Prestige Consumer Healthcare Inc. · NYSE:PBH
Prestige Consumer Healthcare — Q4 FY2021 Earnings Presentation
23 slides from Prestige Consumer Healthcare's earnings presentation, May 6, 2021
Slide 1: Fourth Quarter & Full-Year FY 2021 Results
Fourth Quarter & Full-Year FY 2021 Results May 6th, 2021 Exhibit 99.2
Slide 2: Safe Harbor Disclosure
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S 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 revenue
Slide 3: Agenda for Today's Discussion
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Agenda for Today’s Discussion I. FY 21 Recap II. Financial Overview III. FY 22 Outlook and The Road Ahead 3
Slide 4: I. FY 2021 Recap
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S I. FY 2021 Recap
Slide 5: Strategy and Execution Delivered Results
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Long-Term Strategy ◼ Brand-building designed to grow categories and connect with consumers ◼ Strategy and tactics performing well in an evolving environment Diverse Portfolio ◼ Capitalizing on current opportunities while investing f
Slide 6: Strong Fiscal 2021 Performance in a Difficult Backdrop
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Revenue of $943.4 million, down 2.4%(1) versus PY in constant currency Gross Margin of 58.0%, approximate with Adjusted PY(3) in-line with expectations Strong cash flow generation of $213.4 million(3) enabled by leading financial pr
Slide 7: Majority of Brands Expanded Market-Leading Positions
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Top PBH Brands Rank U.S. Market Share* FY’21 vs Category #1 50% #1 60% #1 100%/5%*** #1 35% #2 20% #1 60% #3 5% #1 55% #1 60% #1 40% #1 25% ** #1 90% *Approximate Market Share Reflects U.S. IRI MULO + C-store + Amazon for the 52 wee
Slide 8: Nimble Marketing Approach Paid Off
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Nimble Marketing Approach Paid Off ◼ “Thank you” essential worker donations ◼ Consumer brand promise: Brighter, whiter, and more comfortable ◼ New campaign across all key touchpoints: TV, Social, YouTube, Web ◼ Leading innovation fo
Slide 9: Behavior Changes Began to be Lapped at Year-End
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Behavior Changes Began to be Lapped at Year-End CommentaryFY 21 Organic Revenue Breakdown (2.4%) 3.5% Total Excl. Impacted Brands Impacted Brands 9 Five brands drove significant impact to FY 21 revenue performance Affected brands co
Slide 10: E-Commerce: Winning in Consumer Shift to Online
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S E-Commerce: Winning in Consumer Shift to Online Strong FY 21 PerformanceE-Commerce as a % of Net Sales ◼ ~100% E-Commerce growth(2) in FY 21 ◼ Increased and adjusted media spend to capture new consumers ◼ Incremental consumer intere
Slide 11: II. Financial Overview
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S II. Financial Overview
Slide 12: Key Financial Results for Fourth Quarter and FY 21
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Key Financial Results for Fourth Quarter and FY 21 Performance FY 21 FY 20 Dollar values in millions, except per share data. $237.8 $ 79.2 $0.79 $251.2 $85.9 $0.82 Revenue Adjusted EBITDA Adjusted EPS (5.4%) (7.8%) (3.9%) 12 Q 4 $94
Slide 13: Fourth Quarter and FY 21 Consolidated Financial Summary
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Q4 FY 21 Q4 FY 20 % Chg FY 21 FY 20 % Chg Total Revenue 237.8$ 251.2$ (5.4%) 943.4$ 963.0$ (2.0%) Adj. Gross Margin (3) 137.1 149.1 (8.1%) 547.5 561.4 (2.5%) % Margin 57.6% 59.4% 58.0% 58.3% A&M 36.4 40.2 (9.3%) 140.6 147.2 (4.5%) %
Slide 14: Free Cash Flow
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Free Cash Flow(3) Comments ◼ FY 21 Free Cash Flow of $213.4 million(3) up 3.2% vs. Adjusted PY – Free Cash Flow Conversion of 130% ◼ Net Debt at March 31 of ~$1.5 billion(3); leverage ratio(4) of 4.2x at end of Q4 ◼ Completed $12 mi
Slide 15: III. FY 22 Outlook
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S III. FY 21 Outlook
Slide 16: Outlook: Continuing to Execute Proven Strategy
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Outlook: Continuing to Execute Proven Strategy ◼ Strategy intact with stable and well-positioned business ◼ Agile brand-building positions portfolio for further market share gains ◼ Anticipate FY 22 Revenue of approximately $957 - $
Slide 17: Q&A
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Q&A
Slide 18: Appendix
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S 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 May 6, 2021 in the “About
Slide 19: Adjusted Gross Margin and Organic Revenue Reconciliation Schedules
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Adjusted Gross Margin 19 Reconciliation Schedules Organic Revenue Change a) Items related to new warehouse represent costs to transition to the new warehouse and duplicate costs incurred during the transition. Three Months Ended Mar
Slide 20: Reconciliation Schedules: Adjusted EBITDA Margin
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S 20 Reconciliation Schedules (Continued) Adjusted EBITDA Margin a) Items related to new warehouse represent costs to transition to the new warehouse and duplicate costs incurred during the transition. Three Months Ended March 31, Yea
Slide 21: Reconciliation Schedules: Adjusted EPS
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S Three Months Ended March 31, Year Ended March 31, 2021 2020 2021 2020 Net Income Adjusted EPS Net Income Adjusted EPS Net Income Adjusted EPS Net Income Adjusted EPS (In Thousands, except per share data) GAAP Net Income 35,514$ 0.70
Slide 22: Reconciliation Schedules: Adjusted Free Cash Flow
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S 22 Reconciliation Schedules (Continued) Adjusted Free Cash Flow a) Payments related to new warehouse represent costs to transition to the new warehouse and duplicate costs incurred during transition. Three Months Ended March 31, Yea
Slide 23: Reconciliation Schedules: Projected Free Cash Flow
F O U R T H Q U A R T E R & F U L L - Y E A R F Y 2 1 R E S U L T S 23 Reconciliation Schedules (Continued) Adjusted Free Cash Flow Projected Free Cash Flow (In millions) Projected FY'22 GAAP Net Cash provided by operating activities 240$ Additions to property and equipment for cash (15) Projected N
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