On this page of StockholderLetter.com we present the latest annual shareholder letter from Prestige Consumer Healthcare Inc. — ticker symbol PBH. Reading current and past PBH letters to shareholders can bring important insights into the investment thesis.
CA UE PI T V AL A L A NALIT Y POSITIONE O I T P D TO NO O I CR AT C EA O L TE L 2024 ANNUAL REPORT
Prestige Consumer Healthcare Inc. markets, sells, manufactures and distributes consumer healthcare products to retail outlets in the US, Canada, Australia and certain other international markets. We are a company of brand builders. We have grown organically and by acquiring well-recognized leading brands in niche categories. Our management provides our brands with the marketing expertise and investment necessary to grow the brand s market position, expand its distribution and successfully launch line extensions and new products, with the goal of continually enhancing consumer satisfaction.
2024 FACTS+FIGURES At Prestige Consumer Healthcare, we focus on brand-building and product innovation in niche consumer healthcare categories to better improve the lives of our consumers. For generations, our trusted brands have helped consumers care for themselves and their loved ones. It is our mission to preserve this trust by continuing to provide products with their needs in mind. RESILIENT REVENUE STABLE ORGANIC PERFORMANCE Revenues of $1,125.4 million, a 6.1% CAGR over the last three years 0.2% organic growth vs. 2023, even with end of year supply challenges in 2024 SUSTAINED PROFITABILITY LOWER LEVERAGE Adjusted EPS of $4.21, flat vs. record fiscal 2023 2.8x leverage at year-end, enabling flexibility in future capital deployment opportunities
A STRONG PORTFOLIO FOR BALANCED GROWTH Category percentages represent FY24 Revenues, Other OTC not shown (1% of revenues) 21% WOMEN S HEALTH 21% 16% 10% GASTROINTENSTINAL EYE & EAR CARE ANALGESICS 11% 11% 9% DERMATOLOGICALS COUGH/COLD ORAL CARE
FINANCIAL HIGHLIGHTS Fiscal Year Ended March 31, 2024 2023 2022 2021 2020 Net Revenues $ 1,125,357 $ 1,127,725 $ 1,086,812 $ 943,365 $ 963,010 Adjusted EBITDA* 373,860 378,091 $ 367,653 $ 328,932 $ 328,077 Net Income (Loss) 209,339 (82,306) $ 205,381 $ 164,682 $ 142,281 Adjusted Net Income* 211,322 211,974 $ 206,310 $ 163,998 $ 151,332 Net Income (Loss) Per Share-Diluted 4.17 (1.63) 4.04 3.25 2.78 Adjusted Net Income Per Share-Diluted 4.21 4.21 4.06 3.24 2.96 (Dollars in thousands, except per share amounts) Weighted Average Shares Outstanding-Diluted Advertising and Marketing Expense 50,178 153,315 A&M as a Percentage of Net Revenue 50,384 50,842 50,605 145,061 $ 157,343 $ 140,589 12.9% 13.6% 14.5% 51,140 147,194 14.9% 15.3% Operating Cash Flow 248,926 229,716 Capital Expenditures 9,550 7,784 Free Cash Flow** 239,376 221,932 $ 250,280 $ 213,364 $ 202,564 Adjusted Free Cash Flow** 239,376 221,932 $ 253,745 $ 213,364 $ 206,767 Adjusted Free Cash Flow as a Percentage of Net Revenues 19.7% 21.3% Adjusted Net Income Per Share diluted* Total Revenues (in millions) $ 259,922 $ 235,607 217,124 14,560 9,642 22,243 23.3% 22.6% 21.5% Adjusted Free Cash Flow** (in millions) $1,125.4 $4.21 $239.4 20 21 22 23 24 20 21 22 23 24 20 21 22 23 24 *Adjusted net income, adjusted net income per share, and adjusted EBITDA are non-GAAP financial measures and are reconciled to the reported GAAP figures in Exhibit 99.1 and 99.2 accompanying our earnings release filed with the Securities and Exchange Commission on May 15, 2024. **Free cash flow and adjusted free cash flow are non-GAAP financial measures. Management believes free cash flow is a commonly used measure of liquidity, indicative of cash available for debt repayment and acquisitions. Free cash flow and adjusted free cash flow are reconciled to GAAP Net Cash provided by operating activities in Exhibit 99.1 and 99.2 accompanying our earnings release filed with the Securities and Exchange Commission on May 15, 2024. Management believes that these measures provide additional ways to view our operations and a more complete understanding of our business than could be obtained absent this disclosure, when considered with both our GAAP results and our reconciliation therewith. Prestige Consumer Healthcare 2024 Annual Report 1
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PBH Shareholder/Stockholder Letter Transcript:

CA
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PI T
V
AL
A
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A
NALIT Y POSITIONE
O
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D TO
NO
O
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CR
AT
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L
2024
ANNUAL REPORT

Prestige Consumer Healthcare Inc. markets, sells, manufactures
and distributes consumer healthcare products to retail outlets in the
US, Canada, Australia and certain other international markets. We are a
company of brand builders. We have grown organically and by acquiring
well-recognized leading brands in niche categories. Our management
provides our brands with the marketing expertise and investment
necessary to grow the brand   s market position, expand its distribution
and successfully launch line extensions and new products, with the goal
of continually enhancing consumer satisfaction.

2024 FACTS+FIGURES
At Prestige Consumer Healthcare, we focus on brand-building
and product innovation in niche consumer healthcare categories
to better improve the lives of our consumers. For generations,
our trusted brands have helped consumers care for themselves
and their loved ones. It is our mission to preserve this trust by
continuing to provide products with their needs in mind.
RESILIENT REVENUE
STABLE ORGANIC PERFORMANCE
Revenues of $1,125.4 million, a 6.1%
CAGR over the last three years
0.2% organic growth vs. 2023,
even with end of year supply
challenges in 2024
SUSTAINED PROFITABILITY
LOWER LEVERAGE
Adjusted EPS of $4.21, flat vs.
record fiscal 2023
2.8x leverage at year-end,
enabling flexibility in future
capital deployment opportunities

A STRONG PORTFOLIO
FOR BALANCED
GROWTH
Category percentages represent FY24 Revenues, Other OTC not
shown (1% of revenues)
21%
WOMEN   S HEALTH
21%
16%
10%
GASTROINTENSTINAL
EYE & EAR CARE
ANALGESICS
11%
11%
9%
DERMATOLOGICALS
COUGH/COLD
ORAL CARE

FINANCIAL HIGHLIGHTS
Fiscal Year Ended March 31,
2024
2023
2022
2021
2020
Net Revenues
$ 1,125,357
$ 1,127,725
$ 1,086,812
$ 943,365
$ 963,010
Adjusted EBITDA*

373,860

378,091
$ 367,653
$ 328,932
$ 328,077
Net Income (Loss)

209,339

(82,306)
$ 205,381
$ 164,682
$ 142,281
Adjusted Net Income*

211,322

211,974
$ 206,310
$ 163,998
$ 151,332
Net Income (Loss) Per Share-Diluted

4.17

(1.63)

4.04

3.25

2.78
Adjusted Net Income Per Share-Diluted

4.21

4.21

4.06

3.24

2.96
(Dollars in thousands, except per share amounts)
Weighted Average Shares
Outstanding-Diluted
Advertising and Marketing Expense
50,178

153,315
A&M as a Percentage of Net Revenue

50,384
50,842
50,605
145,061
$ 157,343
$ 140,589
12.9%
13.6%
14.5%
51,140

147,194
14.9%
15.3%
Operating Cash Flow

248,926

229,716
Capital Expenditures

9,550

7,784
Free Cash Flow**

239,376

221,932
$ 250,280
$ 213,364
$ 202,564
Adjusted Free Cash Flow**

239,376

221,932
$ 253,745
$ 213,364
$ 206,767
Adjusted Free Cash Flow as a Percentage
of Net Revenues
19.7%
21.3%
Adjusted Net Income
Per Share   diluted*
Total Revenues
(in millions)
$ 259,922
$ 235,607

217,124



14,560
9,642
22,243
23.3%
22.6%
21.5%
Adjusted Free Cash Flow**
(in millions)
$1,125.4
$4.21
$239.4
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*Adjusted net income, adjusted net income per share, and adjusted EBITDA are non-GAAP financial measures and are reconciled to the reported GAAP figures in Exhibit 99.1 and
99.2 accompanying our earnings release filed with the Securities and Exchange Commission on May 15, 2024.
**Free cash flow and adjusted free cash flow are non-GAAP financial measures. Management believes free cash flow is a commonly used measure of liquidity, indicative of cash
available for debt repayment and acquisitions. Free cash flow and adjusted free cash flow are reconciled to GAAP Net Cash provided by operating activities in Exhibit 99.1 and 99.2
accompanying our earnings release filed with the Securities and Exchange Commission on May 15, 2024.
Management believes that these measures provide additional ways to view our operations and a more complete understanding of our business than could be obtained absent this
disclosure, when considered with both our GAAP results and our reconciliation therewith.
Prestige Consumer Healthcare 2024 Annual Report
1



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