscal 2021. During the first quarter of
Fiscal 2022, the Company also incurred lower non-cash equity-based
compensation costs of $9.4 million and did not incur certain
one-time payments of contractual amounts of $8.2 million, as
compared to the prior year period. The elevated first quarter
Fiscal 2021 costs were primarily incurred in connection with the
Company's initial public offering ("IPO").
- Operating loss improved to $(12.5) million compared to $(25.8)
million in the prior year period.
- Net loss improved by $15.8 million to $(14.5) million compared
to $(30.3) million in the prior year period.
- Adjusted net loss was $(10.9) million compared to $(10.6)
million in the prior year period.
- Diluted earnings per share improved to $(0.08) compared to
$(0.17) in the prior year period. Adjusted diluted earnings per
share remained consistent at $(0.06) in the prior year period.
- Adjusted EBITDA improved by $1.3 million to $1.1 million
compared to $(0.2) million in the prior year period.
Balance Sheet and Cash Flow
Highlights
- Cash and cash equivalents totaled $53.3 million as of January
1, 2022 compared to $102.8 million as of January 2, 2021, a
decrease of $49.5 million. During the first quarter of Fiscal 2022,
we repurchased 7.5 million shares of common stock totaling $151.9
million, excluding offering costs. As of January 1, 2022, $148.1
million remained available under the program. There were no
borrowings on the revolver as of January 1, 2022 or January 2,
2021.
- Inventories totaled $244.6 million as of January 1, 2022
compared to $174.5 million as of January 2, 2021, an increase of
$70.1 million, or 40.2%, reflecting a continued investment in
inventory to meet heightened consumer demand.
- Funded debt totaled $803.9 million as of January 1, 2022
compared to $809.1 million as of January 2, 2021.
- Net cash used in operating activities totaled $125.6 million in
the first quarter of Fiscal 2022 compared to $119.3 million in the
first quarter of Fiscal 2021.
- Capital expenditures totaled $5.4 million in the first quarter
of Fiscal 2022 compared to $2.7 million in the first quarter of
Fiscal 2021.
Fiscal 2022 Outlook
The Company raised its outlook for the full year
of Fiscal 2022:
|
|
Current Outlook |
|
Prior Outlook |
Sales |
|
$1,495 to $1,520 million |
|
$1,475 to $1,500 million |
Gross
profit |
|
$665 to
$675 million |
|
$655 to
$665 million |
Net
income |
|
$170 to
$180 million |
|
$170 to
$180 million |
Adjusted net
income |
|
$183 to
$193 million |
|
$180 to
$190 million |
Adjusted
EBITDA |
|
$300 to
$310 million |
|
$295 to
$305 million |
Adjusted
diluted earnings per share |
|
$0.97 to
$1.03 |
|
$0.94 to
$1.00 |
Diluted
weighted average shares outstanding |
|
187 to 189
million |
|
190 to 192
million |
Conference Call Details
A conference call to discuss its financial results
for the first quarter of Fiscal 2022 is scheduled for today,
Thursday, February 3, 2022 at 4:30 p.m. Eastern Time. Investors and
analysts interested in participating in the call are invited to
dial 877-407-0784 (international callers please dial
1-201-689-8560) approximately 10 minutes prior to the start of the
call. A live audio webcast of the conference call will be available
online at https://ir.lesliespool.com/.
A recorded replay of the conference call will be
available within approximately three hours of the conclusion of the
call and can be accessed, along with the associated slides, online
at https://ir.lesliespool.com/ for 90 days.
About Leslie's
Founded in 1963, Leslie's is the largest
direct-to-consumer brand in the U.S. pool and spa care industry,
serving residential, professional, and commercial consumers.
Leslie's markets its products through more than 950 physical
locations and multiple digital platforms. Our associates, pool and
spa care experts, and certified technicians are passionate about
empowering consumers with the knowledge, products, and solutions
necessary to confidently maintain and enjoy their pools and
spas.
Use of Non-GAAP Financial Measures and
Other Operating Measures
In addition to reporting financial results in
accordance with accounting principles generally accepted in the
United States (“GAAP”), we use certain non-GAAP financial measures
and other operating measures, including comparable sales growth and
Adjusted EBITDA, Adjusted net income (loss), and Adjusted earnings
per share, to evaluate the effectiveness of its business
strategies, to make budgeting decisions, and to compare its
performance against that of other peer companies using similar
measures. These non-GAAP financial measures and other operating
measures should not be considered in isolation or as substitutes
for our results as reported under GAAP. In addition, these non-GAAP
financial measures and other operating measures are not calculated
in the same manner by all companies, and accordingly, are not
necessarily comparable to similarly titled measures of other
companies and may not be appropriate measures for performance
relative to other companies.
Comparable Sales Growth
We measure comparable sales growth as the increase
or decrease in sales recorded by the comparable base in any
reporting period, compared to sales recorded by the comparable base
in the prior reporting period. The comparable base includes sales
through our locations and through our e-commerce websites and
third-party marketplaces. Comparable sales growth is a key measure
used by management and our board of directors to assess our
financial performance.
Adjusted EBITDA
Adjusted EBITDA is a key measure used by
management and our board of directors to assess our financial
performance. Adjusted EBITDA is also frequently used by analysts,
investors, and other interested parties to evaluate companies in
our industry, when considered alongside other GAAP measures.
Adjusted EBITDA is defined as earnings before
interest (including amortization of debt costs), taxes,
depreciation and amortization, management fees, equity-based
compensation expense, loss on debt extinguishment, costs related to
equity offerings, strategic initiative costs, executive transition
costs, loss (gain) on disposition of assets, mark-to-market on
interest rate cap, and other non-recurring, non-cash or discrete
items. Adjusted EBITDA is not a recognized measure of financial
performance under GAAP but is used by some investors to determine a
company’s ability to service or incur indebtedness. Adjusted EBITDA
should not be construed as an indicator of a company’s operating
performance in isolation from, or as a substitute for, net income,
cash flows from operations or cash flow data, all of which are
prepared in accordance with GAAP. We have presented Adjusted EBITDA
solely as supplemental disclosure because we believe it allows for
a more complete analysis of results of operations. Adjusted EBITDA
is not intended to represent, and should not be considered more
meaningful than, or as an alternative to, measures of operating
performance as determined in accordance with GAAP. In the future,
we may incur expenses or charges such as those included in the
calculation of Adjusted EBITDA. Our presentation of Adjusted EBITDA
should not be construed as an inference that our future results
will be unaffected by these items.
Adjusted Net Income (Loss) and Adjusted Earnings
per Share
Adjusted net income (loss) and Adjusted earnings
per share are additional key measures used by management and our
board of directors to assess our financial performance. Adjusted
net income (loss) and Adjusted earnings per share are also
frequently used by analysts, investors, and other interested
parties to evaluate companies in our industry, when considered
alongside other GAAP measures.
Adjusted net income (loss) is defined as net
income (loss) adjusted to exclude management fees, equity-based
compensation expense, loss on debt extinguishment, costs related to
equity offerings, strategic initiative costs, executive transition
costs, loss (gain) on disposition of assets, mark-to-market on
interest rate cap, and other non-recurring, non-cash or discrete
items. Adjusted diluted earnings per share is defined as Adjusted
net income (loss) divided by the diluted weighted average number of
common shares outstanding.
Forward Looking Statements
This press release contains forward-looking
statements about us and our industry that involve substantial risks
and uncertainties. All statements other than statements of
historical facts contained in this press release, including
statements regarding our future results of operations or financial
condition, business strategy and plans and objectives of management
for future operations, are forward-looking statements. In some
cases, you can identify forward-looking statements because they
contain words such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,” or
“would” or the negative of these words or other similar terms or
expressions. Our actual results could differ materially from those
indicated in these forward-looking statements for a variety of
reasons, including, among others:
- our ability to execute on our growth strategies;
- our ability to maintain favorable relationships with suppliers
and manufacturers;
- competition from mass merchants and specialty retailers;
- impacts on our business from the sensitivity of our business to
weather conditions, changes in the economy, and the housing
market;
- our ability to implement technology initiatives that deliver
the anticipated benefits, without disrupting our operations;
- our ability to attract and retain senior management and other
qualified personnel;
- regulatory changes and development affecting our current and
future products;
- our ability to obtain additional capital to finance
operations;
- commodity price inflation and deflation;
- impacts on our business from the COVID-19 pandemic;
- impacts on our business from cyber incidents and other security
threats or disruptions; and
- other risks and uncertainties, including those listed in the
section titled “Risk Factors” in our filings with the U.S.
Securities and Exchange Commission.
You should not rely on forward-looking statements
as predictions of future events. We have based the forward-looking
statements contained in this press release primarily on our current
expectations and projections about future events and trends that we
believe may affect our business, financial condition, and operating
results. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties, and
other factors described above. Moreover, we operate in a very
competitive and rapidly changing environment. New risks and
uncertainties emerge from time to time, and it is not possible for
us to predict all risks and uncertainties that could have an impact
on the forward-looking statements contained in this press release.
The results, events, and circumstances reflected in the
forward-looking statements may not be achieved or occur, and actual
results, events, or circumstances could differ materially from
those described in the forward-looking statements.
In addition, statements that “we believe” and
similar statements reflect our beliefs and opinions on the relevant
subject. These statements are based on information available to us
as of the date of this press release. And while we believe that
information provides a reasonable basis for these statements, that
information may be limited or incomplete. Our statements should not
be read to indicate that we have conducted an exhaustive inquiry
into, or review of, all relevant information. These statements are
inherently uncertain, and investors are cautioned not to unduly
rely on these statements.
The forward-looking statements made in this press
release are based on events or circumstances as of the date on
which the statements are made. We undertake no obligation to update
any forward-looking statements made in this press release to
reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law. We may not
actually achieve the plans, intentions, or expectations disclosed
in our forward-looking statements, and you should not place undue
reliance on our forward-looking statements. Our forward-looking
statements do not reflect the potential impact of any future
acquisitions, mergers, dispositions, joint ventures, or
investments.
Contact Investors Farah
Soi/Caitlin Churchill ICR investorrelations@lesl.com
Consolidated Statements of
Operations (amounts in thousands, except per share
amounts) (unaudited)
|
|
Three Months Ended |
|
|
|
January 1, 2022 |
|
|
January 2, 2021 |
|
Sales |
|
$ |
184,824 |
|
|
$ |
145,006 |
|
Cost of merchandise and services sold |
|
|
117,508 |
|
|
|
93,291 |
|
Gross profit |
|
|
67,316 |
|
|
|
51,715 |
|
Selling, general and administrative expenses |
|
|
79,785 |
|
|
|
77,489 |
|
Operating loss |
|
|
(12,469 |
) |
|
|
(25,774 |
) |
Other expense: |
|
|
|
|
|
|
Interest expense |
|
|
6,863 |
|
|
|
11,516 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
7,281 |
|
Other expenses, net |
|
|
389 |
|
|
|
— |
|
Total other expense |
|
|
7,252 |
|
|
|
18,797 |
|
Loss before taxes |
|
|
(19,721 |
) |
|
|
(44,571 |
) |
Income tax benefit |
|
|
(5,270 |
) |
|
|
(14,314 |
) |
Net loss |
|
$ |
(14,451 |
) |
|
$ |
(30,257 |
) |
Earnings per share |
|
|
|
|
|
|
Basic |
|
$ |
(0.08 |
) |
|
$ |
(0.17 |
) |
Diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.17 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
Basic |
|
|
188,507 |
|
|
|
176,990 |
|
Diluted |
|
|
188,507 |
|
|
|
176,990 |
|
Other Financial Data
(1) (amounts in thousands, except per
share amounts) (unaudited)
|
|
Three Months Ended |
|
|
|
January 1, 2022 |
|
|
January 2, 2021 |
|
Adjusted EBITDA |
|
$ |
1,096 |
|
|
$ |
(243 |
) |
Adjusted net loss |
|
$ |
(10,916 |
) |
|
$ |
(10,619 |
) |
Adjusted earnings per share - Basic |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
Adjusted earnings per share - Diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
(1) See section titled “GAAP to Non-GAAP
Reconciliation”.
Consolidated Balance Sheets
(amounts in thousands, except share and per share
amounts)
|
|
January 1, 2022 |
|
|
October 2, 2021 |
|
|
January 2, 2021 |
|
Assets |
|
(Unaudited) |
|
|
(Audited) |
|
|
(Unaudited) |
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
53,341 |
|
|
$ |
343,498 |
|
|
$ |
102,809 |
|
Accounts and other receivables, net |
|
|
39,353 |
|
|
|
38,860 |
|
|
|
37,116 |
|
Inventories |
|
|
244,632 |
|
|
|
198,789 |
|
|
|
174,535 |
|
Prepaid expenses and other current assets |
|
|
38,173 |
|
|
|
20,564 |
|
|
|
25,604 |
|
Total current assets |
|
|
375,499 |
|
|
|
601,711 |
|
|
|
340,064 |
|
Property and equipment, net |
|
|
65,883 |
|
|
|
70,335 |
|
|
|
62,628 |
|
Operating lease right-of-use assets |
|
|
207,291 |
|
|
|
212,284 |
|
|
|
191,125 |
|
Goodwill and other intangibles, net |
|
|
132,428 |
|
|
|
129,020 |
|
|
|
120,636 |
|
Deferred tax assets |
|
|
2,327 |
|
|
|
3,734 |
|
|
|
14,729 |
|
Other assets |
|
|
27,837 |
|
|
|
25,148 |
|
|
|
16,658 |
|
Total assets |
|
$ |
811,265 |
|
|
$ |
1,042,232 |
|
|
$ |
745,840 |
|
Liabilities and stockholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
188,824 |
|
|
$ |
233,597 |
|
|
$ |
126,864 |
|
Operating lease liabilities |
|
|
56,873 |
|
|
|
61,071 |
|
|
|
56,398 |
|
Income taxes payable |
|
|
411 |
|
|
|
6,945 |
|
|
|
— |
|
Current portion of long-term debt |
|
|
8,100 |
|
|
|
8,100 |
|
|
|
8,341 |
|
Total current liabilities |
|
|
254,208 |
|
|
|
309,713 |
|
|
|
191,603 |
|
Operating lease liabilities, noncurrent |
|
|
153,834 |
|
|
|
160,037 |
|
|
|
139,796 |
|
Long-term debt, net |
|
|
784,527 |
|
|
|
786,125 |
|
|
|
795,394 |
|
Other long-term liabilities |
|
|
— |
|
|
|
3,915 |
|
|
|
5,457 |
|
Total liabilities |
|
|
1,192,569 |
|
|
|
1,259,790 |
|
|
|
1,132,250 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ deficit |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 1,000,000,000 shares authorized and
182,496,645 and 189,821,011 issued and outstanding as of January 1,
2022 and October 2, 2021, respectively, and 205,150,000 authorized
and 186,618,446 issued and outstanding as of January 2, 2021. |
|
|
182 |
|
|
|
190 |
|
|
|
187 |
|
Additional paid in capital |
|
|
80,062 |
|
|
|
204,711 |
|
|
|
192,753 |
|
Retained deficit |
|
|
(461,548 |
) |
|
|
(422,459 |
) |
|
|
(579,350 |
) |
Total stockholders’ deficit |
|
|
(381,304 |
) |
|
|
(217,558 |
) |
|
|
(386,410 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
811,265 |
|
|
$ |
1,042,232 |
|
|
$ |
745,840 |
|
Consolidated Statements of Cash
Flows (amounts in thousands)
(unaudited)
|
|
Three Months Ended |
|
|
|
January 1, 2022 |
|
|
January 2, 2021 |
|
Operating Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(14,451 |
) |
|
$ |
(30,257 |
) |
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,241 |
|
|
|
6,595 |
|
Equity-based compensation |
|
|
2,751 |
|
|
|
12,160 |
|
Amortization of deferred financing costs and debt discounts |
|
|
496 |
|
|
|
648 |
|
Provision for doubtful accounts |
|
|
249 |
|
|
|
59 |
|
Deferred income taxes |
|
|
1,407 |
|
|
|
(8,146 |
) |
Loss (gain) on disposition of assets |
|
|
17 |
|
|
|
(1,758 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
7,281 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts and other receivables |
|
|
(742 |
) |
|
|
(5,694 |
) |
Inventories |
|
|
(43,723 |
) |
|
|
(25,569 |
) |
Prepaid expenses and other current assets |
|
|
(17,593 |
) |
|
|
(2,943 |
) |
Other assets |
|
|
(2,741 |
) |
|
|
(2,215 |
) |
Accounts payable and accrued expenses |
|
|
(48,528 |
) |
|
|
(65,626 |
) |
Income taxes payable |
|
|
(6,534 |
) |
|
|
(1,857 |
) |
Operating lease assets and liabilities, net |
|
|
(5,408 |
) |
|
|
(1,969 |
) |
Net cash used in operating activities |
|
|
(125,559 |
) |
|
|
(119,291 |
) |
Investing Activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(5,402 |
) |
|
|
(2,706 |
) |
Business acquisitions, net of cash acquired |
|
|
(5,146 |
) |
|
|
— |
|
Proceeds from disposition of fixed assets |
|
|
21 |
|
|
|
2,404 |
|
Net cash used in investing activities |
|
|
(10,527 |
) |
|
|
(302 |
) |
Financing Activities |
|
|
|
|
|
|
Repayment of long term debt |
|
|
(2,025 |
) |
|
|
(392,085 |
) |
Proceeds from options exercised |
|
|
100 |
|
|
|
— |
|
Repurchase and retirement of common stock |
|
|
(152,146 |
) |
|
|
— |
|
Proceeds from issuance of common stock upon initial public
offering, net |
|
|
— |
|
|
|
458,686 |
|
Net cash (used in) provided by financing activities |
|
|
(154,071 |
) |
|
|
66,601 |
|
Net decrease in cash and cash equivalents |
|
|
(290,157 |
) |
|
|
(52,992 |
) |
Cash and cash equivalents, beginning of period |
|
|
343,498 |
|
|
|
155,801 |
|
Cash and cash equivalents, end of period |
|
$ |
53,341 |
|
|
$ |
102,809 |
|
Supplemental Information: |
|
|
|
|
|
|
Interest |
|
$ |
6,725 |
|
|
$ |
19,635 |
|
Income taxes, net of refunds received |
|
|
(50 |
) |
|
|
920 |
|
GAAP to Non-GAAP Reconciliation
(amounts in thousands except per share amounts)
(unaudited)
|
|
Three Months Ended |
|
|
|
January 1, 2022 |
|
|
January 2, 2021 |
|
Net loss |
|
$ |
(14,451 |
) |
|
$ |
(30,257 |
) |
Interest expense |
|
|
6,863 |
|
|
|
11,516 |
|
Income tax benefit |
|
|
(5,270 |
) |
|
|
(14,314 |
) |
Depreciation and amortization expense(1) |
|
|
9,241 |
|
|
|
6,595 |
|
Management fees(2) |
|
|
— |
|
|
|
382 |
|
Equity-based compensation expense(3) |
|
|
2,794 |
|
|
|
12,160 |
|
Loss on debt extinguishment(4) |
|
|
— |
|
|
|
7,281 |
|
Costs related to equity offerings(5) |
|
|
389 |
|
|
|
8,152 |
|
Strategic initiative costs(6) |
|
|
1,513 |
|
|
|
— |
|
Executive transition costs and other(7) |
|
|
17 |
|
|
|
(1,758 |
) |
Adjusted EBITDA |
|
$ |
1,096 |
|
|
$ |
(243 |
) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
January 1, 2022 |
|
|
January 2, 2021 |
|
Net loss |
|
$ |
(14,451 |
) |
|
$ |
(30,257 |
) |
Management fees(2) |
|
|
— |
|
|
|
382 |
|
Equity-based compensation expense(3) |
|
|
2,794 |
|
|
|
12,160 |
|
Loss on debt extinguishment(4) |
|
|
— |
|
|
|
7,281 |
|
Costs related to equity offerings(5) |
|
|
389 |
|
|
|
8,152 |
|
Strategic initiative costs(6) |
|
|
1,513 |
|
|
|
— |
|
Executive transition costs and other(7) |
|
|
17 |
|
|
|
(1,758 |
) |
Tax effects of these adjustments(8) |
|
|
(1,178 |
) |
|
|
(6,579 |
) |
Adjusted net loss |
|
$ |
(10,916 |
) |
|
$ |
(10,619 |
) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
January 1, 2022 |
|
|
January 2, 2021 |
|
Adjusted earnings per share - basic |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
Adjusted earnings per share - diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
Basic |
|
|
188,507 |
|
|
|
176,990 |
|
Diluted |
|
|
188,507 |
|
|
|
176,990 |
|
- Includes depreciation related to
our distribution centers and locations, which is reported in cost
of merchandise and services sold in our condensed consolidated
statements of operations.
- Represents amounts paid or accrued
in connection with our management services agreement, which was
terminated upon the completion of our IPO in November 2020 and are
reported in SG&A in our condensed consolidated statements of
operations.
- Represents equity-based
compensation and the related Company payroll tax expense which are
reported in SG&A in our condensed consolidated statements of
operations.
- Represents non-cash expense due to
the write-off of deferred financing costs related to the repayment
of our senior unsecured notes in fiscal 2021 and are reported in
loss on debt extinguishment in our condensed consolidated
statements of operations.
- Includes one-time payments of
contractual amounts incurred in connection with our IPO that was
completed in November 2020 which are reported in SG&A, and
costs incurred for follow-on equity offerings in December 2021
which are reported in other expenses, net in our condensed
consolidated statements of operations.
- Represents non-recurring costs,
such as third-party consulting costs that are not part of our
ongoing operations and are incurred to execute differentiated,
project-based strategic initiatives, and are reported in SG&A
in our condensed consolidated statements of operations.
- Includes executive transition
costs, losses (gains) on disposition of fixed assets, and other
non-recurring, non-cash or discrete items as determined by
management. Amounts are reported in SG&A and other expenses,
net in our condensed consolidated statements of operations.
- Represents the tax effect of the
total adjustments based on our actual statutory tax rate. Amounts
are reported in income tax benefit in our condensed consolidated
statements of operations.
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