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    PFSW   US7170982067

PFSWEB, INC.

(PFSW)
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PFSweb Reports Fourth Quarter and Full Year 2020 Results and Issues 2021 Outlook

03/25/2021 | 06:31am EDT

ALLEN, Texas, March 25, 2021 (GLOBE NEWSWIRE) -- PFSweb, Inc. (NASDAQ: PFSW), a global commerce services company, is reporting results for the fourth quarter and full year ended December 31, 2020, and is providing a financial outlook for 2021.

“Our fourth quarter financial performance reflects the operational momentum we built throughout 2020, with record holiday fulfillment volumes in PFS and continued execution in LiveArea,” said Mike Willoughby, CEO of PFSweb. “We generated strong growth across both business units as we continued to experience robust eCommerce and holiday demand tailwinds. While we operated at an even larger scale than usual throughout the year—particularly during the holiday season—our teams delivered high levels of performance for our clients and their customers. We are proud to have built such a flexible and differentiated platform to support our clients during an unprecedented year and are excited about our continued opportunities for growth in both business segments.”

Q4 2020 Highlights vs. Q4 2019

  • Total revenues increased 25% to $106.3 million.
  • Service fee equivalent (SFE) revenue (a non-GAAP measure defined and reconciled below) increased 29% to $81.5 million.
  • Service fee gross margin was 27.1% compared to 32.5%.
  • Net loss was $1.5 million or $(0.07) per share, compared to a net income of $1.6 million or $0.08.
  • Adjusted EBITDA (a non-GAAP measure defined and reconciled below) was $4.5 million compared to $6.3 million.

Full Year 2020 Highlights vs. Full Year 2019

  • Total revenues increased 16% to $342.5 million.
  • Service fee equivalent (SFE) revenue (a non-GAAP measure defined and reconciled below) increased 20% to $258.9 million.
  • Service fee gross margin was 31.9% compared to 33.9%.
  • Net loss was $5.5 million or $(0.28) per share, compared to a net loss of $2.2 million or $(0.11).
  • Adjusted EBITDA (a non-GAAP measure defined and reconciled below) increased 18% to $19.1 million compared to $16.2 million.

Willoughby continued: “In PFS, our operational agility allowed us to quickly scale and ramp our resources to meet heightened holiday order volumes. Less than three months after opening, our new PFS fulfillment center in Dallas was operating at full capacity, and our new fulfillment center in Liège also performed at high levels to accommodate accelerating European volumes. We deployed our CloudPickTM based solution into one of our global client’s European distribution facilities to augment our expanded capacity for that client and support over 10% of our client’s European order volume during the holiday period. We also rapidly deployed our RetailConnectTM solution into five stores for an existing client during the holiday period to enable our client to scale up orders fulfilled from their stores, leading to a full production roll-out of RetailConnectTM across their US store footprint in 2021.

“Throughout the year, we took further measures to maintain our continuous sanitation practices needed to keep our facilities optimally safe and productive. While these COVID-19 safety measures and increased fulfillment-related labor rates for both permanent and temporary frontline workers pressured our margins over the period, preserving the health of our team and ensuring high levels of performance for our clients were our top priorities.

“The strategic investments we have made in LiveArea have further expanded the resources we can offer our clients and prospects as they adapt to an evolving eCommerce environment. Under our strengthened sales and marketing leadership, our fourth quarter LiveArea bookings rebounded to their second highest level in company history. Our sales cycle continues to recover strongly from the pandemic-related disruptions we faced in the middle of 2020. With the strong backlog and record sales pipeline we have built going into 2021, we look forward to leveraging our comprehensive platform to support our growth as we offer premium digital customer experiences around the globe.

“As we look to the rest of 2021, we believe our operational discipline and adaptability have positioned both segments for continued strong execution. We currently expect to perform within our targeted range of 10-15% for LiveArea service fee revenue growth, and we also expect to perform within our targeted range of 5-10% for PFS service fee revenue growth despite year-over-year comparisons against a record setting 2020. We are also targeting moderate PFSweb adjusted EBITDA margin expansion as our revenue mix in LiveArea increases and we gain operating leverage in PFS, offset by continued increased fulfillment-related labor rates and sanitation costs as well as costs associated with opening our new Las Vegas distribution facility.”

Fourth Quarter 2020 Financial Results
Total revenues in the fourth quarter of 2020 increased 25% to $106.3 million compared to $85.4 million in the same period of 2019. Service fee revenue in the fourth quarter increased 29% to $81.5 million compared to $63.0 million in the same period of 2019. Product revenue from the company’s last remaining client under this legacy business model was $5.2 million compared to $6.4 million in the same period of 2019.

SFE revenue in the fourth quarter of 2020 increased 29% to $81.5 million compared to $63.4 million in the same period of 2019. The increase was primarily driven by robust levels of fulfillment activity in PFS, as well as continued growth in LiveArea.

Service fee gross margin in the fourth quarter of 2020 was 27.1% compared to 32.5% in the same period of 2019. The decrease was primarily attributable to changes in revenue mix, with the lower gross margin PFS segment generating an increased percentage of the overall service fee revenue, and increased fulfillment-related labor rates and sanitation costs during the quarter. Additionally, our gross margin for the PFS segment was negatively impacted by reduced IT related project, startup and technology related activity. As a result, fourth quarter gross margin for PFS came in below the segment’s typical 25% to 30% guidance range, while LiveArea’s gross margin remained within the segment’s typical 40% to 50% range.

Net loss in the fourth quarter of 2020 was $1.5 million or $(0.07) per share compared to a net income of $1.6 million or $0.08 in the same period of 2019. Net loss included the impact of $1.9 million of stock-based compensation expense in the fourth quarter of 2020 as compared to $0.8 million of stock-based compensation expense in the same period of 2019.

Adjusted EBITDA in the fourth quarter of 2020 was $4.5 million compared to $6.3 million in the same period of 2019. The decrease was primarily driven by expected cost increases in the PFS segment applicable to fulfillment-related labor rates and sanitation costs and other preparations for the holiday season, as well as reduced IT related project, startup and technology related activity. Additionally, operating expenses increased as compared to the prior year primarily related to increased personnel related expenses, including costs associated with supporting the ongoing growth and strategic investments in the LiveArea segment. As a percentage of SFE revenue, adjusted EBITDA margin was 5.5% compared to 9.9% in the same period of 2019.

Non-GAAP net income (a non-GAAP measure defined and reconciled below) in the fourth quarter of 2020 was $1.6 million compared to $3.0 million in the same period of 2019.

At December 31, 2020, net debt (a non-GAAP measure defined and reconciled below as total debt, excluding operating lease liabilities, less cash and cash equivalents) was $31.7 million compared to $25.4 million at December 31, 2019.

Cash and cash equivalents at December 31, 2020 totaled $10.8 million compared to $12.4 million at December 31, 2019, and total debt was $42.5 million compared to $37.8 million at the end of last year.

Full Year 2020 Financial Results
Total revenues in 2020 increased 16% to $342.5 million compared to $294.0 million in 2019. Service fee revenue in 2020 increased 20% to $257.7 million compared to $214.4 million in 2019. Product revenue from the company’s last remaining client under this legacy business model was $22.9 million compared to $26.6 million in 2019.

SFE revenue in 2020 increased 20% to $258.9 million compared to $215.8 million in 2019. The increase was primarily driven by heightened fulfillment activity in PFS throughout the year, as well as double-digit growth in LiveArea.

Service fee gross margin in 2020 was 31.9% compared to 33.9% in 2019. The decrease was primarily attributable to changes in revenue mix and increased fulfillment-related costs throughout the year, as well as reduced IT project, startup and technology related activity in the PFS segment. Gross margins for both segments continued to be within the guidance range of 25% to 30% for the PFS segment and 40% to 50% for the LiveArea segment.

Net loss in 2020 was $5.5 million or $(0.28) per share compared to a net loss of $2.2 million or $(0.11) in 2019.

Adjusted EBITDA in 2020 increased 18% to $19.1 million compared to $16.2 million in 2019. The increase was primarily due to the aforementioned strong growth in SFE revenue. As a percentage of SFE revenue, adjusted EBITDA margin was 7.4% compared to 7.5% in 2019.

Non-GAAP net income (a non-GAAP measure defined and reconciled below) increased 100% to $7.9 million in 2020 compared to $3.9 million in 2019.

2021 Outlook
With strong eCommerce demand driving heightened fulfillment volumes in the company’s PFS segment, as well as LiveArea’s record and expanding pipeline, PFSweb expects to achieve 2021 LiveArea service fee revenue growth of 10% to 15% compared to 2020. For the PFS segment, the company expects to generate 5% to 10% service fee revenue growth compared to 2020. In line with its continued focus on cost management, PFSweb also expects moderate consolidated adjusted EBITDA margin expansion in 2021 when compared to the prior year.

Conference Call
PFSweb will conduct a conference call today at 8:30 a.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2020.

PFSweb management will host the conference call, followed by a question and answer period.

Date: Thursday March 25, 2021
Time: 8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Toll-free dial-in number: (866) 220-4153
International dial-in number: (864) 663-5228
Conference ID: 2475935

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website at www.pfsweb.com.

A replay of the conference call will be available after 11:30 a.m. Eastern time on the same day through April 8, 2021.

Toll-free replay number: (855) 859-2056
International replay number: (404) 537-3406
Replay ID: 2475935

About PFSweb, Inc.
PFSweb (NASDAQ: PFSW) is a global commerce services company that manages the online customer shopping experience on behalf of major branded manufacturers and retailers. Across two business units – LiveArea for data-driven marketing and omnichannel experience design through technology selection, platform implementation and orchestrated services, and PFS for order fulfillment, contact center, payment processing/fraud management, and order management services – they provide solutions to a broad range of Fortune 500® companies and household brand names such as Procter & Gamble, L’Oréal USA, ASICS, Pandora, Ralph Lauren, Shiseido Americas, the United States Mint, and many more. PFSweb enables these brands to provide a more convenient and brand-centric online shopping experience through both traditional and online business channels. The company is headquartered in Allen, TX with additional locations around the globe. For more information, visit www.pfsweb.com.

Non-GAAP Financial Measures
This news release contains certain non-GAAP measures, including non-GAAP net income (loss), net debt, earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and service fee equivalent revenue.

Non-GAAP net income (loss) represents net income (loss) calculated in accordance with U.S. GAAP as adjusted for the impact of non-cash stock-based compensation expense, acquisition-related, restructuring and other costs (including certain client related bankruptcy costs), amortization of acquisition-related intangible assets and deferred tax expense for goodwill amortization.

EBITDA represents earnings (or losses) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of stock-based compensation, as well as acquisition-related, restructuring, and other costs (including certain client related bankruptcy costs).

Service fee equivalent revenue represents service fee revenue plus the gross profit earned on product revenue and does not alter existing revenue recognition.

Non-GAAP net income (loss), EBITDA, adjusted EBITDA and service fee equivalent revenue are used by management, analysts, investors and other interested parties in evaluating our operating performance compared to that of other companies in our industry. The calculation of non-GAAP net income (loss) eliminates the effect of stock-based compensation, acquisition-related, restructuring and other costs (including certain client related bankruptcy costs), amortization of acquisition-related intangible assets, and deferred tax expense for goodwill amortization, and EBITDA and adjusted EBITDA further eliminate the effect of financing, remaining income taxes and the accounting effects of capital spending, which items may vary from different companies for reasons unrelated to overall operating performance. Service fee equivalent revenue allows client contracts with similar operational support models but different financial models to be combined as if all contracts were being operated on a service fee revenue basis.

Net debt represents total debt, excluding operating lease liabilities, less cash and cash equivalents.

PFS believes these non-GAAP measures provide useful information to both management and investors by focusing on certain operational metrics and excluding certain expenses in order to present its core operating performance and results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the GAAP results in the attached tables.

Forward-Looking Statements
The matters discussed herein consist of forward-looking information under the Private Securities Litigation Reform Act of 1995 and is subject to and involves risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. You can identify these forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “potential,” “project,” “seek,” “strive,” “predict,” “continue,” “target,” and “estimate” and other similar expressions. These forward-looking statements involve risks and uncertainties and may include assumptions as to how we may perform in the future, including the impact of the COVID-19 pandemic on our business, results of operations and global economic conditions. Although we believe the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee these expectations will actually be achieved. PFS' Annual Report on Form 10-K, as amended, for the year ended December 31, 2019 and any subsequent amendments or quarterly reports on Form 10-Q identify certain factors that could cause actual results to differ materially from those projected in any forward looking statements made and investors are advised to review the periodic reports of the company and the Risk Factors described therein. PFS undertakes no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future. There may be additional risks that we do not currently view as material or that are not presently known.

Company Contact:
Michael C. Willoughby
Chief Executive Officer
Or
Thomas J. Madden
Chief Financial Officer
1-972-881-2900

Investor Relations:
Sean Mansouri, CFA
Gateway Investor Relations
1-949-574-3860
PFSW@gatewayir.com


    
PFSweb, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
    
    
 December 31, December 31,
  2020   2019 
ASSETS   
Current assets:   
Cash and cash equivalents$10,751  $12,434 
Restricted cash 214   214 
Accounts receivable, net of allowance for doubtful accounts of $1,465 and $1,071 at December 31, 2020 and December 31, 2019, respectively 80,778   72,262 
Related party receivable 730   - 
Inventories, net of reserves of $96 and $291 at December 31, 2020 and December 31, 2019, respectively 3,644   3,281 
Other receivables 3,758   3,324 
Prepaid expenses and other current assets 8,694   6,954 
Total current assets 108,569   98,469 
    
Property and equipment, net 19,178   18,436 
Operating lease right-of-use assets, net 34,982   36,403 
Identifiable intangibles, net 665   1,135 
Goodwill 45,615   45,393 
Other assets 4,152   3,772 
Total assets$213,161  $203,608 
    
LIABILITIES AND SHAREHOLDERS' EQUITY   
Current liabilities:   
Trade accounts payable$35,648  $44,640 
Accrued expenses 30,881   21,625 
Current portion of operating lease liabilities 9,487   8,904 
Current portion of long-term debt and capital lease obligations 3,414   2,971 
Deferred revenues 5,115   6,058 
Total current liabilities 84,545   84,198 
    
Long-term debt and capital lease obligations, less current portion 39,073   34,829 
Deferred revenue, less current portion 1,341   1,398 
Operating lease liabilities 30,553   33,295 
Other liabilities 5,286   3,046 
Total liabilities 160,798   156,766 
    
Commitments and contingencies   
    
SHAREHOLDERS' EQUITY:   
Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued or outstanding -   - 
Common stock, $0.001 par value; 35,000,000 shares authorized; 20,408,558 and 19,465,877 issued at December 31, 2020 and December 31, 2019, respectively; and 20,375,091 and 19,432,410 outstanding at December 31, 2020 and December 31, 2019, respectively 20   19 
Additional paid-in capital 168,244   158,192 
Accumulated deficit (115,447)  (109,943)
Accumulated other comprehensive income (329)  (1,301)
Treasury stock at cost, 33,467 shares (125)  (125)
Total shareholders' equity 52,363   46,842 
Total liabilities and shareholders' equity$213,161  $203,608 
    



        
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Data)
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020   2019  2020   2019 
Revenues:       
Service fee revenue$80,400  $63,010 $256,615  $214,382 
Product revenue, net 5,188   6,397  22,865   26,613 
Pass-through revenue 19,926   15,964  61,979   53,027 
Related party revenue 773   -  1,046   - 
Total revenues 106,287   85,371  342,505   294,022 
        
Costs of revenues:       
Cost of service fee revenue 59,168   42,553  175,526   141,616 
Cost of product revenue 4,862   6,041  21,594   25,158 
Cost of pass-through revenue 19,926   15,964  61,979   53,027 
Total costs of revenues 83,956   64,558  259,099   219,801 
Gross profit 22,331   20,813  83,406   74,221 
Selling, general and administrative expenses 23,050   18,005  85,351   73,334 
Income (loss) from operations (719)  2,808  (1,945)  887 
Interest expense, net 332   484  1,486   1,896 
Income (loss) before income taxes (1,051)  2,324  (3,431)  (1,009)
Income tax expense 416   722  2,073   1,161 
Net income (loss) (1,467) $1,602 $(5,504)  (2,170)
Non-GAAP net income$1,600  $2,965 $7,896  $3,946 
        
Net income (loss) per share       
Basic$(0.07) $0.08 $(0.28) $(0.11)
Diluted$(0.07) $0.08 $(0.28) $(0.11)
        
Weighted average number of shares outstanding:       
Basic 20,323   19,435  20,005   19,449 
Diluted 20,323   19,912  20,005   19,449 
        
EBITDA$1,669  $5,233 $6,721  $11,254 
Adjusted EBITDA$4,498  $6,303 $19,127  $16,188 
        



 
PFSweb, Inc. and Subsidiaries
Unaudited Reconciliation of Certain Non-GAAP Items to GAAP
(In Thousands)
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020   2019   2020   2019 
        
Net income (loss) (1,467) $1,602   (5,504)  (2,170)
Income tax expense 416   722   2,073   1,161 
Interest expense, net 332   484   1,486   1,896 
Depreciation and amortization 2,388   2,425   8,666   10,367 
EBITDA 1,669   5,233   6,721   11,254 
Stock-based compensation 1,851   846   10,785   3,028 
Acquisition-related, restructuring and other costs 978   224   1,621   1,906 
Adjusted EBITDA$4,498  $6,303  $19,127  $16,188 
        
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020   2019   2020   2019 
        
Net income (loss) (1,467) $1,602   (5,504)  (2,170)
Stock-based compensation 1,851   846   10,785   3,028 
Amortization of acquisition-related intangible assets 109   167   470   668 
Acquisition-related, restructuring and other costs 978   224   1,621   1,906 
Deferred tax expense - goodwill amortization 129   126   523   514 
Non-GAAP net income$1,600  $2,965  $7,896  $3,946 
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020   2019   2020   2019 
        
Total revenues$106,287  $85,371  $342,505  $294,022 
Pass-through revenue (19,926)  (15,964)  (61,979)  (53,027)
Cost of product revenue (4,862)  (6,041)  (21,594)  (25,158)
Service fee equivalent revenue$81,499  $63,366  $258,932  $215,837 
        



 
PFSweb, Inc. and Subsidiaries
Unaudited Consolidated Segment Information
and Reconciliation of Certain Non-GAAP Items to GAAP
(In Thousands)
        
The segment financial data for the three and twelve months ended, December 31, 2020 and 2019, reflect the financial performance for each of the segments based on the current financial presentation reviewed by the company’s Chief Operating Decision Makers. The company is continuing to evaluate its segregation of costs among the business units, including an effort to further allocate certain Corporate costs into the two operating business units to enhance cost focus and responsibility.
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020   2019   2020   2019 
PFS Operations       
Revenues:       
Service fee revenue$60,684  $43,559  $174,868  $139,490 
Product revenue, net 5,188   6,397   22,865   26,613 
Pass-through revenue 19,166   15,247   58,874   50,296 
Total revenues 85,038   65,203   256,607   216,399 
Costs of revenues:       
Cost of service fee revenue 47,878   32,084   130,275   101,108 
Cost of product revenue 4,862   6,041   21,594   25,158 
Cost of pass-through revenue 19,166   15,247   58,874   50,296 
Total costs of revenues 71,906   53,372   210,743   176,562 
Gross profit 13,132   11,831   45,864   39,837 
Direct operating expenses 7,992   6,668   30,694   28,292 
Direct contribution 5,140   5,163   15,170   11,545 
Depreciation and amortization 1,929   1,894   6,740   8,047 
Stock-based compensation 422   98   2,179   478 
Acquisition-related, restructuring and other costs 540   56   1,302   1,457 
Adjusted EBITDA$8,031  $7,211  $25,391  $21,527 
        
Total Revenues$85,038  $65,203  $256,607  $216,399 
Pass-through revenue (19,166)  (15,247)  (58,874)  (50,296)
Cost of product revenue (4,862)  (6,041)  (21,594)  (25,158)
Service fee equivalent revenue$61,010  $43,915  $176,139  $140,945 
        


 
PFSweb, Inc. and Subsidiaries
Unaudited Consolidated Segment Information
and Reconciliation of Certain Non-GAAP Items to GAAP
(In Thousands)
        
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2020   2019   2020   2019 
LiveArea Professional Services       
Revenues:       
Service fee revenue$19,716  $19,451  $81,747  $74,892 
Pass-through revenue 760   717   3,105   2,731 
Related party revenue 773   -   1,046   - 
Total revenues 21,249   20,168   85,898   77,623 
Costs of revenues:       
Cost of service fee revenue 11,290   10,469   45,251   40,508 
Cost of pass-through revenue 760   717   3,105   2,731 
Total costs of revenues 12,050   11,186   48,356   43,239 
Gross profit 9,199   8,982   37,542   34,384 
Direct operating expenses 7,964   6,502   30,135   25,137 
Direct contribution 1,235   2,480   7,407   9,247 
Depreciation and amortization 264   271   897   1,162 
Stock-based compensation 412   311   3,695   869 
Acquisition-related, restructuring and other costs 220   139   226   250 
Adjusted EBITDA$2,131  $3,201  $12,225  $11,528 
        
Corporate       
Selling, general and administrative expenses$(7,094) $(4,835) $(24,522) $(19,905)
Depreciation and amortization 195   260   1,029   1,158 
EBITDA (6,899)  (4,575)  (23,493)  (18,747)
Stock-based compensation 1,017   437   4,911   1,681 
Acquisition-related, restructuring and other costs 218   29   93   199 
Adjusted EBITDA$(5,664) $(4,109) $(18,489) $(16,867)
        

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All news about PFSWEB, INC.
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08/27PFSWEB : Closes $250 Million Sale of LiveArea Business Unit to Merkle
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08/27PFSWEB INC : Entry into a Material Definitive Agreement, Termination of a Material Definit..
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08/27DENTSU : PFSweb Completes Sale of LiveArea Business to Merkle
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Financials (USD)
Sales 2021 354 M - -
Net income 2021 1,14 M - -
Net Debt 2021 - - -
P/E ratio 2021 236x
Yield 2021 -
Capitalization 275 M 275 M -
Capi. / Sales 2021 0,78x
Capi. / Sales 2022 0,73x
Nbr of Employees 2 130
Free-Float 69,8%
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Last Close Price 13,00 $
Average target price 14,00 $
Spread / Average Target 7,69%
EPS Revisions
Managers and Directors
Michael C. Willoughby Chief Executive Officer & Director
Thomas J. Madden Chief Financial Officer & Executive Vice President
Monica Luechtefeld Chairman
Mark Fuentes Chief Information Officer & Senior Vice President
David I. Beatson Independent Director
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