Sally Beauty Holdings, Inc
(NYSE:SBH)

Sally Beauty Holdings, Inc. operates as a specialty retailer and distributor of professional beauty supplies. The company operates through two segments, Sally Beauty Supply and Beauty Systems Group. The Sally Beauty Supply segment offers beauty products, including hair color and care, skin and nail ...

Website: http://www.sallybeautyholdings.com

Full Time Employees: 30,000

Sector: Consumer Cyclical

Industry: Specialty Retail

Specialty Retail

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At a glance:

Bull Thesis:

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-06-30	2012-03-31	2011-12-31	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-03-31	2007-12-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30

net sales	943,168,000	947,076,000	933,307,000	883,146,000	937,895,000	935,028,000	942,340,000	908,361,000	931,302,000	921,356,000	931,008,000	918,712,000	957,055,000	962,460,000	961,467,000	911,387,000	980,251,000	990,260,000	1,022,387,000	926,328,000	936,022,000	957,812,000	705,287,000	871,023,000	980,208,000	965,937,000	975,169,000	945,852,000	989,453,000	965,997,000	996,283,000	975,321,000	994,964,000	998,043,000	966,470,000	999,609,000	998,161,000	980,067,000	998,032,000	937,755,000	964,468,000	949,275,000	919,471,000	940,464,000	912,101,000	898,239,000	905,441,000	886,991,000	889,281,000	864,815,000	836,576,000	801,805,000	793,564,000	742,975,000	720,467,000	704,851,000	673,337,000	641,511,000	645,576,000	643,346,000	655,787,000	634,880,000	609,276,000	629,879,000
yoy	0.56%	1.29%	-0.96%	-2.78%	0.71%	1.48%	1.22%	-1.13%	-2.69%	-4.27%	-3.17%	0.80%	-2.37%	-2.81%	-5.96%	-1.61%	4.73%	3.39%	44.96%	6.35%	-4.51%	-0.84%	-27.68%	-7.91%	-0.93%	-0.01%	-2.12%	-3.02%	-0.55%	-3.21%	3.08%	-2.43%	-0.32%	1.83%	-3.16%	6.60%	3.49%	3.24%	8.54%	-0.29%	5.74%	5.68%	1.55%	6.03%	2.57%	3.86%	8.23%	10.62%	12.06%	16.40%	16.12%	13.76%	17.86%	15.82%	11.60%	9.56%	2.68%	1.04%	5.96%	2.14%
qoq	-0.41%	1.48%	5.68%	-5.84%	0.31%	-0.78%	3.74%	-2.46%	1.08%	-1.04%	1.34%	-4.01%	-0.56%	0.10%	5.49%	-7.03%	-1.01%	-3.14%	10.37%	-1.04%	-2.27%	35.80%	-19.03%	-11.14%	1.48%	-0.95%	3.10%	-4.41%	2.43%	-3.04%	2.15%	-1.97%	-0.31%	3.27%	-3.32%	0.15%	1.85%	-1.80%	6.43%	-2.77%	1.60%	3.24%	-2.23%	3.11%	1.54%	-0.80%	2.08%	-0.26%	2.83%	3.38%	4.34%	1.04%	6.81%	3.12%	2.22%	4.68%	4.96%	-0.63%	0.35%	-1.90%	3.29%	4.20%	-3.27%
cost of goods sold	459,909,000	452,970,000	452,322,000	424,329,000	461,055,000	455,827,000	461,457,000	445,289,000	464,126,000	454,794,000	456,303,000	450,373,000	468,481,000	498,964,000	471,259,000	446,055,000	480,122,000	489,285,000	507,981,000	459,099,000	465,298,000	468,669,000	383,441,000	441,266,000	505,360,000	486,647,000	492,947,000	477,528,000	508,748,000	487,905,000	502,913,000	488,999,000	508,335,000
gross profit	483,259,000	494,106,000	480,985,000	458,817,000	476,840,000	479,201,000	480,883,000	463,072,000	467,176,000	466,562,000	474,705,000	468,339,000	488,574,000	463,496,000	490,208,000	465,332,000	500,129,000	500,975,000	514,406,000	467,229,000	470,724,000	489,143,000	321,846,000	429,757,000	474,848,000	479,290,000	482,222,000	468,324,000	480,705,000	478,092,000	493,370,000	486,322,000	486,629,000	502,639,000	488,106,000	491,708,000	498,976,000	487,474,000	494,049,000	467,452,000	473,769,000	475,711,000	456,396,000	460,526,000	457,083,000	444,454,000	444,368,000	444,379,000	436,786,000	421,857,000	410,531,000	391,814,000	379,391,000	360,859,000	344,284,000	333,214,000	317,845,000	302,112,000	303,544,000	298,424,000	306,169,000	290,887,000	283,018,000	284,492,000
yoy	1.35%	3.11%	0.02%	-0.92%	2.07%	2.71%	1.30%	-1.12%	-4.38%	0.66%	-3.16%	0.65%	-2.31%	-7.48%	-4.70%	-0.41%	6.25%	2.42%	59.83%	8.72%	-0.87%	2.06%	-33.26%	-8.24%	-1.22%	0.25%	-2.26%	-3.70%	-1.22%	-4.88%	1.08%	-1.10%	-2.47%	3.11%	-1.20%	5.19%	5.32%	2.47%	8.25%	1.50%	3.65%	7.03%	2.71%	3.63%	4.65%	5.36%	8.24%	13.42%	15.13%	16.90%	19.24%	17.59%	19.36%	19.45%	13.42%	11.66%	3.81%	3.86%	7.25%	4.90%
qoq	-2.20%	2.73%	4.83%	-3.78%	-0.49%	-0.35%	3.85%	-0.88%	0.13%	-1.72%	1.36%	-4.14%	5.41%	-5.45%	5.35%	-6.96%	-0.17%	-2.61%	10.10%	-0.74%	-3.77%	51.98%	-25.11%	-9.50%	-0.93%	-0.61%	2.97%	-2.58%	0.55%	-3.10%	1.45%	-0.06%	-3.19%	2.98%	-0.73%	-1.46%	2.36%	-1.33%	5.69%	-1.33%	-0.41%	4.23%	-0.90%	0.75%	2.84%	0.02%	-0.00%	1.74%	3.54%	2.76%	4.78%	3.27%	5.14%	4.81%	3.32%	4.84%	5.21%	-0.47%	1.72%	-2.53%	5.25%	2.78%	-0.52%
gross margin %	51.24%	52.17%	51.54%	51.95%	50.84%	51.25%	51.03%	50.98%	50.16%	50.64%	50.99%	50.98%	51.05%	48.16%	50.99%	51.06%	51.02%	50.59%	50.31%	50.44%	50.29%	51.07%	45.63%	49.34%	48.44%	49.62%	49.45%	49.51%	48.58%	49.49%	49.52%	49.86%	48.91%	50.36%	50.50%	49.19%	49.99%	49.74%	49.50%	49.85%	49.12%	50.11%	49.64%	48.97%	50.11%	49.48%	49.08%	50.10%	49.12%	48.78%	49.07%	48.87%	47.81%	48.57%	47.79%	47.27%	47.20%	47.09%	47.02%	46.39%	46.69%	45.82%	46.45%	45.17%
selling, general and administrative expenses	407,324,000	414,162,000	402,812,000	389,444,000	376,520,000	397,371,000	408,730,000	403,435,000	398,138,000	390,526,000	384,183,000	389,657,000	391,580,000	397,866,000	390,961,000	378,871,000	386,250,000	386,542,000	386,481,000	391,087,000	366,170,000	366,982,000	314,599,000	383,299,000	377,930,000	363,954,000	360,183,000	361,626,000	366,987,000	365,864,000	378,598,000	368,461,000	371,286,000	337,992,000	331,979,000	347,412,000	339,459,000	341,311,000	339,728,000	317,456,000	336,954,000	320,726,000	312,813,000	319,478,000	295,719,000	299,370,000	305,689,000	291,533,000	289,189,000	293,014,000	259,007,000	271,381,000	272,908,000	255,588,000	247,496,000	250,771,000	223,982,000	218,420,000	225,528,000	221,090,000	224,541,000	221,490,000	212,195,000	213,178,000
operating earnings	75,935,000	79,944,000	78,173,000	69,373,000	100,320,000	82,266,000	71,770,000	59,574,000	69,123,000	76,908,000	90,125,000	71,408,000	86,588,000	39,196,000	99,203,000	86,461,000	112,780,000	111,193,000	127,417,000	75,511,000	104,322,000	119,677,000	1,431,000	43,265,000	94,387,000	116,092,000	120,131,000	112,512,000	109,738,000	103,126,000	102,228,000	111,102,000	110,133,000	130,338,000	119,038,000	117,457,000	134,084,000	122,458,000	130,935,000	129,007,000	116,236,000	134,996,000	124,088,000	121,793,000	142,566,000	127,837,000	121,871,000	136,547,000	131,657,000	113,290,000	136,251,000	105,656,000	92,372,000	92,604,000	84,358,000	70,554,000	82,221,000	72,221,000	66,269,000	65,513,000	69,876,000	58,614,000	60,771,000	36,288,000
interest expense	14,620,000	14,953,000	15,709,000	16,289,000	17,442,000	17,864,000	20,707,000	20,523,000	17,314,000	19,717,000	18,654,000	16,685,000	17,923,000	17,430,000	35,977,000	19,896,000	20,241,000	20,196,000	23,452,000	23,883,000	25,978,000	28,310,000	27,298,000	21,644,000	21,541,000	22,217,000	25,781,000	23,821,000	24,489,000	24,383,000	24,501,000	25,262,000	24,016,000	26,969,000	26,848,000	26,799,000	26,703,000	26,971,000	63,943,000	29,228,000	29,241,000	29,308,000	29,258,000	28,489,000	27,006,000	26,779,000	26,725,000	26,925,000	22,355,000	63,961,000	27,741,000	27,793,000	29,523,000	28,255,000	28,414,000	28,480,000	31,050,000	31,969,000	39,673,000	47,642,000	46,483,000	36,832,000	42,947,000
earnings before provision for income taxes	61,315,000	64,991,000	62,464,000	53,084,000	82,878,000	64,402,000	51,063,000	39,051,000	51,809,000	57,191,000	71,471,000	54,723,000	68,665,000	21,766,000	63,226,000	66,565,000	92,539,000	90,997,000	103,965,000	51,628,000	78,344,000	91,367,000	-25,867,000	21,621,000	72,846,000			88,691,000	85,249,000	78,743,000	77,727,000	85,840,000	86,117,000	103,369,000	92,190,000	90,658,000		95,487,000
provision for income taxes	15,758,000	15,060,000	16,740,000	13,874,000	21,865,000	16,346,000	13,339,000	9,807,000	13,419,000	14,610,000	20,650,000	13,862,000	18,328,000	427,000	16,659,000	19,757,000	23,701,000	22,848,000	27,759,000	13,316,000	21,153,000	21,179,000	-2,341,000	8,253,000	19,631,000			22,966,000	19,522,000	23,557,000	19,501,000	24,469,000	2,853,000	36,830,000	35,198,000	34,832,000
net earnings	45,557,000	49,931,000	45,724,000	39,210,000	61,013,000	48,056,000	37,724,000	29,244,000	38,390,000	42,581,000	50,821,000	40,861,000	50,337,000	21,339,000	46,567,000	46,808,000	68,838,000	68,149,000	76,206,000	38,312,000	57,191,000	70,188,000	-23,526,000	13,368,000	53,215,000	69,007,000	71,164,000	65,725,000	65,727,000	55,186,000	58,226,000	61,371,000	83,264,000	66,539,000	56,992,000	55,826,000	67,919,000	60,159,000	42,243,000	61,535,000	54,909,000	67,756,000	58,492,000	57,995,000	72,466,000	64,889,000	58,983,000	69,487,000	67,813,000	30,134,000	69,143,000	49,278,000	40,949,000	41,116,000	34,560,000	26,126,000	31,489,000	24,595,000	16,059,000	12,396,000	14,343,000	13,448,000	11,039,000	3,141,000
yoy	-25.33%	3.90%	21.21%	34.08%	58.93%	12.86%	-25.77%	-28.43%	-23.73%	99.55%	9.14%	-12.71%	-26.88%	-68.69%	-38.89%	22.18%	20.37%	-2.91%	-423.92%	186.59%	7.47%	1.71%	-133.06%	-79.66%	-19.04%	25.04%	22.22%	7.09%	-21.06%	-17.06%	2.17%	9.93%	22.59%	10.61%	34.91%	-9.28%	23.69%	-11.21%	-27.78%	6.10%	-24.23%	4.42%	-0.83%	-16.54%	6.86%	115.33%	-14.69%	41.01%	65.60%	-26.71%	100.07%	88.62%	30.04%	67.17%	115.21%	110.76%	119.54%	82.89%	45.48%	294.65%
qoq	-8.76%	9.20%	16.61%	-35.74%	26.96%	27.39%	29.00%	-23.82%	-9.84%	-16.21%	24.38%	-18.83%	135.89%	-54.18%	-0.51%	-32.00%	1.01%	-10.57%	98.91%	-33.01%	-18.52%	-398.34%	-275.99%	-74.88%	-22.88%	-3.03%	8.28%	-0.00%	19.10%	-5.22%	-5.12%	-26.29%	25.14%	16.75%	2.09%	-17.81%	12.90%	42.41%	-31.35%	12.07%	-18.96%	15.84%	0.86%	-19.97%	11.68%	10.01%	-15.12%	2.47%	125.04%	-56.42%	40.31%	20.34%	-0.41%	18.97%	32.28%	-17.03%	28.03%	53.15%	29.55%	-13.57%	6.66%	21.82%	251.45%
net income margin %	4.83%	5.27%	4.90%	4.44%	6.51%	5.14%	4.00%	3.22%	4.12%	4.62%	5.46%	4.45%	5.26%	2.22%	4.84%	5.14%	7.02%	6.88%	7.45%	4.14%	6.11%	7.33%	-3.34%	1.53%	5.43%	7.14%	7.30%	6.95%	6.64%	5.71%	5.84%	6.29%	8.37%	6.67%	5.90%	5.58%	6.80%	6.14%	4.23%	6.56%	5.69%	7.14%	6.36%	6.17%	7.94%	7.22%	6.51%	7.83%	7.63%	3.48%	8.26%	6.15%	5.16%	5.53%	4.80%	3.71%	4.68%	3.83%	2.49%	1.93%	2.19%	2.12%	1.81%	0.50%
earnings per share:
basic	0.47	0.51	0.46	0.39	0.6	0.47	0.37	0.28	0.36	0.4	0.47	0.38	0.47	0.21	0.44	0.43	0.61	0.61	0.68	0.34	0.51	0.61	-0.21	0.12	0.46	0.58	0.59	0.55	0.55	0.46	0.48	0.49	0.65	0.49	0.41	0.39	0.47	0.41	0.28	0.39	0.35	0.43	0.36	0.35	0.43	0.37	0.33
diluted	0.45	0.49	0.44	0.38	0.58	0.45	0.36	0.27	0.35	0.39	0.46	0.37	0.46	0.2	0.43	0.42	0.6	0.6	0.66	0.34	0.5	0.62	-0.21	0.12	0.45	0.58	0.59	0.54	0.54	0.46	0.48	0.49	0.65	0.49	0.4	0.39	0.46	0.41	0.28	0.39	0.35	0.42	0.35	0.35	0.42	0.36	0.32
weighted-average shares:
basic	97,804	100,662	100,463	101,614	102,021	103,939	103,190	104,276	105,948	107,332	107,560	107,453	107,140	108,665	106,940	108,743	111,995	112,653	112,739	112,603	112,475	113,881	112,271	114,823	116,125	119,636	120,119	120,077	119,989	123,190	120,901	124,270	127,784	135,450	140,549	143,631	145,957	146,447	150,786	157,504	156,104	158,950	162,535	163,603	168,725	173,461	178,346	182,756	186,335	184,689	183,164	182,831	182,462	181,991	181,942	181,889	181,715	181,682	181,578	181,135	180,995	180,398	180,233	180,096
diluted	100,765	103,821	103,239	104,435	104,974	106,933	105,897	107,080	108,718	109,336	109,668	109,706	109,460	110,293	108,526	110,540	113,968	114,212	114,927	114,342	113,828	114,680	112,271	115,795	117,154	120,283	120,977	120,991	120,979	123,832	121,673	125,057	128,645	136,159	141,325	144,860	147,837	148,360	152,426	159,620	158,545	162,524	166,140	167,755	173,762	178,389	183,386	188,496	191,684	190,208	188,592	187,724	187,201	184,375	183,975	183,841	183,748	183,025	182,985	182,931	183,182	182,680	182,646	182,329
restructuring						-436,000	383,000	63,000	-85,000	-872,000	397,000	7,274,000	10,406,000	26,434,000	44,000		1,099,000	3,240,000	508,000	631,000	232,000	2,484,000	5,816,000	3,193,000	2,531,000	-756,000	1,908,000	-5,814,000
earnings before benefit from income taxes																										67,072,250	94,350,000										107,381,000		66,992,000	99,779,000	86,995,000	105,688,000	94,830,000	93,304,000	115,560,000	101,058,000	95,146,000	109,622,000	109,302,000	49,329,000	108,510,000	77,863,000	62,849,000	64,349,000	55,944,000	42,074,000	51,171,000	40,252,000	26,596,000	17,871,000	23,393,000		17,824,000	17,185,000
benefit from income taxes																										16,418,250	23,186,000										39,462,000	35,328,000	24,749,000	38,244,000	32,086,000	37,932,000	36,338,000	35,309,000	43,094,000	36,169,000	36,163,000	40,135,000	41,489,000	19,195,000	39,367,000	28,585,000	21,900,000	23,233,000	21,384,000	15,948,000	19,682,000	15,657,000	10,537,000	5,475,000	9,050,000	8,334,000	6,785,000	14,044,000
restructuring charges																													3,980,000	9,102,000	12,544,000	6,759,000	5,210,000	5,054,000	9,211,000
cost of products sold and distribution expenses																																		495,404,000	478,364,000	507,901,000	499,185,000	492,593,000	503,983,000	470,303,000	490,699,000	473,564,000	463,075,000	479,938,000	455,018,000	453,785,000	461,073,000	442,612,000	452,495,000	442,958,000	426,045,000	409,991,000	414,173,000	382,116,000	376,183,000	371,637,000	355,492,000	339,399,000	342,032,000	344,922,000	349,618,000	343,993,000	326,258,000	345,387,000
depreciation and amortization																																		29,255,000	27,878,000	26,839,000	25,433,000	23,705,000	23,386,000	20,989,000	20,579,000	19,989,000	19,495,000	19,255,000	18,798,000	17,247,000	16,808,000	16,299,000	15,940,000	15,553,000	15,273,000	14,777,000	14,111,000	12,667,000	12,430,000	11,889,000	11,642,000	11,471,000	11,747,000	11,821,000	11,752,000	10,765,000	10,025,000	9,790,000
net earnings per share:
basic																																																0.38	0.36	0.16	0.38	0.27	0.22	0.23	0.19	0.14	0.17	0.14	0.09	0.07	0.08	0.07	0.06	0.02
diluted																																																0.37	0.35	0.16	0.37	0.26	0.22	0.22	0.19	0.14	0.17	0.13	0.09	0.07	0.08	0.07	0.06	0.02
sales-based service fee charged by alberto-culver																																																																3,779,000
transaction expenses																																																														18,000	27,000	21,457,000
earnings before benefit from
income taxes																																																														21,782,000
interest expense, net of interest income of 2,007 in 2006 and 268 in 2005 and 993 of income for marked to market interest rate swaps in 2006																																																																19,103,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-06-30	2012-03-31	2011-12-31	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30

assets
current assets:
cash and cash equivalents	157,185,000	149,162,000	112,800,000	92,174,000	105,528,000	107,961,000	97,375,000	97,174,000	120,999,000	123,001,000	74,337,000	61,620,000	99,071,000	70,558,000	101,318,000	227,413,000	298,140,000	400,959,000	270,317,000	408,321,000	537,644,000	514,151,000	838,811,000	364,414,000	67,262,000	71,495,000	57,855,000	89,777,000	102,771,000	77,295,000	76,855,000	68,056,000	79,312,000	54,100,000	49,119,000	94,410,000	90,997,000	88,548,000	67,447,000	246,027,000	190,681,000	46,329,000	202,451,000	157,924,000	53,444,000	62,256,000	147,997,000	53,974,000	64,810,000	71,525,000	52,717,000	59,102,000	38,381,000	28,303,000	37,420,000	31,789,000	105,942,000	104,678,000	112,617,000	31,420,000	43,147,000		32,339,000	33,982,000	31,381,000	107,571,000
trade accounts receivable	26,842,000	31,828,000	29,743,000	27,323,000	26,587,000	33,635,000	32,766,000	34,693,000	32,164,000	33,421,000	32,888,000	30,540,000	32,671,000	34,102,000	31,462,000	28,615,000	29,588,000	32,623,000	44,660,000	39,294,000	40,046,000	35,590,000	42,818,000	42,802,000	41,142,000	43,136,000	44,680,000	41,976,000	43,649,000	48,417,000	48,682,000	48,991,000	49,580,000						3,676,000	3,165,000	3,944,000	3,129,000	7,315,000	4,537,000		2,489,000	5,994,000	4,457,000	8,076,000	4,798,000		1,288,000	4,439,000	871,000	7,801,000	11,995,000	3,986,000	5,761,000	2,927,000	5,374,000	3,455,000
accounts receivable, other	77,425,000	84,734,000	66,214,000	67,690,000	58,049,000	58,553,000	58,647,000	52,868,000	46,325,000	42,454,000	44,870,000	45,123,000	42,741,000	38,175,000	35,911,000	32,100,000	36,568,000	33,958,000	31,779,000	26,862,000	27,904,000	20,839,000	17,485,000	44,531,000	53,515,000	61,403,000	52,316,000	49,451,000	48,127,000	42,073,000	45,903,000	49,764,000	47,378,000	41,413,000	33,878,000	34,926,000	35,539,000	34,530,000	36,559,000	35,261,000	40,735,000	41,425,000	40,579,000	40,119,000	39,580,000	40,560,000	44,364,000	42,186,000	37,073,000	36,529,000
inventory	978,789,000	987,575,000	1,005,365,000	1,006,604,000	1,005,975,000	1,036,624,000	1,022,380,000	1,039,752,000	1,007,628,000	975,218,000	996,404,000	1,023,656,000	986,878,000	936,374,000	1,014,622,000	962,563,000	1,005,838,000	871,349,000	935,427,000	949,695,000	895,984,000	814,503,000	815,632,000	946,189,000	991,839,000	952,907,000	967,744,000	953,043,000	982,497,000	944,338,000	950,978,000	935,037,000	941,146,000	947,623,000	917,291,000	907,833,000	909,255,000	901,249,000	912,419,000	838,117,000	837,822,000	839,845,000	819,752,000	814,174,000	780,200,000	752,741,000	752,427,000	718,995,000	689,367,000	684,357,000	664,966,000	636,909,000	632,043,000	586,573,000
other current assets	45,444,000	48,154,000	47,522,000	45,322,000	50,581,000	68,541,000	51,396,000	55,836,000	55,748,000	53,903,000	50,897,000	48,072,000	57,840,000	53,192,000	59,806,000	50,990,000	45,396,000	44,686,000	46,928,000	42,278,000	44,300,000	48,014,000	48,596,000	51,103,000	35,283,000	34,612,000	37,853,000	39,895,000	40,819,000	42,960,000	42,089,000	52,313,000	46,259,000	49,984,000	41,551,000	42,007,000	40,640,000	39,885,000	35,603,000	44,163,000	35,868,000	35,598,000	32,957,000	29,193,000
total current assets	1,285,685,000	1,301,453,000	1,261,644,000	1,239,113,000	1,246,720,000	1,305,314,000	1,262,564,000	1,280,323,000	1,262,864,000	1,227,997,000	1,199,396,000	1,209,011,000	1,219,201,000	1,132,401,000	1,243,119,000	1,301,681,000	1,415,530,000	1,383,575,000	1,329,111,000	1,466,450,000	1,545,878,000	1,433,097,000	1,763,342,000	1,449,039,000	1,189,041,000	1,163,553,000	1,160,448,000	1,174,142,000	1,217,863,000	1,155,083,000	1,164,507,000	1,154,161,000	1,163,675,000	1,180,240,000	1,126,537,000	1,162,921,000	1,159,145,000	1,144,393,000		1,241,403,000	1,183,768,000	1,049,794,000	1,178,029,000	1,126,637,000	1,009,614,000	988,613,000	1,060,057,000	929,385,000	901,330,000	908,515,000	862,351,000	840,550,000	808,327,000	736,618,000	734,415,000	727,653,000	771,330,000	749,447,000	794,364,000	728,341,000	748,066,000		688,125,000	693,875,000	684,280,000	770,289,000
property and equipment	280,350,000	284,284,000	256,472,000	255,996,000	261,619,000	269,872,000	267,829,000	273,175,000	284,899,000	297,779,000	281,181,000	283,356,000	288,732,000	297,876,000	289,814,000	287,855,000	293,871,000	307,377,000	283,033,000	289,070,000	305,225,000	315,029,000	311,063,000	320,220,000	315,925,000	319,628,000	292,371,000	297,124,000	303,157,000	308,357,000	296,614,000	300,132,000	306,421,000	310,176,000	316,790,000	318,260,000	307,823,000	293,445,000	281,278,000	233,761,000	236,678,000	233,366,000	229,188,000	228,182,000	222,355,000	216,903,000	212,787,000	189,746,000	187,393,000	184,427,000	182,900,000	180,549,000	176,957,000	163,960,000	164,895,000	165,447,000	149,096,000	146,610,000	149,157,000	159,466,000	156,293,000		146,329,000	146,683,000	142,572,000	142,735,000
operating lease assets	642,276,000	646,698,000	589,960,000	582,794,000	577,042,000	582,573,000	560,602,000	562,770,000	551,639,000	570,657,000	569,103,000	562,336,000	542,806,000	532,177,000	549,493,000	540,801,000	531,657,000	537,673,000	540,480,000	524,955,000	519,985,000	525,634,000	514,415,000	544,471,000	553,464,000
goodwill	541,524,000	540,674,000	540,985,000	534,204,000	531,445,000	538,266,000	533,951,000	534,494,000	536,686,000	533,081,000	535,282,000	534,218,000	532,514,000	526,066,000	533,147,000	539,682,000	540,287,000	541,209,000	546,284,000	544,630,000	546,027,000	540,038,000	530,681,000	529,037,000	534,116,000	530,786,000	533,963,000	533,566,000	532,601,000	535,925,000	536,111,000	546,035,000	544,418,000	533,950,000	528,993,000	527,751,000	520,093,000	523,486,000	520,148,000	521,810,000	531,412,000	541,979,000	537,333,000	538,685,000	531,380,000	529,137,000	533,355,000	528,564,000	532,833,000	529,258,000	511,899,000	508,465,000	504,075,000	478,963,000	485,934,000	488,874,000	422,654,000	410,731,000	413,580,000	417,463,000	406,093,000		408,759,000	402,832,000	363,953,000	364,693,000
intangible assets, excluding goodwill, net of accumulated amortization of 15,384 at december 31, 2025, and 14,686 at september 30, 2025	52,405,000
other assets	48,538,000	44,969,000	38,859,000	37,976,000	36,202,000	36,914,000	42,976,000	41,692,000	40,112,000	40,565,000	40,516,000	35,660,000	34,330,000	38,032,000	19,907,000	19,990,000	20,281,000	21,766,000	23,623,000	27,558,000	23,714,000	23,066,000	21,734,000	19,506,000	20,360,000	22,428,000	20,047,000	19,412,000	21,392,000	25,351,000	22,742,000	23,879,000	21,067,000	12,808,000	13,593,000	13,288,000	15,105,000	14,249,000	14,222,000	33,671,000	35,587,000	36,966,000	37,933,000	39,276,000	35,122,000	36,340,000	37,712,000	35,009,000	32,395,000	32,666,000	33,436,000	38,344,000	40,838,000	40,791,000	46,313,000	48,763,000	41,626,000	47,571,000	50,645,000	57,040,000	58,786,000		65,557,000	64,986,000	67,193,000	7,886,000
total assets	2,850,778,000	2,871,096,000	2,744,100,000	2,705,873,000	2,710,768,000	2,792,899,000	2,721,197,000	2,746,542,000	2,731,386,000	2,725,250,000	2,675,405,000	2,675,114,000	2,668,546,000	2,576,867,000	2,685,866,000	2,743,003,000	2,855,942,000	2,847,132,000	2,778,182,000	2,909,572,000	2,999,648,000	2,895,147,000	3,198,094,000	2,921,166,000	2,675,059,000	2,098,446,000	2,072,271,000	2,092,614,000	2,144,614,000	2,097,414,000	2,095,712,000	2,100,150,000	2,113,321,000	2,120,479,000	2,070,787,000	2,109,859,000	2,091,096,000	2,069,350,000	2,043,126,000	2,134,853,000	2,097,034,000	1,983,612,000	2,106,025,000	2,060,133,000	1,925,847,000	1,892,069,000	1,969,931,000	1,813,501,000	1,789,932,000	1,792,698,000	1,725,463,000	1,707,024,000	1,670,440,000	1,517,064,000	1,531,527,000	1,529,702,000	1,464,897,000	1,433,174,000	1,488,840,000	1,431,751,000	1,439,570,000		1,360,383,000	1,360,504,000	1,310,751,000	1,338,841,000
liabilities and stockholders’ equity
current liabilities:
current maturities of long-term debt	4,000,000	4,000,000	4,000,000	4,041,000	4,079,000	4,127,000	49,163,000	66,164,000	4,168,000	4,173,000	20,176,000	38,175,000	65,171,000	68,658,000	167,169,000	182,000	184,000	194,000	181,000	197,596,000	186,000	180,000	395,673,000	395,671,000	855,000	1,000	21,002,000	5,503,000	5,500,000	5,501,000	68,992,000	86,208,000	104,900,000	82,246,000	6,194,000	678,000	721,000	749,000	727,000	773,000	888,000	10,336,000	1,610,000	1,868,000	77,513,000	24,475,000	1,950,000	54,966,000	2,096,000	4,736,000	3,218,000	3,094,000	48,299,000	14,477,000	3,590,000	26,476,000	1,323,000	14,470,000	100,360,000	20,848,000	18,994,000		17,121,000	17,155,000	17,189,000	503,000
accounts payable	208,481,000	224,507,000	193,040,000	217,490,000	220,650,000	269,424,000	234,552,000	289,606,000	267,479,000	258,884,000	243,976,000	265,075,000	296,170,000	275,717,000	279,359,000	240,594,000	346,302,000	291,632,000	268,868,000	310,215,000	285,636,000	236,333,000	239,905,000	221,760,000	272,082,000	278,688,000	272,629,000	252,470,000	307,487,000	303,241,000	310,488,000	289,969,000	306,270,000	291,878,000	272,283,000	279,635,000	280,224,000	287,040,000	280,140,000	280,750,000	264,773,000	254,894,000	265,856,000	247,890,000	272,411,000	254,286,000	255,252,000	266,752,000	250,265,000	250,282,000	239,303,000	236,749,000	225,716,000	223,705,000	202,823,000	196,501,000	207,595,000	185,726,000	166,263,000	158,362,000	163,943,000		162,287,000	156,286,000	152,744,000	176,623,000
accrued liabilities	158,576,000	184,641,000	165,291,000	151,171,000	149,023,000	162,950,000	161,191,000	150,002,000	139,573,000	163,366,000	140,391,000	168,187,000	142,785,000	161,065,000	165,996,000	170,540,000	151,938,000	206,155,000	213,099,000	195,467,000	133,328,000	170,665,000	148,197,000	145,920,000	142,848,000	169,054,000	146,209,000	156,490,000	157,144,000	180,287,000	166,505,000	168,074,000	166,501,000	166,484,000	187,408,000	180,859,000	184,691,000	208,598,000	163,892,000	189,486,000	160,630,000	159,991,000	187,534,000	154,719,000	150,397,000	175,864,000	150,230,000	157,499,000	167,264,000	152,430,000	174,040,000	168,544,000	134,914,000	143,449,000
current operating lease liabilities	157,102,000	158,566,000	155,591,000	153,941,000	152,365,000	136,068,000	136,524,000	137,631,000	147,069,000	150,479,000	154,749,000	154,255,000	156,168,000	157,734,000	159,452,000	160,549,000	154,465,000	156,234,000	159,094,000	155,711,000	154,090,000	153,267,000	152,650,000	151,162,000	160,193,000
income taxes payable	14,011,000	4,260,000	5,920,000	6,648,000	22,482,000	20,100,000	13,495,000	366,000	14,780,000	2,355,000	6,345,000	4,949,000	16,972,000	4,740,000	2,985,000	2,404,000	28,863,000	10,666,000	8,963,000	16,062,000	17,096,000	2,917,000	1,307,000	1,323,000	18,627,000	8,336,000	1,214,000	6,280,000	14,580,000	2,144,000	3,148,000	1,577,000	12,331,000	1,413,000	3,099,000	14,325,000	2,956,000	4,622,000	10,278,000	3,495,000	3,724,000	7,737,000	7,215,000	32,682,000	5,838,000	10,587,000	15,214,000	644,000	2,865,000	18,813,000	16,529,000	13,704,000	28,275,000	9,387,000
total current liabilities	542,170,000	575,974,000	523,842,000	533,291,000	548,599,000	592,669,000	594,925,000	643,769,000	573,069,000	579,257,000	565,637,000	630,641,000	677,266,000	667,914,000	774,961,000	574,269,000	681,752,000	664,881,000	650,205,000	875,051,000	590,336,000	563,362,000	937,732,000	915,836,000	594,605,000	456,079,000	441,054,000	420,743,000	484,711,000	491,173,000	549,133,000	545,828,000	590,002,000	542,021,000	468,984,000	475,497,000	468,592,000	501,009,000	455,037,000	474,504,000	430,015,000	432,958,000	462,215,000	437,159,000	506,159,000	465,212,000	422,646,000	479,861,000	422,490,000	426,261,000	433,090,000	422,091,000	437,204,000	391,018,000	368,283,000	367,035,000	350,871,000	359,876,000	428,903,000	327,250,000	333,789,000		318,552,000	321,698,000	320,995,000	291,182,000
long-term debt	842,531,000	861,974,000	882,383,000	902,794,000	938,080,000	978,255,000	978,865,000	978,360,000	1,065,299,000	1,065,811,000	1,064,908,000	1,065,439,000	1,082,175,000	1,083,043,000	1,083,924,000	1,381,385,000	1,381,926,000	1,382,530,000	1,383,145,000	1,389,545,000	1,798,154,000	1,796,897,000	1,845,594,000	1,550,195,000	1,578,436,000	1,594,542,000	1,589,663,000	1,708,421,000	1,768,306,000	1,768,808,000	1,769,314,000	1,769,841,000	1,771,299,000	1,784,480,000	1,784,026,000	1,783,609,000	1,782,883,000	1,782,530,000	1,782,105,000	1,809,383,000	1,810,104,000	1,811,379,000	1,811,900,000	1,812,397,000	1,613,248,000	1,613,893,000	1,614,759,000	1,456,382,000	1,354,068,000	1,452,484,000	1,481,378,000	1,542,235,000	1,557,144,000	1,572,265,000	1,635,497,000	1,664,712,000	1,695,794,000	1,712,310,000	1,718,559,000	1,768,919,000	1,794,542,000		1,790,977,000	1,813,423,000	1,781,017,000	621,000
long-term operating lease liabilities	537,594,000	538,426,000	468,998,000	461,351,000	456,672,000	479,616,000	457,169,000	458,030,000	438,928,000	455,071,000	450,656,000	444,819,000	427,168,000	424,762,000	421,072,000	406,658,000	406,362,000	404,147,000	401,706,000	388,733,000	390,873,000	394,375,000	377,930,000	405,593,000	400,490,000
other liabilities	21,985,000	21,026,000	20,874,000	20,969,000	21,767,000	22,066,000	21,375,000	21,626,000	22,465,000	23,139,000	22,431,000	22,044,000	22,748,000	22,427,000	16,781,000	16,547,000	17,268,000	29,056,000	30,008,000	30,113,000	29,406,000	32,976,000	26,433,000	18,310,000	18,368,000	27,757,000	25,709,000	25,917,000	26,969,000	30,022,000	33,774,000	33,346,000	31,147,000	19,012,000	17,838,000	20,976,000	21,855,000	25,472,000	28,722,000	27,971,000	28,903,000	28,538,000	27,146,000	27,889,000	24,759,000	23,680,000	23,757,000	22,932,000	26,530,000	27,389,000	25,682,000	38,761,000	39,063,000	41,822,000	44,027,000	42,647,000	31,428,000	36,123,000	33,315,000	33,155,000	25,383,000		12,903,000	14,098,000	14,842,000	11,953,000
deferred income tax liabilities	82,933,000	79,489,000	85,094,000	87,652,000	89,161,000	91,758,000	91,193,000	93,907,000	90,285,000	93,224,000	84,061,000	86,283,000	85,891,000	85,085,000	93,257,000	92,278,000	87,613,000	85,777,000	90,848,000	91,297,000	92,013,000	92,094,000	79,538,000	84,427,000	80,961,000	80,391,000	86,310,000	82,608,000	79,359,000	75,967,000	69,700,000	66,164,000	63,508,000	127,242,000	120,530,000	118,753,000	100,671,000	101,771,000	98,928,000	83,999,000	83,568,000	73,531,000	73,591,000	73,867,000	76,064,000	69,793,000	65,961,000	56,287,000	56,057,000	55,089,000	46,040,000	44,499,000	43,115,000	35,822,000	36,805,000	35,500,000	31,964,000	27,806,000	28,371,000	31,588,000	31,194,000		23,674,000	23,919,000	22,578,000	21,590,000
total liabilities	2,027,213,000	2,076,889,000	1,981,191,000	2,006,057,000	2,054,279,000	2,164,364,000	2,143,527,000	2,195,692,000	2,190,046,000	2,216,502,000	2,187,693,000	2,249,226,000	2,295,248,000	2,283,231,000	2,389,995,000	2,471,137,000	2,574,921,000	2,566,391,000	2,555,912,000	2,774,739,000	2,900,782,000	2,879,704,000	3,267,227,000	2,974,361,000	2,672,860,000	2,158,769,000	2,142,736,000	2,237,689,000	2,359,345,000	2,365,970,000	2,421,921,000	2,415,179,000	2,455,956,000	2,472,755,000	2,391,378,000	2,398,835,000	2,374,001,000	2,410,782,000	2,364,792,000	2,395,857,000	2,352,590,000	2,346,406,000	2,374,852,000	2,351,312,000	2,220,230,000	2,172,578,000	2,127,123,000	2,015,462,000	1,859,145,000	1,961,223,000	1,986,190,000	2,047,586,000	2,076,526,000	2,040,927,000	2,084,612,000	2,109,894,000	2,110,057,000	2,136,115,000	2,209,148,000	2,160,912,000	2,184,908,000		2,146,106,000	2,173,138,000	2,139,432,000	325,346,000
stockholders’ equity:
common stock	975,000	979,000	994,000	1,009,000	1,019,000	1,019,000	1,026,000	1,035,000	1,049,000	1,063,000	1,076,000	1,076,000	1,073,000	1,070,000	1,070,000	1,069,000	1,100,000	1,129,000	1,128,000	1,127,000	1,125,000	1,124,000	1,123,000	1,123,000	1,162,000	1,167,000	1,201,000	1,201,000	1,200,000	1,199,000	1,199,000	1,230,000	1,258,000	1,325,000	1,386,000	1,427,000	1,460,000	1,458,000	1,492,000	1,571,000	1,578,000	1,554,000	1,622,000	1,627,000	1,674,000	1,699,000	1,761,000	1,796,000	1,867,000	1,853,000	1,834,000	1,829,000	1,827,000	1,820,000	1,820,000	1,819,000	1,818,000	1,817,000	1,816,000	1,812,000	1,810,000		1,805,000	1,803,000	1,802,000
preferred stock, 0.01 par value. authorized 50,000 shares; none issued
accumulated earnings	923,306,000	898,076,000	863,251,000	826,154,000	792,620,000	740,685,000	698,498,000	666,647,000	652,247,000	624,772,000	582,191,000	531,370,000	490,509,000	440,172,000	418,832,000	372,265,000	378,313,000	356,967,000	288,818,000	212,612,000	174,300,000	117,109,000	46,399,000	69,925,000	103,454,000	55,797,000	22,852,000
accumulated other comprehensive loss, net of tax	-100,716,000	-104,848,000	-101,336,000	-127,347,000	-137,150,000	-113,169,000	-121,854,000	-116,832,000	-111,956,000	-122,764,000	-112,976,000	-120,348,000	-126,613,000	-151,847,000	-126,370,000	-101,468,000	-98,392,000	-94,641,000	-81,534,000	-88,431,000	-81,115,000	-104,703,000	-119,168,000	-124,243,000	-102,417,000	-117,287,000	-104,031,000	-105,554,000	-106,696,000	-89,991,000	-92,007,000	-70,147,000	-82,894,000
total stockholders’ equity	823,565,000	794,207,000	762,909,000	699,816,000	656,489,000	628,535,000	577,670,000	550,850,000	541,340,000	508,748,000	487,712,000	425,888,000	373,298,000	293,636,000	295,871,000	271,866,000	281,021,000	280,741,000	222,270,000	134,833,000	98,866,000	15,443,000			2,199,000
total liabilities and stockholders’ equity	2,850,778,000	2,871,096,000	2,744,100,000	2,705,873,000	2,710,768,000	2,792,899,000	2,721,197,000	2,746,542,000	2,731,386,000	2,725,250,000	2,675,405,000	2,675,114,000	2,668,546,000	2,576,867,000	2,685,866,000	2,743,003,000	2,855,942,000	2,847,132,000	2,778,182,000	2,909,572,000	2,999,648,000	2,895,147,000			2,675,059,000
intangible assets, excluding goodwill		53,018,000				59,960,000				55,171,000				50,315,000				55,532,000				58,283,000				62,051,000				72,698,000
additional paid-in capital										5,677,000	17,421,000	13,790,000	8,329,000	4,241,000	2,339,000			17,286,000	13,858,000	9,525,000	4,556,000	1,913,000	2,513,000				9,513,000	7,590,000	4,802,000														8,825,000	41,540,000	177,791,000	259,949,000	436,300,000	528,321,000	721,037,000	701,952,000	672,086,000	665,173,000	661,519,000	645,862,000	643,023,000	640,517,000	629,751,000	627,992,000	626,609,000	618,880,000	616,607,000		605,725,000	601,116,000	599,857,000	62,172,000
intangible assets, excluding goodwill, net of accumulated amortization of 23,010 at june 30, 2025, and 33,761 at september 30, 2024			56,180,000
intangible assets, excluding goodwill, net of accumulated amortization of 34,739 at march 31, 2025, and 33,761 at september 30, 2024				55,790,000
intangible assets, excluding goodwill, net of accumulated amortization of 33,413 at december 31, 2024, and 33,761 at september 30, 2024					57,740,000
intangible assets, excluding goodwill, net of accumulated amortization of 32,435 at june 30, 2024, and 30,587 at september 30, 2023							53,275,000
intangible assets, excluding goodwill, net of accumulated amortization of 31,821 at march 31, 2024, and 30,587 at september 30, 2023								54,088,000
intangible assets, excluding goodwill, net of accumulated amortization of 32,121 at december 31, 2023, and 30,587 at september 30, 2023									55,186,000
intangible assets, excluding goodwill, net of accumulated amortization of 30,378 at june 30, 2023, and 26,794 at september 30, 2022											49,927,000
intangible assets, excluding goodwill, net of accumulated amortization of 29,921 at march 31, 2023, and 26,794 at september 30, 2022												50,533,000
intangible assets, excluding goodwill, net of accumulated amortization of 28,820 at december 31, 2022, and 26,794 at september 30, 2022													50,963,000
intangible assets, excluding goodwill, net of accumulated amortization of 40,336 at june 30, 2022, and 38,957 at september 30, 2021															50,386,000
intangible assets, excluding goodwill, net of accumulated amortization of 40,528 at march 31, 2022, and 38,957 at september 30, 2021																52,994,000
intangible assets, excluding goodwill, net of accumulated amortization of 39,670 at december 31, 2021, and 38,957 at september 30, 2021																	54,316,000
intangible assets, excluding goodwill, net of accumulated amortization of 37,847 at june 30, 2021, and 63,491 at september 30, 2020																			55,651,000
intangible assets, excluding goodwill, net of accumulated amortization of 69,511 at march 31, 2021, and 63,491 at september 30, 2020																				56,909,000
intangible assets, excluding goodwill, net of accumulated amortization of 68,590 at december 31, 2020, and 63,491 at september 30, 2020																					58,819,000
stockholders’ equity
intangible assets, excluding goodwill, net of accumulated amortization of 65,791 at june 30, 2020, and 64,615 at september 30, 2019																							56,859,000
liabilities and stockholders’ deficit
stockholders’ deficit:
total stockholders’ deficit																							-69,133,000	-53,195,000		-60,323,000	-70,465,000	-145,075,000	-214,731,000	-268,556,000	-326,209,000	-315,029,000	-342,635,000
total liabilities and stockholders’ deficit																							3,198,094,000	2,921,166,000		2,098,446,000	2,072,271,000	2,092,614,000	2,144,614,000	2,097,414,000	2,095,712,000	2,100,150,000	2,113,321,000	2,120,479,000	2,070,787,000	2,109,859,000	2,091,096,000	2,069,350,000	2,043,126,000	2,134,853,000	2,097,034,000	1,983,612,000	2,106,025,000	2,060,133,000	1,925,847,000	1,892,069,000	1,969,931,000	1,813,501,000	1,789,932,000	1,792,698,000	1,725,463,000	1,707,024,000	1,670,440,000	1,517,064,000	1,531,527,000	1,529,702,000	1,464,897,000	1,433,174,000	1,488,840,000	1,431,751,000	1,439,570,000
intangible assets, excluding goodwill, net of accumulated amortization of 59,495 at march 31, 2020 and 64,615 at september 30, 2019																								58,893,000
intangible assets, excluding goodwill, net of accumulated amortization of 57,641 at december 31, 2019 and 64,615 at september 30, 2019																									62,153,000
intangible assets, excluding goodwill, net of accumulated amortization of 140,739 at june 30, 2019 and 132,724 at september 30, 2018																											65,442,000
intangible assets, excluding goodwill, net of accumulated amortization of 137,767 at march 31, 2019 and 132,724 at september 30, 2018																												68,370,000
accumulated deficit																												-48,312,000	-114,037,000	-179,764,000	-235,401,000	-246,112,000	-260,999,000
intangible assets, excluding goodwill, net of accumulated amortization of 135,049 at december 31, 2018 and 132,724 at september 30, 2018																													69,601,000
intangible assets, excluding goodwill, net of accumulated amortization of 130,057 at june 30, 2018 and 121,550 at september 30, 2017																															75,738,000
intangible assets, excluding goodwill, net of accumulated amortization of 128,186 at march 31, 2018 and 121,550 at september 30, 2017																																75,943,000
intangible assets, excluding goodwill, net of accumulated amortization of 124,818 at december 31, 2017 and 121,550 at september 30, 2017																																	77,740,000
trade accounts receivable, less allowance for doubtful accounts of 1,130 at june 30, 2017 and 1,407 at september 30, 2016																																		46,994,000
deferred income tax assets																																		40,126,000	39,897,000	39,990,000	33,789,000	33,772,000	33,578,000	31,771,000	31,746,000	32,398,000	32,460,000	32,511,000	33,592,000	33,515,000	33,458,000	28,577,000	28,588,000	28,574,000	23,018,000	23,011,000	23,000,000	15,620,000	15,654,000	15,578,000	20,808,000	20,841,000	20,857,000	18,300,000	17,773,000		10,501,000	10,874,000	11,084,000	10,327,000
intangible assets, excluding goodwill, net of accumulated amortization of 120,970 at june 30, 2017 and 110,713 at september 30, 2016																																		83,305,000
trade accounts receivable, less allowance for doubtful accounts of 1,247 at march 31, 2017 and 1,407 at september 30, 2016																																			44,801,000
intangible assets, excluding goodwill, net of accumulated amortization of 116,749 at march 31, 2017 and 110,713 at september 30, 2016																																			84,874,000
trade accounts receivable, less allowance for doubtful accounts of 1,344 at december 31, 2016 and 1,407 at september 30, 2016																																				43,755,000
intangible assets, excluding goodwill, net of accumulated amortization of 113,334 at december 31, 2016 and 110,713 at september 30, 2016																																				87,639,000
trade accounts receivable, less allowance for doubtful accounts of 1,222 at june 30, 2016 and 1,162 at september 30, 2015																																					48,925,000
intangible assets, excluding goodwill, net of accumulated amortization of 107,637 at june 30, 2016 and 97,897 at september 30, 2015																																					88,930,000
treasury stock
cash flows from operating activities:
net earnings																																					170,321,000		42,243,000	116,444,000	54,909,000	184,243,000	116,487,000	57,995,000	196,338,000	123,873,000	58,983,000	167,434,000	97,947,000	30,134,000	159,370,000	90,227,000	40,949,000	101,802,000	60,686,000	26,126,000	72,143,000	40,654,000	16,059,000	26,739,000	14,343,000
adjustments to reconcile net earnings to net cash from operating activities:
depreciation and amortization																																					72,524,000		23,386,000	41,567,000	20,579,000	58,739,000	38,750,000	19,255,000	52,853,000	34,055,000	16,808,000	47,792,000	31,493,000	15,553,000	44,161,000	28,888,000	14,111,000	36,986,000	24,320,000	11,889,000	34,860,000	23,218,000	11,747,000	23,573,000	11,752,000
share-based compensation expense																																					10,011,000		4,188,000	10,600,000	7,760,000	18,297,000	11,790,000	8,522,000	15,503,000	12,313,000	9,051,000	13,801,000	10,976,000	8,031,000	12,737,000	10,275,000	7,838,000	9,911,000	4,786,000	3,150,000	4,818,000	3,715,000	2,233,000	4,973,000	3,571,000
amortization of deferred financing costs																																					2,467,000		907,000	1,897,000	950,000	2,813,000	1,873,000	921,000	2,719,000	1,810,000	900,000	4,164,000	2,992,000	1,646,000	5,196,000	3,495,000	1,773,000	5,912,000	3,975,000	2,043,000	6,289,000	4,201,000	2,103,000	4,247,000	2,131,000
excess tax benefit from share-based compensation																																					1,296,000		95,000	22,567,000	17,043,000	12,211,000	11,682,000	2,985,000	11,316,000	8,294,000	3,824,000	10,647,000	9,124,000	4,085,000										264,000	129,000
loss on extinguishment of debt																																					33,296,000		33,296,000																		715,000
deferred income taxes																																					12,787,000		11,991,000	9,081,000	8,341,000				12,071,000						1,192,000	509,000	392,000	2,386,000	5,147,000	3,180,000	2,487,000	681,000	612,000	1,042,000	818,000
changes in
accounts payable and accrued liabilities																																								19,164,000											9,878,000	9,632,000		16,977,000
net cash from operating activities																																					248,813,000		69,129,000	174,452,000	57,036,000	193,463,000	158,900,000	60,104,000	197,127,000	136,167,000	43,158,000	196,561,000	138,090,000	43,979,000	195,137,000	125,625,000	28,270,000	147,826,000	92,922,000	19,790,000	163,987,000	124,220,000		20,101,000
cash flows from investing activities:
capital expenditures
proceeds from disposal of property and equipment																																					2,528,000
acquisitions, net of cash acquired
net cash used by investing activities
cash flows from financing activities:
proceeds from issuance of long-term debt																																					912,000,000		800,000,000	983,000		310,219,000	232,719,000	232,719,000	222,500,000	58,500,000		1,876,300,000	929,200,000	929,200,000	379,505,000	379,505,000	222,404,000	232,000,000	219,000,000	98,000,000	95,104,000	94,639,000	82,638,000	244,235,000	142,976,000
repayments of long-term debt
repurchases of common stock
debt issuance costs
proceeds from exercises of stock options																																					13,072,000		2,716,000	51,765,000	37,156,000	21,854,000	21,389,000	7,319,000	18,722,000	13,256,000	5,996,000	23,080,000	20,111,000	8,993,000	6,681,000	3,807,000	2,874,000	212,000	70,000	2,000	491,000	386,000	252,000	518,000	215,000
net cash (used) provided by financing activities
effect of foreign exchange rate changes on cash and cash equivalents																																										213,000	75,000	153,000			211,000	10,000	579,000	113,000	473,000	279,000				411,000				1,013,000
net increase in cash and cash equivalents																																								139,452,000	84,106,000		155,336,000	110,809,000					1,329,000	8,044,000							6,154,000	4,890,000	12,829,000		4,875,000
cash and cash equivalents, beginning of period																																					140,038,000		140,038,000	106,575,000	106,575,000	47,115,000	47,115,000	47,115,000	240,220,000	240,220,000	240,220,000	63,481,000	63,481,000	63,481,000	59,494,000	59,494,000	59,494,000	54,447,000	54,447,000	54,447,000	99,788,000	99,788,000	99,788,000	38,272,000	38,272,000
cash and cash equivalents, end of period																																					90,997,000		67,447,000	246,027,000	190,681,000	46,329,000	202,451,000	157,924,000	53,444,000	62,256,000	147,997,000	53,974,000	64,810,000	71,525,000	52,717,000	59,102,000	38,381,000	28,303,000	37,420,000	31,789,000	105,942,000	104,678,000	112,617,000	31,420,000	43,147,000
supplemental cash flow information:
interest paid																																					138,563,000		86,633,000	56,339,000	56,138,000	107,410,000	51,234,000	50,807,000	104,366,000	53,373,000	52,712,000	109,094,000	77,819,000	70,241,000	94,074,000	51,311,000	42,855,000	100,241,000	57,068,000
income taxes paid																																					86,916,000		4,833,000	46,824,000	4,835,000	99,284,000	63,379,000	4,119,000	84,735,000	52,998,000	6,317,000	102,689,000	60,746,000	6,156,000	83,226,000	48,306,000	4,891,000	56,211,000	35,497,000
trade accounts receivable, less allowance for doubtful accounts of 1,274 at march 31, 2016 and 1,162 at september 30, 2015																																						46,409,000
intangible assets, excluding goodwill, net of accumulated amortization of 104,803 at march 31, 2016 and 97,897 at september 30, 2015																																						93,777,000
trade accounts receivable, less allowance for doubtful accounts of 1,386 at december 31, 2015 and 1,162 at september 30, 2015																																							44,376,000
intangible assets, excluding goodwill, net of accumulated amortization of 100,887 at december 31, 2015 and 97,897 at september 30, 2015																																							97,496,000
trade accounts receivable, less allowance for doubtful accounts of 1,436 at march 31, 2015 and 1,752 at september 30, 2014																																								46,064,000
intangible assets, excluding goodwill, net of accumulated amortization of 90,470 at march 31, 2015 and 86,320 at september 30, 2014																																								104,208,000
net cash from financing activities																																								6,395,000	46,688,000									20,541,000
trade accounts receivable, less allowance for doubtful accounts of 1,983 at december 31, 2014 and 1,752 at september 30, 2014																																									46,916,000
intangible assets, excluding goodwill, net of accumulated amortization of 89,887 at december 31, 2014 and 86,320 at september 30, 2014																																									109,589,000
trade accounts receivable, less allowance for doubtful accounts of 2,488 at june 30, 2014 and 2,556 at september 30, 2013																																										54,199,000
intangible assets, excluding goodwill, net of accumulated amortization of 82,597 at june 30, 2014 and 71,759 at september 30, 2013																																										121,507,000
net cash used by financing activities
net decrease in cash and cash equivalents
trade accounts receivable, less allowance for doubtful accounts of 2,339 at march 31, 2014 and 2,556 at september 30, 2013																																											49,830,000
intangible assets, excluding goodwill, net of accumulated amortization of 78,875 at march 31, 2014 and 71,759 at september 30, 2013																																											123,542,000
net cash provided (used) by financing activities																																											26,704,000	63,927,000									44,617,000							15,016,000	39,301,000
trade accounts receivable, less allowance for doubtful accounts of 2,252 at december 31, 2013 and 2,556 at september 30, 2013																																												52,716,000
intangible assets, excluding goodwill, net of accumulated amortization of 75,307 at december 31, 2013 and 71,759 at september 30, 2013																																												127,353,000
trade accounts receivable, less allowance for doubtful accounts of 2,945 at june 30, 2013 and 2,583 at september 30, 2012																																													59,912,000
income taxes receivable																																													13,118,000	15,782,000	1,168,000
prepaid expenses																																													29,768,000	26,900,000	26,774,000	26,938,000	25,492,000	29,097,000	26,376,000	24,432,000	24,112,000	24,026,000	21,736,000	20,341,000	21,618,000	17,360,000	18,131,000	18,152,000	16,461,000		18,931,000	17,259,000	15,722,000	10,255,000
intangible assets, excluding goodwill, net of accumulated amortization of 68,364 at june 30, 2013 and 59,192 at september 30, 2012																																													127,376,000
net income on extinguishment of debt																																																38,376,000	35,145,000	34,558,000	2,245,000	1,741,000	1,585,000	766,000	376,000
trade accounts receivable, less allowance for doubtful accounts of 2,532 at march 31, 2013 and 2,583 at september 30, 2012																																														56,859,000
intangible assets, excluding goodwill, net of accumulated amortization of 65,291 at march 31, 2013 and 59,192 at september 30, 2012																																														121,076,000
deferred income tax expense																																														6,082,000	1,749,000			193,000
trade accounts receivable, less allowance for doubtful accounts of 2,652 at december 31, 2012 and 2,583 at september 30, 2012																																															53,869,000
intangible assets, excluding goodwill, net of accumulated amortization of 62,184 at december 31, 2012 and 59,192 at september 30, 2012																																															126,020,000
trade accounts receivable, less allowance for doubtful accounts of 2,386 at june 30, 2012 and 2,086 at september 30, 2011																																																58,715,000
intangible assets, excluding goodwill, net of accumulated amortization of 55,782 at june 30, 2012 and 45,467 at september 30, 2011																																																130,797,000
net income on disposal of property and equipment																																																14,000		2,000
proceeds from sale of property and equipment																																																93,000	91,000	14,000	148,000	145,000	124,000	110,000	54,000	45,000	147,000	66,000	32,000	162,000	115,000
repurchase of common stock
trade accounts receivable, less allowance for doubtful accounts of 2,374 at march 31, 2012 and 2,086 at september 30, 2011																																																	56,000,000
intangible assets, excluding goodwill, net of accumulated amortization of 52,210 at march 31, 2012 and 45,467 at september 30, 2011																																																	135,981,000
net income (gain) on disposal of property and equipment																																																	5,000		205,000
change in book cash overdraft																																																				2,516,000	2,818,000		305,000						1,175,000
trade accounts receivable, less allowance for doubtful accounts of 2,155 at december 31, 2011 and 2,086 at september 30, 2011																																																		58,433,000
intangible assets, excluding goodwill, net of accumulated amortization of 48,657 at december 31, 2011 and 45,467 at september 30, 2011																																																		137,832,000
trade accounts receivable, less allowance for doubtful accounts of 2,441 at june 30, 2011 and 2,756 at september 30, 2010																																																			62,775,000
other receivables																																																			32,499,000	39,268,000	36,465,000	29,924,000	32,628,000	36,291,000	24,169,000	31,361,000	31,297,000	23,764,000	27,260,000		18,526,000	19,677,000	23,453,000	21,228,000
other intangible assets, net of accumulated amortization of 42,227 at june 30, 2011 and 33,031 at september 30, 2010																																																			134,877,000
stock options subject to redemption																																																			362,000	766,000	808,000	1,639,000	1,763,000	1,800,000	5,535,000	5,623,000	5,650,000	6,170,000	6,390,000		7,058,000	7,354,000	7,528,000	7,528,000
excess tax (benefit) shortfall from share-based compensation
excess tax benefit (shortfall) from share-based compensation																																																			1,954,000	776,000	531,000	59,000	25,000	8,000
purchases of treasury stock
trade accounts receivable, less allowance for doubtful accounts of 2,776 at march 31, 2011 and 2,756 at september 30, 2010																																																				57,828,000
other intangible assets, net of accumulated amortization of 39,119 at march 31, 2011 and 33,031 at september 30, 2010																																																				139,116,000
net gain on disposal of property and equipment
trade accounts receivable, less allowance for doubtful accounts of 2,781 at december 31, 2010 and 2,756 at september 30, 2010																																																					54,326,000
other intangible assets, net of accumulated amortization of 36,098 at december 31, 2010 and 33,031 at september 30, 2010																																																					140,243,000
net income (gain) on disposal of leaseholds and other property																																																					38,000
trade accounts receivable, less allowance for doubtful accounts of 2,316 at june 30, 2010 and 2,266 at september 30, 2009																																																						52,172,000
other intangible assets, net of accumulated amortization of 30,445 at june 30, 2010 and 24,357 at september 30, 2009																																																						96,732,000
net gain on disposal of leaseholds and other property
trade accounts receivable, less allowance for doubtful accounts of 2,259 at march 31, 2010 and 2,266 at september 30, 2009																																																							48,024,000
inventories																																																							578,953,000	579,220,000	559,559,000	538,816,000	571,650,000	590,574,000	595,701,000		560,491,000	565,995,000	556,281,000	574,983,000
intangible assets, net of accumulated amortization of 28,468 at march 31, 2010 and 24,357 at september 30, 2009																																																							99,970,000
accrued expenses																																																							159,029,000	128,980,000	137,835,000	147,065,000	144,811,000	148,040,000	138,324,000		136,573,000	144,873,000	125,221,000	114,056,000
income taxes																																																							2,841,000	15,078,000	4,118,000	12,615,000	17,469,000		12,528,000		2,571,000	3,384,000	25,841,000
accumulated other comprehensive loss
accounts payable and accrued expenses																																																							8,812,000		24,008,000	18,010,000
trade accounts receivable, less allowance for doubtful accounts of 2,459 at december 31, 2009 and 2,266 at september 30, 2009																																																								44,434,000
intangible assets, net of accumulated amortization of 26,268 at december 31, 2009 and 24,357 at september 30, 2009																																																								98,965,000
retained deficit
purchase of treasury stock
cash paid for:
interest																																																								48,303,000	116,995,000	68,976,000	57,732,000
trade accounts receivable, less allowance for doubtful accounts of 2,265 at june 30, 2009 and 2,702 at september 30, 2008																																																									39,234,000
intangible assets, net of accumulated amortization of 22,736 at june 30, 2009 and 18,203 at september 30, 2008																																																									80,191,000
accumulated other comprehensive income
excess tax shortfall (benefit) from share-based compensation																																																									204,000	226,000	111,000
net (gain) loss on disposal of leaseholds and other property
excess tax (shortfall) benefit from share-based compensation
trade accounts receivable, less allowance for doubtful accounts of 2,112 at march 31, 2009 and 2,702 at september 30, 2008																																																										36,391,000
intangible assets, net of accumulated amortization of 21,134 at march 31, 2009 and 18,203 at september 30, 2008																																																										78,815,000
trade accounts receivable, less allowance for doubtful accounts of 2,460 at december 31, 2008 and 2,702 at september 30, 2008																																																											39,812,000
intangible assets, net of accumulated amortization of 19,665 at december 31, 2008 and 18,203 at september 30, 2008																																																											81,094,000
adjustments to reconcile net earnings to net cash provided (used) by operating activities:
net cash provided (used) by operating activities																																																											31,034,000
trade accounts receivable, less allowance for doubtful accounts of 2,388 at march 31, 2008 and 2,564 at september 30, 2007																																																												46,131,000
intangible assets, net of accumulated amortization of 14,984 at march 31, 2008 and 11,904 at september 30, 2007																																																												69,441,000
accumulated other comprehensive income – foreign currency translation																																																												31,792,000	30,066,000		26,167,000	17,019,000	15,562,000
net income on disposal of leaseholds and other property																																																												213,000	150,000
due from alberto-culver																																																																		463,000
equity issuance costs
equity contributions
special cash dividend paid
distributions to alberto-culver
trade accounts receivable, less allowance for doubtful accounts of 2,610 at december 31, 2007 and 2,564 at september 30, 2007																																																													47,724,000
intangible assets, net of accumulated amortization of 13,815 at december 31, 2007 and 11,904 at september 30, 2007																																																													70,332,000
adjustments to reconcile net earnings to net cash (used) provided by operating activities:
net cash (used) provided by operating activities
intangible assets, net of accumulated amortization of 11,904 and 8,195 at september 30, 2007 and 2006, respectively
liabilities and stockholders' (deficit) equity
stockholders' (deficit) equity:
trade accounts receivable, less allowance for doubtful accounts of 2,551 and 2,246 at june 30, 2007 and september 30, 2006, respectively																																																															47,337,000
intangible assets, net of accumulated amortization of 10,343 and 8,195 at june 30, 2007 and september 30, 2006, respectively																																																															51,613,000
liabilities and stockholders’ (deficit) equity
stockholders’ (deficit) equity:
retained (deficit) earnings																																																															-1,426,478,000		-1,453,430,000
total stockholders’ (deficit) equity																																																															-792,781,000		-836,209,000
total liabilities and stockholders’ (deficit) equity																																																															1,360,383,000	1,360,504,000	1,310,751,000
trade accounts receivable, less allowance for doubtful accounts of 2,582 and 2,246 at march 31, 2007 and september 30, 2006, respectively																																																																46,088,000
intangible assets, net of accumulated amortization of 16,718 and 8,195 at march 31, 2007 and september 30, 2006, respectively																																																																52,128,000
trade accounts receivable, less allowance for doubtful accounts of 2,422 and 2,246 at december 31, 2006 and september 30, 2006, respectively																																																																	46,359,000
intangible assets																																																																	52,753,000	53,238,000
trade accounts receivable, less allowance for doubtful accounts of 2,246 and 2,073 at september 30, 2006 and 2005, respectively																																																																		45,462,000
notes receivable from affiliated companies
liabilities and stockholder’s equity
notes payable to affiliated companies
commitments and contingencies
stockholder’s equity:
retained earnings																																																																		927,512,000
accumulated other comprehensive income—foreign currency translation																																																																		16,283,000
total stockholder’s equity																																																																		1,005,967,000
total liabilities and stockholder’s equity																																																																		1,338,841,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-06-30	2012-03-31	2011-12-31	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31

cash flows from operating activities:
net earnings	45,557,000	49,931,000	45,724,000	39,210,000	61,013,000	48,056,000	37,724,000	29,244,000	38,390,000	42,581,000	50,821,000	40,861,000	50,337,000	21,339,000	46,568,000	46,808,000	68,838,000	68,149,000	76,206,000	38,312,000	57,191,000	70,188,000	-23,526,000	13,368,000	53,215,000	69,007,000	71,164,000	65,725,000	65,727,000	55,186,000	58,226,000	61,371,000	83,264,000	66,539,000	56,992,000	55,826,000	67,919,000	60,159,000	42,243,000	61,535,000	54,909,000	67,756,000	58,492,000	57,995,000	72,465,000	64,890,000	58,983,000	69,487,000	67,813,000	30,134,000	69,143,000	49,278,000	40,949,000	41,116,000	34,560,000	26,126,000	31,489,000	24,595,000	16,059,000	12,396,000	14,343,000			11,039,000	3,141,000
adjustments to reconcile net earnings to net cash provided by operating activities:
depreciation and amortization	23,632,000	24,328,000	24,669,000	25,359,000	25,565,000	26,205,000	28,516,000	26,954,000	28,063,000	26,636,000	25,426,000	25,062,000	25,285,000	26,568,000	24,890,000	24,050,000	24,421,000	24,111,000	25,145,000	26,559,000	26,386,000	25,950,000	26,832,000	26,921,000	27,076,000	27,233,000	27,150,000	26,769,000	26,506,000	27,401,000	27,419,000	26,919,000	27,090,000	29,256,000	27,877,000	26,839,000	25,433,000	23,705,000	23,386,000	20,988,000	20,579,000	19,989,000	19,495,000	19,255,000	18,798,000	17,247,000	16,808,000	16,299,000	15,940,000	15,553,000	15,273,000	14,777,000	14,111,000	12,666,000	12,431,000	11,889,000	11,642,000	11,471,000	11,747,000	11,821,000	11,752,000			10,025,000	9,790,000
share-based compensation expense	7,555,000	4,449,000	4,509,000	4,238,000	6,053,000	3,912,000	4,178,000	3,964,000	5,118,000	3,339,000	3,550,000	3,838,000	5,135,000	1,841,000	2,113,000	2,032,000	3,958,000	3,498,000	2,617,000	2,648,000	2,893,000	-668,000	2,562,000	3,059,000	3,473,000	1,452,000	1,857,000	2,517,000	3,354,000	2,282,000	2,387,000	2,739,000	3,111,000	2,378,000	2,398,000	3,814,000	2,838,000	2,985,000	4,188,000	2,840,000	7,760,000	6,507,000	3,268,000	8,522,000	3,190,000	3,262,000	9,051,000	2,825,000	2,945,000	8,031,000	2,462,000	2,437,000	7,838,000	5,125,000	1,636,000	3,150,000	1,103,000	1,482,000	2,233,000	1,402,000	3,571,000			-113,000	4,028,000
amortization of deferred financing costs	477,000	505,000	517,000	528,000	564,000	569,000	600,000	635,000	637,000	695,000	687,000	663,000	648,000	649,000	837,000	933,000	932,000	932,000	954,000	830,000	1,496,000	1,153,000	1,198,000	880,000	887,000	892,000	915,000	989,000	990,000	990,000	991,000	930,000	921,000	787,000	788,000	789,000	788,000	772,000	907,000	947,000	950,000	940,000	952,000	921,000	909,000	910,000	900,000	1,172,000	1,346,000	1,646,000	1,701,000	1,722,000	1,773,000	1,937,000	1,932,000	2,043,000	2,088,000	2,098,000	2,103,000	2,116,000	2,131,000
loss on early extinguishment of debt	159,000		184,000	315,000	444,000		1,697,000				0								1,059,000
loss on disposal of equipment and other property	11,000		0	0	-26,641,000		1,000	1,000	2,000		1,000	-75,000	77,000		-23,000	77,000	3,000		-103,000	152,000	1,589,000
deferred income taxes	3,021,000	-5,350,000	-2,265,000	-2,374,000	-2,207,000	4,846,000	-6,680,000	3,408,000	-3,237,000	10,794,000	-2,030,000	-27,000	889,000	-25,294,000	1,195,000	4,640,000	1,867,000	-6,338,000	-633,000	-594,000	229,000	13,091,000	-4,947,000	4,992,000	555,000	-6,563,000	3,565,000	3,933,000	4,597,000	4,594,000	4,247,000	1,971,000	-31,350,000	7,004,000	1,321,000	3,000,000	-1,654,000	2,450,000	11,991,000	740,000	8,341,000										683,000	117,000	392,000	-2,761,000	1,967,000	3,180,000	1,806,000	69,000	612,000	224,000	818,000			2,395,000	1,437,000
changes in
trade accounts receivable	5,120,000	-2,207,000	-1,751,000	-490,000	6,269,000	-585,000	1,869,000	-2,769,000	1,715,000	-902,000	-2,268,000	2,362,000	2,270,000	-3,427,000	-3,557,000	959,000	2,841,000	11,535,000	-5,175,000	65,000	-3,502,000	9,536,000	337,000	-2,299,000	2,457,000	1,038,000	-2,589,000	1,747,000	4,203,000	222,000	-665,000	921,000	-2,427,000	-1,286,000	-805,000	2,181,000		-1,504,000	3,676,000	-779,000	3,944,000	-4,186,000	2,778,000	4,537,000		-3,505,000	5,994,000	-3,619,000	3,278,000	4,798,000		-3,151,000	4,439,000	-6,930,000	-4,194,000	11,995,000	-1,775,000	2,834,000	2,927,000	1,919,000	3,455,000			7,856,000	-1,031,000
accounts receivable, other	7,429,000	-18,928,000	2,915,000	-8,952,000	-799,000	1,132,000	-5,813,000	-6,847,000	-3,294,000	1,980,000	498,000	-1,988,000	-3,817,000	-2,965,000	-5,142,000	3,832,000	-1,724,000	-3,609,000	-4,819,000	3,099,000	-8,643,000	-4,425,000	26,689,000	10,406,000	8,793,000	-9,791,000	-3,087,000	-1,175,000	-6,379,000	3,657,000	3,076,000	-1,982,000	-2,008,000		1,171,000	1,727,000	-1,431,000	2,059,000	5,710,000	5,046,000	5,532,000				922,000
inventory	13,593,000	15,878,000	13,434,000	5,472,000	15,287,000	-7,884,000	13,025,000	-35,582,000	-24,159,000	15,777,000	31,045,000	-30,336,000	-38,019,000	63,999,000	-64,726,000	41,858,000	-137,326,000	56,040,000	19,007,000	-59,560,000	-67,764,000	15,021,000	133,459,000	31,503,000	-30,138,000	8,011,000	-14,070,000	31,711,000	-45,924,000	7,669,000	-27,385,000	11,321,000	-8,055,000
other current assets	2,815,000	-640,000	-2,184,000	4,684,000	1,454,000	-96,000	4,326,000	-295,000	-1,117,000	-3,425,000	-2,730,000	10,071,000	-4,018,000	6,041,000	-9,304,000	-5,827,000	-446,000	1,907,000	-4,519,000	368,000	3,220,000	186,000	1,852,000	-17,210,000	-482,000	2,731,000	1,933,000	1,009,000	1,745,000	-809,000	9,465,000	-5,597,000	9,105,000	-7,907,000	1,007,000	12,255,000			1,111,000	-3,449,000	19,943,000		-1,926,000	2,948,000
other assets	-3,238,000	-6,429,000	-160,000	-912,000	1,578,000	-1,391,000	1,347,000	-83,000	-1,709,000	-981,000	-1,915,000	-1,873,000	4,074,000	601,000	1,568,000	608,000	1,371,000	2,782,000	5,885,000	-4,067,000	-240,000	-1,316,000	-1,266,000	3,055,000	-2,480,000	-2,030,000	98,000	-1,106,000	-187,000	-293,000	156,000	475,000	-290,000									-113,000						4,026,000	1,072,000	49,000	2,723,000			3,091,000			-230,000	756,000	45,000		215,000			2,957,000	-529,000
operating leases	2,097,000		499,000	430,000	-939,000		-349,000	-1,431,000	-641,000		-476,000	-3,894,000	-10,392,000		4,791,000	-2,818,000	6,475,000		825,000	-5,416,000	2,996,000
accounts payable and accrued liabilities	-25,699,000	42,804,000	-16,810,000	-1,609,000	-56,152,000	28,637,000	-45,929,000	32,956,000	-642,000	21,884,000	-51,689,000	-7,498,000	7,606,000	-11,940,000	35,868,000	-86,946,000	16,729,000	1,601,000	-23,081,000	88,930,000	12,401,000	8,696,000	20,107,000	-43,749,000	-11,930,000	16,386,000	10,599,000	-55,849,000	-13,855,000	-5,588,000	22,355,000	-15,939,000	3,764,000																		246,000
income taxes payable	9,750,000	-1,728,000	-537,000	-15,808,000	2,225,000	6,709,000	13,000,000	-14,428,000	12,586,000	-4,111,000	1,525,000	-12,026,000	12,460,000	1,471,000	224,000	-26,559,000	18,166,000	1,669,000	-7,075,000	-860,000	14,307,000	1,665,000	45,000	-17,551,000	10,352,000	7,070,000	-5,076,000	-8,256,000	12,406,000	-1,022,000	1,563,000	-10,831,000	10,069,000	-1,617,000	-10,648,000	13,151,000			4,265,000			1,507,000	-18,612,000	29,057,000	-1,745,000	125,000	5,932,000	-401,000	-11,153,000	12,991,000	3,866,000	-14,861,000	16,747,000
other liabilities	960,000	160,000	12,000	-806,000	-257,000	682,000	-243,000	-824,000	-692,000	726,000	373,000	-706,000	313,000	5,686,000	259,000	-735,000	-11,790,000	-933,000	-121,000	714,000	-3,573,000	2,042,000	11,983,000	583,000	770,000	2,143,000	-161,000	-1,139,000	-2,927,000	-3,739,000	645,000	2,072,000	11,010,000						1,067,000	-776,000	1,169,000	1,319,000	-738,000	3,574,000					-912,000	1,231,000	-2,194,000	1,856,000	867,000		167,000	409,000				7,777,000	6,781,000			-754,000	8,297,000
net cash from operating activities	93,239,000	120,879,000	69,431,000	51,064,000	33,457,000	110,673,000	47,895,000	36,940,000	51,020,000	116,540,000				107,273,000				164,132,000	86,172,000	92,570,000	38,986,000	152,505,000	198,253,000	13,806,000	62,325,000	116,592,000	93,713,000	59,854,000	50,256,000	90,731,000	102,480,000	75,246,000	104,204,000				36,605,000	143,079,000	69,129,000	117,416,000	57,036,000	34,563,000	98,796,000	60,104,000	60,960,000	93,009,000	43,158,000	58,471,000	94,111,000	43,979,000	69,512,000	97,355,000	28,270,000	54,904,000	73,132,000	19,790,000	39,767,000							37,938,000	58,082,000
cash flows from investing activities:
payments for property and equipment	-35,784,000	-42,874,000	-20,300,000	-18,893,000	-20,078,000																	-21,118,000	-17,757,000	-31,108,000	-40,875,000	-40,992,000	-20,365,000	-22,688,000	-23,710,000	-24,336,000	-23,492,000	-16,180,000	-22,499,000
proceeds from sale of property and equipment			0	0	43,574,000																		15,000				11,000																					2,000	77,000	14,000	3,000	21,000	124,000	56,000	9,000	45,000	81,000	34,000	32,000	47,000	115,000			54,000	41,000
acquisitions, net of cash acquired		-2,470,000	0	0	-371,000	-7,527,000	0	0	-218,000					-2,504,000	-347,000	1,000	-319,000	1,000	-106,000	-220,000	-2,025,000	-11,026,000	0	0	-1,944,000	-661,000	85,000	-2,397,000	-451,000	0	0	0	-9,175,000																																-5,738,000
net cash (used) provided by investing activities	-35,784,000
cash flows from financing activities:
proceeds from issuance of long-term debt and abl facility		36,000,000	115,000,000	239,000,000	112,000,000
repayments of long-term debt and abl facility	-20,000,000	-57,000,000	-136,043,000	-275,038,000	-153,041,000
debt issuance costs		10,000	-10,000	-30,000	-1,495,000	-67,000	-803,000			-426,000	-62,000							0				0								0	0																																		-58,816,000
proceeds from equity awards	207,000	1,097,000	0	322,000	81,000	109,000	40,000	1,398,000	216,000		81,000	1,663,000	60,000		254,000	424,000	7,372,000		1,717,000
payments for common stock repurchased	-20,757,000	-20,658,000	-13,151,000	-10,239,000	-9,948,000	-9,892,000	-10,100,000	-20,200,000	-20,200,000					0	0	-55,328,000	-75,000,000					0	0	-50,000,000	-11,357,000					-1,863,000	-50,139,000	-50,087,000	-64,612,000
employee withholding taxes paid related to net share settlement of equity awards	-7,336,000	-9,000	0	-7,000	-5,264,000	-7,000	1,000	-20,000	-1,740,000		0	-16,000	-1,125,000		-28,000	-15,000	-1,136,000				-249,000
net cash used by financing activities	-47,886,000	-40,560,000	-34,204,000	-45,992,000	-57,667,000	-55,899,000	-28,903,000	-46,156,000	-22,776,000	-32,565,000	-19,022,000	-43,245,000	-5,992,000		-147,313,000	-56,339,000	-70,185,000				-312,000					-63,937,000	-105,439,000	-60,005,000	73,000	-66,707,000	-68,514,000	-71,162,000	-56,899,000																																-119,165,000
effect of foreign exchange rate changes on cash and cash equivalents	-1,546,000	1,387,000	2,571,000	467,000	-1,348,000	696,000	358,000	-501,000	523,000	669,000	231,000	-1,729,000	4,561,000	-3,671,000	-7,310,000	418,000	-240,000	-1,238,000	-979,000	825,000	2,327,000	424,000	194,000	-1,519,000	682,000	-653,000	73,000	232,000	-692,000	383,000	-1,675,000	840,000	-78,000									138,000	-78,000	153,000			211,000	-569,000	466,000	113,000	194,000					411,000								293,000	-221,000
net increase in cash and cash equivalents	8,023,000	36,362,000				10,586,000			-2,002,000	48,664,000			28,513,000				-102,819,000	130,642,000	-138,004,000	-129,323,000	23,493,000	-324,660,000	474,397,000	297,152,000	-4,233,000	13,640,000	-31,922,000	-12,994,000	25,476,000	440,000	8,799,000	-11,256,000	15,553,000							55,346,000	84,106,000		44,527,000	110,809,000					-6,715,000	8,044,000							1,264,000	-7,939,000	12,829,000		4,875,000
cash and cash equivalents, beginning of period	149,162,000	0	0	0	107,961,000	0	0	0	123,001,000	0	0	0	70,558,000	0	0	0	400,959,000	0	0	0	514,151,000	0	0	0	71,495,000	0	0	0	77,295,000	0	0	0	63,759,000	0	0	86,622,000	0	0	140,038,000	0	106,575,000	0	0	47,115,000	0	0	240,220,000	0	0	63,481,000	0	0	59,494,000	0	0	54,447,000	0	0	99,788,000	0	38,272,000			0	107,571,000
cash and cash equivalents, end of period	157,185,000	36,362,000	20,626,000	-13,354,000	105,528,000	10,586,000	201,000	-23,825,000	120,999,000	48,664,000	12,717,000	-37,451,000	99,071,000	-30,760,000	-126,095,000	-70,727,000	298,140,000	130,642,000	-138,004,000	-129,323,000	537,644,000	-324,660,000	474,397,000	297,152,000	67,262,000	13,640,000	-31,922,000	-12,994,000	102,771,000	440,000	8,799,000	-11,256,000	79,312,000	4,981,000	-45,291,000	94,410,000	2,449,000	21,101,000	67,447,000	55,346,000	190,681,000	-156,122,000	44,527,000	157,924,000	-8,812,000	-85,741,000	147,997,000	-10,836,000	-6,715,000	71,525,000	-6,385,000	20,721,000	38,381,000	-9,117,000	5,631,000	31,789,000	1,264,000	-7,939,000	112,617,000	-11,727,000	43,147,000			2,601,000	31,381,000
supplemental cash flow information:
interest paid	4,442,000	25,328,000	5,425,000	25,696,000	7,648,000	30,217,000	8,245,000	20,981,000	27,272,000	8,490,000	28,264,000	8,433,000	26,758,000	6,412,000	37,851,000	2,775,000	35,034,000	2,689,000	39,848,000	3,006,000	43,439,000	9,077,000	32,680,000	8,069,000	33,297,000	12,268,000	34,525,000	7,748,000	40,630,000	6,733,000	36,770,000	10,243,000	36,331,000	51,506,000	536,000	51,451,000	51,362,000	568,000	86,633,000	201,000	56,138,000	56,176,000	427,000	50,807,000	50,993,000	661,000	52,712,000	31,275,000	7,578,000	70,241,000	42,763,000	8,456,000	42,855,000	43,173,000
income taxes paid	2,575,000	18,905,000	19,576,000	36,551,000	19,264,000	1,510,000	2,470,000	28,512,000	3,495,000	11,685,000	20,046,000	28,996,000	3,081,000	8,745,000	17,161,000	52,723,000	3,978,000	26,001,000	32,973,000	18,182,000	2,609,000	4,577,000	-229,000	36,305,000	9,216,000	20,931,000	25,334,000	33,748,000	3,770,000	16,694,000	8,470,000	41,482,000	3,607,000	33,824,000	46,613,000	3,882,000	39,140,000	42,943,000	4,833,000	41,989,000	4,835,000	35,905,000	59,260,000	4,119,000	31,737,000	46,681,000	6,317,000	41,943,000	54,590,000	6,156,000	34,920,000	43,415,000	4,891,000	20,714,000
capital expenditures incurred but not paid	6,883,000	15,587,000	1,481,000	-1,136,000	8,135,000	6,358,000	-7,022,000	11,786,000	5,206,000	16,471,000	853,000	-76,000	5,542,000	8,075,000	4,477,000	-389,000	3,594,000	17,834,000	-1,157,000	-3,452,000	6,707,000	5,303,000	-621,000	1,599,000	3,491,000	23,117,000	-647,000	-237,000	4,000,000	12,051,000	1,838,000	-1,060,000	2,486,000	-101,000	-371,000	1,672,000
impairment of long-lived assets, including operating lease assets						-21,000				1,354,000	305,000	-338,000	2,103,000
gain on disposal of long-lived assets
gain on divestiture of subsidiary		0
loss on extinguishment of debt																															0						0	0	33,296,000
operating lease assets and liabilities
proceeds from sales of property and equipment
proceeds from divestiture of subsidiary		0
net cash used by investing activities		-45,344,000				-44,884,000	-19,149,000	-14,108,000	-30,769,000	-35,980,000	-21,615,000	-17,174,000	-25,007,000	-34,520,000	-23,472,000	-17,718,000	-26,709,000	-28,780,000	-17,899,000	-11,832,000	-17,508,000	-32,129,000	-17,742,000	-31,085,000	-42,819,000	-38,362,000	-20,269,000	-13,075,000	-24,161,000	-23,967,000	-23,492,000	-16,180,000	-31,674,000																																-14,886,000
impairment of long-lived assets			1,443,000
net cash provided (used) by investing activities				-18,893,000	23,125,000
net decrease in cash and cash equivalents				-13,354,000	-2,433,000										-126,095,000																																																		-76,190,000
net gain on disposal of long-lived assets
net loss on extinguishment of debt
proceeds from issuance of long-term debt								989,000,000	67,000,000	220,622,000	216,000,000	624,000,000	229,000,000	237,000,000								0	300,004,000	555,500,000	232,000,000	199,500,000	151,500,000	116,004,000	126,500,000	92,500,000	122,500,000	120,314,000	126,505,000	160,500,000	77,500,000	58,500,000	0	112,000,000	800,000,000			77,500,000	0	232,719,000	164,000,000			947,100,000	0	929,200,000	0	157,101,000	222,404,000	13,000,000	121,000,000	98,000,000	465,000	12,001,000	82,638,000	101,259,000	142,976,000			151,991,000	1,885,109,000
repayments of long-term debt								-1,008,002,000	-68,052,000	-237,665,000	-235,041,000					-1,420,000	-1,421,000	-3,272,000	-205,715,000	-213,208,000	-63,000	-445,530,000	-6,000	-189,555,000	-247,830,000	-216,376,000	-257,005,000	-176,281,000	-127,876,000	-157,377,000	-141,080,000	-141,075,000	-119,067,000																																-88,021,000
payments for property and equipment, net of proceeds							-19,149,000	-14,108,000	-30,551,000		-21,615,000	-17,174,000	-25,007,000		-23,125,000	-17,719,000	-26,390,000		-17,793,000	-11,612,000	-15,483,000
proceeds from exercises of stock options																						70,000	-49,000	5,000	2,766,000	373,000	66,000	272,000	1,449,000	33,000	205,000	837,000	275,000	258,000	2,403,000	14,280,000	2,341,000	8,015,000	2,716,000	14,609,000	37,156,000	465,000	14,070,000	7,319,000	5,466,000	7,260,000	5,996,000	2,969,000	11,118,000	8,993,000	2,874,000	933,000	2,874,000	142,000	68,000	2,000	105,000	134,000	252,000	303,000	215,000			246,000	239,000
adjustments to reconcile net earnings to net cash provided (used) by operating activities:
net cash provided (used) by operating activities												24,697,000	54,951,000																																														31,034,000
repayments of long-term debt, including prepayment costs													-233,927,000
net loss on disposal of long-lived assets
net cash (used) provided by financing activities																		-3,472,000	-205,298,000					315,950,000	-24,421,000
adjustments to reconcile net earnings to net cash from operating activities:
adjustments to reconcile net earnings to net cash (used) provided by operating activities:
net cash (used) provided by operating activities																2,912,000	-5,685,000
net loss on disposal and impairment of assets
gain on early extinguishment of debt																								-134,000	-223,000
net cash provided (used) by financing activities																						-445,460,000																					-37,223,000	63,927,000									44,617,000							-24,285,000	39,301,000
gain on disposal of equipment and other property
net income/(gain) on disposal and impairment of assets
net income on extinguishment of debt																																																3,231,000	587,000	34,558,000	504,000	156,000	1,585,000	390,000
(gain) loss on extinguishment of debt
(gain) loss on disposal of equipment and other property
excess tax (benefit) shortfall from share-based compensation																																		709,000
net cash provided by operating activities																																		63,921,000	69,041,000	90,453,000
capital expenditures	-35,784,000	-42,874,000	-20,300,000	-18,893,000	-20,078,000	0	-19,149,000	-14,108,000	-30,551,000	0				0				0	-17,793,000	-11,612,000	-15,483,000	-21,118,000	-17,757,000	-31,108,000	-40,875,000	-40,992,000	-20,365,000	-22,688,000	-23,710,000	-24,336,000	-23,492,000	-16,180,000	-22,499,000				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0							0	-9,189,000
free cash flows	57,455,000	78,005,000	49,131,000	32,171,000	13,379,000	110,673,000	28,746,000	22,832,000	20,469,000	116,540,000				107,273,000				164,132,000	68,379,000	80,958,000	23,503,000	131,387,000	180,496,000	-17,302,000	21,450,000	75,600,000	73,348,000	37,166,000	26,546,000	66,395,000	78,988,000	59,066,000	81,705,000				36,605,000	143,079,000	69,129,000	117,416,000	57,036,000	34,563,000	98,796,000	60,104,000	60,960,000	93,009,000	43,158,000	58,471,000	94,111,000	43,979,000	69,512,000	97,355,000	28,270,000	54,904,000	73,132,000	19,790,000	39,767,000							37,938,000	48,893,000
proceeds from disposal of property and equipment																																		15,000			788,000
repurchases of common stock
excess tax benefit (shortfall) from share-based compensation																																																			1,178,000	245,000	531,000	34,000	17,000	8,000
excess tax benefit/shortfall from share-based compensation																																				879,000
net increase (decrease) in cash and cash equivalents																																				7,788,000
excess tax benefit from share-based compensation																																					267,000	934,000	95,000	5,524,000	17,043,000	529,000	8,697,000	2,985,000	3,022,000	4,470,000	3,824,000	1,523,000	5,039,000	4,085,000										135,000	129,000			453,000	-145,000
net cash from financing activities																																								-40,293,000	46,688,000									20,541,000
income taxes receivable																																													2,664,000	-14,614,000	22,566,000
prepaid expenses																																														-651,000	2,781,000											530,000	403,000						-5,282,000
deferred income tax expense																																														4,333,000	1,749,000			193,000
net income on disposal of property and equipment																																																		2,000
repurchase of common stock
net gain on disposal of property and equipment
change in book cash overdraft																																																				-302,000	2,818,000								1,175,000				-6,515,000
other receivables																																																																3,824,000	-2,111,000
purchases of treasury stock
net gain on disposal of leaseholds and other property																																																					38,000
inventories																																																									-9,033,000	29,866,000	9,850,000					16,286,000	19,377,000
accounts payable and accrued expenses																																																									5,998,000								-5,778,000
income taxes																																																								11,324,000	48,662,000	-4,844,000	6,999,000		2,248,000			-22,472,000	25,794,000
purchase of treasury stock
cash paid for:
interest																																																								48,303,000	48,019,000	11,244,000	57,732,000
excess tax shortfall (benefit) from share-based compensation																																																									-22,000	115,000	111,000
net (gain) loss on disposal of leaseholds and other property
excess tax (shortfall) benefit from share-based compensation
net income on disposal of leaseholds and other property																																																												63,000	150,000			279,000	631,000
due from alberto-culver																																																																0	463,000
equity issuance costs
equity contributions																																																																0	575,000,000
special cash dividend paid																																																																	-2,342,148,000
distributions to alberto-culver																																																																	-41,936,000
proceeds from sales of short-term investments
payments for purchases of short-term investments
proceeds related to notes with affiliated companies
payments related to notes with affiliated companies
excess tax benefit from exercises of alberto-culver stock options
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
equity financing costs																																																																	-42,222,000
non-cash charge related to alberto-culver’s conversion to one class of common stock
stock option expense

Sally Beauty Holdings, Inc(NYSE:SBH)

Sally Beauty Holdings, Inc
(NYSE:SBH)