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Form 8-K LANDS' END, INC. For: Dec 02

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December 2, 2021 6:49 AM EST

Exhibit 99.1

 

 

Lands’ End Announces Third Quarter Fiscal 2021 Results

 

Net Revenue grew 4.4% compared to the same period last year

Net Income of $7.4 million, compared to a Net Income of $7.2 million in the same period last year

Adjusted EBITDA of $29.8 million at the high-end of outlook

Cyber Week Sales Increased High Single Digits over 2020

 

DODGEVILLE, Wis., December 2, 2021 (GLOBE NEWSWIRE) – Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the third quarter ended October 29, 2021 and sales results for Cyber Week, and provided fourth quarter and an updated full year outlook.

 

Jerome Griffith, Chief Executive Officer, stated, “Our third quarter performance reflects the long-term strength and resiliency of our digitally led business model, as we navigated the dynamic global supply chain challenges while still delivering on our Adjusted EBITDA expectations. We achieved 4% topline growth in the third quarter, contributing to our 22% growth year-to-date. Our topline expansion drove Adjusted EBITDA at the high end of our outlook and growth of 129% year-to-date. For Cyber Week, which just concluded, our sales increased high single digits as a result of strong demand online and in store and our improved in-stock positions. We believe that the strong operating platform we have established combined with the ongoing progress across our four strategic growth pillars, including product, digital, uni-channel distribution and infrastructure, position us to drive growth over the next several years. We look forward to providing an update on our long-term goals in mid-January.”

 

Fiscal Third Quarter Financial Highlights:

 

 

•

For the third quarter, net revenue was $375.8 million, an increase of 4.4% from $360.0 million in the third quarter of fiscal 2020 and an increase of 10.5% from $340.0 million in the third quarter of fiscal 2019.

 

◦

Global eCommerce net revenue was $261.2 million, a decrease of 6.0% from $277.8 million in the third quarter of fiscal 2020 as a result of inventory constraints driven by supply chain challenges and an increase of 9.3% from $238.9 million in the third quarter of fiscal 2019. Compared to the third quarter of last year, U.S. eCommerce decreased 3.5% and International eCommerce decreased 15.7%. Compared to the third quarter of fiscal 2019, U.S. eCommerce increased 6.0% and International eCommerce increased 27.6%.

 

◦

Outfitters net revenue was $86.1 million, an increase of 38.9% from $62.0 million in the third quarter of fiscal 2020 and an increase of 3.4% compared to the third quarter of fiscal 2019. Compared to the third quarter last year, the increase was driven by stronger demand within the Company’s travel-related national accounts and school uniform customers.

 

◦

Third Party net revenue, which includes sales on third-party marketplaces and U.S. wholesale revenues, was $19.3 million in the third quarter compared to $12.0 million in the third quarter last year.  The $7.3 million increase was primarily attributable to growth in our Kohl’s partnership, including an expansion to 300 locations during the quarter, compared to 150 retail locations in third quarter 2020.

 

 

•

Gross margin was 44.4%, decreasing approximately 100 basis points compared to 45.4% in the third quarter of fiscal 2020. The Gross margin decrease was driven by increased shipping costs.

 

 

•

Selling and administrative expenses increased $2.5 million to $137.4 million or 36.6% of net revenue, compared to $134.9 million or 37.5% of net revenue, in the third quarter of last year. The approximately 90 basis point decrease was the result of leverage on higher sales and continued expense controls slightly offset by continued

 

 

investment in digital marketing. Selling and administrative expenses as a percentage of net revenue declined approximately 300 basis points compared with the third quarter of 2019.

 

 

•

Net income was $7.4 million or $0.22 per diluted share, as compared to net income of $7.2 million or $0.22 per diluted share in the third quarter of fiscal 2020.

 

 

•

Adjusted EBITDA was $29.8 million in the third quarter of fiscal 2021, an increase of $1.2 million compared to $28.6 million in the third quarter of fiscal 2020.

 

Fiscal Third Quarter Business Highlights:

 

 

•

Year to Date total Global eCommerce new customer growth was 11% and total customer growth was 7%.

 

•

Recovery in Outfitters business exceeded expectations led by travel-related national accounts and school uniform customers.

 

•

Expanded product assortment offered in an additional 150 Kohl’s retail locations, for a total of 300 locations.

 

Balance Sheet and Cash Flow Highlights

 

Net cash used in operations was $6.4 million for the 39 weeks ended October 29, 2021, compared to Net cash used in operations of $26.1 million for the 39 weeks ended October 30, 2020.

 

Inventories, net, were $479.8 million as of October 29, 2021, and $499.8 million as of October 30, 2020.  

 

As of October 29, 2021, the Company had $70.0 million of borrowings and $183.6 million of availability under its asset-based senior secured credit facility. Additionally, as of October 29, 2021, the Company had $261.3 million of Term Loan Facility debt.

 

Outlook

 

Jim Gooch, President and Chief Financial Officer, stated, “We delivered encouraging results in the third quarter, given the challenging environment. We have taken numerous actions to expedite receipts, and despite supply chain delays, which negatively impacted our in-stock position and sales early in the fourth quarter, we recovered our in-stock position to historical levels heading into Cyber Week. With these actions, we believe our inventory is positioned well for the remainder of this year and as we head into 2022. Consumer demand for our brand remains strong, and we are confident in the long-term health of our business and the growth opportunities that lie ahead.  We look forward to sharing more details on our path forward when we announce our updated long-term targets.”

 

For the fourth quarter of fiscal 2021 the Company now expects:

 

•

Net revenue to be between $560.0 million and $575.0 million, which is a 4% to 7% increase compared to the prior year.

 

•

Net income to be between $9.0 million and $12.0 million, and diluted earnings per share to be between $0.27 and $0.36.

 

•

Adjusted EBITDA in the range of $31.0 million to $35.0 million.

 

◦

Fourth quarter guidance assumes an incremental $15 million in expense for added supply chain costs expected during the quarter, based on the Company’s current visibility into higher shipping costs, shipping delays and port congestion.

 

For fiscal 2021 the Company now expects:

 

•

Net revenue to be between $1.640 billion and $1.655 billion.

 

•

Net income to be between $35.0 million and $38.0 million, and diluted earnings per share to be between $1.04 and $1.13.

 

•

Adjusted EBITDA in the range of $124.5 million to $128.5 million.

 

•

Capital Expenditures of approximately $26.0 million.

 

For purposes of this release, Cyber Week is defined as Wednesday, November 24th, through Tuesday, November 30th.

 

 

Conference Call

 

The Company will host a conference call on Thursday, December 2, 2021, at 8:30 a.m. ET to review its third quarter financial results and related matters. The call may be accessed through the Investor Relations section of the Company’s website at http://investors.landsend.com or by dialing (866) 753-5836.

 

About Lands’ End, Inc.

 

Lands’ End, Inc. (NASDAQ: LE) is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. Operating out of America’s heartland, we believe our vision and values make a strong connection with our core customers. We offer products online at www.landsend.com, on third party online marketplaces and through our own Company Operated stores, as well as third-party retail locations. We are a classic American lifestyle brand with a passion for quality, legendary service and real value, and seek to deliver timeless style for women, men, kids and the home.

 

Forward-Looking Statements

 

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company’s assessment of the long-term strength and resiliency of its business model; the Company’s assessment of its strategy, business and prospects for future growth; the Company’s plan to update its long-term goals and outlook in January 2022; the Company’s assessment of the strength of customer demand for its brand, confidence in the long-term health of its business and growth opportunities; the Company’s belief that its inventory is well positioned for the rest of the year and as it heads into 2022; and the Company’s outlook and expectations as to net revenue, net income, earnings per share and Adjusted EBITDA for the fourth quarter of fiscal 2021 and for the full year of fiscal 2021, the estimate of the incremental expense of supply chain costs in the fourth quarter of fiscal 2021, and capital expenditures for fiscal 2021. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the impact of COVID-19 on operations, customer demand and the Company’s supply chain, as well as its consolidated results of operation, financial position and cash flows; further disruption in the Company’s supply chain, including with respect to its distribution centers, third-party manufacturing partners and logistics partners, caused by limits in freight capacity, port congestion, other logistics constraints, and closure of certain manufacturing facilities and production lines due to COVID-19 and other global economic conditions; the Company may be unsuccessful in implementing its strategic initiatives, or its initiatives may not have their desired impact on its business; the Company’s ability to offer merchandise and services that customers want to purchase; changes in customer preference from the Company’s branded merchandise; the Company’s results may be materially impacted if tariffs on imports to the United States increase and it is unable to offset the increased costs from current or future tariffs through pricing negotiations with its vendor base, moving production out of countries impacted by the tariffs, passing through a portion of the cost increases to the customer, or other savings opportunities; customers’ use of the Company’s digital platform, including customer acceptance of its efforts to enhance its eCommerce websites, including the Outfitters website; customer response to the Company’s marketing efforts across all types of media; the Company’s maintenance of a robust customer list; the Company’s retail store strategy may be unsuccessful; the Company’s relationship with Kohl’s may not develop as planned or have its desired impact; the Company’s dependence on information technology and a failure of information technology systems, including with respect to its eCommerce operations, or an inability to upgrade or adapt its systems; fluctuations and increases in costs of raw materials as well as fluctuations in other production and distribution-related costs; impairment of the Company’s relationships with its vendors; the Company’s failure to maintain the security of customer, employee or company information; the Company’s failure to compete effectively in the apparel industry; legal, regulatory, economic and political risks associated with international trade and those markets in which the Company conducts business and sources its merchandise; the Company’s failure to protect or preserve the image of its brands and its intellectual property rights; increases in postage, paper and printing costs; failure by third parties who provide the Company with services in connection with certain aspects of its business to perform their obligations; the Company’s failure to timely and effectively obtain shipments of products from its vendors and deliver merchandise to its customers; reliance on promotions and markdowns to encourage customer purchases; the Company’s failure to efficiently manage inventory levels; unseasonal or severe weather conditions; the adverse effect on the Company’s reputation if its independent vendors do not use ethical business practices or comply with applicable laws and regulations; assessments for additional state taxes; incurrence of charges due to impairment of goodwill, other intangible assets and long-lived assets; the impact on the Company’s business of adverse worldwide economic and market conditions, including economic factors that negatively impact consumer spending on discretionary items; potential indemnification liabilities to Sears Holdings pursuant to the separation and distribution agreement in connection with the Company’s separation from Sears Holdings; the ability of the Company’s principal shareholders to exert substantial influence over the Company; potential liabilities under fraudulent conveyance and transfer laws and legal capital requirements; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2021. The Company intends the forward-looking statements to speak only as of the time made and does not undertake to update or revise them as more information becomes available, except as required by law.

 

 

CONTACTS

 

Lands’ End, Inc.

James Gooch

President and Chief Financial Officer

(608) 935-9341

 

Investor Relations:

ICR, Inc.

Jean Fontana

(646) 277-1214

[email protected]

 

-Financial Tables Follow-

 

 

LANDS’ END, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except per share data)

 

October 29, 2021

 

 

October 30, 2020

 

 

January 29, 2021*

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,926

 

 

$

56,137

 

 

$

33,933

 

Restricted cash

 

 

1,983

 

 

 

2,135

 

 

 

1,861

 

Accounts receivable, net

 

 

44,078

 

 

 

34,238

 

 

 

37,574

 

Inventories, net

 

 

479,793

 

 

 

499,759

 

 

 

382,106

 

Prepaid expenses and other current assets

 

 

41,418

 

 

 

52,731

 

 

 

40,356

 

Total current assets

 

 

605,198

 

 

 

645,000

 

 

 

495,830

 

Property and equipment, net

 

 

133,572

 

 

 

149,342

 

 

 

145,288

 

Operating lease right-of-use asset

 

 

32,782

 

 

 

36,699

 

 

 

35,475

 

Goodwill

 

 

106,700

 

 

 

106,700

 

 

 

106,700

 

Intangible asset, net

 

 

257,000

 

 

 

257,000

 

 

 

257,000

 

Other assets

 

 

4,512

 

 

 

5,413

 

 

 

5,215

 

TOTAL ASSETS

 

$

1,139,764

 

 

$

1,200,154

 

 

$

1,045,508

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

13,750

 

 

$

13,750

 

 

 

13,750

 

Accounts payable

 

 

184,569

 

 

 

174,061

 

 

 

134,007

 

Lease liability - current

 

 

5,609

 

 

 

5,359

 

 

 

5,183

 

Other current liabilities

 

 

142,828

 

 

 

147,903

 

 

 

161,982

 

Total current liabilities

 

 

346,756

 

 

 

341,073

 

 

 

314,922

 

Long-term borrowings on ABL Facility

 

 

70,000

 

 

 

155,000

 

 

 

25,000

 

Long-term debt, net

 

 

237,245

 

 

 

248,700

 

 

 

245,632

 

Lease liability - long-term

 

 

34,092

 

 

 

39,169

 

 

 

37,811

 

Deferred tax liabilities

 

 

47,325

 

 

 

65,800

 

 

 

47,346

 

Other liabilities

 

 

5,834

 

 

 

5,487

 

 

 

5,094

 

TOTAL LIABILITIES

 

 

741,252

 

 

 

855,229

 

 

 

675,805

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, par value $0.01 authorized: 480,000 shares;

   issued and outstanding: 32,983, 32,608 and 32,614, respectively

 

 

330

 

 

 

326

 

 

 

326

 

Additional paid-in capital

 

 

372,313

 

 

 

366,959

 

 

 

369,372

 

Retained earnings (accumulated deficit)

 

 

37,485

 

 

 

(8,701

)

 

 

11,226

 

Accumulated other comprehensive (loss)

 

 

(11,616

)

 

 

(13,659

)

 

 

(11,221

)

TOTAL STOCKHOLDERS' EQUITY

 

 

398,512

 

 

 

344,925

 

 

 

369,703

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,139,764

 

 

$

1,200,154

 

 

$

1,045,508

 

 

*Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2021.

 

 

LANDS’ END, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

(in thousands, except per share data)

 

October 29,

2021

 

 

October 30,

2020

 

 

October 29,

2021

 

 

October 30, 2020

 

Net revenue

 

$

375,843

 

 

$

359,982

 

 

$

1,081,249

 

 

$

889,073

 

Cost of sales (excluding depreciation and amortization)

 

 

209,028

 

 

 

196,527

 

 

 

588,908

 

 

 

496,041

 

Gross profit

 

 

166,815

 

 

 

163,455

 

 

 

492,341

 

 

 

393,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative

 

 

137,408

 

 

 

134,890

 

 

 

399,579

 

 

 

352,164

 

Depreciation and amortization

 

 

9,788

 

 

 

9,627

 

 

 

29,483

 

 

 

27,791

 

Other operating expense, net

 

 

140

 

 

 

255

 

 

 

583

 

 

 

7,913

 

Operating income

 

 

19,479

 

 

 

18,683

 

 

 

62,696

 

 

 

5,164

 

Interest expense

 

 

8,334

 

 

 

9,005

 

 

 

26,231

 

 

 

19,232

 

Other (income) expense, net

 

 

(171

)

 

 

(250

)

 

 

(461

)

 

 

910

 

Income (loss) before income taxes

 

 

11,316

 

 

 

9,928

 

 

 

36,926

 

 

 

(14,978

)

Income tax expense (benefit)

 

 

3,917

 

 

 

2,752

 

 

 

10,667

 

 

 

(5,887

)

NET INCOME (LOSS)

 

$

7,399

 

 

$

7,176

 

 

$

26,259

 

 

$

(9,091

)

NET INCOME (LOSS) PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

0.22

 

 

$

0.22

 

 

$

0.80

 

 

$

(0.28

)

Diluted:

 

$

0.22

 

 

$

0.22

 

 

$

0.78

 

 

$

(0.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

32,981

 

 

 

32,605

 

 

 

32,910

 

 

 

32,551

 

Diluted weighted average common shares outstanding

 

 

33,698

 

 

 

33,248

 

 

 

33,708

 

 

 

32,551

 

 


 

 

Use and Definition of Non-GAAP Financial Measures

Adjusted EBITDA - In addition to our Net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, the Company uses an Adjusted EBITDA metric. Adjusted EBITDA is computed as Net income (loss) appearing on the Condensed Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and certain significant items as set forth below. Our management uses Adjusted EBITDA to evaluate the operating performance of our business for comparable periods, as well as the basis for an executive compensation metric. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as it excludes several important cash and non-cash recurring items.

 

While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance, and useful to investors, because:

 

•

EBITDA excludes the effects of financings, investing activities and tax structure by eliminating the effects of interest, depreciation and income tax.

 

•

Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results. We have adjusted our results for these items to make our statements more comparable and therefore more useful to investors as the items are not representative of our ongoing operations.

 

 

◦

For the 13 weeks and 39 weeks ended October 30, 2020 we excluded the impact of corporate restructuring which includes severance for the reduction in corporate positions in the Second Quarter 2020.

 

◦

For the 39 weeks ended October 30, 2020 we excluded the impact of non-cash write-down of goodwill and certain long-lived assets.

 

◦

For the 13 weeks and 39 weeks ended October 29, 2021 and October 30, 2020 we excluded amortization of transaction related costs associated with Third Party channel.

 

◦

For the 13 and 39 weeks ended October 29, 2021 and October 30, 2020 we excluded the impacts of loss on property and equipment as management considers the gains or losses on asset valuation to result from investing decisions rather than ongoing operations.

 

Reconciliation of Non-GAAP Financial Information to GAAP

(Unaudited)

 

 

 

13 Weeks Ended

 

 

 

October 29, 2021

 

 

October 30, 2020

 

(in thousands)

 

$’s

 

 

% of

Net revenue

 

 

$’s

 

 

% of

Net revenue

 

Net income

 

$

7,399

 

 

 

2.0

%

 

$

7,176

 

 

 

2.0

%

Income tax expense

 

 

3,917

 

 

 

1.0

%

 

 

2,752

 

 

 

0.8

%

Other (income), net

 

 

(171

)

 

 

(0.0

)%

 

 

(250

)

 

 

(0.1

)%

Interest expense

 

 

8,334

 

 

 

2.2

%

 

 

9,005

 

 

 

2.5

%

Operating income

 

 

19,479

 

 

 

5.2

%

 

 

18,683

 

 

 

5.2

%

Depreciation and amortization

 

 

9,788

 

 

 

2.6

%

 

 

9,627

 

 

 

2.7

%

Corporate restructuring

 

 

—

 

 

 

—

%

 

 

16

 

 

 

0.0

%

Other

 

 

344

 

 

 

0.1

%

 

 

132

 

 

 

0.0

%

Loss on disposal of property and equipment

 

 

140

 

 

 

0.0

%

 

 

107

 

 

 

0.0

%

Adjusted EBITDA

 

$

29,751

 

 

 

7.9

%

 

$

28,565

 

 

 

7.9

%

 

 

 

 

 

39 Weeks Ended

 

 

 

October 29, 2021

 

 

October 30, 2020

 

(in thousands)

 

$’s

 

 

% of

Net revenue

 

 

$’s

 

 

% of

Net revenue

 

Net income (loss)

 

$

26,259

 

 

 

2.5

%

 

$

(9,091

)

 

 

(1.0

)%

Income tax expense (benefit)

 

 

10,667

 

 

 

0.9

%

 

 

(5,887

)

 

 

(0.7

)%

Other (income) expense, net

 

 

(461

)

 

 

(0.0

)%

 

 

910

 

 

 

0.1

%

Interest expense

 

 

26,231

 

 

 

2.4

%

 

 

19,232

 

 

 

2.2

%

Operating income

 

 

62,696

 

 

 

5.8

%

 

 

5,164

 

 

 

0.6

%

Depreciation and amortization

 

 

29,483

 

 

 

2.7

%

 

 

27,791

 

 

 

3.1

%

Corporate restructuring

 

 

—

 

 

 

—

%

 

 

2,941

 

 

 

0.3

%

Goodwill and long-lived asset impairment

 

—

 

 

 

—

%

 

 

3,844

 

 

 

0.4

%

Other

 

 

844

 

 

 

0.1

%

 

 

132

 

 

 

0.0

%

Loss on disposal of property and equipment

 

 

583

 

 

 

0.1

%

 

 

994

 

 

 

0.1

%

Adjusted EBITDA

 

$

93,606

 

 

 

8.7

%

 

$

40,866

 

 

 

4.6

%

 

 

 

 

Fourth Quarter Fiscal 2021 Guidance

 

 

 

 

13 Weeks Ended

 

(in millions)

 

 

 

 

January 28, 2022

 

Net income

 

 

 

 

$

9.0

 

—

$

12.0

 

Depreciation, interest, other income, taxes and other adjustments

 

 

 

 

 

22.0

 

—

 

23.0

 

Adjusted EBITDA

 

 

 

 

$

31.0

 

—

$

35.0

 

 

Fiscal 2021 Guidance

 

 

 

 

52 Weeks Ended

 

(in millions)

 

 

 

 

January 28, 2022

 

Net income

 

 

 

 

$

35.0

 

—

$

38.0

 

Depreciation, interest, other income, taxes and other adjustments

 

 

 

 

 

89.5

 

—

 

90.5

 

Adjusted EBITDA

 

 

 

 

$

124.5

 

—

$

128.5

 

 

 

 

LANDS’ END, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

39 Weeks Ended

 

(in thousands)

 

October 29, 2021

 

 

October 30, 2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

26,259

 

 

$

(9,091

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

29,483

 

 

 

27,791

 

Amortization of debt issuance costs

 

 

2,358

 

 

 

2,291

 

Loss on disposal of property and equipment

 

 

583

 

 

 

994

 

Stock-based compensation

 

 

8,043

 

 

 

6,743

 

Deferred income taxes

 

 

80

 

 

 

7,979

 

Goodwill impairment

 

 

—

 

 

 

3,300

 

Other

 

 

(1,097

)

 

 

326

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(7,219

)

 

 

17,289

 

Inventories, net

 

 

(98,391

)

 

 

(123,811

)

Accounts payable

 

 

51,152

 

 

 

20,104

 

Other operating assets

 

 

95

 

 

 

(16,151

)

Other operating liabilities

 

 

(17,700

)

 

 

36,172

 

Net cash used in operating activities

 

 

(6,354

)

 

 

(26,064

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(18,739

)

 

 

(25,638

)

Net cash used in investing activities

 

 

(18,739

)

 

 

(25,638

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under ABL Facility

 

 

140,000

 

 

 

230,000

 

Payments of borrowings under ABL Facility

 

 

(95,000

)

 

 

(75,000

)

Proceeds from issuance of long term debt, net

 

 

—

 

 

 

266,750

 

Principal payments on long-term debt, net

 

 

(10,313

)

 

 

(385,388

)

Payments for taxes related to net share settlement of equity awards

 

 

(5,098

)

 

 

(438

)

Payment of debt-issuance costs

 

 

(1,161

)

 

 

(5,080

)

Net cash provided by financing activities

 

 

28,428

 

 

 

30,844

 

Effects of exchange rate changes on cash, cash equivalents and restricted cash

 

 

780

 

 

 

(167

)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND

      RESTRICTED CASH

 

 

4,115

 

 

 

(21,025

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH,

      BEGINNING OF PERIOD

 

 

35,794

 

 

 

79,297

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

39,909

 

 

$

58,272

 

SUPPLEMENTAL CASH FLOW DATA

 

 

 

 

 

 

 

 

Unpaid liability to acquire property and equipment

 

$

2,836

 

 

$

2,620

 

Income taxes paid, net of refunds

 

$

23,570

 

 

$

257

 

Interest paid

 

$

23,972

 

 

$

11,334

 

Lease liabilities arising from obtaining operating lease right-of-use assets

 

$

1,161

 

 

$

3,525

 

 

 


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