F e b r u a r y 2 n d,2 0 2 3 2023财年第三季度结果1附件99.2
T H I R D Q U A R T E R F Y 2 3 R E S U L T S本演示文稿包含1995年《私人证券诉讼改革法》所指的某些“前瞻性”陈述,例如有关公司预期财务业绩的陈述,包括收入、稀释每股收益、杠杆、自由现金流和有机收入增长;公司执行其品牌建设战略的能力;公司品牌的预期市场份额和消费趋势;以及公司减少债务和执行其有纪律的资本分配战略的能力,包括减少债务。诸如“趋势”、“继续”、“将会”、“预期”、“项目”、“可能”、“应该”、“可能”、“将会”等词语以及类似的表达方式识别前瞻性陈述。这些前瞻性陈述代表公司的期望和信念,涉及许多已知和未知的风险、不确定因素和其他因素,这些风险、不确定性和其他因素可能导致实际结果与这些前瞻性陈述明示或暗示的结果大不相同。这些因素包括但不限于新冠肺炎疫情和地缘政治不稳定的影响,包括对经济和商业条件、消费者趋势、零售管理举措和制造、分销和供应链中断及相关价格上涨的影响;劳动力短缺;竞争压力;公司广告和促销及新产品开发举措的影响;客户库存管理举措;将上升的成本转嫁给客户而不影响销售的能力;汇率波动;以及第一部分第1A项提出的其他风险。公司截至3月31日的10-K表格年度报告中的风险因素, 2022年告诫您不要过度依赖这些前瞻性陈述,这些陈述仅反映了本报告的日期。除适用法律要求的范围外,公司没有义务根据新信息、未来事件或其他情况更新本演示文稿中包含的任何前瞻性陈述。所有调整后的GAAP数字都有脚注,并在所附对账时间表或我们2023年2月2日发布的“关于非GAAP财务衡量标准”一节中与其最接近的GAAP衡量标准进行了核对。安全港揭秘2
TH I R D Q U A R T E R F Y 2 3 R E S U L T S S 3.业绩更新II.财务概述III.23财年展望
T H I R D Q U A R T E R F Y 2 3 R E S U L T S I.性能更新
T H I R D Q U A R T E R F Y 2 3 R E S U L T S在23财年第三季度继续保持势头◼稳健的季度收入为2.755亿美元,增长1.8%不包括货币对PY◼继续受益于受信任的品牌的多样化投资组合◼强劲增长如预期在当前供应链环境下◼稳定的财务状况和产生的自由现金流◼稳健的财务状况和由此产生的自由现金流(3)新一代◼实现了3.5倍的杠杆率(4)-10多年来的最低杠杆率◼债务削减仍然是有纪律的资本分配战略的关键部分23财年第三季度销售驱动资本分配稳定的收益和FCF5
T H I R D Q U A R T E R F Y 2 3 R E S U L T S在当前供应环境中咳嗽/感冒的强劲增长6来源:IQVIA关键驱动因素在23财年动态供应链环境中记录咳嗽/感冒类别的增长有限能够跟上类别需求的主动症状治疗感冒/流感和过敏发病率咳嗽/感冒类别从典型的季节性品牌建设扩大推动消费增长+28%+25%◼处于有利地位,因为广泛和标志性的产品横跨药物喷雾剂和含片◼高效品牌建设,包括更新包装和其他工具◼采取额外行动,进一步专注于满足消费者需求%第三季度同比增长;Mulo C+Amazon于23年1月1日结束
TH I R D Q U A R T E R F Y 23 R E S U L T S II.财务概览
T H I R D Q U A R T E R F Y 23 R E S U L T S第三季度和YTD FY23财年业绩亮点FY23财年22财年美元价值,每股数据除外。$275.5$94.2$1.04$274.5$90.5$0.99收入EBITDA EPS 0.4%4.1%5.1%8 Q3$841.9$280.5$3.14$819.9$282.2$3.15调整后EBITDA调整后每股收益2.7%(0.6%)(0.3%)(3)收入2.755亿美元,同比增长1.8%较PYY T D上升4.1%(3)(3)
T H I R D Q U A R T E R F Y 2 3 R E S U L T S Q3 FY23 Q3 FY22 % Chg YTD FY23 YTD FY22 % Chg Total Revenue 275.5$ 274.5$ 0.4% 841.9$ 819.9$ 2.7% Adj. Gross Margin (3) 150.4 155.1 (3.0%) 471.5 473.4 (0.4%) % Margin 54.6% 56.5% 56.0% 57.7% A&M 30.4 40.2 (24.4%) 114.2 120.4 (5.2%) % Total Revenue 11.0% 14.7% 13.6% 14.7% Adj. G&A (3) 26.5 26.0 2.1% 79.7 75.6 5.4% % Total Revenue 9.6% 9.5% 9.5% 9.2% D&A (ex. COGS) 6.3 6.2 0.2% 19.1 18.2 4.9% Adj. Operating Income (3) 87.2$ 82.6$ 5.6% 258.6$ 259.2$ (0.2%) % Margin 31.6% 30.1% 30.7% 31.6% Adj. Earnings Per Share (3) 1.04$ 0.99$ 5.1% 3.14$ 3.15$ (0.3%) Adj. EBITDA (3) 94.2$ 90.5$ 4.1% 280.6$ 282.2$ (0.6%) % Margin 34.2% 33.0% 33.3% 34.4% 3 Months Ended YTD FY23 Comments FY23 Third Quarter and YTD Consolidated Financial Summary ◼ Organic Revenue(1) up 2.0% vs. PY – Strong cough/cold season & International segment were leading factors – Dramamine strength continues, well above pre-COVID baseline – Double-digit eCommerce consumption growth(2) ◼ Gross Margin(3) of 56.0%, as expected ◼ A&M of 13.6% of Revenue, slightly below PY ◼ G&A approximately 9.5% of sales ◼ Adj. EPS approximately flat vs. Adj. PY(3) Dollar values in millions, except per share data 9 9 Months Ended
T H I R D Q U A R T E R F Y 2 3 R E S U L T S$53.1$165.5$64.1$193.8自由现金流调整自由现金流(3)评论◼YTD FY23财年自由现金流(3)1.655亿美元与PY-Q3自由现金流(3)相比下降17.1%,原因是营运资本的库存水平增加-投资于库存以支持服务水平◼截至2022年12月31日的净债务为14亿美元(3);杠杆率(4)在第三季度末为3.5倍◼继续专注于偿还债务和有纪律的资本分配战略行业领先的自由现金流趋势(17.1%)以百万美元为单位10(14.6%)23财年第三季度22财年23财年22财年
T H I R D Q U A R T E R F Y 2 3 R E S U L T S III.23财年展望
T H I R D Q U A R T E R F Y 2 3 R E S U L T S收窄23财年前景◼战略提供不断增长且定位良好的业务◼灵活的品牌建设和多样化的投资组合,在动态环境中实现增长◼收入预期为1,120美元至1,122美元(~3%增长)◼营业利润美元预计将与收入增长同步◼预计23财年稀释后每股收益为4.18美元◼预计23财年自由现金流(5)为2.2亿美元或更多◼继续执行有纪律的资本分配战略◼预计全年杠杆率(4)低于3.5倍-2012财年末自由现金流和分配每股收益
T H I R D Q U A R T E R F Y 2 3 R E S U L T S Q&A
T H I R D Q U A R T E R F Y 2 3 R E S U L T S附录(1)有机收入是一项非GAAP财务指标,并与所附对账明细表中最密切相关的GAAP财务指标和/或我们于2023年2月2日在“关于非GAAP财务指标”部分发布的收益相一致。(2)公司消费和市场份额基于截至2023年1月1日的国内IRI多门店+C-Store零售额、来自其他第三方的领先零售商在北美某些未追踪渠道的零售额数据、基于IMS数据的澳大利亚消费额以及作为消费指标的其他国际净收入。(3)经调整的毛利率、经调整的G&A、经调整的营业收入、经调整的每股收益、EBITDA和EBITDA利润率、经调整的EBITDA和经调整的EBITDA利润率、自由现金流量和经调整的自由现金流量以及净债务是非GAAP财务指标,在所附的对账明细表中和/或在我们于2023年2月2日发布的“关于非GAAP财务指标”部分中,与它们最密切相关的GAAP财务指标相一致。(4)杠杆率反映净债务/契约定义的EBITDA。(5)23财年经调整的自由现金流量是一项预计的非GAAP财务指标,与所附的对账明细表和/或我们在“关于非GAAP财务指标”部分的收益新闻稿中的经营活动提供的预计GAAP净现金进行核对,并根据经营活动提供的预计净现金减去预计资本支出加上与收购相关的现金支付来计算。14.
T H I R D Q U A R T E R F Y 2 3 R E S U L T S Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 (In Thousands) GAAP Total Revenues 275,524$ 274,470$ 841,856$ 819,876$ GAAP Gross Profit 150,402$ 155,060$ 471,530$ 471,784$ GAAP Gross Profit as a Percentage of GAAP Total Revenue 54.6% 56.5% 56.0% 57.5% Adjustments: Inventory step-up charges associated with acquisition (a) - - - 1,567 Total adjustments - - - 1,567 Non-GAAP Adjusted Gross Margin 150,402$ 155,060$ 471,530$ 473,351$ Non-GAAP Adjusted Gross Margin as a Percentage of GAAP Total Revenues 54.6% 56.5% 56.0% 57.7% Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 (In Thousands) GAAP Total Revenues 275,524$ 274,470$ 841,856$ 819,876$ Revenue Change 0.4% 2.7% Adjustments: Revenues associated with acquisition (a) - - (12,624) - Impact of foreign currency exchange rates - (3,770) - (7,252) Total adjustments -$ (3,770)$ (12,624)$ (7,252)$ Non-GAAP Organic Revenues 275,524$ 270,700$ 829,232$ 812,624$ Non-GAAP Organic Revenue Change 1.8% 2.0% Adjusted Gross Margin 15 Reconciliation Schedules Organic Revenue Change a) Inventory step-up charges relate to our North American OTC Healthcare segment. a) Revenues of our Akorn acquisition for the three months ended June 30, 2022 are excluded for purposes of calculating Non-GAAP organic revenues.
T H I R D Q U A R T E R F Y 23 R E S U L T S截至12月31日的9个月,2022 2021 2022 2021(以千为单位)GAAP一般和行政费用26,536$25,983$79,688$80,706$GAAP一般和行政费用占GAAP总收入的百分比9.6%9.5%9.5%9.8%调整:与收购相关的成本(A)---5,127调整总额-5,127非公认会计准则调整后的一般和行政费用26,536美元25,983美元79,688美元75,579美元非GAAP调整后的一般和行政费用占GAAP总收入的百分比9.6%9.5%9.5%9.2%截至12月31日的三个月,16对账明细表(续)调整后的并购(A)与完成收购过程有关的费用,如保险费、法律费用和其他与收购有关的专业费用。
T H I R D Q U A R T E R F Y 2 3 R E S U L T S 17 Reconciliation Schedules (Continued) Adjusted EBITDA Margin a) Inventory step-up charges relate to our North American OTC Healthcare segment. b) Costs related to the consummation of the acquisition process such as insurance costs, legal and other acquisition related professional fees. Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 (In Thousands) GAAP Net Income 51,951$ 50,215$ 158,246$ 153,295$ Interest expense, net 17,917 16,924 50,188 48,314 Provision for income taxes 16,166 15,278 47,361 48,198 Depreciation and amortization 8,130 8,050 24,762 23,607 Non-GAAP EBITDA 94,164 90,467 280,557 273,414 Non-GAAP EBITDA Margin 34.2% 33.0% 33.3% 33.3% Adjustments: Inventory step-up charges associated with acquisition in Cost of Sales (a) - - - 1,567 Costs associated with acquisition in General and Administrative Expense (b) - - - 5,127 Loss on extinguishment of debt - - - 2,122 Total adjustments - - - 8,816 Non-GAAP Adjusted EBITDA 94,164$ 90,467$ 280,557$ 282,230$ Non-GAAP Adjusted EBITDA Margin 34.2% 33.0% 33.3% 34.4%
T H I R D Q U A R T E R F Y 2 3 R E S U L T S 18调整后净收入和调整后每股收益a)库存递增费用与我们的北美OTC医疗保健部门相关。B)与完成收购过程有关的费用,如保险费、法律费用和其他与收购有关的专业费用。C)所得税调整按上述调整所涉及的税务管辖区的适用税率厘定,并包括基于特定非公认会计原则绩效衡量的特定性质的当期及递延所得税开支(利益)。注:由于四舍五入,金额可能不会相加。截至2022年12月31日的三个月,截至2021年12月31日的九个月净收益稀释每股收益(单位:千,不包括每股数据)GAAP净收益51,951$1.04$50,215$0.99$158,246$3.14$153,295$3.02$调整:销售成本中与购置有关的库存增加费用和其他成本(A)-1567 0.03与一般收购和行政费用有关的成本(B)-5,127 0.10债务清偿损失-2122 0.04调整对税收的影响(C)-(2,134)(0.04)调整总额-6682 0.13非公认会计准则调整后净收益和调整后每股收益51,951$1.04$50,215$0.99$158,246$3.14$159,977$3.15$
T H I R D Q U A R T E R F Y 2 3 R E S U L T S 19 Reconciliation Schedules (Continued) Adjusted Free Cash Flow a) Payments related to the consummation of the acquisition process such as insurance costs, legal and other acquisition related professional fees. Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 (In Thousands) GAAP Net Income 51,951$ 50,215$ 158,246$ 153,295$ Adjustments: Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows 22,978 17,052 56,467 52,280 Changes in operating assets and liabilities as shown in the Statement of Cash Flows (19,987) (970) (43,984) (8,779) Total adjustments 2,991 16,082 12,483 43,501 GAAP Net cash provided by operating activities 54,942 66,297 170,729 196,796 Purchase of property and equipment (1,803) (2,229) (5,226) (6,481) Non-GAAP Free Cash Flow 53,139 64,068 165,503 190,315 Payments associated with acquisition (a) - - - 3,465 Non-GAAP Adjusted Free Cash Flow 53,139$ 64,068$ 165,503$ 193,780$ Projected Free Cash Flow (In millions) Projected FY'23 GAAP Net cash provided by operating activities 230$ Additions to property and equipment for cash (10) Projected Non-GAAP Adjusted Free Cash Flow 220$