Spectrum Brands Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Spectrum Brands Holdings, Inc. filed its Q2 2024 10-Q report on May 9, 2024.</b>

AI Summary

Spectrum Brands Holdings, Inc. (SPB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Spectrum Brands Holdings, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on May 9, 2024. Spectrum Brands Holdings, Inc. 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 operational status for the second quarter of fiscal year 2024. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

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 any immediately apparent unusual or high-risk information.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance and strategic initiatives.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-09 — Filing Date (Date the report was filed)
• 09-30 — Fiscal Year End (Company's fiscal year end)
• Q2 — Fiscal Quarter (Reported fiscal quarter)

Key Players & Entities

• Spectrum Brands Holdings, Inc. (company) — Filer name
• SB/RH Holdings, LLC (company) — Filer name
• HRG Group, Inc. (company) — Former company name
• Harbinger Group Inc. (company) — Former company name
• ZAPATA CORP (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• Middleton, WI (location) — Business address

FAQ

Industry Context

Spectrum Brands Holdings, Inc. operates in the consumer products sector, manufacturing and marketing a range of branded products.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and segment information.
2. Analyze any Management's Discussion and Analysis (MD&A) section for insights into performance drivers and risks.
3. Compare the reported quarter's performance against historical data and analyst expectations.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date Spectrum Brands Holdings, Inc. submitted the 10-Q

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would need to be consulted for comparison.

Key Financial Figures

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

Filing Documents

• spb-20240331.htm (10-Q) — 3357KB
• spb-q2f24ex211.htm (EX-21.1) — 17KB
• spb-q2f24ex311.htm (EX-31.1) — 10KB
• spb-q2f24ex312.htm (EX-31.2) — 10KB
• spb-q2f24ex313.htm (EX-31.3) — 10KB
• spb-q2f24ex314.htm (EX-31.4) — 10KB
• spb-q2f24ex321.htm (EX-32.1) — 7KB
• spb-q2f24ex322.htm (EX-32.2) — 7KB
• spb-q2f24ex323.htm (EX-32.3) — 7KB
• spb-q2f24ex324.htm (EX-32.4) — 7KB
• spb-20240331_g1.jpg (GRAPHIC) — 237KB
• 0000109177-24-000022.txt (&nbsp;) — 13973KB
• spb-20240331.xsd (EX-101.SCH) — 57KB
• spb-20240331_cal.xml (EX-101.CAL) — 106KB
• spb-20240331_def.xml (EX-101.DEF) — 514KB
• spb-20240331_lab.xml (EX-101.LAB) — 752KB
• spb-20240331_pre.xml (EX-101.PRE) — 701KB
• spb-20240331_htm.xml (XML) — 2252KB

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 March 31, 202 4 and September 30, 2023 2 Condensed Consolidated Statements of Income for the three and six month period s ended March 31, 202 4 and April 2 , 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended March 31, 202 4 and April 2 , 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the six month periods ended March 31, 202 4 and April 2, 2023 5 Condensed Consolidated Statements of Cash Flows for the si x month periods ended March 31, 202 4 and April 2, 2023 7 SB/RH Holdings, LLC Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Statements of Financial Position as of March 31, 202 4 and September 30, 2023 8 Condensed Consolidated Statements of Income for the three and six month period s ended March 31, 202 4 and April 2 , 2023 9 Condensed Consolidated Statements of Comprehensive Income for the three and six month period s ended March 31, 202 4 and April 2 , 2023 10 Condensed Consolidated Statements of Shareholder's Equity for the six month period s ended March 31, 202 4 and April 2 , 2023 11 Condensed Consolidated Statements of Cash Flows for the s ix month period s ended March 31, 202 4 and April 2 , 2023 13 Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC Combined (Unaudited) Notes to the Condensed Consolidated Financial Statements 14 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 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 5. Other Information 45 Item 6. Exhibits 45

Signatures

Signatures 46 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 March 31, 2024 and September 30, 2023 (unaudited) (in millions) March 31, 2024 September 30, 2023 Assets Cash and cash equivalents $ 745.7 $ 753.9 Short term investments 500.0 1,103.3 Trade receivables, net 601.3 477.1 Other receivables 113.5 84.5 Inventories 454.3 462.8 Prepaid expenses and other current assets 45.9 44.3 Total current assets 2,460.7 2,925.9 Property, plant and equipment, net 269.5 275.1 Operating lease assets 119.2 110.8 Deferred charges and other 46.6 31.8 Goodwill 858.3 854.7 Intangible assets, net 1,002.3 1,060.1 Total assets $ 4,756.6 $ 5,258.4 Liabilities and Shareholders' Equity Current portion of long-term debt $ 9.0 $ 8.6 Accounts payable 375.5 396.6 Accrued wages and salaries 48.1 46.1 Accrued interest 19.0 20.6 Income tax payable 33.3 114.5 Other current liabilities 174.0 178.4 Total current liabilities 658.9 764.8 Long-term debt, net of current portion 1,374.4 1,546.9 Long-term operating lease liabilities 101.3 95.6 Deferred income taxes 189.6 174.8 Other long-term liabilities 174.9 158.0 Total liabilities 2,499.1 2,740.1 Commitments and contingencies (Note 15) Shareholders' equity Common stock 0.5 0.5 Additional paid-in capital 1,998.1 1,920.8 Accumulated earnings 2,158.8 2,096.0 Accumulated other comprehensive loss, net of tax ( 231.2 ) ( 249.4 ) Treasury stock ( 1,669.3 ) ( 1,250.3 ) Total shareholders' equity 2,256.9 2,517.6 Non-controlling interest 0.6 0.7 Total equity 2,257.5 2,518.3 Total liabilities and equity $ 4,756.6 $ 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 and six month periods ended March 31, 2024 and April 2, 2023 (unaudited) Three Month Periods Ended Six Month Periods Ended (in millions, exc

View Full Filing

View this 10-Q filing on SEC EDGAR