Prestige Consumer Healthcare Inc. · NYSE:PBH
Prestige Consumer Healthcare — Q3 FY2022 Earnings Presentation
20 slides from Prestige Consumer Healthcare's earnings presentation, Feb 3, 2022
Slide 1: Third Quarter FY 2022 Results
F e b r u a r y 3 rd, 2 0 2 2 Third Quarter FY 2022 Results 1
Slide 2: Safe Harbor Disclosure
Safe Harbor Disclosure This presentation contains certain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the Company’s expected financial performance, including revenues, adjusted diluted EPS, and free cash flow;
Slide 3: Agenda for Today's Discussion
Agenda for Today’s Discussion I. Performance Update II. Financial Overview III. FY 22 Outlook THIRD QUARTER FY 22 RESULTS 3
Slide 4: I. Performance Update
I. Performance Update THIRD QUARTER FY 22 RESULTS
Slide 5: Strong Q3 Results Driving Increased FY 22 Outlook
Strong Q3 Results Driving Increased FY 22 Outlook ◼ Strong sales growth continued in Q3, up 14.9% vs. PY Q3 Sales ◼ Recovery continued in COVID-19 impacted categories Drivers ◼ Record revenue in International segment ◼ Gross margin as expected in dynamic supply chain environment Superior Earnings ◼
Slide 6: Strong Performance in Dynamic Macro Environment
Strong Performance in Dynamic Macro Environment Diversified Portfolio COVID-19 Recovery Supply Chain Leading portfolio positioned to benefit Strong recovery in multiple Strategically working to ensure from changing consumer dynamics COVID-19 impacted categories supply in a dynamic environment ◼ Enab
Slide 7: II. Financial Overview
II. Financial Overview THIRD QUARTER FY 22 RESULTS
Slide 8: Key Financial Results for Third Quarter and YTD FY Performance
Key Financial Results for Third Quarter and YTD FY 22 Performance FY 22 FY 21 14.9% Revenue of $274.5 million, up 8.8% vs. PY on an organic basis(1) $274.5 11.1% $238.8 Q3 $ 90.5 $81.4 22.2% $0.99 $0.81 (3) Revenue EBITDA EPS EBITDA(3) of $90.5 million resulted in 33.0% margin, consistent with long-
Slide 9: FY 22 Third Quarter and YTD Consolidated Financial Summary
FY 22 Third Quarter and YTD Consolidated Financial Summary 3 Months Ended 9 Months Ended Q3 YTD Comments ◼ Organic Revenue(1) up 11.6% vs. PY – Driven by broad & diverse portfolio coupled with upside in COVID-19 disrupted categories – Continued eCommerce consumption growth as consumers continue to s
Slide 10: Industry Leading Free Cash Flow Trends
Industry Leading Free Cash Flow Trends Free Cash Flow(3) Comments Q3 FY 22 Q3 FY 21 YTD FY 22 YTD FY 21 ◼ YTD FY 22 Free Cash Flow of $193.8 million up 21.7% vs. PY – Q3 Free Cash Flow up 47.3% vs. PY owing to 21.7% working capital timing $193.8 ◼ Net Debt at December 31 of $1.5 billion(3); leverage
Slide 11: III. FY 22 Outlook
III. FY 22 Outlook THIRD QUARTER FY 22 RESULTS
Slide 12: Raising FY 22 Full Year Outlook
Raising FY 22 Full Year Outlook ◼ Brand-building continues to enable long-term market share gains & sales growth Top Line Trends ◼ Q4 anticipates continued recovery in certain COVID-impacted categories ◼ Anticipate FY 22 Revenue of $1.075 – $1.080 billion ◼ Strong financial profile leading to increa
Slide 13: Q&A
Q&A THIRD QUARTER FY 22 RESULTS
Slide 14: Appendix
Appendix (1) Organic Revenue is a Non-GAAP financial measure and is reconciled to the most closely related GAAP financial measure in the attached Reconciliation Schedules and / or our earnings release dated February 3, 2022 in the “About Non-GAAP Financial Measures” section. (2) Company consumption
Slide 15: Reconciliation Schedules
Reconciliation Schedules Organic Revenue Change Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 (In Thousands) GAAP Total Revenues $ 274,470 $ 238,788 $ 819,876 $ 705,604 Revenue Change 14.9% 16.2% Adjustments: Revenues associated with acquisition (a) (13,712) - (2
Slide 16: Reconciliation Schedules (Continued)
Reconciliation Schedules (Continued) Adjusted G&A Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 (In Thousands) GAAP General and Administrative Expense $ 25,983 $ 21,395 $ 80,706 $ 61,717 GAAP General and Administrative Expense as a Percentage of GAAP Total Revenu
Slide 17: Reconciliation Schedules (Continued)
Reconciliation Schedules (Continued) Adjusted EBITDA Margin Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 (In Thousands) GAAP Net Income $ 50,215 $ 40,873 $ 153,295 $ 129,168 Interest expense, net 16,924 20,138 48,314 63,345 Provision for income taxes 15,278 12,8
Slide 18: Reconciliation Schedules (Continued)
Reconciliation Schedules (Continued) Adjusted Net Income & Adjusted EPS Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net Net Net Net Income EPS Income EPS Income EPS Income EPS (In Thousands, except per share data) GAAP Net Income $ 50,215 $ 0.99 $ 40,873 $ 0.81
Slide 19: Reconciliation Schedules (Continued)
Reconciliation Schedules (Continued) Adjusted Free Cash Flow Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 (In Thousands) GAAP Net Income $ 50,215 $ 40,873 $ 153,295 $ 129,168 Adjustments: Adjustments to reconcile net income to net cash provided by operating acti
Slide 20: Reconciliation Schedules (Continued)
Reconciliation Schedules (Continued) Projected EPS 2022 Projected EPS Low High Projected FY'22 GAAP Diluted EPS $ 3.87 $ 3.91 Adjustments: Costs associated with acquisition, net of tax (a) 0.10 0.10 Loss on extinguishment of debt, net of tax 0.03 0.03 Total Adjustments 0.13 0.13 Projected Non-GAAP A
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