Hain Celestial Group Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Hain Celestial Group Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

HAIN CELESTIAL GROUP INC (HAIN) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Hain Celestial Group Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the period from July 1, 2023, to December 31, 2023. The company's fiscal year ends on June 30. The filing was made on February 7, 2024. The company's principal executive offices are located in Hoboken, NJ.

Why It Matters

For investors and stakeholders tracking HAIN CELESTIAL GROUP INC, this filing contains several important signals. This filing provides investors with updated financial performance and operational details for the second quarter and first half of the fiscal year. Understanding the company's financial health and strategic direction is crucial for investors evaluating Hain Celestial Group Inc.

Risk Assessment

Risk Level: medium — HAIN CELESTIAL GROUP INC shows moderate risk based on this filing. The company's financial performance and strategic initiatives are subject to market dynamics and consumer preferences in the food industry, which can be volatile.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-Q to assess the company's performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-02-07 — Filing Date (Filed As of Date)
• 2023-07-01 — Quarter Start Date (Reporting Period)
• 2023-12-31 — Quarter End Date (Reporting Period)

Key Players & Entities

• HAIN CELESTIAL GROUP INC (company) — Filer
• HOBOKEN (location) — Business Address City
• NJ (location) — Business Address State
• 07030 (postal_code) — Business Address Zip
• 20231231 (date) — Conformed Period of Report
• 20240207 (date) — Filed As of Date

Forward-Looking Statements

• Hain Celestial Group Inc. may face increased scrutiny regarding its debt management and asset utilization in upcoming quarters. (Hain Celestial Group Inc.) — medium confidence, target: June 30, 2024

FAQ

Industry Context

Hain Celestial Group operates in the consumer staples sector, specifically within the food and beverage industry, which is characterized by brand loyalty, evolving consumer preferences, and competitive pressures.

Regulatory Implications

As a publicly traded company, Hain Celestial Group is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue trends, profitability, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and challenges.
3. Assess any disclosed risk factors and their potential impact on future operations.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated information since the last annual report (10-K) and previous quarterly filings.

Filing Documents

• hain-20231231.htm (10-Q) — 1771KB
• exh101-rsuagmt24x26ltip.htm (EX-10.1) — 112KB
• exh102-psuagmtxabsolutetsr.htm (EX-10.2) — 122KB
• exh103-psuagmtxrelativetsr.htm (EX-10.3) — 176KB
• exh104-rsuagmtxnonxemploye.htm (EX-10.4) — 48KB
• hain-1231202310qxex311.htm (EX-31.1) — 10KB
• hain-1231202310qxex312.htm (EX-31.2) — 10KB
• hain-1231202310qxex321.htm (EX-32.1) — 5KB
• hain-1231202310qxex322.htm (EX-32.2) — 5KB
• hain-20231231_g1.jpg (GRAPHIC) — 326KB
• 0000910406-24-000016.txt (&nbsp;) — 11618KB
• hain-20231231.xsd (EX-101.SCH) — 66KB
• hain-20231231_cal.xml (EX-101.CAL) — 112KB
• hain-20231231_def.xml (EX-101.DEF) — 340KB
• hain-20231231_lab.xml (EX-101.LAB) — 848KB
• hain-20231231_pre.xml (EX-101.PRE) — 595KB
• hain-20231231_htm.xml (XML) — 1866KB

- Financial Information Page

Part I - Financial Information Page

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets - December 31, 2023 and June 30, 2023 3 Consolidated Statements of Operations - Three and six months ended December 31, 2023 and 2022 4 Consolidated Statements of Comprehensive Income (Loss) - Three and six months ended December 31, 2023 and 2022 5 Consolidated Statement of Stockholders' Equity - Three and six months ended December 31, 2023 and 2022 6 Consolidated Statements of Cash Flows - Six months ended December 31, 2023 and 2022 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

- Other Information

Part II - Other Information Items 3 and 4 are not applicable.

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

Signatures

Signatures 55 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 (the "Form 10-Q") 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, the results of The Hain Celestial Group, Inc. (collectively with its subsidiaries, the "Company," "Hain Celestial," "we," "us" or "our") 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 and our related investments in our business); our business strategy; our supply chain, including the availability and pricing of raw materials; our brand portfolio; pricing actions and product performance; inflation rates; 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; 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; t

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) DECEMBER 31, 2023 AND JUNE 30, 2023 (In thousands, except par values) December 31, June 30, 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 53,672 $ 53,364 Accounts receivable, less allowance for doubtful accounts of $ 2,607 and $ 2,750 , respectively 192,538 160,948 Inventories 295,276 310,341 Prepaid expenses and other current assets 57,954 66,378 Total current assets 599,440 591,031 Property, plant and equipment, net 273,451 296,325 Goodwill 939,561 938,640 Trademarks and other intangible assets, net 295,011 298,105 Investments and joint ventures 11,411 12,798 Operating lease right-of-use assets, net 91,388 95,894 Other assets 23,372 25,846 Total assets $ 2,233,634 $ 2,258,639 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 169,054 $ 134,780 Accrued expenses and other current liabilities 90,857 88,520 Current portion of long-term debt 7,569 7,567 Total current liabilities 267,480 230,867 Long-term debt, less current portion 801,675 821,181 Deferred income taxes 52,900 72,086 Operating lease liabilities, noncurrent portion 86,022 90,014 Other noncurrent liabilities 29,736 26,584 Total liabilities 1,237,813 1,240,732 Commitments and contingencies (Note 17) Stockholders' equity: Preferred stock - $ .01 par value, authorized 5,000 shares; issued and outstanding: none — — Common stock - $ .01 par value, authorized 150,000 shares; issued: 111,818 and 111,339 shares, respectively; outstanding: 89,812 and 89,475 shares, respectively 1,118 1,113 Additional paid-in capital 1,224,667 1,217,549 Retained earnings 628,650 652,561 Accumulated other comprehensive loss ( 130,025 ) ( 126,216 ) 1,724,410 1,745,007 Less: Treasury stock, at cost, 22,006 and 21,864 shares, respectively ( 728,589 ) ( 727,100 ) Total stockholders' equity 995,821 1,017,907 Total liabilities and sto

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except par values and per share data) 1. BUSINESS The Hain Celestial Group, Inc., a Delaware corporation (collectively with its subsidiaries, the "Company," "Hain Celestial," "we," "us" or "our"), was founded in 1993 and is headquartered in Hoboken, New Jersey. The Company's mission has continued to evolve since its founding, with health and wellness being the core tenet. The Company continues to be a leading marketer, manufacturer, and seller of organic and natural, "better-for-you" products by anticipating and exceeding consumer expectations in providing quality, innovation, value and convenience. The Company is committed to growing sustainably while continuing to implement environmentally sound business practices and manufacturing processes. Hain Celestial sells its products through specialty and natural food distributors, supermarkets, natural food stores, mass-market and e-commerce retailers, food service channels and club, drug, and convenience stores worldwide. The Company operates under two reportable segments: North America and International. 2. BASIS OF PRESENTATION The Company's unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliated companies in which the Company exerts significant influence, but which it does not control, are accounted for under the equity method of accounti ng. As such, consolidated net (loss) income includes th e Company's equity in the current losses or earnings of such companies. The Company ' s unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the

View Full Filing

View this 10-Q filing on SEC EDGAR