0001157523-19-001688.txt : 20190801 0001157523-19-001688.hdr.sgml : 20190801 20190801162036 ACCESSION NUMBER: 0001157523-19-001688 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20190801 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190801 DATE AS OF CHANGE: 20190801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HERBALIFE NUTRITION LTD. CENTRAL INDEX KEY: 0001180262 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32381 FILM NUMBER: 19992975 BUSINESS ADDRESS: STREET 1: P.O. BOX 309GT STREET 2: UGLAND HOUSE, SOUTH CHURCH STREET CITY: GEORGE TOWN STATE: E9 ZIP: 00000 BUSINESS PHONE: 310 410 9600 MAIL ADDRESS: STREET 1: P.O. BOX 309GT STREET 2: UGLAND HOUSE, SOUTH CHURCH STREET CITY: GEORGE TOWN STATE: E9 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: HERBALIFE LTD. DATE OF NAME CHANGE: 20041214 FORMER COMPANY: FORMER CONFORMED NAME: WH HOLDINGS CAYMAN ISLANDS LTD DATE OF NAME CHANGE: 20020814 8-K 1 a52021913.htm HERBALIFE NUTRITION LTD. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 

FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): August 1, 2019

 
Herbalife Nutrition Ltd.
(Exact Name of Registrant as Specified in Charter)
 
 
Cayman Islands
001-32381
98-0377871
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
   
P.O. Box 309GT, Ugland House,
South Church Street, Grand Cayman
Cayman Islands
KY1-1106
(Address of Principal Executive Offices)
(Zip Code)
 
Registrant’s telephone number, including area code: c/o (213) 745-0500
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares, par value $0.0005 per share
HLF
New York Stock Exchange
New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02.  Results of Operations and Financial Condition.

On August 1, 2019, Herbalife Nutrition Ltd. (the “Company”) issued a press release announcing its financial results for its fiscal quarter ended June 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information contained in this Item 2.02 and Exhibit 99.1 attached to this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.  Financial Statements and Exhibits.

(d)
Exhibits.

104
 Cover Page Interactive Data File - The cover page from the Company's Current Report on Form 8-K filed on August 1, 2019 is formatted in Inline XBRL.


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Herbalife Nutrition Ltd.
     
August 1, 2019
By:
/s/ Henry C. Wang
 
 
Name:
Henry C. Wang
 
 
Title:
EVP, General Counsel and Corporate Secretary

EX-99.1 2 a52021913ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Herbalife Nutrition Reports Results with Net Sales Growth in Four of our Six Regions

LOS ANGELES--(BUSINESS WIRE)--August 1st, 2019--Herbalife Nutrition Ltd. (NYSE: HLF) today reported financial results for the second quarter ended June 30, 2019:

“Our performance demonstrates the strength of our geographic diversity as this was the Company’s second largest quarter in history, despite the challenges in China,” said Michael O. Johnson, Chairman and CEO of Herbalife Nutrition

QUARTER HIGHLIGHTS

  • Reported net sales of $1.2 billion decreased 3.5% compared to the second quarter 2018. Excluding China, net sales increased 5.4% compared to the second quarter 2018 with growth in eight of our top ten countries.
  • Volume points of 1.5 billion were flat compared to the prior year period, with three of six regions setting quarterly volume point records. Excluding China, volume points increased 5.6% compared to the prior year period.1
  • Second quarter reported diluted EPS of $0.54 and adjusted2 earnings of $0.70 per adjusted3 diluted share, both of which were negatively impacted by expenses of approximately $4.0 million or $0.02 per diluted share and adjusted3 diluted share, respectively, related to the China Growth and Impact Investment Program.
  • The Company is revising full year 2019 volume point guidance to a range of 0.5% - 5.0% growth, net sales guidance to a range of (1.7%) – 2.8%, as well as reported and adjusted1,3 diluted EPS guidance to a range of $2.11 - $2.51 and $2.40 – $2.80, respectively.

________________________________________________________

1 Excluding adjustments to volume point values in 2018, the year over year change would have been a decrease of 0.2% and an increase of 5.2% excluding China. See Regional Volume Point Metrics below.

2 Adjusted diluted EPS is a non-GAAP measure and excludes the impact of: non-cash interest expense and amortization of non-cash issuance costs associated with the Company’s convertible notes, China grant income, impacts relating to contingent value rights revaluation, income related to finalization of insurance recoveries, impact of adjusted shares outstanding and expenses related to regulatory inquiries and legal accrual. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a detailed reconciliation of adjusted net income to net income calculated in accordance with GAAP and a reconciliation of adjusted diluted EPS to diluted EPS calculated in accordance with GAAP and a discussion of why we believe these non-GAAP measures are useful.

3 See Schedule A - “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of adjusted diluted share count to reported diluted share count and a discussion of why the share count has been adjusted for purposes of calculating adjusted diluted EPS for the second quarter of 2019, year to date periods of 2018 and 2019, and third quarter and full year 2019 guidance.

Second Quarter 2019 Key Metrics4

Regional Volume Point Metrics

 

Volume Points

Region

2Q '19 (mil)

Yr/Yr % Chg

Asia Pacific

371.3

22.6

%

North America

355.6

5.7

%

EMEA

336.3

5.3

%

Mexico

221.7

(6.5

%)

China

122.9

(37.3

%)

South and Central America

122.3

(10.3

%)

Worldwide Total (a)

1,530.1

0.1

%

Worldwide Total excl. China (a)

1,407.2

5.6

%

(a) During 2018, the Company adjusted volume point values for certain products in North America and South & Central America. Excluding these adjustments, the worldwide total year over year change in volume points would have been a decrease of 0.2% for the second quarter and an increase of 5.2% for the second quarter excluding China. Adjustments to Volume Points during 2019 were not material.

Regional Net Sales and Foreign Exchange (“FX”) Impact

 

Reported

Growth/Decline

Growth/Decline

Region

Net Sales

including FX

excluding FX


2Q’19 (mil)

vs. 2Q ‘18

vs. 2Q ‘18

Asia Pacific

$

299.6

18.4

%

22.6

%

North America

$

278.3

6.0

%

6.1

%

EMEA

$

262.9

1.1

%

9.1

%

Mexico

$

121.2

2.5

%

1.3

%

China

$

187.0

(34.8

%)

(30.2

%)

South & Central America (a)

$

91.1

(13.2

%)

2497.1

%

Worldwide Total

$

1,240.1

(3.5

%)

205.0

%

Worldwide Total excl. China

$

1,053.1

5.4

%

272.5

%

South & Central America excl. Venezuela (a)

$

90.7

(11.2

%)

(2.5

%)

Worldwide Total excl Venezuela (a)

$

1,239.7

(3.4

%)

0.7

%

Worldwide Total excl. China and Venezuela (a)

$

1,052.7

5.7

%

9.6

%

(a) Venezuela was impacted by significant price increases and erosion in foreign currency exchange rates. Venezuela represents less than 1% of the Company’s consolidated net sales. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why we believe adjusting for Venezuela is useful.

________________________________________________________

4 Supplemental tables that include Average Active Sales Leader and additional business metrics can be found at http://ir.Herbalife.com.

Outlook

Following is the Company’s third quarter and full year 2019 guidance based on current business trends:


Three Months Ending

Twelve Months Ending


September 30, 2019

December 31, 2019


Low

High

Low

High

Volume Point Growth vs 2018 (a)

 

(1.5

%)

 

4.5

%

 

0.5

%

 

5.0

%

Net Sales Growth vs 2018 (b)

 

(2.0

%)

 

4.0

%

 

(1.7

%)

 

2.8

%

Diluted EPS (b) (c)

$

0.44

 

$

0.64

 

$

2.11

 

$

2.51

 

Adjusted Diluted EPS (b) (c) (d)

$

0.50

 

$

0.70

 

$

2.40

 

$

2.80

 

Cap Ex ($ millions)

$

35.0

 

$

45.0

 

$

120.0

 

$

150.0

 

Effective Tax Rate (b) (c)

 

32.0

%

 

36.0

%

 

31.0

%

 

35.0

%

Adjusted Effective Tax Rate (b) (c) (d)

 

28.5

%

 

32.5

%

 

28.0

%

 

32.0

%

Net Sales Growth vs. 2018 (Currency Adjusted) (b) (e)

 

(1.4

%)

 

4.6

%

 

0.7

%

 

5.2

%

Adjusted Diluted EPS (Currency Adjusted) (b) (c) (d) (e)

$

0.56

 

$

0.76

 

$

2.67

 

$

3.07

 

(a) The Company is evaluating our current approach to assigning and maintaining volume point values for certain products or markets. Guidance excludes any future potential impact of volume point adjustments, which may have an impact on the use of volume points as a proxy for sales trends in future periods.

(b) Excludes any future potential Venezuela currency devaluations and associated pricing and inflationary consequences.

(c) Excludes the following items that cannot be accurately predicted: any future potential ongoing tax effects from the exercise of equity awards that could impact the Company's tax rate due to the stock compensation accounting standard, any future contingent value rights revaluation, benefits from future potential China grant income, any future potential dilution from the Company’s convertible notes due in 2019 and 2024, as well as any impact of the China Growth and Impact Investment Program.

(d) Adjusted diluted EPS and adjusted effective tax rate excludes the impact of: non-cash interest expense associated with the Company’s convertible notes, impacts relating to contingent value rights revaluation, and expenses related to regulatory inquiries and legal accrual, as detailed in Schedule A. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a detailed reconciliation of adjusted diluted EPS to diluted EPS calculated in accordance with GAAP and a discussion of why the Company believes these non-GAAP measures are useful.

(e) Currency adjusted net sales and adjusted diluted EPS represent projections translated into US dollars at currency rates equal to the average rates used to translate 2018 third quarter and full year net sales and diluted EPS and adjusted for items such as hedging gains/losses and Venezuela to be directly comparable to 2018 values.

  • With respect to guidance, the Company cannot accurately predict the impact to its share base from any share repurchases in 2019. Accordingly, any impact thereof is excluded from the guidance tables above.
  • Guidance is based on the average daily exchange rates during the first two weeks of July 2019.
  • Adjusted2 diluted EPS guidance for the third quarter 2019 includes a projected currency headwind of approximately $0.06 per diluted share versus the third quarter of 2018.
  • Full year 2019 adjusted2 diluted EPS guidance includes a projected currency headwind of approximately $0.27 per diluted share, $0.01 unfavorable compared to the impact included in the full year 2019 guidance provided on May 2, 2019.

Earnings Conference Call

Herbalife Nutrition senior management will host an investor conference call to discuss its recent financial results and provide an update on current business trends on Thursday, August 1, 2019, at 2:30 p.m. PT (5:30 p.m. ET).

The dial-in number for this conference call for domestic callers is (877) 317-1296, and (262) 320-2006 for international callers (conference ID: 8993169). Live audio of the conference call will be simultaneously webcast in the investor relations section of the Company's website at http://ir.Herbalife.com.

An audio replay will be available following the completion of the conference call in MP3 format or by dialing (855) 859-2056 for domestic callers or (404) 537-3406 for international callers (conference ID: 8993169). The webcast of the teleconference will be archived and available on Herbalife Nutrition's website.

About Herbalife Nutrition Ltd.

Herbalife Nutrition is a global nutrition company whose purpose is to make the world healthier and happier. The Company has been on a mission for nutrition - changing people's lives with great nutrition products and programs - since 1980. Together with our Herbalife Nutrition independent distributors, we are committed to providing solutions to poor nutrition and obesity, an aging population, and skyrocketing public healthcare costs, while also providing a means for entrepreneurs of all ages to pursue a business opportunity. Herbalife Nutrition offers high-quality, science-backed products, most of which are produced in Company-operated facilities, one-on-one coaching with an Herbalife Nutrition independent distributor, and a supportive community approach that inspires customers to embrace a healthier, more active lifestyle.

Herbalife Nutrition’s targeted nutrition, weight-management, energy and fitness and personal care products are available exclusively to and through its independent distributors in more than 90 countries.

Through its corporate social responsibility efforts, Herbalife Nutrition supports the Herbalife Nutrition Foundation (HNF) and its Casa Herbalife programs to help bring good nutrition to children in need. Herbalife Nutrition is also proud to sponsor more than 190 world-class athletes, teams and events around the globe.

Herbalife Nutrition has approximately 8,900 employees worldwide, and its shares are traded on the New York Stock Exchange (NYSE: HLF) with net sales of approximately $4.9 billion in 2018. To learn more, visit Herbalife.com or IAmHerbalife.com.

Herbalife Nutrition also encourages investors to visit its investor relations website at ir.herbalife.com as financial and other information is updated and new information is posted.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following:

  • our relationship with, and our ability to influence the actions of, our Members;
  • improper action by our employees or Members in violation of applicable law;
  • adverse publicity associated with our products or network marketing organization, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
  • changing consumer preferences and demands;
  • the competitive nature of our business;
  • regulatory matters governing our products, including potential governmental or regulatory actions concerning the safety or efficacy of our products and network marketing program, including the direct selling markets in which we operate;
  • legal challenges to our network marketing program;
  • the Consent Order entered into with the FTC, the effects thereof and any failure to comply therewith;
  • risks associated with operating internationally and the effect of economic factors, including foreign exchange, inflation, disruptions or conflicts with our third-party importers, pricing and currency devaluation risks, especially in countries such as Venezuela;
  • uncertainties relating to interpretation and enforcement of legislation in China governing direct selling and anti-pyramiding;
  • our inability to obtain or maintain the necessary licenses for our direct selling business in China and elsewhere;
  • adverse changes in the Chinese economy;
  • our dependence on increased penetration of existing markets;
  • any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, or cybersecurity incidents;
  • noncompliance by us or our Members with any privacy laws or any security breach by us or a third party involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
  • contractual limitations on our ability to expand our business;
  • our reliance on our information technology infrastructure and outside manufacturers;
  • the sufficiency of our trademarks and other intellectual property rights;
  • product concentration;
  • our reliance upon, or the loss or departure of any member of, our senior management team which could negatively impact our Member relations and operating results;
  • U.S. and foreign laws and regulations applicable to our operations;
  • uncertainties relating to the United Kingdom’s vote to exit from the European Union;
  • restrictions imposed by covenants in our existing indebtedness;
  • risks related to the convertible notes;
  • uncertainties relating to the application of transfer pricing, duties, value added taxes, and other tax regulations, and changes thereto;
  • changes in tax laws, treaties or regulations, or their interpretation;
  • taxation relating to our Members;
  • product liability claims;
  • our incorporation under the laws of the Cayman Islands;
  • whether we will purchase any of our shares in the open markets or otherwise; and
  • share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.

We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Results of Operations

Herbalife Nutrition Ltd. and Subsidiaries
Condensed Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)








 

Three Months Ended
Six Months Ended

6/30/2019
6/30/2018
6/30/2019
6/30/2018






 
North America

$

278.3

 


$

262.5

 


$

534.8

 


$

493.7

 


EMEA

 

262.9

 


 

260.0

 


 

514.6

 


 

508.2

 


Asia Pacific

 

299.6

 


 

253.0

 


 

594.1

 


 

498.6

 


Mexico

 

121.2

 


 

118.2

 


 

240.5

 


 

232.2

 


China

 

187.0

 


 

286.8

 


 

337.4

 


 

499.0

 


South and Central America

 

91.1

 


 

105.0

 


 

190.9

 


 

230.7

 


Worldwide Net Sales

 

1,240.1

 


 

1,285.5

 


 

2,412.3

 


 

2,462.4

 


Cost of Sales

 

243.2

 


 

235.4

 


 

484.8

 


 

475.3

 


Gross Profit

 

996.9

 


 

1,050.1

 


 

1,927.5

 


 

1,987.1

 


Royalty Overrides

 

366.8

 


 

349.8

 


 

726.3

 


 

687.1

 


Selling, General, and Administrative Expenses

 

477.0

 


 

510.2

 


 

912.4

 


 

970.3

 


Other Operating Income (1)

 

-

 


 

(1.7

)


 

(27.3

)


 

(17.9

)


Operating Income

 

153.1

 


 

191.8

 


 

316.1

 


 

347.6

 


Interest Expense, net

 

36.3

 


 

44.3

 


 

72.4

 


 

84.2

 


Other Expense (Income), net (2)

 

(5.9

)


 

4.7

 


 

(14.4

)


 

29.1

 


Income Before Income Taxes

 

122.7

 


 

142.8

 


 

258.1

 


 

234.3

 


Income Taxes (3)

 

46.2

 


 

48.4

 


 

85.3

 


 

57.8

 


Net Income

$

76.5

 


$

94.4

 


$

172.8

 


$

176.5

 










 
Weighted-Average Shares Outstanding:







Basic

 

137.4

 


 

142.3

 


 

137.2

 


 

144.0

 


Diluted

 

142.4

 


 

151.9

 


 

144.2

 


 

153.0

 










 
Earnings Per Share:







Basic

$

0.56

 


$

0.66

 


$

1.26

 


$

1.23

 


Diluted

$

0.54

 


$

0.62

 


$

1.20

 


$

1.15

 










 

(1) Other Operating Income for the six months ended June 30, 2019 relates to certain China government grant income and income related to the finalization of insurance recoveries in connection with the flooding at one of the Company's warehouses in Mexico during September 2017. Other Operating Income for the three and six months ended June 30, 2018 relates to certain China government grant income.

(2) Other Expense (Income), net for the three and six months ended June 30, 2019 relates to the gain on revaluation of the Contingent Value Rights (CVR) issued in connection with the October 2017 modified Dutch auction tender offer. Other Expense (Income), net for the three months ended June 30, 2018 relates to the loss on revaluation of the CVR. Other Expense (Income), net for the six months ended June 30, 2018 relates to the $13.1 million loss on the extinguishment of a portion of the 2.0% convertible senior notes due 2019 repurchased in March 2018; and the $16.0 million loss on revaluation of the CVR.

(3) Includes the impact of excess tax benefit recognized under ASU 2016-09 of $0.4 million and $10.9 million for the three months ended June 30, 2019 and 2018, respectively; and $2.8 million and $30.2 million for the six months ended June 30, 2019 and 2018, respectively.

Herbalife Nutrition Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)

Jun 30,

 

Dec 31,



2019

 

2018






 
ASSETS



Current Assets:



Cash and cash equivalents

$

1,254.9

 


$

1,198.9

 


Receivables, net

 

98.1

 


 

70.5

 


Inventories

 

426.6

 


 

381.8

 


Prepaid expenses and other current assets

 

140.5

 


 

153.8

 


Total Current Assets

 

1,920.1

 


 

1,805.0

 






 
Property, plant and equipment, net

 

358.9

 


 

360.0

 


Operating lease right-of-use assets

 

180.0

 


 

-

 


Marketing-related intangibles and other intangible assets, net

 

310.1

 


 

310.1

 


Goodwill

 

92.2

 


 

92.9

 


Other assets

 

217.3

 


 

221.8

 


Total Assets

$

3,078.6

 


$

2,789.8

 






 




 
LIABILITIES AND SHAREHOLDERS' DEFICIT



Current Liabilities:



Accounts payable

$

80.4

 


$

81.1

 


Royalty overrides

 

267.0

 


 

281.4

 


Current portion of long-term debt

 

693.7

 


 

678.9

 


Other current liabilities

 

485.6

 


 

547.4

 


Total Current Liabilities

 

1,526.7

 


 

1,588.8

 






 
Non-current liabilities:



Long-term debt, net of current portion

 

1,776.2

 


 

1,774.9

 


Non-current operating lease liabilities

 

161.0

 


 

-

 


Other non-current liabilities

 

148.9

 


 

149.5

 


Total Liabilities

 

3,612.8

 


 

3,513.2

 






 
Commitments and Contingencies







 
Shareholders' deficit:



Common shares

 

0.1

 


 

0.1

 


Paid-in capital in excess of par value

 

354.5

 


 

341.5

 


Accumulated other comprehensive loss

 

(206.4

)


 

(209.8

)


Accumulated deficit

 

(353.5

)


 

(526.3

)


Treasury stock

 

(328.9

)


 

(328.9

)


Total Shareholders' Deficit

 

(534.2

)


 

(723.4

)






 
Total Liabilities and Shareholders' Deficit

$

3,078.6

 


$

2,789.8

 






 
Herbalife Nutrition Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)

Six Months Ended

6/30/2019
6/30/2018
CASH FLOWS FROM OPERATING ACTIVITIES:



Net income

$

172.8

 


$

176.5

 


Adjustments to reconcile net income to net cash provided by



operating activities:



Depreciation and amortization

 

49.0

 


 

50.8

 


Share-based compensation expenses

 

20.5

 


 

20.2

 


Non-cash interest expense

 

27.6

 


 

34.4

 


Deferred income taxes

 

3.9

 


 

2.0

 


Inventory write-downs

 

11.7

 


 

13.2

 


Foreign exchange transaction loss

 

5.0

 


 

3.9

 


Loss on extinguishment of debt

 

-

 


 

13.1

 


Other

 

(11.8

)


 

16.8

 


Changes in operating assets and liabilities:



Receivables

 

(29.0

)


 

(21.8

)


Inventories

 

(50.8

)


 

(2.0

)


Prepaid expenses and other current assets

 

14.6

 


 

(29.9

)


Accounts payable

 

(0.3

)


 

23.8

 


Royalty overrides

 

(16.6

)


 

(7.9

)


Other current liabilities

 

(81.3

)


 

46.5

 


Other

 

(0.5

)


 

5.3

 


NET CASH PROVIDED BY OPERATING ACTIVITIES

 

114.8

 


 

344.9

 






 
CASH FLOWS FROM INVESTING ACTIVITIES:



Purchases of property, plant and equipment

 

(51.7

)


 

(33.0

)


NET CASH USED IN INVESTING ACTIVITIES

 

(51.7

)


 

(33.0

)






 
CASH FLOWS FROM FINANCING ACTIVITIES:



Principal payments on senior secured credit facility and other debt

 

(10.2

)


 

(49.0

)


Proceeds from convertible senior notes

 

-

 


 

550.0

 


Repurchase of convertible senior notes

 

-

 


 

(582.5

)


Debt issuance costs

 

-

 


 

(12.5

)


Share repurchases

 

(9.0

)


 

(685.6

)


Proceeds from settlement of capped call transactions

 

-

 


 

55.9

 


Other

 

1.5

 


 

1.1

 


NET CASH USED IN FINANCING ACTIVITIES

 

(17.7

)


 

(722.6

)


EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

1.9

 


 

(29.7

)


NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

47.3

 


 

(440.4

)


CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD

 

1,215.0

 


 

1,295.5

 


CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

$

1,262.3

 


$

855.1

 






 

Supplemental Information

SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited and unreviewed), (All tables provide Dollars in millions, except per Share Data)

In addition to its reported results and guidance calculated in accordance with GAAP, the Company has included in this release adjusted net income and adjusted diluted EPS, performance measures that the Securities and Exchange Commission defines as “non-GAAP financial measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported or forecasted results, in each case calculated in accordance with GAAP, can provide useful supplemental information for investors because they facilitate a period to period comparative assessment of the Company’s operating performance relative to its performance based on reported or forecasted results under GAAP, while isolating the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance. The Company’s definition of adjusted net income and adjusted diluted earnings per share may not be comparable to similarly titled measures used by other companies because other companies may not calculate them in the same manner as the Company does and should not be viewed in isolation from nor as alternatives to net income or diluted EPS calculated in accordance with GAAP.

The impact of foreign currency fluctuations in Venezuela and the price increases the Company implements as a result of the highly inflationary economy in that market can each, when considered in isolation, have a disproportionately large impact to the Company’s consolidated results despite the offsetting nature of these drivers and that net sales in Venezuela, which represent less than 1% of the Company’s consolidated net sales, are not material to our consolidated results. Therefore, in certain instances, the Company believes it is helpful to provide additional information with respect to these factors as reported and excluding the impact of Venezuela to illustrate the disproportionate nature of Venezuela’s individual pricing and foreign exchange impact to the Company’s consolidated results. However, excluding the impact of Venezuela from these measures is not in accordance with U.S. GAAP and should not be considered in isolation or as an alternative to the presentation and discussion thereof calculated in accordance with U.S. GAAP.

The following is a reconciliation of net income, presented and reported in accordance with U.S. generally accepted accounting principles, to net income adjusted for certain items:









 

Three Months Ended
Six Months Ended

6/30/2019
6/30/2018
6/30/2019
6/30/2018

(in millions)








 
Net income, as reported

$

76.5

 


$

94.4

 


$

172.8

 


$

176.5

 


Expenses related to regulatory inquiries and legal accrual (1) (2)

 

17.7

 


 

2.0

 


 

32.2

 


 

4.3

 


Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3)

 

12.0

 


 

15.6

 


 

24.3

 


 

28.1

 


China grant income (1) (2)

 

-

 


 

(1.7

)


 

(21.3

)


 

(17.9

)


Contingent Value Rights revaluation (1) (2)

 

(5.9

)


 

4.7

 


 

(14.4

)


 

16.0

 


Income related to finalization of insurance recoveries (1) (2) (4)

 

-

 


 

-

 


 

(6.0

)


 

-

 


Loss on extinguishment of convertible debt (1) (2) (5)

 

-

 


 

-

 


 

-

 


 

13.1

 


Venezuela devaluation (1) (2)

 

-

 


 

-

 


 

-

 


 

4.7

 


Income tax adjustments for above items (1) (2)

 

(2.1

)


 

4.6

 


 

4.0

 


 

1.3

 


Net income, as adjusted (6)

$

98.2

 


$

119.5

 


$

191.6

 


$

226.0

 










 

The following table is a reconciliation of diluted shares outstanding, as presented and reported in accordance with GAAP, to adjusted diluted shares outstanding, adjusted to include the impact of outstanding capped call transactions. The Company's outstanding capped call transactions are anti-dilutive and not included in GAAP earnings per share but are expected to mitigate the dilutive effect of the Company's convertible notes due 2019, if the trading price of the Company's stock exceeds the conversion price, up to a certain level. Therefore, the Company has adjusted the diluted shares outstanding to include the impact of the capped calls, based on the average share price for the period that the capped calls are anti-dilutive.









 

Three Months Ended
Six Months Ended

6/30/2019
6/30/2018
6/30/2019
6/30/2018

(in millions)








 
Diluted shares outstanding, as reported

142.4

 


151.9

 


144.2

 


153.0

 


Impact of capped call transactions

(1.4

)


(2.8

)


(2.8

)


(1.9

)


Diluted shares outstanding, as adjusted

141.0

 


149.1

 


141.4

 


151.1

 










 

The following is a reconciliation of diluted earnings per share, presented and reported in accordance with U.S. generally accepted accounting principles, to diluted earnings per share adjusted for certain items.









 

Three Months Ended
Six Months Ended

6/30/2019
6/30/2018
6/30/2019
6/30/2018

(per share)








 
Diluted earnings per share, as reported

$

0.54

 


$

0.62

 


$

1.20

 


$

1.15

 


Impact of adjusted shares outstanding

 

-

 


 

0.01

 


 

0.02

 


 

0.01

 


Diluted earnings per share using adjusted diluted shares outstanding

$

0.54

 


$

0.63

 


$

1.22

 


$

1.16

 










 
Expenses related to regulatory inquiries and legal accrual (1) (2)

 

0.13

 


 

0.01

 


 

0.23

 


 

0.03

 


Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3)

 

0.09

 


 

0.10

 


 

0.17

 


 

0.19

 


China grant income (1) (2)

 

-

 


 

(0.01

)


 

(0.15

)


 

(0.12

)


Contingent Value Rights revaluation (1) (2)

 

(0.04

)


 

0.03

 


 

(0.10

)


 

0.11

 


Income related to finalization of insurance recoveries (1) (2) (4)

 

-

 


 

-

 


 

(0.04

)


 

-

 


Loss on extinguishment of convertible debt (1) (2) (5)

 

-

 


 

-

 


 

-

 


 

0.09

 


Venezuela devaluation (1) (2)

 

-

 


 

-

 


 

-

 


 

0.03

 


Income tax adjustments for above items (1) (2)

 

(0.01

)


 

0.03

 


 

0.03

 


 

0.01

 


Diluted earnings per share, as adjusted (6)

$

0.70

 


$

0.80

 


$

1.36

 


$

1.50

 










 

(1) Based on interim income tax reporting rules, these expenses are not considered discrete items. As a result, the Company's full year effective tax rate is impacted by these items. When applying the full year effective tax rate to year-to-date income, the Company's year-to-date tax provision recorded with respect to these non-GAAP adjustments is different from the forecasted full-year tax provision impact of these items. As a consequence, adjustments to the year-to-date and quarterly tax impacts will be recorded as the adjusted full year effective tax rate is applied to income in subsequent periods. Additionally, adjustments to items unrelated to these non-GAAP adjustments may have an effect on the income tax impact of these non-GAAP adjustments in subsequent periods. The Company plans to update the income tax impact of these items in subsequent interim reporting periods.

(2) Excludes tax (benefit)/expense as follows:


Three Months Ended
Six Months Ended

6/30/2019
6/30/2018
6/30/2019
6/30/2018

(in millions)







 
Expenses related to regulatory inquiries and legal accrual

 

(1.2

)


$

0.6


 

(4.5

)


 

0.4

 

Non-cash interest expense and amortization of non-cash issuance costs

 

0.2

 


 

1.4


 

(0.6

)


 

1.1

 

China grant income

 

(0.2

)


 

0.3


 

6.4

 


 

6.1

 

Contingent Value Rights revaluation

 

(0.3

)


 

0.5


 

1.8

 


 

(2.8

)

Income related to finalization of insurance recoveries

 

(0.6

)


 

-


 

0.9

 


 

-

 

Loss on extinguishment of convertible debt

 

-

 


 

1.6


 

-

 


 

(2.1

)

Venezuela devaluation

 

-

 


 

0.2


 

-

 


 

(1.4

)

Total income tax adjustments

$

(2.1

)


$

4.6


$

4.0

 


$

1.3

 








 







 

Three Months Ended
Six Months Ended

6/30/2019
6/30/2018
6/30/2019
6/30/2018

(per share)







 
Expenses related to regulatory inquiries and legal accrual

 

(0.01

)


 

-


 

(0.03

)


 

-

 

Non-cash interest expense and amortization of non-cash issuance costs

 

-

 


 

0.01


 

-

 


 

0.01

 

China grant income

 

-

 


 

-


 

0.05

 


 

0.04

 

Contingent Value Rights revaluation

 

-

 


 

-


 

0.01

 


 

(0.02

)

Income related to finalization of insurance recoveries

 

-

 


 

-


 

0.01

 


 

-

 

Loss on extinguishment of convertible debt

 

-

 


 

0.01


 

-

 


 

(0.01

)

Venezuela devaluation

 

-

 


 

-


 

-

 


 

(0.01

)

Total income tax adjustments (6)

$

(0.01

)


$

0.03


$

0.03

 


$

0.01

 

(3) Relates to non-cash expense on the Company's 2.00% convertible senior notes due 2019 and the related prepaid forward share repurchase contracts and the 2.625% convertible senior notes due 2024.

(4) Relates to the finalization of insurance recoveries in connection with the flooding at one of the Company's warehouses in Mexico during September 2017, which damaged certain of the Company's inventory stored within the warehouse.

(5) Relates to the loss on the extinguishment of a portion of the 2.00% convertible senior notes due 2019 repurchased in March 2018.

(6) Amounts may not total due to rounding.

The following is a reconciliation of diluted earnings per share guidance, presented in accordance with U.S. generally accepted accounting principles, to adjusted diluted earnings per share guidance for certain items.






 

Three Months Ending

 

Twelve Months Ending




September 30, 2019

 

December 31, 2019




 

 

 


 
Diluted EPS Guidance (1)

$0.44 - $0.64

 

$2.11 - $2.51



Non-cash interest expense and amortization of non-cash issuance costs (2)

0.05

 

0.28



China Grant Income (3)

(0.03)

 

(0.18)



Contingent Value Rights revaluation (4)

(0.01)

 

(0.11)



Income related to finalization of insurance recoveries (5)

0.00

 

(0.04)



Impact of adjusted shares outstanding

0.01

 

0.04



Expenses related to regulatory inquiries and legal accrual (6)

0.02

 

0.26



Income tax adjustments for above items (7)

0.01

 

0.04



Adjusted diluted EPS guidance (8)

$0.50 - $0.70

 

$2.40 - $2.80








 

(1) Excludes the potential ongoing tax effects from the exercise of equity awards that will impact our tax rate beginning fiscal year 2017 due to a recently issued Stock Compensation accounting standard.

(2) Relates to non-cash expense on our convertible notes and prepaid forward share repurchase contract. Excludes tax impact of $0.2 million for the three months ending September 30, 2019.

(3) Excludes tax impact of $1.4 million and $7.5 million for the three months ending September 30, 2019 and the twelve months ending December 31, 2019, respectively.

(4) Excludes tax impact of $0.7 million for the three months ending September 30, 2019.

(5) Excludes tax impact of $0.4 million and $0.04 million for the three months ending September 30, 2019 and the twelve months ending December 31, 2019, respectively.

(6) Excludes tax impact of $1.3 million and $1.6 million for the three months ending September 30, 2019 and the twelve months ending December 31, 2019, respectively.

(7) Aggregates the individual tax impacts of each item as described in greater detail in footnotes 2 through 6 above.

(8) Amounts may not total due to rounding.

Contacts

Media Contact:
Jennifer Butler
VP, Media Relations
213.745.0420

Investor Contact:
Eric Monroe
Director, Investor Relations
213.745.0449

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