Exhibit 99.1        

Prestige Consumer Healthcare Inc. Reports Fiscal 2020 First Quarter Results

Revenue $232.2 Million in Q1 Fiscal 2020; Organic Revenue Flat as Expected
EPS of $0.65 in Q1 Fiscal 2020
Cash Flow From Operations of $52.8 Million in Q1; Non-GAAP Free Cash Flow of $50.8 Million
Reduced Debt by $20 Million and Repurchased Approximately $30 million Shares in Q1 Fiscal 2020
Reaffirming Previously Issued FY’20 Outlook

TARRYTOWN, N.Y.--(GLOBE NEWSWIRE)-August 1, 2019-- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its first quarter fiscal 2020 ended June 30, 2019.

“Our first quarter represents a solid start to the fiscal year and we are reaffirming our fiscal year 2020 outlook. The business performance continues to benefit from solid consumption trends across our portfolio of leading brands, strong gross margins, a solid financial profile and cash generation. These attributes enabled us to invest behind our brands, opportunistically repurchase shares and further reduce debt during Q1” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.

First Fiscal Quarter Ended June 30, 2019

Reported revenues in the first quarter of fiscal 2020 decreased 8.6% to $232.2 million compared to $254.0 million in the first quarter of fiscal 2019. Revenues were flat on an organic basis, which excludes the impact related to the divested Household Cleaning segment and foreign currency. The revenue performance for the quarter was driven by strong international segment growth and consumption growth in the Company’s core brand portfolio domestically, offset by retailer inventory reductions.

Reported gross profit margin in the first quarter fiscal 2020 was 57.7%, compared to 55.4% for the prior year comparable period that included the divested Household Cleaning segment. First quarter fiscal 2020 gross profit margin increased sequentially from the fourth quarter fiscal 2019 gross margin of 57.4%.

Reported net income for the first quarter of fiscal 2020 totaled $33.9 million versus the prior year comparable quarter’s net income of $34.5 million or $35.8 million on a non-GAAP adjusted basis. Diluted earnings per share were $0.65 for the first quarter of fiscal 2020 compared to $0.65 diluted earnings per share, and $0.68 on a non-GAAP adjusted basis, in the prior year comparable period. The prior year comparable period results included profit contribution related to the divested Household Cleaning segment.

Adjustments to net income in the first quarter of fiscal 2019 included legal and various other costs associated with the Household Cleaning divestiture, and the related income tax effects of the adjustments.

Free Cash Flow and Balance Sheet
The Company's net cash provided by operating activities for the first fiscal quarter of 2020 decreased to $52.8 million from





$55.9 million during the same period a year earlier. Non-GAAP free cash flow for the first fiscal quarter of 2020 was
$50.8 million, compared to $53.4 million in the prior year comparable quarter. The Company’s business experienced continued strong cash conversion but was offset by the loss of cash flow from the divestiture of the Company’s Household Cleaning segment.

In the first quarter of fiscal 2020, the Company used its cash flow to reduce debt by $20 million. The Company also executed a portion of its previously-authorized $50 million share repurchase program, repurchasing 0.9 million shares at a total investment of $28.8 million. Subsequent to the quarter, the Company completed its share repurchase program during July 2019.

The Company's net debt position as of June 30, 2019 was approximately $1.8 billion, approximately flat versus the prior quarter as first quarter 2020 cash generation went primarily towards share repurchase. At June 30, 2019 the Company's covenant-defined leverage ratio was 5.0x.

Segment Review

North American OTC Healthcare: Segment revenues totaled $210.8 million for the first quarter of fiscal 2020, compared to the prior year comparable quarter's revenues of $214.8 million. The first quarter fiscal 2020 revenue performance was attributable to increased consumption among the majority of core OTC brands which was more than offset by retailer inventory reductions and unfavorable foreign currency of $0.5 million.

International OTC Healthcare: Segment fiscal first quarter 2020 revenues totaled $21.4 million, compared to $19.4 million reported in the prior year comparable period. Revenues versus the prior year first quarter benefitted from consumption growth and the timing of distributor orders and shipments, partially offset by unfavorable foreign currency of approximately $1 million.

Household Cleaning: As previously announced, the Company sold its Household Cleaning segment on July 2, 2018 and used net proceeds from the divestiture to pay down debt. For the first quarter of fiscal 2019, the Household Cleaning segment generated $19.8 million in revenues, with no reported revenue in subsequent quarters.

Commentary and Outlook for Fiscal 2020

Ron Lombardi, CEO, stated, “We are pleased with our start to fiscal 2020, with solid revenue and profit results reinforcing confidence in our financial outlook for the year.”

“Looking forward, we are pleased with the continuing overall top-line trends of our core portfolio, including market share gains for the majority of the Company’s core brands. Regarding operations, following a strategic analysis we have decided to transition to a new third-party logistics provider and location over the balance of fiscal 2020 in order to best meet the needs of our business and customers for the long-term. We are maintaining our profit outlook on an adjusted basis and expect near-term costs associated with the transition to result in long-term savings to our business.”






“Our stable financial profile and profit outlook for fiscal 2020 enables a disciplined capital allocation approach in which we anticipate our primary use of cash being debt reduction. We continue to benefit from a diverse portfolio of leading brands and remain confident in our long-term growth prospects,” Mr. Lombardi concluded.

 
Fiscal 2020 Full-Year Outlook
Revenue
$951 to $961 million
Organic Growth Percentage*
Approximately Flat
Adjusted E.P.S.*
$2.76 to $2.83
Adjusted Free Cash Flow*
$200 million or more

Fiscal Q1 2020 Conference Call, Accompanying Slide Presentation and Replay
The Company will host a conference call to review its first quarter results today, August 1, 2019 at 8:30 a.m. ET. The toll-free dial-in numbers are 844-233-9440 within North America and 574-990-1016 outside of North America. The conference ID number is 5433939. The Company provides a live Internet webcast, a slide presentation to accompany the call, as well as an archived replay, all of which can be accessed from the Investor Relations page of the Company's website at www.prestigeconsumerhealthcare.com. The slide presentation can be accessed from the Investor Relations page of the website by clicking on Webcasts and Presentations.

Telephonic replays will be available for one week following the completion of the call and can be accessed at 855-859-2056 within North America and at 404-537-3406 from outside North America. The conference ID is 5433939.

Non-GAAP and Other Financial Information
In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this release to aid investors in understanding the Company's performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section at the end of this earnings release.

Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "assumptions," "target," "guidance," "prospects," "outlook," "plans," "projection," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe”, "potential," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The "forward-looking statements" include, without limitation, statements regarding the Company's expectations regarding future operating results including revenues, organic growth, earnings per share and free cash flow, the Company’s disciplined capital allocation, the Company’s ability to reduce debt and the Company’s ability to position itself for long-term growth. These statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expected as a result of a variety of factors, including the impact of the Company’s advertising and promotional and new product development initiatives, customer inventory management initiatives, general economic and business conditions, fluctuating foreign exchange rates, consumer trends, competitive pressures, the impact of the transition





to a new third party logistics provider, and the ability of the Company’s third party manufacturers and logistics providers and suppliers to meet demand for its products and to reduce costs. A discussion of other factors that could cause results to vary is included in the Company's Annual Report on Form 10-K for the year ended March 31, 2019 and other periodic reports filed with the Securities and Exchange Commission.

About Prestige Consumer Healthcare Inc.
Prestige Consumer Healthcare markets, sells, manufactures and distributes consumer healthcare products to retail outlets throughout the U.S. and Canada, Australia, and in certain other international markets. The Company’s diverse portfolio of brands include Monistat® and Summer’s Eve® women's health products, BC® and Goody's® pain relievers, Clear Eyes® eye care products, DenTek® specialty oral care products, Dramamine® motion sickness treatments, Fleet® enemas and glycerin suppositories, Chloraseptic® and Luden's® sore throat treatments and drops, Compound W® wart treatments, Little Remedies® pediatric over-the-counter products, Boudreaux’s Butt Paste® diaper rash ointments, Nix® lice treatment, Debrox® earwax remover, Gaviscon® antacid in Canada, and Hydralyte® rehydration products and the Fess® line of nasal and sinus care products in Australia. Visit the Company's website at www.prestigeconsumerhealthcare.com.

* See the “About Non-GAAP Financial Measures” section of this report for further presentation information.






Prestige Consumer Healthcare Inc.
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
 
 
Three Months Ended June 30,
(In thousands, except per share data)
 
2019
 
2018
Revenues
 
 
 
 
Net sales
 
$
232,133

 
$
253,954

Other revenues
 
21

 
26

Total revenues
 
232,154


253,980

 
 
 
 
 
Cost of Sales
 
 
 
 
Cost of sales excluding depreciation
 
97,100

 
112,069

Cost of sales depreciation
 
987


1,288

Cost of sales
 
98,087


113,357

Gross profit
 
134,067

 
140,623

 
 
 
 
 
Operating Expenses
 
 
 
 
Advertising and promotion
 
34,801

 
37,111

General and administrative
 
21,706

 
23,941

Depreciation and amortization
 
6,074

 
7,084

Total operating expenses
 
62,581

 
68,136

Operating income
 
71,486

 
72,487

 
 
 
 
 
Other (income) expense
 
 
 
 
Interest income
 
(43
)
 
(100
)
Interest expense
 
25,063

 
26,040

Other expense, net
 
416

 
87

Total other expense
 
25,436

 
26,027

Income before income taxes
 
46,050

 
46,460

Provision for income taxes
 
12,125

 
11,994

Net income
 
$
33,925

 
$
34,466

 
 
 
 
 
Earnings per share:
 
 
 
 
Basic
 
$
0.66

 
$
0.65

Diluted
 
$
0.65

 
$
0.65

 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
Basic
 
51,697

 
52,640

Diluted
 
52,047

 
52,942

 
 
 
 
 
Comprehensive income, net of tax:
 
 
 
 
Currency translation adjustments
 
(224
)
 
(2,974
)
Total other comprehensive loss
 
(224
)

(2,974
)
Comprehensive income
 
$
33,701


$
31,492








Prestige Consumer Healthcare Inc.
Condensed Consolidated Balance Sheets
(Unaudited)


(In thousands)
June 30, 2019
 
March 31, 2019
 
 
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
29,042

 
$
27,530

Accounts receivable, net of allowance of $12,059 and $12,965, respectively
142,927

 
148,787

Inventories
129,388

 
119,880

Prepaid expenses and other current assets
9,164

 
4,741

Total current assets
310,521

 
300,938

 
 
 
 
Property, plant and equipment, net
51,387

 
51,176

Operating lease right-of-use asset
16,097

 

Goodwill
578,309

 
578,583

Intangible assets, net
2,501,358

 
2,507,210

Other long-term assets
3,038

 
3,129

Total Assets
$
3,460,710

 
$
3,441,036

 
 
 
 
Liabilities and Stockholders' Equity
 

 
 

Current liabilities
 

 
 

Accounts payable
$
62,109

 
$
56,560

Accrued interest payable
13,937

 
9,756

Operating lease liabilities, current portion
5,099

 

Other accrued liabilities
62,346

 
60,663

Total current liabilities
143,491

 
126,979

 
 
 
 
Long-term debt, net
1,779,380

 
1,798,598

Deferred income tax liabilities
403,750

 
399,575

Long-term operating lease liability, net of current portion
12,526

 

Other long-term liabilities
19,940

 
20,053

Total Liabilities
2,359,087

 
2,345,205

 
 
 
 
 
 
 
 
Stockholders' Equity
 

 
 

Preferred stock - $0.01 par value
 

 
 

Authorized - 5,000 shares
 

 
 

Issued and outstanding - None

 

Common stock - $0.01 par value
 

 
 

Authorized - 250,000 shares
 
 
 
Issued - 53,741 shares at June 30, 2019 and 53,670 shares at March 31, 2019
537

 
536

Additional paid-in capital
480,805

 
479,150

Treasury stock, at cost - 2,848 shares at June 30, 2019 and 1,871 shares at March 31, 2019
(89,493
)
 
(59,928
)
Accumulated other comprehensive loss, net of tax
(25,971
)
 
(25,747
)
Retained earnings
735,745

 
701,820

Total Stockholders' Equity
1,101,623

 
1,095,831

Total Liabilities and Stockholders' Equity
$
3,460,710

 
$
3,441,036












Prestige Consumer Healthcare Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Three Months Ended June 30,
(In thousands)
2019
 
2018
Operating Activities
 
 
 
Net income
$
33,925

 
$
34,466

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
7,061

 
8,372

Loss on disposal of property and equipment
20

 
1

Deferred income taxes
4,206

 
6,755

Amortization of debt origination costs
851

 
920

Stock-based compensation costs
1,381

 
1,657

Non-cash operating lease cost
1,338



Changes in operating assets and liabilities:
 
 
 
Accounts receivable
5,808

 
(4,357
)
Inventories
(8,939
)
 
(9,303
)
Prepaid expenses and other current assets
(4,335
)
 
623

Accounts payable
5,306

 
16,479

Accrued liabilities
7,616

 
347

Operating lease liabilities
(1,368
)


Other
(93
)
 
(108
)
Net cash provided by operating activities
52,777

 
55,852

 
 
 
 
Investing Activities
 

 
 

Purchases of property, plant and equipment
(1,956
)

(2,469
)
Net cash used in investing activities
(1,956
)
 
(2,469
)
 
 
 
 
Financing Activities
 

 
 

Borrowings under revolving credit agreement
15,000

 
20,000

Repayments under revolving credit agreement
(35,000
)
 
(20,000
)
Proceeds from exercise of stock options
275

 
880

Fair value of shares surrendered as payment of tax withholding
(799
)
 
(2,281
)
Repurchase of common stock
(28,766
)
 
(49,978
)
Net cash used in financing activities
(49,290
)
 
(51,379
)
 
 
 
 
Effects of exchange rate changes on cash and cash equivalents
(19
)
 
(283
)
Increase in cash and cash equivalents
1,512

 
1,721

Cash and cash equivalents - beginning of period
27,530

 
32,548

Cash and cash equivalents - end of period
$
29,042

 
$
34,269

 
 
 
 
Interest paid
$
19,966

 
$
20,907

Income taxes paid
$
1,807

 
$
334






Prestige Consumer Healthcare Inc.
Condensed Consolidated Statements of Income
Business Segments
(Unaudited)
 
 
 
 
 
 
 
 

 
Three Months Ended June 30, 2019
(In thousands)
North American OTC Healthcare
 
International OTC Healthcare
 
Household
Cleaning
 
Consolidated
Total segment revenues*
$
210,784


$
21,370


$


$
232,154

Cost of sales
88,811


9,276




98,087

Gross profit
121,973


12,094




134,067

Advertising and promotion
31,014


3,787




34,801

Contribution margin
$
90,959


$
8,307


$


99,266

Other operating expenses
 





 


27,780

Operating income
 





 


71,486

Other expense
 





 


25,436

Income before income taxes









46,050

Provision for income taxes
 





 


12,125

Net income









$
33,925

*Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment.
 
 
 
 
 
 
 
 

 
Three Months Ended June 30, 2018
(In thousands)
North American OTC Healthcare
 
International OTC Healthcare
 
Household
Cleaning
 
Consolidated
Total segment revenues*
$
214,775


$
19,394


$
19,811


$
253,980

Cost of sales
89,153


7,616


16,588


113,357

Gross profit
125,622


11,778


3,223


140,623

Advertising and promotion
33,258


3,423


430


37,111

Contribution margin
$
92,364


$
8,355


$
2,793


103,512

Other operating expenses
 





 


31,025

Operating income
 





 


72,487

Other expense
 





 


26,027

Income before income taxes









46,460

Benefit for income taxes
 





 


11,994

Net income









$
34,466

* Intersegment revenues of $2.7 million were eliminated from the North American OTC Healthcare segment.







About Non-GAAP Financial Measures
In addition to financial results reported in accordance with GAAP, we disclose certain Non-GAAP financial measures ("NGFMs"), including, but not limited to, Non-GAAP Organic Revenues, Non-GAAP Organic Revenue Growth Percentage, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin Percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense Percentage, Non-GAAP EBITDA, Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, Non-GAAP Free Cash Flow, Non-GAAP Adjusted Free Cash Flow and Net Debt. We use these NGFMs internally, along with GAAP information, in evaluating our operating performance and in making financial and operational decisions. We believe that the presentation of these NGFMs provides investors with greater transparency, and provides a more complete understanding of our business than could be obtained absent these disclosures, because the supplemental data relating to our financial condition and results of operations provides additional ways to view our operation when considered with both our GAAP results and the reconciliations below. In addition, we believe that the presentation of each of these NGFMs is useful to investors for period-to-period comparisons of results in assessing shareholder value, and we use these NGFMs internally to evaluate the performance of our personnel and also to evaluate our operating performance and compare our performance to that of our competitors.
These NGFMs are not in accordance with GAAP, should not be considered as a measure of profitability or liquidity, and may not be directly comparable to similarly titled NGFMs reported by other companies. These NGFMs have limitations and they should not be considered in isolation from or as an alternative to their most closely related GAAP measures reconciled below. Investors should not rely on any single financial measure when evaluating our business. We recommend investors review the GAAP financial measures included in this earnings release. When viewed in conjunction with our GAAP results and the reconciliations below, we believe these NGFMs provide greater transparency and a more complete understanding of factors affecting our business than GAAP measures alone.

NGFMs Defined
We define our NGFMs presented herein as follows:
Non-GAAP Organic Revenues: GAAP Total Revenues excluding revenues associated with divestiture, allocated cost that remain after divestiture and impact of foreign currency exchange rates in the periods presented.
Non-GAAP Organic Revenue Growth Percentage: Calculated as the change in Non-GAAP Organic Revenues from prior year divided by prior year Non-GAAP Organic Revenues.
Non-GAAP Adjusted Gross Margin: GAAP Gross Profit minus certain transition and divestiture-related costs.
Non-GAAP Adjusted Gross Margin Percentage: Calculated as Non-GAAP Adjusted Gross Margin divided by GAAP Total Revenues.
Non-GAAP Adjusted General and Administrative Expense: GAAP General and Administrative expenses minus certain transition and divestiture-related costs.
Non-GAAP Adjusted General and Administrative Expense Percentage: Calculated as Non-GAAP Adjusted General and Administrative expense divided by GAAP Total Revenues.
Non-GAAP EBITDA: GAAP Net Income (Loss) less net interest expense (income), income taxes provision (benefit), and depreciation and amortization.
Non-GAAP EBITDA Margin: Calculated as Non-GAAP EBITDA divided by GAAP Total Revenues.
Non-GAAP Adjusted EBITDA: Non-GAAP EBITDA less certain transition and divestiture-related costs.
Non-GAAP Adjusted EBITDA Margin: Calculated as Non-GAAP Adjusted EBITDA divided by GAAP Total Revenues.
Non-GAAP Adjusted Net Income: GAAP Net Income (Loss) before certain transition and divestiture-related costs, applicable tax impact associated with these items and normalized tax rate adjustment.
Non-GAAP Adjusted EPS: Calculated as Non-GAAP Adjusted Net Income, divided by the weighted average number of common and potential common shares outstanding during the period.
Non-GAAP Free Cash Flow: GAAP Net cash provided by operating activities less cash paid for capital expenditures.
Non-GAAP Adjusted Free Cash Flow: Non-GAAP Free Cash Flow plus cash payments made for transition costs associated with divestiture.
Net Debt: Calculated as total principal amount of debt outstanding ($1,793,000 at June 30, 2019) less cash and cash equivalents ($29,042 at June 30, 2019). Amounts in thousands.

The following tables set forth the reconciliations of each of our NGFMs to their most directly comparable financial measures presented in accordance with GAAP.






Reconciliation of GAAP Total Revenues to Non-GAAP Organic Revenues and related Non-GAAP Organic Revenue Growth percentage:
 
Three Months Ended June 30,
 
2019
 
2018
(In thousands)
 
 
 
GAAP Total Revenues
$
232,154


$
253,980

Revenue Growth
(8.6
)%
 
 
Adjustments:
 
 
 
Revenues associated with divestiture

 
(19,811
)
Allocated costs that remain after divestiture

 
(659
)
Impact of foreign currency exchange rates

 
(1,402
)
Total adjustments

 
(21,872
)
Non-GAAP Organic Revenues
$
232,154

 
$
232,108

Non-GAAP Organic Revenue Growth as a Percentage of GAAP Total Revenues
 %
 


Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Margin and related Non-GAAP Adjusted Gross Margin percentage:
 
Three Months Ended June 30,
 
2019
 
2018
(In thousands)
 
 
 
GAAP Total Revenues
$
232,154


$
253,980

 
 
 
 
GAAP Gross Profit
$
134,067

 
$
140,623

GAAP Gross Profit as a Percentage of GAAP Total Revenue
57.7
%
 
55.4
%
Adjustments:
 
 
 
Transition and other costs associated with divestiture (1)


170

Total adjustments

 
170

Non-GAAP Adjusted Gross Margin
$
134,067

 
$
140,793

Non-GAAP Adjusted Gross Margin as a Percentage of GAAP Total Revenues
57.7
%
 
55.4
%
(1) Items related to divestiture represent costs related to divesting of assets sold, including (but not limited to) costs to exit or convert contractual obligations.

























Reconciliation of GAAP General and Administrative Expense and related GAAP General and Administrative Expense percentage to Non-GAAP Adjusted General and Administrative Expense and related Non-GAAP Adjusted General and Administrative Expense percentage:
 
Three Months Ended June 30,
 
2019
 
2018
(In thousands)
 
 
 
GAAP General and Administrative Expense
$
21,706

 
$
23,941

GAAP General and Administrative Expense as a Percentage of GAAP Total Revenue
9.3
%
 
9.4
%
 
 
 
 
Adjustments:
 
 
 
Transition and other costs associated with divestiture (1)


1,422

Total adjustments

 
1,422

Non-GAAP Adjusted General and Administrative Expense
$
21,706

 
$
22,519

Non-GAAP Adjusted General and Administrative Expense Percentage as a Percentage of GAAP Total Revenues
9.3
%
 
8.9
%
(1) Items related to divestiture represent costs related to divesting of assets sold including (but not limited to), costs to exit or convert contractual obligations, severance and consulting costs; and certain costs related to the consummation of the divestiture process such as insurance costs, legal and other related professional fees.

Reconciliation of GAAP Net Income to Non-GAAP EBITDA and related Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA and related Non-GAAP Adjusted EBITDA Margin:
 
Three Months Ended June 30,
 
2019
 
2018
(In thousands)
 
 
 
GAAP Net Income
$
33,925

 
$
34,466

Interest expense, net
25,020


25,940

Provision for income taxes
12,125

 
11,994

Depreciation and amortization
7,061


8,372

Non-GAAP EBITDA
78,131

 
80,772

Non-GAAP EBITDA Margin
33.7
%
 
31.8
%
Adjustments:
 
 
 
Transition and other costs associated with divestiture in Cost of Goods Sold (1)


170

Transition and other costs associated with divestiture in General and Administrative Expense (1)


1,422

Total adjustments

 
1,592

Non-GAAP Adjusted EBITDA
$
78,131

 
$
82,364

Non-GAAP Adjusted EBITDA Margin
33.7
%
 
32.4
%
(1) Items related to divestiture represent costs related to divesting of assets sold including (but not limited to), costs to exit or convert contractual obligations, severance and consulting costs; and certain costs related to the consummation of the divestiture process such as insurance costs, legal and other related professional fees.







Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and related Non-GAAP Adjusted Earnings Per Share:
 
Three Months Ended June 30,
 
2019
2019 Adjusted EPS
 
2018
2018 Adjusted EPS
(In thousands, except per share data)
 
 
 
 
 
GAAP Net Income
$
33,925

$
0.65

 
$
34,466

$
0.65

Adjustments:
 
 
 
 
 
Transition and other costs associated with divestiture in Cost of Goods Sold (1)


 
170


Transition and other costs associated with divestiture in General and Administrative Expense (1)


 
1,422

0.03

Tax impact of adjustments (2)


 
(404
)

Normalized tax rate adjustment (3)


 
193


Total adjustments


 
1,381

0.03

Non-GAAP Adjusted Net Income
and Adjusted EPS
$
33,925

$
0.65

 
$
35,847

$
0.68

(1) Items related to divestiture represent costs related to divesting of assets sold including (but not limited to), costs to exit or convert contractual obligations, severance and consulting costs; and certain costs related to the consummation of the divestiture process such as insurance costs, legal and other related professional fees.
(2) The income tax adjustments are determined using applicable rates in the taxing jurisdictions in which the above adjustments relate and includes both current and deferred income tax expense (benefit) based on the specific nature of the specific Non-GAAP performance measure.
(3) Income tax adjustment to adjust for discrete income tax items.

Reconciliation of GAAP Net Income to Non-GAAP Free Cash Flow and Non-GAAP Adjusted Free Cash Flow:
 
Three Months Ended June 30,
 
2019
 
2018
(In thousands)
 
 
 
GAAP Net Income
$
33,925

 
$
34,466

Adjustments:
 
 
 
Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows
14,857

 
17,705

Changes in operating assets and liabilities as shown in the Statement of Cash Flows
3,995

 
3,681

Total adjustments
18,852

 
21,386

GAAP Net cash provided by operating activities
52,777

 
55,852

Purchases of property and equipment
(1,956
)

(2,469
)
Non-GAAP Free Cash Flow
50,821

 
53,383

Transition and other payments associated with divestiture (1)

 
189

Non-GAAP Adjusted Free Cash Flow
$
50,821

 
$
53,572

(1) Payments related to divestiture represent costs related to divesting of assets sold including (but not limited to), costs to exit or convert contractual obligations, severance and consulting costs; and certain costs related to the consummation of the divestiture process such as insurance costs, legal and other related professional fees.

Outlook for Fiscal Year 2020:

Reconciliation of Projected GAAP EPS to Projected Non-GAAP Adjusted EPS:
 
2020 Projected EPS
 
Low
 
High
Projected FY'20 GAAP EPS
$
2.61

 
$
2.68

Adjustments:
 
 
 
Integration of new logistics provider(1)
0.15

 
0.15

Total Adjustments
0.15

 
0.15

Projected Non-GAAP Adjusted EPS
$
2.76

 
$
2.83

(1) Represents costs to integrate our new logistics provider into our operations.






Reconciliation of Projected GAAP Net cash provided by operating activities to Projected Non-GAAP Adjusted Free Cash Flow:
 
2020 Projected Free Cash Flow
(In millions)
 
Projected FY'20 GAAP Net cash provided by operating activities
$
205

Additions to property and equipment for cash
(15
)
Projected Non-GAAP Free Cash Flow
190

Payments associated with integration of new logistics provider
10

Projected Non-GAAP Adjusted Free Cash Flow
$
200









View differences made from one to another to evaluate Prestige Brands Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Prestige Brands Holdings, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account