Brown-Forman Reports Solid Year-to-Date Results; Reaffirms Full Year Outlook

LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) reported results for
the third quarter and nine months of fiscal 2019, ended January 31,
2019. For the third quarter, the company’s reported net sales1
increased 3% to $904 million (+4% on an underlying basis2)
compared to the same prior-year period. The company estimates that
underlying net sales growth in the third quarter was negatively impacted
by one percentage point due to lower net prices to distributors in
certain markets to offset the incremental cost of tariffs. In the
quarter, reported operating income grew 4% to $320 million (+4% on an
underlying basis) and diluted earnings per share grew 20% to $0.47.

For the first nine months of the fiscal year, the company’s reported net
sales increased 3% to $2,580 million (+5% on an underlying basis).
Reported net sales growth was negatively impacted by three percentage
points from foreign exchange. The company estimates that year-to-date
underlying net sales growth was negatively impacted by almost one
percentage point due to tariff-related lower net prices. Year-to-date
reported operating income grew 2% to $916 million (+4% on an underlying
basis) and diluted earnings per share of $1.40 increased 12%.

Lawson Whiting, the company’s Chief Executive Officer, said, “Our
portfolio of premium spirits brands delivered solid rates of sustained
sales growth, led by the strength of our bourbon and tequila brands, as
well as the international expansion of the Jack Daniel’s trademark. We
remain on track to deliver another strong year of results as cost
discipline helped offset some of the large burden we are absorbing due
to the retaliatory tariffs on American whiskey.” Whiting added, “The
growth opportunity for our brand portfolio remains significant, and our
teams around the world are executing on our long-term growth strategy.”

Year-to-date Fiscal 2019 Highlights

  • Underlying net sales grew 5% (+3% reported), with broad-based
    geographic3 and portfolio contribution:

    • Underlying net sales in the emerging markets grew by 10% (+3%
      reported), developed international markets by 4% (flat reported),
      and the United States by 4% (+3% reported)
    • The Jack Daniel’s family of brands grew underlying net sales 4%
      (+2% reported), including 2% underlying net sales growth (flat
      reported) for Jack Daniel’s Tennessee Whiskey
    • Super-premium American whiskey brands grew underlying net sales
      24% (+21% reported), including 24% underlying net sales growth
      from Woodford Reserve (+21% reported)
    • Herradura and el Jimador grew underlying net sales 14% and 15%,
      respectively (+9% and +11% reported)
  • Underlying operating income grew 4% (+2% reported) and earnings per
    share increased 12% to $1.40
  • The company repurchased $78 million of common stock during the three
    months ended January 31, 2019

Year-to-date Fiscal 2019 Results By Market –
Balanced Geographic Delivery of Growth

The company delivered solid, broad-based growth around the world, with
the strongest results coming from the emerging markets, as well as
continued mid-single digit growth in the developed world.

Year-to-date underlying net sales in the United States grew 4% (+3%
reported). Sales growth continued to accelerate quarter over quarter in
fiscal 2019, resulting in 5% underlying net sales growth in the third
quarter (7% reported), as back half weighted activities began to take
hold in the marketplace. According to six and twelve month syndicated
data, Brown-Forman’s value-based consumer takeaway3 trends
are in the mid-single digit range. The company’s premium bourbons,
Woodford Reserve and Old Forester, remained standout performers in the
United States delivering strong double-digit underlying net sales
growth. Sales growth for the Jack Daniel’s family of brands including
Jack Daniel’s Tennessee Whiskey, Gentleman Jack, Jack Daniel’s RTD/RTP
products, Jack Daniel’s Tennessee Fire and Jack Daniel’s Tennessee Honey
also accelerated sequentially. Herradura and el Jimador tequilas grew
aggregate underlying net sales double-digits due to continued
investments in the brands and favorable category momentum.

Underlying net sales in the company’s developed international markets
grew 4% (flat reported), driven primarily by volume gains. This growth
was suppressed by approximately two points from the previously mentioned
tariff-related lower net prices, primarily in Europe. Germany and
Australia delivered very strong underlying net sales growth of 13% (+9%
reported) and 7% (flat reported), respectively. Spain’s year-to-date
underlying net sales grew double-digits as results continued to benefit
from the fiscal 2018 transition to owned distribution. The United
Kingdom and France were up modestly, delivering underlying net sales
growth of 3% (-5% reported) and 1% (-1% reported), respectively.
Canada’s underlying net sales declined 5% (-10% reported) due to a
change in our selling and marketing structure.

Underlying net sales in the company’s emerging markets grew 10% (+3%
reported) on top of last year’s underlying net sales growth of 15% (+19%
reported). Mexico remained the largest growth driver, with underlying
net sales up 15% (+5% reported), fueled by strong gains across the
portfolio of tequila brands, including Herradura, New Mix and el
Jimador, as well as continued growth from the Jack Daniel’s family of
brands. Brazil grew underlying net sales 27% (-6% reported) due to
strong demand for Jack Daniel’s Tennessee Whiskey. Poland delivered
underlying net sales growth of 1% (+2% reported) as double-digit gains
for Jack Daniel’s Tennessee Whiskey were largely offset by soft results
for Finlandia. Russia experienced a 4% increase in underlying net sales
(+24% reported). Turkey’s underlying net sales declined low
single-digits, while reported net sales were down significantly due to
adverse foreign exchange. Several other emerging markets, including
Southeast Asia, China, Ukraine and India delivered double-digit
underlying net sales growth during the first nine months of fiscal 2019.

Travel Retail delivered solid year-to-date results, with underlying net
sales up 6% (+1% reported). Growth was led by increased demand for
Woodford Reserve, expansion of GlenDronach and BenRiach, as well as new
product launches, including Jack Daniel’s Bottled-in-Bond and Jack
Daniel’s Tennessee Rye.

Year-to-date Fiscal 2019 Results By Brand –
Strong Growth in American Whiskey and Tequila

The company’s underlying net sales growth was driven by strong global
demand for American whiskey. The Jack Daniel’s family of brands grew
underlying net sales 4% (+2% reported) globally, and was negatively
impacted by approximately one percentage point due to tariff-related
lower net prices. Jack Daniel’s Tennessee Whiskey experienced 2%
underlying net sales growth (flat reported), driven by volume gains.
Gentleman Jack grew underlying net sales 8% (+8% reported). Jack
Daniel’s Tennessee Honey’s underlying net sales gained 6% (+6% reported)
and Jack Daniel’s Tennessee Fire increased underlying net sales 6% (+5%
reported), fueled by continued global growth for both brands. Jack
Daniel’s RTD/RTP business delivered underlying net sales growth of 8%
(+3% reported) despite difficult comparisons against last year’s high
rates of growth.

Brown-Forman’s portfolio of super-premium American whiskey brands,
including Woodford Reserve, Jack Daniel’s Single Barrel and Gentleman
Jack, delivered 24% underlying net sales growth (+21% reported), as
category trends remain favorable. Woodford Reserve grew underlying net
sales 24% (+21% reported) and is enjoying out-sized growth as the leader
in the super-premium bourbon category. Old Forester grew net sales
double-digits due to volumetric gains and favorable price/mix.

el Jimador grew underlying net sales by 15% (+11% reported), propelled
by volume growth and higher prices in the United States as well as
strong takeaway trends in Mexico after repositioning the brand in the
premium space over the last few years. Herradura grew underlying net
sales by 14% (+9% reported), with double-digit gains in the United
States and Mexico fueled by continued consumer demand for Herradura
Ultra. New Mix’s underlying net sales grew double-digits, helped by new
SKUs and innovation including the launch of New Mix Mineral.

Finlandia vodka’s underlying net sales declined 7% (-9% reported). The
decrease in underlying net sales was driven by a competitive retail
environment for vodka in Poland and the tough prior year comparison when
we changed to a new distributor in Russia.

Other P&L Items

Company-wide price/mix contributed two percentage points to the 5%
underlying net sales growth (+3% reported) during the first nine months
of the year. Underlying gross profit grew 3% (flat reported), and was
held back by the cost of absorbing tariffs and higher input costs.
Year-to-date reported gross margins declined 190bps to 65.3%, with
approximately 130bps of the decline due to tariffs.

Underlying advertising spend increased 3% (-2% reported) year-to-date as
the company made investments across the brand portfolio, including Jack
Daniel’s Tennessee Whiskey, the first year of the Woodford Reserve
Kentucky Derby sponsorship, and this past summer’s opening of the Old
Forester distillery and homeplace. Underlying SG&A declined 2% (-4%
reported), driven by a continued focus on cost discipline and efficiency
gains, as well as declines in compensation-related costs. The company
delivered underlying operating income growth of 4% (+2% reported).
Foreign exchange negatively impacted reported operating income growth by
three percentage points.

Financial Stewardship

On January 29, 2019, Brown-Forman declared a regular quarterly cash
dividend of $0.166 per share on the Class A and Class B common stock,
equating to an annualized cash dividend of $0.664 per share. The
quarterly cash dividend is payable on April 1, 2019 to stockholders of
record on March 4, 2019. Brown-Forman has paid regular quarterly cash
dividends for 73 consecutive years and has increased the dividend for 35
consecutive years.

During the third quarter of fiscal 2019, the company repurchased a total
of 1.6 million Class A and Class B shares for $78 million, at an average
price of $48 per share. These repurchases completed the company’s $200
million share repurchase program.

As of January 31, 2019, total debt was $2,508 million compared to $2,556
million as of April 30, 2018.

Fiscal Year 2019 Outlook

The competitive landscape in the developed world remains intense, and
recently enacted retaliatory tariffs on American whiskey have created
additional uncertainty around the company’s near-term outlook, making it
difficult to accurately predict future results. Assuming tariffs remain
in place for the full fiscal year, the company currently anticipates:

  1. Underlying net sales growth of 6% to 7%.
  2. Modest declines in underlying SG&A and underlying A&P growth roughly
    in-line with net sales gains.
  3. Underlying operating income growth of 4% to 6%.
  4. Diluted earnings per share of $1.65 to $1.75.

Conference Call Details

Brown-Forman will host a conference call to discuss these results at
10:00 a.m. (EST) today. All interested parties in the United States are
invited to join the conference call by dialing 888-624-9285 and asking
for the Brown-Forman call. International callers should dial
+1-706-679-3410. The company suggests that participants dial in ten
minutes in advance of the 10:00 a.m. (EST) start of the conference call.
A live audio broadcast of the conference call, and the accompanying
presentation slides, will also be available via Brown-Forman’s Internet
website, http://www.brown-forman.com/,
through a link to “Investors/Events & Presentations.” For those unable
to participate in the live call, the digital audio recording of the
conference call and the presentation slides will also be posted on the
website. The replay will be available for at least 30 days following the
conference call.

For nearly 150 years, Brown-Forman Corporation has enriched the
experience of life by responsibly building fine quality beverage alcohol
brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s RTDs,
Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman
Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador,
Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix,
Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach and Slane.
Brown-Forman’s brands are supported by over 4,800 employees and sold in
more than 170 countries worldwide. For more information about the
company, please visit http://www.brown-forman.com/.

Important Information on Forward-Looking Statements:

This press release contains statements, estimates, and projections that
are “forward-looking statements” as defined under U.S. federal
securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,”
“can,” “continue,” “could,” “envision,” “estimate,” “expect,”
“expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,”
“pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words
indicate forward-looking statements, which speak only as of the date we
make them. Except as required by law, we do not intend to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. By their nature,
forward-looking statements involve risks, uncertainties, and other
factors (many beyond our control) that could cause our actual results to
differ materially from our historical experience or from our current
expectations or projections. These risks and uncertainties include, but
are not limited to:

  • Unfavorable global or regional economic conditions and related low
    consumer confidence, high unemployment, weak credit or capital
    markets, budget deficits, burdensome government debt, austerity
    measures, higher interest rates, higher taxes, political instability,
    higher inflation, deflation, lower returns on pension assets, or lower
    discount rates for pension obligations
  • Risks associated with being a U.S.-based company with global
    operations, including commercial, political, and financial risks;
    local labor policies and conditions; protectionist trade policies, or
    economic or trade sanctions, including potential retaliatory tariffs
    on American spirits and the effectiveness of our actions to mitigate
    the negative impact on our sales and distributors; compliance with
    local trade practices and other regulations, including anti-corruption
    laws; terrorism; and health pandemics
  • Fluctuations in foreign currency exchange rates, particularly a
    stronger U.S. dollar
  • Changes in laws, regulations, or policies – especially those that
    affect the production, importation, marketing, labeling, pricing,
    distribution, sale, or consumption of our beverage alcohol products
  • Tax rate changes (including excise, sales, VAT, tariffs, duties,
    corporate, individual income, dividends, or capital gains) or changes
    in related reserves, changes in tax rules or accounting standards, and
    the unpredictability and suddenness with which they can occur
  • The impact of the U.S. tax reform legislation, including as a result
    of future regulations and guidance interpreting the statute
  • Dependence upon the continued growth of the Jack Daniel’s family of
    brands
  • Changes in consumer preferences, consumption, or purchase patterns –
    particularly away from larger producers in favor of small distilleries
    or local producers, or away from brown spirits, our premium products,
    or spirits generally, and our ability to anticipate or react to them;
    legalization of marijuana use on a more widespread basis; shifts in
    consumer purchase practices from traditional to e-commerce retailers;
    bar, restaurant, travel, or other on-premise declines; shifts in
    demographic or health and wellness trends; or unfavorable consumer
    reaction to new products, line extensions, package changes, product
    reformulations, or other product innovation
  • Decline in the social acceptability of beverage alcohol in significant
    markets
  • Production facility, aging warehouse, or supply chain disruption
  • Imprecision in supply/demand forecasting
  • Higher costs, lower quality, or unavailability of energy, water, raw
    materials, product ingredients, labor, or finished goods
  • Route-to-consumer changes that affect the timing of our sales,
    temporarily disrupt the marketing or sale of our products, or result
    in higher fixed costs
  • Inventory fluctuations in our products by distributors, wholesalers,
    or retailers
  • Competitors’ and retailers’ consolidation or other competitive
    activities, such as pricing actions (including price reductions,
    promotions, discounting, couponing, or free goods), marketing,
    category expansion, product introductions, or entry or expansion in
    our geographic markets or distribution networks
  • Risks associated with acquisitions, dispositions, business
    partnerships, or investments – such as acquisition integration,
    termination difficulties or costs, or impairment in recorded value
  • Inadequate protection of our intellectual property rights
  • Product recalls or other product liability claims, or product
    counterfeiting, tampering, contamination, or quality issues
  • Significant legal disputes and proceedings, or government
    investigations
  • Failure or breach of key information technology systems
  • Negative publicity related to our company, brands, marketing,
    personnel, operations, business performance, or prospects
  • Failure to attract or retain key executive or employee talent
  • Our status as a family “controlled company” under New York Stock
    Exchange rules, and our dual class share structure

For further information on these and other risks, please refer to the
“Risk Factors” section of our annual report on Form 10-K and quarterly
reports on Form 10-Q filed with the Securities and Exchange Commission.

 

Brown-Forman Corporation
Unaudited Consolidated
Statements of Operations
For the Three Months Ended
January 31, 2018 and 2019
(Dollars in millions, except
per share amounts)

 
      2018     2019     Change
 
Net sales $ 878 $ 904 3 %
Cost of sales 291   333   14 %
Gross profit 587 571 (3 %)
Advertising expenses 112 103 (8 %)
Selling, general, and administrative expenses 173 149 (13 %)
Other expense (income), net (4 ) (1 )
Operating income 306 320 4 %
Non-operating postretirement expense 2 15
Interest expense, net 15   21  
Income before income taxes 289 284 (2 %)
Income taxes 99   57  
Net income $ 190   $ 227   19 %
 
Earnings per share:
Basic $ 0.39 $ 0.47 20 %
Diluted $ 0.39 $ 0.47 20 %
 
Gross margin 66.8 % 63.1 %
Operating margin 34.9 % 35.3 %
 
Effective tax rate 34.4 % 20.3 %
 
Cash dividends paid per common share $ 0.158 $ 0.166
 

Shares (in thousands) used in the calculation of earnings per share

Basic 480,361 477,301
Diluted 484,244 480,099
 
 

Brown-Forman Corporation
Unaudited Consolidated
Statements of Operations
For the Nine Months Ended
January 31, 2018 and 2019
(Dollars in millions, except
per share amounts)

 
      2018     2019     Change
 
Net sales $ 2,515 $ 2,580 3 %
Cost of sales 825   896   9 %
Gross profit 1,690 1,684 0 %
Advertising expenses 308 303 (2 %)
Selling, general, and administrative expenses 496 478 (4 %)
Other expense (income), net (15 ) (13 )
Operating income 901 916 2 %
Non-operating postretirement expense 7 19
Interest expense, net 45   61  
Income before income taxes 849 836 (2 %)
Income taxes 242   160  
Net income $ 607   $ 676   11 %
 
Earnings per share:
Basic $ 1.26 $ 1.41 12 %
Diluted $ 1.25 $ 1.40 12 %
 
Gross margin 67.2 % 65.3 %
Operating margin 35.8 % 35.5 %
 
Effective tax rate 28.5 % 19.2 %
 
Cash dividends per common share:
Declared $ 1.608 $ 0.648
Paid $ 0.450 $ 0.482
 

Shares (in thousands) used in the calculation of earnings per share

Basic 480,193 479,522
Diluted 483,511 482,665
 
 

Brown-Forman Corporation
Unaudited Condensed
Consolidated Balance Sheets
(Dollars in millions)

 
     

April 30,

2018

   

January 31,

2019

Assets:
Cash and cash equivalents $ 239 $ 260
Accounts receivable, net 639 737
Inventories 1,379 1,471
Other current assets 298 287
Total current assets 2,555 2,755
 
Property, plant, and equipment, net 780 801
Goodwill 763 754
Other intangible assets 670 651
Other assets 208 202
Total assets $ 4,976 $ 5,163
 
Liabilities:
Accounts payable and accrued expenses $ 581 $ 587
Dividends payable 79
Accrued income taxes 25 22
Short-term borrowings 215 207
Total current liabilities 821 895
 
Long-term debt 2,341 2,301
Deferred income taxes 85 119
Accrued postretirement benefits 191 198
Other liabilities 222 157
Total liabilities 3,660 3,670
 
Stockholders’ equity 1,316 1,493
 
Total liabilities and stockholders’ equity $ 4,976 $ 5,163
 
 

Brown-Forman Corporation
Unaudited Condensed
Consolidated Statements of Cash Flows
For the Nine Months
Ended January 31, 2018 and 2019
(Dollars in millions)

 
      2018     2019
 
Cash provided by operating activities $ 582 $ 577
 
Cash flows from investing activities:
Additions to property, plant, and equipment (100 ) (84 )
Other (21 ) (2 )
Cash used for investing activities (121 ) (86 )
 
Cash flows from financing activities:
Net change in short-term borrowings 111 (13 )
Repayment of long-term debt (250 )
Acquisition of treasury stock (1 ) (206 )
Dividends paid (216 ) (231 )
Other (24 ) (8 )
Cash used for financing activities (380 ) (458 )
 
Effect of exchange rate changes on cash and cash equivalents 24   (12 )
 
Net increase (decrease) in cash and cash equivalents 105 21
 
Cash and cash equivalents, beginning of period 182   239  
 
Cash and cash equivalents, end of period $ 287   $ 260  
 
 

Schedule A

 
Brown-Forman Corporation
Supplemental Information (Unaudited)
         
Three Months Ended   Nine Months Ended Fiscal Year Ended
January 31, 2019   January 31, 2019 April 30, 2018
 
 
 
Reported change in net sales 3% 3% 8%
New accounting standard —% 1% —%
Foreign exchange 3% 3% (1)%
Estimated net change in distributor inventories (2)% (1)% (1)%
 
Underlying change in net sales 4%   5% 6%
 
 
Reported change in gross profit (3)% —% 9%
New accounting standard —% 1% —%
Foreign exchange 3% 3% (2)%
Estimated net change in distributor inventories (1)% (1)% (1)%
 
Underlying change in gross profit (1)%   3% 6%
 
Reported change in advertising expenses (8)% (2)% 8%
New accounting standard 2% 3% —%
Foreign exchange 2% 2% (3)%
 
Underlying change in advertising expenses (4)%   3% 6%
 
Reported change in SG&A (13)% (4)% 15%
New accounting standard 1% 1% —%
Foundation —% —% (11)%
Foreign exchange 2% 1% (2)%
 
Underlying change in SG&A (11)%   (2)% 3%
 
Reported change in operating income 4% 2% 5%
New accounting standard (2)% —% —%
Foundation —% —% 7%
Foreign exchange 5% 3% (2)%
Estimated net change in distributor inventories (4)% (1)% (2)%
 
Underlying change in operating income 4% 4% 8%
   
Note: Totals may differ due to rounding
 

See “Note 2 – Non-GAAP Financial Measures” for details on our use
of Non-GAAP financial measures, how these measures are calculated
and the reasons why we believe this information is useful to
readers.

 

Note – The growth rates for fiscal 2018 above agree to our fiscal
2018 Form 10-K and do not reflect the impact from the adoption of
the ASU 2017-07 accounting standard (related to pension), which we
adopted effective May 1, 2018.  The retrospective adjustment for
ASU 2017-07 will increase our fiscal 2018 SG&A growth to +17%
reported (+5% underlying) and will decrease our operating income
growth to +4% reported (+6% underlying).

 
 

Schedule B

 

Brown-Forman Corporation
Supplemental Brand
Information (Unaudited)

Nine Months Ended January 31,
2019

 
    % Change vs. Prior Year Period

Brand3

Depletions3   Net Sales2
   

9-Liter

 

Drinks

Equivalent3

 

Reported

 

New

Accounting

Standard

 

Foreign

Exchange

 

Estimated Net

Change in

Distributor

Inventories

 

Underlying

Whiskey     4%   4%   3%   —%   2%   (1)%   5%
Jack Daniel’s Family of Brands     4%   4%   2%   —%   3%   (1)%   4%
Jack Daniel’s Tennessee Whiskey     3%   3%   —%   —%   3%   (1)%   2%
Jack Daniel’s RTD/ RTP     5%   5%   3%   —%   5%   —%   8%
Jack Daniel’s Tennessee Honey     6%   6%   6%   1%   3%   (2)%   6%
Gentleman Jack     8%   8%   8%   1%   2%   (2)%   8%
Jack Daniel’s Tennessee Fire     7%   7%   5%   1%   1%   (1)%   6%
Other Jack Daniel’s Whiskey Brands     28%   28%   6%   —%   2%   8%   16%
Woodford Reserve     22%   22%   21%   1%   1%   2%   24%
Rest of Whiskey     (5)%   (5)%   4%   1%   —%   2%   8%
Tequila     6%   9%   8%   2%   4%   (1)%   13%
el Jimador     9%   9%   11%   2%   3%   (1)%   15%
Herradura     12%   12%   9%   3%   3%   (1)%   14%
Rest of Tequila     5%   7%   5%   1%   6%   —%   11%
Vodka     (1)%   (1)%   (9)%   —%   4%   (3)%   (7)%
Wine     —%   —%   (1)%   1%   —%   —%   —%
Rest of Portfolio     (8)%   (8)%   (16)%   —%   12%   1%   (3)%
Subtotal     4%   3%   2%   1%   3%   (1)%   5%
Non-Branded and Bulk     NM   NM   14%   —%   —%   —%   14%
Total Portfolio     4%   3%   3%   1%   3%   (1)%   5%

Other Brand Aggregations

                             
American whiskey     4%   4%   3%   —%   3%   (1)%   5%
Super-premium American whiskey     23%   23%   21%   1%   1%   2%   24%
Old Forester & Woodford Reserve     20%   20%   20%   1%   —%   2%   24%
el Jimador, Herradura, & New Mix     6%   9%   8%   2%   4%   (1)%   13%
 

See “Note 2 – Non-GAAP Financial Measures” for details on our use
of Non-GAAP financial measures, how these measures are calculated
and the reasons why we believe this information is useful to
readers.

 

Note: Totals may differ due to rounding

 

Contacts

Rob Frederick
Vice President
Corporate Communications
502-774-7707

Jay
Koval
Vice President
Investor Relations
502-774-6903

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