Following up from my memo a week ago, one of the catalysts was Q4 earnings. The market has responded very well to them! $REV has been up anywhere between 6-10+% throughout the day. This whole thing is a moonshot for me, we'll see how it goes, it could very well be trying to pick up pennies in front of a bulldozer

EPS: $0.61 per share, beats consensus estimate of $0.14 per share

Revenue of $626.6M misses by $71.9M.

-Net sales were $626.6 million in the fourth quarter of 2020, compared to $699.4 million during the prior-year period, a decline of $72.8 million, or 10.4%. However Q3 net sales were $477.1M so this does represent an increase from Q3, the question is just how much of that is seasonal vs. real recovery.

-E-commerce net sales increased approximately 39% versus the prior-year period and represented approximately 20% of fourth quarter 2020 net sales, versus approximately 13% in the prior-year period.

The company estimates that if you back out the impact of COVID, sales grew 6.5% YoY. They give the number, but don't say how they got to that number. I'm ignoring that.

Gross margins continuing to improve, up to 58.5% from 56.9% in 2019.

Reaffirmed that the restructuring program from last year is on track to achieve between $200M and $230M in annual cost reductions by the end of 2022.

The biggest highlight in the portfolio was the Elizabeth Arden line, which grew 7.8% YoY. E-Commerce in this line grew 70% and China grew 54%.

Still debt-heavy, but the company continues to chip away at that, in addition to favorable refinancing and extensions.

87% of outstanding continues to be owned by insiders

26.58% of float is short

4.4 days to cover

-44.26% from 52-week highs @ $11.45

Long $10, $15, and a small moonshot $25 August 20 calls