Herbalife Ltd. (NYSE: HLF) today reported financial results for
the third quarter ended September 30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231031238910/en/
“We remain on track to achieve year-over-year net sales growth
in the fourth quarter as our trends continue to improve,” said
Michael Johnson, Chairman and CEO of Herbalife.
Highlights
- Third quarter 2023 net sales of $1.3 billion, down 1.1%
compared to third quarter 2022; on a constant currency basis1, net
sales declined 1.5% compared to the prior year period
- Year-over-year reported net sales trends improved for three
sequential quarters
- Third quarter 2023 reported net income of $42.8 million and
adjusted EBITDA2 of $163.3 million
- Third quarter 2023 reported diluted EPS of $0.43 and adjusted
diluted EPS2 of $0.65
- Recognized pre-tax expenses of approximately $5 million in
third quarter related to Company’s Transformation Program
- Cost savings of at least $60 million now expected in 2023
related to Company’s Transformation Program, approximately $20
million realized in third quarter
- Repurchased $65.5 million of 2024 Convertible Notes during
third quarter
- All-new Herbalife.com website, built on Herbalife One platform,
launched in Singapore; planned rollout to other markets remains on
track
Management Commentary
Herbalife reported third quarter 2023 net sales of $1.3 billion,
down 1.1% year-over-year, marking the third consecutive quarter of
improved year-over-year net sales trends. On a constant currency
basis1, net sales declined 1.5% year-over-year.
Third quarter gross profit margin was 76.3%, down 170 basis
points year-over-year, primarily due to the benefit of
approximately 160 basis points of pricing and approximately 40
basis points for lower inventory write-downs more than offset by
continued headwinds from input cost inflation of approximately 290
basis points, unfavorable sales mix of approximately 30 basis
points and unfavorable foreign currency of approximately 30 basis
points. Third quarter net income was $42.8 million. Adjusted
EBITDA2 of $163.3 million includes approximately $2 million of
foreign currency headwinds year-over-year, with adjusted EBITDA
margin of 12.7%. Diluted EPS was $0.43, with adjusted diluted EPS2
of $0.65, which includes a $0.02 year-over-year foreign currency
headwind.
Company and distributor-led events continued to gain momentum
during the third quarter, with approximately 50,000 distributors
attending Extravaganza training events in the U.S., Kazakhstan,
Poland, Mexico and Brazil. Initiatives that promote a healthy
active lifestyle continue to be the driver behind many
distributor-led events, as well as the Company’s new year-long
global #ImWithYou campaign, which launched in mid-September. The
goal of the campaign is to bring more people together through mega
workouts to raise product awareness, attract more customers, build
bigger communities and help distributors grow their businesses.
During September and October, the Company continued to deliver
on its growth strategy, launching four innovative products that it
believes will resonate in local markets and align with consumer
trends and preferences:
- Night Mode – a night-time product promoting sleep quality;
available in select markets in EMEA
- OnActive® Drink – a product developed specifically for adults
over the age of 40 to support vision, muscle, bone and immune
health; available in Brazil
- Beverage Enhancers – powder drink mixes popular in U.S.
nutrition clubs; launched for use in Mexico
- Golden Beverage – a turmeric drink that supports muscle
recovery and joint health; available in Bolivia, Ecuador and
Colombia
Herbalife One, the Company’s new, fully integrated, modernized
digital technology platform, achieved a key milestone during the
quarter with the launch of the all-new Herbalife.com website in
Singapore, incorporating the new brand image. The Company remains
on track to launch the new website in approximately 40 additional
markets that represent approximately 80% of the Company’s sales, by
the end of 2023.
“We are seeing signs of success and we are delivering on our
commitments – from Herbalife One and product innovation to how we
support our distributors’ businesses,” said Chairman and CEO,
Michael Johnson. “Our momentum is building steadily as we continue
to evolve and transform Herbalife. More work is ahead of us, and we
believe we are on a path to achieve sustainable growth.”
The Company implemented further actions related to its
Transformation Program, which was initiated in 2021 to
strategically optimize global business processes. For the three
months ended September 30, 2023, the Company recognized pre-tax
expenses of approximately $5 million in SG&A related to the
program, which are excluded from the adjusted results. The Company
expects to incur total program pre-tax expenses of at least $75
million, of which $67 million has been incurred to date. Based on
the Company’s actions to date, it expects to deliver total program
run rate savings of at least $90 million in 2024 and beyond. The
Company now anticipates at least $60 million of these cost savings
will be realized in 2023 (up from more than $45 million), of which
approximately $20 million and $43 million was realized during the
three and nine months ended September 30, 2023.
During the third quarter, the Company repurchased $65.5 million
of its 2024 Convertible Notes through open market purchases for an
aggregate purchase price of $65.1 million, which included $0.8
million of accrued interest. As of September 30, 2023, the
remaining outstanding principal on the 2024 Convertible Notes was
$197.0 million.
For the nine months ended September 30, 2023, capital
expenditures, including the digital technology platform, were
approximately $100 million. We expect to incur total capital
expenditures of approximately $120 million to $160 million for the
full year of 2023.
“We delivered our third consecutive quarter of improved
year-over-year net sales trends and took further strategic actions
to reduce our cost structure and further secure our balance sheet,”
said Chief Financial Officer, Alex Amezquita. “We are optimistic
the initiatives we have implemented are taking root and will
translate into improved future profitability.”
___________________
1 Growth/decline in net sales excluding the effects of foreign
exchange is based on “net sales in local currency,” a non-GAAP
financial measure. See Schedule A – “Reconciliation of Non-GAAP
Financial Measures” for a discussion of why we believe adjusting
for the effects of foreign exchange is useful.
2 Adjusted EBITDA and adjusted diluted EPS are non-GAAP
measures. See Schedule A – “Reconciliation of Non-GAAP Financial
Measures” for a detailed reconciliation of these measures to the
most directly comparable U.S. GAAP measure, and a discussion of why
we believe these non-GAAP measures are useful.
Third Quarter 2023 Key Metrics
Regional Net Sales and Foreign Exchange (“FX”) Impact
Region
Reported Net
Sales
3Q ’23 (mil)
Growth/Decline
including FX
vs. 3Q ’22
Growth/Decline
excluding FX
vs. 3Q ’22 1
Asia Pacific
$
441.0
2.2
%
4.9
%
North America
277.8
(12.5
)%
(12.5
)%
EMEA
261.0
5.4
%
3.3
%
Latin America
212.0
13.0
%
3.8
%
China
89.5
(19.1
)%
(14.3
)%
Worldwide Total
$
1,281.3
(1.1
)%
(1.5
)%
Regional Volume Point Metrics
Volume Points
Region
3Q '23 (mil)
YoY % Chg.
Asia Pacific
563.5
0.3
%
North America
282.4
(15.8
)%
EMEA
297.9
(3.1
)%
Latin America
258.7
(5.3
)%
China
66.3
(14.8
)%
Worldwide Total
1,468.8
(5.6
)%
Earnings Webcast and Conference Call
Herbalife’s senior management team will host a live audio
webcast and conference call to discuss its third quarter 2023
financial results and provide an update on current business trends
on Wednesday, November 1, 2023, at 5:30 p.m. ET (2:30 p.m. PT).
The live audio webcast will be available at
https://edge.media-server.com/mmc/p/xfu8ni9h.
Participants joining via the conference call will need to
register to receive the dial-in information and personal PIN to
access the call, and may do so by visiting the Investor Relations
section of the Company’s website at https://ir.herbalife.com.
Senior management also plans to reference slides during the call,
which will also be available on the Investor Relations section of
the Company’s website, where financial and other information is
posted from time to time.
A replay of the event will be available following the completion
of the live audio webcast and conference call, and for 12 months
thereafter, under the Investor Relations section of the Company's
website at https://ir.herbalife.com.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company
and community that has been changing people's lives with great
nutrition products and a business opportunity for its independent
distributors since 1980. The Company offers science-backed products
to consumers in more than 90 markets through entrepreneurial
distributors who provide one-on-one coaching and a supportive
community that inspires their customers to embrace a healthier,
more active lifestyle to live their best life.
For more information, visit https://ir.herbalife.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are
“forward-looking statements” for purposes of federal and state
securities laws, including any projections of earnings, revenue or
other financial items; any statements of the plans, strategies and
objectives of management, including for future operations, capital
expenditures, or share repurchases; any statements concerning
proposed new products, services, or developments; any statements
regarding future economic conditions or performance; any statements
of belief or expectation; and any statements of assumptions
underlying any of the foregoing or other future events.
Forward-looking statements may include, among others, the words
“may,” “will,” “estimate,” “intend,” “continue,” “believe,”
“expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of
our forward-looking statements are reasonable, actual results or
outcomes could differ materially from those projected or assumed in
any of our forward-looking statements. Our future financial
condition and results of operations, as well as any forward-looking
statements, are subject to change and to inherent risks and
uncertainties, many of which are beyond our control. Important
factors that could cause our actual results, performance and
achievements, or industry results to differ materially from
estimates or projections contained in or implied by our
forward-looking statements include the following:
- the potential impacts of current global economic conditions,
including inflation, on us; our Members, customers, and supply
chain; and the world economy;
- our ability to attract and retain Members;
- our relationship with, and our ability to influence the actions
of, our Members;
- our noncompliance with, or improper action by our employees or
Members in violation of, applicable U.S. and foreign laws, rules,
and regulations;
- adverse publicity associated with our Company or the
direct-selling industry, including our ability to comfort the
marketplace and regulators regarding our compliance with applicable
laws;
- changing consumer preferences and demands and evolving industry
standards, including with respect to climate change,
sustainability, and other environmental, social, and governance, or
ESG, matters;
- the competitive nature of our business and industry;
- legal and regulatory matters, including regulatory actions
concerning, or legal challenges to, our products or network
marketing program and product liability claims;
- the Consent Order entered into with the FTC, the effects
thereof and any failure to comply therewith;
- risks associated with operating internationally and in
China;
- our ability to execute our growth and other strategic
initiatives, including implementation of our Transformation Program
and increased penetration of our existing markets;
- any material disruption to our business caused by natural
disasters, other catastrophic events, acts of war or terrorism,
including the war in Ukraine, cybersecurity incidents, pandemics
such as the COVID-19 pandemic, and/or other acts by third
parties;
- our ability to adequately source ingredients, packaging
materials, and other raw materials and manufacture and distribute
our products;
- our reliance on our information technology infrastructure;
- noncompliance by us or our Members with any privacy laws,
rules, or regulations or any security breach involving the
misappropriation, loss, or other unauthorized use or disclosure of
confidential information;
- contractual limitations on our ability to expand or change our
direct-selling business model;
- the sufficiency of our trademarks and other intellectual
property;
- product concentration;
- our reliance upon, or the loss or departure of any member of,
our senior management team;
- restrictions imposed by covenants in the agreements governing
our indebtedness;
- risks related to our convertible notes;
- changes in, and uncertainties relating to, the application of
transfer pricing, income tax, customs duties, value added taxes,
and other tax laws, treaties, and regulations, or their
interpretation;
- our incorporation under the laws of the Cayman Islands;
and
- share price volatility related to, among other things,
speculative trading and certain traders shorting our common
shares.
Additional factors and uncertainties that could cause actual
results or outcomes to differ materially from our forward-looking
statements are set forth in the Company's Quarterly Report on Form
10-Q for the fiscal quarter ended September 30, 2023, filed with
the Securities and Exchange Commission on November 1, 2023,
including under the heading "Management's Discussion and Analysis
of Financial Condition and Results of Operations" and in our
Condensed Consolidated Financial Statements and the related Notes,
and in Part I, Item 1A, Risk Factors, of the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2022
filed with the Securities and Exchange Commission on February 14,
2023. In addition, historical, current, and forward-looking
sustainability-related statements may be based on standards for
measuring progress that are still developing, internal controls and
processes that continue to evolve, and assumptions that are subject
to change in the future.
Forward-looking statements made in this release speak only as of
the date hereof. We do not undertake any obligation to update or
release any revisions to any forward-looking statement or to report
any events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, except as required by law.
Results of Operations
Herbalife Ltd. and Subsidiaries Condensed Consolidated Statements
of Income (in millions, except per share amounts) Three
Months Ended September 30 Nine Months Ended September 30
2023
2022
2023
2022
(unaudited) North America
$
277.8
$
317.5
$
878.6
$
987.2
EMEA
261.0
247.7
818.7
831.7
Asia Pacific
441.0
431.7
1,280.4
1,290.1
Latin America
212.0
187.6
624.5
594.7
China
89.5
110.6
245.2
319.9
Worldwide Net sales
1,281.3
1,295.1
3,847.4
4,023.6
Cost of sales
303.2
285.1
903.4
908.0
Gross profit
978.1
1,010.0
2,944.0
3,115.6
Royalty overrides
416.1
414.4
1,261.8
1,301.1
Selling, general, and administrative expenses
455.3
448.2
1,391.7
1,373.1
Other operating income (1)
-
-
(10.1
)
(14.9
)
Operating income
106.7
147.4
300.6
456.3
Interest expense, net
38.5
34.5
116.3
95.9
Other income, net (2)
(1.0
)
-
(1.0
)
-
Income before income taxes
69.2
112.9
185.3
360.4
Income taxes
26.4
30.7
53.3
93.5
Net income
$
42.8
$
82.2
$
132.0
$
266.9
Weighted-average shares outstanding: Basic
99.2
98.0
98.9
98.7
Diluted
100.4
98.8
100.0
99.7
Earnings per share: Basic
$
0.43
$
0.84
$
1.33
$
2.70
Diluted
$
0.43
$
0.83
$
1.32
$
2.68
(1) Other operating income for the nine months ended
September 30, 2023 and 2022 relates to certain China government
grant income. (2) Other income, net for the three and nine months
ended September 30, 2023 relates to the extinguishment of a portion
of the 2024 Convertible Notes. Herbalife Ltd. and
Subsidiaries Condensed Consolidated Balance Sheets (in millions)
September 30 December 31
2023
2022
(unaudited) ASSETS Current Assets: Cash and cash equivalents
$
495.7
$
508.0
Receivables, net
79.5
70.6
Inventories
496.8
580.7
Prepaid expenses and other current assets
274.1
196.8
Total Current Assets
1,346.1
1,356.1
Property, plant and equipment, net
492.3
486.3
Operating lease right-of-use assets
190.7
207.1
Marketing-related intangibles and other intangible assets, net
314.4
315.7
Goodwill
92.8
93.2
Other assets
288.4
273.6
Total Assets
$
2,724.7
$
2,732.0
LIABILITIES AND SHAREHOLDERS' DEFICIT Current
Liabilities: Accounts payable
$
77.9
$
89.8
Royalty overrides
335.1
343.3
Current portion of long-term debt
232.6
29.5
Other current liabilities
519.8
514.0
Total Current Liabilities
1,165.4
976.6
Non-current liabilities: Long-term debt, net of current
portion
2,319.0
2,662.5
Non-current operating lease liabilities
174.2
192.4
Other non-current liabilities
169.6
166.4
Total Liabilities
3,828.2
3,997.9
Commitments and Contingencies Shareholders' deficit:
Common shares
0.1
0.1
Paid-in capital in excess of par value
222.0
188.7
Accumulated other comprehensive loss
(253.1
)
(250.2
)
Accumulated deficit
(1,072.5
)
(1,204.5
)
Total Shareholders' Deficit
(1,103.5
)
(1,265.9
)
Total Liabilities and Shareholders' Deficit
$
2,724.7
$
2,732.0
Herbalife Ltd. and Subsidiaries Condensed
Consolidated Statements of Cash Flows (in millions) Nine Months
Ended September 30
2023
2022
(unaudited) Cash flows from operating activities: Net income
$
132.0
$
266.9
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
85.1
87.2
Share-based compensation expenses
35.7
37.5
Non-cash interest expense
5.5
5.0
Deferred income taxes
(25.9
)
(11.5
)
Inventory write-downs
21.9
29.2
Foreign exchange transaction loss (gain)
(2.7
)
10.0
Gain on extinguishment of debt
(1.0
)
-
Other
2.9
(15.1
)
Changes in operating assets and liabilities: Receivables
(11.8
)
(23.9
)
Inventories
62.9
(37.4
)
Prepaid expenses and other current assets
(24.5
)
(26.1
)
Accounts payable
(12.1
)
(3.7
)
Royalty overrides
(8.8
)
(16.8
)
Other current liabilities
13.6
(21.8
)
Other
(11.4
)
19.4
Net cash provided by operating activities
261.4
298.9
Cash flows from investing activities: Purchases of property,
plant and equipment
(99.7
)
(113.6
)
Other
0.1
0.2
Net cash used in investing activities
(99.6
)
(113.4
)
Cash flows from financing activities: Borrowings from senior
secured credit facility
195.0
433.0
Principal payments on senior secured credit facility and other debt
(278.1
)
(505.0
)
Repayment of convertible senior notes
(64.3
)
-
Debt issuance costs
(1.8
)
-
Share repurchases
(9.7
)
(146.6
)
Other
2.3
3.4
Net cash used in financing activities
(156.6
)
(215.2
)
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
(5.5
)
(40.0
)
Net change in cash, cash equivalents, and restricted cash
(0.3
)
(69.7
)
Cash, cash equivalents, and restricted cash, beginning of period
516.3
610.4
Cash, cash equivalents, and restricted cash, end of period
$
516.0
$
540.7
Year to Date 2023 Key Metrics
Regional Net Sales and Foreign Exchange (“FX”) Impact
Region
Reported Net
Sales
YTD ’23 (mil)
Growth/Decline
including FX
vs. YTD ’22
Growth/Decline
excluding FX
vs. YTD ’22 1
Asia Pacific
$
1,280.4
(0.8
)%
3.8
%
North America
878.6
(11.0
)%
(10.9
)%
EMEA
818.7
(1.6
)%
0.8
%
Latin America(a)
624.5
5.0
%
(0.3
)%
China
245.2
(23.4
)%
(18.3
)%
Worldwide Total
$
3,847.4
(4.4
)%
(2.8
)%
Regional Volume Point Metrics
Volume Points
Region
YTD '23 (mil)
YoY % Chg.
Asia Pacific
1,599.2
(3.7
)%
North America
910.3
(19.8
)%
EMEA
943.4
(10.5
)%
Latin America(a)
788.6
(12.7
)%
China
177.5
(17.2
)%
Worldwide Total
4,419.0
(11.0
)%
(a) During the third quarter of 2022, the Company combined its
Mexico and South and Central America regions into one geographic
region now named Latin America. Historical information has been
reclassified to conform with the current period geographic
presentation.
Supplemental Information
SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited)
Adjusted Net Income, Adjusted Diluted EPS and Adjusted
EBITDA
In addition to its reported results calculated in accordance
with U.S. GAAP, the Company has included in this release adjusted
net income, adjusted diluted EPS and adjusted EBITDA, performance
measures that the Securities and Exchange Commission defines as
“non-GAAP financial measures.” Adjusted net income, adjusted
diluted EPS and adjusted EBITDA exclude the impact of certain
unusual or non-recurring items such as net expenses related to
COVID-19 pandemic, expenses related to Transformation Program,
expenses related to digital technology program, charges related to
the Russia-Ukraine conflict, gain from extinguishment of debt and
Korea tax settlement, as further detailed in the reconciliations
below. Adjusted EBITDA margin represents adjusted EBITDA divided by
net sales.
Management believes that such non-GAAP financial measures, when
read in conjunction with the Company’s reported results, calculated
in accordance with U.S. GAAP, can provide useful supplemental
information for investors because they facilitate a period to
period comparative assessment of the Company’s operating
performance relative to its performance based on reported results
under U.S. GAAP, while isolating the effects of some items that
vary from period to period without any correlation to core
operating performance and eliminate certain charges that management
believes do not reflect the Company’s operations and underlying
operational performance. The Company’s definition and calculation
as set forth in the tables below of adjusted net income, adjusted
diluted EPS and adjusted EBITDA may not be comparable to similarly
titled measures used by other companies because other companies may
not calculate them in the same manner as the Company does and
should not be viewed in isolation from nor as alternatives to net
income or diluted EPS calculated in accordance with U.S. GAAP.
Currency Fluctuation
Our international operations have provided and will continue to
provide a significant portion of our total net sales. As a result,
total net sales will continue to be affected by fluctuations in the
U.S. dollar against foreign currencies. In order to provide a
framework for assessing how our underlying businesses performed
excluding the effect of foreign currency fluctuations, in addition
to comparing the percent change in net sales from one period to
another in U.S. dollars, we also compare the percent change in net
sales from one period to another period using “net sales in local
currency.” Net sales in local currency is not a measure presented
in accordance with U.S. GAAP. Net sales in local currency removes
from net sales in U.S. dollars the impact of changes in exchange
rates between the U.S. dollar and the local currencies of our
foreign subsidiaries, by translating the current period net sales
into U.S. dollars using the same foreign currency exchange rates
that were used to translate the net sales for the previous
comparable period. We believe presenting net sales in local
currency is useful to investors because it allows a meaningful
comparison of net sales of our foreign operations from period to
period. However, net sales in local currency should not be
considered in isolation or as an alternative to net sales in U.S.
dollar measures that reflect current period exchange rates, or to
other financial measures calculated and presented in accordance
with U.S. GAAP.
The following is a reconciliation of net income to adjusted net
income: Three Months Ended September 30 Nine Months
Ended September 30
2023
2022
2023
2022
(in millions) Net income
$
42.8
$
82.2
$
132.0
$
266.9
Net expenses related to COVID-19 pandemic (1) (2)
-
0.5
-
3.8
Expenses related to Transformation Program (1) (2)
4.6
2.9
42.0
7.7
Digital technology program costs (1) (2)
12.1
3.3
22.6
3.3
Gain on extinguishment of debt (1) (2)
(1.0
)
-
(1.0
)
-
Korea tax settlement (1) (2)
8.6
-
8.6
-
Russia-Ukraine conflict charges (1) (2)
-
0.1
-
5.5
Income tax adjustments for above items (1) (2)
(1.8
)
1.0
(11.0
)
(1.4
)
Adjusted net income
$
65.3
$
90.0
$
193.2
$
285.8
The following is a reconciliation of diluted earnings
per share to adjusted diluted earnings per share:
Three Months Ended September 30 Nine Months Ended September 30
2023
2022
2023
2022
(per share) Diluted earnings per share
$
0.43
$
0.83
$
1.32
$
2.68
Net expenses related to COVID-19 pandemic (1) (2)
-
0.01
-
0.04
Expenses related to Transformation Program (1) (2)
0.05
0.03
0.42
0.08
Digital technology program costs (1) (2)
0.12
0.03
0.23
0.03
Gain on extinguishment of debt (1) (2)
(0.01
)
-
(0.01
)
-
Korea tax settlement (1) (2)
0.09
-
0.09
-
Russia-Ukraine conflict charges (1) (2)
-
-
-
0.06
Income tax adjustments for above items (1) (2)
(0.02
)
0.01
(0.11
)
(0.01
)
Adjusted diluted earnings per share (3)
$
0.65
$
0.91
$
1.93
$
2.87
The following is a reconciliation of net income to
EBITDA and adjusted EBITDA: Three Months Ended
September 30 Nine Months Ended September 30
2023
2022
2023
2022
(in millions) Net income
$
42.8
$
82.2
$
132.0
$
266.9
Interest expense, net
38.5
34.5
116.3
95.9
Income taxes
26.4
30.7
53.3
93.5
Depreciation and amortization
28.4
28.6
85.1
87.2
EBITDA
$
136.1
$
176.0
$
386.7
$
543.5
Amortization of SaaS implementation costs
2.9
-
2.9
-
Net expenses related to COVID-19 pandemic (1) (2)
-
0.5
-
3.8
Expenses related to Transformation Program (1) (2)
4.6
2.9
42.0
7.7
Digital technology program costs (1) (2)
12.1
3.3
22.6
3.3
Gain on extinguishment of debt (1) (2)
(1.0
)
-
(1.0
)
-
Korea tax settlement (1) (2)
8.6
-
8.6
-
Russia-Ukraine conflict charges (1) (2)
-
0.1
-
5.5
Adjusted EBITDA
$
163.3
$
182.8
$
461.8
$
563.8
(1) Based on interim income tax reporting rules,
these expenses are not considered discrete items. The tax effect of
the adjustments between our U.S. GAAP and non-GAAP results takes
into account the tax treatment and related tax rate(s) that apply
to each adjustment in the applicable tax jurisdiction(s). (2)
Excludes tax (benefit)/expense as follows: Three Months Ended
September 30 Nine Months Ended September 30
2023
2022
2023
2022
(in millions) Net expenses related to COVID-19 pandemic
$
-
$
-
$
-
$
(0.7
)
Expenses related to Transformation Program
0.2
0.1
(8.3
)
(0.4
)
Digital technology program costs
(0.7
)
0.9
(1.4
)
0.9
Gain on extinguishment of debt
0.1
-
0.1
-
Korea tax settlement
(1.4
)
-
(1.4
)
-
Russia-Ukraine conflict charges
-
-
-
(1.2
)
Total income tax adjustments
$
(1.8
)
$
1.0
$
(11.0
)
$
(1.4
)
Three Months Ended September 30 Nine Months Ended September 30
2023
2022
2023
2022
(per share) Net expenses related to COVID-19 pandemic
$
-
$
-
$
-
$
(0.01
)
Expenses related to Transformation Program
-
-
(0.08
)
-
Digital technology program costs
(0.01
)
0.01
(0.01
)
0.01
Gain on extinguishment of debt
-
-
-
-
Korea tax settlement
(0.01
)
-
(0.01
)
-
Russia-Ukraine conflict charges
-
-
-
(0.01
)
Total income tax adjustments (3)
$
(0.02
)
$
0.01
$
(0.11
)
$
(0.01
)
(3) Amounts may not total due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231031238910/en/
Media Contact: Susan Brown Vice President, Global
Corporate Communications susanbrow@herbalife.com
Investor Contact: Erin Banyas Vice President, Head of
Investor Relations erinba@herbalife.com
Grafico Azioni Herbalife (NYSE:HLF)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Herbalife (NYSE:HLF)
Storico
Da Giu 2023 a Giu 2024