MCINTIRE INVESTMENT INSTITUTE - Gateway · 2013. 11. 13. · POOR MARKETING STRATEGY LEAD TO EARNINGS MISS 10 McIntire Investment Institute • Failed tactic –Went for a broad instead

MCINTIRE INVESTMENT INSTITUTE AT THE UNIVERSITY OF VIRGINIA

(NYSE : SBH)

Prepared by J. Wulkan, K. Arora, J. Caiello & G. Wang| Oct. 25, 2013

McIntire Investment Institute 1

“… as I look at other companies in our

universe, I wonder if there’s a macro issue

here, if there’s a low-end customer issue…”

Taposh Bari, Goldman Sachs


AGENDA


Business Overview

Recommendation

Market Misperceptions

Valuation

Risks

Conclusion

Add images of products and of their lines

BUSINESS OVERVIEW

Largest specialty retailer of beauty products in the U.S. based

on store count and market share

Adds value through unparalleled product selection and unbeatable prices

Retail 3,300 stores, 11 countries

Wholesale 1,200 stores, 1,000 sales consultants


SEGMENTAL BREAKDOWN ($MM)


Hair Products,

58.7%

Skin & nail,

15.7%

Ethnic products,

7.5%

Other, 7.9%

Sales by product category

Electricals,

10.2%

Total 2012 sales: $3,524mm

$2,069 $359

$264 $278

$553 Sally Beauty Supply,

62%

Beauty Supply Group,

38%

Sales by segment

$1,325 $2,198

RECOMMENDATION


Both lines of business set to

overcome weaker Q3 results and

beat estimates by 1Q14

Price Target: $36.70

Upside: 38.0%

Misperception: Erosion of customer base /

marketing problems

Reality: Stronger margins due to

secular shifts, product mix

Misperception: No more room for margin

expansion

Reality: Customer base remains strong,

marketing already rectified

FINANCIAL OVERVIEW

Price: $26.60 Avg Vol (3m): 1,794,650 Gross mgn 2012: 49.5%

Market Cap: $4.46B P/E (ttm): 18.23x Operating mgn 2012: 14.2%

52w Range: $22.49 – 31.86 PEG: 1.32x Next earnings: 11/11/13


3Q earnings

release

MARKET OVERVIEW


High

price

Low

price

Boutique

Professional

MISPERCEPTION: MARKETING PROBLEMS / EROSION OF CUSTOMER BASE


POOR MARKETING STRATEGY LEAD TO EARNINGS MISS


• Failed tactic

– Went for a broad instead of a

targeted approach

– Marketing strategy strived for

“quantity over quality”

– Looked for higher traffic on

similar marketing expenditure

• July 2013 - reverted back to

original marketing strategy

“The mailers went out to homes with no women in them at all!” Karen Fugate, VP, Strategic Planning and Investor Relations

Broad Marketing

Decreased Store Traffic

Same-Store-Sales Decline

MARKETING CHANGES HAVE ALREADY BEEN CORRECTED


• Original / revised tactic

– Targeted mailers to non-Beauty

Club members

– Uses marketing data firm to

gather customer information

– Age, gender, magazine

subscriptions, location, and

known shopping habits

– Expect to see these customers in

stores after three to four mailers

“We look for non-Club customers that exhibit similar characteristics as our Beauty Club members.”

Karen Fugate, VP, Strategic Planning and Investor Relations

CUSTOMER SURVEY SHOWS PRODUCTIVE MARKETING


Surveyed random sample of 31 Sally Beauty Supply customers during business hours

Asked 3 key questions:

1) Are you a professional or retail customer?

2) Are you a Beauty Club card member?

If yes, are you planning on renewing your Beauty Club membership?

3) If not, how did you hear about Sally?

% Card

members:

48%

(100% of

professionals)

% Retail

shoppers:

84%

% Planning to

renew:

73%

(100% of

professionals)

% Received

mailer:

69%

of non-

members

PRICES SHOW SBH OPERATES IN DIFFERENT SEGMENT TO ULTA


SBH

Warehouse store platform

Focus on private label and generic

Professional Customers

ULTA

Retail store platform

Focus on third party brands

Boutique Customers

CHI Infra

Shampoo

$1.13 / oz

GVP Moisture

Shampoo

$0.42 / oz

Comparable Shampoos

SURVEY OF WEBSITES CONFIRMS DIFFERENT PRICING STRATEGIES


$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

SBH ULTA

Shampoo

$0

$5

$10

$15

$20

$25

$30

$35

$40

SBH ULTA

Hair color

$0

$2

$4

$6

$8

$10

$12

$14

SBH ULTA

Hair styling (spray, gel, oil)

$1.99/oz

$0.14/oz

$3.38/oz

$1.05/oz

$34.50/oz

$4.99/oz $10.99/oz

$0.75/oz

$6.43/oz

$2.35/oz

$11.76/oz

$1.00/oz

Surveyed random basket of products from each company’s website

Looked at range of prices ($/oz) for both ULTA and SBH across three key product categories

IN-STORE SNAPSHOT PROVIDES FURTHER EVIDENCE


Sally Beauty Supply Ulta Beauty

Takeaway: ULTA is not taking SBH customers

MISPERCEPTION: NO MORE ROOM FOR MARGIN EXPANSION


HIGHER MARGIN PRIVATE LABEL BECOMES LARGER % OF PRODUCT MIX


2007 40%

2009 42%

2011 43%

2013 45%

2018 55%

Takeaway:

Higher percentage of private label goods will

drive gross margin expansion

SECULAR SHIFT TOWARDS BOOTH RENTING BENEFITS SALLY


According to the 2011 PCR Booth Rental Study, “booth rentals are already prevalent in 35

percent of salons and by 2015, nearly 50 percent of all salons will offer some form of

the booth rental model.”

Comparison of booth renting to traditional commission model

Booth renting Commission / salaried

Style of employment Month-to-month Contracted

Model Equivalent to sole proprietorship Employee of salon

ResponsibilitiesBuy all own supplies, pay monthly

booth fee

Sometimes responsible for some

supplies

CompensationRetains 100% of earnings after rent

and supply expenses

Retains flat percentage of total

revenues generated

MARKET UNDERESTIMATES SPEED OF SHIFT TOWARDS BOOTH RENTING


“I think there will be a point when almost no salon owners will use a commission-sharing

model, everyone’s moving towards booth renting.”

Jon Younes, Owner, Jon’s Hair Salon, Williamsburg, VA

# of booth rentals # of commission

Hampton Roads Bay Area Chicago

65% 35% 25% 75% 24% 76%

Takeaway:

Of 275 stylist ads surveyed, 197, or 72% were for booth renters

BOOTH RENTERS DRIVE SALES CONSULTANT OBSOLESCENCE


“We do have one salesperson from a distributor who comes to our store,

but nobody really orders their equipment and products that way…”

Shari Calhoun – Owner, Vitalle Ellements Salon, San Francisco, CA

Takeaway:

Continued trends towards

booth renters allow 80bps

operating margin

expansion

*Assumes $75,000 sales

consultant total pay

INTERNATIONAL MARKET LEADS STRONG GROWTH


• Double-digit same store growth in Europe vs. 5.2% in U.S.

• Double-digit EBITDA increase in Europe vs. 6.9% for all SBH

• Gross margin expansion from 55.4% to 55.6%

• “….20 basis point increase over last year driven by improvement in Sally

European business…” - Gary G. Winterhalter, CEO

• 688 out of 3,284 total Sally Beauty Supply stores located in

international markets, contributing 22% of net sales of FY2012

• 2/3 are located in Europe

• 1/3 are located in South America

HISTORICAL NUMBERS CONFIRM SOLID GROWTH STORY


International store openings as % of total

2010 2011 2012 2013

New stores 108 127 151 165

New int'l stores 36 47 64 80

% int'l 33.3% 37.0% 42.4% 48.5%

Store counts and growth rate by international markets

2009 2010 2011 2012 CAGR

France 19 27 35 42 30.3%

Chile 16 22 28 33 27.3%

Canada 45 58 70 81 21.6%

Mexico 85 102 133 149 20.6%

Belgium 28 29 32 34 6.7%

Germany 30 27 30 35 5.3%

Total 223 265 328 374 18.8%

• SBH increasingly focused on international growth

• Strongest focus on Mexico and South America

• Stores in South America have higher margins than U.S. business

• Heavier retail focus than U.S. business

LOW SATURATION = HUGE OPPORTUNITY


Takeaway: International markets are far from saturation, and

upscale brand commands higher margins

Chicago Toronto Mexico City London Santiago

Store counts 48 17 29 21 6

Population (mm) 2.7 2.5 8.9 8.2 6.0

Stores per capita 17.7 6.8 3.3 2.6 1.0

VALUATION MODELS PREDICT OUTPERFORMANCE


Multiple Methodologies:

• Revenue Build

• Discounted Cash Flow

Analysis

• Sensitivity Analysis

• Trading Comparables

Valuation

• Triangulation

REVENUES GROWING FASTER THAN COGS = MARGIN EXPANSION


Revenue build

($mm) 2014 2015 2016 2017 2018 CAGR '14-'18

Sally Beauty Supply store count 3,425 3,542 3,658 3,774 3,890 3.2%

Sally Beauty Supply same store growth 6.7% 6.9% 7.1% 6.8% 6.5%

Sally Beauty Supply average sales per store 709 758 812 867 923

Sally Beauty Supply segment revenue 2,428 2,684 2,969 3,271 3,591 10.3%

BSG store count 1,255 1,321 1,386 1,451 1,516 4.8%

BSG same store growth 6.1% 5.6% 5.1% 4.6% 4.1%

BSG average sales per store 1,182 1,248 1,311 1,372 1,428

BSG segment revenue 1,483 1,648 1,817 1,990 2,165 9.9%

Total revenue 3,911$ 4,331$ 4,786$ 5,262$ 5,756$ 10.1%

Revenue growth 7.4% 10.7% 10.5% 9.9% 9.4%

COGS build

($mm) 2014 2015 2016 2017 2018 CAGR '14-'18

% Private label 47.0% 49.0% 51.0% 53.0% 55.0%

Gross margin - private label 60.6% 60.6% 60.6% 60.6% 60.6%

Cost of goods sold - private label 724 836 961 1,098 1,246 14.6%

% Branded goods 53.0% 51.0% 49.0% 47.0% 45.0%

Gross margin - branded goods 40.3% 40.3% 40.3% 40.3% 40.3%

Cost of goods sold - branded goods 1,237 1,318 1,399 1,475 1,545 5.7%

Total cost of goods sold 1,960$ 2,153$ 2,360$ 2,573$ 2,792$ 9.2%

Gross margin 49.9% 50.3% 50.7% 51.1% 51.5%

DCF ANALYSIS YIELDS 42% UPSIDE


Implied share price:

$37.71

Implied upside:

41.7%

SBH - Discounted cash flow model

Historical Projected

($mm) 2011 2012 2013 2014 2015 2016 2017 2018

Revenue $3,269.1 $3,523.6 $3,641.6 $3,911.3 $4,331.4 $4,785.9 $5,261.6 $5,756.3

Gross profit 1,594.6 1,743.3 1,809.8 1,950.9 2,178.0 2,426.0 2,688.5 2,964.6

EBIT 448.5 499.4 529.9 575.5 668.9 772.3 870.7 963.5

EBIT * (1-T) 374.1 434.8 502.0 566.0 626.3

Plus: Depreciation & amortization 78.2 84.2 89.5 94.3 111.9

Less: Capital expenditures (95.0) (105.0) (115.0) (125.0) (135.0)

(+) / (-): Changes in net working capital (5.8) (54.7) (59.2) (61.9) (64.4)

Unlevered free cash flow $351.5 $359.3 $417.4 $473.3 $538.8

Discount factor 0.928 0.860 0.798 0.740 0.687

Yearly discounted cash flow $326.0 $309.1 $333.1 $350.3 $369.9

Weighted average cost of capital 7.81%

Terminal growth rate of unlevered FCF 2.00%

Terminal year FCFs $9,458.6

Present value of yearly unlevered FCF 1,688.5

Present value of terminal year FCFs 6,494.3

Enterprise value $8,182.8

Less: Debt, net of cash 1,637.3

Less: Preferred stock and minority interests -

Equity value $6,545.5

Diluted share count (mm) 173.6

SENSITIVITY ANALYSIS SHOWS ASYMMETRIC RISK-RETURN


Sensitivity analysis of SBH's equity value per share

6.8% 7.3% 7.8% 8.3% 8.8%

3.0% $60.93 $52.70 $45.93 $40.55 $36.18

2.5% $53.67 $47.03 $41.43 $36.89 $33.15

2.0% $47.92 $42.43 $37.71 $33.81 $30.50

1.5% $43.25 $38.62 $34.57 $31.19 $28.33

1.0% $39.39 $35.34 $31.90 $28.93 $26.39

6.8% 7.3% 7.8% 8.3% 8.8%

3.0% 129.1% 98.1% 72.7% 52.4% 36.0%

2.5% 101.8% 76.8% 55.7% 38.7% 24.6%

2.0% 80.2% 59.5% 41.7% 27.1% 14.7%

1.5% 62.6% 45.2% 30.0% 17.3% 6.5%

1.0% 48.1% 32.9% 19.9% 8.7% -0.8%

WACCT

erm

inal

Gro

wth

Rat

e

WACC

Te

rmin

al G

row

th

Rat

e

COMPS ANALYSIS IMPLIES 29% UPSIDE


Upside:

$7.75, 29% over current market price

Publicly traded comps valuation 30% 20% 20% 30%

Company Sales ($) / sq ft EV / EBITDA P / E 2012 sales (% 2011)

Sally Beauty Holdings, Inc. (NYSE:SBH) 398.7 10.4 18.2 106%

Ulta, Inc. (NASDAQ:ULTA) 379.7 19.4 42.7 111%

L'Oreal SA (EPA:OR) 428.3 16.3 26.6 106%

Regis Corporation (NYSE:RGS) 265.3 7.3 29.4 97%

Average (ULTA, OR and RGS) 357.8 14.3 32.9 104%

Ratio (ULTA / SBH) 1.1 1.9 2.3 0.96

Ratio (OR / SBH) 0.9 1.6 1.5 1.00

Ratio (RGS / SBH) 1.5 0.7 1.6 1.10

Implied SBH share price (ULTA) 27.93$ 49.52$ 62.30$ 25.52$

Weighted ave. 38.40$

Implied SBH share price (OR) 24.76$ 41.79$ 38.81$ 26.70$


Implied SBH share price (RGS) 39.98$ 18.62$ 42.94$ 29.33$


Implied SBH share price (average) 34.35$

Current SBH share price 26.60$

SBH UNDERVALUED COMPARED TO PEERS


Current Price

Upside

High: 62.2%

Average: 29.1%

Low: -0.12%

Price as of

10/22/13:

$26.60

Average

Implied Value:

$34.35

$10

$20

$30

$40

$50

$60

$70

Sales/sqft EV/EBITDA P/E Sales growth

Valuation method

TRIANGULATION INDICATES 38% UPSIDE


$25 $30 $35 $40 $45 $50

Val

uat

ion

me

tho

d

DCF Analysis (70%)

Comparable Companies (30%)

$26.60 $36.70

Terminal growth rate: 2.5%

WACC: 7.3% Terminal growth rate: 1.5%

WACC: 8.3%

L’Oreal (Body Shop) (OR) Ulta Salon (ULTA)

PRICE PROJECTION SHOWS STRONG UPSIDE


One-year stock projection: Sally Beauty Holdings (NYSE : SBH)

$45.87

(72%)

$36.70

(38%)

$29.80

(12%)

Oct ‘13 Apr ‘13

RISKS: FAILURE TO EXPAND MARGINS AND CORRECT TRAJECTORY


• Weak rollout of new products

• Failure to revise marketing strategy in time for Holiday Season

• Beauty card renewal rate falls below current 32%

• New store growth plan fails to meet expectations

• Low-end customer base continues to dissolve under pressures from

macro environment

• Failure to change marketing mix to include more private label

products with higher margins

RECOMMENDATION


Both lines of business set to

overcome weaker Q3 results and

beat estimates by 1Q14

Price Target: $36.70

Upside: 38.0%

Misperception: Erosion of customer base /

marketing problems

Reality: Stronger margins due to

secular shifts, product mix

Misperception: No more room for margin

expansion

Reality: Customer base remains strong,

marketing already rectified

APPENDIX: VAR CONTACTS AND QUOTES


VAR Log

Contact Quotes

Marketing: "Marketing is for attracting non-Beauty Club members…" "Third quarter, we changed marketing technique..

Stopped using Experian-based marketing system… mass marketing with flyers."

Expectations: "It takes 3-4 mailers before potential shopper comes into stores…" "Mailers are successful.." "Old marketing

strategy yields Beauty Club type of customers"

Contracts with distributors: "We don't have contracts with distributors, but we are a significant customer for many of our

suppliers…" "45% of our products are private label…"

International: "Margins are currently lower than in U.S, but we've seen strong margin expansion.." "Shift in Europe towards

buying beauty products from Sally vs. salons." "South American stores are almost 100% retail… margins above country average.."

"Looking at small acquisitions to boost market share..." "Will open 100+ new stores in Mexico, 10-20 in Chile..."

Sharon

Employee - Sally

Beauty Supply

Working at Sally: "I like working here…" "Staffing can be thin at times…but I'm never overrun"

Product mix: "I'd say about 40% generics or private label…" "Hair products are our best sellers..." "Wide range of customers..."

Jon Younes

(757) 220-1010

Owner - Jon's Hair

Salon

Booth renters: "There will be a point where almost no salon owners will use commission-sharing model… It is much easier to

attract high quality employees and it's overall a much better way to operate in this business…" "Booth renters are expected to buy all

their own equipment..." "Every stylist acquires their products how they want. Everyone is their own boss..." "5-6 years ago we used

to use [sales consultants] but now... there's no need to use them"

Shari Calhoun

(408) 369-9622

Owner - Vitalle

Ellements Salon

Industry: "I've been in the industry 35 years, and it's gotten to the point where you have to do booth renting instead of

commissions…" "Especially in California, high rent… it is better to have stable stream of income…"

Sales consultants: "We do have one salesperson from a distributor that comes to our store, but no one really orders their equipment

and products that way..."

Karen Fugate

(940) 297-3877,

VP Strategic

Planning and IR

APPENDIX: VAR CONTACTS AND QUOTES


VAR Log, continued

Contact Quotes

Alicia

Employee - The

Hair Cuttery

Booth renters: "… more and more of them." "Better for the stylist, but some of us still buy our own products…" "I prefer Sally

Supply over Cosmo and [other beauty store in C'Ville]… It has better prices and I know the people who work there…" "Sally keeps

track of my purchases at the store and can give me tax receipts..." "I've been working here for 16 years..."

Shelly

Customer / Survey

Respondent

Sally store choice: "Convenience is a big factor. They are everywhere. Also, they have really great deals compared to Ulta…" "I

go to Sally when I want to buy a $10 bottle of shampoo. If I want to buy a $30 bottle of shampoo, I go to Ulta. I use them for very

different things." "I plan to renew my Beauty Club membership. There's no reason not to, it is pretty much free."

Jessica

Customer / Survey

Respondent

Mailers: "I've received a few of their mailers now, so I thought I'd come check the store out…" "I've been to Ulta a few times, but

it is too expensive…" "I was surprised at how low the prices were… The shampoos were really affordable"

APPENDIX: LINE ITEMS


SBH - Discounted cash flow model

Historical Projected

All numbers in $mm 2011 2012 2013 2014 2015 2016 2017 2018

Revenue $3,269.1 $3,523.6 $3,641.6 $3,911.3 $4,331.4 $4,785.9 $5,261.6 $5,756.3

% growth 12.1% 7.79% 3.35% 7.41% 10.74% 10.49% 9.94% 9.40%

Cost of revenue 1,674.5 1,780.4 1,831.7 1,960.4 2,153.4 2,359.9 2,573.1 2,791.7

Gross profit 1,594.6 1,743.3 1,809.8 1,950.9 2,178.0 2,426.0 2,688.5 2,964.6

Gross margin 48.8% 49.5% 49.7% 49.9% 50.3% 50.7% 51.1% 51.5%

Operating expenses 1,146.1 1,243.9 1,280.0 1,375.4 1,509.1 1,653.7 1,817.7 2,001.1

% of sales 35.1% 35.3% 35.1% 35.2% 34.8% 34.6% 34.5% 34.8%

Operating income 448.5 499.4 529.9 575.5 668.9 772.3 870.7 963.5

Operating margin 13.7% 14.2% 14.6% 14.7% 15.4% 16.1% 16.5% 16.7%

Interest expense 112.5 138.4 107.5 107.5 107.5 107.5 107.5 107.5

Pre-tax income 335.9 360.9 422.4 468.0 561.4 664.8 763.2 856.0

Less taxes @ 35% 35% 35% 35% 35% 35% 35% 35%

Net income $218.4 $234.6 $274.5 $304.2 $364.9 $432.1 $496.1 $556.4

EBIT * (1-T) $374.1 $434.8 $502.0 $566.0 $626.3

Plus: Depreciation & amortization 78.2 84.2 89.5 94.3 111.9

Less: Capital expenditures (95.0) (105.0) (115.0) (125.0) (135.0)

(+) / (-): Changes in net working capital (5.8) (54.7) (59.2) (61.9) (64.4)

Unlevered free cash flow $351.5 $359.3 $417.4 $473.3 $538.8

Discount factor 0.928 0.860 0.798 0.740 0.687

Yearly discounted cash flow $326.0 $309.1 $333.1 $350.3 $369.9

APPENDIX: REVENUE AND COGS BUILDS


Revenue build

($mm) 2014 2015 2016 2017 2018 CAGR '14-'18

Sally Beauty Supply store count 3,425 3,542 3,658 3,774 3,890 3.2%

Sally Beauty Supply same store growth 6.7% 6.9% 7.1% 6.8% 6.5%

Sally Beauty Supply average sales per store 709 758 812 867 923

Sally Beauty Supply segment revenue 2,428 2,684 2,969 3,271 3,591 10.3%

BSG store count 1,255 1,321 1,386 1,451 1,516 4.8%

BSG same store growth 6.1% 5.6% 5.1% 4.6% 4.1%

BSG average sales per store 1,182 1,248 1,311 1,372 1,428

BSG segment revenue 1,483 1,648 1,817 1,990 2,165 9.9%

Total revenue 3,911$ 4,331$ 4,786$ 5,262$ 5,756$ 10.1%

Revenue growth 7.4% 10.7% 10.5% 9.9% 9.4%

COGS build

($mm) 2014 2015 2016 2017 2018 CAGR '14-'18

% Private label 47.0% 49.0% 51.0% 53.0% 55.0%

Gross margin - private label 60.6% 60.6% 60.6% 60.6% 60.6%

Cost of goods sold - private label 724 836 961 1,098 1,246 14.6%

% Branded goods 53.0% 51.0% 49.0% 47.0% 45.0%

Gross margin - branded goods 40.3% 40.3% 40.3% 40.3% 40.3%

Cost of goods sold - branded goods 1,237 1,318 1,399 1,475 1,545 5.7%

Total cost of goods sold 1,960$ 2,153$ 2,360$ 2,573$ 2,792$ 9.2%

Gross margin 49.9% 50.3% 50.7% 51.1% 51.5%

APPENDIX: SG&A BUILD, WACC, AND SHARE COUNT CALCULATION


SG&A build

Metric 2014 2015 2016 2017 2018 CAGR '14-'18

SG&A (% of sales), before consultant reduction 33.5% 33.5% 33.5% 33.5% 33.5%

SG&A ($000s), before consultant reduction 1,310 1,451 1,603 1,763 1,928 10.1%

# of sales consultants 870 696 522 522 522

Total cost, sales consultants 65,250 52,200 39,150 39,150 39,150

Savings, sales consultant reduction 13,050 26,100 39,150 39,150 39,150

SG&A ($000s), after consultant reduction 1,297$ 1,425$ 1,564$ 1,723$ 1,889$ 9.9%

SGA % sales 33.2% 32.9% 32.7% 32.8% 32.8%

WACC calculation

WACC calculation Source

Terminal growth rate 2.0% Best practices

Total debt 1,613,248$ 2Q13 10Q

Total equity 4,470,000 Market cap

% debt 26.5%

% equity 73.5%

Before-tax cost of debt 6.3%

Tax rate 35%

After-tax cost of debt 4.1%

Risk free rate (U.S. 10-yr) 2.5% Bloomberg

Market risk premium 5.7% Damadoran

Beta 1.16 Bloomberg, Yahoo, Google

Cost of equity 9.2%

Bloomberg WACC 6.6% Bloomberg

WACC 7.81%

Diluted share count

Numbers in '000s

Basic shares outstanding ('000s) 167,424

Stock options 11,143

Weighted average exercise price 12.66$

Proceeds from exercise 141,070$

Stock repurchased 5,303

Net stock issued from exercise of options 5,840

Restricted stock units 332

Diluted shares outstanding ('000s) 173,596

MCINTIRE INVESTMENT INSTITUTE - Gateway · 2013. 11. 13. · POOR MARKETING STRATEGY LEAD TO EARNINGS MISS 10 McIntire Investment Institute • Failed tactic –Went for a broad instead

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