ORLANDO, Fla., April 29, 2020 /PRNewswire/ -- (NYSE:
TUP) Tupperware Brands Corporation (the "Company") today
reported operating results for the first quarter ended March 28, 2020.
First Quarter Financial & Operational Updates
- First quarter sales down 23% versus last year and 17% in local
currency1, the comparison includes $15M of B2B sales in the prior year; otherwise,
local currency sales would have been down 15%.
- GAAP diluted E.P.S. loss of $0.16
versus income of $0.76 in the prior
year period.
- Adjusted* diluted E.P.S. is income of $0.09 vs. $0.80 in
the prior year period.
- Negative COVID-19 impact of approximately 500-basis points on
sales and loss of $0.24 on GAAP
diluted E.P.S.
- Turnaround Plan 2020 target increased 50% to $75 million; first quarter actions expected to
contribute $15 million.
- Credit Agreement amended for 2020/21 to increase permitted
consolidated leverage ratio (debt-to-Adjusted EBITDA).
- Full year 2020 guidance withdrawn due to material uncertainty
of duration and extent of COVID-19 pandemic impact.
"We continue to take swift actions to strengthen our business
and navigate the uncertainties of COVID-19, including accelerating
our planned cost savings from $50
million to $75 million in
2020," said Miguel Fernandez,
President and Chief Executive Officer of Tupperware Brands. "Our
top priorities are to protect the well-being of our employees and
sales force, and to support our operations through the
unprecedented challenges we face today. Prior to the
disruption caused by the COVID-19 pandemic, the consolidated
business was performing in-line with our expectations. This is a
pivotal time for Tupperware. I am thrilled to lead this
iconic brand into its future, which I believe is going to be
exciting."
Rich Goudis, Executive Vice
Chairman of Tupperware Brands added, "While it is not possible at
this time to estimate the full impact COVID-19 could have on our
business in 2020 and beyond, our leadership team continues to make
material changes designed to improve our profitability and
liquidity position to support our ongoing business in compliance
with our debt covenants. Our initiatives to improve our liquidity
position remain a near-term priority, and our capital allocation
policy of debt repayment and investment in growth underscores our
commitment to delivering value for our stakeholders over the
long-term."
1 Local currency changes are measured
by comparing current year results with those of the prior year
translated at the current year's foreign exchange rates.
|
First Quarter Results: (as compared with last year)
First quarter 2020 sales were $375.9
million, down 23% and local currency sales were down
17%.
- Negative COVID-19 impact of approximately 500-basis points on
sales and loss of $0.24 on GAAP
diluted E.P.S.
- Europe - Sales $105.7 million, down 24% and local currency sales
down 19%; the comparison includes $15M of B2B sales in the prior year; otherwise,
local currency sales would have been down 9%.
- Asia Pacific - Sales
$120.4 million, down 23% and local
currency sales down 20%.
- North America - Sales
$101.3 million, down 15% and local
currency sales down 11%.
- South America - Sales
$48.5 million, down 34% and local
currency sales down 19%.
Net loss of $7.8 million or
$0.16 diluted per share compared with
net income of $36.9 million and
$0.76 diluted per share last year due
to lower sales on a high fixed-cost base with DS&A at 65% of
sales. Sandra Harris,
Executive Vice President and Chief Financial Officer said, "This
level of DS&A is unsustainable at current sales level and is
uncharacteristic of a direct selling company, leading us to
accelerate our cost savings target to $75
million in 2020."
COVID-19 Impact and 2020 Guidance
During the first quarter of 2020, the impact of COVID-19 on the
Company's business was most pronounced in Europe and Asia
Pacific, where the Company experienced partial or
country-wide lockdowns of operations in various markets, including
China, France, Italy, and Philippines. The first quarter impact of
COVID-19 largely affected March results, specifically in the second
half of the month. While the duration and severity of this pandemic
is uncertain, the Company expects that its results of operations in
the second quarter of 2020 will reflect the most severe impact of
the effects of COVID-19, and subsequent periods may also be
negatively impacted.
Due to the material uncertainty of the duration and extent of
the COVID-19 pandemic impact, the Company is withdrawing the full
year 2020 guidance provided in its 2020 Outlook on February 24, 2020.
Liquidity and Capital Allocation
As part of the Turnaround Plan, the Company continues to
prioritize the use of cash for the repayment of debt and investment
in growth initiatives.
The Company also amended its Credit Agreement during the first
quarter of 2020 and agreed to changes to the permitted debt to
Adjusted EBITDA ratio, which increases to 5.75 for the first and
second quarter of 2020, tightening to 5.25 in the third quarter of
2020, and again decreasing to 4.50 in the fourth quarter, as
provided in the Credit Agreement.
The Company has taken certain measures in response to the
COVID-19 situation, designed to enhance its liquidity position,
provide additional financial flexibility and maintain forecasted
financial covenant compliance, including reductions in
discretionary spending, revisiting investment strategies, and
reducing payroll costs, including through organizational redesign,
employee furloughs and permanent reductions. Additionally, during
the beginning of the second quarter of 2020, on March 30, 2020, the Company drew down
$225 million under its Credit
Agreement, $175 million of which was
drawn as a proactive measure given the uncertain environment
resulting from the COVID-19 pandemic. In addition, the
Company has approximately $600
million of Senior Notes outstanding with a maturity date of
June 2021 and is proactively working
with advisors to evaluate its options relative to this
maturity.
First Quarter Earnings Conference Call
Tupperware Brands will conduct a conference call today,
Wednesday, April 29, 2020, at 8:30 am
Eastern time. The conference call will be webcast and
accessible, along with a copy of this news release, on
ir.tupperwarebrands.com.
About Tupperware Brands Corporation
Tupperware Brands Corporation is a global manufacturer and
marketer of innovative, premium household, beauty and personal care
products across multiple brands utilizing social selling. Product
brands and categories include design-centric preparation, storage
and serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products through the
Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo
brands. The Company's stock is listed on the New York Stock
Exchange (NYSE: TUP).
Safe Harbor Statement
Statements contained in this release that are not historical
fact and use predictive words such as "estimates", "outlook",
"guidance", "expect", "believe", "intend", "designed", "target",
"plans", "may", "will", and similar words are forward-looking
statements. These forward-looking statements and related
assumptions involve risks and uncertainties that could cause actual
results and outcomes to differ materially from any forward-looking
statements or views expressed herein. These risks and uncertainties
include, but are not limited to, the following: the effects of the
outbreak of the novel coronavirus (COVID-19) pandemic; the success
of the Company's efforts to improve its profitability and liquidity
position and any capital structure actions that it may take; the
success and timing of growth and turnaround initiatives; leadership
development and succession changes; impairment and other charges
related to purchase accounting goodwill and restructuring actions;
risk of foreign-currency fluctuations and the currency translation
impact on the Company's business associated with these
fluctuations; uncertainties related to the interpretation of, and
regulations under, the U.S. Tax Cuts and Jobs Act of 2017; the
Company's future tax-planning initiatives; any prospective or
retrospective increases in duties on the Company's products; any
adverse results of tax audits or unfavorable changes to tax laws in
the Company's various markets; risk that direct selling laws and
regulations in any of the Company's markets may be modified,
interpreted or enforced in a manner that results in negative
changes to the Company's business models or negatively impacts its
revenue, sales force or business, including through the
interruption of recruiting and sales activities, loss of licenses,
imposition of fines, or any other adverse actions or events;
unpredictable economic and political conditions and events
globally; the success of new product introductions and promotional
programs to generate interest among the Company's sales force and
customers and generate selling activities on a sustained basis;
success of business-to-business selling arrangements and their
timing; success of buyers in obtaining financing or attracting
tenants for commercial and residential developments; the timing and
success of closing asset sales related to re-engineering actions;
risks related to accurately predicting, delivering or maintaining
sufficient quantities of products to support planned initiatives or
launch strategies; governmental approvals of materials for use in
food containers and beauty, personal care, nutritional and
nutraceutical products; continued competitive pressures for
products or sales force in the Company's markets; and other risks
detailed in the Company's periodic reports as filed in accordance
with the Securities Exchange Act of 1934, as amended.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on Tupperware
Brands Foreign Exchange Translation Impact Update. Other than
updating for changes in foreign currency exchange rates, the
Company does not intend to update forward-looking information.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this
release, which are provided to assist readers' understanding of the
Company's results of operations. These amounts exclude certain
items that at times materially impact the comparability of the
Company's results of operations. The adjusted information is
intended to be indicative of the Company's primary operations, and
to assist readers in evaluating performance and analyzing trends
across periods by providing what the Company believes is a useful
measure for predictive purposes. These results should be considered
in addition to, not as a substitute for, results reported in
accordance with GAAP.
The non-GAAP financial measures include comparisons related to
profit and exclude:
- gains from the sale of property, plant and equipment and other
real estate related operations
- insurance settlement gains or significant charges related to
casualty losses caused by significant weather events, fires or
similar circumstances
- exit or disposal cost obligations related to rationalizing
supply chain operations and other re-engineering activities
performed to wind-down or significantly restructure businesses,
including cumulative translation adjustments recognized in income
upon liquidation of operations in a country, asset sales or fixed
asset impairments, inventory obsolescence and other operating
losses incurred in conjunction with such activities
- certain asset retirement obligations
- pension settlements
- significant discrete impacts of new tax laws upon adoption,
including the impact on cumulative deferred taxes from items
previously recorded as cumulative translation adjustments
- amortization of definite-lived intangible assets
- non-cash impairment charges related to the carrying value of
acquired intangible assets and goodwill
- infrequent costs incurred in connection with a change in
capital structure
- the impact from hyper-inflationary economies on net monetary
assets and other balance sheet positions that impact near term
income
- non-recurring costs associated with the turnaround plan
While these types of events can and do recur periodically, they
are not part of the Company's primary business operations and are
excluded from indicated financial information due to their
distinction from ongoing business operations, inherent volatility
and impact on the comparability of earnings across periods, as
amounts recognized in any given period are not indicative of
amounts that may be recognized in any particular future period.
Additionally, the Company engages in B2B transactions, in which
it sells products to a partner company. Since the level of these
sales is volatile from quarter-to-quarter and year-to-year, and is
largely independent of the activities of its sales force, the
Company at times, in addition to disclosing reported sales,
discloses "core" sales amounts and comparisons, which excludes
amounts sold under B2B transactions. This illustrates sales results
and trends directly associated with activities of its independent
sales force. All financial information disclosed and presented
includes B2B transactions unless specifically stated as "core"
sales or otherwise indicated.
Also, as the impact of changes in exchange rates is an important
factor in understanding period-to-period comparisons. The
Company believes the presentation of results on a local currency
basis, in addition to reported results, helps improve readers'
ability to understand the Company's operating results and evaluate
performance in comparison with prior periods. The Company presents
local currency information that compares results between periods as
if current period exchange rates had been the exchange rates in the
prior period. The Company uses results on a local currency basis as
one measure to evaluate performance and generally refers to such
amounts as restated or excluding the impact of foreign
currency.
These core sales and local currency results should be considered
in addition to, not as a substitute for, results reported in
accordance with GAAP. Core sales and results on a local currency
basis may not be comparable to similarly titled measures used by
other companies and are not measures of performance presented in
accordance with GAAP.
Information included with this release includes references to
Adjusted EBITDA and a Debt/Adjusted EBITDA ratio, which are
non-GAAP financial measures used in the Company's Credit Agreement.
The Company uses these measures in its capital allocation decision
process and in discussions with investors, analysts and other
interested parties, and therefore believes it is useful to disclose
this amount and ratio. The Company's calculation of these measures
is in accordance with its Credit Agreement, and is set forth in the
reconciliation from GAAP amounts in an attachment to this release;
however, the reader is cautioned that other companies define these
measures in different ways, and consequently they may not be
comparable with similarly labeled amounts disclosed by others.
TUPPERWARE BRANDS
CORPORATION
|
FIRST QUARTER 2020
SALES FORCE STATISTICS*
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
All
Units
|
Reported
Inc/(Dec)
vs. Q1
'19
%
|
Restated+
Inc/(Dec)
vs. Q1
'19
%
|
|
Active
Sales
Force
|
Inc/(Dec)
vs. Q1
'19
%
|
|
Total
Sales
Force
|
Inc/(Dec)
vs. Q1
'19
%
|
Europe
|
(24)
|
(19)
|
|
99,196
|
|
(5)
|
|
715,084
|
|
(5)
|
Asia
Pacific
|
(23)
|
(20)
|
|
114,690
|
|
(26)
|
|
860,431
|
|
(9)
|
North
America
|
(15)
|
(11)
|
|
184,223
|
|
(6)
|
|
691,792
|
|
(8)
|
South
America
|
(34)
|
(19)
|
|
91,473
|
|
(23)
|
|
527,414
|
|
(9)
|
Total All
Units
|
(23)
|
(17)
|
|
489,582
|
|
(15)
|
|
2,794,721
|
|
(8)
|
|
* Sales force
statistics as collected by the Company and, in some cases, provided
by distributors and sales force. Active Sales Force is defined as
the average number of sellers ordering in each cycle over the
course of the quarter, whereas Total Sales Force is defined as the
number of sales force members of the units at the end of the
quarter.
|
+ Local currency, or restated,
changes are measured by comparing current year results with those
of the prior year, translated at the current year's foreign
exchange rates.
|
TUPPERWARE
BRANDS CORPORATION
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(UNAUDITED)
|
|
|
|
|
|
|
(In millions,
except per share data)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
|
Mar 28,
2020
|
|
Mar
30,
2019
|
|
Net sales
|
$
|
375.9
|
|
|
$
|
487.3
|
|
|
Cost of products
sold
|
129.7
|
|
|
161.2
|
|
|
Gross
margin
|
246.2
|
|
|
326.1
|
|
|
|
|
|
|
|
Delivery, sales and
administrative expense
|
242.9
|
|
|
262.7
|
|
|
Re-engineering and
impairment charges
|
3.9
|
|
|
4.3
|
|
|
Loss on disposal of
assets
|
(0.1)
|
|
|
(0.9)
|
|
|
Operating income
(loss)
|
(0.7)
|
|
|
58.2
|
|
|
|
|
|
|
|
Interest
income
|
0.5
|
|
|
0.6
|
|
|
Interest
expense
|
10.2
|
|
|
10.2
|
|
|
Other
income
|
(2.1)
|
|
|
(3.3)
|
|
|
Income (loss) before
income taxes
|
(8.3)
|
|
|
51.9
|
|
|
Provision (benefit)
for income taxes
|
(0.5)
|
|
|
15.0
|
|
|
Net income
(loss)
|
$
|
(7.8)
|
|
|
$
|
36.9
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
Basic income (loss)
per share
|
$
|
(0.16)
|
|
|
$
|
0.76
|
|
|
Diluted income (loss)
per share
|
$
|
(0.16)
|
|
|
$
|
0.76
|
|
|
TUPPERWARE
BRANDS CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
|
Mar 28,
2020
|
|
Mar 30,
2019
|
|
%
|
|
%
|
|
Exchange
|
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
105.7
|
|
|
$
|
138.6
|
|
|
(24)
|
|
|
(19)
|
|
|
$
|
(7.4)
|
|
|
Asia
Pacific
|
120.4
|
|
|
156.1
|
|
|
(23)
|
|
|
(20)
|
|
|
(5.4)
|
|
|
North
America
|
101.3
|
|
|
119.6
|
|
|
(15)
|
|
|
(11)
|
|
|
(6.5)
|
|
|
South
America
|
48.5
|
|
|
73.0
|
|
|
(34)
|
|
|
(19)
|
|
|
(12.9)
|
|
|
|
$
|
375.9
|
|
|
$
|
487.3
|
|
|
(23)
|
|
|
(17)
|
|
|
$
|
(32.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
2.5
|
|
|
$
|
17.7
|
|
|
(86)
|
|
|
(85)
|
|
|
$
|
(1.0)
|
|
|
Asia
Pacific
|
17.3
|
|
|
30.0
|
|
|
(42)
|
|
|
(40)
|
|
|
(1.1)
|
|
|
North
America
|
6.5
|
|
|
17.4
|
|
|
(63)
|
|
|
(58)
|
|
|
(2.0)
|
|
|
South
America
|
3.0
|
|
|
8.9
|
|
|
(66)
|
|
|
(59)
|
|
|
(1.6)
|
|
|
|
29.3
|
|
|
74.0
|
|
|
(61)
|
|
|
(57)
|
|
|
(5.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(23.9)
|
|
|
(7.3)
|
|
|
+
|
|
+
|
|
(0.6)
|
|
|
Loss on disposal of
assets
|
(0.1)
|
|
|
(0.9)
|
|
|
(91)
|
|
|
(91)
|
|
|
—
|
|
|
Re-engineering and
impairment charges
|
(3.9)
|
|
|
(4.3)
|
|
|
(10)
|
|
|
(10)
|
|
|
—
|
|
|
Interest expense,
net
|
(9.7)
|
|
|
(9.6)
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
Income (loss) before
taxes
|
(8.3)
|
|
|
51.9
|
|
|
—
|
|
|
—
|
|
|
(6.3)
|
|
|
Provision (benefit)
for income taxes
|
(0.5)
|
|
|
15.0
|
|
|
—
|
|
|
—
|
|
|
(1.6)
|
|
|
Net income
(loss)
|
$
|
(7.8)
|
|
|
$
|
36.9
|
|
|
—
|
|
|
—
|
|
|
$
|
(4.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (diluted)
|
$
|
(0.16)
|
|
|
$
|
0.76
|
|
|
—
|
|
|
—
|
|
|
$
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted shares
|
48.9
|
|
|
48.8
|
|
|
|
|
|
|
|
|
|
* 2020 actual
compared with 2019 translated at 2020 exchange rates
|
+ Change greater than
±100%
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(UNAUDITED)
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks Ended Mar
28, 2020
|
|
13 Weeks Ended Mar
30, 2019
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign
Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl
Adj's
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
17.7
|
|
|
$
|
(1.0)
|
|
|
$
|
0.2
|
|
b,f
|
$
|
16.9
|
|
Asia
Pacific
|
17.3
|
|
|
—
|
|
|
17.3
|
|
|
30.0
|
|
|
(1.1)
|
|
|
0.4
|
|
a
|
29.3
|
|
North
America
|
6.5
|
|
|
0.4
|
|
a
|
6.9
|
|
|
17.4
|
|
|
(2.0)
|
|
|
1.4
|
|
a
|
16.8
|
|
South
America
|
3.0
|
|
|
(0.2)
|
|
c
|
2.8
|
|
|
8.9
|
|
|
(1.6)
|
|
|
0.4
|
|
a,c
|
7.7
|
|
|
29.3
|
|
|
0.2
|
|
|
29.5
|
|
|
74.0
|
|
|
(5.7)
|
|
|
2.4
|
|
|
70.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(23.9)
|
|
|
9.6
|
|
g
|
(14.3)
|
|
|
(7.3)
|
|
|
(0.6)
|
|
|
—
|
|
|
(7.9)
|
|
Loss on disposal of
assets
|
(0.1)
|
|
|
0.1
|
|
d
|
—
|
|
|
(0.9)
|
|
|
—
|
|
|
0.9
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(3.9)
|
|
|
3.9
|
|
e
|
—
|
|
|
(4.3)
|
|
|
—
|
|
|
4.3
|
|
e
|
—
|
|
Interest expense,
net
|
(9.7)
|
|
|
—
|
|
|
(9.7)
|
|
|
(9.6)
|
|
|
—
|
|
|
—
|
|
|
(9.6)
|
|
Income (loss) before
taxes
|
(8.3)
|
|
|
13.8
|
|
|
5.5
|
|
|
51.9
|
|
|
(6.3)
|
|
|
7.6
|
|
|
53.2
|
|
Provision (benefit)
for income taxes
|
(0.5)
|
|
|
1.4
|
|
h
|
0.9
|
|
|
15.0
|
|
|
(1.6)
|
|
|
0.6
|
|
h
|
14.0
|
|
Net income
(loss)
|
$
|
(7.8)
|
|
|
$
|
12.4
|
|
|
$
|
4.6
|
|
|
$
|
36.9
|
|
|
$
|
(4.7)
|
|
|
$
|
7.0
|
|
|
$
|
39.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (diluted)
|
$
|
(0.16)
|
|
|
$
|
0.25
|
|
|
$
|
0.09
|
|
|
$
|
0.76
|
|
|
$
|
(0.10)
|
|
|
$
|
0.14
|
|
|
$
|
0.80
|
|
|
* 2020 actual
compared with 2019 translated at 2020 exchange
rates.
|
|
a Amortization of intangibles of
acquired beauty units.
|
b Pension settlement
costs.
|
c As
a result of devaluations in the Venezuelan bolivar, and beginning
July 1, 2018, Argentine peso, as Venezuela and Argentina are
accounted for as hyperinflationary, the Company had a positive
impact of $0.2 million and a negative impact of $0.3 million
in the first quarters of 2020 and 2019, respectively. These
amounts were related to expense from re-measuring bolivar and
peso denominated net monetary assets at the lower exchange rates at
the times of devaluations, along with the impact of recording
in income amounts on the balance sheet when the devaluations
occurred, primarily inventory, at the exchange rates at the time
the amounts were made or purchased, rather than the exchange rates
in use when they were included in income.
|
d Loss on disposal of assets in
2020 mainly relate to real estate bonus accruals. In
2019 mainly relate to the write-off of assets in
Tupperware France and in Tupperware Brazil.
|
e In
both years, re-engineering and impairment charges were primarily
related to severance costs incurred for headcount reduction in
several of the Company's operations in connection
with changes in its management and organizational
structures.
|
f Write-off of inventory and bad debt
associated with changes in business model.
|
g Consultant fees and CEO transition
costs.
|
h
Provision for income taxes represents the net tax impact of
adjusted amounts.
|
See note regarding
non-GAAP financial measures in the attached press
release.
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
March 28,
2020
|
|
March 30,
2019
|
Operating
Activities:
|
|
|
|
Net cash provided by
operating activities
|
$
|
(47.0)
|
|
|
$
|
(40.1)
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
Capital
expenditures
|
(8.2)
|
|
|
(12.9)
|
|
Proceeds from
disposal of property, plant & equipment
|
0.5
|
|
|
0.6
|
|
Net cash used in
investing activities
|
(7.7)
|
|
|
(12.3)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
Dividend payments to
shareholders
|
—
|
|
|
(33.9)
|
|
Repurchase of common
stock
|
—
|
|
|
(0.7)
|
|
Repayment of
long-term debt and finance lease obligations
|
(0.3)
|
|
|
(0.3)
|
|
Net change in
short-term debt
|
121.0
|
|
|
84.1
|
|
Debt issuance
costs
|
(1.7)
|
|
|
(1.3)
|
|
Net cash used by
financing activities
|
119.0
|
|
|
47.9
|
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(12.4)
|
|
|
3.1
|
|
Net change in cash,
cash equivalents and restricted cash
|
51.9
|
|
|
(1.4)
|
|
Cash, cash
equivalents and restricted cash at beginning of year
|
126.1
|
|
|
151.9
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
178.0
|
|
|
$
|
150.5
|
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
Mar 28,
2020
|
|
Dec 28,
2019
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
174.5
|
|
|
$
|
123.2
|
|
Other current
assets
|
463.1
|
|
|
415.3
|
|
Total current
assets
|
637.6
|
|
|
538.5
|
|
|
|
|
|
Property, plant and
equipment, net
|
241.6
|
|
|
267.5
|
|
Other
assets
|
416.0
|
|
|
456.4
|
|
Total
assets
|
$
|
1,295.2
|
|
|
$
|
1,262.4
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
|
389.7
|
|
|
$
|
273.2
|
|
Accounts payable and
other current liabilities
|
440.2
|
|
|
415.7
|
|
Total current
liabilities
|
829.9
|
|
|
688.9
|
|
|
|
|
|
Long-term
debt
|
601.8
|
|
|
602.2
|
|
Other
liabilities
|
227.5
|
|
|
248.3
|
|
Total shareholders'
equity
|
(364.0)
|
|
|
(277.0)
|
|
Total liabilities and
shareholders' equity
|
$
|
1,295.2
|
|
|
$
|
1,262.4
|
|
TUPPERWARE BRANDS
CORPORATION
|
ADJUSTED EBITDA
AND DEBT/ADJUSTED EBITDA*
|
(UNAUDITED)
|
|
|
|
As of and for
the
four quarters ended
|
|
March 28,
2020
|
Adjusted
EBITDA:
|
|
Net income
(loss)
|
$
|
(32.3)
|
|
Add:
|
|
Depreciation and
amortization
|
52.8
|
|
Gross interest
expense
|
41.5
|
|
Provision for income
taxes
|
75.5
|
|
Equity
compensation
|
10.7
|
|
Pre-tax
re-engineering and impairment charges
|
40.0
|
|
Other non-cash
extraordinary, unusual or non-recurring charges
|
54.4
|
|
Deduct:
|
|
Cash paid for
re-engineering
|
(44.1)
|
|
Gains on land sales,
insurance recoveries, etc.
|
(13.7)
|
|
Total Adjusted
EBITDA
|
$
|
184.8
|
|
|
|
Consolidated total
debt
|
$
|
991.5
|
|
Divided by adjusted
EBITDA
|
184.8
|
|
Debt to Adjusted
EBITDA Ratio
|
5.36
|
|
|
* Amounts and
calculations are based on the definitions and provisions of the
Company's $650 million Credit Agreement dated March 29, 2019
("Credit Agreement") and, where applicable, are based on the
trailing four quarter amounts. "Adjusted EBITDA" is calculated as
defined for "Consolidated EBITDA" in the Credit
Agreement.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tupperware-brands-reports-first-quarter-2020-results-301048789.html
SOURCE Tupperware Brands Corporation