BOLINGBROOK, Ill.–(BUSINESS WIRE)–Ulta Beauty, Inc. (NASDAQ: ULTA) right now introduced monetary outcomes for the thirteen-week interval (“third quarter”) and thirty-nine-week interval (“first 9 months”) ended October 30, 2021 in comparison with the identical intervals ended October 31, 2020.
13 Weeks Ended
October 30,
October 31,
November 2,
(Dollars in thousands and thousands)
2021
2020
2019
Net gross sales
$
1,995.8
$
1,552.0
$
1,682.5
Comparable gross sales
25.8
%
(8.9
)%
3.2
%
Gross revenue (as a share of web gross sales)
39.6
%
35.1
%
37.1
%
Selling, basic and administrative bills
$
503.4
$
416.4
$
449.2
Operating earnings (as a share of web gross sales)
14.2
%
6.5
%
10.0
%
Diluted earnings per share
$
3.94
$
1.32
$
2.25
New retailer openings, web
6
(2
)
28
“The Ulta Beauty group delivered excellent outcomes once more this quarter. For the third quarter, we delivered report gross sales and earnings, elevated our market share, and expanded our Ultamate Rewards loyalty program to just about 36 million members,” mentioned Dave Kimbell, chief govt officer. “This sturdy third quarter efficiency displays the energy and resiliency of the Beauty class, the ability of the Ulta Beauty differentiated mannequin, and the influence of our successful tradition and group. I wish to categorical my honest appreciation to all of our Ulta Beauty associates for his or her unimaginable efforts to serve our visitors and ship these glorious outcomes.”
For the Third Quarter of Fiscal 2021
Net gross sales elevated 28.6% to $2.0 billion in comparison with $1.6 billion within the third quarter of fiscal 2020 because of the favorable influence from stronger client confidence and fewer COVID-19 restrictions in comparison with the third quarter of fiscal 2020.
Comparable gross sales (gross sales for shops open at the least 14 months, together with shops briefly closed as a result of COVID-19, and e-commerce gross sales) elevated 25.8% in comparison with a lower of 8.9% within the third quarter of fiscal 2020, pushed by a 16.8% improve in transactions and a 7.7% improve in common ticket. Compared to the third quarter of fiscal 2019, comparable gross sales elevated 14.3%.
Gross revenue elevated to $789.5 million in comparison with $545.5 million within the third quarter of fiscal 2020. As a share of web gross sales, gross revenue elevated to 39.6% in comparison with 35.1% within the third quarter of fiscal 2020, primarily as a result of leverage of mounted prices, favorable channel combine shifts, leverage of salon bills, and enchancment in merchandise margins.
Selling, basic and administrative (SG&A) bills elevated to $503.4 million in comparison with $416.4 million within the third quarter of fiscal 2020. As a share of web gross sales, SG&A bills decreased to 25.2% in comparison with 26.8% within the third quarter of fiscal 2020, primarily as a result of leverage of company overhead, retailer bills and retailer payroll and advantages as a result of increased gross sales, partially offset by increased advertising bills.
There have been no impairment, restructuring and different prices within the third quarter of 2021 in comparison with $23.6 million within the third quarter of 2020.
Pre-opening bills decreased to $1.8 million in comparison with $4.2 million within the third quarter of fiscal 2020.
Operating earnings elevated to $284.2 million, or 14.2% of web gross sales, in comparison with $101.3 million, or 6.5% of web gross sales, within the third quarter of fiscal 2020. Adjusted working earnings for the third quarter of fiscal 2020 was $124.9 million, or 8.0% of web gross sales.
The firm’s tax fee decreased to 24.1% in comparison with 25.1% within the third quarter of fiscal 2020. The decrease efficient tax fee is primarily as a result of favorable provision to tax return changes, pushed by federal employment tax credit, in comparison with third quarter of fiscal 2020.
Net earnings elevated to $215.3 million in comparison with $74.8 million within the third quarter of fiscal 2020. Adjusted web earnings for the third quarter of fiscal 2020 was $92.5 million.
Diluted earnings per share elevated to $3.94 together with a $0.01 profit as a result of earnings tax accounting for share-based compensation, in comparison with $1.32 within the third quarter of fiscal 2020. Adjusted diluted earnings per share for the third quarter of fiscal 2020 was $1.64.
For the First Nine Months of Fiscal 2021
Net gross sales elevated 49.3% to $5.9 billion in comparison with $4.0 billion within the first 9 months of fiscal 2020, primarily because of the favorable influence from enhancing client confidence, authorities stimulus funds, and the easing of COVID-19 restrictions, as in comparison with the primary 9 months of fiscal 2020.
Comparable gross sales elevated 47.1% in comparison with a lower of 23.8% within the first 9 months of fiscal 2020, pushed by a 40.7% improve in transactions and a 4.6% improve in common ticket. Compared to the primary 9 months of fiscal 2019, comparable gross sales elevated 11.5%.
Gross revenue elevated to $2.3 billion in comparison with $1.2 billion within the first 9 months of fiscal 2020. As a share of web gross sales, gross revenue elevated to 39.7% in comparison with 29.8% within the first 9 months of fiscal 2020, primarily as a result of leverage of mounted prices, enchancment in merchandise margins, leverage of salon bills, and favorable channel combine shifts.
SG&A bills elevated to $1.4 billion in comparison with $1.1 billion within the first 9 months of fiscal 2020. As a share of web gross sales, SG&A bills decreased to 23.9% in comparison with 27.1% within the first 9 months of fiscal 2020, as a result of leverage of company overhead and retailer bills as a result of increased gross sales, partially offset by retailer payroll and advantages primarily as a result of much less worker retention credit obtained underneath the CARES Act, and better advertising bills.
There have been no impairment, restructuring and different prices acknowledged within the first 9 months of fiscal 2021, in comparison with $83.9 million within the first 9 months of fiscal 2020.
Pre-opening bills decreased to $7.8 million in comparison with $12.8 million within the first 9 months of fiscal 2020.
Operating earnings elevated to $921.9 million, or 15.6% of web gross sales, in comparison with $12.5 million, or 0.3% of web gross sales, within the first 9 months of fiscal 2020. Adjusted working earnings for the primary 9 months of fiscal 2020 was $97.9 million, or 2.5% of web gross sales.
The firm’s tax fee decreased to 24.4% in comparison with 40.3% within the first 9 months of fiscal 2020. The decrease efficient tax fee is primarily as a result of a profit from the earnings tax accounting for share-based compensation and favorable provision to tax return changes, pushed by federal employment tax credit, in comparison with fiscal 2020.
Net earnings elevated to $696.5 million in comparison with $4.3 million within the first 9 months of fiscal 2020. Adjusted web earnings for the primary 9 months of fiscal 2020 was $68.8 million.
Diluted earnings per share elevated to $12.60 together with a $0.08 profit as a result of earnings tax accounting for share-based compensation, in comparison with $0.08 within the first 9 months of fiscal 2020. Adjusted diluted earnings per share for the primary 9 months of fiscal 2020 was $1.22.
Balance Sheet
Cash and money equivalents on the finish of the third quarter of fiscal 2021 have been $605.1 million.
Merchandise inventories, web on the finish of the third quarter of fiscal 2021 totaled $1.92 billion in comparison with $1.44 billion on the finish of the third quarter of fiscal 2020. The $477.2 million improve in stock was primarily because of the addition of 40 web new shops opened since October 31, 2020, and the acceleration of stock receipts to help anticipated demand and mitigate anticipated international provide chain disruptions.
Share Repurchase Program
During the third quarter of fiscal 2021, the Company repurchased 340,668 shares of its frequent inventory at a price of $126.4 million. During the primary 9 months of fiscal 2021, the Company repurchased 2,330,244 shares of its frequent inventory at a price of $762.2 million. As of October 30, 2021, $759.8 million remained obtainable underneath the $1.6 billion share repurchase program introduced in March 2020.
Store Update
Real property exercise within the third quarter of fiscal 2021 included seven new shops situated in Arden, NC; Atlanta, GA; Batavia, NY; Greensboro, NC; Hickory, NC; Ithaca, NY; and Johnstown, PA. In addition, the Company relocated two shops, transformed three shops, and closed one retailer. In the primary 9 months of fiscal 2021, the Company opened 42 new shops, relocated 4 shops, transformed eight shops, and closed 4 shops.
At the top of the third quarter of fiscal 2021, the corporate operated 1,302 shops totaling 13.7 million sq. ft.
Fiscal 2021 Outlook
Based on the outcomes for the primary 9 months of fiscal 2021 and revised expectations for client demand, the Company has elevated its outlook for fiscal 2021.
The Company’s up to date outlook for fiscal 2021 is as follows:
Prior FY21 Outlook
Updated FY21 Outlook
Net gross sales
$8.1 billion to $8.3 billion
$8.5 billion to $8.6 billion
Comparable gross sales
30% to 32%
36% to 37%
New shops, web
44
no change
Remodel and relocation initiatives
18
17
Operating margin
roughly 13%
14.3% to 14.5%
Diluted earnings per share
$14.50 to $14.70
$16.70 to $17.10
Share repurchases
roughly $850 million
no change
Effective tax fee
24.8%
24.4%
Capital expenditures
$225 million to $250 million
$200 million to $225 million
Depreciation and amortization expense
$270 million to $280 million
no change
The Company’s outlook for fiscal 2021 assumes a constant federal tax fee and no materials will increase within the federal minimal wage.
Non-GAAP Financial Information
In this press launch, the Company supplies data relating to adjusted working earnings, adjusted web earnings, and adjusted diluted earnings per share, which aren’t acknowledged phrases underneath U.S. usually accepted accounting rules (GAAP) and don’t purport to be options to working earnings, web earnings, and diluted earnings per share as measures of working efficiency. A reconciliation of adjusted working earnings, adjusted web earnings, and adjusted diluted earnings per share is supplied on this launch. The Company believes the presentation of those non-GAAP monetary measures supplies further data on comparisons between intervals by excluding sure objects that have an effect on general comparability and supplies traders with enhanced visibility into its outcomes with respect to the influence of sure prices. Non-GAAP monetary measures must be thought-about along with, and never instead for, the Company’s reported outcomes ready in accordance with GAAP.
Conference Call Information
A convention name to debate third quarter of fiscal 2021 outcomes is scheduled for right now, December 2, 2021, at 4:30 p.m. ET / 3:30 p.m. CT. Investors and analysts focused on taking part within the name are invited to dial (877) 705-6003. The convention name may even be webcast reside at https://ulta.com/investor. A replay of the webcast will stay obtainable for 90 days. A replay of the convention name will likely be obtainable till 11:59 p.m. ET on December 16, 2021 and could be accessed by dialing (844) 512-2921 and getting into convention ID quantity 13725135.
About Ulta Beauty
At Ulta Beauty (NASDAQ: ULTA), the chances are lovely. Ulta Beauty is the biggest U.S. magnificence retailer and the premier magnificence vacation spot for cosmetics, perfume, skincare merchandise, hair care merchandise and salon providers. In 1990, the Company reinvented the wonder retail expertise by providing a brand new approach to buy magnificence – bringing collectively all issues magnificence, multi functional place. Today, Ulta Beauty operates 1,302 retail shops throughout 50 states and likewise distributes its merchandise by means of its web site, which features a assortment of suggestions, tutorials, and social content material. For extra data, go to www.ulta.com.
Ulta Beauty was just lately added to the Bloomberg Gender Equality Index, which tracks the monetary efficiency of public corporations dedicated to supporting gender equality by means of coverage growth, illustration and transparency. More details about Ulta Beauty’s company duty efforts could be discovered at www.ulta.com/investor/ESG.
Forward-Looking Statements
This press launch incorporates forward-looking statements inside the which means of Section 21E of the Securities Exchange Act of 1934, as amended, and the protected harbor provisions of the Private Securities Litigation Reform Act of 1995, which replicate the corporate’s present views with respect to, amongst different issues, future occasions and monetary efficiency. These statements could be recognized by means of forward-looking phrases reminiscent of “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “methods” or different comparable phrases. Any forward-looking statements contained on this press launch are based mostly upon the corporate’s historic efficiency and on present plans, estimates and expectations. The inclusion of this forward-looking data shouldn’t be thought to be a illustration by the corporate or some other person who the long run plans, estimates, targets, methods or expectations contemplated by the corporate will likely be achieved. Such forward-looking statements are topic to varied dangers and uncertainties, which embrace, with out limitation:
The unfavourable impacts the COVID-19 pandemic has had, and can proceed to have, on the corporate’s enterprise, monetary situation, profitability, money flows and provide chain, in addition to client spending (together with future unsure impacts);
epidemics, pandemics like COVID-19 or pure disasters which have and will proceed to negatively influence the corporate’s gross sales;
adjustments within the general stage of client spending and volatility within the financial system, together with because of the COVID-19 pandemic and/or authorities support packages;
a decline in working outcomes that has and should proceed to result in asset impairment and retailer closures prices;
the corporate’s skill to maintain its progress plans and efficiently implement its long-range strategic and monetary plan;
the corporate’s skill to gauge magnificence tendencies and react to altering client preferences in a well timed method;
the chance that the corporate could also be unable to compete successfully in its extremely aggressive markets;
the corporate’s skill to execute its operational excellence priorities, together with steady enchancment, Project SOAR (its alternative enterprise useful resource planning platform), and provide chain optimization;
the chance that cybersecurity breaches and different disruptions might compromise the corporate’s data or end result within the unauthorized disclosure of confidential data;
the potential of materials disruptions to the corporate’s data techniques;
the chance that the capability of the corporate’s distribution and order achievement infrastructure and the efficiency of its distribution facilities and quick achievement facilities might not be ample to help its latest progress and anticipated future progress plans;
adjustments within the wholesale price of the corporate’s merchandise;
the chance that new retailer openings and present places could also be impacted by developer or co-tenant points;
the corporate’s skill to draw and retain key govt personnel;
the corporate’s skill to efficiently execute its frequent inventory repurchase program or implement future frequent inventory repurchase packages; and
different danger elements detailed within the firm’s public filings with the Securities and Exchange Commission (the SEC), together with danger elements contained in its Annual Report on Form 10‑Ok for the fiscal yr ended January 30, 2021, as such could also be amended or supplemented in its subsequently filed Quarterly Reports on Form 10-Q.
The firm’s filings with the SEC can be found at www.sec.gov. Except to the extent required by the federal securities legal guidelines, the Company doesn’t undertake to publicly replace or revise its forward-looking statements, whether or not because of new data, future occasions or in any other case.
Exhibit 1
Ulta Beauty, Inc.
Consolidated Statements of Income
(In hundreds, besides per share information)
13 Weeks Ended
October 30,
October 31,
2021
2020
(Unaudited)
(Unaudited)
Net gross sales
$
1,995,775
100.0
%
$
1,552,033
100.0
%
Cost of gross sales
1,206,301
60.4
%
1,006,514
64.9
%
Gross revenue
789,474
39.6
%
545,519
35.1
%
Selling, basic and administrative bills
503,403
25.2
%
416,378
26.8
%
Impairment, restructuring and different prices
—
0.0
%
23,624
1.5
%
Pre-opening bills
1,832
0.1
%
4,240
0.3
%
Operating earnings
284,239
14.2
%
101,277
6.5
%
Interest expense, web
413
0.0
%
1,383
0.1
%
Income earlier than earnings taxes
283,826
14.2
%
99,894
6.4
%
Income tax expense
68,537
3.4
%
25,096
1.6
%
Net earnings
$
215,289
10.8
%
$
74,798
4.8
%
Net earnings per frequent share:
Basic
$
3.97
$
1.33
Diluted
$
3.94
$
1.32
Weighted common frequent shares excellent:
Basic
54,291
56,327
Diluted
54,660
56,546
Exhibit 2
Ulta Beauty, Inc.
Consolidated Statements of Income
(In hundreds, besides per share information)
39 Weeks Ended
October 30,
October 31,
2021
2020
(Unaudited)
(Unaudited)
Net gross sales
$
5,901,501
100.0
%
$
3,953,252
100.0
%
Cost of gross sales
3,560,276
60.3
%
2,775,121
70.2
%
Gross revenue
2,341,225
39.7
%
1,178,131
29.8
%
Selling, basic and administrative bills
1,411,577
23.9
%
1,068,877
27.1
%
Impairment, restructuring and different prices
—
0.0
%
83,924
2.1
%
Pre-opening bills
7,778
0.1
%
12,782
0.3
%
Operating earnings
921,870
15.6
%
12,548
0.3
%
Interest expense, web
1,196
0.0
%
5,272
0.1
%
Income earlier than earnings taxes
920,674
15.6
%
7,276
0.2
%
Income tax expense
224,203
3.8
%
2,935
0.1
%
Net earnings
$
696,471
11.8
%
$
4,341
0.1
%
Net earnings per frequent share:
Basic
$
12.68
$
0.08
Diluted
$
12.60
$
0.08
Weighted common frequent shares excellent:
Basic
54,921
56,355
Diluted
55,280
56,524
Exhibit 3
Ulta Beauty, Inc.
Condensed Consolidated Balance Sheets
(In hundreds)
October 30,
January 30,
October 31,
2021
2021
2020
(Unaudited)
(Unaudited)
Assets
Current belongings:
Cash and money equivalents
$
605,053
$
1,046,051
$
560,902
Receivables, web
169,212
193,109
136,271
Merchandise inventories, web
1,916,343
1,168,215
1,439,098
Prepaid bills and different present belongings
105,584
107,402
99,810
Prepaid earnings taxes
37,501
—
8,928
Total present belongings
2,833,693
2,514,777
2,245,009
Property and tools, web
908,665
995,795
1,042,262
Operating lease belongings
1,464,533
1,504,614
1,510,030
Goodwill
10,870
10,870
10,870
Other intangible belongings, web
1,770
2,465
2,696
Deferred compensation plan belongings
36,403
33,223
30,141
Other long-term belongings
31,833
28,225
29,986
Total belongings
$
5,287,767
$
5,089,969
$
4,870,994
Liabilities and stockholders’ fairness
Current liabilities:
Accounts payable
$
747,451
$
477,052
$
478,501
Accrued liabilities
329,672
296,334
268,310
Deferred income
272,628
274,383
224,862
Current working lease liabilities
274,365
253,415
252,171
Accrued earnings taxes
—
42,529
6,499
Total present liabilities
1,624,116
1,343,713
1,230,343
Non-current working lease liabilities
1,565,921
1,643,386
1,661,750
Deferred earnings taxes
67,267
65,359
89,112
Other long-term liabilities
43,663
37,962
35,352
Total liabilities
3,300,967
3,090,420
3,016,557
Commitments and contingencies
Total stockholders’ fairness
1,986,800
1,999,549
1,854,437
Total liabilities and stockholders’ fairness
$
5,287,767
$
5,089,969
$
4,870,994
Exhibit 4
Ulta Beauty, Inc.
Condensed Consolidated Statements of Cash Flows
(In hundreds)
39 Weeks Ended
October 30,
October 31,
2021
2020
(Unaudited)
(Unaudited)
Operating actions
Net earnings
$
696,471
$
4,341
Adjustments to reconcile web earnings to web money supplied by working actions:
Depreciation and amortization
204,734
226,386
Non-cash lease expense
206,017
196,354
Long-lived asset impairment cost
—
69,932
Deferred earnings taxes
1,908
(255
)
Stock-based compensation expense
38,217
22,979
Loss on disposal of property and tools
3,357
5,219
Change in working belongings and liabilities:
Receivables
23,897
3,066
Merchandise inventories
(748,128
)
(145,397
)
Prepaid bills and different present belongings
1,818
3,007
Income taxes
(80,027
)
13,958
Accounts payable
266,104
62,337
Accrued liabilities
24,482
24,582
Deferred income
(1,755
)
(12,673
)
Operating lease liabilities
(222,451
)
(212,665
)
Other belongings and liabilities
213
(2,126
)
Net money supplied by working actions
414,857
259,045
Investing actions
Short-term investments, web
—
110,000
Capital expenditures
(108,418
)
(116,745
)
Acquisitions, web of money acquired
—
(1,220
)
Purchases of fairness investments
—
(5,665
)
Net money utilized in investing actions
(108,418
)
(13,630
)
Financing actions
Proceeds from long-term debt
—
800,000
Payments on long-term debt
—
(800,000
)
Repurchase of frequent shares
(762,167
)
(72,981
)
Stock choices exercised
30,297
1,346
Purchase of treasury shares
(15,511
)
(3,256
)
Debt issuance prices
—
(1,861
)
Net money utilized in financing actions
(747,381
)
(76,752
)
Effect of trade fee adjustments on money and money equivalents
(56
)
(86
)
Net improve (lower) in money and money equivalents
(440,998
)
168,577
Cash and money equivalents at starting of interval
1,046,051
392,325
Cash and money equivalents at finish of interval
$
605,053
$
560,902
Exhibit 5
Ulta Beauty, Inc.
Store Update
Total shops open
Number of shops
Number of shops
Total shops
at starting of the
opened in the course of the
closed in the course of the
open at
Fiscal 2021
quarter
quarter
quarter
finish of the quarter
1st Quarter
1,264
28
2
1,290
2nd Quarter
1,290
7
1
1,296
third Quarter
1,296
7
1
1,302
Gross sq. ft for
Total gross sq.
shops opened or
Gross sq. ft for
Total gross sq.
ft at starting of
expanded in the course of the
shops closed
ft at finish of the
Fiscal 2021
the quarter
quarter
in the course of the quarter
quarter
1st Quarter
13,291,838
327,476
22,906
13,596,408
2nd Quarter
13,596,408
62,511
10,760
13,648,159
third Quarter
13,648,159
67,018
10,974
13,704,203
Exhibit 6
Ulta Beauty, Inc.
Sales by Category
The following tables set forth the approximate share of web gross sales by main class:
13 weeks ended
October 30,
October 31,
2021
2020
Cosmetics (1)
45
%
47
%
Haircare merchandise and styling instruments (1)
21
%
20
%
Skincare (1)
16
%
16
%
Fragrance and tub
12
%
10
%
Services
3
%
4
%
Accessories and different (1)
3
%
3
%
100
%
100
%
39 weeks ended
October 30,
October 31,
2021
2020
Cosmetics (1)
44
%
47
%
Haircare merchandise and styling instruments (1)
20
%
20
%
Skincare (1)
17
%
17
%
Fragrance and tub
12
%
9
%
Services
4
%
4
%
Accessories and different (1)
3
%
3
%
100
%
100
%
______________________________
(1) Certain gross sales departments have been reclassified between classes within the prior yr to evolve to present yr presentation.
Exhibit 7
Ulta Beauty, Inc.
Reconciliation of GAAP foundation to Adjusted working earnings, Adjusted web earnings and Adjusted diluted earnings per share
(In hundreds, besides per share information)
(Unaudited)
13 weeks ended
39 weeks ended
October 31,
October 31,
2020
2020
Operating earnings
$
101,277
$
12,548
Add: Store asset impairment
—
40,428
Add: Store closures
2,030
21,902
Add: Store closures – stock write-off
—
1,400
Add: Suspension of Canadian enlargement
15,886
15,886
Add: Severance prices
5,708
5,708
Adjusted working earnings
$
124,901
$
97,872
Net earnings
$
74,798
$
4,341
Add: Store asset impairment
—
40,428
Less: Income tax advantage of retailer asset impairment1
—
(9,905
)
Add: Store closures
2,030
21,902
Less: Income tax advantage of retailer closures1
(510
)
(5,366
)
Add: Store closures – stock write-off
—
1,400
Less: Income tax advantage of retailer closures – stock write-off1
—
(343
)
Add: Suspension of Canadian enlargement
15,886
15,886
Less: Income tax advantage of suspension of Canadian expansion1
(3,987
)
(3,892
)
Add: Severance prices
5,708
5,708
Less: Income tax advantage of severance costs1
(1,433
)
(1,398
)
Adjusted web earnings
$
92,492
$
68,761
Diluted earnings per share
$
1.32
$
0.08
Add: Store asset impairment
—
0.72
Less: Income tax advantage of retailer asset impairment1
—
(0.18
)
Add: Store closures
0.04
0.39
Less: Income tax advantage of retailer closures1
(0.01
)
(0.09
)
Add: Store closures – stock write-off
—
0.02
Less: Income tax advantage of retailer closures – stock write-off1
—
(0.01
)
Add: Suspension of Canadian enlargement
0.28
0.28
Less: Income tax advantage of suspension of Canadian expansion1
(0.07
)
(0.07
)
Add: Severance prices
0.10
0.10
Less: Income tax advantage of severance costs1
(0.02
)
(0.02
)
Adjusted diluted earnings per share
$
1.64
$
1.22
______________________________
1 The earnings tax profit for non-GAAP changes was calculated utilizing the Company’s blended tax fee earlier than discrete objects.
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