Hain Celestial Group (Nasdaq: HAIN), a leading global health and
wellness company whose purpose is to inspire healthier living
through better-for-you brands, today reported financial results for
its fiscal third quarter ended March 31, 2024.
“We have taken strategic actions to simplify our
portfolio and operating footprint to reduce complexity in our
business and strengthen our balance sheet, which has enabled us to
drive gross margin expansion, unlock operating cash flow and reduce
our debt leverage,” said Wendy Davidson, Hain Celestial President
and CEO. “85% of our business delivered 3% growth year-to-date, and
we are aggressively working to accelerate growth in the balance of
our portfolio, addressing headwinds in baby formula with our
supplier, and reshaping our Personal Care business. We are still in
the foundational year of our multiyear transformation and with the
team in place, we remain confident in our ability to reach the full
potential of our Hain Reimagined strategy.”
FINANCIAL
HIGHLIGHTS*
Summary of Fiscal Third Quarter Results
Compared to the Prior Year Period
- Net sales were down 3.7% year-over
year to $438.4 million
- Organic net sales, defined as net
sales adjusted to exclude the impact of acquisitions, divestitures
and discontinued brands, also decreased 3.7% compared to the prior
year period. The decrease in organic net sales is inclusive of
approximately 1.3 percentage points of benefit from foreign
exchange.
- Gross profit margin was 22.1%, a
60-basis point increase from the prior year period.
- Adjusted gross profit margin was
22.3%, a 90-basis point increase from the prior year period.
- Net loss was $48.2 million compared
to net loss of $115.7 million in the prior year period.
- Adjusted net income was $11.3
million compared to adjusted net income of $7.4 million in the
prior year period.
- Net loss margin was (11.0%), as
compared to net loss margin of (25.4%) in the prior year period.
- Adjusted net income margin was
2.6%, as compared to 1.6% in the prior year period.
- Adjusted EBITDA was up 17.5%
year-over-year to $43.8 million; Adjusted EBITDA margin was 10.0%,
a 180-basis point increase compared to the prior year period.
- Loss per diluted share was $0.54
compared to loss per diluted share of $1.29 in the prior year
period.
- Adjusted earnings per share (“EPS”)
was $0.13 compared to adjusted EPS of $0.08 in the prior year
period.
_______________ * This press release includes certain non-GAAP
financial measures, which are intended to supplement, not
substitute for, comparable GAAP financial measures. Reconciliations
of non-GAAP financial measures to GAAP financial measures and other
non-GAAP financial calculations are provided in the tables included
in this press release.
Cash Flow and Balance Sheet
Highlights
- Net cash provided by operating
activities in the third quarter was $42.3 million compared to $29.0
million in the prior year period.
- Free cash flow in the third quarter
was $30.2 million compared to $21.6 million in the prior year
period.
- Total debt at the end of the fiscal
third quarter was $777.5 million down from $828.7 million at the
beginning of the fiscal year.
- Net debt at the end of the fiscal
third quarter was $728.0 million compared to $775.4 million at the
beginning of the fiscal year.
- The company ended the fiscal third
quarter with a net secured leverage ratio of 3.9x as calculated
under our amended credit agreement as compared to 4.3x at the
beginning of the fiscal year.
SEGMENT HIGHLIGHTS
The company operates under two reportable
segments: North America and International.
North AmericaNorth America net
sales in the fiscal third quarter were $268.1 million, representing
a 6.5% decrease compared to the prior year period. Organic net
sales growth decreased 6.5% compared to the prior year period. The
decrease was primarily due to lower sales in personal care, as well
as lower sales in baby and kids. This was partially offset by
growth in beverages.
Segment gross profit in the fiscal third quarter
was $59.2 million, a decrease of 5.6% from the prior year period.
Adjusted gross profit was $59.6 million, a decrease of 5.0% from
the prior year period. Gross margin was 22.1%, a 20-basis point
increase from the prior year period, and adjusted gross margin was
22.2%, a 40-basis point increase from the prior year period. The
increase was driven primarily by productivity and pricing on the
success of Fuel and revenue growth management initiatives,
partially offset by cost inflation and deleverage on lower sales
volume.
Adjusted EBITDA in the fiscal third quarter was
$27.9 million, an increase of 2.5% from the prior year period. The
increase was driven primarily by lower SG&A, partially offset
by lower volume and inflation. Adjusted EBITDA margin was 10.4%, a
90-basis point increase from the prior year period.
InternationalInternational net
sales in the fiscal third quarter grew 1.0% year-over-year to
$170.3 million. Organic net sales growth grew 1.0% year-over-year.
Growth in beverages was offset by lower sales in meal prep. Organic
net sales increase reflects 3.4 percentage points of growth from
the favorable impact of foreign exchange.
Segment gross profit in the fiscal third quarter
was $37.4 million, a 7.8% increase from the prior year period.
Adjusted gross profit was $38.1 million, an increase of 9.7% from
the prior year period. Gross margin was 22.0%, a 140-basis point
increase from the prior year period, and adjusted gross margin was
22.4%, a 180-basis point increase from the prior year period. The
increase in gross profit was mainly due to pricing and
productivity, partially offset by deleverage on lower volume.
Adjusted EBITDA in the fiscal third quarter was
$24.5 million, a 15.4% increase from the prior year period. The
increase was driven primarily by pricing and productivity,
partially offset by lower volumes. Adjusted EBITDA margin was
14.4%, a 180-basis point improvement from the prior year
period.
CATEGORY HIGHLIGHTS
|
Quarter ended March 31, 2024 |
$ millions |
y/y growth |
FX impact |
Snacks |
111.2 |
-0.4% |
+0.3% |
Baby & Kids |
64.3 |
-4.0% |
+1.7% |
Beverages |
68.4 |
6.7% |
+0.7% |
Meal Prep |
165.7 |
-2.1% |
+2.2% |
Personal Care |
28.8 |
-33.5% |
+0.1% |
SnacksSnacks category net sales
in the third quarter were $111.2 million, down 0.4% from the prior
year period. The decrease was primarily driven by softness in
Terra® and ParmCrisps® as we reshape our channel and promotional
mix, partially offset by growth in Garden Veggie Snacks™ and strong
innovation with Flavor Burst.
Baby & KidsBaby & Kids
category net sales in the third quarter were $64.3 million, down
4.0% from the prior year period. The decrease was primarily driven
by baby formula, partially offset by growth in Earth’s Best®
snacks. Net sales, excluding formula, were down 0.5% versus the
prior year.
BeveragesBeverages category net
sales in the third quarter were $68.4 million, up 6.7% from the
prior year period. The increase was driven by growth in both
non-dairy beverage in Europe and Celestial Seasonings® tea in North
America.
Meal PrepMeal Prep category net
sales in the third quarter were $165.7 million, down 2.1% from the
prior year period. The decrease was driven primarily by softness in
Linda McCartney’s® Foods and Yves® plant-based meat-free, partially
offset by continued strong growth in soup in both the UK and North
America.
Personal CarePersonal care net
sales in the third quarter were $28.8 million, down 33.5% from the
prior year period as we focus on the execution of our stabilization
plan.
FISCAL 2024 GUIDANCE**
Lee Boyce, Executive Vice President and Chief
Financial Officer stated, “While we are pleased with the progress
we are making to strengthen the focus of our business and unlock
fuel to build our capabilities, we are not satisfied with the speed
of the return to growth in our North America business. Fiscal third
quarter results were below our expectations and we are revising our
guidance for the full year based on three primary factors. Our
infant formula business did not recover as expected as our supplier
did not meet their commitment, execution in our Snacks business did
not meet our standards, and stabilization of our Personal Care
business is taking longer than expected. We are aggressively
addressing Personal Care stabilization through portfolio and
operating footprint consolidation, we are working closely with our
formula supplier to ensure a full recovery beginning in the second
half of 2024, and we have realigned the commercial business in
North America with a series of leadership changes and a clear plan
to accelerate our execution in the region.”
The company is revising guidance for fiscal 2024
as follows:
- Organic net sales are expected to
decline 3 to 4% year-over.
- Adjusted EBITDA is expected to be
between $150 million and $155 million.
- Free cash flow guidance is
reaffirmed and expected to be $40 million to $45 million.
** The forward-looking
non-GAAP financial measures included in this section are not
reconciled to the comparable forward-looking GAAP financial
measures. The company is not able to reconcile these
forward-looking non-GAAP financial measures to their most directly
comparable forward-looking GAAP financial measures without
unreasonable efforts because the company is unable to predict with
a reasonable degree of certainty the type and extent of certain
items that would be expected to impact GAAP measures but would not
impact the non-GAAP measures. Such items may include certain
litigation and related expenses, transaction costs associated with
acquisitions and divestitures, productivity and transformation
costs, impairments, gains or losses on sales of assets and
businesses, foreign exchange movements and other items. The
unavailable information could have a significant impact on the
company’s GAAP financial results.
Conference Call and Webcast
Information
Hain Celestial will host a conference call and
webcast today at 8:00 AM ET to discuss its results and business
outlook. The live webcast and accompanying presentation are
available under the Investors section of the company’s corporate
website at www.hain.com. Investors and analysts can access the live
call by dialing 800-445-7795 or 785-424-1699 and referencing
Conference ID: HC2Q2024. Participation by the press and public in
the Q&A session will be in listen-only mode. A replay of the
call will be available approximately shortly after the conclusion
of the live call until Wednesday, May 15, 2024, and can be accessed
by dialing 844-512-2921 or 1-412-317-6671 and referencing the
conference access ID: 11155699.
About The Hain Celestial Group
Hain Celestial Group is a leading health and
wellness company whose purpose is to inspire healthier living for
people, communities and the planet through better-for-you brands.
For more than 30 years, our portfolio of beloved brands has
intentionally focused on delivering nutrition and well-being that
positively impacts today and tomorrow. Headquartered in Hoboken,
N.J., Hain Celestial’s products across snacks, baby/kids,
beverages, meal preparation, and personal care, are marketed and
sold in over 75 countries around the world. Our leading brands
include Garden Veggie™ snacks, Terra® chips, Garden of Eatin’®
snacks, Earth’s Best® and Ella’s Kitchen® baby and kids foods,
Celestial Seasonings® teas, Joya® and Natumi® plant-based
beverages, Greek Gods® yogurt, Cully & Sully®, Imagine® and New
Covent Garden® soups, Yves® and Linda McCartney’s® (under license)
meat-free, and Alba Botanica® natural sun care, among others. For
more information, visit hain.com and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks, uncertainties and assumptions. If the risks or
uncertainties ever materialize or the assumptions prove incorrect,
our results may differ materially from those expressed or implied
by such forward-looking statements. The words “believe,” “expect,”
“anticipate,” “may,” “should,” “plan,” “intend,” “potential,”
“will” and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements include,
among other things: our beliefs or expectations relating to our
future performance, results of operations and financial condition;
our strategic initiatives (including statements related to Hain
Reimagined, the consolidation of our Personal Care manufacturing,
SKU rationalization and our related investments in our business);
our business strategy; our brand portfolio; product performance;
distribution of our products; and current or future macroeconomic
trends.
Risks and uncertainties that may cause actual
results to differ materially from forward-looking statements
include: challenges and uncertainty resulting from the impact of
competition; our ability to manage our supply chain effectively;
input cost inflation, including with respect to freight and other
distribution costs; disruption of operations at our manufacturing
facilities; reliance on independent contract manufacturers;
impairments in the carrying value of goodwill or other intangible
assets; changes to consumer preferences; customer concentration;
reliance on independent distributors; risks associated with
operating internationally; pending and future litigation, including
litigation relating to Earth’s Best® baby food products; the
reputation of our company and our brands; compliance with our
credit agreement; foreign currency exchange risk; the availability
of organic ingredients; risks associated with outsourcing
arrangements; our ability to execute our cost reduction initiatives
and related strategic initiatives; risks associated with conflicts
in Eastern Europe and the Middle East and other geopolitical
events; our ability to identify and complete acquisitions or
divestitures and our level of success in integrating acquisitions;
our reliance on independent certification for a number of our
products; our ability to use and protect trademarks; general
economic conditions; cybersecurity incidents; disruptions to
information technology systems; changing rules, public disclosure
regulations and stakeholder expectations on ESG-related matters;
the impact of climate change; liabilities, claims or regulatory
change with respect to environmental matters; potential liability
if our products cause illness or physical harm; the highly
regulated environment in which we operate; compliance with data
privacy laws; our ability to issue preferred stock; the adequacy of
our insurance coverage; and other risks and matters described in
our most recent Annual Report on Form 10-K and our other filings
from time to time with the U.S. Securities and Exchange
Commission.
We undertake no obligation to update
forward-looking statements to reflect actual results or changes in
assumptions or circumstances, except as required by applicable
law.
Non-GAAP Financial Measures
This press release and the accompanying tables
include non-GAAP financial measures, including, among others,
organic net sales, adjusted operating income and its related
margin, adjusted gross profit and its related margin, adjusted net
income and its related margin, adjusted earnings per diluted share,
adjusted EBITDA and its related margin, free cash flow and net
debt. The reconciliations of historic non-GAAP financial measures
to the comparable GAAP financial measures are provided in the
tables below. These non-GAAP financial measures should not be
considered in isolation or as a substitute for the comparable GAAP
measures. In addition, these non-GAAP measures may not be the same
as similar measures provided by other companies due to potential
differences in methods of calculation and items being excluded.
They should be read only in connection with the company’s
consolidated financial statements presented in accordance with
GAAP.
We define our non-GAAP financial measures as
follows:
- Organic net sales: net sales
excluding the impact of acquisitions, divestitures and discontinued
brands. To adjust organic net sales for the impact of acquisitions,
the net sales of an acquired business are excluded from fiscal
quarters constituting or falling within the current period and
prior period where the applicable fiscal quarter in the prior
period did not include the acquired business for the entire
quarter. To adjust organic net sales for the impact of divestitures
and discontinued brands, the net sales of a divested business or
discontinued brand are excluded from all periods.
- Adjusted gross profit and its
related margin: gross profit, before inventory write-downs related
to exited categories, plant closure related costs, net and
warehouse and manufacturing consolidation and other costs,
net.
- Adjusted operating income and its
related margin: operating loss before certain litigation expenses,
net, inventory write-downs related to exited categories, plant
closure related costs, net, productivity and transformation costs,
CEO succession costs, warehouse and manufacturing consolidation and
other costs, net, costs associated with acquisitions, divestitures
and other transactions, and intangibles and long-lived asset
impairments.
- Adjusted net income and its related
margin and diluted net income per common share, as adjusted: net
loss, adjusted to exclude the impact of certain litigation
expenses, net, inventory write-downs related to exited categories,
plant closure related costs, net, productivity and transformation
costs, CEO succession costs, warehouse and manufacturing
consolidation and other costs, net, costs associated with
acquisitions, divestitures and other transactions, (gains) losses
on sales of assets, intangibles and long-lived asset impairments,
unrealized currency (gains) losses and the related tax effects of
such adjustments.
- Adjusted EBITDA: net loss before
net interest expense, income taxes, depreciation and amortization,
equity in net loss of equity-method investees, stock-based
compensation, net, unrealized currency losses, certain litigation
and related costs, inventory write-downs related to exited
categories, plant closure related costs, net, productivity and
transformation costs, CEO succession costs, warehouse and
manufacturing consolidation and other costs, costs associated with
acquisitions, divestitures and other transactions, (gains) losses
on sales of assets, intangibles and long-lived asset impairments
and other adjustments.
- Free cash flow: net cash provided
by operating activities less purchases of property, plant and
equipment.
- Net debt: total debt less cash and
cash equivalents.
We believe that the non-GAAP financial measures
presented provide useful additional information to investors about
current trends in the company’s operations and are useful for
period-over-period comparisons of operations. We provide:
- Organic net sales to demonstrate
the growth rate of net sales excluding the impact of acquisitions,
divestitures and discontinued brands, and believe organic net sales
is useful to investors because it enables them to better understand
the growth of our business from period to period.
- Adjusted results as important
supplemental measures of our performance and believe they are
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
- Free cash flow as one factor in
evaluating the amount of cash available for discretionary
investments.
- Net debt as a useful measure to
monitor leverage and evaluate the balance sheet.
Investor Relations Contact:Alexis
TessierInvestor.Relations@hain.com
Media Contact:Jen DavisJen.Davis@hain.com
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Consolidated
Statements of Operations |
(unaudited and in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
438,358 |
|
|
$ |
455,243 |
|
|
$ |
1,317,487 |
|
|
$ |
1,348,802 |
|
Cost of sales |
|
341,687 |
|
|
|
357,764 |
|
|
|
1,034,658 |
|
|
|
1,053,131 |
|
Gross
profit |
|
96,671 |
|
|
|
97,479 |
|
|
|
282,829 |
|
|
|
295,671 |
|
Selling, general and administrative expenses |
|
66,716 |
|
|
|
75,047 |
|
|
|
217,837 |
|
|
|
222,355 |
|
Intangibles and long-lived asset impairment |
|
49,426 |
|
|
|
156,583 |
|
|
|
70,786 |
|
|
|
156,923 |
|
Productivity and transformation costs |
|
7,175 |
|
|
|
3,933 |
|
|
|
20,447 |
|
|
|
5,692 |
|
Amortization of acquired intangible assets |
|
1,255 |
|
|
|
2,842 |
|
|
|
4,719 |
|
|
|
8,415 |
|
Operating
loss |
|
(27,901 |
) |
|
|
(140,926 |
) |
|
|
(30,960 |
) |
|
|
(97,714 |
) |
Interest and other financing expense, net |
|
14,127 |
|
|
|
13,421 |
|
|
|
43,509 |
|
|
|
31,910 |
|
Other expense (income), net |
|
100 |
|
|
|
439 |
|
|
|
(207 |
) |
|
|
(2,413 |
) |
Loss before
income taxes and equity in net loss of equity-method investees |
|
(42,128 |
) |
|
|
(154,786 |
) |
|
|
(74,262 |
) |
|
|
(127,211 |
) |
Provision (benefit) for income taxes |
|
5,100 |
|
|
|
(39,587 |
) |
|
|
(4,528 |
) |
|
|
(30,599 |
) |
Equity in net loss of equity-method investees |
|
966 |
|
|
|
528 |
|
|
|
2,371 |
|
|
|
1,226 |
|
Net
loss |
$ |
(48,194 |
) |
|
$ |
(115,727 |
) |
$ |
(72,105 |
) |
|
$ |
(97,838 |
) |
|
|
|
|
|
|
|
|
Net loss per
common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.54 |
) |
|
$ |
(1.29 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.09 |
) |
Diluted |
$ |
(0.54 |
) |
|
$ |
(1.29 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.09 |
) |
|
|
|
|
|
|
|
|
Shares used
in the calculation of net loss per common share: |
|
|
|
|
|
|
|
Basic |
|
89,832 |
|
|
|
89,421 |
|
|
|
89,718 |
|
|
|
89,369 |
|
Diluted |
|
89,832 |
|
|
|
89,421 |
|
|
|
89,718 |
|
|
|
89,369 |
|
|
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
|
Consolidated
Balance Sheets |
|
(unaudited and in
thousands) |
|
|
|
|
|
|
|
March 31, 2024 |
June 30, 2023 |
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
$ |
49,549 |
|
|
$ |
53,364 |
|
|
Accounts receivable, net |
|
191,192 |
|
|
|
160,948 |
|
|
Inventories |
|
281,399 |
|
|
|
310,341 |
|
|
Prepaid expenses and other current assets |
|
49,813 |
|
|
|
66,378 |
|
|
Total
current assets |
|
571,953 |
|
|
|
591,031 |
|
|
Property, plant and equipment, net |
|
264,470 |
|
|
|
296,325 |
|
|
Goodwill |
|
936,135 |
|
|
|
938,640 |
|
|
Trademarks and other intangible assets, net |
|
250,265 |
|
|
|
298,105 |
|
|
Investments and joint ventures |
|
10,456 |
|
|
|
12,798 |
|
|
Operating lease right-of-use assets, net |
|
87,599 |
|
|
|
95,894 |
|
|
Other assets |
|
28,356 |
|
|
|
25,846 |
|
|
Total
assets |
$ |
2,149,234 |
|
|
$ |
2,258,639 |
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
$ |
179,068 |
|
|
$ |
134,780 |
|
|
Accrued expenses and other current liabilities |
|
85,736 |
|
|
|
88,520 |
|
|
Current portion of long-term debt |
|
7,569 |
|
|
|
7,567 |
|
|
Total
current liabilities |
|
272,373 |
|
|
|
230,867 |
|
|
Long-term debt, less current portion |
|
769,948 |
|
|
|
821,181 |
|
|
Deferred income taxes |
|
52,310 |
|
|
|
72,086 |
|
|
Operating lease liabilities, noncurrent portion |
|
82,435 |
|
|
|
90,014 |
|
|
Other noncurrent liabilities |
|
27,681 |
|
|
|
26,584 |
|
|
Total
liabilities |
|
1,204,747 |
|
|
|
1,240,732 |
|
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
1,119 |
|
|
|
1,113 |
|
|
Additional paid-in capital |
|
1,227,684 |
|
|
|
1,217,549 |
|
|
Retained earnings |
|
580,456 |
|
|
|
652,561 |
|
|
Accumulated other comprehensive loss |
|
(136,072 |
) |
|
|
(126,216 |
) |
|
|
|
1,673,187 |
|
|
|
1,745,007 |
|
|
Less: Treasury stock |
|
(728,700 |
) |
|
|
(727,100 |
) |
|
Total
stockholders' equity |
|
944,487 |
|
|
|
1,017,907 |
|
|
Total
liabilities and stockholders' equity |
$ |
2,149,234 |
|
|
$ |
2,258,639 |
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Consolidated
Statements of Cash Flows |
(unaudited and in
thousands) |
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS
FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
Net
loss |
$ |
(48,194 |
) |
|
$ |
(115,727 |
) |
$ |
(72,105 |
) |
|
$ |
(97,838 |
) |
Adjustments
to reconcile net loss to net cash provided by operating
activities |
|
|
|
|
|
|
|
Depreciation and amortization |
|
10,858 |
|
|
|
13,784 |
|
|
|
34,360 |
|
|
|
37,909 |
|
Deferred income taxes |
|
(1,973 |
) |
|
|
(42,826 |
) |
|
|
(18,764 |
) |
|
|
(44,809 |
) |
Equity in net loss of equity-method investees |
|
966 |
|
|
|
528 |
|
|
|
2,371 |
|
|
|
1,226 |
|
Stock-based compensation, net |
|
3,017 |
|
|
|
3,228 |
|
|
|
10,135 |
|
|
|
10,657 |
|
Intangibles and long-lived asset impairment |
|
49,426 |
|
|
|
156,583 |
|
|
|
70,786 |
|
|
|
156,923 |
|
(Gain) loss on sale of assets |
|
- |
|
|
|
(134 |
) |
|
|
62 |
|
|
|
(3,529 |
) |
Other non-cash items, net |
|
(21 |
) |
|
|
979 |
|
|
|
944 |
|
|
|
(1,526 |
) |
(Decrease)
increase in cash attributable to changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(25 |
) |
|
|
(1,390 |
) |
|
|
(30,672 |
) |
|
|
(7,926 |
) |
Inventories |
|
12,266 |
|
|
|
10,095 |
|
|
|
27,432 |
|
|
|
(8,534 |
) |
Other current assets |
|
8,948 |
|
|
|
786 |
|
|
|
13,830 |
|
|
|
455 |
|
Other assets and liabilities |
|
(1,890 |
) |
|
|
(682 |
) |
|
|
(4,466 |
) |
|
|
3,496 |
|
Accounts payable and accrued expenses |
|
8,896 |
|
|
|
3,737 |
|
|
|
43,046 |
|
|
|
(20,195 |
) |
Net cash
provided by operating activities |
|
42,274 |
|
|
|
28,961 |
|
|
|
76,959 |
|
|
|
26,309 |
|
CASH FLOWS
FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(12,034 |
) |
|
|
(7,379 |
) |
|
|
(24,769 |
) |
|
|
(21,434 |
) |
Investments and joint ventures, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
433 |
|
Proceeds from sale of assets |
|
188 |
|
|
|
150 |
|
|
|
1,520 |
|
|
|
7,758 |
|
Net cash
used in investing activities |
|
(11,846 |
) |
|
|
(7,229 |
) |
|
|
(23,249 |
) |
|
|
(13,243 |
) |
CASH FLOWS
FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Borrowings under bank revolving credit facility |
|
30,000 |
|
|
|
90,000 |
|
|
|
152,000 |
|
|
|
275,000 |
|
Repayments under bank revolving credit facility |
|
(60,000 |
) |
|
|
(110,000 |
) |
|
|
(197,000 |
) |
|
|
(301,000 |
) |
Repayments under term loan |
|
(1,875 |
) |
|
|
(1,875 |
) |
|
|
(5,625 |
) |
|
|
(5,625 |
) |
Payments of other debt, net |
|
(21 |
) |
|
|
(1,957 |
) |
|
|
(3,875 |
) |
|
|
(2,116 |
) |
Employee shares withheld for taxes |
|
(111 |
) |
|
|
(68 |
) |
|
|
(1,600 |
) |
|
|
(1,051 |
) |
Net cash
used in financing activities |
|
(32,007 |
) |
|
|
(23,900 |
) |
|
|
(56,100 |
) |
|
|
(34,792 |
) |
Effect of exchange rate changes on cash |
|
(2,544 |
) |
|
|
2,413 |
|
|
|
(1,425 |
) |
|
|
(104 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(4,123 |
) |
|
|
245 |
|
|
|
(3,815 |
) |
|
|
(21,830 |
) |
Cash and
cash equivalents at beginning of period |
|
53,672 |
|
|
|
43,437 |
|
|
|
53,364 |
|
|
|
65,512 |
|
Cash and
cash equivalents at end of period |
$ |
49,549 |
|
|
$ |
43,682 |
|
|
$ |
49,549 |
|
|
$ |
43,682 |
|
|
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
|
Net Sales,
Gross Profit and Adjusted EBITDA by Segment |
|
(unaudited and in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
North America |
|
International |
|
Corporate/Other |
|
Hain Consolidated |
|
Net
Sales |
|
|
|
|
|
|
|
|
Net sales - Q3 FY24 |
$ |
268,107 |
|
|
$ |
170,251 |
|
|
$ |
- |
|
|
$ |
438,358 |
|
|
Net sales -
Q3 FY23 |
$ |
286,649 |
|
|
$ |
168,594 |
|
|
$ |
- |
|
|
$ |
455,243 |
|
|
% change -
FY24 net sales vs. FY23 net sales |
|
(6.5 |
)% |
|
|
1.0 |
% |
|
|
|
|
(3.7 |
)% |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
Q3 FY24 |
|
|
|
|
|
|
|
|
Gross
profit |
$ |
59,237 |
|
|
$ |
37,434 |
|
|
$ |
- |
|
|
$ |
96,671 |
|
|
Non-GAAP adjustments(1) |
|
406 |
|
|
|
691 |
|
|
|
- |
|
|
|
1,097 |
|
|
Adjusted
gross profit |
$ |
59,643 |
|
|
$ |
38,125 |
|
|
$ |
- |
|
|
$ |
97,768 |
|
|
% change -
FY24 gross profit vs. FY23 gross profit |
|
(5.6 |
)% |
|
|
7.8 |
% |
|
|
|
|
(0.8 |
)% |
|
% change -
FY24 adjusted gross profit vs. FY23 adjusted gross profit |
|
(5.0 |
)% |
|
|
9.7 |
% |
|
|
|
|
0.3 |
% |
|
Gross
margin |
|
22.1 |
% |
|
|
22.0 |
% |
|
|
|
|
22.1 |
% |
|
Adjusted
gross margin |
|
22.2 |
% |
|
|
22.4 |
% |
|
|
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
Q3 FY23 |
|
|
|
|
|
|
|
|
Gross
profit |
$ |
62,742 |
|
|
$ |
34,737 |
|
|
$ |
- |
|
|
$ |
97,479 |
|
|
Non-GAAP adjustments(1) |
|
22 |
|
|
|
10 |
|
|
|
- |
|
|
|
32 |
|
|
Adjusted
gross profit |
$ |
62,764 |
|
|
$ |
34,747 |
|
|
$ |
- |
|
|
$ |
97,511 |
|
|
Gross
margin |
|
21.9 |
% |
|
|
20.6 |
% |
|
|
|
|
21.4 |
% |
|
Adjusted
gross margin |
|
21.9 |
% |
|
|
20.6 |
% |
|
|
|
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Q3 FY24 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
27,883 |
|
|
$ |
24,547 |
|
|
$ |
(8,668 |
) |
|
$ |
43,762 |
|
|
% change -
FY24 adjusted EBITDA vs. FY23 adjusted EBITDA |
|
2.5 |
% |
|
|
15.4 |
% |
|
|
22.6 |
% |
|
|
17.5 |
% |
|
Adjusted
EBITDA margin |
|
10.4 |
% |
|
|
14.4 |
% |
|
|
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
|
Q3 FY23 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
27,193 |
|
|
$ |
21,269 |
|
|
$ |
(11,202 |
) |
|
$ |
37,260 |
|
|
Adjusted
EBITDA margin |
|
9.5 |
% |
|
|
12.6 |
% |
|
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
(1) See accompanying
table "Adjusted Gross Profit, Adjusted Operating Income, Adjusted
Net Income and Adjusted EPS" |
|
|
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Net Sales,
Gross Profit and Adjusted EBITDA by Segment |
(unaudited and in
thousands) |
|
|
|
|
|
|
|
|
|
North America |
|
International |
|
Corporate/Other |
|
Hain Consolidated |
Net
Sales |
|
|
|
|
|
|
|
Net sales - Q3 FY24 YTD |
$ |
795,832 |
|
|
$ |
521,655 |
|
|
$ |
- |
|
|
$ |
1,317,487 |
|
Net sales -
Q3 FY23 YTD |
$ |
857,406 |
|
|
$ |
491,396 |
|
|
$ |
- |
|
|
$ |
1,348,802 |
|
% change -
FY24 net sales vs. FY23 net sales |
|
(7.2 |
)% |
|
|
6.2 |
% |
|
|
|
|
(2.3 |
)% |
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
Q3 FY24
YTD |
|
|
|
|
|
|
|
Gross
profit |
$ |
172,115 |
|
|
$ |
110,714 |
|
|
$ |
- |
|
|
$ |
282,829 |
|
Non-GAAP adjustments(1) |
|
8,157 |
|
|
|
816 |
|
|
|
- |
|
|
|
8,973 |
|
Adjusted
gross profit |
$ |
180,272 |
|
|
$ |
111,530 |
|
|
$ |
- |
|
|
$ |
291,802 |
|
% change -
FY24 gross profit vs. FY23 gross profit |
|
(13.7 |
)% |
|
|
15.0 |
% |
|
|
|
|
(4.3 |
)% |
% change -
FY24 adjusted gross profit vs. FY23 adjusted gross profit |
|
(9.6 |
)% |
|
|
15.8 |
% |
|
|
|
|
(1.3 |
)% |
Gross
margin |
|
21.6 |
% |
|
|
21.2 |
% |
|
|
|
|
21.5 |
% |
Adjusted
gross margin |
|
22.7 |
% |
|
|
21.4 |
% |
|
|
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
Q3 FY23
YTD |
|
|
|
|
|
|
|
Gross
profit |
$ |
199,404 |
|
|
$ |
96,267 |
|
|
$ |
- |
|
|
$ |
295,671 |
|
Non-GAAP adjustments(1) |
|
74 |
|
|
|
10 |
|
|
|
- |
|
|
|
84 |
|
Adjusted
gross profit |
$ |
199,478 |
|
|
$ |
96,277 |
|
|
$ |
- |
|
|
$ |
295,755 |
|
Gross
margin |
|
23.3 |
% |
|
|
19.6 |
% |
|
|
|
|
21.9 |
% |
Adjusted
gross margin |
|
23.3 |
% |
|
|
19.6 |
% |
|
|
|
|
21.9 |
% |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Q3 FY24
YTD |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
77,828 |
|
|
$ |
67,953 |
|
|
$ |
(30,803 |
) |
|
|
114,978 |
|
% change -
FY24 adjusted EBITDA vs. FY23 adjusted EBITDA |
|
(19.3 |
)% |
|
|
22.5 |
% |
|
|
(6.8 |
)% |
|
|
(6.6 |
)% |
Adjusted
EBITDA margin |
|
9.8 |
% |
|
|
13.0 |
% |
|
|
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
Q3 FY23
YTD |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
96,484 |
|
|
$ |
55,458 |
|
|
$ |
(28,836 |
) |
|
$ |
123,106 |
|
Adjusted
EBITDA margin |
|
11.3 |
% |
|
|
11.3 |
% |
|
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
(1) See accompanying
table "Adjusted Gross Profit, Adjusted Operating Income, Adjusted
Net Income and Adjusted EPS" |
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Adjusted
Gross Profit, Adjusted Operating Income, Adjusted Net Income and
Adjusted EPS |
(unaudited and in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Reconciliation of Gross Profit, GAAP to Gross Profit, as
Adjusted: |
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross
profit, GAAP |
$ |
96,671 |
|
|
$ |
97,479 |
|
|
$ |
282,829 |
|
|
$ |
295,671 |
|
Adjustments to Cost of sales: |
|
|
|
|
|
|
|
Plant closure related costs, net |
|
913 |
|
|
|
22 |
|
|
|
6,535 |
|
|
|
74 |
|
Warehouse/manufacturing consolidation and other costs, net |
|
184 |
|
|
|
10 |
|
|
|
995 |
|
|
|
10 |
|
Inventory write-downs related to exited categories |
|
- |
|
|
|
- |
|
|
|
1,443 |
|
|
|
- |
|
Gross
profit, as adjusted |
$ |
97,768 |
|
|
$ |
97,511 |
|
|
$ |
291,802 |
|
|
$ |
295,755 |
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Loss, GAAP to Operating Income, as
Adjusted: |
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating
loss, GAAP |
$ |
(27,901 |
) |
|
$ |
(140,926 |
) |
|
$ |
(30,960 |
) |
|
$ |
(97,714 |
) |
Adjustments to Cost of sales: |
|
|
|
|
|
|
|
Plant closure related costs, net |
|
913 |
|
|
|
22 |
|
|
|
6,535 |
|
|
|
74 |
|
Warehouse/manufacturing consolidation and other costs, net |
|
184 |
|
|
|
10 |
|
|
|
995 |
|
|
|
10 |
|
Inventory write-downs related to exited categories |
|
- |
|
|
|
- |
|
|
|
1,443 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Adjustments to Operating expenses(a): |
|
|
|
|
|
|
|
Intangibles and long-lived asset impairment |
|
49,426 |
|
|
|
156,583 |
|
|
|
70,786 |
|
|
|
156,923 |
|
Productivity and transformation costs |
|
7,175 |
|
|
|
3,933 |
|
|
|
20,447 |
|
|
|
5,692 |
|
Certain litigation expenses, net(b) |
|
458 |
|
|
|
(1,582 |
) |
|
|
4,073 |
|
|
|
3,363 |
|
Plant closure related costs, net |
|
232 |
|
|
|
- |
|
|
|
179 |
|
|
|
(1 |
) |
Transaction and integration costs, net |
|
55 |
|
|
|
215 |
|
|
|
282 |
|
|
|
1,984 |
|
CEO succession |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,113 |
|
Warehouse/manufacturing consolidation and other costs, net |
|
- |
|
|
|
3,982 |
|
|
|
- |
|
|
|
2,569 |
|
Operating
income, as adjusted |
$ |
30,542 |
|
|
$ |
22,237 |
|
|
$ |
73,780 |
|
|
$ |
78,013 |
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss, GAAP to Net Income, as Adjusted: |
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss,
GAAP |
$ |
(48,194 |
) |
|
$ |
(115,727 |
) |
|
$ |
(72,105 |
) |
|
$ |
(97,838 |
) |
Adjustments to Cost of sales: |
|
|
|
|
|
|
|
Plant closure related costs, net |
|
913 |
|
|
|
22 |
|
|
|
6,535 |
|
|
|
74 |
|
Warehouse/manufacturing consolidation and other costs, net |
|
184 |
|
|
|
10 |
|
|
|
995 |
|
|
|
10 |
|
Inventory write-downs related to exited categories |
|
- |
|
|
|
- |
|
|
|
1,443 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Adjustments to Operating expenses(a): |
|
|
|
|
|
|
|
Intangibles and long-lived asset impairment |
|
49,426 |
|
|
|
156,583 |
|
|
|
70,786 |
|
|
|
156,923 |
|
Productivity and transformation costs |
|
7,175 |
|
|
|
3,933 |
|
|
|
20,447 |
|
|
|
5,692 |
|
Certain litigation expenses, net(b) |
|
458 |
|
|
|
(1,582 |
) |
|
|
4,073 |
|
|
|
3,363 |
|
Plant closure related costs, net |
|
232 |
|
|
|
- |
|
|
|
179 |
|
|
|
(1 |
) |
Transaction and integration costs, net |
|
55 |
|
|
|
215 |
|
|
|
282 |
|
|
|
1,984 |
|
CEO succession |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,113 |
|
Warehouse/manufacturing consolidation and other costs, net |
|
- |
|
|
|
3,982 |
|
|
|
- |
|
|
|
2,569 |
|
|
|
|
|
|
|
|
|
Adjustments to Interest and other expense, net(c): |
|
|
|
|
|
|
|
Unrealized currency (gains) losses |
|
(71 |
) |
|
|
202 |
|
|
|
83 |
|
|
|
651 |
|
(Gain) loss on sale of assets |
|
- |
|
|
|
(134 |
) |
|
|
62 |
|
|
|
(3,529 |
) |
|
|
|
|
|
|
|
|
Adjustments to Provision (benefit) for income taxes: |
|
|
|
|
|
|
|
Net tax impact of non-GAAP adjustments |
|
1,094 |
|
|
|
(40,131 |
) |
|
|
(14,139 |
) |
|
|
(40,151 |
) |
Net income,
as adjusted |
$ |
11,272 |
|
|
$ |
7,373 |
|
|
$ |
18,641 |
|
|
$ |
34,860 |
|
Net loss
margin |
|
(11.0 |
)% |
|
|
(25.4 |
)% |
|
|
(5.5 |
)% |
|
|
(7.3 |
)% |
Adjusted net
income margin |
|
2.6 |
% |
|
|
1.6 |
% |
|
|
1.4 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
Diluted
shares used in the calculation of net (loss) income per common
share: |
|
89,832 |
|
|
|
89,421 |
|
|
|
89,718 |
|
|
|
89,369 |
|
|
|
|
|
|
|
|
|
Diluted net
loss per common share, GAAP |
$ |
(0.54 |
) |
|
$ |
(1.29 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.09 |
) |
Diluted net
income per common share, as adjusted |
$ |
0.13 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
(a) Operating expenses
include amortization of acquired intangibles, selling, general and
administrative expenses, intangibles and long-lived asset
impairment and productivity and transformation costs. |
(b) Expenses and items
relating to securities class action, baby food litigation and SEC
investigation. |
|
|
(c) Interest and other
expense, net includes interest and other financing expenses, net,
unrealized currency (gains) losses, (gain) loss on sale of assets
and other expense, net. |
|
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Organic Net
Sales Growth |
(unaudited and in
thousands) |
|
|
|
|
|
|
Q3
FY24 |
North America |
|
International |
|
Hain Consolidated |
Net sales |
$ |
268,107 |
|
|
$ |
170,251 |
|
|
$ |
438,358 |
|
Divestitures and discontinued brands |
|
(307 |
) |
|
|
- |
|
|
|
(307 |
) |
Organic net
sales |
$ |
267,800 |
|
|
$ |
170,251 |
|
|
$ |
438,051 |
|
|
|
|
|
|
|
Q3
FY23 |
|
|
|
|
|
Net
sales |
$ |
286,649 |
|
|
$ |
168,594 |
|
|
$ |
455,243 |
|
Divestitures and discontinued brands |
|
(163 |
) |
|
|
- |
|
|
|
(163 |
) |
Organic net
sales |
$ |
286,486 |
|
|
$ |
168,594 |
|
|
$ |
455,080 |
|
|
|
|
|
|
|
Net sales
(decline) growth |
|
(6.5 |
)% |
|
|
1.0 |
% |
|
|
(3.7 |
)% |
Impact of divestitures and discontinued brands |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Organic net
sales (decline) growth |
|
(6.5 |
)% |
|
|
1.0 |
% |
|
|
(3.7 |
)% |
|
|
|
|
|
|
Q3
FY24 YTD |
North America |
|
International |
|
Hain Consolidated |
Net
sales |
$ |
795,832 |
|
|
$ |
521,655 |
|
|
$ |
1,317,487 |
|
Divestitures and discontinued brands |
|
(299 |
) |
|
|
- |
|
|
|
(299 |
) |
Organic net
sales |
$ |
795,533 |
|
|
$ |
521,655 |
|
|
$ |
1,317,188 |
|
|
|
|
|
|
|
Q3
FY23 YTD |
|
|
|
|
|
Net
sales |
$ |
857,406 |
|
|
$ |
491,396 |
|
|
$ |
1,348,802 |
|
Divestitures and discontinued brands |
|
(3,073 |
) |
|
|
- |
|
|
|
(3,073 |
) |
Organic net
sales |
$ |
854,333 |
|
|
$ |
491,396 |
|
|
$ |
1,345,729 |
|
|
|
|
|
|
|
Net sales
(decline) growth |
|
(7.2 |
)% |
|
|
6.2 |
% |
|
|
(2.3 |
)% |
Impact of divestitures and discontinued brands |
|
0.3 |
% |
|
|
0.0 |
% |
|
|
0.2 |
% |
Organic net
sales (decline) growth |
|
(6.9 |
)% |
|
|
6.2 |
% |
|
|
(2.1 |
)% |
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Adjusted
EBITDA |
(unaudited and in
thousands) |
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(48,194 |
) |
|
$ |
(115,727 |
) |
|
$ |
(72,105 |
) |
|
$ |
(97,838 |
) |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
10,858 |
|
|
|
13,784 |
|
|
|
34,360 |
|
|
|
37,909 |
|
Equity in
net loss of equity-method investees |
|
966 |
|
|
|
528 |
|
|
|
2,371 |
|
|
|
1,226 |
|
Interest
expense, net |
|
13,322 |
|
|
|
12,924 |
|
|
|
41,278 |
|
|
|
30,582 |
|
Provision
(benefit) for income taxes |
|
5,100 |
|
|
|
(39,587 |
) |
|
|
(4,528 |
) |
|
|
(30,599 |
) |
Stock-based
compensation, net |
|
3,017 |
|
|
|
3,228 |
|
|
|
10,135 |
|
|
|
10,657 |
|
Unrealized
currency losses |
|
250 |
|
|
|
202 |
|
|
|
91 |
|
|
|
651 |
|
Certain
litigation expenses, net(a) |
|
458 |
|
|
|
(1,582 |
) |
|
|
4,073 |
|
|
|
3,363 |
|
Restructuring activities |
|
|
|
|
|
|
|
Productivity and transformation costs |
|
7,175 |
|
|
|
3,933 |
|
|
|
20,447 |
|
|
|
5,692 |
|
Plant closure related costs, net |
|
1,145 |
|
|
|
22 |
|
|
|
5,288 |
|
|
|
73 |
|
Warehouse/manufacturing consolidation and other costs, net |
|
184 |
|
|
|
2,871 |
|
|
|
995 |
|
|
|
899 |
|
CEO succession |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,113 |
|
Acquisitions, divestitures and other |
|
|
|
|
|
|
|
Transaction and integration costs, net |
|
55 |
|
|
|
215 |
|
|
|
282 |
|
|
|
1,984 |
|
(Gain) loss on sale of assets |
|
- |
|
|
|
(134 |
) |
|
|
62 |
|
|
|
(3,529 |
) |
Impairment
charges |
|
|
|
|
|
|
|
Intangibles and long-lived asset impairment |
|
49,426 |
|
|
|
156,583 |
|
|
|
70,786 |
|
|
|
156,923 |
|
Inventory write-downs related to exited categories |
|
- |
|
|
|
- |
|
|
|
1,443 |
|
|
|
- |
|
Adjusted
EBITDA |
$ |
43,762 |
|
|
$ |
37,260 |
|
|
$ |
114,978 |
|
|
$ |
123,106 |
|
|
|
|
|
|
|
|
|
(a) Expenses and items
relating to securities class action, baby food litigation and SEC
investigation. |
|
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Free Cash
Flow |
(unaudited and in
thousands) |
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter Year to Date |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
$ |
42,274 |
|
|
$ |
28,961 |
|
|
$ |
76,959 |
|
|
$ |
26,309 |
|
Purchases of property, plant and equipment |
|
(12,034 |
) |
|
|
(7,379 |
) |
|
|
(24,769 |
) |
|
|
(21,434 |
) |
Free cash
flow |
$ |
30,240 |
|
|
$ |
21,582 |
|
|
$ |
52,190 |
|
|
$ |
4,875 |
|
|
|
|
|
|
|
|
|
THE HAIN
CELESTIAL GROUP, INC. AND SUBSIDIARIES |
Net
Debt |
(unaudited and in
thousands) |
|
|
|
|
|
March 31, 2024 |
June 30, 2023 |
Debt |
|
|
|
Long-term debt, less current portion |
$ |
769,948 |
|
$ |
821,181 |
Current portion of long-term debt |
|
7,569 |
|
|
7,567 |
Total
debt |
$ |
777,517 |
|
$ |
828,748 |
Less: Cash and cash equivalents |
|
49,549 |
|
|
53,364 |
Net
debt |
$ |
727,968 |
|
$ |
775,384 |
|
|
|
|
Hain Celestial (NASDAQ:HAIN)
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