|
Delaware
|
|
001-32433
|
|
20-1297589
|
(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
Emerging Growth Company
|
o
|
|
|
*
|
|
Change the Company’s name from “Prestige Brands Holdings, Inc.” to “Prestige Consumer Healthcare Inc.” and update the address of the Company’s registered agent;
|
|
*
|
|
Specify that the Company’s Board of Directors shall determine the date, time and place of the annual meeting of stockholders;
|
|
*
|
|
Provide that a meeting of stockholders may be postponed by resolution of the Company’s Board of Directors upon public notice given prior to the previously scheduled meeting, and that no notice is required for an adjourned meeting unless required by law;
|
|
*
|
|
Provide that notice of a meeting of stockholders is deemed given to each stockholder of record that shares an address if notice is given pursuant to the householding rules under Rule 14a-3(e) of the Securities Exchange Act of 1934, as amended, and the Delaware General Corporation Law;
|
|
*
|
|
Clarify that the Board of Directors and chairman of any meeting of the Company’s stockholders may establish rules for the conduct of any meeting of stockholders;
|
|
*
|
|
Update and enhance the advance notice and related procedural and disclosure requirements by which a stockholder may nominate a director for election at or propose other business in connection with meetings of stockholders. The amendments, among other things, limit the right of a stockholder to nominate directors to annual meetings and to special meetings at which the Board of Directors has determined that directors shall be elected, require the stockholder to be a stockholder of record both at the time of providing notice of a director nomination and at the time of the meeting, require the stockholder to provide additional information regarding itself and the beneficial owner on whose behalf the nomination or proposal is made, their ownership of securities in the Company (including ownership of derivative securities), information regarding each candidate proposed to be nominated for election as a director, information regarding the proposed business to be brought before the meeting and other related information. Additionally, the stockholder must update or supplement its notice, if necessary, as of the record date for the meeting, and the stockholder (or a qualified representative) must appear at the meeting;
|
|
*
|
|
Revise the deadlines by when a stockholder must notify the Company to nominate a director for election at or propose other business in connection with an annual meeting of stockholders. The amendments provide that to be timely such notice must be received by the Company not earlier than the close of business on the 120
th
day nor later than the close of business on the 90
th
day prior to the first anniversary of the previous year’s annual meeting, but if the annual meeting is scheduled more than 30 days before or more than 60 days after the first anniversary, to be timely such notice must be received by the Company not earlier than the close of business on the 120
th
day prior to the annual meeting nor later than the close of business on the later of the 90
th
day prior to the annual meeting or the 10
th
day following the day on which public disclosure of the date of such meeting is first made, or if the number of directors is increased after such nomination deadlines and the Company has not publicly disclosed the nominees for the additional directorships at least 100 days prior to the first anniversary of the previous year’s annual meeting, to be timely any notice for nominees for the new directorships must be received by the Company not later than the close of business on the 10
th
day following the day on which public disclosure of the nominees is first made;
|
|
*
|
|
Revise the deadlines by when a stockholder must notify the Company to nominate a director for election at a special meeting of stockholders. The amendments provide that to be timely such notice must be received by the Company not later than the close of business on the 10
th
day following the day on which public disclosure of the date of such special meeting is first made;
|
|
*
|
|
Allow the chairman of the Board of Directors, in addition to a resolution of the Board of Directors, to establish the time and place of regular meetings of the Board of Directors;
|
|
*
|
|
Remove the ability of stockholders of the Company to act by written consent.
|
Dated: August 2, 2018
|
PRESTIGE BRANDS HOLDINGS, INC.
|
|
|
|
|
|
|
|
By:
|
/s/ Christine Sacco
|
|
|
|
Christine Sacco
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
|
3.1
|
|
|
3.2
|
|
|
99.1
|
|
|
99.2
|
|
•
|
Revenue was $254.0 Million in Q1 Fiscal 2019, In-Line with Previously Announced Expectation
|
•
|
GAAP EPS Increased 3% to $0.65; Adjusted EPS Increased 3% to $0.68
|
•
|
Cash Flow From Operations Increased to $55.9 Million in Q1; Adjusted Free Cash Flow of $53.6 Million
|
•
|
FY’19 Outlook Updated to Reflect Divestiture of the Household Cleaning Segment
|
•
|
Company Announces Name Change to Prestige Consumer Healthcare, Inc.
|
|
Fiscal 2019 Full-Year Outlook
|
Revenue
|
$985 to $995 million
|
Organic Growth Percentage*
|
0.5% to 1.5%
|
Adjusted E.P.S.*
|
$2.84 to $2.92
|
Adjusted Free Cash Flow*
|
$205 million or more
|
|
Three Months Ended June 30,
|
||||||
(In thousands, except per share data)
|
2018
|
|
2017
|
||||
Revenues
|
|
|
|
||||
Net sales
|
$
|
253,954
|
|
|
$
|
256,487
|
|
Other revenues
|
26
|
|
|
86
|
|
||
Total revenues
|
253,980
|
|
|
256,573
|
|
||
|
|
|
|
||||
Cost of Sales
|
|
|
|
||||
Cost of sales excluding depreciation
|
112,069
|
|
|
111,757
|
|
||
Cost of sales depreciation
|
1,288
|
|
|
1,340
|
|
||
Cost of sales
|
113,357
|
|
|
113,097
|
|
||
Gross profit
|
140,623
|
|
|
143,476
|
|
||
|
|
|
|
||||
Operating Expenses
|
|
|
|
||||
Advertising and promotion
|
37,111
|
|
|
36,944
|
|
||
General and administrative
|
23,941
|
|
|
20,410
|
|
||
Depreciation and amortization
|
7,084
|
|
|
7,167
|
|
||
Total operating expenses
|
68,136
|
|
|
64,521
|
|
||
Operating income
|
72,487
|
|
|
78,955
|
|
||
|
|
|
|
||||
Other (income) expense
|
|
|
|
||||
Interest income
|
(100
|
)
|
|
(69
|
)
|
||
Interest expense
|
26,040
|
|
|
26,410
|
|
||
Other expense (income), net
|
87
|
|
|
(74
|
)
|
||
Total other expense
|
26,027
|
|
|
26,267
|
|
||
Income before income taxes
|
46,460
|
|
|
52,688
|
|
||
Provision for income taxes
|
11,994
|
|
|
18,929
|
|
||
Net income
|
$
|
34,466
|
|
|
$
|
33,759
|
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.65
|
|
|
$
|
0.64
|
|
Diluted
|
$
|
0.65
|
|
|
$
|
0.63
|
|
|
|
|
|
||||
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
52,640
|
|
|
53,038
|
|
||
Diluted
|
52,942
|
|
|
53,509
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax:
|
|
|
|
||||
Currency translation adjustments
|
(2,974
|
)
|
|
1,119
|
|
||
Unrecognized net gain on pension plans
|
—
|
|
|
1
|
|
||
Total other comprehensive (loss) income
|
(2,974
|
)
|
|
1,120
|
|
||
Comprehensive income
|
$
|
31,492
|
|
|
$
|
34,879
|
|
(
In thousands
)
|
June 30,
2018 |
|
March 31,
2018 |
||||
|
|
|
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
34,269
|
|
|
$
|
32,548
|
|
Accounts receivable, net of allowance of $13,524 and $12,734, respectively
|
150,390
|
|
|
140,881
|
|
||
Inventories
|
118,957
|
|
|
118,547
|
|
||
Deferred income tax assets
|
—
|
|
|
26
|
|
||
Prepaid expenses and other current assets
|
10,862
|
|
|
11,475
|
|
||
Total current assets
|
314,478
|
|
|
303,477
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
52,453
|
|
|
52,552
|
|
||
Goodwill
|
612,966
|
|
|
620,098
|
|
||
Intangible assets, net
|
2,722,542
|
|
|
2,780,916
|
|
||
Other long-term assets
|
3,415
|
|
|
3,569
|
|
||
Assets held for sale
|
62,866
|
|
|
—
|
|
||
Total Assets
|
$
|
3,768,720
|
|
|
$
|
3,760,612
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
78,405
|
|
|
$
|
61,390
|
|
Accrued interest payable
|
13,844
|
|
|
9,708
|
|
||
Other accrued liabilities
|
50,011
|
|
|
52,101
|
|
||
Total current liabilities
|
142,260
|
|
|
123,199
|
|
||
|
|
|
|
||||
Long-term debt, net
|
1,993,803
|
|
|
1,992,952
|
|
||
Deferred income tax liabilities
|
447,855
|
|
|
442,518
|
|
||
Other long-term liabilities
|
23,079
|
|
|
23,333
|
|
||
Total Liabilities
|
2,606,997
|
|
|
2,582,002
|
|
||
|
|
|
|
||||
|
|
|
|
||||
Stockholders' Equity
|
|
|
|
|
|
||
Preferred stock - $0.01 par value
|
|
|
|
|
|
||
Authorized - 5,000 shares
|
|
|
|
|
|
||
Issued and outstanding - None
|
—
|
|
|
—
|
|
||
Common stock - $0.01 par value
|
|
|
|
|
|
||
Authorized - 250,000 shares
|
|
|
|
||||
Issued - 53,603 shares at June 30, 2018 and 53,396 shares at March 31, 2018
|
536
|
|
|
534
|
|
||
Additional paid-in capital
|
471,318
|
|
|
468,783
|
|
||
Treasury stock, at cost - 1,871 shares at June 30, 2018 and 353 shares at March 31, 2018
|
(59,928
|
)
|
|
(7,669
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
(22,289
|
)
|
|
(19,315
|
)
|
||
Retained earnings
|
772,086
|
|
|
736,277
|
|
||
Total Stockholders' Equity
|
1,161,723
|
|
|
1,178,610
|
|
||
Total Liabilities and Stockholders' Equity
|
$
|
3,768,720
|
|
|
$
|
3,760,612
|
|
|
Three Months Ended June 30,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
34,466
|
|
|
$
|
33,759
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
8,372
|
|
|
8,507
|
|
||
Loss on disposal of property and equipment
|
1
|
|
|
490
|
|
||
Deferred income taxes
|
6,755
|
|
|
9,225
|
|
||
Amortization of debt origination costs
|
920
|
|
|
1,746
|
|
||
Excess tax benefits from share-based awards
|
—
|
|
|
302
|
|
||
Stock-based compensation costs
|
1,657
|
|
|
1,713
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(4,357
|
)
|
|
1,543
|
|
||
Inventories
|
(9,303
|
)
|
|
(2,899
|
)
|
||
Prepaid expenses and other current assets
|
623
|
|
|
9,604
|
|
||
Accounts payable
|
16,479
|
|
|
(8,024
|
)
|
||
Accrued liabilities
|
347
|
|
|
(1,558
|
)
|
||
Other
|
(108
|
)
|
|
(287
|
)
|
||
Net cash provided by operating activities
|
55,852
|
|
|
54,121
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||
Purchases of property, plant and equipment
|
(2,469
|
)
|
|
(2,554
|
)
|
||
Acquisition of Fleet escrow receipt
|
—
|
|
|
970
|
|
||
Net cash used in investing activities
|
(2,469
|
)
|
|
(1,584
|
)
|
||
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||
Term loan repayments
|
—
|
|
|
(50,000
|
)
|
||
Borrowings under revolving credit agreement
|
20,000
|
|
|
—
|
|
||
Repayments under revolving credit agreement
|
(20,000
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options
|
880
|
|
|
433
|
|
||
Fair value of shares surrendered as payment of tax withholding
|
(2,281
|
)
|
|
(1,027
|
)
|
||
Repurchase of common stock
|
(49,978
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(51,379
|
)
|
|
(50,594
|
)
|
||
|
|
|
|
||||
Effects of exchange rate changes on cash and cash equivalents
|
(283
|
)
|
|
337
|
|
||
Increase in cash and cash equivalents
|
1,721
|
|
|
2,280
|
|
||
Cash and cash equivalents - beginning of period
|
32,548
|
|
|
41,855
|
|
||
Cash and cash equivalents - end of period
|
$
|
34,269
|
|
|
$
|
44,135
|
|
|
|
|
|
||||
Interest paid
|
$
|
20,907
|
|
|
$
|
24,298
|
|
Income taxes paid
|
$
|
334
|
|
|
$
|
2,230
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
(In thousands)
|
North American OTC Healthcare
|
|
International OTC Healthcare
|
|
Household
Cleaning |
|
Consolidated
|
||||||||
Total segment revenues*
|
$
|
214,775
|
|
|
$
|
19,394
|
|
|
$
|
19,811
|
|
|
$
|
253,980
|
|
Cost of sales
|
89,153
|
|
|
7,616
|
|
|
16,588
|
|
|
113,357
|
|
||||
Gross profit
|
125,622
|
|
|
11,778
|
|
|
3,223
|
|
|
140,623
|
|
||||
Advertising and promotion
|
33,258
|
|
|
3,423
|
|
|
430
|
|
|
37,111
|
|
||||
Contribution margin
|
$
|
92,364
|
|
|
$
|
8,355
|
|
|
$
|
2,793
|
|
|
103,512
|
|
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
31,025
|
|
||||
Operating income
|
|
|
|
|
|
|
|
|
|
72,487
|
|
||||
Other expense
|
|
|
|
|
|
|
|
|
|
26,027
|
|
||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
46,460
|
|
||||
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
11,994
|
|
||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
34,466
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||
(In thousands)
|
North American OTC Healthcare
|
|
International OTC Healthcare
|
|
Household
Cleaning |
|
Consolidated
|
||||||||
Total segment revenues*
|
$
|
215,815
|
|
|
$
|
20,898
|
|
|
$
|
19,860
|
|
|
$
|
256,573
|
|
Cost of sales
|
86,501
|
|
|
9,950
|
|
|
16,646
|
|
|
113,097
|
|
||||
Gross profit
|
129,314
|
|
|
10,948
|
|
|
3,214
|
|
|
143,476
|
|
||||
Advertising and promotion
|
32,808
|
|
|
3,690
|
|
|
446
|
|
|
36,944
|
|
||||
Contribution margin
|
$
|
96,506
|
|
|
$
|
7,258
|
|
|
$
|
2,768
|
|
|
106,532
|
|
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
27,577
|
|
||||
Operating income
|
|
|
|
|
|
|
|
|
|
78,955
|
|
||||
Other expense
|
|
|
|
|
|
|
|
|
|
26,267
|
|
||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
52,688
|
|
||||
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
18,929
|
|
||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
33,759
|
|
•
|
Non-GAAP Organic Revenues
: GAAP Total Revenues excluding revenues associated with assets held for sale in the periods presented.
|
•
|
Non-GAAP Organic Revenue Growth Percentage
: Calculated as the change in Non-GAAP Organic Revenues from prior year divided by prior year Non-GAAP Organic Revenues.
|
•
|
Non-GAAP Adjusted Gross Margin
: GAAP Gross Profit minus certain integration, transition, acquisition and assets held for sale-related costs.
|
•
|
Non-GAAP Adjusted Gross Margin Percentage
: Calculated as Non-GAAP Adjusted Gross Margin divided by GAAP Total Revenues.
|
•
|
Non-GAAP Adjusted Advertising and Promotion Expense
: GAAP Advertising and Promotion expenses minus certain integration, transition, and acquisition-related costs.
|
•
|
Non-GAAP Adjusted Advertising and Promotion Expense Percentage
: Calculated as Non-GAAP Adjusted Advertising and Promotion expense divided by GAAP Total Revenues.
|
•
|
Non-GAAP Adjusted General and Administrative Expense
: GAAP General and Administrative expenses minus certain integration, transition, acquisition and assets held for sale-related costs.
|
•
|
Non-GAAP Adjusted General and Administrative Expense Percentage
: Calculated as Non-GAAP Adjusted General and Administrative expense divided by GAAP Total Revenues.
|
•
|
Non-GAAP EBITDA
: GAAP Net Income (Loss) less interest expense (income), income taxes provision (benefit), and depreciation and amortization.
|
•
|
Non-GAAP EBITDA Margin
: Calculated as Non-GAAP EBITDA divided by GAAP Total Revenues.
|
•
|
Non-GAAP Adjusted EBITDA
: Non-GAAP EBITDA less certain integration, transition, acquisition and assets held for sale-related costs.
|
•
|
Non-GAAP Adjusted EBITDA Margin
: Calculated as Non-GAAP Adjusted EBITDA divided by GAAP Total Revenues.
|
•
|
Non-GAAP Adjusted Net Income
: GAAP Net Income (Loss) before certain integration, transition, acquisition and assets held for sale-related costs, applicable tax impact associated with these items and normalized tax rate adjustment.
|
•
|
Non-GAAP Adjusted EPS
: Calculated as Non-GAAP Adjusted Net Income, divided by the weighted average number of common and potential common shares outstanding during the period.
|
•
|
Non-GAAP Free Cash Flow
: GAAP Net cash provided by operating activities less cash paid for capital expenditures.
|
•
|
Non-GAAP Adjusted Free Cash Flow
: Non-GAAP Free Cash Flow plus cash payments made for integration, transition, and other costs associated with acquisitions and assets held for sale.
|
•
|
Net Debt
: Calculated as total principal amount of debt outstanding (
$2,013,000
at
June 30, 2018
) less cash and cash equivalents (
$34,269
at
June 30, 2018
). Amounts in thousands.
|
|
Three Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
(In thousands)
|
|
|
|
||||
GAAP Total Revenues
|
$
|
253,980
|
|
|
$
|
256,573
|
|
|
|
|
|
||||
GAAP Gross Profit
|
$
|
140,623
|
|
|
$
|
143,476
|
|
GAAP Gross Profit as a Percentage of GAAP Total Revenue
|
55.4
|
%
|
|
55.9
|
%
|
||
Adjustments:
|
|
|
|
||||
Integration, transition and other costs associated with assets held for sale and acquisitions
(1)
|
170
|
|
|
2,576
|
|
||
Total adjustments
|
170
|
|
|
2,576
|
|
||
Non-GAAP Adjusted Gross Margin
|
$
|
140,793
|
|
|
$
|
146,052
|
|
Non-GAAP Adjusted Gross Margin as a Percentage of GAAP Total Revenues
|
55.4
|
%
|
|
56.9
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
(In thousands)
|
|
|
|
||||
GAAP Advertising and Promotion Expense
|
$
|
37,111
|
|
|
$
|
36,944
|
|
GAAP Advertising and Promotion Expense as a Percentage of GAAP Total Revenue
|
14.6
|
%
|
|
14.4
|
%
|
||
Adjustments:
|
|
|
|
||||
Integration, transition and other costs associated with acquisitions
(1)
|
—
|
|
|
39
|
|
||
Total adjustments
|
—
|
|
|
39
|
|
||
Non-GAAP Adjusted Advertising and Promotion Expense
|
$
|
37,111
|
|
|
$
|
36,905
|
|
Non-GAAP Adjusted Advertising and Promotion Expense as a Percentage of GAAP Total Revenues
|
14.6
|
%
|
|
14.4
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
(In thousands)
|
|
|
|
||||
GAAP General and Administrative Expense
(1)
|
$
|
23,941
|
|
|
$
|
20,410
|
|
GAAP General and Administrative Expense as a Percentage of GAAP Total Revenue
|
9.4
|
%
|
|
8.0
|
%
|
||
|
|
|
|
||||
Adjustments:
|
|
|
|
||||
Integration, transition and other costs associated with assets held for sale and acquisitions
(2)
|
1,422
|
|
|
584
|
|
||
Total adjustments
|
1,422
|
|
|
584
|
|
||
Non-GAAP Adjusted General and Administrative Expense
|
$
|
22,519
|
|
|
$
|
19,826
|
|
Non-GAAP Adjusted General and Administrative Expense Percentage as a Percentage of GAAP Total Revenues
|
8.9
|
%
|
|
7.7
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
(In thousands)
|
|
|
|
||||
GAAP Net Income
|
$
|
34,466
|
|
|
$
|
33,759
|
|
Interest expense, net
|
25,940
|
|
|
26,341
|
|
||
Provision for income taxes
|
11,994
|
|
|
18,929
|
|
||
Depreciation and amortization
|
8,372
|
|
|
8,507
|
|
||
Non-GAAP EBITDA
|
80,772
|
|
|
87,536
|
|
||
Non-GAAP EBITDA Margin
|
31.8
|
%
|
|
34.1
|
%
|
||
Adjustments:
|
|
|
|
||||
Integration, transition and other costs associated with assets held for sale and acquisitions in Cost of Goods Sold
(1)
|
170
|
|
|
2,576
|
|
||
Integration, transition and other costs associated with acquisitions in Advertising and Promotion Expense
(1)
|
—
|
|
|
39
|
|
||
Integration, transition and other costs associated with assets held for sale and acquisitions in General and Administrative Expense
(1)
|
1,422
|
|
|
584
|
|
||
Total adjustments
|
1,592
|
|
|
3,199
|
|
||
Non-GAAP Adjusted EBITDA
|
$
|
82,364
|
|
|
$
|
90,735
|
|
Non-GAAP Adjusted EBITDA Margin
|
32.4
|
%
|
|
35.4
|
%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2018
|
2018 Adjusted EPS
|
|
2017
|
2017 Adjusted EPS
|
||||||||
(In thousands, except per share data)
|
|
|
|
|
|
||||||||
GAAP Net Income
|
$
|
34,466
|
|
$
|
0.65
|
|
|
$
|
33,759
|
|
$
|
0.63
|
|
Adjustments:
|
|
|
|
|
|
||||||||
Integration, transition and other costs associated with assets held for sale and acquisitions in Cost of Goods Sold
(1)
|
170
|
|
—
|
|
|
2,576
|
|
0.05
|
|
||||
Integration, transition and other costs associated with acquisitions in Advertising and Promotion Expense
(1)
|
—
|
|
—
|
|
|
39
|
|
—
|
|
||||
Integration, transition and other costs associated with assets held for sale and acquisitions in General and Administrative Expense
(1)
|
1,422
|
|
0.03
|
|
|
584
|
|
0.01
|
|
||||
Tax impact of adjustments
(2)
|
(404
|
)
|
—
|
|
|
(1,167
|
)
|
(0.02
|
)
|
||||
Normalized tax rate adjustment
(3)
|
193
|
|
—
|
|
|
(302
|
)
|
(0.01
|
)
|
||||
Total adjustments
|
1,381
|
|
0.03
|
|
|
1,730
|
|
0.03
|
|
||||
Non-GAAP Adjusted Net Income
and Adjusted EPS
|
$
|
35,847
|
|
$
|
0.68
|
|
|
$
|
35,489
|
|
$
|
0.66
|
|
|
Three Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
(In thousands)
|
|
|
|
||||
GAAP Net Income
|
$
|
34,466
|
|
|
$
|
33,759
|
|
Adjustments:
|
|
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows
|
17,705
|
|
|
21,983
|
|
||
Changes in operating assets and liabilities as shown in the Statement of Cash Flows
|
3,681
|
|
|
(1,621
|
)
|
||
Total adjustments
|
21,386
|
|
|
20,362
|
|
||
GAAP Net cash provided by operating activities
|
55,852
|
|
|
54,121
|
|
||
Purchases of property and equipment
|
(2,469
|
)
|
|
(2,554
|
)
|
||
Non-GAAP Free Cash Flow
|
53,383
|
|
|
51,567
|
|
||
Integration, transition and other payments associated with assets held for sale and acquisitions
(1)
|
189
|
|
|
4,948
|
|
||
Non-GAAP Adjusted Free Cash Flow
|
$
|
53,572
|
|
|
$
|
56,515
|
|
|
2019 Projected EPS
|
||||||
|
Low
|
|
High
|
||||
Projected FY'19 GAAP EPS
|
$
|
2.80
|
|
|
$
|
2.88
|
|
Adjustments:
|
|
|
|
||||
Sale of Household Cleaning business
(1)
|
0.02
|
|
|
0.02
|
|
||
Tax adjustment
|
0.02
|
|
|
0.02
|
|
||
Total Adjustments
|
0.04
|
|
|
0.04
|
|
||
Projected Non-GAAP Adjusted EPS
|
$
|
2.84
|
|
|
$
|
2.92
|
|
|
2019 Projected Free Cash Flow
|
||
(In millions)
|
|
||
Projected FY'19 GAAP Net cash provided by operating activities
|
$
|
202
|
|
Additions to property and equipment for cash
|
(13
|
)
|
|
Projected Non-GAAP Free Cash Flow
|
189
|
|
|
Payments associated with divestitures
(1)
|
16
|
|
|
Projected Non-GAAP Adjusted Free Cash Flow
|
$
|
205
|
|