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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 March 31, 2023
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/8d1a973fb56dafa9fa89885002550454-hainlogoa20.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.)

4600 Sleepytime Drive, Boulder, CO 80301
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (516587-5000
1111 Marcus Avenue, Lake Success, NY 11042
(Former name, former address and former fiscal year, if changed since last report)
___________________________________________ 


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 May 3, 2023, there were 89,443,996 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 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 March 31, 2023 (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; 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

Table of Contents
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 31, 2023 AND JUNE 30, 2022
(In thousands, except par values)
March 31,June 30,
20232022
ASSETS
Current assets:
Cash and cash equivalents$43,682 $65,512 
Accounts receivable, less allowance for doubtful accounts of $3,229 and $1,731, respectively
179,114 170,661 
Inventories316,345 308,034 
Prepaid expenses and other current assets58,719 54,079 
Assets held for sale1,250 1,840 
Total current assets599,110 600,126 
Property, plant and equipment, net296,433 297,405 
Goodwill931,729 933,796 
Trademarks and other intangible assets, net314,536 477,533 
Investments and joint ventures12,720 14,456 
Operating lease right-of-use assets, net98,306 114,691 
Other assets19,990 20,377 
Total assets$2,272,824 $2,458,384 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$146,340 $174,765 
Accrued expenses and other current liabilities95,841 86,833 
Current portion of long-term debt7,575 7,705 
Total current liabilities249,756 269,303 
Long-term debt, less current portion848,982 880,938 
Deferred income taxes51,155 95,044 
Operating lease liabilities, noncurrent portion91,885 107,481 
Other noncurrent liabilities24,571 22,450 
Total liabilities1,266,349 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: 111,263 and 111,090 shares, respectively; outstanding: 89,423 and 89,302 shares, respectively
1,113 1,111 
Additional paid-in capital1,213,783 1,203,126 
Retained earnings671,260 769,098 
Accumulated other comprehensive loss(152,945)(164,482)
1,733,211 1,808,853 
Less: Treasury stock, at cost, 21,840 and 21,788 shares, respectively
(726,736)(725,685)
Total stockholders’ equity1,006,475 1,083,168 
Total liabilities and stockholders’ equity$2,272,824 $2,458,384 
See notes to consolidated financial statements.
3

Table of Contents
THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2023 AND 2022
(In thousands, except per share amounts) 
 Three Months Ended March 31,Nine Months Ended March 31,
 2023202220232022
Net sales$455,243 $502,939 $1,348,802 $1,434,783 
Cost of sales357,764 387,236 1,053,131 1,096,367 
Gross profit97,479 115,703 295,671 338,416 
Selling, general and administrative expenses75,047 75,750 222,355 229,679 
Intangibles and long-lived asset impairment156,583  156,923 303 
Amortization of acquired intangible assets2,842 3,110 8,415 7,254 
Productivity and transformation costs
3,933 1,679 5,692 8,448 
Operating (loss) income(140,926)35,164 (97,714)92,732 
Interest and other financing expense, net13,421 3,224 31,910 7,672 
Other expense (income), net439 (712)(2,413)(10,570)
(Loss) income before income taxes and equity in net loss of equity-method investees(154,786)32,652 (127,211)95,630 
(Benefit) provision for income taxes(39,587)7,738 (30,599)19,425 
Equity in net loss of equity-method investees528 383 1,226 1,374 
Net (loss) income$(115,727)$24,531 $(97,838)$74,831 
Net (loss) income per common share:
Basic$(1.29)$0.27 $(1.09)$0.80 
Diluted$(1.29)$0.27 $(1.09)$0.79 
Shares used in the calculation of net (loss) income per common share:
Basic89,421 91,139 89,369 94,099 
Diluted89,421 91,310 89,369 94,519 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2023 AND 2022
(In thousands)
 Three Months Ended
March 31, 2023March 31, 2022
 Pretax
amount
Tax (expense) benefitAfter-tax amountPretax
amount
Tax (expense) benefitAfter-tax amount
Net (loss) income$(115,727)$24,531 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$15,250 $ 15,250 $(18,701)$ (18,701)
Change in deferred (losses) gains on cash flow hedging instruments
(6,031)1,521 (4,510)1,841 (387)1,454 
Change in deferred gains on fair value hedging instruments172 (43)129    
Change in deferred (losses) gains on net investment hedging instruments
(628)160 (468)1,426 (299)1,127 
Total other comprehensive income (loss)
$8,763 $1,638 $10,401 $(15,434)$(686)$(16,120)
Total comprehensive (loss) income$(105,326)$8,411 
 Nine Months Ended
March 31, 2023March 31, 2022
 Pretax
amount
Tax (expense) benefitAfter-tax amountPretax
amount
Tax (expense) benefitAfter-tax amount
Net (loss) income$(97,838)$74,831 
Other comprehensive income (loss):
Foreign currency translation adjustments before reclassifications$7,774 $ 7,774 $(43,649)$ (43,649)
Change in deferred gains on cash flow hedging instruments
5,724 (1,506)4,218 2,567 (540)2,027 
Change in deferred gains on fair value hedging instruments591 (145)446    
Change in deferred (losses) gains on net investment hedging instruments
(1,139)238 (901)5,423 (1,140)4,283 
Total other comprehensive income (loss)
$12,950 $(1,413)$11,537 $(35,659)$(1,680)$(37,339)
Total comprehensive (loss) income$(86,301)$37,492 
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 NINE MONTHS ENDED MARCH 31, 2023
(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 
Net loss(115,727)(115,727)
Other comprehensive income10,401 10,401 
Issuance of common stock pursuant to stock-based compensation plans
7  
Employee shares withheld for taxes
3 (68)(68)
Stock-based compensation expense3,228 3,228 
Balance at March 31, 2023111,263 $1,113 $1,213,783 $671,260 21,840 $(726,736)$(152,945)$1,006,475 

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 NINE MONTHS ENDED MARCH 31, 2022
(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 
Net income24,531 24,531 
Other comprehensive loss(16,120)(16,120)
Issuance of common stock pursuant to stock-based compensation plans
83 1 (1) 
Employee shares withheld for taxes
40 (1,597)(1,597)
Repurchase of common stock3,574 (130,472)(130,472)
Stock-based compensation expense3,846 3,846 
Balance at March 31, 2022111,087 $1,111 $1,199,804 $766,056 21,287 $(712,577)$(110,350)$1,144,044 

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 NINE MONTHS ENDED MARCH 31, 2023 AND 2022
(In thousands)
 Nine Months Ended March 31,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income$(97,838)$74,831 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization37,909 34,396 
Deferred income taxes(44,809)7,374 
Equity in net loss of equity-method investees1,226 1,374 
Stock-based compensation, net10,657 12,289 
Intangibles and long-lived asset impairment156,923 303 
Gain on sale of assets(3,529)(8,869)
Other non-cash items, net(1,526)(2,155)
(Decrease) increase in cash attributable to changes in operating assets and liabilities:
Accounts receivable(7,926)14,150 
Inventories(8,534)(4,371)
Other current assets455 (10,996)
Other assets and liabilities3,496 (2,705)
Accounts payable and accrued expenses(20,195)(16,435)
Net cash provided by operating activities26,309 99,186 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(21,434)(33,939)
Acquisitions of businesses, net of cash acquired (260,474)
Investments and joint ventures, net433 (614)
Proceeds from sale of assets7,758 10,756 
Net cash used in investing activities
(13,243)(284,271)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under bank revolving credit facility275,000 678,000 
Repayments under bank revolving credit facility(301,000)(370,000)
Borrowings under term loan 300,000 
Repayments under term loan(5,625)(1,875)
Payments of other debt, net(2,116)(3,232)
Share repurchases (397,405)
Employee shares withheld for taxes
(1,051)(32,630)
Net cash (used in) provided by financing activities
(34,792)172,858 
Effect of exchange rate changes on cash(104)(5,836)
Net decrease in cash and cash equivalents(21,830)(18,063)
Cash and cash equivalents at beginning of period65,512 75,871 
Cash and cash equivalents at end of period$43,682 $57,808 

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 Boulder, Colorado. 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 accounting. As such, consolidated net (loss) 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 interim periods are not necessarily indicative of the results for the full year. 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 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 $290,856 and $112,607 during the nine months ended March 31, 2023 and 2022, 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.

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Recently Issued and Adopted Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method which would allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits This ASU is effective for fiscal years beginning after December 15, 2023. This standard will not have any 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". 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 was adopted 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 certain 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 (loss) income per share utilized to calculate (loss) earnings per share on the Consolidated Statements of Operations:
 Three Months Ended March 31,Nine Months Ended March 31,
 2023202220232022
Numerator:
Net (loss) income$(115,727)$24,531 $(97,838)$74,831 
Denominator:
Basic weighted average shares outstanding
89,421 91,139 89,369 94,099 
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units(1)
 171  420 
Diluted weighted average shares outstanding
89,421 91,310 89,369 94,519 

(1)Due to a loss from operations, common stock equivalents are excluded from the calculation of diluted weighted average shares outstanding for the three and nine months ended March 31, 2023, respectively, as the impact would be anti-dilutive.

There were 329 and 508 restricted stock awards excluded from our calculation of diluted net (loss) income per share for the three months ended March 31, 2023 and 2022, respectively, as such awards were anti-dilutive. There were 524 and 275 stock-based awards comprised of restricted stock awards and stock options excluded from the calculation of diluted net (loss) income per share for the nine months ended March 31, 2023 and 2022, respectively, as such awards were anti-dilutive.

Additionally, 399 and 231 stock-based awards outstanding at March 31, 2023 and 2022, respectively, were excluded from the calculation of diluted net (loss) income per share for the three months ended March 31, 2023 and 2022, respectively, as such awards
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were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. Furthermore, 366 and 541 stock-based awards outstanding at March 31, 2023 and 2022, respectively, were excluded from the calculation of diluted net (loss) income per share for the nine months ended March 31, 2023 and 2022, 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 nine months ended March 31, 2023, the Company did not repurchase any shares under the repurchase program. As of March 31, 2023, the Company had $173,514 of remaining authorization under the share repurchase program. In addition, during the nine months ended March 31, 2022, 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 nine months ended March 31, 2022, 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. 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 2.2% and 3.08% of consolidated net sales for the three and nine months ended March 31, 2023 respectively.

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 EndedNine Months Ended
 March 31, 2022March 31, 2022
Net sales$502,939 $1,488,483 
Net income from operations(1)
$26,970 $81,415 
Diluted net (loss) income per common share from operations$0.30 $0.86 

(1)The pro forma adjustments include the elimination of transaction costs totaling $5,103 from the nine months ended March 31, 2022. Additionally, the pro forma adjustments include the elimination of integration costs and a fair value inventory adjustment totaling $1,500 and $1,800, respectively, for the three and nine months ended March 31, 2022.

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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 nine months ended March 31, 2023, the Company deconsolidated the net assets of Westbrae, primarily consisting of $3,054 of goodwill, and recognized a pretax gain on sale of $3,488.

5.    INVENTORIES

Inventories consisted of the following:
March 31,
2023
June 30,
2022
Finished goods$194,858 $202,544 
Raw materials, work-in-progress and packaging121,487 105,490 
$316,345 $308,034 


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6.    PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:
March 31,
2023
June 30,
2022
Land$11,293 $11,216 
Buildings and improvements50,818