- Reports fourth-quarter net sales of $1.47 billion, above
high-end of guidance range. GAAP EPS loss from continuing
operations of $1.19, which includes a non-cash reserve related to
deferred tax assets. Adjusted EPS from continuing operations of
$0.07, at midpoint of guidance range.
- Shifts capital allocation strategy to strengthen balance sheet
and increase financial flexibility; eliminates dividend to focus
use of all free cash flow on accelerating debt reduction. Expects
to refinance 2024 maturities in first-quarter 2023.
- Provides 2023 guidance, including a muted view of consumer
demand, full-year operating cash flow of approximately $500 million
and expectation to exit year with meaningfully higher gross and
operating margin run-rates.
- Reiterates long-term Full Potential financial targets of
approximately $8 billion in net sales and an approximate 14.4%
operating margin; expects to achieve targets at the end of
2026.
HanesBrands Inc. (NYSE: HBI), a global leader in iconic apparel
brands, today announced results for the fourth-quarter and
full-year 2022.
“We delivered fourth-quarter results at or above our guidance as
we continue to take actions to navigate the extremely challenging
environment,” said Steve Bratspies, CEO. “HanesBrands is a
stronger, more disciplined company than we were even a year ago,
and we’re not standing still. We have created a clear path to
improving cash flow and margins as the year progresses. We shifted
our capital allocation strategy, eliminating the dividend as we
commit to reducing debt. We remain confident in our Full Potential
plan and in achieving our long-term financial targets.”
Highlights
- Takes proactive steps to strengthen balance sheet and
increase financial flexibility. Updates capital allocation strategy
to focus use of all free cash flow on debt reduction. The
HanesBrands Board of Directors eliminated the Company’s quarterly
cash dividend as HanesBrands shifts its capital allocation strategy
to focus the use of all its free cash flow (cash from operations
less capital expenditures) on reducing debt and bringing its
leverage back to a range that is no greater than two to three times
on a net debt-to-adjusted EBITDA basis. The Company also amended
its credit agreement to provide greater near-term financial
flexibility given the uncertainty within the current macroeconomic
environment. The Company expects to refinance its 2024 maturities
in the first quarter of 2023, subject to market conditions and
other relevant factors.
- Achieved 2022 inventory reduction goal. HanesBrands
ended the year with inventory units 6% lower than prior year.
- Launched Hanes Originals line of innovative products aimed
at younger consumers. The Company’s Hanes Originals launch at
select retailers in November and December in Canada and the U.S.,
respectively, was the first multi-category, multi-geography product
introduction under its new global innovation process. In the
first-quarter 2023, the Company is expanding distribution in the
mass, online and department store channels, supported by a media
and advertising campaign.
- Expects to generate approximately $500 million in operating
cash flow in 2023 and exit the year with higher gross and operating
margin run rates. By achieving its inventory goal in 2022, the
Company is positioned to release working capital in 2023 and drive
operating cash flow back to historical levels. The Company expects
gross and operating margin pressure to continue in the first half
of 2023 as it sells through the remainder of its higher-cost
inventory. The Company expects year-over-year improvement in gross
and operating margin in the second half of 2023, particularly the
fourth quarter, as lower-cost inventory currently being produced is
sold and the Company anniversaries last year’s manufacturing
time-out costs related to its inventory reduction initiative in
2022.
- Reiterates Full Potential financial targets, updates
timeline. HanesBrands continues to make progress on its Full
Potential growth strategy. The Company continues to expect to
achieve its long-term financial targets of approximately $8 billion
in net sales and an approximate 14.4% operating margin. The Company
now expects to achieve these targets at the end of 2026. The new
timing reflects recent and near-term macroeconomic and consumer
demand environments.
Fourth-Quarter 2022
Results
- Net sales from continuing operations decreased 16% to
$1.47 billion, which includes a $55 million unfavorable impact from
foreign exchange rates, compared to last year. On a constant
currency basis, net sales decreased 13%. The constant currency
decline was due to the macro-driven slowdown in consumer spending
in the U.S. and certain international markets coupled with the
continued impact to orders in the U.S. from retailers’ decisions to
reduce broader inventory positions.
- Global Champion brand sales decreased 18% on a reported
basis as compared to prior year, with a 21% decline in the U.S. and
a 13% decline internationally. In constant currency, Global brand
sales decreased 14%, with a 3% decline internationally. As compared
to prior year, constant currency sales increased in Asia and
Australia. This growth was essentially offset by soft consumer
demand and retailer inventory actions in the U.S. as well as a
decline in Europe.
- Gross Profit of $502 million declined 25% as compared to
prior year. Gross margin was 34.1%, down from 38.1% in the prior
year. Adjusted Gross Profit, which excludes certain costs
related to the Company’s Full Potential plan, was $505 million.
Adjusted Gross Margin of 34.3% declined approximately 415
basis points compared to prior year and was in-line with the
Company’s expectations. Near-term headwinds from commodity and
ocean freight inflation as well as manufacturing time-out costs
related to its inventory reduction actions represented more than
500 basis points of year-over-year margin headwind in the quarter.
Additional headwinds included de-leverage from lower sales as well
as higher labor rates. Partially offsetting the margin headwinds in
the quarter were benefits from pricing actions, decreased use of
air freight, and Full Potential cost savings initiatives.
- Selling, General and Administrative (SG&A) expenses
declined 14% to $442 million as compared to last year. Adjusted
SG&A expenses, which exclude certain costs related to its
Full Potential plan, declined 7%, or $31 million, from last year to
$422 million. Adjusted SG&A includes an approximate $5 million
bad debt expense related to the bankruptcy filing by a customer in
Brazil. The year-over-year decline in adjusted SG&A was driven
primarily by lower variable expenses, including distribution,
selling and marketing, and incentive compensation. As a percent of
net sales, adjusted SG&A expense of 28.7% increased
approximately 280 basis points over prior year as fixed-cost
de-leverage from lower sales and the bad debt expense more than
offset cost controls and expense efficiencies from the Company’s
Full Potential cost savings initiatives.
- Operating Profit and Operating Margin in the fourth
quarter of 2022 were $60 million and 4.1%, respectively, which
compared to $156 million and 8.9%, respectively, in the prior year.
Adjusted Operating Profit of $83 million declined from $220
million in fourth-quarter 2021. Adjusted Operating Profit reflects
an approximate $5 million bad debt expense (see Adjusted SG&A
above), which was recorded after the Company’s preliminary
financial results were announced on January 12. Adjusted
Operating Margin of 5.6% declined approximately 695 basis
points from prior year.
- GAAP and Adjusted Effective Tax Rates for fourth-quarter
2022 were 6,053% and 17%, respectively. For the fourth-quarter
2021, GAAP and adjusted effective tax rates were 6.8% and 15.0%,
respectively. In the fourth quarter 2022, the Company recorded a
non-cash reserve of $423 million related to deferred taxes, which
was not contemplated in the Company’s prior GAAP guidance. Based on
recent results as well as the 2023 outlook, which reflects
meaningfully higher interest expense, the Company believes it is
unlikely to use this asset in the short-term. Accounting rules
require that HanesBrands record a reserve against this asset.
Importantly, this reserve is non-cash and does not impact cash
taxes.
- Loss from continuing operations totaled $418 million, or
$1.19 loss per diluted share. This compares to income from
continuing operations of $68 million, or $0.19 per diluted share,
last year. Adjusted income from continuing operations
totaled $24 million, or $0.07 per diluted share, which includes bad
debt expense of approximately $5 million, or $0.01 per diluted
share. This compares to adjusted income from continuing operations
of $156 million, or $0.44 per diluted share, in fourth-quarter
2021.
See the Note on Adjusted Measures and Reconciliation to GAAP
Measures later in this news release for additional discussion and
details of actions, which include Full Potential plan charges.
Fourth-Quarter 2022 Business Segment
Summary
- Innerwear sales decreased 19% compared to last year. The
year-over-year sales performance was driven by macroeconomic
pressures that weighed on consumer spending as well as the
continued impact to replenishment orders from retailers’ decisions
to reduce broader inventory positions. These pressures more than
offset the benefits from the first-quarter 2022 price increase and
retail space gains. Operating margin of 8.3% decreased
approximately 860 basis points compared to prior year. The impact
from lower sales volume, input cost inflation, manufacturing
time-out costs and an unfavorable product mix more than offset the
benefit from higher prices, decreased use of air freight and Full
Potential cost savings initiatives.
- Activewear sales declined 16% compared to last year as
continued growth in the collegiate channel for both Champion and
Hanes brands was more than offset by declines in other channels due
to lower point-of-sale trends and higher Activewear inventory
levels at retail. By brand, Champion sales within the Activewear
reporting segment decreased 21% as compared to prior year while
sales of other activewear brands within the Activewear reporting
segment decreased 8%. Operating margin for the segment of 7.5%
decreased approximately 550 basis points compared to prior year as
the impact from lower sales volume, unfavorable mix, input cost
inflation and manufacturing time-out costs more than offset the
benefit from higher prices and Full Potential cost savings
initiatives.
- International sales decreased 12% on a reported basis,
including the $55 million from unfavorable foreign exchange rates.
International sales decreased 2% on a constant currency basis
compared to prior year as growth in Asia was offset by declines in
Australia, the Americas, Europe and Canada. Operating margin for
the segment of 14.2% decreased approximately 490 basis points
compared to prior year driven primarily by the impact from
inflation and the bad debt expense related to a customer bankruptcy
in Brazil.
Full-Year 2022 Results
- Net sales from continuing operations decreased 8% to
$6.23 billion, which includes a $182 million unfavorable impact
from foreign exchange rates, compared to last year. On a constant
currency basis, net sales decreased nearly 6%.
- Gross Profit of $2.22 billion declined 16.2% as compared
to prior year. Gross margin was 35.6%, down from 39.0% in the prior
year. Adjusted Gross Profit, which excludes certain costs
related to the Company’s Full Potential plan, was $2.24 billion.
Adjusted Gross Margin of 35.9% declined approximately 320
basis points compared to prior year.
- Selling, General and Administrative (SG&A) expenses
declined 8% to $1.7 billion as compared to last year. Adjusted
SG&A expenses, which exclude certain costs related to its
Full Potential plan, declined 4%, or $74 million, from last year to
$1.7 billion. As a percent of net sales, adjusted SG&A expense
of 26.6% in 2022 increased 110 basis points over the prior
year.
- Operating Profit and Operating Margin in full-year 2022
were $520 million and 8.3%, respectively, which compared to $798
million and 11.7%, respectively, in the prior year. Adjusted
Operating Profit of $579 million declined from $929 million in
full-year 2021. Full-year includes charges of $60 million related
to the Full Potential plan. Adjusted Operating Margin of
9.3% declined approximately 440 basis points from prior year.
- GAAP and Adjusted Effective Tax Rates for full-year 2022
were 137% and 17%, respectively. For full-year 2021, GAAP and
adjusted effective tax rates were 10% and 15%, respectively. In the
fourth quarter, the Company recorded a non-cash reserve of $423
million related to deferred taxes, which was not contemplated in
GAAP guidance. Based on recent results as well as the 2023 outlook,
which reflects meaningfully higher interest expense, the Company
believes it is unlikely to use this asset in the short-term.
Accounting rules require that HanesBrands record a reserve against
this asset. Importantly, this reserve is non-cash and does not
impact cash taxes.
- Loss from continuing operations totaled $131 million, or
$0.37 loss per diluted share. This compares to income from
continuing operations of $521 million, or $1.48 per diluted share,
last year. Adjusted income from continuing operations
totaled $342 million, or $0.98 per diluted share. This compares to
adjusted income from continuing operations of $645 million, or
$1.83 per diluted share, in full-year 2021.
See the Note on Adjusted Measures and Reconciliation to GAAP
Measures later in this news release for additional discussion and
details of actions, which include Full Potential plan charges.
Cash Flow, Balance Sheet and
Liquidity
- Total liquidity position at the end of 2022 was
approximately $925 million, consisting of $238 million of cash and
equivalents and nearly $690 million of available capacity under the
Company’s credit facilities.
- Based on the calculation as defined in the Company’s senior
secured credit facility, the Leverage Ratio at the end of
fourth-quarter 2022 was 4.6 times on a net debt-to-adjusted EBITDA
basis as compared to 2.6 times at the end of fourth-quarter 2021
(See Table 6-C).
- Inventory at the end of fourth-quarter 2022 was $1.98
billion, an increase of 25% over prior year. The increase was
driven by higher inflation on input and transportation costs as
well as product mix. On a unit basis, the Company achieved its goal
as inventory units ended the year approximately 6% lower than prior
year.
- Cash flow from operations was $133 million in
fourth-quarter 2022 driven primarily by the working capital impact
from accounts receivables and lower inventory. For full-year, cash
flow from operations was a use of $359 million.
First-Quarter and Full-Year 2023
Financial Outlook
With respect to its 2023 guidance, the Company’s outlook
reflects, but is not limited to, the following assumptions: a muted
consumer demand environment given the continued macroeconomic
uncertainty; first-half margin pressure as it sells through the
remainder of its higher-cost inventory; and year-over-year
improvement in second-half margins, particularly the fourth
quarter, as lower-cost inventory currently being produced is sold
and it anniversaries last year’s manufacturing time-out costs
related to its inventory reduction initiative in 2022. The
Company’s outlook also assumes completion of the expected
refinancing of indebtedness with 2024 maturities.
The accounting treatment for deferred tax assets will increase
accounting tax expense and the effective tax rate in 2023. The
Company is providing guidance on tax expense due to expected
fluctuation of its quarterly tax rate, stemming from the non-cash
reserve. Importantly, the reserve is non-cash and does not impact
cash taxes. Some portion of this reserve may reverse in future
periods.
For fiscal-year 2023, which ends on December 30, 2023, the
Company currently expects:
- Net sales from continuing operations of approximately $6.05
billion to $6.20 billion, which includes a projected headwind of
approximately $42 million from changes in foreign currency exchange
rates. At the midpoint, this represents an approximate 1% decline
as compared to prior year on a constant currency basis and a 2%
decline on a reported basis.
- GAAP operating profit from continuing operations to range from
approximately $446 million to $496 million.
- Adjusted operating profit from continuing operations to range
from approximately $500 million to $550 million, which includes a
projected headwind of approximately $6 million from changes in
foreign currency exchange rates.
- Charges for actions totaling $60 million including Full
Potential plan-related charges of approximately $54 million
included in operating profit and refinancing charges of $6 million
included in interest and other expenses.
- Adjusted interest and other expenses of approximately $300
million.
- Tax expense of approximately $90 million to $100 million.
- GAAP earnings per share from continuing operations to range
from approximately $0.14 to $0.25.
- Adjusted earnings per share from continuing operations to range
from approximately $0.31 to $0.42.
- Cash flow from operations of approximately $500 million.
- Capital investments of approximately $150 million, consisting
of approximately $70 million of capital expenditures and
approximately $80 million of cloud computing assets. Per GAAP,
capital expenditures are reflected in cash from investing
activities and certain cloud computing assets are reflected in
Other Assets within cash flow from operating activities.
- Fully diluted shares outstanding of approximately 353
million.
For first-quarter 2023, which ends on April 1, 2023, the Company
currently expects:
- Net sales from continuing operations of approximately $1.35
billion to $1.40 billion, which includes a projected headwind of
approximately $35 million from changes in foreign currency exchange
rates. At the midpoint, this represents an approximate 11% decline
as compared to prior year on a constant currency basis and a 13%
decline on a reported basis.
- GAAP operating profit from continuing operations to range from
approximately $39 million to $59 million.
- Adjusted operating profit from continuing operations to range
from approximately $50 million to $70 million and includes a
projected headwind of approximately $4 million from changes in
foreign currency exchange rates.
- Charges for actions totaling $17 million including Full
Potential plan-related charges of approximately $11 million
included in operating profit and refinancing charges of $6 million
included in interest and other expenses.
- Adjusted interest and other expenses of approximately $65
million.
- Tax expense of approximately $17 million to $20 million.
- GAAP loss per share from continuing operations to range from
approximately $0.14 to $0.09
- Adjusted loss per share from continuing operations to range
from approximately $0.09 to $0.04.
- Fully diluted shares outstanding of approximately 350
million.
HanesBrands has updated its quarterly frequently-asked-questions
document, which is available at www.Hanes.com/FAQ.
Note on Adjusted Measures and
Reconciliation to GAAP Measures
To supplement financial results prepared in accordance with
generally accepted accounting principles, the Company provides
quarterly and full-year results concerning certain non‐GAAP
financial measures, including adjusted EPS from continuing
operations, adjusted income from continuing operations, adjusted
income tax expense, adjusted income from continuing operations
before income tax expense, adjusted operating profit (and margin),
adjusted SG&A, adjusted gross profit (and margin), EBITDA,
adjusted EBITDA, adjusted effective tax rate, adjusted interest and
other expense, net debt, leverage ratio and free cash flow.
Adjusted EPS from continuing operations is defined as diluted
EPS from continuing operations excluding actions and the tax effect
on actions. Adjusted income from continuing operations is defined
as income from continuing operations excluding actions and the tax
effect on actions. Adjusted income tax expense is defined as income
tax expense excluding actions. Adjusted income from continuing
operations before income tax is defined as income from continuing
operations before income tax excluding actions. Adjusted operating
profit is defined as operating profit excluding actions. Adjusted
SG&A is defined as selling, general and administrative expenses
excluding actions. Adjusted gross profit is defined as gross profit
excluding actions.
The Company defines adjusted interest and other expenses as
interest and other expenses less action-related charges and defines
adjusted effective tax rate as income tax expense divided by
adjusted income (loss) from continuing operations before income
tax.
Charges for actions taken in 2022 and 2021 include professional
fees, supply chain segmentation charges, technology charges,
intangible asset impairment charges related to our Full Potential
plan, operating model charges, and (gain)/loss on classification of
assets held for sale.
While these costs are not expected to continue for any singular
transaction on an ongoing basis, similar types of costs, expenses
and charges have occurred in prior periods and may recur in future
periods depending upon future business plans and circumstances.
HanesBrands has chosen to present these non‐GAAP measures to
investors to enable additional analyses of past, present and future
operating performance and as a supplemental means of evaluating
operations absent the effect of the Full Potential plan and other
actions. HanesBrands believes these non-GAAP measures provide
management and investors with valuable supplemental information for
analyzing the operating performance of the Company’s ongoing
business during each period presented without giving effect to
costs associated with the execution of any of the aforementioned
actions taken.
The Company has also chosen to present EBITDA and adjusted
EBITDA to investors because it considers these measures to be an
important supplemental means of evaluating operating performance.
EBITDA is defined as net income (loss) before the impacts of
discontinued operations, interest, taxes, depreciation and
amortization. Adjusted EBITDA is defined as EBITDA excluding (x)
restructuring and other action-related charges and (y) certain
other losses, charges and expenses. Adjusted EBITDA is defined as
EBITDA excluding actions and other losses, charges and expenses as
defined in the Consolidated Net Total Leverage Ratio under its
Fifth Amended and Restated Credit Agreement, dated November 19,
2021, as amended (the “Credit Agreement”). HanesBrands believes
that EBITDA and adjusted EBITDA are frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in the industry, and management uses EBITDA and
adjusted EBITDA for planning purposes in connection with setting
its capital allocation strategy. EBITDA and adjusted EBITDA should
not, however, be considered as measures of discretionary cash
available to invest in the growth of the business.
Net debt is defined as the total of current debt, long-term
debt, and borrowings under the accounts receivable securitization
facility (excluding long-term debt issuance costs) less (x) other
debt and cash adjustments and (y) cash and cash equivalents.
Leverage ratio is the ratio of net debt to adjusted EBITDA.
Beginning with the second quarter of 2022, we updated our
definition of leverage ratio and our methods of calculating the
underlying metrics (net debt and adjusted EBITDA) to align with the
definition of Consolidated Net Total Leverage Ratio under our Fifth
Amended and Restated Credit Agreement, dated November 19, 2021, as
amended (the “Credit Agreement”). All adjusted EBITDA, net debt,
and leverage ratio figures included in this press release are
calculated consistent with the definition of Consolidated Net Total
Leverage Ratio under the Credit Agreement. As a result, certain
historical adjusted EBITDA, net debt, and leverage ratio figures
included in this press release may differ from similar measures we
have previously presented in prior fiscal periods.
The company defines free cash flow as net cash from operating
activities less capital expenditures. Management believes, however,
that free cash flow, which measures our ability to generate
additional cash from our business operations, is an important
financial measure for use in evaluating the company's financial
performance.
HanesBrands is a global company that reports financial
information in U.S. dollars in accordance with GAAP. As a
supplement to the Company’s reported operating results, HanesBrands
also presents constant-currency financial information, which is a
non-GAAP financial measure that excludes the impact of translating
foreign currencies into U.S. dollars. The Company uses
constant-currency information to provide a framework to assess how
the business performed excluding the effects of changes in the
rates used to calculate foreign currency translation.
To calculate foreign currency translation on a constant currency
basis, operating results for the current-year period for entities
reporting in currencies other than the U.S. dollar are translated
into U.S. dollars at the average exchange rates in effect during
the comparable period of the prior year (rather than the actual
exchange rates in effect during the current year period).
HanesBrands believes constant-currency information is useful to
management and investors to facilitate comparison of operating
results and better identify trends in the Company’s businesses.
Non‐GAAP financial measures have limitations as analytical tools
and should not be considered in isolation or as an alternative to,
or substitute for, financial results prepared in accordance with
GAAP. Further, the non-GAAP measures presented may be different
from non-GAAP measures with similar or identical names presented by
other companies.
Reconciliations of these non-GAAP measures to the most directly
comparable GAAP financial measures are presented in the
supplemental financial information included with this news
release.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains certain forward-looking statements,
as defined under U.S. federal securities laws, with respect to our
plans, expectations, long-term goals and trends associated with our
business, as well as guidance as to future performance. In
particular, among others, guidance and predictions regarding
expected operating results, including related to our Full Potential
plan; statements made in the First-Quarter and Full-Year 2023
Financial Outlook section of this news release; and statements
regarding our future capital allocation strategy, are
forward-looking statements. These forward-looking statements are
based on our current intentions, beliefs, plans and expectations.
Readers are cautioned not to place undue reliance on any
forward-looking statements. Forward-looking statements inherently
involve risks and uncertainties, many of which are outside of our
control, that could cause actual results to differ materially from
such statements and from our historical results and experience.
These risks and uncertainties include such things as: our ability
to successfully execute our Full Potential plan to achieve the
desired results; the potential effects of the COVID-19 pandemic,
including on consumer spending, global supply chains and the
financial markets; the highly competitive and evolving nature of
the industry in which we compete; the rapidly changing retail
environment and the level of consumer demand; our reliance on a
relatively small number of customers for a significant portion of
our sales; our ability to complete anticipated refinancing
transactions on anticipated terms, or at all, and our ability to
deleverage on the anticipated time frame, which could negatively
impact our ability to satisfy the financial covenants in our Credit
Agreement or other contractual arrangements; any inadequacy,
interruption, integration failure or security failure with respect
to our information technology (including the ransomware attack
announced May 31, 2022); the impact of significant fluctuations and
volatility in various input costs, such as cotton and oil-related
materials, utilities, freight and wages; the availability of global
supply chain resources; our ability to attract and retain a senior
management team with the core competencies needed to support growth
in global markets and ongoing labor shortages generally;
significant fluctuations in foreign exchange rates; legal,
regulatory, political and economic risks related to our
international operations; our ability to effectively manage our
complex multinational tax structure; and other risks identified
from time to time in our most recent Securities and Exchange
Commission reports, including our annual report on Form 10-K and
quarterly reports on Form 10-Q. Since it is not possible to predict
or identify all of the risks, uncertainties and other factors that
may affect future results, the above list should not be considered
a complete list. Any forward-looking statement speaks only as of
the date on which such statement is made, and HanesBrands
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, other than as required by law.
HanesBrands
HanesBrands (NYSE: HBI) makes everyday apparel that is known and
loved by consumers around the world for comfort, quality and value.
Among the Company’s iconic brands are Hanes, the leading basic
apparel brand in the United States; Champion, an innovator at the
intersection of lifestyle and athletic apparel; and Bonds, which is
setting new standards for design and sustainability. HBI employs
51,000 associates in 32 countries and has built a strong reputation
for workplace quality and ethical business practices. The Company,
a longtime leader in sustainability, launched aggressive 2030 goals
to improve the lives of people, protect the planet and produce
sustainable products. HBI is building on its unmatched strengths to
unlock its #FullPotential and deliver long-term growth that
benefits all of its stakeholders.
TABLE 1
HANESBRANDS INC.
Condensed Consolidated
Statements of Income
(in thousands, except per
share data)
(Unaudited)
Quarters Ended
Years Ended
December 31,
2022
January 1, 2022
% Change
December 31,
2022
January 1, 2022
% Change
Net sales
$
1,473,286
$
1,752,349
(15.9
)%
$
6,233,650
$
6,801,240
(8.3
)%
Cost of sales
971,309
1,084,621
4,012,542
4,149,541
Gross profit
501,977
667,728
(24.8
)%
2,221,108
2,651,699
(16.2
)%
As a % of net sales
34.1
%
38.1
%
35.6
%
39.0
%
Selling, general and administrative
expenses
441,642
512,162
1,701,563
1,853,971
As a % of net sales
30.0
%
29.2
%
27.3
%
27.3
%
Operating profit
60,335
155,566
(61.2
)%
519,545
797,728
(34.9
)%
As a % of net sales
4.1
%
8.9
%
8.3
%
11.7
%
Other expenses
3,646
47,359
9,734
53,586
Interest expense, net
49,665
35,307
157,073
163,067
Income from continuing operations before
income tax expense
7,024
72,900
352,738
581,075
Income tax expense
425,132
4,946
483,907
60,107
Income (loss) from continuing
operations
(418,108
)
67,954
(715.3
)%
(131,169
)
520,968
(125.2
)%
Income (loss) from discontinued
operations, net of tax
—
(7,921
)
3,965
(443,744
)
Net income (loss)
$
(418,108
)
$
60,033
$
(127,204
)
$
77,224
Earnings (loss) per share - basic:
Continuing operations
$
(1.19
)
$
0.19
$
(0.37
)
$
1.48
Discontinued operations
—
(0.02
)
0.01
(1.26
)
Net income (loss)
$
(1.19
)
$
0.17
$
(0.36
)
$
0.22
Earnings (loss) per share - diluted:
Continuing operations
$
(1.19
)
$
0.19
$
(0.37
)
$
1.48
Discontinued operations
—
(0.02
)
0.01
(1.26
)
Net income (loss)
$
(1.19
)
$
0.17
$
(0.36
)
$
0.22
Weighted average shares outstanding:
Basic
349,974
351,052
349,970
351,028
Diluted
349,974
352,323
349,970
352,078
TABLE 2
HANESBRANDS INC.
Supplemental Financial
Information
Impact of Foreign
Currency
(in thousands, except per
share data)
(Unaudited)
Quarter Ended December 31,
2022
As Reported
Impact from Foreign
Currency1
Constant Currency
Quarter Ended January 1,
2022
% Change, As
Reported
% Change, Constant
Currency
As reported under GAAP:
Net sales
$
1,473,286
$
(54,654
)
$
1,527,940
$
1,752,349
(15.9
)%
(12.8
)%
Gross profit
501,977
(26,628
)
528,605
667,728
(24.8
)
(20.8
)
Operating profit
60,335
(7,783
)
68,118
155,566
(61.2
)
(56.2
)
Diluted loss per share from continuing
operations
$
(1.19
)
$
(0.02
)
$
(1.18
)
$
0.19
(726.3
)%
(721.1
)%
As adjusted:2
Net sales
$
1,473,286
$
(54,654
)
$
1,527,940
$
1,752,349
(15.9
)%
(12.8
)%
Gross profit
504,869
(26,628
)
531,497
673,227
(25.0
)
(21.1
)
Operating profit
82,560
(7,783
)
90,343
220,123
(62.5
)
(59.0
)
Diluted earnings per share from continuing
operations
$
0.07
$
(0.02
)
$
0.09
$
0.44
(84.1
)%
(79.5
)%
Year Ended December 31,
2022
As Reported
Impact from Foreign
Currency1
Constant Currency
Year Ended January 1,
2022
% Change, As
Reported
% Change, Constant
Currency
As reported under GAAP:
Net sales
$
6,233,650
$
(181,730
)
$
6,415,380
$
6,801,240
(8.3
)%
(5.7
)%
Gross profit
2,221,108
(86,839
)
2,307,947
2,651,699
(16.2
)
(13.0
)
Operating profit
519,545
(24,673
)
544,218
797,728
(34.9
)
(31.8
)
Diluted loss per share from continuing
operations
$
(0.37
)
$
(0.06
)
$
(0.32
)
$
1.48
(125.0
)%
(121.6
)%
As adjusted:2
Net sales
$
6,233,650
$
(181,730
)
$
6,415,380
$
6,801,240
(8.3
)%
(5.7
)%
Gross profit
2,238,133
(86,839
)
2,324,972
2,661,797
(15.9
)
(12.7
)
Operating profit
579,403
(24,673
)
604,076
929,438
(37.7
)
(35.0
)
Diluted earnings per share from continuing
operations
$
0.98
$
(0.06
)
$
1.04
$
1.83
(46.4
)%
(43.2
)%
1
Effect of the change in foreign currency
exchange rates year-over-year. Calculated by applying prior period
exchange rates to the current year financial results.
2
Results for the quarters and years ended
December 31, 2022 and January 1, 2022 reflect adjustments for
restructuring and other action-related charges. See "Reconciliation
of Select GAAP Measures to Non-GAAP Measures" in Table 6.
TABLE 3
HANESBRANDS INC.
Supplemental Financial
Information
By Business Segment
(in thousands)
(Unaudited)
Quarters Ended
Years Ended
December 31,
2022
January 1, 2022
% Change
December 31,
2022
January 1, 2022
% Change
Segment net sales:
Innerwear
$
540,159
$
666,086
(18.9
)%
$
2,429,966
$
2,719,788
(10.7
)%
Activewear
376,682
448,948
(16.1
)
1,555,062
1,679,639
(7.4
)
International
477,884
544,582
(12.2
)
1,914,268
2,066,249
(7.4
)
Other
78,561
92,733
(15.3
)
334,354
335,564
(0.4
)
Total net sales
$
1,473,286
$
1,752,349
(15.9
)%
$
6,233,650
$
6,801,240
(8.3
)%
Segment operating profit:
Innerwear
$
44,984
$
112,615
(60.1
)%
$
388,586
$
573,852
(32.3
)%
Activewear
28,378
58,587
(51.6
)
153,710
236,400
(35.0
)
International
67,755
103,866
(34.8
)
283,036
339,317
(16.6
)
Other
7,518
8,528
(11.8
)
17,019
30,922
(45.0
)
General corporate expenses/other
(66,075
)
(63,473
)
4.1
(262,948
)
(251,053
)
4.7
Total operating profit before
restructuring and other action-related charges
82,560
220,123
(62.5
)
579,403
929,438
(37.7
)
Restructuring and other action-related
charges
(22,225
)
(64,557
)
(65.6
)
(59,858
)
(131,710
)
(54.6
)
Total operating profit
$
60,335
$
155,566
(61.2
)%
$
519,545
$
797,728
(34.9
)%
Quarters Ended
Years Ended
December 31,
2022
January 1, 2022
Basis Points Change
December 31,
2022
January 1, 2022
Basis Points Change
Segment operating margin:
Innerwear
8.3
%
16.9
%
(858
)
16.0
%
21.1
%
(511
)
Activewear
7.5
13.0
(552
)
9.9
14.1
(419
)
International
14.2
19.1
(489
)
14.8
16.4
(164
)
Other
9.6
9.2
37
5.1
9.2
(412
)
General corporate expenses/other
(4.5
)
(3.6
)
(86
)
(4.2
)
(3.7
)
(53
)
Total operating margin before
restructuring and other action-related charges
5.6
12.6
(696
)
9.3
13.7
(437
)
Restructuring and other action-related
charges
(1.5
)
(3.7
)
218
(1.0
)
(1.9
)
98
Total operating margin
4.1
%
8.9
%
(478
)
8.3
%
11.7
%
(339
)
TABLE 4
HANESBRANDS INC.
Condensed Consolidated Balance
Sheets
(in thousands)
(Unaudited)
December 31,
2022
January 1, 2022
Assets
Cash and cash equivalents
$
238,413
$
536,277
Trade accounts receivable, net
721,396
894,151
Inventories
1,979,672
1,584,015
Other current assets
178,946
186,503
Current assets held for sale
13,327
327,157
Total current assets
3,131,754
3,528,103
Property, net
442,404
441,401
Right-of-use assets
414,894
363,854
Trademarks and other identifiable
intangibles, net
1,255,693
1,220,170
Goodwill
1,108,907
1,133,095
Deferred tax assets
20,162
327,804
Other noncurrent assets
130,062
57,009
Total assets
$
6,503,876
$
7,071,436
Liabilities
Accounts payable
$
917,481
$
1,214,847
Accrued liabilities
498,028
660,778
Lease liabilities
114,794
109,526
Accounts Receivable Securitization
Facility
209,500
—
Current portion of long-term debt
37,500
25,000
Current liabilities held for sale
13,327
316,902
Total current liabilities
1,790,630
2,327,053
Long-term debt
3,612,077
3,326,091
Lease liabilities - noncurrent
326,644
281,852
Pension and postretirement benefits
116,167
248,518
Other noncurrent liabilities
260,094
185,429
Total liabilities
6,105,612
6,368,943
Stockholders’ equity
Preferred stock
—
—
Common stock
3,490
3,499
Additional paid-in capital
334,676
315,337
Retained earnings
572,106
935,260
Accumulated other comprehensive loss
(512,008
)
(551,603
)
Total stockholders’ equity
398,264
702,493
Total liabilities and stockholders’
equity
$
6,503,876
$
7,071,436
TABLE 5
HANESBRANDS INC.
Condensed Consolidated
Statements of Cash Flows1
(in thousands)
(Unaudited)
Quarters Ended
Years Ended
December 31,
2022
January 1, 2022
December 31,
2022
January 1, 2022
Operating Activities:
Net income (loss)
$
(418,108
)
$
60,033
$
(127,204
)
$
77,224
Adjustments to reconcile net income (loss)
to net cash from operating activities:
Depreciation
20,154
18,486
76,294
81,669
Amortization of acquisition
intangibles
4,159
4,694
18,204
20,390
Other amortization
3,648
3,529
11,769
12,139
Impairment of intangible assets and
goodwill
—
—
—
163,047
(Gain) loss on sale of business and
classification of assets held for sale
3,023
45,617
(3,162
)
312,359
Loss on extinguishment of debt
—
43,739
—
43,739
Amortization of debt issuance costs
1,817
2,055
7,300
12,305
Stock compensation expense
6,271
6,494
23,457
16,630
Deferred taxes
382,913
11,550
384,233
3,934
Other
14,300
2,324
7,511
(2,084
)
Changes in assets and liabilities:
Accounts receivable
217,148
20,752
154,145
(181,173
)
Inventories
174,903
(990
)
(437,641
)
(293,455
)
Other assets
(31,755
)
(47,678
)
(103,368
)
(40,636
)
Accounts payable
(219,268
)
(22,281
)
(241,557
)
368,753
Accrued pension and postretirement
benefits
(957
)
(300
)
(2,023
)
(40,768
)
Accrued liabilities and other
(25,368
)
(51,991
)
(126,760
)
69,336
Net cash from operating activities
132,880
96,033
(358,802
)
623,409
Investing activities:
Capital expenditures
(41,167
)
(13,952
)
(112,122
)
(69,272
)
Purchase of trademarks
—
—
(103,000
)
—
Proceeds from sales of assets
(102
)
330
157
2,809
Other
4,177
5,571
(1,463
)
14,008
Net cash from investing activities
(37,092
)
(8,051
)
(216,428
)
(52,455
)
Financing Activities:
Borrowings on Term Loan Facilities
—
1,000,000
—
1,000,000
Repayments on Term Loan Facilities
(6,250
)
(609,375
)
(25,000
)
(925,000
)
Borrowings on Accounts Receivable
Securitization Facility
536,800
—
1,840,389
—
Repayments on Accounts Receivable
Securitization Facility
(538,800
)
—
(1,630,889
)
—
Borrowings on Revolving Loan
Facilities
454,500
—
1,792,000
—
Repayments on Revolving Loan
Facilities
(531,000
)
—
(1,439,500
)
—
Repayments on Senior Notes
—
(700,000
)
—
(700,000
)
Borrowings on notes payable
—
39,890
21,454
149,287
Repayments on notes payable
—
(40,142
)
(21,713
)
(149,739
)
Share repurchases
—
—
(25,018
)
—
Cash dividends paid
(52,350
)
(52,385
)
(209,312
)
(209,484
)
Payments to amend and refinance credit
facilities
(2,526
)
(42,661
)
(3,159
)
(43,186
)
Other
207
(7,423
)
(3,423
)
(9,898
)
Net cash from financing activities
(139,419
)
(412,096
)
295,829
(888,020
)
Effect of changes in foreign exchange
rates on cash
28,913
(5,701
)
(42,815
)
(32,908
)
Change in cash and cash equivalents
(14,718
)
(329,815
)
(322,216
)
(349,974
)
Cash and cash equivalents at beginning of
period
253,131
890,444
560,629
910,603
Cash and cash equivalents at end of
period
$
238,413
$
560,629
$
238,413
$
560,629
Balances included in the Condensed
Consolidated Balance Sheets:
Cash and cash equivalents
$
238,413
$
536,277
$
238,413
$
536,277
Cash and cash equivalents included in
current assets held for sale
—
24,352
—
24,352
Cash and cash equivalents at end of
period
$
238,413
$
560,629
$
238,413
$
560,629
1
The cash flows related to discontinued
operations have not been segregated and remain included in the
major classes of assets and liabilities in the periods prior to the
sale of the European Innerwear business on March 5, 2022.
Accordingly, the Condensed Consolidated Statements of Cash Flows
include the results of continuing and discontinued operations.
TABLE 6-A
HANESBRANDS INC.
Supplemental Financial
Information
Reconciliation of Select GAAP
Measures to Non-GAAP Measures
(in thousands, except per
share data)
(Unaudited)
Quarter Ended December 31,
2022
Gross Profit
Selling, General and
Administrative Expenses
Operating Profit
Income From Continuing
Operations Before Income Tax Expense
Income Tax Expense
Income (Loss) From Continuing
Operations
Diluted Earnings (Loss) Per
Share From Continuing Operations1
As reported
$
501,977
$
(441,642
)
$
60,335
$
7,024
$
(425,132
)
$
(418,108
)
$
(1.19
)
As a percentage of net sales
34.1
%
30.0
%
4.1
%
Restructuring and other action-related
charges:
Full Potential Plan:
Professional services
—
2,980
2,980
2,980
—
2,980
0.01
Supply chain segmentation
3,395
—
3,395
3,395
—
3,395
0.01
Technology
—
2,870
2,870
2,870
—
2,870
0.01
Operating model
(516
)
9,849
9,333
9,333
—
9,333
0.03
Loss on sale of business and
classification of assets held for sale
—
3,023
3,023
3,023
—
3,023
0.01
Other
13
611
624
624
—
624
—
Discrete tax expense
—
—
—
—
422,918
422,918
1.21
Tax effect on actions
—
—
—
—
(2,758
)
(2,758
)
(0.01
)
Total restructuring and other
action-related charges
2,892
19,333
22,225
22,225
420,160
442,385
1.26
As adjusted
$
504,869
$
(422,309
)
$
82,560
$
29,249
$
(4,972
)
$
24,277
$
0.07
As a percentage of net sales
34.3
%
28.7
%
5.6
%
Year Ended December 31,
2022
Gross Profit
Selling, General and
Administrative Expenses
Operating Profit
Income From Continuing
Operations Before Income Tax Expense
Income Tax Expense
Income (Loss) From Continuing
Operations
Diluted (Loss) Earnings Per
Share From Continuing Operations1
As reported
$
2,221,108
$
(1,701,563
)
$
519,545
$
352,738
$
(483,907
)
$
(131,169
)
$
(0.37
)
As a percentage of net sales
35.6
%
27.3
%
8.3
%
Restructuring and other action-related
charges:
Full Potential Plan:
Professional services
—
23,994
23,994
23,994
—
23,994
0.07
Supply chain segmentation
17,982
—
17,982
17,982
—
17,982
0.05
Technology
—
11,922
11,922
11,922
—
11,922
0.03
Operating model
(712
)
8,933
8,221
8,221
—
8,221
0.02
Gain on sale of business and
classification of assets held for sale
—
(3,535
)
(3,535
)
(3,535
)
—
(3,535
)
(0.01
)
Other
(245
)
1,519
1,274
1,274
—
1,274
—
Discrete tax expense
—
—
—
—
422,918
422,918
1.21
Tax effect on actions
—
—
—
—
(9,152
)
(9,152
)
(0.03
)
Total restructuring and other
action-related charges
17,025
42,833
59,858
59,858
413,766
473,624
1.35
As adjusted
$
2,238,133
$
(1,658,730
)
$
579,403
$
412,596
$
(70,141
)
$
342,455
$
0.98
As a percentage of net sales
35.9
%
26.6
%
9.3
%
1
Amounts may not be additive due to
rounding.
Including the unfavorable foreign currency
impact of $22 million, global Champion sales excluding C9 Champion
decreased approximately 18% in the fourth quarter of 2022 compared
to the fourth quarter of 2021. On a constant currency basis, global
Champion sales excluding C9 Champion decreased approximately 14% in
the fourth quarter of 2022 compared to the fourth quarter of
2021.
TABLE 6-B
HANESBRANDS INC.
Supplemental Financial
Information
Reconciliation of Select GAAP
Measures to Non-GAAP Measures
(in thousands, except per
share data)
(Unaudited)
Quarter Ended January 1,
2022
Gross Profit
Selling, General and
Administrative Expenses
Operating Profit
Other Expenses
Income From Continuing
Operations Before Income Tax Expense
Income Tax Expense
Income From Continuing
Operations
Diluted Earnings Per Share
From Continuing Operations1
As reported
$
667,728
$
(512,162
)
$
155,566
$
(47,359
)
$
72,900
$
(4,946
)
$
67,954
$
0.19
As a percentage of net sales
38.1
%
29.2
%
8.9
%
Restructuring and other action-related
charges:
Full Potential Plan:
Professional services
—
7,824
7,824
—
7,824
—
7,824
0.02
Loss on classification of assets held for
sale
—
38,364
38,364
—
38,364
—
38,364
0.11
Operating model
2,397
3,194
5,591
—
5,591
—
5,591
0.02
Supply chain segmentation
3,102
—
3,102
—
3,102
—
3,102
0.01
Technology
—
2,212
2,212
—
2,212
—
2,212
0.01
Other
—
7,464
7,464
—
7,464
—
7,464
0.02
Early extinguishment and refinancing of
debt
—
—
—
45,699
45,699
—
45,699
0.13
Discrete tax benefits
—
—
—
—
—
(8,050
)
(8,050
)
(0.02
)
Tax effect on actions
—
—
—
—
—
(14,477
)
(14,477
)
(0.04
)
Total restructuring and other
action-related charges
5,499
59,058
64,557
45,699
110,256
(22,527
)
87,729
0.25
As adjusted
$
673,227
$
(453,104
)
$
220,123
$
(1,660
)
$
183,156
$
(27,473
)
$
155,683
$
0.44
As a percentage of net sales
38.4
%
25.9
%
12.6
%
Year Ended January 1,
2022
Gross Profit
Selling, General and
Administrative Expenses
Operating Profit
Other Expenses
Income From Continuing
Operations Before Income Tax Expense
Income Tax Expense
Income From Continuing
Operations
Diluted Earnings Per Share
From Continuing Operations1
As reported
$
2,651,699
$
(1,853,971
)
$
797,728
$
(53,586
)
$
581,075
$
(60,107
)
$
520,968
$
1.48
As a percentage of net sales
39.0
%
27.3
%
11.7
%
Restructuring and other action-related
charges:
Full Potential Plan:
Professional services
—
44,617
44,617
—
44,617
—
44,617
0.13
Loss on classification of assets held for
sale
—
38,364
38,364
—
38,364
—
38,364
0.11
Operating model
2,397
20,794
23,191
—
23,191
—
23,191
0.07
Impairment of intangible assets
—
7,302
7,302
—
7,302
—
7,302
0.02
Supply chain segmentation
7,815
(2,396
)
5,419
—
5,419
—
5,419
0.02
Technology
—
4,617
4,617
—
4,617
—
4,617
0.01
Other
(114
)
8,314
8,200
—
8,200
—
8,200
0.02
Early extinguishment and refinancing of
debt
—
—
—
45,699
45,699
—
45,699
0.13
Discrete tax benefits
—
—
—
—
—
(27,147
)
(27,147
)
(0.08
)
Tax effect on actions
—
—
—
—
—
(26,518
)
(26,518
)
(0.08
)
Total restructuring and other
action-related charges
10,098
121,612
131,710
45,699
177,409
(53,665
)
123,744
0.35
As adjusted
$
2,661,797
$
(1,732,359
)
$
929,438
$
(7,887
)
$
758,484
$
(113,772
)
$
644,712
$
1.83
As a percentage of net sales
39.1
%
25.5
%
13.7
%
1
Amounts may not be additive due to
rounding.
TABLE 6-C
HANESBRANDS INC.
Supplemental Financial
Information
Reconciliation of Select GAAP
Measures to Non-GAAP Measures
(in thousands, except per
share data)
(Unaudited)
Last Twelve Months
December 31,
2022
January 1, 2022
January 2, 2021
Leverage Ratio1:
EBITDA2:
Income (loss) from continuing
operations
$
(131,169
)
$
520,968
$
(32,287
)
Interest expense, net
157,073
163,067
164,238
Income tax expense (benefit)
483,907
60,107
(109,940
)
Depreciation and amortization
106,267
110,130
114,967
Total EBITDA
616,078
854,272
136,978
Total restructuring and other
action-related charges (excluding tax effect on actions)
59,858
177,409
734,196
Other losses, charges and expenses3
118,240
74,609
130,375
Total EBITDA, as adjusted
$
794,176
$
1,106,290
$
1,001,549
Net debt:
Debt (current and long-term debt and
Accounts Receivable Securitization Facility excluding long term
debt issuance costs of $13,198, $17,543 and $32,354,
respectively)
$
3,872,275
$
3,368,634
$
4,035,724
Other debt and cash adjustments4
4,955
6,567
87,370
(Less) Cash and cash equivalents
(238,413
)
(536,277
)
(900,615
)
Net debt
$
3,638,817
$
2,838,924
$
3,222,479
Net debt/EBITDA, as adjusted
4.6
2.6
3.2
1
Represents the Company’s leverage ratio
defined as Consolidated Net Total Leverage Ratio under its Fifth
Amended and Restated Credit Agreement, dated November 19, 2021, as
amended, which excludes other losses, charges and expenses in
addition to restructuring and other action-related charges.
2
Earnings from continuing operations before
interest, taxes, depreciation and amortization (EBITDA) is a
non-GAAP financial measure.
3
Primarily includes bad debt expense,
excess and obsolete inventory write-offs, pension expense, other
compensation related items and charges related to the Company’s
ransomware attack.
4
Includes drawn letters of credit and cash
balances in certain geographies.
Quarters Ended
Years Ended
December 31,
2022
January 1, 2022
December 31,
2022
January 1, 2022
Free cash flow1:
Net cash from operating activities
$
132,880
$
96,033
$
(358,802
)
$
623,409
Capital expenditures
(41,167
)
(13,952
)
(112,122
)
(69,272
)
Free cash flow
$
91,713
$
82,081
$
(470,924
)
$
554,137
1
Free cash flow includes the results from
continuing and discontinued operations.
TABLE 7
HANESBRANDS INC.
Supplemental Financial
Information
Reconciliation of GAAP Outlook
to Adjusted Outlook
(in thousands, except per
share data)
(Unaudited)
Quarter Ended
Year Ended
April 1, 2023
December 30,
2023
Operating profit outlook, as calculated
under GAAP
$39,000 to $59,000
$446,000 to $496,000
Restructuring and other action-related
charges
$11,000
$54,000
Operating profit outlook, as adjusted
$50,000 to $70,000
$500,000 to $550,000
Interest and other expense outlook, as
calculated under GAAP
$71,000
$306,000
Restructuring and other action-related
charges
$6,000
$6,000
Interest and other expense outlook, as
adjusted
$65,000
$300,000
Diluted earnings (loss) per share from
continuing operations, as calculated under GAAP1
$(0.14) to $(0.09)
$0.14 to $0.25
Restructuring and other action-related
charges
$0.05
$0.17
Diluted earnings (loss) per share from
continuing operations, as adjusted
$(0.09) to $(0.04)
$0.31 to $0.42
1
The company expects approximately 350
million diluted weighted average shares outstanding for the quarter
ended April 1, 2023 and 353 million diluted weighted average shares
outstanding for the year ended December 30, 2023.
Hanesbrands is unable to reconcile
projections of financial performance beyond 2023 without
unreasonable efforts, because the Company cannot predict, with a
reasonable degree of certainty, the type and extent of certain
items that would be expected to impact these figures in 2023 and
beyond, such as net sales, operating profit, tax rates and action
related charges.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230202005260/en/
News Media contact: Kirk Saville (336) 979-7293 Analysts and
Investors contact: T.C. Robillard (336) 519-2115
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