Exhibit 99.2
| 2015 Second-Quarter Performance September 9, 2015 Financial Results and Company Highlights |
| Disclaimers Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented herein is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this presentation. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. A number of important factors could cause actual events to differ materially from those contained in or implied by the forward-looking statements, including those factors discussed in our filings with the U.S. Securities & Exchange Commission (the “SEC”), including our annual report on Form 10-K, for the fiscal year ended February 1, 2015, which can be found at the SEC’s website www.sec.gov. Any forward-looking information presented herein is made only as of the date of this presentation, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Non-GAAP Financial Measures HD Supply supplements its reporting net income (loss) with non-GAAP measurements, including Adjusted EBITDA, Adjusted net income (loss) and Adjusted net income (loss) per share. This supplemental information should not be considered in isolation or as a substitute for the GAAP measurements. Additional information regarding Adjusted EBITDA, Adjusted net income (loss) and Adjusted net income (loss) per share referred to in this presentation is included at the end of this presentation under “Reconciliation of Non-GAAP Measures.” |
| Q2’15 Highlights Strong Organic Sales, Operating Leverage and Earnings Growth +7% Net Sales Growth Versus Prior Year (VPY) +15% Adjusted EBITDA Growth VPY Approximately +60% Adjusted Net Income per Diluted Share Growth VPY +300 - 400 Basis Points Versus Market Estimate1 +70 Basis Points Gross Margin Improvement VPY 2.3x Operating Leverage2 1 Management estimate; market estimate is management estimate of the growth of our markets based on multiple quantitative and qualitative inputs 2 Operating Leverage is defined as Adjusted EBITDA growth divided by Net sales growth Note: “VPY” denotes Versus Prior Year |
| Focused Execution Disciplined Strategies Get Better and Faster Invest in Five (5) Growth Plays Sell More to Existing Customers (i.e., Share of Wallet) Introduce New Products and Services Expand the Channels to Reach Our Customers (e.g., Internet, Catalog, Mobility) Acquire New Customers Enter New Geographies (i.e., Open New Locations) Prioritize our Large Leadership Businesses with Clear Number One Positions Enhance Capital Structure Evolve and Align Team Behaviors and Execution With Durable Operating Practices |
| Recent Execution Transformational Action to Accelerate Growth Momentum Entered into Definitive Agreement to Sell HD Supply Power Solutions Business Unit for ~$825M in Cash ~$800M of Net Proceeds Plan to Use Sales Proceeds to Repay Debt Received Governmental Approvals On Track for Q3’15 Closing Executed Enhanced Talent Alignment Joe DeAngelo to Assume Direct Leadership for Facilities Maintenance Business Unit Realigned Senior Leadership in Waterworks Business Unit Enhance Functional Support Approach Refinanced Term Loan ~$100M Reduction of Principal 25 Basis Points Interest Rate Improvement +3 Year Maturity Extension Evolved Shareholder Base with Exit of Remaining Financial Sponsors |
| Topics of Recent Investor Interest Focused on Controllable Execution Competitive Environment Business Mix Change Pricing & Op. Leverage Weather Continuously Monitor Competitive Landscape and Analyze Dynamics to Determine Appropriate Response Extend Service Differentiation in Prioritized Customer Set by Focusing on Controllable Execution Three (3) Large Leadership Businesses Participating in an ~$80 Billion Addressable Market with 8% Share One DC-Based Business and Two (2) Branch-Based Businesses Driving Towards Distant #1 Positions No Material Change in the Deflationary Environment and No Material Change in Pricing Environment in Q2’15 +70 Basis Points of Gross Margin Expansion Driven by Continued Category Management Execution Affirm 1.5x to 2.0x Operating Leverage Target1 Oil & Gas Impact No Change to Original Analysis Estimate Oil & Gas Headwind of Approximately 100 Basis Points Difficult to Discern Direct Oil & Gas Impact No Change to 2015 End Market Growth Estimate of ~3% to 4%2 Non-Residential - Continued Momentum; Residential - Prolonged Recovery; Infrastructure - Sluggish; MRO - Stable 1 Operating Leverage is defined as Adjusted EBITDA growth divided by total Net sales growth 2 Market estimate is management estimate of the growth of our end markets based on multiple quantitative and qualitative inputs 3 Based on percentage of overall Net Sales 1 2 3 4 End Markets Foreign Exchange Capital Structure Adverse Weather Impact in Early Q2; July and August Experienced More Typical Weather Less than 2% Canadian Exposure3 Excluding Power Solutions Recent Term Loan Refinancing and Expected Use of Power Solutions Proceeds Reduces Interest Expense and Debt Cash Flow Momentum Enhanced by Working Capital Focus and Favorable Tax Position Capital Allocation Evaluate Capital Allocation Strategy Evolution as Net Debt to Adjusted EBITDA Approaches 3.0x Target Continue to Invest in Talent and Five (5) Growth Plays to Drive Organic Growth 6 7 8 9 5 |
| Q2’15 Financial Results $1,880M $2,006M +7% Gross Profit Gross Margin % Operating Income Adj. EBITDA % Op. Income % $611M $665M 32.5% 33.2% $224M $258M $163M $222M 11.9% 12.9% 11.1% +9% +70 BPs +100 BPs +15% +7% Net Sales Growth; +15% Adjusted EBITDA Growth in Q2’15 ($ in millions, except per share data) $71M $113M +59% ~300 – 400 BPs of Growth in Excess of Estimated Market Growth2 in Q2’15 Q2’15 Net Sales Growth From: $68M of Growth Initiatives $66M of End Market Growth ($5M) of FX Impact 2.3x Q2’15 Operating Leverage3 +36% Net Sales 1 See appendix slides 24 and 25 for a reconciliation of Adjusted EBITDA and Adjusted Net Income to Net Income 2 Management estimate; market estimate is management estimate of the growth of our markets based on multiple quantitative and qualitative inputs 3 Operating Leverage is defined as Adjusted EBITDA growth divided by total Net sales growth Note: “VPY” denotes Versus Prior Year Q2’14 Adj. EBITDA1 VPY Adj. Net Income1 8.7% +240 BPs Q2’15 $0.35 $0.56 +$0.21 Per Diluted Share $126M |
| Q2’15 Segment Performance ($ in millions) Broad-Based Strength 1 Operating Leverage is defined as Adjusted EBITDA growth divided by total Net sales growth Note: “VPY” denotes Versus Prior Year $431M $43M 2.8x $389M VPY +11% +30% $33M Q2’15 Q2’14 Q2’15 $733M $156M 1.8x Q2’14 $686M $139M VPY +7% +12% $702M $66M 2.8x $665M $57M +6% VPY +16% Q2’15 Q2’14 Adj. EBITDA Operating Leverage1 Net Sales |
| Liquidity and Capital Structure Q2’15 Debt Balances Sec. ABL Sec. Term Loan6 Sec. 1st Lien Notes Sec. 2nd Lien Notes Unsec. Sr. Notes Unsec. Sr. Notes $132 1,250 675 1,000 1,275 6/28/18 6/28/18 12/15/21 4/15/20 7/15/20 7/15/20 Gross Debt Less Cash Net Debt $5,110 169 $5,279 Facility Balance3 Maturity 1 In 2014, we experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1985, as amended. For a discussion of the risk of a change of control on our tax net operating losses, see the risk factor entitled “Our NOL carryforwards could be limited if we experience an ownership change as defined in the Internal Revenue Code” in our Form 10-K for the fiscal year ended February 1, 2015 2 Excludes a tax gain of $189 million related to the February 19, 2015 approval and finalization of the IRS audit of fiscal years 2007 and 2008 3 Net of original issue discount 4 Represents the stated rate of interest, without including the effect of discounts or premiums 5 Subject to applicable redemption price terms 6 Term Loan Amendment effective August 13, 2015 Enhance Capital Structure Opportunistically ($ in millions, unless otherwise noted) 1.69% 4.00% 5.25% 11.0% 11.5% 7.5% Interest Rate4 947 n/a now 12/15/17 4/15/16 10/15/16 10/15/16 Soft Call Date5 $5.1B Net Debt at the End of Q2’15 Recent Rating Agencies Upgrades Favorable Tax Asset with Significant Gross Federal Net Operating Loss Carryforwards of $2.1B ~$900M Tax-affected Amount of Federal and State NOLs1 Cash Taxes: $6M in Q2’15 ~$5M Estimated for Q3’15 $15M – $25M Estimated for FY’15 GAAP Taxes: $13M in Q2’15 ~$10M Estimated for Q3’152 $35M – $40M Estimated for FY’152 $19M of Capital Expenditures in Q2’15 $850 3.75% 08/13/21 2/13/16 |
| Q2’15 Monthly Organic Average Daily Sales (%) HD Supply Average Daily Sales Growth VPY1 +7% Q2’15 Sales Growth Versus Prior Year Note: “VPY” denotes Versus Prior Year 6.6% 10.9% 11.6% 5.9% Aug. 9.1% 2.5% 9.5% 7.0% ’15 Selling Days 24 20 20 1.0% 11.4% Facilities Maintenance Waterworks Construction & Industrial (Preliminary) 6.1% 5.1% 8.4% 7.1% 3.6% 10.0% 19 10.4% 10.6% May Jun. Jul. Prior Year $788M $646M $638M HD Supply Net Sales $580M 10.7% 8.8% ’14 Selling Days 24 20 20 19 Q2 9.2% 10.2% 16.8% $611M 6.6% 7.3% 18.2% $726M 7.6% 13.2% 15.1% $607M 8.6% 12.3% 13.7% $547M Current Year |
| +17% +13% +7% +5% Q3’15 Guidance 6% and 15% Sales and Adjusted EBITDA Growth, Respectively at Midpoint of Guidance Ranges $2,050M $2,000M $230M $1,914M $270M $260M VPY Q3’14 Q3’15 Q3’14 Q3’15 Q3’15 Net Sales Adj. EBITDA Adj. Net Income Per Diluted Share1 VPY 1 Q3’15 Adjusted Net Income per Share range assumes a fully diluted weighted average share count of 202 million Note: “VPY” denotes Versus Prior Year $0.68 $0.63 VPY ($ in millions, except per share amounts) $0.41 . . . . Q3’14 +66% +54% Midpoint $2,025M +6% $265M +15% $0.65 +59% |
| Market Estimates and Execution Targets No Change to End Market Outlook or Long-term Controllable Execution Targets 1 Management estimates, including ~100 basis point of potential negative impact from Oil and Gas 2 Long-term average growth target based on management estimates and aspirations 3 Operating Leverage is defined as Adjusted EBITDA growth divided by Total Net sales growth; target based on management estimates and projections. (Approximate End Market Exposure1) Residential Water Infrastructure MRO Primary End Market Flat to Up Low Single-digit Non- Residential ~3% to ~4% FY’15 End Markets +1% to +2% Previous View1 as of Jul. ’15 +1% to +2% Current View1 as of Sep. ’15 Mid to High Single-digit Mid Single-digit Mid Single-digit Mid to High Single-digit Flat to Up Low Single-digit ~3% to ~4% Revision None None None None None Reaffirm HD Supply Controllable Execution Targets: +300 Basis Points of Growth Above End Market Growth Estimates2 1.5x – 2.0x Operating Leverage3 |
| FY’15 Operating Leverage Framework Affirm 1.5x – 2.0x FY’15 Operating Leverage Target; 9% to 14% Implied FY’15 Adjusted EBITDA Growth HDS Market Growth1 Illustrative 3% – 4% + Above Market Growth2 ~300 BPs = End Market Growth Controllable Execution Annual Sales Growth1,2 Illustrative Adj. EBITDA Growth Adjusted EBITDA Growth 14% HDS Market Growth 9% 6% – 7% 2.0x 1.5x Operating Leverage Target2,3 1 Management estimate; market estimate is management estimate of the growth of our markets based on multiple quantitative and qualitative inputs 2 Long-term average growth target based on management estimates and aspirations 3 Operating Leverage is defined as Adjusted EBITDA growth divided by Total Net sales growth; target based on management estimates and projections. Note: These objectives are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of our Form 10-K for the fiscal year ended February 1, 2015. Nothing in this presentation should be regarded as a representation by any person that these objectives will be achieved and the Company undertakes no duty to update its objectives. Above Market Growth |
| Outlook Summary Focused on Controllable Execution Q3’15 FY’15 +6% Sales Growth VPY at Midpoint of Range +15% Adjusted EBITDA Growth VPY at Midpoint of Range +59% Adjusted Net Income per Diluted Share Increase VPY at Midpoint of Range 202M Diluted Share Count 3 to 4% Blended End Market Growth1 ~300 Basis Points of Estimated Market Outgrowth2 1.5x to 2.0x Operating Leverage3 Range Illustrative 1 Management estimate; market estimate is management estimate of the growth of our markets based on multiple quantitative and qualitative inputs 2 Long-term average growth target based on management estimates and aspirations 3 Operating Leverage is defined as Adjusted EBITDA growth divided by Total Net sales growth; target based on management estimates and projections. Note: These objectives are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of our Form 10-K for the fiscal year ended February 1, 2015. Nothing in this presentation should be regarded as a representation by any person that these objectives will be achieved and the Company undertakes no duty to update its objectives. |
| Q&A We Supply the Products and Services to Build Your City and Keep it Running |
| Concluding Remarks Solid Q2’15 Performance +7% Sales Growth VPY +15% Adjusted EBITDA Growth VPY ~60% Adjusted Net Income per Diluted Share Growth VPY Executed Transformative Transaction with Sale of Power Solutions Execute to Deliver Profitable Growth in Excess of Market Growth Estimate Drive Operating Leverage Category Management and Productivity Generate Cash Working Capital Discipline Focus on Controllable Execution... Get Better and Faster Note: “VPY” Denotes Versus Prior Year |
| Appendix |
| Illustrative Adjusted EPS Calculation Adjusted EBITDA Adjusted Net Income per Diluted Share Adjusted Net Income = = Diluted Shares Outstanding2 ÷ Illustrative TBD TBD TBD ~202M FY’15 $155M $0.03 $7M ~200M Q4’14 ($ in millions, except per share items) ~201 Q1’15 TBD TBD TBD ~202 Q4’15 Estimates ~202 Q2’15 TBD TBD TBD ~202 Q3’15 Depreciation and Amortization1 ( - ) ($30M) (29) (~30) ($110M – $120M) (30) (~30) Amortization of Acquired Intangibles ( + ) ~$15M $4M 4 ~4 3 ~4 Interest Expense (GAAP) ( - ) ($115M) ~($400M) Cash Income Taxes ( - ) ($15M – $25M) ($2M) Stock-based Compensation ( - ) ($5M) (106) (~95) (106) (~95) (3) (~5) (6) (~5) 1 Includes Amounts Recorded Within Cost of Sales 2 Assumes Paydown of 11% Senior Secured 2nd Lien Notes 3 Excludes taxes due on Power Solutions Sale 4 Weighted Average Diluted Shares Outstanding Based on Management Estimates Note: These objectives are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of our Form 10-K for the year ended February 1, 2015. Nothing in this presentation should be regarded as a representation by any person that these objectives will be achieved and the Company undertakes no duty to update its objectives. Actual (5) (~4) (5) (~4) (~$18M) $188M $0.25 $50M $113M $0.56 $258M |
| Amortization of Acquired Intangibles (Other than Software) ($ in millions) FY’14 FY’15 FY’16 FY’17 FY’18 FY’19 Facilities Maintenance $57M $6M $6M $5M $5M $5M Waterworks 3 2 2 2 1 1 Construction & Industrial 14 1 1 1 1 1 Corporate and Other 7 6 6 6 6 6 HD Supply $81M $15M $15M $14M $13M $13M Expected Annual Amortization of Acquired Intangibles (Other than Software) Illustrative Note: These objectives are forward-looking; management estimates |
| Monthly Net Sales ($) $646M August ’15 Preliminary Sales FY 2014 Facil. Maint. Waterworks Const. & Ind. (Preliminary) ’15 Selling Days ’14 Selling Days ’13 Selling Days Aug. $646M 20 20 20 Jun. $638M 24 24 24 Jul. $788M 20 20 20 Aug. 20 $611M 20 20 Sep. 19 $577M 19 19 Oct. $726M 25 25 25 Nov. $504M 18 18 18 19 May 19 19 24 $583M Jan. 24 24 19 $456M Dec. 19 19 20 $478M Feb. 20 20 20 $529M Mar. 20 20 25 $715M Apr. 25 25 FY 2015 ($ in millions) HD Supply Net Sales $234 $221 $139 $291 $237 $217 $277 $227 $222 $168 $139 $127 $197 $246 $211 $262 $122 $162 $175 $176 $110 $163 $151 $99 $222 $189 $128 $181 $151 $110 $208 $204 $124 $256 $247 $160 $198 $172 $118 $580M |
| Monthly Average Daily Sales Growth – Organic (%) HD Supply Organic Average Daily Sales Growth VPY1 +7% Organic Average Daily Sales Growth in Q2’15 (VPY%) 1 Adjusted for Acquisitions, Divestitures, and Selling Days Note: “VPY” denotes Versus Prior Year (Preliminary) ’15 Selling Days ’14 Selling Days ’13 Selling Days Jun. 5.1% 7.0% 1.0% 11.4% 20 20 20 Jul. 6.6% 10.9% 11.6% 8.4% 24 24 24 Aug. 5.9% 9.1% 2.5% 9.5% 20 20 20 Aug. 9.2% 10.2% 16.8% 20 10.6% 20 20 Sep. 19 9.7% 7.2% 9.1% 16.3% 19 19 Oct. 10.4% 25 8.4% 10.3% 16.9% 25 25 Nov. 8.5% 18 7.5% 7.4% 16.2% 18 18 19 6.1% May 7.1% 3.6% 10.0% 19 19 24 9.2% Jan. 7.3% 12.3% 14.4% 24 24 19 8.3% Dec. 7.0% 9.1% 12.2% 19 19 20 4.7% Feb. 2.9% 3.3% 14.8% 20 20 20 5.8% Mar. 7.7% 2.4% 10.5% 20 20 25 5.7% Apr. 4.7% 4.5% 12.9% 25 25 Facil. Maint. Waterworks Const. & Ind. FY 2014 FY 2015 |
| Average Daily Sales Growth – Organic1 +7% Organic Average Daily Sales Growth in Q2’15 1 Adjusted for Acquisitions, Divestitures, and Selling Days Note: “VPY” Denotes Versus Prior Year (VPY%) Selling Days Facil. Maintenance Waterworks Construction & Industrial HD Supply 11.2% 5.0% 15.1% 8.7% 253 65 9.3% -5.4% 5.4% 1.3% 63 8.6% 8.5% 11.8% 8.0% 64 13.5% 3.5% 18.4% 9.8% 61 13.8% 15.0% 25.9% 16.6% Facil. Maintenance Waterworks Construction & Industrial HD Supply Selling Days 12.3% 11.0% 17.7% 12.9% 258 13.7% 17.1% 23.1% 16.5% 65 11.4% 6.3% 20.4% 11.0% 63 14.5% 12.8% 14.8% 13.9% 64 10.1% 9.3% 13.8% 10.8% 66 Facil. Maintenance Waterworks HD Supply Selling Days 7.5% 8.2% 11.9% 9.3% 253 Construction & Industrial 9.6% 8.2% 16.5% 11.4% 65 9.4% 9.5% 9.4% 10.0% 63 64 3.9% 10.6% 10.7% 8.2% 6.9% 3.3% 11.4% 7.2% 61 Facil. Maintenance Waterworks HD Supply Selling Days 7.7% 5.4% 11.0% 7.4% 65 Construction & Industrial 7.5% 10.6% 15.8% 9.9% 63 8.2% 9.8% 16.8% 10.3% 64 7.3% 9.8% 14.2% 8.7% 61 7.7% 9.0% 14.5% 9.1% 253 FY Q1 Q2 Q3 Q4 Facil. Maintenance Waterworks HD Supply Selling Days 5.1% 3.4% 12.8% 5.5% 65 Construction & Industrial 2011 2012 2013 2014 2015 6.9% 5.6% 10.8% 6.7% 63 |
| Operating Leverage1 2.3x Operating Leverage in Q2’15 (VPY%) 1 Operating Leverage is Defined as Adjusted EBITDA Growth Divided by Adjusted Net Sales Growth (adjusted for the 53rd Week in fiscal 2012) Not Meaningful (“nm”) when Sales Growth is Negative and when Prior Period Adjusted EBITDA is Negative. Note: “VPY” Denotes Versus Prior Year 1.1x 2.8x nm 3.1x 1.3x 3.6x nm 2.2x 1.2x nm nm 13.3x 1.5x 1.3x nm 2.8x Facil. Maintenance Waterworks Construction & Industrial HD Supply 0.7x 2.5x 12.2x 2.2x 1.4x 1.7x 12.5x 2.6x 1.3x 1.8x nm 3.3x 1.3x 1.7x nm 2.6x 1.2x 2.9x 7.7x 2.4x Facil. Maintenance Waterworks Construction & Industrial HD Supply 1.6x 1.0x 4.7x 2.4x 2.7x 3.7x 9.2x 4.2x 1.6x 2.4x 3.7x 2.0x 1.4x 2.7x 4.5x 2.0x 1.3x 2.0x 3.5x 1.6x Facil. Maintenance Waterworks HD Supply Construction & Industrial HD Supply 1.6x 2.1x 2.1x 1.5x 1.2x 1.5x 5.2x 2.4x 1.5x 1.3x 2.4x 1.7x Facil. Maintenance Waterworks HD Supply Construction & Industrial 2.0x 1.7x 1.8x 1.7x 2.1x 2.0x 3.5x 2.3x 1.7x 1.6x 2.8x 2.0x FY Q1 Q2 Q3 Q4 2011 2012 2013 2014 2015 2.3x 2.9x 3.6x 2.4x Facil. Maintenance Waterworks HD Supply Construction & Industrial 1.8x 2.8x 2.8x 2.3x |
| Reconciliation of Non-GAAP Measures: Net Income to Adjusted EBITDA ($ in millions) August 2, 2015 August 3, 2014 Three Months Ended Net income Less income from discontinued operations, net of tax Income from continuing operations Interest expense Depreciation and amortization1 Provision for income taxes Stock-based compensation Restructuring2 Costs related to public offerings3 Other Adjusted EBITDA 1 Depreciation and amortization includes amounts recorded within Cost of sales in the Consolidated Statements of Operations. 2 Represents the costs incurred for workforce reductions and branch closure or consolidations. These costs include occupancy costs, severance, and other costs incurred to exit a location. 3 Represents the costs expensed in connection with Holdings’ public offerings. $109 7 $102 106 30 13 5 - 1 1 $258 $48 17 $31 116 55 16 4 3 - (1) $224 |
| Reconciliation of Non-GAAP Measures: Net Income to Adjusted Net Income ($ in millions, except share and per share amounts) Weighted average common shares outstanding (in thousands) Basic 196,893 Diluted 201,809 Adjusted Net Income Per Share - Basic $0.57 Adjusted Net Income Per Share - Diluted $0.56 Three Months Ended Net income Less income from discontinued operations, net of tax Income from continuing operations Provision for income taxes Cash paid for income taxes Amortization of acquisition-related intangible assets (other than software) Restructuring1 Costs related to public offerings2 Adjusted net income $109 7 $102 13 (6) 3 - 1 $113 1 Represents the costs incurred for workforce reductions and branch closure or consolidations. These costs include occupancy costs, severance, and other costs incurred to exit a location. 2 Represents the costs expensed in connection with Holdings’ public offerings. $48 17 $31 16 (6) 27 3 - $71 194,227 200,454 $0.37 $0.35 August 2, 2015 August 3, 2014 |
