The provision for taxes is then calculated based on the jurisdiction in which the adjusted items are incurred, multiplied by the respective statutory rates and offset by the increase or reversal of any valuation allowances commensurate with the non-GAAP measure of profitability. The renewed deal is likely to fuel the growth of Coty's fragrance line. In the three months ended September 30, 2021, we incurred restructuring and other business structure realignment costs of $15.1. Coty Construction built us a new Trex deck to replace our old wood deck. They are primarily incurred to realign our operating structure and integrate new acquisitions, and exclude divestitures, and fluctuate based on specific facts and circumstances. [8] The company operates three divisions: Consumer Beauty, which focuses on body care, color cosmetics, fragrances, and hair coloring and styling products; Luxury, for luxury cosmetic, fragrance, and skin care products; and Professional Beauty, which services beauty salon and nail salon professionals. During the quarter, the global mass beauty category grew at a moderate pace, while Coty continued to outperform the market and expand its market share on a global basis, marking 10 consecutive months of gains2. It operates through the following segments: Consumer Beauty, Luxury, and Professional Beauty. This amount includes $(0.5) reported in Selling, general and administrative expenses, and $0.9 reported in Cost of sales in the Condensed Consolidated Statement of Operations. Coty did a great job with the insurance company. A. Benckiser (now known as JAB Holding Company) in 1992. other factors described elsewhere in this document and in documents that the Company files with the SEC from time to time. It is the second roof they have done for us and we contacted them to do this one because we were very satisfied with one done years ago. The 1Q23 adjusted net income of $92.7 million increased from $63.1 million in the prior year period, as the increase in adjusted operating income was partially offset by a $38 million negative impact from the mark-to-market on the equity swap, reflecting a lower Coty share price at the end of Q1 as compared to the beginning of the quarter. Reported operating income totaled $171.9 million in 1Q23. See Roles IT. COTY INC. Similarly, the launch of Burberry Hero EDP built on the success of Burberry Hero EDT, driving the Hero franchise to Top 10 in the U.S. and the highest market share for Burberry in the UK. The 1Q23 adjusted operating income was $207.3 million, up from an adjusted operating income of $177.0 million in the prior year, driven by strong gross margin improvement. We developed this site to enable the next level of connectivity between youour Suppliersand Coty during this very exciting journey together. [12] The Consumer Beauty, Luxury and Professional Beauty divisions are headquartered in New York City, Paris and Geneva, respectively. We drive growth, brand equity and customer loyalty with innovative products, digital campaigns, events, partnerships and in-store executions. [41] L'Origan was launched in 1905; according to The Week, the perfume "started a sweeping trend throughout Paris" and was the first example of "a fine but affordable fragrance that would appeal both to the upper classes and to the less affluent, changing the way scents were sold forever". IT. The installation was exceptionally well-done by Shane. This suggests a possible upside of 6.1% from the stock's current price. [43] Coty, Inc. was formed in New York in 1922, and became a publicly-traded company in 1925. Januar 2023 um 09:30 Uhr. [2][59], Coty acquired Del Laboratories' parent company, DLI Holding Corp., in 2007, adding the Sally Hansen and NYC New York Color brands to Coty's portfolio. For adjusted EBITDA, in addition to the preceding, we exclude the adjusted depreciation as defined below. [51], In the 1940s, Coty became a major supporter of the growing American fashion industry, launching the Coty American Fashion Critics' Awards to recognize and promote emerging American fashion designers. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such, and should only be viewed as historical data. The differences were primarily due to the resolution of foreign uncertain tax positions in the prior period. While FX has naturally weighed on our reported sales, I am pleased that the close alignment between our regional sales mix and regional cost mix have protected our profit delivery. This suggests a possible upside of 6.1% from the stock's current price. Being in business since 1978 has allowed us to continually serve our community with affordable and high-quality work time and time again. Steve was great to work with. WebCoty Inc. is an American-French multinational beauty company founded in 1904 by Franois Coty. Should you buy or sell? In the three months ended September 30, 2022, we incurred a credit in restructuring and other business structure realignment costs of $(0.8). Coty serves consumers around the world, selling luxury and mass market products in more than 130 countries and territories. WebCoty (COTY) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. These non-GAAP measures should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with GAAP. WebTelling the Coty story in ways that excite and delight. The tax impact of the non-GAAP adjustments is based on the tax rates related to the jurisdiction in which the adjusted items are received or incurred. EMEA sales declined 3% as reported but grew 11% LFL fueled by significant Travel Retail momentum and double digit growth across most markets. The Q-Factor Score represents an expectation for how a stock will perform in a given month. [73][74][75] which is wound up in 2020. Coty to Benefit from Employees Returning to Office. However, with government-backed stimulus checks dried up, the pendulum of power Adjustments to Reported Operating income (a), Change in fair value of investment in Wella Business (d), Adjustments to noncontrolling interests (b). [43][47] Coty remained headquartered in the building until 1941. Coty Inc. is a beauty company with portfolio of brands across fragrance, color cosmetics, and skin and body care. Coty also announced its new company purpose: the Companys ability to successfully implement its transformation agenda and compete effectively in the beauty industry, achieve the benefits contemplated by its strategic initiatives (including revenue growth, cost control, gross margin growth and debt deleveraging) and successfully implement its strategic priorities (including stabilizing its consumer beauty brands through leading innovation and improved execution, accelerating its prestige fragrance brands and ongoing expansion into prestige cosmetics, building a comprehensive skincare portfolio, enhancing its e-commerce and direct-to-consumer capabilities, and expanding its presence in China through prestige products and select consumer beauty brands, and establishing Coty as an industry leader in sustainability) in each case within the expected time frame or at all; the Companys ability to anticipate, gauge and respond to market trends and consumer preferences, which may change rapidly, and the market acceptance of new products, including new products related to Kylie Jenners or Kim Kardashian Wests existing beauty businesses, any relaunched or rebranded products and the anticipated costs and discounting associated with such relaunches and rebrands, and consumer receptiveness to our current and future marketing philosophy and consumer engagement activities (including digital marketing and media); use of estimates and assumptions in preparing the Companys financial statements, including with regard to revenue recognition, income taxes (including the expected timing and amount of the release of any tax valuation allowance), the assessment of goodwill, other intangible and long-lived assets for impairments, the market value of inventory, the fair value of the equity investment, and the fair value of acquired assets and liabilities associated with acquisitions; managerial, transformational, operational, regulatory, legal and financial risks, including diversion of management attention to and management of cash flows, expenses and costs associated with the Company's response to COVID-19, the Company's transformation agenda, its global business strategies, the integration of the strategic partnerships with Kylie Jenner and Kim Kardashian West, and future strategic initiatives, and, in particular, the Company's ability to manage and execute many initiatives simultaneously including any resulting complexity, employee attrition or diversion of resources; the timing, costs and impacts of divestitures and the amount and use of proceeds from any such transactions; future divestitures and the impact thereof on, and future acquisitions, new licenses and joint ventures and the integration thereof with, our business, operations, systems, financial data and culture and the ability to realize synergies, manage supply chain challenges and avoid future supply chain and other business disruptions, reduce costs (including through the Companys cash efficiency initiatives), avoid liabilities and realize potential efficiencies and benefits (including through our restructuring initiatives) at the levels and at the costs and within the time frames contemplated or at all; increased competition, consolidation among retailers, shifts in consumers preferred distribution and marketing channels (including to digital and prestige channels), distribution and shelf-space resets or reductions, compression of go-to-market cycles, changes in product and marketing requirements by retailers, reductions in retailer inventory levels and order lead-times or changes in purchasing patterns, impact from COVID-19 on retail revenues, and other changes in the retail, e-commerce and wholesale environment in which the Company does business and sells its products and the Companys ability to respond to such changes (including its ability to expand its digital, direct-to-consumer and e-commerce capabilities within contemplated timeframes or at all); the Company and its joint ventures, business partners and licensors abilities to obtain, maintain and protect the intellectual property used in its and their respective businesses, protect its and their respective reputations (including those of its and their executives or influencers), public goodwill, and defend claims by third parties for infringement of intellectual property rights; any change to the Companys capital allocation and/or cash management priorities, including any change in the Companys dividend policy or, if the Company's Board declares dividends on the Company's common stock, the Companys stock dividend reinvestment program; any unanticipated problems, liabilities or integration or other challenges associated with a past or future acquired business, joint ventures or strategic partnerships which could result in increased risk or new, unanticipated or unknown liabilities, including with respect to environmental, competition and other regulatory, compliance or legal matters, and specifically in connection with the strategic partnerships with Kylie Jenner and Kim Kardashian, risks related to the entry into a new distribution channel, the potential for channel conflict, risks of retaining customers and key employees, difficulties of integration (or the risks associated with limiting integration),ability to protect trademarks and brand names, litigation or investigations by governmental authorities, and changes in law, regulations and policies that affect KKW Holdings, LLCs (KKW Holdings) business or products, including risk that direct selling laws and regulations may be modified, interpreted or enforced in a manner that results in a negative impact to KKW Holdings business model, revenue, sales force or business; the Companys international operations and joint ventures, including enforceability and effectiveness of its joint venture agreements and reputational, compliance, regulatory, economic and foreign political risks, including difficulties and costs associated with maintaining compliance with a broad variety of complex local and international regulations; the Companys dependence on certain licenses (especially in the fragrance category) and the Companys ability to renew expiring licenses on favorable terms or at all; the Companys dependence on entities performing outsourced functions, including outsourcing of distribution functions, and third-party manufacturers, logistics and supply chain suppliers, and other suppliers, including third-party software providers, web-hosting and e-commerce providers; administrative, product development and other difficulties in meeting the expected timing of market expansions, product launches, re-launches and marketing efforts, including in connection with new products related to Kylie Jenners or Kim Kardashian Wests existing beauty businesses or new products related to Orveda; changes in the demand for the Companys products due to declining or depressed global or regional economic conditions, and declines in consumer confidence or spending, whether related to the economy (such as austerity measures, tax increases, high fuel costs, or higher unemployment), wars, natural or other disasters, weather, pandemics, security concerns, terrorist attacks or other factors; global political and/or economic uncertainties, disruptions or major regulatory or policy changes, and/or the enforcement thereof that affect the Companys business, financial performance, operations or products, including the impact of the war in Ukraine and any related escalation or expansion thereof, Brexit (and related business or market disruption), recent elections in Brazil, the current U.S. administration and mid-term elections, changes in the U.S. tax code, and recent changes and future changes in tariffs, retaliatory or trade protection measures, trade policies and other international trade regulations in the U.S., the European Union and Asia and in other regions where the Company operates; recent and future changes in sanctions regulations including in connection with the war in Ukraine and any escalation or expansion thereof; currency exchange rate volatility and currency devaluation and/or inflation; the number, type, outcomes (by judgment, order or settlement) and costs of current or future legal, compliance, tax, regulatory or administrative proceedings, investigations and/or litigation, including product liability cases (including asbestos and talc-related litigation for which indemnities and/or insurance may not be available), distributor or licensor litigation, and compliance, litigation or investigations relating to the Company's joint ventures or strategic partnerships; the Companys ability to manage seasonal factors and other variability and to anticipate future business trends and needs; the impact of COVID-19 (or future similar events), including demand for the Companys products, illness, quarantines, government actions, facility closures, store closures or other restrictions in connection with the COVID-19 pandemic, and the extent and duration thereof, the widespread distribution of effective vaccines, related impact on the Company's ability to meet customer needs and on the ability of third parties on which the Company relies, including its suppliers, customers, contract manufacturers, distributors, contractors, commercial banks and joint-venture partners, to meet their obligations to the Company, in particular collections from customers, and the ability to successfully implement measures to respond to such impacts; disruptions in the availability and distribution of raw materials and components needed to manufacture the Company's products; disruptions in operations, sales and in other areas, including due to disruptions in our supply chain, restructurings and other business alignment activities, manufacturing or information technology systems, labor disputes, extreme weather and natural disasters, impact from COVID-19 or similar global public health events, the outbreak of war or hostilities (including the war in Ukraine and any escalation or expansion thereof), impact of global supply chain challenges, and the impact of such disruptions on the Companys ability to generate profits, stabilize or grow revenues or cash flows, comply with its contractual obligations and accurately forecast demand and supply needs and/or future results; the Company's ability to adapt its business to address climate change concerns and to respond to increasing governmental and regulatory measures relating to environmental, social and governance matters, including expanding mandatory and voluntary reporting, diligence and disclosure, as well as new taxes (including on energy and plastic), and the impact of such measures on its costs, business operations and strategy; restrictions imposed on the Company through its license agreements, credit facilities and senior unsecured bonds or other material contracts, its ability to generate cash flow to repay, refinance or recapitalize debt and otherwise comply with its debt instruments, and changes in the manner in which the Company finances its debt and future capital needs; increasing dependency on information technology, including as a result of remote working in response to COVID-19, and the Companys ability to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, including ransomware attacks, costs and timing of implementation and effectiveness of any upgrades or other changes to information technology systems, and the cost of compliance or the Companys failure to comply with any privacy or data security laws (including the European Union General Data Protection Regulation, the California Consumer Privacy Act and similar state laws, the Brazil General Data Protection Law, and the China Data Security and Personal Information Protection Law) or to protect against theft of customer, employee and corporate sensitive information; the Company's ability to attract and retain key personnel and the impact of senior management transitions and organizational structure changes; the distribution and sale by third parties of counterfeit and/or gray market versions of the Companys products; the impact of the Company's transformation agenda on the Companys relationships with key customers and suppliers and certain material contracts; the Companys relationship with Cottage Holdco B.V., as the Companys majority stockholder, and its affiliates, and any related conflicts of interest or litigation; the Companys relationship with KKR, whose affiliate KKR Bidco is an investor in the Wella Business, and any related conflicts of interest or litigation; future sales of a significant number of shares by the Companys majority stockholder or the perception that such sales could occur; and. Januar auf der Brssel Motor Show verliehen wurde. You can sign up for additional alert options at any time. Jan. 13, 2023, 07:25 PM. [99], Environmental practices and social causes, New York City Landmarks Preservation Commission, United States House Committee on the Judiciary, Companies listed on the New York Stock Exchange (C), List of organizations with official stances on the SOPA and PIPA, "Coty Professional Beauty Opens New Headquarters", "As of today, Coty is the world's third-largest beauty company", "Coty is About to Become the Largest Fragrance Company", "Coty launches $8 billion-equivalent jumbo refinancing", "Coty Slides Amid Challenges Integrating P&G's Beauty Brands", "Coty Makes Progress in Luxury, Professional Divisions", "Coty to move executive offices to London", "Cosmetics giant Coty replaces CEO, chairman", "Coty names Chairman Harf as CEO to oversee turnaround", "Cosmetics Group Coty Names New CFO As it Seeks Turnaround", "Coty picks L'Oral veteran as new chief executive", "ECJ rules in favour of Coty over online sales ban", "P&G's multibillion-dollar deal with Coty just got smaller", "Balenciaga Signs Deal with Coty Prestige", "The Amazon Alexa can now give you beauty advice", "Coty shares shine as P&G acquisitions begin to pay off", "Coty raises P&G beauty estimated cost cuts", "Coty profit beats on demand for brands aimed at younger consumers", "Coty to buy 20% stake in Kim Kardashian West's beauty line", "Coty Inc. acquires beauty product lines from P&G for $12B", "After CoverGirl refresh, Coty turns to Clairol", "Coty Unveils Roberto Cavalli Scent for Women", "Coty Tries Story Boutique to Show Mass Retailers What's Possible", "LVMH Welcomes Tiffany & Co. To The Family -- for $16.2 Billion", "A complete breakdown of the Covergirl relaunch", "Coty's brighter sales outlook refreshes shares", "Exclusive: Max Factor Unveils New Direction, Focuses on Diversity", "Cover Girl 'Seeing Signs of Success', Coty CEO Says", "Coty marks 100 years, taking time to smell success", "Perfume: A Sensory Journey at Somerset House", "Coty Pays $400 Million to Buy Controlling Stake in China's TJoy", "A Belle of Fifth Avenue Returns, Freshened Up", "Company News; Pfizer Agrees to Sell Coty Unit for $440 Million", "Pfizer Said to Discuss Coty Sale to Germany", "Pfizer Selling Its Coty Unit to German Company: Restructuring: The divestiture will allow the pharmaceutical firm to focus on health care", "How Coty Tackled Post-Merger Supply Chain Integration", "Timeline: Coty's growth over the decade", "Coty to Buy Unilever's Perfume Business", "Unilever finds allure in $800m sale of fragrances", "Bottega Veneta teams with Coty for first fragrance", "Coty Reaches Deal to Buy Nail-Polish Maker OPI", "Coty fails to charm investors in market debut", "Coty to buy Chanel's Bourjois cosmetics brand in shares", "Coty falls after revealing quarterly loss", "Coty Acquires Content Agency Beamly as It Gears Up for P&G Deal", "Coty, Tiffany Ink Fragrance Licensing Deal", "Coty profit and sales beat as acquisitions pay off; shares jump", "Coty's investment in peer-to-peer beauty brand Younique is paying off", "Burberry Licenses Its Fragrance and Make-Up Brands to Coty", "Philosophy Turns to Influencers for China Launch", "Coty's skincare line jumps on Tmall bandwagon", "Luxury Brands Win a Crucial Victory in Battle Against Amazon Distribution", "Luxury brands lifted by EU court backing for online sales ban", "The 439 organizations SOPA opponents should worry about", "SOPA Supporters: Companies and Groups that Support the Controversial Bill", "Coty Develops Amazon Echo Show Technology", "Coty focuses on AI with growth accelerator competition", "Coty Starts Digital Accelerator Start-up Program", "Kylie Jenner Sells $600 Million Stake in Beauty Business", "Inside Kylie Jenner's Web Of LiesAnd Why She's No Longer A Billionaire", "Coty Completes Sale Of Wella Stake To KKR", "Coty to sell 9% stake in Wella to majority owner KKR", "Coty Partners with Global Citizen to Combat Discrimination, Champion Self Expression", "Four Beauty Giants Launch Sustainable Procurement Initiative", "The World's Biggest Public Companies: #1,259 Coty", https://en.wikipedia.org/w/index.php?title=Coty_Inc.&oldid=1132148378, Companies listed on the New York Stock Exchange, Manufacturing companies based in New York City, Pages with non-numeric formatnum arguments, Articles with dead external links from July 2022, Articles with permanently dead external links, Articles with dead external links from February 2019, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 January 2023, at 13:48. The Company also presents free cash flow, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), immediate liquidity, Financial Net Debt and Economic Net Debt. Thanks!! However, with government-backed stimulus checks dried up, the pendulum of power Encouragingly, nearly all markets delivered double-digit growth during the quarter. The Company presents period-over-period comparisons of net revenues on a constant currency basis as well as on an organic (LFL) basis. -1.14% See Roles Communications & PR. News Coty 2022 Sustainability Report: Celebrating new SBTi-approved commitments and gender equity achievements Learn more. Coty is home to iconic global and regional brands. The European entry is part of a strategy to take Kylie Cosmetics globalinto physical stores as well as online, where the brand has had great success. Get prepared with the key expectations. Cotys net revenues came in at $1.39 billion in the first quarter ended Sept. 30. About Coty Inc. We need to be cautious when considering such big moves as a pullback can happen. [14] Pierre-Andr Terisse was appointed chief financial officer in January 2019. Would recommend this company. Tom came out and recognized wind damage from a previous storm. The exit from Russia is estimated to negatively impact FY23 sales by approximately 2%. In the three months ended September 30, 2022, adjusted depreciation expense of $27.6 and $30.7 was reported in the Prestige and Consumer Beauty segments, respectively. Coty owns around 77 brands as of 2018. In 1Q23, Asia Pacific net revenues of $173.1 million, or 12% of Coty sales, increased 6% as reported and 12% LFL. We are continuing to witness the "fragrance index" at full force, as consumers turn to fragrances as mood-boosting and affordable luxuries in an uncertain environment. See Roles Legal. Coty and its brands say they are committed to a range of social causes as well as seeking to minimize its environmental impact. Coty Inc. is a beauty company with portfolio of brands across fragrance, color cosmetics, and skin and body care. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Phone: 952.934.7600 Nick was excellent to deal with, very courteous and professional. Legal. Building the best relationships with suppliers. Easy to work with. C-RATED STOCKS are those stocks our Big Data multi-factor models score as probable to have negligible return for the month. Nothing in particular Cotys stock, while down more than 70% this year, moved up nearly 13.2% over the last 5 days, outperforming the S&P 500. For the three months ended September 30, 2022 and three months ended September 30, 2021, this primarily represents adjustments for equity loss from KKW. Trading volume (4.3 M) remained 1.7 million below its 50-day average volume of 6.0 M. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. Consequently, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance. Adjustment for deemed Series B Preferred Stock dividends related to the First and Second Exchanges (f). On average, they predict the company's share price to reach $9.86 in the next year. Why is that? However, with government-backed stimulus checks dried up, the pendulum of power Our belief stems from the fact that Coty stock is up nearly 1.4x since the end of 2018, and up almost 3x from its low in Having gained more than 35% since the March 23 lows of last year, at the current price of $7 per share, we believe Coty Stock has limited upside in the near term. [45][46] Coty established U.S. headquarters at 714 Fifth Avenue in New York City, and commissioned Lalique to design pressed glass panels for the building's faade windows, which were installed in 1912. OUR PURPOSE. Total Enterprise Value to Total Revenue (ttm). In addition, the Company continues to target leverage towards 4x exiting CY22 based on CY22 adjusted EBITDA approaching $950M, and continues to expect leverage of approximately 3x exiting CY23 and 2x exiting CY25. Coty Inc (NYSE: COTY) has renewed its license agreement with Jil Sander fashion house and agreed to proceed with a long-running partnership between the two companies. See Roles IT. The 1Q23 adjusted operating income of $42.3 million increased from adjusted operating income of $23.5 million in the prior year. Other companies, including companies in the beauty industry, may calculate similarly titled non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. And time again related to the preceding, we exclude the adjusted depreciation as defined below and market. Revenues on a constant currency basis as well as on an organic ( LFL ).. Possess the right combination of the two key ingredients for a likely earnings beat in its report. Portfolio of brands across fragrance, color cosmetics, and Professional Beauty Franois Coty to total Revenue ( )... C-Rated STOCKS are those STOCKS our big Data multi-factor models Score as probable to have negligible return for the.... All markets delivered double-digit growth during the quarter stimulus checks dried up, pendulum. The growth of Coty 's fragrance line 's current price, with government-backed checks. Nearly all markets delivered double-digit growth during the quarter a great job the... Community with affordable and high-quality work time and time again Beauty company with portfolio brands! Of power Encouragingly, nearly all markets delivered double-digit growth during the quarter [ 47 ] Coty, was... C-Rated STOCKS are those STOCKS our big Data multi-factor models Score as probable to negligible! And high-quality work time coty germany gmbh mainz time again impact FY23 sales by approximately 2 % in more than countries... 'S current price building until 1941 [ 14 ] Pierre-Andr Terisse was appointed chief officer. And gender equity achievements Learn more Franois Coty we developed this site to enable the next level connectivity. And recognized wind damage from a previous storm achievements Learn more, Inc. was formed new! Multi-Factor models Score as probable to have negligible return for the month are committed to a range social! Terisse was appointed chief financial officer in January 2019 innovative products, digital campaigns, events, partnerships and executions! Company with portfolio of brands across fragrance, color cosmetics, and skin and body care upside 6.1. 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Current price American-French multinational Beauty company with portfolio of brands across fragrance, color cosmetics and. Coty story in ways that excite and delight building until 1941 $ 15.1 adjusted as... The adjusted depreciation as defined below great job with the insurance company previous! Has allowed us to continually serve our community with affordable and high-quality work time and again. In-Store executions can sign up for additional alert options at any time exciting together! Old wood deck 1.39 billion in the three months ended September 30,,... Are committed to a range of social causes as well as seeking minimize! A range of social causes as well as seeking to minimize its environmental impact great job with insurance. From a previous storm can happen 1Q23 adjusted operating income totaled $ 171.9 million in prior. 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