Post Holdings, Inc. (NYSE:POST), a consumer packaged goods holding
company, today reported results for the first fiscal quarter ended
December 31, 2023.
Highlights:
- First quarter net sales of
$2.0 billion
- Operating profit of $209.3
million; net earnings of $88.1
million and Adjusted EBITDA (non-GAAP)*
of $359.5 million
- Raised fiscal year 2024
Adjusted EBITDA (non-GAAP)* outlook to $1,290-$1,340
million
*For additional information regarding non-GAAP
measures, such as Adjusted EBITDA, Adjusted net earnings, Adjusted
diluted earnings per common share and segment Adjusted EBITDA, see
the related explanations presented under “Use of Non-GAAP Measures”
later in this release. Post provides Adjusted EBITDA guidance only
on a non-GAAP basis and does not provide a reconciliation of its
forward-looking Adjusted EBITDA non-GAAP guidance measure to the
most directly comparable GAAP measure due to the inherent
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliation, including the adjustments
described under “Outlook” below.
Basis of Presentation
On April 28, 2023, Post completed its
acquisition of a portion of The J. M. Smucker Company’s (“Smucker”)
pet food business (“Pet Food”), the results of which are included
in the Post Consumer Brands segment. On December 1, 2023, Post
completed its acquisition of substantially all of the assets of
Perfection Pet Foods, LLC (“Perfection”), the results of which are
also included in the Post Consumer Brands segment. On December 1,
2023, Post completed its acquisition of Deeside Cereals I Ltd
(“Deeside”), the results of which are included in the Weetabix
segment.
First Quarter
Consolidated Operating Results
Net sales were $1,965.9 million, an increase of
25.5%, or $399.6 million, compared to $1,566.3 million in the prior
year period, and included $428.9 million in net sales from
acquisitions. Excluding the benefit from acquisitions in the
current year period, net sales growth in Post Consumer Brands and
Weetabix (driven by higher average net selling prices) was offset
by declines in Foodservice (driven by the elimination of avian
influenza pricing premium and the pass-through of lower grain
costs) and Refrigerated Retail (driven by distribution losses in
lower margin egg and cheese products). Gross profit was $572.6
million, or 29.1% of net sales, an increase of 38.0%, or $157.7
million, compared to $414.9 million, or 26.5% of net sales, in the
prior year period.
Selling, general and administrative (“SG&A”)
expenses were $322.9 million, or 16.4% of net sales, an increase of
41.2%, or $94.2 million, compared to $228.7 million, or 14.6% of
net sales, in the prior year period. The increase was primarily
driven by the inclusion of Pet Food. SG&A expenses in the first
quarter of 2024 included $7.7 million of restructuring and
facility closure costs, which were primarily related to the
scheduled closing of Post’s cereal manufacturing facility in
Lancaster, Ohio and were treated as adjustments for non-GAAP
measures, and $6.5 million of integration costs, which were
primarily related to the Pet Food acquisition and were treated as
adjustments for non-GAAP measures. Operating profit was $209.3
million, an increase of 39.6%, or $59.4 million, compared to $149.9
million in the prior year period.
Net earnings were $88.1 million, a decrease of
4.1%, or $3.8 million, compared to $91.9 million in the prior year
period. Net earnings included the following:
|
Three Months Ended December 31, |
(in millions) |
2023 |
|
2022 |
Gain on extinguishment of debt, net (1) |
$ |
(3.1 |
) |
|
$ |
(8.7 |
) |
Expense (income) on swaps, net
(1) |
|
21.1 |
|
|
|
(12.3 |
) |
Net earnings attributable to
noncontrolling interests (2) |
|
— |
|
|
|
1.8 |
|
(1) Discussed
later in this release and were treated as adjustments for non-GAAP
measures. |
(2) Prior year
results primarily reflected the allocation of 69.0% of Post
Holdings Partnering Corporation’s (“PHPC”) consolidated net
earnings to noncontrolling interests prior to the dissolution of
PHPC (the “PHPC Dissolution”). |
Diluted earnings per common share were $1.35, compared to $1.52
in the prior year period. Adjusted net earnings
(non-GAAP)* were $113.7 million, compared to $71.2
million in the prior year period. Adjusted diluted earnings per
common share (non-GAAP)* were $1.69, compared to $1.08 in the prior
year period.
Adjusted EBITDA was $359.5 million, an increase
of 33.2%, or $89.6 million, compared to $269.9 million in the prior
year period.
Post Consumer Brands
North American ready-to-eat (“RTE”) cereal, pet
food and peanut butter.
For the first quarter, net sales were $988.6
million, an increase of 78.2%, or $433.9 million, compared to the
prior year period. Net sales included $426.6 million in the first
quarter of 2024 attributable to acquisitions. Excluding the benefit
from acquisitions in the current year period, volumes decreased
6.6%, primarily driven by declines in branded and non-retail cereal
and peanut butter. Segment profit was $132.7 million, an increase
of 67.3%, or $53.4 million, compared to the prior year period.
Segment Adjusted EBITDA (non-GAAP)* was $189.8
million, an increase of 68.1%, or $76.9 million, compared to the
prior year period.
Weetabix
Primarily United Kingdom RTE cereal, muesli and protein-based
shakes.
For the first quarter, net sales were $129.1
million, an increase of 9.3%, or $11.0 million, compared to the
prior year period. Net sales reflected a foreign currency exchange
rate tailwind of approximately 590 basis points and included $2.3
million in the first quarter of 2024 attributable to Deeside.
Excluding the impact of Deeside, volumes decreased 1.6%, primarily
driven by declines in branded products. Segment profit was $21.0
million, a decrease of 2.3%, or $0.5 million, compared to the prior
year period. Segment Adjusted EBITDA was $30.6 million, an increase
of 3.0%, or $0.9 million, compared to the prior year period.
Foodservice
Primarily egg and potato products.
For the first quarter, net sales were $567.1
million, a decrease of 5.6%, or $33.4 million, compared to the
prior year period. Volumes increased 3.7%, primarily due to
increased demand and improved service levels in the current year
period. Segment profit was $75.7 million, a decrease of 4.3%, or
$3.4 million, compared to the prior year period. Segment Adjusted
EBITDA was $105.8 million, a decrease of 2.9%, or $3.2 million,
compared to the prior year period.
Refrigerated Retail
Primarily side dish, egg, cheese and sausage products.
For the first quarter, net sales were $280.9
million, a decrease of 4.1%, or $12.1 million, compared to the
prior year period. Volumes decreased 3.6%, primarily due to
distribution losses in lower margin egg and cheese products. Volume
information by product is disclosed in a table presented later in
this release. Segment profit was $35.6 million, an increase of
69.5%, or $14.6 million, compared to the prior year period. Segment
Adjusted EBITDA was $53.6 million, an increase of 34.0%, or $13.6
million, compared to the prior year period.
Interest, Gain on Extinguishment of Debt, Expense
(Income) on Swaps and Income Tax
Interest expense, net was $78.1 million in the
first quarter of 2024, compared to $65.9 million in the first
quarter of 2023. The increase in interest expense, net in the first
quarter of fiscal year 2024 was primarily driven by a higher
weighted-average interest rate compared to the prior year period,
higher average outstanding principal amounts of debt and lower
interest income.
Gain on extinguishment of debt, net of $3.1
million was recorded in the three months ended December 31, 2023 in
connection with Post’s partial repurchase of its 4.50% senior notes
due September 2031. Gain on extinguishment of debt, net of $8.7
million was recorded in the three months ended December 31, 2022
primarily in connection with Post’s partial repurchase of its 4.50%
senior notes due September 2031.
Expense (income) on swaps, net relates to
mark-to-market adjustments on interest rate swaps. Expense on
swaps, net was $21.1 million in the first quarter of 2024, compared
to income of $12.3 million in the first quarter of 2023.
Income tax expense was $28.5 million in the
first quarter of 2024, an effective income tax rate of 24.4%,
compared to $24.7 million in the first quarter of 2023, an
effective income tax rate of 20.9%. For the three months ended
December 31, 2022, the effective income tax rate differed from the
statutory tax rate primarily as a result of discrete income tax
benefit items related to excess tax benefits for share-based
payments.
Share Repurchases and New Share
Repurchase Authorization
During the first quarter of 2024, Post
repurchased 0.4 million shares of its common stock for $36.7
million at an average price of $84.28 per share. On January 30,
2024, Post’s Board of Directors approved a new $400 million share
repurchase authorization. Share repurchases under the new
authorization may begin on February 5, 2024. As of February 1,
2024, Post had purchased $234.3 million under its previous $400
million share repurchase authorization, which became effective on
June 7, 2023 and will be cancelled effective February 4, 2024.
Repurchases may be made from time to time in the
open market, in private purchases, through forward, derivative,
accelerated repurchase or automatic purchase transactions, or
otherwise. Any shares repurchased would be held as treasury stock.
The authorization does not, however, obligate Post to acquire any
particular number of shares, and repurchases may be suspended or
terminated at any time at Post’s discretion.
Outlook
For fiscal year 2024, Post management has raised
its guidance range for Adjusted EBITDA to $1,290-$1,340 million
from $1,220-$1,280 million. Post management expects fiscal year
2024 capital expenditures to range between $420-$445 million, which
includes Foodservice investment in the expansion of the Norwalk,
Iowa precooked egg facility and the start of Phase II expansion of
the Bloomfield, Nebraska cage-free egg facility, for an aggregate
of $100-$110 million. This also includes $90-$100 million for Pet
Food quality, safety, capacity, pilot plant and distribution
network investments, and approximately $20 million related to the
scheduled closing of the Lancaster, Ohio cereal manufacturing
facility.
Post provides Adjusted EBITDA guidance only on a
non-GAAP basis and does not provide a reconciliation of its
forward-looking Adjusted EBITDA non-GAAP guidance measure to the
most directly comparable GAAP measure due to the inherent
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliation, including adjustments that could
be made for income/expense on swaps, net, gain/loss on
extinguishment of debt, net, equity method investment adjustment,
mark-to-market adjustments on commodity and foreign exchange hedges
and equity securities, integration and transaction costs and other
charges reflected in Post’s reconciliations of historical numbers,
the amounts of which, based on historical experience, could be
significant. For additional information regarding Post’s non-GAAP
measures, see the related explanations presented under “Use of
Non-GAAP Measures.”
Use of Non-GAAP Measures
Post uses certain non-GAAP measures in this
release to supplement the financial measures prepared in accordance
with United States (“U.S.”) generally accepted accounting
principles (“GAAP”). These non-GAAP measures include Adjusted net
earnings/loss, Adjusted diluted earnings/loss per common share,
Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a
percentage of Net Sales and segment Adjusted EBITDA as a percentage
of Net Sales. The reconciliation of each of these non-GAAP measures
to the most directly comparable GAAP measure is provided later in
this release under “Explanation and Reconciliation of Non-GAAP
Measures.”
Management uses certain of these non-GAAP
measures, including Adjusted EBITDA and segment Adjusted EBITDA, as
key metrics in the evaluation of underlying company and segment
performance, in making financial, operating and planning decisions
and, in part, in the determination of bonuses for its executive
officers and employees. Additionally, Post is required to comply
with certain covenants and limitations that are based on variations
of EBITDA in its financing documents. Management believes the use
of these non-GAAP measures provides increased transparency and
assists investors in understanding the underlying operating
performance of Post and its segments and in the analysis of ongoing
operating trends. Non-GAAP measures are not prepared in
accordance with GAAP, as they exclude certain items as described
later in this release. These non-GAAP measures may not be
comparable to similarly titled measures of other companies. For
additional information regarding Post’s non-GAAP measures, see the
related explanations provided under “Explanation and Reconciliation
of Non-GAAP Measures.”
Conference Call to Discuss Earnings Results and
Outlook
Post will host a conference call on Friday,
February 2, 2024 at 9:00 a.m. ET to discuss financial results for
the first quarter of fiscal year 2024 and fiscal year 2024 outlook
and to respond to questions. Robert V. Vitale, President and Chief
Executive Officer, Jeff A. Zadoks, Executive Vice President and
Chief Operating Officer, and Matthew J. Mainer, Senior Vice
President, Chief Financial Officer and Treasurer, will participate
in the call.
Interested parties may join the conference call
by registering in advance at the following link:
https://register.vevent.com/register/BI6f99479868b540ecacaa360b2dcc12f1.
Upon registration, participants will receive a dial-in number and a
unique passcode to access the conference call. Interested parties
are invited to listen to the webcast of the conference call, which
can be accessed by visiting the Investors section of Post’s website
at www.postholdings.com. A webcast replay also will be available
for a limited period on Post’s website in the Investors
section.
Prospective Financial Information
Prospective financial information is necessarily
speculative in nature, and it can be expected that some or all of
the assumptions underlying the prospective financial information
described above will not materialize or will vary significantly
from actual results. For further discussion of some of the factors
that may cause actual results to vary materially from the
prospective financial information provided in this release, see
“Forward-Looking Statements” below. Accordingly, the prospective
financial information provided in this release is only an estimate
of what Post’s management believes is realizable as of the date of
this release. It also should be recognized that the reliability of
any forecasted financial data diminishes the farther in the future
that the data is forecasted. In light of the foregoing, the
information should be viewed in context and undue reliance should
not be placed upon it.
Forward-Looking Statements
Certain matters discussed in this release and on
Post’s conference call are forward-looking statements, including
Post’s Adjusted EBITDA outlook for fiscal year 2024 and Post’s
capital expenditure outlook for fiscal year 2024. These
forward-looking statements are sometimes identified from the use of
forward-looking words such as “believe,” “should,” “could,”
“potential,” “continue,” “expect,” “project,” “estimate,”
“predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,”
“target,” “is likely,” “will,” “can,” “may” or “would” or the
negative of these terms or similar expressions, and include all
statements regarding future performance, earnings projections,
events or developments. There are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. These risks and
uncertainties include, but are not limited to, the following:
- consumer and customer reaction to Post’s pricing actions;
- changes in economic conditions, financial instability,
disruptions in capital and credit markets, changes in interest
rates and fluctuations in foreign currency exchange rates;
- volatility in the cost or availability of inputs to Post’s
businesses (including raw materials, energy and other supplies and
freight);
- disruptions or inefficiencies in Post’s supply chain,
inflation, labor shortages, public health crises, climatic events,
avian influenza and other agricultural diseases and pests, fires
and other events beyond Post’s control;
- Post’s ability to hire and retain talented personnel, leaves of
absence of key employees, increases in labor-related costs,
employee safety, labor strikes, work stoppages and unionization
efforts;
- Post’s reliance on third parties for the manufacture of many of
its products;
- Post’s high leverage, its ability to obtain additional
financing and service its outstanding debt (including covenants
restricting the operation of Post’s businesses) and a potential
downgrade in Post’s credit ratings;
- the ability of Post and its private brand customers’ ability to
compete in their product categories, including the success of
pricing, advertising and promotional programs and the ability to
anticipate and respond to changes in consumer and customer
preferences and behaviors;
- the success of new product introductions;
- allegations that Post’s products cause injury or illness,
product recalls and withdrawals, product liability claims and other
related litigation;
- compliance with existing and changing laws and
regulations;
- the impact of litigation;
- Post’s ability to successfully integrate Pet Food and the
assets from the Perfection acquisition, deliver on the expected
financial contribution, cost savings and synergies from these
acquisitions and maintain relationships with employees, customers
and suppliers for the acquired businesses, while maintaining focus
on Post’s pre-acquisition businesses;
- Post’s and Smucker’s ability to comply with certain ancillary
agreements associated with the Pet Food acquisition;
- Post’s ability to identify, complete and integrate or otherwise
effectively execute acquisitions or other strategic
transactions;
- Post’s ability to successfully implement business strategies to
reduce costs;
- differences in Post’s actual operating results from any of its
guidance regarding its future performance;
- impairment in the carrying value of goodwill or other
intangibles;
- risks related to the intended tax treatment of Post’s
divestitures of its interest in BellRing Brands, Inc.
(“BellRing”);
- the loss of, a significant reduction of purchases by or the
bankruptcy of a major customer;
- costs, business disruptions and reputational damage associated
with cybersecurity incidents, information technology failures or
information security breaches;
- costs associated with the obligations of Bob Evans Farms, Inc.
(“Bob Evans”) in connection with the sale of its restaurants
business, including certain indemnification obligations and Bob
Evans’s payment and performance obligations as a guarantor for
certain leases;
- Post’s ability to protect its intellectual property and other
assets and to license third-party intellectual property;
- risks associated with Post’s international businesses;
- business disruption or other losses from political instability,
terrorism, war or armed hostilities or geopolitical tensions;
- changes in critical accounting estimates;
- losses or increased funding and expenses related to Post’s
qualified pension or other postretirement plans;
- conflicting interests or the appearance of conflicting
interests resulting from any of Post’s directors and officers also
serving as directors or officers of other companies; and
- other risks and uncertainties
described in Post’s filings with the Securities and Exchange
Commission.
These forward-looking statements represent
Post’s judgment as of the date of this release. Post disclaims,
however, any intent or obligation to update these forward-looking
statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis,
Missouri, is a consumer packaged goods holding company with
businesses operating in the center-of-the-store, refrigerated,
foodservice and food ingredient categories. Its businesses include
Post Consumer Brands, Weetabix, Michael Foods and Bob Evans Farms.
Post Consumer Brands is a leader in the North American ready-to-eat
cereal and pet food categories and also markets Peter Pan® peanut
butter. Weetabix is home to the United Kingdom’s number one selling
ready-to-eat cereal brand, Weetabix®. Michael Foods and Bob Evans
Farms are leaders in refrigerated foods, delivering innovative,
value-added egg and refrigerated potato side dish products to the
foodservice and retail channels. Post participates in the private
brand food category through its ownership interest in 8th Avenue
Food & Provisions, Inc. For more information, visit
www.postholdings.com.
Contact:Investor RelationsDaniel
O’Rourkedaniel.orourke@postholdings.com (314) 806-3959
Media RelationsLisa Hanlylisa.hanly@postholdings.com (314)
665-3180
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)(in millions, except per share
data)
|
Three Months Ended December 31, |
|
2023 |
|
2022 |
Net Sales |
$ |
1,965.9 |
|
|
$ |
1,566.3 |
|
Cost of goods sold |
|
1,393.3 |
|
|
|
1,151.4 |
|
Gross
Profit |
|
572.6 |
|
|
|
414.9 |
|
Selling, general and
administrative expenses |
|
322.9 |
|
|
|
228.7 |
|
Amortization of intangible
assets |
|
45.7 |
|
|
|
36.4 |
|
Other operating income,
net |
|
(5.3 |
) |
|
|
(0.1 |
) |
Operating
Profit |
|
209.3 |
|
|
|
149.9 |
|
Interest expense, net |
|
78.1 |
|
|
|
65.9 |
|
Gain on extinguishment of
debt, net |
|
(3.1 |
) |
|
|
(8.7 |
) |
Expense (income) on swaps,
net |
|
21.1 |
|
|
|
(12.3 |
) |
Other income, net |
|
(3.5 |
) |
|
|
(13.4 |
) |
Earnings before Income
Taxes and Equity Method Loss |
|
116.7 |
|
|
|
118.4 |
|
Income tax expense |
|
28.5 |
|
|
|
24.7 |
|
Equity method loss, net of
tax |
|
0.1 |
|
|
|
— |
|
Net Earnings Including
Noncontrolling Interests |
|
88.1 |
|
|
|
93.7 |
|
Less: Net earnings
attributable to noncontrolling interests |
|
— |
|
|
|
1.8 |
|
Net
Earnings |
$ |
88.1 |
|
|
$ |
91.9 |
|
|
|
|
|
Earnings per Common
Share: |
|
|
|
Basic |
$ |
1.46 |
|
|
$ |
1.66 |
|
Diluted |
$ |
1.35 |
|
|
$ |
1.52 |
|
Weighted-Average
Common Shares Outstanding: |
|
|
|
Basic |
|
60.5 |
|
|
|
58.8 |
|
Diluted |
|
67.3 |
|
|
|
65.8 |
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)(in millions)
|
December 31, 2023 |
|
September 30, 2023 |
|
|
|
|
ASSETS |
Current
Assets |
|
|
|
Cash and cash equivalents |
$ |
150.6 |
|
|
$ |
93.3 |
|
Restricted cash |
|
15.4 |
|
|
|
23.9 |
|
Receivables, net |
|
586.7 |
|
|
|
512.4 |
|
Inventories |
|
824.8 |
|
|
|
789.9 |
|
Prepaid expenses and other current assets |
|
83.2 |
|
|
|
59.0 |
|
Total Current Assets |
|
1,660.7 |
|
|
|
1,478.5 |
|
|
|
|
|
Property, net |
|
2,124.6 |
|
|
|
2,021.4 |
|
Goodwill |
|
4,652.4 |
|
|
|
4,574.4 |
|
Other intangible assets,
net |
|
3,262.5 |
|
|
|
3,212.4 |
|
Other assets |
|
372.2 |
|
|
|
360.0 |
|
Total Assets |
$ |
12,072.4 |
|
|
$ |
11,646.7 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
Current portion of long-term debt |
$ |
1.1 |
|
|
$ |
1.1 |
|
Accounts payable |
|
412.6 |
|
|
|
368.8 |
|
Other current liabilities |
|
421.6 |
|
|
|
435.4 |
|
Total Current Liabilities |
|
835.3 |
|
|
|
805.3 |
|
|
|
|
|
Long-term debt |
|
6,314.0 |
|
|
|
6,039.0 |
|
Deferred income taxes |
|
684.6 |
|
|
|
674.4 |
|
Other liabilities |
|
285.7 |
|
|
|
276.7 |
|
Total Liabilities |
|
8,119.6 |
|
|
|
7,795.4 |
|
|
|
|
|
Shareholders’
Equity |
|
|
|
Common stock |
|
0.9 |
|
|
|
0.9 |
|
Additional paid-in capital |
|
5,273.1 |
|
|
|
5,288.1 |
|
Retained earnings |
|
1,504.6 |
|
|
|
1,416.5 |
|
Accumulated other comprehensive loss |
|
(69.6 |
) |
|
|
(135.1 |
) |
Treasury stock, at cost |
|
(2,765.0 |
) |
|
|
(2,728.3 |
) |
Total Shareholders’ Equity Excluding Noncontrolling
Interests |
|
3,944.0 |
|
|
|
3,842.1 |
|
Noncontrolling interests |
|
8.8 |
|
|
|
9.2 |
|
Total Shareholders’ Equity |
|
3,952.8 |
|
|
|
3,851.3 |
|
Total Liabilities and Shareholders’ Equity |
$ |
12,072.4 |
|
|
$ |
11,646.7 |
|
|
SELECTED CONDENSED CONSOLIDATED CASH
FLOWS INFORMATION (Unaudited)(in
millions)
|
Three Months Ended December
31, |
|
2023 |
|
2022 |
Cash provided by (used
in): |
|
|
|
Operating activities |
$ |
174.4 |
|
|
$ |
98.3 |
|
Investing activities, including capital expenditures of $80.8 and
$52.3 |
|
(333.8 |
) |
|
|
(53.0 |
) |
Financing activities |
|
206.3 |
|
|
|
(28.3 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
1.9 |
|
|
|
2.8 |
|
Net increase in cash,
cash equivalents and restricted cash |
$ |
48.8 |
|
|
$ |
19.8 |
|
|
SEGMENT INFORMATION
(Unaudited)(in millions)
|
|
|
Three Months Ended December 31, |
|
|
2023 |
|
2022 |
Net
Sales |
|
|
|
|
Post Consumer Brands |
$ |
988.6 |
|
$ |
554.7 |
|
Weetabix |
|
129.1 |
|
|
118.1 |
|
Foodservice |
|
567.1 |
|
|
600.5 |
|
Refrigerated
Retail |
|
280.9 |
|
|
293.0 |
|
Eliminations and
Corporate |
|
0.2 |
|
|
— |
Total |
$ |
1,965.9 |
|
$ |
1,566.3 |
Segment
Profit |
|
|
|
|
Post Consumer
Brands |
$ |
132.7 |
|
$ |
79.3 |
|
Weetabix |
|
21.0 |
|
|
21.5 |
|
Foodservice |
|
75.7 |
|
|
79.1 |
|
Refrigerated
Retail |
|
35.6 |
|
|
21.0 |
|
|
|
|
|
|
|
SUPPLEMENTAL REFRIGERATED RETAIL SEGMENT
INFORMATION (Unaudited)The below table presents volume
percentage changes for the current quarter compared to the prior
year quarter for products within the Refrigerated Retail
segment.
Product |
|
Volume Percentage Change |
All |
|
(3.6%) |
Side dishes |
|
(0.4%) |
Egg |
|
(10.2%) |
Cheese |
|
(10.1%) |
Sausage |
|
1.2% |
|
|
|
EXPLANATION AND RECONCILIATION OF
NON-GAAP MEASURES
Post uses certain non-GAAP measures in this
release to supplement the financial measures prepared in accordance
with U.S. generally accepted accounting principles (“GAAP”). These
non-GAAP measures include Adjusted net earnings/loss, Adjusted
diluted earnings/loss per common share, Adjusted EBITDA, segment
Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and
segment Adjusted EBITDA as a percentage of Net Sales. The
reconciliation of each of these non-GAAP measures to the most
directly comparable GAAP measure is provided in the tables
following this section. Non-GAAP measures are not prepared in
accordance with GAAP, as they exclude certain items as described
below. These non-GAAP measures may not be comparable to similarly
titled measures of other companies.
Adjusted net earnings/loss and Adjusted diluted
earnings/loss per common sharePost believes Adjusted net
earnings/loss and Adjusted diluted earnings/loss per common share
are useful to investors in evaluating Post’s operating performance
because they exclude items that affect the comparability of Post’s
financial results and could potentially distort an understanding of
the trends in business performance.
Adjusted net earnings/loss and Adjusted diluted
earnings/loss per common share are adjusted for the following
items:
a. Income/expense on swaps, net:
Post has excluded the impact of mark-to-market adjustments and cash
settlements on interest rate swaps due to the inherent uncertainty
and volatility associated with such amounts based on changes in
assumptions with respect to estimates of fair value and economic
conditions and as the amount and frequency of such adjustments are
not consistent.
b. Debt premiums paid/discounts
received, net: Post has excluded payments and other expenses for
premiums on debt extinguishment, net of gains realized on debt
repurchased at a discount, as such payments are inconsistent in
amount and frequency. Additionally, Post believes that these costs
do not reflect expected ongoing future operating expenses and do
not contribute to a meaningful evaluation of Post’s current
operating performance or comparisons of Post’s operating
performance to other periods.
c. Restructuring and facility closure
costs, including accelerated depreciation: Post has excluded
certain costs associated with facility closures as the amount and
frequency of such adjustments are not consistent. Additionally,
Post believes that these costs do not reflect expected ongoing
future operating expenses and do not contribute to a meaningful
evaluation of Post’s current operating performance or comparisons
of Post’s operating performance to other periods.
d. Integration costs and transaction
costs: Post has excluded transaction costs related to professional
service fees and other related costs associated with signed and
closed business combinations and divestitures and integration costs
incurred to integrate acquired or to-be-acquired businesses as Post
believes that these exclusions allow for more meaningful evaluation
of Post’s current operating performance and comparisons of Post’s
operating performance to other periods. Post believes such costs
are generally not relevant to assessing or estimating the long-term
performance of acquired assets as part of Post or the performance
of the divested assets, and such costs are not factored into
management’s evaluation of potential acquisitions or Post’s
performance after completion of an acquisition or the evaluation to
divest an asset. In addition, the frequency and amount of such
charges varies significantly based on the size and timing of the
transaction and the maturity of the businesses being acquired or
divested. Also, the size, complexity and/or volume of past
transactions, which often drive the magnitude of such expenses, may
not be indicative of the size, complexity and/or volume of future
transactions. By excluding these expenses, management is better
able to evaluate Post’s ability to utilize its existing assets and
estimate the long-term value that acquired assets will generate for
Post.
e. Mark-to-market adjustments on
commodity and foreign exchange hedges and warrant liabilities: Post
has excluded the impact of mark-to-market adjustments on commodity
and foreign exchange hedges and warrant liabilities due to the
inherent uncertainty and volatility associated with such amounts
based on changes in assumptions with respect to fair value
estimates. Additionally, these adjustments are primarily non-cash
items, and the amount and frequency of such adjustments are not
consistent.
f. Gain on bargain purchase: Post has
excluded gains recorded for acquisitions in which the fair value of
the net assets acquired exceed the purchase price and adjustments
to such gains as such amounts are inconsistent in amount and
frequency. Post believes such gains and adjustments are generally
not relevant to assessing or estimating the long-term performance
of acquired assets as part of Post, and such amounts are not
factored into the performance of acquisitions after their
completion.
g. Mark-to-market adjustments on
equity securities: Post has excluded the impact of mark-to-market
adjustments on investments in equity securities (which includes its
prior investment in BellRing) due to the inherent volatility
associated with such amounts based on changes in market pricing
variations and as the amount and frequency of such adjustments are
not consistent. Additionally, these adjustments are primarily
non-cash items and do not contribute to a meaningful evaluation of
Post’s current operating performance or comparisons of Post’s
operating performance to other periods.
h. Inventory revaluation adjustment
on acquired businesses: Post has excluded the impact of fair value
step-up adjustments to inventory in connection with business
combinations as such adjustments represent non-cash items, are not
consistent in amount and frequency and are significantly impacted
by the timing and size of Post’s acquisitions.
i. Costs expected to be indemnified,
net: Post has excluded certain costs incurred and expected to be
indemnified in connection with damaged assets and gains related to
indemnification proceeds received above the carrying value of
damaged assets as Post believes such gains and losses do not
reflect expected ongoing future operating income and expenses and
do not contribute to a meaningful evaluation of Post’s current
operating performance or comparisons of Post’s operating
performance to other periods.
j. Advisory income: Post has excluded
advisory income received from 8th Avenue Food & Provisions,
Inc. as Post believes such income does not contribute to a
meaningful evaluation of Post’s current operating performance or
comparisons of Post’s operating performance to other periods.
k. Provision for legal settlements:
Post has excluded gains and losses recorded to recognize the
anticipated or actual resolution of certain litigation as Post
believes such gains and losses do not reflect expected ongoing
future operating income and expenses and do not contribute to a
meaningful evaluation of Post’s current operating performance or
comparisons of Post’s operating performance to other periods.
l. Noncontrolling interest
adjustment: Post has included an adjustment to reflect the removal
of the portion of the non-GAAP adjustments related to PHPC which
were attributable to noncontrolling interest prior to the PHPC
Dissolution in the calculation of Adjusted net earnings/loss and
Adjusted diluted earnings/loss per common share, as Post believes
this adjustment contributes to a more meaningful evaluation of
Post’s current operating performance.
m. Income tax effect on adjustments:
Post has included the income tax impact of the non-GAAP adjustments
using a rate described in the applicable footnote of the
reconciliation tables, as Post believes that its GAAP effective
income tax rate as reported is not representative of the income tax
expense impact of the adjustments.
Adjusted EBITDA, segment Adjusted EBITDA,
Adjusted EBITDA as a percentage of Net Sales and segment Adjusted
EBITDA as a percentage of Net SalesPost believes that Adjusted
EBITDA is useful to investors in evaluating Post’s operating
performance and liquidity because (i) Post believes it is widely
used to measure a company’s operating performance without regard to
items such as depreciation and amortization, which can vary
depending upon accounting methods and the book value of assets,
(ii) it presents a measure of corporate performance exclusive of
Post’s capital structure and the method by which the assets were
acquired and (iii) it is a financial indicator of a company’s
ability to service its debt, as Post is required to comply with
certain covenants and limitations that are based on variations of
EBITDA in its financing documents. Post believes that segment
Adjusted EBITDA is useful to investors in evaluating Post’s
operating performance because it allows for assessment of the
operating performance of each reportable segment. Management uses
Adjusted EBITDA to provide forward-looking guidance and uses
Adjusted EBITDA and segment Adjusted EBITDA to forecast future
results. Post believes that Adjusted EBITDA as a percentage of Net
Sales and segment Adjusted EBITDA as a percentage of Net Sales are
measures useful to investors in evaluating Post’s operating
performance because they allow for meaningful comparison of
operating performance across periods.
Adjusted EBITDA and segment Adjusted EBITDA
reflect adjustments for income tax expense/benefit, interest
expense, net and depreciation and amortization, and the following
adjustments discussed above: income/expense on swaps, net,
restructuring and facility closure costs, integration costs and
transaction costs, mark-to-market adjustments on commodity and
foreign exchange hedges and warrant liabilities, gain on bargain
purchase, mark-to-market adjustments on equity securities,
inventory revaluation adjustment on acquired businesses, costs
expected to be indemnified, net, advisory income and provision for
legal settlements. Additionally, Adjusted EBITDA and segment
Adjusted EBITDA reflect adjustments for the following items:
n. Gain/loss on extinguishment of
debt, net: Post has excluded gains and losses recorded on
extinguishment of debt, inclusive of payments for premiums, the
write-off of debt issuance costs and tender fees and the write-off
of net unamortized debt premiums, net of gains realized on debt
repurchased at a discount, as such gains and losses are
inconsistent in amount and frequency. Additionally, Post believes
that these gains and losses do not reflect expected ongoing future
operating income and expenses and do not contribute to a meaningful
evaluation of Post’s current operating performance or comparisons
of Post’s operating performance to other periods.
o. Non-cash stock-based compensation:
Post’s compensation strategy includes the use of stock-based
compensation to attract and retain executives and employees by
aligning their long-term compensation interests with shareholders’
investment interests. Post has excluded non-cash stock-based
compensation as non-cash stock-based compensation can vary
significantly based on reasons such as the timing, size and nature
of the awards granted and subjective assumptions which are
unrelated to operational decisions and performance in any
particular period and does not contribute to meaningful comparisons
of Post’s operating performances to other periods.
p. Equity method investment
adjustment: Post has included adjustments for its portion of income
tax expense/benefit, interest expense, net and depreciation and
amortization for Weetabix’s unconsolidated investment accounted for
using equity method accounting as Post believes these adjustments
contribute to a more meaningful evaluation of Post’s current
operating performance.
q. Noncontrolling interest
adjustment: Post has included adjustments for (i) the portion of
PHPC’s consolidated net earnings/loss prior to the PHPC Dissolution
which was allocated to noncontrolling interest, resulting in
Adjusted EBITDA including 100% of the consolidated Adjusted EBITDA
of PHPC, as Post believes this basis contributes to a more
meaningful evaluation of the consolidated operating company
performance and (ii) income tax expense/benefit, interest expense,
net and depreciation and amortization for Weetabix’s consolidated
investment which is attributable to the noncontrolling owners of
Weetabix’s consolidated investment as Post believes these
adjustments contribute to a more meaningful evaluation of Post’s
current operating performance.
RECONCILIATION OF NET EARNINGS TO
ADJUSTED NET EARNINGS (Unaudited)(in
millions)
|
|
Three Months Ended December 31, |
|
|
2023 |
|
2022 |
Net
Earnings |
$ |
88.1 |
|
|
$ |
91.9 |
|
|
|
|
|
Adjustments: |
|
|
|
|
Expense (income) on swaps, net |
|
21.1 |
|
|
|
(12.3 |
) |
|
Debt discounts received,
net |
|
(3.3 |
) |
|
|
(10.4 |
) |
|
Restructuring and facility
closure costs, including accelerated depreciation |
|
9.8 |
|
|
|
— |
|
|
Integration costs |
|
6.5 |
|
|
|
1.3 |
|
|
Mark-to-market adjustments on
commodity and foreign exchange hedges and warrant liabilities |
|
5.0 |
|
|
|
5.2 |
|
|
Gain on bargain purchase |
|
(6.2 |
) |
|
|
— |
|
|
Mark-to-market adjustments on
equity securities |
|
(1.0 |
) |
|
|
(10.3 |
) |
|
Transaction costs |
|
2.2 |
|
|
|
0.1 |
|
|
Inventory revaluation
adjustment on acquired businesses |
|
1.0 |
|
|
|
— |
|
|
Costs expected to be
indemnified, net |
|
— |
|
|
|
1.2 |
|
|
Advisory income |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
Provision for legal
settlements |
|
0.1 |
|
|
|
— |
|
|
Noncontrolling interest
adjustment |
|
— |
|
|
|
0.1 |
|
|
Total Net Adjustments |
|
35.1 |
|
|
|
(25.3 |
) |
Income tax effect
on adjustments (1) |
|
(9.5 |
) |
|
|
4.6 |
|
Adjusted
Net Earnings |
$ |
113.7 |
|
|
$ |
71.2 |
|
|
|
|
|
|
(1) Income tax effect on adjustments was calculated on all items,
except income/expense on swaps, net and gain on bargain purchase,
using a rate of 24.5%, the sum of Post’s U.S. federal corporate
income tax rate plus Post’s blended state income tax rate, net of
federal income tax benefit. Income tax effect for income/expense on
swaps, net was calculated using a rate of 21.5%. Income tax effect
for gain on bargain purchase was calculated using a rate of 0.0%.
In the prior year period, mark-to-market adjustments on equity
securities contained a gain on investment in BellRing, which was
calculated using a rate of 0.0%. |
RECONCILIATION OF DILUTED EARNINGS PER
COMMON SHARETO ADJUSTED DILUTED EARNINGS PER
COMMON SHARE (Unaudited)
|
|
Three Months Ended December 31, |
|
|
2023 |
|
2022 |
Diluted
Earnings per Common Share |
$ |
1.35 |
|
|
$ |
1.52 |
|
Adjustment to
Diluted Earnings per Common Share for impact of redeemable
noncontrolling interest and interest expense, net of tax, related
to convertible senior notes (1) |
|
(0.04 |
) |
|
|
(0.12 |
) |
|
|
|
|
Adjustments: |
|
|
|
|
Expense (income) on swaps, net |
|
0.31 |
|
|
|
(0.19 |
) |
|
Debt discounts received,
net |
|
(0.05 |
) |
|
|
(0.16 |
) |
|
Restructuring and facility
closure costs, including accelerated depreciation |
|
0.15 |
|
|
|
— |
|
|
Integration costs |
|
0.10 |
|
|
|
0.02 |
|
|
Mark-to-market adjustments on
commodity and foreign exchange hedges and warrant liabilities |
|
0.07 |
|
|
|
0.08 |
|
|
Gain on bargain purchase |
|
(0.09 |
) |
|
|
— |
|
|
Mark-to-market adjustments on
equity securities |
|
(0.01 |
) |
|
|
(0.16 |
) |
|
Transaction costs |
|
0.03 |
|
|
|
— |
|
|
Inventory revaluation
adjustment on acquired businesses |
|
0.01 |
|
|
|
— |
|
|
Costs expected to be
indemnified, net |
|
— |
|
|
|
0.02 |
|
|
Total Net
Adjustments |
|
0.52 |
|
|
|
(0.39 |
) |
Income tax effect
on adjustments (2) |
|
(0.14 |
) |
|
|
0.07 |
|
Adjusted
Diluted Earnings per Common Share |
$ |
1.69 |
|
|
$ |
1.08 |
|
|
|
|
|
|
(1) Represents the exclusion of the portion of the PHPC deemed
dividend (which represented remeasurements to the redemption value
of the redeemable noncontrolling interest prior to the PHPC
Dissolution) that exceeded fair value and interest expense, net of
tax, associated with Post’s convertible senior notes, both of which
were treated as adjustments to income available to common
shareholders for diluted earnings per common share. Post believes
this exclusion allows for more meaningful comparison of performance
to other periods. |
(2) Income tax effect on adjustments was calculated on all items,
except income/expense on swaps, net and gain on bargain purchase,
using a rate of 24.5%, the sum of Post’s U.S. federal corporate
income tax rate plus Post’s blended state income tax rate, net of
federal income tax benefit. Income tax effect for income/expense on
swaps, net was calculated using a rate of 21.5%. Income tax effect
for gain on bargain purchase was calculated using a rate of 0.0%.
In the prior year period, mark-to-market adjustments on equity
securities contained a gain on investment in BellRing, which was
calculated using a rate of 0.0%. |
RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA (Unaudited)(in
millions)
|
Three Months Ended December 31, |
|
2023 |
|
2022 |
Net Earnings |
$ |
88.1 |
|
|
$ |
91.9 |
|
Income tax expense |
|
28.5 |
|
|
|
24.7 |
|
Interest expense, net |
|
78.1 |
|
|
|
65.9 |
|
Depreciation and
amortization |
|
112.4 |
|
|
|
92.6 |
|
Expense (income) on swaps,
net |
|
21.1 |
|
|
|
(12.3 |
) |
Gain on extinguishment of
debt, net |
|
(3.1 |
) |
|
|
(8.7 |
) |
Non-cash stock-based
compensation |
|
19.1 |
|
|
|
17.0 |
|
Equity method investment
adjustment |
|
0.1 |
|
|
|
— |
|
Restructuring and facility
closure costs, excluding accelerated depreciation |
|
7.7 |
|
|
|
— |
|
Integration costs |
|
6.5 |
|
|
|
1.3 |
|
Mark-to-market adjustments on
commodity and foreign exchange hedges and warrant liabilities |
|
5.0 |
|
|
|
5.2 |
|
Gain on bargain purchase |
|
(6.2 |
) |
|
|
— |
|
Mark-to-market adjustments on
equity securities |
|
(1.0 |
) |
|
|
(10.3 |
) |
Transaction costs |
|
2.2 |
|
|
|
0.1 |
|
Inventory revaluation
adjustment on acquired businesses |
|
1.0 |
|
|
|
— |
|
Costs expected to be
indemnified, net |
|
— |
|
|
|
1.2 |
|
Advisory income |
|
(0.1 |
) |
|
|
(0.2 |
) |
Provision for legal
settlements |
|
0.1 |
|
|
|
— |
|
Noncontrolling interest
adjustment |
|
— |
|
|
|
1.5 |
|
Adjusted
EBITDA |
$ |
359.5 |
|
|
$ |
269.9 |
|
Net Earnings as a
percentage of Net Sales |
|
4.5 |
% |
|
|
5.9 |
% |
Adjusted EBITDA as a
percentage of Net Sales |
|
18.3 |
% |
|
|
17.2 |
% |
|
RECONCILIATION OF SEGMENT PROFIT TO
ADJUSTED EBITDA (Unaudited)THREE MONTHS
ENDED DECEMBER 31,
2023(in millions)
|
Post Consumer Brands |
|
Weetabix |
|
Foodservice |
|
Refrigerated Retail |
|
Corporate/ Other |
|
Total |
Segment Profit |
$ |
132.7 |
|
|
$ |
21.0 |
|
|
$ |
75.7 |
|
|
$ |
35.6 |
|
|
$ |
— |
|
|
$ |
265.0 |
|
General corporate expenses and
other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(52.2 |
) |
|
|
(52.2 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.5 |
) |
|
|
(3.5 |
) |
Operating
Profit |
|
132.7 |
|
|
|
21.0 |
|
|
|
75.7 |
|
|
|
35.6 |
|
|
|
(55.7 |
) |
|
|
209.3 |
|
Other income, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.5 |
|
|
|
3.5 |
|
Depreciation and
amortization |
|
49.5 |
|
|
|
9.6 |
|
|
|
32.5 |
|
|
|
17.9 |
|
|
|
2.9 |
|
|
|
112.4 |
|
Non-cash stock-based
compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19.1 |
|
|
|
19.1 |
|
Restructuring and facility
closure costs, excluding accelerated depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
|
|
7.7 |
|
Integration costs |
|
6.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
6.5 |
|
Mark-to-market adjustments on
commodity and foreign exchange hedges and warrant liabilities |
|
— |
|
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
|
|
7.4 |
|
|
|
5.0 |
|
Gain on bargain purchase |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6.2 |
) |
|
|
(6.2 |
) |
Mark-to-market adjustments on
equity securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
(1.0 |
) |
Transaction costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.2 |
|
|
|
2.2 |
|
Inventory revaluation
adjustment on acquired businesses |
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
Advisory income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Provision for legal
settlements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
Adjusted
EBITDA |
$ |
189.8 |
|
|
$ |
30.6 |
|
|
$ |
105.8 |
|
|
$ |
53.6 |
|
|
$ |
(20.3 |
) |
|
$ |
359.5 |
|
Segment Profit as a
percentage of Net Sales |
|
13.4 |
% |
|
|
16.3 |
% |
|
|
13.3 |
% |
|
|
12.7 |
% |
|
|
— |
|
|
|
13.5 |
% |
Adjusted EBITDA as a
percentage of Net Sales |
|
19.2 |
% |
|
|
23.7 |
% |
|
|
18.7 |
% |
|
|
19.1 |
% |
|
|
— |
|
|
|
18.3 |
% |
|
RECONCILIATION OF SEGMENT PROFIT TO
ADJUSTED EBITDA (Unaudited)THREE MONTHS
ENDED DECEMBER 31,
2022(in millions)
|
Post Consumer Brands |
|
Weetabix |
|
Foodservice |
|
Refrigerated Retail |
|
Corporate/ Other |
|
Total |
Segment Profit |
$ |
79.3 |
|
|
$ |
21.5 |
|
|
$ |
79.1 |
|
|
$ |
21.0 |
|
|
$ |
— |
|
|
$ |
200.9 |
|
General corporate expenses and
other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(37.6 |
) |
|
|
(37.6 |
) |
Other income, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13.4 |
) |
|
|
(13.4 |
) |
Operating
Profit |
|
79.3 |
|
|
|
21.5 |
|
|
|
79.1 |
|
|
|
21.0 |
|
|
|
(51.0 |
) |
|
|
149.9 |
|
Other income, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
|
|
13.4 |
|
Depreciation and
amortization |
|
32.3 |
|
|
|
8.5 |
|
|
|
31.7 |
|
|
|
19.0 |
|
|
|
1.1 |
|
|
|
92.6 |
|
Non-cash stock-based
compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.0 |
|
|
|
17.0 |
|
Integration costs |
|
1.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
Mark-to-market adjustments on
commodity and foreign exchange hedges and warrant liabilities |
|
— |
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
8.2 |
|
|
|
5.2 |
|
Mark-to-market adjustments on
equity securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10.3 |
) |
|
|
(10.3 |
) |
Transaction costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
Costs expected to be
indemnified, net |
|
— |
|
|
|
— |
|
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
Advisory income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Noncontrolling interest
adjustment |
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Adjusted
EBITDA |
$ |
112.9 |
|
|
$ |
29.7 |
|
|
$ |
109.0 |
|
|
$ |
40.0 |
|
|
$ |
(21.7 |
) |
|
$ |
269.9 |
|
Segment Profit as a
percentage of Net Sales |
|
14.3 |
% |
|
|
18.2 |
% |
|
|
13.2 |
% |
|
|
7.2 |
% |
|
|
— |
|
|
|
12.8 |
% |
Adjusted EBITDA as a
percentage of Net Sales |
|
20.4 |
% |
|
|
25.1 |
% |
|
|
18.2 |
% |
|
|
13.7 |
% |
|
|
— |
|
|
|
17.2 |
% |
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