Hanesbrands Inc
(336) 519-4400
news
release
FOR IMMEDIATE RELEASE
News Media,
contact: Matt
Hall, (336) 519-3386
Analysts and
Investors, contact:
HANESBRANDS INC. REPORTS FOURTH-QUARTER 2008 RESULTS
Total net sales in the fourth quarter declined by $124 million to $1.04 billion, and net sales for the full fiscal year declined by 5 percent to $4.25 billion. GAAP earnings per diluted share in the quarter were $0.19, and for the full year were $1.34, up slightly from a year ago.
Excluding actions, non-GAAP earnings per diluted share in the fourth quarter increased by 32 percent to $0.50, and for the full year non-GAAP EPS increased by 27 percent to $2.09.
Hanesbrands prepaid $139 million of long-term debt in the fourth quarter, compared with its goal of $75 million to $125 million. The company ended the year with inventory of $1.3 billion, approximately $50 million better than its goal. And the company ended the year with a similar level of cushion in its bank covenant debt-to-EBITDA ratio as it had at the end of the third quarter.
“We are pleased with our accomplishments in a year in which we faced rising commodity costs and an unprecedented collapse in the consumer retail sales environment,” Hanesbrands Chairman and Chief Executive Officer Richard A. Noll. “We successfully controlled year-end inventories, paid down debt, reduced costs, executed our supply chain strategy ahead of schedule, announced a price increase, and we delivered EPS growth of more than 25 percent for the year despite sales declines.
“We are now sharply focused on execution, conservative inventory and cost management and using available cash to pay down debt over the next 12 months. Our goal is to come out of this economic environment with momentum and as an even stronger company.”
Hanesbrands Inc. Reports Fourth-Quarter 2008
Results – Page 2
Noteworthy Financial Highlights
The fourth quarter and full fiscal year, which ended Jan. 3,
2009, contained one additional week than the previous quarter and fiscal year ended
Dec. 29, 2007. Selected highlights include:
·
Total net sales in the quarter declined by 11
percent to $1.04 billion, compared with $1.16 billion a year ago. Sales declined in each business segment. For the full year, total net sales were down
by 5 percent to $4.25 billion, compared with $4.47 billion a year ago.
By the end of the fourth quarter, sales weakness was broad-based, although a
few of the bright spots for the year were men’s underwear, Champion brand sales, Playtex
brand intimate apparel sales, and the International segment.
For the rolling 12-month period through November 2008, consumer panel data
showed that Hanesbrands increased its market share for total innerwear by 1
share point, including a men’s underwear market share increase of 3 share
points, women’s intimate apparel increase of 1 share point, and a socks
increase of one-half of a share point.
·
GAAP earnings per diluted share in the quarter
decreased by $0.33 to $0.19, which included a $0.31 reduction per diluted share
for restructuring and related charges. For the year, GAAP diluted EPS was $1.34
versus $1.30 a year ago.
Excluding actions, non-GAAP
diluted EPS for the full year increased by 27 percent to $2.09, which exceeded the
company’s growth goal for the year despite severe economic conditions,
particularly the consumer market collapse in the fourth quarter. The earnings growth was driven by strategic
execution that reduced costs, lowered base interest rates, lowered income tax
expense, and reduced long-term debt. For
the quarter, which also benefited from favorable selling, general and
administrative expense timing and one-time retroactive duty refunds, non-GAAP
diluted EPS increased by 32 percent to $0.50, up from $0.38 a year ago.
·
GAAP operating profit was $58.4 million in the
quarter, down $67.5 million, and was $317.5 million for the year, down $71.1
million. Both comparisons include a
one-time $32.1 million gain in last year’s periods.
Excluding actions, Hanesbrands was able to protect its margins through cost-reduction
efforts despite sales declines. For the
full year, the operating profit margin was the same as last year at 9.7 percent
of sales.
·
By prepaying $139 million in long-term debt in
the quarter, the company ended the year with long-term debt of $2.18 billion. Since its spinoff in September 2006,
Hanesbrands has reduced long-term debt by $423 million.
Hanesbrands Inc. Reports Fourth-Quarter 2008
Results – Page 3
(Diluted EPS excluding
actions, operating profit excluding actions, and operating profit margin excluding
actions are non-GAAP measures used to better assess underlying business
performance because they exclude the effect of unusual actions that are not
directly related to operations. The
unusual actions in the current or year-ago periods were restructuring and
related charges, gain on curtailment of postretirement benefits, amortization
of gain on postretirement benefits, separation of pension plan assets and
liabilities, nonrecurring spinoff and related charges, other income and
expense, and the tax effect on these items.
See Table 4 for details and reconciliation with reported operating
results consistent with generally accepted accounting principles.)
Other Comments
Hanesbrands made significant progress in its sell more, spend less and generate cash strategic initiatives in 2008.
Brand Strength. The company invested in its brands, announced an average domestic gross price increase of 4 percent, drove market share growth in a down economy, and achieved superior consumer preference for its brands.
In 2008, Hanes was
No. 1 for the fifth consecutive year on the Women’s Wear Daily “Top 100 Brands
Survey” for apparel and accessory brands that women know best and was No. 1 for
the fifth consecutive year as the most preferred men’s, women’s and children’s apparel
brand of consumers in Retailing Today magazine’s “Top Brands Study.” Additionally, the company had five of the top
10 intimate apparel brands preferred by consumers in the Retailing Today study -
Hanes, Playtex,
Significant Supply Chain
Progress. In executing its global
supply chain strategy of operating fewer, larger facilities in lower-cost
countries, Hanesbrands reduced the number of company-owned and -operated manufacturing
and distribution facilities in 2008 from 102 to 88. The company expanded its operations in Asia,
adding three sewing plants in
In the fourth quarter, the company also acquired an embroidery
and screen-print facility in
Additionally, the company improved its product quality by 27 percent and reduced complexity by eliminating 12 percent of its product SKUs.
Cost Reduction Progress. Hanesbrands made significant progress in its multiyear goal of generating gross savings that could approach or exceed $200 million. The company recognized approximately $76 million of the incremental gross savings in 2008.
Hanesbrands Inc. Reports Fourth-Quarter 2008
Results – Page 4
The company is close to completing its cumulative $250 million of restructuring expected in the three years ending in 2009. With the Barnwell plant closure plan, the company has announced 89 percent of its expected restructuring charges, or $222 million.
Strategic Debt Structure. Hanesbrands strategically improved its debt structure by increasing the percentage of its debt that is capped or at fixed-rates to 82 percent for 2009. The company ended the year with a bank covenant defined debt-to-EBITDA ratio of 3.3 times, affording the company similar cushion of meeting this covenant measure as it had at the end of the third quarter. Hanesbrands has been exploring and will continue to explore the multiple options available, including amendments to its credit facility, to ensure that it remains in compliance with its bank covenants in this uncertain economic environment.
2009 Environment
Hanesbrands follows a policy of not providing quarterly or annual EPS guidance. The company does have a practice of providing an understanding of long-term goals, trends associated with its business, current financial performance, and information required to model the long-term potential of the business.
The company expects the soft retail consumer environment to continue and does not expect macroeconomic conditions to be conducive to growth in 2009. However, factors that will mitigate the impact of sales volume challenges and expected pension cost increases include a domestic gross price increase being taken in the first quarter, lower commodity costs in the second half of the year, the ability to execute previously discussed discretionary spending cuts, and additional cost benefits from previous restructuring and related actions.
The company will discuss the 2009 environment and its
business potential in more detail for modeling purposes at its annual investor
day at 8:30 a.m., Feb. 24, 2009, at the Jumeirah Essex House in
Webcast Conference Call
Hanesbrands will host a live Internet webcast of its quarterly investor conference call at 4:30 p.m. EST today. The live Internet broadcast may be accessed on the home page of the Hanesbrands corporate Web site, www.hanesbrands.com. The call is expected to conclude by 5:30 p.m. EST.
An archived replay of the conference call webcast will be available in the investors section of the Hanesbrands corporate Web site. A telephone playback will be available from approximately 7 p.m. EST today until midnight EST on Feb. 4, 2009. The replay will be available by calling toll-free (800) 642-1687, or via toll-call at (706) 645-9291. The replay pass code is 81416355.
Cautionary
Statement Concerning Forward-Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
Hanesbrands Inc. Reports Fourth-Quarter 2008
Results – Page 5
of the Securities Exchange Act of 1934, including those regarding our long-term goals and trends associated with our business. These forward-looking statements are made only as of the date of this press release and are based on our current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from those described in or implied by such forward-looking statements. These risks and uncertainties include the following: our ability to execute our consolidation and globalization strategy, including migrating our production and manufacturing operations to lower-cost locations around the world; our ability to successfully manage social, political, economic, legal and other conditions affecting our foreign operations and supply chain sources; current economic conditions; consumer spending levels; the risk of inflation or deflation; financial difficulties experienced by, or loss of or reduction in sales to, any of our top customers or groups of customers; our debt and debt service requirements that restrict our operating and financial flexibility, and impose interest and financing costs; the financial ratios that our debt instruments require us to maintain; failure to protect against dramatic changes in the volatile market price of cotton; the impact of increases in prices of other materials used in our products and increases in other costs; our ability to effectively manage our inventory and reduce inventory reserves; retailer consolidation and other changes in the apparel essentials industry; the highly competitive and evolving nature of the industry in which we compete; our ability to keep pace with changing consumer preferences; costs and adverse publicity from violations of labor or environmental laws by us or our suppliers; and other risks identified from time to time in our most recent Securities and Exchange Commission reports, including the 2007 Annual Report on Form 10-K, 2008 quarterly reports on Form 10-Q and current reports on Form 8-K, registration statements, press releases and other communications. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Hanesbrands
Inc.
Hanesbrands Inc. is a leading marketer of
innerwear, outerwear and hosiery apparel under strong consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size,
barely there and Wonderbra. The company designs, manufactures, sources and
sells T-shirts, bras, panties, men’s underwear,
children’s underwear, socks, hosiery, casualwear and activewear. Hanesbrands
has approximately 45,000 employees in more than 25 countries. More information may be found on the
company’s Web site at www.hanesbrands.com.
# # #
|
TABLE 1 |
||||||||||
|
HANESBRANDS INC. |
||||||||||
|
Condensed Consolidated Statements
of Income |
||||||||||
|
(Amounts in thousands, except per-share
amounts) |
||||||||||
|
(Unaudited) |
||||||||||
|
|
||||||||||
|
|
|
Quarter Ended |
|
|
Year Ended |
|
||||
|
|
|
|
|
|
|
|
||||
|
|
|
January 3, 2009 |
|
December 29, 2007 |
|
|
January 3, 2009 |
|
December 29, 2007 |
|
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
Innerwear |
|
$ 572,394
|
|
$
639,788 |
|
|
$
2,402,831 |
|
$
2,556,906 |
|
|
Outerwear |
|
299,938 |
|
325,262 |
|
|
1,180,747 |
|
1,221,845 |
|
|
International |
|
107,965 |
|
118,779 |
|
|
460,085 |
|
421,898 |
|
|
Hosiery |
|
61,252 |
|
76,983 |
|
|
227,924 |
|
266,198 |
|
|
Other |
|
1,660 |
|
10,291 |
|
|
21,724 |
|
56,920 |
|
|
Total
segment net sales |
|
1,043,209 |
|
1,171,103 |
|
|
4,293,311 |
|
4,523,767 |
|
|
Less:
Intersegment |
|
8,092 |
|
11,973 |
|
|
44,541 |
|
49,230 |
|
|
Total net
sales |
|
1,035,117 |
|
1,159,130 |
-10.7% |
|
4,248,770 |
|
4,474,537 |
-5.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
725,471 |
|
799,275 |
|
|
2,871,420 |
|
3,033,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
309,646 |
|
359,855 |
-14.0% |
|
1,377,350 |
|
1,440,910 |
-4.4% |
|
As a % of net
sales |
|
29.9% |
|
31.0% |
|
|
32.4% |
|
32.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and |
|
|
|
|
|
|
|
|
|
|
|
administrative expenses |
|
233,340 |
|
266,937 |
|
|
1,009,607 |
|
1,040,754 |
|
|
As a % of net
sales |
|
22.5% |
|
23.0% |
|
|
23.8% |
|
23.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
curtailment of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
17,908 |
|
(802) |
|
|
50,263 |
|
43,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
58,398 |
|
125,864 |
-53.6% |
|
317,480 |
|
388,569 |
-18.3% |
|
As a % of net
sales |
|
5.6% |
|
10.9% |
|
|
7.5% |
|
8.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(income) expense |
|
(634) |
|
3,795 |
|
|
(634) |
|
5,235 |
|
|
Interest
expense, net |
|
39,795 |
|
46,991 |
|
|
155,077 |
|
199,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before
income tax expense |
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
1,356 |
|
25,285 |
|
|
35,868 |
|
57,999 |
|
|
Net
income |
|
$ 17,881 |
|
$
49,793 |
-64.1% |
|
$ 127,169 |
|
$ 126,127 |
0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ 0.19 |
|
$
0.52 |
|
|
$ 1.35 |
|
$
1.31 |
|
|
Diluted |
|
$ 0.19
|
|
$
0.52 |
-63.5% |
|
$ 1.34 |
|
$ 1.30 |
3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
93,872 |
|
95,381 |
|
|
94,171 |
|
95,936 |
|
|
Diluted |
|
94,752 |
|
96,650 |
|
|
95,164 |
|
96,741 |
|
|
HANESBRANDS INC. | |||||||||
|
Condensed
Consolidated Balance Sheets | |||||||||
|
(Dollars
in thousands) | |||||||||
|
(Unaudited) | |||||||||
|
| |||||||||
|
|
|
|
|
January 3, 2009 |
|
December 29, 2007 | |||
|
Assets |
|
| |||||||
|
Cash and
cash equivalents |
|
$
67,342 |
|
$ 174,236 | |||||
|
Trade
accounts receivable, net |
|
404,930 |
|
575,069 | |||||
|
Inventories |
|
1,290,530 |
|
1,117,052 | |||||
|
Other
current assets |
|
347,523 |
|
227,977 | |||||
|
|
Total
current assets |
|
2,110,325 |
|
2,094,334 | ||||
|
|
|
|
|
|
| ||||
|
Property,
net |
|
588,189 |
|
534,286 | |||||
|
Intangible
assets and goodwill |
|
469,445 |
|
461,691 | |||||
|
Other
noncurrent assets |
|
366,090 |
|
349,172 | |||||
|
|
Total
assets |
|
$ 3,534,049 |
|
$ 3,439,483 | ||||
|
|
|
|
|
|
| ||||
|
Liabilities |
|
|
|
| |||||
|
Accounts
payable and accrued liabilities |
|
$ 640,910
|
|
$ 669,405 | |||||
|
Other
current liabilities |
|
107,374 |
|
19,577 | |||||
|
|
Total
current liabilities |
|
748,284 |
|
688,982 | ||||
|
Long-term
debt |
|
2,130,907 |
|
2,315,250 | |||||
|
Other
noncurrent liabilities |
|
469,703 |
|
146,347 | |||||
|
|
Total
liabilities |
|
3,348,894 |
|
3,150,579 | ||||
|
|
|
|
|
|
| ||||
|
Equity
|
|
185,155 |
|
288,904 | |||||
|
|
Total
liabilities and equity |
|
$ 3,534,049 |
|
$ 3,439,483 | ||||
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| ||||
|
TABLE
3 |
|
|
|
| |||||
|
HANESBRANDS INC. | |||||||||
|
Condensed
Consolidated Statements of Cash Flows | |||||||||
|
(Dollars
in thousands) | |||||||||
|
(Unaudited) | |||||||||
|
| |||||||||
|
|
|
|
|
Year Ended | |||||
|
|
|
|
|
January 3, 2009 |
|
December 29, | |||
|
|
|
|
|
|
| ||||
|
Operating
Activities: |
|
|
|
| |||||
|
Net
income |
|
$ 127,169 |
|
$ 126,127 | |||||
|
Depreciation and amortization |
|
115,145 |
|
131,676 | |||||
|
Other
noncash items |
|
38,919 |
|
37,739 | |||||
|
Changes in
assets and liabilities, net |
|
|
(103,836) |
|
63,498 | ||||
|
Net cash
provided by operating activities |
|
|
177,397 |
|
359,040 | ||||
|
|
|
|
|
|
| ||||
|
Investing
Activities: |
|
|
|
| |||||
|
Purchases
of property and equipment, net and other |
|
|
(177,248) |
|
(101,085) | ||||
|
|
|
|
|
|
| ||||
|
Financing
Activities: |
|
|
|
| |||||
|
Net
borrowings on notes payable, debt, stock repurchases and |
|
|
(104,738) |
|
(243,379) | ||||
|
|
|
|
|
|
| ||||
|
Effect of
changes in foreign currency exchange rates on cash |
|
|
(2,305) |
|
3,687 | ||||
|
(Decrease)
increase in cash and cash equivalents |
|
|
(106,894) |
|
18,263 | ||||
|
|
|
|
|
|
| ||||
|
Cash and
cash equivalents at beginning of year |
|
|
174,236 |
|
155,973 | ||||
|
Cash and
cash equivalents at end of year |
|
|
$ 67,342 |
|
$ 174,236 | ||||
|
TABLE
4 | ||||||||
|
HANESBRANDS INC. | ||||||||
|
Supplemental Financial Information | ||||||||
|
(Dollars
in thousands, except per-share amounts) | ||||||||
|
(Unaudited) | ||||||||
|
Reconciliation of Reported Operating Results with Certain
Information Excluding Actions | ||||||||
|
|
| |||||||
|
|
|
Quarter Ended |
|
Year Ended | ||||
|
A. Excluding
actions data |
|
January 3, |
|
December 29, 2007 |
|
January 3, |
|
December 29, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ 326,975 |
|
$ 367,471
|
|
$ 1,419,908 |
|
$ 1,477,822 |
|
SG&A |
|
232,088 |
|
265,717 |
|
1,009,621 |
|
1,045,790 |
|
Operating
profit |
|
94,887 |
|
101,754 |
|
410,287 |
|
432,032 |
|
Net
operating profit after taxes (NOPAT) |
|
80,905 |
|
67,485 |
|
320,024 |
|
295,944 |
|
Net
income |
|
46,974 |
|
36,320 |
|
199,064 |
|
159,485 |
|
Earnings
per diluted share |
|
0.50 |
|
0.38 |
|
2.09 |
|
1.65 |
|
|
|
|
|
|
|
|
|
|
|
As a % of
net sales |
|
|
|
|
|
|
|
|
|
Gross
profit |
|
31.6% |
|
31.7% |
|
33.4% |
|
33.0% |
|
SG&A |
|
22.4% |
|
22.9% |
|
23.8% |
|
23.4% |
|
Operating
profit |
|
9.2% |
|
8.8% |
|
9.7% |
|
9.7% |
|
Net
income |
|
4.5% |
|
3.1% |
|
4.7% |
|
3.6% |
|
|
|
|
|
|
|
|
|
|
|
B. Operating
results excluding actions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit as reported |
|
$
309,646 |
|
$ 359,855 |
|
$ 1,377,350 |
|
$
1,440,910 |
|
Accelerated depreciation included in Cost of
sales |
|
12,660 |
|
7,616 |
|
23,862 |
|
36,912 |
|
Inventory
write-off included in Cost of sales |
|
4,669 |
|
- |
|
18,696 |
|
- |
|
Gross
profit excluding actions |
|
$ 326,975 |
|
$ 367,471 |
|
$ 1,419,908 |
|
$ 1,477,822 |
|
|
|
|
|
|
|
|
|
|
|
SG&A
as reported |
|
$ 233,340 |
|
$ 266,937 |
|
$ 1,009,607 |
|
$ 1,040,754 |
|
Amortization of gain on postretirement benefits |
|
|
|
|
|
|
|
|
|
included in SG&A |
|
- |
|
1,341 |
|
-
|
|
7,377 |
|
Separation
of pension plan assets and liabilities |
|
- |
|
(1,409) |
|
- |
|
3,408 |
|
Spinoff
and related charges included in SG&A |
|
- |
|
(509) |
|
- |
|
(3,209) |
|
Accelerated depreciation included in SG&A |
|
(1,252) |
|
(643) |
|
14 |
|
(2,540) |
|
SG&A
excluding actions |
|
$ 232,088 |
|
$ 265,717 |
|
$ 1,009,621 |
|
$ 1,045,790 |
|
|
|
|
|
|
|
|
|
|
|
Operating
profit as reported |
|
$ 58,398
|
|
$ 125,864 |
|
$ 317,480 |
|
$ 388,569 |
|
Gross
profit actions |
|
17,329 |
|
7,616 |
|
42,558 |
|
36,912 |
|
SG&A
actions |
|
1,252 |
|
1,220 |
|
(14) |
|
(5,036) |
|
Restructuring |
|
17,908 |
|
(802) |
|
50,263 |
|
43,731 |
|
Gain on
curtailment of postretirement benefits |
|
- |
|
(32,144) |
|
- |
|
(32,144) |
|
Operating
profit excluding actions |
|
94,887 |
|
101,754 |
|
410,287 |
|
432,032 |
|
Income tax
expense at effective rate |
|
(13,982) |
|
(34,269) |
|
(90,263) |
|
(136,088) |
|
NOPAT |
|
$ 80,905 |
|
$ 67,485 |
|
$ 320,024 |
|
$ 295,944 |
|
|
|
|
|
|
|
|
|
|
|
C. Net income
excluding actions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
as reported |
|
$ 17,881 |
|
$ 49,793 |
|
$ 127,169 |
|
$
126,127
|
|
Gross
profit actions |
|
17,329 |
|
7,616 |
|
42,558 |
|
36,912 |
|
SG&A
actions |
|
1,252 |
|
1,220 |
|
(14) |
|
(5,036) |
|
Restructuring |
|
17,908 |
|
(802) |
|
50,263 |
|
43,731 |
|
Gain on
curtailment of postretirement benefits |
|
- |
|
(32,144) |
|
- |
|
(32,144) |
|
Other
(income) expense |
|
(634) |
|
3,795 |
|
(634) |
|
5,235 |
|
Tax effect
on actions |
|
(6,762) |
|
6,842 |
|
(20,278) |
|
(15,340) |
|
Net income
excluding actions |
|
$ 46,974 |
|
$ 36,320 |
|
$ 199,064 |
|
$ 159,485 |
|
|
|
|
|
|
|
|
|
|
|
D. EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ 17,881 |
|
$ 49,793 |
|
$ 127,169 |
|
$ 126,127 |
|
Interest
expense, net |
|
39,795 |
|
46,991 |
|
155,077 |
|
199,208 |
|
Income tax
expense |
|
1,356 |
|
25,285 |
|
35,868 |
|
57,999 |
|
Depreciation and amortization |
|
37,532 |
|
31,755 |
|
115,145 |
|
131,676 |
|
Total
EBITDA |
|
$ 96,564 |
|
|||||