false000079928800007992882024-03-272024-03-27

 

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): March 27, 2024

 

 

LANDS’ END, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware			001-09769	36-2512786
(State or other jurisdiction of incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1 Lands’ End Lane
Dodgeville, Wisconsin				53595
(Address of principal executive offices)				(Zip Code)

 

Registrant’s telephone number, including area code: (608) 935-9341

 

Not Applicable

(Former name or former address, if changed since last report)

 

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 (see General Instruction A.2. below):

 

☐		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 class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		LE		The Nasdaq Stock Market LLC

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. ☐
 

 

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Item 2.02 Results of Operations and Financial Condition.

On March 27, 2024, Lands’ End, Inc. (the “Company”) announced its financial results for its fourth quarter and fiscal year ended February 2, 2024. A copy of the Company’s press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release of Lands’ End, Inc. dated March 27, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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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.

			LANDS’ END, INC.
Date:	March 27, 2024	By:	/s/ Bernard McCracken
			Name: Bernard McCracken Title: Chief Financial Officer and Treasurer

 

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Exhibit 99.1

 

 

 

Lands’ End Announces Fourth Quarter and Full Year Fiscal 2023 Results

 

Increases Gross Profit by 13.5% and Gross Margin by 550 basis points compared to the Fourth Quarter Fiscal 2022

Provides Fiscal 2024 Outlook

 

DODGEVILLE, Wis., March 27, 2024 (GLOBE NEWSWIRE) – Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the fourth quarter and full year of the fiscal year ended February 2, 2024. The Company also provided the first quarter and full year fiscal 2024 outlook.

 

Andrew McLean, Chief Executive Officer, stated “I am proud of the Lands’ End team’s focus and execution throughout fiscal 2023 as we pursued our solutions-based strategy to introduce newness across the product assortment, generated higher quality sales, significantly enhanced our inventory position and improved our profitability. As a result of these efforts, in the fourth quarter we increased gross profit by 13.5%, improved gross margin by 550 basis points and reduced inventory 29% compared to last year.”

 

McLean continued, “We ended the fiscal year with a strengthened balance sheet, supported by our recent term loan refinancing, positioning us to continue investing in the strategic growth and evolution of our iconic brand. We have entered fiscal 2024 with strong momentum and I am confident that we will build on our progress and drive meaningful value creation for Lands’ End’s shareholders and other stakeholders over the long term.”

 

Fourth Quarter Financial Highlights

 

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Full Year Financial Highlights:

 

 

 

 

 

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Fourth Quarter Business Highlights:

 

 

 

 

Balance Sheet and Cash Flow Highlights

 

Cash and cash equivalents were $25.3 million as of February 2, 2024, compared to $39.6 million as of January 27, 2023.

 

Inventories, net, was $301.7 million as of February 2, 2024, and $425.5 million as of January 27, 2023. The 29.1% decrease in inventory was driven by the actions the Company has taken to improve inventory efficiency by reducing inventory purchases and capitalizing on speed-to-market initiatives.

 

Net cash provided by operations was $130.6 million for the 53 weeks ended February 2, 2024, compared to Net cash used in operations of $36.4 million for the 52 weeks ended January 27, 2023. The $167.0 million increase in cash provided by operating activities was primarily due to the year-over-year improvement in inventory flow and productivity.

 

As of February 2, 2024, the Company had no borrowings outstanding and $167.2 million of availability under its ABL Facility, compared to $100.0 million of borrowings and $163.8 million of availability as of January 27, 2023. Additionally, as of February 2, 2024, the Company had $260.0 million of term loan debt outstanding compared to $244.1 million outstanding as of January 27, 2023.

 

During the fourth quarter of fiscal 2023, the Company repurchased $2.1 million of the Company’s common stock under its previously announced share repurchase program that expired on February 2, 2024. On March 15, 2024, the Company announced that its Board of Directors has authorized the repurchase of up to $25 million of the Company’s common stock through March 31, 2026.

 

 

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Outlook

 

Bernie McCracken, Chief Financial Officer, stated, “We expect to continue to prioritize high-quality sales and improved cash flows, which we believe will enable Lands’ End to drive continued gross profit and margin expansion. When comparing today’s outlook to the prior year period, keep in mind that the first quarter of fiscal 2023 included the inventory sales from the conclusion of the Delta Air Lines contract, positively impacting revenue by over $25 million and generating approximately $12 million in Adjusted EBITDA.”

For the first quarter of fiscal 2024 the Company expects:

For fiscal 2024 the Company expects:

 

 

 

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Conference Call

 

The Company will host a conference call on Wednesday, March 27, 2024, at 8:30 a.m. ET to review its fourth quarter and full year financial results and related matters. The call may be accessed through the Investor Relations section of the Company’s website at http://investors.landsend.com.

 

About Lands’ End, Inc.

 

Lands’ End, Inc. (NASDAQ:LE) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. We offer products online at www.landsend.com, through third-party distribution channels and our own Company Operated stores. We also offer products to businesses and schools, for their employees and students, through the Outfitters distribution channel. We are a classic American lifestyle brand that creates solutions for life’s every journey.

 

 

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Forward-Looking Statements

 

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company’s belief that it is positioned to and will continue to invest in the strategic growth and the evolution of its brand; the Company’s belief that it has strong momentum entering fiscal 2024; the Company’s confidence that it will build on its progress and drive meaningful value creation for Lands’ End’s shareholders and other stakeholders over the long term; the Company’s expectation to continue to prioritize high-quality sales and improved cash flows, and its belief that these actions will enable the Company to drive continued gross profit and margin expansion; the Company’s outlook and expectations as to Net revenue, Gross Merchandise Value, Net income/loss, earnings/loss per share, Adjusted net income/loss, Adjusted earnings/loss per share and Adjusted EBITDA for the first quarter of fiscal 2024 and for the full year of fiscal 2024, and capital expenditures for fiscal 2024; and the potential for additional purchases under the Company’s share repurchase program. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: global supply chain challenges and their impact on inbound transportation costs and delays in receiving product; disruption in the Company’s supply chain, including with respect to its distribution centers, third-party manufacturing partners and logistics partners, caused by limits in freight capacity, increases in transportation costs, port congestion, other logistics constraints, and closure of certain manufacturing facilities and production lines due to public health crises and other global economic conditions; the impact of global economic conditions, including inflation, on consumer discretionary spending; the impact of public health crises on operations, customer demand and the Company’s supply chain, as well as its consolidated results of operation, financial position and cash flows; the Company may be unsuccessful in implementing its strategic initiatives, or its initiatives may not have their desired impact on its business; the Company’s ability to obtain additional financing on commercially acceptable terms or at all, including, the condition of the lending and debt markets; the Company’s ability to offer merchandise and services that customers want to purchase; changes in customer preference from the Company’s branded merchandise; the Company’s results may be materially impacted if tariffs on imports to the United States increase and it is unable to offset the increased costs from current or future tariffs through pricing negotiations with its vendor base, moving production out of countries impacted by the tariffs, passing through a portion of the cost increases to the customer, or other savings opportunities; customers’ use of the Company’s digital platform, including customer acceptance of its efforts to enhance its eCommerce websites, including the Outfitters website; customer response to the Company’s marketing efforts across all types of media; the Company’s maintenance of a robust customer list; the Company’s retail store strategy may be unsuccessful; the Company’s Third Party channel may not develop as planned or have its desired impact; the Company’s dependence on information technology; failure of information technology systems, including with respect to its eCommerce operations, or an inability to upgrade or adapt its systems; failure to adequately protect against cybersecurity threats or maintain the security and privacy of customer, employee or company information and the impact of cybersecurity events on the Company; fluctuations and increases in costs of raw materials as well as fluctuations in other production and distribution-related costs; impairment of the Company’s relationships with its vendors; the Company’s failure to compete effectively in the apparel industry; legal, regulatory, economic and political risks associated with international trade and those markets in which the Company conducts business and sources its merchandise; the Company’s failure to protect or preserve the image of its brands and its intellectual property rights; increases in postage, paper and printing costs; failure by third parties who provide the Company with services in connection with certain aspects of its business to perform their obligations; the Company’s failure to timely and effectively obtain shipments of products from its vendors and deliver merchandise to its customers; reliance on promotions and markdowns to encourage customer purchases; the Company’s failure to efficiently manage inventory levels; unseasonal or severe weather conditions; natural disasters, political crises or other catastrophic events; the adverse effect on the Company’s reputation if its independent vendors or licensees do not use ethical business practices or comply with applicable laws and regulations; assessments for additional state taxes; incurrence of charges due to impairment of goodwill, other intangible assets and long-lived assets; the impact on the Company’s business of adverse worldwide economic and market conditions, including inflation and other economic factors that negatively impact consumer spending on discretionary items; the stock repurchase program may not be executed to the full extent within its duration, due to business or market conditions or Company credit facility limitations; the ability of the Company’s principal stockholders to exert substantial influence over the Company; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 27, 2023. The Company intends the forward-looking statements to speak only as of the time made and does not undertake to update or revise them as more information becomes available, except as required by law.

 

 

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CONTACTS

 

Lands’ End, Inc.

Bernard McCracken

Chief Financial Officer

(608) 935-4100

 

Investor Relations:

ICR, Inc.

Tom Filandro

(646) 277-1235

Tom.Filandro@icrinc.com

 

-Financial Tables Follow-
 

 

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LANDS’ END, INC.

Consolidated Balance Sheets

(Unaudited)

 

(in thousands except per share data)		February 2, 2024				January 27, 2023
ASSETS
Current assets
Cash and cash equivalents		$	25,314			$	39,557
Restricted cash			1,976				1,834
Accounts receivable, net			35,295				44,928
Inventories, net			301,724				425,513
Prepaid expenses and other current assets			45,951				44,894
Total current assets			410,260				556,726
Property and equipment, net			118,033				127,638
Operating lease right-of-use asset			23,438				30,325
Goodwill			—				106,700
Intangible asset, net			257,000				257,000
Other assets			2,748				3,759
TOTAL ASSETS		$	811,479			$	1,082,148
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt		$	13,000			$	13,750
Accounts payable			131,922				171,557
Lease liability – current			6,024				5,414
Accrued expenses and other current liabilities			108,972				106,756
Total current liabilities			259,918				297,477
Long-term borrowings on ABL Facility			—				100,000
Long-term debt, net			236,170				223,506
Lease liability – long-term			22,952				31,095
Deferred tax liabilities			48,020				45,953
Other liabilities			2,826				3,365
TOTAL LIABILITIES			569,886				701,396
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 - authorized: 480,000 shares; issued    and outstanding: 31,433 and 32,626, respectively			315				326
Additional paid-in capital			356,764				366,181
(Accumulated deficit) Retained earnings			(99,417	)			31,267
Accumulated other comprehensive loss			(16,069	)			(17,022	)
TOTAL STOCKHOLDERS’ EQUITY			241,593				380,752
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	811,479			$	1,082,148

 

 

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LANDS’ END, INC.

Consolidated Statements of Operations

(Unaudited)

 

 

	14 Weeks Ended				13 Weeks Ended				53 Weeks Ended				52 Weeks Ended
(in thousands except per share data)	February 2, 2024				January 27, 2023				February 2, 2024				January 27, 2023
REVENUES
Net revenue	$	514,853			$	529,603			$	1,472,508			$	1,555,429
Cost of sales (excluding depreciation and amortization)		319,452				357,459				846,981				961,663
Gross profit		195,401				172,144				625,527				593,766
Selling and administrative		172,550				150,300				550,211				527,374
Depreciation and amortization		10,026				9,513				38,465				38,741
Goodwill impairment		—				—				106,700				—
Other operating expense (income), net		4,750				(209	)			7,666				2,926
Total costs and expenses		187,326				159,604				703,042				569,041
Operating income (loss)		8,075				12,540				(77,515	)			24,725
Interest expense		12,307				11,961				48,291				39,768
Loss on extinguishment of debt		6,666				—				6,666				—
Other income, net		(167	)			(267	)			(655	)			(364	)
(Loss) income before income taxes		(10,731	)			846				(131,817	)			(14,679	)
Income tax (benefit) expense		(2,111	)			4,144				(1,133	)			(2,149	)
NET LOSS	$	(8,620	)		$	(3,298	)		$	(130,684	)		$	(12,530	)
NET LOSS PER COMMON SHARE    ATTRIBUTABLE TO STOCKHOLDERS
Basic:	$	(0.27	)		$	(0.10	)		$	(4.09	)		$	(0.38	)
Diluted:	$	(0.27	)		$	(0.10	)		$	(4.09	)		$	(0.38	)
Basic weighted average common shares outstanding		31,495				32,844				31,970				33,108
Diluted weighted average common shares outstanding		31,495				32,844				31,970				33,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

 

In addition to our Net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, we report the following non-GAAP measures: Adjusted net income (loss) and Adjusted EBITDA. Adjusted net income (loss) is also expressed on a diluted per share basis.

The Company believes presenting non-GAAP financial measures provides useful information to investors, allowing them to assess how the business performed excluding the effects of non-recurring or non-operational amounts. The Company believes the use of the non-GAAP financial measures facilitates comparing the results being reported against past and future results by eliminating amounts that it believes are not comparable between periods and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s own methods for evaluating business performance.

Our management uses Adjusted net income (loss) and Adjusted EBITDA to evaluate the operating performance of our business for comparable periods and to discuss our business with our Board of Directors, institutional investors and other market participants. Adjusted EBITDA is also used as the basis for a performance measure used in executive incentive compensation.

The methods we use to calculate our non-GAAP financial measures may differ significantly from methods other companies use to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted net income (loss) and Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as these measures may exclude a number of important cash and non-cash recurring items.

Adjusted net income (loss) is defined as net income (loss) excluding other significant items as set forth below. Adjusted net income (loss) is also presented on a diluted per share basis. While Adjusted net income (loss) is a non-GAAP measurement, management believes that it is an important indicator of operating performance and useful to investors. Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results and are described below:

 

 

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The following tables set forth, for the periods indicated, a reconciliation of Net loss to Adjusted net income (loss) and Adjusted diluted Net earnings (loss) per share:

 

Unaudited

	14 Weeks Ended				13 Weeks Ended
(in thousands, except per share amounts)	February 2, 2024				January 27, 2023
Net loss		(8,620	)			(3,298	)
Goodwill and long-lived asset impairment		—				348
Exit costs		9,279				—
Corporate restructuring		4,649				—
Loss on extinguishment of debt		6,666				—
Lands' End Japan closure		(338	)			2,275
Tax effects on adjustments		(3,634	)			(746	)
ADJUSTED NET INCOME (LOSS)	$	8,002			$	(1,421	)
ADJUSTED DILUTED NET EARNINGS (LOSS) PER SHARE	$	0.25			$	(0.04	)
Diluted weighted average common shares outstanding		31,653				32,844

 

Unaudited

	53 Weeks Ended				52 Weeks Ended
(in thousands, except per share amounts)	February 2, 2024				January 27, 2023
Net loss		(130,684	)			(12,530	)
Goodwill and long-lived asset impairment		106,700				468
Exit costs		9,279				—
Corporate restructuring		7,305				—
Loss on extinguishment of debt		6,666				—
Lands' End Japan closure		(215	)			6,133
Tax effects on adjustments		(3,834	)			(1,723	)
ADJUSTED NET LOSS	$	(4,783	)		$	(7,652	)
ADJUSTED DILUTED NET LOSS PER SHARE	$	(0.15	)		$	(0.23	)
Diluted weighted average common shares outstanding		31,970				33,108

 

While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance, and useful to investors, because:

 

 

 

 

 

 

 

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The following tables set forth, for the periods indicated, selected income statement data, both in dollars and as a percentage of Net revenue and a reconciliation of Net loss to Adjusted EBITDA:

 

		14 Weeks Ended								13 Weeks Ended
		February 2, 2024								January 27, 2023
(in thousands)		$ʼs				% of Net Sales				$ʼs				% of Net Sales
Net loss		$	(8,620	)			(1.7	)%		$	(3,298	)			(0.6	)%
Income tax (benefit) expense			(2,111	)			(0.4	)%			4,144				0.8	%
Interest expense			12,307				2.4	%			11,961				2.3	%
Loss of extinguishment of debt			6,666				1.3	%			—				—	%
Other income, net			(167	)			(0.0	)%			(267	)			(0.1	)%
Operating income			8,075				1.6	%			12,540				2.4	%
Depreciation and amortization			10,026				1.9	%			9,513				1.8	%
Goodwill and long-lived asset impairment			—				—	%			348				0.1	%
Exit costs			9,279				1.8	%			—				—	%
Corporate restructuring			4,649				0.9	%			—				—	%
LE-Japan closure			(338	)			(0.1	)%			2,275				0.4	%
Gain on disposal of property and equipment			(7	)			(0.0	)%			(569	)			(0.1	)%
Other			—				—	%			94				0.0	%
Adjusted EBITDA		$	31,684				6.2	%		$	24,201				4.6	%

 

		53 Weeks Ended								52 Weeks Ended
		February 2, 2024								January 27, 2023
(in thousands)		$ʼs				% of Net Sales				$ʼs				% of Net Sales
Net loss		$	(130,684	)			(8.9	)%		$	(12,530	)			(0.8	)%
Income tax (benefit)			(1,133	)			(0.1	)%			(2,149	)			(0.1	)%
Interest expense			48,291				3.3	%			39,768				2.6	%
Loss on extinguishment of debt			6,666				0.5	%			—				—	%
Other income, net			(655	)			(0.0	)%			(364	)			(0.0	)%
Operating (loss) income			(77,515	)			(5.3	)%			24,725				1.6	%
Depreciation and amortization			38,465				2.6	%			38,741				2.5	%
Goodwill and long-lived asset impairment			106,700				7.2	%			468				0.0	%
Exit costs			9,279				0.6	%			—				—	%
Corporate restructuring			7,305				0.5	%			—				—	%
LE-Japan closure			(215	)			(0.0	)%			6,133				0.4	%
Loss (gain) on disposal of property and equipment			93				0.0	%			(530	)			(0.0	)%
Other			189				0.0	%			960				0.1	%
Adjusted EBITDA		$	84,301				5.7	%		$	70,497				4.5	%

 

 

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First Quarter Fiscal 2024 Guidance Adjusted EBITDA	13 Weeks Ended
(in millions)	May 3, 2024
Net loss	$		(10.0	)	-	$		(8.0	)
Depreciation, interest, other income, taxes and other significant items			19.0		-			19.0
Adjusted EBITDA	$		9.0		-	$		11.0

 

First Quarter Fiscal 2024 Guidance Adjusted Net Loss and Adjusted Diluted Loss per Share	13 Weeks Ended
(in millions)	May 3, 2024
Net loss	$		(10.0	)	-	$		(8.0	)
Restructuring and other significant items			0.5		-			0.5
Adjusted net loss	$		(9.5	)	-	$		(7.5	)
Adjusted diluted loss per share	$		(0.30	)	-	$		(0.24	)

 

Fiscal 2024 Guidance Adjusted EBITDA	52 Weeks Ended
(in millions)	January 31, 2025
Net income	$		1.0		-	$		10.0
Depreciation, interest, other income, taxes and other significant items			83.0		-			86.0
Adjusted EBITDA	$		84.0		-	$		96.0

 

Fiscal 2024 Guidance Adjusted Net Income and Adjusted Diluted Earnings per Share	52 Weeks Ended
(in millions)	January 31, 2025
Net income	$		1.0		-	$		10.0
Restructuring and other significant items			2.0		-			2.0
Adjusted net income	$		3.0		-	$		12.0
Adjusted diluted earnings per share	$		0.10		-	$	0.38

 

 

 

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LANDS’ END, INC.

Consolidated Statements of Cash Flows

(Unaudited)

		52 weeks ended
(in thousands)		2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(130,684	)		$	(12,530	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			38,465				38,741
Amortization of debt issuance costs			2,716				3,176
Loss (gain) on disposal of property and equipment			93				(530	)
Stock-based compensation			3,827				3,753
Deferred income taxes			1,813				927
Goodwill and long-lived asset impairment			106,700				468
Loss on extinguishment of debt			6,666				—
Other			(1,335	)			(775	)
Change in operating assets and liabilities:
Accounts receivable, net			9,861				4,503
Inventories, net			124,459				(45,873	)
Accounts payable			(33,047	)			19,938
Other operating assets			(447	)			(8,105	)
Other operating liabilities			1,478				(40,060	)
Net cash provided by (used in) operating activities			130,565				(36,367	)
CASH FLOWS FROM INVESTING ACTIVITIES
Sales of property and equipment			7				1,967
Purchases of property and equipment			(34,916	)			(31,806	)
Net cash used in investing activities			(34,909	)			(29,839	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility			172,000				264,000
Payments of borrowings under ABL Facility			(272,000	)			(164,000	)
Proceeds from issuance on long-term debt, net of discount			252,200				—
Payments on term loan			(244,063	)			(13,750	)
Payments of debt extinguishment costs			(2,338	)			—
Payment of debt issuance costs			(2,735	)			—
Payments for taxes related to net share settlement of equity awards			(1,269	)			(4,324	)
Purchases and retirement of common stock			(11,902	)			(8,463	)
Net cash (used in) provided by financing activities			(110,107	)			73,463
Effects of exchange rate changes on cash, cash equivalents    and restricted cash			350				(2,001	)
NET (DECREASE) INCREASE IN CASH, CASH    EQUIVALENTS AND RESTRICTED CASH			(14,101	)			5,256
CASH, CASH EQUIVALENTS AND RESTRICTED CASH,    BEGINNING OF YEAR			41,391				36,135
CASH, CASH EQUIVALENTS AND RESTRICTED CASH,    END OF YEAR		$	27,290			$	41,391
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment		$	3,853			$	9,998
Income taxes paid, net of refunds		$	1,108			$	4,763
Interest paid		$	48,099			$	34,485
Operating lease right-of-use-assets (reversal) obtained in exchange for lease liabilities		$	(2,236	)		$	4,440

 

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