hbi-20210209
0001359841false00013598412021-02-092021-02-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
 
 CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 9, 2021
  
Hanesbrands Inc.
(Exact name of registrant as specified in its charter)
 
Maryland001-3289120-3552316
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1000 East Hanes Mill Road
Winston-Salem,North Carolina27105
(Address of principal executive offices)(Zip Code)
 (336519-8080
Registrant’s telephone number, including area code:
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.01HBINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02. Results of Operations and Financial Condition

On February 9, 2021, Hanesbrands Inc. (the “Company” or “Hanesbrands”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended January 2, 2021. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01. Regulation FD Disclosure

The Company has made available on the investors section of its corporate website, www.Hanes.com/investors, certain supplemental materials regarding Hanesbrands’ financial results and business operations (the “Supplemental Information”). The Supplemental Information is furnished herewith as Exhibit 99.2 and is incorporated by reference. All information in the Supplemental Information is presented as of the particular date or dates referenced therein, and Hanesbrands does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

Exhibits 99.1 and 99.2 to this Current Report on Form 8-K include forward-looking financial information that is expected to be discussed on Hanesbrands’ previously announced conference call with investors and analysts to be held at 8:30 a.m., Eastern time on February 9, 2021. The call may be accessed at www.Hanes.com/investors. Replays of the call will be available at www.Hanes.com/investors and via telephone. The telephone playback will be available from approximately 12:00 p.m., Eastern time, on February 9, 2021, until midnight, Eastern time, on February 16, 2021. The replay will be available by calling toll-free (855) 859-2056, or by toll call at (404) 537-3406. The replay pass code is 6783727.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits
Exhibit 99.1  
Exhibit 99.2
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
February 9, 2021 HANESBRANDS INC.
 By: /s/ M. Scott Lewis
  M. Scott Lewis
  Interim Chief Financial Officer and Chief Accounting Officer


Document

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FOR IMMEDIATE RELEASE        
News Media, contact:Kirk Saville, (336) 519-6192
Analysts and Investors, contact:T.C. Robillard, (336) 519-2115

HanesBrands Reports Solid Fourth-Quarter Results
Launches “Full Potential” Plan

Net sales of $1.8 billion, driven by strong performance across biggest business segments
Continued momentum in global Champion and U.S. Innerwear
Full Potential plan to drive long-term growth and higher profitability
Company exploring strategic alternatives for European Innerwear business
GAAP loss per share of $0.95, includes $1.33 of charges primarily related to personal protective garment business and 20% SKU reduction effort across company
Adjusted EPS of $0.38 per share
Declares regular quarterly dividend
Virtual Investor Day planned for May

WINSTON-SALEM, N.C. (February 9, 2021) – HanesBrands Inc. (NYSE: HBI), a leading global marketer of branded everyday basic apparel, today announced fourth-quarter results, reflecting continued momentum across the business with solid sales, adjusted operating profit and cash flow.

Net sales for the fourth quarter ended January 2, 2021, were $1.8 billion, compared with $1.75 billion for the comparable period ended December 28, 2019. The company recorded $28 million in revenue from personal protective garments (PPE) globally in the fourth quarter. Excluding net sales of $88 million from the exited C9 Champion mass program and DKNY intimate apparel license recorded in the prior year period, and the effect of changes in foreign exchange rates, total constant-currency fourth-quarter net sales increased 6%.

For the full year, net sales were $6.7 billion, including net sales of $959 million of PPE, compared to
$6.97 billion in the prior year, which included net sales of $419 million from the C9 Champion mass program and DKNY intimate apparel license. Excluding the exited programs and the effect of changes in foreign exchange rates, total constant-currency net sales for full-year 2020 increased 2% over the prior year.

“I’m extremely proud of the HanesBrands team for all it accomplished in 2020 under very challenging conditions, and I thank our global associates for their hard work and dedication,” said HanesBrands Chief Executive Officer Steve Bratspies. “We delivered solid sales growth in the fourth quarter, with continued revenue momentum in our largest businesses and strong market share performance in our Innerwear and Activewear segments.”




During the fourth quarter, the company completed a comprehensive business assessment and began implementing its Full Potential plan. The Full Potential plan focuses the company on four pillars to drive growth and enhance long-term profitability:
grow the Champion brand globally
drive growth in Innerwear with brands and products that appeal to younger consumers
build e-commerce excellence across channels
streamline global portfolio

The company has identified 20 strategic initiatives under these four key pillars to unlock growth and has launched a multi-year cost savings program intended to substantially self-fund the investments necessary to achieve the Full Potential plan’s objectives. The company expects to provide a comprehensive overview of the Full Potential plan at its virtual Investor Day in May.

“We are implementing our Full Potential plan with the goal of creating a consumer-centric company that delivers long-term growth and higher profitability,” Bratspies said. “I’m encouraged by our rapid progress as we work to simplify our business and transform our organization to move faster, lower costs and focus on our highest-return growth opportunities.”

As part of the implementation of its Full Potential plan, the company determined that it no longer views PPE as a long-term growth opportunity. In addition, as the result of a comprehensive strategic inventory review, the company is reducing its SKUs by 20% to enable greater focus on its highest-volume, fastest- growing, and most profitable products.

As a result of these decisions, during the fourth quarter the company recorded $611 million (96% non- cash) in inventory charges consisting of a $400 million write-off of its entire PPE inventory-related balance and an inventory valuation write-down of approximately $211 million related to the company’s SKU reduction program.

In addition, the company announced plans to explore strategic alternatives for its European Innerwear business in order to further simplify its operations and focus resources on its strategic growth opportunities.

Fourth-quarter GAAP operating loss totaled $444 million, including the $611 million inventory charges referenced above, as well as a $25 million non-cash impairment charge on its U.S. hosiery business due to impacts of COVID-19, a $17 million non-cash tax asset write-off and an $8 million charge primarily related to a previously disclosed supply chain restructuring. Excluding these charges, fourth-quarter adjusted operating profit of $217 million decreased 10% as compared with the comparable period.

The GAAP and adjusted effective tax rate for the fourth quarter was 32.8% and 19.0%, respectively, with a GAAP and adjusted effective tax rate of 5.1% and 12.9% in the fourth quarter of 2019.

Fourth-quarter GAAP net loss totaled $332 million, or $0.95 per share, compared to net income of $185 million, or $0.51 per diluted share in the prior year period. Adjusted net income excluding after-tax charges of $467 million, or $1.33 per diluted share, totaled $135 million, or $0.38 per diluted share.

(See the Note on Reconciliation of Select GAAP Measures to Non-GAAP Measures later in this news release for additional discussion and details of actions, which include pandemic-related charges.)





Callouts for Fourth-Quarter Results and Ongoing Operations

Momentum across the business: Revenue growth continued across all three business segments as year-over-year trends improved sequentially, excluding PPE. The company gained share in U.S. Innerwear, and global Champion sales were up 11% in constant currency. Excluding the sports and college licensing business, which has been heavily impacted by campus shutdowns and limits on sports attendance due to the COVID-19 pandemic, global Champion sales increased 18% in constant currency.

Sustainability Leadership: HanesBrands was recognized by CDP for its leadership in addressing climate change for the third consecutive year. CDP included the company on its 2020 A List in recognition of HBI’s actions to cut emissions, mitigate climate risks and support the low-carbon economy. This year’s A score follows superior A- rankings in 2019 and 2018, placing HanesBrands among the top sustainable companies within its industry and worldwide.

COVID-related uncertainty: The company continues to operate in a highly uncertain environment due to ongoing concerns about the COVID-19 pandemic and related operating restrictions imposed by governments around the world.

Fourth-Quarter 2020 Business Segment Summaries (Comparisons to Fourth-Quarter 2019, Unless Otherwise Noted)

Innerwear Segment. U.S. Innerwear sales, excluding PPE, increased 13%, driven by strong point-of-sale trends, space gains in kids’ underwear, continued inventory re-stocking by retailers and the contribution from a 53rd week. The company grew its market share in U.S. basics and intimates.

When the year-ago quarter is rebased to reflect the exit of the C9 Champion mass program and the DKNY intimate apparel license, fourth-quarter 2020 sales grew 20% overall and excluding PPE, sales were up 16%.

Activewear Segment. U.S. Activewear marked its third consecutive quarter of sequential improvement, led by strong performance of the global Champion brand. Revenue increased 7% on a rebased basis, driven by growth in the online, wholesale and distributor channels.

International Segment. The company saw continued improvement in revenue trends in its international segment. International revenue increased 2%. Excluding $6 million in PPE sales, core international revenue increased 1%. Australia continued its strong performance with constant currency sales up 8% in the quarter, driven by growth in Bonds and Bras N Things. The company also saw growth in Canada and Latin America, while COVID-related disruptions continued to create challenges in Asia and Europe. On a constant currency basis, International sales declined approximately 3%.

Regular Quarterly Cash Dividend Declared

The company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share to be paid on March 9, 2021, to stockholders of record at the close of business on February 19, 2021.

The declared cash dividend represents the 32nd consecutive quarterly return of cash to stockholders. The company has returned more than $1.3 billion in quarterly cash dividends to stockholders since initiating its program in April 2013.





First-Quarter 2021 Financial Guidance

The company is providing financial guidance for the first quarter of 2021 and plans to provide a full-year 2021 outlook as well as three-year financial targets as part of its detailed review of the Full Potential plan at its upcoming Investor Day in May.

First-quarter guidance reflects continued uncertainty related to the COVID-19 pandemic and its impact on the global consumer environment.

The company expects first-quarter 2021 net sales to total approximately $1.485 billion to $1.515 billion. The midpoint of guidance represents net sales growth of 14% over first-quarter 2020 and includes a projected benefit of $50 million from changes in foreign currency exchange rates and implies growth of 10% in constant currency.

The company expects first-quarter GAAP operating profit to range from $140 million to $150 million. Adjusted operating profit is expected to range from $150 million to $160 million.

The midpoint of adjusted operating profit suggests an operating margin of 10.3%, compared with adjusted operating margin of 4.8% in the first quarter of 2020. The expected year-over-year margin expansion is due to higher sales, positive manufacturing variances and the anniversary of last year’s COVID-driven volume de-leverage.

The company expects the first-quarter 2021 tax rate to be approximately 6% on a GAAP basis and approximately 16% on an adjusted basis.

GAAP and adjusted earnings per share are expected to range from $0.24 to $0.27.

HanesBrands has updated its quarterly frequently-asked-questions document, which is available at www.Hanes.com/faq.

Note on Adjusted Measures, Rebased Measures and Reconciliation to GAAP Measures

To supplement financial results prepared in accordance with generally accepted accounting principles, the company provides quarterly and full-year results concerning certain non‐GAAP financial measures, including adjusted EPS, adjusted net income, adjusted income tax expense, adjusted income before income tax expense, adjusted operating profit (and margin), adjusted SG&A, adjusted gross profit (and margin), adjusted net sales, EBITDA and adjusted EBITDA.

Adjusted EPS is defined as diluted EPS excluding actions and the tax effect on actions. Adjusted net income is defined as net income excluding actions and the tax effect on actions. Adjusted income tax expense is defined as income tax expense excluding actions. Adjusted income before income tax is defined as income before income tax excluding actions. Adjusted operating profit is defined as operating profit excluding actions.

Adjusted SG&A is defined as selling, general and administrative expenses excluding actions. Adjusted gross profit is defined as gross profit excluding actions. Adjusted net sales are defined as net sales excluding actions.






Charges for actions taken in 2019 primarily represented supply chain network changes, program exit costs, and overhead reduction as well as completion of outstanding acquisition integration. Charges taken in 2020 include supply chain restructuring actions, program exit costs, COVID-19 related charges, Full Potential plan charges and the write-off of a discrete tax asset related to our Bras N Things acquisition. COVID-19 related charges include intangible asset and goodwill impairment charges, bad debt expense and supply chain re-startup costs. Full Potential plan charges include inventory write-down charges related to our SKU reduction initiative and discontinuation of our PPE business. While these costs are not operational in nature and are not expected to continue for any singular transaction on an ongoing basis, similar types of costs, expenses and charges have occurred in prior periods and may recur in future periods depending upon future business plans and circumstances.

Hanesbrands has chosen to present these nonGAAP measures to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating operations absent the effect of acquisition integration, the Full Potential plan and other actions, as well as the COVID-19 pandemic. Hanesbrands believes these non-GAAP measures provide management and investors with valuable supplemental information for analyzing the operating performance of the company’s ongoing business during each period presented without giving effect to costs associated with the execution and integration of any of the aforementioned actions taken.

The company has also chosen to present EBITDA and adjusted EBITDA to investors because it considers these measures to be an important supplemental means of evaluating operating performance. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding actions and stock compensation expense. Hanesbrands believes that EBITDA and adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, and management uses EBITDA and adjusted EBITDA for planning purposes in connection with setting its capital allocation strategy. EBITDA and adjusted EBITDA should not, however, be considered as measures of discretionary cash available to invest in the growth of the business.

In addition, with respect to 2020 financial performance, Hanesbrands has chosen to present certain year- over-year comparisons with respect to the company’s rebased 2019 business, which excludes the exited C9 Champion program at mass retail and DKNY intimate apparel license. Hanes believes this information is useful to management and investors to facilitate a more meaningful comparison of the results of the company’s ongoing business between 2019 and 2020. The company has provided rebased 2019 quarterly income statements in Supplemental Table B dated February 7, 2020, which is available online at www.hanes.com/investors.

Hanesbrands is a global company that reports financial information in U.S. dollars in accordance with GAAP. As a supplement to the company’s reported operating results, Hanes also presents constant-currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. The company uses constant-currency information to provide a framework to assess how the business performed excluding the effects of changes in the rates used to calculate foreign currency translation.

To calculate foreign currency translation on a constant currency basis, operating results for the current-year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).

Hanes believes constant-currency information is useful to management and investors to facilitate comparison of operating results and better identify trends in the company’s businesses.



NonGAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to, or substitute for, financial results prepared in accordance with GAAP. Further, the non-GAAP measures presented may be different from non-GAAP measures with similar or identical names presented by other companies.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are presented in the supplemental financial information included with this news release.

Webcast Conference Call

HanesBrands will host an internet audio webcast of its fourth-quarter 2020 investor conference call at 8:30 a.m. EST Tuesday, Feb. 9, 2021. The webcast of the conference call, which will consist of prepared comments followed by a question-and-answer session, may be accessed via the investors section of the Hanes corporate website, www.Hanes.com/Investors. The call is expected to conclude by 9:30 a.m. EST.

Replays of the conference call will be available via the internet and telephone. The archived online replay will be available after the call in the investors section of the Hanes corporate website. The telephone playback will be available from noon EST Feb. 9, 2021, through midnight EST Feb. 16, 2021. The replay will be available by calling toll-free (855) 859-2056 or by toll call at (404) 537-3406. The replay ID is 6783727.

Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward-looking statements, as defined under U.S. federal securities laws, with respect to our long-term goals and trends associated with our business, as well as guidance as to future performance. In particular, among others, statements regarding the potential impact of the COVID-19 outbreak on our business and financial performance; guidance and predictions regarding expected operating results, including related to our Full Potential plan; the exploration of strategic alternatives for our European Innerwear business; and statements made in the First-Quarter 2021 Financial Guidance section of this news release, are forward-looking statements. These forward-looking statements are based on our current intent, beliefs, plans and expectations. Readers are cautioned not to place any undue reliance on any forward-looking statements. Forward-looking statements necessarily involve risks and uncertainties, many of which are outside of our control, that could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include such things as: the potential effects of the COVID-19 outbreak, including on consumer spending, global supply chains and the financial markets; the highly competitive and evolving nature of the industry in which we compete; the rapidly changing retail environment; our reliance on a relatively small number of customers for a significant portion of our sales; any inadequacy, interruption, integration failure or security failure with respect to our information technology; the impact of significant fluctuations and volatility in various input costs, such as cotton and oil-related materials, utilities, freight and wages; our ability to attract and retain a senior management team with the core competencies needed to support growth in global markets; our ability to properly manage strategic projects, such as our Full Potential plan, in order to achieve the desired results; significant fluctuations in foreign exchange rates; legal, regulatory, political and economic risks related to our international operations; our ability to effectively manage our complex multinational tax structure; and other risks identified from time to time in our most recent Securities and Exchange Commission reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward- looking statement speaks only as of the date on which such statement is made, and Hanesbrands undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required by law.



HanesBrands
HanesBrands, based in Winston-Salem, N.C., is a socially responsible leading marketer of everyday basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia-Pacific. The company sells its products under some of the world’s strongest apparel brands, including Hanes, Champion, Bonds, DIM, Bali, Maidenform, Playtex, Bras N Things, Nur Die/Nur Der, JMS/Just My Size, Wonderbra, Lovable, Alternative, Berlei, L’eggs, and Gear for Sports. The company sells T-shirts, bras, panties, shapewear, underwear, socks, hosiery, and activewear produced in the company’s low- cost global supply chain. A Fortune 500 company and member of the S&P 500 stock index (NYSE: HBI), Hanes has approximately 61,000 employees in more than 40 countries. For more information, visit the company’s corporate website at www.Hanes.com/corporate and newsroom at https://newsroom.hanesbrands.com/. Connect with the company via social media: Twitter (@hanesbrands), Facebook (www.facebook.com/hanesbrandsinc), Instagram (@hanesbrands), and LinkedIn (@Hanesbrandsinc).




TABLE 1
HANESBRANDS INC.
Condensed Consolidated Statements of Income and Supplemental Financial Information
(in thousands, except per share data)
(Unaudited)
 
 Quarters Ended Years Ended 
 January 2,
2021
December 28,
2019
% ChangeJanuary 2,
2021
December 28,
2019
% Change
Net sales$1,800,843 $1,751,005 2.8 %$6,664,350 $6,966,923 (4.3)%
Cost of sales1,676,036 1,044,262 4,816,086 4,247,593 
Gross profit124,807 706,743 (82.3)%1,848,264 2,719,330 (32.0)%
As a % of net sales6.9 %40.4 %27.7 %39.0 %
Selling, general and administrative expenses568,543 463,328 1,841,763 1,829,600 
As a % of net sales31.6 %26.5 %27.6 %26.3 %
Operating profit (loss)(443,736)243,415 NM6,501 889,730 (99.3)%
As a % of net sales(24.6)%13.9 %0.1 %12.8 %
Other expenses6,283 7,658 23,132 31,424 
Interest expense, net44,115 40,907 166,491 178,579 
Income (loss) before income tax expense(494,134)194,850 (183,122)679,727 
Income tax expense (benefit)(161,970)9,864 (107,543)79,007 
Net income (loss)$(332,164)$184,986 NM$(75,579)$600,720 NM
Earnings (loss) per share:
Basic
$(0.95)$0.51 $(0.21)$1.65 
Diluted
$(0.95)$0.51 $(0.21)$1.64 
Weighted average shares outstanding:
Basic
350,807 364,885 352,766 364,709 
Diluted
350,807 365,644 352,766 365,519 
The following tables present a reconciliation of reported results on a constant currency basis for the quarter and year ended January 2, 2021 and a comparison to prior year:
Quarter Ended January 2, 2021
As Reported
Impact from Foreign Currency1
Constant CurrencyQuarter Ended
December 28, 2019
% Change,
As Reported
% Change,
Constant Currency
As reported under GAAP:
Net sales$1,800,843 $31,924 $1,768,919 $1,751,005 2.8 %1.0 %
Gross profit124,807 16,965 107,842 706,743 (82.3)(84.7)
Operating profit (loss)(443,736)4,277 (448,013)243,415 NMNM
Diluted earnings (loss) per share$(0.95)$0.01 $(0.96)$0.51 NMNM
As adjusted:2
Net sales$1,800,843 $31,924 $1,768,919 $1,663,070 8.3 %6.4 %
Gross profit737,775 16,965 720,810 694,782 6.2 3.7 
Operating profit216,987 4,277 212,710 241,775 (10.3)(12.0)
Diluted earnings per share$0.38 $0.01 $0.37 $0.46 (17.4)%(19.6)%
Year Ended January 2, 2021
As Reported
Impact from Foreign Currency1
Constant CurrencyYear
Ended
December 28, 2019
% Change,
As Reported
% Change,
Constant Currency
As reported under GAAP:
Net sales$6,664,350 $12,134 $6,652,216 $6,966,923 (4.3)%(4.5)%
Gross profit1,848,264 7,799 1,840,465 2,719,330 (32.0)(32.3)
Operating profit6,501 5,425 1,076 889,730 (99.3)(99.9)
Diluted earnings (loss) per share$(0.21)$0.01 $(0.22)$1.64 NMNM
As adjusted:2
Net sales$6,664,350 $12,134 $6,652,216 $6,547,476 1.8 %1.6 %
Gross profit2,557,215 7,799 2,549,416 2,645,736 (3.3)(3.6)
Operating profit812,288 5,425 806,863 858,357 (5.4)(6.0)
Diluted earnings per share$1.45 $0.01 $1.44 $1.53 (5.2)%(5.9)%
1Effect of the change in foreign currency exchange rates year-over-year. Calculated by applying prior period exchange rates to the current year financial results.
2
Results for the quarters and years ended January 2, 2021 and December 28, 2019 reflect adjustments for restructuring and other action-related charges. Results for the quarter and year ended December 28, 2019 also reflect adjustments for the exited C9 Champion mass program and the DKNY intimate apparel license. See “Reconciliation of Select GAAP Measures to Non-GAAP Measures” in Table 5.





TABLE 2
HANESBRANDS INC.
Supplemental Financial Information
(in thousands)
(Unaudited)
 
 Quarters Ended Years Ended 
 January 2,
2021
December 28, 2019 Rebased1
% ChangeJanuary 2,
2021
December 28, 2019 Rebased1
% Change
Segment net sales:
Innerwear
$668,193 $558,302 19.7 %$2,978,009 $2,244,478 32.7 %
Activewear
403,113 376,363 7.1 1,184,413 1,493,411 (20.7)
International
664,861 650,807 2.2 2,309,754 2,529,375 (8.7)
Other
64,676 77,598 (16.7)192,174 280,212 (31.4)
Total net sales$1,800,843 $1,663,070 8.3 %$6,664,350 $6,547,476 1.8 %
Segment operating profit:
Innerwear
$160,848 $137,945 16.6 %$718,923 $505,839 42.1 %
Activewear
35,718 52,849 (32.4)67,643 196,612 (65.6)
International
88,147 96,765 (8.9)315,365 384,784 (18.0)
Other
3,364 8,400 (60.0)(14,025)24,829 NM
General corporate expenses/other(71,090)(54,184)31.2 (275,618)(253,707)8.6 
Total operating profit before restructuring and other action-related charges
216,987 241,775 (10.3)812,288 858,357 (5.4)
Restructuring and other action-related charges(660,723)(19,567)3,276.7 (805,787)(63,486)1,169.2 
Total operating profit (loss)$(443,736)$222,208 NM$6,501 $794,871 (99.2)%
1
Results for the quarter and year ended December 28, 2019 reflect adjustments for the exited C9 Champion mass program and the DKNY intimate apparel license. See “Reconciliation of Select GAAP Measures to Non-GAAP Measures” in Table 5.
The following tables present a reconciliation of reported net sales adjusted for personal protective equipment (“PPE”) sales for the quarter and year ended January 2, 2021 and a comparison to prior year.
Quarter Ended January 2, 2021
As Reported

%  Change1
PPEAdjusted for PPE

%  Change1
Segment net sales:
Innerwear
$668,193 19.7 %$21,885 $646,308 15.8 %
Activewear
403,113 7.1 — 403,113 7.1 
International
664,861 2.2 6,121 658,740 1.2 
Other
64,676 (16.7)— 64,676 (16.7)
Total net sales$1,800,843 8.3 %$28,006 $1,772,837 6.6 %

Year Ended January 2, 2021
As Reported

%  Change1
PPEAdjusted for PPE

%  Change1
Segment net sales:
Innerwear
$2,978,009 32.7 %$800,919 $2,177,090 (3.0)%
Activewear
1,184,413 (20.7)— 1,184,413 (20.7)
International
2,309,754 (8.7)157,936 2,151,818 (14.9)
Other
192,174 (31.4)— 192,174 (31.4)
Total net sales$6,664,350 1.8 %$958,855 $5,705,495 (12.9)%
1
The comparison to the quarter and year ended December 28, 2019 reflects adjustments for the exited C9 Champion mass program and the DKNY intimate apparel license. See “Reconciliation of Select GAAP Measures to Non-GAAP Measures” in Table 5.
Excluding the favorable foreign currency impact of $10 million, (i) global Champion sales outside the mass channel increased approximately 11% in the fourth quarter of 2020 and (ii) global Champion sales outside the mass channel and the sports and college licensing business increased approximately 18% in the fourth quarter of 2020, each as compared to the fourth quarter of 2019. 







TABLE 3
HANESBRANDS INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
 
January 2,
2021
December 28,
2019
Assets
Cash and cash equivalents$909,437 $328,876 
Trade accounts receivable, net831,860 815,210 
Inventories1,491,095 1,905,845 
Other current assets175,995 174,634 
Total current assets
3,408,387 3,224,565 
Property, net545,771 587,896 
Right-of-use assets467,268 487,787 
Trademarks and other identifiable intangibles, net1,578,017 1,520,800 
Goodwill1,255,630 1,235,711 
Deferred tax assets373,414 203,331 
Other noncurrent assets70,387 93,896 
Total assets
$7,698,874 $7,353,986 
Liabilities
Accounts payable$948,511 $959,006 
Accrued liabilities743,295 531,184 
Lease liabilities146,842 166,091 
Notes payable784 4,244 
Current portion of long-term debt263,936 110,914 
Total current liabilities
2,103,368 1,771,439 
Long-term debt3,739,434 3,256,870 
Lease liabilities - noncurrent360,352 358,281 
Pension and postretirement benefits428,026 403,458 
Other noncurrent liabilities253,736 327,343 
Total liabilities
6,884,916 6,117,391 
Stockholders’ equity
Preferred stock — — 
Common stock3,488 3,624 
Additional paid-in capital307,883 304,395 
Retained earnings1,069,546 1,546,224 
Accumulated other comprehensive loss(566,959)(617,648)
Total stockholders’ equity813,958 1,236,595 
Total liabilities and stockholders’ equity
$7,698,874 $7,353,986 




TABLE 4
HANESBRANDS INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
 Quarters EndedYears Ended
 January 2,
2021
December 28,
2019
January 2,
2021
December 28,
2019
Operating Activities:
Net income (loss)$(332,164)$184,986 $(75,579)$600,720 
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation28,083 24,418 95,759 96,030 
Amortization of acquisition intangibles6,215 6,159 24,718 24,868 
Other amortization3,878 2,548 11,969 10,069 
Inventory write-down charges584,671 — 584,671 — 
Impairment of intangible assets and goodwill25,173 — 45,492 — 
Amortization of debt issuance costs3,262 3,710 11,565 10,731 
Stock compensation expense5,168 483 18,969 9,277 
Deferred taxes(168,068)45,478 (161,215)41,817 
Other3,497 3,371 8,501 5,033 
Changes in assets and liabilities:
Accounts receivable168,934 215,505 (6,945)45,157 
Inventories123,310 203,800 (136,057)147,330 
Other assets42,215 19,434 (1,144)(6,597)
Accounts payable(222,207)(55,421)(32,641)(67,390)
Accrued pension and postretirement benefits133 4,518 (18,832)(9,843)
Accrued liabilities and other(54,853)(100,257)79,238 (103,770)
Net cash from operating activities217,247 558,732 448,469 803,432 
Investing Activities:
Capital expenditures(4,702)(21,134)(53,735)(101,084)
Proceeds from sales of assets340 1,354 671 4,884 
Acquisition of business— (3,872)— (25,232)
Other4,364 11,772 11,982 11,772 
Net cash from investing activities(11,880)(41,082)(109,660)
Financing Activities:
Borrowings on notes payable68,124 90,405 234,682 341,117 
Repayments on notes payable(72,900)(90,492)(239,008)(342,576)
Borrowings on Accounts Receivable Securitization Facility— 39,312 227,061 246,417 
Repayments on Accounts Receivable Securitization Facility— (247,915)(227,061)(408,025)
Borrowings on Revolving Loan Facilities— 614,000 1,638,000 3,198,277 
Repayments on Revolving Loan Facilities— (614,000)(1,756,189)(3,199,592)
Borrowings on Senior Notes— — 700,000 — 
Repayments on Term Loan Facilities— (261,250)— (413,498)
Borrowings on International Debt— — 31,222 27,680 
Repayments on International Debt— (6,903)(36,383)(48,327)
Share repurchases— — (200,269)— 
Cash dividends paid(52,253)(54,269)(210,385)(216,958)
Payments of debt issuance costs(80)(105)(15,018)(1,203)
Other(4,163)(7,177)(4,483)(7,322)
Net cash from financing activities(61,272)(538,394)142,169 (824,010)
Effect of changes in foreign exchange rates on cash22,072 3,421 31,124 4,429 
Change in cash, cash equivalents and restricted cash178,049 11,879 580,680 (125,809)
Cash, cash equivalents and restricted cash at beginning of period732,554 318,044 329,923 455,732 
Cash, cash equivalents and restricted cash at end of year910,603 329,923 910,603 329,923 
Less restricted cash at end of year1,166 1,047 1,166 1,047 
Cash and cash equivalents per balance sheet at end of year$909,437 $328,876 $909,437 $328,876 




TABLE 5
HANESBRANDS INC.
Supplemental Financial Information
Reconciliation of Select GAAP Measures to Non-GAAP Measures
(in thousands, except per share data)
(Unaudited)
 Quarters EndedYears Ended
 January 2,
2021
December 28,
2019
January 2,
2021
December 28,
2019
Net sales, as reported under GAAP$1,800,843 $1,751,005 $6,664,350 $6,966,923 
Net sales from exited programs— (87,935)— (419,447)
Net sales, rebased$1,800,843 $1,663,070 $6,664,350 $6,547,476 
Gross profit, as reported under GAAP$124,807 $706,743 $1,848,264 $2,719,330 
Restructuring and other action-related charges 612,968 18,553 708,951 58,267 
Gross profit on exited programs— (30,514)— (131,861)
Adjusted gross profit, rebased$737,775 $694,782 $2,557,215 $2,645,736 
As a % of net sales, rebased41.0 %41.8 %38.4 %40.4 %
Selling, general and administrative expenses, as reported under GAAP$568,543 $463,328 $1,841,763 $1,829,600 
Restructuring and other action-related charges (47,755)(1,014)(96,836)(5,219)
Selling, general and administrative expenses related to exited programs— (9,307)— (37,002)
Adjusted selling, general and administrative expenses, rebased$520,788 $453,007 $1,744,927 $1,787,379 
As a % of net sales, rebased28.9 %27.2 %26.2 %27.3 %
Operating profit (loss), as reported under GAAP$(443,736)$243,415 6,501 $889,730 
Restructuring and other action-related charges included in gross profit612,968 18,553 708,951 58,267 
Restructuring and other action-related charges included in SG&A47,755 1,014 96,836 5,219 
Gross profit on exited programs— (30,514)— (131,861)
Selling, general and administrative expenses related to exited programs— 9,307 — 37,002 
Adjusted operating profit, rebased$216,987 $241,775 $812,288 $858,357 
As a % of net sales, rebased12.0 %14.5 %12.2 %13.1 %
Income (loss) before income tax expense, as reported under GAAP$(494,134)$194,850 $(183,122)$679,727 
Restructuring and other action-related charges included in gross profit612,968 18,553 708,951 58,267 
Restructuring and other action-related charges included in SG&A47,755 1,014 96,836 5,219 
Gross profit on exited programs— (30,514)— (131,861)
Selling, general and administrative expenses related to exited programs— 9,307 — 37,002 
Adjusted income before income tax expense, rebased$166,589 $193,210 $622,665 $648,354 
Income tax expense (benefit), as reported under GAAP$(161,970)$9,864 $(107,543)$79,007 
Discrete tax benefits66,515 — 69,628 — 
Tax effect on actions127,111 15,068 149,384 10,873 
Adjusted income tax expense, rebased$31,656 $24,932 $111,469 $89,880 
Net income (loss), as reported under GAAP$(332,164)$184,986 $(75,579)$600,720 
Restructuring and other action-related charges included in gross profit612,968 18,553 708,951 58,267 
Restructuring and other action-related charges included in SG&A47,755 1,014 96,836 5,219 
Gross profit on exited programs— (30,514)— (131,861)
Selling, general and administrative expenses related to exited programs— 9,307 — 37,002 
Discrete tax benefits(66,515)— (69,628)— 
Tax effect on actions(127,111)(15,068)(149,384)(10,873)
Adjusted net income, rebased$134,933 $168,278 $511,196 $558,474 
Diluted earnings (loss) per share, as reported under GAAP1
$(0.95)$0.51 $(0.21)$1.64 
Restructuring and other action-related charges1.33 0.01 1.66 0.11 
Exited programs— (0.05)— (0.23)
Adjusted diluted earnings per share, rebased$0.38 $0.46 $1.45 $1.53 
1Amounts may not be additive due to rounding.



 Quarter Ended December 28, 2019
As ReportedLess: Exited ProgramsAdjusted for Exited ProgramsLess: Restructuring and other action-related chargesRebased
Segment net sales:
Innerwear$569,630 $11,328 $558,302 $— $558,302 
Activewear452,970 76,607 376,363 — 376,363 
International650,807 — 650,807 — 650,807 
Other77,598 — 77,598 — 77,598 
Total net sales$1,751,005 $87,935 $1,663,070 $— $1,663,070 
Segment operating profit:
Innerwear$140,368 $2,423 $137,945 $— $137,945 
Activewear71,633 18,784 52,849 — 52,849 
International96,765 — 96,765 — 96,765 
Other8,400 — 8,400 — 8,400 
General corporate expenses/other(54,184)— (54,184)— (54,184)
Restructuring and other action-related charges(19,567)— (19,567)(19,567)— 
Total operating profit$243,415 $21,207 $222,208 $(19,567)$241,775 

 Year Ended December 28, 2019
As ReportedLess: Exited ProgramsAdjusted for Exited ProgramsLess: Restructuring and other action-related chargesRebased
Segment net sales:
Innerwear
$2,302,632 $58,154 $2,244,478 $— $2,244,478 
Activewear
1,854,704 361,293 1,493,411 — 1,493,411 
International
2,529,375 — 2,529,375 — 2,529,375 
Other
280,212 — 280,212 — 280,212 
Total net sales$6,966,923 $419,447 $6,547,476 $— $6,547,476 
Segment operating profit:
Innerwear
$515,991 $10,152 $505,839 $— $505,839 
Activewear
281,319 84,707 196,612 — 196,612 
International
384,784 — 384,784 — 384,784 
Other
24,829 — 24,829 — 24,829 
General corporate expenses/other(253,707)— (253,707)— (253,707)
Restructuring and other action-related charges(63,486)— (63,486)(63,486)— 
Total operating profit$889,730 $94,859 $794,871 $(63,486)$858,357 

Quarters EndedYears Ended
January 2,
2021
December 28,
2019
January 2,
2021
December 28,
2019
Restructuring and other action-related charges by category:
Supply chain actions2,201 13,937 23,538 53,651 
Program exit costs— 4,616 9,856 4,616 
Other restructuring costs5,420 1,014 18,219 5,219 
COVID-19 related charges:
Supply chain re-startup— — 48,893 — 
Bad debt— — 11,375 — 
Inventory— — 20,485 — 
Intangible assets and goodwill25,173 — 45,492 — 
Full Potential plan:
Inventory SKU rationalization210,904 — 210,904 — 
PPE inventory write-off373,767 — 373,767 — 
PPE vendor commitments26,400 — 26,400 — 
Write-off of acquisition tax asset16,858 — 16,858 — 
Discrete tax benefits(66,515)— (69,628)— 
Tax effect on actions(127,111)(16,309)(149,384)(22,502)
Total restructuring and other action-related charges$467,097 $3,258 $586,775 $40,984 




Last Twelve Months
January 2,
2021
December 28,
2019
EBITDA1:
Net income (loss)
$(75,579)$600,720 
Interest expense, net
166,491 178,579 
Income tax expense
(107,543)79,007 
Depreciation and amortization
132,446 130,967 
Total EBITDA
115,815 989,273 
Total restructuring and other action-related charges (excluding tax effect on actions)
805,787 63,486 
Stock compensation expense
18,969 9,277 
Total EBITDA, as adjusted
$940,571 $1,062,036 
Net debt:
Debt (current and long-term debt)
$4,003,370 $3,367,784 
Notes payable
784 4,244 
(Less) Cash and cash equivalents
(909,437)(328,876)
Net debt
$3,094,717 $3,043,152 
Net debt/EBITDA, as adjusted3.3 2.9 
1Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measure.

Quarters EndedYears Ended
January 2,
2021
December 28,
2019
January 2,
2021
December 28,
2019
Free cash flow:
Net cash from operating activities$217,247 $558,732 $448,469 $803,432 
Capital expenditures(4,702)(21,134)(53,735)(101,084)
Free cash flow$212,545 $537,598 $394,734 $702,348 



TABLE 6

HANESBRANDS INC.
Supplemental Financial Information
Reconciliation of Select GAAP Outlook to Adjusted Outlook
(in thousands, except per share data)
(Unaudited)



Quarter Ended
April 3,
2021
Operating profit outlook, as calculated under GAAP$140,000 to $150,000
Full Potential plan-related charges $10,000
Operating profit outlook, as adjusted$150,000 to $160,000
Diluted earnings per share, as calculated under GAAP1
$0.24 to $0.27
Full Potential plan-related charges$0.00
Diluted earnings per share, as adjusted$0.24 to $0.27

1The company expects approximately 353 million diluted weighted average shares outstanding for the quarter ended April 3, 2021.


Document
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Hanesbrands FAQs

Updated February 9, 2021 New or updated information is in red

General and Current Period FAQs (Guidance comments as of February 9, 2021)

(1) Q: What is factored into your first quarter 2021 guidance?

A: Our first quarter 2021 outlook reflects the continued uncertainty due to the COVID-19 pandemic. We expect total net sales of $1.485 billion to $1.515 billion. This includes an approximate $50 million tailwind from the effects of foreign exchange rates as compared to last year. The foreign exchange impact is reflected within the International segment. At the midpoint, our guidance implies constant-currency net sales growth of approximately 10% over prior year and approximately 14% on a reported basis.

With respect to our segments, our net sales guidance assumes: (1) double-digit year-over-year growth in U.S. Innerwear; (2) mid-to-high single-digit year-over-year growth in U.S. Activewear; and (3) mid-to-high single-digit year-over-year growth in International (reported basis).

Our guidance for GAAP Operating Profit is $140 million to $150 million. Our guidance for Adjusted Operating Profit, which excludes approximately $10 million of pretax Full Potential plan-related charges, is $150 million to $160 million. Our operating profit guidance includes an approximate $5 million tailwind from the effects of foreign exchange rates as compared to last year. At the midpoint, our guidance implies an Adjusted Operating Margin of 10.3%. The expected year-over-year margin expansion is due to higher sales, positive manufacturing variances and the anniversary of last year’s COVID-driven volume de-leverage.

Our guidance assumes Interest and Other expenses of approximately $48 million as well as GAAP and adjusted tax rates of approximately 6% and 16%, respectively. Our guidance for GAAP EPS is $0.24 to $0.27. Our guidance for Adjusted EPS, which excludes pretax Full Potential plan-related expenses (see above) as well as a one-time discrete tax benefit of approximately $10 million, is also $0.24 to $0.27. Both ranges are based on diluted shares outstanding of approximately 353 million for the quarter.




***For prior FAQs please see our prior Securities and Exchange Commission reports, including our Current Reports on Form 8-K.***
# # #
Charges for Actions and Reconciliation to GAAP Measures
To supplement our financial guidance prepared in accordance with generally accepted accounting principles, we provide quarterly and full-year results and guidance concerning certain non‐GAAP financial measures, including adjusted EPS, adjusted net income, adjusted income tax expense, adjusted income before income tax expense, adjusted operating profit (and margin), adjusted SG&A, adjusted gross profit (and margin), EBITDA, adjusted EBITDA and net debt.

Adjusted EPS is defined as diluted EPS excluding actions and the tax effect on actions. Adjusted net income is defined as net income excluding actions and the tax effect on actions. Adjusted income tax expense is defined as income tax expense excluding actions. Adjusted income before income tax is defined as income before income tax excluding actions. Adjusted operating profit is defined as operating profit excluding actions. Adjusted gross profit is defined as gross profit excluding actions. Adjusted SG&A is defined as selling, general and administrative expenses excluding actions.

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Charges for actions taken in 2019 primarily represent supply chain network changes, program exist costs and overhead reduction as well as completion of outstanding acquisition integration. Charges taken in 2020 include supply chain restructuring actions, program exit costs, COVID-19 related charges, Full Potential plan charges and the write-off of a discrete tax asset related to our Bras N Things acquisition. COVID-19 related charges include intangible asset and goodwill impairment charges, bad debt expense and supply chain re-startup costs. Full Potential plan charges include inventory write-down charges related to our SKU reduction initiative and discontinuation of our PPE business. While these costs are not operational in nature and are not expected to continue for any singular transaction on an ongoing basis, similar types of costs, expenses and charges have occurred in prior periods and may recur in future periods depending upon future business plans and circumstances.

We have chosen to present these non‐GAAP measures to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating operations absent the effect of acquisitions and other actions. We believe these non-GAAP measures provide management and investors with valuable supplemental information for analyzing the operating performance of the Company’s ongoing business during each period presented without giving effect to costs associated with the execution and integration of any of the aforementioned actions taken.

We have also chosen to present EBITDA, adjusted EBITDA and the ratio of net debt to adjusted EBITDA to investors because we consider these measures to be an important supplemental means of evaluating operating performance. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding actions and stock compensation expense. Net debt is defined as total debt less cash and cash equivalents. We believe that these metrics are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, and management uses the ratio of net debt to adjusted EBITDA for planning purposes in connection with setting our capital allocation strategy. These metrics should not, however, be considered as measures of discretionary cash available to invest in the growth of the business.

We are a global company that reports financial information in U.S. dollars in accordance with GAAP. As a supplement to our reported operating results, we also present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how the business performed excluding the effects of changes in the rates used to calculate foreign currency translation. We believe this information is useful to management and investors to facilitate comparison of operating results and better identify trends in our businesses. To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period). Organic sales are net sales excluding those derived from businesses acquired within the previous 12 months of a reporting date.

We believe constant currency and organic sales information is useful to management and investors to facilitate comparison of operating results and better identify trends in the company’s businesses.

Non‐GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to, or substitute for, financial results prepared in accordance with GAAP. Further, the non-GAAP measures presented may be different from non-GAAP measures with similar or identical names presented by other companies. See our press release dated February 9, 2021 to reconcile quarterly and full-year non-GAAP performance measures to the most directly comparable GAAP measure. A copy of the press release is available at www.Hanes.com/investors.





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Cautionary Statement Concerning Forward-Looking Statements
These FAQs include certain “forward-looking statements,” as defined under U.S. federal securities laws, with respect to our long-term goals and trends associated with our business, as well as guidance as to future performance. In particular, among others, statements regarding the potential impact of the COVID-19 outbreak on our business and financial performance, guidance and predictions regarding expected operating results, including related to our new business line for cotton face masks and other personal protection garments, and our belief that we have sufficient liquidity to fund our ongoing business operations are forward-looking statements. These forward-looking statements are based on our current intent, beliefs, plans and expectations. Readers are cautioned not to place any undue reliance on any forward-looking statements. Forward-looking statements necessarily involve risks and uncertainties, many of which are outside of our control, that could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include such things as: the potential effects of the COVID-19 outbreak, including on consumer spending, global supply chains and the financial markets; the highly competitive and evolving nature of the industry in which we compete; the rapidly changing retail environment; our reliance on a relatively small number of customers for a significant portion of our sales; any inadequacy, interruption, integration failure or security failure with respect to our information technology; the impact of significant fluctuations and volatility in various input costs, such as cotton and oil-related materials, utilities, freight and wages; our ability to attract and retain a senior management team with the core competencies needed to support growth in global markets; our ability to properly manage strategic projects, such as our Full Potential plan, in order to achieve the desired results; significant fluctuations in foreign exchange rates; legal, regulatory, political and economic risks related to our international operations; our ability to effectively manage our complex multinational tax structure; and other risks identified from time to time in our most recent Securities and Exchange Commission reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required by law.
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