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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________ 
FORM 10-Q
___________________________________________ 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended December 31, 2021
or
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                      to                     
Commission File No. 0-22818
___________________________________________ 
https://cdn.kscope.io/bd81aac020472eeb3629d62d9b1d7bde-hain-20211231_g1.jpg
THE HAIN CELESTIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
___________________________________________ 
Delaware22-3240619
(State or other jurisdiction
of incorporation)
(I.R.S. Employer Identification No.)

1111 Marcus Avenue, Lake Success, NY 11042
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (516587-5000
Former name, former address and former fiscal year, if changed since last report: N/A
___________________________________________ 


Table of Contents

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareHAINThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     
Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filer¨
Non-accelerated filer¨Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  ý

As of January 27, 2022, there were 91,327,478 shares outstanding of the registrant’s Common Stock, par value $.01 per share.


Table of Contents
THE HAIN CELESTIAL GROUP, INC.
Index
  
Part I - Financial InformationPage
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Items 3, 4 and 5 are not applicable
Item 1.
Item 1A.
Item 2.
Item 6.

 
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Forward-Looking Statements

This Quarterly Report on Form 10-Q for the quarter ended December 31, 2021 (the “Form 10-Q”) contains forward-looking statements within the meaning of 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, business strategy, supply chain, brand portfolio and product performance; the COVID-19 pandemic; the success of our pricing negotiations; current or future macroeconomic trends; and future corporate acquisitions or dispositions.

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; challenges and uncertainty resulting from the COVID-19 pandemic; our ability to manage our supply chain effectively; disruption of operations at our manufacturing facilities; reliance on independent contract manufacturers; changes to consumer preferences; customer concentration; reliance on independent distributors; the availability of organic ingredients; risks associated with our international sales and operations; risks associated with outsourcing arrangements; our ability to execute our cost reduction initiatives and related strategic initiatives; 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; the reputation of our Company and our brands; our ability to use and protect trademarks; general economic conditions; input cost inflation; the United Kingdom’s exit from the European Union; cybersecurity incidents; disruptions to information technology systems; 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; pending and future litigation; compliance with data privacy laws; compliance with our credit agreement; the discontinuation of LIBOR; concentration in the ownership of our common stock; our ability to issue preferred stock; the adequacy of our insurance coverage; impairments in the carrying value of goodwill or other intangible assets; and other risks and matters described in our most recent Annual Report on Form 10-K, this Form 10-Q 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.



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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 31, 2021 AND JUNE 30, 2021
(In thousands, except par values)
December 31,June 30,
20212021
ASSETS
Current assets:
Cash and cash equivalents$77,202 $75,871 
Accounts receivable, less allowance for doubtful accounts of $1,216 and $1,314, respectively
163,672 174,066 
Inventories289,239 285,410 
Prepaid expenses and other current assets45,505 39,834 
Assets held for sale3,354 1,874 
Total current assets578,972 577,055 
Property, plant and equipment, net320,047 312,777 
Goodwill956,283 871,067 
Trademarks and other intangible assets, net500,093 314,895 
Investments and joint ventures16,409 16,917 
Operating lease right-of-use assets91,739 92,010 
Other assets21,826 21,187 
Total assets$2,485,369 $2,205,908 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$179,808 $171,947 
Accrued expenses and other current liabilities110,030 117,957 
Current portion of long-term debt7,834 530 
Total current liabilities297,672 290,434 
Long-term debt, less current portion731,613 230,492 
Deferred income taxes82,020 42,639 
Operating lease liabilities, noncurrent portion84,219 85,929 
Other noncurrent liabilities25,989 33,531 
Total liabilities1,221,513 683,025 
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: 111,004 and 109,507 shares, respectively; outstanding: 93,329 and 99,069 shares, respectively
1,110 1,096 
Additional paid-in capital1,195,959 1,187,530 
Retained earnings741,525 691,225 
Accumulated other comprehensive loss(94,230)(73,011)
1,844,364 1,806,840 
Less: Treasury stock, at cost, 17,673 and 10,438 shares, respectively
(580,508)(283,957)
Total stockholders’ equity1,263,856 1,522,883 
Total liabilities and stockholders’ equity$2,485,369 $2,205,908 
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(In thousands, except per share amounts) 
 Three Months Ended December 31,Six Months Ended December 31,
 2021202020212020
Net sales$476,941 $528,418 $931,844 $1,027,045 
Cost of sales359,646 398,453 709,131 777,916 
Gross profit117,295 129,965 222,713 249,129 
Selling, general and administrative expenses80,136 84,625 154,125 164,146 
Amortization of acquired intangible assets2,049 2,193 4,144 4,626 
Productivity and transformation costs
2,786 5,011 6,769 6,444 
Proceeds from insurance claim
  (196) 
Long-lived asset impairment303 25,179 303 57,676 
Operating income32,021 12,957 57,568 16,237 
Interest and other financing expense, net2,592 2,337 4,448 4,790 
Other income, net(9,070)(1,045)(9,858)(2,418)
Income from continuing operations before income taxes and equity in net loss of equity-method investees38,499 11,665 62,978 13,865 
Provision for income taxes7,145 8,438 11,687 21,400 
Equity in net loss of equity-method investees465 1,076 991 1,095 
Net income (loss) from continuing operations$30,889 $2,151 $50,300 $(8,630)
Net (loss) income from discontinued operations, net of tax (11) 11,255 
Net income$30,889 $2,140 $50,300 $2,625 
Net income (loss) per common share:
Basic net income (loss) per common share from continuing operations$0.33 $0.02 $0.53 $(0.09)
Basic net income per common share from discontinued operations   0.11 
Basic net income per common share$0.33 $0.02 $0.53 $0.02 
Diluted net income (loss) per common share from continuing operations$0.33 $0.02 $0.52 $(0.09)
Diluted net income per common share from discontinued operations   0.11 
Diluted net income per common share$0.33 $0.02 $0.52 $0.02 
Shares used in the calculation of net income (loss) per common share:
Basic94,036 100,117 95,579 100,837 
Diluted94,808 100,562 96,123 100,837 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(In thousands)
 Three Months Ended
December 31, 2021December 31, 2020
 
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Net income$30,889 $2,140 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$(2,143)$ (2,143)$46,043 $ 46,043 
Change in deferred gains (losses) on cash flow hedging instruments
682 (144)538 101 (21)80 
Change in deferred gains (losses) on net investment hedging instruments
1,709 (360)1,349 (3,897)818 (3,079)
Total other comprehensive income (loss)
$248 $(504)$(256)$42,247 $797 $43,044 
Total comprehensive income$30,633 $45,184 
 Six Months Ended
December 31, 2021December 31, 2020
 Pre-tax
amount
Tax (expense) benefitAfter-tax amountPre-tax
amount
Tax (expense) benefitAfter-tax amount
Net income$50,300 $2,625 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$(24,948)$ (24,948)$78,819 $ 78,819 
Reclassification of currency translation adjustment included in net income (loss)   1,181  1,181 
Change in deferred gains (losses) on cash flow hedging instruments
726 (153)573 151 (31)120 
Change in deferred gains (losses) on net investment hedging instruments
3,997 (841)3,156 (7,684)1,613 (6,071)
Total other comprehensive (loss) income
$(20,225)$(994)$(21,219)$72,467 $1,582 $74,049 
Total comprehensive income$29,081 $76,674 
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021
(In thousands, except par values)
 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmountIncome (Loss) Total
Balance at June 30, 2021109,507 $1,096 $1,187,530 $691,225 10,438 $(283,957)$(73,011)$1,522,883 
Net income19,411 19,411 
Other comprehensive loss(20,963)(20,963)
Issuance of common stock pursuant to stock-based compensation plans
61 — — — 
Employee shares withheld for taxes
29 (1,175)(1,175)
Repurchases of common stock4,525 (175,687)(175,687)
Stock-based compensation expense4,287 4,287 
Balance at September 30, 2021109,568 $1,096 $1,191,817 $710,636 14,992 $(460,819)$(93,974)$1,348,756 
Net income30,889 30,889 
Other comprehensive loss (256)(256)
Issuance of common stock pursuant to stock-based compensation plans
1,436 14 (14) 
Employee shares withheld for taxes
654 (29,858)(29,858)
Repurchases of common stock2,027 (89,831)(89,831)
Stock-based compensation expense4,156 4,156 
Balance at December 31, 2021111,004 $1,110 $1,195,959 $741,525 17,673 $(580,508)$(94,230)$1,263,856 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2020
(In thousands, except par values)
 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmountIncome (Loss) Total
Balance at June 30, 2020109,123 $1,092 $1,171,875 $614,171 7,238 $(172,192)$(171,392)$1,443,554 
Net income485 485 
Cumulative effect of adoption of ASU 2016-02
(310)(310)
Other comprehensive income
31,005 31,005 
Issuance of common stock pursuant to stock-based compensation plans
54 1 (1) 
Employee shares withheld for taxes
20 (468)(468)
Repurchase of common stock1,281 (42,052)(42,052)
Stock-based compensation expense4,367 4,367 
Balance at September 30, 2020109,177 $1,093 $1,176,241 $614,346 8,539 $(214,712)$(140,387)$1,436,581 
Net income2,140 2,140 
Other comprehensive income43,044 43,044 
Issuance of common stock pursuant to stock-based compensation plans
162 2 (2) 
Employee shares withheld for taxes
38 (1,255)(1,255)
Repurchase of common stock923 (29,684)(29,684)
Stock-based compensation expense3,823 3,823 
Balance at December 31, 2020109,339 $1,095 $1,180,062 $616,486 9,500 $(245,651)$(97,343)$1,454,649 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(In thousands)
 Six Months Ended December 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$50,300 $2,625 
Net income from discontinued operations 11,255 
Net income (loss) from continuing operations50,300 (8,630)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization21,758 24,954 
Deferred income taxes(3,271)92 
Equity in net loss of equity-method investees991 1,095 
Stock-based compensation, net8,443 8,190 
Long-lived asset and intangibles impairment303 57,676 
Gain on sale of assets(8,921) 
Other non-cash items, net(1,486)(1,765)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Accounts receivable12,370 (9,523)
Inventories2,473 (58,512)
Other current assets(5,126)55,718 
Other assets and liabilities1,776 (1,037)
Accounts payable and accrued expenses(11,579)36,272 
Net cash provided by operating activities from continuing operations68,031 104,530 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(27,996)(29,671)
Acquisitions of businesses, net of cash acquired(254,569) 
Investment in joint venture(514)(431)
Proceeds from sale of assets10,734  
Proceeds from sale of businesses and other 4,858 
Net cash used in investing activities from continuing operations
(272,345)(25,244)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under bank revolving credit facility540,000 150,000 
Repayments under bank revolving credit facility(330,000)(137,000)
Borrowings under term loan300,000  
Payments of other debt, net(3,185)(1,711)
Share repurchases(266,933)(71,736)
Employee shares withheld for taxes
(31,033)(1,723)
Net cash provided by (used in) financing activities from continuing operations
208,849 (62,170)
Effect of exchange rate changes on cash from continuing operations(3,204)5,734 
Net increase in cash and cash equivalents1,331 22,850 
Cash and cash equivalents at beginning of period75,871 37,771 
Cash and cash equivalents at end of period$77,202 $60,621 
Cash and cash equivalents included in the line item Assets held for sale on the Consolidated Balance Sheets as shown below represents amounts included within held for sale accounting related to the sale of the Company's U.K. fruit business, primarily consisting of the Orchard House Foods Limited business and associated brands.
Six Months Ended December 31,
20212020
Cash and cash equivalents$77,202 $46,813 
Cash and cash equivalents classified in assets held for sale 13,808 
Total cash and cash equivalents shown in the Consolidated Statements of Cash Flows$77,202 $60,621 
See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
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 Lake Success, New York. 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 in over 80 countries worldwide. The Company operates under two reportable segments: North America and International.

Acquisition
On December 28, 2021, the Company acquired all outstanding stock of Proven Brands, Inc. (and its subsidiary That's How We Roll LLC) and KTB Foods Inc., collectively doing business as "That's How We Roll" ("THWR"), the producer and marketer of ParmCrisps® and Thinsters®. See Note 4, Acquisitions and Dispositions, for details.
Discontinued Operations
The financial statements separately report discontinued operations and the results of continuing operations (see Note 4). All footnotes exclude discontinued operations unless otherwise noted.

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 accounting. As such, consolidated net income includes the Company's equity in the current earnings or losses 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, they do not include all of the information and notes required by U.S. GAAP and should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the “Form 10-K”). The amounts as of and for the periods ended June 30, 2021 are derived from the Company’s audited annual financial statements. The unaudited consolidated financial statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair presentation for interim periods. Operating results for the six months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. Please refer to the Notes to the Consolidated Financial Statements as of June 30, 2021 and for the fiscal year then ended included in the Form 10-K for information not included in these condensed notes.

All amounts in the unaudited consolidated financial statements, notes and tables have been rounded to the nearest thousand, except par values and per share amounts, unless otherwise indicated.

Transfer of Financial Assets

The Company has non-recourse accounts receivable financing arrangements in which eligible receivables are sold to third-party buyers in exchange for cash. The Company transferred accounts receivables in their entirety to the buyers and satisfied all of the conditions to report the transfer of financial assets in their entirety as a sale. The principal amount of receivables sold under these arrangements was $64,133 and $43,563 during the six months ended December 31, 2021 and 2020, respectively. The incremental cost of accounts receivable financing arrangements is included in Other income, net in the Company’s Consolidated Statements of Operations. The proceeds from the sale of receivables are included in cash from operating activities in the accompanying Consolidated Statements of Cash Flows.

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Significant Accounting Policies

The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Practices, in the Notes to the Consolidated Financial Statements in the Form 10-K. Included herein are certain updates to those policies.
Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination on the acquisition date in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, as if it had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. The Company adopted ASU 2021-08 during the second quarter of fiscal year 2022, and the adoption did not have an impact on the Company's consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. ASU 2020-04 is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. During the first quarter of fiscal year 2022, the Company adopted the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.



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3.    EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share:
 Three Months Ended December 31,Six Months Ended December 31,
 2021202020212020
Numerator:
Net income (loss) from continuing operations$30,889 $2,151 $50,300 $(8,630)
Net (loss) income from discontinued operations (11) 11,255 
Net income$30,889 $2,140 $50,300 $2,625 
Denominator:
Basic weighted average shares outstanding
94,036 100,117 95,579 100,837 
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units
772 445 544  
Diluted weighted average shares outstanding
94,808 100,562 96,123 100,837 
Basic net income (loss) per common share:
Continuing operations$0.33 $0.02 $0.53 $(0.09)
Discontinued operations   0.11 
Basic net income per common share$0.33 $0.02 $0.53 $0.02 
Diluted net income (loss) per common share:
Continuing operations$0.33 $0.02 $0.52 $(0.09)
Discontinued operations   0.11 
Diluted net income per common share$0.33 $0.02 $0.52 $0.02 

There were 316 and 211 restricted stock awards excluded from our calculation of diluted net income per share for the three months ended December 31, 2021 and 2020, respectively, as such awards were anti-dilutive. There were 158 and 709 restricted stock awards and stock options excluded from the calculation of diluted net income (loss) per share for the six months ended December 31, 2021 and 2020, respectively, as such awards were anti-dilutive. Due to the net loss from continuing operations in the six months ended December 31, 2020, all common stock equivalents such as stock options and unvested restricted stock awards have been excluded from the computation of diluted net loss per common share because the effect would have been anti-dilutive to the computations in the period.

Additionally, 76 and 1,419 stock-based awards outstanding at December 31, 2021 and 2020, respectively, were excluded from the calculation of diluted net income (loss) per share for the three and six months ended December 31, 2021 and 2020, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods.

Share Repurchase Program

In June 2017 and August 2021, the Company's Board of Directors authorized the repurchase of up to $250,000 and $300,000 of the Company’s issued and outstanding common stock, respectively. Share repurchases under the 2021 authorization commenced in August 2021, after the 2017 authorization was fully utilized. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. In November 2021, the Company entered into a share repurchase agreement with affiliates of Engaged Capital, LLC (collectively, the “Selling Stockholders”), pursuant to which the Company repurchased 1,700 shares directly from the Selling Stockholders at a price of $45.00 per share (see Note 19, Related Party Transactions). During the six months ended December 31, 2021, the Company repurchased 6,552 shares under the repurchase program, inclusive of the shares repurchased from the Selling Stockholders, for a total of $265,420, excluding commissions, at an average price of $40.50 per share. As of December 31, 2021, the Company had $116,980 of remaining authorization under the share repurchase program. During the six months ended December 31, 2020, the Company repurchased 2,204 shares under the repurchase program for a total of $71,693,
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excluding commissions, at an average price of $32.53 per share. In January 2022, the Company's Board of Directors authorized the repurchase of up to an additional $200,000 of shares, which will commence after the 2021 authorization is fully utilized.

4.     ACQUISITIONS AND DISPOSITIONS

That's How We Roll

On December 28, 2021, the Company acquired all outstanding stock of THWR, the producer and marketer of ParmCrisps® and Thinsters®, deepening the Company's position in the snacking category. Consideration for the transaction consisted of cash, net of cash acquired, totaling $260,871, subject to an adjustment for working capital. Of the total consideration, $254,569 was paid at closing, with the remaining $6,302 payable during the third quarter of fiscal 2022. The acquisition was funded with borrowings under the Credit Agreement (as defined in Note 9, Debt and Borrowings). The Company incurred $5,103 of transaction costs in connection with the acquisition which were expensed as incurred, and are included as a component of Selling, general and administrative expenses in the Company's Consolidated Statements of Operations for the three and six months ended December 31, 2021.

The following table summarizes the Company's preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The Company expects to finalize the allocation during fiscal 2022.

December 28, 2021
Accounts receivable, net$5,107 
Inventory9,871 
Prepaid expenses and other current assets603 
Property, plant & equipment9,225 
Identifiable intangible assets193,800 
Operating lease right-of-use assets4,098 
Other assets166 
Deferred income taxes(42,362)
Goodwill93,629 
Accounts payable & accrued expenses(9,041)
Operating lease liabilities(4,225)
$260,871 

The fair values assigned to identifiable intangible assets acquired were based on assumptions and estimates made by management. Of the $193,800 of identifiable intangible assets acquired, $70,800 was preliminarily assigned to customer relationships with a weighted average estimated useful life of 17 years, and $123,000 was preliminarily assigned to tradenames with indefinite lives. The goodwill recorded as a result of this acquisition is not expected to be deductible for tax purposes.

Results of THWR are included in the United States operating segment, a component of the North America reportable segment. THWR's net sales and income from continuing operations before income taxes included in our consolidated results were not material for the three and six months ended December 31, 2021.

The following table provides unaudited pro forma results of continuing operations had the acquisition been completed at the beginning of fiscal 2021. The proforma information reflects certain adjustments related to the acquisition but does not reflect any potential operating efficiencies or cost savings that may result from the acquisition. Accordingly, this information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the Company for the periods presented or that will be achieved by the combined company in the future. The pro forma information has been adjusted to give effect to items that are directly attributable to the transactions and are expected to have a continuing impact on the combined results.

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Unaudited supplemental pro forma information
 Three Months Ended December 31,Six Months Ended December 31,
 2021202020212020
Net sales$500,349 $