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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, 2024
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/8d3cdead4059e9c06b90a16982cb34be-HainCelestial-Logo-FullColor-RGB.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.)

221 River Street, Hoboken, NJ
 07030
(Address of principal executive offices)(Zip Code)
(516587-5000
(Registrant’s telephone number, including area code)

N/A
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 2, 2024, there were 89,844,077 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, 2024 (the “Form 10-Q”) contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of The Hain Celestial Group, Inc. (collectively with its subsidiaries, the “Company,” “Hain Celestial,” “we,” “us” or “our”) may differ materially from those expressed or implied by such forward-looking statements. The words “believe,” “expect,” “anticipate,” “may,” “should,” “plan,” “intend,” “potential,” “will” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, among other things: our beliefs or expectations relating to our future performance, results of operations and financial condition; our strategic initiatives (including statements related to Hain Reimagined and our related investments in our business); our business strategy; our supply chain, including the availability and pricing of raw materials; our brand portfolio; pricing actions and product performance; inflation rates; and current or future macroeconomic trends.

Risks and uncertainties that may cause actual results to differ materially from forward-looking statements include: challenges and uncertainty resulting from the impact of competition; our ability to manage our supply chain effectively; input cost inflation, including with respect to freight and other distribution costs; disruption of operations at our manufacturing facilities; reliance on independent contract manufacturers; impairments in the carrying amount of goodwill or other intangible assets; changes to consumer preferences; customer concentration; reliance on independent distributors; risks associated with operating internationally; pending and future litigation, including litigation relating to Earth’s Best® baby food products; the reputation of our Company and our brands; compliance with our credit agreement; foreign currency exchange risk; the availability of organic ingredients; risks associated with outsourcing arrangements; our ability to execute our cost reduction initiatives and related strategic initiatives; risks associated with conflicts in Eastern Europe and the Middle East and other geopolitical events; 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; our ability to use and protect trademarks; general economic conditions; cybersecurity incidents; disruptions to information technology systems; changing rules, public disclosure regulations and stakeholder expectations on ESG-related matters; 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; our ability to issue preferred stock; the adequacy of our insurance coverage; 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.



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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 31, 2024 AND JUNE 30, 2023
(In thousands, except par values)
March 31,June 30,
20242023
ASSETS
Current assets:
Cash and cash equivalents$49,549 $53,364 
Accounts receivable, less allowance for doubtful accounts of $1,786 and $2,750, respectively
191,192 160,948 
Inventories281,399 310,341 
Prepaid expenses and other current assets49,813 66,378 
Total current assets571,953 591,031 
Property, plant and equipment, net264,470 296,325 
Goodwill936,135 938,640 
Trademarks and other intangible assets, net250,265 298,105 
Investments and joint ventures10,456 12,798 
Operating lease right-of-use assets, net87,599 95,894 
Other assets28,356 25,846 
Total assets$2,149,234 $2,258,639 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$179,068 $134,780 
Accrued expenses and other current liabilities85,736 88,520 
Current portion of long-term debt7,569 7,567 
Total current liabilities272,373 230,867 
Long-term debt, less current portion769,948 821,181 
Deferred income taxes52,310 72,086 
Operating lease liabilities, noncurrent portion82,435 90,014 
Other noncurrent liabilities27,681 26,584 
Total liabilities1,204,747 1,240,732 
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock - $.01 par value, authorized 5,000 shares; issued and outstanding: none
  
Common stock - $.01 par value, authorized 150,000 shares; issued: 111,850 and 111,339 shares, respectively; outstanding: 89,834 and 89,475 shares, respectively
1,119 1,113 
Additional paid-in capital1,227,684 1,217,549 
Retained earnings580,456 652,561 
Accumulated other comprehensive loss(136,072)(126,216)
1,673,187 1,745,007 
Less: Treasury stock, at cost, 22,016 and 21,864 shares, respectively
(728,700)(727,100)
Total stockholders’ equity944,487 1,017,907 
Total liabilities and stockholders’ equity$2,149,234 $2,258,639 
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 NINE MONTHS ENDED MARCH 31, 2024 AND 2023
(In thousands, except per share amounts) 
 Three Months Ended March 31,Nine Months Ended March 31,
 2024202320242023
Net sales$438,358 $455,243 $1,317,487 $1,348,802 
Cost of sales341,687 357,764 1,034,658 1,053,131 
Gross profit96,671 97,479 282,829 295,671 
Selling, general and administrative expenses66,716 75,047 217,837 222,355 
Intangibles and long-lived asset impairment49,426 156,583 70,786 156,923 
Productivity and transformation costs
7,175 3,933 20,447 5,692 
Amortization of acquired intangible assets1,255 2,842 4,719 8,415 
Operating loss(27,901)(140,926)(30,960)(97,714)
Interest and other financing expense, net14,127 13,421 43,509 31,910 
Other expense (income), net100 439 (207)(2,413)
Loss before income taxes and equity in net loss of equity-method investees(42,128)(154,786)(74,262)(127,211)
Provision (benefit) for income taxes5,100 (39,587)(4,528)(30,599)
Equity in net loss of equity-method investees966 528 2,371 1,226 
Net loss$(48,194)$(115,727)$(72,105)$(97,838)
Net loss per common share:
Basic$(0.54)$(1.29)$(0.80)$(1.09)
Diluted$(0.54)$(1.29)$(0.80)$(1.09)
Shares used in the calculation of net loss per common share:
Basic89,832 89,421 89,718 89,369 
Diluted89,832 89,421 89,718 89,369 

See notes to consolidated financial statements.
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THE HAIN CELESTIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2024 AND 2023
(In thousands)
 Three Months Ended
March 31, 2024March 31, 2023
 Pretax
amount
Tax (expense) benefitAfter tax amountPretax
amount
Tax (expense) benefitAfter tax amount
Net loss$(48,194)$(115,727)
Other comprehensive (loss) income:
Foreign currency translation adjustments before reclassifications$(11,004)$ $(11,004)$15,250 $ $15,250 
Change in deferred gains (losses) on cash flow hedging instruments
4,920 (1,216)3,704 (6,031)1,521 (4,510)
Change in deferred (losses) gains on fair value hedging instruments(168)41 (127)172 (43)129 
Change in deferred gains (losses) on net investment hedging instruments
1,833 (453)1,380 (628)160 (468)
Total other comprehensive (loss) income
$(4,419)$(1,628)$(6,047)$8,763 $1,638 $10,401 
Total comprehensive loss$(54,241)$(105,326)
 Nine Months Ended
March 31, 2024March 31, 2023
 Pretax
amount
Tax benefitAfter tax amountPretax
amount
Tax (expense) benefitAfter tax amount
Net loss$(72,105)$(97,838)
Other comprehensive (loss) income:
Foreign currency translation adjustments before reclassifications$(7,400)$ $(7,400)$7,774 $ $7,774 
Change in deferred (losses) gains on cash flow hedging instruments
(1,949)489 (1,460)5,724 (1,506)4,218 
Change in deferred (losses) gains on fair value hedging instruments(503)125 (378)591 (145)446 
Change in deferred losses on net investment hedging instruments
(820)202 (618)(1,139)238 (901)
Total other comprehensive (loss) income
$(10,672)$816 $(9,856)$12,950 $(1,413)$11,537 
Total comprehensive loss$(81,961)$(86,301)
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, 2024
(In thousands, except par values)
 Common StockAdditional   
Accumulated
Other
 
  AmountPaid-inRetainedTreasury StockComprehensive 
 Shares
at $.01
CapitalEarningsSharesAmountLoss Total
Balance at June 30, 2023111,339 $1,113 $1,217,549 $652,561 21,864 $(727,100)$(126,216)$1,017,907 
Net loss(10,376)(10,376)
Other comprehensive loss(29,407)(29,407)
Issuance of common stock pursuant to stock-based compensation plans
239 3 3 
Employee shares withheld for taxes
86 (875)(875)
Stock-based compensation expense3,742 3,742 
Balance at September 30, 2023111,578 $1,116 $1,221,291 $642,185 21,950 $(727,975)$(155,623)$980,994 
Net loss(13,535)(13,535)
Other comprehensive income 25,598 25,598 
Issuance of common stock pursuant to stock-based compensation plans
240 2 2 
Employee shares withheld for taxes
56 (614)(614)
Stock-based compensation expense3,376 3,376 
Balance at December 31, 2023111,818 $1,118 $1,224,667 $628,650 22,006 $(728,589)$(130,025)$995,821 
Net loss(48,194)(48,194)
Other comprehensive loss(6,047)(6,047)
Issuance of common stock pursuant to stock-based compensation plans
32 1 1 
Employee shares withheld for taxes
10 (111)(111)
Stock-based compensation expense3,017 3,017 
Balance at March 31, 2024111,850 $1,119 $1,227,684 $580,456 22,016 $(728,700)$(136,072)$944,487 

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
CapitalEarningsSharesAmountLossTotal
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 income53,598 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
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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 STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2024 AND 2023
(In thousands)
 Nine Months Ended March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(72,105)$(97,838)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization34,360 37,909 
Deferred income taxes(18,764)(44,809)
Equity in net loss of equity-method investees2,371 1,226 
Stock-based compensation, net10,135 10,657 
Intangibles and long-lived asset impairment70,786 156,923 
Loss (gain) on sale of assets62 (3,529)
Other non-cash items, net944 (1,526)
(Decrease) increase in cash attributable to changes in operating assets and liabilities:
Accounts receivable(30,672)(7,926)
Inventories27,432 (8,534)
Other current assets13,830 455 
Other assets and liabilities(4,466)3,496 
Accounts payable and accrued expenses43,046 (20,195)
Net cash provided by operating activities76,959 26,309 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(24,769)(21,434)
Investments and joint ventures, net 433 
Proceeds from sale of assets1,520 7,758 
Net cash used in investing activities
(23,249)(13,243)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under bank revolving credit facility152,000 275,000 
Repayments under bank revolving credit facility(197,000)(301,000)
Repayments under term loan(5,625)(5,625)
Payments of other debt, net(3,875)(2,116)
Employee shares withheld for taxes
(1,600)(1,051)
Net cash used in financing activities
(56,100)(34,792)
Effect of exchange rate changes on cash(1,425)(104)
Net decrease in cash and cash equivalents(3,815)(21,830)
Cash and cash equivalents at beginning of period53,364 65,512 
Cash and cash equivalents at end of period$49,549 $43,682 

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 Hoboken, New Jersey. The Company’s mission has continued to evolve since its founding, with health and wellness being the core tenet. The Company continues to be a leading marketer, manufacturer, and seller of organic and natural, “better-for-you” products by anticipating and exceeding consumer expectations in providing quality, innovation, value and convenience. The Company is committed to growing sustainably while continuing to implement environmentally sound business practices and manufacturing processes. Hain Celestial sells its products through specialty and natural food distributors, supermarkets, natural food stores, mass-market and e-commerce retailers, food service channels and club, drug, and convenience stores worldwide. The Company operates under two reportable segments: North America and International.

2.    BASIS OF PRESENTATION

The Company’s unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliated companies in which the Company exerts significant influence, but which it does not control, are accounted for under the equity method of accounting. As such, consolidated net (loss) income includes the Company’s equity in the current losses or earnings of such companies.

The Company’s unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, 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, 2023 (the “Form 10-K”). The amounts as of and for the periods ended June 30, 2023 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 three and nine months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. Please refer to the Notes to the Consolidated Financial Statements as of June 30, 2023 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 thousands, 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 $223,600 and $290,856 during the nine months ended March 31, 2024 and 2023, 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 provided by operating activities on the Consolidated Statements of Cash Flows.

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Recently Issued and Adopted Accounting Pronouncements

In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-03, “Presentation of Financial Statement (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718)”, to amend various SEC paragraphs in the Accounting Standards Codification (“ASC”) to reflect the issuance of SEC Staff Accounting Bulletin No. 120, among other things. The Company adopted this conforming guidance upon issuance, which had no material impact on its consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which will require entities to disclose more detailed information in the reconciliation of their statutory tax rate to their effective tax rate. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction, pretax income (loss) from continuing operations, and income tax expense (benefit). The amendments are effective for fiscal years beginning after December 15, 2024 and for interim periods within fiscal years beginning after December 15, 2025. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures”, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements.

3.    LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share on the Consolidated Statements of Operations:
 Three Months Ended March 31,Nine Months Ended March 31,
 2024202320242023
Numerator:
Net loss$(48,194)$(115,727)$(72,105)$(97,838)
Denominator:
Basic and diluted weighted average shares outstanding
89,832 89,421 89,718 89,369 
Basic and diluted net loss per common share$(0.54)$(1.29)$(0.80)$(1.09)

Due to the incurred net loss in the three and nine months ended March 31, 2024, all common stock equivalents such as stock options and unvested restricted stock awards have been excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive.

There were 329 restricted stock awards excluded from the calculation of diluted net loss per share for the three months ended March 31, 2023, as such awards were anti-dilutive. There were 524 stock-based awards comprised of restricted stock awards and stock options excluded from the calculation of diluted net loss per share for the nine months ended March 31, 2023, as such awards were anti-dilutive. Additionally, 885 and 399 stock-based awards outstanding at March 31, 2024 and 2023, respectively, were excluded from the calculation of diluted net loss per share for the three months ended March 31, 2024 and 2023, 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, 639 and 366 stock-based awards outstanding at March 31, 2024 and 2023, respectively, were excluded from the calculation of diluted net loss per share for the nine months ended March 31, 2024 and 2023, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods.

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4.     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 in 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,
2024
June 30,
2023
Finished goods$186,821 $192,007 
Raw materials, work-in-progress and packaging94,578 118,334 
$281,399 $310,341 
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6.    PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:
March 31,
2024
June 30,
2023
Land$11,395 $11,453 
Buildings and improvements56,892 55,354 
Machinery and equipment320,953 335,912 
Computer hardware and software53,339 54,192 
Furniture and fixtures20,754 20,722 
Leasehold improvements39,093 49,394 
Construction in progress15,599 10,816 
518,025 537,843 
Less: Accumulated depreciation253,555 241,518 
$264,470 $296,325 

Depreciation expense for the three months ended March 31, 2024 and 2023 was $8,232 and $9,649, respectively. Depreciation expense for the nine months ended March 31, 2024 and 2023 was $26,410 and $25,911, respectively.

As a result of the same factors triggering the interim impairment tests for the ParmCrisps® intangible assets, as discussed in Note 8, Goodwill and Other Intangible Assets, during the three months ended March 31, 2024, the Company completed interim impairment tests of the ParmCrisps® asset group. The Company determined that the carrying amount of the ParmCrisps® asset group exceeded its estimated fair value. During the three and nine months ended March 31, 2024, the Company recognized a non-cash impairment charge of $5,875 to reduce the carrying amount of ParmCrisps® machinery and equipment, to its estimated fair value. The fair value of machinery and equipment was determined based on an orderly liquidation value. Impairment charges were recorded within intangibles and long-lived asset impairment on the Consolidated Statements of Operations.

During the nine months ended March 31, 2024, the Company recognized a non-cash impairment charge of $20,666 related to an asset group primarily comprised of certain production assets in the North America reportable segment to reduce the carrying amount of such long-lived assets to their estimated fair value. Impairment charges were recorded within intangibles and long-lived asset impairment on the Consolidated Statement of Operations.

The Company recognized impairment charges of $244 and $584 during the three and nine months ended March 31, 2023, respectively, relating to a facility in the United States that was held for sale. During the nine months ended March 31, 2024, the Company completed the sale of such facility for total cash proceeds of $1,182, net of brokerage and other fees, resulting in a loss in the amount of $68, which was included as a component of other income, net on the Consolidated Statement of Operations.

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7.    LEASES
The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Western 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.

The components of lease expenses for the three and nine months ended March 31, 2024 and 2023 were as follows:
Three Months EndedNine Months Ended
March 31, 2024March 31, 2023March 31, 2024March 31, 2023
Operating lease expenses$4,106 $6,657 $13,480 $13,869 
Finance lease expenses37 48 111 188 
Variable lease expenses182 207 554 556 
Short-term lease expenses287 726 1,100 1,612 
Total lease expenses$4,612 $7,638 $15,245 $16,225 


Supplemental balance sheet information related to leases was as follows:

LeasesClassification March 31, 2024June 30, 2023
Assets
Operating lease ROU assets, netOperating lease right-of-use assets, net$87,599 $95,894 
Finance lease ROU assets, netProperty, plant and equipment, net227289 
Total leased assets$87,826 $96,183 
Liabilities
Current
OperatingAccrued expenses and other current liabilities$10,027 $10,489 
FinanceCurrent portion of long-term debt85 83 
Non-current
Operating Operating lease liabilities, noncurrent portion82,435 90,014 
FinanceLong-term debt, less current portion158 222 
Total lease liabilities $92,705 $100,808 


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Additional information related to leases is as follows:
Nine Months Ended
March 31, 2024March 31, 2023
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$12,632 $12,299 
Operating cash flows from finance leases$9 $12 
Financing cash flows from finance leases$60 $137 
ROU assets obtained in exchange for lease obligations:
Operating leases(1)(2)
$2,488 $(2,740)
Finance leases$35 $60 
Weighted average remaining lease term:
Operating leases9.1 years10.5 years
Finance leases3.2 years4.1 years
Weighted average discount rate:
Operating leases4.9 %4.7 %
Finance leases4.5 %4.5 %

(1) Includes adjustment for remeasurement of an operating lease during the nine months ended March 31, 2024, which resulted in a net reduction of an ROU asset and a corresponding reduction in lease liability of $9,375.
(2) Includes adjustment for modification of an operating lease during the nine months ended March 31, 2023, which resulted in a reduction of an ROU asset and lease liability of $13,876 and $17,244, respectively, and recognition of a gain of $3,368 related to the modification.

Maturities of lease liabilities as of March 31, 2024 were as follows:
Fiscal YearOperating leasesFinance leasesTotal
2024 (remainder of year)$3,051 $24 $3,075 
202514,436 93 14,529 
202613,800 68 13,868 
202713,469 53 13,522 
202813,228 25 13,253 
Thereafter57,785  57,785 
Total lease payments115,769 263 116,032 
Less: Imputed interest23,307 20 23,327 
Total lease liabilities$92,462 $243 $92,705 

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8.    GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table provides changes in the carrying amount of goodwill by reportable segment:
North AmericaInternationalTotal
Balance as of June 30, 2023$697,053 $241,587 $938,640 
Translation(896)(1,609)(2,505)
Balance as of March 31, 2024
$696,157 $239,978 $936,135 

As a result of the significant decline in the Company’s market capitalization and the same factors triggering the interim impairment tests for the ParmCrisps® and Thinsters® trademarks, certain North America personal care tradenames, and other intangible assets discussed below, the Company completed an interim impairment test of all reporting units. For United Kingdom, Western Europe, Canada, and Ella's Kitchen UK, the Company performed a qualitative evaluation to assess factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, including goodwill. The Company concluded that the qualitatively tested reporting units estimated fair values exceeded their carrying amounts. Three of these reporting units (United Kingdom, Western Europe and Canada) were quantitatively tested in fiscal 2023 and as of the last quantitative testing date, their estimated fair values exceeded their respective carrying amounts by more than 17.7%.

During the three months ended March 31, 2024, the Company completed an interim quantitative impairment test of goodwill in the United States (“U.S.”) reporting unit and concluded that the reporting unit’s estimated fair value exceeded its carrying amount. The fair value of the reporting unit was estimated utilizing a blended approach which included an income approach utilizing the Discounted Cash Flows (“DCF”) Method and the Guideline Public Company Methodology (“GPCM”), a market-based approach.

At March 31, 2024, the goodwill related to the U.S. reporting unit is at risk of potential impairment if the fair value of this reporting unit, and its associated assets, decrease in value due to the amount and timing of expected future cash flows, decreased customer demand for products, an inability to execute management’s business strategies, or general market conditions, such as economic downturns, and changes in interest rates, including discount rates. Future cash flow estimates are, by their nature, subjective, and actual results may differ materially from the Company’s estimates. If the Company’s ongoing cash flow projections are not met or if market factors utilized in the impairment test deteriorate, including an unfavorable change in the terminal growth rate or the weighted-average cost of capital, the Company may have to record impairment charges in future periods. As of March 31, 2024 the U.S. reporting unit had $647,321 of goodwill and the reporting unit’s estimated fair value exceeded its carrying amount by 5.2%.

Other Intangible Assets

The following table includes the gross carrying amount and accumulated amortization, where applicable, for intangible assets, excluding goodwill:
March 31,
2024
June 30,
2023
Non-amortized intangible assets:
Trademarks and tradenames(1)
$224,788 $250,860 
Amortized intangible assets:
Other intangibles144,294 161,874 
Less: Accumulated amortization(118,817)(114,629)
Net amortized intangible assets25,477 47,245 
Net other intangible assets$250,265 $298,105 
(1) The gross carrying amount of trademarks and tradenames is reflected net of $249,291 and $223,981 of accumulated impairment charges as of March 31, 2024 and June 30, 2023, respectively.

During the three months ended March 31, 2024, the Company recorded a non-cash impairment charge of $10,797 related to Thinsters® indefinite and definite lived intangible assets in connection with the probable sale of its Thinsters® cookie business (see Note 20, Subsequent Event). The Company concluded that as of March 31, 2024, there was a high probability that the sale of the Thinsters® business would occur and therefore, a quantitative impairment test was performed. To determine the amount of the impairment, the Company compared the carrying amount of the Thinsters® assets to its estimated fair value (which was the expected selling price less transaction costs). Further, the Company determined that not all criteria were met to be able to classify the Thinsters® business as held for sale as of March 31, 2024, since the Company did not receive approval from its Board of Directors to sell the Thinsters® business
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until after March 31, 2024. The assets are part of the North America reportable segment and have a remaining aggregate carrying amount of $2,023 as of March 31, 2024.

During the three months ended March 31, 2024, as a result of further expected decline in the actual and projected performance and cash flows of certain North America personal care brands (namely, Alba Botanica®, Avalon Organics®, and JASON®) and the ParmCrisps® brand, the Company determined that interim impairment tests of the associated indefinite-lived trademarks were required to be performed. During the three months ended March 31, 2024, the Company recorded non-cash impairment charges of $12,815 and $8,000 for the personal care tradenames and the ParmCrisps® trademark, respectively, to reduce the carrying amounts of such intangible assets to their estimated fair values of $13,000 and nil, respectively. The fair value was determined using the relief from royalty method, and impairment charges were recorded within intangibles and long-lived asset impairment on the Consolidated Statements of Operations. The assets are part of the North America reportable segment.

As a result of the same factors triggering the interim impairment tests for the ParmCrisps® trademark discussed above, during the three months ended March 31, 2024, the Company completed its interim impairment tests of the ParmCrisps® asset group, which was primarily comprised of amortizable customer relationships, machinery and equipment and operating lease right-of-use assets. The Company determined that the carrying amount of the ParmCrisps® asset group exceeded the estimated fair value. During the three months ended March 31, 2024, the Company recorded non-cash impairment charges of $10,586 to reduce the carrying amount of the ParmCrisps® customer relationships, to their estimated fair value which was determined using a discounted cash flow analysis. Impairment charges were recorded within intangibles and long-lived asset impairment on the Consolidated Statements of Operations. The customer relationship intangible asset was part of the North America reportable segment and was fully impaired as of March 31, 2024.

During the three months ended March 31, 2023, the Company recorded non-cash impairment charges of $102,000 and $8,500 for the ParmCrisps® and Thinsters® trademarks, respectively, to reduce the carrying amount of such intangible assets to their estimated fair value. The fair values were determined using the relief from royalty method, and impairment charges were recorded within intangibles and long-lived asset impairment on the Consolidated Statements of Operations. The assets are part of the North America reportable segment and fully impaired as of March 31, 2024. As a result of the same factors triggering the interim impairment tests for the ParmCrisps® and Thinsters® trademarks, the Company completed interim impairment tests of the ParmCrisps® and Thinsters® asset groups, which were primarily comprised of amortizable customer relationships. The Company determined that the ParmCrisps® asset group’s carrying amount exceeded the estimated fair value. During the three months ended March 31, 2023, the Company recorded non-cash impairment charges of $45,798 to reduce the carrying amount of the ParmCrisps® customer relationships, the primary asset in the asset group, to their estimated fair value. Impairment charges were recorded within intangibles and long-lived asset impairment on the Consolidated Statements of Operations. The fair value of the Thinsters® asset group exceeded its carrying amount. The assets had a remaining aggregate carrying amount of $19,889 as of June 30, 2023.

Amortized intangible assets, which are deemed to have a finite life, primarily consist of customer relationships, trademarks and tradenames and are amortized over their estimated useful lives of 7 to 25 years.

Amortization expense included in the Consolidated Statements of Operations was as follows:
Three Months Ended March 31,Nine Months Ended March 31,
 2024202320242023
Amortization of acquired intangibles$1,255 $2,842 $4,719 $8,415 

The weighted average remaining amortization period of amortized intangible assets is 7.7 years.

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9.    DEBT AND BORROWINGS

Debt and borrowings consisted of the following:
March 31,
2024
June 30,
2023
Revolving credit facility$496,000 $541,000 
Term loans283,125 288,750 
Less: Unamortized issuance costs(1,851)(1,307)
Other borrowings(1)
243 305 
777,517 828,748 
Short-term borrowings and current portion of long-term debt(2)
7,569 7,567 
Long-term debt, less current portion$769,948 $821,181 
(1) Includes $243 (June 30, 2023: $305) of finance lease obligations as discussed in Note 7, Leases.
(2) Includes $85 (June 30, 2023: $83) of short-term finance lease obligations as discussed in Note 7, Leases.

On August 22, 2023, the Company entered into a Second Amendment (the “Second Amendment”) to the Credit Agreement (as amended by a First Amendment dated December 16, 2022, the “Credit Agreement”). The Credit Agreement provides for senior secured financing of $1,100 million in the aggregate, consisting of (1) $300 million in aggregate principal amount of term loans (the “Term Loans”) and (2) an $800 million senior secured revolving credit facility (which includes borrowing capacity available for letters of credit, and is comprised of a $440 million U.S. revolving credit facility and $360 million global revolving credit facility) (the “Revolver”). Both the Revolver and the Term Loans mature on December 22, 2026. The Company’s obligations under the Credit Agreement are guaranteed by certain existing and future domestic subsidiaries of the Company and are secured by liens on assets of the Company and its material domestic subsidiaries, including the equity interest in each of their direct subsidiaries and intellectual property, subject to agreed-upon exceptions.

The Credit Agreement includes financial covenants that require compliance with a consolidated secured leverage ratio, a consolidated leverage ratio and a consolidated interest coverage ratio. Pursuant to the Second Amendment, the Company’s maximum consolidated secured leverage ratio was amended to be 5.00:1.00 until September 30, 2023, 5.25:1.00 until December 31, 2023 and 5.00:1.00 until December 31, 2024 (the period of time during which such maximum consolidated secured leverage ratios are in effect, the “Second Amendment Period,” which the Company may elect to end early). Following the Second Amendment Period, the maximum consolidated secured leverage ratio will be 4.25:1.00, subject to possible temporary increase following certain corporate acquisitions. Pursuant to the Credit Agreement, the Companys maximum consolidated leverage ratio is 6.00:1.00. Pursuant to the Second Amendment, the Company’s minimum interest coverage ratio was amended to be 2.50:1.00.

During the Second Amendment Period, loans under the Credit Agreement will bear interest at (a) Term SOFR plus 2.5% per annum or (b) the Base Rate plus 1.5% per annum. Following the Second Amendment Period, Loans will bear interest at rates based on (a) Term SOFR plus a rate ranging from 1.125% to 2.0% per annum or (b) the Base Rate plus a rate ranging from 0.125% to 1.0% per annum, the relevant rate in each case being the Applicable Rate. The Applicable Rate following the Second Amendment Period will be determined in accordance with a leverage-based pricing grid, as set forth in the Credit Agreement as amended by the Second Amendment. Excluding hedge impact, the weighted average interest rate on outstanding borrowings under the Credit Agreement at March 31, 2024 was 8.10%. During fiscal 2021, the Company used interest rate swaps to hedge a portion of the interest rate risk related its outstanding variable rate debt. As of March 31, 2024, the notional amount of the interest rate swaps was $400,000 with fixed rate payments of 5.60%. Including hedge impact, the weighted average interest rate on outstanding borrowings under the Credit Agreement at March 31, 2024 was 6.96%. Additionally, the Credit Agreement contains a Commitment Fee (as defined in the Credit Agreement) on the amount unused under the Credit Agreement ranging from 0.15% to 0.25% per annum, and such Commitment Fee is determined in accordance with a leverage-based pricing grid.

As of March 31, 2024, there were $496,000 of loans under the Revolver, $283,125 of Term Loans, and $3,188 of letters of credit outstanding under the Credit Agreement. As of March 31, 2024, $300,812 was available under the Credit Agreement, subject to compliance with the financial covenants. As of March 31, 2024, the Company was in compliance with all associated covenants.

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Credit Agreement Issuance Costs

In connection with the First Amendment to its Credit Agreement during the second quarter of fiscal year 2023, the Company incurred debt issuance costs of approximately $1,987, of which $1,916 was deferred. Of the total deferred costs, $1,396 were associated with the Revolver and are being amortized on a straight-line basis within Other assets on the Consolidated Balance Sheets, and $520 are being amortized on a straight-line basis, which approximates the effective interest method, as an adjustment to the carrying amount of the Term Loans as a component of Interest and other financing expense, net over the term of the Credit Agreement.

In connection with the Second Amendment to its Credit Agreement during the first quarter of fiscal year 2024, the Company incurred debt issuance costs of approximately $3,854, of which $3,813 was deferred. Of the total deferred costs, $2,802 were associated with the Revolver and are being amortized on a straight-line basis within Other assets on the Consolidated Balance Sheets, and $1,011 are being recorded as an adjustment to the carrying amount of the Term Loans as a component of Interest and other financing expense, net over the term of the Credit Agreement utilizing the effective interest rate method.

Interest paid during the three and nine months ended March 31, 2024 was $12,666 and $40,054, respectively. Interest paid during the three and nine months ended March 31, 2023 was $11,791 and $27,857, respectively.


10.    INCOME TAXES

In general, the Company uses an estimated annual effective tax rate, which is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. The Company calculated its tax rate on a discrete basis for the nine months ended March 31, 2024 due to significant variations in the relationship between tax expense and projected pretax income. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability on the effective tax rates from quarter to quarter. The Company’s effective tax rate may change from period-to-period based on recurring and non-recurring factors including the geographical mix of earnings, enacted tax legislation, state and local income taxes and tax audit settlements.

The effective income tax rate was an expense of 12.1% and a benefit of 25.6% for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate was a benefit of 6.1% and 24.1% for the nine months ended March 31, 2024 and 2023, respectively. The effective income tax rate for the nine months ended March 31, 2024 was impacted by an increase in the federal and state valuation allowance, tax expense related to stock-based compensation, global intangible low-taxed income and limitations on the deductibility of executive compensation. The effective income tax rate for the nine months ended March 31, 2023 was impacted by ParmCrisps® and Thinsters® trademarks and ParmCrisps® asset group impairment charges, gain on the sale of Westbrae, an operating lease modification during the second quarter, severance with respect to our former CEO (as part of the limitation on the deductibility of executive compensation), stock-based compensation and changes in uncertain tax positions. The effective income tax rates in each period were also impacted by the geographical mix of earnings and state income taxes.

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11.     ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents the changes in accumulated other comprehensive loss (“AOCL”):

Foreign Currency Translation Adjustment, NetDeferred Gains on Cash Flow Hedging Instruments, NetDeferred Gains (Losses) on Fair Value Hedging Instruments, NetDeferred Gains (Losses) on Net Investment Hedging Instruments, NetTotal
Balance at June 30, 2022$(168,225)$519 $500 $2,724 $(164,482)
Other comprehensive (loss) income before reclassifications (67,149)11,360 1,145 4,666 (49,978)
Amounts reclassified into income (767)(1,348)(369)(2,484)
Net change in accumulated other comprehensive (loss) income for the three months ended September 30, 2022(1)
(67,149)10,593 (203)4,297 (52,462)
Balance at September 30, 2022(235,374)11,112 297 7,021 (216,944)
Other comprehensive income (loss) before reclassifications59,674 (454)(1,067)(4,359)53,794 
Amounts reclassified into (income) expense (1,411)1,588 (373)(196)
Net change in accumulated other comprehensive income (loss) for the three months ended December 31, 2022(1)
59,674 (1,865)521 (4,732)53,598 
Balance at December 31, 2022(175,700)9,247 818 2,289 (163,346)
Other comprehensive income (loss) before reclassifications15,250 (3,190)(28)(108)11,924 
Amounts reclassified into (income) expense(1,320)157 (360)(1,523)
Net change in accumulated other comprehensive income (loss) for the three months ended March 31, 2023(1)
15,250 (4,510)129 (468)10,401 
Balance at March 31, 2023$(160,450)$4,737 $947 $1,821 $(152,945)
Balance at June 30, 2023$(138,028)$10,898 $685 $229 $(126,216)
Other comprehensive (loss) income before reclassifications(32,933)4,159 430 1,741 (26,603)
Amounts reclassified into income (1,715)(717)(372)(2,804)
Net change in accumulated other comprehensive (loss) income for the three months ended September 30, 2023(1)
(32,933)2,444 (287)1,369 (29,407)
Balance at September 30, 2023(170,961)13,342 398 1,598 (155,623)
Other comprehensive income (loss) before reclassifications36,536 (5,806)(738)(2,995)26,997 
Amounts reclassified into (income) expense (1,801)774 (372)(1,399)
Net change in accumulated other comprehensive income (loss) for the three months ended December 31, 2023(1)
36,536 (7,607)36 (3,367)25,598 
Balance at December 31, 2023(134,425)5,735 434 (1,769)(130,025)
Other comprehensive (loss) income before reclassifications(11,004)5,475 430 1,748 (3,351)
Amounts reclassified into income (1,771)(557)(368)(2,696)
Net change in accumulated other comprehensive (loss) income for the three months ended March 31, 2024(1)
(11,004)3,704 (127)1,380 (6,047)
Balance at March 31, 2024$(145,429)$9,439 $307 $(389)$(136,072)

(1)See Note 15, Derivatives and Hedging Activities, for the amounts reclassified into income for deferred gains on hedging instruments recorded in the Consolidated Statements of Operations during the three and nine months ended March 31, 2024 and 2023.


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12.    STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS

Under the Companys Amended and Restated 2002 Long-Term Incentive and Stock Award Plan (the “2002 Plan”), the Company historically granted equity-based awards to its officers, senior management, other key employees, consultants, and directors. The Company currently utilizes a stockholder-approved plan, The Hain Celestial Group, Inc. 2022 Long Term Incentive and Stock Award Plan (the “2022 Plan”), which was approved at the Company’s 2022 Annual Meeting of Stockholders held on November 17, 2022. The 2022 Plan permits the Company to continue making equity-based and other incentive awards in a manner intended to properly incentivize its employees, directors, consultants and other service providers by aligning their interests with the interests of the Company’s stockholders. The Company also historically granted shares under its 2019 Equity Inducement Award Program (the “2019 Inducement Program”) to induce selected individuals to become employees of the Company. The 2002 Plan, the 2022 Plan and the 2019 Inducement Program are collectively referred to as the “Stock Award Plans.” In conjunction with the Stock Award Plans, the Company maintains a long-term incentive program (the “LTI Program” or “LTIP”) that provides for equity awards, including performance and market-based equity awards that can be earned over defined performance periods. The Company’s LTIP plans, with the exception of the 2023 - 2025 LTIP described below, are described in Note 13, Stock-Based Compensation and Incentive Performance Plans, in the Notes to the Consolidated Financial Statements in the Form 10-K.

Compensation cost and related income tax benefits recognized in the Consolidated Statements of Operations for stock-based compensation plans were as follows:
  Three Months Ended March 31,Nine Months Ended March 31,
 2024202320242023
Selling, general and administrative expenses
$3,017 $3,228 $10,135 $10,657 
Related income tax benefit$316 $464