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    William Reuter • Bank of America

    William Reuter's questions to HanesBrands Inc (HBI) leadership

    William Reuter's questions to HanesBrands Inc (HBI) leadership • Q2 2025

    Question

    William Reuter of Bank of America asked for a quantification of the benefit from lower cotton costs on gross margin and inquired about the company's performance relative to the innerwear category amid private label competition.

    Answer

    CFO M. Scott Lewis declined to quantify the cotton benefit, noting it's a small part of COGS and that productivity gains are broad. CEO Stephen Bratspies clarified that softness was confined to the intimates category, specifically the Maidenform brand, while the basics business grew. He stated that private label is losing share in men's underwear, and Hanesbrands' strategy to compete is through brand investment, innovation, and strong retail partnerships.

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    William Reuter's questions to HanesBrands Inc (HBI) leadership • Q4 2024

    Question

    William Reuter from Bank of America Merrill Lynch asked about the potential impact on Hanesbrands' business if retaliatory tariffs were imposed by Mexico or Canada.

    Answer

    CEO Stephen Bratspies stated there would be zero impact from such tariffs, clarifying that the company does not ship products from the U.S. into its wholesale channels in Mexico or Canada.

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    William Reuter's questions to HanesBrands Inc (HBI) leadership • Q3 2024

    Question

    Speaking for William Reuter, an analyst asked for the outlook on ocean freight and cotton costs for 2025 and sought an update on the company's cotton hedging. A second question covered which specific debt was repaid in October and the anticipated pace of future debt reduction.

    Answer

    CEO Stephen Bratspies confirmed strong visibility on input costs, noting ocean freight rates are running below plan and cotton is nearly fully purchased for the upcoming year. CFO Scott Lewis specified that the $870 million debt repayment in October was a mix of Term A and Term B loans. He reiterated the goal of a $1 billion paydown in H2 2024, which would reduce leverage by 1.5 turns YoY, with a target of approximately 3x leverage by the end of 2025.

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    William Reuter's questions to Central Garden & Pet Co (CENT) leadership

    William Reuter's questions to Central Garden & Pet Co (CENT) leadership • Q3 2025

    Question

    William Reuter of Bank of America sought clarification on the quarterly timing of the fiscal 2025 tariff impact, its potential run-rate for next year, and trends in retailers' private label allocation.

    Answer

    CFO Brad Smith clarified the full-year tariff impact is approximately $10 million, with about $3 million in Q3 and the rest in Q4. However, management declined to provide a run-rate for fiscal 2026, citing the fluid nature of tariffs and ongoing mitigation efforts. JD Walker, President of Garden Consumer Products, explained that private label gains were a result of winning business from competitors and superior in-store execution, not necessarily a broader shift in retailer floor space.

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    William Reuter's questions to Central Garden & Pet Co (CENT) leadership • Q1 2025

    Question

    Rob Rigby, on behalf of William Reuter from Bank of America, asked about the company's intended uses of cash, particularly share repurchases, in the absence of M&A, and inquired about retailer sentiment in both the Garden and Pet segments.

    Answer

    CEO Nicholas Lahanas outlined capital allocation priorities as M&A, internal investment, and opportunistic share buybacks. J.D. Walker, President of Garden Consumer Products, described retailers as highly engaged for the spring season. John Hanson, President of Pet Consumer Products, noted a good start to the year with strong customer relationships, though new pet acquisition remains a challenge.

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    William Reuter's questions to Central Garden & Pet Co (CENT) leadership • Q4 2024

    Question

    William Reuter questioned whether acquisition valuations in the Pet sector are declining given the subdued industry outlook. He also asked if the company would consider M&A targets in the durable pet category or the Garden segment.

    Answer

    CEO Nicholas Lahanas noted that valuation expectations for pet consumables assets remain high, but he is optimistic that overall deal flow will increase in 2025. Regarding targets, he said a durable pet deal would be difficult to consider currently, but an attractive Garden deal would be reviewed. CFO Brad Smith added that a key strategic consideration is avoiding acquisitions that would add further seasonality to the business.

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    William Reuter's questions to B&G Foods Inc (BGS) leadership

    William Reuter's questions to B&G Foods Inc (BGS) leadership • Q2 2025

    Question

    William Reuter from Bank of America asked for the EBITDA contribution and net proceeds from the LeSueur divestiture, and inquired about the current borrowing availability under the company's credit facility covenants.

    Answer

    CFO Bruce Wacha declined to provide the divested brand's EBITDA but clarified that net proceeds were approximately $59 million, as detailed in the 10-Q. He added that the primary covenant is a 7.5x leverage test and the company finished the quarter with about 0.7 turns of cushion.

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    William Reuter's questions to B&G Foods Inc (BGS) leadership • Q1 2025

    Question

    William Reuter asked about potential constraints on the company's revolving credit facility, whether any shelf space was lost during retailer resets in late January, and the rationale behind the increased promotional spending that impacted EBITDA.

    Answer

    CFO Bruce Wacha clarified that the facility is a cash flow revolver, not an ABL, with significant availability and was primarily sized for acquisitions. CEO Kenneth Keller added that the inventory issue was a destocking of weeks-of-supply, not a loss of shelf space from resets. He explained the increased promotion on Green Giant was a necessary, short-term decision to remain competitive against aggressive market activity and that he is encouraged by the brand's healthy trends after the investment was pulled back.

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    William Reuter's questions to B&G Foods Inc (BGS) leadership • Q4 2024

    Question

    William Reuter of Bank of America asked for the dollar amount of products shipped from Mexico to the U.S. and inquired about any recent changes in shelf space with retail partners or shifts in their interest in private label products.

    Answer

    CFO Bruce Wacha stated that the company does not disclose the specific dollar amount of products shipped from Mexico but clarified it is primarily Green Giant frozen vegetables. CEO Casey Keller and Bruce Wacha both confirmed that there have been no macro trends or significant changes regarding shelf space allocation or retailer interest in private label.

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    William Reuter's questions to Energizer Holdings Inc (ENR) leadership

    William Reuter's questions to Energizer Holdings Inc (ENR) leadership • Q3 2025

    Question

    William Reuter from Bank of America asked if the company's long-term leverage target of below 4x remains intact and if M&A is still not a priority. He also asked if the company has observed consumer trade-down to smaller pack sizes and the resulting margin impact.

    Answer

    EVP and CFO John Drabik confirmed that paying down debt remains a priority and the sub-4x leverage target is still the goal, adding that any potential M&A would not materially change leverage. President and CEO Mark LaVigne explained that consumers are bifurcating, either trading up to larger packs or down to smaller ones, and the net effect of these dynamics is incorporated into the company's gross margin guidance.

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    William Reuter's questions to Energizer Holdings Inc (ENR) leadership • Q2 2025

    Question

    William Reuter from Bank of America sought clarification on the tariff mitigation outlook for fiscal '26. He also asked about the revised free cash flow guidance, the new debt paydown target for the year, and the potential impact from the repeal of the de minimis exemption.

    Answer

    Executive Mark LaVigne clarified that while actions are being taken now to offset tariffs over the next 12 months, the P&L impact will be felt in FY26 as higher-cost inventory flows through, but the gross $150M impact should be cut by at least half. He also revised the full-year debt paydown target to roughly $100 million and free cash flow to 6-8% of net sales, citing investments in inventory for tariff mitigation and the plastic-free packaging launch. Executive John Drabik added that the company's sourcing and distribution network provides an advantage regarding the de minimis rule change.

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    William Reuter's questions to Energizer Holdings Inc (ENR) leadership • Q1 2025

    Question

    William Reuter asked about the e-commerce channel, inquiring about its growth relative to brick-and-mortar and the state of private label competition online. He also questioned if the current pricing and promotional investments are one-time in nature, potentially leading to future margin expansion.

    Answer

    Mark LaVigne, President and CEO, confirmed e-commerce remains a growth source with stable private label shares, and noted Energizer is targeting roughly 30% growth in its own e-commerce business in fiscal 2025. John Drabik, EVP and CFO, explained that the promotional investments are related to new distribution and product launches and are front-end loaded for the year. He quantified the impact as about a 100 basis point headwind to top-line and a 70 basis point headwind to gross margin for the full year.

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    William Reuter's questions to Energizer Holdings Inc (ENR) leadership • Q4 2024

    Question

    William Reuter inquired about the outlook for input costs in fiscal 2025 and asked what financial targets or conditions would need to be met for the company to shift its capital allocation priority from debt reduction to M&A or other shareholder returns.

    Answer

    CFO John Drabik projected that the net impact from input costs would be 'slightly positive' in fiscal 2025. On capital allocation, he reiterated that debt paydown remains the #1 priority to strengthen the balance sheet and create future flexibility, stating that no specific targets have been set for a potential shift in strategy.

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    William Reuter's questions to ACCO Brands Corp (ACCO) leadership

    William Reuter's questions to ACCO Brands Corp (ACCO) leadership • Q2 2025

    Question

    William Reuter of Bank of America asked if ACCO has seen retailers allocate more shelf space to non-branded competitors due to the stressed consumer environment. He also questioned whether the company expects to gain or lose market share in the U.S. back-to-school season and sought to quantify the potential incremental sales from gaming accessories tied to the Nintendo Switch launch.

    Answer

    President & CEO Thomas Tedford responded that shelf space listings for this year are fairly constant and were set before recent tariff announcements, suggesting the sales impact is more from conservative retailer inventory management. He stated it was too premature to project market share gains or losses but expressed confidence in ACCO's brand positioning. Regarding gaming sales, Tedford reiterated that it was too early to provide a specific dollar amount for the Switch 2 opportunity, as the key holiday season is still ahead.

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    William Reuter's questions to ACCO Brands Corp (ACCO) leadership • Q1 2025

    Question

    William Reuter from Bank of America inquired about the specific percentage of U.S. cost of goods sold sourced from China, the cost implications of shifting production to other Southeast Asian countries, and sought to confirm the magnitude of the U.S. price increases.

    Answer

    CFO Deb O'Connor explained that providing a precise sourcing percentage from China is difficult due to the ongoing transition, but it will be insignificant by year-end. President and CEO Tom Tedford added that while there are modest cost increases from moving production, these will be passed through via pricing to protect gross margin targets. He confirmed the first price increase was in the single digits, with a potential subsequent increase of up to 20% depending on final reciprocal tariff levels.

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    William Reuter's questions to ACCO Brands Corp (ACCO) leadership • Q4 2024

    Question

    William Reuter asked for a breakdown of the projected $40 million in 2025 cost savings between COGS and SG&A. He also questioned the reason for the more optimistic tone on M&A this quarter and inquired about the maximum leverage ratio the company would be willing to accept following a potential acquisition.

    Answer

    EVP and CFO Deb O'Connor explained the savings would be roughly 50-50 between COGS and SG&A, possibly more weighted to COGS due to footprint rationalization. O'Connor and President and CEO Tom Tedford attributed the changed M&A tone to the improving interest rate environment and the company's stronger balance sheet with lower debt compared to a year ago. Regarding leverage, O'Connor stated that while it depends on the specific deal, they would not let it rise to the levels seen after the PowerA acquisition and would keep it manageable.

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    William Reuter's questions to ACCO Brands Corp (ACCO) leadership • Q3 2024

    Question

    William Reuter questioned if back-to-school retail inventories are lower than last year, potentially aiding next year's sell-in. He also asked about the increased mention of M&A, inquiring about the company's interest level and the types of acquisitions it would consider given its current leverage.

    Answer

    President and CEO Tom Tedford confirmed that retail inventory levels are in a better position than last year, which should benefit the 2025 back-to-school season. On M&A, he stated the focus is on highly synergistic opportunities in or near existing categories. EVP and CFO Deb O'Connor added that the company is better positioned to consider M&A now than 12 months ago due to its stronger balance sheet and that any deal would be part of a balanced capital allocation approach.

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    William Reuter's questions to Upbound Group Inc (UPBD) leadership

    William Reuter's questions to Upbound Group Inc (UPBD) leadership • Q2 2025

    Question

    William Reuter inquired if general retail store closures were creating a headwind for Acima's growth and asked about the company's appetite for further M&A given its focus on internal growth and deleveraging.

    Answer

    CEO & CFO Fahmi Karam explained that store closures have not been a material headwind for Acima due to its diversified merchant base of small-to-medium-sized businesses. On M&A, Karam stated that while they 'never say never,' the primary focus is on executing opportunities within existing brands and paying down debt to reach their target leverage ratio.

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    William Reuter's questions to Upbound Group Inc (UPBD) leadership • Q1 2025

    Question

    William Reuter sought to confirm if the statistic of 70-75% of products being assembled in the U.S. was specific to Rent-A-Center and asked about the company's current appetite for M&A following the Brigit integration.

    Answer

    CEO Mitchell E. Fadel confirmed the statistic was for Rent-A-Center's direct purchases but noted that many Acima partners have also diversified their supply chains away from China. CFO Fahmi Karam stated that it was fair to assume the company is not actively pursuing M&A, as its focus is on integrating Brigit and capitalizing on numerous internal growth opportunities, especially given the current market uncertainty.

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    William Reuter's questions to Upbound Group Inc (UPBD) leadership • Q4 2024

    Question

    William Reuter of Bank of America inquired about the company's M&A appetite for the next year, asking if they would be in a position to make another acquisition or if the focus would be solely on optimizing the recent Brigit purchase.

    Answer

    CFO Fahmi Karam responded that the immediate focus is on executing organic growth plans and integrating Brigit. He stated that while they would never close the door on a compelling strategic opportunity that offers the right value and fit, no M&A is planned for the near term as the team is focused on current initiatives.

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    William Reuter's questions to United Natural Foods Inc (UNFI) leadership

    William Reuter's questions to United Natural Foods Inc (UNFI) leadership • Q3 2025

    Question

    William Reuter of Bank of America sought confirmation of the $53 million termination fee for Key Food and asked about UNFI's capital allocation strategy once it achieves its leverage target of 2.5x.

    Answer

    President & CFO Giorgio Matteo Tarditi confirmed the $53 million termination fee. He reiterated that the company's sole capital allocation focus is on debt reduction until the leverage target is met. After that point, he stated the company will evaluate a full portfolio of options for shareholder returns, including potential buybacks.

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    William Reuter's questions to TreeHouse Foods Inc (THS) leadership

    William Reuter's questions to TreeHouse Foods Inc (THS) leadership • Q1 2025

    Question

    William Reuter inquired about the progress in refilling the frozen griddle product pipeline and its current capacity utilization. He also asked for clarification on capital allocation, specifically whether the company's leverage target has changed and how that impacts the potential for share repurchases.

    Answer

    CEO Steven Oakland stated that all griddle production lines are running and the company is refilling the customer pipeline, with the financial benefits expected in the second half of the year. He expressed confidence in a full recovery, similar to their past experience with a broth recall. CFO Patrick O'Donnell confirmed the net leverage target remains 3.0x to 3.5x and that the near-term priority is rebuilding the cash position, with a re-evaluation of capital deployment options like buybacks likely later in the year.

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    William Reuter's questions to TreeHouse Foods Inc (THS) leadership • Q4 2024

    Question

    William Reuter asked about capital deployment plans given leverage is near the low end of the target range, and also inquired about the commodity outlook for 2025 and whether pricing actions have been taken to offset expected inflation.

    Answer

    EVP and CFO Patrick O'Donnell noted that cash was just deployed for the Harris Tea acquisition in Q1, which will temporarily move leverage up. Chairman, CEO and President Steven Oakland reiterated a balanced capital allocation strategy. On commodities, O'Donnell expects low to mid-single-digit inflation, driven by coffee and cocoa. Oakland added that related pricing actions are currently in process with customers.

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    William Reuter's questions to TreeHouse Foods Inc (THS) leadership • Q3 2024

    Question

    William Reuter from Bank of America inquired if recent operational issues have harmed retailer relationships and asked about the company's current stance on M&A as part of its capital allocation strategy.

    Answer

    CEO Steve Oakland asserted that transparency around the operational challenges has actually strengthened customer relationships, and he expects the affected businesses to recover and become larger than before. He reiterated that the top capital priority is internal investment, with M&A viewed through a 'build vs. buy' lens to add capabilities, while maintaining balance sheet strength and considering opportunistic share repurchases.

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    William Reuter's questions to Scotts Miracle-Gro Co (SMG) leadership

    William Reuter's questions to Scotts Miracle-Gro Co (SMG) leadership • Q2 2025

    Question

    An analyst on behalf of William Reuter asked about the extent of market share being retaken from private label, the company's long-term leverage target, and whether increased leverage would be considered for M&A or share repurchases.

    Answer

    Executives explained the strategy is not a 'war on private label' but a 'war on foot traffic,' using Scotts' brands to drive consumers to retail partners, which has resulted in increased share of shelf. CEO James Hagedorn stated the long-term leverage target is a conservative 3.25x to 3.5x. He expressed a bias against major M&A, preferring to focus on organic growth and using free cash flow for shareholder-friendly actions, specifically highlighting a desire to reduce the company's share count once leverage is in the target range.

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