— Net Sales Increased 18.5% and Base Business Net Sales Increased 14.7% for Full Year 2020 —
—Net Cash Provided by Operating Activities Increased to
Fourth Quarter 2020 Financial Summary (vs. Fourth Quarter 2019 where applicable):
Full Year 2020 Financial Summary (vs. Full Year 2019 where applicable):
________________________
1 |
Please see “About Non-GAAP Financial Measures and Items Affecting Comparability” below for the definition of the non-GAAP financial measures “adjusted diluted earnings per share,” “adjusted net income,” “EBITDA,” “adjusted EBITDA,” “adjusted EBITDA before COVID-19 expenses” and “base business net sales,” as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms to the most comparable GAAP financial measures. |
|
2 |
Excluding the negative tax impact of the gain on sale from the Pirate Brands divestiture, the Company’s net cash provided by operating activities for fiscal 2019 would have been approximately |
Guidance for Full Year Fiscal 2021:
Commenting on the results,
“For the year, our net sales increased 18.5% to
“In late fiscal 2020, we completed the acquisition of the iconic Crisco brand of oils and shortening and the transition and integration are on track. Consistent with our acquisition strategy, the acquisition has been immediately accretive to our earnings per share and free cash flow.”
Financial Results for the Fourth Quarter of 2020
Net sales for the fourth quarter of 2020 increased
Base business net sales for the fourth quarter of 2020 increased
Net sales of Cream of Wheat increased
________________________
3 |
Includes the spices & seasoning brands acquired in the fourth quarter of 2016, as well as the Company’s legacy spices & seasonings brands, such as Dash and Ac’cent. |
Gross profit was
Selling, general and administrative expenses increased
Net interest expense decreased
The Company’s net income was
For the fourth quarter of 2020, adjusted EBITDA was
For the fourth quarter of 2020, adjusted EBITDA before COVID-19 expenses was
Financial Results for the Full Year Fiscal 2020
Net sales for fiscal 2020 increased
Base business net sales for fiscal 2020 increased
Net sales of Green Giant (including Le Sueur) increased
Gross profit was
Selling, general and administrative expenses increased
Net interest expense increased
The Company’s net income was
For fiscal 2020, adjusted EBITDA was
For fiscal 2020, adjusted EBITDA before COVID-19 expenses was
Full Year Fiscal 2021 Guidance
For fiscal 2021, net sales will be positively impacted by an additional eleven months of ownership of the Crisco brand, and are expected to be approximately
Conference Call
About Non-GAAP Financial Measures and Items Affecting Comparability
“Adjusted net income” (net income adjusted for certain items that affect comparability), “adjusted diluted earnings per share,” (diluted earnings per share adjusted for certain items that affect comparability), “base business net sales” (net sales without the impact of acquisitions until the acquisitions are included in both comparable periods and without the impact of discontinued or divested brands), “EBITDA” (net income before net interest expense, income taxes, depreciation and amortization and loss on extinguishment of debt), “adjusted EBITDA” (EBITDA as adjusted for cash and non-cash acquisition/divestiture-related expenses, gains and losses (which may include third party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on sale of assets), non-recurring expenses, gains and losses and the non-cash accounting impact of the Company’s inventory reduction plan) and “adjusted EBITDA before COVID-19 expenses” (adjusted EBITDA as adjusted for COVID-19 expenses) are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in
The Company uses non-GAAP financial measures to adjust for certain items that affect comparability. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items that affect comparability, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources.
Additional information regarding EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses, and a reconciliation of EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses to net income and to net cash provided by operating activities, is included below for fourth quarter and full year 2020 and 2019, along with the components of EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses. Also included below are reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share and base business net sales to the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows.
About
Based in
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to B&G Foods’ net sales and overall expectations for fiscal 2021 and beyond, and B&G Foods’ expectations regarding the Crisco acquisition. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of
Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
2021 |
|
2019 |
||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
52,182 |
|
|
$ |
11,315 |
|
Trade accounts receivable, net |
|
|
132,935 |
|
|
|
143,908 |
|
Inventories |
|
|
492,804 |
|
|
|
472,187 |
|
Prepaid expenses and other current assets |
|
|
43,619 |
|
|
|
25,449 |
|
Income tax receivable |
|
|
15,761 |
|
|
|
8,934 |
|
Total current assets |
|
|
737,301 |
|
|
|
661,793 |
|
|
|
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
371,854 |
|
|
|
304,934 |
|
Operating lease right-of-use assets |
|
|
32,216 |
|
|
|
38,698 |
|
|
|
|
644,747 |
|
|
|
596,391 |
|
Other intangible assets, net |
|
|
1,971,326 |
|
|
|
1,615,126 |
|
Other assets |
|
|
5,948 |
|
|
|
3,277 |
|
Deferred income taxes |
|
|
4,178 |
|
|
|
7,371 |
|
Total assets |
|
$ |
3,767,570 |
|
|
$ |
3,227,590 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Trade accounts payable |
|
$ |
126,537 |
|
|
$ |
114,936 |
|
Accrued expenses |
|
|
77,460 |
|
|
|
55,659 |
|
Current portion of operating lease liabilities |
|
|
11,034 |
|
|
|
9,813 |
|
Current portion of long-term debt |
|
|
— |
|
|
|
5,625 |
|
Income tax payable |
|
|
101 |
|
|
|
454 |
|
Dividends payable |
|
|
30,520 |
|
|
|
30,421 |
|
Total current liabilities |
|
|
245,652 |
|
|
|
216,908 |
|
|
|
|
|
|
|
|
||
Long-term debt |
|
|
2,334,086 |
|
|
|
1,874,158 |
|
Deferred income taxes |
|
|
293,121 |
|
|
|
254,339 |
|
Long-term operating lease liabilities, net of current portion |
|
|
23,959 |
|
|
|
31,997 |
|
Other liabilities |
|
|
38,875 |
|
|
|
37,646 |
|
Total liabilities |
|
|
2,935,693 |
|
|
|
2,415,048 |
|
|
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
643 |
|
|
|
640 |
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
Accumulated other comprehensive loss |
|
|
(35,594 |
) |
|
|
(31,894 |
) |
Retained earnings |
|
|
866,828 |
|
|
|
843,796 |
|
Total stockholders’ equity |
|
|
831,877 |
|
|
|
812,542 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,767,570 |
|
|
$ |
3,227,590 |
|
Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
2021 |
|
2019 |
|
2021 |
|
2019 |
||||||||
Net sales |
$ |
510,241 |
|
|
$ |
470,172 |
|
|
$ |
1,967,909 |
|
|
$ |
1,660,414 |
|
Cost of goods sold |
|
403,544 |
|
|
|
375,775 |
|
|
|
1,486,169 |
|
|
|
1,277,290 |
|
Gross profit |
|
106,697 |
|
|
|
94,397 |
|
|
|
481,740 |
|
|
|
383,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
58,476 |
|
|
|
44,480 |
|
|
|
186,191 |
|
|
|
160,745 |
|
Amortization expense |
|
4,914 |
|
|
|
4,722 |
|
|
|
19,111 |
|
|
|
18,543 |
|
Operating income |
|
43,307 |
|
|
|
45,195 |
|
|
|
276,438 |
|
|
|
203,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
24,316 |
|
|
|
27,721 |
|
|
|
101,634 |
|
|
|
98,126 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
1,177 |
|
|
|
— |
|
|
|
1,177 |
|
Other income |
|
(702 |
) |
|
|
(317 |
) |
|
|
(2,558 |
) |
|
|
(1,159 |
) |
Income before income tax expense |
|
19,693 |
|
|
|
16,614 |
|
|
|
177,362 |
|
|
|
105,692 |
|
Income tax expense |
|
7,521 |
|
|
|
6,355 |
|
|
|
45,374 |
|
|
|
29,303 |
|
Net income |
$ |
12,172 |
|
|
$ |
10,259 |
|
|
$ |
131,988 |
|
|
$ |
76,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
64,253 |
|
|
|
64,045 |
|
|
|
64,163 |
|
|
|
65,013 |
|
Diluted |
|
64,927 |
|
|
|
64,045 |
|
|
|
64,557 |
|
|
|
65,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
0.19 |
|
|
$ |
0.16 |
|
|
$ |
2.06 |
|
|
$ |
1.17 |
|
Diluted |
$ |
0.19 |
|
|
$ |
0.16 |
|
|
$ |
2.04 |
|
|
$ |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash dividends declared per share |
$ |
0.475 |
|
|
$ |
0.475 |
|
|
$ |
1.900 |
|
|
$ |
1.900 |
|
Items Affecting Comparability Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Before COVID-19 Expenses to Net Income and to Net Cash Provided by Operating Activities (In thousands) (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
2021 |
|
2019 |
|
2021 |
|
2019 |
||||||||
Net income |
|
$ |
12,172 |
|
|
$ |
10,259 |
|
|
$ |
131,988 |
|
|
$ |
76,389 |
|
Income tax expense |
|
|
7,521 |
|
|
|
6,355 |
|
|
|
45,374 |
|
|
|
29,303 |
|
Interest expense, net |
|
|
24,316 |
|
|
|
27,721 |
|
|
|
101,634 |
|
|
|
98,126 |
|
Depreciation and amortization |
|
|
17,193 |
|
|
|
15,192 |
|
|
|
63,701 |
|
|
|
58,734 |
|
Loss on extinguishment of debt(1) |
|
|
— |
|
|
|
1,177 |
|
|
|
— |
|
|
|
1,177 |
|
EBITDA(2) |
|
|
61,202 |
|
|
|
60,704 |
|
|
|
342,697 |
|
|
|
263,729 |
|
Acquisition/divestiture-related and non-recurring expenses(3) |
|
|
10,824 |
|
|
|
8,780 |
|
|
|
17,227 |
|
|
|
21,519 |
|
Inventory reduction plan impact(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,382 |
|
Amortization of acquisition-related inventory step-up(5) |
|
|
1,323 |
|
|
|
— |
|
|
|
1,323 |
|
|
|
891 |
|
Adjusted EBITDA(2) |
|
|
73,349 |
|
|
|
69,484 |
|
|
|
361,247 |
|
|
|
302,521 |
|
COVID-19 expenses(6) |
|
|
4,296 |
|
|
|
— |
|
|
|
13,521 |
|
|
|
— |
|
Adjusted EBITDA before COVID-19 expenses(2) |
|
|
77,645 |
|
|
|
69,484 |
|
|
|
374,768 |
|
|
|
302,521 |
|
Income tax expense |
|
|
(7,521 |
) |
|
|
(6,355 |
) |
|
|
(45,374 |
) |
|
|
(29,303 |
) |
Interest expense, net |
|
|
(24,316 |
) |
|
|
(27,721 |
) |
|
|
(101,634 |
) |
|
|
(98,126 |
) |
Acquisition/divestiture-related and non-recurring expenses(3) |
|
|
(10,824 |
) |
|
|
(8,780 |
) |
|
|
(17,227 |
) |
|
|
(21,519 |
) |
Inventory reduction plan impact(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,382 |
) |
Amortization of acquisition-related inventory step-up(5) |
|
|
(1,323 |
) |
|
|
— |
|
|
|
(1,323 |
) |
|
|
(891 |
) |
Net (gain)/loss on sales and disposals of property, plant and equipment |
|
|
11 |
|
|
|
8 |
|
|
|
(50 |
) |
|
|
97 |
|
Deferred income taxes |
|
|
22,745 |
|
|
|
4,793 |
|
|
|
42,613 |
|
|
|
20,415 |
|
Amortization of deferred debt financing costs and bond discount/premium |
|
|
927 |
|
|
|
893 |
|
|
|
4,691 |
|
|
|
3,511 |
|
Share-based compensation expense |
|
|
3,557 |
|
|
|
(369 |
) |
|
|
10,618 |
|
|
|
2,594 |
|
Changes in assets and liabilities, net of effects of business combinations |
|
|
(7,431 |
) |
|
|
13,222 |
|
|
|
27,916 |
|
|
|
(116,413 |
) |
Net cash provided by operating activities(7) |
|
$ |
49,174 |
|
|
$ |
45,175 |
|
|
$ |
281,477 |
|
|
$ |
46,504 |
|
(1) |
Loss on extinguishment of debt for the fourth quarter and fiscal 2019 includes the write-off of deferred debt financing costs of |
|
(2) |
EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses are non-GAAP financial measures used by management to measure operating performance. A non-GAAP financial measure is defined as a numerical measure of the Company’s financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows. The Company defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization and loss on extinguishment of debt (see (1) above). The Company defines adjusted EBITDA as EBITDA adjusted for cash and non-cash acquisition/divestiture-related expenses, gains and losses (which may include third party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up, and gains and losses on the sale of assets); non-recurring expenses, gains and losses, including distribution restructuring expenses, severance and other expenses relating to the separation of the Company’s former chief executive officer in fiscal 2020 and a workforce reduction in fiscal 2019; and the non-cash accounting impact of the Company’s inventory reduction plan. The Company defines adjusted EBITDA before COVID-19 expenses as adjusted EBITDA adjusted for COVID-19 expenses. |
|
Management believes that it is useful to eliminate these items because it allows management to focus on what it deems to be a more reliable indicator of ongoing operating performance and the Company’s ability to generate cash flow from operations. The Company uses EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses in the Company’s business operations to, among other things, evaluate the Company’s operating performance, develop budgets and measure the Company’s performance against those budgets, determine employee bonuses and evaluate the Company’s cash flows in terms of cash needs. The Company also presents EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses because the Company believes they are useful indicators of the Company’s historical debt capacity and ability to service debt and because covenants in the Company’s credit agreement and the Company’s senior notes indentures contain ratios based on these measures. As a result, reports used by internal management during monthly operating reviews feature the EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses metrics. However, management uses these metrics in conjunction with traditional GAAP operating performance and liquidity measures as part of its overall assessment of company performance and liquidity, and therefore does not place undue reliance on these measures as its only measures of operating performance and liquidity. |
||
EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses are not recognized terms under GAAP and do not purport to be alternatives to operating income, net income or any other GAAP measure as an indicator of operating performance. EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses are not complete net cash flow measures because EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses are measures of liquidity that do not include reductions for cash payments for an entity’s obligation to service its debt, fund its working capital, capital expenditures and acquisitions and pay its income taxes and dividends. Rather, EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses are two potential indicators of an entity’s ability to fund these cash requirements. EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses are not complete measures of an entity’s profitability because they do not include certain costs and expenses and gains and losses described above. Because not all companies use identical calculations, this presentation of EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses may not be comparable to other similarly titled measures of other companies. However, EBITDA, adjusted EBITDA and adjusted EBITDA before COVID-19 expenses can still be useful in evaluating the Company’s performance against the Company’s peer companies because management believes these measures provide users with valuable insight into key components of GAAP amounts. |
||
(3) |
Acquisition/divestiture-related and non-recurring expenses for the fourth quarter and fiscal 2020 of |
|
(4) |
Inventory reduction plan impact relates to the Company’s 2018 inventory reduction plan. For fiscal 2019, inventory reduction plan impact of |
|
(5) |
For the fourth quarter and fiscal 2020, amortization of acquisition-related inventory step-up of |
|
(6) |
COVID-19 expenses for the fourth quarter and fiscal 2020 of |
|
(7) |
The Company’s divestiture of Pirate Brands during the fourth quarter of 2018 resulted in a gain on sale during 2018 of approximately |
Items Affecting Comparability Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings per Share to Net Income (In thousands, except per share data) (Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|||||||||
|
|
|
|
|
|
|
|
|
|||||
|
|
2021 |
|
2019 |
|
2021 |
|
2019 |
|||||
Net income |
|
$ |
12,172 |
|
$ |
10,259 |
|
$ |
131,988 |
|
|
$ |
76,389 |
Loss on extinguishment of debt, net of tax(1) |
|
|
— |
|
|
889 |
|
|
— |
|
|
|
889 |
Acquisition/divestiture-related and non-recurring expenses, net of tax(2) |
|
|
8,172 |
|
|
6,629 |
|
|
13,006 |
|
|
|
16,247 |
Inventory reduction plan impact, net of tax(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
12,368 |
Amortization of acquisition-related inventory step-up, net of tax(4) |
|
|
999 |
|
|
— |
|
|
999 |
|
|
|
673 |
Accelerated amortization of deferred debt financing costs(5) |
|
|
— |
|
|
— |
|
|
808 |
|
|
|
— |
Tax benefit(6) |
|
|
— |
|
|
— |
|
|
(2,258 |
) |
|
|
— |
Tax true-ups(7) |
|
|
1,432 |
|
|
— |
|
|
1,432 |
|
|
|
— |
Adjusted net income |
|
$ |
22,775 |
|
$ |
17,777 |
|
$ |
145,975 |
|
|
$ |
106,566 |
Adjusted diluted earnings per share |
|
$ |
0.35 |
|
$ |
0.28 |
|
$ |
2.26 |
|
|
$ |
1.64 |
(1) |
Loss on extinguishment of debt for the fourth quarter and fiscal 2019 includes the write-off of deferred debt financing costs and unamortized discount of |
|
(2) |
Acquisition/divestiture-related and non-recurring expenses for the fourth quarter and fiscal 2020 primarily includes acquisition and integration expenses for the Crisco, Farmwise and Clabber Girl acquisitions, and severance and other separation expenses primarily relating to the separation of the Company’s former chief executive officer in fiscal 2020 and a workforce reduction in fiscal 2019 and other non-recurring expenses. Acquisition/divestiture-related and non-recurring expenses for the fourth quarter and fiscal 2019 primarily includes acquisition and integration expenses for the Clabber Girl acquisition, transition expenses for the Pirate Brands sale, and severance and other expenses primarily relating to a workforce reduction in fiscal 2019. |
|
(3) |
Inventory reduction plan impact relates to the Company’s 2018 inventory reduction plan. For fiscal 2019, inventory reduction plan impact of |
|
(4) |
For the fourth quarter and fiscal 2020, amortization of acquisition-related inventory step-up of |
|
(5) |
Interest expense for fiscal 2020 includes the accelerated amortization of deferred debt financing costs of |
|
(6) |
Fiscal 2020 includes a |
|
(7) |
Tax true-ups for the fourth quarter and fiscal 2020 reflects |
Items Affecting Comparability
Reconciliation of Base Business (In thousands) (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
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|
|
|
|
|
|
|
|
|
||||
|
|
2021 |
|
2019 |
|
2021 |
|
2019 |
||||
Net sales |
|
$ |
510,241 |
|
$ |
470,172 |
|
$ |
1,967,909 |
|
$ |
1,660,414 |
Net sales from acquisitions(2) |
|
|
(28,091) |
|
|
— |
|
|
(62,997) |
|
|
— |
Base business net sales |
|
$ |
482,150 |
|
$ |
470,172 |
|
$ |
1,904,912 |
|
$ |
1,660,414 |
(1) |
Base business net sales is a non-GAAP financial measure used by management to measure operating performance. The Company defines base business net sales as the Company’s net sales excluding (1) the net sales of acquisitions until the net sales from such acquisitions are included in both comparable periods and (2) net sales of discontinued or divested brands. The portion of current period net sales attributable to recent acquisitions for which there is no corresponding period in the comparable period of the prior year is excluded. For each acquisition, the excluded period starts at the beginning of the most recent fiscal period being compared and ends on the first anniversary of the acquisition date. For discontinued or divested brands, the entire amount of net sales is excluded from each fiscal period being compared. The Company has included this financial measure because management believes it provides useful and comparable trend information regarding the results of the Company’s business without the effect of the timing of acquisitions and the effect of discontinued or divested brands. |
|
The definition of base business net sales set forth above, as it relates to acquisitions, was modified during the third quarter of 2019 from the definition the Company had most recently used. Under the Company’s most recent prior definition of base business net sales, for each acquisition, the excluded period started at the beginning of the most recent fiscal period being compared and ended on the last day of the quarter in which the first anniversary of the date of acquisition occurred. The Company believes that it is more useful to measure base business net sales on a partial quarter basis based upon the actual period of comparable ownership instead of adjusting for an entire quarter. |
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(2) |
For the fourth quarter of 2020, primarily includes |
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