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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, 2022
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/fd39dc9f86784cb37cb1a3d043a69266-hain-20221231_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
___________________________________________ 


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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 31, 2023, there were 89,417,250 shares outstanding of the registrant’s Common Stock, par value $.01 per share.


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

 
1

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Forward-Looking Statements

This Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 (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; foreign exchange and inflation rates; our strategic initiatives, our business strategy, our supply chain, including the availability and pricing of raw materials, our brand portfolio, pricing actions and product performance; 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; our ability to manage our supply chain effectively; input cost inflation, including with respect to freight and other distribution costs; foreign currency exchange risk; risks arising from the Russia-Ukraine war; 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 natural and organic ingredients; risks associated with operating internationally; pending and future litigation, including litigation relating to Earth’s Best® baby food products; 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; 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; compliance with data privacy laws; compliance with our credit agreement; the discontinuation of LIBOR; challenges and uncertainty resulting from the COVID-19 pandemic; 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 other reports that we file in the future.

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.



2

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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, 2022 AND JUNE 30, 2022
(In thousands, except par values)
December 31,June 30,
20222022
ASSETS
Current assets:
Cash and cash equivalents$43,437 $65,512 
Accounts receivable, less allowance for doubtful accounts of $2,085 and $1,731, respectively
177,058 170,661 
Inventories324,525 308,034 
Prepaid expenses and other current assets58,781 54,079 
Assets held for sale1,500 1,840 
Total current assets605,301 600,126 
Property, plant and equipment, net294,635 297,405 
Goodwill927,078 933,796 
Trademarks and other intangible assets, net470,956 477,533 
Investments and joint ventures13,260 14,456 
Operating lease right-of-use assets, net101,374 114,691 
Other assets25,554 20,377 
Total assets$2,438,158 $2,458,384 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$153,677 $174,765 
Accrued expenses and other current liabilities85,168 86,833 
Current portion of long-term debt7,602 7,705 
Total current liabilities246,447 269,303 
Long-term debt, less current portion870,800 880,938 
Deferred income taxes95,131 95,044 
Operating lease liabilities, noncurrent portion92,587 107,481 
Other noncurrent liabilities24,552 22,450 
Total liabilities1,329,517 1,375,216 
Commitments and contingencies (Note 16)
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: 111,256 and 111,090 shares, respectively; outstanding: 89,419 and 89,302 shares, respectively
1,113 1,111 
Additional paid-in capital1,210,555 1,203,126 
Retained earnings786,987 769,098 
Accumulated other comprehensive loss(163,346)(164,482)
1,835,309 1,808,853 
Less: Treasury stock, at cost, 21,837 and 21,788 shares, respectively
(726,668)(725,685)
Total stockholders’ equity1,108,641 1,083,168 
Total liabilities and stockholders’ equity$2,438,158 $2,458,384 
See notes to consolidated financial statements.
3

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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, 2022 AND 2021
(In thousands, except per share amounts) 
 Three Months Ended December 31,Six Months Ended December 31,
 2022202120222021
Net sales$454,208 $476,941 $893,559 $931,844 
Cost of sales350,351 359,646 695,367 709,131 
Gross profit103,857 117,295 198,192 222,713 
Selling, general and administrative expenses72,357 80,136 147,308 153,929 
Amortization of acquired intangible assets2,785 2,049 5,573 4,144 
Productivity and transformation costs
986 2,786 1,759 6,769 
Long-lived asset impairment340 303 340 303 
Operating income27,389 32,021 43,212 57,568 
Interest and other financing expense, net10,812 2,592 18,489 4,448 
Other income, net(1,062)(9,070)(2,852)(9,858)
Income before income taxes and equity in net loss of equity-method investees17,639 38,499 27,575 62,978 
Provision for income taxes6,357 7,145 8,988 11,687 
Equity in net loss of equity-method investees316 465 698 991 
Net income$10,966 $30,889 $17,889 $50,300 
Net income per common share:
Basic$0.12 $0.33 $0.20 $0.53 
Diluted$0.12 $0.33 $0.20 $0.52 
Shares used in the calculation of net income per common share:
Basic89,380 94,036 89,343 95,579 
Diluted89,578 94,808 89,535 96,123 

See notes to consolidated financial statements.
4

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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2022 AND 2021
(In thousands)
 Three Months Ended
December 31, 2022December 31, 2021
 
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Pre-tax
amount
Tax (expense) benefitAfter-tax amount
Net income$10,966 $30,889 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications59,674  59,674 (2,143) (2,143)
Change in deferred (losses) gains on cash flow hedging instruments
(2,475)610 (1,865)682 (144)538 
Change in deferred gains on fair value hedging instruments691 (170)521    
Change in deferred (losses) gains on net investment hedging instruments
(6,285)1,553 (4,732)1,709 (360)1,349 
Total other comprehensive income (loss)
$51,605 $1,993 $53,598 $248 $(504)$(256)
Total comprehensive income$64,564 $30,633 
 Six Months Ended
December 31, 2022December 31, 2021
 Pre-tax
amount
Tax (expense) benefitAfter-tax amountPre-tax
amount
Tax (expense) benefitAfter-tax amount
Net income$17,889 $50,300 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications(7,476) (7,476)(24,948) (24,948)
Change in deferred gains on cash flow hedging instruments
11,755 (3,028)8,727 726 (153)573 
Change in deferred gains on fair value hedging instruments418 (100)318    
Change in deferred (losses) gains on net investment hedging instruments
(511)78 (433)3,997 (841)3,156 
Total other comprehensive income (loss)
$4,186 $(3,050)$1,136 $(20,225)$(994)$(21,219)
Total comprehensive income$19,025 $29,081 
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, 2022
(In thousands, except par values)
 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmountLoss Total
Balance at June 30, 2022111,090 $1,111 $1,203,126 $769,098 21,788 $(725,685)$(164,482)$1,083,168 
Net income6,923 6,923 
Other comprehensive loss(52,462)(52,462)
Issuance of common stock pursuant to stock-based compensation plans
24 1 1 
Employee shares withheld for taxes
10 (229)(229)
Stock-based compensation expense3,994 3,994 
Balance at September 30, 2022111,114 1,112 1,207,120 776,021 21,798 (725,914)(216,944)1,041,395 
Net income10,966 10,966 
Other comprehensive income 53,598 53,598 
Issuance of common stock pursuant to stock-based compensation plans
142 1 1 
Employee shares withheld for taxes
39 (754)(754)
Stock-based compensation expense3,435 3,435 
Balance at December 31, 2022111,256 $1,113 $1,210,555 $786,987 21,837 $(726,668)$(163,346)$1,108,641 

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
CapitalEarningsSharesAmountLossTotal
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)
Repurchase 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)
Repurchase 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 STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 AND 2021
(In thousands)
 Six Months Ended December 31,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$17,889 $50,300 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization24,125 21,758 
Deferred income taxes(1,983)(3,271)
Equity in net loss of equity-method investees698 991 
Stock-based compensation, net7,429 8,443 
Long-lived asset impairment340 303 
Gain on sale of assets(3,395)(8,921)
Other non-cash items, net(2,505)(1,486)
(Decrease) increase in cash attributable to changes in operating assets and liabilities:
Accounts receivable(6,536)12,370 
Inventories(18,629)2,473 
Other current assets(331)(5,126)
Other assets and liabilities4,178 1,776 
Accounts payable and accrued expenses(23,932)(11,579)
Net cash (used in) provided by operating activities(2,652)68,031 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(14,055)(27,996)
Acquisitions of businesses, net of cash acquired (254,569)
Investments and joint ventures, net433 (514)
Proceeds from sale of assets7,608 10,734 
Net cash used in investing activities
(6,014)(272,345)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under bank revolving credit facility185,000 540,000 
Repayments under bank revolving credit facility(194,750)(330,000)
Borrowings under term loan 300,000 
Payments of other debt, net(159)(3,185)
Share repurchases (266,933)
Employee shares withheld for taxes
(983)(31,033)
Net cash (used in) provided by financing activities
(10,892)208,849 
Effect of exchange rate changes on cash(2,517)(3,204)
Net (decrease) increase in cash and cash equivalents(22,075)1,331 
Cash and cash equivalents at beginning of period65,512 75,871 
Cash and cash equivalents at end of period$43,437 $77,202 

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 75 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, Acquisition and Disposition, for details.

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, 2022 (the “Form 10-K”). The amounts as of and for the periods ended June 30, 2022 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, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2023. Please refer to the Notes to the Consolidated Financial Statements as of June 30, 2022 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.

Reclassifications

Certain prior year amounts have been reclassified to conform with current year presentation.

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.

Transfer of Financial Assets

The Company accounts for transfers of financial assets, such as non-recourse accounts receivable financing arrangements, when the Company has surrendered control over the related assets. Determining whether control has transferred requires an evaluation of relevant legal considerations, an assessment of the nature and extent of the Company’s continuing involvement with the assets
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transferred and any other relevant considerations. The Company has non-recourse financing arrangements in which eligible receivables are sold to third-party buyers in exchange for cash. The Company transferred accounts receivable 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 $189,794 and $64,133 during the six months ended December 31, 2022 and 2021, respectively. The incremental cost of financing receivables under these arrangements is included in selling, general and administrative expenses on the Company’s Consolidated Statements of Operations. The proceeds from the sale of receivables are included in cash used in operating activities on the Consolidated Statements of Cash Flows.
Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2020-04, "Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The guidance allows for companies to: (1) account for certain contract modifications as a continuation of the existing contract without additional analysis; (2) continue hedge accounting when certain critical terms of a hedging relationship change and assess effectiveness in ways that disregard certain potential sources of ineffectiveness; and (3) make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading. This ASU is available for adoption by the Company and applies prospectively to contract modifications and hedging relationships. ASU 2020-04 is currently effective and may be applied prospectively to contract modifications made on or before December 31, 2022.

In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the provisions of Topic 848 to December 31, 2024.

ASU 2020-04 allows for different elections to be made at different points in time and the timing of those elections will be documented as applicable. For the avoidance of doubt, the Company intends to reassess its elections of optional expedients and exceptions included within ASU 2020-04 related to its hedging activities and will document the election of these items on a quarterly basis or when changes/additions are necessary.

During fiscal year 2023, the Company adopted hedge accounting expedients related to probability of forecasted transactions to assert probability of the hedged interest (payments/receipts) regardless of any expected modification in terms related to reference rate reform. The Company has also adopted the Secured Overnight Financing Rate (“SOFR”) as the alternative reference rate to replace LIBOR with respect to the Company’s long-term debt. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company is continuing to assess the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

3.    EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net income per share utilized to calculate earnings per share on the Consolidated Statements of Operations:
 Three Months Ended December 31,Six Months Ended December 31,
 2022202120222021
Numerator:
Net income$10,966 $30,889 $17,889 $50,300 
Denominator:
Basic weighted average shares outstanding
89,380 94,036 89,343 95,579 
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units
198 772 192 544 
Diluted weighted average shares outstanding
89,578 94,808 89,535 96,123 

There were 372 and 316 restricted stock awards excluded from our calculation of diluted net income per share for the three months ended December 31, 2022 and 2021, respectively, as such awards were anti-dilutive. There were 453 and 158 stock-based awards comprised of restricted stock awards and stock options excluded from the calculation of diluted net income per share for the six months ended December 31, 2022 and 2021, respectively, as such awards were anti-dilutive.

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Additionally, 401 and 76 stock-based awards outstanding at December 31, 2022 and 2021, respectively, were excluded from the calculation of diluted net income per share for the three months ended December 31, 2022 and 2021, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. Furthermore, 286 and 76 stock-based awards outstanding at December 31, 2022 and 2021, respectively, were excluded from the calculation of diluted net income per share for the six months ended December 31, 2022 and 2021, 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 January 2022, the Company's Board of Directors (the "Board") authorized the repurchase of up to $200,000 of the Company’s issued and outstanding common stock. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The current 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. During the six months ended December 31, 2022, the Company did not repurchase any shares under the repurchase program. As of December 31, 2022, the Company had $173,514 of remaining authorization under the share repurchase program. During the six months ended December 31, 2021, the Company repurchased 6,552 shares under the repurchase program for a total of $265,420 excluding commissions, at an average price of $40.50 per share. Repurchases made during the six months ended December 31, 2021, were made under a previous Board authorization.

4.     ACQUISITION AND DISPOSITION

Acquisition

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 $260,185. Of the total consideration, $259,985 was paid with the remaining $200 payable as of December 31, 2022. The acquisition was funded with borrowings under the Credit Agreement (as defined in Note 9, Debt and Borrowings).

During the three months ended December 31, 2022 the Company finalized the purchase price allocation and recognized a measurement period adjustment of $794 to acquired deferred tax assets, with a related impact to goodwill. Results of THWR are included in the United States operating segment, a component of the North America reportable segment. THWR's net sales included in our consolidated results were 3.5% of consolidated net sales for the three and six months ended December 31, 2022.

The following table provides unaudited pro forma results of operations had the acquisition been completed at the beginning of fiscal 2022. The pro forma 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.

Unaudited supplemental pro forma information
 Three Months EndedSix Months Ended
 December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Net sales$454,208 $500,349 $893,559 $985,544 
Net income from operations$10,966 $36,244 $17,889 $55,669 
Diluted net income per common share from operations$0.12 $0.38 $0.20 $0.58 
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The Company's acquisition is described in more detail in Note 4, Acquisitions and Dispositions, in the Notes to the Consolidated Financial Statements in the Form 10-K.

Disposition

Westbrae Natural®

On December 15, 2022, the Company completed the divestiture of its Westbrae Natural® brand ("Westbrae") for total cash consideration of $7,498. The sale of Westbrae is consistent with the Company’s portfolio simplification process. Westbrae operated out of the United States and was part of the Company’s North America reportable segment. During the three months ended December 31, 2022, the Company deconsolidated the net assets of Westbrae, primarily consisting of $3,054 of goodwill, and recognized a pre-tax gain on sale of $3,359.

5.    INVENTORIES

Inventories consisted of the following:
December 31,
2022
June 30,
2022
Finished goods$194,071 $202,544 
Raw materials, work-in-progress and packaging130,454 105,490 
$324,525 $308,034 


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6.    PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:
December 31,
2022
June 30,
2022
Land$11,177 $11,216 
Buildings and improvements50,150 51,849 
Machinery and equipment301,240 296,398 
Computer hardware and software64,319 65,680 
Furniture and fixtures21,548 23,522 
Leasehold improvements53,753 54,999 
Construction in progress40,399 27,200 
542,586 530,864 
Less: Accumulated depreciation and impairment247,951 233,459 
$294,635 $297,405 

Depreciation expense for the three months ended December 31, 2022 and 2021 was $8,195 and $7,244, respectively. Depreciation expense for the six months ended December 31, 2022 and 2021 was $16,262 and $14,652, respectively.

The Company recognized an impairment charge of $340 during the three months ended December 31, 2022 relating to a facility in the United States that is held for sale. The facility had a net carrying value of $1,500 and $1,840 as of December 31, 2022 and June 30, 2022 respectively.

7.    LEASES
The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Europe. The Company determines if an arrangement is or contains a lease at inception. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements generally do not contain residual value guarantees or material restrictive covenants.
Some of the Company’s leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index changes are recorded as variable lease expense in the period incurred. The Company does not have any related party leases, and sublease transactions are de minimis.

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The components of lease expenses for the three and six months ended December 31, 2022 were as follows:

Three Months EndedSix Months Ended
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Operating lease expenses$2,238 $3,665 $7,213 $7,417 
Finance lease expenses71 67 140 137 
Variable lease expenses169 306 349 709 
Short-term lease expenses390 677 886 2,042 
Total lease expenses$2,868 $4,715 $8,588 $10,305 

Supplemental balance sheet information related to leases was as follows:
LeasesClassification December 31, 2022June 30, 2022
Assets
Operating lease ROU assets, netOperating lease right-of-use assets, net$101,374 $114,691 
Finance lease ROU assets, netProperty, plant and equipment, net366413 
Total leased assets$101,740 $115,104