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Press release content from Business Wire. The AP news staff was not involved in its creation.

Hibbett Reports Third Quarter Results

November 22, 2019

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Nov 22, 2019--

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic‑inspired fashion retailer, today provided financial results for its third quarter ended November 2, 2019, and business updates.

Jeff Rosenthal, President and Chief Executive Officer, stated, “Our 10.7% increase in comparable sales in the third quarter represents our strongest quarterly increase since first quarter Fiscal 2013 and our fourth consecutive quarter with positive comparable sales. The business continues to perform very well as evidenced by the positive comparable performance in both our brick and mortar locations and our e‑commerce business. This sales growth has been made possible by our team’s execution of our strategic focus to lead with sneakers and connect toe-to-head concepts within our apparel and team sports businesses. Our e-commerce business continues to outperform expectations, as the business is now delivering over 10% of our total sales. During the third quarter, we integrated the City Gear website into our existing Hibbett platform with great success. City Gear has now been part of Hibbett for one year, and the acquisition will continue to enhance results through synergies as we complete the integration over the next three months. We are very enthusiastic about our business going forward and are pleased to increase our annual sales and earnings guidance.”

Third Quarter Results

Net sales for the 13-week period ended November 2, 2019, increased 27.0% to $275.5 million, including $43.7 million for City Gear, compared with $216.9 million for the 13-week period ended November 3, 2018. Comparable store sales increased 10.7% and will not include sales from City Gear until the fourth quarter of Fiscal 2020. E-commerce sales represented 10.5% of total sales for the third quarter. The increase in net sales was primarily attributable to the addition of City Gear. Footwear sales continued to drive the business along with positive sales in activewear and accessories connecting to footwear products.

Gross margin was 32.7% of net sales for the 13-week period ended November 2, 2019, compared with 32.5% for the 13-week period ended November 3, 2018. The 20 basis point increase was principally due to lower occupancy costs as a percent of sales.

Store operating, selling and administrative (SG&A) expenses were 29.1% of net sales for the 13-week period ended November 2, 2019, compared with 28.7% of net sales for the 13-week period ended November 3, 2018. While SG&A expenses as a percent of sales increased approximately 35 bps, the current year expense included City Gear acquisition costs of $5.0 million. The acquisition costs included a charge of $4.1 million for an increase in the estimated valuation of two contingent payments based on an update to City Gear’s projected achievement of defined EBITDA thresholds. On a non-GAAP basis, comparable SG&A expenses improved 80 basis points to 27.2% of net sales for the 13-week period ended November 2, 2019 from 28.0% of net sales for the 13-week period ended November 3, 2018.

Net income for the 13-week period ended November 2, 2019, was $2.3 million, or $0.13 per diluted share, compared with net income of $1.5 million, or $0.08 per share, for the 13-week period ended November 3, 2018. Excluding non-recurring costs, non-GAAP net income for the 13-week period ended November 2, 2019, was $5.8 million, or $0.32 per share, compared with non-GAAP net income for the 13-week period ended November 3, 2018 of $2.6 million, or $0.14 per diluted share. The Company has not included the $0.04 reduction in EPS for one-time executive compensation costs related to the CEO’s transition in its non-GAAP add backs to net income.

For the quarter, the Company opened four stores, rebranded four Hibbett stores to City Gear stores and closed 19 underperforming stores, bringing the store base to 1,097 in 35 states as of November 2, 2019. Store closures included Hibbett stores closed for rebranding. In addition, one high-performing store was expanded.

Strategic Realignment – Accelerated Store Closure Plan

As the retail environment continues to evolve, the Company is focused on improving the productivity of the store base while continuing to grow its omni-channel business to serve customers where and when they want to shop. As previously reported, the Company is proceeding with the closing of approximately 95 Hibbett stores in Fiscal 2020, which is expected to result in non-recurring impairment and store closure charges in the range of $0.08 to $0.12 per diluted share in Fiscal 2020.

Fiscal Year to Date Results

Net sales for the 39-week period ended November 2, 2019, increased 24.0% to $871.2 million compared with $702.7 million for the 39-week period ended November 3, 2018. Comparable store sales increased 5.4%.

Gross margin was 32.7% of net sales for the 39-week period ended November 2, 2019, compared with 33.2% for the 39-week period ended November 3, 2018. Excluding non-recurring expenses primarily related to the $1.0 million amortization of an inventory step-up value, non-GAAP gross margin was 32.7% for the 39-week period ended November 2, 2019.

Store operating, selling and administrative expenses were 26.9% of net sales for the 39-week period ended November 2, 2019, compared with 26.5% of net sales for the 39-week period ended November 3, 2018. SG&A expenses included $13.3 million in City Gear acquisition costs and $1.5 million related to the Company’s accelerated store closure plan. Excluding these costs, store operating, selling and administrative expenses were 25.2% of net sales for the 39-week period ended November 2, 2019 compared with 26.3% for the 39-week period ended November 3, 2018. The Company has not reflected a reduction in expense for the one-time executive compensation costs related to the CEO’s transition in our non-GAAP add backs to SG&A.

Net income for the 39-week period ended November 2, 2019, was $21.3 million, or $1.18 per diluted share, compared with $21.8 million, or $1.15 per diluted share, for the 39-week period ended November 3, 2018. Excluding non-recurring costs, non-GAAP net income for the 39-week period ended November 2, 2019, was $32.9 million, or $1.82 per diluted share, compared with non-GAAP net income of $22.9 million, or $1.21 per diluted share for the 39-week period ended November 3, 2018. The Company has not included the $0.13 reduction in EPS for one-time executive compensation costs related to the CEO’s transition in its non-GAAP add backs to net income.

Balance Sheet and Stock Repurchases

Hibbett ended the third quarter of Fiscal 2020 with $77.4 million of available cash and cash equivalents on the consolidated balance sheet. As of November 2, 2019, Hibbett had $8.0 million in debt outstanding and $92.0 million available under its credit facilities.

During the third quarter, the Company repurchased 371,976 shares of common stock for a total expenditure of $7.0 million. Approximately $167.2 million remained authorized for future stock repurchases through January 29, 2022.

Fiscal 2020 Outlook

The Company updated its full-year guidance for Fiscal 2020:

UpdatedPrevious
Comparable store sales4.0%-6.0% 1.0% - 2.0%
Net store closings(80) - (85)(80) - (85)
Earnings per diluted share$1.55 - $1.65 $1.35 - $1.50
Expected impact of non-recurring items (non-GAAP)($0.75) - ($0.85)($0.75) - ($0.80)
Earnings per diluted share excluding non-recurring items (non-GAAP)$2.30 - $2.50 $2.15 - $2.25
Gross marginflat - 20bps(30)bps - (40)bps
Gross margin excluding non-recurring items (non-GAAP)(10)bps - 10bps (40)bps - (50)bps
SG&A expense rate change60bps - 80bps50bps - 70bps
SG&A expense rate change excluding non-recurring items (non-GAAP)(60)bps - (80)bps (40)bps - (60)bps
Depreciation(10)bps - (20)bps(10)bps - (20)bps
Tax rate

25.5%

 

25.5%

Capital expenditures$15M - $18M$18M - $20M
Share repurchase$25M - $30M $25M - $30M

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, November 22, 2019, to discuss third quarter Fiscal 2020 results. The number to call for the live interactive teleconference is (212) 231-2909. A replay of the conference call will be available until November 29, 2019, by dialing (402) 977-9140 and entering the passcode, 21931576.

The Company will also provide an online Web simulcast and rebroadcast of its third quarter Fiscal 2020 conference call. The live broadcast of Hibbett’s quarterly conference call will be available online at www.hibbett.com under Investor Relations on November 22, 2019, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call and be available for replay for 30 days.

Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with approximately 1,100 stores under the Hibbett Sports and City Gear banners, primarily located in small and mid-sized communities. Founded in 1945, Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan, Adidas, and Under Armour. Consumers can browse styles, find new releases, shop looks and make purchases online or in their nearest store by visiting www.hibbett.com or www.citygear.com. Follow us @hibbettsports and @citygear.

About Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted net income (loss), earnings (loss) per share, gross margin and SG&A expenses as a percentage of net sales. Management believes that non-GAAP net income (loss), earnings (loss) per share, gross margin and SG&A expenses as a percentage of net sales, which exclude the effects of non-recurring expenses related to the acquisition of City Gear and our strategic realignment plan, are useful measures for providing more accurate comparisons of our current financial results to historical operations, forward looking guidance and the financial results of peer companies. The non-recurring costs related to the acquisition of City Gear include amortization of inventory step-up value, contingent earnout valuation updates and professional service fees and expenses consisting primarily of investment banking, legal and accounting fees and expenses. In future periods, such acquisition-related costs may include one or more of the following categories of expenses: (i) transition and integration costs, (ii) professional service fees and expenses and (iii) contingent earnout valuation updates. Future non-recurring costs related to the strategic realignment plan may include: (i) lease and equipment impairment costs, (ii) third party liquidation fees, (iii) store exit costs, and (iv) residual net lease costs.

While our management uses these non-GAAP financial measures as a tool to enhance their ability to assess certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial statements. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial statements, allows for greater transparency in the review of our financial and operational performance. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the sections titled “GAAP to Non-GAAP Reconciliation” that accompany this press release.

A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in this press release are “forward looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward looking statements address future events, developments or results and typically use words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “forecast,” “guidance,” “outlook,” “estimate,” “continue,” “will,” “may,” “could,” “possible,” “potential” or other similar words, phrases or expressions. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including economic conditions, industry trends, merchandise trends, vendor relationships, customer demand, and competition. For a discussion of these factors, as well as others which could affect our business, you should carefully review our Annual Report and other reports filed from time to time with the Securities and Exchange Commission, including the “Risk Factors,” “Business” and “MD&A” sections in our Annual Report on Form 10-K filed on April 18, 2019, and in our Quarterly Reports on Form 10-Q filed on July 19, 2019 and September 11, 2019. In light of these risks and uncertainties, the future events, developments or results described by our forward-looking statements in this document could be materially and adversely different from those we discuss or imply. We are not obligated to release publicly any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
       
13-Week Period Ended 39-Week Period Ended
November 2,
2019
 November 3,
2018
 November 2,
2019
 November 3,
2018
 % of
Sales
  % of
Sales
  % of
Sales
  % of
Sales
Net sales

$

275,475

 

  

$

216,888

 

  

$

871,210

 

  

$

702,718

 

 
Cost of goods sold

 

185,307

 

 

67.3

%

 

 

146,376

 

 

67.5

%

 

 

586,502

 

 

67.3

%

 

 

469,082

 

 

66.8

%

Gross margin

 

90,168

 

 

32.7

 

 

 

70,512

 

 

32.5

 

 

 

284,708

 

 

32.7

 

 

 

233,636

 

 

33.2

 

Store operating, selling and administrative expenses

 

80,147

 

 

29.1

 

 

 

62,342

 

 

28.7

 

 

 

234,085

 

 

26.9

 

 

 

186,211

 

 

26.5

 

Depreciation and amortization

 

7,397

 

 

2.7

 

 

 

6,328

 

 

2.9

 

 

 

22,299

 

 

2.6

 

 

 

18,847

 

 

2.7

 

Operating income

 

2,624

 

 

1.0

 

 

 

1,842

 

 

0.8

 

 

 

28,324

 

 

3.3

 

 

 

28,578

 

 

4.1

 

Interest expense, net

 

(151

)

 

(0.1

)

 

 

(277

)

 

-0.1

 

 

 

(179

)

 

0.0

 

 

 

(387

)

 

-0.1

 

Income before provision for income taxes

 

2,775

 

 

1.0

 

 

 

2,119

 

 

1.0

 

 

 

28,503

 

 

3.3

 

 

 

28,965

 

 

4.1

 

Provision for income taxes

 

510

 

 

0.2

 

 

 

620

 

 

0.3

 

 

 

7,159

 

 

0.8

 

 

 

7,179

 

 

1.0

 

Net income

$

2,265

 

 

0.8

%

 

$

1,499

 

 

0.7

%

 

$

21,344

 

 

2.4

%

 

$

21,786

 

 

3.1

%

       
Basic earnings per share

$

0.13

 

  

$

0.08

 

  

$

1.19

 

  

$

1.16

 

 
Diluted earnings per share

$

0.13

 

  

$

0.08

 

  

$

1.18

 

  

$

1.15

 

 
       
Weighted average shares outstanding:       
Basic

 

17,568

 

  

 

18,495

 

  

 

17,927

 

  

 

18,763

 

 
Diluted

 

17,815

 

  

 

18,675

 

  

 

18,085

 

  

 

18,944

 

 
 
HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
 
November 2,
2019
February 2,
2019
Assets
Cash and cash equivalents

$

77,372

$

61,756

Inventories, net

 

288,876

 

280,287

Other current assets

 

15,541

 

25,813

Total current assets

 

381,789

 

367,856

Property and equipment, net

 

101,598

 

115,394

Operating right-of-use assets

 

217,622

 

-

Finance right-of-use assets, net

 

1,467

 

-

Goodwill

 

19,661

 

23,133

Tradename intangible

 

32,400

 

32,400

Other noncurrent assets

 

11,344

 

7,282

Total assets

$

765,881

$

546,065

 
Liabilities and Stockholders' Investment
Accounts payable

$

132,386

$

107,315

Operating lease liabilities

 

57,564

 

-

Credit facilities

 

8,000

 

35,000

Finance/capital lease obligations

 

838

 

1,017

Accrued expenses

 

35,891

 

29,941

Total current liabilities

 

234,679

 

173,273

Long-term operating lease liabilities

 

182,782

 

-

Long-term finance/capital lease

 

967

 

1,994

Other noncurrent liabilities

 

11,294

 

34,749

Stockholders' investment

 

336,159

 

336,049

Total liabilities and stockholders' investment

$

765,881

$

546,065

 
HIBBETT SPORTS, INC. AND SUBSIDIARIES
Supplemental Information
(Unaudited)
 
13-Week Period Ended39-Week Period Ended
November 2,
2019
November 3,
2018
November 2,
2019
November 3,
2018
Sales Information
Net sales increase (decrease)

 

27.0

%

 

-8.8

%

 

24.0

%

 

0.2

%

Comparable sales increase

 

10.7

%

 

0.1

%

 

5.4

%

 

1.4

%

 
Store Count Information
Beginning of period

 

1,108

 

 

1,059

 

 

1,163

 

 

1,079

 

New stores opened

 

8

 

 

7

 

 

17

 

 

20

 

Stores closed

 

(19

)

 

(24

)

 

(83

)

 

(57

)

End of period

 

1,097

 

 

1,042

 

 

1,097

 

 

1,042

 

 
Stores expanded or relocated

 

3

 

 

1

 

 

9

 

 

9

 

Estimated square footage at end of period (in thousands)

 

6,181

 

 

5,957

 

 
Balance Sheet Information
Average inventory per store

$

263,333

 

$

246,501

 

 
Share Repurchase Information
Shares purchased under our Program

 

371,976

 

 

395,450

 

 

1,031,940

 

 

753,286

 

Cost (in thousands)

$

7,045

 

$

7,625

 

$

20,789

 

$

16,058

 

Settlement of net share equity awards

 

-

 

 

-

 

 

29,432

 

 

18,765

 

Cost (in thousands)

$

-

 

$

-

 

$

555

 

$

416

 

 
HIBBETT SPORTS, INC. AND SUBSIDIARIES
GAAP to Non-GAAP Reconciliation
(Dollars in thousands, except per share amounts)
(Unaudited)
 
13-Week Period Ended November 2, 2019
Non-Recurring Amounts:
GAAP Basis
(As Reported)

Acquisition (1)
Strategic
Realignment (2)
Non-GAAP Basis
November 2, 2019
% of
Sales
Net sales

$

275,475

 

$

-

$

-

 

$

275,475

 

Cost of goods sold

 

185,307

 

 

-

 

(828

)

 

186,135

 

67.6

%

Gross margin

 

90,168

 

 

-

 

(828

)

 

89,340

 

32.4

Store operating, selling and administrative expenses

 

80,147

 

 

4,965

 

155

 

 

75,027

 

27.2

Depreciation and amortization

 

7,397

 

 

-

 

-

 

 

7,397

 

2.7

Operating income

 

2,624

 

 

4,965

 

(673

)

 

6,916

 

2.5

Interest expense, net

 

(151

)

 

-

 

-

 

 

(151

)

-0.1

Income before provision for income taxes

 

2,775

 

 

4,965

 

(673

)

 

7,067

 

2.6

Provision for income taxes

 

510

 

 

912

 

(124

)

 

1,298

 

0.5

Net income

$

2,265

 

$

4,053

$

(549

)

$

5,769

 

2.1

%

 
Basic earnings per share

$

0.13

 

$

0.23

$

(0.03

)

$

0.33

 

Diluted earnings per share

$

0.13

 

$

0.23

$

(0.03

)

$

0.32

 

 
Weighted average shares outstanding:
Basic

 

17,568

 

 

17,568

 

17,568

 

 

17,568

 

Diluted

 

17,815

 

 

17,815

 

17,815

 

 

17,815

 

 
 
1) Non-recurring acquisition amounts during the 13-week period ended November 2, 2019, related to the acquisition of City Gear, LLC consist primarily of contingent earnout valuation update and legal, accounting and professional fees.
2) Non-recurring strategic realignment amounts during the 13-week period ended November 2, 2019, related to our accelerated store closure plan consist primarily of gain on operating leases net of accelerated amortization on ROU assets in COGS and professional fees, impairment costs and loss on fixed assets in SG&A.
 
13-Week Period Ended November 3, 2018
Non-Recurring Amounts:
GAAP Basis
(As Reported)

Acquisition (1)
Non-GAAP Basis
November 3, 2018
% of
Sales
Net sales

$

216,888

 

$

-

$

216,888

 

Cost of goods sold

 

146,376

 

 

-

 

146,376

 

67.5

%

Gross margin

 

70,512

 

 

-

 

70,512

 

32.5

Store operating, selling and administrative expenses

 

62,342

 

 

1,528

 

60,814

 

28.0

Depreciation and amortization

 

6,328

 

 

-

 

6,328

 

2.9

Operating income

 

1,842

 

 

1,528

 

3,370

 

1.6

Interest expense, net

 

(277

)

 

-

 

(277

)

-0.1

Income before provision for income taxes

 

2,119

 

 

1,528

 

3,647

 

1.7

Provision for income taxes

 

620

 

 

447

 

1,067

 

0.5

Net income

$

1,499

 

$

1,081

$

2,580

 

1.2

%

 
Basic earnings per share

$

0.08

 

$

0.06

$

0.14

 

Diluted earnings per share

$

0.08

 

$

0.06

$

0.14

 

 
Weighted average shares outstanding:
Basic

 

18,495

 

 

18,495

 

18,495

 

Diluted

 

18,675

 

 

18,675

 

18,675

 

 
1) Non-recurring acquisition amounts during the 13-week period ended November 3, 2018, related to the acquisition of City Gear, LLC consists primarily of legal, accounting and professional fees.
HIBBETT SPORTS, INC. AND SUBSIDIARIES
GAAP to Non-GAAP Reconciliation
(Dollars in thousands, except per share amounts)
(Unaudited)
 
39-Week Period Ended November 2, 2019
Non-Recurring Amounts:
GAAP Basis
(As Reported)

Acquisition (1)
Strategic
Realignment (2)
Non-GAAP Basis
November 2, 2019
% of
Sales
Net sales

$

871,210

 

$

-

$

-

 

$

871,210

 

Cost of goods sold

 

586,502

 

 

956

 

(356

)

 

585,902

 

67.3

%

Gross margin

 

284,708

 

 

956

 

(356

)

 

285,308

 

32.7

Store operating, selling and administrative expenses

 

234,085

 

 

13,252

 

1,529

 

 

219,304

 

25.2

Depreciation and amortization

 

22,299

 

 

-

 

-

 

 

22,299

 

2.6

Operating income

 

28,324

 

 

14,208

 

1,173

 

 

43,705

 

5.0

Interest expense, net

 

(179

)

 

-

 

-

 

 

(179

)

0.0

Income before provision for income taxes

 

28,503

 

 

14,208

 

1,173

 

 

43,884

 

5.0

Provision for income taxes

 

7,159

 

 

3,569

 

295

 

 

11,023

 

1.3

Net income

$

21,344

 

$

10,639

$

878

 

$

32,861

 

3.8

%

 
Basic earnings per share

$

1.19

 

$

0.59

$

0.05

 

$

1.83

 

Diluted earnings per share

$

1.18

 

$

0.59

$

0.05

 

$

1.82

 

 
Weighted average shares outstanding:
Basic

 

17,927

 

 

17,927

 

17,927

 

 

17,927

 

Diluted

 

18,085

 

 

18,085

 

18,085

 

 

18,085

 

 
 
1) Non-recurring acquisition amounts during the 39-week period ended November 2, 2019, related to the acquisition of City Gear, LLC consist primarily of the amortization of inventory fair-market value step-up in COGS and contingent earnout valuation update, legal, accounting and professional fees in SG&A.
2) Non-recurring strategic realignment amounts during the 39-week period ended November 2, 2019, related to our accelerated store closure plan consist primarily of gain on operating leases net of accelerated amortization on ROU assets in COGS and professional fees, impairment costs and loss on fixed assets in SG&A.
 
39-Week Period Ended November 3, 2018
Non-Recurring Amounts:
GAAP Basis
(As Reported)

Acquisition (1)
Non-GAAP Basis
November 3, 2018
% of
Sales
Net sales

$

702,718

 

$

-

$

702,718

 

Cost of goods sold

 

469,082

 

 

-

 

469,082

 

66.8

%

Gross margin

 

233,636

 

 

-

 

233,636

 

33.2

Store operating, selling and administrative expenses

 

186,211

 

 

1,528

 

184,683

 

26.3

Depreciation and amortization

 

18,847

 

 

-

 

18,847

 

2.7

Operating income

 

28,578

 

 

1,528

 

30,106

 

4.3

Interest expense, net

 

(387

)

 

-

 

(387

)

-0.1

Income before provision for income taxes

 

28,965

 

 

1,528

 

30,493

 

4.3

Provision for income taxes

 

7,179

 

 

379

 

7,558

 

1.1

Net income

$

21,786

 

$

1,149

$

22,935

 

3.3

%

 
Basic earnings per share

$

1.16

 

$

0.06

$

1.22

 

Diluted earnings per share

$

1.15

 

$

0.06

$

1.21

 

 
Weighted average shares outstanding:
Basic

 

18,763

 

 

18,763

 

18,763

 

Diluted

 

18,944

 

 

18,944

 

18,944

 

 
1) Non-recurring acquisition amounts during the 39-week period ended November 3, 2018, related to the acquisition of City Gear, LLC consist primarily of legal, accounting and professional fees.

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191122005055/en/

CONTACT: Scott Humphrey

Interim Chief Financial Officer

(205) 942-4292

KEYWORD: ALABAMA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SPORTS ONLINE RETAIL FASHION RETAIL GENERAL SPORTS

SOURCE: Hibbett Sports, Inc.

Copyright Business Wire 2019.

PUB: 11/22/2019 06:30 AM/DISC: 11/22/2019 06:30 AM

http://www.businesswire.com/news/home/20191122005055/en