Credit Performance Improving as Turnaround
Initiatives Take Hold;
Implementing Direct Loan Program to
Significantly Increase Portfolio Yield;
Retail Gross Margin Strengthened 130 Basis
Points Sequentially to 37.1%;
Leadership Team Focused on Near-Term Return to
Profitability
Conn's, Inc. (NASDAQ:CONN), a specialty retailer of
furniture and mattresses, home appliances, consumer electronics and
home office products, and provider of consumer credit, today
announced its financial results for the second quarter ended
July 31, 2016.
"During the fiscal 2017 second quarter we intensified our focus
on returning to profitability by improving the performance of our
credit operation and continuing to enhance our retail business. I
am pleased with the initial progress our new leadership team has
made this year as our turnaround initiatives take hold and we
create a strong foundation to support Conn's long-term market
opportunity," commented Norm Miller, Conn's Chairman, Chief
Executive Officer and President.
"We continue to transform our credit business, which includes
previously announced changes to our credit leadership team,
investments in systems and analytics, refinements to our
underwriting model and strategies to improve yield. As we stated
last quarter, it will take time for many of these initiatives to
fully materialize in our financial results, but I am encouraged
with the second quarter's progress in yield, losses and provision.
Adjusting for the second quarter's one-time charges and
adjustments, yield increased 40 basis points sequentially, while
the provision rate declined 20 basis points compared to the fiscal
2016 second quarter, despite significantly slower portfolio
growth.
"During the second quarter, we received the regulatory licenses
in the state of Texas required to offer direct loans at higher APRs
to customers financed through our in-house credit offering. The
direct loan program is expected to be implemented across all 55
Texas locations by the end of this fiscal year. The state of Texas
represents many of our strongest markets and approximately 70% of
our recent originations, which under our legacy offering had a
maximum equivalent APR of approximately 21%, compared to 30% under
our new direct loan program. In states where there are no
regulatory rate caps, representing 11% of our originations, we have
already increased our stated APR to 29.99%. Additionally, we are
working through the appropriate regulatory framework to raise our
APR in other states that represent 14% of our originations. The
long-term potential of these efforts are significant and will
fundamentally enhance the economic model of our credit business,
while ensuring attractive and affordable payment options for our
customers.
"While much of our attention recently has been focused on our
credit business, we have not lost sight of Conn's retail operation
and the unique value we provide customers. Our retail business
continued to perform well in the second quarter, with retail gross
margin increasing 130 basis points from the fiscal 2017 first
quarter. In our effort to turn around our credit business, we have
made the conscious decision to refine our underwriting model, slow
sales growth, and improve our infrastructure to produce consistent
and predictable earnings. We are also adjusting our new store grand
opening strategy and reducing the number of new stores we plan to
open over the next two years. Furthermore, during the quarter we
went through a thorough evaluation of our overhead expenses and
developed a cost mitigation plan, which we expect will offset
planned increases in our SG&A budget by approximately $10
million over the remainder of the year.
"Our transformation is well underway, and we remain confident in
the direction we are headed. The value Conn's offers consumers is
significant and our market opportunity is truly unique in today's
rapidly evolving retail environment. I understand there are many
drivers impacting this year's financial results and appreciate our
shareholders' patience as we improve our execution and put Conn's
back on a path of sustainable long-term profitability and growth,"
concluded Mr. Miller.
Second Quarter Results
Net loss for the quarter was $11.9 million, or $0.39 loss per
diluted share, compared to net earnings for the prior-year quarter
of $16.5 million, or $0.45 earnings per diluted share. On a
non-GAAP basis, adjusted net loss for the quarter was $1.2 million,
or $0.04 adjusted loss per diluted share, which excludes charges
and credits and the impact of the changes in estimates. This
compares to adjusted net earnings for the prior-year quarter of
$17.2 million, or $0.47 adjusted earnings per diluted share, which
excludes charges and credits.
During the three months ended July 31, 2016, the Company
revised its methods for calculating its estimates related to the
allowance for doubtful accounts, allowances for no-interest option
credit programs, and deferred interest and recorded the following
adjustments as a result of these changes to estimates:
- Allowance for doubtful accounts –
Adjusted the allowances for doubtful accounts in two respects in
connection with changes in estimates to the Company's sales tax
recovery for charged-off accounts. First, the Company revised its
estimate of the amount of sales tax recovery for previously
charged-off accounts that it expects to claim with particular
taxing jurisdictions, based on updated financial information. The
Company reduced its sales tax receivable by $3.9 million, which
resulted in higher net charge-offs and an increase to the provision
for bad debts. Second, the Company updated its estimate of the
amount of sales tax recovery associated with expected charge-offs
over the next twelve months in estimating the allowance for
doubtful accounts and recorded an additional allowance of $1.1
million with an increase in provision for bad debts.
- Allowances for no-interest option
credit programs – Revised the Company's estimate of the interest
income to be waived for customers that it expects will comply with
its no-interest option credit programs based on specific customer
loan information rather than information from pooled loans by
origination. The Company recorded an increase in the allowance for
no-interest option credit programs of $4.7 million with a
corresponding decrease in interest income and fees.
- Deferred interest – Revised the
Company's estimate of the timing of the benefit it recognizes to
interest income related to the Company's assumptions regarding
future prepayments based on the historical experience of the timing
of expected prepayments over the remaining life of pooled loans.
The Company changed its estimate to consider a greater number of
pools based on origination terms and recorded an increase in
deferred interest of $3.5 million with a corresponding decrease in
interest income and fees.
Retail Segment Second Quarter Results (on a
year-over-year basis unless otherwise noted)
Total retail revenues were $332.4 million for the second quarter
of fiscal 2017, an increase of $6.8 million, or 2.1%, primarily a
result of new store openings partially offset by a decline in same
store sales. Excluding the impact of our April 2015 decision to
exit video game products, digital cameras and certain tablets, same
store sales for the quarter decreased 4.6%. Sales growth was also
impacted by underwriting changes made in the fourth quarter of
fiscal 2016 and in the first quarter of fiscal 2017. For the second
quarter of fiscal 2017, retail segment operating income was $35.7
million, and adjusted retail segment operating income was $38.6
million after excluding net charges of $2.9 million primarily
associated with impairments from disposals, legal and professional
fees related to our securities-related litigation, charges for
severance and transition costs due to changes in the executive
management team.
The following table presents net sales and changes in net sales
by category:
Three Months Ended July
31, % Same store (dollars in thousands)
2016 % of Total 2015 % of Total
Change Change % change Furniture and mattress
$ 105,562 31.8 % $ 98,882 30.4 % $ 6,680 6.8 % (3.5 )% Home
appliance 101,359 30.5 $ 97,260 29.9 $ 4,099 4.2 (2.3 ) Consumer
electronics 65,735 19.8 69,682 21.5 (3,947 ) (5.7 ) (11.6 ) Home
office 21,701 6.6 22,940 7.1 (1,239 ) (5.4 ) (9.6 ) Other
5,366 1.6 4,975 1.5 391 7.9 (1.8
) Product sales 299,723 90.3 293,739 90.4 5,984 2.0 (5.5 ) Repair
service agreement commissions 28,310 8.5 27,756 8.5 554 2.0 (2.4 )
Service revenues 3,966 1.2 3,451 1.1
515 14.9 Total net sales 331,999 100.0 % 324,946
100.0 % 7,053 2.2 (5.1 )% Other revenues 437 659
(222 ) Total revenues $ 332,436 $ 325,605 $ 6,831 2.1
% Same store sales % change, excluding exited products (4.6 )%
The following provides a summary of items impacting the
performance of our product categories during the second quarter of
fiscal 2017 compared to the prior-year period:
- Furniture unit volume increased 4.8%
and average selling price increased 4.5%;
- Mattress unit volume increased 4.3%,
partially offset by a 3.2% decrease in average selling price;
- Home appliance unit volume increased
5.2% with average selling price flat. Total sales for refrigeration
increased 7.1%, laundry increased 3.9%, and cooking was flat;
- Consumer electronic unit volume
decreased 10.1%, partially offset by a 5.1% increase in average
selling price. Television sales decreased 4.0% as unit volume
decreased 11.6%, partially offset by an 8.5% increase in average
selling price. Excluding the impact from exiting video game
products and digital cameras, consumer electronics same store sales
decreased 10.4%;
- Home office unit volume decreased 9.7%,
partially offset by a 5.4% increase in average selling price.
Excluding the impact from exiting certain tablets, home office same
store sales decreased 7.6%; and
- The increase in repair service
agreement commissions was driven by increased retail sales
partially offset by lower retrospective commissions.
Credit Segment Second Quarter Results (on a
year-over-year basis unless otherwise noted)
Credit revenues decreased 6.7% to $65.7 million. The decrease in
credit revenue was due to a yield rate of 14.0%, 210 basis points
lower than a year ago, which included an $8.2 million negative
impact as a result of changes in estimates for allowances for
no-interest option credit programs and deferred interest, partially
offset by growth in the average balance of the customer receivable
portfolio of 8.7%. Excluding the impact of the changes in
estimates, yield was up 10 basis points as compared to the prior
year period. The total customer portfolio balance was $1.5 billion
at July 31, 2016, rising 6.4%, or $92.4 million, from July 31,
2015.
Provision for bad debts for the second quarter of fiscal 2017
was $60.1 million, an increase of $8.7 million from the same
prior-year period. This increase was primarily a result of the
following:
- A $5.0 million increase in the
provision for bad debts as a result of a change in estimate related
to future sales tax recoveries (excluding the impact of the changes
in estimates, provision for bad debts as a percent of average
portfolio balance was down 20 basis points to the prior year
period);
- An 8.7% increase in the average
receivable portfolio balance resulting from new store openings over
the past 12 months; and
- Customer receivables accounted for as
troubled debt restructurings increased to $128.6 million, or 8.3%
of the total portfolio balance, driving $1.9 million of additional
provision for bad debts.
Additional information on the credit portfolio and its
performance may be found in the Customer Receivable Portfolio
Statistics table included within this press release and in the
Company's Form 10-Q for the quarter ended July 31, 2016, to be
filed with the Securities and Exchange Commission.
Store Update
During the second quarter, the Company opened four new Conn's
HomePlus® stores in North Carolina (1), Mississippi (1), Tennessee
(1), and Alabama (1), bringing the total store count to 112. Conn's
plans to open one additional store during fiscal year 2017 for a
total of ten new stores this year. For fiscal 2018, the Company has
only committed to opening three new locations.
Liquidity and Capital Resources
As of July 31, 2016, the Company had $97.7 million of
immediately available borrowing capacity under its $810 million
revolving credit facility, with an additional $407.5 million that
could become available upon increases in eligible inventory and
customer receivable balances under the borrowing base. The Company
also had $15.5 million of unrestricted cash available for use.
Outlook and Guidance
The following are the Company's expectations for the business
for the third quarter of fiscal 2017:
- Change in same store sales down high
single digits;
- Retail gross margin between 36.50% and
37.25% of total net sales;
- Selling, general and administrative
expenses between 29.25% and 29.90% of total revenues;
- Provision for bad debts between 14.25%
and 15.25% of the average total customer portfolio balance
(annualized);
- Credit segment finance charges and
other revenues between 18.25% and 18.75% of the average total
customer portfolio balance (annualized); and
- Interest expense between $24.5 million
and $26.5 million.
Conference Call Information
The Company will host a conference call on September 8,
2016, at 10 a.m. CT / 11 a.m. ET, to discuss its second quarter
fiscal 2017 financial results. Participants can join the call by
dialing 877-754-5302 or 678-894-3020. The conference call will also
be broadcast simultaneously via webcast on a listen-only basis. A
link to the earnings release, webcast and second quarter fiscal
2017 conference call presentation will be available at ir.conns.com.
Replay of the telephonic call can be accessed through September
15 by dialing 855-859-2056 or 404-537-3406 and Conference ID:
71127415.
About Conn's, Inc.
Conn's is a specialty retailer currently operating over 110
retail locations in Alabama, Arizona, Colorado, Georgia, Louisiana,
Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South
Carolina, Tennessee and Texas. The Company's primary product
categories include:
- Furniture and mattress, including
furniture and related accessories for the living room, dining room
and bedroom, as well as both traditional and specialty
mattresses;
- Home appliance, including
refrigerators, freezers, washers, dryers, dishwashers and
ranges;
- Consumer electronics, including LED,
OLED, Ultra HD, and internet-ready televisions, Blu-ray players,
home theater and portable audio equipment; and
- Home office, including computers,
printers and accessories.
Additionally, Conn's offers a variety of products on a seasonal
basis. Unlike many of its competitors, Conn's provides flexible
in-house credit options for its customers in addition to
third-party financing programs and third-party rent-to-own payment
plans.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including but not
limited to, the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Such forward-looking
statements include information concerning the Company's future
financial performance, business strategy, plans, goals and
objectives. Statements containing the words "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "plan,"
"project," "should," or the negative of such terms or other similar
expressions are generally forward-looking in nature and not
historical facts. We can give no assurance that such statements
will prove to be correct, and actual results may differ materially.
A wide variety of potential risks, uncertainties, and other factors
could materially affect the Company's ability to achieve the
results either expressed or implied by the Company's
forward-looking statements including, but not limited to: general
economic conditions impacting the Company's customers or potential
customers; the Company's ability to execute periodic
securitizations of future originated customer loans including the
sale of any remaining residual equity on favorable terms; the
Company's ability to continue existing customer financing programs
or to offer new customer financing programs; changes in the
delinquency status of the Company's credit portfolio; unfavorable
developments in ongoing litigation; increased regulatory oversight;
higher than anticipated net charge-offs in the credit portfolio;
the success of the Company's planned opening of new stores;
technological and market developments and sales trends for the
Company's major product offerings; the Company's ability to protect
against cyber-attacks or data security breaches and to protect the
integrity and security of individually identifiable data of the
Company's customers and employees; the Company's ability to fund
its operations, capital expenditures, debt repayment and expansion
from cash flows from operations, borrowings from the Company's
revolving credit facility, and proceeds from accessing debt or
equity markets; the ability to continue the repurchase program; and
the other risks detailed in the Company's most recent reports filed
with the Securities and Exchange Commission, including but not
limited to, the Company's Annual Report on Form 10-K, the Company's
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If
one or more of these or other risks or uncertainties materialize
(or the consequences of such a development changes), or should our
underlying assumptions prove incorrect, actual outcomes may vary
materially from those reflected in our forward-looking statements.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. We disclaim any intention or obligation to update
publicly or revise such statements, whether as a result of new
information, future events or otherwise. All forward-looking
statements attributable to us, or to persons acting on our behalf,
are expressly qualified in their entirety by these cautionary
statements.
CONN-G
CONN'S, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited)
(in thousands, except per share
amounts)
Three
Months Ended July 31, Six Months Ended July
31, 2016 2015 2016 2015
Revenues: Total net sales $ 331,999 $ 324,946 $ 650,541 $
623,425 Finance charges and other revenues 66,158
71,104 136,729 137,701
Total
revenues 398,157 396,050
787,270 761,126 Costs
and expenses: Cost of goods sold 208,869 202,461 413,335
389,594 Selling, general and administrative expenses 119,846
104,832 233,093 200,507 Provision for bad debts 60,196 51,646
118,414 99,189 Charges and credits 2,895 1,013
3,421 1,632
Total costs and expenses
391,806 359,952
768,263 690,922 Operating income
6,351 36,098 19,007 70,204 Interest
expense 24,138 10,055 50,034
19,483
Income (loss) before income taxes
(17,787 ) 26,043 (31,027 )
50,721 Provision (benefit) for income taxes (5,863 )
9,505 (9,354 ) 18,506
Net income (loss)
$ (11,924 ) $ 16,538 $
(21,673 ) $ 32,215 Earnings (loss)
per share: Basic $ (0.39 ) $ 0.45 $ (0.71 ) $ 0.88 Diluted $
(0.39 ) $ 0.45 $ (0.71 ) $ 0.87
Weighted average common shares
outstanding: Basic 30,731 36,466 30,696 36,416 Diluted 30,731
37,042 30,696 36,967
CONN'S, INC. AND SUBSIDIARIES
CONDENSED RETAIL SEGMENT FINANCIAL
INFORMATION
(unaudited)
(dollars in thousands)
Three Months Ended July 31, Six Months
Ended July 31, 2016 2015
2016 2015 Revenues: Product
sales $ 299,723 $ 293,739 $ 586,213 $ 565,365 Repair service
agreement commissions 28,310 27,756 56,495 51,552 Service revenues
3,966 3,451 7,833
6,508 Total net sales 331,999 324,946 650,541 623,425 Other
revenues 437 659 931
808
Total revenues 332,436
325,605 651,472
624,233 Costs and expenses: Cost of
goods sold 208,869 202,461 413,335 389,594 Selling, general and
administrative expenses 84,838 76,683 164,821 144,910 Provision for
bad debts 127 324 525 393 Charges and credits 2,895
1,013 3,421 1,632
Total costs and expenses 296,729
280,481 582,102
536,529 Operating income $
35,707 $ 45,124 $
69,370 $ 87,704 Retail gross
margin 37.1 % 37.7 % 36.5 % 37.5 % Selling, general and
administrative expense as percent of revenues 25.5 % 23.6 % 25.3 %
23.2 % Operating margin 10.7 % 13.9 % 10.6 % 14.0 %
Store
count: Beginning of period 108 91 103 90 Opened 4 4 9 7 Closed
-
-
-
(2 ) End of period 112 95
112 95
CONN'S, INC. AND SUBSIDIARIES
CONDENSED CREDIT SEGMENT FINANCIAL
INFORMATION
(unaudited)
(dollars in thousands)
Three Months Ended July 31, Six Months
Ended July 31, 2016 2015 2016
2015 Revenues - Finance charges and other
revenues $ 65,721 $ 70,445
$ 135,798 $ 136,893
Costs and expenses: Selling, general and
administrative expenses 35,008 28,149 68,272 55,597 Provision for
bad debts 60,069 51,322 117,889
98,796
Total costs and expenses
95,077 79,471
186,161 154,393 Operating
loss (29,356 ) (9,026 )
(50,363 ) (17,500 ) Interest expense
24,138 10,055 50,034
19,483
Loss before income taxes $
(53,494 ) $ (19,081 ) $
(100,397 ) $ (36,983 ) Selling,
general and administrative expense as percent of revenues 53.3 %
40.0 % 50.3 % 40.6 % Selling, general and administrative expense as
percent of average total customer portfolio balance (annualized)
9.1 % 7.9 % 8.8 % 8.0 % Operating margin (44.7 )% (12.8 )% (37.1 )%
(12.8 )%
CONN'S, INC. AND SUBSIDIARIES
CUSTOMER RECEIVABLE PORTFOLIO
STATISTICS
(unaudited)
As of July 31, 2016 2015
Weighted average credit score of outstanding balances 595 596
Average outstanding customer balance $ 2,365 $ 2,366 Balances 60+
days past due as a percentage of total customer portfolio balance
9.6 % 9.2 % Re-aged balance as a percentage of total customer
portfolio balance 15.3 % 13.0 % Account balances re-aged more than
six months (in thousands) $ 69,415 $ 52,688 Allowance for bad debts
as a percentage of total customer portfolio balance 13.0 % 11.3 %
Percent of total customer portfolio balance represented by
no-interest option receivables 33.3 % 36.1 %
Three Months
Ended July 31, Six Months Ended July 31,
2016 2015 2016 2015 Total
applications processed 334,854 311,995 649,232 604,597 Weighted
average origination credit score of sales financed 611 617 610 617
Percent of total applications approved and utilized 35.4 % 44.9 %
36.1 % 44.6 % Average down payment 3.3 % 3.3 % 3.6 % 3.7 % Average
income of credit customer at origination $ 41,500 $ 40,600 $ 40,900
$ 40,500 Percent of retail sales paid for by: In-house financing,
including down payment received 71.8 % 82.5 % 73.6 % 83.9 %
Third-party financing 17.2 % 7.0 % 14.9 % 4.9 % Third-party
rent-to-own options 4.9 % 4.1 % 5.1 %
4.6 % 93.9 % 93.6 % 93.6 % 93.4 %
CONN'S, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in thousands)
July 31, 2016 January 31, 2016
Assets Current Assets: Cash and cash equivalents $
15,535 $ 12,254 Restricted cash 70,981 64,151 Customer accounts
receivable, net of allowances 733,718 743,931 Other accounts
receivable 82,924 95,404 Inventories 191,642 201,969 Income taxes
recoverable 19,700 10,774 Prepaid expenses and other current assets
16,482 20,092
Total current assets
1,130,982 1,148,575 Long-term portion of customer
accounts receivable, net of allowances 586,870 631,645 Long-term
restricted cash 25,002 14,425 Property and equipment, net 174,815
151,483 Deferred income taxes 70,919 70,219 Other assets
8,590 8,953
Total assets $ 1,997,178
$ 2,025,300 Liabilities and Stockholders'
Equity Current liabilities: Current maturities of
capital lease obligations $ 761 $ 799 Accounts payable 117,628
86,797 Accrued expenses 46,503 39,374 Other current liabilities
21,393 19,155
Total current liabilities
186,285 146,125 Deferred rent 88,452 74,559 Long-term
debt and capital lease obligations 1,181,948 1,248,879 Other
long-term liabilities 20,853 17,456
Total
liabilities 1,477,538 1,487,019 Stockholders'
equity 519,640 538,281
Total liabilities and
stockholders' equity $ 1,997,178 $
2,025,300
CONN'S, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS
(unaudited)
(dollars in thousands, except per share
data)
RETAIL SEGMENT OPERATING INCOME, AS
ADJUSTED
Three Months Ended July
31, Six Months Ended July 31,
2016
2015 2016 2015
Retail segment operating income, as reported $
35,707 $ 45,124 $ 69,370
$ 87,704 Adjustments: Store and facility closure
costs
-
-
-
425 Impairments from disposals 1,385
-
1,385
-
Legal and professional fees related to the exploration of strategic
alternatives and securities-related litigation 135 1,013 589 1,207
Employee severance 1,213
-
1,213
-
Executive management transition costs 162
-
234
-
Retail segment operating income, as adjusted $
38,602 $ 46,137 $
72,791 $ 89,336 Retail segment
total revenues $ 332,436 $ 325,605 $ 651,472 $ 624,233
Retail
segment operating margin: As reported 10.7 % 13.9 % 10.6 % 14.0
% As adjusted 11.6 % 14.2 % 11.2 % 14.3 %
NET INCOME, AS ADJUSTED, AND DILUTED
EARNINGS PER SHARE AS ADJUSTED
Three Months Ended July 31, Six Months Ended
July 31, 2016 2015 2016 2015
Net income (loss), as reported $ (11,924
) $ 16,538 $ (21,673 )
$ 32,215 Adjustments: Changes in estimates 13,168
-
13,168
-
Store and facility closure costs
-
-
-
425 Impairments from disposals 1,385
-
1,385
-
Legal and professional fees related to the exploration of strategic
alternatives and securities-related litigation 135 1,013 589 1,207
Employee severance 1,213
-
1,213
-
Executive management transition costs 162
-
234
-
Tax impact of adjustments (5,301 ) (370 )
(5,440
) (596 )
Net income (loss), as adjusted $
(1,162 ) $ 17,181 $
(10,524
) $ 33,251 Weighted average common
shares outstanding - Diluted 30,731 37,042 30,696 36,967
Earnings (loss) per share: As reported $ (0.39 ) $ 0.45 $
(0.71 ) $ 0.87 As adjusted $ (0.04 ) $ 0.47 $
(0.34
) $ 0.90
Basis for presentation of non-GAAP
disclosures:
To supplement the condensed consolidated financial statements,
which are prepared and presented in accordance with accounting
principles generally accepted in the United States of America
("GAAP"), we also provide retail segment adjusted operating income,
retail adjusted operating margin, adjusted net income, and adjusted
earnings (loss) per diluted share. These non-GAAP financial
measures are not meant to be considered as a substitute for
comparable GAAP measures but should be considered in addition to
results presented in accordance with GAAP, and are intended to
provide additional insight into our operations and the factors and
trends affecting the business. Management believes these non-GAAP
financial measures are useful to financial statement readers
because (1) they allow for additional transparency with respect to
key metrics we use in our financial and operational decision making
and (2) they are used by some of our institutional investors and
the analyst community to help them analyze our operating
results.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160908005293/en/
S.M. Berger & CompanyAndrew Berger, (216) 464-6400
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