Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

e.l.f. Beauty Announces Third Quarter Fiscal 2020 Results


e.l.f. Beauty (NYSE: ELF) today announced results for the three and nine months ended December 31, 2019.

"We are pleased with our third quarter results with net sales of $81 million, up 8 percent excluding e.l.f. retail stores. Our team is executing well against our five strategic imperatives and e.l.f. is gaining market share," said Chairman and CEO Tarang Amin. "Our marketing and digital initiatives continue to bring heightened awareness to the brand, particularly among Gen Z and Millennial consumers. Given our momentum, we are raising our Fiscal 2020 guidance."

Three months ended December 31, 2019 results

Net sales increased 3%, or $2.2 million, to $80.8 million as compared to $78.6 million in the three months ended December 31, 2018. The increase was primarily driven by increased productivity across channels, progress against our strategic imperatives and timing of product shipments. This was partially offset by the closing of all 22 e.l.f. retail stores in February 2019. The three months ended December 31, 2018 included $3.7 million in net sales related to our 22 e.l.f. retail stores. Excluding the contribution from e.l.f. retail stores, net sales increased 8% as compared to the three months ended December 31, 2018.

Gross margin increased to 65% from 60% when compared to the three months ended December 31, 2018, with benefits from price increases, margin accretive innovation, cost savings, favorable movements in foreign exchange rates, and a lower inventory reserve, partially offset by tariffs on goods imported from China.

Selling, general and administrative expenses ("SG&A") was $39.6 million, or 49% of net sales, compared to $33.9 million, or 43% of net sales in the three months ended December 31, 2018. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) was $35.8 million, or 44% of net sales, compared to $29.3 million, or 37% of net sales in the three months ended December 31, 2018. The increase was primarily due to investments in marketing and digital expenses and bonus accrual, partially offset by the closure of e.l.f. retail stores.

The provision for income taxes was $3.0 million, as compared to $1.0 million in the three months ended December 31, 2018. The change in the provision for income taxes was driven by lower discrete tax benefits of $2.4 million, primarily related to share-based compensation in 2018.

On a GAAP basis, net income was $8.0 million, or $0.16 per diluted share, based on a weighted-average diluted share count of 51.0 million shares. This compares to net income of $9.7 million, or $0.20 per diluted share, based on a weighted-average diluted share count of 49.2 million shares in the three months ended December 31, 2018.

Adjusted EBITDA (EBITDA excluding the items identified in the reconciliation table below) decreased 4% to $21.4 million from $22.4 million in the three months ended December 31, 2018.

Adjusted net income (net income excluding the items identified in the reconciliation table below) decreased to $12.2 million, or $0.24 per diluted share, based on a weighted-average diluted share count of 51.0 million shares. This compares to adjusted net income of $14.6 million, or $0.30 per diluted share, based on a weighted-average diluted share count of 49.2 million in the three months ended December 31, 2018.

Nine Months Ended December 31, 2019 results

Net sales increased 3%, or $6.6 million, to $208.1 million, as compared to $201.5 million in the nine months ended December 31, 2018. The increase was primarily driven by increased productivity across channels supported by our strategic imperatives, partially offset by the closing of all 22 e.l.f. retail stores in February 2019. The nine months ended December 31, 2018 included $10.1 million in net sales related to our 22 e.l.f. retail stores. Excluding the contribution from e.l.f. retail stores, net sales increased 9% as compared to the nine months ended December 31, 2018.

Gross margin increased to 64% from 61% when compared to the nine months ended December 31, 2018, with benefits primarily from margin accretive innovation, cost savings, favorable movements in foreign exchange rates and price increases, partially offset by higher sales adjustments and the impact of tariffs on goods imported from China.

SG&A was $110.1 million, or 53% of net sales, compared to $100.3 million, or 50% of net sales in the nine months ended December 31, 2018. Adjusted SG&A was $97.8 million, or 47% of net sales, compared to $86.7 million, or 43% of net sales in the nine months ended December 31, 2018. The increase was primarily due to investments in marketing and digital expenses, bonus accrual, and increased depreciation expenses driven by customer fixture programs. These increases were partially offset by the closure of e.l.f. retail stores.

The provision for income taxes was $6.4 million, as compared to $2.0 million in the nine months ended December 31, 2018. The change in the provision for income taxes was primarily driven by an increase in income before taxes of $7.8 million and a decrease in discrete tax benefit of $2.8 million, primarily related to share-based compensation in 2018.

On a GAAP basis, net income was $18.2 million, or $0.36 per diluted share, based on a weighted-average diluted share count of 50.7 million shares. This compares to net income of $14.8 million, or $0.30 per diluted share, based on a weighted-average diluted share count of 49.3 million shares in the nine months ended December 31, 2018.

Adjusted EBITDA increased 1% to $50.9 million from $50.4 million in the nine months ended December 31, 2018.

Adjusted net income was $26.8 million, or $0.53 per diluted share, based on a weighted-average diluted share count of 50.7 million shares. This compares to adjusted net income of $29.5 million, or $0.60 per diluted share, based on a weighted-average diluted share count of 49.3 million in the nine months ended December 31, 2018.

Balance sheet

As of December 31, 2019, the Company had $74.7 million in cash and cash equivalents, as compared to $51.2 million as of December 31, 2018. The increase was primarily due to improved operating results, partially offset by payments made to terminate store leases. As of December 31, 2019, long-term debt totaled $129.2 million, as compared to $140.5 million as of December 31, 2018.

Company outlook

As previously disclosed, the Company changed its fiscal year from the twelve months beginning January 1 and ending December 31 to the twelve months beginning April 1 and ending March 31. As a result, throughout this press release, the twelve-month periods ended March 31, 2019 and March 31, 2020 are referred to as "fiscal 2019" and "fiscal 2020," respectively.

"We are encouraged by the progress we are making against our strategic imperatives," said Mandy Fields, Senior Vice President and Chief Financial Officer. "These imperatives have delivered growth, despite a soft color cosmetics category."

In the table below, fiscal 2019 includes the operation of e.l.f. retail stores. The fiscal 2020 outlook does not include e.l.f. retail stores. The new fiscal 2020 outlook reflects expected net sales growth of 7% to 8% when compared to net sales in fiscal 2019, excluding the contribution of e.l.f. retail stores.

 

 

New Fiscal 2020
Outlook

 

 

Prior Fiscal 2020
Outlook

 

 

Fiscal 2019 (1)
(unaudited)

Net sales

$

 

274-277 million

 

$

 

265-272 million

 

$

 

268 million

Adjusted EBITDA

$

 

58-60 million

 

$

 

52-55 million

 

$

 

62 million

Adjusted net income

$

 

28-30 million

 

$

 

23-25 million

 

$

 

33 million

Adjusted diluted EPS

$

 

0.55-0.59

 

$

 

0.44-0.48

 

$

 

0.66

Fully diluted shares outstanding

 

52.5 million

 

 

52.5 million

 

 

49.3 million

(1) Refer to Company outlook and comparability notes section below for further information regarding e.l.f. retail stores results included in fiscal 2019.

Company outlook and comparability notes

 

 

Fiscal 2019

(unaudited)

Net sales (1)

$

267,656

 

Net loss (2)

$

(3,079

)

Adjusted EBITDA (2)

$

62,439

 

Adjusted net income (2)

$

32,683

 

(1) Net sales includes $12.0 million related to e.l.f. retail stores.

(2) Net loss, adjusted EBITDA and adjusted net income include $13.7 million of four-wall expenses related to e.l.f. retail stores in fiscal 2019. Four-wall expenses include only directly identifiable costs such as product costs, rent and occupancy expenses and store employee salaries. Other indirect shared costs such as corporate overhead, depreciation and corporate employee salaries were not historically allocated to the e.l.f. retail stores business for internal reporting purposes and have not been adjusted from the amounts included above.

Three months ended (unaudited)

 

Fiscal 2019

 

e.l.f. retail stores

 

Fiscal 2019
(excluding e.l.f.

retail stores)

June 30

 

$

59,055

 

 

$

3,228

 

 

$

55,827

 

September 30

 

63,889

 

 

3,182

 

 

60,707

 

December 31

 

78,571

 

 

3,735

 

 

74,836

 

March 31

 

66,141

 

 

1,856

 

 

64,285

 

Total

 

$

267,656

 

 

$

12,001

 

 

$

255,655

 

Long-term model

"Over our almost sixteen-year history we grew in every year except calendar 2018. This year, it was critical for us to re-establish growth. Having done so, I would like to share our long-term model," said Amin. "Over the next three years, absent major shelf space gains or strategic extensions, the Company expects compounded annual revenue growth in the low to mid-single digits. With significant space gains or strategic extensions, the Company expects revenue growth in the mid to high-single digits," continued Amin. "In both cases, the Company expects adjusted EBITDA growth to outpace net sales growth."

Third quarter fiscal 2020 conference call

The Company will hold a conference call today, February 5, 2020, at 4:30 p.m. ET to discuss the Company's third quarter fiscal 2020 results. Investors and analysts interested in participating in the call are invited to dial-in approximately ten minutes prior to the start of the call. The U.S. toll free dial-in for the conference call is (877) 407-3982 and the international dial-in number is (201) 493-6780. The conference call will also be webcast live at: http://investor.elfcosmetics.com/news-and-events/events and remain available for 7 days. A telephone replay of this call will be available at 7:30 p.m. ET on February 5, 2020, until 11:59 p.m. ET on February 12, 2020, and can be accessed by dialing the U.S. toll free dial-in, (844) 512-2921 or the international dial-in, (412) 317-6671, and entering replay pin number 13698163.

About e.l.f. Beauty

Since 2004, e.l.f. has made the best of beauty accessible to every eye, lip and face. We make high-quality, prestige-inspired cosmetics and skin care products at an extraordinary value and are proud to be 100% vegan and cruelty-free. As one of the first online beauty brands, e.l.f. has a passionate social following, national distribution at leading retailers such as Target, Walmart and Ulta Beauty, and a growing international presence. Learn more by visiting www.elfcosmetics.com.

Note regarding non-GAAP financial measures

This press release includes references to non-GAAP measures, including adjusted SG&A, EBITDA, adjusted EBITDA, adjusted net income and adjusted diluted EPS. The Company presents these non-GAAP measures because its management uses them as supplemental measures in assessing its operating performance, and believes they are helpful to investors, securities analysts and other interested parties in evaluating the Company's performance. The non-GAAP measures included in this press release are not measurements of financial performance under GAAP and they should not be considered as alternatives to measures of performance derived in accordance with GAAP. In addition, these non-GAAP measures should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items. These non-GAAP measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing the Company's results as reported under GAAP. The Company's definitions and calculations of these non-GAAP measures are not necessarily comparable to other similarly titled measures used by other companies due to different methods of calculation. Adjusted EBITDA excludes costs or gains related to restructuring of operations, stock-based compensation and other non-cash and non-recurring costs. Adjusted net income excludes costs or gains related to restructuring of operations, stock-based compensation, other non-cash and non-recurring costs, amortization of acquired intangible assets and the tax impact of the foregoing adjustments. With respect to the Company's expectations under "Company outlook" above, the Company is not able to provide a quantitative reconciliation of the adjusted EBITDA, adjusted net income and adjusted diluted EPS guidance non-GAAP measures to the corresponding net income and diluted EPS GAAP measures without unreasonable efforts. The Company cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to the Company's revised outlook for fiscal year 2020 under "Company outlook" above, the Company's statements relating to growth expectations over the next three years under "Long-term model" above, the statements relating to the Company's beliefs regarding its execution of its strategic imperatives, the Company's expectations regarding market share, the Company's beliefs that its marketing and digital initiatives will continue to build momentum and bring heightened awareness to the brand, and the Company's beliefs regarding the strength or softness of the color cosmetics category. These forward-looking statements are based on management's current expectations, estimates, forecasts, projections, beliefs and assumptions and are not guarantees of future performance. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties that are described in the Company's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, as updated from time to time in the Company's SEC filings, as well as the Company's ability to effectively compete with other beauty companies; the Company's ability to successfully introduce new products; the Company's ability to attract new retail customers and/or expand business with its existing retail customers; the Company's ability to optimize shelf space at its key retail customers; the loss of any of the Company's key retail customers or if the general business performance of its key retail customers declines; and the Company's ability to effectively manage its SG&A and other expenses. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

e.l.f. Beauty, Inc. and subsidiaries

Condensed consolidated statements of operations and comprehensive income

(unaudited)

(in thousands, except share and per share data)

 

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

Net sales

 

$

80,760

 

 

$

78,571

 

 

$

208,139

 

 

$

201,515

 

Cost of sales

 

28,240

 

 

31,652

 

 

75,080

 

 

78,982

 

Gross profit

 

52,520

 

 

46,919

 

 

133,059

 

 

122,533

 

Selling, general and administrative expenses

 

39,632

 

 

33,898

 

 

110,131

 

 

100,345

 

Restructuring expense (income)

 

8

 

 

?

 

 

(5,982

)

 

?

 

Operating income

 

12,880

 

 

13,021

 

 

28,910

 

 

22,188

 

Other (expense) income, net

 

(335

)

 

(371

)

 

602

 

 

498

 

Interest expense, net

 

(1,560

)

 

(1,963

)

 

(4,920

)

 

(5,853

)

Income before provision for income taxes

 

10,985

 

 

10,687

 

 

24,592

 

 

16,833

 

Income tax provision

 

(2,983

)

 

(1,015

)

 

(6,367

)

 

(1,998

)

Net income

 

$

8,002

 

 

$

9,672

 

 

$

18,225

 

 

$

14,835

 

Comprehensive income

 

$

8,002

 

 

$

9,672

 

 

$

18,225

 

 

$

14,835

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.16

 

 

$

0.20

 

 

$

0.38

 

 

$

0.32

 

Diluted

 

$

0.16

 

 

$

0.20

 

 

$

0.36

 

 

$

0.30

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

48,525,904

 

 

47,477,597

 

 

48,430,871

 

 

46,957,494

 

Diluted

 

50,966,550

 

 

49,211,311

 

 

50,741,492

 

 

49,254,848

 

e.l.f. Beauty, Inc. and subsidiaries

Condensed consolidated balance sheets

(unaudited)

(in thousands, except share and per share data)

 

 

 

December 31, 2019

 

March 31, 2019

 

December 31, 2018

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

74,740

 

 

$

53,874

 

 

$

51,205

 

Accounts receivable, net

 

35,082

 

 

32,275

 

 

36,724

 

Inventory, net

 

48,382

 

 

43,779

 

 

46,341

 

Prepaid expenses and other current assets

 

8,054

 

 

7,340

 

 

7,473

 

Total current assets

 

166,258

 

 

137,268

 

 

141,743

 

Property and equipment, net

 

16,487

 

 

16,006

 

 

21,804

 

Intangible assets, net

 

91,893

 

 

97,053

 

 

98,773

 

Goodwill

 

157,264

 

 

157,264

 

 

157,264

 

Investments

 

2,875

 

 

2,875

 

 

2,875

 

Other assets

 

21,474

 

 

21,222

 

 

13,397

 

Total assets

 

$

456,251

 

 

$

431,688

 

 

$

435,856

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt and capital lease obligations

 

$

11,939

 

 

$

10,259

 

 

$

9,861

 

Accounts payable

 

19,589

 

 

16,280

 

 

20,483

 

Accrued expenses and other current liabilities

 

29,767

 

 

18,590

 

 

12,671

 

Total current liabilities

 

61,295

 

 

45,129

 

 

43,015

 

Long-term debt and finance lease obligations

 

129,236

 

 

138,025

 

 

140,523

 

Deferred tax liabilities

 

17,633

 

 

16,753

 

 

20,217

 

Long-term operating lease obligations

 

5,084

 

 

15,898

 

 

?

 

Other long-term liabilities

 

556

 

 

668

 

 

2,770

 

Total liabilities

 

213,804

 

 

216,473

 

 

206,525

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of December 31, 2019, March 31, 2019 and December 31, 2018; 49,914,987, 49,645,450 and 48,715,276 shares issued and outstanding as of December 31, 2019, March 31, 2019 and December 31, 2018, respectively

 

486

 

 

483

 

 

478

 

Additional paid-in capital

 

753,151

 

 

744,147

 

 

740,354

 

Accumulated deficit

 

(511,190

)

 

(529,415

)

 

(511,501

)

Total stockholders' equity

 

242,447

 

 

215,215

 

 

229,331

 

Total liabilities and stockholders' equity

 

$

456,251

 

 

$

431,688

 

 

$

435,856

 

e.l.f. Beauty, Inc. and subsidiaries

Condensed consolidated statements of cash flows

(unaudited)

(in thousands)

 

 

 

Nine months ended December 31,

 

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

Net income

 

$

18,225

 

 

$

14,835

 

Adjustments to reconcile net income to net cash provided by
operating activities:

 

 

 

 

Depreciation and amortization

 

16,863

 

 

13,573

 

Restructuring income

 

(5,982

)

 

?

 

Stock-based compensation expense

 

11,282

 

 

13,181

 

Amortization of debt issuance costs and discount on debt

 

565

 

 

593

 

Deferred income taxes

 

880

 

 

(1,674

)

Other, net

 

410

 

 

334

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(3,027

)

 

(5,122

)

Inventories

 

(4,603

)

 

15,387

 

Prepaid expenses and other assets

 

(3,260

)

 

(6,986

)

Accounts payable and accrued expenses

 

17,628

 

 

6,640

 

Other liabilities

 

(11,181

)

 

(209

)

Net cash provided by operating activities

 

37,800

 

 

50,552

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchase of property and equipment

 

(7,073

)

 

(6,205

)

Net cash used in investing activities

 

(7,073

)

 

(6,205

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Repayment of long-term debt

 

(7,013

)

 

(6,187

)

Repurchase of common stock

 

(3,546

)

 

?

 

Cash received from issuance of common stock

 

1,272

 

 

2,965

 

Other, net

 

(574

)

 

(394

)

Net cash used in financing activities

 

(9,861

)

 

(3,616

)

 

 

 

 

 

Net increase in cash and cash equivalents

 

20,866

 

 

40,731

 

Cash and cash equivalents - beginning of period

 

53,874

 

 

10,474

 

Cash and cash equivalents - end of period

 

$

74,740

 

 

$

51,205

 

e.l.f. Beauty, Inc. and subsidiaries

Reconciliation of GAAP net income to non-GAAP adjusted EBITDA

(unaudited)

(in thousands)

 

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

Net income

 

$

8,002

 

 

$

9,672

 

 

$

18,225

 

 

$

14,835

 

Interest expense, net

 

1,560

 

 

1,963

 

 

4,920

 

 

5,853

 

Income tax provision

 

2,983

 

 

1,015

 

 

6,367

 

 

1,998

 

Depreciation and amortization

 

5,009

 

 

4,956

 

 

14,945

 

 

13,573

 

EBITDA

 

$

17,554

 

 

$

17,606

 

 

$

44,457

 

 

$

36,259

 

Restructuring expense (income) (a)

 

8

 

 

?

 

 

(5,982

)

 

?

 

Stock-based compensation

 

3,352

 

 

4,357

 

 

11,282

 

 

13,181

 

Other non-cash and non-recurring costs (b)

 

516

 

 

394

 

 

1,148

 

 

969

 

Adjusted EBITDA

 

$

21,430

 

 

$

22,357

 

 

$

50,905

 

 

$

50,409

 

(a) Represents restructuring expense (income) related to the e.l.f. retail store closures. The nine months ended December 31, 2019 included a gain related to settlement of outstanding lease liabilities equal to the difference between the amount of cash disbursed and the outstanding liability at the time of settlement. The three months ended December 31, 2019 included various administrative costs related to the e.l.f. retail store closures.

(b) Represents various non-cash or non-recurring costs, including costs related to Project Unicorn, a fixturing and packaging transformation initiative and the automation of certain warehouse and distribution activities.

e.l.f. Beauty, Inc. and subsidiaries

Reconciliation of GAAP SG&A to non-GAAP adjusted SG&A

(unaudited)

(in thousands)

 

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

2019

 

2018

 

2019

 

2018

Selling, general, and administrative expenses

 

$

39,632

 

 

$

33,898

 

 

$

110,131

 

 

$

100,345

 

Stock-based compensation

 

(3,352

)

 

(4,357

)

 

(11,282

)

 

(13,181

)

Other non-cash and non-recurring costs (a)

 

(516

)

 

(214

)

 

(1,023

)

 

(484

)

Adjusted selling, general, and administrative expenses

 

$

35,764

 

 

$

29,327

 

 

$

97,826

 

 

$

86,680

 

(a) Represents various non-cash or non-recurring costs, including costs related to Project Unicorn and the automation of certain warehouse and distribution activities.

e.l.f. Beauty, Inc. and subsidiaries

Reconciliation of GAAP net income to non-GAAP adjusted net income

(unaudited)

(in thousands, except share and per share data)

 

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

2019

 

2018

 

2019

 

2018

Net income

 

$

8,002

 

 

$

9,672

 

 

$

18,225

 

 

$

14,835

 

Restructuring expense (income) (a)

 

8

 

 

?

 

 

(5,982

)

 

?

 

Stock-based compensation

 

3,352

 

 

4,357

 

 

11,282

 

 

13,181

 

Other non-cash and non-recurring costs (b)

 

516

 

 

394

 

 

1,148

 

 

969

 

Amortization of acquired intangible assets (c)

 

1,720

 

 

1,847

 

 

5,160

 

 

5,355

 

Tax Impact (d)

 

(1,395

)

 

(1,648

)

 

(2,992

)

 

(4,859

)

Adjusted net income

 

$

12,203

 

 

$

14,622

 

 

$

26,841

 

 

$

29,481

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - diluted

 

50,966,550

 

 

49,211,311

 

 

50,741,492

 

 

49,254,848

 

Adjusted diluted earnings per share

 

$

0.24

 

 

$

0.30

 

 

$

0.53

 

 

$

0.60

 

(a) Represents restructuring expense (income) related to the e.l.f. retail store closures. The nine months ended December 31, 2019 included a gain related to settlement of outstanding lease liabilities equal to the difference between the amount of cash disbursed and the outstanding liability at the time of settlement. The three months ended December 31, 2019 included various administrative costs related to the e.l.f. retail store closures.

(b) Represents various non-cash or non-recurring costs, including costs related to Project Unicorn and the automation of certain warehouse and distribution activities.

(c) Represents amortization expense of acquired intangible assets consisting of customer relationships and favorable leases.

(d) Represents the tax impact of the above adjustments.


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News published on 5 february 2020 at 16:10 and distributed by: