Date of report (Date of earliest event reported) |
(Exact Name of Registrant as Specified in Charter) |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
(“NYSE”) |
Emerging growth company |
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |
DARLING INGREDIENTS INC. | |||||||||||
Date: August 9, 2022 | By: | /s/ John F. Sterling | |||||||||
John F. Sterling | |||||||||||
Executive Vice President, General Counsel |
![]() | News Release Aug. 9, 2022 Page 2 | ||||||||||
Three Months Ended July 2, 2022 | Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Net sales | $ | 1,170,347 | $ | 369,181 | $ | 110,660 | $ | — | $ | 1,650,188 | |||||||
Cost of sales and operating expenses | 864,306 | 280,964 | 86,237 | — | 1,231,507 | ||||||||||||
Gross margin | 306,041 | 88,217 | 24,423 | — | 418,681 | ||||||||||||
Gain on sale of assets | (964) | (73) | (18) | — | (1,055) | ||||||||||||
Selling, general and administrative expenses | 64,863 | 22,855 | 4,277 | 15,781 | 107,776 | ||||||||||||
Restructuring and asset impairment charges | 8,557 | — | — | — | 8,557 | ||||||||||||
Acquisition and integration costs | — | — | — | 5,358 | 5,358 | ||||||||||||
Depreciation and amortization | 68,938 | 14,449 | 6,936 | 2,790 | 93,113 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 73,680 | — | 73,680 | ||||||||||||
Segment operating income/(loss) | $ | 164,647 | $ | 50,986 | $ | 86,908 | $ | (23,929) | $ | 278,612 | |||||||
Equity in net income of other unconsolidated subsidiaries | 2,272 | — | — | — | 2,272 | ||||||||||||
Segment income/(loss) | $ | 166,919 | $ | 50,986 | $ | 86,908 | $ | (23,929) | $ | 280,884 | |||||||
Segment EBITDA | $ | 242,142 | $ | 65,435 | $ | 20,164 | $ | (15,781) | $ | 311,960 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 90,611 | — | 90,611 | ||||||||||||
Combined adjusted EBITDA | $ | 242,142 | $ | 65,435 | $ | 110,775 | $ | (15,781) | $ | 402,571 |
Three Months Ended July 3, 2021 | Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Net sales | $ | 771,932 | $ | 317,031 | $ | 109,706 | $ | — | $ | 1,198,669 | |||||||
Cost of sales and operating expenses | 556,424 | 238,539 | 83,110 | — | 878,073 | ||||||||||||
Gross margin | 215,508 | 78,492 | 26,596 | — | 320,596 | ||||||||||||
Gain on sale of assets | (122) | (48) | (58) | — | (228) | ||||||||||||
Selling, general and administrative expenses | 54,977 | 25,542 | 4,474 | 14,139 | 99,132 | ||||||||||||
Depreciation and amortization | 53,971 | 15,850 | 6,698 | 2,703 | 79,222 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 125,788 | — | 125,788 | ||||||||||||
Segment operating income/(loss) | $ | 106,682 | $ | 37,148 | $ | 141,270 | $ | (16,842) | $ | 268,258 | |||||||
Equity in net income of other unconsolidated subsidiaries | 1,940 | — | — | — | 1,940 | ||||||||||||
Segment income/(loss) | $ | 108,622 | $ | 37,148 | $ | 141,270 | $ | (16,842) | $ | 270,198 | |||||||
Segment EBITDA | $ | 160,653 | $ | 52,998 | $ | 22,180 | $ | (14,139) | $ | 221,692 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 132,001 | — | 132,001 | ||||||||||||
Combined adjusted EBITDA | $ | 160,653 | $ | 52,998 | $ | 154,181 | $ | (14,139) | $ | 353,693 | |||||||
![]() | News Release Aug. 9, 2022 Page 3 | ||||||||||
Six Months Ended July 2, 2022 | Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Net sales | $ | 2,049,785 | $ | 723,995 | $ | 242,742 | $ | — | $ | 3,016,522 | |||||||
Cost of sales and operating expenses | 1,509,829 | 551,276 | 190,979 | — | 2,252,084 | ||||||||||||
Gross margin | 539,956 | 172,719 | 51,763 | — | 764,438 | ||||||||||||
Gain on sale of assets | (1,305) | (82) | (57) | — | (1,444) | ||||||||||||
Selling, general and administrative expenses | 121,072 | 49,699 | 8,197 | 30,840 | 209,808 | ||||||||||||
Restructuring and asset impairment charges | 8,557 | — | — | — | 8,557 | ||||||||||||
Acquisition and integration costs | — | — | — | 9,131 | 9,131 | ||||||||||||
Depreciation and amortization | 123,288 | 29,899 | 13,610 | 5,562 | 172,359 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 145,484 | — | 145,484 | ||||||||||||
Segment operating income/(loss) | $ | 288,344 | $ | 93,203 | $ | 175,497 | $ | (45,533) | $ | 511,511 | |||||||
Equity in net income of other unconsolidated subsidiaries | 3,632 | — | — | — | 3,632 | ||||||||||||
Segment income/(loss) | $ | 291,976 | $ | 93,203 | $ | 175,497 | $ | (45,533) | $ | 515,143 | |||||||
Segment EBITDA | $ | 420,189 | $ | 123,102 | $ | 43,623 | $ | (30,840) | $ | 556,074 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 177,171 | — | 177,171 | ||||||||||||
Combined adjusted EBITDA | $ | 420,189 | $ | 123,102 | $ | 220,794 | $ | (30,840) | $ | 733,245 |
Six Months Ended July 3, 2021 | Feed Ingredients | Food Ingredients | Fuel Ingredients | Corporate | Total | ||||||||||||
Net sales | $ | 1,423,376 | $ | 615,096 | $ | 206,913 | $ | — | $ | 2,245,385 | |||||||
Cost of sales and operating expenses | 1,031,005 | 464,952 | 154,900 | — | 1,650,857 | ||||||||||||
Gross margin | 392,371 | 150,144 | 52,013 | — | 594,528 | ||||||||||||
Loss (gain) on sale of assets | (261) | 7 | (38) | — | (292) | ||||||||||||
Selling, general and administrative expenses | 107,597 | 50,733 | 9,341 | 28,859 | 196,530 | ||||||||||||
Restructuring and asset impairment charges | — | — | 778 | — | 778 | ||||||||||||
Depreciation and amortization | 108,580 | 30,733 | 12,853 | 5,590 | 157,756 | ||||||||||||
Equity in net income of Diamond Green Diesel | — | — | 228,013 | — | 228,013 | ||||||||||||
Segment operating income/(loss) | $ | 176,455 | $ | 68,671 | $ | 257,092 | $ | (34,449) | $ | 467,769 | |||||||
Equity in net income of other unconsolidated subsidiaries | 2,552 | — | — | — | 2,552 | ||||||||||||
Segment income/(loss) | $ | 179,007 | $ | 68,671 | $ | 257,092 | $ | (34,449) | $ | 470,321 | |||||||
Segment EBITDA | $ | 285,035 | $ | 99,404 | $ | 42,710 | $ | (28,859) | $ | 398,290 | |||||||
DGD adjusted EBITDA (Darling's Share) | — | — | 240,201 | — | 240,201 | ||||||||||||
Combined adjusted EBITDA | $ | 285,035 | $ | 99,404 | $ | 282,911 | $ | (28,859) | $ | 638,491 |
![]() | News Release Aug. 9, 2022 Page 4 | ||||||||||
July 2, 2022 | January 1, 2022 | |||||||||||||
ASSETS | (unaudited) | |||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 146,730 | $ | 68,906 | ||||||||||
Restricted cash | 110 | 166 | ||||||||||||
Accounts receivable, net | 574,727 | 469,092 | ||||||||||||
Inventories | 578,402 | 457,465 | ||||||||||||
Prepaid expenses | 77,065 | 53,711 | ||||||||||||
Income taxes refundable | 27,330 | 1,075 | ||||||||||||
Other current assets | 57,462 | 38,599 | ||||||||||||
Total current assets | 1,461,826 | 1,089,014 | ||||||||||||
Property, plant and equipment, net | 2,237,199 | 1,840,080 | ||||||||||||
Intangible assets, net | 760,079 | 397,801 | ||||||||||||
Goodwill | 1,555,814 | 1,219,116 | ||||||||||||
Investment in unconsolidated subsidiaries | 1,736,242 | 1,349,247 | ||||||||||||
Operating lease right-of-use assets | 177,328 | 155,464 | ||||||||||||
Other assets | 81,886 | 66,795 | ||||||||||||
Deferred income taxes | 16,312 | 16,211 | ||||||||||||
$ | 8,026,686 | $ | 6,133,728 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion of long-term debt | $ | 32,695 | $ | 24,407 | ||||||||||
Accounts payable, principally trade | 414,584 | 307,118 | ||||||||||||
Income taxes payable | 28,452 | 32,310 | ||||||||||||
Current operating lease liabilities | 45,498 | 38,168 | ||||||||||||
Accrued expenses | 398,598 | 350,681 | ||||||||||||
Total current liabilities | 919,827 | 752,684 | ||||||||||||
Long-term debt, net of current portion | 2,881,134 | 1,438,974 | ||||||||||||
Long-term operating lease liabilities | 133,663 | 120,314 | ||||||||||||
Other non-current liabilities | 128,399 | 111,029 | ||||||||||||
Deferred income taxes | 397,140 | 362,942 | ||||||||||||
Total liabilities | 4,460,163 | 2,785,943 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock, $0.01 par value; | 1,735 | 1,717 | ||||||||||||
Additional paid-in capital | 1,646,468 | 1,627,816 | ||||||||||||
Treasury stock, at cost | (491,717) | (374,721) | ||||||||||||
Accumulated other comprehensive loss | (400,907) | (321,690) | ||||||||||||
Retained earnings | 2,737,887 | 2,347,838 | ||||||||||||
Total Darling's stockholders' equity | 3,493,466 | 3,280,960 | ||||||||||||
Noncontrolling interests | 73,057 | 66,825 | ||||||||||||
Total Stockholders' equity | 3,566,523 | 3,347,785 | ||||||||||||
$ | 8,026,686 | $ | 6,133,728 |
![]() | News Release Aug. 9, 2022 Page 5 | ||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(unaudited) | $ Change | (unaudited) | $ Change | |||||||||||||||||||||||||||||||||||
July 2, | July 3, | Favorable | July 2, | July 3, | Favorable | |||||||||||||||||||||||||||||||||
2022 | 2021 | (Unfavorable) | 2022 | 2021 | (Unfavorable) | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,650,188 | $ | 1,198,669 | $ | 451,519 | $ | 3,016,522 | $ | 2,245,385 | $ | 771,137 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||
Cost of sales and operating expenses | 1,231,507 | 878,073 | (353,434) | 2,252,084 | 1,650,857 | (601,227) | ||||||||||||||||||||||||||||||||
Gain on sale of assets | (1,055) | (228) | 827 | (1,444) | (292) | 1,152 | ||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 107,776 | 99,132 | (8,644) | 209,808 | 196,530 | (13,278) | ||||||||||||||||||||||||||||||||
Restructuring and asset impairment charges | 8,557 | — | (8,557) | 8,557 | 778 | (7,779) | ||||||||||||||||||||||||||||||||
Acquisition and integration costs | 5,358 | — | (5,358) | 9,131 | — | (9,131) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 93,113 | 79,222 | (13,891) | 172,359 | 157,756 | (14,603) | ||||||||||||||||||||||||||||||||
Total costs and expenses | 1,445,256 | 1,056,199 | (389,057) | 2,650,495 | 2,005,629 | (644,866) | ||||||||||||||||||||||||||||||||
Equity in net income of Diamond Green Diesel | 73,680 | 125,788 | (52,108) | 145,484 | 228,013 | (82,529) | ||||||||||||||||||||||||||||||||
Operating income | 278,612 | 268,258 | 10,354 | 511,511 | 467,769 | 43,742 | ||||||||||||||||||||||||||||||||
Other expense: | ||||||||||||||||||||||||||||||||||||||
Interest expense | (24,008) | (15,268) | (8,740) | (39,611) | (31,696) | (7,915) | ||||||||||||||||||||||||||||||||
Foreign currency loss | (4,412) | (684) | (3,728) | (5,512) | (1,094) | (4,418) | ||||||||||||||||||||||||||||||||
Other expense, net | (302) | (1,198) | 896 | (1,044) | (2,357) | 1,313 | ||||||||||||||||||||||||||||||||
Total other expense | (28,722) | (17,150) | (11,572) | (46,167) | (35,147) | (11,020) | ||||||||||||||||||||||||||||||||
Equity in net income of other unconsolidated subsidiaries | 2,272 | 1,940 | 332 | 3,632 | 2,552 | 1,080 | ||||||||||||||||||||||||||||||||
Income from operations before income taxes | 252,162 | 253,048 | (886) | 468,976 | 435,174 | 33,802 | ||||||||||||||||||||||||||||||||
Income tax expense | 47,333 | 54,979 | 7,646 | 73,416 | 83,687 | 10,271 | ||||||||||||||||||||||||||||||||
Net income | 204,829 | 198,069 | 6,760 | 395,560 | 351,487 | 44,073 | ||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (2,833) | (1,487) | (1,346) | (5,511) | (3,139) | (2,372) | ||||||||||||||||||||||||||||||||
Net income attributable to Darling | $ | 201,996 | $ | 196,582 | $ | 5,414 | $ | 390,049 | $ | 348,348 | $ | 41,701 | ||||||||||||||||||||||||||
Basic income per share: | $ | 1.25 | $ | 1.21 | $ | 0.04 | $ | 2.41 | $ | 2.14 | $ | 0.27 | ||||||||||||||||||||||||||
Diluted income per share: | $ | 1.23 | $ | 1.17 | $ | 0.06 | $ | 2.37 | $ | 2.08 | $ | 0.29 | ||||||||||||||||||||||||||
Number of diluted common shares: | 164,745 | 167,597 | 164,673 | 167,673 |
![]() | News Release Aug. 9, 2022 Page 6 | ||||||||||
Six Months Ended | |||||||||||
(Unaudited) | |||||||||||
July 2, | July 3, | ||||||||||
Cash flows from operating activities: | 2022 | 2021 | |||||||||
Net income | $ | 395,560 | $ | 351,487 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 172,359 | 157,756 | |||||||||
Gain on sale of assets | (1,444) | (292) | |||||||||
Asset impairment | 8,557 | 138 | |||||||||
Deferred taxes | 35,674 | 49,572 | |||||||||
Decrease in long-term pension liability | (547) | (622) | |||||||||
Stock-based compensation expense | 13,369 | 14,011 | |||||||||
Write-off deferred loan costs | — | 598 | |||||||||
Deferred loan cost amortization | 2,207 | 2,047 | |||||||||
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries | (149,116) | (230,565) | |||||||||
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries | 1,631 | 2,497 | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | (47,046) | (34,911) | |||||||||
Income taxes refundable/payable | (28,834) | 9,116 | |||||||||
Inventories and prepaid expenses | (95,199) | (39,992) | |||||||||
Accounts payable and accrued expenses | 72,351 | 2,770 | |||||||||
Other | (18,487) | 14,327 | |||||||||
Net cash provided by operating activities | 361,035 | 297,937 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (151,478) | (126,094) | |||||||||
Acquisition, net of cash acquired | (1,235,537) | (2,059) | |||||||||
Investment in Diamond Green Diesel | (239,750) | — | |||||||||
Investment in other unconsolidated subsidiaries | — | (4,449) | |||||||||
Gross proceeds from disposal of property, plant and equipment and other assets | 2,161 | 3,064 | |||||||||
Payments related to routes and other intangibles | (179) | (347) | |||||||||
Net cash used in investing activities | (1,624,783) | (129,885) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 1,663,612 | 20,679 | |||||||||
Payments on long-term debt | (23,600) | (73,393) | |||||||||
Borrowings from revolving credit facility | 777,902 | 207,000 | |||||||||
Payments on revolving credit facility | (937,921) | (220,000) | |||||||||
Net cash overdraft financing | 12 | 16,487 | |||||||||
Deferred loan costs | (10,707) | — | |||||||||
Issuance of common stock | — | 50 | |||||||||
Repurchase of common stock | (65,887) | (75,663) | |||||||||
Minimum withholding taxes paid on stock awards | (45,836) | (43,853) | |||||||||
Distributions to noncontrolling interests | — | (2,164) | |||||||||
Net cash provided/(used) in financing activities | 1,357,575 | (170,857) | |||||||||
Effect of exchange rate changes on cash flows | (16,059) | (997) | |||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 77,768 | (3,802) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 69,072 | 81,720 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 146,840 | $ | 77,918 | |||||||
![]() | News Release Aug. 9, 2022 Page 7 | ||||||||||
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(unaudited) | |||||||||||
Assets: | |||||||||||
Total current assets | $ | 1,065,686 | $ | 686,294 | |||||||
Property, plant and equipment, net | 3,131,430 | 2,710,747 | |||||||||
Other assets | 52,324 | 51,514 | |||||||||
Total assets | $ | 4,249,440 | $ | 3,448,555 | |||||||
Liabilities and members' equity: | |||||||||||
Total current portion of long term debt | $ | 165,439 | $ | 165,092 | |||||||
Total other current liabilities | 333,651 | 295,860 | |||||||||
Total long term debt | 336,743 | 344,309 | |||||||||
Total other long term liabilities | 17,148 | 17,531 | |||||||||
Total members' equity | 3,396,459 | 2,625,763 | |||||||||
Total liabilities and members' equity | $ | 4,249,440 | $ | 3,448,555 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
(unaudited) | $ Change | (unaudited) | $ Change | ||||||||||||||||||||||||||||||||
June 30, | June 30, | Favorable | June 30, | June 30, | Favorable | ||||||||||||||||||||||||||||||
2022 | 2021 | (Unfavorable) | 2022 | 2021 | (Unfavorable) | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,455,886 | $ | 571,859 | $ | 884,027 | $ | 2,436,578 | $ | 1,003,492 | $ | 1,433,086 | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Total costs and expenses less depreciation, amortization and accretion expense | 1,274,665 | 307,857 | (966,808) | 2,082,237 | 523,091 | (1,559,146) | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | 31,317 | 11,995 | (19,322) | 57,809 | 23,682 | (34,127) | |||||||||||||||||||||||||||||
Total costs and expenses | 1,305,982 | 319,852 | (986,130) | 2,140,046 | 546,773 | (1,593,273) | |||||||||||||||||||||||||||||
Operating income | 149,904 | 252,007 | (102,103) | 296,532 | 456,719 | (160,187) | |||||||||||||||||||||||||||||
Other income | 722 | 353 | 369 | 711 | 411 | 300 | |||||||||||||||||||||||||||||
Interest and debt expense, net | (3,266) | (784) | (2,482) | (6,275) | (1,104) | (5,171) | |||||||||||||||||||||||||||||
Net income | $ | 147,360 | $ | 251,576 | $ | (104,216) | $ | 290,968 | $ | 456,026 | $ | (165,058) |
![]() | News Release Aug. 9, 2022 Page 8 | ||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Adjusted EBITDA | July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||
(U.S. dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income attributable to Darling | $ | 201,996 | $ | 196,582 | $ | 390,049 | $ | 348,348 | |||||||||||||||
Depreciation and amortization | 93,113 | 79,222 | 172,359 | 157,756 | |||||||||||||||||||
Interest expense | 24,008 | 15,268 | 39,611 | 31,696 | |||||||||||||||||||
Income tax expense | 47,333 | 54,979 | 73,416 | 83,687 | |||||||||||||||||||
Restructuring and asset impairment charges | 8,557 | — | 8,557 | 778 | |||||||||||||||||||
Acquisition and integration costs | 5,358 | — | 9,131 | — | |||||||||||||||||||
Foreign currency loss | 4,412 | 684 | 5,512 | 1,094 | |||||||||||||||||||
Other expense, net | 302 | 1,198 | 1,044 | 2,357 | |||||||||||||||||||
Equity in net income of Diamond Green Diesel | (73,680) | (125,788) | (145,484) | (228,013) | |||||||||||||||||||
Equity in net income of other unconsolidated subsidiaries | (2,272) | (1,940) | (3,632) | (2,552) | |||||||||||||||||||
Net income attributable to other noncontrolling interests | 2,833 | 1,487 | 5,511 | 3,139 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 311,960 | $ | 221,692 | $ | 556,074 | $ | 398,290 | |||||||||||||||
Foreign currency exchange impact | 15,928 | (1) | — | 23,155 | (2) | — | |||||||||||||||||
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) | $ | 327,888 | $ | 221,692 | $ | 579,229 | $ | 398,290 | |||||||||||||||
DGD Joint Venture Adjusted EBITDA (Darling's Share) | $ | 90,611 | $ | 132,001 | $ | 177,171 | $ | 240,201 | |||||||||||||||
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA | $ | 402,571 | $ | 353,693 | $ | 733,245 | $ | 638,491 | |||||||||||||||
(1) The average rate assumption used in this calculation was the actual fiscal average rate for the three months ended July 2, 2022 of €1.00:USD$1.06 and CAD$1.00:USD$0.78 as compared to the average rate for the three months ended July 3, 2021 of €1.00:USD$1.21 and CAD$1.00:USD$0.81, respectively. | |||||||||||||||||||||||
(2) The average rate assumption used in this calculation was the actual fiscal average rate for the six months ended July 2, 2022 of €1.00:USD$1.09 and CAD$1.00:USD$0.79 as compared to the average rate for the six months ended July 3, 2021 of €1.00:USD$1.20 and CAD$1.00:USD$0.80, respectively. |
![]() | News Release Aug. 9, 2022 Page 9 | ||||||||||
![]() | News Release Aug. 9, 2022 Page 10 | ||||||||||
![]() | News Release Aug. 9, 2022 Page 11 | ||||||||||
Z$$P;&)01D8/]0/SJ?9M%JK%[
MG/&0!N#Q36?-:DWAK4(L[8O,7)PR,"#6?-:3VI FB9 E/\ ^604C I@V$:1O.$R(T)Z_P!V
MHHH9KK44M;5-[,<>F:.]/+!%)
M9L+V(KF=3U![R7 XC7@#UK&K64%H;T*+J2UV(KBZ-S("23Z9IUPD152@&<J.*O0$BVQ[U=/1F575&FKG;G'!]
MZ:S$MUXJ&&7,2K_=I2-W.:[>8XG&S'AR<\A
MJ1(N>342EL\$TX$CO31#)?+.2>*3RB>XINXXQ1FJ)'>4<]J=Y1QVJ,LZ76R"48E<<$'UHW+@8)![FLPWDQD9V;+,V3D=ZE%[_>C!Z=#BM%53,W2
M:+BJ,GG-(6)7&*B6YB8< J<^O2I3M)RK CZU:DF0XM 1P.>*>/N@CH*8 ?X5
MSCWS1YC9 *_A3NB6F*YSFF9'Z4,R@\'(IN@J]8:O=:8[26TA5G &
M<=*SU8L">12X[@Y [55M#+J=>/&:SVPAOK-)E; .!@CCG^E(#H]TA=+XQ.Q_
MU4O0'T&*Y#+94KQSWII;&>><\\4DAV.E-E'/RQ0%R
MBD;2LJQ@G/0>M:-OI3>7YL[JJ_W<\_E6S-)H^G:>D=DC2WF06E<9V_3WK"NK
MF6XD'F.'ZGJ: N77OH;3(@BQ)V<]JS[F\GNR'ED)"C"^WI41 ;@$CMUI#\H#
M$'&,4 1@
M6L%:/SUVY!YY_BJ%I%** QR>6P>OM5C6=)N-#U9;9G+0R9>%R