Cayman Islands
|
|
1-32381
|
|
98-0377871
|
(State or Other Jurisdiction
of Incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
P.O. Box 309GT, Ugland House,
South Church Street, Grand Cayman
Cayman Islands
|
|
KY1-1106
|
||
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits.
|
99.1
|
Press Release issued by Herbalife Nutrition Ltd. on May 3, 2018.
|
Herbalife Nutrition Ltd.
|
|||
|
|||
May 3, 2018
|
By:
|
/s/ HENRY WANG
|
|
Name:
|
Henry Wang
|
||
Title:
|
General Counsel
|
Exhibit
|
Description of Exhibit
|
|
LOS ANGELES, May 3, 2018 – Herbalife Nutrition Ltd. (NYSE: HLF) today reported financial results for the first quarter ended March 31, 2018:
QUARTER HIGHLIGHTS
• Reported net sales of $1.2 billion increased 7% compared to first quarter 2017, above the guidance range
of (1.0%) – 3.0%.
• Reported and adjusted1 diluted EPS of $1.08 and $1.40, respectively, compared to $0.98 and $1.24 for first
quarter last year.
• Volume points of 1.4 billion were relatively flat compared to the prior year period, above the guidance range
of (7.0%) – (3.0%).
• Raising FY 2018 volume point guidance range to 3% – 7% growth as well as reported and adjusted1 diluted
EPS guidance to $3.95 – $4.35 and $5.05 – $5.45, on a pre stock split basis, respectively.
|
“We reported higher than expected results and returned to
growth in the US, reflecting the efforts of our entrepreneurial
distributors, who are meeting the needs of consumers around
the world. We are confident about Herbalife Nutrition’s bright
future and, accordingly, we have raised our guidance for the full
year, as we continue to execute on our strategy to drive long-term
growth and fulfill our mission of making the world healthier and
happier through personalized nutrition.”
-Rich Goudis, CEO of Herbalife Nutrition
|
|
Volume Points
|
|
Region
|
1Q '18 (mil)
|
Yr/Yr % Chg
|
North America
|
303.2
|
0.2%
|
Mexico
|
221.8
|
(1.6%)
|
South & Central America
|
148.5
|
(3.1%)
|
EMEA
|
294.7
|
7.5%
|
Asia Pacific
|
286.6
|
9.9%
|
China
|
141.1
|
(22.5%)
|
Worldwide Total (a)
|
1,395.9
|
(0.2%)
|
Region
|
Reported Net Sales
1Q’18 (mil)
|
Growth/Decline
including FX
vs. 1Q ‘17
|
Growth/Decline
excluding FX
vs. 1Q ‘17
|
|||||||||
North America
|
$
|
231.2
|
0.6
|
%
|
0.5
|
%
|
||||||
Mexico
|
$
|
114.0
|
8.8
|
%
|
0.4
|
%
|
||||||
South & Central America (a)
|
$
|
125.7
|
2.7
|
%
|
57.3
|
%
|
||||||
EMEA
|
$
|
248.2
|
18.3
|
%
|
6.9
|
%
|
||||||
Asia Pacific
|
$
|
245.6
|
11.8
|
%
|
7.6
|
%
|
||||||
China
|
$
|
212.2
|
(1.6
|
%)
|
(9.2
|
%)
|
||||||
Worldwide Total
|
$
|
1,176.9
|
6.8
|
%
|
7.5
|
%
|
||||||
South & Central America excl. Venezuela (a)
|
$
|
119.0
|
(0.6
|
%)
|
1.5
|
%
|
||||||
Worldwide Total excl. Venezuela (a)
|
$
|
1,170.2
|
6.4
|
%
|
1.4
|
%
|
Three Months Ending
|
Twelve Months Ending
|
|||||||||||||||
June 30, 2018
|
December 31, 2018
|
|||||||||||||||
Low
|
High
|
Low
|
High
|
|||||||||||||
Volume Point Growth vs 2017 (a)
|
4.0
|
%
|
8.0
|
%
|
3.0
|
%
|
7.0
|
%
|
||||||||
Net Sales Growth vs 2017 (b)
|
8.5
|
%
|
12.5
|
%
|
9.0
|
%
|
13.0
|
%
|
||||||||
Diluted EPS – Pre Stock Split (b) (c) (e)
|
$
|
0.90
|
$
|
1.10
|
$
|
3.95
|
$
|
4.35
|
||||||||
Adjusted Diluted EPS – Pre Stock Split (b) (c) (d) (e)
|
$
|
1.15
|
$
|
1.35
|
$
|
5.05
|
$
|
5.45
|
||||||||
Diluted EPS – Post Stock Split (b) (c) (e)
|
$
|
0.45
|
$
|
0.55
|
$
|
1.98
|
$
|
2.18
|
||||||||
Adjusted Diluted EPS – Post Stock Split (b) (c) (d) (e)
|
$
|
0.58
|
$
|
0.68
|
$
|
2.53
|
$
|
2.73
|
||||||||
Cap Ex ($ millions)
|
$
|
25.0
|
$
|
35.0
|
$
|
110.0
|
$
|
140.0
|
||||||||
Effective Tax Rate (b) (c)
|
36.0
|
%
|
41.0
|
%
|
30.0
|
%
|
35.0
|
%
|
||||||||
Adjusted Effective Tax Rate (b) (c) (d)
|
29.0
|
%
|
34.0
|
%
|
23.0
|
%
|
28.0
|
%
|
▪
|
Guidance includes a $600 million impact to the Company’s share base from repurchases under its share repurchase program in 2018.
|
▪
|
Any incremental repurchases beyond $600 million that may be made in 2018 cannot be accurately predicted and are therefore excluded from the guidance table above.
|
▪
|
Guidance is based on the average daily exchange rates during the first two weeks of April 2018.
|
▪
|
Adjusted1 diluted EPS guidance for the second quarter 2018 includes a projected currency benefit, on a pre stock split basis, of approximately $0.07 per diluted share versus the second quarter of 2017.
|
▪
|
Full year 2018 adjusted1 diluted EPS guidance includes a projected currency benefit, on a pre stock split basis, of approximately $0.26 per diluted share, compared to 2017, which is $0.13 favorable compared to the benefit included in the full year 2018 guidance provided on February 22, 2018.
|
▪
|
our relationship with, and our ability to influence the actions of, our Members;
|
▪
|
improper action by our employees or Members in violation of applicable law;
|
▪
|
adverse publicity associated with our products or network marketing organization, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
|
▪
|
changing consumer preferences and demands;
|
▪
|
the competitive nature of our business;
|
▪
|
regulatory matters governing our products, including potential governmental or regulatory actions concerning the safety or efficacy of our products and network marketing program, including the direct selling markets in which we operate;
|
▪
|
legal challenges to our network marketing program;
|
▪
|
the consent order entered into with the FTC, the effects thereof and any failure to comply therewith;
|
▪
|
risks associated with operating internationally and the effect of economic factors, including foreign exchange, inflation, disruptions or conflicts with our third-party importers, pricing and currency devaluation risks, especially in countries such as Venezuela;
|
▪
|
uncertainties relating to interpretation and enforcement of legislation in China governing direct selling and anti-pyramiding;
|
▪
|
our inability to obtain the necessary licenses to expand our direct selling business in China;
|
▪
|
adverse changes in the Chinese economy;
|
▪
|
our dependence on increased penetration of existing markets;
|
▪
|
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, or cyber-security incidents;
|
▪
|
contractual limitations on our ability to expand our business;
|
▪
|
our reliance on our information technology infrastructure and outside manufacturers;
|
▪
|
the sufficiency of our trademarks and other intellectual property rights;
|
▪
|
product concentration;
|
▪
|
our reliance upon, or the loss or departure of any member of, our senior management team which could negatively impact our Member relations and operating results;
|
▪
|
U.S. and foreign laws and regulations applicable to our international operations;
|
▪
|
uncertainties relating to the United Kingdom’s vote to exit from the European Union;
|
▪
|
restrictions imposed by covenants in our credit facility;
|
▪
|
risks related to the convertible notes;
|
▪
|
uncertainties relating to the application of transfer pricing, duties, value added taxes, and other tax regulations, and changes thereto;
|
▪
|
changes in tax laws, treaties or regulations, or their interpretation;
|
▪
|
taxation relating to our Members;
|
▪
|
product liability claims;
|
▪
|
our incorporation under the laws of the Cayman Islands;
|
▪
|
whether we will purchase any of our shares in the open markets or otherwise; and
|
▪
|
share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
|
Herbalife Nutrition Ltd. and Subsidiaries
|
||||||||
Condensed Consolidated Statements of Income
|
||||||||
(In millions, except per share amounts)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
3/31/2018
|
3/31/2017
|
|||||||
North America
|
$
|
231.2
|
$
|
229.8
|
||||
Mexico
|
114.0
|
104.8
|
||||||
South and Central America
|
125.7
|
122.4
|
||||||
EMEA
|
248.2
|
209.8
|
||||||
Asia Pacific
|
245.6
|
219.7
|
||||||
China
|
212.2
|
215.6
|
||||||
Worldwide Net Sales
|
1,176.9
|
1,102.1
|
||||||
Cost of Sales
|
239.9
|
204.6
|
||||||
Gross Profit
|
937.0
|
897.5
|
||||||
Royalty Overrides
|
337.3
|
315.1
|
||||||
Selling, General and Administrative Expenses
|
460.1
|
438.6
|
||||||
Other Operating Income (1)
|
(16.2
|
)
|
-
|
|||||
Operating Income
|
155.8
|
143.8
|
||||||
Interest Expense, net
|
39.9
|
30.2
|
||||||
Other Expense, net (2)
|
24.4
|
-
|
||||||
Income Before Income Taxes
|
91.5
|
113.6
|
||||||
Income Taxes (3)
|
9.4
|
28.4
|
||||||
Net Income
|
$
|
82.1
|
$
|
85.2
|
||||
Weighted Average Shares Outstanding:
|
||||||||
Basic
|
72.7
|
83.1
|
||||||
Diluted
|
76.3
|
86.7
|
||||||
Earnings Per Share:
|
||||||||
Basic
|
$
|
1.13
|
$
|
1.03
|
||||
Diluted
|
$
|
1.08
|
$
|
0.98
|
||||
(1) Other Operating Income relates to certain China government grant income.
|
(2) Other Expense relates to the loss on revaluation of the Contingent Value Rights issued in connection with the October 2017 modified Dutch auction tender offer and loss on the extinguishment of a portion of the 2.0% convertible senior notes due 2019 repurchased in March 2018.
|
(3) Includes the impact of excess tax benefit recognized under ASU 2016-09 of $19.4 million and $4.3 million for the three months ended March 31, 2018 and 2017, respectively.
|
Herbalife Nutrition Ltd. and Subsidiaries
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(In millions)
|
||||||||
(Unaudited)
|
||||||||
Mar 31,
|
Dec 31,
|
|||||||
2018
|
2017
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,330.2
|
$
|
1,278.8
|
||||
Receivables, net
|
103.3
|
93.3
|
||||||
Inventories
|
333.0
|
341.2
|
||||||
Prepaid expenses and other current assets
|
184.6
|
147.0
|
||||||
Total Current Assets
|
1,951.1
|
1,860.3
|
||||||
Property, plant and equipment, net
|
369.2
|
377.5
|
||||||
Marketing related intangibles and other intangible assets, net
|
310.1
|
310.1
|
||||||
Goodwill
|
98.6
|
96.9
|
||||||
Other assets
|
239.7
|
250.3
|
||||||
Total Assets
|
$
|
2,968.7
|
$
|
2,895.1
|
||||
LIABILITIES AND SHAREHOLDERS' DEFICIT
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
80.2
|
$
|
67.8
|
||||
Royalty overrides
|
264.7
|
277.7
|
||||||
Current portion of long-term debt
|
102.3
|
102.4
|
||||||
Other current liabilities
|
463.7
|
458.9
|
||||||
Total Current Liabilities
|
910.9
|
906.8
|
||||||
Non-current liabilities
|
||||||||
Long-term debt, net of current portion
|
2,109.1
|
2,165.7
|
||||||
Other non-current liabilities
|
167.7
|
157.3
|
||||||
Total Liabilities
|
3,187.7
|
3,229.8
|
||||||
Commitments and Contingencies
|
||||||||
Shareholders' deficit:
|
||||||||
Common shares
|
0.1
|
0.1
|
||||||
Paid-in capital in excess of par value
|
425.4
|
407.3
|
||||||
Accumulated other comprehensive loss
|
(147.3
|
)
|
(165.4
|
)
|
||||
Accumulated deficit
|
(168.3
|
)
|
(248.1
|
)
|
||||
Treasury stock
|
(328.9
|
)
|
(328.6
|
)
|
||||
Total Shareholders' Deficit
|
(219.0
|
)
|
(334.7
|
)
|
||||
Total Liabilities and Shareholders' Deficit
|
$
|
2,968.7
|
$
|
2,895.1
|
||||
Herbalife Nutrition Ltd. and Subsidiaries
|
||||||||
Condensed Consolidated Statements of Cash Flows
|
||||||||
(In millions)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
3/31/2018
|
3/31/2017
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
82.1
|
$
|
85.2
|
||||
Adjustments to reconcile net income to net cash provided by
|
||||||||
operating activities:
|
||||||||
Depreciation and amortization
|
25.6
|
24.5
|
||||||
Share-based compensation expenses
|
9.8
|
11.3
|
||||||
Non-cash interest expense
|
15.7
|
14.4
|
||||||
Deferred income taxes
|
3.3
|
(3.2
|
)
|
|||||
Inventory write-downs
|
12.1
|
4.6
|
||||||
Foreign exchange transaction loss (gain)
|
0.5
|
(0.4
|
)
|
|||||
Other
|
25.5
|
(1.0
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Receivables
|
(16.1
|
)
|
(27.9
|
)
|
||||
Inventories
|
8.4
|
7.3
|
||||||
Prepaid expenses and other current assets
|
(11.9
|
)
|
25.1
|
|||||
Accounts payable
|
16.4
|
5.0
|
||||||
Royalty overrides
|
(12.6
|
)
|
(18.8
|
)
|
||||
Other current liabilities
|
(3.7
|
)
|
44.6
|
|||||
Other
|
1.1
|
4.8
|
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
156.2
|
175.5
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(15.6
|
)
|
(24.5
|
)
|
||||
Other
|
-
|
0.1
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(15.6
|
)
|
(24.4
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Borrowings from senior secured credit facility, net of discount
|
-
|
1,274.0
|
||||||
Principal payments on senior secured credit facility and other debt
|
(24.5
|
)
|
(413.4
|
)
|
||||
Proceeds from senior convertible notes
|
550.0
|
-
|
||||||
Repurchase of senior convertible notes
|
(582.5
|
)
|
-
|
|||||
Debt issuance costs
|
(11.7
|
)
|
(22.6
|
)
|
||||
Share repurchases
|
(54.2
|
)
|
(58.1
|
)
|
||||
Proceeds from settlement of capped call transactions
|
27.1
|
-
|
||||||
Other
|
0.6
|
0.6
|
||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
(95.2
|
)
|
780.5
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
6.1
|
9.1
|
||||||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
51.5
|
940.7
|
||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
|
1,295.5
|
857.0
|
||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
|
$
|
1,347.0
|
$
|
1,797.7
|
||||
Three Months Ended
|
||||||||
3/31/2018
|
3/31/2017
|
|||||||
(in millions)
|
||||||||
Net income, as reported
|
$
|
82.1
|
$
|
85.2
|
||||
Expenses incurred responding to attacks on the Company's business model (1) (2)
|
-
|
1.5
|
||||||
Expenses related to regulatory inquiries (1) (2)
|
2.3
|
3.8
|
||||||
Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3)
|
12.5
|
11.7
|
||||||
China grant income (1) (2)
|
(16.2
|
)
|
-
|
|||||
FTC Consent Order implementation (1) (2) (4)
|
-
|
8.5
|
||||||
Contingent value rights revaluation (1) (2)
|
11.3
|
-
|
||||||
Loss on extinguishment of convertible debt (1) (2) (5)
|
13.1
|
-
|
||||||
Venezuela devaluation (1) (2)
|
4.7
|
-
|
||||||
Income tax adjustments for above items (1) (2)
|
(3.3
|
)
|
(3.5
|
)
|
||||
Net income, as adjusted (6)
|
$
|
106.5
|
$
|
107.1
|
||||
Three Months Ended
|
||||||||
3/31/2018
|
3/31/2017
|
|||||||
(per share)
|
||||||||
Diluted earnings per share, as reported
|
$
|
1.08
|
$
|
0.98
|
||||
Expenses incurred responding to attacks on the Company's business model (1) (2)
|
-
|
0.02
|
||||||
Expenses related to regulatory inquiries (1) (2)
|
0.03
|
0.04
|
||||||
Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3)
|
0.16
|
0.13
|
||||||
China grant income (1) (2)
|
(0.21
|
)
|
-
|
|||||
FTC Consent Order implementation (1) (2) (4)
|
-
|
0.10
|
||||||
Contingent value rights revaluation (1) (2)
|
0.15
|
-
|
||||||
Loss on extinguishment of convertible debt (1) (2) (5)
|
0.17
|
-
|
||||||
Venezuela devaluation (1) (2)
|
0.06
|
-
|
||||||
Income tax adjustments for above items (1) (2)
|
(0.04
|
)
|
(0.04
|
)
|
||||
Diluted earnings per share, as adjusted (6)
|
$
|
1.40
|
$
|
1.24
|
||||
(1) Based on interim income tax reporting rules, these expenses are not considered discrete items. As a result, the Company's full year effective tax rate is impacted by these items. When applying the full year effective tax rate to year-to-date income, the Company's year-to-date tax provision
recorded with respect to these non-GAAP adjustments is different from the forecasted full-year tax provision impact of these items. As a consequence, adjustments to the year-to-date and quarterly tax impacts will be recorded as the adjusted full year effective tax rate is applied to income in subsequent periods. Additionally, adjustments to items unrelated to these non-GAAP adjustments may have an effect on the income tax impact of these non-GAAP adjustments in subsequent periods. The Company plans to update the income tax impact of these items in subsequent interim reporting periods.
|
(2) Excludes tax (benefit)/expense as follows:
|
||||||||
Three Months Ended
|
||||||||
3/31/2018
|
3/31/2017
|
|||||||
(in millions)
|
||||||||
Expenses incurred responding to attacks on the Company's business model
|
$
|
-
|
$
|
(0.4
|
)
|
|||
Expenses related to regulatory inquiries
|
(0.2
|
)
|
(1.3
|
)
|
||||
Non-cash interest expense and amortization of non-cash issuance costs
|
(0.3
|
)
|
0.9
|
|||||
China grant income
|
5.8
|
-
|
||||||
FTC Consent Order Implementation
|
-
|
(2.8
|
)
|
|||||
Contingent Value Rights revaluation
|
(3.3
|
)
|
-
|
|||||
Loss on extinguishment of convertible debt
|
(3.7
|
)
|
-
|
|||||
Venezuela devaluation
|
(1.6
|
)
|
-
|
|||||
Total income tax adjustments (6)
|
$
|
(3.3
|
)
|
$
|
(3.5
|
)
|
||
Three Months Ended
|
||||||||
3/31/2018
|
3/31/2017
|
|||||||
(per share)
|
||||||||
Expenses incurred responding to attacks on the Company's business model
|
$
|
-
|
$
|
-
|
||||
Expenses related to regulatory inquiries
|
-
|
(0.01
|
)
|
|||||
Non-cash interest expense and amortization of non-cash issuance costs
|
-
|
0.01
|
||||||
China grant income
|
0.08
|
-
|
||||||
FTC Consent Order Implementation
|
-
|
(0.03
|
)
|
|||||
Contingent Value Rights revaluation
|
(0.04
|
)
|
-
|
|||||
Loss on extinguishment of convertible debt
|
(0.05
|
)
|
-
|
|||||
Venezuela devaluation
|
(0.02
|
)
|
-
|
|||||
Total income tax adjustments (6)
|
$
|
(0.04
|
)
|
$
|
(0.04
|
)
|
(3) Relates to non-cash expense on the Company's 2.00% convertible senior notes due 2019 and the related prepaid forward share repurchase contract and the 2.625% convertible senior notes due 2024.
|
(4) Includes $3.0 million of product discounts related to preferred member conversions for the three months ended March 31, 2017.
|
(5) Relates to the loss on the extinguishment of a portion of the 2.00% convertible senior notes due 2019 repuruchased in March 2018.
|
(6) Amounts may not total due to rounding.
|
Three Months Ending
|
Twelve Months Ending
|
|||||||
June 30, 2018
|
December 31, 2018
|
|||||||
Diluted EPS Guidance (1)
|
$
|
0.90 - $1.10
|
$
|
3.95 - $4.35
|
||||
Non-cash interest expense and amortization of non-cash issuance costs (2)
|
0.17
|
0.69
|
||||||
Expenses related to regulatory inquiries (3)
|
0.04
|
0.16
|
||||||
China Grant Income (4)
|
-
|
(0.22
|
)
|
|||||
Contingent value rights revaluation (5)
|
-
|
0.16
|
||||||
Loss on extinguishment of convertible debt (6)
|
-
|
0.18
|
||||||
Venezuela devaluation (7)
|
-
|
0.06
|
||||||
Income tax adjustments for above items (8)
|
0.03
|
0.07
|
||||||
Adjusted Diluted EPS Guidance (9)
|
$
|
1.15 - $1.35
|
$
|
5.05 - $5.45
|
||||
(1) Excludes any future potential ongoing tax effects from the exercise of equity awards that could impact the Company's tax rate due to the updated stock compensation accounting standard, any future contingent value rights revaluation, benefits from future potential China grant income, any future potential dilution from the Company’s convertible notes, any future potential Venezuela currency devaluations and associated pricing and inflationary consequences, as well as any impact of the China Growth and Impact Investment Program.
|
(2) Relates to non-cash expense on the Company's 2.00% convertible senior notes due 2019 and the related prepaid forward share repurchase contract and the 2.625% convertible notes due 2024.
|
(3) Excludes tax impact of $0.3 million and $1.1 million for the three months ending June 30, 2018 and the twelve months ending December 31, 2018, respectively.
|
(4) Excludes tax impact of $0.4 million and $4.7 million for the three months ending June 30, 2018 and the twelve months ending December 31, 2018, respectively.
|
(5) Relates to the loss on the extinguishment of a portion of the 2.00% convertible senior notes due 2019 repuruchased in March 31, 2018 and excludes tax impact of $1.1 million for the three months ending June 30, 2018.
|
(6) Excludes tax impact of $1.2 million for the three months ending June 30, 2018.
|
(7) Excludes tax impact of $0.2 million and $1.1 million for the three months ending June 30, 2018 and the twelve months ending December 31, 2018, respectively.
|
(8) Aggregates the individual tax impacts of each item as described in greater detail in footnotes 3 through 7 above.
|
(9) Amounts may not total due to rounding.
|