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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 June 30, 2020
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 Number: 001-36837
____________________________________________________________________________________________________________
enr-20200630_g1.jpg
ENERGIZER HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Missouri36-4802442
(State or other jurisdiction of(I. R. S. Employer
incorporation or organization)Identification No.)
 
533 Maryville University Drive 
St. Louis,Missouri63141
(Address of principal executive offices)(Zip Code)
(314)985-2000
(Registrant’s telephone number, including area code)

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 shareENRNew York Stock Exchange
7.50% Series A Mandatory Convertible Preferred Stock, par value $.01 per shareENR PRANew York Stock Exchange

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 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 (§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 No

1



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 filerSmaller reporting company
    
 Emerging 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

Indicate the number of shares of Energizer Holdings, Inc. common stock, $.01 par value, outstanding as of the close of business on August 3, 2020: 68,517,466.
2


INDEX
 Page
PART I — FINANCIAL INFORMATION 
  
Item 1. Financial Statements (Unaudited) 
  
Consolidated Statements of Earnings and Comprehensive Income (Condensed) for the Quarters and Nine Months Ended June 30, 2020 and 2019
Consolidated Balance Sheets (Condensed) as of June 30, 2020 and September 30, 2019
Consolidated Statements of Cash Flows (Condensed) for the Nine Months Ended June 30, 2020 and 2019
Consolidated Statements of Shareholders' Equity/(Deficit) (Condensed) for the Nine Months Ended June 30, 2020 and 2019

              
Notes to Consolidated (Condensed) Financial Statements
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
  
PART II — OTHER INFORMATION 
  
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
  
EXHIBIT INDEX
SIGNATURES




3

ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(Condensed)
(In millions, except per share data - Unaudited)  

 For the Quarter Ended June 30,For the Nine Months Ended June 30,
 2020201920202019
Net sales$658.0  $647.2  $1,981.8  $1,775.5  
Cost of products sold394.8  400.9  1,181.7  1,059.5  
Gross profit263.2  246.3  800.1  716.0  
Selling, general and administrative expense112.8  127.6  351.0  373.5  
Advertising and sales promotion expense37.3  34.3  106.9  99.9  
Research and development expense8.4  9.5  25.6  23.7  
Amortization of intangible assets14.3  14.4  42.3  30.1  
Interest expense50.8  51.9  149.0  177.3  
Other items, net0.7  (0.8) 5.8  (13.9) 
Earnings before income taxes38.9  9.4  119.5  25.4  
Income tax provision9.9  0.2  31.0  7.7  
Net earnings from continuing operations29.0  9.2  88.5  17.7  
Net earnings/(loss) from discontinued operations, net of income tax benefit of $0.4 and $6.6 for the quarter and nine months ended June 30, 2020, respectively, and an expense of $0.4 and a benefit of $2.5 for the quarter and nine months ended June 30, 2019, respectively0.8  (1.8) (130.3) (12.8) 
Net earnings/(loss)29.8  7.4  (41.8) 4.9  
Mandatory preferred stock dividends(4.0) (4.4) (12.1) (7.7) 
Net earnings/(loss) attributable to common shareholders$25.8  $3.0  $(53.9) $(2.8) 
Basic net earnings per common share - continuing operations$0.37  $0.07  $1.11  $0.15  
Basic net earnings/(loss) per common share - discontinued operations0.01  (0.03) (1.89) (0.19) 
Basic net earnings/(loss) per common share$0.38  $0.04  $(0.78) $(0.04) 
Diluted net earnings per common share - continuing operations$0.37  $0.07  $1.10  $0.15  
Diluted net earnings/(loss) per common share - discontinued operations0.01  (0.03) (1.88) (0.19) 
Diluted net earnings/(loss) per common share$0.38  $0.04  $(0.78) $(0.04) 
Weighted average shares of common stock - Basic68.5  69.6  68.9  65.5  
Weighted average shares of common stock - Diluted68.7  70.6  69.4  66.5  
Statements of Comprehensive Income: 
Net earnings/(loss)$29.8  $7.4  $(41.8) $4.9  
Other comprehensive income/(loss), net of tax expense/(benefit)
Foreign currency translation adjustments2.0  (12.3) (3.2) 4.3  
Pension activity, net of tax of $0.5 and $2.2 for the quarter and nine months ended June 30, 2020, and $0.2 and $0.8, for the quarter and nine months ended June 30, 2019 respectively.1.1  0.9  6.3  3.0  
Deferred loss on hedging activity, net of tax of ($0.6) and ($2.8) for the quarter and nine months ended June 30, 2020, respectively, and ($1.9) and ($3.7) for the quarter and nine months ended June 30, 2019, respectively.(1.3) (6.4) (10.1) (10.8) 
Total comprehensive gain/(loss)$31.6  $(10.4) $(48.8) $1.4  
The above financial statements should be read in conjunction with the Notes To Consolidated (Condensed) Financial Statements (Unaudited).
4


ENERGIZER HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(Condensed)
(In millions - Unaudited)
 
AssetsJune 30,
2020
September 30,
2019
Current assets 
Cash and cash equivalents$595.6  $258.5  
Trade receivables, less allowance for doubtful accounts of $4.7 and $3.8, respectively317.9  340.2  
Inventories518.6  469.3  
Other current assets186.0  177.1  
Assets held for sale  791.7  
Total current assets1,618.1  2,036.8  
Property, plant and equipment, net344.9  362.0  
Operating lease assets123.0  —  
Goodwill1,008.7  1,004.8  
Other intangible assets, net1,923.4  1,958.9  
Deferred tax asset22.8  22.8  
Other assets85.6  64.3  
Total assets$5,126.5  $5,449.6  
Liabilities and Shareholders' Equity
Current liabilities
Current maturities of long-term debt$91.3  $  
Current portion of capital leases1.7  1.6  
Notes payable205.4  31.9  
Accounts payable321.7  299.0  
Current operating lease liabilities14.3  —  
Other current liabilities350.0  333.6  
Liabilities held for sale  402.9  
Total current liabilities984.4  1,069.0  
Long-term debt3,252.5  3,461.6  
Operating lease liabilities112.6  —  
Deferred tax liability172.5  170.6  
Other liabilities218.7  204.6  
Total liabilities4,740.7  4,905.8  
Shareholders' equity
Common stock0.7  0.7  
Mandatory convertible preferred stock    
Additional paid-in capital859.1  870.3  
Retained earnings10.8  129.5  
Treasury stock(179.5) (158.4) 
Accumulated other comprehensive loss(305.3) (298.3) 
Total shareholders' equity385.8  543.8  
Total liabilities and shareholders' equity$5,126.5  $5,449.6  

The above financial statements should be read in conjunction with the Notes To Consolidated (Condensed) Financial Statements (Unaudited).
5

ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Condensed)
(In millions - Unaudited)
 For the Nine Months Ended June 30,
 20202019
Cash Flow from Operating Activities  
Net (loss)/earnings$(41.8) $4.9  
Net loss from discontinued operations(130.3) (12.8) 
Net earnings from continuing operations88.5  17.7  
Non-cash integration and restructuring charges12.1    
Depreciation and amortization84.3  70.8  
Deferred income taxes2.1  (1.2) 
Share-based compensation expense21.2  20.8  
Mandatory transition tax  0.7  
Inventory step up  33.7  
Non-cash items included in income, net22.6  (3.0) 
Other, net0.2  (16.7) 
Changes in current assets and liabilities used in operations0.9  (92.4) 
Net cash from operating activities from continuing operations231.9  30.4  
Net cash used by operating activities from discontinued operations(12.9) (23.4) 
Net cash from operating activities219.0  7.0  
Cash Flow from Investing Activities
Capital expenditures(44.4) (36.4) 
Proceeds from sale of assets1.5  0.1  
Acquisitions, net of cash acquired(4.5) (2,453.8) 
Net cash used by investing activities from continuing operations(47.4) (2,490.1) 
Net cash from/(used by) investing activities from discontinued operations280.9  (403.1) 
Net cash from/(used by) investing activities233.5  (2,893.2) 
  
Cash Flow from Financing Activities  
Cash proceeds from issuance of debt with original maturities greater than 90 days620.6  1,800.0  
Payments on debt with maturities greater than 90 days(770.3) (513.8) 
Net increase/(decrease) in debt with original maturities of 90 days or less171.5  (204.5) 
Debt issuance costs(6.1) (40.1) 
Net proceeds from issuance of mandatory convertible preferred stock  199.5  
Net proceeds from issuance of common stock  205.3  
Dividends paid on mandatory convertible preferred stock(12.1) (4.0) 
Dividends paid on common stock(64.3) (61.7) 
Common stock purchased(45.0) (45.0) 
Taxes paid for withheld share-based payments(9.7) (7.2) 
Net cash (used by)/from financing activities from continuing operations(115.4) 1,328.5  
Net cash used by financing activities from discontinued operations(1.1) (2.9) 
Net cash (used by)/from financing activities(116.5) 1,325.6  
Effect of exchange rate changes on cash1.1  (1.3) 
Net increase/(decrease) in cash, cash equivalents, and restricted cash from continuing operations70.2  (1,132.5) 
Net increase/(decrease) in cash, cash equivalents, and restricted cash from discontinued operations266.9  (429.4) 
Net increase/(decrease) in cash, cash equivalents, and restricted cash337.1  (1,561.9) 
Cash, cash equivalents, and restricted cash, beginning of period258.5  1,768.3  
Cash, cash equivalents, and restricted cash, end of period$595.6  $206.4  

The above financial statements should be read in conjunction with the Notes To Consolidated (Condensed) Financial Statements (Unaudited).
6

ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY/(DEFICIT)
(Condensed)
(Amounts in millions, Shares in thousands - Unaudited)

Number of SharesAmount
Preferred StockCommon StockPreferred StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive (Loss)/IncomeTreasury StockTotal Shareholders' Equity
September 30, 20192,156  68,902  $  $0.7  $870.3  $129.5  $(298.3) $(158.4) $543.8  
Net earnings from continuing operations—  —  —  —  —  45.8  —  —  45.8  
Net earnings from discontinued operations—  —  —  —  —  0.3  —  —  0.3  
Share based payments—  —  —  —  7.2  —  —  —  7.2  
Activity under stock plans—  374  —  —  (24.9) (1.1) —  16.6  (9.4) 
Dividends to common shareholders ($0.30 per share)—  —  —  —  —  (21.4) —  —  (21.4) 
Dividends to preferred shareholders ($1.875 per share)—  —  —  —  —  (4.0) —  —  (4.0) 
Other comprehensive income—  —  —  —  —  —  25.2  —  25.2  
December 31, 20192,156  69,276  $  $0.7  $852.6  $149.1  $(273.1) $(141.8) $587.5  
Net earnings from continuing operations—  —  —  —  —  13.7  —  —  13.7  
Net loss from discontinued operations—  —  —  —  —  (131.4) —  —  (131.4) 
Share based payments—  —  —  —  8.7  —  —  —  8.7  
Common stock purchased—  (980) —  —  —  —  —  (45.0) (45.0) 
Activity under stock plans—  36  —  —  (1.7) (0.1) —  1.5  (0.3) 
Deferred compensation plan—  125  —  —  (5.7) —  —  5.7    
Dividends to common shareholders ($0.30 per share)—  —  —  —  —  (21.4) —  —  (21.4) 
Dividends to preferred shareholders ($1.875 per share)—  —  —  —  —  (4.1) —  —  (4.1) 
Other comprehensive loss—  —  —  —  —  —  (34.0) —  (34.0) 
March 31, 20202,156  68,457  $  $0.7  $853.9  $5.8  $(307.1) $(179.6) $373.7  
Net earnings from continuing operations—  —  —  —  —  29.0  —  —  29.0  
Net earnings from discontinued operations—  —  —  —  —  0.8  —  —  0.8  
Share based payments—  —  —  —  5.3  —  —  —  5.3  
Activity under stock plans—  2  —  —  (0.1) —  —  0.1  —  
Dividends to common shareholders ($0.30 per share)—  —  —  —  —  (20.8) —  —  (20.8) 
Dividends to preferred shareholders ($1.875 per share)—  —  —  —  —  (4.0) —  —  (4.0) 
Other comprehensive income—  —  —  —  —  —  1.8  —  1.8  
June 30, 20202,156  68,459  $  $0.7  $859.1  $10.8  $(305.3) $(179.5) $385.8  
7

ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY/(DEFICIT)
(Condensed)
(Amounts in millions, Shares in thousands - Unaudited)

Number of SharesAmount
Preferred StockCommon StockPreferred StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive (Loss)/IncomeTreasury StockTotal Shareholders' Equity
September 30, 2018  59,608  $  $0.6  $217.8  $177.3  $(241.8) $(129.4) $24.5  
Net earnings from continuing operations—  —  —  —  —  70.8  —  —  70.8  
Share based payments—  —  —  —  6.5  —  —  —  6.5  
Activity under stock plans—  290  —  —  (16.1) (3.6) —  12.6  (7.1) 
Dividends to common shareholders ($0.30 per share)—  —  —  —  —  (18.4) —  —  (18.4) 
Other comprehensive loss—  —  —  —  —  —  (5.9) —  (5.9) 
December 31, 2018  59,898  $  $0.6  $208.2  $226.1  $(247.7) $(116.8) $70.4  
Net loss from continuing operations—  —  —  —  —  (62.3) —  —  (62.3) 
Net loss from discontinued operations—  —  —  —  —  (11.0) —  —  (11.0) 
Share based payments—  —  —  —  7.6  —  —  —  7.6  
Issuance of common stock—  9,966  —  0.1  445.7  —