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.
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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
 • shareholder letter icon 7/5/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/29/2023 PBH Stockholder Letter
 • stockholder letter icon More "Drugs & Pharmaceuticals" Category Stockholder Letters
 • Benford's Law Stocks icon PBH Benford's Law Stock Score = 70


PBH Shareholder/Stockholder Letter Transcript:

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



shareholder letter icon 7/5/2024 Letter Continued (Full PDF)
 

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