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Steiner Leisure (NASDAQ:STNR)

Q1 2013 Earnings Call

April 25, 2013 11:00 am ET

Executives

Clive E. Warshaw - Chairman

Leonard I. Fluxman - Chief Executive Officer, President and Director

Stephen B. Lazarus - Chief Financial Officer and Executive Vice President

Analysts

Daniel Hofkin - William Blair & Company L.L.C., Research Division

Steven M. Wieczynski - Stifel, Nicolaus & Co., Inc., Research Division

Assia Georgieva

Jeffrey Geygan

George A. Kelly - Craig-Hallum Capital Group LLC, Research Division

Operator

Welcome, and thank you for standing by. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time. Now I will turn the meeting over to Mr. Clive Warshaw, Chairman of Steiner Leisure. You may begin.

Clive E. Warshaw

Thank you very much. Good morning, ladies and gentlemen, and welcome to the Quarter 1 2013 Earnings Release Conference Call for Steiner Leisure Ltd. And I'd like to immediately hand you over to Mr. Leonard Fluxman, who will go through the figures.

Leonard I. Fluxman

Thank you, Clive. Thanks, Clive. Good morning, everyone, and thank you for joining us this morning for Steiner Leisure's 2013 First Quarter Earnings Call. With me on the call, you've heard from Clive Warshaw; and with me as well today is Stephen Lazarus, our CFO.

Before we get into results and my comments about the current operating environment, I'd like to remind you that during this call, we may make forward-looking statements within the meaning of the federal securities laws. These statements reflect our current views about future events, do not guarantee future performance and are subject to risks and uncertainties, which may cause our actual results to differ materially from those expressed in or implied by such forward-looking statements. Examples of these risks are described in our Form 10-K for 2012 and our other SEC filings.

I'll commence this call as usual with an overview of the business and results of the quarter, followed by analysis of the performance by business division. I will then hand you over to Stephen, our CFO, to give you the breakdown on specific balance sheet items, debt, cash on hand, our stock repurchase during the quarter, CapEx during the quarter and other pertinent balance sheet data. We will also address our guidance for the second quarter and the full year and then turn it over to you for our regular Q&A.

Total revenues for the first quarter increased 7% quarter-over-quarter to $212 million, delivering $0.86 of earnings. Included herein is a negative FX impact of $1.1 million or $0.07. Gross profit increased by 10%. Service margins decreased 60 basis points quarter-over-quarter, primarily attributable to the reduction in enrollment levels and student populations in our schools.

Product margins increased 410 basis points quarter-over-quarter. Excluding the benefit of FX on the aforementioned, margins improved 160 basis points, driven by improved performance in the quarter across most of the business units. More than offsetting the positive impact on product margin was a $1.7 million non-cash FX loss in administrative expenses. Therefore, on a like-for-like basis, taking into account the fact that Q1 2012 included a benefit of $900,000 in admin expense, the net negative quarter-on-quarter change to admin expense is $2.7 million. Therefore, on a like-for-like basis, admin expense increased as a percentage of revenue, 30 basis points.

With this and the increase in salary and payroll are primarily attributable to the incremental cost was added to the ramp and related cost to support the new store rollout for our deal image this year.

Moving to our on board spa division. The on board spa division performed better than anticipated this quarter, total revenues increasing 3.4% quarter-over-quarter. Average weekly revenue on all ships increased 1.1% quarter-over-quarter. Average weekly revenues from spa ships increased 2% quarter-over-quarter, with non-spa ships decreasing by 2% quarter-over-quarter.

Gross revenue for stock today increased 3% and revenue for stock today for spa ships increased 3% with non-spa ships being flat. We did not commence operations on any new shifts in the first quarter. In the second quarter, we will commence operations on the new NCL Breakaway and the new Royal Princess.

Turning to the land-based spa operations. Revenues for the land-based spa operations divisions are down 4% quarter-over-quarter and our average weekly earning in land-based spa has decreased 1% quarter-over-quarter. This division still continuing to struggle with spend and the quality of guest.

Our third-party products divisions delivered revenue growth of 2.4% quarter-over-quarter, with our first quarter typically being the slowest of the year, following a strong Christmas quarter.

Now into our education division. Revenues decreased by 6% quarter-over-quarter. At March 31, our populations, excluding the Houston campus, were down 4%. And as you will recall, at year end, our populations, excluding Houston, were down 12%. Our spa from the first quarter improved by 6% versus prior year, excluding Houston, reflecting an improvement from the fourth quarter of last year, which hopefully indicates that we're starting to turn the corner to help the population growth in 2013.

And finally, turning to our laser hair removal division. Ideal Image continues to generate healthy cash flows. For the quarter, cash revenue was $39 million, an increase of 32% versus the prior year. During the quarter, we've successfully rolled out our product initiatives to all locations and we are very encouraged today with the initial results. Average weekly revenues grew by 20% quarter-over-quarter. We are on track with our 2013 rollout target of 30 stores and have thus far opened 5 new stores since December 31.

Cash flow generated in the quarter have increased the deferred revenue balance to $95 million, a 6% increase from the beginning of the year. The deferred revenue balance is a strong barometer of the health of the Ideal business.

I will now hand the call over to Stephen, who we will go through some of the other balance sheet items, cash on hand, share repurchase activity in the quarter, as well as company guidance for the second quarter and 2013.

Stephen B. Lazarus

Thanks, Leonard. Good morning, ladies and gentlemen. Firstly, as usual, I'll provide some details on the first quarter of 2013 covering depreciation, capital spending, cash and our share repurchases.

Depreciation and amortization for the first quarter of 2013 was $4.8 million, broken down as $924,000 below the line depreciation and $353,000 below the line amortization. Above the line depreciation was $2.5 million. Our estimate for the second quarter is for depreciation and amortization of $5 million with below the line depreciation at $950,000 and below the line amortization at $350,000. Above the line depreciation is expected to be $3.7 million.

Capital spending in the first quarter was $3.8 million and is expected to be $7 million in the second quarter.

Cash and investments at March 31 was $71.6 million, and outstanding on our term loan at March 31 was $132.3 million with 0 owing on our revolving line of credit. $60 million is thus available on the credit line.

During the first quarter, we made an additional unscheduled principal payment of $10 million on our term loan. The scheduled capital repayments on the term loan, as you know, commenced at the end of the first quarter of 2012 and due at the end of each quarter of 2013 will be an amount of $6.2 million and interest on this loan for 2013 is still anticipated to be LIBOR plus 2.5%.

Since our last conference call, we repurchased 47,000 shares for $2.2 million and therefore, have $97.8 million remaining from our February 2013 repurchase plan authorization. Total shareholders’ equity as of March 31 was $361.6 million.

Moving then on to our guidance. For the second quarter, we expect revenue to be in the range of $195 million to $205 million, with Q2 earnings per share estimated at $0.75 to $0.80. Our full year guidance remains unchanged, with 2013 revenue at $830 million to $850 million, and resulting earnings-per-share guidance at $3.20 to $3.40.

Although our Q1 actual results were higher than forecast, we have not raised our full year guidance for 2 primary reasons: we remain cautious about future results in Europe due to the continued economic weakness in that region; and secondly, although our school group performed better in the first quarter, we cannot yet be certain that this improvement will manifest itself for the entire year.

We'll now move to the Q&A. And Ms. Audrey, if you could please open the call to questions.

Question-and-Answer Session

Operator

[Operator Instructions] And the first question comes from Daniel Hofkin of William Blair.

Daniel Hofkin - William Blair & Company L.L.C., Research Division

Just quickly on the guidance. I understand what you're saying regarding Europe and the schools, but is there anything about Europe that you feel has gotten tougher since 2 or 3 months ago? Any other factors about the first quarter that you feel are either borrowing from later periods? I'm just trying to understand if you're just being conservative or if there's something else to it.

Leonard I. Fluxman

Yes, Daniel. I think we're just being conservative here. I think less to do with maybe a better outlook coming from the cruise line of last year. I think overall, the regions' economies are still very much in a negative spend environment. We just have no visibility as to whether that's going to turn around. And clearly, we have a lot of additional products in that region. It's not just maritime itself. So I think we're being cautious.

Daniel Hofkin - William Blair & Company L.L.C., Research Division

Okay. And then I guess as it relates to Ideal Image, can you talk about what you're seeing in terms of new sign-up trends, as well as repeat visit patterns moving through the quarter?

Stephen B. Lazarus

As you know, we've been focusing quite heavily since last summer on repeat dates and ensuring that we try and get them in more consistently and understanding that pattern much better and indeed, I think, we've made very, very good progress on that front, and our appointment counts have certainly improved and we're very pleased with that. As it relates to new guest sign up, we see strong sign ups at most of our new locations. At some of our existing locations due to some changes in marketing activity in the first quarter, it was a little bit less than we had hoped for and obviously we're addressing the changes to be made there to improve that.

Daniel Hofkin - William Blair & Company L.L.C., Research Division

Can you elaborate on that last point a little bit?

Leonard I. Fluxman

Yes. I think what we did is we do most of our marketing through the radio, and as well as on the Internet offers. We've changed up some of the offers in our -- very, very, sort of big offer month, February. We tried a couple of different things, maybe some of the things can generate as many leads as we had hoped for in some of the more mature markets. And so we're trying a bunch of different things this year, not just relying purely on radio as a marketing initiative, just because -- media changes and then trends change and how people tune into different mediums of media. We are going to be experimenting differently, but we're thinking very proactively in new markets as well as more mature markets that play it differently.

Daniel Hofkin - William Blair & Company L.L.C., Research Division

Okay. And if I could just ask, and I know you addressed this earlier but just to run through specifically the year-over-year effective FX on the gross margin in the product versus service. Just stripping out FX, what was the gross margin change year-to-year?

Leonard I. Fluxman

Yes. So Dan, the first thing is -- just to be specific and clear, right? Included in admin in Q1 of 2012 is a $1.7 million non-cash FX loss. Included in cost of product is a $600,000 FX gain. 2013 -- sorry, did I say 2012? I meant 2013.

Daniel Hofkin - William Blair & Company L.L.C., Research Division

Yes, you're talking about the $1.7 million FX loss in admin was in the first quarter of '13?

Leonard I. Fluxman

First quarter of 2013 and products saw at a gain of $600,000.

Daniel Hofkin - William Blair & Company L.L.C., Research Division

You mean also in the first quarter of '13? And that is the year-to-year difference as well?

Leonard I. Fluxman

No, that's the absolute in the quarter. In terms of the year-to-year difference, Q1 of last year in admin, there was a gain of $830,000 and cost of product actually had a loss of $894,000. So the net of those is the comparison year-on-year.

Operator

The next question comes from Steve Wieczynski of Stifel.

Steven M. Wieczynski - Stifel, Nicolaus & Co., Inc., Research Division

Steve, let me get this straight. So, maybe I'm just missing this. But you're basically saying that $1.7 million would have come out of administrative? So is that run rate more like in the 13-ish range? I just wanted to make sure we're -- everybody's on the same page here.

Leonard I. Fluxman

So included in the admin expense of $14.8 million is the %1.7 million exactly. So, back that out, and you get closer to a run rate, yes.

Steven M. Wieczynski - Stifel, Nicolaus & Co., Inc., Research Division

Got it. Also last quarter, I think, when you were going through kind of your quarterly breakout of all the divisions, you talked about the land-based, you thought there would be 71 -- and maybe I misunderstood it -- but I thought you said there would be 71 land-based spas in operation, and it came in only at, I think, 67 or 68. So what was the difference there?

Leonard I. Fluxman

It was some smaller locations in Indonesia that we thought we were closing deals on and we didn't.

Steven M. Wieczynski - Stifel, Nicolaus & Co., Inc., Research Division

Okay, got it. And then, Leonard, let me go back to the guidance here. Because I'm -- I understand what you're saying. But if we take the first quarter of the $0.86 and look at what you're basically projecting for the second quarter, it's really showing a very, very strong slowdown in the back half of the year. And I know you talked about Europe and we just got off the Royal Caribbean call and their commentary is a lot different in terms of what they're seeing out of Europe at this point. So, I mean, is this just to the point -- is this just to the point where you're being -- what's the right way to say this -- I mean, overly, overly cautious?

Leonard I. Fluxman

Well, I mean, you can characterize as you want. I'm not saying the back half or the back quarter is going to be super, super negative. What I am saying is I'm unclear about how we're going to do and how well we will execute the second quarter, and so we've got through the second quarter, at that point, clearly, I think we will be able to review our full-year guidance and make a determination on whether we're going to raise it or not. But our fourth quarter is by far, in certain segments, our largest quarter. So I'm not saying it, I'm just saying, I think, it's a little, just not clear what exactly is going to happen in the second quarter because there's so much European exposure.

Stephen B. Lazarus

Steven, also, just take into account the fact that it's not necessarily just the slowdown that's the issue, remember, and we've talked about the fact that we're going to roll out a large number of stores in the next 3 quarters. And we've talked about how that has a drag on earnings and you saw that last year as we rolled out more, particularly towards the back of the year. That has drag on earnings and will negatively impact EPS. When we talked about it before, we said on a full year basis, that's $12 million or $13 million for the 2013 locations as a negative. So that's the biggest driver in the fact that the remainder of the year may appear softer, but it's not necessarily softer, it's the drag from new stores.

Steven M. Wieczynski - Stifel, Nicolaus & Co., Inc., Research Division

Yes, I understand about the idea. I just want to make sure that the -- I just want to make sure that -- let me ask it a different way, Leonard. In terms of the first quarter, what you saw out of your European customers, and again I know there's not a lot of exposure in terms of cruise capacity there but I just want to make sure that you didn't see anything in terms of decelerating trends through the quarter.

Leonard I. Fluxman

Just remember, this is a seasonal change now when the majority or more than half of our ships move out of the Caribbean basin into Europe and other regions. And as you recall last year, it was -- they didn't perform particularly well. So I'm cautious as we move in to the new season, where's more than half the ships moving into Europe, are we going to have -- what concentrations of mix of people on the ships are we going to have? Are we going to have less or more Europeans? If there's more Europeans than there have been last year, is the spend going to be negatively impacted? We also have European distribution in the second quarter. In the first quarter, we don't have any exposure in maritime because none of the ships are really there. So it really is a different quarter from that perspective. And I don't think you should look at the second quarter and sort of forecast that out for the whole year. What I'm saying is we're kind of sitting here and saying while we would like to raise our full year guidance, we're hesitant to do so because we're unclear about what Europe holds for us in this quarter.

Steven M. Wieczynski - Stifel, Nicolaus & Co., Inc., Research Division

Makes sense. Last -- real quick last question. Ideal, the numbers there continue to come in a good bit stronger that what we're looking for. I just wanted to see what's really been -- what's really surprised you guys so far? I mean, is it something where you've been able to raise pricing a little bit better than you thought you'd be able to? Is it you're seeing better walk-in traffic? Is there a correlation in terms of when you guys do more marketing in terms of walk-in traffic and things like that? If you could just help us out a little bit more there.

Leonard I. Fluxman

We've really done a good job on 2 things. One is, third quarter, as you may recall last year, we struggled a little bit with making sure that there is consistency in getting our people back in on a regular schedule for treatments and that causes a little bit of hiccup in the GAAP revenue. We came out of the gate this year with a high focus on that. And with our new team or certainly, the new leadership guy that's in there, Bruce, has done a very, very good job of focusing the entire team and all of the store leadership team on getting people to come in on their regular 8 weekends off and clearly, that was very successful in our first quarter, and you saw a 20% jump in the average weekly revenue, mainly to do with that focus, partly to do with the slightly earlier rollout of our products as a bundled service. We did talk about rolling products out. Well, we got that in a little earlier than expected, so we will start to see how that turns out for the rest of the year as I mentioned in my comments.

Operator

The next question comes from Assia Georgieva of Infinity Research.

Assia Georgieva

You'll probably be encouraged by Jason Royal's comments that they expect more North Americans sailing in Europe this summer. So hopefully, that will translate into good productivity figures for you. I have one question on the FX. Again, just a clarification, Leonard, in your opening comments, you said that the quarterly numbers included a net negative FX impact of $1.1 million? That would probably be the $1.7 million loss in admin and the benefits -- the 600,000 benefit gain in the cost of products. Am I correct in that one?

Leonard I. Fluxman

Absolutely correct. So that's why we're just trying to give you -- yes, the geography is important.

Assia Georgieva

Okay. And...

Leonard I. Fluxman

You got it right. You got it right. You got it correct.

Assia Georgieva

And my -- I have a question on Ideal Image. The 20% increase in average weekly revenues, what would that translate on a same-store basis?

Leonard I. Fluxman

I don't have that but we already talked about it on average. Typically, we reported everything on average. I think there were certain stores that are just simply better than others. New stores definitely come out of the box very strong. I think the fact that we focused on treatments counts getting up to better target numbers in the quarter affected the average weekly revenue number positively.

Assia Georgieva

But given that you rolled out quite a few stores, should we be looking at a number if we were trying to do a same-store basis, something in the mid-single digits?

Leonard I. Fluxman

No. If you think about the 5 stores that we added in the first quarter, Assia, remember they were very back ended. So most of those 5 stores, 4 of them are opened up in March. And so we're very -- just commenced the rollout now, the other 25 that remain for this year is targeted. So that will drag down as you typically know on opening costs, et cetera, on GAAP revenue and maybe that number will come down. It should come down a little bit. So 20% was a fantastic number because it was mostly unaffected by new store openings.

Assia Georgieva

Okay. And can you switch gears a little bit here and talk about the school division? So you are seeing a turnaround in terms of the number of enrollments during Q1, and we're almost a month into Q2. Has the trend continued?

Leonard I. Fluxman

We were very -- we have not expected -- we've come from a 12% population, being 12% down at year end, to a much better number with a 6% increase in our slots. And as you know, you don't build populations overnight, they take time. And getting our populations back to where we were at 14 months ago is what we're trying to get to. I haven't seen anything that indicates that we've had a fall off. Clearly, we've got some big starts coming up in May. But with schools -- and we're working hard to continue what we've seen and where we're getting our successes from. I think, we've kind of -- the trend is not a trend yet. I mean, it's one nice start in March, we did nicely. We'd love to see it improve, but I think that also a little bit, in terms of our cautiousness about what's going to happen with the second quarter.

Operator

The next question comes from Jeff Geygan of Milwaukee Private Wealth Management.

Jeffrey Geygan

With respect to Ideal Image, during your prepared comments, you indicated the product initiatives that the stores have been positive. Can you provide additional detail with regard to the total revs from that product revenue, sale and as well as what your strategic plan would be going forward in terms of distribution of products through the Ideal Image network?

Leonard I. Fluxman

Yes. We were very encouraged with the rollout and the bundling. I think the team did a fantastic job of executing it earlier than we anticipated. I'm not going to give you an exact number. It was probably in excess of $2 million in the quarter. We're not seeing -- we're not seeing any damage to the mix of services that we're operating. We're not seeing any immediate resistance right now to converting people to the new process. So that's a good thing. But we're very early on here and we're monitoring it very closely. As to home products moving through that channel, I think for right now, the focus is we've selected the right products that line up very well and are able to be easily bundled with the services that we're selling on those slots in order to get them to convert. As we look down the road, we're more inclined not to change up the mix of bundled products. We're simply going to add more standalone SKUs in store for self select or for people coming in to the store just to buy the product, which are now up and running as well and on shelves. But at the later stage, as we've always said, we continue to evaluate the opportunity to add 1 or 2 different treatments that are noninvasive and we feel we have high efficacy results and testing promise. So that's something that we continue to evaluate right now.

Jeffrey Geygan

Are there are opportunities with Ideal Image outside of the United States?

Leonard I. Fluxman

I think there are. I think we're certainly taking a hard look at Canada for the next year. We certainly know that the hair removal is being done in the U.K. and in parts of Asia or in South Asia. So there is an opportunity. Clearly, the medical compliance rules are different in each country. And I think what we first want to do is get our rollout here, domestically, done as aggressively as possible, while at the same time clearly looking at Canada and which places in Canada make the most sense before we start going international.

Jeffrey Geygan

And last question on the balance sheet. I believe you indicated you've made a $10 million early loan payment. That's exclusive of the normal quarterly $6.2 million that was...

Stephen B. Lazarus

Correct. That's correct, yes.

Jeffrey Geygan

And what was your thinking in terms of the capital allocation to repaying that debt as opposed to other uses recognizing that you do have $70 million in cash. So the answer may be self-evident, but I'd be curious about your response to that.

Leonard I. Fluxman

We feel that we certainly have enough surplus cash to continue as many or more rollouts of ideas that we choose to do so in the year and more than enough capital for any of the other initiatives that we've seen opportunities for. So at this juncture right now, paying down debt was the best thing for us.

Operator

The next question comes from George Kelly of Craig-Hallum Capital.

George A. Kelly - Craig-Hallum Capital Group LLC, Research Division

First question on -- another question on product. So on the last conference call, you talked about selling into China in the second half of the year. I'm just wondering if you have any news there, if it's still all according to plans.

Leonard I. Fluxman

The good news there is China is asking for documentation from us. It's a slow process. It's frustrating. They don't move as quickly as we do here in the United States as you're probably aware. But it's rigorous. We have point people on this daily, watching it, so it's moving. It might not be moving as fast as we'd like it to, but we're still looking for the back half to include China in it. I believe for both of our brands that our working on meeting the regulatory compliance hurdles that we've already gone through.

George A. Kelly - Craig-Hallum Capital Group LLC, Research Division

Okay. And then on looking to schools, you've talked about opened new schools, but I'm not sure if it's this year, but maybe in the second half of this year. Is that still something you're thinking about?

Leonard I. Fluxman

We're definitely thinking about it. Now that we've had some great results from the organic expansion in Texas. We like Texas. I think it's playing very well into the way we teach basic methods and advanced methods. We're looking at allocation presently. We are evaluating it. We haven't made a decision right now as to when we'd like to move on it. But if we're to move on it, it would be probably later this year.

George A. Kelly - Craig-Hallum Capital Group LLC, Research Division

Okay. And then just lastly, another question on guidance. How do you factor in FX when you're thinking about guidance? And are you anticipating for any FX losses in either the second quarter or the full year guidance that you gave?

Leonard I. Fluxman

We've never factored in FX into our guidance. We try and keep ourselves as well hedged as possible wherever we can. I mean -- but typically, our guidance would not include that. So we've never spoken to FX being a part of the guidance. And we haven't had that much disruption from FX over the years. I mean, I think this quarter was an exception.

George A. Kelly - Craig-Hallum Capital Group LLC, Research Division

Okay. And I guess just a follow-up on that. The FX impact in the admin line is because you hold a certain amount of euros. Is that right?

Leonard I. Fluxman

No. It's just chewing up the intercompany accounts that run different currencies, is the primary driver of that between the U.K. and the U.S. And it's the change in the pound rate that drove the majority of that loss.

Operator

I'm showing no further questions at this time.

Leonard I. Fluxman

Great. Thank you, Ms. Audrey. Thank you, everybody, for listening in to our first quarter call and we look forward to talking to you again on our second quarter call. Thanks very much.

Operator

This does conclude today's conference. Thank you for joining. You may disconnect at this time.

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