News

Nautilus, Inc. Delivers Record Second Quarter Results

Second Quarter 2020 Net Sales Increased 94% to $114 million Compared to Same Period Last Year

Second Quarter 2020 Direct Segment Sales Increased 142% and Retail Segment Sales Increased 68% Compared to Same Period Last Year

Operating Loss Was $7 million, driven by the $29 million loss on disposal group, a non-cash charge

Adjusted EBITDA Was $25 million, representing an Adjusted EBITDA improvement of $35 million

VANCOUVER, Wash.–(BUSINESS WIRE)–Nautilus, Inc. (NYSE:NLS) today reported its unaudited operating results for the second quarter of 2020.

Second Quarter 2020 Highlights Compared to Second Quarter 2019

  • Net sales were $114.2 million, up 93.5% compared to $59.0 million, driven primarily by strong demand for cardio and strength products, particularly our connected-fitness bikes, Max Trainer®and treadmills. Our ability to restart and then accelerate our supply chain allowed us to better respond to the heightened demand that began in March when COVID-19 shelter-in-place orders were first put in place. However, despite increased supply capacity, we entered Q3 with $34.2 million in backorders.
  • Gross profit was $47.4 million, up 170.6% compared to $17.5 million last year. Gross margin rates expanded to 41.5% this year compared to 29.7% last year, driven by favorable product and customer mix and fixed costs leverage, partially offset by higher product landed costs. As a reminder, our products are now subject to 7.5% tariffs versus no tariff last year, and shipping costs from Asia are higher due to constrained supply in logistics.
  • In second quarter 2020, the company recognized a non-cash loss on disposal group of $29.0 million related to the planned sale of Octane Fitness®. In the second quarter of 2019, the company recognized an impairment of $72.0 million for goodwill and other intangible assets. As a result, operating expenses decreased by 47.0% to $54.5 million, compared to $102.9 million last year.
  • Operating loss was $7.1 million, compared to a loss of $85.4 million last year. The $78 million improvement was driven by lower operating expenses, sales growth, and expanded gross margin rates. Net loss was $5.1 million, or -$0.17 cents per diluted share, compared to last year’s loss of $78.9 million, or -$2.66 per diluted share.
  • The following statements exclude the impact of the loss on disposal group this year and the impairment last year1.

    • Adjusted operating expenses decreased by 17.6% to $25.5 million compared to $30.9 million last year, primarily due to continued expense discipline and lower advertising expenses. Customer acquisition costs were meaningfully lower this year as the company pulled back on paid advertising, given strong organic demand and inventory scarcity.
    • Adjusted operating income improved to a record $21.9 million compared to an operating loss of $13.4 million last year, driven by sales growth, expanded gross margin rates, and lower operating expenses.
    • Adjusted income from continuing operations improved to $16.8 million, or $0.56 per diluted share, compared to a loss from continuing operations of $9.8 million, or -$0.33 per diluted share.
    • Adjusted EBITDA from continuing operations improved to $24.7 million compared to an adjusted EBITDA loss of $10.5 million, an improvement of $35 million.

1 See “Reconciliation of Non-GAAP Financial Measures” and “Loss on Disposal Group” for more information

Management Comments

“The second quarter of 2020 was one of the strongest quarters ever for our Company; highlighted by record sales, almost 1,200 basis point increase in gross margins, and a $78 million improvement in operating loss, resulting in adjusted EBITDA of $25 million,” said Jim Barr, Nautilus Inc. Chief Executive Officer. “While we benefitted from the COVID-19 at-home fitness trend, our team’s agility and strong execution were essential to our outstanding results. The operational improvements we implemented in the back half of 2019 changed our trajectory in the first quarter of 2020 and were instrumental in record results in Q2. We dramatically improved the flow of inventory in our supply chain by increasing factory capacity for our leading products by as much as 500%. Our team worked quickly to find solutions to move product from our manufacturers to the ports and then secured the quickest vessels to get the product to our distribution centers. Even with our expanded production and improved supply chain, demand still outpaced supply and we are entering the third quarter with a $34 million backlog.”

Mr. Barr continued, “Our strong second quarter performance was driven by sales growth across both segments for all consumer modalities and brands, slightly offset by declines in our commercial business due to gym closures related to COVID-19. To continue providing new and existing customers with products that lead to a healthier lifestyle, we will be introducing several new strength and cardio product offerings in the fall, including an expansion of our JRNY® personalized connected fitness digital platform with the rollout of next generation JRNY® that will include an updated user interface, new content, integration of Explore The World™ and Apple Health.”

Mr. Barr, concluded, “We are still in the early stages of our long-term transformation, but we have made good progress in the past 6 months in enhancing our digital capabilities, in our products, our marketing, and our business operations. We remain confident that the company’s resolve, resilience, and agility are qualities that, when coupled with well-known brands, a strong product portfolio, and a strengthening digital strategy should allow us to successfully return Nautilus Inc. to long-term profitable growth.”

Second Quarter 2020 Segment Results Compared to Second Quarter 2019

Direct Segment

  • Net sales were $50.4 million, up 142.1%, from $20.8 million last year, driven primarily by the company’s cardio products which grew 183.4%, led by connected-fitness bikes, Bowflex® C6 and Schwinn® IC4, and the Max Trainer®. This was the first quarter over quarter of Max Trainer® positive sales growth for this segment since the fourth quarter of 2017. Strength product sales growth was limited by inventory scarcity, particularly of the popular SelectTech® weights.
  • As of June 30, 2020, backlog totaled $20.6 million compared to $8.0 million as of March 31, 2020, which represents unfulfilled consumer orders and is net of current promotional programs and sales discounts.
  • Gross margin rate was 54.6%, up from 43.3%, primarily driven by favorable product mix and fixed costs leverage, partially offset by higher product landed costs.
  • Segment contribution income was $17.0 million, compared to loss of $6.3 million, last year. The $23.3 million improvement was primarily driven by higher net sales, expanded gross margin rates, and $4.2 million reduction in media spend. Advertising expenses were $2.4 million for the second quarter of 2020 compared to $6.6 million for the same period in 2019.
  • Combined consumer credit approvals by our primary and secondary U.S. third-party financing providers for the second quarter of 2020 were 48.4%, compared to 53.2% in the same period of 2019. The decrease in approvals reflects lower credit quality applications.

Retail Segment

  • Net sales were $62.9 million, up 68.1%, from $37.5 million. Cardio sales increased by 88.2% driven by the Schwinn® IC4 connected-fitness bikes and Max Trainer®. This was the first quarter over quarter of Max Trainer® positive sales growth for this segment since the fourth quarter of 2018. Strength product sales growth of 22.2% was limited by inventory scarcity of the popular SelectTech® weights and benches. Excluding sales related to our Octane brand, second quarter of 2020 net sales for the Retail segment grew 95% versus the second quarter of 2019.
  • As of June 30, 2020, backlog totaled $13.6 million compared to $5.8 million as of March 31, 2020, primarily related to customer orders including firm orders for future shipments. The estimated future revenues are net of contractual rebates and consideration payable for applicable Retail customers.
  • Retail customer, Amazon.com, had sales greater than 10% of total company net sales. Amazon.com accounted for 18.0% of total company net sales this year versus 20.9% last year.
  • Gross margin rate was 30.3%, up from 20.8% last year, primarily driven by favorable sales mix and fixed costs leverage, partially offset by higher product landed costs due to increased tariffs and shipping costs from our suppliers in Asia.
  • Segment contribution income was $11.6 million compared to loss of $0.2 million. The $11.8 million improvement was primarily driven by higher sales and leveraging of fixed costs.

Balance Sheet and Other Key Highlights

As of June 30, 2020:

  • Cash, cash equivalents and restricted cash were $47.9 million, and debt was $14.8 million, compared to cash and cash equivalents of $11.1 million and debt of $14.1 million as of December 31, 2019.
  • $28.6 million was available for borrowing under the Wells Fargo Asset Based Lending Revolving Facility.
  • Accounts receivable was $33.7 million, compared to $54.6 million as of December 31, 2019. The decrease in accounts receivable was primarily due to the timing of customer payments and certain accounts receivable included in held-for-sale.
  • Inventory was $21.3 million, compared to $54.8 million as of December 31, 2019. The decrease in inventory was primarily due to the surge in demand for home-fitness products and certain inventory included in held-for-sale. Strong customer preference for our Bowflex® and Schwinn® products drove record-setting traffic depleting our entire stock of consumer products. Our inventory turns this quarter were at historic highs and a growing portion of sales in our retail segment are being fulfilled directly from the supplier.
  • To secure factory capacity, we routinely issue non-cancelable purchase obligations for expected product deliveries in the next twelve months. As of June 30, 2020, there were approximately $127.7 million of non-cancelable purchase obligations, compared to $20.4 million last year. As of March 31, 2020 and December 31, 2019, the amounts were $34.6 million and $28.4 million, respectively.
  • Trade payables were $45.2 million, 39.1% lower than compared to $74.3 million as of December 31, 2019. The decrease in trade payables was primarily due to timing of payments for inventory, reduced advertising related payments and certain payables included in held-for-sale.
  • Capital expenditures totaled $4.7 million as of June 30, 2020.

Forward Looking Guidance

  • Our second quarter results did not follow the typical seasonality in our business, and given the highly volatile environment, we believe historical relationships may not hold over the next few quarters.
  • Our perspective on continued consumer demand depends in part on the duration of the constraints placed on gyms by local governmental authorities and prevailing consumer comfort regarding returning to gyms. Given this uncertainty, we are not providing specific guidance for the remainder of the fiscal year 2020, but we are providing the following insight into factors that may affect our performance.
  • We believe that, in the near-term, demand for our products will continue to be elevated relative to pre-COVID levels, and that consumers will react favorably to the new products that we are launching later this year. However, structural production constraints in our asset-light model will likely limit our ability to fulfill all the demand. In addition, any unforeseen disruptions to our supply chain could further impede our ability to meet this demand and could also impact our sales in any particular quarter. Gross margins will be further pressured by increased logistics costs as demand for logistics services is currently outstripping supply. Lastly, we expect sales and marketing expenses for the remainder of the year to be higher than they were in the first half of the year, driven by launch marketing for our new JRNY®-connected products.
  • We are reiterating our full year capital guidance range of $8 million to $10 million for 2020.

Conference Call

Nautilus will discuss second quarter 2020 operating results during a live conference call and webcast on Monday, August 10, 2020 at 1:30 p.m. Pacific Time. The conference call can be accessed by calling (877) 425-9470 in North America. International callers may dial (201) 389-0878. Please note that there will be presentation slides accompanying the earnings call. The slides will be displayed live on the webcast and will be available to download via the webcast player or at http://www.nautilusinc.com/events. The webcast will be archived online within two hours after completion of the call and will be available for six months. Participants from the Company will include Jim Barr, Chief Executive Officer; Aina Konold, Chief Financial Officer; Chris Quatrochi, SVP of Product Development; and Bill McMahon, Special Assistant to the CEO.

A telephonic playback will be available from 4:30 p.m. PT, August 10, 2020 through 8:59 p.m. PT, August 24, 2020. Participants can dial (844) 512-2921 in North America and international participants can dial (412) 317-6671 to hear the playback. The passcode for the playback is 13707084.

About Nautilus, Inc.

Headquartered in Vancouver, Washington, Nautilus, Inc. (NYSE:NLS) is a global technology driven fitness solutions company that believes everyone deserves a fit and healthy life. With a brand portfolio including Bowflex®, Nautilus®, Octane Fitness® and Schwinn®. Nautilus, Inc. develops innovative products to support healthy living through direct and retail channels as well as in commercial channels. Nautilus, Inc. uses the investor relations page of its website (www.nautilusinc.com/investors) to make information available to its investors and the market.

Forward-Looking Statements

This press release includes forward-looking statements (statements which are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995, including: projected or forecasted financial and operating results, anticipated demand for the Company’s new and existing products, statements regarding the Company’s prospects, resources or capabilities; planned investments, strategic initiatives and the anticipated or targeted results of such initiatives; the effects of the COVID-19 pandemic on the Company’s business; and planned operational initiatives and the anticipated cost-saving results of such initiatives. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our exploration of the sale of Octane Fitness and the risks and uncertainties as to the terms, timing, structure, benefits and costs of any divestiture or separation transaction and whether one will be consummated at all, and the impact of any divestiture or separation transaction on our remaining business. Factors that could cause Nautilus, Inc.’s actual expectations to differ materially from these forward-looking statements also include: weaker than expected demand for new or existing products; our ability to timely acquire inventory that meets our quality control standards from sole source foreign manufacturers at acceptable costs; risks associated with current and potential delays, work stoppages, or supply chain disruptions caused by the COVID-19 pandemic; an inability to pass along or otherwise mitigate the impact of raw material price increases and other cost pressures, including unfavorable currency exchange rates; experiencing delays and/or greater than anticipated costs in connection with launch of new products, entry into new markets, or strategic initiatives; our ability to hire and retain key management personnel; changes in consumer fitness trends; changes in the media consumption habits of our target consumers or the effectiveness of our media advertising; a decline in consumer spending due to unfavorable economic conditions; risks related to the impact on our business of the COVID-19 pandemic or similar public health crises; softness in the retail marketplace; risks related to not completing, or not completely realizing the anticipated benefits from a sale of Octane Fitness; changes in the financial markets, including changes in credit markets and interest rates and the impact of any future impairment. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission, including the “Risk Factors” set forth in our Annual Report on Form 10-K, as supplemented by our quarterly reports on Form 10-Q. Such filings are available on our website or at www.sec.gov. You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events or circumstances.

RESULTS OF OPERATIONS INFORMATION

The following summary contains information from our consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 (unaudited and in thousands, except per share amounts):

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Net sales

 

$

114,188

 

 

$

59,004

 

 

$

207,910

 

 

$

143,404

 

Cost of sales

 

66,792

 

 

41,487

 

 

124,917

 

 

90,045

 

Gross profit

 

47,396

 

 

17,517

 

 

82,993

 

 

53,359

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

12,446

 

 

17,631

 

 

37,132

 

 

51,674

 

General and administrative

 

9,315

 

 

9,443

 

 

16,971

 

 

17,098

 

Research and development

 

3,728

 

 

3,849

 

 

7,543

 

 

8,160

 

Loss on disposal group and goodwill and other intangible impairment charge

 

29,013

 

 

72,008

 

 

29,013

 

 

72,008

 

Total operating expenses

 

54,502

 

 

102,931

 

 

90,659

 

 

148,940

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(7,106

)

 

(85,414

)

 

(7,666

)

 

(95,581

)

Other expense, net

 

(222

)

 

(55

)

 

(806

)

 

(488

)

Loss from continuing operations before income taxes

 

(7,328

)

 

(85,469

)

 

(8,472

)

 

(96,069

)

Income tax benefit

 

(2,342

)

 

(6,725

)

 

(5,788

)

 

(8,841

)

Loss from continuing operations

 

(4,986

)

 

(78,744

)

 

(2,684

)

 

(87,228

)

Loss from discontinued operations, net of income taxes

 

(124

)

 

(124

)

 

(242

)

 

(215

)

Net loss

 

$

(5,110

)

 

$

(78,868

)

 

$

(2,926

)

 

$

(87,443

)

 

 

 

 

 

 

 

 

 

Basic loss per share from continuing operations

 

$

(0.17

)

 

$

(2.65

)

 

$

(0.09

)

 

$

(2.94

)

Basic loss per share from discontinued operations

 

 

 

 

 

(0.01

)

 

(0.01

)

Basic net loss per share(1)

 

$

(0.17

)

 

$

(2.66

)

 

$

(0.10

)

 

$

(2.95

)

 

 

 

 

 

 

 

 

 

Diluted loss per share from continuing operations

 

$

(0.17

)

 

$

(2.65

)

 

$

(0.09

)

 

$

(2.94

)

Diluted loss per share from discontinued operations

 

 

 

 

 

(0.01

)

 

(0.01

)

Diluted net loss per share(1)

 

$

(0.17

)

 

$

(2.66

)

 

$

(0.10

)

 

$

(2.95

)

 

 

 

 

 

 

 

 

 

Shares used in per share calculations:

 

 

 

 

 

 

 

 

Basic

 

29,909

 

 

29,678

 

 

29,852

 

 

29,626

 

Diluted

 

29,909

 

 

29,678

 

 

29,852

 

 

29,626

 

 

 

 

 

 

 

 

 

 

(1) May not add due to rounding.

 

 

 

 

 

 

 

 

SEGMENT INFORMATION

The following tables present certain comparative information by segment for the three and six months ended June 30, 2020 and 2019 (unaudited and in thousands):

 

 

Three Months Ended

June 30,

 

Change

 

 

2020

 

2019

 

$

 

%

Net sales:

 

 

 

 

 

 

 

 

Direct

 

$

50,433

 

 

$

20,834

 

 

$

29,599

 

 

142.1

%

Retail

 

62,948

 

 

37,453

 

 

25,495

 

 

68.1

%

Royalty

 

807

 

 

717

 

 

90

 

 

12.6

%

Consolidated net sales

 

$

114,188

 

 

$

59,004

 

 

$

55,184

 

 

93.5

%

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

Direct

 

$

27,523

 

 

$

9,027

 

 

$

18,496

 

 

204.9

%

Retail

 

19,066

 

 

7,773

 

 

11,293

 

 

145.3

%

Royalty

 

807

 

 

717

 

 

90

 

 

12.6

%

Consolidated gross profit

 

$

47,396

 

 

$

17,517

 

 

$

29,879

 

 

170.6

%

 

 

 

 

 

 

 

 

 

Contribution:

 

 

 

 

 

 

 

 

Direct

 

$

16,995

 

 

$

(6,334

)

 

$

23,329

 

 

*

Retail

 

11,613

 

 

(247

)

 

11,860

 

 

*

Royalty

 

807

 

 

717

 

 

90

 

 

12.6

%

Consolidated contribution

 

$

29,415

 

 

$

(5,864

)

 

$

35,279

 

 

*

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated contribution to loss from continuing operations:

Consolidated contribution

 

$

29,415

 

 

$

(5,864

)

 

$

35,279

 

 

*

Amounts not directly related to segments:

 

 

 

 

 

 

 

 

Operating expenses

 

(36,521

)

 

(79,550

)

 

43,029

 

 

54.1

%

Other expense, net

 

(222

)

 

(55

)

 

(167

)

 

(303.6

)%

Income tax benefit

 

2,342

 

 

6,725

 

 

(4,383

)

 

(65.2

)%

Loss from continuing operations

 

$

(4,986

)

 

$

(78,744

)

 

$

73,758

 

 

93.7

%

*Not meaningful

 

The following table compares the net sales of our major product lines within each business segment (dollars in thousands):

 

 

Three Months Ended June 30,

 

Change

 

 

2020

 

2019

 

$

 

%

Direct net sales:

 

 

 

 

 

 

 

 

Cardio products(1)

 

$

45,585

 

 

$

16,083

 

 

$

29,502

 

 

183.4

%

Strength products(2)

 

4,848

 

 

4,751

 

 

97

 

 

2.0

%

 

 

50,433

 

 

20,834

 

 

29,599

 

 

142.1

%

Retail net sales:

 

 

 

 

 

 

 

 

Cardio products(1)

 

49,011

 

 

26,045

 

 

22,966

 

 

88.2

%

Strength products(2)

 

13,937

 

 

11,408

 

 

2,529

 

 

22.2

%

 

 

62,948

 

 

37,453

 

 

25,495

 

 

68.1

%

 

 

 

 

 

 

 

 

 

Royalty

 

807

 

 

717

 

 

90

 

 

12.6

%

 

 

$

114,188

 

 

$

59,004

 

 

$

55,184

 

 

93.5

%

(1)  

Cardio products include: connected-fitness bikes like the Bowflex® C6 and Schwinn® IC4, Max Trainer®,TreadClimber®, Zero Runner®, LateralX®,treadmills, other exercise bikes, ellipticals and subscription services.

(2)

 

Strength products include: home gyms and Bowflex® SelectTech® dumbbells, kettlebell weights, and accessories.

 

 

Six Months Ended June 30,

 

Change

 

 

2020

 

2019

 

$

 

%

Net sales:

 

 

 

 

 

 

 

 

Direct

 

$

97,574

 

 

$

67,548

 

 

$

30,026

 

 

44.5

%

Retail

 

108,561

 

 

74,274

 

 

34,287

 

 

46.2

%

Royalty

 

1,775

 

 

1,582

 

 

193

 

 

12.2

%

Consolidated net sales

 

$

207,910

 

 

$

143,404

 

 

$

64,506

 

 

45.0

%

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

Direct

 

$

51,822

 

 

$

35,423

 

 

$

16,399

 

 

46.3

%

Retail

 

29,396

 

 

16,354

 

 

13,042

 

 

79.7

%

Royalty

 

1,775

 

 

1,582

 

 

193

 

 

12.2

%

Consolidated gross profit

 

$

82,993

 

 

$

53,359

 

 

$

29,634

 

 

55.5

%

 

 

 

 

 

 

 

 

 

Contribution:

 

 

 

 

 

 

 

 

Direct

 

$

18,804

 

 

$

(10,876

)

 

$

29,680

 

 

*

Retail

 

14,002

 

 

(969

)

 

14,971

 

 

*

Royalty

 

1,775

 

 

1,582

 

 

193

 

 

12.2

%

Consolidated contribution

 

$

34,581

 

 

$

(10,263

)

 

$

44,844

 

 

436.9

%

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated contribution to loss from continuing operations:

Consolidated contribution

 

$

34,581

 

 

$

(10,263

)

 

$

44,844

 

 

*

Amounts not directly related to segments:

 

 

 

 

 

 

 

 

Operating expenses

 

$

(42,247

)

 

$

(85,318

)

 

43,071

 

 

50.5

%

Other expense, net

 

(806

)

 

(488

)

 

(318

)

 

(65.2

)%

Income tax benefit

 

5,788

 

 

8,841

 

 

(3,053

)

 

(34.5

)%

Loss from continuing operations

 

$

(2,684

)

 

$

(87,228

)

 

$

84,544

 

 

96.9

%

*Not meaningful

 

The following table compares the net sales of our major product lines within each business segment (dollars in thousands):

 

 

Six Months Ended June 30,

 

Change

 

 

2020

 

2019

 

$

 

%

Direct net sales:

 

 

 

 

 

 

 

 

Cardio products(1)

 

$

81,461

 

$

55,690

 

$

25,771

 

46.3

%

Strength products(2)

 

16,113

 

11,858

 

4,255

 

35.9

%

 

 

97,574

 

67,548

 

30,026

 

44.5

%

Retail net sales:

 

 

 

 

 

 

 

 

Cardio products(1)

 

85,154

 

56,741

 

28,413

 

50.1

%

Strength products(2)

 

23,407

 

17,533

 

5,874

 

33.5

%

 

 

108,561

 

74,274

 

34,287

 

46.2

%

 

 

 

 

 

 

 

 

 

Royalty

 

1,775

 

1,582

 

193

 

12.2

%

 

 

$

207,910

 

$

143,404

 

$

64,506

 

45.0

%

(1)

 

Cardio products include: connected-fitness bikes like the Bowflex® C6 and Schwinn® IC4, Max Trainer®,TreadClimber®, Zero Runner®, LateralX®,treadmills, other exercise bikes, ellipticals and subscription services.

(2)

 

Strength products include: home gyms and Bowflex® SelectTech® dumbbells, kettlebell weights, and accessories.

HELD-FOR-SALE DISPOSAL GROUP

The assets and liabilitie

Contacts

Investor Relations:

John Mills

ICR, LLC

646-277-1254

john.mills@ICRinc.com

Media:

John Fread

Nautilus, Inc.

360-859-5815

jfread@nautilus.com

Carey Kerns

The Hoffman Agency

503-754-7975

ckerns@hoffman.com

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