FOURTH QUARTER OVERVIEW

Net sales were $1.794 billion for the fourth quarter, compared to $2.226 billion in the prior year’s fourth quarter.

Selling, general and administrative (“SG&A”) expenses were $359.2 million, or 20.0% of net sales, for the fourth quarter, compared to $453.4 million, or 20.4% of net sales, in the prior year’s fourth quarter.

Net income was $63.1 million for the fourth quarter, compared to net income of $48.2 million for the prior year’s fourth quarter.

Cash, cash equivalents and marketable securities were $1.199 billion at the close of the quarter.

Long-term debt remains limited to a low-interest, unsecured term loan associated with the French government’s response to COVID-19.

FULL YEAR OVERVIEW

Net sales were $5.273 billion for fiscal year 2023, compared to $5.927 billion for fiscal year 2022.

SG&A expenses were $1.324 billion, or 25.1% of net sales, for fiscal year 2023, compared to $1.681 billion, or 28.4% of net sales, for fiscal year 2022.

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Net income was $6.7 million for fiscal year 2023, compared to a net loss of $313.1 million for fiscal year 2022.***

Adjusted EBITDA of $64.7 million for fiscal year 2023, compared to adjusted EBITDA of ($192.7) million for fiscal year 2022.

The Company will not be holding a conference call today. Additional information can be found in the Company’s Form 10-K.