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0001295947false00012959472025-05-082025-05-08


 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): May 8, 2025

 
PRESTIGE CONSUMER HEALTHCARE INC.
(Exact Name of Registrant as Specified in Charter)
 
Delaware 001-32433 20-1297589
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

 
660 White Plains Road, Tarrytown, New York 10591
(Address of Principal Executive Offices) (Zip Code)
 
(914) 524-6800
(Registrant's telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, par value $0.01 per share PBH New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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.





Item 2.02 Results of Operations and Financial Condition.
 
On May 8, 2025, Prestige Consumer Healthcare Inc. (the “Company”) announced financial results for the fiscal quarter and year ended March 31, 2025. A copy of the press release announcing the Company's earnings results for the fiscal quarter and year ended March 31, 2025 is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.
On May 8, 2025, representatives of the Company began making presentations to investors regarding the Company's financial results for the quarter and year ended March 31, 2025, using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.2 (the “Investor Presentation”) and incorporated here in by reference.  The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during the fiscal year ended March 31, 2026.
 
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
 
The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time.  The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted.  Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

The information presented in Items 2.02 and 7.01 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
 
(d)    Exhibits.

See Exhibit Index immediately following the signature page.
 

 



















SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated:
May 8, 2025
PRESTIGE CONSUMER HEALTHCARE INC.
       
  By: /s/ Christine Sacco  
    Name: Christine Sacco  
    Title: Chief Financial Officer & Chief Operating Officer  

 


















































                        EXHIBIT INDEX

Exhibit Description
99.1
99.2
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

 


EX-99.1 2 exhibit991fy25-q4earningsr.htm EX-99.1 Document

Exhibit 99.1    


Prestige Consumer Healthcare Inc. Reports Record Fiscal 2025 Revenue and Earnings

◦Revenue of $296.5 million in Q4 and $1,137.8 million in fiscal 2025
◦Organic revenue grew 7.9% in Q4 and 1.2% in fiscal 2025
◦Diluted EPS of $4.29 in fiscal 2025; Adjusted fiscal 2025 Diluted EPS of $4.52 grew 7.4% versus adjusted prior year
◦Reduced leverage to 2.4x at year-end driven by strong free cash flow and EBITDA growth
◦Initial fiscal 2026 organic revenue growth and Diluted EPS outlook of approximately 1% to 2% and $4.70 to $4.82, respectively

TARRYTOWN, N.Y.--(GLOBE NEWSWIRE)-May 8, 2025-- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its fourth quarter and fiscal year ended March 31, 2025.

“We are very pleased with our fiscal year results, which delivered another year of consistent sales and earnings per share growth. The record fourth quarter sales performance exceeded our expectations, driven by continued International business strength, growth in a wide range of categories and brands in North America, and the success of the eCommerce channel thanks to our long-term investments and broad distribution. The resulting earnings growth translated into strong free cash flow which amplified shareholder returns through a continued disciplined capital allocation approach that included share repurchases, M&A, and deleveraging in the fiscal year,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.

Fourth Fiscal Quarter Ended March 31, 2025

Record reported revenues in the fourth quarter of fiscal 2025 of $296.5 million increased 7.0% from $277.0 million in the fourth quarter of fiscal 2024. Revenues increased 7.9% versus the prior fiscal fourth quarter excluding the impact of foreign currency. The revenue performance versus the prior year comparable period reflected broad-based growth across both North America and International business segments. GI and Women’s Health categories experienced the largest dollar growth versus the prior year, led by growth of the Summer’s Eve, Dramamine, and Fleet brands.

Reported net income for the fourth quarter of fiscal 2025 was $50.1 million versus the prior year fourth quarter of $49.5 million. Diluted earnings per share of $1.00 for the fourth quarter of fiscal 2025 compared to $0.98 in the prior year comparable period. Non-GAAP adjusted net income for the fourth quarter of fiscal 2025 was $65.9 million and compared to the prior year period’s adjusted net income of $51.4 million. Non-GAAP adjusted diluted earnings per share of $1.32 per share for the fourth quarter of fiscal 2025 compared to $1.02 per share in the prior year comparable period.

The adjustments to net income in the fourth quarter of fiscal 2025 and fourth quarter fiscal 2024 each reflects a tax rate adjustment to account for discrete items. Adjustments to net income in the fourth quarter of fiscal 2025 also included non-cash tradename impairments associated with non-strategic intangible assets, driven by a deliberate shift in sales and branding toward other strategic brands within our portfolio, and an associated tax adjustment.

Fiscal Year Ended March 31, 2025




Reported revenues for the fiscal year 2025 totaled $1,137.8 million, an increase of 1.1% versus revenues of $1,125.4 million in the prior fiscal year. Revenues increased 1.2% versus the prior fiscal year excluding the impact of foreign currency. The revenue growth for the fiscal year was led by strong growth in the Gastrointestinal category as well as the International OTC segment, partially offset by declines in the Cough & Cold category and the anticipated limited ability to supply strong demand for Clear Eyes.

Reported net income for fiscal 2025 of $214.6 million compared to $209.3 million in the prior year. Reported fiscal 2025 diluted earnings per share was $4.29, compared to $4.17 in the prior year. On a non-GAAP adjusted basis, fiscal 2025 adjusted net income of $226.3 million and adjusted diluted earnings per share of $4.52 compared to adjusted net income and adjusted diluted earnings per share of $211.3 million and $4.21 in the prior year, respectively.

The adjustments to net income in fiscal 2025 and fiscal 2024 each include a normalized tax rate adjustment to account for discrete items. Adjustments to net income in fiscal 2025 also included non-cash tradename impairments associated with non-strategic indefinite-lived and finite-lived intangible assets, driven by a deliberate shift in sales and branding toward other strategic brands within our portfolio, and an associated tax adjustment.


Free Cash Flow and Balance Sheet

The Company's net cash provided by operating activities for the fourth quarter of fiscal 2025 was $61.8 million compared to $66.9 million during the prior year comparable period. Non-GAAP free cash flow in the fourth quarter of fiscal 2025 of $58.4 million decreased compared to $63.8 million in the prior year fourth quarter.

The Company's net cash provided by operating activities for the fiscal year 2025 was $251.5 million, compared to $248.9 million during the prior year. Non-GAAP free cash flow in the fiscal year of fiscal 2025 was $243.3 million, increasing 1.6% compared to $239.4 million in the prior year.

In fiscal 2025, the Company repurchased approximately 0.7 million shares at a total investment of approximately $51.5 million. The Company's net debt position as of March 31, 2025 was approximately $0.9 billion, resulting in a covenant-defined leverage ratio of 2.4x.

Segment Review

North American OTC Healthcare: Segment revenues of $248.9 million for the fourth quarter fiscal 2025 increased 7.7% compared to the prior year comparable quarter's segment revenues of $231.1 million. The revenue increase reflected strong GI and Women’s Health category growth, led by growth of the Summer’s Eve, Dramamine, and Fleet brands.

For the fiscal year 2025, reported revenues for the North American OTC Healthcare segment were $960.0 million, an increase versus $958.3 million in the prior year. The slightly higher revenues were driven by GI category sales growth, partially offset by lower sales in the Cough & Cold category as well as the limited ability to fully supply demand for Clear Eyes.

International OTC Healthcare: Fiscal fourth quarter 2025 revenues of $47.6 million increased 3.7% compared to $45.9 million reported in the prior year comparable period, and increased 7.1% excluding the effects of foreign currency.



The revenue performance was driven by broad-based growth in Australia and led by the Hydralyte® brand.

For the fiscal year 2025, reported revenues for the International OTC Healthcare segment were $177.8 million, an increase of approximately 6.4% over the prior year revenues of $167.1 million. The revenue growth was led by strong growth for the Hydralyte brand.

Fiscal 2026 Initial Outlook

Ron Lombardi, Chief Executive Officer, stated, “For fiscal 2026, we anticipate achieving organic revenue of approximately 2% and EPS growth of $4.72 to $4.82, equating to earnings growth of mid-to high-single digits. We are focused on leveraging our unique business attributes and using our proven strategies to help navigate the challenging and volatile macro operating environment, where we currently anticipate an approximate $15 million headwind related to the inflationary impacts of enacted tariffs to date. We plan to leverage our leading portfolio, diverse supply chain, and agile operating model to manage and mitigate these inflationary costs as they arise to achieve our fiscal 2026 earnings outlook.”

“Execution of our proven strategy delivered a solid and steady performance in fiscal 2025. We believe our commitment to focused execution, a strong balance sheet, and the attributes of our diverse portfolio of needs-based products leaves us well positioned to continue generating consistent financial results and cash flow in this volatile backdrop, which should generate superior shareholder value creation,” Mr. Lombardi concluded.
Initial Fiscal 2026 Outlook
Revenue
$1,140 to $1,155 million
Organic Revenue Growth
Approximately 1% to 2%
Diluted E.P.S.
$4.70 to $4.82
Free Cash Flow
$245 million or more


Fiscal Year End 2025 Conference Call, Accompanying Slide Presentation and Replay

The Company will host a conference call to review its fourth quarter and fiscal 2025 results today, May 8, 2025 at 8:30 a.m. ET. The Company provides a live Internet webcast, a slide presentation to accompany the call, as well as an archived replay, all of which can be accessed from the Investor Relations page of the Company's website at http://www.prestigeconsumerhealthcare.com/. To participate in the conference call via phone, participants may register for the call here to receive dial-in details and a unique pin. While not required, it is recommended to join 10 minutes prior to the event start. The slide presentation can be accessed from the Investor Relations page of the Company’s website by clicking on Webcasts and Presentations.

A conference call replay will be available for approximately one week following completion of the live call and can be accessed on the Company’s Investor Relations page.

Non-GAAP and Other Financial Information

In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this release to aid investors in understanding the Company's performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section at the end of this earnings release.




Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "guidance," "outlook," "may," "will," "would," “believe,” "expectation," "anticipate," “focus,” “plan,” “positioned,” or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The "forward-looking statements" include, without limitation, statements regarding the Company's future operating results including revenues, organic growth, diluted earnings per share, and free cash flow; the expected impact of tariffs and the Company’s ability to manage related inflationary challenges; and the Company’s ability to enhance shareholder value through its business strategy, diverse product portfolio, solid balance sheet, generation of free cash flow, and efficient capital allocation. These statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expected as a result of a variety of factors, including the impact of business and economic conditions, including as a result of evolving U.S. and international tariffs, labor shortages, inflation and geopolitical instability, consumer trends, the impact of the Company’s advertising and marketing and new product development initiatives, customer inventory management initiatives, fluctuating foreign exchange rates, competitive pressures, and the ability of the Company’s manufacturing operations and third party manufacturers and logistics providers and suppliers to meet demand for its products and to avoid inflationary cost increases and disruption as a result of labor shortages. A discussion of other factors that could cause results to vary is included in the Company's Annual Report on Form 10-K for the year ended March 31, 2024 and other periodic reports filed with the Securities and Exchange Commission.

About Prestige Consumer Healthcare Inc.

Prestige Consumer Healthcare is a leading consumer healthcare products company with sales throughout the U.S. and Canada, Australia, and in certain other international markets. The Company’s diverse portfolio of brands include Monistat® and Summer’s Eve® women's health products, BC® and Goody's® pain relievers, Clear Eyes® and TheraTears® eye care products, DenTek® specialty oral care products, Dramamine® motion sickness treatments, Fleet® enemas and glycerin suppositories, Chloraseptic® and Luden's® sore throat treatments and drops, Compound W® wart treatments, Little Remedies® pediatric over-the-counter products, Boudreaux’s Butt Paste® diaper rash ointments, Nix® lice treatment, Debrox® earwax remover, Gaviscon® antacid in Canada, and Hydralyte® rehydration products and the Fess® line of nasal and sinus care products in Australia. Visit the Company's website at www.prestigeconsumerhealthcare.com.














Prestige Consumer Healthcare Inc.
Consolidated Statement of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)

  Three Months Ended March 31, Year
 Ended March 31,
(In thousands, except per share data) 2025   2024 2025   2024
Total Revenues 296,518    276,991  1,137,762    1,125,357 
Cost of Sales            
Cost of sales excluding depreciation 124,318  123,014  494,416  492,786 
Cost of sales depreciation 2,190  2,160  8,883  8,123 
Cost of sales 126,508  125,174  503,299  500,909 
Gross profit 170,010    151,817  634,463    624,448 
Operating Expenses            
Advertising and marketing 37,004  37,516  155,723  153,315 
General and administrative 27,050  26,465  108,209  106,152 
Depreciation and amortization 5,062  5,683  21,290  22,552 
Tradename impairment 12,466  —  12,466  — 
Total operating expenses 81,582    69,664  297,688    282,019 
Operating income 88,428    82,153  336,775    342,429 
Other expense (income)            
Interest expense, net 10,759  15,260  47,632  67,160 
Other expense (income), net 3,710  (429) 4,954  (756)
Total other expense, net 14,469    14,831  52,586    66,404 
 Income before income taxes 73,959  67,322  284,189  276,025 
 Provision for income taxes 23,831  17,864  69,584  66,686 
Net income $ 50,128    $ 49,458  $ 214,605    $ 209,339 
Earnings per share:            
Basic $ 1.01  $ 0.99  $ 4.32  $ 4.21 
Diluted $ 1.00  $ 0.98  $ 4.29  $ 4.17 
Weighted average shares outstanding:            
Basic 49,656  49,833  49,697  49,757 
Diluted 50,064  50,310  50,080  50,178 
Comprehensive income, net of tax:
Currency translation adjustments 2,586  (5,975) (3,083) (2,940)
Unrecognized net (loss) gain on pension plans (81) (81)
Total other comprehensive income (loss) 2,505  (5,966) (3,164) (2,931)
Comprehensive income $ 52,633  $ 43,492  $ 211,441  $ 206,408 













Prestige Consumer Healthcare Inc.
Consolidated Balance Sheet
(Unaudited)

(In thousands) March 31,
2025 2024
Assets
Current assets  
Cash and cash equivalents $ 97,884  $ 46,469 
Accounts receivable, net of allowance of $16,314 and $16,377, respectively
194,293  176,775 
Inventories 147,709  138,717 
Prepaid expenses and other current assets 8,442  13,082 
Total current assets 448,328    375,043 
Property, plant and equipment, net 74,548  76,507 
Operating lease right-of-use assets 28,238  11,285 
Finance lease right-of-use assets, net 25,056  1,541 
Goodwill 527,425  527,733 
Intangible assets, net 2,295,350  2,320,583 
Other long-term assets 3,273  5,725 
Total Assets $ 3,402,218    $ 3,318,417 
Liabilities and Stockholders' Equity      
Current liabilities      
Accounts payable $ 18,925  $ 38,979 
Accrued interest payable 15,703  15,763 
Operating lease liabilities, current portion 6,047  4,658 
Finance lease liabilities, current portion 2,490  1,494 
Other accrued liabilities 63,458  56,154 
Total current liabilities 106,623    117,048 
Long-term debt, net 992,357  1,125,804 
Deferred income tax liabilities 419,594    403,596 
Long-term operating lease liabilities, net of current portion 22,732  7,528 
Long-term finance lease liabilities, net of current portion 20,624  172 
Other long-term liabilities 5,391  9,185 
Total Liabilities 1,567,321    1,663,333 
Stockholders' Equity      
Preferred stock - $0.01 par value      
Authorized - 5,000 shares      
Issued and outstanding - None —    — 
Common stock - $0.01 par value      
Authorized - 250,000 shares      
     Issued – 56,010 shares at March 31, 2025 and 55,501 shares at March 31, 2024
560  555 
Additional paid-in capital 593,402  567,448 
Treasury stock, at cost – 6,501 shares at March 31, 2025 and 5,680 at March 31, 2024
(277,208) (219,621)
Accumulated other comprehensive loss, net of tax (37,659) (34,495)
Retained earnings 1,555,802  1,341,197 
Total Stockholders' Equity 1,834,897    1,655,084 
Total Liabilities and Stockholders' Equity $ 3,402,218    $ 3,318,417 










Prestige Consumer Healthcare Inc.
Consolidated Statement of Cash Flows
(Unaudited)
  Year Ended March 31,
(In thousands) 2025   2024
Operating Activities  
Net income $ 214,605  $ 209,339 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 30,173  30,675 
Loss on sale or disposal of property and equipment 234  274 
Deferred and other income taxes 14,409  23,070 
Amortization of debt origination costs 1,754  5,240 
Stock-based compensation costs 11,157  14,010 
Non-cash operating lease cost 7,247  6,149 
Impairment loss 12,466  — 
Other 1,411  — 
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable (16,327) (6,322)
Inventories (9,314) 24,439 
Prepaid expenses and other current assets 4,655  (8,214)
Accounts payable (19,411) (24,971)
Accrued liabilities 6,984  (16,217)
Operating lease liabilities (7,630) (7,134)
Other (898) (1,412)
Net cash provided by operating activities 251,515  248,926 
Investing Activities      
Purchases of property, plant and equipment (8,224) (9,550)
Acquisitions and other (9,228) (10,561)
Net cash used in investing activities (17,452)   (20,111)
Financing Activities      
Term Loan repayments (135,000) (225,000)
Payment of debt costs —  (769)
Payments of finance leases (4,536) (2,827)
Proceeds from exercise of stock options 14,802  18,089 
Fair value of shares surrendered as payment of tax withholding (5,832) (5,508)
Repurchase of common stock (51,509) (25,000)
Net cash used in financing activities (182,075)   (241,015)
Effects of exchange rate changes on cash and cash equivalents (573) 180 
Increase (decrease) in cash and cash equivalents 51,415    (12,020)
Cash and cash equivalents - beginning of year 46,469  58,489 
Cash and cash equivalents - end of year $ 97,884    $ 46,469 
Interest paid $ 47,804  $ 63,248 
Income taxes paid $ 52,117  $ 59,637 




Prestige Consumer Healthcare Inc.
Consolidated Statement of Income
Business Segments
(Unaudited)

  Three Months Ended March 31, 2025
(In thousands) North American OTC
Healthcare
International OTC
Healthcare
Consolidated
Total segment revenues* $ 248,949  $ 47,569  $ 296,518 
Cost of sales 107,463  19,045  126,508 
Gross profit 141,486  28,524  170,010 
Advertising and marketing 29,794  7,210  37,004 
Contribution margin $ 111,692  $ 21,314  133,006 
Other operating expenses** 44,578 
Operating income $ 88,428 
*Intersegment revenues of $1.4 million were eliminated from the North American OTC Healthcare segment.
**Other operating expenses for the three months ended March 31, 2025 includes a tradename impairment charge of $12.5 million.


  Year Ended March 31, 2025
(In thousands) North American OTC
Healthcare
International OTC
Healthcare
Consolidated
Total segment revenues* $ 960,010  $ 177,752  $ 1,137,762 
Cost of sales 428,871  74,428  503,299 
Gross profit 531,139  103,324  634,463 
Advertising and marketing 129,431  26,292  155,723 
Contribution margin $ 401,708  $ 77,032  478,740 
Other operating expenses**   141,965 
Operating income   $ 336,775 
*Intersegment revenues of $3.9 million were eliminated from the North American OTC Healthcare segment.
**Other operating expenses for the year ended March 31, 2025 includes a tradename impairment charge of $12.5 million.













  Three Months Ended March 31, 2024
(In thousands) North American OTC
Healthcare
International OTC
Healthcare
Consolidated
Total segment revenues* $ 231,129  $ 45,862  $ 276,991 
Cost of sales 105,729  19,445  125,174 
Gross profit 125,400  26,417  151,817 
Advertising and marketing 30,787  6,729  37,516 
Contribution margin $ 94,613  $ 19,688  114,301 
Other operating expenses 32,148 
Operating loss $ 82,153 
*Intersegment revenues of $1.2 million were eliminated from the North American OTC Healthcare segment.



  Year Ended March 31, 2024
(In thousands) North American OTC
Healthcare
International OTC
Healthcare
Consolidated
Total segment revenues* $ 958,260  $ 167,097  $ 1,125,357 
Cost of sales 429,361  71,548  500,909 
Gross profit 528,899  95,549  624,448 
Advertising and marketing 131,494  21,821  153,315 
Contribution margin $ 397,405  $ 73,728  471,133 
Other operating expenses 128,704 
Operating loss $ 342,429 
* Intersegment revenues of $3.7 million were eliminated from the North American OTC Healthcare segment.







About Non-GAAP Financial Measures
In addition to financial results reported in accordance with GAAP, we disclose certain Non-GAAP financial measures ("NGFMs"), including, but not limited to, Non-GAAP Organic Revenues, Non-GAAP Organic Revenue Change Percentage, Non-GAAP EBITDA, Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted Diluted EPS, Non-GAAP Free Cash Flow, and Net Debt. We use these NGFMs internally, along with GAAP information, in evaluating our operating performance and in making financial and operational decisions. We believe that the presentation of these NGFMs provides investors with greater transparency, and provides a more complete understanding of our business than could be obtained absent these disclosures, because the supplemental data relating to our financial condition and results of operations provides additional ways to view our operation when considered with both our GAAP results and the reconciliations below. In addition, we believe that the presentation of each of these NGFMs is useful to investors for period-to-period comparisons of results in assessing shareholder value, and we use these NGFMs internally to evaluate the performance of our personnel and also to evaluate our operating performance and compare our performance to that of our competitors.
These NGFMs are not in accordance with GAAP, should not be considered as a measure of profitability or liquidity, and may not be directly comparable to similarly titled NGFMs reported by other companies. These NGFMs have limitations and they should not be considered in isolation from or as an alternative to their most closely related GAAP measures reconciled below. Investors should not rely on any single financial measure when evaluating our business. We recommend investors review the GAAP financial measures included in this earnings release. When viewed in conjunction with our GAAP results and the reconciliations below, we believe these NGFMs provide greater transparency and a more complete understanding of factors affecting our business than GAAP measures alone.

NGFMs Defined
We define our NGFMs presented herein as follows:
•Non-GAAP Organic Revenues: GAAP Total Revenues excluding impact of foreign currency exchange rates in the periods presented.
•Non-GAAP Organic Revenue Change Percentage: Calculated as the change in Non-GAAP Organic Revenues from prior year divided by prior year Non-GAAP Organic Revenues.
•Non-GAAP EBITDA: GAAP Net Income before interest expense, net, provision for income taxes, and depreciation and amortization.
•Non-GAAP EBITDA Margin: Calculated as Non-GAAP EBITDA divided by GAAP Total Revenues.
•Non-GAAP Adjusted EBITDA: Non-GAAP EBITDA less tradename impairment.
•Non-GAAP Adjusted EBITDA Margin: Calculated as Non-GAAP Adjusted EBITDA divided by GAAP Total Revenues.
•Non-GAAP Adjusted Net Income: GAAP Net Income before tradename impairment, applicable tax impact associated with this item, and normalized tax rate adjustment.
•Non-GAAP Adjusted Diluted EPS: Calculated as Non-GAAP Adjusted Net Income, divided by the diluted weighted average number of shares outstanding during the period.
•Non-GAAP Free Cash Flow: Calculated as GAAP Net cash provided by operating activities less cash paid for capital expenditures.
•Net Debt: Calculated as total principal amount of debt outstanding ($1,000,000 at March 31, 2025 and $1,135,000 at March 31, 2024) less cash and cash equivalents ($97,884 at March 31, 2025 and $46,469 at March 31, 2024). Amounts in thousands.

The following tables set forth the reconciliations of each of our NGFMs to their most directly comparable financial measures presented in accordance with GAAP.




Reconciliation of GAAP Total Revenues to Non-GAAP Organic Revenues and related Non-GAAP Organic Revenue Change percentage:
Three Months Ended March 31, Year Ended
March 31,
2025 2024 2025 2024
(In thousands)
GAAP Total Revenues $ 296,518  $ 276,991  $ 1,137,762    $ 1,125,357 
Revenue Change 7.0  % 1.1  %
Adjustments:
Impact of foreign currency exchange rates —  (2,262) —  (1,482)
Total adjustments —  (2,262) —  (1,482)
Non-GAAP Organic Revenues $296,518 $274,729 $1,137,762 $1,123,875
Non-GAAP Organic Revenue Change 7.9  % 1.2  %


Reconciliation of GAAP Net Income to Non-GAAP EBITDA and related Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA and related Non-GAAP Adjusted EBITDA Margin:
Three Months Ended March 31, Year Ended
March 31,
2025 2024 2025 2024
(In thousands)
GAAP Net Income $ 50,128    $ 49,458  $ 214,605    $ 209,339 
Interest expense, net 10,759  15,260  47,632  67,160 
Provision for income taxes 23,831  17,864  69,584  66,686 
Depreciation and amortization 7,252  7,843  30,173  30,675 
Non-GAAP EBITDA 91,970  90,425  361,994  373,860 
Non-GAAP EBITDA Margin 31.0  % 32.6  % 31.8  % 33.2  %
Adjustments:
Tradename impairment 12,466  —  12,466  — 
Total adjustments 12,466  —  12,466  — 
Non-GAAP Adjusted EBITDA $ 104,436  $ 90,425  $ 374,460  $ 373,860 
Non-GAAP Adjusted EBITDA Margin 35.2  % 32.6  % 32.9  % 33.2  %





Reconciliation of GAAP Net Income and GAAP Diluted Earnings Per Share to Non-GAAP Adjusted Net Income and related Non-GAAP Adjusted Diluted Earnings Per Share:
Three Months Ended March 31, Year Ended March 31,
2025 2025 Adjusted EPS 2024 2024 Adjusted EPS 2025 2025 Adjusted EPS 2024 2024 Adjusted EPS
(In thousands, except per share data)
GAAP Net Income and
Diluted EPS
$ 50,128  $ 1.00  $ 49,458  $ 0.98  $ 214,605  $ 4.29  $ 209,339  $ 4.17 
Adjustments:
Tradename impairment 12,466  0.25  —  —  12,466  0.25  —  — 
Tax impact of adjustment (1)
(2,961) (0.06) —  —  (2,961) (0.06) —  — 
Normalized tax rate adjustment (2)
6,266  0.13  1,983  0.04  2,236  0.04  1,983  0.04 
Total adjustments 15,771  0.32  1,983  0.04  11,741  0.23  1,983  0.04 
Non-GAAP Adjusted Net Income and Adjusted Diluted EPS $ 65,899  $ 1.32  $ 51,441  $ 1.02  $ 226,346  $ 4.52  $ 211,322  $ 4.21 
(1) Income tax effect of above adjustment using the normalized tax rate.
(2) Income tax adjustment to adjust for discrete income tax items.
Note: Amounts may not add due to rounding.

Reconciliation of GAAP Net Income to Non-GAAP Free Cash Flow:
Three Months Ended March 31, Year Ended
March 31,
2025 2024 2025 2024
(In thousands)
GAAP Net Income $ 50,128    $ 49,458  $ 214,605    $ 209,339 
Adjustments:
Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows 33,507  22,960  78,851  79,418 
Changes in operating assets and liabilities as shown in the Statement of Cash Flows (21,787) (5,511) (41,941) (39,831)
Total adjustments 11,720  17,449  36,910  39,587 
GAAP Net cash provided by operating activities 61,848  66,907  251,515  248,926 
Purchases of property and equipment (3,479) (3,143) (8,224) (9,550)
Non-GAAP Free Cash Flow $ 58,369  $ 63,764  $ 243,291  $ 239,376 


Outlook for Fiscal Year 2026:

Reconciliation of Projected GAAP Net cash provided by operating activities to Projected Non-GAAP Free Cash Flow:
(In millions)
Projected FY'26 GAAP Net cash provided by operating activities $ 255 
Additions to property and equipment for cash (10)
Projected FY'26 Non-GAAP Free Cash Flow $ 245 


EX-99.2 3 exhibit992pbh-q4fy25earn.htm EX-99.2 exhibit992pbh-q4fy25earn
Full-Year Fiscal 2025 Results May 8th, 2025 Exhibit 99.2


 
F U L L - Y E A R F Y 2 5 R E S U L T S This presentation contains certain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the Company’s expected financial performance, including revenues, organic revenue growth, diluted EPS, and free cash flow; the Company’s reinvestment in Clear Eyes as supply increases; the Company’s ability to execute on its brand- building strategy and to drive free cash flow and maximize shareholder value; e-commerce growth; the Company’s capital allocation strategy and optionality, including its pursuit of M&A and share buybacks; and the impact of economic uncertainty, inflation and tariffs on the Company’s results of operations. Words such as “continue,” “positioned,” “expect,” “anticipate,” “potential,” “assumption,” “pursue,” “further,” “proven,” “outlook,” “can,” “will,” “may,” “should,” “could,” “would,” and similar expressions identify forward-looking statements. Such forward-looking statements represent the Company’s expectations and beliefs and involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others, the ability of the Company’s manufacturing operations and third party manufacturers and logistics providers and suppliers to meet demand for its products and to avoid inflationary cost increases and disruption as a result of labor shortages; the impact of economic and business conditions; consumer trends; competitive pressures; the impact of the Company’s advertising and promotional and new product development initiatives; customer inventory management initiatives; the ability to pass along rising costs to customers without impacting sales; fluctuating foreign exchange rates; evolving U.S. and international tariffs; and other risks set forth in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this presentation. Except to the extent required by applicable law, the Company undertakes no obligation to update any forward-looking statement contained in this presentation, whether as a result of new information, future events, or otherwise. All adjusted GAAP numbers presented are footnoted and reconciled to their closest GAAP measurement in the attached reconciliation schedule or in our May 8, 2025 earnings release in the “About Non-GAAP Financial Measures” section. Safe Harbor Disclosure 2


 
F U L L - Y E A R F Y 2 5 R E S U L T S Agenda for Today’s Discussion 3 I. FY 25 and Performance Recap II. Drivers Positioning Portfolio for Growth III. Financial Overview IV.FY 26 Outlook


 
F U L L - Y E A R F Y 2 5 R E S U L T S I. FY 25 and Performance Recap


 
F U L L - Y E A R F Y 2 5 R E S U L T S Record FY 25 Results Driven by Proven Business Strategy ◼ Record revenue of $1.138 billion, up 1.1% versus prior year ◼ Outperformance highlighted by strong International segment growth and GI category strength ◼ Summer’s Eve experienced stable performance versus prior year ◼ Gross Margin expansion, as expected ◼ Adjusted Diluted EPS(2) up 7.3% versus prior year ◼ Leading FCF profile and resulting Free Cash Flow(2) generation ◼ Leverage of 2.4x(3) owing to disciplined capital allocation ◼ $52 million in FY 25 share repurchases ◼ M&A followed by share buybacks remain key optimal capital allocation levers FY 25 Sales Highlights Disciplined Capital Allocation Superior Earnings and FCF 5


 
F U L L - Y E A R F Y 2 5 R E S U L T S II. Drivers Positioning Portfolio for Growth


 
F U L L - Y E A R F Y 2 5 R E S U L T S Portfolio Diversity Enables Nimble Marketing Strategy 7 Agility in Action ... Limited FY 25 Clear Eyes marketing opportunities due to supply constraints Rapidly identified & executed on adjacent opportunities in Eye & Ear portfolio ... Supported by Brand-Building Playbook ◼ Wide-ranging efficacious offerings across consumer eye & ear needs ◼ Marketing tactics include engaging content, innovation ◼ Can quickly reinvest in Clear Eyes as supply grows *MULO+ Conv 52 weeks ending 3/23/25 ~8% ~11% FY 25 Category Growth* Engaging Campaigns & Content Impactful claims Expanded consumer need states Insight Driven Innovation


 
F U L L - Y E A R F Y 2 5 R E S U L T S Continue to Drive Strong E-Commerce Growth 8 Continued strong performance continued across E-Commerce business *MULO+ Retail sales data and International assumptions as of 3/23/25 Continuing to Upgrade User Experience Engaging Content Driving Traffic & Conversion E-Commerce as a % of Net Sales* ~4% ~11% ~14% ~16% FY 19 FY 21 FY 23 FY 25 +4x


 
F U L L - Y E A R F Y 2 5 R E S U L T S Wide-Ranging Innovation to Address Consumer Need States 9 Extend Brand Through Better Consumer Experience or Claims Innovate Through Technology or Forms New Categories Expansion Product Development Initiatives Mental Alertness Oral Stool Softener Pediatric Nausea


 
F U L L - Y E A R F Y 2 5 R E S U L T S III. Financial Overview


 
F U L L - Y E A R F Y 2 5 R E S U L T S Record Fourth Quarter and FY 25 Performance Highlights FY 25 FY 24 Dollar values in millions, except per share data. $296.5 $104.4 $1.32 $277.0 $90.4 $1.02 Revenue Adjusted EBITDA Adjusted EPS 7.0% 15.5% 28.7% 11 Q 4 $1,137.8 $374.5 $4.52 $1,125.4 $373.9 $4.21 Revenue Adjusted EBITDA Adjusted EPS 1.1% 0.2% 7.3% (2) Revenue of $296.5 million, up 7.9% vs. prior year on an organic basis(1) Adjusted EPS(2) of $1.32, up 28.7% compared to $1.02 prior year Adjusted EBITDA(2) of $104.4 million compared to $90.4 million prior year F u ll -Y e a r (2) (2) (2)


 
F U L L - Y E A R F Y 2 5 R E S U L T S Q4 FY 25 Q4 FY 24 % Chg FY 25 FY 24 % Chg Total Revenue 296.5$ 277.0$ 7.0% 1,137.8$ 1,125.4$ 1.1% Gross Profit 170.0 151.8 12.0% 634.5 624.4 1.6% % Margin 57.3% 54.8% 55.8% 55.5% A&M 37.0 37.5 (1.4%) 155.7 153.3 1.6% % Total Revenue 12.5% 13.5% 13.7% 13.6% G&A 27.1 26.5 2.2% 108.2 106.2 1.9% % Total Revenue 9.1% 9.6% 9.5% 9.4% D&A (ex. COGS) 5.1 5.7 (10.9%) 21.3 22.6 (5.6%) Adj. Operating Income* 100.9$ 82.2$ 22.8% 349.2$ 342.4$ 2.0% % Margin 34.0% 29.7% 30.7% 30.4% Adj. Earnings Per Share (2) 1.32$ 1.02$ 28.7% 4.52$ 4.21$ 7.3% Adj. EBITDA (2) 104.4$ 90.4$ 15.5% 374.5$ 373.9$ 0.2% % Margin 35.2% 32.6% 32.9% 33.2% 3 Months Ended FY 25 Comments Detailed Financial Results for FY 25 ◼ Revenue up 1.2% organically(1) versus prior year – International segment up 6% excluding currency – North America Women’s Health category performance stable – Double-digit eCommerce channel growth accelerated in Q4 due to timing ◼ Gross Margin of 55.8% consistent with expectations ◼ A&M of 13.7% of Revenue and up in dollars, as expected ◼ G&A of 9.5% of Revenue ◼ Adjusted Diluted EPS(2) up 7.3% vs. PY Dollar values in millions, except per share data Amounts may not add due to rounding *Adjusted operating income exclude FY 25 impairments of certain non-strategic brands. 12 12 Months Ended


 
F U L L - Y E A R F Y 2 5 R E S U L T S Consistent, Strong Free Cash Flow Continued in FY 25 Robust Free Cash Flow Generation Enables Flexible Capital Allocation Strategy 13 Adj. FY Free Cash Flow(2) & Net Leverage(3) Capital Allocation Highlights Dollar values in millions $213 $254 $222 $239 $243 4.2x 3.8x 3.3x 2.8x 2.4x FY 21 FY 22 FY 23 FY 24 FY 25 Significant debt reduction to 2.4x Net Leverage(3) $52 million in share repurchases Building cash balance in advance of future inorganic opportunities Strong Free Cash Flow growth thanks to key business attributes


 
F U L L - Y E A R F Y 2 5 R E S U L T S Disciplined Capital Allocation Priorities Unchanged 14 Invest in Current Brands to Drive Organic Growth 1 Pursue M&A That is Attractive to Shareholders Ample Capacity to Pursue Brands & Portfolios of Scale 2 Strategic Share Repurchases Balanced Share Repurchases Against Other Priorities 3 Further Net Deleveraging to Enhance Optionality Near-term Cash Build to Enhance Future Capital Deployment Flexibility 4 Organic Long-Term Algorithm… Anticipate approximately $1 billion total Free Cash Flow(4) over the next four years enhancing shareholder value


 
F U L L - Y E A R F Y 2 5 R E S U L T S III. FY 26 Outlook


 
F U L L - Y E A R F Y 2 5 R E S U L T S Well-Positioned Against Volatile FY 26 Backdrop 16 Reduced Consumer Optimism Associated Inflationary Impacts Tariff Volatility & Uncertainty Potential Macro Overhang PBH Considerations & Assumptions Portfolio widely distributed in needs-based product categories Diverse and predominately domestic supplier base Working with trusted suppliers to identify short-term & long-term cost savings Leading shares enable surgical pricing if necessary Well-Positioned to Maintain Consistent Performance


 
F U L L - Y E A R F Y 2 5 R E S U L T S Initial FY 26 Outlook ◼ Remain well-positioned in dynamic economic environment ◼ Continue to emphasize brand-building on a diverse, needs-based portfolio ◼ Revenues of $1,140 to $1,155 million — Organic growth, excluded projected FX headwind, of approximately 1% to 2% ◼ Diluted EPS of $4.70 to $4.82 ◼ Anticipate mitigating vast majority of approximately $15 million tariff impact ◼ Projecting gross margin expansion, enabling targeted reinvestments ◼ Free Cash Flow(4) of $245 million or more ◼ Disciplined M&A and opportunistic share repurchases remain value-enhancing priorities ◼ Capital allocation decisions focused on maximizing shareholder value Top Line Trends Free Cash Flow & Allocation EPS 17


 
F U L L - Y E A R F Y 2 5 R E S U L T S Q&A


 
F U L L - Y E A R F Y 2 5 R E S U L T S Appendix (1) Organic Revenue is a Non-GAAP financial measure and is reconciled to the most closely related GAAP financial measure in the attached Reconciliation Schedules and / or our earnings release dated May 8, 2025 in the “About Non-GAAP Financial Measures” section. (2) Adjusted Net Income, Diluted EPS, EBITDA & EBITDA Margin, Free Cash Flow, and Net Debt are Non-GAAP financial measures and are reconciled to their most closely related GAAP financial measures in the attached Reconciliation Schedules and / or in our earnings release dated May 8, 2025 in the “About Non-GAAP Financial Measures” section. (3) Leverage ratio reflects net debt / covenant defined EBITDA. (4) Free Cash Flow for FY 26 is a projected Non-GAAP financial measure, is reconciled to projected GAAP Net Cash Provided by Operating Activities in the attached Reconciliation Schedules and / or in our earnings release dated May 8, 2025 in the “About Non-GAAP Financial Measures” section and is calculated based on projected Net Cash Provided by Operating Activities less projected capital expenditures. 19


 
F U L L - Y E A R F Y 2 5 R E S U L T S 20 Reconciliation Schedules Adjusted EBITDA Margin Organic Revenue Change Three Months Ended March 31, Year Ended March 31, 2025 2024 2025 2024 (In Thousands) GAAP Total Revenues 296,518$ 276,991$ 1,137,762$ 1,125,357$ Revenue Change 7.0% 1.1% Adjustments: Impact of foreign currency exchange rates - (2,262) - (1,482) Total adjustments -$ (2,262)$ -$ (1,482)$ Non-GAAP Organic Revenues 296,518$ 274,729$ 1,137,762$ 1,123,875$ Non-GAAP Organic Revenue Change 7.9% 1.2% Three Months Ended March 31, Year Ended March 31, 2025 2024 2025 2024 (In Thousands) GAAP Net Income 50,128$ 49,458$ 214,605$ 209,339$ Interest expense, net 10,759 15,260 47,632 67,160 Provision for income taxes 23,831 17,864 69,584 66,686 Depreciation and amortization 7,252 7,843 30,173 30,675 Non-GAAP EBITDA 91,970 90,425 361,994 373,860 Non-GAAP EBITDA Margin 31.0% 32.6% 31.8% 33.2% Adjustments: Tradename impairment 12,466 - 12,466 - Total adjustments 12,466 - 12,466 - Non-GAAP Adjusted EBITDA 104,436$ 90,425$ 374,460$ 373,860$ Non-GAAP Adjusted EBITDA Margin 35.2% 32.6% 32.9% 33.2%


 
F U L L - Y E A R F Y 2 5 R E S U L T S 21 Reconciliation Schedules (Continued) Adjusted Net Income & Adjusted Diluted EPS Adjusted Free Cash Flow (a) Income tax effect of above adjustment using the normalized tax rate. (b) Income tax adjustment to adjust for discrete income tax items. Three Months Ended March 31, Year Ended March 31, 2025 2024 2025 2024 (In Thousands) GAAP Net Income 50,128$ 49,458$ 214,605$ 209,339$ Adjustments: Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows 33,507 22,960 78,851 79,418 Changes in operating assets and liabilities as shown in the Statement of Cash Flows (21,787) (5,511) (41,941) (39,831) Total adjustments 11,720 17,449 36,910 39,587 GAAP Net cash provided by operating activities 61,848 66,907 251,515 248,926 Purchases of property and equipment (3,479) (3,143) (8,224) (9,550) Non-GAAP Free Cash Flow 58,369$ 63,764$ 243,291$ 239,376$ Three Months Ended March 31, Year Ended March 31, 2025 2024 2025 2024 Net Income Adjusted EPS Net Income Adjusted EPS Net Income Adjusted EPS Net Income Adjusted EPS (In Thousands, except per share data) GAAP Net Income and Diluted EPS 50,128$ 1.00$ 49,458$ 0.98$ 214,605$ 4.29$ 209,339$ 4.17$ Adjustments: Tradename impairment 12,466 0.25 - - 12,466 0.25 - - Tax impact of adjustments (a) (2,961) (0.06) - - (2,961) (0.06) - - Normalized tax rate adjustment (b) 6,266 0.13 1,983 0.04 2,236 0.04 1,983 0.04 Total Adjustments 15,771 0.32 1,983 0.04 11,741 0.23 1,983 0.04 Non-GAAP Adjusted Net Income and Adjusted EPS 65,899$ 1.32$ 51,441$ 1.02$ 226,346$ 4.52$ 211,322$ 4.21$


 
F U L L - Y E A R F Y 2 5 R E S U L T S 22 Reconciliation Schedules (Continued) Projected Free Cash Flow Adjusted Free Cash Flow (In millions) Projected FY 26 GAAP Net Cash provided by operating activities 255$ Additions to property and equipment for cash (10) Projected FY 26 Non-GAAP Free Cash Flow 245$


 
F U L L - Y E A R F Y 2 5 R E S U L T S FY 26 Financial Outlook Metric Guidance Revenue ◼ $1.140 to $1.155 billion ◼ Organic growth of 1% to 2% Gross Margin ◼ ~56.5% Marketing ◼ ~14% of net revenue General & Administrative ◼ ~9.7% of net revenue Interest Expense ◼ ~$39 million in interest expense Tax Rate ◼ ~24% effective tax rate EPS ◼ $4.70 to $4.82 Free Cash Flow(4) ◼ $245 million or more 23