Sally Beauty Holdings Inc
NYSE:SBH

  • LAST PRICE
    11.9400
  • TODAY'S CHANGE (%)
    -0.3700 (-3.0057%)
  • Bid / Lots
    8.9200/ 1
  • Ask / Lots
    19.1300/ 2
  • Open / Previous Close
    12.2800 / 12.3100
  • Day Range
    11.9050
    12.4500
  • 52 Week Range
    7.2100
    13.9100
  • Volume
    1,594,308

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  • Aug 13, 2024

  • Aug 8, 2024

      Show headlines and story abstract

    • 6:46AM ET on Thursday Aug 08, 2024 by MT Newswires
      Companies Mentioned: SBH
      06:46 AM EDT, 08/08/2024 (MT Newswires) -- ...

    • 6:46AM ET on Thursday Aug 08, 2024 by MT Newswires
      Companies Mentioned: SBH
      06:46 AM EDT, 08/08/2024 (MT Newswires) -- ...

    • 6:45AM ET on Thursday Aug 08, 2024 by Dow Jones
      Companies Mentioned: SBH

    • 6:45AM ET on Thursday Aug 08, 2024 by Dow Jones
      Companies Mentioned: SBH
      Operating margin 8.8% 9.3% Interest expense 53,262 -- -- -- 53,262 Earnings before provision for income taxes 194,859 12,288 1,052 -- 208,199 Provision for income taxes (5) 52,840 3,109 270 (2,700) 53,519 --------- ------------- ------- ------- ---- --------- Net earnings $ 142,019 $ 9,179 $ 782 $ 2,700 $ 154,680 ========= ============= ======= ======= ===== ========= Earnings per share: Basic $ 1.32 $ 0.09 $ 0.01 $ 0.03 $ 1.44 Diluted $ 1.30 $ 0.08 $ 0.01 $ 0.02 $ 1.41 ========= ============= ======= ======= ===== ========= (1) For the nine months ended June 30, 2024 and 2023, restructuring represents expenses and adjustments incurred primarily in connection with our Distribution Center Consolidation and Store Optimization Plan, including $5.8 million in cost of products sold related to adjustments to our expected obsolescence reserve in the nine months ended June 30, 2023. (2) For the nine months ended June 30, 2024, Fuel for Growth and other represents expenses related to consulting services and severance expenses. For the nine months ended June 30, 2023, other represents additional taxes and interest for the Repatriation Tax. (3) Loss on debt extinguishment relates to the repayment of our 5.625% Senior Notes due 2025 and the repricing of our Term Loan B due 2030. In connection with the repayment of our senior notes, we recognized a write-off of $2.0 million in unamortized deferred financing costs and $0.5 million in overlapping interest, net of interest earned on short-term cash equivalents, on such senior notes after February 27, 2024 and until their redemption. These pro-forma adjustments assume the redeemed senior notes were repaid on February 27, 2024 at the time of closing on our 6.75% Senior Notes due 2032. In connection with the repricing of our Term Loan B, we recognized a write-off of unamortized deferred financing costs of $1.7 million. (4) For the nine months ended June 30, 2023, COVID-19 expenses related to use taxes around the donation of personal protection merchandise. (5) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized. Supplemental Schedule 4 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, ---------------------------------------- ---------------------------------------- Percentage Percentage Adjusted EBITDA: 2024 2023 Change 2024 2023 Change ------- ------- ------------ ------- ------- ------------ Net earnings $ 37,724 $ 50,821 (25.8)% $105,358 $142,019 (25.8)% Add: Depreciation and amortization 28,516 25,426 12.2% 83,533 75,773 10.2% Interest expense 20,707 18,654 11.0% 58,544 53,262 9.9% Provision for income taxes 13,339 20,650 (35.4)% 36,565 52,840 (30.8)% ------- ------- ------ ------- ------- ------- EBITDA (non-GAAP) 100,286 115,551 (13.2)% 284,000 323,894 (12.3)% Share-based compensation 4,178 3,550 17.7% 13,260 12,523 5.9% Restructuring 383 (349) 209.7% 361 12,288 (97.1)% Fuel for Growth and Other 11,933 -- 100.0% 25,760 -- 100.0% COVID-19 -- -- --% -- 1,052 (100.0)% ------- ------- ------ --- ------- ------- ------- Adjusted EBITDA (non-GAAP) $116,780 $118,752 (1.7)% $323,381 $349,757 (7.5)% ======= ======= ====== ======= ======= ======= Basis Point Basis Point Change Change ------------ ------------ Adjusted EBITDA as a percentage of net sales -------------------- Adjusted EBITDA margin 12.4% 12.8% (40) 11.6% 12.5% (90) ======= ======= ====== === ======= ======= ======= Operating Free Cash Percentage Percentage Flow: 2024 2023 Change 2024 2023 Change ------- ------- ------------ ------- ------- ------------ Net cash provided by operating activities $ 47,895 $ 53,123 (9.8)% $135,855 $132,771 2.3% Less: Payments for property and equipment, net 19,149 21,615 (11.4)% 63,808 63,796 0.0% ------- ------- ------ ------- ------- ------- Operating free cash flow (non-GAAP) $ 28,746 $ 31,508 (8.8)% $ 72,047 $ 68,975 4.5% ======= ======= ====== ======= ======= ======= Supplemental Schedule 5 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Store Count and Comparable Sales (Unaudited) As of June 30, -------------------------------- 2024 2023 Change ---------- ---------- -------- Number of stores: SBS stores 3,128 3,141 (13) BSG: Company-operated stores 1,200 1,204 (4) Franchise stores 132 132 -- ----- --- ----- --- ----- Total BSG 1,332 1,336 (4) ----- --- ----- --- ----- Total consolidated 4,460 4,477 (17) ===== === ===== === ===== Number of BSG distributor sales consultants (1) 659 650 9 ===== === ===== === ===== (1) BSG distributor sales consultants (DSC) include 191 and 189 sales consultants employed by our franchisees at June 30, 2024 and 2023, respectively. Three Months Ended June 30, Nine Months Ended June 30, ---------------------------- -------------------------------- Basis Basis Point Point 2024 2023 Change 2024 2023 Change --------- --------- ------ ---------- ---------- -------- Comparable sales growth (decline): SBS 0.7% 3.0% (230) (1.7)% 5.0% (670) BSG 2.6% (2.4)% 500 1.8% (0.9)% 270 Consolidated 1.5% 0.6% 90 (0.2)% 2.4% (260) Our comparable sales include sales from stores that have been operating for 14 months or longer as of the last day of a month and e-commerce revenue. Additionally, our comparable sales include sales to franchisees and full service sales. Our comparable sales excludes the effect of changes in foreign exchange rates and sales from stores relocated until 14 months after the relocation. Revenue from acquisitions are excluded from our comparable sales calculation until 14 months after the acquisition.

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