Enerpac Tool Group Reports First Quarter 2020 Results
Enerpac Tool Group, which is the doing business name of Actuant Corporation (NYSE: EPAC) (the “Company”), today announced results for its fiscal 2020 first quarter ended November 30, 2019.
“We had a solid start to fiscal 2020 and are pleased to deliver first quarter results consistent with our expectations, as we continue navigating a challenging economic environment. While demand was softer in the Americas, we saw stabilization in Europe along with continued growth in Middle East service and our Cortland business, demonstrating that our initiatives around commercial effectiveness and new product development are contributing to both the top and bottom line,” commented Randy Baker, Enerpac Tool Group’s President and CEO.
Mr. Baker continued, “During the quarter we also delivered on a key step in our strategic plan by completing the EC&S divestiture. The EC&S sale proceeds were used to pay down debt, and we are moving ahead with a strong balance sheet that will provide superior financial flexibility to execute our go-forward strategy as Enerpac Tool Group. We continue to pursue a balanced capital allocation strategy, including returning capital to shareholders through the repurchase of shares.”
Mr. Baker concluded, “Over the past four years we have repositioned the company as a premier pure play tool business and launched Enerpac Tool Group. This past month we announced Judy Altmaier as our newest Board member and I look forward to leveraging her leadership and operations experience. Management and the Board look forward to executing our strategy while continuously examining all options to optimize shareholder value.”
Consolidated Results from Continuing Operations
(US$ in millions)
Three Months Ended
November 30
2019
2018
Net Sales
$146.7
$158.6
Net Income (Loss)
$6.4
($16.4)
Earnings (Loss) Per Share
$0.11
($0.27)
Adjusted Earnings Per Share
$0.12
$0.11
Industrial Tools & Services
(US$ in millions)
Three Months Ended
November 30
2019
2018
Sales
$135.6
$148.7
Operating Profit
$26.1
$26.4
Adjusted Op Profit (1)
$25.9
$26.4
Adjusted Op Profit % (1)
19.1%
17.7%
(1) Excludes $1.2 million of restructuring charges, along with $1.4 million of net impairment and divestiture gains in the first quarter of fiscal 2020.
First quarter fiscal 2020 net sales were $135.6 million, 9% lower than the prior fiscal year’s first quarter. Core sales decreased 1% year-over-year, while the impact of foreign currency exchange rates and divestitures/strategic exits decreased net sales an additional 1% and 6%, respectively. The decrease in revenue is primarily attributable to continued global economic uncertainty that created additional headwinds. Adjusted operating profit margin of 19.1% in the quarter was up 140bps year-over-year due to the strategic exit of unprofitable product and service offerings along with savings from fiscal 2019 restructuring actions.Corporate Expenses and Income Taxes (excluding restructuring items)
Corporate expenses from continuing operations for the first quarter of fiscal 2020 were $11.3 million, $0.4 million higher than the comparable prior year period, primarily resulting from higher corporate development costs. Corporate costs included $3.0 million and $3.6 million of costs previously allocated to the EC&S segment in the first quarters of fiscal 2020 and 2019, respectively, some of which were partially offset by recovered costs under the EC&S transition services agreement in the first quarter of fiscal 2020 recorded in other income. The first quarter effective income tax rate from continuing operations of approximately 12% was higher than the prior year rate of approximately 2%.Discontinued Operations
Discontinued operations represent the operating results for the divested EC&S segment for all periods presented up to the October 31, 2019 completion date of the divestiture. The first quarter of fiscal 2020 includes a $4.1 million, after-tax charge related to the closure of the sale of the EC&S segment.
Balance Sheet and Leverage
(US$ in millions)
Period Ended
November 30,
2019
August 31,
2019
November 30,
2018
Cash Balance
$206.8
$211.2
$203.4
Debt Balance
$286.2
$460.4
$525.4
Net Debt to Adjusted EBITDA**
0.8
1.7
2.1
Net debt at November 30, 2019 was approximately $79 million (total debt of $286 million less $207 million of cash), which decreased approximately $170 million from the end of fiscal 2019. Net Debt to Adjusted EBITDA was 0.8x at November 30, 2019.
**Adjusted EBITDA is calculated for the twelve months then ended.
Outlook
Mr. Baker said, “As we enter the second quarter of fiscal 2020, we continue to focus on growth and cost savings initiatives to drive best in class returns for our shareholders. During the quarter, we completed our previously announced planned exits of low-margin product lines. Through these strategic actions and our other cost saving initiatives, we expect to achieve our targeted EBITDA margin run rate of 20% by the end of the fiscal year. Our full year fiscal 2020 outlook remains unchanged and reflects our view of the year given current geopolitical and economic conditions in our end markets.”
The company re-confirms its outlook for continuing operations for the full year of fiscal 2020:
Net Sales of $575 to $600 million; Adjusted EBITDA of $94 to $104 million; Adjusted EPS of $0.68 to $0.81; and Free cash flow of $50 to $75 million.For the second quarter of fiscal 2020, we expect:
Net sales of $133 to $140 million; Adjusted EBITDA of $16.5 to $19.5 million; and Adjusted EPS of $0.08 to $0.12.All guidance excludes restructuring, impairment and divestiture charges, accelerated debt issuance costs, one-time tax adjustments and the impact of potential future acquisitions, dispositions, share repurchases and tariffs.
Conference Call Information
An investor conference call is scheduled for 10:00 am CT today, December 19, 2019. Webcast information and conference call materials are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).
Safe Harbor Statement
Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Among other risks and factors, Enerpac Tool Group’s results are subject to general economic conditions, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform, foreign currency fluctuations and interest rate risk. See Actuant Corporation’s Form 10-K for the fiscal year ended August 31, 2019 filed with the Securities and Exchange Commission for further information regarding risk factors. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.
Non-GAAP Financial Information
This press release contains financial measures that are not measures presented in conformity with GAAP. They include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted EPS from continuing operations, adjusted operating profit from continuing operations, free cash flow and net debt. This press release includes reconciliations of these non-GAAP measures to the most comparable GAAP measure, including in the tables attached to this press release. Management believes these non-GAAP measures are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the factors management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly-titled measures used by other companies.
About Enerpac Tool Group
Enerpac Tool Group is a premier industrial tools and services company serving a broad and diverse set of customers in more than 90 countries. The Company’s businesses are global leaders in high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group trades on the NYSE under the symbol EPAC. Although the Company has adopted “Enerpac Tool Group” as its doing-business name, its legal name continues to be Actuant Corporation until the change is approved by its shareholders. For further information on Enerpac Tool Group and its businesses, visit the Company's website at www.enerpactoolgroup.com.
(tables follow)
November 30,
August 31,
2019
2019
ASSETS Current assets Cash and cash equivalents$
206,780
$
211,151
Accounts receivable, net
122,027
125,883
Inventories, net
79,508
77,187
Assets held for sale
1,697
-
Assets from discontinued operations
-
285,578
Other current assets
42,720
30,526
Total current assets
452,732
730,325
Property, plant and equipment, net
56,094
56,729
Goodwill
263,969
260,415
Other intangible assets, net
51,235
52,375
Other long-term assets
84,482
24,430
Total assets
$
908,512
$
1,124,274
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade accounts payable
$
68,790
$
76,914
Accrued compensation and benefits
25,281
26,421
Current maturities of debt
-
7,500
Income taxes payable
6,853
4,838
Liabilities held for sale
1,697
-
Liabilities from discontinued operations
-
143,763
Other current liabilities
54,649
40,965
Total current liabilities
157,270
300,401
Long-term debt, net
286,236
452,945
Deferred income taxes
1,567
1,564
Pension and postretirement benefit liabilities
19,806
20,213
Other long-term liabilities
90,380
47,972
Total liabilities
555,259
823,095
Shareholders' equity Capital stock
16,450
16,384
Additional paid-in capital
187,772
181,213
Treasury stock
(658,017
)
(640,212
)
Retained earnings
921,460
915,466
Accumulated other comprehensive loss
(114,412
)
(171,672
)
Stock held in trust
(3,157
)
(3,070
)
Deferred compensation liability
3,157
3,070
Total shareholders' equity
353,253
301,179
Total liabilities and shareholders' equity
$
908,512
$
1,124,274
Three Months Ended
November 30,
November 30,
2019
2018
Net sales$
146,674
$
158,551
Cost of products sold
77,986
88,239
Gross profit
68,688
70,312
Selling, administrative and engineering expenses
51,831
53,121
Amortization of intangible assets
1,872
2,297
Restructuring charges
1,972
(29
)
Impairment & divestiture charges
(1,356
)
23,477
Operating profit (loss)
14,369
(8,554
)
Financing costs, net
6,729
7,298
Other expense, net
318
505
Income (loss) before income tax expense
7,322
(16,357
)
Income tax expense
950
66
Earnings (loss) from continuing operations
6,372
(16,423
)
Loss from discontinued operations, net of income taxes
(4,251
)
(1,029
)
Net earnings (loss)$
2,121
$
(17,452
)
Earnings (loss) from continuing operations per share Basic$
0.11
$
(0.27
)
Diluted
0.11
(0.27
)
Loss from discontinued operations Basic$
(0.07
)
$
(0.02
)
Diluted
(0.07
)
(0.02
)
Earnings (loss) per share Basic$
0.04
$
(0.29
)
Diluted
0.03
(0.29
)
Weighted average common shares outstanding Basic
60,081
61,031
Diluted
60,601
61,031
Three Months Ended
November 30,
November 30,
2019
2018
Operating Activities Cash used by operating activities$
(22,930
)
$
(29,110
)
Investing Activities Capital expenditures
(4,602
)
(7,666
)
Proceeds from sale of property, plant and equipment
317
11
Proceeds from sale of EC&S segment, net of transaction costs
208,901
-
Proceeds from sale of IT&S product lines, net of transaction costs
8,726
-
Cash provided by (used in) investing activities
213,342
(7,655
)
Financing Activities Principal repayments on term loan
(175,000
)
(7,500
)
Borrowings on revolver
100,000
-
Principal payments on revolver
(100,000
)
-
Purchase of treasury shares
(17,805
)
-
Taxes paid related to the net share settlement of equity awards
(2,635
)
(201
)
Stock option exercises & other
2,640
552
Payment of cash dividend
(2,419
)
(2,439
)
Cash used in financing activities
(195,219
)
(9,588
)
Effect of exchange rate changes on cash
436
(694
)
Net decrease in cash and cash equivalents
(4,371
)
(47,047
)
Cash and cash equivalents - beginning of period
211,151
250,490
Cash and cash equivalents - end of period
$
206,780
$
203,443
FISCAL 2019
FISCAL 2020
Q1
Q2
Q3
Q4
TOTAL
Q1
Q2
Q3
Q4
TOTAL
SALES INDUSTRIAL TOOLS & SERVICES SEGMENT$
148,655
$
149,521
$
166,732
$
144,607
$
609,515
$
135,592
$
-
$
-
$
-
$
135,592
OTHER
9,896
10,267
11,363
13,717
45,243
11,082
-
-
-
11,082
TOTAL
$
158,551
$
159,788
$
178,095
$
158,324
$
654,758
$
146,674
$
-
$
-
$
-
$
146,674
% SALES GROWTH INDUSTRIAL TOOLS & SERVICES SEGMENT
5
%
9
%
5
%
-6
%
3
%
-9
%
0
%
0
%
0
%
-9
%
OTHER
-28
%
-12
%
-3
%
5
%
-10
%
12
%
0
%
0
%
0
%
12
%
TOTAL
2
%
8
%
4
%
-5
%
2
%
-7
%
0
%
0
%
0
%
-7
%
OPERATING PROFIT (LOSS) FROM CONTINUING OPERATIONS INDUSTRIAL TOOLS & SERVICES SEGMENT$
26,345
$
26,596
$
35,992
$
27,252
$
116,185
$
25,928
$
-
$
-
$
-
$
25,928
OTHER
(484
)
1,091
1,787
1,515
3,910
399
-
-
-
399
CORPORATE / GENERAL
(10,967
)
(11,659
)
(9,481
)
(9,679
)
(41,787
)
(11,342
)
-
-
-
(11,342
)
ADJUSTED OPERATING PROFIT$
14,894
$
16,028
$
28,298
$
19,088
$
78,308
$
14,985
$
-
$
-
$
-
$
14,985
IMPAIRMENT & DIVESTITURE CHARGES
(23,477
)
(3,543
)
12,988
(8,796
)
(22,827
)
1,356
-
-
-
1,356
RESTRUCTURING & OTHER EXIT CHARGES (1)
29
(46
)
(1,115
)
(4,842
)
(5,973
)
(1,972
)
-
-
-
(1,972
)
DEBT MODIFICATION COSTS
-
-
(288
)
-
(288
)
-
-
-
-
-
DEPRECIATION & AMORTIZATION TRUE UP (2)
-
-
(1,704
)
-
(1,704
)
-
-
-
-
-
OPERATING PROFIT (LOSS)
$
(8,554
)
$
12,439
$
38,179
$
5,450
$
47,516
$
14,369
$
-
$
-
$
-
$
14,369
ADJUSTED OPERATING PROFIT % INDUSTRIAL TOOLS & SERVICES SEGMENT
17.7
%
17.8
%
21.6
%
18.8
%
19.1
%
19.1
%
0.0
%
0.0
%
0.0
%
19.1
%
OTHER
-4.9
%
10.6
%
15.7
%
11.0
%
8.6
%
3.6
%
0.0
%
0.0
%
0.0
%
3.6
%
ADJUSTED OPERATING PROFIT %
9.4
%
10.0
%
15.9
%
12.1
%
12.0
%
10.2
%
0.0
%
0.0
%
0.0
%
10.2
%
EBITDA FROM CONTINUING OPERATIONS EARNINGS (LOSS) FROM CONTINUING OPERATIONS$
(16,423
)
$
765
$
26,858
$
(3,133
)
$
8,067
$
6,372
$
-
$
-
$
-
$
6,372
FINANCING COSTS, NET
7,298
7,157
7,146
6,563
28,163
6,729
-
-
-
$
6,729
INCOME TAX EXPENSE
66
4,002
4,962
1,626
10,657
950
-
-
-
$
950
DEPRECIATION & AMORTIZATION
5,056
4,305
6,109
4,746
20,217
4,779
-
-
-
4,779
EBITDA
$
(4,003
)
$
16,229
$
45,075
$
9,802
$
67,104
$
18,830
$
-
$
-
$
-
$
18,830
ADJUSTED EBITDA FROM CONTINUING OPERATIONS (3) INDUSTRIAL TOOLS & SERVICES SEGMENT
$
30,038
$
30,153
$
40,015
$
29,964
$
130,171
$
28,996
$
-
$
-
$
-
$
28,996
OTHER
337
1,087
1,786
2,395
5,605
1,275
-
-
-
1,275
CORPORATE / GENERAL
(10,930
)
(11,422
)
(8,311
)
(8,919
)
(39,584
)
(10,825
)
-
-
-
(10,825
)
ADJUSTED EBITDA$
19,445
$
19,818
$
33,490
$
23,440
$
96,192
$
19,446
$
-
$
-
$
-
$
19,446
IMPAIRMENT & DIVESTITURE CHARGES
(23,477
)
(3,543
)
12,988
(8,796
)
(22,827
)
1,356
-
-
-
1,356
RESTRUCTURING & OTHER EXIT CHARGES (1)
29
(46
)
(1,115
)
(4,842
)
(5,973
)
(1,972
)
-
-
-
(1,972
)
DEBT MODIFICATION COSTS
-
-
(288
)
-
(288
)
-
-
-
-
-
EBITDA
$
(4,003
)
$
16,229
$
45,075
$
9,802
$
67,104
$
18,830
$
-
$
-
$
-
$
18,830
ADJUSTED EBITDA % INDUSTRIAL TOOLS & SERVICES SEGMENT
20.2
%
20.2
%
24.0
%
20.7
%
21.4
%
21.4
%
0.0
%
0.0
%
0.0
%
21.4
%
OTHER
3.4
%
10.6
%
15.7
%
17.5
%
12.4
%
11.5
%
0.0
%
0.0
%
0.0
%
11.5
%
ADJUSTED EBITDA %
12.3
%
12.4
%
18.8
%
14.8
%
14.7
%
13.3
%
0.0
%
0.0
%
0.0
%
13.3
%
Notes: (1) Approximately $1.8 million of the Q4 fiscal 2019 restructuring & exit charges were recorded in cost of products sold. (2) Represents the depreciation and amortization expense true up for the Cortland business assets that were reclassified out of held for sale in Q3 fiscal 2019, as though the assets had never been classified as held for sale. (3) EBITDA represents net earnings (loss) from continuing operations before financing costs, net, income tax (benefit) expense, and depreciation & amortization. EBITDA is not a calculation based upon GAAP. The amounts included in the EBITDA and Adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Operations. EBITDA should not be considered as an alternative to net earnings (loss), operating profit (loss) or operating cash flows. Actuant has presented EBITDA because it regularly reviews this performance measure. In addition, EBITDA is used by many of our investors and lenders, and is presented as a convenience to them. The EBITDA measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.FISCAL 2019
FISCAL 2020
Q1
Q2
Q3
Q4
TOTAL
Q1
Q2
Q3
Q4
TOTAL
ADJUSTED EARNINGS (1) NET EARNINGS (LOSS) (GAAP MEASURE)$
(17,452
)
$
2,753
$
32,418
$
(266,864
)
$
(249,145
)
$
2,121
$
-
$
-
$
-
$
2,121
DISCONTINUED OPERATIONS, NET OF INCOME TAX
(1,029
)
1,988
5,560
(263,731
)
(257,212
)
(4,251
)
-
-
-
(4,251
)
EARNINGS (LOSS) FROM CONTINUING OPERATIONS$
(16,423
)
$
765
$
26,858
$
(3,133
)
$
8,067
$
6,372
$
-
$
-
$
-
$
6,372
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT
23,477
3,543
(13,001
)
6,912
20,930
(1,095
)
-
-
-
(1,095
)
RESTRUCTURING & OTHER EXIT CHARGES, NET OF TAX EFFECT
(90
)
(148
)
(766
)
6,262
5,257
1,805
-
-
-
1,805
ACCELERATED DEBT ISSUANCES & MODIFICATION COSTS,
-
-
358
-
358
479
-
-
-
479
NET OF TAX EFFECT DEPRECIATION & AMORTIZATION TRUE UP, NET OF TAX EFFECT
-
-
1,302
-
1,302
-
-
-
-
-
OTHER INCOME TAX EXPENSE
-
3,160
3,076
2,709
8,945
-
-
-
-
-
ADJUSTED EARNINGS FROM CONTINUING OPERATIONS
$
6,964
$
7,320
$
17,827
$
12,750
$
44,859
$
7,561
$
-
$
-
$
-
$
7,561
ADJUSTED DILUTED EARNINGS PER SHARE (1) NET EARNINGS (LOSS) (GAAP MEASURE)
$
(0.29
)
$
0.04
$
0.52
$
(4.38
)
$
(4.04
)
$
0.03
$
-
$
-
$
-
$
0.03
DISCONTINUED OPERATIONS, NET OF INCOME TAX
(0.02
)
0.03
0.09
(4.33
)
(4.18
)
(0.07
)
-
-
-
(0.07
)
EARNINGS (LOSS) FROM CONTINUING OPERATIONS$
(0.27
)
$
0.01
$
0.43
$
(0.05
)
$
0.13
$
0.11
$
-
$
-
$
-
$
0.11
IMPAIRMENT & DIVESTITURE CHARGES, NET OF TAX EFFECT
0.38
0.06
(0.21
)
0.11
0.34
(0.02
)
-
-
-
(0.02
)
RESTRUCTURING & OTHER EXIT CHARGES, NET OF TAX EFFECT
-
-
(0.01
)
0.10
0.09
0.02
-
-
-
0.02
ACCELERATED DEBT ISSUANCES & MODIFICATION COSTS,
-
-
0.01
-
0.01
0.01
-
-
-
0.01
NET OF TAX EFFECT DEPRECIATION & AMORTIZATION TRUE UP, NET OF TAX EFFECT
-
-
0.02
-
0.02
-
-
-
-
-
OTHER INCOME TAX EXPENSE
-
0.05
0.05
0.05
0.14
-
-
-
-
-
ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
$
0.11
$
0.12
$
0.29
$
0.21
$
0.73
$
0.12
$
-
$
-
$
-
$
0.12
FOOTNOTES Note: The total of the individual quarters may not equal the annual or year-to-date total due to rounding. The continuing operations and discontinued operations earning (loss) per share may not equal total earning (loss) per share due to rounding. (1) Adjusted earnings from continuing operations and adjusted diluted earnings per share represent net earnings (loss) and diluted earnings (loss) per share per the Condensed Consolidated Statements of Operations net of charges or credits for items to be highlighted for comparability purposes. These measures are not calculated based upon generally accepted accounting principles (GAAP) and should not be considered as an alternative to net earnings (loss) or diluted earnings (loss) per share or as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Actuant companies. The total of the individual components may not equal due to rounding and the impact of share dilution on the calculation of the net loss per share and discontinued operations per share.
$
0.03
$
0.09
$
0.52
$
0.70
IMPAIRMENT & OTHER DIVESTITURE CHARGES, NET OF TAX EFFECT
TBD
TBD
(0.01
)
(0.01
)
RESTRUCTURING CHARGES, NET OF TAX EFFECT
0.05
0.03
0.17
0.12
OTHER INCOME TAX (BENEFIT) EXPENSE
TBD
TBD
TBD
TBD
ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE$
0.08
$
0.12
$
0.68
$
0.81
RECONCILIATION OF CONTINUED OPERATIONS GAAP OPERATING PROFIT TO ADJUSTED EBITDA GAAP OPERATING PROFIT
$
5.0
$
9.0
$
53
$
67
IMPAIRMENT & OTHER DIVESTITURE CHARGES
-
-
(1
)
(1
)
RESTRUCTURING CHARGES
4.0
3.0
13
9
ADJUSTED OPERATING PROFIT
$
9.0
$
12.0
$
65
$
75
OTHER EXPENSE (INCOME), NET
(2.0
)
(2.0
)
(8
)
(8
)
DEPRECIATION & AMORTIZATION
5.5
5.5
21
21
ADJUSTED EBITDA
$
16.5
$
19.5
$
94
$
104
RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW CASH FLOW FROM OPERATIONS
$
62
$
85
CAPITAL EXPENDITURES
(12
)
(10
)
OTHER
-
-
FREE CASH FLOW GUIDANCE
$
50
$
75
FOOTNOTES NOTE: Management does not provide guidance on GAAP financial measures as we are unable to predict and estimate with certainty items such as potential impairments, refinancing costs, business divestiture gains/losses, discrete tax adjustments, or other items impacting GAAP financial metrics. As a result, we have included above only those items about which we are aware and are reasonably likely to occur during the guidance period covered.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191219005142/en/