- Delivers Fourth Quarter Revenue of
$385.7 Million; GAAP Diluted Earnings Per Share (EPS) of $0.34,
including Significant Items Totaling $1.40
- Fourth Quarter Non-GAAP Adjusted
Diluted EPS of $2.03
- Company Expects Fiscal Year 2017
GAAP Diluted EPS in a Range of $4.60 to $5.00; Non-GAAP Adjusted
Diluted EPS in a Range of $5.85 to $6.35
Helen of Troy Limited (NASDAQ, NM:HELE), designer, developer and
worldwide marketer of consumer brand-name housewares, health and
home, nutritional supplement and beauty products, today reported
results for the three-month period ended February 29, 2016.
Julien R. Mininberg, Chief Executive Officer, stated: “We ended
the year strongly, delivering fourth quarter results ahead of
expectations, reflecting the continued successful execution of our
seven key strategic priorities. During the quarter, net sales grew
2.1%, despite foreign currency headwinds of approximately 1.2%.
Growth was led by our Housewares segment, which benefitted from new
category introductions. Our Nutritional Supplements segment grew
2.3%, fueled by growth in its customer continuity program and new
specialty products as additional doctors joined the team. Health
& Home grew sales 1.5% despite the impact of a below average
cold and flu season and a foreign currency drag of approximately
1.4%. The increase was largely driven by growth in water
purification from higher consumer awareness of water quality issues
and better branded communication of the benefits of PUR’s
filtration products. We continue to see signs of stabilization in
our Beauty segment, which achieved net sales slightly below the
prior year period primarily due to the negative impact of foreign
currency fluctuations and declines in the personal care category,
partially offset by the benefits from new product introductions,
improving our fundamentals, and the impact of hyperinflation in
Venezuela.”
Mr. Mininberg continued: “Our fourth quarter results round out
our second year of significant strides towards our multi-year
objective of accelerating sales and gaining efficiencies to drive
long-term profitable growth. Overall, we increased adjusted diluted
EPS by 6.8% to $6.25, while simultaneously investing in the
long-term growth of our business and improvements to our
organizational capabilities. These investments included
consumer-centric product innovation, as well as marketing plans and
activities that strengthened our business and brands. We achieved
consolidated sales growth of 7% and core business sales growth of
2.8%, despite a foreign currency drag of approximately 2.1%. While
we have more work to do in our efforts to stabilize our Beauty
business, I am encouraged that we achieved sales growth of 0.9% in
that segment on a full year basis. The transformation of our
organization continued in fiscal year 2016 as we implemented new
initiatives, brought in new talent, and continued to augment our
global shared services platforms in areas such as information
technology, demand planning, sourcing, distribution automation and
efficiency, and inventory management. We continued to adhere to our
shareholder friendly policies by leveraging the strong cash flow
generation, balance sheet, and capital structure of our company to
fund the VapoSteam transaction early in the fiscal year and the
acquisition of Hydro Flask subsequent to the end of the fiscal
year. We further increased shareholder value through the repurchase
of $50.0 million of our shares in the fourth quarter, for a total
of $100.0 million in fiscal year 2016. Although we see some
challenges ahead as we navigate the uncertain retail and
macroeconomic environment, we believe that continuing to execute
our transformation strategy will allow us to fully leverage our
strong portfolio of brands, our management talent, and our solid
cash flow to deliver shareholder value in fiscal year 2017.”
Key Highlights for the Fourth Quarter
of Fiscal Year 2016 Compared to the Fourth Quarter of Fiscal Year
2015
- Net sales revenue increased $8.0
million, or 2.1%, which includes a 1.2% increase in core business
net sales revenue (excluding incremental sales from VapoSteam). The
increase in net sales revenue includes a benefit of 0.7% from the
impact of hyperinflation in Venezuela and a drag of approximately
1.2% from foreign currency fluctuations.
- Health & Home (formerly referred to
as the “Healthcare/Home Environment” segment) rose 1.5%, driven by
successful new product introductions, the VapoSteam acquisition,
strong sales of water filtration products and fans, partially
offset by the impact of a below average cold and flu season and a
negative impact of approximately $2.4 million, or 1.4% from foreign
currency fluctuations. For perspective, this performance builds
upon growth of 16.6% in the same period last year.
- Housewares increased sales by 6.7%,
building on growth of 11.9% in the same period last year. This was
primarily due to fiscal year 2016 new product introductions
including OXO On kitchen electrics and metal bakeware, as well as
the full year impact of fiscal year 2015 introductions. Growth was
partially offset by higher promotional spending in support of new
product launches, certain promotional placement that did not
repeat, a decline in the club channel and inventory reductions at a
key retailer.
- Beauty decreased 0.3% including a
negative impact of approximately $2.0 million, or 2.0%, from
foreign currency fluctuations. Gains from new product introductions
were partially offset by a decline in the personal care category
due to competitive pressures and some lost distribution. We expect
similar challenges in personal care in fiscal year 2017, as well as
a decline in the footcare category due to competitive pressures and
high inventory in the channel. Beauty net sales revenue includes
$4.7 million of sales from operations in Venezuela, reflecting
growth of $3.1 million, primarily due to hyperinflation and a fixed
official exchange rate used to re-measure the financial statements
during the year. As further discussed below, at the floating
exchange rate adopted as of February 29, 2016, we expect that
fiscal year 2017 net sales from Venezuela will no longer be
meaningful to the Beauty segment’s results.
- Nutritional Supplements increased 2.3%,
reflecting growth in the AutoDelivery program, partially offset by
a decline in legacy newsletter subscription revenue.
- Net income (GAAP) was $9.6 million and
adjusted income (non-GAAP) was $57.5 million.
- Diluted EPS (GAAP) was $0.34 and
adjusted diluted EPS (non-GAAP) was $2.03 on 28.3 million diluted
shares outstanding.
- Adjusted EBITDA (EBITDA excluding
non-cash asset impairment charges, CEO succession costs,
acquisition-related expenses, non-cash share-based compensation,
Venezuela re-measurement related charges, and patent litigation
charges, as applicable) increased $8.2 million to $69.4
million.
As a result of recent changes in the Venezuela exchange system,
further devaluation of its official rate, continued economic
instability from declines in oil prices and the declaration of an
economic emergency, among other factors, the Company moved from the
official Venezuela exchange rate to the SIMADI rate of
approximately 205 Bolivars per U.S. Dollar as of February 29, 2016,
which was the lowest rate in the three-tiered system in place at
the time. As a result, the Company recorded re-measurement related
charges totaling $18.7 million (before and after tax) in fiscal
year 2016. Shortly after the end of fiscal year 2016, the Venezuela
government introduced a new rate referred to as DICOM that is
intended to be market based and was initially set at a rate very
similar to that of SIMADI. Absent further changes to the exchange
systems or unless future developments call for further changes, the
Company intends to use DICOM to re-measure its Venezuela financial
statements on a go-forward basis. At the current DICOM exchange
rate, the Company expects that its fiscal year 2017 U.S. Dollar
reported net sales and operating income will no longer be
meaningful to either the consolidated or Beauty segment results.
Please see the accompanying tables and notes to this press release
for further information regarding the impact of Venezuela on the
Company’s fiscal year 2016 results.
Fourth Quarter of Fiscal Year 2016
Consolidated Operating Results
- Net sales revenue increased 2.1% to
$385.7 million compared to $377.7 million in the fourth quarter of
fiscal year 2015. Net sales revenue includes $3.6 million of sales
from VapoSteam, which was acquired on March 31, 2015, with no
comparable results in the same period last year. Core business net
sales revenue increased $4.4 million, or 1.2%. Foreign currency
fluctuations negatively impacted consolidated U.S. Dollar reported
net sales revenue by approximately $4.7 million, or 1.2%,
year-over-year.
- Gross profit margin decreased 1.7
percentage points to 42.0% compared to 43.7% for the same period
last year. The decrease in consolidated gross profit margin is
primarily due a non-cash impairment charge of $9.1 million recorded
to reflect Venezuela inventory at its estimated net realizable
value at February 29, 2016, which reduced consolidated gross profit
margin by 2.4 percentage points, and the unfavorable impact of
foreign currency fluctuations.
- SG&A was 37.1% of net sales
compared to 30.7% of net sales for the same period last year. The
increase is primarily due to: (i) Venezuela re-measurement related
charges of $9.7 million, which increased the SG&A ratio by 2.5
percentage points; (ii) the impact of a $17.8 million patent
litigation charge, which increased the SG&A ratio by 4.6
percentage points; (iii) higher incentive compensation expense and
(iv) proportionally higher investment in advertising, marketing,
and new product and channel development as a percentage of net
sales. These factors were partially offset by lower year-over-year
foreign currency revaluation losses, lower outbound freight costs,
and operating leverage on higher net sales revenue.
- Operating income was $16.0 million
compared to $49.0 million for the same period last year primarily
reflecting: (i) Venezuela currency re-measurement related charges
totaling $18.7 million, which reduced operating margin by 4.9
percentage points; (ii) the impact of a $17.8 million patent
litigation charge, which reduced the operating margin by 4.6
percentage points; (iii) the negative impact of foreign currency
fluctuations; and (iv) a non-cash impairment charge of $3.00
million ($2.7 million after tax) related to a trademark in the
Beauty segment.
- Income tax expense as a percentage of
pretax income was 26.9% compared to 11.5% for the same period last
year. The year-over-year comparison of the Company’s effective tax
rate was primarily impacted by shifts in the mix of taxable income
in its various tax jurisdictions. Income tax expense in the fiscal
year 2016 fourth quarter includes: (i) the unfavorable effect of
Venezuela currency re-measurement related charges, with no related
tax benefit; (ii) the impact of unfavorable foreign currency
exchange fluctuations on income before tax, with no related tax
benefit; and (iii) the unfavorable effect of the patent litigation
charge, with a related tax benefit of $0.1 million.
- Net income was $9.6 million, or $0.34
per diluted share on 28.3 million weighted average diluted shares
outstanding, compared to $40.6 million, or $1.40 per diluted share
on 29.0 million weighted average diluted shares outstanding in the
fourth quarter of fiscal year 2015.
- Adjusted EBITDA was $69.4 million
compared to $61.2 million in the same period last year.
On an adjusted basis for the fourth quarter of fiscal years 2016
and 2015, excluding non-cash asset impairment charges, CEO
succession costs, non-cash amortization of intangible assets,
acquisition-related expenses, non‐cash share based compensation,
Venezuela re-measurement related charges, and patent litigation
charges, as applicable:
- Adjusted operating income was $65.5
million, or 17.0% of net sales, compared to $57.3 million, or 15.2%
of net sales, for the fourth quarter of fiscal year 2015,
reflecting sales growth, improved operating leverage and the impact
of hyperinflation in Venezuela, partially offset by the unfavorable
impact of foreign currency fluctuations.
- Adjusted income was $57.5 million, or
$2.03 per diluted share, compared to $48.1 million, or $1.66 per
diluted share, for the fourth quarter of fiscal year 2015,
primarily reflecting sales growth, improvement in adjusted
operating margin, the impact of hyperinflation in Venezuela, lower
interest expense and lower tax expense. The fourth quarter of
fiscal years 2016 and 2015 include adjusted income from the
Company’s operations in Venezuela of $2.4 and $0.8 million,
respectively, or adjusted diluted EPS of $0.08 and $0.03,
respectively. The increase in adjusted income is reflective of
sales growth, improved operating leverage, the impact of
hyperinflation in Venezuela, and lower interest and tax expense,
partially offset by the unfavorable impact of foreign currency
fluctuations.
Fiscal Year 2016 Consolidated Operating
Results
- Net sales revenue increased 7.0% to
$1,545.7 million compared to $1,445.1 million in fiscal year 2015.
Net sales revenue includes four additional months of Nutritional
Supplements results compared to the same period last year and
eleven months of results from VapoSteam, which was acquired on
March 31, 2015, with no comparable results in the same period last
year. Core business net sales revenue increased $39.7 million, or
2.8%. Foreign currency fluctuations negatively impacted
consolidated U.S. Dollar reported net sales revenue by $29.8
million, or 2.1%, year-over-year. Net sales revenue includes $22.0
million of sales from operations in Venezuela, reflecting
year-over-year growth of $11.7 million, primarily due to
hyperinflation and a fixed official exchange rate historically used
to re-measure the Company’s Venezuela financial statements. At the
floating exchange rate adopted as of February 29, 2016, the Company
expects that fiscal year 2017 net sales from Venezuela will no
longer be meaningful to its consolidated or Beauty segment
results.
- Gross profit margin decreased 0.4
percentage points to 41.1% compared to 41.5% for the same period
last year. The decrease in consolidated gross profit margin is
primarily due to a noncash impairment charge of $9.1 million
recorded to reflect Venezuela inventory at its estimated net
realizable value at February 29, 2016, which reduced consolidated
gross profit margin by 0.6 percentage points, and the unfavorable
impact of foreign currency fluctuations, partially offset by the
favorable incremental impact of the Nutritional Supplements
segment.
- SG&A was 32.3% of net sales
compared to 29.7% for the same period last year. The increase is
primarily due to: (i) Venezuela re-measurement related charges of
$9.7 million, which increased the SG&A ratio by 0.6 percentage
points; (ii) the impact of a $17.8 million patent litigation
charge, which increased the SG&A ratio by 1.2 percentage
points; (iii) the impact of $6.7 million of CEO succession costs
recorded as result of the lawsuit settlement with the Company’s
former CEO, which increased the SG&A ratio by 0.4 percentage
points; (iv) the unfavorable comparison resulting from a $7 million
gain from the amendment of a trademark license agreement in fiscal
year 2015, which decreased the comparative period SG&A ratio by
0.5 percentage points; and (v) an incremental four months of
operating results from the Nutritional Supplements segment, which
operates with a higher SG&A ratio than the other segments.
These factors were partially offset by: (i) lower year-over-year
foreign currency revaluation losses; (ii) lower outbound freight
costs; and (iii) the impact that higher overall net sales had on
operating leverage.
- Operating income was $130.6 million
compared to $161.7 million for fiscal year 2015. Operating income
for fiscal year 2016 includes non-cash intangible asset impairment
charges totaling $6.0 million compared to $9.0 million in fiscal
year 2015. Fiscal year 2016 operating income also includes pre-tax
charges for which there were no comparable charges in fiscal year
2015. These charges included CEO succession costs of $6.7 million,
Venezuela currency re-measurement related charges totaling $18.7
million and a patent litigation charge of $17.8 million, which
reduced fiscal year 2016 operating income by $43.3 million and
operating margin by 2.8 percentage points, on a combined
basis.
- Income tax expense as a percentage of
pretax income was 15.5% compared to 10.9% for fiscal year 2015. The
year-over-year comparison of the Company’s effective tax rate was
primarily impacted by shifts in the mix of taxable income in the
Company’s various tax jurisdictions. Additionally, fiscal year 2016
income tax expense includes: (i) the unfavorable effect of
Venezuela currency re-measurement related charges, with no related
tax benefit; (ii) the impact of unfavorable foreign currency
exchange fluctuations on income before tax, with no related tax
benefit; (iii) the unfavorable effect of the patent litigation
charge, with a related tax benefit of $0.1 million; and (iv) tax
benefits of $2.1 million due to the finalization of certain tax
returns and changes in uncertain tax positions. The fiscal year
2015 tax rate was favorably impacted by $4.4 million of tax
benefits.
- Net income was $101.2 million, or $3.52
per diluted share on 28.7 million weighted average diluted shares
outstanding.
- Adjusted EBITDA was $232.0 million
compared to $220.4 million in fiscal year 2015. Adjusted EBITDA for
the fiscal year ended February 28, 2015 includes a pre-tax gain of
$7.0 million from the amendment of a license agreement and a
pre-tax decrease in product liability estimates of $2.2
million.
On an adjusted basis for the fiscal years 2016 and 2015,
excluding non-cash asset impairment charges, CEO succession costs,
non-cash amortization of intangible assets, acquisition-related
expenses, non‐cash share based compensation, Venezuela
re-measurement related charges, and patent litigation charges, as
applicable:
- Adjusted operating income was $216.8
million compared to $205.6 million for fiscal year 2015 reflecting
sales growth, improved operating leverage and the impact of
hyperinflation in Venezuela, partially offset by the unfavorable
impact of foreign currency fluctuations and the comparative impact
of a $7.0 million gain from the amendment of a license agreement
recorded in fiscal year 2015.
- Adjusted income was $179.7 million, or
$6.25 per diluted share, compared to $169.9 million, or $5.85 per
diluted share, for fiscal year 2015. The fiscal years ended
February 29, 2016 and February 28, 2015 include adjusted income
from operations in Venezuela of $8.5 and $3.0 million,
respectively, or adjusted diluted EPS of $0.30 and $0.10,
respectively. The increase in adjusted income is reflective of
sales growth, improved operating leverage, the impact of
hyperinflation in Venezuela, and lower interest expense, partially
offset by the unfavorable impact of foreign currency fluctuations
and the comparative impact of a $7.0 million gain from the
amendment of a license agreement recorded in fiscal year 2015.
Balance Sheet Highlights
- Cash and cash equivalents totaled
$225.8 million at February 29, 2016, compared to $12.3 million at
February 28, 2015.
- Total short- and long-term debt
increased to $623.9 million at February 29, 2016, compared to
$433.2 million at February 28, 2015, a net increase of $190.7
million. The increase reflects $210.0 million drawn shortly before
the end of fiscal year 2016 to facilitate the closing of the Hydro
Flask acquisition in March 2016, funding of the VapoSteam
acquisition for $42.8 million in March 2015 and share repurchases
of $50.0 million in both the second and fourth quarters of fiscal
year 2016.
- Accounts receivable turnover was 52.4
days at February 29, 2016, compared to 58.6 days at February 28,
2015.
- Inventory was $301.6 million at
February 29, 2016, compared to $293.1 million at February 28, 2015.
Inventory turnover improved to 2.9 times per year from 2.7 times
per year in fiscal year 2015.
Subsequent Events
On March 18, 2016, the Company acquired Steel Technology, LLC,
doing business as Hydro Flask (“Hydro Flask”). Hydro Flask is a
leading designer, distributor and marketer of high performance
insulated stainless steel food and beverage containers for active
lifestyles. The aggregate purchase price for the transaction was
approximately $210 million in cash, subject to customary
adjustments. The purchase price was funded with borrowings under
the Company’s credit facility.
Fiscal Year 2017 Annual
Outlook
For fiscal year 2017, the Company expects consolidated net sales
revenue in the range of $1.570 to $1.620 billion, which includes
incremental sales from the Hydro Flask acquisition in the range of
$60.0 to $65.0 million for the period subsequent to closing in
fiscal year 2017. The Company’s sales outlook implies consolidated
sales growth of 1.6% to 4.8%, and core business sales growth of
-2.3% to 0.6%, both of which include the following items that
negatively impact the year-over-year comparison of net sales
revenue by a combined 3.0 percentage points:
- The impact of the re-measurement of the
Company’s fiscal year 2017 Venezuela financial statements at the
DICOM rate, which is expected to negatively impact year-over-year
consolidated net sales revenue by approximately $22.0 million, or
1.4 percentage points;
- The assumption that mid-April foreign
currency exchange rates will remain constant for the fiscal year,
which is expected to negatively impact year-over-year net sales
revenue by approximately $5.0 million, or 0.3 percentage
points;
- The rationalization of low profit
business, which is expected to negatively impact year-over-year net
sales revenue by approximately $16.0 million, or 1.0 percentage
point; and
- The overhang from excess cold/flu
inventory at retail due to the weak fiscal year 2016 cold/flu
season, which is expected to negatively impact the comparison of
net sales revenue by approximately $4.0 million, or 0.3 percentage
points.
The Company expects consolidated GAAP diluted EPS of $4.60 to
$5.00 and adjusted diluted EPS (non-GAAP) in the range of $5.85 to
$6.35, which excludes share-based compensation expense and
intangible asset amortization expense and includes incremental
adjusted diluted EPS (non-GAAP) from the Hydro Flask acquisition in
the range of $0.28 to $0.32 per share.
The following items negatively impact the year-over-year
comparison of earnings per diluted share by a combined $0.61 per
share:
- The impact of the re-measurement of the
Company’s fiscal year 2017 Venezuela financial statements at the
current DICOM rate, which is expected to negatively impact the
year-over-year comparison by approximately $0.30 per diluted
share;
- The assumption that mid-April foreign
currency exchange rates will remain constant for the fiscal year,
which is expected to negatively impact the year-over-year
comparison by approximately $0.10 per diluted share;
- The significant and well-publicized
shift in the hourly wage landscape is expected to have a negative
impact of approximately $0.14 per diluted share in fiscal year
2017; and
- The comparative impact of $0.07 per
diluted share of tax benefits in fiscal year 2016 that are not
expected to repeat in fiscal year 2017.
Consistent with the Company’s strategy of investing in core
business growth, its outlook includes approximately $0.45 per share
year-over-year in incremental investments in marketing,
advertising, new product and new channel development.
The Company’s outlook assumes that the severity of the cold/flu
season will be in line with historical averages. The diluted EPS
outlook is based on an estimated weighted average shares
outstanding of 28.3 million and an expected effective tax rate of
13% to 15% for the full fiscal year 2017. The guidance also
reflects the Company’s outlook for the retail environment and
recent declining trends in the retail sector and the broader
market. The likelihood and potential impact of any fiscal year 2017
acquisitions, future asset impairment charges, future foreign
currency fluctuations, or further share repurchases are unknown and
cannot be reasonably estimated; therefore, they are not included in
the Company’s sales and earnings outlook.
Conference Call and
Webcast
The Company will conduct a teleconference in conjunction with
today's earnings release. The teleconference begins at 4:45 pm
Eastern Time today, Thursday, April 28, 2016. Institutional
investors and analysts interested in participating in the call are
invited to dial (888) 505-4375 approximately ten minutes prior to
the start of the call. The conference call will also be webcast
live at: www.hotus.com. A telephone replay of this call will be
available at 7:45 p.m. Eastern Time on April 28, 2016 until 11:59
p.m. Eastern Time on May 5, 2016 and can be accessed by dialing
(877) 870-5176 and entering replay pin number 9499931. A replay of
the webcast will remain available on the website for 60 days.
Non-GAAP Financial
Measures:
The Company reports and discusses its operating results using
financial measures consistent with accounting principles generally
accepted in the United States of America (“GAAP”). To supplement
its presentation, the Company discloses certain financial measures
that may be considered non-GAAP financial measures, such as
adjusted operating income, adjusted income, adjusted diluted EPS,
EBITDA and adjusted EBITDA, which are presented in accompanying
tables to this press release along with a reconciliation of these
financial measures to their corresponding GAAP-based measures
presented in the Company’s consolidated statements of income.
About Helen of Troy
Limited:
Helen of Troy Limited (NASDAQ, NM: HELE) is a leading global
consumer products company offering creative solutions for its
customers through a strong portfolio of well-recognized and
widely-trusted brands, including OXO®, Good Grips®, Hydro
Flask®, OXO tot®, OXO on®, Vicks®, Braun®, Honeywell®,
PUR®, Febreze®; Revlon®, Pro Beauty Tools®, Sure®, Pert®,
Infusium23®, Brut®, Ammens®, Hot Tools®, Bed Head®, Dr. Sinatra®,
Dr. David Williams, and Dr. Whitaker®. All trademarks herein belong
to Helen of Troy Limited (or its affiliates) and/or are used under
license from their respective licensors.
For more information about Helen of Troy, please visit
www.hotus.com.
Forward Looking
Statements:
Certain written and oral statements made by our Company and
subsidiaries of our Company may constitute "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. This includes statements made in this press
release. Generally, the words "anticipates", "believes", "expects",
"plans", "may", "will", "should", "seeks", "estimates", "project",
"predict", "potential", "continue", "intends", and other similar
words identify forward-looking statements. All statements that
address operating results, events or developments that we expect or
anticipate will occur in the future, including statements related
to sales, earnings per share results, and statements expressing
general expectations about future operating results, are
forward-looking statements and are based upon our current
expectations and various assumptions. We believe there is a
reasonable basis for our expectations and assumptions, but there
can be no assurance that we will realize our expectations or that
our assumptions will prove correct. Forward-looking statements are
subject to risks that could cause them to differ materially from
actual results. Accordingly, we caution readers not to place undue
reliance on forward-looking statements. The forward-looking
statements contained in this press release should be read in
conjunction with, and are subject to and qualified by, the risks
described in the Company's Form 10-K for the year ended February
29, 2016 and in our other filings with the SEC. Investors are urged
to refer to the risk factors referred to above for a description of
these risks. Such risks include, among others, our ability to
deliver products to our customers in a timely manner and according
to their fulfillment standards, our relationships with key
customers and licensors, the costs of complying with the business
demands and requirements of large sophisticated customers, our
dependence on the strength of retail economies and vulnerabilities
to any prolonged economic downturn, the retention and recruitment
of key personnel, expectations regarding our recent and future
acquisitions, including our ability to realize anticipated cost
savings, synergies and other benefits along with our ability to
effectively integrate acquired businesses, foreign currency
exchange rate fluctuations, disruptions in U.S., Euro zone,
Venezuela, and other international credit markets, risks associated
with weather conditions, the duration and severity of the cold and
flu season and other related factors, our dependence on foreign
sources of supply and foreign manufacturing, and associated
operational risks including, but not limited to, long lead times,
consistent local labor availability and capacity, and timely
availability of sufficient shipping carrier capacity, risks to the
Nutritional Supplements segment associated with the availability,
purity and integrity of materials used in the manufacture of
vitamins, minerals and supplements, the impact of changing costs of
raw materials, labor and energy on cost of goods sold and certain
operating expenses, the geographic concentration and peak season
capacity of certain U.S. distribution facilities increases our
exposure to significant shipping disruptions and added shipping and
storage costs, our projections of product demand, sales and net
income are highly subjective in nature and future sales and net
income could vary in a material amount from such projections,
circumstances which may contribute to future impairment of
goodwill, intangible or other long-lived assets, the risks
associated with the use of trademarks licensed from and to third
parties, our ability to develop and introduce a continuing stream
of new products to meet changing consumer preferences, increased
product liability and reputational risks associated with the
formulation and distribution of vitamins, minerals and supplements,
the risks associated with potential adverse publicity and negative
public perception regarding the use of vitamins, minerals and
supplements, trade barriers, exchange controls, expropriations, and
other risks associated with foreign operations, debt leverage and
the constraints it may impose on our cash resources and ability to
operate our business, the costs, complexity and challenges of
upgrading and managing our global information systems, the risks
associated with information security breaches, the increased
complexity of compliance with a number of new government
regulations as a result of adding vitamins, minerals and
supplements to the Company’s portfolio of products, the risks
associated with product recalls, product liability, other claims,
and related litigation against us, the risks associated with tax
audits and related disputes with taxing authorities, the risks of
potential changes in laws, including tax laws, health insurance
laws and regulations related to conflict minerals along with the
costs and complexities of compliance with such laws, and our
ability to continue to avoid classification as a controlled foreign
corporation. We undertake no obligation to publicly update or
revise any forward-looking statements as a result of new
information, future events or otherwise.
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Consolidated Condensed Statements of
Income and Reconciliation of Non-GAAP Financial Measures
–Adjusted Operating Income, Adjusted Income and Adjusted
Diluted Earnings per Share ("EPS") (1)(Unaudited)(in
thousands, except per share data)
Three Months Ended the Last Day of February
2016 2015 As Reported (GAAP)
Adjustments
Adjusted(non-GAAP)
As Reported (GAAP) Adjustments
Adjusted(non-GAAP)
Sales revenue, net $ 385,724 100.0 % $ - $ 385,724
100.0 % $ 377,730 100.0 % $ - $ 377,730 100.0 % Cost
of goods sold 223,567 58.0 % (9,078) (6)
214,489 55.6 % 212,846 56.3 % - 212,846 56.3 %
Gross profit 162,157 42.0 % 9,078 171,235 44.4 % 164,884 43.7 % -
164,884 43.7 % Selling, general, and administrative expense
("SG&A") 143,150 37.1 % - (2) 105,741 27.4 % 115,934 30.7 % -
107,598 28.5 % (2,336) (3) (1,435) (3) (6,890) (4) (6,901) (4)
(698) (5) - (9,655) (6) - (17,830) (7) - Asset impairment charges
3,000 0.8 % (3,000) (8) - - % - - %
- - - % Operating income 16,007 4.1 %
49,487 65,494 17.0 % 48,950 13.0 % 8,336
57,286 15.2 % Nonoperating income, net 66 - % - 66 -
% 283 0.1 % - 283 0.1 % Interest expense (2,961) (0.8) %
- (2,961) (0.8) % (3,434) (0.9) % -
(3,434) (0.9) % Total other expense (2,895) (0.8) %
- (2,895) (0.8) % (3,151) (0.8) % -
(3,151) (0.8) % Income before income taxes 13,112 3.4 %
49,487 62,599 16.2 % 45,799 12.1 % 8,336 54,135 14.3 %
Income tax expense 3,524 0.9 % 1,621 (10)
5,145 1.3 % 5,249 1.4 % 831 (10) 6,080 1.6 %
Net income $ 9,588 2.5 % $ 47,866 $ 57,454 14.9 % $ 40,550 10.7 % $
7,505 $ 48,055 12.7 % Diluted EPS $ 0.34 $ 1.69 $ 2.03 $
1.40 $ 0.26 $ 1.66 Weighted average shares of common stock
used in computing diluted EPS 28,287 - 28,287 29,016 - 29,016
Fiscal Years Ended the Last Day of February
2016 2015 As Reported (GAAP)
Adjustments Adjusted(non-GAAP) As Reported
(GAAP) Adjustments Adjusted(non-GAAP)
Sales revenue, net $ 1,545,701 100.0 % $ - $ 1,545,701 100.0 % $
1,445,131 100.0 % $ - $ 1,445,131 100.0 % Cost of goods sold
909,696 58.9 % (9,078) (6) 900,618 58.3 %
845,572 58.5 % - 845,572 58.5 % Gross profit 636,005
41.1 % 9,078 645,083 41.7 % 599,559 41.5 % - 599,559 41.5 %
Selling, general, and administrative expense ("SG&A") 499,390
32.3 % (6,707) (2) 428,244 27.7 % 428,840 29.7 % - 393,927 27.3 %
(8,483) (3) (5,974) (3) (27,773) (4) (25,328) (4) (698) (5) (3,611)
(5) (9,655) (6) - (17,830) (7) - Asset impairment charges
6,000 0.4 % (6,000) (8) - - % 9,000 0.6 %
(9,000) (8) - - % Operating income 130,615 8.5
% 86,224 216,839 14.0 % 161,719 11.2 %
43,913 205,632 14.2 % Nonoperating income, net 299 -
% - 299 - % 517 - % - 517 - % Interest expense (11,096)
(0.7) % - (11,096) (0.7) % (15,022) (1.0) %
- (15,022) (1.0) % Total other expense
(10,797) (0.7) % - (10,797) (0.7) % (14,505)
(1.0) % - (14,505) (1.0) % Income before income taxes
119,818 7.8 % 86,224 206,042 13.3 % 147,214 10.2 % 43,913 191,127
13.2 % Income tax expense 18,590 1.2 % 7,791
(10) 26,381 1.7 % 16,050 1.1 % 5,154 (10)
21,204 1.5 % Net income $ 101,228 6.5 % $ 78,433 $ 179,661
11.6 % $ 131,164 9.1 % $ 38,759 $ 169,923 11.8 % Diluted EPS
$ 3.52 $ 2.73 $ 6.25 $ 4.52 $ 1.33 $ 5.85 Weighted average
shares of common stock used in computing diluted EPS 28,749 -
28,749 29,035 - 29,035
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Net Sales Revenue by Segment
(9)(Unaudited)(in thousands)
Three Months Ended the Last Day of
February % of Sales Revenue, net
2016 2015 $ Change % Change
2016 2015 Sales revenue by segment, net
Housewares $ 78,813 $ 73,875 $ 4,938 6.7 % 20.4 % 19.6 % Health
& Home 170,021 167,552 2,469 1.5 % 44.1 % 44.4 % Nutritional
Supplements 38,146 37,299 847 2.3 % 9.9 % 9.9 % Beauty
98,744 99,004 (260) (0.3) % 25.6 % 26.1 % Total sales
revenue, net $ 385,724 $ 377,730 $ 7,994 2.1 % 100.0 % 100.0 %
Fiscal Years Ended the Last Day of February
% of Sales Revenue, net 2016 2015 $
Change % Change 2016 2015 Sales revenue by
segment, net Housewares $ 310,663 $ 296,252 $ 14,411 4.9 % 20.1 %
20.5 % Health & Home 642,735 613,253 29,482 4.8 % 41.6 % 42.4 %
Nutritional Supplements 153,126 100,395 52,731 52.5 % 9.9 % 6.9 %
Beauty 439,177 435,231 3,946 0.9 % 28.4 % 30.1
% Total sales revenue, net $ 1,545,701 $ 1,445,131 $ 100,570 7.0 %
100.0 % 100.0 %
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Selected Consolidated Balance Sheet,
Cash Flow and Liquidity Information(Unaudited)(in
thousands)
Last Day of February, 2016
2015 Balance Sheet: Cash and cash equivalents $ 225,800 $
12,295 Receivables, net 217,543 222,499 Inventory, net 301,609
293,081 Total assets, current 772,724 564,760 Total assets
1,869,643 1,653,755 Total liabilities, current 268,758 261,865
Total long-term liabilities 670,842 487,325 Total debt 623,907
433,207 Stockholders' equity 930,043 904,565 Cash Flow:
Depreciation and amortization $ 42,749 $ 39,653 Net cash provided
by operating activities 185,261 178,603 Capital and intangible
asset expenditures 20,603 6,521 Payments to acquire businesses, net
of cash received 43,150 195,943 Net amounts borrowed 190,700
240,600 Liquidity: Working Capital $ 503,966 $ 302,895
SELECTED OTHER DATA
Reconciliation of Non-GAAP Financial
Measures - EBITDA(Earnings Before Interest, Taxes,
Depreciation and Amortization) and Adjusted EBITDA (1)
(9)(Unaudited)(in thousands)
Three Months Ended the Last Day of
February Fiscal Years Ended the Last Day of
February 2016 2015 2016
2015 Net income $ 9,588 $ 40,550 $ 101,228 $ 131,164
Interest expense, net 2,915 3,424 10,981 14,965 Income tax
expense 3,524 5,249 18,590 16,050 Depreciation and
amortization, excluding amortized interest 10,803
10,578 42,749 39,653 EBITDA (Earnings before
interest, taxes, depreciation and amortization) 26,830 59,801
173,548 201,832 Add: CEO succession costs (2) - - 6,707 -
Non-cash share-based compensation (3) 2,336 1,435 8,483
5,974 Acquisition-related expenses (5) 698 - 698 3,611
Venezuela re-measurement related charges (6) 18,733 - 18,733
- Patent litigation charge (7) 17,830 - 17,830 -
Non-cash asset impairment charges (8) 3,000 -
6,000 9,000 Adjusted EBITDA $ 69,427 $ 61,236 $
231,999 $ 220,417
SELECTED OTHER DATA
Reconciliation of Non-GAAP Financial
Measures - EBITDA(Earnings Before Interest, Taxes,
Depreciation and Amortization) and Adjusted EBITDA by Segment (1)
(9)(Unaudited)(in thousands)
Three Months Ended February 29, 2016
Housewares Health & Home
NutritionalSupplements
Beauty Total Operating Income $ 14,798
$ 6,780 $ 2,823 $ (8,394) $ 16,007 Depreciation and
amortization, excluding amortized interest 1,035 5,442 3,535 791
10,803 Other income / (expense) - - -
20 20 EBITDA (Earnings before interest, taxes,
depreciation and amortization) 15,833 12,222 6,358 (7,583) 26,830
Add: CEO succession costs (2) - - - - - Non-cash
share-based compensation (3) 410 685 345 896 2,336
Acquisition-related expenses (5) 698 - - - 698 Venezuela
re-measurement related charges (6) - - - 18,733 18,733
Patent litigation charge (7) - 17,830 - - 17,830 Non-cash
asset impairment charges (8) - - -
3,000 3,000 Adjusted EBITDA $ 16,941 $ 30,737 $ 6,703
$ 15,046 $ 69,427
Three Months Ended February 28,
2015 Housewares Health & Home
NutritionalSupplements
Beauty Total Operating Income $ 14,191 $ 18,902 $
3,188 $ 12,669 $ 48,950 Depreciation and amortization,
excluding amortized interest 946 5,148 1,989 2,495 10,578
Other income / (expense) - - - 273
273 EBITDA (Earnings before interest, taxes,
depreciation and amortization) 15,137 24,050 5,177 15,437 59,801
Add: Non-cash share-based compensation (3) 113
223 499 600 1,435 Adjusted EBITDA $
15,250 $ 24,273 $ 5,676 $ 16,037 $ 61,236
SELECTED OTHER DATA
Reconciliation of Non-GAAP Financial
Measures - EBITDA(Earnings Before Interest, Taxes,
Depreciation and Amortization) and Adjusted EBITDA by Segment (1)
(9)(Unaudited)(in thousands)
Year Ended February 29, 2016 Housewares
Health & Home
NutritionalSupplements
Beauty Total Operating income $ 56,659
$ 38,078 $ 11,446 $ 24,432 $ 130,615 Depreciation and
amortization, excluding amortized interest 4,183 21,300 9,424 7,842
42,749 Other income / (expense) - - -
184 184 EBITDA (Earnings before interest,
taxes, depreciation and amortization) 60,842 59,378 20,870 32,458
173,548 Add: CEO succession costs (2) 1,348 2,722 704 1,933
6,707 Non-cash share-based compensation (3) 1,344 2,470
1,319 3,350 8,483 Acquisition-related expenses (5) 698 - - -
698 Venezuela re-measurement related charges (6) - - -
18,733 18,733 Patent litigation charge (7) - 17,830 - -
17,830 Non-cash asset impairment charges (8) -
- - 6,000 6,000 Adjusted EBITDA $
64,232 $ 82,400 $ 22,893 $ 62,474 $ 231,999
Year
Ended February 28, 2015 Housewares Health &
Home
NutritionalSupplements
Beauty Total Operating income $ 59,392 $ 50,821 $
9,512 $ 41,994 $ 161,719 Depreciation and amortization,
excluding amortized interest 3,615 20,532 5,380 10,126 39,653
Other income / (expense) - - -
460 460 EBITDA (Earnings before interest, taxes,
depreciation and amortization) 63,007 71,353 14,892 52,580 201,832
Add: Non-cash share-based compensation (3) 758 1,115 499
3,602 5,974 Acquisition-related expenses (5) - - 3,611 -
3,611 Non-cash asset impairment charges (6) -
- - 9,000 9,000 Adjusted EBITDA $
63,765 $ 72,468 $ 19,002 $ 65,182 $ 220,417
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Reconciliation of GAAP Net Income and
Earnings Per Share (EPS) to Adjusted Income and Adjusted EPS
(non-GAAP) (1) (9) (10)(dollars in thousands, except per
share data)(Unaudited)
Three Months Ended the Last Day of
February Basic EPS Diluted EPS
2016 2015 2016 2015
2016 2015 Net income as reported (GAAP) $
9,588 $ 40,550 $ 0.34 $ 1.42 $ 0.34 $ 1.40 Acquisition-related
expenses, net of tax (5) 696 - 0.03 - 0.02 - Venezuela
re-measurement related charges, net of tax (6) 18,733 - 0.67 - 0.66
- Patent litigation charge, net of tax (7) 17,785 - 0.63 - 0.63 -
Asset impairment charges, net of tax (8) 2,656 -
0.09 - 0.09 - Subtotal 49,458 40,550
1.77 1.42 1.75 1.40 Non-cash share-based compensation, net of tax
(3) 2,041 1,287 0.07 0.05 0.07 0.04 Amortization of intangible
assets, net of tax (4) 5,955 6,218 0.21
0.22 0.21 0.21 Adjusted income (non-GAAP) (12) $
57,454 $ 48,055 $ 2.05 $ 1.69 $ 2.03 $ 1.66 Weighted average
shares of common stock used in computing basic and diluted earnings
per share (GAAP) 28,009 28,495 28,287 29,016
Fiscal Years
Ended the Last Day of February Basic EPS Diluted
EPS 2016 2015 2016 2015 2016
2015 Net income as reported (GAAP) $ 101,228 $ 131,164 $
3.58 $ 4.59 $ 3.52 $ 4.52 CEO succession costs, net of tax (2)
4,645 - 0.16 - 0.16 - Acquisition-related expenses, net of tax (5)
696 2,306 0.03 0.08 0.02 0.08 Venezuela re-measurement related
charges, net of tax (6) 18,733 - 0.66 - 0.65 - Patent litigation
charge, net of tax (7) 17,785 - 0.63 - 0.62 - Asset impairment
charges, net of tax (8) 5,312 8,155 0.19
0.29 0.18 0.28 Subtotal 148,399 141,625 5.25
4.96 5.16 4.88 Non-cash share-based compensation, net of tax (3)
7,199 5,313 0.25 0.19 0.25 0.18 Amortization of intangible assets,
net of tax (4) 24,063 22,985 0.85 0.80
0.84 0.79 Adjusted income (non-GAAP) (13) $ 179,661 $
169,923 $ 6.35 $ 5.95 $ 6.25 $ 5.85 Weighted average shares
of common stock used in computing basic and diluted earnings per
share (non-GAAP) 28,273 28,579 28,749 29,035
HELEN OF TROY LIMITED AND
SUBSIDIARIES
Reconciliation of Fiscal Year 2017
Outlook for GAAP Diluted EPSto Adjusted Diluted EPS
(non-GAAP) (1) (11)(Unaudited)
Fiscal Year EndedFebruary 28,
2017
Diluted EPS, as reported (GAAP) $ 4.60 - $ 5.00
Non-cash share-based compensation, net of tax 0.40 - 0.44
Amortization of intangible assets, net of tax 0.85 -
0.91 Adjusted diluted EPS (non-GAAP) $ 5.85 -
$ 6.35
HELEN OF TROY LIMITED AND
SUBSIDIARIES
________________
Notes to Press Release (1) This press release
contains non-GAAP financial measures. Adjusted operating income,
adjusted income, adjusted diluted EPS, EBITDA and adjusted EBITDA
(“Non-GAAP measures”) that are discussed in the accompanying press
release or in the preceding tables are considered non-GAAP
financial information as contemplated by SEC Regulation G, Rule
100. Accordingly, we are providing the preceding tables that
reconcile these measures to their corresponding GAAP-based measures
presented in our Consolidated Condensed Statements of Income in the
accompanying tables to the press release. The Company believes that
these non-GAAP measures provide useful information to management
and investors regarding financial and business trends relating to
its financial condition and results of operations. The Company
believes that these non-GAAP measures, in combination with the
Company's financial results calculated in accordance with GAAP,
provides investors with additional perspective. Additionally, the
non-GAAP financial measures are used by management for measuring
and evaluating the Company’s performance. The Company further
believes that the items excluded from certain non-GAAP measures do
not accurately reflect the underlying performance of its continuing
operations for the periods in which they are incurred, even though
some of these excluded items may be incurred and reflected in the
Company's GAAP financial results in the foreseeable future. The
material limitation associated with the use of the non-GAAP
financial measures is that the non-GAAP measures do not reflect the
full economic impact of the Company's activities. These non-GAAP
measures are not prepared in accordance with GAAP, are not an
alternative to GAAP financial information, and may be calculated
differently than non-GAAP financial information disclosed by other
companies. Accordingly, undue reliance should not be placed on
non-GAAP information. (2) Adjustments consist of CEO
succession costs of $6.71 million ($4.64 million after tax)
incurred in connection with the settlement of a dispute with our
former CEO. (3) Adjustments consist of non-cash share-based
compensation expense of $2.34 million ($2.04 million after tax) and
$8.48 million ($7.20 million after tax), respectively, for the
three months and fiscal year ended February 29, 2016, and $1.44
million ($1.29 million after tax) and $5.97 million ($5.31 million
after tax), respectively, for the three months and fiscal year
ended February 28, 2015. Share-based compensation expense is
recognized for share-based awards outstanding under share-based
compensation plans. (4) Adjustments consist of non-cash
intangible asset amortization expense of $6.89 million ($5.96
million after tax) and $27.77 million ($24.06 million after tax),
respectively, for the three months and fiscal year ended February
29, 2016, and $6.90 million ($6.22 million after tax) and $25.33
million ($22.99 million after tax), respectively, for the three
months and fiscal year ended February 28, 2015. (5)
Adjustment consists of expenses of $0.70 (before and after tax)
incurred in connection with the acquisition of Hydro Flask during
the three months and fiscal year ended February 29, 2016. The
acquisition subsequently closed on March 18, 2016. For the fiscal
year ended February 28, 2015, expenses of $3.61 million ($2.31
million after tax) were incurred in connection with the Healthy
Directions acquisition. (6) Adjustment consists of currency
re-measurement related charges totaling $18.73 million (before and
after tax) recorded during the three months and fiscal year ended
February 29, 2016 due to a change in the rate used to re-measure
our Venezuelan financial statements.
Balance at February 29, 2016 (dollars in
thousands)
BeforeAdjustment
Adjustments
AfterAdjustment
Location of IncomeStatement
Impact
Cash and cash equivalents $ 1,302 $ (1,292) $ 10 SG&A Other net
assets, principally working capital other than inventory 8,120
(8,284) (164) SG&A Inventory 9,378 (9,078) 300 Cost of goods
sold Property and equipment, net 82 (79) 3
SG&A Net investment in Venezuelan operations $ 18,882 $
(18,733) $ 149 (7) Adjustment consists of a patent
litigation charge of $17.83 million ($17.79 million after tax)
recorded during the three months and fiscal year ended February 29,
2016. (8) Adjustments consist of non-cash asset impairment
charges of $3.00 million ($2.66 million after tax) and $6.00
million ($5.31 million after tax), respectively, for the three
months and fiscal year ended February 29, 2016, and $9.00 million
($8.16 million after tax) for the fiscal year ended February 28,
2015. The non-cash charges relate to certain trademarks in our
Beauty segment, which were written down to their estimated fair
value, determined on the basis of future discounted cash flows
using the relief from royalty valuation method. (9) Healthy
Directions was acquired on June 30, 2014 and its operations are
reported under the Nutritional Supplements segment. Results
reported for the three months and fiscal year ended February 29,
2016 include three- and twelve-months, respectively. Results
reported for the three months and fiscal year ended February 28,
2015 include three- and eight-months, respectively. The
VapoSteam business was acquired on March 31, 2015 and its
operations are reported under the Health & Home segment.
Results reported for the three months and fiscal year ended
February 29, 2016 include three- and eleven-months, respectively,
with no comparable results for the same periods last year.
(10) Total tax effects of adjustments described in Notes 2 through
8, for each of the periods presented:
Three Months Ended theLast Day
of February
Fiscal Years Ended theLast Day
of February
(In thousands) 2016 2015 2016
2015 CEO succession costs (2) $ - $ - $ (2,062) $ - Non-cash
share-based compensation (3) (295) (147) (1,284) (661) Amortization
of intangible assets (4) (935) (684) (3,710) (2,343)
Acquisition-related expenses (5) (2) - (2) (1,305) Venezuela
re-measurement related charges (6) - - - - Patent litigation charge
(7) (45) - (45) - Asset impairment charges (8) (344)
- (688) (845) Total $ (1,621) $ (831) $ (7,791) $
(5,154) (11) The diluted EPS outlook is based on an
estimated weighted average shares outstanding of 28.30 million for
fiscal year 2017. (12) The three months ended February 29,
2016 and February 28, 2015 include adjusted income from our
operations in Venezuela of $2.40 and $0.76 million, respectively,
or diluted EPS of $0.08 and $0.03, respectively.
Venezuela - Reconciliation of GAAP Net
Income and EPS to Adjusted Income and Adjusted EPS
(non-GAAP)(dollars in thousands, except per share
data)
Three Months Ended theLast Day
of February
Diluted EPS 2016 2015
2016 2015 Net income (GAAP) $ (16,338) $ 760 $
(0.58) $ 0.03 Venezuela currency re-measurement related charges
18,733 - 0.66 - Adjusted income
(non-GAAP) $ 2,395 $ 760 $ 0.08 $ 0.03 (13) The fiscal years
ended February 29, 2016 and February 28, 2015 include adjusted
income from our operations in Venezuela of $8.50 and $3.03 million,
respectively, or diluted EPS of $0.30 and $0.10, respectively.
Venezuela - Reconciliation of GAAP Net
Income and EPS to Adjusted Income and Adjusted EPS
(non-GAAP)(dollars in thousands, except per share
data)
Fiscal Years Ended theLast Day
of February
Diluted EPS 2016 2015
2016 2015 Net income (GAAP) $ (10,234) $ 3,029
$ (0.36) $ 0.10 Venezuela currency re-measurement related charges
18,733 - 0.65 - Adjusted income
(non-GAAP) $ 8,499 $ 3,029 $ 0.30 $ 0.10
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version on businesswire.com: http://www.businesswire.com/news/home/20160428006728/en/
Investors:ICR, Inc.Allison Malkin / Anne Rakunas203-682-8200 /
310-954-1113
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