Energizer Holdings, Inc. · NYSE:ENR
Energizer — Q1 2024 Earnings Presentation
23 slides from Energizer's earnings presentation, Feb 6, 2024
Slide 1: Fiscal 2024 Q1 Earnings
Fiscal 2024 Q1 Earnings + February 6, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company reports its financial results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). However, management believes that certain non-GAAP financial measures provide users with additional meaningful comparisons to the corresponding hist
Slide 4: Financial Results First Quarter 2024
Financial + Results First Quarter 2024
Slide 5: Key Metrics – First Quarter 2024
Key Metrics – First Quarter 2024 METRIC First Quarter 2024 Net sales on a reported basis of $716.6 million, down 6.3% Net Sales* • Organic net sales decline of 7.4% Adjusted Gross Adjusted gross margin was 39.5%(1), up 50 basis points from the prior year Margin* Free cash flow was $152.6 million(2),
Slide 6: Strong free cash flow and debt paydown over the past six quarters
Strong free cash flow and debt paydown over the past six quarters Last 6 Quarters $94 ($ in millions) Q3 FY 2022 $130 Q1 FY 2024 (Ended Dec 2023) (Ended June 2022) $681 $363 $786 $656 $52 $293 $200 $200 $242 $242 Q3'22 Ending Cash (+) Operating Cash (-) Capex (-) Dividends (-) Debt Repayment (-) Oth
Slide 7: Battery Category
Battery Category +
Slide 8: Battery Category Volume & Value – Rolling 13 Week
Battery Category Volume & Value – Rolling 13 Week Volume recovery continued into Fiscal 2024 with value impacted by the cycling of price increases 15% Total US - MULC + Amazon 10% 5% 0% -5% -10% -15% Dollar Sales % Chg vs YA Volume Sales % Chg vs YA 8 Source: Circana (IRI) Unify Total US Multi-Outle
Slide 9: Auto Care
Auto Care +
Slide 10: Progress restoring the profitability of the auto business
We have made progress restoring the profitability of the auto business in the last 18 months while maintaining topline stability Gross Margin expected to continue to improve in full year 2024 Auto Net Sales & Segment Profit % $700.0 30.0% $650.0 $622.8 $620.1 25.0% $618.7 $614.8 $600.0 20.0% $550.0
Slide 11: Outlook Q2 FY2024
Outlook + Q2 FY2024
Slide 12: Key Metrics – Maintaining Fiscal 2024 Outlook
Key Metrics – Maintaining Fiscal 2024 Outlook METRIC Fiscal 2024 Outlook Organic net sales projected flat to down low single digits Net Sales • Q2 organic net sales projected to decline 2 – 3% Adjusted gross margin of approximately 40%; 100 basis point Adjusted Gross consolidated improvement, with i
Slide 13: Increased Momentum savings target by $30M to $160M-$180M
Increased Momentum savings target by $30M, taking the savings range to $160M -180M $160 In Run Rate Benefits to anticipated to be achieved by end of FY25 $180 $55M - $65M in FY’24 (unchanged) $50M - $60M in FY’25 MILLION $150 In Working Capital Improvements MILLION $140 One-time Cash Pre-tax Expense
Slide 14: Appendix Materials: Non-GAAP Reconciliations
Appendix Materials: Non-GAAP Reconciliations 14
Slide 15: Non-GAAP Reconciliation: Consolidated Net Sales
Non-GAAP Reconciliation: Consolidated Net Sales (in millions) Organic. This is the non-GAAP financial measurement of the change in revenue or segment profit that excludes or otherwise adjusts for the change in Argentina operations and impact of currency from the changes in foreign currency exchange
Slide 16: Non-GAAP Reconciliation: Adjusted Gross Margin
Non-GAAP Reconciliation: Adjusted Gross Margin (in millions) Adjusted gross margin as a percent of sales excludes any charges related to restructuring programs and acquisition and integration costs. 16
Slide 17: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation: Free Cash Flow (in millions) Free Cash Flow is defined as net cash provided by operating activities reduced by capital expenditures, net of the proceeds from asset sales. 17
Slide 18: Non-GAAP Reconciliation: Adjusted EBITDA - December 31, 2023
Non-GAAP Reconciliation: Adjusted EBITDA - December 31, 2023 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss/(gain) on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restru
Slide 19: Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 2022
Non-GAAP Reconciliation: Adjusted EBITDA - June 30, 2022 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of acquisition and integration costs, the
Slide 20: Non-GAAP Reconciliation: Net Debt and Net Leverage
Non-GAAP Reconciliation: Net Debt and Net Leverage (in millions) Net Debt is defined as total Company debt, less cash and cash equivalents. Net leverage is Net debt divided by the last twelve months Adjusted EBITDA. LTM is the last twelve months for June 30, 2022 and December 31, 2023, respectively.
Slide 21: Non-GAAP Reconciliation: Adjusted EBITDA - December 31, 2023
Non-GAAP Reconciliation: Adjusted EBITDA - December 31, 2023 (in millions) EBITDA is defined as net earnings before income tax provision, interest, the loss/(gain) on extinguishment of debt, and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to restru
Slide 22: Non-GAAP Reconciliation: FY 2024 Outlook
Non-GAAP Reconciliation: FY 2024 Outlook (in millions – except per share data) ) 22
Slide 23: Non-GAAP Reconciliation: FY 2024 Outlook
Non-GAAP Reconciliation: FY 2024 Outlook (in millions) 23