Spectrum Brands Holdings, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Spectrum Brands Holdings, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Spectrum Brands Holdings, Inc. (SPB) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Spectrum Brands Holdings, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on February 8, 2024. The company was formerly known as HRG Group, Inc. and Harbinger Group Inc.

Why It Matters

For investors and stakeholders tracking Spectrum Brands Holdings, Inc., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the first quarter of fiscal year 2024. Investors and analysts can use this report to assess the company's current financial health, operational status, and future outlook.

Risk Assessment

Risk Level: low — Spectrum Brands Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Spectrum Brands' performance in Q1 2024.

Key Numbers

• 2023-12-31 — Period End Date (Quarterly report)
• 2024-02-08 — Filing Date (10-Q filing)
• 09-30 — Fiscal Year End (Company fiscal year)

Key Players & Entities

• Spectrum Brands Holdings, Inc. (company) — Filer
• HRG Group, Inc. (company) — Former company name
• Harbinger Group Inc. (company) — Former company name
• SB/RH Holdings, LLC (company) — Filer
• 2023-12-31 (date) — Period of report
• 2024-02-08 (date) — Filed as of date

Forward-Looking Statements

• Spectrum Brands will maintain a stable equity structure in the near term. (Spectrum Brands Holdings, Inc.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Spectrum Brands Holdings, Inc. operates in the consumer products sector, with a focus on various product categories. This filing provides insights into its performance within this industry.

Regulatory Implications

The filing is a standard 10-Q report, adhering to the regulations set forth by the Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for operational insights and forward-looking statements.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-02-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the fiscal year end.

Key Financial Figures

• $0.01 — rum Brands Holdings, Inc. Common Stock, $0.01 par value SPB New York Stock Exchange

Filing Documents

• spb-20231231.htm (10-Q) — 2195KB
• spb-q1f24ex211.htm (EX-21.1) — 17KB
• spb-q1f24ex311.htm (EX-31.1) — 10KB
• spb-q1f24ex312.htm (EX-31.2) — 10KB
• spb-q1f24ex313.htm (EX-31.3) — 10KB
• spb-q1f24ex314.htm (EX-31.4) — 10KB
• spb-q1f24ex321.htm (EX-32.1) — 7KB
• spb-q1f24ex322.htm (EX-32.2) — 7KB
• spb-q1f24ex323.htm (EX-32.3) — 7KB
• spb-q1f24ex324.htm (EX-32.4) — 7KB
• spb-20231231_g1.jpg (GRAPHIC) — 237KB
• 0000109177-24-000013.txt (&nbsp;) — 11420KB
• spb-20231231.xsd (EX-101.SCH) — 55KB
• spb-20231231_cal.xml (EX-101.CAL) — 101KB
• spb-20231231_def.xml (EX-101.DEF) — 469KB
• spb-20231231_lab.xml (EX-101.LAB) — 795KB
• spb-20231231_pre.xml (EX-101.PRE) — 670KB
• spb-20231231_htm.xml (XML) — 1613KB

Forward-Looking Statements

Forward-Looking Statements We have made or implied certain forward-looking statements in this document and may make additional oral forward-looking statements from time to time. All statements, other than statements of historical facts included or incorporated by reference in this document, including the statements under Management's Discussion and Analysis of Financial Condition and Results of Operations, without limitation, statements or expectations regarding our business strategy, future operations, financial condition, estimated revenues, projected costs, inventory management, earnings power, projected synergies, prospects, plans and objectives of management, outcome of any litigation and information concerning expected actions of third parties are forward-looking statements. When used in this report, the words future, anticipate, pro forma, seek, intend, plan, envision, estimate, believe, belief, expect, project, forecast, outlook, earnings framework, goal, target, could, would, will, can, should, may and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Since these forward-looking statements are based upon our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, actual results or outcomes may differ materially from those expressed or implied herein, and you should not place undue reliance on these statements. Important factors that could cause our actual results to differ materially from those expressed or implied herein include, without limitation: the economic, social and political conditions or civil unrest, terrorist attacks, acts of war, natural disasters, other public health concerns or unrest in the United States ("U.S.") or the international markets impacting our business, customers, employees (including our ability to re

Financial Statements

Financial Statements 2 Spectrum Brands Holdings, Inc. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Statements of Financial Position as of December 31, 2023 and September 30, 2023 2 Condensed Consolidated Statements of Income for the three month period ended December 31, 2023 and January 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three month periods ended December 31, 2023 and January 1, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the three month periods ended December 31, 2023 and January 1. 2023 5 Condensed Consolidated Statements of Cash Flows for the three month periods ended December 31, 2023 and January 1, 2023 6 SB/RH Holdings, LLC Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Statements of Financial Position as of December 31, 2023 and September 30, 2023 7 Condensed Consolidated Statements of Income for the three month period ended December 31, 2023 and January 1, 2023 8 Condensed Consolidated Statements of Comprehensive Income for the three month period ended December 31, 2023 and January 1, 2023 9 Condensed Consolidated Statements of Shareholder's Equity for the three month period ended December 31, 2023 and January 1, 2023 10 Condensed Consolidated Statements of Cash Flows for the three month period ended December 31, 2023 and January 1, 2023 11 Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC Combined (Unaudited) Notes to the Condensed Consolidated Financial Statements 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 36 Item 6. Exhibits 36

Signatures

Signatures 37 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SPECTRUM BRANDS HOLDINGS, INC. Condensed Consolidated Statements of Financial Position As of December 31, 2023 and September 30, 2023 (unaudited) (in millions) December 31, 2023 September 30, 2023 Assets Cash and cash equivalents $ 445.4 $ 753.9 Short term investments 950.0 1,103.3 Trade receivables, net 535.1 477.1 Other receivables 75.6 84.5 Inventories 457.0 462.8 Prepaid expenses and other current assets 52.6 44.3 Total current assets 2,515.7 2,925.9 Property, plant and equipment, net 271.2 275.1 Operating lease assets 104.9 110.8 Deferred charges and other 38.1 31.8 Goodwill 860.1 854.7 Intangible assets, net 1,056.3 1,060.1 Total assets $ 4,846.3 $ 5,258.4 Liabilities and Shareholders' Equity Current portion of long-term debt $ 8.8 $ 8.6 Accounts payable 382.7 396.6 Accrued wages and salaries 33.4 46.1 Accrued interest 17.0 20.6 Income tax payable 125.1 114.5 Other current liabilities 182.3 178.4 Total current liabilities 749.3 764.8 Long-term debt, net of current portion 1,387.8 1,546.9 Long-term operating lease liabilities 90.9 95.6 Deferred income taxes 173.7 174.8 Other long-term liabilities 142.9 158.0 Total liabilities 2,544.6 2,740.1 Commitments and contingencies (Note 15) Shareholders' equity Common stock 0.5 0.5 Additional paid-in capital 1,993.6 1,920.8 Accumulated earnings 2,110.6 2,096.0 Accumulated other comprehensive loss, net of tax ( 233.2 ) ( 249.4 ) Treasury stock ( 1,570.7 ) ( 1,250.3 ) Total shareholders' equity 2,300.8 2,517.6 Non-controlling interest 0.9 0.7 Total equity 2,301.7 2,518.3 Total liabilities and equity $ 4,846.3 $ 5,258.4 See accompanying notes to the condensed consolidated financial statements 2 Table of Contents SPECTRUM BRANDS HOLDINGS, INC. Condensed Consolidated Statements of Income For the three month periods ended December 31, 2023 and January 1, 2023 (unaudited) Three Month Periods Ended (in millions, except per share) Decemb

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