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Text: I speak for all of us when I say we hope you and those close to you are safe and healthy.
These are important to review and contemplate.
As everyone on the call today is well aware, the business environment has changed dramatically over the last quarter.
Unfortunately, there's a lot we don't know in the short term about the duration and impact of the COVID-19 pandemic.
These items include an uncertain shutdown time frame for many areas of our economy, ongoing changes to consumer purchasing habits, the potential for a disruptive supply chain, rising unemployment and many other economic factors.
This means results could change at any time and the forecasted impact of COVID-19 on the company's business results now look as a best estimate based on the information available as of today's date.
Additional information concerning risk factors and cautionary statements are available in our most recent SEC filings and most recent company 10-K.
I'll now hand it over to our CEO, Ron Lombardi.
Let's start on slide four.
Without question, the COVID-19 pandemic is at the top of mind for everyone, and as Phil outlined, there are numerous uncertainties.
We have a proven business model that we believe is capable of managing through this extraordinary period and along with our proven 3-pillar strategy that continues to position us well for whatever challenges we find in fiscal 2021.
We are an agile and capable organization, which has allowed us to quickly adjust to the change experienced so far.
On slide four, we have some highlights which are underpinned by our strategy and business attributes.
We are putting the health of our employees, partner employees and communities first.
We've adapted effective work-from-home plans and have enhanced robust safety protocols across our Lynchburg facility, which continues to operate at near-normal output levels.
The comprehensive strategy we've put in place on the first point as well as the benefit of our business model has enabled us to establish strong business continuity plans, which I'll discuss in detail later.
Next, investing for growth.
We are protecting our brands and our marketing plans continue to advance our brand-building playbook.
The environment is unique, but we have the benefit of a leading, diversified and widely distributed brand portfolio that gives us the ability to adapt quickly.
We'll talk about this in more detail later.
Last on the page is a reminder of our disciplined capital strategy.
We continue to benefit from a strong operating model and disciplined capital strategy with an industry-leading financial profile that will enable us to focus on debt reduction and liquidity while continuing to invest in our brands for the long term.
The sum of this is that the proactive approach we are taking positions us well to adapt to marketplace changes in the face of uncertainty.
I'll go over Q4 results, give a brief recap on our full year fiscal 2020 and review our cash flow and liquidity profile.
Flipping to slide six, you can see the highlights of our fourth quarter.
Q4 was a strong finish to the year, including revenue up 4.6% on an organic basis.
This performance was led by continued growth in our international segment and our growing e-commerce business as well as a significant lift from consumer spending in March as we believe consumers stocked up as a result of COVID-19.
During the fourth quarter, we continued to benefit from our ongoing investments and focus on e-commerce.
Our e-comm business grew over 60% in the quarter as we benefited from consumers shifting to online purchasing.
Notably, our consumption growth was about 7%, driven by these factors for the quarter after previously trending at about 2% prior to March, which was consistent with our expectations for the year.
Adjusted gross margin of 59.4% was up 200 basis points versus the prior year, primarily as a result of higher volume and geographic mix.
For Q1, we expect margins similar to prior quarters of about 58% as we expect a more normalized mix.
Adjusted earnings per share of $0.82 per share was also up meaningfully, increasing approximately 14% versus the prior year as we benefited from higher sales growth, gross margin favorability and a reduction in interest expense and share count.
Free cash flow was $52.5 million in the quarter and continued to benefit from our industry-leading EBITDA margins, efficient capital spending and low cash tax rate.
We continue to adhere to a disciplined capital allocation approach from this cash generation, which I'll discuss a bit later.
For the full year fiscal 2020, our organic net revenues increased 1.3% versus the prior year, which excludes the impact of foreign currency and the divestiture of our Household Cleaning segment in the prior year.
Similar to Q4, our full year benefited from strong international segment growth, which was up over 15% versus the prior year when excluding foreign exchange.
E-commerce also grew rapidly, increasing approximately 50% for the full fiscal year and now accounts for approximately 5% of our net sales.
Adjusted EBITDA declined slightly versus the prior year, impacted by the divestiture of Household Cleaning.
As a reminder, we fully lapped the comparison impacts of Household Cleaning beginning in Q2 of fiscal 2020.
Adjusted earnings per share of $2.96 per share increased 6.5%, benefiting from our continued efforts to delever and opportunistically execute share buybacks.
Full year fiscal 2020 net revenues decreased slightly to $963 million but as mentioned on the prior slide, increased 1.3% on an organic basis after excluding foreign currency and the divestiture of Household Cleaning.
For the full year, organic growth was impacted by the effect of retailer inventory reductions, primarily in the drug channel.
Adjusted gross margin, which excludes transition costs associated with our new logistics provider, was 58.3% for the full year, up 130 basis points versus the prior year, primarily driven by mix associated with strong international growth and the divestiture of Household Cleaning.
In terms of A&P, we came in at 16% of revenue in Q4 and 15.3% for the fiscal year.
Consistent with our strategy, we reinvested gross margin gains by opportunistically investing A&P behind our core brand portfolio in Q4.
For Q1, we would expect A&P to be below the fiscal 20% of sales as marketing plans are being adjusted in response to the current situation, resulting in A&P spending moving to future quarters.
Our G&A spending was just over 9% for the year, up slightly in dollars year-over-year.
In Q1, we would expect G&A to be about $22 million.
Finally, we reported adjusted earnings per share in fiscal 2020 of $2.96, representing an increase of 6.5% versus the prior year, primarily driven by the effects of debt paydown and share repurchases.
We expect to continue to reduce debt outstanding, and as a result, we anticipate approximately $22 million of interest expense in Q1.
In Q4, we generated $52.5 million in adjusted free cash flow, which resulted in a full year adjusted free cash flow of $206.8 million.
This represents 2% growth versus the prior year despite the sale of the Household Cleaning business.
We continue to maintain industry-leading free cash flow with fiscal 2020 free cash flow conversion coming in at 136%.
At March 31, we finished the year with approximately $1.6 billion in net debt and a leverage ratio of 4.7 times.
During the year, we continued our focus on debt reduction and reduced net debt by $135 million.
We also repurchased approximately $57 million in shares opportunistically during the year, enabled by our strong cash generation.
Although we continue to have repurchase authorization capacity, we have suspended these efforts in favor of focusing on liquidity in the current environment.
In addition, we proactively built our liquidity position to strengthen our balance sheet, ending the year with approximately $95 million in cash.
Moving forward, given the current operating environment, we intend to maintain a heightened level of cash on hand as a precautionary measure.
As we look forward, we feel good about our capital positioning for a few reasons.
First, we have leading and consistent cash flows and we'll continue to be disciplined around capital deployment with continued priority around debt paydown.
Second, we issued new senior notes in December 2019, and our earliest debt maturity is now January 2024.
And third, we have material cushion to our debt covenants, which are detailed in our 10-K.
Fiscal 2020 was a successful year in many ways, owing in large part to the continued execution of our strategy.
First, we continued to invest behind our core portfolio, which led to growing categories and market share for many of our leading brands.
I'd also like to highlight the success in our International segment, which had a great year as we grew many key brands meaningfully, including Hydralyte.
Second, our cash generation and free cash flow conversion remain best-in-class.
As Chris highlighted, we generated $207 million in free cash flow, driven by strong EBITDA margin and low cash taxes.
Finally, our disciplined capital allocation allowed for multiple areas of investment in fiscal 2020.
Importantly, we continued to focus on debt reduction, reducing our leverage to within our long-term targeted range of 3.5 to five times.
We also used roughly 1/4 of our free cash flow to opportunistically repurchase our stock.
Even in a challenging environment, we delivered excellent results in fiscal 2020, and our strategy leaves us well positioned for future success.
This 3-pillar strategy is highly adaptable and will be our guide as we approach fiscal 2021.
Turning to slide 12, you can see the ways we expect to do this.
We believe our proven 3-pillar strategy and the building blocks shown here position us for success as we navigate this pandemic.
First, our business continuity plan is robust and critical to executing these strategies that tie back to each of our pillars.
We have a diversified leading portfolio that's a key strength in many economic environments, including this one.
Our company is nimble and we are able to adapt quickly and refocus efforts around targeted brands and opportunities.
We'll share some realtime marketing examples of this shortly.
We are also adapting quickly to the changing retail shopping trends and continue our proactive investments in channel opportunities such as e-commerce.
And finally, capital allocation and liquidity will remain critical in this highly volatile environment.
We will remain disciplined capital allocators and true to our company discipline.
Let's dive in on each of these in more detail beginning on slide 13.
As mentioned earlier, we continue to prioritize putting our employees first through various proactive measures.
We have numerous manufacturing partners which are all operating in a similar capacity.
We continue to work with our third-party suppliers around continuity of supply, including prioritizing activities to maintain ample inventory on our leading brands.
These efforts include concentrating SKU manufacturing around critical brands and items, finding alternative suppliers as a precaution and other measures.
Fortunately, even with increased demand experienced in March, our inventory remains well positioned as we were able to benefit from the elevated inventory levels we had maintained during our warehouse transition to a new third-party logistics provider, which was completed at the end of March.
Our number one brands represent over 2/3 of our sales, as you can see on the right-hand side of the slide and is a strength in the current environment.
These brands often hold a long history with consumers, which we believe positions us for continued demand as consumers focus on their health and hygiene more than ever.
With a leading position, they also get to focus on the end goal of driving category growth rather than fighting for share.
This heritage, combined with our long-term brand building and meaningful innovation and new products, continues to differentiate us from other brands and private label.
For example, in fiscal 2020, our leading brands continued to drive category growth and the majority of them outperformed private label meaningfully.
On the left, you can see our diversified portfolio participates across various categories, addressing a broad range of needs.
This reach is a strength.
This diversity ensures our ability to opportunistically allocate resources where consumer insights dictate, drive brand building in both the short term and long term.
This is especially true now as consumer purchase patterns and trends affected by the pandemic are shifting rapidly.
With the market changing, we are seeing consumers change not only what they buy but where they shop due to shelter-in-place orders.
This is a unique attribute of the current pandemic, which makes our current environment different from past recessions.
Our wide-ranging portfolio is impacted in many different ways by this.
On the right end of the opportunity spectrum, consumers are showing increased interest for pain, cough and cold treatments along with feminine care products.
Other products shown in the middle are fairly consistent with the recent trends, and we expect them to be unaffected by current changes in daily living.
On the left, we have brands that are now expected to see lower usage rates as a result of the pandemic as consumers reduce time outdoors and in vacationing.
So how are we capitalizing on these opportunities?
The focus is to allocate greater investments to high-opportunity brands.
Investments will be both by brand and channel as we'll discuss on the next two slides.
While Nix and Dramamine are being affected by the current environment, our investments will strike the balance between the current headwinds being faced by these brands and with long-term brand building effort and potential.
Here, you can see marketing efforts on the left include reaching consumers at home through digital and addressable TV efforts, having the ability to have Monistat shipped to your door rapidly.
A key brand-building strategy is to move share from prescription treatments over time and these marketing efforts are timely to support this objective.
Next in the middle of the slide is Summer's Eve.
With consumers staying at home, we have refocused marketing efforts around home workouts and highlight on our recently launched Summer's Eve active product.
Last, on the right of the slide is Clear Eyes.
We've had several new messages from the brand since the pandemic began.
The most important to us is a digital effort launched in late April, saluting all the hospital workers on the front line fighting COVID-19.
We launched this tribute by donating 100,000 bottles of Clear Eyes to hard-hit hospitals New York City.
Each of these are real-time examples of our nimble marketing approach and ability.
In addition to consumers shifting brand focus as a result of a pandemic, consumers are also changing their preferences on where they are shopping.
Beginning in March, consumer interest in e-commerce ordering and omnichannel click-and-collect shopping accelerated sharply as consumers looked to minimize their person-to-person contact during the pandemic.
As an example, in the month of March alone, we saw an increase of 186% in new visitors browsing Prestige products in certain e-commerce retailers.
This resulted in our impressive fourth quarter commerce sales growth that Chris highlighted earlier.
Moving ahead, we could see this channel representing as much as 8% or more of our total sales in fiscal 2021.
So just like with our brand, we are being nimble with our channel investments.
Our example's shown here, a reminder about quick and easy shipping to a home from Monistat, keyword advertising for BC and combo pack-it to reduce frequency of purchases.
Over the last several years, we've been proactively investing in the emerging e-commerce channel, investing behind digital content and expanding distribution to ensure that our trusted brands are easily available for purchase as customers research and shop for their healthcare needs in new ways.
In summary, we're rapidly adopting retail and brand plans to an evolving environment, and a diversified and leading portfolio of brands gives us a great starting point.
In fiscal 2020, our brand-building efforts continued to deliver strong financial results.
We finished the year with over $205 million in cash flow and a mid-30s EBITDA margin.
As you can see on the chart at the left, we reinvested gross margin gains into A&P, consistent with our long-term strategy.
With this strong strategic positioning, we are then left with options of how to best allocate this capital to enhance shareholder value.
Going into fiscal 2021, this strategy remains consistent and disciplined.
First and foremost, we will continue to invest behind our brands, which are aimed at reinforcing long-term connections with consumers regardless of the economic environment.
Second, we continue to focus on deleveraging.
We continually evaluate the operating environment and how to best manage our leverage profile at any given time.
Currently, we have proactively built cash, as Chris discussed, and also have significant liquidity available due to our capital structure.
Number three and four on the page are other capital considerations, which are always contemplated if the first two priorities are satisfied.
Although admittedly challenging, given the limited economic environment visibility, we will continue to evaluate each of these priorities if they make sense and add long-term value for our shareholders.
Let's wrap up on slide 20 and recap what we've just discussed.
We have a time-tested playbook that is set up to navigate this changing and challenging environment.
Regardless of the landscape, we always focus on ensuring business continuity and will continue brand building for the term.
This is applicable as we think about fiscal 2021 but in a very different way compared to prior years.
We've talked a lot about uncertainty today and we're contemplating a number of factors.
How long shelter-in-place lasts, various economic impacts from the pandemic and many others.
Accordingly, we are not offering our typical full year financial outlook, but we do want to offer some insight to our thinking for Q1.
In Q1, we are anticipating a reversal of the accelerated consumption trends experienced in March.
So far, this quarter, we are seeing consumption declines as shoppers stay home.
Partially offsetting these factors were higher retailer orders in April as retailers replenished their stores following the March spike in consumption.
The net effect of all of this is difficult to predict.
But as of today, we anticipate Q1 revenues of $220 million or more.
We also anticipate earnings per share of $0.70 or more for Q1 as our proactive expense management and cost timing are expected to more than offset the anticipated revenue decline as compared to the prior year.
Meanwhile, we expect to maintain a strong financial profile and continued capital allocation optionality.
We anticipate continuing to leverage our financial profile to drive strong free cash flow conversion.
And we'll use this cash to focus on debt reduction while being mindful of managing liquidity through each quarter.
By executing this strategy, we believe we are set up for continued success.

user
q4 adjusted non-gaap earnings per share $0.82.
anticipate revenues of approximately $220 million or more in fiscal q1 2021.
for fiscal 2021 anticipate an uncertain environment due to many factors resulting from covid-19.
sees fiscal q1 2021 earnings per share $0.70 or more.

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