The Michaels Companies, Inc.
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1 The Michaels Companies, Inc. NASDAQ: MIK Investor Presentation June 2018
2 Disclosures Forward-Looking Statements Certain statements made in this presentation and other written or oral statements made by or on behalf of The Michaels Companies, Inc. ( Michaels ) constitute forward-looking statements within the meaning of the federal securities laws, including statements regarding Michaels future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and generally contain words such as anticipate, assume, believe, continue, estimate, expect, forecast, future, guidance, imply, intend, may, outlook, plan, potential, predict, project, or similar expressions. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore Michaels actual results may differ materially from those expected. Michaels cautions you that it is very difficult to predict the impact of known factors, and it is impossible for Michaels to anticipate all factors that could affect its actual results. Important factors that could cause actual results to differ materially from Michaels expectations are disclosed under Risk Factors in the Company s Annual Report on Form 10-K for the fiscal year ended February 3, All subsequent written and oral forward-looking statements attributable to Michaels, or persons acting on its behalf, are expressly qualified in their entirety by such cautionary statements. These statements are based on current expectations and speak only as of the date they are made. Michaels does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Non-GAAP Measures To provide additional information to evaluate our operating performance, this presentation also contains various non- GAAP measures. These measures of performance and/or liquidity are not calculated in accordance with US GAAP and should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measure. Our computations of these non-gaap measures may differ from those of other companies. A reconciliation of these non-gaap measures to the most comparable GAAP measures can be found on our website. 2
3 The Michaels Companies #1 arts & crafts specialty retailer in North America (1) # 1 custom framer 1,243 stores across U.S. and Canada (1) Average store size: 18,000 sqft #1 wholesale distributor in the arts & crafts, gift and decor industry Sell through 36,000 doors Broad assortment of arts & crafts supplies, and DIY home décor 36 stores across Ohio Valley (1) Average store size: 32,000 sqft Omnichannel custom framing solution Online custom framing platform Store-within-a-store concept within Michaels Stores Offices in Ningbo and Hong Kong ~120 Team Members Largest manufacturer of highquality, custom and specialty. frames (1) Based on store count as of May 5,
4 #1 Customer Destination for Making Why MIK IS ATTRACTIVE Strong Financial Position: Retail-Leading Margins, ROIC, and Cash Flow #1 Player in a Slow Growth, Fragmented Industry Opportunity to Win Greater Share Financially Disciplined 4
5 #1 Customer Destination for Making
6 #1 Brand in the Marketplace Michaels Outranks Competitors Across Key Brand Awareness Metrics (1) 40% 21% 11% 3% Specialty Arts & Crafts Competitors 68% 51% 37% 41% 34% 23% 9% 10% Top of Mind Unaided Awareness Extremely Likely to Recommend Source: Michaels research (1) As of April 28,
7 Unique Experiential Events 2017: 1.7M Attendees 7
8 Strong Financial Position: Retail-leading Margins, ROIC, and Cash Flow
9 Strong Financial Position Revenue ($M) Adjusted Operating Margin (2) $5,197 $5, % 14.0% 14.7% 14.0% 13.7% $4,570 $4,738 $4, (1) (3) (3) Adjusted Net Income ($M) (2) Adjusted Diluted EPS (2) $270 $304 $368 $390 $405 $1.30 $1.46 $1.75 $1.88 $ (3) (3) (1) Includes acquisition of Lamrite West in February 2016 (2) See reconciliation table included in the appendix of this deck (3) 2017 was a 53-week year 9
10 Strong Financial Position Total debt / Adj. EBITDA Interest Coverage 4.6x 3.8x 3.2x 3.2x 3.1x 5.1x 5.6x 5.7x 2.8x 2.8x (3) (3) Free cash flow ($M) (1) Adjusted ROIC (2) $449 $449 $504 $564 $524 26% 27% 27% 27% 27% $112 $138 $124 $114 $ OCF CapX (3) (3) (1) FCF defined as cash flows from operations less capital expenditures, excludes acquisitions. (2) ROIC Adjusted Net Income + After-tax interest expense + After-tax Operating Lease Expense/Average Common Equity + Average Net Debt + Capitalized Operating Leases (5x); Adjustments made for IPO expense, Lamrite integration, Loss on Early Debt Retirement, and associated tax expense. (3) 2017 was a 53-week year 10
11 #1 Player in a Slow Growth, Fragmented Industry
12 Slow Growth, Fragmented Industry * Multiple distribution points * Crafts & fabric chain stores remains the largest channel in US Arts and Crafts * Relatively low e-commerce penetration ~5% 24% 11% $35B Total US Arts and Crafts 26% 34% Slow Growth Industry Source: Michaels research. Data as of
13 Low E-commerce Penetration 2016 US Retail Category Sales Store based share of total sales Online share of total sales ~5% 1% 4% 5% 11% 14% 14% 17% 22% 23% 27% 45% 48% 93% Arts and Crafts Food/ Drug Auto Parts/ Accessory Hardware/ Home Improv. Jewelry Houseware/ Home Furnishing Sport. Goods Health/ Beauty Toys/ Hobbies Flowers/ Gifts Apparel/ Access. Comp./ Electronic Office Supp. Books/ Music/ Video Structural barriers to high industry e-commerce penetration: High private brand penetration, long-tailed SKUs, slow inventory turns, low AUR, and personalized, project nature of purchases Source: ATKearney Internet Retailer 2017 Report and Michaels research 13
14 Structural Barriers 48% MIK Private Brand Sales Penetration 58% 70% 23 Total Number of SKUs (all MIK channels) (in thousands) * Few important national brands o Limited supplier pricing power * Meaningful Private Brands o o o Target Key differentiator Margin enhancing Difficult to replicate * Defense against pure e-commerce players * +100,000 unique SKUs * Small items * Low price points * Infinite combinations and uses * Slow turning 14
15 MIK: Only Integrated Distribution Platform Retail Largest retail store network (1) Strongest customer footprint Significant cash flow allows future investments as needed Consumer Crafts.com Darice.com $5.4B Sales Wholesale Leading arts and crafts wholesaler Cross-industry distribution Aaronbrothers.com Michaels.com Vertical Sourcing High Growth E-commerce Vertical Sourcing Strongest web presence and web traffic ~$100M in revenue from e-commerce in 2017 Differentiated product development across all channels 3 vertical frame manufacturing facilities (1) As of May 5,
16 Ability to Track to Customer Behavior 81% of Total Sales Linked to Identified Customers 72% of Total Transactions linked to Identified Customers 80M identified active customers 26M Michaels Rewards members 29M active addresses *Data as of May 5,
17 #1 Digital Engagement 290M Visitors = 10M visitors 4.5M Followers Across Social Media Platforms 5.5M downloads of the Michaels App We Have Amassed a Vault of Actionable Customer Data *Data as of May 5,
18 MIK is Differentiated and Advantaged Big Box Craft Stores Independent/ Local Mass Market E-commerce/ Direct CATEGORY LEADING SCALE CATEGORY BRAND AWARENESS OMNICHANNEL DIGITAL CONTENT VERTICALLY INTEGRATED CUSTOM FRAMING IN-HOUSE PRODUCT DEVELOPMENT TEAM DIRECT SOURCING CAPABILITIES IN-STORE AND ONLINE CLASSES \ PROJECT IDEAS 18
19 Opportunity to win greater share
20 Michaels Customer Customer Demographics 85% 15% Female Male 50% of Customer Households Have Children Diverse Customer Ethnicities Hispanic 13% Asian 5% Black 9% Other 8% White 66% Range of Household Incomes Range of Customer Ages 8% 12% 17% 19% 16% 10% 6% 11% 15% 22% 20% 20% 18% 6% Source: Michaels research 20
21 Two Distinct Targets Enthusiast Casual Good, positive comps Taking Longer to Gain Traction Crafts frequently Experienced and comfortable on how to tackle projects Identifies as creative Key categories: Paper crafts, Fine art, Yarn Desires to be creative but lacks the expertise or time Inspired by Pinterest and other social channels Not sure where to start and fears failure or wasting time and money Key categories: Seasonal/ Décor, Kids, Party CRM Advantage: We Can Link 72% of Transactions and More Than 80% of Sales to a Unique Customer 21
22 Targeting the Casual Customer Casual * Make it easier * Provide more convenience * Strengthen value perception * Step-up execution * Communications All Customers Want the Experience to be Easy, Convenient and Deliver Value 22
23 Make it Easier Flexible Merchandise Area Curated Assortment Launched in 2016 Space in the front of the store to showcase newness and seasonal ~235 stores to be converted in Q2 Simplified approach Roughly half of the chain will have FMA heading into Holiday 23
24 Make It Easier Michaels App Building Digital Community Store-specific wayfinding Visual search Verbal search (2Q18) Toky-Woky Makers helping Makers ~4.5M social media followers In-store messaging Coupon management Product and project search capabilities 24
25 Make It Easier Multiple Platforms to Serve Customer Needs Expanded assortment Cleaner, simplified look Preferred store functionality to view in-store product availability and local coupon offers Improved discoverability Customized solutions for unique shopping missions Presenting multiple categories together in a more intuitive way 25
26 Provide More Convenience * Buy Online, Pickup in Store * Better coupon management online and in Michaels app 26
27 Strengthen Value Perception * Every Day Value program (EDV) * Clear, even-dollar price points * Bulk buys * Price guarantee 27
28 Step-Up Execution * In-stocks in highgrowth categories * Inventory flow/ supplier transitions * In-store presentation * Promotions 28
29 Customer Communications * New in-store signage * Leverage CRM to increase targeted messaging o o Key customer segments Serialized coupons * Increase digital marketing * Contemporize the message 29
30 Financially Disciplined
31 Shareholder Return Principles Invest in the Business Invest 2-3% of sales in capital expenditures Share Repurchases $350M available under current authorization (1) Capital Structure Manage to 2.5x to 3.0x total debt to EBITDA External Investments Disciplined use of M&A and partnerships to further competitive advantage (1) As of June 14,
32 Long-Term Growth Objectives Same Store Sales Growth 2-3% Total Sales Growth 4-5% Operating Income Growth 5-7% EPS Growth 10-15% 32
33 2018 Plan
34 2018 Priorities Proactively Reinvesting Portion of Tax Reform Benefit to Accelerate Previously Planned Investments for Future Growth Vision 2020 * Expand trend-right assortments, exclusives and value statements * Enhance omnichannel experience o New digital platforms o Buy Online, Pick-up in Store o Insource e-commerce fulfillment * Convert 235 stores to the Flexible Merchandise (FMA) format * Implement new data analytical tools * Increase engagement with the casual customer 34
35 2018 Guidance Summary (1) Net sales between $5,217M and $5,293M FY18 includes 52-weeks; FY17 included 53-weeks Open 19 stores and relocate 17 stores Comparable store sales between 0% and 1.5% Q3/Q4 calendar shift 2H18 opportunities: Benefits from investments, including FMA; increased Seasonal penetration; anniversarying Hurricane impact Adjusted operating income in the range of $677M to $710M $40M benefit from ongoing sourcing efforts $10M - $15M headwind from higher transportation costs $23M of incremental operating expense due to accelerated investments; timing of spend will be weighted more in the first half of the year 1H18 negatively impacted by higher distribution center costs Net interest expense of approximately $144M Effective tax rate of approximately 24% Adjusted diluted earnings per common share between $2.19 and $2.32 Based on diluted weighted average common shares of approximately 185M Capital expenditures between $160M and $170M (1) Guidance as of June 14, The Company s guidance assumes Aaron Brothers stores were closed as of the start of the fiscal year, excludes the restructuring charge, excludes provisional tax adjustments, and excludes any one-time costs associated with debt refinancing. 35
36 Appendix
37 Reconciliation of Adjusted EBITDA ($Ms) Net Income $243.4 $217.4 $362.9 $378.2 $390.5 Interest expense Income taxes Depreciation and amortization Interest income (0.3) (0.4) (0.6) (0.8) (1.3) EBITDA Adjustments: Losses on early extinguishments of debt and refinancin Share based compensation Management fees to Sponsors and others Transition costs Severance costs Store pre opening costs Store remodel costs Foreign currency transaction losses Store closing costs (0.1) IPO costs Lamrite integration costs Other (1) Adjusted EBITDA $792.3 $812.8 $866.2 $872.7 $888.5 (1) Other adjustments primarily relate to items such as moving and relocation expenses, franchise taxes, sign on bonuses, and certain legal expenses 37
38 Reconciliation of Adjusted Operating Income, Adjusted Net Income and Adjusted Diluted EPS (In thousands, except per share) Operating income $610.4 $626.5 $720.6 $715.3 $735.4 Add: Non recurring, inventory related purchase accounting adjustments (a) 4.0 Add: Non recurring integration expenses (b) 7.4 Add: IPO related expenses (e) 32.3 Add: Related Party (f) Adjusted operating income $624.1 $664.3 $720.6 $726.7 $735.4 Net income $243.4 $217.4 $362.9 $378.2 $390.5 Add: Non recurring, inventory related purchase accounting adjustments (a) 4.0 Add: Non recurring integration expenses (b) 7.4 Add: Losses on early extinguishments of debt and refinancing costs ( c) Add: IPO related expenses (e) 32.3 Add: Related Party (f) Add: Interest savings due to debt refinancing (g) Deduct: tax adjustment for above add backs (d) (20.0) (45.4) (3.3) (7.2) Add: Tax reform provisional adjustment of repatriation taxes and revaluation of net deferred tax assets 14.6 Adjusted net income $270.5 $303.9 $368.1 $389.6 $405.1 Earnings per common share, diluted $1.36 $1.05 $1.72 $1.82 $2.10 Adjusted earnings per common share, diluted $1.30 $1.46 $1.75 $1.88 $2.17 (a) Excludes non recurring, inventory related purchase accounting adjustments related to the acquisition of Lamrite West. (b) Excludes non recurring integration expenses related to the acquisition of Lamrite West. (c) Eliminates the loss on early extinguishments of debt and refinancing costs. (d) Adjusts for the tax impact of integration costs and purchase accounting adjustments related to the acquisition of Lamrite West, IPO expenses, related party/sponsor fees, and loss on early extinguishments of debt and refinancing costs. (e) Excludes expenses related to the initial public offering on July 2, (f) Removes the related party/sponsor fees related to the management contract that was terminated in connection with the IPO offering. (g) Adjusts interest expense for refinancing of debt during the second quarter of fiscal 2014, including: (i) the redemption of all outstanding Senior Notes due 2018, (ii) incremental $850M term loan, and (iii) incremental $250M Senior Subordinated Notes. Also adjusts the interest expense related to the redemption of the $439M of the PIK Toggle Notes during the second quarter of fiscal 2014 for all period reported. (i) Excludes provisional adjustments related to repatriation taxes for accumulated earnings of foreign subsidiaries and provisional adjustments related to the revaluation of net deferred tax assets resulting from the enactment of the Tax Act. 38
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