WILMINGTON, Mass., March 30, 2022 (GLOBE NEWSWIRE) -- UniFirst Corporation (NYSE: UNF) (the “Company,” “UniFirst” or “we”) today reported results for its second quarter ended February 26, 2022 as compared to the corresponding period in the prior fiscal year:
Q2 2022 Financial Highlights
The Company’s financial results for the second quarter of fiscal 2022 included $6.7 million of costs directly attributable to its CRM, ERP and branding initiatives (the “Key Initiatives”). Excluding these Key Initiative costs:
Steven Sintros, UniFirst President and Chief Executive Officer, said, “Our second quarter results reflect a strong top-line performance as well as a margin trend that was largely in-line with our expectations while also reflecting continued inflationary pressure. I want to thank our thousands of Team Partners who, despite a challenging operating environment, continue to Always Deliver for each other and our customers.”
Segment Reporting Highlights
Core Laundry Operations
The costs incurred during the quarter related to the Key Initiatives, discussed above, were recorded to the Core Laundry Operations’ segment. Excluding these Key Initiative costs:
Specialty Garments
Balance Sheet and Capital Allocation
Financial Outlook
Mr. Sintros continued, “We now expect revenues for fiscal 2022 to be between $1.967 billion and $1.980 billion. We further expect diluted earnings per share to be between $5.62 and $5.82. This earnings per share guidance assumes an effective tax rate of 24.0% and now includes a revised estimate of $30.0 million of costs directly attributable to our Key Initiatives that will be expensed in fiscal 2022. Please also note the following regarding our guidance:
See “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Conference Call Information
UniFirst Corporation will hold a conference call today at 9:00 a.m. (ET) to discuss its quarterly financial results, business highlights and outlook. A simultaneous live webcast of the call will be available over the Internet and can be accessed at www.unifirst.com.
About UniFirst Corporation
Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, as well as the delivery of facility service programs. Together with its subsidiaries, the Company also provides first aid and safety products, and manages specialized garment programs for the cleanroom and nuclear industries. UniFirst manufactures its own branded workwear, protective clothing, and floorcare products; and with 260 service locations, over 300,000 customer locations, and 14,000-plus employee Team Partners, the Company outfits nearly 2 million workers each business day. For more information, contact UniFirst at 800.455.7654 or visit UniFirst.com.
Forward-Looking Statements Disclosure
This public announcement contains forward-looking statements within the meaning of the federal securities laws that reflect the Company’s current views with respect to future events and financial performance, including projected revenues, operating margin and earnings per share. Forward-looking statements contained in this public announcement are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and may be identified by words such as “guidance,” “outlook,” “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,” “strategy,” “objective,” “assume,” “strive,” or the negative versions thereof, and similar expressions and by the context in which they are used. Such forward-looking statements are based upon our current expectations and speak only as of the date made. Such statements are highly dependent upon a variety of risks, uncertainties and other important factors that could cause actual results to differ materially from those reflected in such forward-looking statements. Such factors include, but are not limited to, uncertainties caused by adverse economic conditions, including, without limitation, as a result of significant increases in inflation or extraordinary events or circumstances such as geopolitical conflicts like the conflict between Russia and Ukraine or the COVID-19 pandemic, and their impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers in connection with extraordinary events or circumstances such as the COVID-19 pandemic, uncertainties regarding our ability to consummate and successfully integrate acquired businesses, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, any adverse outcome of pending or future contingencies or claims, our ability to compete successfully without any significant degradation in our margin rates, seasonal and quarterly fluctuations in business levels, our ability to preserve positive labor relationships and avoid becoming the target of corporate labor unionization campaigns that could disrupt our business, the effect of currency fluctuations on our results of operations and financial condition, our dependence on third parties to supply us with raw materials, which such supply could be severely disrupted as a result of extraordinary events or circumstances such as the COVID-19 pandemic, any loss of key management or other personnel, increased costs as a result of any changes in federal or state laws, rules and regulations or governmental interpretation of such laws, rules and regulations, uncertainties regarding, or adverse impacts from increases in, the price levels of natural gas, electricity, fuel and labor, the negative effect on our business from sharply depressed oil and natural gas prices, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, the continuing increase in domestic healthcare costs, increased workers’ compensation claim costs, increased healthcare claim costs, including as a result of extraordinary events or circumstances such as the COVID-19 pandemic, our ability to retain and grow our customer base, demand and prices for our products and services, fluctuations in our Specialty Garments business, political instability, supply chain disruption or infection among our employees in Mexico and Nicaragua where our principal garment manufacturing plants are located, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, our ability to properly and efficiently design, construct, implement and operate a new customer relationship management computer system, interruptions or failures of our information technology systems, including as a result of cyber-attacks, additional professional and internal costs necessary for compliance with any changes in or additional Securities and Exchange Commission, New York Stock Exchange, accounting or other rules, including, without limitation, recent rules proposed by the Securities and Exchange Commission regarding climate-related and cybersecurity-related disclosures, strikes and unemployment levels, our efforts to evaluate and potentially reduce internal costs, economic and other developments associated with the war on terrorism and its impact on the economy, the impact of foreign trade policies and tariffs or other impositions on imported goods on our business, results of operations and financial condition, general economic conditions, our ability to successfully implement our business strategies and processes, including our capital allocation strategies and the other factors described under “Part I, Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended August 28, 2021, “Part II, Item 1.A. Risk Factors” and elsewhere in our subsequent Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.
Investor Relations ContactShane O’Connor, Executive Vice President & CFOUniFirst Corporation 978-658-8888shane_oconnor@unifirst.com
Consolidated Statements of Income(Unaudited)
(In thousands, except per share data) | Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | ||||||||||||
Revenues | $ | 486,696 | $ | 449,764 | $ | 972,860 | $ | 896,617 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of revenues (1) | 324,816 | 289,455 | 634,946 | 565,255 | ||||||||||||
Selling and administrative expenses (1) | 112,406 | 93,329 | 216,794 | 182,032 | ||||||||||||
Depreciation and amortization | 26,861 | 26,287 | 53,717 | 52,595 | ||||||||||||
Total operating expenses | 464,083 | 409,071 | 905,457 | 799,882 | ||||||||||||
Operating income | 22,613 | 40,693 | 67,403 | 96,735 | ||||||||||||
Other (income) expense: | ||||||||||||||||
Interest income, net | (751 | ) | (863 | ) | (1,399 | ) | (1,431 | ) | ||||||||
Other (income) expense, net | 594 | (584 | ) | 1,330 | 165 | |||||||||||
Total other income, net | (157 | ) | (1,447 | ) | (69 | ) | (1,266 | ) | ||||||||
Income before income taxes | 22,770 | 42,140 | 67,472 | 98,001 | ||||||||||||
Provision for income taxes | 4,319 | 9,555 | 15,316 | 23,520 | ||||||||||||
Net income | $ | 18,451 | $ | 32,585 | $ | 52,156 | $ | 74,481 | ||||||||
Income per share – Basic: | ||||||||||||||||
Common Stock | $ | 1.02 | $ | 1.80 | $ | 2.88 | $ | 4.10 | ||||||||
Class B Common Stock | $ | 0.81 | $ | 1.44 | $ | 2.30 | $ | 3.28 | ||||||||
Income per share – Diluted: | ||||||||||||||||
Common Stock | $ | 0.97 | $ | 1.71 | $ | 2.75 | $ | 3.91 | ||||||||
Income allocated to – Basic: | ||||||||||||||||
Common Stock | $ | 15,492 | $ | 27,349 | $ | 43,792 | $ | 62,520 | ||||||||
Class B Common Stock | $ | 2,959 | $ | 5,236 | $ | 8,364 | $ | 11,961 | ||||||||
Income allocated to – Diluted: | ||||||||||||||||
Common Stock | $ | 18,451 | $ | 32,585 | $ | 52,156 | $ | 74,481 | ||||||||
Weighted average shares outstanding – Basic: | ||||||||||||||||
Common Stock | 15,210 | 15,223 | 15,225 | 15,235 | ||||||||||||
Class B Common Stock | 3,635 | 3,643 | 3,635 | 3,643 | ||||||||||||
Weighted average shares outstanding – Diluted: | ||||||||||||||||
Common Stock | 18,967 | 19,037 | 18,999 | 19,032 |
(1) Exclusive of depreciation on the Company’s property, plant and equipment and amortization on its intangible assets.Condensed Consolidated Balance Sheets(Unaudited)
(In thousands) | February 26, 2022 | August 28, 2021 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and short-term investments | $ | 425,887 | $ | 512,868 | ||||
Receivables, net | 237,237 | 208,331 | ||||||
Inventories | 160,835 | 143,591 | ||||||
Rental merchandise in service | 196,690 | 181,531 | ||||||
Prepaid taxes | 9,475 | 16,580 | ||||||
Prepaid expenses and other current assets | 48,743 | 40,891 | ||||||
Total current assets | 1,078,867 | 1,103,792 | ||||||
Property, plant and equipment, net | 627,924 | 617,719 | ||||||
Goodwill | 457,718 | 429,538 | ||||||
Customer contracts and other intangible assets, net | 90,221 | 84,638 | ||||||
Deferred income taxes | 565 | 580 | ||||||
Operating lease right-of-use assets, net | 51,237 | 42,115 | ||||||
Other assets | 106,064 | 102,683 | ||||||
Total assets | $ | 2,412,596 | $ | 2,381,065 | ||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 84,517 | $ | 81,356 | ||||
Accrued liabilities | 151,743 | 159,578 | ||||||
Accrued taxes | — | 743 | ||||||
Operating lease liabilities, current | 13,791 | 12,993 | ||||||
Total current liabilities | 250,051 | 254,670 | ||||||
Long-term liabilities: | ||||||||
Accrued liabilities | 134,263 | 134,085 | ||||||
Accrued and deferred income taxes | 90,284 | 89,177 | ||||||
Operating lease liabilities | 39,023 | 30,181 | ||||||
Total liabilities | 513,621 | 508,113 | ||||||
Shareholders’ equity: | ||||||||
Common Stock | 1,521 | 1,524 | ||||||
Class B Common Stock | 363 | 364 | ||||||
Capital surplus | 90,006 | 89,257 | ||||||
Retained earnings | 1,833,579 | 1,806,643 | ||||||
Accumulated other comprehensive loss | (26,494 | ) | (24,836 | ) | ||||
Total shareholders’ equity | 1,898,975 | 1,872,952 | ||||||
Total liabilities and shareholders’ equity | $ | 2,412,596 | $ | 2,381,065 |
Detail of Operating Results(Unaudited)
(In thousands, except percentages) | Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 433,056 | $ | 398,235 | 34,821 | 8.7 | % | |||||||||
Specialty Garments | 35,538 | 35,222 | 316 | 0.9 | % | |||||||||||
First Aid | 18,102 | 16,307 | 1,795 | 11.0 | % | |||||||||||
Consolidated total | $ | 486,696 | $ | 449,764 | $ | 36,932 | 8.2 | % |
(In thousands, except percentages) | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 861,902 | $ | 791,425 | $ | 70,477 | 8.9 | % | ||||||||
Specialty Garments | 75,022 | 73,356 | 1,666 | 2.3 | % | |||||||||||
First Aid | 35,936 | 31,836 | 4,100 | 12.9 | % | |||||||||||
Consolidated total | $ | 972,860 | $ | 896,617 | $ | 76,243 | 8.5 | % |
Operating Income
(In thousands, except percentages) | Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 18,745 | $ | 35,366 | $ | (16,621 | ) | (47.0 | )% | |||||||
Specialty Garments | 3,850 | 5,234 | (1,384 | ) | (26.4 | )% | ||||||||||
First Aid | 18 | 93 | (75 | ) | (80.6 | )% | ||||||||||
Consolidated total | $ | 22,613 | $ | 40,693 | $ | (18,080 | ) | (44.4 | )% |
(In thousands, except percentages) | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 55,252 | $ | 84,236 | $ | (28,984 | ) | (34.4 | )% | |||||||
Specialty Garments | 12,479 | 12,393 | 86 | 0.7 | % | |||||||||||
First Aid | (328 | ) | 106 | (434 | ) | (409.4 | )% | |||||||||
Consolidated total | $ | 67,403 | $ | 96,735 | $ | (29,332 | ) | (30.3 | )% |
Operating Margin
Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | |||||||
Core Laundry Operations | 4.3 | % | 8.9 | % | ||||
Specialty Garments | 10.8 | % | 14.9 | % | ||||
First Aid | 0.1 | % | 0.6 | % | ||||
Consolidated total | 4.6 | % | 9.0 | % |
Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | |||||||
Core Laundry Operations | 6.4 | % | 10.6 | % | ||||
Specialty Garments | 16.6 | % | 16.9 | % | ||||
First Aid | (0.9 | )% | 0.3 | % | ||||
Consolidated total | 6.9 | % | 10.8 | % |
Consolidated Statements of Cash Flows(Unaudited)
(In thousands) | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 52,156 | $ | 74,481 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation and amortization | 53,717 | 52,595 | ||||||
Amortization of deferred financing costs | 82 | 56 | ||||||
Share-based compensation | 4,961 | 3,266 | ||||||
Accretion on environmental contingencies | 298 | 224 | ||||||
Accretion on asset retirement obligations | 491 | 492 | ||||||
Deferred income taxes | 1,733 | 847 | ||||||
Other | (6 | ) | 19 | |||||
Changes in assets and liabilities, net of acquisitions: | ||||||||
Receivables, less reserves | (27,855 | ) | (12,511 | ) | ||||
Inventories | (17,189 | ) | (4,287 | ) | ||||
Rental merchandise in service | (13,317 | ) | (338 | ) | ||||
Prepaid expenses and other current assets and Other assets | (3,926 | ) | 2,267 | |||||
Accounts payable | 5,357 | (1,923 | ) | |||||
Accrued liabilities | (16,928 | ) | 11,460 | |||||
Prepaid and accrued income taxes | 5,319 | 1,368 | ||||||
Net cash provided by operating activities | 44,893 | 128,016 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of businesses, net of cash acquired | (42,325 | ) | (7,018 | ) | ||||
Capital expenditures, including capitalization of software costs | (60,178 | ) | (66,855 | ) | ||||
Proceeds from sale of assets | 27 | 281 | ||||||
Net cash used in investing activities | (102,476 | ) | (73,592 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of share-based awards | 3 | 3 | ||||||
Taxes withheld and paid related to net share settlement of equity awards | (3,803 | ) | (2,643 | ) | ||||
Repurchase of Common Stock | (14,766 | ) | (9,534 | ) | ||||
Payment of cash dividends | (9,976 | ) | (9,069 | ) | ||||
Net cash used in financing activities | (28,542 | ) | (21,243 | ) | ||||
Effect of exchange rate changes | (856 | ) | 1,544 | |||||
Net increase (decrease) in cash, cash equivalents and short-term investments | (86,981 | ) | 34,725 | |||||
Cash, cash equivalents and short-term investments at beginning of period | 512,868 | 474,838 | ||||||
Cash, cash equivalents and short-term investments at end of period | $ | 425,887 | $ | 509,563 |
Reconciliation of GAAP to Non-GAAP Financial Measures
The Company reports its consolidated financial results in accordance with generally accepted accounting principles (“GAAP”). To supplement these consolidated financial results, management believes that certain non-GAAP operating results provide a useful measure on which to evaluate and compare the Company’s results of operations for the periods presented. The Company believes these non-GAAP results provide useful supplemental information regarding the Company’s performance to both management and investors by excluding certain non-recurring amounts that impact the comparability of the results. A supplemental reconciliation of the Company’s consolidated operating income, consolidated net income and diluted earnings per share (“EPS”) on a GAAP basis to adjusted operating income, adjusted net income and adjusted diluted EPS on a non-GAAP basis is presented in the following table. In addition, Core Laundry Operations’ operating income and operating margin on a GAAP basis to adjusted operating income and adjusted operating margin on a non-GAAP basis is also presented in the following table. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided below.
Thirteen weeks ended February 26, 2022 | ||||||||||||||||||||||||||||
Consolidated | Core Laundry Operations | |||||||||||||||||||||||||||
(In thousands, except percentages) | Revenue | Operating Income | Net Income | Diluted EPS | Revenue | Operating Income | Operating Margin | |||||||||||||||||||||
As reported | $ | 486,696 | $ | 22,613 | $ | 18,451 | $ | 0.97 | $ | 433,056 | $ | 18,745 | 4.3 | % | ||||||||||||||
Key Initiatives | — | 6,739 | 5,080 | 0.27 | — | 6,739 | 1.6 | % | ||||||||||||||||||||
As adjusted | $ | 486,696 | $ | 29,352 | $ | 23,531 | $ | 1.24 | $ | 433,056 | $ | 25,484 | 5.9 | % |
Twenty-six weeks ended February 26, 2022 | ||||||||||||||||||||||||||||
Consolidated | Core Laundry Operations | |||||||||||||||||||||||||||
(In thousands, except percentages) | Revenue | Operating Income | Net Income | Diluted EPS | Revenue | Operating Income | Operating Margin | |||||||||||||||||||||
As reported | $ | 972,860 | $ | 67,403 | $ | 52,156 | $ | 2.75 | $ | 861,902 | $ | 55,252 | 6.4 | % | ||||||||||||||
Key Initiatives | — | 12,661 | 9,543 | 0.50 | — | 12,661 | 1.5 | % | ||||||||||||||||||||
As adjusted | $ | 972,860 | $ | 80,064 | $ | 61,699 | $ | 3.25 | $ | 861,902 | $ | 67,913 | 7.9 | % |
Supplemental reconciliations of the Company’s fiscal 2022 financial outlook for consolidated operating income, consolidated net income, diluted earnings per share and operating margin on a GAAP basis to adjusted operating income, adjusted net income, adjusted diluted EPS and adjusted operating margin on a non-GAAP basis are presented in the following tables. In addition, a supplemental reconciliation of the fiscal 2022 financial outlook for Core Laundry Operations’ operating income and operating margin on a GAAP basis to adjusted operating income and adjusted operating margin on a non-GAAP basis is also presented in the following table. Investors are encouraged to review the reconciliation of the outlook for these non-GAAP measures to the outlook for their most directly comparable GAAP financial measures, which are provided below. The Company’s outlook contains forward-looking statements and information. Actual results may differ materially. See “Forward-Looking Statements Disclosure.”
Fifty-two weeks ended August 27, 2022 | ||||||||||||||||||||||||
Consolidated | Core Laundry Operations | |||||||||||||||||||||||
(In thousands, except percentages and per share amounts) | Guidance - at the midpoint | Key Initiative Costs | Adjusted | Guidance - at the midpoint | Key Initiative Costs | Adjusted | ||||||||||||||||||
Revenues | $ | 1,973,500 | $ | — | $ | 1,973,500 | $ | 1,753,500 | $ | - | $ | 1,753,500 | ||||||||||||
Operating income | 142,275 | 30,000 | 172,275 | $ | 121,400 | $ | 30,000 | $ | 151,400 | |||||||||||||||
Operating margin | 7.2 | % | 1.5 | % | 8.7 | % | 6.9 | % | 1.7 | % | 8.6 | % | ||||||||||||
Income before income taxes | 143,075 | 30,000 | 173,075 | |||||||||||||||||||||
Provision for income taxes | 34,338 | 7,581 | 41,919 | |||||||||||||||||||||
Net income | $ | 108,737 | $ | 22,419 | $ | 131,156 | ||||||||||||||||||
Effective tax rate | 24.0 | % | 25.3 | % | 24.2 | % | ||||||||||||||||||
Diluted earnings per share: | Projected | Key Initiative Costs | Adjusted | |||||||||||||||||||||
Low | $ | 5.62 | $ | 1.18 | $ | 6.80 | ||||||||||||||||||
High | $ | 5.82 | $ | 1.18 | $ | 7.00 |
УИЛМИНГТОН, Массачусетс, 30 марта 2022 года (GLOBE NEWSWIRE) -- Корпорация UniFirst (NYSE: UNF) (“Компания”, “UniFirst” или “мы”) сегодня сообщила о результатах за второй квартал, закончившийся 26 февраля 2022 года, по сравнению с соответствующим периодом предыдущего финансового года.:
Основные финансовые показатели за 2 квартал 2022 года
Финансовые результаты Компании за второй квартал 2022 финансового года включали расходы в размере 6,7 миллиона долларов США, непосредственно связанные с ее инициативами в области CRM, ERP и брендинга (“Ключевые инициативы”). Исключая эти Ключевые затраты на инициативу:
Стивен Синтрос, президент и главный исполнительный директор UniFirst, сказал: “Наши результаты за второй квартал отражают высокие показатели выручки, а также тенденцию к увеличению прибыли, которая в значительной степени соответствовала нашим ожиданиям, а также отражает продолжающееся инфляционное давление. Я хочу поблагодарить тысячи наших партнеров по команде, которые, несмотря на сложную операционную среду, продолжают всегда приносить пользу друг другу и нашим клиентам”.
Основные моменты сегментной отчетности
Основные Операции по Стирке Белья
Расходы, понесенные в течение квартала, связанные с Ключевыми инициативами, рассмотренными выше, были отнесены к сегменту Основных операций Прачечной. Исключая эти Ключевые затраты на инициативу:
Специальная одежда
Баланс и распределение капитала
Финансовые перспективы
Г-н Синтрос продолжил: “Теперь мы ожидаем, что доходы в 2022 финансовом году составят от 1,967 до 1,980 миллиарда долларов. Мы также ожидаем, что разводненная прибыль на акцию составит от 5,62 до 5,82 долларов США. Это руководство по прибыли на акцию предполагает эффективную налоговую ставку в размере 24,0% и теперь включает пересмотренную оценку расходов в размере 30,0 млн. долл. США, непосредственно связанных с нашими ключевыми инициативами, которые будут покрыты в 2022 финансовом году. Пожалуйста, также обратите внимание на следующее, касающееся наших рекомендаций:
См. раздел “Сверка финансовых показателей GAAP с финансовыми показателями, не относящимися к GAAP” ниже.
Информация о конференц-звонке
Корпорация UniFirst проведет селекторное совещание сегодня в 9:00 утра (по восточному времени), чтобы обсудить свои квартальные финансовые результаты, основные направления бизнеса и перспективы. Одновременная прямая трансляция звонка будет доступна через Интернет и доступна по адресу www.UniFirst.com .
О корпорации UniFirst
Корпорация UniFirst со штаб-квартирой в Уилмингтоне, штат Массачусетс (NYSE: UNF) является североамериканским лидером в области поставок и обслуживания программ униформы и спецодежды, а также предоставления программ обслуживания объектов. Вместе со своими дочерними компаниями Компания также предоставляет средства первой помощи и безопасности, а также управляет специализированными программами одежды для чистых помещений и атомной промышленности. UniFirst производит собственную фирменную спецодежду, защитную одежду и средства по уходу за полом; и с 260 сервисными пунктами, более чем 300 000 клиентскими пунктами и более чем 14 000 партнерами по команде сотрудников Компания оснащает почти 2 миллиона работников каждый рабочий день. Для получения дополнительной информации свяжитесь с UniFirst по телефону 800.455.7654 или посетите UniFirst.com .
Раскрытие прогнозных заявлений
Это публичное объявление содержит прогнозные заявления по смыслу федеральных законов о ценных бумагах, которые отражают текущие взгляды Компании в отношении будущих событий и финансовых показателей, включая прогнозируемые доходы, операционную маржу и прибыль на акцию. Прогнозные заявления, содержащиеся в этом публичном объявлении, подпадают под действие безопасной гавани, созданной Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года, и могут быть идентифицированы такими словами, как “руководство”, “перспективы”, “оценки”, “ожидает”, “проекты”, “планы”, “ожидает,”намеревается”, “полагает”, “стремится”, “мог бы”, “должен”, “может”, “будет”, “стратегия”, “цель”, “предполагать”, “стремиться” или их отрицательные версии и аналогичные выражения и контекст, в котором они используются. Такие прогнозные заявления основаны на наших текущих ожиданиях и относятся только к сделанной дате. Такие заявления в значительной степени зависят от множества рисков, неопределенностей и других важных факторов, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые отражены в таких прогнозных заявлениях. Такие факторы включают, но не ограничиваются, неопределенности, вызванных неблагоприятным экономическим условиям, включая, но не ограничиваясь, в результате значительного роста инфляции или чрезвычайных событий или обстоятельств, таких как геополитические конфликты, как конфликт между Россией и Украиной или COVID-19 пандемией, и их влияние на наших клиентов бизнес и уровней рабочей силы, перебои нашего бизнеса и операций, в том числе ограничения или закрытия, наш зал, или бизнеса заказчиков или поставщиков в связи с чрезвычайными событиями или обстоятельствами, такими как COVID-19 пандемией, неопределенность в отношении нашей способности завершить и успешно интегрировать приобретенные предприятия, неясности в отношении любых существующих или вновь открывшимся расходы и обязательства, относящиеся к соблюдению природоохранного законодательства и устранения нарушений, каких-либо неблагоприятного исхода предстоящих или будущих непредвиденных обстоятельств или требований, наша способность успешно конкурировать без какого-либо заметного ухудшения наша маржа ставки сезонных и квартальные колебания в деловом уровнях наша способность сохранять позитивный трудовых отношений и не стать объектом корпоративного труда профсоюзов кампаний, которые могут нарушить наш бизнес, влияние колебаний валютных курсов на результаты деятельности и финансовое состояние, нашу зависимость от третьих сторон, чтобы снабжать нас сырьем, что такие поставки могут быть серьезно нарушена в результате событий чрезвычайного характера или обстоятельствами, такими как COVID-19 пандемией, любая потеря ключевого управленческого и прочего персонала, увеличения затрат в результате каких-либо изменений в федеральных или государственных законов, норм и правил или государственных интерпретации таких законов, правил и норм, неопределенность в отношении, или неблагоприятного воздействия увеличивается, уровень цен на природный газ, электроэнергию, топливо и труда, отрицательное влияние на наш бизнес резко подавлен нефти и природного газа ценам, в том числе, но не ограничиваясь, в результате событий чрезвычайного характера или обстоятельствами, такими как COVID-19 пандемией, продолжающееся увеличение внутренних затрат на здравоохранение, повышение оплаты труда работников требовать возмещения расходов, увеличился здравоохранения утверждают, расходы, в том числе в результате событий чрезвычайного характера или обстоятельствами, такими как COVID-19 пандемией, наша способность сохранить и увеличить нашу клиентскую базу, спрос и цены на наши продукты и услуги, колебания наша специальность одежды деловой, политической нестабильности, цепочки поставок, нарушения или инфекции среди наших сотрудников в Мексике и Никарагуа, где наши основные одежду размещаются производственные цеха, включая, но не ограничиваясь, в результате событий чрезвычайного характера или обстоятельствами, такими как COVID-19 пандемией, наша способность правильно и эффективно проектировать, конструировать, внедрять и эксплуатировать новое управление взаимоотношениями с клиентами компьютерные системы, перебоев или сбоев наших информационно-технических систем, в том числе в результате кибератаки, дополнительного профессионального и внутренние затраты, необходимые для соблюдения каких-либо изменений или дополнительных ценным бумагам и биржам, Нью-Йоркская фондовая биржа, бухгалтерского учета или других правил, включая, без ограничений, последние правила, предложенные по ценным бумагам и биржам в отношении климатических и кибербезопасности раскрытия информации, забастовки и уровень безработицы, наши усилия по оценке и потенциально снизить внутренние издержки, экономических и других событий, связанных с войной с терроризмом и его влияние на экономику, влияние внешнеторговой политики и тарифов или других обложения на импортируемые товары на наш бизнес, результаты операционной деятельности и финансовое состояние, общие экономические условия, нашу способность успешно выполнять свои бизнес-стратегии и процессы, в том числе и наш капитал выделении стратегии и другими факторами, указанными в разделе “Часть I, П. 1А. Факторы риска” и в других местах нашего Годового отчета по Форме 10-K за год, закончившийся 28 августа 2021 года, “Часть II, пункт 1.A. Факторы риска” и в других местах наших последующих Квартальных отчетов по Форме 10-Q и в других наших заявках в Комиссию по ценным бумагам и биржам. Мы не берем на себя никаких обязательств обновлять какие-либо прогнозные заявления, чтобы отразить события или обстоятельства, возникшие после даты, на которую они были сделаны.
Контакты по связям с инвесторами Шейн О'Коннор, Исполнительный вице-президент и финансовый директор First Corporation 978-658-8888shane_oconnor@UniFirst.com
Консолидированный отчет о прибылях и убытках (неаудированный)
(In thousands, except per share data) | Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | ||||||||||||
Revenues | $ | 486,696 | $ | 449,764 | $ | 972,860 | $ | 896,617 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of revenues (1) | 324,816 | 289,455 | 634,946 | 565,255 | ||||||||||||
Selling and administrative expenses (1) | 112,406 | 93,329 | 216,794 | 182,032 | ||||||||||||
Depreciation and amortization | 26,861 | 26,287 | 53,717 | 52,595 | ||||||||||||
Total operating expenses | 464,083 | 409,071 | 905,457 | 799,882 | ||||||||||||
Operating income | 22,613 | 40,693 | 67,403 | 96,735 | ||||||||||||
Other (income) expense: | ||||||||||||||||
Interest income, net | (751 | ) | (863 | ) | (1,399 | ) | (1,431 | ) | ||||||||
Other (income) expense, net | 594 | (584 | ) | 1,330 | 165 | |||||||||||
Total other income, net | (157 | ) | (1,447 | ) | (69 | ) | (1,266 | ) | ||||||||
Income before income taxes | 22,770 | 42,140 | 67,472 | 98,001 | ||||||||||||
Provision for income taxes | 4,319 | 9,555 | 15,316 | 23,520 | ||||||||||||
Net income | $ | 18,451 | $ | 32,585 | $ | 52,156 | $ | 74,481 | ||||||||
Income per share – Basic: | ||||||||||||||||
Common Stock | $ | 1.02 | $ | 1.80 | $ | 2.88 | $ | 4.10 | ||||||||
Class B Common Stock | $ | 0.81 | $ | 1.44 | $ | 2.30 | $ | 3.28 | ||||||||
Income per share – Diluted: | ||||||||||||||||
Common Stock | $ | 0.97 | $ | 1.71 | $ | 2.75 | $ | 3.91 | ||||||||
Income allocated to – Basic: | ||||||||||||||||
Common Stock | $ | 15,492 | $ | 27,349 | $ | 43,792 | $ | 62,520 | ||||||||
Class B Common Stock | $ | 2,959 | $ | 5,236 | $ | 8,364 | $ | 11,961 | ||||||||
Income allocated to – Diluted: | ||||||||||||||||
Common Stock | $ | 18,451 | $ | 32,585 | $ | 52,156 | $ | 74,481 | ||||||||
Weighted average shares outstanding – Basic: | ||||||||||||||||
Common Stock | 15,210 | 15,223 | 15,225 | 15,235 | ||||||||||||
Class B Common Stock | 3,635 | 3,643 | 3,635 | 3,643 | ||||||||||||
Weighted average shares outstanding – Diluted: | ||||||||||||||||
Common Stock | 18,967 | 19,037 | 18,999 | 19,032 |
(1) Без учета амортизации основных средств Компании и амортизации ее нематериальных активов.Сокращенный Консолидированный Бухгалтерский Баланс (Неаудированный)
(In thousands) | February 26, 2022 | August 28, 2021 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and short-term investments | $ | 425,887 | $ | 512,868 | ||||
Receivables, net | 237,237 | 208,331 | ||||||
Inventories | 160,835 | 143,591 | ||||||
Rental merchandise in service | 196,690 | 181,531 | ||||||
Prepaid taxes | 9,475 | 16,580 | ||||||
Prepaid expenses and other current assets | 48,743 | 40,891 | ||||||
Total current assets | 1,078,867 | 1,103,792 | ||||||
Property, plant and equipment, net | 627,924 | 617,719 | ||||||
Goodwill | 457,718 | 429,538 | ||||||
Customer contracts and other intangible assets, net | 90,221 | 84,638 | ||||||
Deferred income taxes | 565 | 580 | ||||||
Operating lease right-of-use assets, net | 51,237 | 42,115 | ||||||
Other assets | 106,064 | 102,683 | ||||||
Total assets | $ | 2,412,596 | $ | 2,381,065 | ||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 84,517 | $ | 81,356 | ||||
Accrued liabilities | 151,743 | 159,578 | ||||||
Accrued taxes | — | 743 | ||||||
Operating lease liabilities, current | 13,791 | 12,993 | ||||||
Total current liabilities | 250,051 | 254,670 | ||||||
Long-term liabilities: | ||||||||
Accrued liabilities | 134,263 | 134,085 | ||||||
Accrued and deferred income taxes | 90,284 | 89,177 | ||||||
Operating lease liabilities | 39,023 | 30,181 | ||||||
Total liabilities | 513,621 | 508,113 | ||||||
Shareholders’ equity: | ||||||||
Common Stock | 1,521 | 1,524 | ||||||
Class B Common Stock | 363 | 364 | ||||||
Capital surplus | 90,006 | 89,257 | ||||||
Retained earnings | 1,833,579 | 1,806,643 | ||||||
Accumulated other comprehensive loss | (26,494 | ) | (24,836 | ) | ||||
Total shareholders’ equity | 1,898,975 | 1,872,952 | ||||||
Total liabilities and shareholders’ equity | $ | 2,412,596 | $ | 2,381,065 |
Подробная информация о результатах деятельности (неаудированная)
(In thousands, except percentages) | Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 433,056 | $ | 398,235 | 34,821 | 8.7 | % | |||||||||
Specialty Garments | 35,538 | 35,222 | 316 | 0.9 | % | |||||||||||
First Aid | 18,102 | 16,307 | 1,795 | 11.0 | % | |||||||||||
Consolidated total | $ | 486,696 | $ | 449,764 | $ | 36,932 | 8.2 | % |
(In thousands, except percentages) | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 861,902 | $ | 791,425 | $ | 70,477 | 8.9 | % | ||||||||
Specialty Garments | 75,022 | 73,356 | 1,666 | 2.3 | % | |||||||||||
First Aid | 35,936 | 31,836 | 4,100 | 12.9 | % | |||||||||||
Consolidated total | $ | 972,860 | $ | 896,617 | $ | 76,243 | 8.5 | % |
Операционный доход
(In thousands, except percentages) | Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 18,745 | $ | 35,366 | $ | (16,621 | ) | (47.0 | )% | |||||||
Specialty Garments | 3,850 | 5,234 | (1,384 | ) | (26.4 | )% | ||||||||||
First Aid | 18 | 93 | (75 | ) | (80.6 | )% | ||||||||||
Consolidated total | $ | 22,613 | $ | 40,693 | $ | (18,080 | ) | (44.4 | )% |
(In thousands, except percentages) | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | Dollar Change | Percent Change | ||||||||||||
Core Laundry Operations | $ | 55,252 | $ | 84,236 | $ | (28,984 | ) | (34.4 | )% | |||||||
Specialty Garments | 12,479 | 12,393 | 86 | 0.7 | % | |||||||||||
First Aid | (328 | ) | 106 | (434 | ) | (409.4 | )% | |||||||||
Consolidated total | $ | 67,403 | $ | 96,735 | $ | (29,332 | ) | (30.3 | )% |
Операционная Маржа
Thirteen weeks ended February 26, 2022 | Thirteen weeks ended February 27, 2021 | |||||||
Core Laundry Operations | 4.3 | % | 8.9 | % | ||||
Specialty Garments | 10.8 | % | 14.9 | % | ||||
First Aid | 0.1 | % | 0.6 | % | ||||
Consolidated total | 4.6 | % | 9.0 | % |
Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | |||||||
Core Laundry Operations | 6.4 | % | 10.6 | % | ||||
Specialty Garments | 16.6 | % | 16.9 | % | ||||
First Aid | (0.9 | )% | 0.3 | % | ||||
Consolidated total | 6.9 | % | 10.8 | % |
Консолидированные отчеты о движении денежных средств (неаудированные)
(In thousands) | Twenty-six weeks ended February 26, 2022 | Twenty-six weeks ended February 27, 2021 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 52,156 | $ | 74,481 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation and amortization | 53,717 | 52,595 | ||||||
Amortization of deferred financing costs | 82 | 56 | ||||||
Share-based compensation | 4,961 | 3,266 | ||||||
Accretion on environmental contingencies | 298 | 224 | ||||||
Accretion on asset retirement obligations | 491 | 492 | ||||||
Deferred income taxes | 1,733 | 847 | ||||||
Other | (6 | ) | 19 | |||||
Changes in assets and liabilities, net of acquisitions: | ||||||||
Receivables, less reserves | (27,855 | ) | (12,511 | ) | ||||
Inventories | (17,189 | ) | (4,287 | ) | ||||
Rental merchandise in service | (13,317 | ) | (338 | ) | ||||
Prepaid expenses and other current assets and Other assets | (3,926 | ) | 2,267 | |||||
Accounts payable | 5,357 | (1,923 | ) | |||||
Accrued liabilities | (16,928 | ) | 11,460 | |||||
Prepaid and accrued income taxes | 5,319 | 1,368 | ||||||
Net cash provided by operating activities | 44,893 | 128,016 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of businesses, net of cash acquired | (42,325 | ) | (7,018 | ) | ||||
Capital expenditures, including capitalization of software costs | (60,178 | ) | (66,855 | ) | ||||
Proceeds from sale of assets | 27 | 281 | ||||||
Net cash used in investing activities | (102,476 | ) | (73,592 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of share-based awards | 3 | 3 | ||||||
Taxes withheld and paid related to net share settlement of equity awards | (3,803 | ) | (2,643 | ) | ||||
Repurchase of Common Stock | (14,766 | ) | (9,534 | ) | ||||
Payment of cash dividends | (9,976 | ) | (9,069 | ) | ||||
Net cash used in financing activities | (28,542 | ) | (21,243 | ) | ||||
Effect of exchange rate changes | (856 | ) | 1,544 | |||||
Net increase (decrease) in cash, cash equivalents and short-term investments | (86,981 | ) | 34,725 | |||||
Cash, cash equivalents and short-term investments at beginning of period | 512,868 | 474,838 | ||||||
Cash, cash equivalents and short-term investments at end of period | $ | 425,887 | $ | 509,563 |
Сверка ОПБУ с финансовыми показателями, не относящимися к ОПБУ
Компания отчитывается о своих консолидированных финансовых результатах в соответствии с общепринятыми принципами бухгалтерского учета (“GAAP”). В дополнение к этим консолидированным финансовым результатам руководство считает, что некоторые операционные результаты, не относящиеся к GAAP, являются полезным показателем для оценки и сравнения результатов деятельности Компании за представленные периоды. Компания считает, что эти результаты, не относящиеся к GAAP, предоставляют полезную дополнительную информацию о результатах деятельности Компании как руководству, так и инвесторам, исключая определенные разовые суммы, которые влияют на сопоставимость результатов. Дополнительная сверка консолидированного операционного дохода Компании, консолидированной чистой прибыли и разводненной прибыли на акцию (“EPS”) на основе GAAP с скорректированным операционным доходом, скорректированной чистой прибылью и скорректированной разводненной прибылью на акцию без учета GAAP представлена в следующей таблице. Кроме того, в следующей таблице также представлены операционный доход и операционная маржа основных операций прачечной на основе GAAP в отношении скорректированного операционного дохода и скорректированной операционной маржи на основе, отличной от GAAP. Инвесторам рекомендуется пересмотреть сверку этих показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями GAAP, которые представлены ниже.
Thirteen weeks ended February 26, 2022 | ||||||||||||||||||||||||||||
Consolidated | Core Laundry Operations | |||||||||||||||||||||||||||
(In thousands, except percentages) | Revenue | Operating Income | Net Income | Diluted EPS | Revenue | Operating Income | Operating Margin | |||||||||||||||||||||
As reported | $ | 486,696 | $ | 22,613 | $ | 18,451 | $ | 0.97 | $ | 433,056 | $ | 18,745 | 4.3 | % | ||||||||||||||
Key Initiatives | — | 6,739 | 5,080 | 0.27 | — | 6,739 | 1.6 | % | ||||||||||||||||||||
As adjusted | $ | 486,696 | $ | 29,352 | $ | 23,531 | $ | 1.24 | $ | 433,056 | $ | 25,484 | 5.9 | % |
Twenty-six weeks ended February 26, 2022 | ||||||||||||||||||||||||||||
Consolidated | Core Laundry Operations | |||||||||||||||||||||||||||
(In thousands, except percentages) | Revenue | Operating Income | Net Income | Diluted EPS | Revenue | Operating Income | Operating Margin | |||||||||||||||||||||
As reported | $ | 972,860 | $ | 67,403 | $ | 52,156 | $ | 2.75 | $ | 861,902 | $ | 55,252 | 6.4 | % | ||||||||||||||
Key Initiatives | — | 12,661 | 9,543 | 0.50 | — | 12,661 | 1.5 | % | ||||||||||||||||||||
As adjusted | $ | 972,860 | $ | 80,064 | $ | 61,699 | $ | 3.25 | $ | 861,902 | $ | 67,913 | 7.9 | % |
Дополнительные сверки финансовых прогнозов Компании на 2022 финансовый год по консолидированной операционной прибыли, консолидированной чистой прибыли, разводненной прибыли на акцию и операционной прибыли на основе GAAP с скорректированной операционной прибылью, скорректированной чистой прибылью, скорректированной разводненной прибылью на акцию и скорректированной операционной маржей на основе, отличной от GAAP, представлены в следующих таблицах. Кроме того, в следующей таблице также представлена дополнительная сверка финансовых прогнозов на 2022 финансовый год по операционным доходам и операционной марже основных прачечных на основе GAAP с скорректированным операционным доходом и скорректированной операционной маржей на основе, отличной от GAAP. Инвесторам рекомендуется ознакомиться с сопоставлением прогнозов по этим показателям, не относящимся к GAAP, с прогнозами по их наиболее непосредственно сопоставимым финансовым показателям GAAP, которые представлены ниже. Прогноз Компании содержит прогнозные заявления и информацию. Фактические результаты могут существенно отличаться. См. раздел “Раскрытие информации о прогнозных заявлениях”.
Fifty-two weeks ended August 27, 2022 | ||||||||||||||||||||||||
Consolidated | Core Laundry Operations | |||||||||||||||||||||||
(In thousands, except percentages and per share amounts) | Guidance - at the midpoint | Key Initiative Costs | Adjusted | Guidance - at the midpoint | Key Initiative Costs | Adjusted | ||||||||||||||||||
Revenues | $ | 1,973,500 | $ | — | $ | 1,973,500 | $ | 1,753,500 | $ | - | $ | 1,753,500 | ||||||||||||
Operating income | 142,275 | 30,000 | 172,275 | $ | 121,400 | $ | 30,000 | $ | 151,400 | |||||||||||||||
Operating margin | 7.2 | % | 1.5 | % | 8.7 | % | 6.9 | % | 1.7 | % | 8.6 | % | ||||||||||||
Income before income taxes | 143,075 | 30,000 | 173,075 | |||||||||||||||||||||
Provision for income taxes | 34,338 | 7,581 | 41,919 | |||||||||||||||||||||
Net income | $ | 108,737 | $ | 22,419 | $ | 131,156 | ||||||||||||||||||
Effective tax rate | 24.0 | % | 25.3 | % | 24.2 | % | ||||||||||||||||||
Diluted earnings per share: | Projected | Key Initiative Costs | Adjusted | |||||||||||||||||||||
Low | $ | 5.62 | $ | 1.18 | $ | 6.80 | ||||||||||||||||||
High | $ | 5.82 | $ | 1.18 | $ | 7.00 |