Price of $4.3 billion represents over 14x HHI’s expected FY21 Adjusted EBITDAStrategic shift results in a more focused consumer staples company aligned with attractive growth categoriesNet proceeds from the sale will result in significant deleveragingExcess cash proceeds will be allocated to invest for organic growth, fund complementary acquisitions and return capital to shareholders
Spectrum Brands Holdings, Inc. (NYSE: SPB; “Spectrum Brands” or the “Company”), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced it has entered into a definitive agreement to sell its HHI segment to ASSA ABLOY for $4.3 billion in cash, which represents over 14x HHI’s expected FY21 Adjusted EBITDA.
The transaction will simplify the Spectrum Brands business around three attractive business units, consisting of Global Pet Care, Home & Garden, and Home and Personal Care, and further strengthen the Company’s balance sheet. The remaining streamlined business will allow management to devote resources to and prioritize innovation to accelerate long-term sustainable growth.
David Maura, CEO of Spectrum Brands, said, “I am exceedingly proud of the fact that our Hardware & Home Improvement business nearly doubled its EBITDA under Spectrum Brands’ ownership. I am pleased to know that HHI has found a new home with a great partner, and I am confident that ASSA ABLOY will take it to its highest potential, bringing great value and innovation to consumers for generations to come. We believe this transaction demonstrates the tremendous value of Spectrum Brands as an owner and steward of our businesses and places the Company in a strong position for the future by allowing us to further reduce our leverage levels, and enhance our capital allocation strategy. Our remaining business will be more focused, allowing us to prioritize innovation to accelerate organic growth and pursue synergistic acquisitions to further drive value creation in Global Pet Care and Home & Garden, while continuing to look for strategic and organic ways to enhance the value of Home and Personal Care. After the closing, we will become a more pure play consumer staples company with higher growth rates and strong margins.“
Nico Delvaux, President and CEO of the ASSA ABLOY Group, said, “HHI is an excellent addition to the ASSA ABLOY Group and constitutes an important strategic step in developing our residential business in North America. This acquisition advances our strategy to strengthen our position by adding complementary products to the core business and it will further accelerate the transformation from mechanical to digital solutions. I look forward to welcoming HHI and all of its employees into the ASSA ABLOY Group.”
Transaction Highlights
Upon closing of the transaction, Spectrum Brands expects to receive approximately $3.5 billion in net proceeds, subject to final tax calculations and purchase price adjustments. Spectrum Brands expects to use the proceeds from this transaction to repay debt and reduce its gross leverage ratio to approximately 2.5x times in the near term. Excess proceeds are expected to be allocated to invest for organic growth, fund complementary acquisitions and return capital to shareholders.
The Company expects to maintain its quarterly cash dividend of $0.42 per common share, which will be subject to the Company’s continued review from time to time.
The sale of HHI is expected to close following the receipt of certain regulatory approvals and customary closing conditions. The results of operations of HHI will be reported as discontinued operations beginning in the fourth quarter of 2021.
Credit Suisse Securities and RBC Capital Markets acted as joint financial advisors to Spectrum Brands. Davis Polk & Wardwell LLP acted as legal counsel for Spectrum Brands.
Pro Forma Spectrum Brands
Spectrum Brands will be a simplified business consisting of three focused business units with leading market share, strong growth opportunities and consistent performance. The pro forma business generated $3.0 billion in net sales and $386 million in Adjusted EBITDA representing a 13.0% margin for the LTM period ended July 4, 2021. Spectrum Brands will report its fourth quarter 2021 results in mid-November and expects to provide Fiscal 2022 Earnings Framework at that time.
Conference Call
Spectrum Brands will host a conference call and webcast to discuss the transaction announcement at 1:00 p.m. Eastern Time today, September 8, 2021. To access the live conference call, U.S. participants may call 877-604-7329 and international participants may call 602-563-8688. The conference ID number is 4795832. A live webcast and related presentation slides will be available by visiting the Event Calendar page in the Investor Relations section of Spectrum Brands’ website at www.spectrumbrands.com .
A replay of the live webcast also will be accessible through the Event Calendar page in the Investor Relations section of the Company’s website. A telephone replay of the conference call will be available through September 22, 2021. To access this replay, participants may call 855-859-2056 and use the same conference ID number.
About Spectrum Brands
Spectrum Brands Holdings is a home-essentials company with a mission to make living better at home. We focus on delivering innovative products and solutions to consumers for use in and around the home through our trusted brands. We are a leading supplier of residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents. Helping to meet the needs of consumers worldwide, Spectrum Brands offers a broad portfolio of market-leading, well-known and widely trusted brands including Kwikset®, Weiser®, Baldwin®, National Hardware®, Pfister®, Remington®, George Foreman®, Russell Hobbs®, Black+Decker®, Tetra®, DreamBone®, SmartBones®, Nature’s Miracle®, 8-in-1®, FURminator®, Healthy-Hide®, Good Boy®, Meowee!® , OmegaOne®, OmegaSea®, Spectracide®, Cutter®, Repel®, Hot Shot®, Rejuvenate®, Black Flag®, and Liquid Fence®. Spectrum Brands, a member of the Russell 1000 index, generated fiscal 2020 net sales of approximately $4.0 billion.
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places.
Forward Looking Statements
Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these statements by using words like “future,” “anticipate”, “intend,” “plan,” “estimate,” “believe,” “expect,” “project,” “forecast,” “could,” “would,” “should,” “will,” “may,” and similar expressions of future intent or the negative of such terms. These statements are based upon our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, actual results or outcomes may differ materially from those expressed or implied herein, and you should not place undue reliance on these statements. Important factors that could cause our actual results to differ materially from those expressed or implied herein include, without limitation: (1) the ability to consummate the announced transaction on the expected terms and within the anticipated time period, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions and our ability to realize the benefits of the transaction, including reducing the leverage of the Company, invest in the organic growth of the Company, fund any future acquisitions, returning capital to shareholders, and/or maintain its quarterly dividends; (2) the risk that regulatory approvals that are required to complete the proposed transaction may not be received, may take longer than expected or may impose adverse conditions; (3) our ability to realize the expected benefits of such transaction and to successfully separate the Business; (4) the impact of the COVID-19 pandemic on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition, and results of operations, all of which tend to aggravate the other risks and uncertainties we face; (5) the impact of our indebtedness on our business, financial condition and results of operations; (6) the impact of restrictions in our debt instruments on our ability to operate our business, finance our capital needs or pursue or expand business strategies; (7) any failure to comply with financial covenants and other provisions and restrictions of our debt instruments; (8) the effects of general economic conditions, including the impact of, and changes to tariffs and trade policies, inflation, recession or fears of a recession, depression or fears of a depression, labor costs and stock market volatility or monetary or fiscal policies in the countries where we do business; (9) the impact of fluctuations in transportation and shipment costs, commodity prices, costs or availability of raw materials or terms and conditions available from suppliers, including suppliers’ willingness to advance credit; (10) interest rate and exchange rate fluctuations; (11) the loss of, significant reduction in, or dependence upon, sales to any significant retail customer(s); (12) competitive promotional activity or spending by competitors, or price reductions by competitors; (13) the introduction of new product features or technological developments by competitors and/or the development of new competitors or competitive brands; (14) the impact of actions taken by significant stockholders; (15) changes in consumer spending preferences and demand for our products, particularly in light of the COVID-19 pandemic and economic stress; (16) our ability to develop and successfully introduce new products, protect our intellectual property and avoid infringing the intellectual property of third parties; (17) our ability to successfully identify, implement, achieve and sustain productivity improvements (including our Global Productivity Improvement Program), cost efficiencies (including at our manufacturing and distribution operations) and cost savings; (18) the seasonal nature of sales of certain of our products; (19) the effects of climate change and unusual weather activity, as well as further natural disasters and pandemics; (20) the cost and effect of unanticipated legal, tax or regulatory proceedings or new laws or regulations (including environmental, public health and consumer protection regulations); (21) our discretion to conduct, suspend or discontinue our share repurchase program (including our discretion to conduct purchases, if any, in a variety of manners including open-market purchases or privately negotiated transactions); (22) public perception regarding the safety of products that we manufacture and sell, including the potential for environmental liabilities, product liability claims, litigation and other claims related to products manufactured by us and third parties; (23) the impact of existing, pending or threatened litigation, government regulations or other requirements or operating standards applicable to our business; (24) the impact of cybersecurity breaches or our actual or perceived failure to protect company and personal data, including our failure to comply with new and increasingly complex global data privacy regulations; (25) changes in accounting policies applicable to our business; (26) our ability to utilize net operating loss carry-forwards to offset tax liabilities from future taxable income; (27) the impact of expenses resulting from the implementation of new business strategies, divestitures or current and proposed restructuring activities; (28) our ability to successfully implement further acquisitions or dispositions and the impact of any such transactions on our financial performance; (29) the unanticipated loss of key members of senior management and the transition of new members of our management teams to their new roles; (30) the impact of economic, social and political conditions or civil unrest in the U.S. and other countries; (31) the effects of political or economic conditions, terrorist attacks, acts of war, natural disasters, public health concerns or other unrest in international markets; (32) our ability to achieve our goals regarding environmental, social and governance practices; (33) our increased reliance on third party partners, suppliers, and distributors to achieve our business objectives; and (34) the other risk factors set forth in the securities filings of Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC, including our fiscal 2020 Annual Report and subsequent Quarterly Reports on Form 10-Q.
Some of the above-mentioned factors are described in further detail in the sections entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this press release is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
Non-GAAP Financial Measurements
Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. Management believes that organic net sales provide for a more complete understanding of underlying business trends of regional and segment performance by excluding the impact of currency exchange rate fluctuations and the impact of acquisitions. In addition, within this release, including the supplemental information attached hereto, reference is made to adjusted diluted EPS, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin and adjusted free cash flow. Adjusted EBITDA is a metric used by management to evaluate segment performance and frequently used by the financial community which provides insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA also is one of the measures used for determining compliance with the Company’s debt covenants. Adjusted EBITDA excludes certain items that are unusual in nature or not comparable from period to period. Adjusted EBITDA margin reflects adjusted EBITDA as a percentage of net sales of the Company. The Company’s management uses adjusted diluted EPS as one means of analyzing the Company’s current and future financial performance and identifying trends in its financial condition and results of operations. Management believes that adjusted diluted EPS is a useful measure for providing further insight into our operating performance because it eliminates the effects of certain items that are not comparable from one period to the next. An income tax adjustment is included in adjusted diluted EPS to exclude the impact of the valuation allowance against deferred taxes and other tax-related items in order to reflect a normalized ongoing effective tax rate. Adjusted free cash flow provides useful information to investors regarding our ability to generate cash flow from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases and meet its working capital requirements. Our definition of adjusted free cash flow takes into consideration capital investments required to maintain operations of our businesses and execute our strategy. The Company provides this information to investors to assist in comparisons of past, present and future operating results and to assist in highlighting the results of on-going operations. While the Company’s management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company’s GAAP financial results and should be read in conjunction with those GAAP results. Other Supplemental Information has been provided to demonstrate reconciliation of non-GAAP measurements discussed above to most relevant GAAP financial measurements.
Other Supplemental Financial Information
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization) is a non-GAAP metric used by management that we believe provides useful information to investors because it reflects ongoing operating performance and trends of our segments excluding certain non-cash based expenses and/or non-recurring items during each of the comparable periods and facilitates comparisons between peer companies since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Further, adjusted EBITDA is a measure used for determining the Company’s debt covenant. EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA further excludes the following:Stock based and other incentive compensation costs that consist of costs associated with long-term compensation arrangements and other equity-based compensation based upon achievement of long-term performance metrics; and generally consist of non-cash, stock-based compensation.Restructuring and related charges, which consist of project costs associated with the restructuring initiatives across the Company's segments;Transaction related charges that consist of (1) transaction costs from qualifying acquisition transactions during the period, or subsequent integration related project costs directly associated with an acquired business; and (2) divestiture related transaction costs that are recognized in continuing operations and post-divestiture separation costs consisting of incremental costs to facilitate separation of shared operations, including development of transferred shared service operations, platforms and personnel transferred as part of the divestitures and exiting of transition service arrangements (TSAs) and reverse TSAs;Gains and losses attributable to the Company’s investment in Energizer common stock;Non-cash purchase accounting inventory adjustments recognized in earnings from continuing operations subsequent to an acquisition (when applicable);Non-cash asset impairments or write-offs realized and recognized in earnings from continuing operations (when applicable);Other adjustments primarily consisting of costs attributable to (1) incremental fines and penalties realized for delayed shipments following the transition of third-party logistics service provider in GPC; (2) proposed settlement on outstanding litigation matters at our H&G division attributable to significant and unusual non-recurring claims with no previous history or precedent realized; (3) legal costs associated with Salus as they are not considered a component of the continuing commercial products company; (4) foreign currency attributable to multicurrency loans that were entered into with foreign subsidiaries in exchange for receipt of divestiture proceeds by the parent company and the distribution of the respective foreign subsidiaries’ net assets as part of the GBL and GAC divestitures; and (5) incremental costs for separation of a key executive.
Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of reported net sales for the respective periods.
The following is a reconciliation of reported net income from continuing operations to adjusted EBITDA for the last twelve month (LTM) period ended July 4, 2021, including the calculation of adjusted EBITDA and margin, with pro forma consolidated results excluding the HHI segment.For the Last Twelve Month ("LTM") period ended July 4, 2021 (in millions)HHIHPCGPCH&GCorporateConsolidatedProforma Consolidated (excl. HHI)(1)Net income from continuing operations
$
305.5
$
57.8
$
135.1
$
97.4
$
(406.2
)
$
189.6
$
(115.9
)Income tax expense
-
-
-
-
98.9
98.9
98.9
Interest expense
-
-
-
-
171.7
171.7
171.7
Depreciation and amortization
34.3
41.0
39.1
19.4
14.6
148.4
114.1
EBITDA
339.8
98.8
174.2
116.8
(121.0
)
608.6
268.8
Share and incentive based compensation
-
-
-
-
24.5
24.5
24.5
Restructuring and related charges
0.1
7.2
8.0
0.2
18.9
34.4
34.3
Tansaction related charges
-
4.7
19.1
5.8
17.5
47.1
47.1
(Gain) Loss on Energizer investment
-
-
-
-
1.7
1.7
1.7
Inventory acquisition step-up
-
-
3.4
1.3
-
4.7
4.7
Other
-
0.2
3.7
6.0
(5.3
)
4.6
4.6
Adjusted EBITDA
$
339.9
$
110.9
$
208.4
$
130.1
$
(63.7
)
$
725.6
$
385.7
Net Sales
$
1,650.9
$
1,253.0
$
1,104.7
$
619.5
$
-
$
4,628.1
$
2,977.2
Adjusted EBITDA Margin
20.6
%
8.9
%
18.9
%
21.0
%
-
15.7
%
13.0
%(1)Proforma Consolidated (excluding HHI) represents proforma adjusted EBITDA reconciliation considering the sale of the HHI segment. The impact of the reclassification of the HHI segment to discontinued operations to net income from continuing operations, income tax expense, interest expense, and share and incentive based compensation have not been reflected in the proforma presentation. Such adjustments will not impact the proforma adjusted EBITDA figure as presented.
43億美元的價格超過了HHI預期的21財年調整後EBITDA的14倍。戰略轉變使消費必需品公司更加專注於有吸引力的增長類別出售的淨收益將導致顯著的去槓桿化剩餘的現金收益將用於投資於有機增長,為補充性收購提供資金,並將資本返還給股東
SPECTRUM Brands Holdings,Inc.(紐約證券交易所代碼:SPB;“Spectrum Brands”或“公司”),一家專注於推動創新和提供卓越客户服務的全球領先品牌消費產品和家居必需品公司,今天宣佈已經達成最終協議,將其HHI部門以43億美元的現金出售給ASSA ABLOY,這相當於HHI預期的21財年調整後EBITDA的14倍以上。
這項交易將簡化Spectrum Brands圍繞三個有吸引力的業務部門的業務,包括全球寵物護理、家居和花園以及家居和個人護理,並進一步加強公司的資產負債表。剩下的精簡業務將允許管理層將資源投入到創新上,並優先考慮創新,以加速長期可持續增長。
Spectrum Brands首席執行官David Maura説:“我們的硬件和家居改善業務在Spectrum Brands的控股下,其EBITDA幾乎翻了一番,我對此感到非常自豪。我很高興知道HHI找到了一個很棒的合作伙伴的新家,我相信ASSA ABLOY將把它發揮到最大的潛力,為未來幾代消費者帶來巨大的價值和創新。我們相信,這筆交易證明瞭Spectrum Brands作為我們業務的所有者和管理者的巨大價值,並使公司在未來處於有利地位,使我們能夠進一步降低槓桿水平,並加強我們的資本配置戰略。我們的剩餘業務將更加專注,使我們能夠優先考慮創新以加速有機增長,並尋求協同收購,以進一步推動全球寵物護理和家居與花園領域的價值創造,同時繼續尋找戰略和有機方式來提升家居和個人護理的價值。交易結束後,我們將成為一家增長率更高、利潤率更高的純玩法消費必需品公司。“
ASSA ABLOY集團總裁兼首席執行官Nico Delvaux説:“HHI是對ASSA ABLOY集團的極好補充,是發展我們北美住宅業務的重要戰略步驟。此次收購推進了我們的戰略,即通過在核心業務中增加互補產品來加強我們的地位,並將進一步加速從機械解決方案向數字解決方案的轉變。我期待着歡迎HHI及其所有員工加入ASSA ABLOY集團。“
交易亮點
交易完成後,Spectrum Brands預計將獲得約35億美元的淨收益,這取決於最終的税收計算和收購價格調整。SPECTRUM Brands預計將利用這筆交易的收益償還債務,並在短期內將其總槓桿率降至約2.5倍。超額收益預計將用於投資於有機增長,為互補性收購提供資金,並將資本返還給股東。
公司預計將維持每股普通股0.42美元的季度現金股息,這將受到公司不時持續審查的影響。
預計在收到某些監管批准和慣例成交條件後,HHI的出售將完成。HHI的運營結果將從2021年第四季度開始報告為停產運營。
瑞士信貸證券(Credit Suisse Securities)和加拿大皇家銀行資本市場(RBC Capital Markets)擔任Spectrum Brands的聯合財務顧問。Davis Polk&Wardwell LLP擔任Spectrum Brands的法律顧問。
形式頻譜品牌
SPECTRUM Brands將是一個簡化的業務,由三個專注的業務部門組成,具有領先的市場份額、強勁的增長機會和穩定的業績。預計業務產生了30億美元的淨銷售額和3.86億美元的調整後EBITDA,在截至2021年7月4日的LTM期間,利潤率為13.0%。SPECTRUM Brands將於11月中旬公佈2021年第四季度業績,預計屆時將提供2022財年收益框架。
電話會議
SPECTRUM Brands將於下午1點主持電話會議和網絡直播,討論交易公告。美國東部時間今天,2021年9月8日。要收聽現場直播電話會議,美國與會者可致電877-604-7329,國際與會者可致電602-563-8688。會議ID號碼是4795832。現場網絡直播和相關演示幻燈片將通過訪問Spectrum Brands網站www.Spectrumbrands.com投資者關係部分的活動日曆頁面獲得。
現場網絡直播的重播還可以通過公司網站投資者關係部分的活動日曆頁面收看。電話會議的電話重播將持續到2021年9月22日。要收聽重播,參會者可以撥打855-859-2056,並使用相同的會議ID號碼。
關於SPECTRUM BRANDS
SPECTRUM Brands Holdings是一家家庭必需品公司,其使命是讓家庭生活更美好。我們專注於通過我們值得信賴的品牌向消費者提供創新的產品和解決方案,供家庭內部和周圍使用。我們是住宅鎖具、住宅建築五金、管道、剃鬚和美容產品、個人護理產品、小家電、特殊寵物用品、草坪和花園及家庭蟲害防治產品和個人驅蟲劑的領先供應商。為了滿足全球消費者的需求,Spectrum Brands提供廣泛的市場領先、知名和廣受信賴的品牌組合,包括Kwikset®、Weiser®、Baldwin®、National Hardware®、Pfister®、Remington®、George Foreman®、Russell Hobbs®、Black+Decker®、Tetra®、Dreambone®、SmartBones®、Nature‘s Miracle®、8合1®、Furminator®、Healthy-Hide®、Good BoySPECTRUM Brands是羅素1000指數(Russell 1000 Index)的成員之一,2020財年淨銷售額約為40億美元。
關於ASSA ABLOY
ASSA ABLOY集團是接入解決方案的全球領先者。該集團在全球擁有4.8萬名員工,銷售額為880億瑞典克朗。該集團在高效開門、可信身份和入口自動化等領域處於領先地位。Assa ABLOY的創新使人們能夠安全、可靠和方便地訪問物理和數字場所。
前瞻性陳述
本新聞稿中討論的某些事項可能是“1995年私人證券訴訟改革法案”所指的前瞻性陳述。我們儘可能地嘗試通過使用諸如“未來”、“預期”、“打算”、“計劃”、“估計”、“相信”、“預期”、“項目”、“預測”、“可能”、“將”、“應該”、“將”、“可能”以及類似的未來意圖的表達或這些術語的否定來識別這些陳述。這些陳述是基於我們目前對未來事件和預測的預期,會受到許多風險和不確定性的影響,其中許多風險和不確定性是我們無法控制的,其中一些可能會迅速變化,實際結果或結果可能與本文中表達或暗示的結果大不相同,您不應過度依賴這些陳述。可能導致我們的實際結果與本文明示或暗示的結果大不相同的重要因素包括但不限於:(1)能否在預期條款和預期時間內完成已宣佈的交易,或完全取決於各方滿足某些成交條件的能力和我們實現交易效益的能力,包括降低公司的槓桿率,投資於公司的有機增長,為任何未來的收購提供資金,向股東返還資本,和/或維持其季度股息;(2)完成擬議交易所需的監管批准可能得不到批准、可能需要比預期更長的時間或可能施加不利條件的風險;(3)我們實現此類交易的預期好處併成功分離業務的能力;(4)新冠肺炎疫情對我們的客户、員工、製造設施、供應商的影響, 資本市場和我們的財務狀況以及經營結果,所有這些都會加劇我們面臨的其他風險和不確定因素;(5)我們的負債對我們的業務、財務狀況和經營業績的影響;(6)我們的債務工具的限制對我們經營業務的能力、為我們的資本需求融資或實施或擴大經營戰略的影響;(7)任何未能遵守財務公約和其他債務工具的規定和限制的情況;(8)總體經濟狀況的影響,包括關税和貿易政策的影響和變化、通貨膨脹、衰退或對衰退的擔憂、蕭條或對蕭條的擔憂、勞動力成本和股市波動或我們開展業務的國家的貨幣或財政政策;(9)運輸和運輸成本、商品價格、原材料成本或可獲得性或供應商提供的條款和條件的波動的影響,包括供應商提供信貸的意願;(10)利率和匯率波動;(11)任何重要零售客户的銷售損失、大幅減少或依賴;(12)競爭對手的競爭性促銷活動或支出,或競爭對手的降價;(13)競爭對手推出新的產品功能或技術開發,和/或開發新的競爭對手或競爭品牌;(14)主要股東採取行動的影響;(15)消費者對我們產品的消費偏好和需求的變化,特別是鑑於新冠肺炎疫情和經濟壓力;(16)我們開發和成功推出新產品、保護我們的知識產權和避免侵犯第三方知識產權的能力;。(17)我們成功識別、實施和實施新產品的能力。, 實現並保持生產率提高(包括我們的全球生產力提高計劃)、成本效率(包括我們的製造和分銷業務)和成本節約;(18)我們某些產品銷售的季節性;(19)氣候變化和異常天氣活動的影響,以及進一步的自然災害和流行病;(20)意外的法律、税收或監管程序或新的法律或法規(包括環境、公共衞生和消費者保護法規)的成本和影響;(21)我們進行、暫停或中止股票回購計劃的酌處權(包括我們以各種方式進行購買(如果有)的酌處權,包括公開市場購買或私下協商的交易);(22)公眾對我們製造和銷售的產品的安全性的看法,包括潛在的環境責任、產品責任索賠、訴訟和與我們和第三方製造的產品相關的其他索賠;(23)現有的、未決的或威脅的訴訟、政府法規或適用於我們業務的其他要求或運營標準的影響;(24)網絡安全漏洞的影響,或我們實際或認為未能保護公司和個人數據的影響,包括我們未能遵守新的和日益複雜的全球數據隱私法規;(25)適用於我們業務的會計政策的變化;(26)我們利用淨營業虧損結轉從未來的應税收入中抵消納税義務的能力;(27)實施新業務戰略產生的費用的影響, 資產剝離或當前和擬議的重組活動;(28)我們成功實施進一步收購或處置的能力以及任何此類交易對我們財務業績的影響;(29)高級管理層關鍵成員的意外流失和我們管理團隊的新成員過渡到他們的新角色;(30)美國和其他國家的經濟、社會和政治狀況或內亂的影響;(31)政治或經濟狀況、恐怖襲擊、戰爭行為、自然災害、公共衞生問題或國際市場其他動盪的影響;(31)經濟、社會和政治狀況或美國和其他國家的內亂的影響;(31)國際市場的政治或經濟狀況、恐怖襲擊、戰爭行為、自然災害、公共衞生問題或其他動亂的影響;(32)我們實現環境、社會和治理實踐目標的能力;(33)我們更多地依賴第三方合作伙伴、供應商和分銷商來實現我們的業務目標;(34)Spectrum Brands Holdings,Inc.和SB/RH Holdings,LLC提交的證券文件中陳述的其他風險因素,包括我們的2020財年年報和後續的Form 10-Q季度報告。
上述一些因素在我們的年報和季報中題為“風險因素”的章節中有更詳細的描述(視情況而定)。您應假定本新聞稿中出現的信息僅在本新聞稿的日期或另有説明時才是準確的,因為我們的業務、財務狀況、運營結果和前景自該日期以來可能發生了變化。除非適用法律(包括美國證券法和美國證券交易委員會的規則和條例)要求,否則我們沒有義務公開更新或修改任何前瞻性陳述,無論是由於新信息、未來事件或其他原因,以反映實際結果或影響此類前瞻性陳述的因素或假設的變化。
非GAAP財務計量
管理層認為,某些非公認會計準則的財務指標可能有助於在當前業績和前期業績之間提供更多有意義的比較。管理層認為,通過排除匯率波動和收購的影響,有機淨銷售額可以更全面地瞭解地區和部門業績的基本業務趨勢。此外,在本新聞稿中,包括本文所附的補充信息,提到了調整後的稀釋每股收益、調整後的利息、税項、折舊和攤銷前收益(EBITDA)、調整後的EBITDA利潤率和調整後的自由現金流量。調整後的EBITDA是管理層用來評估部門業績的一種指標,也是金融界經常使用的一種指標,它提供了對一個組織的經營趨勢的洞察,並促進了同行公司之間的比較,因為由於資本結構和税收戰略的不同,不同組織之間的利息、税項、折舊和攤銷可能會有很大差異。調整後的EBITDA也是一(B)有何措施決定該公司是否遵守債務契諾。經調整的EBITDA不包括某些性質不尋常或期間之間不可比較的項目。調整後的EBITDA利潤率反映調整後的EBITDA佔公司淨銷售額的百分比。公司管理層使用調整後的稀釋每股收益作為分析公司當前和未來財務業績以及確定其財務狀況和經營結果趨勢的一種手段。管理層認為,調整後的稀釋每股收益對於進一步洞察我們的經營業績是一個有用的衡量標準,因為它消除了某些項目的影響,這些項目在一個時期和下一個時期是不可比較的。所得税調整包括在調整後稀釋每股收益中,以排除估值津貼對遞延税項和其他與税收相關項目的影響,以反映正常化的持續有效税率。調整後的自由現金流為投資者提供了有關我們從業務運營中產生現金流的能力的有用信息,這些現金流可用於收購和其他投資、償債本金、股息和股票回購,並滿足其營運資金要求。我們對調整後自由現金流的定義考慮了維持業務運營和執行戰略所需的資本投資。該公司向投資者提供這些信息,以幫助比較過去、現在和未來的經營結果,並幫助突出持續經營的結果。雖然公司管理層認為非GAAP計量是有用的補充信息, 這些調整後的結果並不打算取代該公司的GAAP財務結果,應該與那些GAAP結果一起閲讀。還提供了其他補充信息,以説明上文討論的非GAAP計量與最相關的GAAP財務計量的一致性。
其他補充財務信息
調整後的EBITDA(扣除利息、税項、折舊、攤銷前的收益)是管理層使用的一種非GAAP指標,我們認為它為投資者提供了有用的信息,因為它反映了我們部門在每個可比時期的持續經營業績和趨勢,不包括某些基於非現金的費用和/或非經常性項目,並便於同行公司之間的比較,因為由於資本結構和税收戰略的不同,不同組織之間的利息、税項、折舊和攤銷可能會有很大差異。此外,調整後的EBITDA是用於確定公司債務契約的衡量標準。EBITDA的計算方法是將公司的所得税費用、利息費用、折舊費用和攤銷費用(從無形資產中)從淨收入中剔除。調整後的EBITDA進一步不包括以下項目:股票和其他激勵性薪酬成本,包括與長期薪酬安排相關的成本和基於長期業績指標的其他基於股權的薪酬;通常由非現金、基於股票的薪酬組成。重組和相關費用,包括與公司各部門重組舉措相關的項目成本;與交易相關的費用,包括(1)在此期間符合條件的收購交易的交易成本,或與被收購業務直接相關的後續整合相關項目成本;(2)在持續運營中確認的與資產剝離相關的交易成本和資產剝離後的分離成本,這些成本包括促進共享業務分離的增量成本,包括開發轉移的共享服務業務, 作為剝離和退出過渡服務安排(TSA)和反向TSA而調動的平臺和人員;公司對Energizer普通股投資的損益;在收購後持續運營的收益中確認的非現金購買會計庫存調整(如果適用);在持續運營收益中實現和確認的非現金資產減值或註銷(如果適用);其他調整主要包括以下成本:(1)第三方物流轉型後因延遲發貨而實現的遞增罰款和罰款。(2)我們H&G部門未解決的訴訟事項,可歸因於重大和不尋常的非經常性索賠,且沒有以前的歷史或先例;(3)與Salus相關的法律費用,因為它們不被視為持續商業產品公司的組成部分;(4)與外國子公司簽訂的多幣種貸款的外幣,以換取母公司接受資產剝離收益,並作為GBL和GAC資產剝離的一部分分配各自外國子公司的淨資產;以及(5)與外國子公司簽訂的多幣種貸款的外幣可歸因於母公司收取資產剝離收益以及作為GBL和GAC資產剝離的一部分分配各自的外國子公司的淨資產;以及(5)與Salus相關的法律成本,因為它們不被視為持續商業產品公司的組成部分;
調整後的EBITDA利潤率以調整後的EBITDA佔各自期間報告的淨銷售額的百分比計算。
以下是截至2021年7月4日的最後12個月(LTM)報告的持續業務淨收入與調整後EBITDA的對賬,包括調整後EBITDA和利潤率的計算,預計綜合結果不包括HHI部門。截至2021年7月4日的最後12個月(“LTM”)期間(單位:百萬)HHI高性能計算機GPCH&G公司整合形式合併(不包括HHI)(一)持續經營淨收益
$
305.5
$
57.8
$
135.1
$
97.4
$
(406.2
)
$
189.6
$
(115.9
)所得税支出
-
-
-
-
98.9
98.9
98.9
利息支出
-
-
-
-
171.7
171.7
171.7
折舊及攤銷
34.3
41.0
39.1
19.4
14.6
148.4
114.1
EBITDA
339.8
98.8
174.2
116.8
(121.0
)
608.6
268.8
基於份額和激勵的薪酬
-
-
-
-
24.5
24.5
24.5
重組及相關費用
0.1
7.2
8.0
0.2
18.9
34.4
34.3
與交易相關的收費
-
4.7
19.1
5.8
17.5
47.1
47.1
(收益)勁量投資虧損
-
-
-
-
1.7
1.7
1.7
庫存採購逐步升級
-
-
3.4
1.3
-
4.7
4.7
其他
-
0.2
3.7
6.0
(5.3
)
4.6
4.6
調整後的EBITDA
$
339.9
$
110.9
$
208.4
$
130.1
$
(63.7
)
$
725.6
$
385.7
淨銷售額
$
1,650.9
$
1,253.0
$
1,104.7
$
619.5
$
-
$
4,628.1
$
2,977.2
調整後的EBITDA利潤率
20.6
%
8.9
%
18.9
%
21.0
%
-
15.7
%
13.0
%(1)形式合併(不包括HHI)代表形式調整後的EBITDA調節,考慮到出售HHI部門。HHI部門重新分類為非持續業務對持續業務淨收益、所得税支出、利息支出以及基於股份和激勵的薪酬的影響沒有反映在形式陳述中。這種調整不會影響所示的形式調整後的EBITDA數字。