Williams-Sonoma, Inc. announces record third quarter results | Financial Buzz

Williams-Sonoma, Inc. announces record third quarter results

Williams-Sonoma, Inc. (NYSE: WSM), the world’s largest digital-first, design-led and sustainable home retailer, today announced operating results for the third fiscal quarter ended October 31, 2021 (“Q3 21”) versus the third fiscal quarter ended November 1, 2020 (“Q3 20”).

“We are extremely proud to deliver yet another quarter of outperformance with comps of 16.9%, building to an accelerated two-year stack of 41.3%, and operating margin expansion of 60 basis points. These results are a function of both (i) the advantages of our distinctive positioning in the market and (ii) our successful execution against our long-term growth strategies. Furthermore, our performance demonstrates that we can continue to take share in a fractured market, and deliver high-quality, sustainable earnings. As a result, we are raising our full-year outlook to reflect revenue growth of 22% to 23% and operating margins of 16.9% to 17.1%” said Laura Alber, President and Chief Executive Officer.

Alber concluded, “As we enter the fourth quarter, we are seeing strong sales and margins continuing. We are thrilled with our customers’ response to our holiday and gifting assortments, and we are ready to drive an outstanding finish to the year. With our strong results to date, our winning positioning in the industry, and our outperforming growth strategies, we are more confident than ever in the long-term strength of our business.”

THIRD QUARTER 2021

  • Revenues grow 16.0%, with strong growth across all brands, including ecommerce accelerating to 67% of total company revenues
  • Comparable brand revenue growth of 16.9%, including West Elm at 22.5%, Pottery Barn at 15.9%, Pottery Barn Kids and Teen at 16.9%, and Williams Sonoma accelerating to 7.6% on top of a 30.4% last year
  • Accelerating comparable brand revenue growth on a two-year basis at 41.3%
  • GAAP and non-GAAP gross margin of 43.7%, expanding 370bps and driven by higher year-over-year merchandise margins as well as occupancy leverage of approximately 90bps; occupancy costs were $183 million
  • GAAP operating margin of 16.1%; non-GAAP operating margin of 16.3%, leveraging approximately 60bps over last year
  • GAAP diluted EPS of $3.29; non-GAAP diluted EPS of $3.32, increasing 30% over last year
  • Maintaining strong liquidity position of $657 million in cash and over $788 million in operating cash flow, enabling the company to repurchase an additional $201 million in shares in the third quarter and over $650 million year-to-date and to pay over $135 million in dividends.

OUTLOOK

Fiscal Year 2021

Given the strength of our business year-to-date and the macro trends that we believe will continue to benefit our business for the long-term, we are raising our fiscal year 2021 outlook to 22% to 23% net revenue growth and non-GAAP operating margin between 16.9% to 17.1%.

Long-Term

For the long-term, we are planning for annual net revenue growth of mid-to-high single digits with non-GAAP operating margin at least at fiscal year end 2021 levels. Our continued strong results, combined with our three key differentiators of in-house design, digital-first channel strategy and values, and the macro trends that should benefit our business over the long-term, give us confidence in these future growth projections and our accelerated path to $10 billion in net revenues by 2024.

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, November 18, 2021, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/events.

SEC REGULATION G NON-GAAP INFORMATION

This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential variability and limited visibility of excluded items; these excluded items may include expenses related to the impact of inventory write-offs, the acquisition of Outward, Inc., asset impairment charges, and income tax benefit associated with non-recurring tax adjustments. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include, among other things, statements in the quotes of our President and Chief Executive Officer, our fiscal year 2021 outlook and long-term financial targets, and statements regarding our growth strategies and macro trends.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; the continuing impact of the coronavirus on our global supply chain, retail store operations and customer demand; new interpretations of or changes to current accounting rules; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; timely and effective sourcing of merchandise from our foreign and domestic vendors and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management, including timing, sizing and merchandising; uncertainties in e-marketing, infrastructure and regulation; multi-channel and multi-brand complexities; our ability to introduce new brands and brand extensions; challenges associated with our increasing global presence; dependence on external funding sources for operating capital; disruptions in the financial markets; our ability to control employment, occupancy and other operating costs; our ability to improve our systems and processes; changes to our information technology infrastructure; general political, economic and market conditions and events, including war, conflict or acts of terrorism; the impact of current and potential future tariffs and our ability to mitigate impacts; the impact of inflation on consumer spending; the potential for increased corporate income taxes; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended January 31, 2021 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. We have not filed our Form 10-Q for the quarter ended October 31, 2021. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file the Form 10-Q. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

ABOUT WILLIAMS-SONOMA, INC.

Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. We are also proud to be a leader in the industry with our Environmental, Social and Governance (“ESG”) efforts. Our company is Good By Design — we’ve deeply ingrained sustainability into our business. From our factories to your home, we’re united in a shared purpose to care for our people and our planet.

For more information on our ESG efforts, please visit: https://sustainability.williams-sonomainc.com/

WSM-IR

Condensed Consolidated Statements of Earnings (unaudited)

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

October 31, 2021

 

November 1, 2020

 

October 31, 2021

 

November 1, 2020

In thousands, except per share amounts

$

 

% of

Revenues

 

$

 

% of

Revenues

 

$

 

% of

Revenues

 

$

 

% of

Revenues

Net revenues

$

2,047,539

 

 

100

%

 

$

1,764,536

 

 

100

%

 

$

5,744,907

 

 

100

%

 

$

4,490,516

 

 

100

%

Cost of goods sold

1,152,054

 

 

56.3

 

 

1,058,953

 

 

60.0

 

 

3,238,181

 

 

56.4

 

 

2,819,471

 

 

62.8

 

Gross profit

895,485

 

 

43.7

 

 

705,583

 

 

40.0

 

 

2,506,726

 

 

43.6

 

 

1,671,045

 

 

37.2

 

Selling, general and administrative expenses

565,218

 

 

27.6

 

 

430,979

 

 

24.4

 

 

1,578,182

 

 

27.5

 

 

1,162,435

 

 

25.9

 

Operating income

330,267

 

 

16.1

 

 

274,604

 

 

15.6

 

 

928,544

 

 

16.2

 

 

508,610

 

 

11.3

 

Interest (income) expense, net

121

 

 

 

 

5,344

 

 

0.3

 

 

1,954

 

 

 

 

13,967

 

 

0.3

 

Earnings before income taxes

330,146

 

 

16.1

 

 

269,260

 

 

15.3

 

 

926,590

 

 

16.1

 

 

494,643

 

 

11.0

 

Income taxes

80,622

 

 

3.9

 

 

67,488

 

 

3.8

 

 

203,194

 

 

3.5

 

 

122,884

 

 

2.7

 

Net earnings

$

249,524

 

 

12.2

%

 

$

201,772

 

 

11.4

%

 

$

723,396

 

 

12.6

%

 

$

371,759

 

 

8.3

%

Earnings per share (EPS):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

3.37

 

 

 

 

$

2.60

 

 

 

 

$

9.66

 

 

 

 

$

4.80

 

 

 

Diluted

$

3.29

 

 

 

 

$

2.54

 

 

 

 

$

9.40

 

 

 

 

$

4.71

 

 

 

Shares used in calculation of EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

74,010

 

 

 

 

77,487

 

 

 

 

74,865

 

 

 

 

77,511

 

 

 

Diluted

75,943

 

 

 

 

79,332

 

 

 

 

76,975

 

 

 

 

79,012

 

 

 

 

3rd Quarter Net Revenues and Comparable Brand Revenue Growth by Concept*

 

 

 

 

 

 

 

 

 

 

Net Revenues

(Millions)

Comparable Brand Revenue

Growth

 

 

 

Q3 21

Q3 20

Q3 21

Q3 20

 

 

Pottery Barn

$

789

 

$

684

 

15.9

%

24.1

%

 

 

West Elm

580

 

475

 

22.5

 

21.8

 

 

 

Williams Sonoma

272

 

260

 

7.6

 

30.4

 

 

 

Pottery Barn Kids and Teen

316

 

278

 

16.9

 

23.8

 

 

 

Other**

91

 

68

 

N/A

 

N/A

 

 

 

Total

$

2,048

 

$

1,765

 

16.9

%

24.4

%

 

 

 

 

 

 

 

 

 

* See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue, which is calculated on a 13-week to 13-week basis for Q3 2021 and Q3 2020. Comparable stores that were temporarily closed due to COVID-19 were not excluded from the comparable stores calculation.

** Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham.

 

Condensed Consolidated Balance Sheets (unaudited)

 

In thousands, except per share amounts

October 31, 2021

January 31, 2021

November 1, 2020

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

656,898

 

$

1,200,337

 

$

773,170

 

Accounts receivable, net

 

139,511

 

 

143,728

 

 

129,782

 

Merchandise inventories, net

 

1,272,028

 

 

1,006,299

 

 

1,125,475

 

Prepaid expenses

 

85,433

 

 

93,822

 

 

84,974

 

Other current assets

 

22,852

 

 

22,894

 

 

23,556

 

Total current assets

 

2,176,722

 

 

2,467,080

 

 

2,136,957

 

Property and equipment, net

 

892,226

 

 

873,894

 

 

869,092

 

Operating lease right-of-use assets

 

1,159,315

 

 

1,086,009

 

 

1,091,649

 

Deferred income taxes, net

 

61,768

 

 

61,854

 

 

42,185

 

Goodwill

 

85,392

 

 

85,446

 

 

85,402

 

Other long-term assets, net

 

101,901

 

 

87,141

 

 

85,394

 

Total assets

$

4,477,324

 

$

4,661,424

 

$

4,310,679

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

638,371

 

$

542,992

 

$

562,294

 

Accrued expenses

 

273,722

 

 

267,592

 

 

194,985

 

Gift card and other deferred revenue

 

431,446

 

 

373,164

 

 

349,671

 

Income taxes payable

 

38,320

 

 

69,476

 

 

36,037

 

Current debt

 

 

 

299,350

 

 

 

Operating lease liabilities

 

218,348

 

 

209,754

 

 

217,448

 

Other current liabilities

 

91,418

 

 

85,672

 

 

99,691

 

Total current liabilities

 

1,691,625

 

 

1,848,000

 

 

1,460,126

 

Deferred lease incentives

 

17,268

 

 

20,612

 

 

21,858

 

Long-term debt

 

 

 

 

 

299,173

 

Long-term operating lease liabilities

 

1,095,290

 

 

1,025,057

 

 

1,027,142

 

Other long-term liabilities

 

129,771

 

 

116,570

 

 

100,478

 

Total liabilities

 

2,933,954

 

 

3,010,239

 

 

2,908,777

 

Stockholders’ equity

 

 

 

Preferred stock: $0.01 par value; 7,500 shares authorized, none issued

 

 

 

 

 

 

Common stock: $0.01 par value; 253,125 shares authorized; 73,326, 76,340, and 76,697 shares issued and outstanding at October 31, 2021, January 31, 2021 and November 1, 2020, respectively

 

734

 

 

764

 

 

768

 

Additional paid-in capital

 

585,449

 

 

638,375

 

 

623,379

 

Retained earnings

 

963,840

 

 

1,019,762

 

 

792,196

 

Accumulated other comprehensive loss

 

(5,942

)

 

(7,117

)

 

(13,843

)

Treasury stock, at cost

 

(711

)

 

(599

)

 

(598

)

Total stockholders’ equity

 

1,543,370

 

 

1,651,185

 

 

1,401,902

 

Total liabilities and stockholders’ equity

$

4,477,324

 

$

4,661,424

 

$

4,310,679

 

 

Retail Store Data

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

August 1, 2021

Openings

Closings

October 31, 2021

November 1, 2020

 

 

Williams Sonoma

196

 

 

(2

)

194

 

210

 

 

 

Pottery Barn

195

 

 

 

195

 

201

 

 

 

West Elm

123

 

1

 

(3

)

121

 

122

 

 

 

Pottery Barn Kids

57

 

 

 

57

 

71

 

 

 

Rejuvenation

10

 

 

 

10

 

10

 

 

 

Total

581

 

1

 

(5

)

577

 

614

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited)

 

 

Thirty-nine Weeks Ended

In thousands

October 31, 2021

November 1, 2020

Cash flows from operating activities:

 

 

Net earnings

$

723,396

 

$

371,759

 

Adjustments to reconcile net earnings to net cash provided by (used in) operating

activities:

 

 

Depreciation and amortization

 

145,897

 

 

140,340

 

Loss on disposal/impairment of assets

 

887

 

 

26,220

 

Amortization of deferred lease incentives

 

(3,345

)

 

(4,538

)

Non-cash lease expense

 

159,757

 

 

162,767

 

Deferred income taxes

 

(11,440

)

 

(6,969

)

Tax benefit related to stock-based awards

 

10,838

 

 

13,143

 

Stock-based compensation expense

 

70,566

 

 

54,671

 

Other

 

4

 

 

(9

)

Changes in:

 

 

Accounts receivable

 

4,941

 

 

(18,017

)

Merchandise inventories

 

(264,094

)

 

(22,990

)

Prepaid expenses and other assets

 

(10,078

)

 

(4,807

)

Accounts payable

 

74,181

 

 

54,279

 

Accrued expenses and other liabilities

 

24,400

 

 

58,539

 

Gift card and other deferred revenue

 

58,189

 

 

59,953

 

Operating lease liabilities

 

(164,569

)

 

(171,245

)

Income taxes payable

 

(31,191

)

 

13,532

 

Net cash provided by operating activities

 

788,339

 

 

726,628

 

Cash flows from investing activities:

 

 

Purchases of property and equipment

 

(141,010

)

 

(124,885

)

Other

 

97

 

 

506

 

Net cash used in investing activities

 

(140,913

)

 

(124,379

)

Cash flows from financing activities:

 

 

Repurchases of common stock

 

(652,699

)

 

(109,048

)

Repayment of long-term debt

 

(300,000

)

 

 

Payment of dividends

 

(135,201

)

 

(116,761

)

Tax withholdings related to stock-based awards

 

(102,482

)

 

(30,555

)

Debt issuance costs

 

(777

)

 

(3,645

)

Borrowings under revolving line of credit

 

 

 

487,823

 

Repayments under the revolving line of credit

 

 

 

(487,823

)

Net cash used in financing activities

 

(1,191,159

)

 

(260,009

)

Effect of exchange rates on cash and cash equivalents

 

294

 

 

(1,232

)

Net (decrease) increase in cash and cash equivalents

 

(543,439

)

 

341,008

 

Cash and cash equivalents at beginning of period

 

1,200,337

 

 

432,162

 

Cash and cash equivalents at end of period

$

656,898

 

$

773,170

 

Exhibit 1

 

3rd Quarter GAAP to Non-GAAP Reconciliation

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

October 31, 2021

 

November 1, 2020

 

October 31, 2021

 

November 1, 2020

 

 

 

$

% of

revenues

 

$

% of

revenues

 

$

% of

revenues

 

$

% of

revenues

 

 

Gross profit

$

895,485

 

43.7

%

 

$

705,583

 

40.0

%

 

$

2,506,726

 

43.6

%

 

$

1,671,045

 

37.2

%

 

 

Inventory write-off 1

 

 

 

 

 

 

 

 

 

 

 

 

 

11,378

 

 

 

 

Non-GAAP gross profit

$

895,485

 

43.7

%

 

$

705,583

 

40.0

%

 

$

2,506,726

 

43.6

%

 

$

1,682,423

 

37.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

$

565,218

 

27.6

%

 

$

430,979

 

24.4

%

 

$

1,578,182

 

27.5

%

 

$

1,162,435

 

25.9

%

 

 

Outward-related2

 

(2,752

)

 

 

 

(2,219

)

 

 

 

(8,348

)

 

 

 

(8,918

)

 

 

 

Asset impairment 3

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,975

)

 

 

 

Non-GAAP selling, general and administrative expenses

$

562,466

 

27.5

%

 

$

428,760

 

24.3

%

 

$

1,569,834

 

27.3

%

 

$

1,131,542

 

25.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

$

330,267

 

16.1

%

 

$

274,604

 

15.6

%

 

$

928,544

 

16.2

%

 

$

508,610

 

11.3

%

 

 

Outward-related2

 

2,752

 

 

 

 

2,219

 

 

 

 

8,348

 

 

 

 

8,918

 

 

 

 

Inventory write-off 1

 

 

 

 

 

 

 

 

 

 

 

 

 

11,378

 

 

 

 

Asset impairment 3

 

 

 

 

 

 

 

 

 

 

 

 

 

21,975

 

 

 

 

Non-GAAP operating income

$

333,019

 

16.3

%

 

$

276,823

 

15.7

%

 

$

936,892

 

16.3

%

 

$

550,881

 

12.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

Tax rate

 

$

Tax rate

 

$

Tax rate

 

$

Tax rate

 

 

Income taxes

$

80,622

 

24.4

%

 

$

67,488

 

25.1

%

 

$

203,194

 

21.9

%

 

$

122,884

 

24.8

%

 

 

Outward-related2

 

473

 

 

 

 

473

 

 

 

 

1,446

 

 

 

 

1,665

 

 

 

 

Inventory write-off 1

 

 

 

 

 

 

 

 

 

 

 

 

 

2,940

 

 

 

 

Asset impairment3

 

 

 

 

 

 

 

 

 

 

 

 

 

5,324

 

 

 

 

Deferred tax liability adjustment4

 

 

 

 

 

647

 

 

 

 

 

 

 

 

647

 

 

 

 

Non-GAAP income taxes

$

81,095

 

24.4

%

 

$

68,608

 

25.3

%

 

$

204,640

 

21.9

%

 

$

133,460

 

24.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$

3.29

 

 

 

$

2.54

 

 

 

$

9.40

 

 

 

$

4.71

 

 

 

 

Outward-related2

 

0.03

 

 

 

 

0.02

 

 

 

 

0.09

 

 

 

 

0.09

 

 

 

 

Inventory write-off1

 

 

 

 

 

 

 

 

 

 

 

 

 

0.11

 

 

 

 

Asset impairment3

 

 

 

 

 

 

 

 

 

 

 

 

 

0.21

 

 

 

 

Deferred tax liability adjustment4

 

 

 

 

 

(0.01

)

 

 

 

 

 

 

 

(0.01

)

 

 

 

Non-GAAP diluted EPS*

$

3.32

 

 

 

$

2.56

 

 

 

$

9.49

 

 

 

$

5.11

 

 

 

 

∗ Per share amounts may not sum due to rounding to the nearest cent per diluted share

 

SEC Regulation G – Non-GAAP Information

These tables include non-GAAP gross profit, gross margin, selling, general and administrative expense, operating income, operating margin, income taxes, effective tax rate and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Notes to Exhibit 1:

  1. During year-to-date 2020, we incurred approximately $11.4 million of inventory write-offs for inventory with minor damage that we could not liquidate through our outlets due to store closures resulting from COVID-19.
  2. During Q3 2021 and year-to-date 2021, we incurred approximately $2.8 million and $8.3 million, respectively, associated with acquisition-related compensation expense and the amortization of acquired intangibles for Outward, Inc. During Q3 2020 and year-to-date 2020, we incurred approximately $2.2 million and $8.9 million, respectively, associated with acquisition-related compensation expense and the amortization of acquired intangibles for Outward, Inc.
  3. During year-to-date 2020, we incurred approximately $22.0 million of expense associated with store asset impairments due to the impact that COVID-19 had on our retail stores.
  4. During Q3 2020 and year-to-date 2020, we recorded an approximate $0.6 million tax benefit resulting from a non-recurring adjustment to a deferred tax liability.

 

Contacts

Julie Whalen EVP, Chief Financial Officer – (415) 616 8524

-or-

Investor Relations – (415) 616 8571

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