0001564590-20-034495.txt : 20200730 0001564590-20-034495.hdr.sgml : 20200730 20200730065031 ACCESSION NUMBER: 0001564590-20-034495 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200730 DATE AS OF CHANGE: 20200730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sally Beauty Holdings, Inc. CENTRAL INDEX KEY: 0001368458 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 362257936 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33145 FILM NUMBER: 201059100 BUSINESS ADDRESS: STREET 1: 3001 COLORADO BOULEVARD CITY: DENTON STATE: TX ZIP: 76210 BUSINESS PHONE: (940) 898-7500 MAIL ADDRESS: STREET 1: 3001 COLORADO BOULEVARD CITY: DENTON STATE: TX ZIP: 76210 FORMER COMPANY: FORMER CONFORMED NAME: New Sally Holdings, Inc. DATE OF NAME CHANGE: 20060707 8-K 1 sbh-8k_20200730.htm 8-K sbh-8k_20200730.htm
false 0001368458 0001368458 2020-07-30 2020-07-30

 

 

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: July 30, 2020

(Date of earliest event reported)

 

SALLY BEAUTY HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

1-33145

36-2257936

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

3001 Colorado Boulevard,

Denton, Texas

 

76210

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (940) 898-7500

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 Stock, $0.01 par value

 

SBH

 

New York Stock Exchange

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 July 30, 2020, Sally Beauty Holdings, Inc. (the “Company”) issued the news release attached hereto as Exhibit 99.1 reporting the financial results of the Company for the quarter ended June 30, 2020 (the “Earnings Release”).  

 

Item 7.01Regulation FD Disclosure

 

The Earnings Release also provides an update on the Company’s strategy and business outlook.

 

Item 9.01Financial Statement and Exhibits

 

(d)                                 

  

Exhibit  

 

Description

 

 

 

 99.1

 

News release reporting financial results for the quarter ended June 30, 2020, issued by Sally Beauty Holdings, Inc. on July 30, 2020

104

Cov

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

All of the information furnished in Items 2.02 and 7.01 of this report and the accompanying exhibit shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, unless expressly incorporated by reference therein.

 

 

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.

 

 

SALLY BEAUTY HOLDINGS, INC.

 

 

 

 

July 30, 2020

By:

/s/ Christian A. Brickman

 

 

Name: Christian A. Brickman

 

 

Title: President and Chief Executive Officer

 

 

 EX-99.1 2 sbh-ex991_38.htm EX-99.1 sbh-ex991_38.htm

Exhibit 99.1

 

 

Contact: Jeff Harkins

 

 

Investor Relations

 

 

940-297-3877

 

Sally Beauty Holdings, Inc. Announces Third Quarter Results

 

 

➢

Aggressive Cash Management and Ample Liquidity Provide Strong Runway

 

•

$839 Million of Cash on Balance Sheet at Quarter End

 

➢

Company Prepared for Agile Reaction to Continuing COVID-19 Environment

 

➢

E-commerce Sales of $137 Million for the Quarter; Growth of 278% vs Prior Year

 

➢

Consolidated Same Store Sales Improved Each Month After Mid-April Restart; Decreased 26.6% for Q3, Increased 10.8% for June

 

➢

GAAP Diluted EPS was a Loss of $0.21 Compared to Profit of $0.59 in Prior Year Primarily Due to COVID-19 Impact, Aggressive Tactical Inventory Clearance Actions and Restructuring

 

➢

Adjusted Diluted EPS was a Loss of $0.11 Compared to Profit of $0.60 in Prior Year Primarily Due to COVID-19 Impact and Aggressive Tactical Inventory Clearance Actions

 

DENTON, Texas, July 30, 2020 – Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”) today announced financial results for its third quarter ended June 30, 2020. The Company will hold a conference call today at 7:30 a.m. Central Time to discuss these results.

 

Fiscal 2020 Third Quarter Overview

 

Consolidated net sales were $705.3 million in the quarter, down 27.7% compared to the prior year, driven primarily by the impact of the rolling shut down of customer-facing operations at almost all global stores for a significant portion of the quarter, a smaller store base with 27 fewer stores compared to the prior year, and an unfavorable impact from foreign currency translation of approximately 30 basis points on reported sales. These headwinds were partially offset by the surging e-commerce sales and the rolling restart of store operations from mid-April until the end of June. E-commerce sales were $137 million for the third quarter, which represented growth of 278% compared to the prior year.

 

As a result of COVID-19, consolidated same store sales decreased by 26.6% for the entire third quarter. However, relative to the number of stores that were open, the Company experienced strong demand in May and June as operations restarted. The Company is disclosing monthly same store sales only to provide context on the Company’s reaction to and ramp-up following COVID-19 shutdowns.

 

Same Store Sales

Growth/(Decline)

Apr

 

May

 

Jun

 

Q3

Sally Beauty Holdings

 

(72.1)%

(19.2)%

+10.8%

(26.6)%

Sally Beauty Segment

(67.3)%

(16.1)%

+4.7%

(25.9)%

Sally Beauty U.S. & Canada

(part of SBS)

(64.7)%

(8.9)%

+10.2%

(20.9)%

Beauty Systems Group

(81.5)%

(25.4)%

+23.1%

(27.9)%

 

GAAP diluted earnings per share in the third quarter were a loss of $0.21, compared to a profit of $0.59 in the prior year, driven primarily by lost sales from COVID-19, a lower gross margin rate related to aggressive inventory clearance efforts and incremental COVID-19 expenses related to furloughs and previously announced restructuring costs including from Project Surge in Europe; partially offset by the aggressive cost cutting in reaction to COVID-19.  

 

Adjusted diluted earnings per share, excluding charges related to the Company’s COVID-19 furlough expenses and the previously announced restructuring efforts, were a loss of $0.11 in the third quarter, compared to a profit of $0.60 in the prior year.  

 

“We executed exceptionally well during a disrupted third quarter. The team aggressively managed costs and cash, drove an accelerated pivot to support digital growth and scale our key digital transformation initiatives, and reopened the store network faster than competitors,” said Chris Brickman, president and chief executive officer. “Because of the speed and agility of our team, we are well positioned to take advantage of emerging customer trends and gain share in a disrupted environment. As we enter the fourth quarter, we will continue to invest in our digital transformation, take advantage of the strong demand for our key categories, adapt quickly to any new local restrictions or changes to consumer shopping behavior tied to the pandemic, and stay disciplined in terms of cost and cash management.”

 

Liquidity Update

 

The Company ended the third quarter with cash on the balance sheet of $839 million as compared to $364 million at the end of the second quarter. During the quarter, the Company took rapid action in connection with its inventory by reducing inventory levels to a six-year low by the end of June. In addition, the Company aggressively managed cash by reducing capital spend that was not tied to digital investments, achieving rent abatements and dramatically reducing marketing and back office costs.

 

As previously disclosed, the Company completed an amendment in April to the Company’s existing $500 million secured asset-based revolving line of credit, which increased its borrowing capacity by $120 million. The increase was achieved through a $100 million increase of the revolving line of credit and the addition of a $20 million FILO loan facility. Total capacity is now $620 million. At the end of the third quarter, the FILO loan was fully funded and the outstanding balance on the revolving line of credit was $375 million.

 

In late April, the Company further bolstered its liquidity by completing a secured note offering of $300 million. The notes bear interest at a rate of 8.750% per annum and were issued at par.

 

Restart of Store Public-Facing Operations Substantially Complete

 

The Company began reopening its stores on a rolling basis in mid-April. Store reopenings are triggered by local regulation, the adoption of the Company’s new COVID-19 related safety protocols involving store cleaning, masks, gloves, limiting customer numbers at one time, and in-store social distancing guidelines, as well as the recall from furlough of sufficient store staff.

 

As of June 30, all stores in the United States, Canada, the European Union and the United Kingdom were operational. A small number of stores in Mexico and South America have not yet been cleared to reopen by local authorities.

 

Fiscal 2020 Third Quarter Financial Detail

 

Consolidated gross profit for the third quarter was $321.8 million, a decrease of $160.4 million from the prior year, driven primarily by the lost sales volume due to the impact of COVID-19 and a lower gross margin rate. For the third quarter, gross margin was 45.6%, a decrease of 390 basis points compared to the prior year. While point-of-sale margin was stronger across both segments as compared to the prior year, driven by fewer promotions and favorable mix shifts to higher margin hair color and PPE products, it was more than offset by on-shelf inventory clearance efforts related to slow moving inventory plus a non-cash write down of inventory of $27.1 million and a reduction in vendor allowances from fewer promotions and reduced inventory purchases.

 

Selling, general and administrative expenses decreased by $45.6 million, reflecting the Company’s cost-cutting efforts and store closures during the quarter. As a percentage of sales, selling, general and administrative expenses were 44.6% compared to 36.9% in the prior year, due to the significant deleveraging impact of lost sales due to the impact of COVID-19.

 

GAAP operating earnings and operating margin in the third quarter were $1.4 million and 0.2%, respectively, compared to $120.1 million and 12.3%, respectively, in the prior year. Adjusted operating earnings and operating margin were $16.0 million and 2.3%, respectively, compared to $122.0 million and 12.5%, respectively, in the prior year.

 

GAAP net earnings in the third quarter were a loss of $23.5 million, a decrease of $94.7 million, or 133.1% compared to the prior year. Adjusted EBITDA in the third quarter was $73.3 million, a decrease of $77.7 million, or 51.4%, compared to the prior year, and adjusted EBITDA margin was 10.4%, a decrease of approximately 510 basis points from the prior year.

 

During the third quarter, cash flow from operations was $198.3 million and capital expenditures totaled $17.7 million. Operating free cash flow was $180.5 million. The Company did not pay down any debt or repurchase any shares during the quarter. At the end of the third quarter, the Company’s leverage ratio was 4.81x.

 

Fiscal 2020 Third Quarter Segment Results

 

Sally Beauty Supply

 

•

Total segment same store sales decreased by 25.9% for the full quarter. The Sally Beauty businesses in the U.S. and Canada represented 85% of the segment sales for the quarter and had a same store sales decrease of 20.9%. Europe and Latin America were significant negative contributors to same store sales for Sally Beauty in the quarter given the slower pace of store reopenings.

 

•

Net sales were $415.5 million in the quarter, a decrease of 27.7% compared to the prior year, driven primarily by COVID-19, 14 fewer stores and an unfavorable foreign exchange impact of approximately 40 basis points.

 

•

At the end of the quarter, net store count was 3,691, a decrease of 14 from the prior year.

 

•

Gross margin decreased by 710 basis points to 48.7% in the quarter. The positive impact from fewer promotions and favorable product mix were more than offset by the combination of aggressive inventory clearance efforts and lower vendor allowances.

 

•

GAAP operating earnings were $3.1 million in the quarter, a decrease of 96.8% compared to the prior year. GAAP operating margin was 0.7%, compared to 16.7% in the prior year.

 

Beauty Systems Group

 

•

Total segment same store sales decreased by 27.9%.

 

•

Net sales were $289.8 million in the quarter, a decrease of 27.6% compared to the prior year, driven primarily by COVID-19, 13 fewer stores and an unfavorable foreign exchange impact of approximately 20 basis points.

 

•

At the end of the quarter, net store count was 1,371, a decrease of 13 from the prior year.

 

•

Gross margin increased by 90 basis points to 41.2% in the quarter, primarily as a result of fewer promotions and higher margin product mix, partially offset by lower vendor allowances from fewer promotions and reduced inventory purchases and inventory clearance actions.

 

•

GAAP operating earnings were $40.1 million in the quarter, a decrease of 34.9% compared to the prior year. GAAP operating margin in the quarter was 13.8%, compared to 15.4% in the prior year.

 

•

At the end of the quarter, there were 651 distributor sales consultants, compared to 791 in the prior year. The decrease is primarily driven by the furloughs and the conversion of Armstrong McCall Mexico franchises to sub-distributors back in September 2019.

 

Fiscal Year 2020 Guidance

 

Due to the uncertainty from COVID-19, the Company withdrew its full-year financial guidance for fiscal year 2020, as stated in its March 24 press release. The Company is not issuing financial guidance in connection with its third quarter earnings call.

 

Conference Call and Where You Can Find Additional Information

 

The Company will hold a conference call and audio webcast today to discuss its financial results and its business at approximately 7:30 a.m. Central Time. During the conference call, the Company may discuss and answer one or more questions concerning business and financial matters and trends affecting the Company. The Company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed. Simultaneous to the conference call, an audio webcast of the call will be available via a link on the

Company’s website, sallybeautyholdings.com/investor-relations. The conference call can be accessed by dialing (844) 767-5651 (International: (409) 207-6959) and referencing the access code 276487#. The teleconference will be held in a “listen-only” mode for all participants other than the Company’s current sell-side and buy-side investment professionals. In addition, a supplemental slide presentation may be viewed during the call at the following link SBH Q3 Earnings Presentation. A replay of the earnings conference call will be available starting at 10:30 a.m. Central Time, July 30, 2020, through August 6, 2020, by dialing (866) 207-1041 (International: (402) 970-0847 and reference access code 4027042. Also, a website replay will be available on sallybeautyholdings.com/investor-relations.

 

About Sally Beauty Holdings, Inc.

 

Sally Beauty Holdings, Inc. (NYSE: SBH) is an international specialty retailer and distributor of professional beauty supplies with revenues of approximately $3.9 billion annually. Through the Sally Beauty Supply and Beauty Systems Group businesses, the Company sells and distributes through 5,062 stores, including 158 franchised units, and has operations throughout the United States, Puerto Rico, Canada, Mexico, Chile, Peru, the United Kingdom, Ireland, Belgium, France, the Netherlands, Spain and Germany.  Sally Beauty Supply stores offer up to 8,000 products for hair color, hair care, skin care, and nails through proprietary brands such as Ion®, Generic Value Products®, Beyond the Zone® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®, Conair® and Hot Shot Tools®. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 10,500 professionally branded products including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico® and CHI®, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit sallybeautyholdings.com.

 

Cautionary Notice Regarding Forward-Looking Statements

 

Statements in this news release and the schedules hereto which are not purely historical facts or which depend upon future events may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “can,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “will,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters.

 

Readers are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including, but not limited to, the risks and uncertainties related to COVID-19 and those described in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended September 30, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and our Current Report on Form 8-K dated as of April 20, 2020, each as filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements.

 

Use of Non-GAAP Financial Measures

 

This news release and the schedules hereto include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the United States, or GAAP, and are therefore referred to as non-GAAP financial measures: (1) Adjusted EBITDA and EBITDA Margin; (2) Adjusted Operating Earnings and Operating Margin; (3) Adjusted Diluted Net Earnings Per Share; and (4) Operating Free Cash Flow.  We have provided definitions below for these non-GAAP financial measures and have provided tables in the schedules hereto to reconcile these non-GAAP financial measures to the comparable GAAP financial measures.

 

Adjusted EBITDA and EBITDA Margin – We define the measure Adjusted EBITDA as GAAP net earnings before depreciation and amortization, interest expense, income taxes, share-based compensation, costs related to the Company’s previously announced restructuring plans, costs related to COVID-19, costs related to the non-cash write down of inventory related to slow moving SKUs and impairment costs related to long-lived assets not included in restructuring for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of net sales.

 

Adjusted Operating Earnings and Operating Margin – Adjusted operating earnings are GAAP operating earnings that exclude costs related to the Company’s previously announced restructuring plans and costs related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales.

 

Adjusted Diluted Net Earnings Per Share – Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude tax-effected costs related to the Company’s previously announced restructuring plans and tax-effected costs related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.

 

Operating Free Cash Flow – We define the measure Operating Free Cash Flow as GAAP net cash provided by operating activities less payments for capital expenditures (net).  We believe Operating Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account payments for capital expenditures (net).

 

We believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses; providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry.

 

We have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows.  Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance.  These non-GAAP measures should not be considered a substitute for or superior to GAAP results.  Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies.

 

Supplemental Schedules

 

Segment Information

1

Non-GAAP Financial Measures Reconciliations

2-3

Non-GAAP Financial Measures Reconciliations; Adjusted EBITDA and Operating Free Cash Flow

4

Store Count and Same Store Sales

5

 

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (Loss)

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

2020

 

 

2019

 

 

Percentage

Change

 

 

2020

 

 

2019

 

 

Percentage

Change

 

Net sales

$

705,287

 

 

$

975,169

 

 

 

(27.7

)%

 

$

2,556,518

 

 

$

2,910,474

 

 

 

(12.2

)%

Cost of products sold

 

383,441

 

 

 

492,947

 

 

 

(22.2

)%

 

 

1,330,067

 

 

 

1,479,222

 

 

 

(10.1

)%

Gross profit

 

321,846

 

 

 

482,222

 

 

 

(33.3

)%

 

 

1,226,451

 

 

 

1,431,252

 

 

 

(14.3

)%

Selling, general and administrative

   expenses

 

314,599

 

 

 

360,183

 

 

 

(12.7

)%

 

 

1,075,827

 

 

 

1,088,797

 

 

 

(1.2

)%

Restructuring

 

5,816

 

 

 

1,908

 

 

 

204.8

%

 

 

11,541

 

 

 

74

 

 

 

15495.9

%

Operating earnings

 

1,431

 

 

 

120,131

 

 

 

(98.8

)%

 

 

139,083

 

 

 

342,381

 

 

 

(59.4

)%

Interest expense

 

27,298

 

 

 

25,781

 

 

 

5.9

%

 

 

70,483

 

 

 

74,092

 

 

 

(4.9

)%

Earnings (loss) before provision for

   income taxes

 

(25,867

)

 

 

94,350

 

 

 

(127.4

)%

 

 

68,600

 

 

 

268,289

 

 

 

(74.4

)%

Provision (benefit) for income taxes

 

(2,341

)

 

 

23,186

 

 

 

(110.1

)%

 

 

25,543

 

 

 

65,673

 

 

 

(61.1

)%

Net earnings (loss)

$

(23,526

)

 

$

71,164

 

 

 

(133.1

)%

 

$

43,057

 

 

$

202,616

 

 

 

(78.7

)%

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.21

)

 

$

0.59

 

 

 

(135.6

)%

 

$

0.38

 

 

$

1.69

 

 

 

(77.5

)%

Diluted

$

(0.21

)

 

$

0.59

 

 

 

(135.6

)%

 

$

0.37

 

 

$

1.68

 

 

 

(78.0

)%

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

112,271

 

 

 

120,119

 

 

 

 

 

 

 

114,413

 

 

 

120,062

 

 

 

 

 

Diluted

 

112,271

 

 

 

120,977

 

 

 

 

 

 

 

115,370

 

 

 

120,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis Point

Change

 

 

 

 

 

 

 

 

 

 

Basis Point

Change

 

Comparison as a percentage of net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated gross margin

 

45.6

%

 

 

49.5

%

 

 

(390

)

 

 

48.0

%

 

 

49.2

%

 

 

(120

)

Selling, general and administrative

   expenses

 

44.6

%

 

 

36.9

%

 

 

770

 

 

 

42.1

%

 

 

37.4

%

 

 

470

 

Consolidated operating margin

 

0.2

%

 

 

12.3

%

 

 

(1,210

)

 

 

5.4

%

 

 

11.8

%

 

 

(640

)

Effective tax rate

 

9.1

%

 

 

24.6

%

 

 

(1,550

)

 

 

37.2

%

 

 

24.5

%

 

 

1,270

 

 

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

June 30,

2020

 

 

September 30,

2019

 

Cash and cash equivalents

 

$

838,811

 

 

$

71,495

 

Trade and other accounts receivable

 

 

60,303

 

 

 

104,539

 

Inventory

 

 

815,632

 

 

 

952,907

 

Other current assets

 

 

48,596

 

 

 

34,612

 

Total current assets

 

 

1,763,342

 

 

 

1,163,553

 

Property and equipment, net

 

 

311,063

 

 

 

319,628

 

Operating lease assets

 

 

514,415

 

 

 

-

 

Goodwill and other intangible assets

 

 

587,540

 

 

 

592,837

 

Other assets

 

 

21,734

 

 

 

22,428

 

Total assets

 

$

3,198,094

 

 

$

2,098,446

 

Current maturities of long-term debt

 

$

395,673

 

 

$

1

 

Accounts payable

 

 

239,905

 

 

 

278,688

 

Accrued liabilities

 

 

148,197

 

 

 

169,054

 

Current operating lease liabilities

 

 

152,650

 

 

 

-

 

Income taxes payable

 

 

1,307

 

 

 

8,336

 

Total current liabilities

 

 

937,732

 

 

 

456,079

 

Long-term debt, including capital leases

 

 

1,845,594

 

 

 

1,594,542

 

Long-term operating lease liabilities

 

 

377,930

 

 

 

-

 

Other liabilities

 

 

26,433

 

 

 

27,757

 

Deferred income tax liabilities, net

 

 

79,538

 

 

 

80,391

 

Total liabilities

 

 

3,267,227

 

 

 

2,158,769

 

Total stockholders’ deficit

 

 

(69,133

)

 

 

(60,323

)

Total liabilities and stockholders’ deficit

 

$

3,198,094

 

 

$

2,098,446

 

 

Supplemental Schedule 1

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Segment Information

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

Percentage

Change

 

 

2020

 

 

2019

 

 

Percentage

Change

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sally Beauty Supply ("SBS")

 

$

415,468

 

 

$

575,025

 

 

 

(27.7

)%

 

$

1,504,125

 

 

$

1,721,238

 

 

 

(12.6

)%

Beauty Systems Group ("BSG")

 

 

289,819

 

 

 

400,144

 

 

 

(27.6

)%

 

 

1,052,393

 

 

 

1,189,236

 

 

 

(11.5

)%

Total net sales

 

$

705,287

 

 

$

975,169

 

 

 

(27.7

)%

 

$

2,556,518

 

 

$

2,910,474

 

 

 

(12.2

)%

Operating earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBS

 

$

3,087

 

 

$

95,763

 

 

 

(96.8

)%

 

$

133,684

 

 

$

272,470

 

 

 

(50.9

)%

BSG

 

 

40,084

 

 

 

61,552

 

 

 

(34.9

)%

 

 

143,557

 

 

 

180,401

 

 

 

(20.4

)%

Segment operating earnings

 

 

43,171

 

 

 

157,315

 

 

 

(72.6

)%

 

 

277,241

 

 

 

452,871

 

 

 

(38.8

)%

Unallocated expenses (1)

 

 

35,924

 

 

 

35,276

 

 

 

1.8

%

 

 

126,617

 

 

 

110,416

 

 

 

14.7

%

Restructuring

 

 

5,816

 

 

 

1,908

 

 

 

204.8

%

 

 

11,541

 

 

 

74

 

 

 

15495.9

%

Interest expense

 

 

27,298

 

 

 

25,781

 

 

 

5.9

%

 

 

70,483

 

 

 

74,092

 

 

 

(4.9

)%

Earnings (loss) before provision for

   income taxes

 

$

(25,867

)

 

$

94,350

 

 

 

(127.4

)%

 

$

68,600

 

 

$

268,289

 

 

 

(74.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment gross margin:

 

2020

 

 

2019

 

 

Basis Point

Change

 

 

2020

 

 

2019

 

 

Basis Point

Change

 

SBS

 

 

48.7

%

 

 

55.8

%

 

 

(710

)

 

 

53.2

%

 

 

55.4

%

 

 

(220

)

BSG

 

 

41.2

%

 

 

40.3

%

 

 

90

 

 

 

40.5

%

 

 

40.2

%

 

 

30

 

Segment operating margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBS

 

 

0.7

%

 

 

16.7

%

 

 

(1,600

)

 

 

8.9

%

 

 

15.8

%

 

 

(690

)

BSG

 

 

13.8

%

 

 

15.4

%

 

 

(160

)

 

 

13.6

%

 

 

15.2

%

 

 

(160

)

Consolidated operating margin

 

 

0.2

%

 

 

12.3

%

 

 

(1,210

)

 

 

5.4

%

 

 

11.8

%

 

 

(640

)

 

(1)Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses.

 

Supplemental Schedule 2

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures Reconciliations

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30, 2020

 

 

 

As Reported

(GAAP)

 

 

Restructuring (1)

 

 

COVID-19

Expenses,

net (2)

 

 

As Adjusted

(Non-GAAP)

 

Selling, general and administrative expenses

 

$

314,599

 

 

$

-

 

 

$

(8,753

)

 

$

305,846

 

SG&A expenses, as a percentage of sales

 

 

44.6

%

 

 

 

 

 

 

 

 

 

 

43.4

%

Operating earnings

 

 

1,431

 

 

 

5,816

 

 

 

8,753

 

 

 

16,000

 

Operating margin

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

2.3

%

Earnings (loss) before provision for income taxes

 

 

(25,867

)

 

 

5,816

 

 

 

8,753

 

 

 

(11,298

)

Provision (benefit) for income taxes (3)

 

 

(2,341

)

 

 

1,532

 

 

 

2,248

 

 

 

1,439

 

Net earnings (loss)

 

$

(23,526

)

 

$

4,284

 

 

$

6,505

 

 

$

(12,737

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.21

)

 

$

0.04

 

 

$

0.06

 

 

$

(0.11

)

Diluted

 

$

(0.21

)

 

$

0.04

 

 

$

0.06

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

As Reported

(GAAP)

 

 

Restructuring (1)

 

 

 

 

 

 

As Adjusted

(Non-GAAP)

 

Selling, general and administrative expenses

 

$

360,183

 

 

$

-

 

 

 

 

 

 

$

360,183

 

SG&A expenses, as a percentage of sales

 

 

36.9

%

 

 

 

 

 

 

 

 

 

 

36.9

%

Operating earnings

 

 

120,131

 

 

 

1,908

 

 

 

 

 

 

 

122,039

 

Operating margin

 

 

12.3

%

 

 

 

 

 

 

 

 

 

 

12.5

%

Earnings before provision for income taxes

 

 

94,350

 

 

 

1,908

 

 

 

 

 

 

 

96,258

 

Provision for income taxes (3)

 

 

23,186

 

 

 

469

 

 

 

 

 

 

 

23,655

 

Net earnings

 

$

71,164

 

 

$

1,439

 

 

 

 

 

 

$

72,603

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.59

 

 

$

0.01

 

 

 

 

 

 

$

0.60

 

Diluted

 

$

0.59

 

 

$

0.01

 

 

 

 

 

 

$

0.60

 

 

(1)For the three months ended June 30, 2020, restructuring represents costs and expenses incurred primarily in connection with Project Surge and the Transformation Plan. For the three months ended June 30, 2019, restructuring represents costs and expenses incurred in connection with the 2018 Restructuring Plan.

(2)For the three months ended June 30, 2020, COVID-19 expenses primarily represent costs associated with disaster pay and furloughed employees in response to the coronavirus pandemic. These cost were partially offset by an employee retention payroll tax credit provided by the U.S. Coronavirus Aid, Relief, and Economic Security Act ("CARES Act").

(3)The income tax provision associated with restructuring for the three months ended June 30, 2020 and 2019, was calculated using a 26.3% and 24.6% tax rate, respectively, since realization of a tax benefit for portions of these expenses are currently not deemed probable. The income tax provision associated with the COVID-19 expenses for the three months ended June 30, 2020, was calculated using a 25.7% tax rate.

 

Supplemental Schedule 3

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures Reconciliations, Continued

(In thousands, except per share data)

(Unaudited)

 

 

 

Nine Months Ended June 30, 2020

 

 

 

As Reported

 

 

Restructuring (1)

 

 

COVID-19

Expenses,

net (2)

 

 

As

Adjusted

(Non-GAAP)

 

Selling, general and administrative expenses

 

$

1,075,827

 

 

$

-

 

 

$

(23,450

)

 

$

1,052,377

 

SG&A expenses, as a percentage of sales

 

 

42.1

%

 

 

 

 

 

 

 

 

 

 

41.2

%

Operating earnings

 

 

139,083

 

 

 

11,541

 

 

 

23,450

 

 

 

174,074

 

Operating margin

 

 

5.4

%

 

 

 

 

 

 

 

 

 

 

6.8

%

Earnings before provision for income taxes

 

 

68,600

 

 

 

11,541

 

 

 

23,450

 

 

 

103,591

 

Provision for income taxes (3)

 

 

25,543

 

 

 

2,967

 

 

 

5,685

 

 

 

34,195

 

Net earnings

 

$

43,057

 

 

$

8,574

 

 

$

17,765

 

 

$

69,396

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.38

 

 

$

0.07

 

 

$

0.16

 

 

$

0.61

 

Diluted

 

$

0.37

 

 

$

0.07

 

 

$

0.15

 

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2019

 

 

 

As Reported

 

 

Restructuring (1)

 

 

 

 

 

 

As

Adjusted

(Non-GAAP)

 

Selling, general and administrative expenses

 

$

1,088,797

 

 

$

-

 

 

 

 

 

 

$

1,088,797

 

SG&A expenses, as a percentage of sales

 

 

37.4

%

 

 

 

 

 

 

 

 

 

 

37.4

%

Operating earnings

 

 

342,381

 

 

 

74

 

 

 

 

 

 

 

342,455

 

Operating margin

 

 

11.8

%

 

 

 

 

 

 

 

 

 

 

11.8

%

Earnings before provision for income taxes

 

 

268,289

 

 

 

74

 

 

 

 

 

 

 

268,363

 

Provision for income taxes (3)

 

 

65,673

 

 

 

(297

)

 

 

 

 

 

 

65,376

 

Net earnings

 

$

202,616

 

 

$

371

 

 

 

 

 

 

$

202,987

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.69

 

 

$

0.00

 

 

 

 

 

 

$

1.69

 

Diluted

 

$

1.68

 

 

$

0.00

 

 

 

 

 

 

$

1.68

 

 

(1)For the nine months ended June 30, 2020, restructuring represents costs and expenses incurred primarily in connection with Project Surge and the Transformation Plan. For the nine months ended June 30, 2019, restructuring represents costs and expenses incurred in connection with the 2018 Restructuring Plan.

(2)For the nine months ended June 30, 2020, COVID-19 expenses primarily represent incremental costs associated with disaster pay and furloughed employees in response to the coronavirus pandemic. These costs were partially offset by an employee retention payroll tax credit provided by the CARES Act.

(3)The income tax provision associated with restructuring expenses for the nine months ended June 30, 2020, was calculated using a 25.7% tax rate since realization of a tax benefit for portions of these expenses are currently not deemed probable. The income tax provision for the nine months ended June 30, 2019, includes a provision in connection with the $6.6 million gain from the sale of our secondary headquarters and fulfillment center, however, the realization of tax benefits for a certain portion of the other costs associated with restructuring are currently not deemed probable. The income tax provision associated with the COVID-19 expenses for the nine months ended June 30, 2020, was calculated using a 24.2% tax rate.

 

Supplemental Schedule 4

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures Reconciliations, Continued

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

Adjusted EBITDA:

 

2020

 

 

2019

 

 

Percentage

Change

 

 

2020

 

 

2019

 

 

Percentage

Change

 

Net earnings (loss)

 

$

(23,526

)

 

$

71,164

 

 

 

(133.1

)%

 

$

43,057

 

 

$

202,616

 

 

 

(78.7

)%

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

26,832

 

 

 

27,150

 

 

 

(1.2

)%

 

 

80,829

 

 

 

80,425

 

 

 

0.5

%

Interest expense

 

 

27,298

 

 

 

25,781

 

 

 

5.9

%

 

 

70,483

 

 

 

74,092

 

 

 

(4.9

)%

Provision (benefit) for income taxes

 

 

(2,341

)

 

 

23,186

 

 

 

(110.1

)%

 

 

25,543

 

 

 

65,673

 

 

 

(61.1

)%

EBITDA (non-GAAP)

 

 

28,263

 

 

 

147,281

 

 

 

(80.8

)%

 

 

219,912

 

 

 

422,806

 

 

 

(48.0

)%

Inventory charges (1)

 

 

27,054

 

 

 

-

 

 

 

100.0

%

 

 

27,054

 

 

 

-

 

 

 

100.0

%

COVID-19

 

 

8,753

 

 

 

-

 

 

 

100.0

%

 

 

23,450

 

 

 

-

 

 

 

100.0

%

Restructuring

 

 

5,816

 

 

 

1,908

 

 

 

204.8

%

 

 

11,541

 

 

 

74

 

 

 

15495.9

%

Share-based compensation

 

 

2,562

 

 

 

1,858

 

 

 

37.9

%

 

 

9,094

 

 

 

7,728

 

 

 

17.7

%

Impairment (2)

 

 

901

 

 

 

-

 

 

 

100.0

%

 

 

901

 

 

 

-

 

 

 

100.0

%

Adjusted EBITDA (non-GAAP)

 

$

73,349

 

 

$

151,047

 

 

 

(51.4

)%

 

$

291,952

 

 

$

430,608

 

 

 

(32.2

)%

 

 

 

 

 

 

 

 

 

 

Basis Point

Change

 

 

 

 

 

 

 

 

 

 

Basis Point

Change

 

Adjusted EBITDA as a percentage of net

   sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin

 

 

10.4

%

 

 

15.5

%

 

 

(510

)

 

 

11.4

%

 

 

14.8

%

 

 

(340

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Free Cash Flow:

 

2020

 

 

2019

 

 

Percentage

Change

 

 

2020

 

 

2019

 

 

Percentage

Change

 

Net cash provided by operating activities

 

$

198,253

 

 

$

93,713

 

 

 

111.6

%

 

$

274,384

 

 

$

203,823

 

 

 

34.6

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for property and equipment, net (3)

 

 

17,742

 

 

 

20,354

 

 

 

(12.8

)%

 

 

89,702

 

 

 

54,742

 

 

 

63.9

%

Operating free cash flow (non-GAAP)

 

$

180,511

 

 

$

73,359

 

 

 

146.1

%

 

$

184,682

 

 

$

149,081

 

 

 

23.9

%

 

(1)Incremental, non-cash write down of inventory as part of aggressive tactical inventory clearance actions.

(2)Impairment charges related to long-lived assets and operating lease assets not included in restructuring.

(3)For the nine months ended June 30, 2019, payments for property and equipment, net includes cash proceeds of $12.0 million from the sale of our secondary headquarters and fulfillment center in connection with restructuring.

 

Supplemental Schedule 5

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Store Count and Same Store Sales

(Unaudited)

 

 

 

As of June 30,

 

 

 

2020

 

 

2019

 

 

Change

 

Number of stores:

 

 

 

 

 

 

 

 

 

 

 

 

SBS:

 

 

 

 

 

 

 

 

 

 

 

 

Company-operated stores

 

 

3,678

 

 

 

3,689

 

 

 

(11

)

Franchise stores

 

 

13

 

 

 

16

 

 

 

(3

)

Total SBS

 

 

3,691

 

 

 

3,705

 

 

 

(14

)

BSG:

 

 

 

 

 

 

 

 

 

 

 

 

Company-operated stores

 

 

1,226

 

 

 

1,221

 

 

 

5

 

Franchise stores

 

 

145

 

 

 

163

 

 

 

(18

)

Total BSG

 

 

1,371

 

 

 

1,384

 

 

 

(13

)

Total consolidated

 

 

5,062

 

 

 

5,089

 

 

 

(27

)

Number of BSG distributor sales consultants

 

 

651

 

 

 

791

 

 

 

(140

)

 

BSG distributor sales consultants (DSC) include 197 and 247 sales consultants employed by our franchisees at June 30, 2020 and 2019, respectively.

 

 

Three Months Ended June 30,

 

 

 

Nine Months Ended June 30,

 

 

2020

 

 

2019

 

 

Basis Point Change

 

 

 

2020

 

 

2019

 

 

Basis Point Change

 

Same store sales growth (decline):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBS

 

(25.9

)%

 

 

(0.6

)%

 

 

(2,530

)

 

 

 

(11.3

)%

 

 

(0.1

)%

 

 

(1,120

)

BSG

 

(27.9

)%

 

 

1.4

%

 

 

(2,930

)

 

 

 

(11.2

)%

 

 

0.0

%

 

 

(1,120

)

Consolidated

 

(26.6

)%

 

 

0.1

%

 

 

(2,670

)

 

 

 

(11.3

)%

 

 

(0.1

)%

 

 

(1,120

)

 

For the purpose of calculating our same store sales metrics, we compare the current period sales for stores open for 14 months or longer as of the last day of a month with the sales for these stores for the comparable period in the prior fiscal year. Our same store sales are calculated in constant U.S. dollars and include e-commerce sales, but do not generally include the sales from stores relocated until 14 months after the relocation. The sales from stores acquired are excluded from our same store sales calculation until 14 months after the acquisition.  

 

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DE 1-33145 36-2257936 3001 Colorado Boulevard Denton TX 76210 940 898-7500 false false false false Common Stock, $0.01 par value SBH NYSE false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document And Entity Information
Jul. 30, 2020
Cover [Abstract]  
Entity Registrant Name SALLY BEAUTY HOLDINGS, INC.
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0001368458
Entity Emerging Growth Company false
Document Period End Date Jul. 30, 2020
Entity File Number 1-33145
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-2257936
Entity Address, Address Line One 3001 Colorado Boulevard
Entity Address, City or Town Denton
Entity Address, State or Province TX
Entity Address, Postal Zip Code 76210
City Area Code 940
Local Phone Number 898-7500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, $0.01 par value
Trading Symbol SBH
Name of each exchange on which registered NYSE
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