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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hain Celestial Group Inc | NASDAQ:HAIN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.22 | -3.24% | 6.58 | 6.35 | 7.01 | 6.875 | 6.49 | 6.83 | 1,587,212 | 21:39:17 |
ý
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
|
|
|
|
Delaware
|
|
22-3240619
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1111 Marcus Avenue
Lake Success, New York
|
|
11042
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
ý
|
|
Accelerated filer
|
¨
|
|
|
|
|
|
|
|
|
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
Emerging growth company
|
¨
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, par value $.01 per share
|
|
HAIN
|
|
The NASDAQ
®
Global Select Market
|
|
Part I - Financial Information
|
Page
|
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
Part II - Other Information
|
|
|
|
|
Items 3, 4 and 5 are not applicable
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
|
|
|
||
|
|
March 31,
|
|
June 30,
|
||||
|
2019
|
|
2018
|
||||
ASSETS
|
(Unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
27,562
|
|
|
$
|
106,557
|
|
Restricted cash
|
34,452
|
|
|
—
|
|
||
Accounts receivable, less allowance for doubtful accounts of $405 and $1,828, respectively
|
256,799
|
|
|
252,708
|
|
||
Inventories
|
395,246
|
|
|
391,525
|
|
||
Prepaid expenses and other current assets
|
54,786
|
|
|
59,946
|
|
||
Current assets of discontinued operations
|
136,181
|
|
|
240,851
|
|
||
Total current assets
|
905,026
|
|
|
1,051,587
|
|
||
Property, plant and equipment, net
|
331,070
|
|
|
310,172
|
|
||
Goodwill
|
1,016,863
|
|
|
1,024,136
|
|
||
Trademarks and other intangible assets, net
|
475,582
|
|
|
510,387
|
|
||
Investments and joint ventures
|
19,228
|
|
|
20,725
|
|
||
Other assets
|
30,502
|
|
|
29,667
|
|
||
Total assets
|
$
|
2,778,271
|
|
|
$
|
2,946,674
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
205,014
|
|
|
$
|
229,993
|
|
Accrued expenses and other current liabilities
|
176,400
|
|
|
116,001
|
|
||
Current portion of long-term debt
|
22,522
|
|
|
26,605
|
|
||
Current liabilities of discontinued operations
|
15,195
|
|
|
49,846
|
|
||
Total current liabilities
|
419,131
|
|
|
422,445
|
|
||
Long-term debt, less current portion
|
729,201
|
|
|
687,501
|
|
||
Deferred income taxes
|
63,619
|
|
|
86,909
|
|
||
Other noncurrent liabilities
|
16,528
|
|
|
12,770
|
|
||
Total liabilities
|
1,228,479
|
|
|
1,209,625
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock - $.01 par value, authorized 5,000 shares; issued and outstanding: none
|
—
|
|
|
—
|
|
||
Common stock - $.01 par value, authorized 150,000 shares; issued: 108,713 and 108,422 shares, respectively; outstanding: 104,121 and 103,952 shares, respectively
|
1,087
|
|
|
1,084
|
|
||
Additional paid-in capital
|
1,154,182
|
|
|
1,148,196
|
|
||
Retained earnings
|
708,568
|
|
|
878,516
|
|
||
Accumulated other comprehensive loss
|
(204,467
|
)
|
|
(184,240
|
)
|
||
|
1,659,370
|
|
|
1,843,556
|
|
||
Less: Treasury stock, at cost, 4,592 and 4,470 shares, respectively
|
(109,578
|
)
|
|
(106,507
|
)
|
||
Total stockholders’ equity
|
1,549,792
|
|
|
1,737,049
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,778,271
|
|
|
$
|
2,946,674
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
599,797
|
|
|
$
|
632,720
|
|
|
$
|
1,744,786
|
|
|
$
|
1,838,171
|
|
Cost of sales
|
474,528
|
|
|
499,707
|
|
|
1,405,650
|
|
|
1,447,820
|
|
||||
Gross profit
|
125,269
|
|
|
133,013
|
|
|
339,136
|
|
|
390,351
|
|
||||
Selling, general and administrative expenses
|
87,739
|
|
|
86,063
|
|
|
255,383
|
|
|
258,586
|
|
||||
Amortization of acquired intangibles
|
3,802
|
|
|
4,713
|
|
|
11,567
|
|
|
13,859
|
|
||||
Project Terra costs and other
|
9,408
|
|
|
4,831
|
|
|
29,613
|
|
|
13,750
|
|
||||
Chief Executive Officer Succession Plan expense, net
|
455
|
|
|
—
|
|
|
30,156
|
|
|
—
|
|
||||
Accounting review and remediation costs, net of insurance proceeds
|
—
|
|
|
3,313
|
|
|
4,334
|
|
|
6,406
|
|
||||
Long-lived asset and intangibles impairment
|
—
|
|
|
4,839
|
|
|
23,709
|
|
|
8,290
|
|
||||
Operating income (loss)
|
23,865
|
|
|
29,254
|
|
|
(15,626
|
)
|
|
89,460
|
|
||||
Interest and other financing expense, net
|
9,390
|
|
|
6,782
|
|
|
25,912
|
|
|
19,543
|
|
||||
Other expense/(income), net
|
1,068
|
|
|
(1,560
|
)
|
|
2,041
|
|
|
(5,447
|
)
|
||||
Income (loss) from continuing operations before income taxes and equity in net loss (income) of equity-method investees
|
13,407
|
|
|
24,032
|
|
|
(43,579
|
)
|
|
75,364
|
|
||||
Provision (benefit) for income taxes
|
3,114
|
|
|
(1,310
|
)
|
|
(1,679
|
)
|
|
(11,516
|
)
|
||||
Equity in net loss (income) of equity-method investees
|
205
|
|
|
101
|
|
|
391
|
|
|
(104
|
)
|
||||
Net income (loss) from continuing operations
|
$
|
10,088
|
|
|
$
|
25,241
|
|
|
$
|
(42,291
|
)
|
|
$
|
86,984
|
|
Net loss from discontinued operations, net of tax
|
(75,925
|
)
|
|
(12,555
|
)
|
|
(127,472
|
)
|
|
(7,349
|
)
|
||||
Net (loss) income
|
$
|
(65,837
|
)
|
|
$
|
12,686
|
|
|
$
|
(169,763
|
)
|
|
$
|
79,635
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per common share from continuing operations
|
$
|
0.10
|
|
|
$
|
0.24
|
|
|
$
|
(0.41
|
)
|
|
$
|
0.84
|
|
Basic net loss per common share from discontinued operations
|
(0.73
|
)
|
|
(0.12
|
)
|
|
(1.23
|
)
|
|
(0.07
|
)
|
||||
Basic net (loss) income per common share
|
$
|
(0.63
|
)
|
|
$
|
0.12
|
|
|
$
|
(1.63
|
)
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per common share from continuing operations
|
$
|
0.10
|
|
|
$
|
0.24
|
|
|
$
|
(0.41
|
)
|
|
$
|
0.83
|
|
Diluted net loss per common share from discontinued operations
|
(0.73
|
)
|
|
(0.12
|
)
|
|
(1.23
|
)
|
|
(0.07
|
)
|
||||
Diluted net (loss) income per common share
|
$
|
(0.63
|
)
|
|
$
|
0.12
|
|
|
$
|
(1.63
|
)
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used in the calculation of net (loss) income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
104,117
|
|
|
103,918
|
|
|
104,045
|
|
|
103,821
|
|
||||
Diluted
|
104,334
|
|
|
104,503
|
|
|
104,045
|
|
|
104,473
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||||||||||||||||||
|
Pre-tax
amount
|
|
Tax (expense) benefit
|
|
After-tax amount
|
|
Pre-tax
amount
|
|
Tax (expense) benefit
|
|
After-tax amount
|
||||||||||||
Net (loss) income
|
|
|
|
|
$
|
(65,837
|
)
|
|
|
|
|
|
$
|
12,686
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
$
|
20,934
|
|
|
$
|
—
|
|
|
20,934
|
|
|
$
|
37,868
|
|
|
$
|
—
|
|
|
37,868
|
|
||
Change in deferred (losses) gains on cash flow hedging instruments
|
(52
|
)
|
|
10
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Change in unrealized losses on equity investment
|
—
|
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
(33
|
)
|
|
(101
|
)
|
||||||
Total other comprehensive income (loss)
|
$
|
20,882
|
|
|
$
|
10
|
|
|
$
|
20,892
|
|
|
$
|
37,800
|
|
|
$
|
(33
|
)
|
|
$
|
37,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total comprehensive (loss) income
|
|
|
|
|
$
|
(44,945
|
)
|
|
|
|
|
|
$
|
50,453
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended
|
||||||||||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||||||||||||||||||
|
Pre-tax
amount
|
|
Tax (expense) benefit
|
|
After-tax amount
|
|
Pre-tax
amount
|
|
Tax (expense) benefit
|
|
After-tax amount
|
||||||||||||
Net (loss) income
|
|
|
|
|
$
|
(169,763
|
)
|
|
|
|
|
|
$
|
79,635
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
$
|
(20,533
|
)
|
|
$
|
—
|
|
|
(20,533
|
)
|
|
$
|
80,065
|
|
|
$
|
—
|
|
|
80,065
|
|
||
Change in deferred (losses) gains on cash flow hedging instruments
|
(52
|
)
|
|
10
|
|
|
(42
|
)
|
|
(82
|
)
|
|
15
|
|
|
(67
|
)
|
||||||
Change in unrealized losses on equity investment
|
—
|
|
|
—
|
|
|
—
|
|
|
(70
|
)
|
|
(33
|
)
|
|
(103
|
)
|
||||||
Total other comprehensive (loss) income
|
$
|
(20,585
|
)
|
|
$
|
10
|
|
|
$
|
(20,575
|
)
|
|
$
|
79,913
|
|
|
$
|
(18
|
)
|
|
$
|
79,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total comprehensive (loss) income
|
|
|
|
|
$
|
(190,338
|
)
|
|
|
|
|
|
$
|
159,530
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
Additional
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
||||||||||||||||
|
|
|
Amount
|
|
Paid-in
|
|
Retained
|
|
Treasury Stock
|
|
Comprehensive
|
|
|
||||||||||||||||
|
Shares
|
|
at $.01
|
|
Capital
|
|
Earnings
|
|
Shares
|
|
Amount
|
|
(Loss) Income
|
|
Total
|
||||||||||||||
Balance at June 30, 2018
|
108,422
|
|
|
$
|
1,084
|
|
|
$
|
1,148,196
|
|
|
$
|
878,516
|
|
|
4,470
|
|
|
$
|
(106,507
|
)
|
|
$
|
(184,240
|
)
|
|
$
|
1,737,049
|
|
Net loss
|
|
|
|
|
|
|
(37,425
|
)
|
|
|
|
|
|
|
|
(37,425
|
)
|
||||||||||||
Cumulative effect of adoption of ASU 2016-01
|
|
|
|
|
|
|
(348
|
)
|
|
|
|
|
|
348
|
|
|
—
|
|
|||||||||||
Cumulative effect of adoption of ASU 2014-09
|
|
|
|
|
|
|
163
|
|
|
|
|
|
|
|
|
163
|
|
||||||||||||
Other comprehensiv
e loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,519
|
)
|
|
(13,519
|
)
|
||||||||||||
Issuance of common stock pursuant to stock-based compensation plans
|
85
|
|
|
1
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
|
|
|
|
|
|
|
|
|
35
|
|
|
(979
|
)
|
|
|
|
(979
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
|
|
135
|
|
|
|
|
|
|
|
|
|
|
135
|
|
||||||||||||
Balance at September 30, 2018
|
108,507
|
|
|
$
|
1,085
|
|
|
$
|
1,148,330
|
|
|
$
|
840,906
|
|
|
4,505
|
|
|
$
|
(107,486
|
)
|
|
$
|
(197,411
|
)
|
|
$
|
1,685,424
|
|
Net loss
|
|
|
|
|
|
|
(66,501
|
)
|
|
|
|
|
|
|
|
(66,501
|
)
|
||||||||||||
Other comprehensiv
e loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(27,948
|
)
|
|
(27,948
|
)
|
||||||||||||
Issuance of common stock pursuant to stock-based compensation plans
|
184
|
|
|
2
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
|
|
|
|
|
|
|
|
|
79
|
|
|
(1,943
|
)
|
|
|
|
(1,943
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
|
|
1,911
|
|
|
|
|
|
|
|
|
|
|
1,911
|
|
||||||||||||
Balance at December 31, 2018
|
108,691
|
|
|
$
|
1,087
|
|
|
$
|
1,150,239
|
|
|
$
|
774,405
|
|
|
4,584
|
|
|
$
|
(109,429
|
)
|
|
$
|
(225,359
|
)
|
|
$
|
1,590,943
|
|
Net loss
|
|
|
|
|
|
|
(65,837
|
)
|
|
|
|
|
|
|
|
(65,837
|
)
|
||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
20,892
|
|
|
20,892
|
|
||||||||||||
Issuance of common stock pursuant to stock-based compensation plans
|
22
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
|
|
|
|
|
|
|
|
|
8
|
|
|
(149
|
)
|
|
|
|
(149
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
|
|
3,943
|
|
|
|
|
|
|
|
|
|
|
3,943
|
|
||||||||||||
Balance at March 31, 2019
|
108,713
|
|
|
$
|
1,087
|
|
|
$
|
1,154,182
|
|
|
$
|
708,568
|
|
|
4,592
|
|
|
$
|
(109,578
|
)
|
|
$
|
(204,467
|
)
|
|
$
|
1,549,792
|
|
|
Common Stock
|
|
Additional
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
||||||||||||||||
|
|
|
Amount
|
|
Paid-in
|
|
Retained
|
|
Treasury Stock
|
|
Comprehensive
|
|
|
||||||||||||||||
|
Shares
|
|
at $.01
|
|
Capital
|
|
Earnings
|
|
Shares
|
|
Amount
|
|
(Loss) Income
|
|
Total
|
||||||||||||||
Balance at June 30, 2017
|
107,989
|
|
|
$
|
1,080
|
|
|
$
|
1,137,724
|
|
|
$
|
868,822
|
|
|
4,287
|
|
|
$
|
(99,315
|
)
|
|
$
|
(195,479
|
)
|
|
$
|
1,712,832
|
|
Net income
|
|
|
|
|
|
|
19,846
|
|
|
|
|
|
|
|
|
19,846
|
|
||||||||||||
Other comprehensiv
e income
|
|
|
|
|
|
|
|
|
|
|
|
|
33,787
|
|
|
33,787
|
|
||||||||||||
Issuance of common stock pursuant to stock-based compensation plans
|
98
|
|
|
1
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
|
|
|
|
|
|
|
|
|
52
|
|
|
(2,098
|
)
|
|
|
|
(2,098
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
|
|
3,164
|
|
|
|
|
|
|
|
|
|
|
3,164
|
|
||||||||||||
Balance at September 30, 2017
|
108,087
|
|
|
$
|
1,081
|
|
|
$
|
1,140,887
|
|
|
$
|
888,668
|
|
|
4,339
|
|
|
$
|
(101,413
|
)
|
|
$
|
(161,692
|
)
|
|
$
|
1,767,531
|
|
Net income
|
|
|
|
|
|
|
47,103
|
|
|
|
|
|
|
|
|
47,103
|
|
||||||||||||
Other comprehensiv
e income
|
|
|
|
|
|
|
|
|
|
|
|
|
8,341
|
|
|
8,341
|
|
||||||||||||
Issuance of common stock pursuant to stock-based compensation plans
|
284
|
|
|
3
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
|
|
|
|
|
|
|
|
|
114
|
|
|
(4,587
|
)
|
|
|
|
(4,587
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
|
|
4,158
|
|
|
|
|
|
|
|
|
|
|
4,158
|
|
||||||||||||
Balance at December 31, 2017
|
108,371
|
|
|
$
|
1,084
|
|
|
$
|
1,145,042
|
|
|
$
|
935,771
|
|
|
4,453
|
|
|
$
|
(106,000
|
)
|
|
$
|
(153,351
|
)
|
|
$
|
1,822,546
|
|
Net income
|
|
|
|
|
|
|
12,686
|
|
|
|
|
|
|
|
|
12,686
|
|
||||||||||||
Other comprehensiv
e income
|
|
|
|
|
|
|
|
|
|
|
|
|
37,767
|
|
|
37,767
|
|
||||||||||||
Issuance of common stock pursuant to stock-based compensation plans
|
12
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans
|
|
|
|
|
|
|
|
|
5
|
|
|
(168
|
)
|
|
|
|
(168
|
)
|
|||||||||||
Stock-based compensation expense
|
|
|
|
|
2,936
|
|
|
|
|
|
|
|
|
|
|
2,936
|
|
||||||||||||
Balance at March 31, 2018
|
108,383
|
|
|
$
|
1,084
|
|
|
$
|
1,147,978
|
|
|
$
|
948,457
|
|
|
4,458
|
|
|
$
|
(106,168
|
)
|
|
$
|
(115,584
|
)
|
|
$
|
1,875,767
|
|
|
Nine Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net (loss) income
|
$
|
(169,763
|
)
|
|
$
|
79,635
|
|
Net loss from discontinued operations
|
(127,472
|
)
|
|
(7,349
|
)
|
||
Net (loss) income from continuing operations
|
(42,291
|
)
|
|
86,984
|
|
||
Adjustments to reconcile net (loss) income from continuing operations to net cash provided by operating activities from continuing operations:
|
|
|
|
||||
Depreciation and amortization
|
42,074
|
|
|
45,139
|
|
||
Deferred income taxes
|
(24,653
|
)
|
|
(30,115
|
)
|
||
Chief Executive Officer Succession Plan expense, net
|
29,727
|
|
|
—
|
|
||
Equity in net loss (income) of equity-method investees
|
391
|
|
|
(104
|
)
|
||
Stock-based compensation, net
|
5,931
|
|
|
10,258
|
|
||
Long-lived asset and intangibles impairment
|
23,709
|
|
|
8,290
|
|
||
Other non-cash items, net
|
3,703
|
|
|
(2,025
|
)
|
||
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(8,824
|
)
|
|
(23,998
|
)
|
||
Inventories
|
(7,176
|
)
|
|
(43,355
|
)
|
||
Other current assets
|
315
|
|
|
(8,153
|
)
|
||
Other assets and liabilities
|
5,248
|
|
|
5,367
|
|
||
Accounts payable and accrued expenses
|
(16,111
|
)
|
|
19,082
|
|
||
Net cash provided by operating activities - continuing operations
|
12,043
|
|
|
67,370
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
||||
Purchases of property and equipment
|
(55,892
|
)
|
|
(48,368
|
)
|
||
Acquisitions of businesses, net of cash acquired
|
—
|
|
|
(13,064
|
)
|
||
Other
|
3,863
|
|
|
124
|
|
||
Net cash used in investing activities - continuing operations
|
(52,029
|
)
|
|
(61,308
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
||||
Borrowings under bank revolving credit facility
|
240,000
|
|
|
45,000
|
|
||
Repayments under bank revolving credit facility
|
(186,791
|
)
|
|
(355,185
|
)
|
||
Borrowings under term loan
|
—
|
|
|
299,245
|
|
||
Repayments under term loan
|
(11,250
|
)
|
|
—
|
|
||
Funding of discontinued operations entities
|
(37,451
|
)
|
|
(17,167
|
)
|
||
(Repayments) borrowings of other debt, net
|
(4,770
|
)
|
|
3,111
|
|
||
Shares withheld for payment of employee payroll taxes
|
(3,071
|
)
|
|
(6,853
|
)
|
||
Net cash used in financing activities - continuing operations
|
(3,333
|
)
|
|
(31,849
|
)
|
||
Effect of exchange rate changes on cash
|
(1,225
|
)
|
|
5,884
|
|
||
CASH FLOWS FROM DISCONTINUED OPERATIONS
|
|
|
|
||||
Cash used in operating activities
|
(7,339
|
)
|
|
(11,783
|
)
|
||
Cash used in investing activities
|
(32,742
|
)
|
|
(8,531
|
)
|
||
Cash provided by financing activities
|
37,299
|
|
|
17,011
|
|
||
Net cash flows used in discontinued operations
|
(2,782
|
)
|
|
(3,303
|
)
|
||
Net decrease in cash and cash equivalents and restricted cash
|
(47,326
|
)
|
|
(23,206
|
)
|
||
Cash and cash equivalents at beginning of period
|
113,018
|
|
|
146,992
|
|
||
Cash and cash equivalents and restricted cash at end of period
|
$
|
65,692
|
|
|
$
|
123,786
|
|
Less: cash and cash equivalents of discontinued operations
|
(3,678
|
)
|
|
(6,634
|
)
|
||
Cash and cash equivalents and restricted cash of continuing operations at end of period
|
$
|
62,014
|
|
|
$
|
117,152
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
$
|
10,088
|
|
|
$
|
25,241
|
|
|
$
|
(42,291
|
)
|
|
$
|
86,984
|
|
Net loss from discontinued operations, net of tax
|
(75,925
|
)
|
|
(12,555
|
)
|
|
(127,472
|
)
|
|
(7,349
|
)
|
||||
Net (loss) income
|
$
|
(65,837
|
)
|
|
$
|
12,686
|
|
|
$
|
(169,763
|
)
|
|
$
|
79,635
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
104,117
|
|
|
103,918
|
|
|
104,045
|
|
|
103,821
|
|
||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units
|
217
|
|
|
585
|
|
|
—
|
|
|
652
|
|
||||
Diluted weighted average shares outstanding
|
104,334
|
|
|
104,503
|
|
|
104,045
|
|
|
104,473
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net (loss) income per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.10
|
|
|
$
|
0.24
|
|
|
$
|
(0.41
|
)
|
|
$
|
0.84
|
|
Discontinued operations
|
(0.73
|
)
|
|
(0.12
|
)
|
|
(1.23
|
)
|
|
(0.07
|
)
|
||||
Basic net (loss) income per common share
|
$
|
(0.63
|
)
|
|
$
|
0.12
|
|
|
$
|
(1.63
|
)
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted net (loss) income per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.10
|
|
|
$
|
0.24
|
|
|
$
|
(0.41
|
)
|
|
$
|
0.83
|
|
Discontinued operations
|
(0.73
|
)
|
|
(0.12
|
)
|
|
(1.23
|
)
|
|
(0.07
|
)
|
||||
Diluted net (loss) income per common share
|
$
|
(0.63
|
)
|
|
$
|
0.12
|
|
|
$
|
(1.63
|
)
|
|
$
|
0.76
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
88,729
|
|
|
$
|
118,198
|
|
|
$
|
349,449
|
|
|
$
|
396,227
|
|
Cost of sales
|
88,277
|
|
|
113,629
|
|
|
356,073
|
|
|
373,122
|
|
||||
Gross profi
t (loss)
|
452
|
|
|
4,569
|
|
|
(6,624
|
)
|
|
23,105
|
|
||||
Selling, general and administrative expense
|
4,039
|
|
|
5,888
|
|
|
13,031
|
|
|
14,458
|
|
||||
Asset impairments
(1)
|
51,348
|
|
|
—
|
|
|
109,252
|
|
|
—
|
|
||||
Other expense
|
2,182
|
|
|
805
|
|
|
7,377
|
|
|
3,258
|
|
||||
Loss on sale of discontinued operations
|
40,223
|
|
|
—
|
|
|
40,223
|
|
|
—
|
|
||||
Net (loss) income from discontinued operations before income taxes
|
(97,340
|
)
|
|
(2,124
|
)
|
|
(176,507
|
)
|
|
5,389
|
|
||||
(Benefit) provision for income taxes
|
(21,415
|
)
|
|
10,431
|
|
|
(49,035
|
)
|
|
12,738
|
|
||||
Net loss from discontinued operations, net of tax
|
$
|
(75,925
|
)
|
|
$
|
(12,555
|
)
|
|
$
|
(127,472
|
)
|
|
$
|
(7,349
|
)
|
|
March 31,
|
|
June 30,
|
||||
ASSETS
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
3,678
|
|
|
$
|
6,461
|
|
Accounts receivable, less allowance for doubtful accounts
|
11,680
|
|
|
21,616
|
|
||
Inventories
|
31,600
|
|
|
105,359
|
|
||
Prepaid expenses and other current assets
|
1,906
|
|
|
5,604
|
|
||
Property, plant and equipment, net
|
49,537
|
|
|
83,776
|
|
||
Goodwill
|
41,089
|
|
|
41,089
|
|
||
Trademarks and other intangible assets, net
|
33,762
|
|
|
51,029
|
|
||
Other assets
|
2,636
|
|
|
4,381
|
|
||
Deferred tax assets
(2)
|
37,925
|
|
|
—
|
|
||
Impairments of long-lived assets held for sale
(1)
|
(77,632
|
)
|
|
(78,464
|
)
|
||
Current assets of discontinued operations
(3)
|
$
|
136,181
|
|
|
$
|
240,851
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
11,211
|
|
|
$
|
31,762
|
|
Accrued expenses and other current liabilities
|
3,914
|
|
|
6,880
|
|
||
Deferred tax liabilities
(2)
|
—
|
|
|
11,111
|
|
||
Other noncurrent liabilities
|
70
|
|
|
93
|
|
||
Current liabilities of discontinued operations
(3)
|
$
|
15,195
|
|
|
$
|
49,846
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
Finished goods
|
$
|
235,232
|
|
|
$
|
231,926
|
|
Raw materials, work-in-progress and packaging
|
160,014
|
|
|
159,599
|
|
||
|
$
|
395,246
|
|
|
$
|
391,525
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
Land
|
$
|
28,049
|
|
|
$
|
28,378
|
|
Buildings and improvements
|
95,604
|
|
|
83,289
|
|
||
Machinery and equipment
|
315,574
|
|
|
323,348
|
|
||
Computer hardware and software
|
56,168
|
|
|
54,092
|
|
||
Furniture and fixtures
|
18,624
|
|
|
17,894
|
|
||
Leasehold improvements
|
31,269
|
|
|
31,519
|
|
||
Construction in progress
|
30,556
|
|
|
17,280
|
|
||
|
575,844
|
|
|
555,800
|
|
||
Less: Accumulated depreciation and amortization
|
244,774
|
|
|
245,628
|
|
||
|
$
|
331,070
|
|
|
$
|
310,172
|
|
|
United States
|
|
United Kingdom
|
|
Rest of World
|
|
Total
|
||||||||
Balance as of June 30, 2018
(a)
|
$
|
552,814
|
|
|
$
|
377,163
|
|
|
$
|
94,159
|
|
|
$
|
1,024,136
|
|
Translation and other adjustments, net
|
—
|
|
|
(5,203
|
)
|
|
(2,070
|
)
|
|
(7,273
|
)
|
||||
Balance as of March 31, 2019
(a)
|
$
|
552,814
|
|
|
$
|
371,960
|
|
|
$
|
92,089
|
|
|
$
|
1,016,863
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
Non-amortized intangible assets:
|
|
|
|
||||
Trademarks and tradenames
(a)
|
$
|
364,068
|
|
|
$
|
385,609
|
|
Amortized intangible assets:
|
|
|
|
||||
Other intangibles
|
236,333
|
|
|
239,323
|
|
||
Less: accumulated amortization
|
(124,819
|
)
|
|
(114,545
|
)
|
||
Net carrying amount
|
$
|
475,582
|
|
|
$
|
510,387
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Amortization of acquired intangibles
|
$
|
3,802
|
|
|
$
|
4,713
|
|
|
$
|
11,567
|
|
|
$
|
13,859
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
Revolving credit facility
|
$
|
455,206
|
|
|
$
|
401,852
|
|
Term loan
|
285,000
|
|
|
296,250
|
|
||
Less: Unamortized issuance costs
|
(579
|
)
|
|
(692
|
)
|
||
Tilda short-term borrowing arrangements
|
6,654
|
|
|
9,338
|
|
||
Other borrowings
|
5,442
|
|
|
7,358
|
|
||
|
751,723
|
|
|
714,106
|
|
||
Short-term borrowings and current portion of long-term debt
|
22,522
|
|
|
26,605
|
|
||
Long-term debt, less current portion
|
$
|
729,201
|
|
|
$
|
687,501
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) before reclassifications
(1)
|
$
|
20,934
|
|
|
$
|
37,868
|
|
|
$
|
(20,533
|
)
|
|
$
|
80,065
|
|
Deferred (losses)/gains
on cash flow hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income before reclassifications
|
(42
|
)
|
|
—
|
|
|
(42
|
)
|
|
39
|
|
||||
Amounts reclassified into income
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(106
|
)
|
||||
Unrealized gains/(losses) on equity investment:
|
|
|
|
|
|
|
|
||||||||
Other comprehensive loss before reclassifications
|
—
|
|
|
(101
|
)
|
|
—
|
|
|
(103
|
)
|
||||
Net change in accumulated other comprehensive income (loss)
|
$
|
20,892
|
|
|
$
|
37,767
|
|
|
$
|
(20,575
|
)
|
|
$
|
79,895
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Selling, general and administrative expense
|
$
|
3,937
|
|
|
$
|
2,936
|
|
|
$
|
5,502
|
|
|
$
|
10,258
|
|
Chief Executive Officer Succession Plan expense, net
|
—
|
|
|
—
|
|
|
429
|
|
|
—
|
|
||||
Discontinued operations
|
6
|
|
|
—
|
|
|
58
|
|
|
—
|
|
||||
Total compensation cost recognized for stock-based compensation plans
|
$
|
3,943
|
|
|
$
|
2,936
|
|
|
$
|
5,989
|
|
|
$
|
10,258
|
|
Related income tax benefit
|
$
|
470
|
|
|
$
|
971
|
|
|
$
|
765
|
|
|
$
|
3,391
|
|
|
Number of Shares
and Units
|
|
Weighted
Average Grant
Date Fair
Value (per share)
|
|||
Non-vested restricted stock, restricted share units, and performance units at June 30, 2018
|
1,057
|
|
|
$
|
22.29
|
|
Granted
|
3,470
|
|
|
$
|
7.13
|
|
Vested
|
(291
|
)
|
|
$
|
26.50
|
|
Forfeited
|
(333
|
)
|
|
$
|
17.68
|
|
Non-vested restricted stock, restricted share units, and performance units at March 31, 2019
|
3,903
|
|
|
$
|
8.89
|
|
|
Nine Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Fair value of restricted stock and restricted share units granted
|
$
|
24,734
|
|
|
$
|
14,595
|
|
Fair value of shares vested
|
$
|
7,725
|
|
|
$
|
14,622
|
|
Tax benefit recognized from restricted shares vesting
|
$
|
3,331
|
|
|
$
|
4,970
|
|
|
Number of Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Contractual
Life (years)
|
|
Aggregate
Intrinsic Value
|
|||||
Options outstanding and exercisable at June 30, 2018
|
122
|
|
|
$
|
2.26
|
|
|
|
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options outstanding and exercisable at March 31, 2019
|
122
|
|
|
$
|
2.26
|
|
|
12.3
|
|
$
|
2,544
|
|
Grant Date
|
Shares Issued
|
Fair Value Per Share
|
Grant Date Fair Value
|
|||||
February 19, 2019
|
739
|
|
$
|
1.79
|
|
$
|
1,324
|
|
March 29, 2019
|
187
|
|
$
|
3.01
|
|
563
|
|
|
Total
|
926
|
|
|
$
|
1,887
|
|
•
|
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
•
|
Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
|
•
|
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
|
|
Total
|
|
Quoted
prices in
active
markets
(Level 1)
|
|
Significant
other
observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Rabbi trust investments
|
$
|
34,452
|
|
|
$
|
34,452
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Forward foreign currency contracts
|
40
|
|
|
—
|
|
|
40
|
|
|
—
|
|
||||
Equity investment
|
661
|
|
|
661
|
|
|
—
|
|
|
—
|
|
||||
Contingent consideration, current
|
1,735
|
|
|
—
|
|
|
—
|
|
|
1,735
|
|
||||
Total
|
$
|
36,888
|
|
|
$
|
35,113
|
|
|
$
|
40
|
|
|
$
|
1,735
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward foreign currency contracts
|
$
|
702
|
|
|
$
|
—
|
|
|
$
|
702
|
|
|
$
|
—
|
|
Contingent consideration, non-current
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
702
|
|
|
$
|
—
|
|
|
$
|
702
|
|
|
$
|
—
|
|
|
Total
|
|
Quoted
prices in
active
markets
(Level 1)
|
|
Significant
other
observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
99
|
|
|
$
|
99
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Forward foreign currency contracts
|
365
|
|
|
—
|
|
|
365
|
|
|
—
|
|
||||
Equity investments
|
692
|
|
|
692
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
1,156
|
|
|
$
|
791
|
|
|
$
|
365
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Forward foreign currency contracts
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
Contingent consideration, non-current
|
1,909
|
|
|
—
|
|
|
—
|
|
|
1,909
|
|
||||
Total
|
$
|
1,936
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
1,909
|
|
Balance as of June 30, 2018
|
$
|
1,909
|
|
Contingent consideration adjustment
(a)
|
(147
|
)
|
|
Translation adjustment
|
(27
|
)
|
|
Balance as of March 31, 2019
|
$
|
1,735
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Sales:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
266,445
|
|
|
$
|
281,052
|
|
|
$
|
769,585
|
|
|
$
|
815,013
|
|
United Kingdom
|
227,206
|
|
|
238,321
|
|
|
671,121
|
|
|
698,968
|
|
||||
Rest of World
|
106,146
|
|
|
113,347
|
|
|
304,080
|
|
|
324,190
|
|
||||
|
$
|
599,797
|
|
|
$
|
632,720
|
|
|
$
|
1,744,786
|
|
|
$
|
1,838,171
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income/(Loss):
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
17,099
|
|
|
$
|
24,974
|
|
|
$
|
26,449
|
|
|
$
|
67,696
|
|
United Kingdom
|
18,147
|
|
|
13,863
|
|
|
36,822
|
|
|
37,062
|
|
||||
Rest of World
|
10,868
|
|
|
11,059
|
|
|
27,078
|
|
|
30,591
|
|
||||
|
$
|
46,114
|
|
|
$
|
49,896
|
|
|
$
|
90,349
|
|
|
$
|
135,349
|
|
Corporate and Other
(a)
|
(22,249
|
)
|
|
(20,642
|
)
|
|
(105,975
|
)
|
|
(45,889
|
)
|
||||
|
$
|
23,865
|
|
|
$
|
29,254
|
|
|
$
|
(15,626
|
)
|
|
$
|
89,460
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
United States
|
$
|
115,243
|
|
|
$
|
99,650
|
|
United Kingdom
|
179,226
|
|
|
174,214
|
|
||
All Other
|
86,331
|
|
|
86,700
|
|
||
Total
|
$
|
380,800
|
|
|
$
|
360,564
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
United States
|
$
|
279,609
|
|
|
$
|
296,635
|
|
|
$
|
807,899
|
|
|
$
|
860,987
|
|
United Kingdom
|
227,206
|
|
|
238,321
|
|
|
671,121
|
|
|
698,968
|
|
||||
All Other
|
92,982
|
|
|
97,764
|
|
|
265,766
|
|
|
278,216
|
|
||||
Total
|
$
|
599,797
|
|
|
$
|
632,720
|
|
|
$
|
1,744,786
|
|
|
$
|
1,838,171
|
|
|
Three Months Ended
|
|
Change in
|
||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
|
Dollars
|
|
Percentage
|
||||||||||
Net sales
|
$
|
599,797
|
|
|
100.0%
|
|
$
|
632,720
|
|
|
100.0%
|
|
$
|
(32,923
|
)
|
|
(5.2)%
|
Cost of sales
|
474,528
|
|
|
79.1%
|
|
499,707
|
|
|
79.0%
|
|
(25,179
|
)
|
|
(5.0)%
|
|||
Gross profit
|
125,269
|
|
|
20.9%
|
|
133,013
|
|
|
21.0%
|
|
(7,744
|
)
|
|
(5.8)%
|
|||
Selling, general and administrative expenses
|
87,739
|
|
|
14.6%
|
|
86,063
|
|
|
13.6%
|
|
1,676
|
|
|
1.9%
|
|||
Amortization of acquired intangibles
|
3,802
|
|
|
0.6%
|
|
4,713
|
|
|
0.7%
|
|
(911
|
)
|
|
(19.3)%
|
|||
Project Terra costs and other
|
9,408
|
|
|
1.6%
|
|
4,831
|
|
|
0.8%
|
|
4,577
|
|
|
94.7%
|
|||
Chief Executive Officer Succession Plan expense, net
|
455
|
|
|
0.1%
|
|
—
|
|
|
—%
|
|
455
|
|
|
*
|
|||
Accounting review and remediation costs, net of insurance proceeds
|
—
|
|
|
—
|
|
3,313
|
|
|
0.5%
|
|
(3,313
|
)
|
|
(100.0)%
|
|||
Long-lived asset and intangibles impairment
|
—
|
|
|
—
|
|
4,839
|
|
|
0.8%
|
|
(4,839
|
)
|
|
(100.0)%
|
|||
Operating income
|
23,865
|
|
|
4.0%
|
|
29,254
|
|
|
4.6%
|
|
(5,389
|
)
|
|
(18.4)%
|
|||
Interest and other financing expense, net
|
9,390
|
|
|
1.6%
|
|
6,782
|
|
|
1.1%
|
|
2,608
|
|
|
38.5%
|
|||
Other expense/(income), net
|
1,068
|
|
|
0.2%
|
|
(1,560
|
)
|
|
(0.2)%
|
|
2,628
|
|
|
(168.5)%
|
|||
Income from continuing operations before income taxes and equity in net loss of equity-method investees
|
13,407
|
|
|
2.2%
|
|
24,032
|
|
|
3.8%
|
|
(10,625
|
)
|
|
(44.2)%
|
|||
Provision (benefit) for income taxes
|
3,114
|
|
|
0.5%
|
|
(1,310
|
)
|
|
(0.2)%
|
|
4,424
|
|
|
(337.7)%
|
|||
Equity in net loss of equity-method investees
|
205
|
|
|
—%
|
|
101
|
|
|
—%
|
|
104
|
|
|
103.0%
|
|||
Net income from continuing operations
|
$
|
10,088
|
|
|
1.7%
|
|
$
|
25,241
|
|
|
4.0%
|
|
$
|
(15,153
|
)
|
|
(60.0)%
|
Net loss from discontinued operations, net of tax
|
$
|
(75,925
|
)
|
|
(12.7)%
|
|
$
|
(12,555
|
)
|
|
(2.0)%
|
|
$
|
(63,370
|
)
|
|
(504.7)%
|
Net (loss) income
|
$
|
(65,837
|
)
|
|
(11.0)%
|
|
$
|
12,686
|
|
|
2.0%
|
|
$
|
(78,523
|
)
|
|
(619.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA
|
$
|
55,507
|
|
|
9.3%
|
|
$
|
73,440
|
|
|
11.6%
|
|
$
|
(17,933
|
)
|
|
(24.4)%
|
(dollars in thousands)
|
United States
|
|
United Kingdom
|
|
Rest of World
|
|
Corporate and Other
|
|
Consolidated
|
||||||||||
Net sales
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended 3/31/19
|
$
|
266,445
|
|
|
$
|
227,206
|
|
|
$
|
106,146
|
|
|
$
|
—
|
|
|
$
|
599,797
|
|
Three months ended 3/31/18
|
281,052
|
|
|
238,321
|
|
|
113,347
|
|
|
—
|
|
|
632,720
|
|
|||||
$ change
|
$
|
(14,607
|
)
|
|
$
|
(11,115
|
)
|
|
$
|
(7,201
|
)
|
|
n/a
|
|
|
$
|
(32,923
|
)
|
|
% change
|
(5.2
|
)%
|
|
(4.7
|
)%
|
|
(6.4
|
)%
|
|
n/a
|
|
|
(5.2
|
)%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended 3/31/19
|
$
|
17,099
|
|
|
$
|
18,147
|
|
|
$
|
10,868
|
|
|
$
|
(22,249
|
)
|
|
$
|
23,865
|
|
Three months ended 3/31/18
|
24,974
|
|
|
13,863
|
|
|
11,059
|
|
|
(20,642
|
)
|
|
29,254
|
|
|||||
$ change
|
$
|
(7,875
|
)
|
|
$
|
4,284
|
|
|
$
|
(191
|
)
|
|
$
|
(1,607
|
)
|
|
$
|
(5,389
|
)
|
% change
|
(31.5
|
)%
|
|
30.9
|
%
|
|
(1.7
|
)%
|
|
(7.8
|
)%
|
|
(18.4
|
)%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income margin
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended 3/31/19
|
6.4
|
%
|
|
8.0
|
%
|
|
10.2
|
%
|
|
n/a
|
|
|
4.0
|
%
|
|||||
Three months ended 3/31/18
|
8.9
|
%
|
|
5.8
|
%
|
|
9.8
|
%
|
|
n/a
|
|
|
4.6
|
%
|
|
Nine Months Ended
|
|
Change in
|
||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
|
Dollars
|
|
Percentage
|
||||||||||
Net sales
|
$
|
1,744,786
|
|
|
100.0%
|
|
$
|
1,838,171
|
|
|
100.0%
|
|
$
|
(93,385
|
)
|
|
(5.1)%
|
Cost of sales
|
1,405,650
|
|
|
80.6%
|
|
1,447,820
|
|
|
78.8%
|
|
(42,170
|
)
|
|
(2.9)%
|
|||
Gross profit
|
339,136
|
|
|
19.4%
|
|
390,351
|
|
|
21.2%
|
|
(51,215
|
)
|
|
(13.1)%
|
|||
Selling, general and administrative expenses
|
255,383
|
|
|
14.6%
|
|
258,586
|
|
|
14.1%
|
|
(3,203
|
)
|
|
(1.2)%
|
|||
Amortization of acquired intangibles
|
11,567
|
|
|
0.7%
|
|
13,859
|
|
|
0.8%
|
|
(2,292
|
)
|
|
(16.5)%
|
|||
Project Terra costs and other
|
29,613
|
|
|
1.7%
|
|
13,750
|
|
|
0.7%
|
|
15,863
|
|
|
115.4%
|
|||
Chief Executive Officer Succession Plan expense, net
|
30,156
|
|
|
1.7%
|
|
—
|
|
|
—%
|
|
30,156
|
|
|
*
|
|||
Accounting review and remediation costs, net of insurance proceeds
|
4,334
|
|
|
0.2%
|
|
6,406
|
|
|
0.3%
|
|
(2,072
|
)
|
|
(32.3)%
|
|||
Long-lived asset and intangibles impairment
|
23,709
|
|
|
1.4%
|
|
8,290
|
|
|
0.5%
|
|
15,419
|
|
|
186.0%
|
|||
Operating (loss) income
|
(15,626
|
)
|
|
(0.9)%
|
|
89,460
|
|
|
4.9%
|
|
(105,086
|
)
|
|
(117.5)%
|
|||
Interest and other financing expense, net
|
25,912
|
|
|
1.5%
|
|
19,543
|
|
|
1.1%
|
|
6,369
|
|
|
32.6%
|
|||
Other expense/(income), net
|
2,041
|
|
|
0.1%
|
|
(5,447
|
)
|
|
(0.3)%
|
|
7,488
|
|
|
(137.5)%
|
|||
(Loss) income from continuing operations before income taxes and equity in net loss (income) of equity-method investees
|
(43,579
|
)
|
|
(2.5)%
|
|
75,364
|
|
|
4.1%
|
|
(118,943
|
)
|
|
(157.8)%
|
|||
Benefit for income taxes
|
(1,679
|
)
|
|
(0.1)%
|
|
(11,516
|
)
|
|
(0.6)%
|
|
9,837
|
|
|
(85.4)%
|
|||
Equity in net loss (income) of equity-method investees
|
391
|
|
|
—%
|
|
(104
|
)
|
|
—%
|
|
495
|
|
|
(476.0)%
|
|||
Net (loss) income from continuing operations
|
$
|
(42,291
|
)
|
|
(2.4)%
|
|
$
|
86,984
|
|
|
4.7%
|
|
$
|
(129,275
|
)
|
|
(148.6)%
|
Net loss from discontinued operations, net of tax
|
$
|
(127,472
|
)
|
|
(7.3)%
|
|
$
|
(7,349
|
)
|
|
(0.4)%
|
|
$
|
(120,123
|
)
|
|
*
|
Net (loss) income
|
$
|
(169,763
|
)
|
|
(9.7)%
|
|
$
|
79,635
|
|
|
4.3%
|
|
$
|
(249,398
|
)
|
|
(313.2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA
|
$
|
134,433
|
|
|
7.7%
|
|
$
|
194,560
|
|
|
10.6%
|
|
$
|
(60,127
|
)
|
|
(30.9)%
|
(dollars in thousands)
|
United States
|
|
United Kingdom
|
|
Rest of World
|
|
Corporate and Other
|
|
Consolidated
|
||||||||||
Net sales
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine months ended 3/31/19
|
$
|
769,585
|
|
|
$
|
671,121
|
|
|
$
|
304,080
|
|
|
$
|
—
|
|
|
$
|
1,744,786
|
|
Nine months ended 3/31/18
|
815,013
|
|
|
698,968
|
|
|
324,190
|
|
|
—
|
|
|
1,838,171
|
|
|||||
$ change
|
$
|
(45,428
|
)
|
|
$
|
(27,847
|
)
|
|
$
|
(20,110
|
)
|
|
n/a
|
|
|
$
|
(93,385
|
)
|
|
% change
|
(5.6
|
)%
|
|
(4.0
|
)%
|
|
(6.2
|
)%
|
|
n/a
|
|
|
(5.1
|
)%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating (loss)/income
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine months ended 3/31/19
|
$
|
26,449
|
|
|
$
|
36,822
|
|
|
$
|
27,078
|
|
|
$
|
(105,975
|
)
|
|
$
|
(15,626
|
)
|
Nine months ended 3/31/18
|
67,696
|
|
|
37,062
|
|
|
30,591
|
|
|
(45,889
|
)
|
|
89,460
|
|
|||||
$ change
|
$
|
(41,247
|
)
|
|
$
|
(240
|
)
|
|
$
|
(3,513
|
)
|
|
$
|
(60,086
|
)
|
|
$
|
(105,086
|
)
|
% change
|
(60.9
|
)%
|
|
(0.6
|
)%
|
|
(11.5
|
)%
|
|
(130.9
|
)%
|
|
(117.5
|
)%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating (loss)/income margin
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine months ended 3/31/19
|
3.4
|
%
|
|
5.5
|
%
|
|
8.9
|
%
|
|
n/a
|
|
|
(0.9
|
)%
|
|||||
Nine months ended 3/31/18
|
8.3
|
%
|
|
5.3
|
%
|
|
9.4
|
%
|
|
n/a
|
|
|
4.9
|
%
|
|
Nine Months Ended March 31,
|
|
Change in
|
|||||||||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Dollars
|
|
Percentage
|
|||||||
Cash flows provided by (used in):
|
|
|
|
|
|
|
|
|||||||
Operating activities from continuing operations
|
$
|
12,043
|
|
|
$
|
67,370
|
|
|
$
|
(55,327
|
)
|
|
(82
|
)%
|
Investing activities from continuing operations
|
(52,029
|
)
|
|
(61,308
|
)
|
|
9,279
|
|
|
15
|
%
|
|||
Financing activities from continuing operations
|
(3,333
|
)
|
|
(31,849
|
)
|
|
28,516
|
|
|
90
|
%
|
|||
Decrease in cash from continuing operations
|
(43,319
|
)
|
|
(25,787
|
)
|
|
(17,532
|
)
|
|
(68
|
)%
|
|||
Decrease in cash from discontinued operations
|
(2,782
|
)
|
|
(3,303
|
)
|
|
521
|
|
|
16
|
%
|
|||
Effect of exchange rate changes on cash
|
(1,225
|
)
|
|
5,884
|
|
|
(7,109
|
)
|
|
(121
|
)%
|
|||
Net decrease in cash and cash equivalents
|
$
|
(47,326
|
)
|
|
$
|
(23,206
|
)
|
|
$
|
(24,120
|
)
|
|
(104
|
)%
|
(amounts in thousands)
|
United Kingdom
|
|
Rest of World
|
|
Hain Consolidated
|
||||||
Net sales - Three months ended 3/31/19
|
$
|
227,206
|
|
|
$
|
106,146
|
|
|
$
|
599,797
|
|
Impact of foreign currency exchange
|
15,378
|
|
|
6,414
|
|
|
21,792
|
|
|||
Net sales on a constant currency basis - Three months ended 3/31/19
|
$
|
242,584
|
|
|
$
|
112,560
|
|
|
$
|
621,589
|
|
|
|
|
|
|
|
||||||
Net sales - Three months ended 3/31/18
|
$
|
238,321
|
|
|
$
|
113,347
|
|
|
$
|
632,720
|
|
Net sales growth on a constant currency basis
|
1.8
|
%
|
|
(0.7
|
)%
|
|
(1.8
|
)%
|
|||
|
|
|
|
|
|
||||||
Net sales - Nine months ended 3/31/19
|
$
|
671,121
|
|
|
$
|
304,080
|
|
|
$
|
1,744,786
|
|
Impact of foreign currency exchange
|
23,897
|
|
|
11,689
|
|
|
35,586
|
|
|||
Net sales on a constant currency basis - Nine months ended 3/31/19
|
$
|
695,018
|
|
|
$
|
315,769
|
|
|
$
|
1,780,372
|
|
|
|
|
|
|
|
||||||
Net sales - Nine months ended 3/31/18
|
$
|
698,968
|
|
|
$
|
324,190
|
|
|
$
|
1,838,171
|
|
Net sales growth on a constant currency basis
|
(0.6
|
)%
|
|
(2.6
|
)%
|
|
(3.1
|
)%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
(amounts in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (loss) income
|
$
|
(65,837
|
)
|
|
$
|
12,686
|
|
|
$
|
(169,763
|
)
|
|
$
|
79,635
|
|
Net loss from discontinued operations
|
(75,925
|
)
|
|
(12,555
|
)
|
|
(127,472
|
)
|
|
(7,349
|
)
|
||||
Net income (loss) from continuing operations
|
10,088
|
|
|
25,241
|
|
|
(42,291
|
)
|
|
86,984
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision (benefit) for income taxes
|
3,114
|
|
|
(1,310
|
)
|
|
(1,679
|
)
|
|
(11,516
|
)
|
||||
Interest expense, net
|
8,677
|
|
|
6,108
|
|
|
24,093
|
|
|
17,535
|
|
||||
Depreciation and amortization
|
13,968
|
|
|
15,074
|
|
|
42,074
|
|
|
45,139
|
|
||||
Equity in net loss (income) of equity-method investees
|
205
|
|
|
101
|
|
|
391
|
|
|
(104
|
)
|
||||
Stock-based compensation, net
|
3,937
|
|
|
2,936
|
|
|
5,502
|
|
|
10,258
|
|
||||
Stock-based compensation expense in connection with Chief Executive Officer Succession Agreement
|
—
|
|
|
—
|
|
|
429
|
|
|
—
|
|
||||
Long-lived asset and intangibles impairment
|
—
|
|
|
4,839
|
|
|
23,709
|
|
|
8,290
|
|
||||
Unrealized currency losses/(gains)
|
1,522
|
|
|
(1,465
|
)
|
|
2,551
|
|
|
(5,170
|
)
|
||||
EBITDA
|
$
|
41,511
|
|
|
$
|
51,524
|
|
|
$
|
54,779
|
|
|
$
|
151,416
|
|
|
|
|
|
|
|
|
|
||||||||
Project Terra costs and other
|
9,259
|
|
|
4,831
|
|
|
29,464
|
|
|
13,750
|
|
||||
Chief Executive Officer Succession Plan expense, net
|
455
|
|
|
—
|
|
|
29,727
|
|
|
—
|
|
||||
Accounting review and remediation costs, net of insurance proceeds
|
—
|
|
|
3,313
|
|
|
4,334
|
|
|
6,406
|
|
||||
Warehouse/manufacturing facility start-up costs
|
3,222
|
|
|
—
|
|
|
9,529
|
|
|
1,155
|
|
||||
Plant closure related costs
|
184
|
|
|
3,246
|
|
|
3,503
|
|
|
3,946
|
|
||||
SKU rationalization
|
505
|
|
|
4,913
|
|
|
2,035
|
|
|
4,913
|
|
||||
Litigation and related expenses
|
371
|
|
|
235
|
|
|
1,062
|
|
|
235
|
|
||||
Losses on terminated chilled desserts contract
|
—
|
|
|
2,939
|
|
|
—
|
|
|
6,553
|
|
||||
Co-packer disruption
|
—
|
|
|
952
|
|
|
—
|
|
|
3,692
|
|
||||
Regulated packaging change
|
—
|
|
|
—
|
|
|
—
|
|
|
1,007
|
|
||||
Toys "R" Us bad debt
|
—
|
|
|
897
|
|
|
—
|
|
|
897
|
|
||||
Machine break-down costs
|
—
|
|
|
317
|
|
|
—
|
|
|
317
|
|
||||
Recall and other related costs
|
—
|
|
|
273
|
|
|
—
|
|
|
273
|
|
||||
Adjusted EBITDA
|
$
|
55,507
|
|
|
$
|
73,440
|
|
|
$
|
134,433
|
|
|
$
|
194,560
|
|
|
Nine Months Ended March 31,
|
||||||
(amounts in thousands)
|
2019
|
|
2018
|
||||
Cash flow provided by operating activities from continuing operations
|
$
|
12,043
|
|
|
$
|
67,370
|
|
Purchase of property, plant and equipment
|
(55,892
|
)
|
|
(48,368
|
)
|
||
Operating free cash flow from continuing operations
|
$
|
(43,849
|
)
|
|
$
|
19,002
|
|
Period
|
(a)
Total number
of shares
purchased (1)
|
|
(b)
Average
price paid
per share
|
|
(c)
Total number of
shares purchased
as part of
publicly
announced plans
|
|
(d)
Maximum
number of shares
that may yet be
purchased under
the plans (in millions of dollars) (2)
|
|||||
January 1, 2019 - January 31, 2019
|
6,556
|
|
|
$
|
18.07
|
|
|
—
|
|
|
250
|
|
February 1, 2019 - February 28, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
March 1, 2019 - March 31, 2019
|
1,368
|
|
|
22.55
|
|
|
—
|
|
|
250
|
|
|
Total
|
7,924
|
|
|
$
|
18.84
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, formatted in eXtensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statement of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
|
THE HAIN CELESTIAL GROUP, INC.
|
|
|
(Registrant)
|
|
|
|
Date:
|
May 9, 2019
|
/s/ Mark L. Schiller
|
|
|
Mark L. Schiller,
President and Chief Executive Officer |
Date:
|
May 9, 2019
|
/s/ James Langrock
|
|
|
James Langrock,
Executive Vice President and Chief Financial Officer |
1 Year Hain Celestial Chart |
1 Month Hain Celestial Chart |
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