Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported
financial results for its third quarter and first nine months ended
December 31, 2023.
“We are pleased with our continued strong results that exceeded
our revenue and earnings expectations for the quarter.
Solid revenue growth of nearly 3% was driven by our leading
portfolio of brands and continued investment in our marketing
playbook. This translated into cash flow and earnings growth driven
by our proven financial model,” said Ron Lombardi, Chief Executive
Officer of Prestige Consumer Healthcare.
Third Fiscal Quarter Ended December 31,
2023
Reported revenues in the third quarter of fiscal 2024 of $282.7
million compared to a $275.5 million in the third quarter of fiscal
2023. Revenues increased 2.6% versus the prior year third quarter
on both a reported and organic basis. The revenue growth for the
quarter was led by strong Eye & Ear Care category performance
in North America and Hydralyte® brand growth in the International
segment, partially offset by an expected decline in the Cough &
Cold category and the planned strategic exit of private label
revenues.
Reported net income for the third quarter of fiscal 2024 totaled
$53.0 million, an increase versus the prior year third quarter’s
net income of $52.0 million. Diluted earnings per share of $1.06
for the third quarter of fiscal 2024 increased 2.2% versus $1.04 in
the prior year comparable period.
Nine Months Ended December 31, 2023
Reported revenues for the first nine months of fiscal 2024
totaled $848.4 million, a 0.8% increase compared to revenues of
$841.9 million for the first nine months of fiscal 2023. Revenues
increased 1.2% versus the prior year nine-month period excluding
the impact of foreign currency. The revenue growth for the first
nine months was driven by solid International segment performance
and strong Eye & Ear Care category sales in North America,
partially offset by lower Women’s Health category sales and the
strategic exit of private label revenues.
Reported net income for the first nine months of fiscal 2024
totaled $159.9 million, an increase compared to the prior year
comparable period net income of $158.2 million. Diluted earnings
per share were $3.19 for the first nine months of fiscal 2024
increased compared to diluted earnings per share of $3.14 in the
prior year comparable period.
Free Cash Flow and Balance Sheet
The Company's net cash provided by operating activities for the
third quarter fiscal 2024 was $71.5 million, compared to $54.9
million during the prior year comparable period. Non-GAAP free cash
flow in the third quarter of fiscal 2024 was $69.5 million,
compared to $53.1 million in the prior year third quarter. The
Company's net cash provided by operating activities for the first
nine months of fiscal 2024 was $182.0 million, compared to $170.7
million during the prior year comparable period. Non-GAAP free cash
flow in the first nine months of fiscal 2024 was $175.6 million,
compared to $165.5 million in the prior year comparable period.
In the first quarter fiscal 2024, the Company repurchased
approximately 0.4 million shares at a total investment of $25.0
million, completing its previously authorized share repurchase
program.
The Company's net debt position as of December 31, 2023 was
approximately $1.1 billion, resulting in a covenant-defined
leverage ratio of 2.9x.
Segment Review
North American OTC Healthcare: Segment revenues of $236.6
million for the third quarter fiscal 2024 were approximately flat
to the prior year, driven by strong Eye & Ear Care category
performance offset by lower Cough & Cold category sales as well
as the strategic exit of private label business.
For the first nine months of the current fiscal year, reported
revenues for the North American segment were $727.1 million, which
compared to $731.5 million in the prior year comparable period. The
change was attributable to lower sales in the Women’s Health,
Analgesic, and Cough & Cold categories and the strategic exit
of private label business, partially offset by higher sales in
other categories including Eye & Ear Care, Dermatologicals, and
Gastrointestinal.
International OTC Healthcare: Fiscal third quarter 2024 segment
revenues were $46.2 million, compared to $38.6 million reported in
the prior year comparable period. The largest driver to the
increase in revenue versus the prior year third quarter was the
Gastrointestinal category’s Hydralyte® brand.
For the first nine months of the current fiscal year, reported
revenues for the International Healthcare segment were $121.2
million, an increase of approximately 10% over the prior year
comparable period’s revenues of $110.4 million or an increase of
approximately 12% after excluding the impact a $2.5M foreign
currency headwind.
Commentary and Updated Outlook for Fiscal
2024
Ron Lombardi, Chief Executive Officer, stated, “Our continued
top-line momentum delivered solid growth led by our Eye & Ear
Care category brands Clear Eyes®, TheraTears®, and Debrox® in North
America and the Hydralyte® brand in our International
segment. The resulting strong profitability and free
cash flow enabled our continued disciplined capital deployment,
which reduced debt by $65 million in the quarter and improved our
leverage to 2.9x at the end of December.”
“Given the strong Q3 performance, we are raising our fiscal 2024
earnings outlook. We continue to anticipate revenues of $1,135 to
$1,140 million, thanks to our diverse portfolio of brands. We
expect this outlook to continue to translate into industry-leading
free cash flow, which positions us to continue creating long-term
shareholder value through stable organic growth and strategic
capital allocation,” Mr. Lombardi concluded.
|
Prior Fiscal 2024 Outlook |
Current Fiscal 2024 Outlook |
Revenue |
$1,135 to $1,140 million |
$1,135 to $1,140 million |
Organic Revenue Growth |
1% to 2% |
1% to 2% |
Diluted E.P.S. |
$4.27 to $4.32 |
Approximately $4.33 |
Free Cash Flow |
$240 million or more |
$240 million or more |
Fiscal Third Quarter 2024 Conference Call, Accompanying
Slide Presentation and Replay
The Company will host a conference call to review its third
quarter fiscal 2024 results today, February 8, 2024 at 8:30 a.m.
ET. The Company provides a live Internet webcast, a slide
presentation to accompany the call, as well as an archived replay,
all of which can be accessed from the Investor Relations page of
the Company's website at www.prestigeconsumerhealthcare.com. To
participate in the conference call via phone, participants may
register for the call here to receive dial-in details and a unique
pin. While not required, it is recommended to join 10 minutes prior
to the event start. The slide presentation can be accessed from the
Investor Relations page of the website by clicking on Webcasts and
Presentations.
A conference call replay will be available for approximately one
week following completion of the live call and can be accessed on
the Company’s Investor Relations page.
Non-GAAP and Other Financial InformationIn
addition to financial results reported in accordance with U.S.
generally accepted accounting principles (GAAP), we have provided
certain non-GAAP financial information in this release to aid
investors in understanding the Company's performance. Each non-GAAP
financial measure is defined and reconciled to its most closely
related GAAP financial measure in the “About Non-GAAP Financial
Measures” section at the end of this earnings release.
Note Regarding Forward-Looking Statements This
news release contains "forward-looking statements" within the
meaning of the federal securities laws that are intended to qualify
for the Safe Harbor from liability established by the Private
Securities Litigation Reform Act of 1995. "Forward-looking
statements" generally can be identified by the use of
forward-looking terminology such as "outlook," "projected," "may,"
"will," "would," "expect," "anticipate," or "continue" (or the
negative or other derivatives of each of these terms) or similar
terminology. The "forward-looking statements" include, without
limitation, statements regarding the Company's future operating
results including revenues, organic growth, diluted earnings per
share, and free cash flow, the Company’s disciplined capital
deployment, and the Company’s ability to create shareholder value.
These statements are based on management’s estimates and
assumptions with respect to future events and financial performance
and are believed to be reasonable, though are inherently uncertain
and difficult to predict. Actual results could differ materially
from those expected as a result of a variety of factors, including
the impact of economic conditions, including as a result of labor
shortages, inflation and geopolitical instability, consumer trends,
the impact of the Company’s advertising and marketing and new
product development initiatives, customer inventory management
initiatives, fluctuating foreign exchange rates, competitive
pressures, and the ability of the Company’s manufacturing
operations and third party manufacturers and logistics providers
and suppliers to meet demand for its products and to avoid
inflationary cost increases and disruption as a result of labor
shortages. A discussion of other factors that could cause results
to vary is included in the Company’s Annual Report on Form 10-K for
the year ended March 31, 2023 and other periodic reports filed with
the Securities and Exchange Commission.
About Prestige Consumer Healthcare Inc.Prestige
Consumer Healthcare is a leading consumer healthcare products
company with sales throughout the U.S. and Canada, Australia, and
in certain other international markets. The Company’s diverse
portfolio of brands include Monistat® and Summer’s Eve® women’s
health products, BC® and Goody's® pain relievers, Clear Eyes® and
TheraTears® eye care products, DenTek® specialty oral care
products, Dramamine® motion sickness treatments, Fleet® enemas and
glycerin suppositories, Chloraseptic® and Luden’s® sore throat
treatments and drops, Compound W® wart treatments, Little Remedies®
pediatric over-the-counter products, Boudreaux’s Butt Paste® diaper
rash ointments, Nix® lice treatment, Debrox® earwax remover,
Gaviscon® antacid in Canada, and Hydralyte® rehydration products
and the Fess® line of nasal and sinus care products in Australia.
Visit the Company’s website at
www.prestigeconsumerhealthcare.com.
Prestige Consumer Healthcare
Inc.Condensed Consolidated Statements of Income
and Comprehensive Income (Unaudited)
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
(In thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Total
Revenues |
$ |
282,741 |
|
$ |
275,524 |
|
$ |
848,366 |
|
|
$ |
841,856 |
|
|
|
|
|
|
|
|
|
Cost of
Sales |
|
|
|
|
|
|
|
Cost of sales excluding depreciation |
|
122,794 |
|
|
123,251 |
|
|
369,772 |
|
|
|
364,631 |
|
Cost of sales depreciation |
|
2,009 |
|
|
1,871 |
|
|
5,963 |
|
|
|
5,695 |
|
Cost of sales |
|
124,803 |
|
|
125,122 |
|
|
375,735 |
|
|
|
370,326 |
|
Gross profit |
|
157,938 |
|
|
150,402 |
|
|
472,631 |
|
|
|
471,530 |
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
Advertising and marketing |
|
39,466 |
|
|
30,423 |
|
|
115,799 |
|
|
|
114,193 |
|
General and administrative |
|
26,003 |
|
|
26,536 |
|
|
79,687 |
|
|
|
79,688 |
|
Depreciation and amortization |
|
5,637 |
|
|
6,259 |
|
|
16,869 |
|
|
|
19,067 |
|
Total operating expenses |
|
71,106 |
|
|
63,218 |
|
|
212,355 |
|
|
|
212,948 |
|
Operating income |
|
86,832 |
|
|
87,184 |
|
|
260,276 |
|
|
|
258,582 |
|
|
|
|
|
|
|
|
|
Other
expense |
|
|
|
|
|
|
|
Interest expense, net |
|
16,575 |
|
|
17,917 |
|
|
51,900 |
|
|
|
50,188 |
|
Other expense (income), net |
|
682 |
|
|
1,150 |
|
|
(327 |
) |
|
|
2,787 |
|
Total other expense, net |
|
17,257 |
|
|
19,067 |
|
|
51,573 |
|
|
|
52,975 |
|
Income before income taxes |
|
69,575 |
|
|
68,117 |
|
|
208,703 |
|
|
|
205,607 |
|
Provision for income taxes |
|
16,529 |
|
|
16,166 |
|
|
48,822 |
|
|
|
47,361 |
|
Net income |
$ |
53,046 |
|
$ |
51,951 |
|
$ |
159,881 |
|
|
$ |
158,246 |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
1.07 |
|
$ |
1.05 |
|
$ |
3.21 |
|
|
$ |
3.17 |
|
Diluted |
$ |
1.06 |
|
$ |
1.04 |
|
$ |
3.19 |
|
|
$ |
3.14 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
49,740 |
|
|
49,693 |
|
|
49,731 |
|
|
|
49,919 |
|
Diluted |
|
50,125 |
|
|
50,186 |
|
|
50,134 |
|
|
|
50,392 |
|
|
|
|
|
|
|
|
|
Comprehensive income, net of
tax: |
|
|
|
|
|
|
|
Currency translation adjustments |
|
7,465 |
|
|
6,970 |
|
|
3,035 |
|
|
|
(9,667 |
) |
Net loss on termination of pension plan |
|
— |
|
|
— |
|
|
— |
|
|
|
(790 |
) |
Total other comprehensive
income (loss) |
|
7,465 |
|
|
6,970 |
|
|
3,035 |
|
|
|
(10,457 |
) |
Comprehensive income |
$ |
60,511 |
|
$ |
58,921 |
|
$ |
162,916 |
|
|
$ |
147,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prestige Consumer Healthcare
Inc.Condensed Consolidated Balance
Sheets(Unaudited)
(In
thousands) |
December 31, 2023 |
|
March 31, 2023 |
|
|
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
63,615 |
|
$ |
58,489 |
Accounts receivable, net of
allowance of $18,710 and $20,205, respectively |
|
174,288 |
|
|
167,016 |
Inventories |
|
148,637 |
|
|
162,121 |
Prepaid expenses and other current assets |
|
7,246 |
|
|
4,117 |
Total current assets |
|
393,786 |
|
|
391,743 |
|
|
|
|
Property, plant and equipment,
net |
|
70,356 |
|
|
70,412 |
Operating lease right-of-use
assets |
|
10,695 |
|
|
14,923 |
Finance lease right-of-use
assets, net |
|
2,206 |
|
|
4,200 |
Goodwill |
|
527,878 |
|
|
527,553 |
Intangible assets, net |
|
2,328,529 |
|
|
2,341,893 |
Other long-term assets |
|
6,303 |
|
|
3,005 |
Total Assets |
$ |
3,339,753 |
|
$ |
3,353,729 |
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
|
39,339 |
|
|
62,743 |
Accrued interest payable |
|
15,197 |
|
|
15,688 |
Operating lease liabilities, current portion |
|
5,650 |
|
|
6,926 |
Finance lease liabilities, current portion |
|
2,188 |
|
|
2,834 |
Other accrued liabilities |
|
65,063 |
|
|
72,524 |
Total current liabilities |
|
127,437 |
|
|
160,715 |
|
|
|
|
Long-term debt, net |
|
1,199,340 |
|
|
1,345,788 |
Deferred income tax
liabilities |
|
397,147 |
|
|
380,434 |
Long-term operating lease
liabilities, net of current portion |
|
6,138 |
|
|
9,876 |
Long-term finance lease
liabilities, net of current portion |
|
195 |
|
|
1,667 |
Other long-term
liabilities |
|
8,919 |
|
|
8,165 |
Total Liabilities |
|
1,739,176 |
|
|
1,906,645 |
|
|
|
|
Total Stockholders'
Equity |
|
1,600,577 |
|
|
1,447,084 |
Total Liabilities and
Stockholders' Equity |
$ |
3,339,753 |
|
$ |
3,353,729 |
|
|
|
|
|
|
Prestige Consumer Healthcare
Inc.Condensed Consolidated Statements of Cash
Flows(Unaudited)
|
Nine Months Ended December 31, |
(In thousands) |
|
2023 |
|
|
|
2022 |
|
Operating
Activities |
|
|
|
Net income |
$ |
159,881 |
|
|
$ |
158,246 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
22,832 |
|
|
|
24,762 |
|
Loss on disposal of property and equipment |
|
231 |
|
|
|
171 |
|
Deferred income taxes |
|
14,892 |
|
|
|
14,021 |
|
Amortization of debt origination costs |
|
3,726 |
|
|
|
2,613 |
|
Stock-based compensation costs |
|
10,283 |
|
|
|
9,756 |
|
Non-cash operating lease cost |
|
4,494 |
|
|
|
4,697 |
|
Other |
|
— |
|
|
|
447 |
|
Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
|
(7,017 |
) |
|
|
(17,078 |
) |
Inventories |
|
13,790 |
|
|
|
(38,587 |
) |
Prepaid expenses and other current assets |
|
(2,605 |
) |
|
|
(596 |
) |
Accounts payable |
|
(23,964 |
) |
|
|
8,892 |
|
Accrued liabilities |
|
(7,732 |
) |
|
|
8,345 |
|
Operating lease liabilities |
|
(5,259 |
) |
|
|
(4,941 |
) |
Other |
|
(1,533 |
) |
|
|
(19 |
) |
Net cash provided by operating activities |
|
182,019 |
|
|
|
170,729 |
|
|
|
|
|
Investing
Activities |
|
|
|
Purchases of property, plant
and equipment |
|
(6,407 |
) |
|
|
(5,226 |
) |
Other |
|
1,300 |
|
|
|
— |
|
Net cash used in investing activities |
|
(5,107 |
) |
|
|
(5,226 |
) |
|
|
|
|
Financing
Activities |
|
|
|
Term loan repayments |
|
(150,000 |
) |
|
|
(55,000 |
) |
Borrowings under revolving
credit agreement |
|
— |
|
|
|
20,000 |
|
Repayments under revolving
credit agreement |
|
— |
|
|
|
(20,000 |
) |
Payments of debt costs |
|
(769 |
) |
|
|
— |
|
Payments of finance
leases |
|
(2,112 |
) |
|
|
(2,058 |
) |
Proceeds from exercise of
stock options |
|
10,818 |
|
|
|
7,173 |
|
Fair value of shares
surrendered as payment of tax withholding |
|
(5,508 |
) |
|
|
(5,466 |
) |
Repurchase of common
stock |
|
(25,000 |
) |
|
|
(50,000 |
) |
Net cash used in financing activities |
|
(172,571 |
) |
|
|
(105,351 |
) |
|
|
|
|
Effects of exchange rate
changes on cash and cash equivalents |
|
785 |
|
|
|
(979 |
) |
Increase in cash and cash
equivalents |
|
5,126 |
|
|
|
59,173 |
|
Cash and cash equivalents -
beginning of period |
|
58,489 |
|
|
|
27,185 |
|
Cash and cash equivalents -
end of period |
$ |
63,615 |
|
|
$ |
86,358 |
|
Interest paid |
$ |
49,666 |
|
|
$ |
36,716 |
|
Income taxes paid |
$ |
38,606 |
|
|
$ |
27,632 |
|
|
|
|
|
|
|
|
|
Prestige Consumer Healthcare
Inc.Condensed Consolidated Statements of
IncomeBusiness
Segments(Unaudited)
|
|
|
|
|
|
|
Three Months Ended December 31, 2023 |
(In
thousands) |
North American OTCHealthcare |
|
International OTCHealthcare |
|
Consolidated |
Total segment revenues* |
$ |
236,565 |
|
$ |
46,176 |
|
$ |
282,741 |
Cost of sales |
|
106,090 |
|
|
18,713 |
|
|
124,803 |
Gross profit |
|
130,475 |
|
|
27,463 |
|
|
157,938 |
Advertising and marketing |
|
33,917 |
|
|
5,549 |
|
|
39,466 |
Contribution margin |
$ |
96,558 |
|
$ |
21,914 |
|
$ |
118,472 |
Other operating expenses |
|
|
|
|
|
31,640 |
Operating income |
|
|
|
|
$ |
86,832 |
|
|
|
|
|
|
*Intersegment revenues of $0.5 million were eliminated from the
North American OTC Healthcare segment.
|
Nine Months Ended December 31, 2023 |
(In
thousands) |
North American OTC Healthcare |
|
International OTC Healthcare |
|
Consolidated |
Total segment revenues* |
$ |
727,131 |
|
$ |
121,235 |
|
$ |
848,366 |
Cost of sales |
|
323,632 |
|
|
52,103 |
|
|
375,735 |
Gross profit |
|
403,499 |
|
|
69,132 |
|
|
472,631 |
Advertising and marketing |
|
100,707 |
|
|
15,092 |
|
|
115,799 |
Contribution margin |
$ |
302,792 |
|
$ |
54,040 |
|
$ |
356,832 |
Other operating expenses |
|
|
|
|
|
96,556 |
Operating income |
|
|
|
|
$ |
260,276 |
*Intersegment revenues of $2.5 million were eliminated from the
North American OTC Healthcare segment.
|
Three Months Ended December 31, 2022 |
(In
thousands) |
North American OTC Healthcare |
|
International OTC Healthcare |
|
Consolidated |
Total segment revenues* |
$ |
236,884 |
|
$ |
38,640 |
|
$ |
275,524 |
Cost of sales |
|
110,554 |
|
|
14,568 |
|
|
125,122 |
Gross profit |
|
126,330 |
|
|
24,072 |
|
|
150,402 |
Advertising and marketing |
|
24,831 |
|
|
5,592 |
|
|
30,423 |
Contribution margin |
$ |
101,499 |
|
$ |
18,480 |
|
$ |
119,979 |
Other operating expenses |
|
|
|
|
|
32,795 |
Operating income |
|
|
|
|
$ |
87,184 |
*Intersegment revenues of $1.1 million were eliminated from the
North American OTC Healthcare segment.
|
Nine Months Ended December 31, 2022 |
(In
thousands) |
North American OTC Healthcare |
|
International OTC Healthcare |
|
Consolidated |
Total segment revenues* |
$ |
731,456 |
|
$ |
110,400 |
|
$ |
841,856 |
Cost of sales |
|
327,008 |
|
|
43,318 |
|
|
370,326 |
Gross profit |
|
404,448 |
|
|
67,082 |
|
|
471,530 |
Advertising and marketing |
|
99,559 |
|
|
14,634 |
|
|
114,193 |
Contribution margin |
$ |
304,889 |
|
$ |
52,448 |
|
$ |
357,337 |
Other operating expenses |
|
|
|
|
|
98,755 |
Operating income |
|
|
|
|
$ |
258,582 |
*Intersegment revenues of $2.8 million were
eliminated from the North American OTC Healthcare segment.
About Non-GAAP Financial Measures
In addition to financial results reported in
accordance with GAAP, we disclose certain Non-GAAP financial
measures ("NGFMs"), including, but not limited to, Non-GAAP Organic
Revenues, Non-GAAP Organic Revenue Change Percentage, Non-GAAP
EBITDA, Non-GAAP EBITDA Margin, Non-GAAP Free Cash Flow, and Net
Debt.
We use these NGFMs internally, along with GAAP
information, in evaluating our operating performance and in making
financial and operational decisions. We believe that the
presentation of these NGFMs provides investors with greater
transparency, and provides a more complete understanding of our
business than could be obtained absent these disclosures, because
the supplemental data relating to our financial condition and
results of operations provides additional ways to view our
operation when considered with both our GAAP results and the
reconciliations below. In addition, we believe that the
presentation of each of these NGFMs is useful to investors for
period-to-period comparisons of results in assessing shareholder
value, and we use these NGFMs internally to evaluate the
performance of our personnel and also to evaluate our operating
performance and compare our performance to that of our
competitors.
These NGFMs are not in accordance with GAAP,
should not be considered as a measure of profitability or
liquidity, and may not be directly comparable to similarly titled
NGFMs reported by other companies. These NGFMs have limitations and
they should not be considered in isolation from or as an
alternative to their most closely related GAAP measures reconciled
below. Investors should not rely on any single financial measure
when evaluating our business. We recommend investors review the
GAAP financial measures included in this earnings release. When
viewed in conjunction with our GAAP results and the reconciliations
below, we believe these NGFMs provide greater transparency and a
more complete understanding of factors affecting our business than
GAAP measures alone.
NGFMs Defined
We define our NGFMs presented herein as
follows:
- Non-GAAP Organic Revenues: GAAP
Total Revenues excluding the impact of foreign currency exchange
rates in the periods presented.
- Non-GAAP Organic Revenue Change
Percentage: Calculated as the change in Non-GAAP Organic Revenues
from prior year divided by prior year Non-GAAP Organic
Revenues.
- Non-GAAP EBITDA: GAAP Net Income
before interest expense, net, provision for income taxes, and
depreciation and amortization.
- Non-GAAP EBITDA Margin: Calculated
as Non-GAAP EBITDA divided by GAAP Total Revenues.
- Non-GAAP Free Cash Flow: Calculated
as GAAP Net cash provided by operating activities less cash paid
for capital expenditures.
- Net Debt: Calculated as total
principal amount of debt outstanding ($1,210,000 at
December 31, 2023) less cash and cash equivalents ($63,615 at
December 31, 2023). Amounts in thousands.
The following tables set forth the
reconciliations of each of our NGFMs (other than Net Debt, which is
reconciled above) to their most directly comparable financial
measures presented in accordance with GAAP.
Reconciliation of GAAP Total Revenues to Non-GAAP
Organic Revenues and related Non-GAAP Organic Revenue Change
percentage:
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
(In
thousands) |
|
|
|
|
|
|
|
GAAP Total Revenues |
$ |
282,741 |
|
|
$ |
275,524 |
|
$ |
848,366 |
|
|
$ |
841,856 |
|
Revenue Change |
|
2.6 |
% |
|
|
|
|
0.8 |
% |
|
|
Adjustments: |
|
|
|
|
|
|
|
Impact of foreign currency
exchange rates |
|
— |
|
|
|
55 |
|
|
— |
|
|
|
(3,704 |
) |
Total adjustments |
|
— |
|
|
|
55 |
|
|
— |
|
|
|
(3,704 |
) |
Non-GAAP Organic Revenues |
$ |
282,741 |
|
|
$ |
275,579 |
|
$ |
848,366 |
|
|
$ |
838,152 |
|
Non-GAAP Organic Revenue
Change |
|
2.6 |
% |
|
|
|
|
1.2 |
% |
|
|
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and
related Non-GAAP EBITDA Margin:
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
(In
thousands) |
|
|
|
|
|
|
|
GAAP Net Income |
$ |
53,046 |
|
|
$ |
51,951 |
|
|
$ |
159,881 |
|
|
$ |
158,246 |
|
Interest expense, net |
|
16,575 |
|
|
|
17,917 |
|
|
|
51,900 |
|
|
|
50,188 |
|
Provision for income
taxes |
|
16,529 |
|
|
|
16,166 |
|
|
|
48,822 |
|
|
|
47,361 |
|
Depreciation and
amortization |
|
7,646 |
|
|
|
8,130 |
|
|
|
22,832 |
|
|
|
24,762 |
|
Non-GAAP EBITDA |
$ |
93,796 |
|
|
$ |
94,164 |
|
|
$ |
283,435 |
|
|
$ |
280,557 |
|
Non-GAAP EBITDA Margin |
|
33.2 |
% |
|
|
34.2 |
% |
|
|
33.4 |
% |
|
|
33.3 |
% |
Reconciliation of GAAP Net Income to Non-GAAP Free Cash
Flow:
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
(In
thousands) |
|
|
|
|
|
|
|
GAAP Net Income |
$ |
53,046 |
|
|
$ |
51,951 |
|
|
$ |
159,881 |
|
|
$ |
158,246 |
|
Adjustments: |
|
|
|
|
|
|
|
Adjustments to reconcile net
income to net cash provided by operating activities as shown in the
Statement of Cash Flows |
|
18,408 |
|
|
|
22,978 |
|
|
|
56,458 |
|
|
|
56,467 |
|
Changes in operating assets
and liabilities as shown in the Statement of Cash Flows |
|
18 |
|
|
|
(19,987 |
) |
|
|
(34,320 |
) |
|
|
(43,984 |
) |
Total adjustments |
|
18,426 |
|
|
|
2,991 |
|
|
|
22,138 |
|
|
|
12,483 |
|
GAAP Net cash provided by
operating activities |
|
71,472 |
|
|
|
54,942 |
|
|
|
182,019 |
|
|
|
170,729 |
|
Purchases of property and
equipment |
|
(1,996 |
) |
|
|
(1,803 |
) |
|
|
(6,407 |
) |
|
|
(5,226 |
) |
Non-GAAP Free Cash Flow |
$ |
69,476 |
|
|
$ |
53,139 |
|
|
$ |
175,612 |
|
|
$ |
165,503 |
|
Outlook for Fiscal Year
2024:
Reconciliation of Projected GAAP Net
cash provided by operating activities to Projected Non-GAAP Free
Cash Flow:
(In
millions) |
|
Projected FY'24 GAAP Net cash provided by operating activities |
$ |
250 |
|
Additions to property and
equipment for cash |
|
(10 |
) |
Projected FY'24 Non-GAAP Free
Cash Flow |
$ |
240 |
|
Investor Relations Contact
Phil Terpolilli, CFA, 914-524-6819
irinquiries@prestigebrands.com
Prestige Consumer Health... (NYSE:PBH)
過去 株価チャート
から 5 2024 まで 6 2024
Prestige Consumer Health... (NYSE:PBH)
過去 株価チャート
から 6 2023 まで 6 2024