- First quarter adjusted1 EPS of $1.29 per
diluted share exceeded guidance and reported EPS of $0.92 per diluted
share increased 24% compared to $0.74 per diluted share in the first
quarter a year ago.
- Worldwide net sales of $1.1 billion declined 12% due to the
unfavorable impact of currency exchange rates; net sales excluding
currency impact grew 4% compared to the prior year period.
- Raises FY’15 adjusted diluted EPS guidance to a range of $4.30 to
$4.60.
LOS ANGELES -- (Business Wire)
Herbalife Ltd. (NYSE: HLF) today reported first quarter net sales of
$1.1 billion. While local currency net sales grew by 4%, reported net
sales declined 12% primarily due to the unfavorable impact of currency
exchange rates. Adjusted1 earnings for the quarter were $1.29
per diluted share compared to $1.50 per diluted share for the same
period in 2014. On a reported basis, the company announced first quarter
net income of $78.2 million, or $0.92 per diluted share, compared to
$74.6 million, or $0.74 per diluted share for the same period in 2014.
First quarter 2015 diluted EPS was negatively impacted by a $0.442
currency headwind.
First quarter 2015 reported net income was negatively impacted by $36.3
million in pre-tax charges, or $0.30 per diluted share after tax,
related to the devaluation of the Venezuelan Bolivar. During the first
quarter, the company remeasured its Bolivar-denominated monetary assets
and liabilities at the SIMADI rate.
For the quarter that ended March 31, 2015, the company generated $161.1
million net operating cash flow, and invested $15.4 million in capital
expenditures.
Michael Johnson, chairman and CEO stated, “Our performance this quarter
was above our expectations and has resulted in us increasing our full
year 2015 guidance.”
Johnson continued, “As reflected in our record sales leader retention
results, we remain confident that we are building a stable foundation
for volume and sales growth, driving long-term shareholder value
creation, and providing an even better experience for our millions of
Members and our customers throughout the world.”
_____________
1 See Schedule A – “Reconciliation of
Non-GAAP Financial Measures” for more detail.
2 Excludes
the impact of Venezuela price increases tied to FX rate movements.
First Quarter and 2015 Key Metrics3,4
Regional Volume Point and Average Active Sales Leader Metrics
|
|
|
|
|
|
|
Volume Points (Mil)
|
|
Average Active Sales Leaders
|
Region
|
|
1Q'15
|
|
Yr/Yr % Chg
|
|
1Q'15
|
|
Yr/Yr % Chg
|
North America
| |
297.8
|
|
-11
|
%
| |
77,480
|
|
4
|
%
|
Asia Pacific
| |
265.9
| |
-12
|
%
| |
74,767
| |
4
|
%
|
EMEA
| |
228.4
| |
13
|
%
| |
69,256
| |
28
|
%
|
Mexico
| |
203.4
| |
-8
|
%
| |
65,340
| |
3
|
%
|
South & Central America
| |
210.5
| |
-8
|
%
| |
62,971
| |
2
|
%
|
China
|
|
113.7
|
|
25
|
%
|
|
20,277
|
|
22
|
%
|
Worldwide Total |
| 1,319.7 |
| -4 | % |
| 357,465 |
| 8 | % |
| | | | | | | | | |
|
Regional Net Sales and FX Impact
|
|
|
|
|
|
|
Region
|
|
Reported Net Sales
1Q '15 (mil)
|
|
Growth/Decline
including FX
|
|
Growth/Decline
excluding FX
|
North America
|
|
$
|
226.7
|
|
-9%
|
|
-8%
|
Asia Pacific (ex. China)
| |
$
|
242.8
| |
-13%
| |
-10%
|
EMEA
| |
$
|
186.4
| |
-12%
| |
14%
|
Mexico
| |
$
|
123.6
| |
-13%
| |
-2%
|
South & Central America
| |
$
|
161.7
| |
-34%
| |
16%
|
China
|
|
$
|
164.2
|
|
21%
|
|
23%
|
Worldwide Total |
| $ | 1,105.4 |
| -12% |
| 4% |
| | | | | | |
|
_______________
3 Supplemental tables that include
additional business metrics can be found at http://www.ir.herbalife.com.
4
Worldwide Average Active Sales Leaders may not equal the sum of the
Average Active Sales Leaders in each region due to the calculation being
an average of Sales Leaders active in a period, not a summation, and the
fact that some sales leaders are active in more than one region but are
counted only once in the worldwide amount.
2015 Outlook
Guidance for the second quarter includes an unfavorable impact from
currency exchange rates of approximately $0.40 per diluted share,
inclusive of approximately $0.14 resulting from Venezuela. Full year
2015 guidance includes a currency headwind of approximately $1.26 per
diluted share, including approximately $0.45 from Venezuela.
Based on current business trends the company’s second quarter 2015 and
full year 2015 guidance is as follows:
|
|
Three Months Ending
|
|
|
|
Twelve Months Ending
|
| |
June 30, 2015
| | | |
December 31, 2015
|
| | Low |
| High | | | | Low |
| High |
Volume Point Growth vs 2014
| |
(7.5%)
| |
(4.5%)
| | | |
(4.0%)
| |
(1.0%)
|
Net Sales Growth vs 2014
| |
(13.5%)
| |
(10.5%)
| | | |
(9.5%)
| |
(6.5%)
|
Adjusted Diluted EPS
| |
$1.05
| |
$1.15
| | | |
$4.30
| |
$4.60
|
Cap Ex ($ millions)
| |
$20.0
| |
$30.0
| | | |
$120.0
| |
$140.0
|
Effective Tax Rate
| |
28.0%
| |
30.0%
| | | |
28.0%
| |
30.0%
|
Currency Adjusted(a) Net Sales Growth vs 2014
| |
(3.0%)
| |
0.0%
| | | |
(0.5%)
| |
2.5%
|
Currency Adjusted EPS (a) | |
$1.45
| |
$1.55
| | | |
$5.55
| |
$5.85
|
Free Cash Flow ($ millions) (b) | | | | | | | |
$440.0
| |
$470.0
|
| | | | | | | | | |
|
(a) Excludes the impact of Venezuela price increases tied
to FX rate movements.
|
(b) Free Cash Flow equals Cash Flow from operations less
Capital Expenditures.
|
|
Guidance excludes the impact of legal and advisory services and expenses
relating to challenges to the company’s business model, including
expenses related to an FTC Civil Investigative Demand or CID, the impact
of non-cash interest costs associated with the company’s Convertible
Notes and the expenses incurred related to the effort to recover costs
related to the re-audits that occurred in 2013. Forward guidance is
based on the average daily exchange rates of the first two weeks of
April. With respect to Venezuela, the guidance assumes a SIMADI rate of
192 to 1 for the remainder of 2015 and excludes the potential impact of
the recent and any future devaluation of the Venezuelan Bolivar and
future repatriation, if any, of existing cash balances in Venezuela.
First Quarter 2015 Earnings Conference Call
Herbalife senior management will host an investor conference call to
discuss its recent financial results and provide an update on current
business trends on Tuesday, May 5, 2015 at 2:30 p.m. PT (5:30 p.m. ET).
The dial-in number for this conference call for domestic callers is
(877) 317-1296 and (706) 634-5671 for international callers (conference
ID 18313228). Live audio of the conference call will be simultaneously
webcast in the investor relations section of the Company's website at http://ir.herbalife.com.
An audio replay will be available following the completion of the
conference call in MP3 format or by dialing(855) 859-2056 for
domestic callers or (404) 537-3406 for international callers (conference
ID 18313228). The webcast of the teleconference will be archived and
available on Herbalife's website.
About Herbalife Ltd.
Herbalife Ltd. (NYSE:HLF) is a 35-year-old global nutrition company that
sells weight-management, nutrition and personal care products intended
to support a healthy lifestyle. Herbalife products are sold in more than
90 countries to and through a network of independent members. The
company supports the Herbalife Family Foundation and its Casa Herbalife
program to help bring good nutrition to children. Herbalife's website
contains a significant amount of financial and other information about
the company at http://ir.Herbalife.com.
The company encourages investors to visit its website from time to time,
as information is updated and new information is posted.
FORWARD-LOOKING STATEMENTS
Although we believe that the expectations reflected in any of our
forward-looking statements are reasonable, actual results 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, such as those disclosed or
incorporated by reference in our filings with the Securities and
Exchange Commission. Important factors that could cause our actual
results, performance and achievements, or industry results to differ
materially from estimates or projections contained in our
forward-looking statements include, among others, the following:
• 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;
• 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;
• 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
market in which we operate;
• legal challenges to our network marketing program;
• 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 the application of transfer pricing, duties,
value added taxes, and other tax regulations, and changes thereto;
• uncertainties relating to interpretation and enforcement of
legislation in China governing direct selling;
• 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;
• contractual limitations on our ability to expand our business;
• our reliance on our information technology infrastructure and outside
manufacturers;
• the sufficiency of trademarks and other intellectual property rights;
• product concentration;
• changes in tax laws, treaties or regulations, or their interpretation;
• taxation relating to our Members;
• product liability claims;
• 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.
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)
|
(Unaudited)
|
|
|
|
|
|
| |
Three Months Ended
|
| | 3/31/2015 |
| 3/31/2014 |
| | | |
|
North America
| |
$
|
226.7
| |
$
|
247.8
|
Mexico
| | |
123.6
| | |
142.7
|
South and Central America
| | |
161.7
| | |
244.7
|
EMEA
| | |
186.4
| | |
211.2
|
Asia Pacific
| | |
242.8
| | |
280.4
|
China
| |
|
164.2
| |
|
135.8
|
Worldwide net sales
| | |
1,105.4
| | |
1,262.6
|
Cost of Sales (5) | |
|
215.4
| |
|
251.2
|
Gross Profit
| | |
890.0
| | |
1,011.4
|
Royalty Overrides
| | |
323.0
| | |
381.8
|
Selling, General and Administrative Expenses (6) | |
|
431.4
| |
|
502.1
|
Operating Income
| | |
135.6
| | |
127.5
|
Interest Expense, net
| | |
21.5
| | |
14.9
|
Other Expense, net (7) | |
|
2.3
| |
|
3.2
|
Income before income taxes
| | |
111.8
| | |
109.4
|
Income Taxes
| |
|
33.6
| |
|
34.8
|
Net Income
| |
$
|
78.2
| |
$
|
74.6
|
| | | |
|
Basic Shares
| | |
82.3
| | |
95.4
|
Diluted Shares
| | |
84.6
| | |
100.8
|
| | | |
|
Basic EPS
| |
$
|
0.95
| |
$
|
0.78
|
Diluted EPS
| |
$
|
0.92
| |
$
|
0.74
|
| | | |
|
Dividends declared per share
| |
$
|
-
| |
$
|
0.30
|
|
|
|
|
|
|
|
(5) As discussed in Note 2 of the quarterly report on Form
10-Q for the quarter ended March 31, 2015, Cost of Sales includes $1.4
million of inventory write downs related to Venezuela for the three
months ended March 31, 2015.
(6) As discussed in Note 2
of the quarterly report on Form 10-Q for the quarter ended March 31,
2015, Selling, General and Administrative Expenses includes $32.6
million and $86.1 million pre-tax unfavorable impact related to the
remeasurement of Venezuela Bolivar-denominated assets and liabilities at
the SIMADI and SICAD I rate, for the three months ended March 31, 2015
and 2014, respectively.
(7) As discussed in Note 2 of
the quarterly report on Form 10-Q for the quarter ended March 31, 2015,
Other Expense, net relates to the impairment of investments in
Bolivar-denominated bonds.
|
Herbalife Ltd. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(In millions)
|
(Unaudited)
|
|
|
Mar 31,
|
|
Dec 31,
|
| | | 2015 | | | | 2014 | |
| | | |
|
ASSETS
| | | | |
Current Assets:
| | | | |
Cash & cash equivalents
| |
$
|
715.5
| | |
$
|
645.4
| |
Receivables, net
| | |
86.8
| | | |
83.6
| |
Inventories
| | |
335.0
| | | |
377.7
| |
Prepaid expenses and other current assets
| | |
191.8
| | | |
186.1
| |
Deferred income tax assets
| |
|
99.1
|
| |
|
100.6
|
|
Total Current Assets
| | |
1,428.2
| | | |
1,393.4
| |
| | | |
|
Property, net
| | |
356.7
| | | |
366.7
| |
Deferred compensation plan assets
| | |
29.0
| | | |
27.4
| |
Other assets
| | |
147.9
| | | |
152.8
| |
Deferred financing cost, net
| | |
20.2
| | | |
22.0
| |
Marketing related intangibles and other intangible assets, net
| | |
310.4
| | | |
310.4
| |
Goodwill
| |
|
96.5
|
| |
|
102.2
|
|
Total Assets
| |
$
|
2,388.9
|
| |
$
|
2,374.9
|
|
| | | |
|
| | | |
|
LIABILITIES AND SHAREHOLDERS' DEFICIT
| | | | |
Current Liabilities:
| | | | |
Accounts payable
| |
$
|
64.8
| | |
$
|
72.4
| |
Royalty overrides
| | |
218.6
| | | |
251.0
| |
Accrued compensation
| | |
76.1
| | | |
69.6
| |
Accrued expenses
| | |
255.2
| | | |
252.1
| |
Current portion of long-term debt
| | |
419.4
| | | |
100.0
| |
Advance sales deposits
| | |
82.8
| | | |
70.0
| |
Income taxes payable
| |
|
52.0
|
| |
|
59.7
|
|
Total Current Liabilities
| | |
1,168.9
| | | |
874.8
| |
| | | |
|
Non-current liabilities
| | | | |
Long-term debt, net of current portion
| | |
1,393.4
| | | |
1,711.7
| |
Deferred compensation plan liability
| | |
44.1
| | | |
42.9
| |
Deferred income tax liabilities
| | |
16.8
| | | |
15.3
| |
Other non-current liabilities
| |
|
66.9
|
| |
|
64.6
|
|
Total Liabilities
| | |
2,690.1
| | | |
2,709.3
| |
| | | |
|
Contingencies
| | | | |
| | | |
|
Shareholders' deficit:
| | | | |
Common shares
| | |
0.1
| | | |
0.1
| |
Paid-in capital in excess of par value
| | |
414.1
| | | |
409.1
| |
Accumulated other comprehensive loss
| | |
(128.2
|
)
| | |
(78.2
|
)
|
Accumulated deficit
| |
|
(587.2
|
)
| |
|
(665.4
|
)
|
Total Shareholders' Deficit
| |
|
(301.2
|
)
| |
|
(334.4
|
)
|
| |
| |
|
Total Liabilities and Shareholders' Deficit
| |
$
|
2,388.9
|
| |
$
|
2,374.9
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | |
|
|
Herbalife Ltd. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
| |
Three Months Ended
|
| | | 3/31/2015 | |
| | 3/31/2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES
| | | | |
Net income
| |
$
|
78.2
| | |
$
|
74.6
| |
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | |
Depreciation and amortization
| | |
22.9
| | | |
21.3
| |
| | | | | | | |
|
Excess tax benefits from share-based payment arrangements
| | |
(2.5
|
)
| | |
(3.2
|
)
|
Share-based compensation expenses
| | |
11.1
| | | |
11.0
| |
Non-cash interest expense
| | |
12.2
| | | |
7.2
| |
Deferred income taxes
| | |
1.3
| | | |
(2.3
|
)
|
Inventory write-downs
| | |
4.9
| | | |
11.0
| |
Unrealized foreign exchange transaction (gain) loss
| | |
(18.3
|
)
| | |
3.4
| |
| | | | | | | |
|
Foreign exchange loss from Venezuela currency devaluation
| | |
32.6
| | | |
86.1
| |
Impairments and write-downs relating to Venezuela currency
devaluation
| | |
3.7
| | | |
3.2
| |
Other
| | |
4.6
| | | |
1.3
| |
Changes in operating assets and liabilities:
| | | | |
Receivables
| | |
(14.4
|
)
| | |
(18.0
|
)
|
Inventories
| | |
15.0
| | | |
14.2
| |
Prepaid expenses and other current assets
| | |
10.8
| | | |
(23.8
|
)
|
Other assets
| | |
(6.2
|
)
| | |
(5.2
|
)
|
Accounts payable
| | |
(1.1
|
)
| | |
6.2
| |
Royalty overrides
| | |
(23.0
|
)
| | |
(3.7
|
)
|
Accrued expenses and accrued compensation
| | |
22.5
| | | |
(12.5
|
)
|
Advance sales deposits
| | |
16.3
| | | |
17.4
| |
Income taxes
| | |
(10.6
|
)
| | |
(0.9
|
)
|
Deferred compensation plan liability
| |
|
1.1
|
| |
|
3.3
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
| |
|
161.1
|
| |
|
190.6
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
| | | | |
Purchases of property, plant and equipment
| | |
(22.8
|
)
| | |
(58.5
|
)
|
Investments in Venezuelan bonds
| | |
-
| | | |
(3.2
|
)
|
Other
| |
|
6.1
|
| |
|
-
|
|
NET CASH USED IN INVESTING ACTIVITIES
| |
|
(16.7
|
)
| |
|
(61.7
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES
| | | | |
Dividends paid
| | |
-
| | | |
(30.4
|
)
|
Dividends received
| | |
-
| | | |
3.4
| |
Payments for Capped Call Transactions
| | |
-
| | | |
(123.8
|
)
|
Proceeds from senior convertible notes
| | |
-
| | | |
1,150.0
| |
| | | | | | | |
|
Principal payments on senior secured credit facility and other debt
| | |
(25.0
|
)
| | |
(18.8
|
)
|
Issuance costs relating to long-term debt and senior convertible
notes
| | |
-
| | | |
(28.9
|
)
|
Share repurchases
| | |
(9.0
|
)
| | |
(694.5
|
)
|
| | | | | | | |
|
Excess tax benefits from share-based payment arrangements
| | |
2.5
| | | |
3.2
| |
Proceeds from exercise of stock options and sale of stock under
employee stock purchase plan
| |
|
0.4
|
| |
|
0.1
|
|
| | | | | | | |
|
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
| |
|
(31.1
|
)
| |
|
260.3
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
| |
|
(43.2
|
)
| |
|
(100.3
|
)
|
NET CHANGE IN CASH AND CASH EQUIVALENTS
| | |
70.1
| | | |
288.9
| |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
| |
|
645.4
|
| |
|
973.0
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
| |
$
|
715.5
|
| |
$
|
1,261.9
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | |
|
SUPPLEMENTAL INFORMATION
SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited
and unreviewed), (Dollars in Thousands, Except Per Share Data)
In addition to its reported results, the company has included in the
tables below adjusted results that the Securities and Exchange
Commission defines as “non-GAAP financial measures.” Management believes
that such non-GAAP financial measures, when read in conjunction with the
Company’s reported results, can provide useful supplemental information
for investors in analyzing period to period comparisons of the company’s
results.
The following is a reconciliation of net income, presented and reported
in accordance with U.S. generally accepted accounting principles, to net
income adjusted for certain items:
|
|
|
|
|
|
|
Three Months Ended
|
| |
|
3/31/2015
|
|
|
|
3/31/2014
|
| |
(in millions)
|
| | | |
|
Net income, as reported
| |
$
|
78.2
| | |
$
|
74.6
|
Remeasurement and impairment losses relating to Venezuela (8)
(9) | | |
25.2
| | | |
66.6
|
Expenses incurred responding to attacks on the company's business
model (8) (10) | | |
2.9
| | | |
3.3
|
Expenses related to the FTC inquiry (8) (11) | | |
2.1
| | | |
0.7
|
Expenses incurred for the recovery of re-audit fees (8) | | |
0.1
| | | |
-
|
Foreign exchange gain from Euro/USD exposure on intercompany
balances (8) (12) | | |
(10.1
|
)
| | |
-
|
Non-cash interest expense and amortization of non-cash issuance costs
(8) (13) | |
|
10.5
|
| |
|
5.8
|
Net income, as adjusted (14) | |
$
|
108.8
|
| |
$
|
151.1
|
|
|
|
|
|
|
|
|
| | | | | | |
|
The following is a reconciliation of diluted earnings per share,
presented and reported in accordance with U.S. generally accepted
accounting principles, to diluted earnings per share adjusted for
certain items:
|
|
|
Three Months Ended
|
| |
|
3/31/2015
|
|
|
|
3/31/2014
|
| | | |
|
Diluted earnings per share, as reported
| |
$
|
0.92
| | |
$
|
0.74
|
Remeasurement and impairment losses relating to Venezuela (8)
(9) | | |
0.30
| | | |
0.66
|
Expenses incurred responding to attacks on the company's business
model (8) (10) | | |
0.03
| | | |
0.03
|
Expenses related to the FTC inquiry (8) (11) | | |
0.02
| | | |
0.01
|
Expenses incurred for the recovery of re-audit fees (8) | | |
-
| | | |
-
|
Foreign exchange gain from Euro/USD exposure on intercompany
balances (8) (12) | | |
(0.12
|
)
| | |
-
|
Non-cash interest expense and amortization of non-cash issuance costs
(8) (13) | |
|
0.12
|
| |
|
0.06
|
Diluted earnings per share, as adjusted (14) | |
$
|
1.29
|
| |
$
|
1.50
|
|
|
|
|
|
|
|
|
(8) 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.
(9) Net of $11.1 million and $22.7 million tax
benefit for the three months ended Mar 31, 2015 and 2014, respectively.
(10)
Net of $1.5 million and $1.0 million tax benefit for the three months
ended Mar 31, 2015 and 2014, respectively.
(11) Net of
$1.3 million and $0.2 million tax benefit for the three months ended
March 31, 2015 and 2014, respectively.
(12) Net of $2.7
million tax expense for the three months ended March 31, 2015.
(13)
Relates to non-cash expense on our convertible notes and prepaid forward
share repurchase contract.
(14) Amounts may not total
due to rounding.
The following is a reconciliation of total long-term debt to net debt:
|
|
|
|
|
|
|
|
3/31/2015
|
|
|
3/31/2014
|
| |
(in millions)
|
| | | |
|
Total long-term debt (current and long-term portion)
| |
$
|
1,812.8
| |
$
|
1,848.3
|
Less: Cash and cash equivalents
| |
|
715.5
| |
|
1,261.9
|
Net debt
|
|
$
|
1,097.3
|
|
$
|
586.4
|
Contacts:
Herbalife Ltd.
Media Contact:
Julian Cacchioli
VP,
Corporate Communications
213.745.0519
or
Investor Contact:
Alan
Quan
VP, Investor Relations
213.745.0541
Source: Herbalife Ltd.
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