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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
(標記一個)
☒
根據1934年證券交易法第13或15(d)條款的季度報告。
截至季度結束2024年9月30日
或
☐
根據1934年證券交易法第13或15(d)條款的過渡報告
為了過渡期從                   到          
委員會檔案編號 001-35964
科蒂公司。
（依憑章程所載的完整登記名稱）
特拉華州
13-3823358
(成立地或組織其他管轄區)（聯邦稅號）
第五大道350號,
 紐約，紐約10118
(總部辦公地址)（郵政編碼）
(212) 389-7300
申請人的電話號碼，包括區域代碼。

勾選表示：（1）申報人在過去12個月內（或申報人需要申報這些報告的較短時間段內）已提交證券交易法案第13或15(d)條所要求的所有報告，且（2）在過去90天內一直適用於此類申報要求。是 ý所有板塊¨
請勾選表示：申報人在過去12個月內(或其應當提交此类文件的縮短期間內)，是否已提出每份互動數據文件，該提交根據Regulation S-t第405條規定(本章232.405條)。是 ý無¨
勾選此格以指示登記人是否為大型高速進行申報的申報人、高速進行申報的申報人、非高速進行申報的申報人、較小型報告公司或新興成長公司。請參閱《交易所法令》第120億2條中有關“大型高速進行申報人”、“高速進行申報人”、“較小型報告公司”和“新興成長公司”的定義。
大型加速歸檔人☒加速歸檔人☐
非加速發行人   ☐小型報告公司☐
新興成長型企業☐
如果是新興成長公司，請勾選，以表示據第13(a)條《交易所法》規定提供的有新修訂的財務會計標准的遵守，已選擇不使用擴展過渡期。¨
請以勾選方式表明是否登記公司是一家外殼公司（如交易所法規120億2條所定義）。 是☐不ý
根據法案第12(b)條登記的證券：
每種類別的名稱交易標的每個註冊交易所的名稱
普通A類股票，面額$0.01COTY紐約證券交易所
在2024年10月31日， 869,898,360 發行人名為A股普通股，面值$0.01，現已發行。



科蒂公司。
提交第10-Q表格的指數
頁面


目錄
第一部分. 財務資訊
項目 1。 精簡 合併財務報表附註
科蒂和其附屬公司
綜合營業損益匯縮陳述
（以百萬為單位，每股數據除外)
（未經審計）)
 結束於三個月的期間
九月三十日，
 20242023
淨收入$1,671.5 $1,641.4 
銷貨成本576.9 599.5 
毛利潤1,094.6 1,041.9 
銷售、一般及管理費用808.0 767.4 
攤銷費用48.1 48.6 
重組成本0.7 28.4 
營收237.8 197.5 
利息費用，淨額61.8 69.8 
其他費用，淨額43.3 76.6 
稅前收入132.7 51.1 
所得税费用42.0 40.9 
凈利潤90.7 10.2 
歸屬於非控制權益的凈利潤2.1 1.1 
凈利潤歸可贖回非控制權益5.7 7.5 
歸屬於科蒂的凈利潤。$82.9 $1.6 
歸屬於科蒂的金額。
歸屬於科蒂的凈利潤。82.9 1.6 
可轉換B系列優先股的股息。(3.3)(3.3)
歸屬於普通股股東之凈利潤（損失）$79.6 $(1.7)
每股普通股收益:
每普通股基本盈利$0.09 $— 
每股普通股盈利 - 稀釋0.09 — 
加權平均在外流通股數：  
基礎867.9 854.3 
稀釋875.3 854.3 
參見簡明合併基本報表附註。
1
目錄
科蒂和其附屬公司
綜合收益（損失）簡明合併報表
（以百萬為單位）
（未經審計）)
結束於三個月的期間
九月三十日，
 20242023
凈利潤$90.7 $10.2 
其他綜合損益：  
外幣兌換調整120.6 (114.5)
货币货币衍生产品未实现收益（损失）及现金流量套期收益，税后净额0.4 及$(0.7）在分别截至的三个月内
(0.8)1.5 
退休金和其他福利調整，稅後淨額為$(0.4和美元，分別剩餘餘額為美元。0.9，分別為在結束的三個月內
0.9 (2.1)
其他綜合損益(淨額)(稅後)120.7 (115.1)
綜合收益（損失）211.4 (104.9)
歸屬於非控股權益的綜合收益：  
凈利潤2.1 1.1 
歸屬於非控制權益的綜合收益總額2.1 1.1 
歸屬於可贖回非控制權益的綜合收益：
凈利潤5.7 7.5 
外幣兌換調整0.1 (0.1)
歸屬於非控制權益的綜合收益總額5.8 7.4 
歸屬於科蒂的綜合收益（損失）。$203.5 $(113.4)
參見簡明合併基本報表附註。
2
目錄
科蒂和其附屬公司
縮表合併資產負債表
（以百萬為單位，每股數據除外)
(未經查核)
 九月三十日，
2024		6月30日，
2024
資產  
流動資產:  
現金及現金等價物$283.6 $300.8 
限制性現金23.9 19.8 
應收賬款 - 減少$ 貯備29.8 15.124.3，分別為
703.5 441.6 
存貨782.5 764.1 
預付費用及其他流動資產440.2 437.2 
全部流動資產2,233.7 1,963.5 
物業及設備，扣除折舊後淨值715.6 718.9 
商譽3,983.7 3,905.7 
其他無形資產淨值3,612.5 3,565.6 
股權投資1,089.6 1,090.6 
營運租賃權使用資產264.6 255.3 
推延所得稅512.4 490.8 
其他非流動資產103.9 92.1 
總資產$12,516.0 $12,082.5 
負債、夾層權益及股東權益  
流動負債：
應付賬款$1,323.3 $1,405.6 
應計費用及其他流動負債1,174.8 1,067.3 
短期負債及長期負債當期償還款3.3 3.0 
當期營運租賃負債62.6 57.8 
應支付的所得稅及其他稅款73.6 68.1 
流動負債合計2,637.6 2,601.8 
長期負債淨額3,934.4 3,841.8 
長期經營租賃負債223.9 218.7 
退休金及其他職後福利285.3 275.2 
推延所得稅582.6 549.9 
其他非流動負債379.1 347.4 
總負債8,042.9 7,834.8 
承諾和條件（詳見註17）
可轉換Series b優先股， $0.01 面額為0.0001； 1.0 授權股份為 0.1 截至2024年9月30日和2024年6月30日已發行和流通
142.4 142.4 
可贖回非控制權益98.8 93.6 
股東權益:  
優先股， $0.01 面額為0.0001； 20.0 股份已授權 1.0 截至2024年9月30日和2024年6月30日，已發行並流通的。
— — 
A類普通股, $0.01 面額為0.0001； 1,250.0 股份已授權 962.1 已發行且 867.8 截至2024年9月30日和2024年6月30日的未清款項
9.6 9.6 
資本公積額額外增資11,322.6 11,308.0 
累積虧損(4,815.6)(4,898.5)
累積其他全面損失(674.5)(795.1)
庫藏股-成本，股數： 94.3 於2024年9月30日及2024年6月30日
(1,796.9)(1,796.9)
科蒂股票股東權益總額4,045.2 3,827.1 
非控制權益186.7 184.6 
總股本4,231.9 4,011.7 
負債總額、中間股東權益和股東權益總計$12,516.0 $12,082.5 
參見簡明合併基本報表附註。
3
目錄
科蒂和其附屬公司
綜合股權附註表
截至2024年9月30日三個月結束
（單位：百萬美元，每股數據除外）
(未經查核)
 優先股A級
普通股		股票即將發行額外的
實收資本		股票銷售應收款項(累計虧損)累積其他綜合損益庫藏股科蒂集團總計
股東權益		非控制權益股東權益總額可贖回的
非控制權益		可換股乙級優先股
 股份金額股份金額股份金額
資產負債表—2024年7月1日1.0 $— 962.1 $9.6 $— $11,308.0 $— $(4,898.5)$(795.1)94.3 $(1,796.9)$3,827.1 $184.6 $4,011.7 $93.6 $142.4 
股份報酬費用16.9 16.9 16.9 
股權投資貢獻為股份報酬0.4 0.4 0.4 
分紅派息計提變動— — — 
累積分紅派息 - 可轉換B系列優先股(3.3)(3.3)(3.3)3.3 
支付分紅派息 - 可轉換B系列優先股— — (3.3)
凈利潤82.9 82.9 2.1 85.0 5.7 
其他綜合收益120.6 120.6 — 120.6 0.1 
贖回不控制權益調整至贖回價值0.6 0.6 0.6 (0.6)
分紅派息給非控股權益，淨額— — 
資產負債表—2024年9月30日1.0 $— 962.1 $9.6 $— $11,322.6 $— $(4,815.6)$(674.5)94.3 $(1,796.9)$4,045.2 $186.7 $4,231.9 $98.8 $142.4 
參見簡明合併基本報表附註。
4
目錄
科蒂和其附屬公司
綜合股權附註表
截至2023年9月30日三個月結束
（單位：百萬美元，每股數據除外）
(未經查核)
 優先股A級
普通股		發行股票額外的
實收資本		股票出售應收款項(累積赤字)累積其他綜合損益庫藏股科蒂公司總計
股東權益		非控制權益股東權益總額可贖回的
非控制權益		可轉換乙等優先股
 股份金額股份金額股份金額
資產負債表-2023年7月1日1.0 $— 919.3 $9.1 $— $10,898.6 $— $(4,987.9)$(662.4)66.5 $(1,446.3)$3,811.1 $186.3 $3,997.4 $93.5 $142.4 
發行類A普通股，以全球貨幣發行為準，減去發行成本30.00.331.5311.2(348.5)(5.5)(5.5)
行使員工股票期權和受限股份5.2 0.1 (0.1)— — 
保留股份以支付員工稅金(0.8)(0.8)(0.8)
股份報酬費用30.2 30.2 30.2 
股票基於股份報酬的權益投資貢獻0.7 0.7 0.7 
分紅累計變化— — — 
分紅累計 - 可轉換B類特選股(3.3)(3.3)(3.3)3.3 
分紅派息-可轉換B系列優先股— — (3.3)
凈利潤1.6 1.6 1.1 2.7 7.5 
其他全面損失(115.0)(115.0)— (115.0)(0.1)
贖回價值調整可贖回非控股權2.3 2.3 2.3 (2.3)
截至2023年9月30日結餘1.0 $— 954.5 $9.5 $31.5 $11,238.8 $(348.5)$(4,986.3)$(777.4)66.5 $(1,446.3)$3,721.3 $187.4 $3,908.7 $98.6 $142.4 
參見簡明合併基本報表附註。
5
目錄
科蒂和其附屬公司
簡明合併現金流量表 (未經審計)
（以百萬美元計）
(未經查核)
結束於三個月的期間
九月三十日，
20242023
營業活動之現金流量：  
凈利潤$90.7 $10.2 
調整淨利潤以達經營活動所提供之淨現金流量：  
折舊與攤提104.6 106.8 
非現金租賃費用15.6 15.8 
推延所得稅19.1 22.8 
坏账准备2.7 1.0 
退休金和其他職後福利提請2.7 2.5 
基於股份的報酬17.0 29.7 
長期資產處分收益，淨額— (1.0)
股本投資實現和未實現損失/(收益)，淨額1.0 (3.2)
匯率影響12.9 8.2 
外匯远期回购合约未實現損失，淨額29.9 65.4 
其他15.4 11.5 
營運資產和負債的變化  
應收貿易款項(251.6)(190.8)
存貨2.5 (9.9)
預付費用及其他流動資產2.1 (47.4)
應付賬款(80.5)(22.4)
應計費用及其他流動負債80.4 183.8 
營業租賃負債(13.6)(16.0)
應支付的所得稅及其他稅款27.0 10.3 
其他非流動資產(11.4)(9.4)
其他非流動負債0.9 18.3 
經營活動產生的淨現金流量67.4 186.2 
投資活動產生的現金流量:  
資本支出(75.3)(62.2)
支付以取得許可協議(2.0)— 
投資活動中使用的淨現金(77.3)(62.2)
融資活動產生的現金流量:  
循環貸款設施收益319.4 834.0 
循環貸款設施還款(322.6)(962.0)
發行其他長期債務所得— 1,284.3 
分期貸款和其他長期債務還款— (1,186.6)
Class b優先股股息支付(3.3)(3.3)
外幣合約的凈款項5.4 (4.0)
與逆回購合約相關的支付(6.7)(3.9)
支付逾期融資費用(2.0)(36.0)
所有其他(0.6)(1.1)
籌集資金的淨現金流量(10.4)(78.6)
匯率對現金、現金等價物和受限制現金的影響7.2 (11.5)
現金、現金等價物和受限制現金的淨（減少）增加(13.1)33.9 
現金、現金等價物和受限制現金—期初320.6 283.8 
6
目錄
期末現金、現金等價物和限制性現金$307.5 $317.7 
現金流量補充資訊:  
本期支付之利息現金$57.5 $35.4 
支付所得稅的淨現金14.1 16.1 
$  
應計的資本支出增加額$69.9 $85.1 
應收發行普通股款淨額，扣除發行成本— 343.0 
參見簡明合併基本報表附註。
7
目錄
科蒂和其附屬公司
基本報表附註
（以百萬美元為單位，每股數據除外）
(未經查核)

1. 業務描述
科蒂公司及其附屬公司（以下簡稱“公司”或“科蒂”）製造、營銷、出售和分銷品牌美容產品，包括香水、彩妝和與皮膚及身體有關的產品在全球各地。科蒂是一家具有豐富創業歷史和標誌性品牌組合的全球美容公司。
本公司按照以6月30日作為年終的財政年度運營。除非另有說明，任何帶有「財務」一詞的年度參照指向該年度截至當年6月30日的財政年度。例如，「2025財務」的參考指向截至2025年6月30日的財政年度。 在本10-Q表格季度報告中使用時，「包括」和「包括」一詞，除非上下文另有指示，表示包括但不限於。
公司的銷售通常在第二財季增加，因冬季假期季節需求增加。財務表現、運營資本需求、銷售、現金流和借款在假期季節前三到六個月通常會出現變動。產品創新、新產品推出以及公司客戶的訂單規模和時間安排也可能導致變化。
2. 重要會計政策摘要
報告基礎
未經審核的暫編綜合基本報表按照美國通行的會計原則（“GAAP”）編製，包括公司的國內和國際子公司合併資料。根據GAAP準備的合併基本報表通常包括的某些信息和披露已被簡化或省略。因此，應該在閱讀這些未經審核的暫編綜合基本報表及附註時，結合公司截至2024年6月30日的合併基本報表一同閱讀。經管理層審核，已將為實現公允呈現所必要的一切調整（定期性調整）納入暫編綜合基本報表。截至2024年9月30日的三個月營運結果並不能必然反映預計截至2025年6月30日全財政年度的營運結果。在下文中，所有美元金額（每股金額除外）均以百萬美元為單位，除非另有指示。
受限現金
受限現金代表因合約限制而無法即時用於一般現金需求的所有基金類型。根據現金預期使用時間和性質，或限制預期何時解除，受限現金分類為流動或長期資產。 截至2024年9月30日及2024年6月30日，公司分別在簡明綜合資產負債表中的受限現金中有美金$23.9525,259美元19.8分別在簡明綜合資產負債表中的受限現金餘額於2024年9月30日主要提供某些銀行擔保租金、關稅和稅務帳戶，同時包括因應收賬款買方未償還而留置的回收款項。 受限現金作為現金、現金等價物和受限現金簡明綜合現金流量表的一部分。
股權投資
公司選擇公允價值選項來記錄其對彩虹合資公司有限公司和附屬公司（統稱為“Wella”或“Wella公司”）的投資，以配合公司對此投資的策略。公允價值每季度更新一次。由於公司估計投資的公允價值使用收入法、市場法和私人交易法相結合，根據公允價值等級，該投資被歸類為第3級。公允價值選項下的股權投資公允價值變動記錄在綜合損益中的其他費用淨額內（見附註6—股權投資）。
估計的使用
依據GAAP（通用會計準則）製作基本報表需要管理階層對資產和負債金額以及財務報表日期之當時的條件資產和負債的揭露和財務報表中的營業收入和費用進行估計和假設。包含主觀管理估計和假設的重要會計政策包括與營業收入認列相關的政策、存貨淨實現價值、股本投資的公平價值、商譽評估、其他無形資產和長期資產等。
8
目錄
減損損失和所得稅。管理層根據歷史經驗和其他因素，包括當前經濟環境，持續評估其估計和假設，並在事實和情況指示時進行調整。由於未來事件及其影響無法精確確定，實際結果可能與這些估計和假設顯著不同。如果這些估計和假設發生重大變化，將在未來期間的簡明綜合財務報表中反映。
稅務資訊
截至2024年9月30日三個月的有效所得稅率，分別為2024年和2023年。31.7%和%。80.0，分別是%。有效稅率下降主要是由於去年同期有效稅率較高，涉及公司递延所得稅負債重估的影響，因瑞士的稅率上升而增加的開支$24.3.
在2024年9月30日結束的三個月裡，有效稅率高於聯邦規定稅率21%，主要是由於對執行管理層股票報酬的可扣除性限制以及對利息費用的可扣除性限制。 31.7在2024年9月30日結束的三個月裡，有效稅率高於聯邦規定稅率21%，主要是由於對執行管理層股票報酬的可扣除性限制以及對利息費用的可扣除性限制。

在截至2023年9月30日的三個月中，有效稅率為 80.0%，較聯邦法定稅率21%高，主要是因為瑞士實施稅率增加導致公司遞延稅負重新評價產生的支出為$24.3 以及執行管理股票酬勞的可扣除性限制導致的。
有效所得稅率因以下原因而不同於美國聯邦法定稅率21%：(i) 不同法定稅率的司法管轄區，包括稅率變更的影響；(ii) 調整公司的未實現稅收優惠（“UTBs”）及應計利息；(iii) 不可抵減的費用；(iv) 審計解決及(v) 評價準備變更。
截至二零二四年九月三十日和二零二四年六月三十日，外匯總金額為美元216.6和 $215.3，分別。截至 2024 年 9 月 30 日，如果認可將影響實際所得稅率的 UTB 總金額為 $178.4。截至 2024 年 9 月 30 日和 2024 年 6 月 30 日，與不同商業銀行相關的負債，包括累計利息和罰款，為美元212.8和 $200.2，分別記錄在簡明綜合資產負債表中的所得稅和其他應付稅款和其他非流動負債。與 UTB 相關的簡明綜合營運報表中記錄的利息和罰款總額為 $3.8和 $1.3 分別截至二零二四年九月三十日和二零三年九月三十日止的三個月。截至 2024 年 9 月 30 日及 2024 年 6 月 30 日，在簡明綜合資產負債表中記錄的累計利息及罰款總額為 $34.0 和 $30.2，分別。根據截至 2024 年 9 月 30 日的信息，合理可能會減少高達美元29.0由於預計全球稅務審查的決議，以及適用的限期條例可能失效，可能會在十二個月內發生。
最近會計宣告
2023年11月，FASb發布了ASU 2023-07，旨在改善可報告的部門披露，以及增強有關顯著可報告的部門費用的披露。此指引將於我們的年度報告開始生效，即2024年12月31日結束的財政年度及其後的中期期間，并要求對所有已呈報的前期期間進行追溯應用。由於這些修訂不改變營運部門的識別方法，營運部門的匯總或定量門檻的應用以確定可報告的部門，我們不認為此指引對我們的財務狀況或經營業績產生實質影響。 節段報告（主題280）：報告性節段披露的改進措施， 通過加強對重要分部開支的披露，擴大了應報告部門披露要求。 ASU中的修訂要求上市公司在年度和中期披露中定期向公司的首席營運決策者（"CODM"）提供重要分部開支的資訊，報告部門的其他項目的描述，以及CODM在分配資源時決定如何使用的分部盈利或虧損的其他措施。對於2025財年，公司需要進行年度披露。對於2026財年第一季度開始的期間，需要進行中期披露。要求對提出的所有先前期間進行追溯應用，並允許提前採用。公司將於2025年財年第四季度採用該標準並開始進行額外所需的披露。
3. 分部報告
經營及報告部門（簡稱「部門」）反映了公司的管理方式，以及可獲得並由公司的CODm定期評估的獨立財務資訊，在決定如何分配資源和評估績效時使用。公司已將其首席執行官（"CEO"）指定為CODm。
企業管理特定收入和分擔成本，以及企業計劃的結果。 企業主要包括股票酬勞費用、重組和重新調整成本、與收購、剝離和早期授權終止活動相關的成本，以及無法歸因於各部門正在進行的運作活動的長期資產、商譽和無形資產的減值。 企業成本不被CODm用於評估各部門的基礎表現。
除了商譽之外，公司不根據各個部門識別或監控資產。由於各部門之間共用各種資產，公司不按可報告部門呈列資產。商譽按部門分配的情況請參見附註7—商譽及其他無形資產，淨值。
9
目錄
三個月結束
九月三十日
區段資料20242023
淨收入：
聲望$1,114.1 $1,064.7 
消費者美容557.4 576.7 
總計$1,671.5 $1,641.4 
營業收入（虧損）：
聲望241.5 221.6 
消費者美容14.0 32.0 
企業(17.7)(56.1)
總計$237.8 $197.5 
調解：
營業收入237.8 197.5 
利息費用淨額61.8 69.8 
其他費用（淨額）43.3 76.6 
所得稅前所得$132.7 $51.1 

在2025財政第一季度期間，公司修訂了其產品類別的定義，以更好地監控其長期戰略目標並改進特定多類別品牌的呈現方式。 因此，公司對其產品銷售進行了某些重分類。 先前期間已經重編以反映當前期間的呈現方式。
香水產品包括各種香水和古龍水，提供不同氣味以適應個人喜好和場合。彩妝產品包括唇彩、眼影、面部和其他彩妝產品，包括指甲彩妝。身體護理和其他產品包括沐浴露、身體噴霧和除臭劑。護膚產品包括保濕霜、精華液、防曬產品、潔面產品、爽膚水和抗衰老霜，旨在滋養、保護和改善皮膚的外觀和健康。
以下是與公司產品類別相關的淨收入百分比：
結束於三個月的期間
九月三十日，
產品類別20242023
香水70.2 %66.4 %
彩妝品22.0 24.6 
身體護理及其他4.7 5.8 
護膚品3.1 3.2 
總計100.0 %100.0 %
10
目錄
4. 重組成本
2024年9月30日和2023年結束的三個月的重組成本如下所示:
結束於三個月的期間
九月三十日，
20242023
目前的重組行動$0.7 $28.6 
轉型計畫— (0.2)
總計$0.7 $28.4 
目前的重組行動
公司繼續分析我們的成本結構，並通過一系列較小的措施和其他降低成本活動來評估機會，以優化特定業務的營運。本公司已累計承擔重組費用如下： $39.9 有關截至 2024 年 9 月 30 日止已獲批准的措施，已記錄在「企業」中。負債餘額為 $36.7 和 $37.9 分別於二零二四年九月三十日和二零二四年六月三十日。公司目前估計，剩餘累計總額為 $36.7 將導致現金支出約為 $16.4, $15.6 和 $4.7 分別在 2025 財政年度、2026 年度及之後。
轉型計畫
T公司先前宣佈了一項計劃，旨在對公司業務進行大幅改善和優化，根據該計劃，公司預計將產生重組和相關成本（"轉型計劃"），該計劃現在基本完成。 四年 預計的成本中，公司已經在截至2024年9月30日的批准計劃中產生了總計累計重組費用為$214.3 與企業採取行動有關。相應的負債餘額分別為2024年9月30日和2024年6月30日的$4.7 $為2024年9月30日和2024年6月30日的$僅為一例。4.7 公司目前估計剩餘總計將導致自財政2025和2026年分別的現金支出約$3.7 15.10.9 。
5. 存貨
2024年9月30日和2024年6月30日的存貨如下所示：
九月三十日，
2024		6月30日，
2024
原材料$207.4 $201.2 
在製品10.9 10.4 
成品564.2 552.5 
庫存總額$782.5 $764.1 

11
目錄
6. 股權投資
公司的股權投資在綜合簡明賬冊列為股權投資，代表如下：
九月三十日，
2024		6月30日，
2024
股權法適用投資：
KKW Holdings (a)
$4.6 $5.6 
以公允價值衡量的股權投資：
Wella (b)
1,085.0 1,085.0 
股權投資總額$1,089.6 $1,090.6 
(a)2021年1月4日，公司完成對KKW Holdings優勢股權的購買。公司根據股權法會計處理這筆少數股權投資，因為它有能力對投資者具有重大影響力，但無法控制。公司投資的攜帶價值包括分配給攤銷無形資產的基礎差異。 20KKW Holdings優勢股權的債權結構中的%。公司根據股權法會計處理這筆少數投資，因為它有能力對投資者具有重大影響力，但無法控制。公司投資的攜帶價值包括分配給攤銷無形資產的基礎差異。
該公司在截至2024年6月30日的三個月和六個月中，對這些認股權進行了$ 2138373和6320916的股份報酬費用認定，該費用基於上述契約條件和公司估計的服務完成時間，並在合併綜合損益表中記錄研究和開發費用。1.0 15.10.8分別於截至2024年9月30日及2023年的三個月，代表其在綜合經營報告中其他費用的投資者淨虧損部分的份額。
(b)截至2024年9月30日和2024年6月30日，公司對Wella的持股 25.84%.
以下表格呈現截至2024年9月30日的公司權益法投資方的財務摘要資訊。所呈現的金額代表在投資方層級的綜合總額，並非公司按比例擁有的份額:
結束於三個月的期間
九月三十日，
20242023
經營業績摘要資訊：
淨收入$655.5 $637.3 
毛利潤445.7 426.8 
營收38.7 44.9 
（稅前虧損）(2.5)(6.8)
凈利潤（損失）(26.1)(16.7)
以下表格概述了到2024年9月30日結束的期間內以公平值選擇計量並分類為第3等級的股權投資變動情況。到2024年9月30日結束的期間內，沒有內部移轉至第3等級或從第3等級轉出到第1或第2等級的情況。
Equity investments at fair value:
Balance as of June 30, 2024$1,085.0 
Total gains included in earnings— 
Balance as of September 30, 2024$1,085.0 
12
Table of Contents
Level 3 significant unobservable inputs sensitivity
The following table summarizes the significant unobservable inputs used in Level 3 valuation of the Company's investments carried at fair value as of September 30, 2024. Included in the table are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
公允價值估值技術難以觀察的
輸入		區間
以公允價值衡量之權益投資$1,085.0 貼現現金流量貼現率
9.45% (a)
成長率
1.8% - 11.0% (a)
市場倍數營業收入倍數
1.9x – 2.1x (b)
EBITDA倍數
9.7x – 12.0x (b)
(a)公司在選擇權公平價值衡量時，使用的主要不可觀察輸入是折現現金流量法中的折現率和營業收入增長率。折現率獨立顯著增加（減少）將導致明顯較低（高）的公平價值衡量。公司根據投資方預測的權益成本和債務來估計折現率。營業收入增長率是由投資方根據其最佳估計，預測未來數年的。營業收入增長率在獨立顯著增加（減少）將導致明顯較高（低）的公平價值衡量。
(b)在使用市場倍數法進行公司權益投資的公允價值測量時，主要的不可觀察輸入是營業收入倍數和EBITDA倍數。獨立增加（減少）營業收入倍數或EBITDA倍數將導致公允價值測量顯著增加（減少）。市場倍數來源於一組參考公開公司。
7. 商譽及其他無形資產淨值
商譽
2024年9月30日和2024年6月30日的商誉如下所示：
聲譽消費美容總計
2024年6月30日的毛餘額$6,214.6 $1,731.2 $7,945.8 
累積減值(3,110.3)(929.8)(4,040.1)
2024年6月30日的淨餘額$3,104.3 $801.4 $3,905.7 
截至2024年9月30日止期間的變動
外币翻译 62.4 15.6 78.0 
2024年9月30日的总余额$6,277.0 $1,746.8 $8,023.8 
累计减值(3,110.3)(929.8)(4,040.1)
2024年9月30日的净余额$3,166.7 $817.0 $3,983.7 
13
目錄
其他無形資產，淨值
其他無形資產淨額自2024年9月30日和2024年6月30日如下：
九月三十日，
2024		6月30日，
2024
永久性其他無形資產$960.7 $944.6 
有限壽命其他無形資產淨額 2,651.8 2,621.0 
其他無形資產淨額總計$3,612.5 $3,565.6 
無限期其他無形資產攜帶金額的變動如下：
商標總計
2024年6月30日毛餘額$1,889.5 $1,889.5 
累計減值 (944.9)(944.9)
2024年6月30日淨餘額$944.6 $944.6 
2024年9月30日結束期間的變動
外幣兌換16.1 16.1 
2024年9月30日的毛余额$1,905.6 $1,905.6 
累积减值(944.9)(944.9)
2024年9月30日的净余额$960.7 $960.7 
應攤銷之無形資產如下：
成本累積攤提累計減損淨值
2024年6月30日
許可協議和合作協議$3,715.1 $(1,422.5)$(19.6)$2,273.0 
客戶關係741.8 (527.8)(5.5)208.5 
商標311.7 (192.4)(0.5)118.8 
產品配方和科技83.7 (63.0)— 20.7 
總計$4,852.3 $(2,205.7)$(25.6)$2,621.0 
2024年9月30日
許可協議和合作協議$3,822.4 $(1,495.4)$(19.6)$2,307.4 
客戶關係753.8 (542.2)(5.5)206.1 
商標314.9 (197.4)(0.5)117.0 
產品配方和科技85.8 (64.5)— 21.3 
總計$4,976.9 $(2,299.5)$(25.6)$2,651.8 
截至2024年6月30日和2023年6月30日的六個月中，攤銷費用分別為$百萬。48.1 15.148.6 分別是截至2024年9月30日和2023年9月30日的三個月結束時的貨幣兌換方面的收益和虧損。
8. 租賃
公司根據期限通常介乎的非可取消經營租賃條款租用辦公設施。 4 及 25 公司使用這些租用的辦公設施供其在進行業務的各國員工使用。與第三方協商租賃，並在某些情況下包含續租、擴展和終止選擇。公司還將某些辦公設施次租予第三方，當公司不再打算使用這些空間。公司的任何租約均不限制支付分紅或承擔債務或額外租賃義務，也不包含重大購買選擇權。
以下圖表提供有關公司營運租約的額外資訊:
14
目錄
結束於三個月的期間
九月三十日，
租賃成本：20242023
營運租賃成本$18.8 $19.1 
短期租賃成本0.7 0.3 
變量租賃成本11.8 10.8 
次租收入(3.6)(3.9)
淨租賃成本$27.7 $26.3 
其他資訊：
經營租賃的經營現金流出$(16.8)$(19.2)
作為租賃負債交換而獲得的使用權資產$18.6 $15.0 
加權平均剩餘租賃期限 - 房地產業6.5 年7.0 年
加權平均折扣率 - 房地產業租賃4.53 %4.29 %
公司營運租賃的未來最低租金支付如下：
截至6月30日財政年度結束，
2025年，剩餘$57.4 
202662.5 
202754.7 
202841.6 
202935.9 
此後82.9 
未來租金總支付金額$335.0 
減：隱含利息(48.5)
租賃負債的總現值$286.5 
當期營運租賃負債62.6 
長期經營租賃負債223.9 
總經營租賃負債$286.5 
15
目錄
9. 債務
截至2024年9月30日和2024年6月30日，公司的債務餘額分別如下：
九月三十日，
2024		6月30日，
2024
短期債務$— $— 
優先擔保票據（a）
到期日為2026年4月的2026美元優先擔保票據650.0 650.0 
到期日為2026年4月的2026歐元優先擔保票據781.2 748.1 
到期日為2027年5月的2027歐元優先擔保票據558.0 534.3 
2028年9月到期的歐元優先擔保票據558.0 534.3 
2029年1月到期的美元優先擔保票據500.0 500.0 
2030年7月到期的美元優先擔保票據750.0 750.0 
2018年Coty信貸協議
截至2028年7月到期的Coty循環信貸設施— — 
優先無擔保票據
2026年4月到期的歐元票據201.2 192.7 
融資租賃負債及其他長期債務3.8 4.3 
總負債4,002.2 3,913.7 
減少：短期借款及長期借款的當期部分(3.3)(3.0)
長期負債總額 3,998.9 3,910.7 
減：長期負債上未攤銷之融資費用和折扣(64.5)(68.9)
淨長期債務總額$3,934.4 $3,841.8 
(a) As described further below, a covenant suspension period is in effect for each of the Senior Secured Notes, and in certain cases a collateral release, due to the achievement of investment grade ratings for such notes in September 2024.

Short-Term Debt
The Company maintains short-term lines of credit and other short-term debt with financial institutions around the world. Total short-term debt remained constant at $0.0 as of September 30, 2024 and June 30, 2024. In addition, the Company had undrawn letters of credit of $4.1 and $4.1, and bank guarantees of $18.5 and $18.4 as of September 30, 2024 and June 30, 2024, respectively.
Long-Term Debt
Senior Secured Notes
On July 26, 2023, the Company issued an aggregate principal amount of $750.0 of 6.625% senior secured notes due 2030 (“2030 Dollar Senior Secured Notes”) in a private offering. Coty received net proceeds of $740.6 in connection with the offering of the 2030 Dollar Senior Secured Notes.
On September 19, 2023, the Company issued an aggregate principal amount of €500.0 million of 5.750% senior secured notes due 2028 ("2028 Euro Senior Secured Notes") in a private offering. Coty received net proceeds of €493.8 million in connection with the offering of the 2028 Euro Senior Secured Notes.
On May 30, 2024, the Company issued an aggregate principal amount of €500.0 million of 4.50% senior secured notes due 2027 ("2027 Euro Senior Secured Notes" and, together with the 2026 Dollar Senior Secured Notes, 2026 Euro Senior Secured Notes, 2027 Euro Senior Secured Notes, 2028 Euro Senior Secured Notes, 2029 Dollar Senior Secured Notes and 2030 Dollar Senior Secured Notes, the “Senior Secured Notes”) in a private offering. Coty received net proceeds of €493.7 million in connection with the offering of the 2027 Euro Senior Secured Notes.

The Senior Secured Notes are senior secured obligations of Coty and are guaranteed on a senior secured basis by each of Coty’s wholly-owned domestic subsidiaries that guarantees Coty’s obligations under its existing senior secured credit facilities and are secured by first priority liens on the same collateral that secures Coty’s obligations under its existing senior secured credit facilities, as described above. The Senior Secured Notes and the guarantees are equal in right of payment with all of Coty’s and the guarantors’ respective existing and future senior indebtedness and are pari passu with all of Coty’s and the guarantors’ respective existing and future indebtedness that is secured by a first priority lien on the collateral, including the existing senior secured credit facilities, to the extent of the value of such collateral. Upon the respective Senior Secured Notes
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achieving investment grade ratings from two out of the three ratings agencies, the Senior Secured Notes provide for certain collateral release and covenant suspension provisions, as follows:
•for the 2026 Dollar Senior Secured Notes and the 2026 Euro Senior Secured Notes, the guarantees and certain covenants will be released;
•for the 2027 Euro Senior Secured Notes, the 2028 Euro Senior Secured Notes and the 2030 Dollar Senior Secured Notes, the collateral security, the guarantees and certain covenants will be released; and
•for the 2029 Dollar Senior Secured Notes, the collateral security relating to the co-issuers and guarantors, the guarantees and certain covenants will be released;

in each case subject to reinstatement if those ratings agencies withdraw their investment grade rating for the respective notes. As of September 2024, each of the Senior Secured Notes achieved an investment grade rating from two ratings agencies, and therefore, the applicable collateral release and covenant suspension periods are in effect for the respective Senior Secured Notes as described above.
For prior debt issuances not disclosed above, please refer to Note 14 — Debt in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (“Fiscal 2024 Form 10-K”).
Optional Redemption
Applicable Premium
債券文件規定了高級有擔保票據的適用溢價（定義見各自債券文件），在2023年4月15日前、及之後，分別對2026歐元高級有擔保票據和2026美元高級有擔保票據、2025年9月15日對2028歐元高級有擔保票據、2026年5月15日對2027歐元高級有擔保票據、2025年1月15日對2029美元高級有擔保票據以及2026年7月15日對2030美元高級有擔保票據進行提前贖回時應支付的溢價（「提前贖回日期」）。
有關每次贖回日期上的各自優先擔保票據的適用貼現是由公司計算，取其較大者：
(1)1.0當時債券債務未償還金額的％；以及
(2)（a）在該贖回日期的贖回價值的超額部分，包括（i）如果這些各自的Senior Secured Notes在各自的提前贖回日期進行贖回時將適用的贖回價（該贖回價表示為出現在下文贖回定價部分的表中的本金金額的百分比），再加上（ii）分別對應到各自的提前贖回日期，未到期但應支付的所有其餘利息支付（如果有的話，直至但不含贖回日期），就（i）和（ii）子句計算而言，使用與貨幣Senior Secured Notes相等的折扣率，即美元2026、2029和2030年Senior Secured Notes的國庫券利率，或是歐元2026和2028年Senior Secured Notes的Bund Rate（國庫券利率和Bund Rate在各自信託中定義），用於此等贖回日期後的基礧點；超出（b）各自Senior Secured Notes的本金金額。 50 基礎點數；比據各自Senior Secured Notes的本金金額。
贖回價格
在提前贖回日期之前的任何時間，公司可以按成百上千的贖回價格贖回部分或全部相應的票據。 100，％相應的本金金額加上適用的溢價，再加上截至贖回日期但不包括該日期的應計及未支付利息，來贖回這些票據。
在提前贖回日期之日起的任何時間，公司可能按照下面的贖回價（以本金金額百分比表示）贖回部分或所有相應的票據，加上任何應計及未支付的利息，如買方在下面各年份各自日期開始的十二個月期間於該贖回日期之前贖回：
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目錄
價錢
從開始時期開始2026美元優先擔保票據2026歐元指數優先擔保票據2027歐元指數優先擔保票據2028歐元指數優先擔保票據2029美元優先擔保票據2030美元優先擔保票據
年4月15日，5月15日，11月15日，9月15日1月15日，7月15日，
2025100.000%100.000%無可奉告無可奉告102.875%102.375%無可奉告
2026無可奉告無可奉告102.250%100.000%101.438%101.188%103.313%
2027無可奉告無可奉告100.000%無可奉告100.000%100.000%101.656%
2028年及之後無可奉告無可奉告無可奉告無可奉告100.000%100.000%100.000%
2018年Coty信貸協議
2018年4月5日，公司簽訂了一項修訂後的授信協議（「2018年Coty授信協議」），如之前披露的那樣，在2023年7月進行了最近的修訂。
經修訂及重新訂至 2023 年 7 月，《2018 年金利信貸協議》規定 (a) 公司承擔 (1) 一項高級擔保期 A 款項，總本金額為 (i) $1,000.0 以美元計價及 (ii) 歐元計價2,035.0 以歐元計價的百萬元（「2018 年基金 A 期間設施」）和 (2) 一項高級擔保 B 期限設施，總本金額為 (i) $1,400.0 以美元計價及 (ii) 歐元計價850.0 以歐元計價的百萬元（「2018 年 Coty Term b 設施」）及 (b) 本公司和該公司荷蘭子公司 Coty B.V.（「荷蘭借款人」以及本公司一起「借款人」）承擔兩期高級安全循環信貸承諾，其中一個總本金額為 $1,670.0 以美元和某些其他貨幣提供，其他貨幣總本金額為歐元300.0百萬個可用於歐元，屆滿於 2028 年 7 月（合併為「Coty 循環信貸設施」（以及 2018 年度 A 期及 2018 年按期 b 期間設施，即「Coty 信貸設施」）。2023 年 7 月的修訂亦 (i) 規定了一項信貸點差調整 0.10所有利息期間的百分比，對於有抵押隔夜融資利率（「SOFR」）貸款，(ii) 加入惠譽為相關的評級機構，以作出抵押品釋放條文和確定適用的利率和費用，以及 (iii) 在抵押品發放期間，則某些契約將停止適用。如前所述，本公司已償還 2018 年度 A 期或二零一八年基金 B 期限制下的所有未償還餘額，截至 2024 年 9 月 30 日，沒有未償還任何款項。
2018年Coty信貸協議經修改後規定，關於Coty循環信貸設施，最多可提供$150.0 可用於信用證的金額最高為$150.0 可用於擔保週轉貸款的金額最高為$。2018年Coty信貸協議經修改後還允許，在某些條件和限制下，通過該協議增加額外設施，其總額為(i) $1,700.0 ，再加上(ii) 不限金額，如果在增加這些額外設施時的第一級淨槓桿率（定義於2018年Coty信貸協議經修改後），在增加這些額外設施後並在合併基礎上生效之後，小於或等於 3.00
根據經修訂的2018年Coty信貸協議，公司的義務由位於美國的重要全資子公司（在特定例外情況下）提供擔保（“擔保方”），並由公司和擔保方根據經修訂的2018年Coty信貸協議，在幾乎所有資產上設立了完善的首部優先留置權（受允許的留置權所限制），在特定例外情況下。荷蘭借款人不對公司根據2018年Coty信貸協議的義務提供擔保，也不設立任何留置權以確保根據2018年Coty信貸協議的義務。當公司的企業評級從三家評級機構中的兩家獲得投資級評級時，抵押物擔保和某些契約將會釋放，但需符合特定條件，若該等評級機構撤回其投資級評級，則需恢復，存在額外條件。
優先無擔保票據
2018年4月5日，公司以面值發行了數量為$的償還期為2026年的資產無抵押票據（“2026美元票據”），以€為單位的數量為%，償還期為2023年的資產無抵押票據（“2023歐元票據”），以及數量為€的百萬歐元的(%指數)償還期為2026年的資產無抵押票據（“2026歐元票據”），這些歐元票據與2023年歐元票據合稱為“歐元票據”，並與2026美元票據一起合稱為“資產無抵押票據”並進行私募發行。550.0 頁，共 6.502018年4月5日，公司以面值發行了數量為%的償還期為2026年的資產無抵押票據（“2026美元票據”），以€為單位的數量為%，償還期為2023年的資產無抵押票據（“2023歐元票據”）和數量為€的百萬歐元的(%指數)資產無抵押票據（“2026歐元票據”和與2023歐元票據合稱為“歐元票據”，以及歐元票據與2026美元票據合稱為“資產無抵押票據”）在私募發行中。550.0 百萬的 4.002018年4月5日，公司以面值發行了數量為€的償還期為2026年的資產無抵押票據（“2026美元票據”）和，與2023歐元票據合稱為“歐元票據”，以及歐元票據與2026美元票據合稱為“資產無抵押票據”的償還期為2023年的(%指數)資產無抵押票據在私募發行中。250.0 2018年4月5日，公司以面值發行了數量為€的償還期為2026年的(%指數)資產無抵押票據（“2026歐元票據”和與2023歐元票據合稱為“歐元票據”，以及歐元票據與2026美元票據合稱為“資產無抵押票據”的償還期為2023年的資產無抵押票據在私募發行中。 4.752018年4月5日，公司以面值發行了數量為€的償還期為2026年的(%指數)資產無抵押票據（“2026歐元票據”和，與2023歐元票據合稱為“歐元票據”，以及歐元票據與2026美元票據合稱為“資產無抵押票據”的償還期為2023年的資產無抵押票據在私募發行中。
這些優先無抵押票據是公司的優先無抵押債務，將與公司現有和未來的所有優先債務（包括Coty信貸設施）一併支付。 pari passu 這些優先無抵押票據由保證人以優先及連帶方式提供擔保。這些優先無抵押票據是公司的優先無抵押債務，實際上等於公司現有和未來所有有擔保債務的價值，以擔保債務的抵押品價值為限的次優債務。相應的擔保是每個保證人的優先無抵押債務，實際上等於每個保證人現有和未來所有有擔保債務的價值，以擔保該債務的抵押品價值為限的次優債務。
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The 2026 Euro Notes will mature on April 15, 2026. The 2026 Euro Notes will bear interest at a rate of 4.75% per annum. Interest on the 2026 Euro Notes is payable semi-annually in arrears on April 15 and October 15 of each year.
On December 7, 2022, the Company redeemed $77.0 of the 2026 Dollar Notes and €69.7 million (approximately $72.2) of the 2026 Euro Notes. On December 7, 2023, the Company redeemed $150.0 of the 2026 Dollar Notes, and on May 30, 2024, the Company redeemed the remaining $323.0 of the 2026 Dollar Notes.
Upon the occurrence of certain change of control triggering events with respect to a series of Senior Unsecured Notes, the Company will be required to offer to repurchase all or part of the Senior Unsecured Notes of such series at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the purchase date applicable to such Senior Unsecured Notes.
The Senior Unsecured Notes contain customary covenants that place restrictions in certain circumstances on, among other things, incurrence of liens, entry into sale or leaseback transactions, sales of all or substantially all of the Company’s assets and certain merger or consolidation transactions. The Senior Unsecured Notes also provide for customary events of default.
Deferred Financing Costs
The Company wrote off unamortized deferred issuance fees and discounts of $0.0 and $5.2 during the three months ended September 30, 2024 and 2023, respectively, which were recorded in Other expense, net in the Condensed Consolidated Statement of Operations. Additionally, the Company capitalized deferred issuance fees of $0.0 and $40.4 during the three months ended September 30, 2024 and 2023, respectively.
Interest
The 2018 Coty Credit Agreement facilities will bear interest at rates equal to, at the Company’s option, either:
(1)SOFR of the applicable qualified currency, of which the Company can elect the applicable one, two, three, six or twelve month rate, plus the applicable margin; or
(2)Alternate base rate (“ABR”) plus the applicable margin.
In the case of the Coty Revolving Credit Facility, the applicable margin means the lesser of a percentage per annum to be determined in accordance with the leverage-based pricing grid and the debt rating-based grid below:
Pricing TierTotal Net Leverage Ratio:SOFR plus:Alternative Base Rate Margin:
1.0
Greater than or equal to 4.75:1
2.000%1.000%
2.0
Less than 4.75:1 but greater than or equal to 4.00:1
1.750%0.750%
3.0
Less than 4.00:1 but greater than or equal to 2.75:1
1.500%0.500%
4.0
Less than 2.75:1 but greater than or equal to 2.00:1
1.250%0.250%
5.0
Less than 2.00:1 but greater than or equal to 1.50:1
1.125%0.125%
6.0
Less than 1.50:1
1.000%—%
Pricing TierDebt Ratings
(S&P/Fitch/Moody’s):		SOFR plus:Alternative Base Rate Margin:
5.0Less than BB+/Ba12.000%1.000%
4.0BB+/Ba11.750%0.750%
3.0BBB-/Baa31.500%0.500%
2.0BBB/Baa21.250%0.250%
1.0BBB+/Baa1 or higher1.125%0.125%

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Fair Value of Debt
September 30, 2024June 30, 2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Senior Secured Notes$3,797.2 $3,851.5 $3,716.7 $3,719.7 
2018 Coty Credit Agreement— — — — 
Senior Unsecured Notes201.2 201.2 192.7 192.8 
The fair value of the Coty Revolving Credit Facility is equal to its carrying value, as the Company has the ability to repay the outstanding principal at par value at any time. The Company uses the market approach to value its other debt instruments. The Company obtains fair values from independent pricing services or utilizes the U.S. dollar SOFR curve to determine the fair value of these debt instruments. Based on the assumptions used to value these liabilities at fair value, these debt instruments are categorized as Level 2 in the fair value hierarchy.
Debt Maturities Schedule
Aggregate maturities of the Company’s long-term debt, including the current portion of long-term debt and excluding short-term debt and finance lease obligations as of September 30, 2024, are presented below:
Fiscal Year Ending June 30,
2025, remaining$— 
20261,632.4 
2027558.0 
2028— 
20291,058.0 
Thereafter750.0 
Total$3,998.4 
Covenants
The 2018 Coty Credit Agreement contains affirmative and negative covenants. The negative covenants include, among other things, limitations on debt, liens, dispositions, investments, fundamental changes, restricted payments and affiliate transactions. With certain exceptions as described below, the 2018 Coty Credit Agreement, as amended, includes a financial covenant that requires us to maintain a Total Net Leverage Ratio (as defined below), equal to or less than the ratios shown below for each respective test period.
Quarterly Test Period Ending
Total Net Leverage Ratio (a)
September 30, 2024 through July 11, 2028
4.00 to 1.00
(a) Total Net Leverage Ratio means, as of any date of determination, the ratio of: (a) (i) Total Indebtedness minus (ii) unrestricted and Cash Equivalents of the Parent Borrower and its Restricted Subsidiaries as determined in accordance with GAAP to (b) Adjusted EBITDA for the most recently ended Test Period (each of the defined terms, including Adjusted EBITDA, used within the definition of Total Net Leverage Ratio have the meanings ascribed to them within the 2018 Coty Credit Agreement, as amended). Adjusted EBITDA, as defined in the 2018 Coty Credit Agreement, as amended, includes certain add backs related to cost savings, unusual events such as COVID-19, operating expense reductions and future unrealized synergies subject to certain limits and conditions as specified in the 2018 Coty Credit Agreement, as amended.
In the four fiscal quarters following the closing of any Material Acquisition (as defined in the 2018 Coty Credit Agreement, as amended), including the fiscal quarter in which such Material Acquisition occurs, the maximum Total Net Leverage Ratio shall be the lesser of (i) 5.95 to 1.00 and (ii) 1.00 higher than the otherwise applicable maximum Total Net Leverage Ratio for such quarter (as set forth in the table above). Immediately after any such four fiscal quarter period, there shall be at least two consecutive fiscal quarters during which the Company's Total Net Leverage Ratio is no greater than the maximum Total Net Leverage Ratio that would otherwise have been required in the absence of such Material Acquisition, regardless of whether any additional Material Acquisitions are consummated during such period.
As of September 30, 2024, the Company was in compliance with all covenants contained within the 2018 Coty Credit Agreement, as amended.
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10. INTEREST EXPENSE, NET
Interest expense, net for the three months ended September 30, 2024 and 2023, respectively, is presented below:
Three Months Ended
September 30,
20242023
Interest expense$60.4 $66.8 
Foreign exchange losses, net of derivative contracts4.7 8.2 
Interest income(3.3)(5.2)
Total interest expense, net$61.8 $69.8 

11. EMPLOYEE BENEFIT PLANS
The components of net periodic benefit cost for pension plans and other post-employment benefit plans recognized in the Condensed Consolidated Statements of Operations are presented below:
Three Months Ended September 30,
Pension PlansOther Post-
Employment Benefits
U.S.InternationalTotal
20242023202420232024202320242023
Service cost— — 1.3 1.3 0.1 0.1 1.4 1.4 
Interest cost0.2 0.2 3.0 3.2 0.4 0.4 3.6 3.8 
Expected return on plan assets— — (1.3)(1.2)— — (1.3)(1.2)
Amortization of prior service credit— — — — — (0.1)— (0.1)
Amortization of net (gain) loss— (0.2)(0.3)(0.6)(0.7)(0.6)(1.0)(1.4)
Net periodic benefit cost (credit)0.2 — 2.7 2.7 (0.2)(0.2)2.7 2.5 
12. DERIVATIVE INSTRUMENTS
Foreign Exchange Risk
The Company is exposed to foreign currency exchange fluctuations through its global operations. The Company may reduce its exposure to fluctuations in the cash flows associated with changes in foreign exchange rates by creating offsetting positions through the use of derivative instruments and also by designating foreign currency denominated borrowings and cross-currency swaps as hedges of net investments in foreign subsidiaries. The Company expects that through hedging, any gain or loss on the derivative instruments would generally offset the expected increase or decrease in the value of the underlying forecasted transactions.
As of September 30, 2024 and June 30, 2024, the notional amount of the outstanding forward foreign exchange contracts designated as cash flow hedges were $24.3 and $22.3, respectively.
The Company also uses certain derivatives not designated as hedging instruments consisting primarily of foreign currency forward contracts and cross-currency swaps to hedge intercompany transactions and foreign currency denominated external debt. Although these derivatives were not designated for hedge accounting, the overall objective of mitigating foreign currency exposure is the same for all derivative instruments. For derivatives not designated as hedging instruments, changes in fair value are recorded in the line item in the Condensed Consolidated Statements of Operations to which the derivative relates. As of September 30, 2024 and June 30, 2024, the notional amounts of these outstanding non-designated foreign currency forward contracts were $1,661.4 and $1,797.6, respectively.
Interest Rate Risk
The Company is exposed to interest rate fluctuations related to its variable rate debt instruments. The Company may reduce its exposure to fluctuations in the cash flows associated with changes in the variable interest rates by entering into offsetting positions through the use of derivative instruments, such as interest rate swap contracts. The interest rate swap contracts result in recognizing a fixed interest rate for the portion of the Company’s variable rate debt that was hedged. This will reduce the negative and positive impact of increases in the variable rates over the term of the contracts. Hedge effectiveness of interest rate swap contracts is based on a long-haul hypothetical derivative methodology and includes all changes in value.
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In December 2023, the Company fully terminated interest rate swap contracts in the notional amount of $200.0 for a cash receipt of $2.1. As the forecasted interest expense under the original swap agreements is still probable, the related gain in accumulated other comprehensive income (loss) ("AOCI/L") will be amortized over the remaining life of the swaps. These interest rate swaps had been designated and qualified as cash flow hedges and were highly effective prior to termination. The Company had no outstanding interest rate swap contracts as of September 30, 2024.
Net Investment Hedge
Foreign currency gains and losses on borrowings designated as a net investment hedge, except ineffective portions, are reported in the cumulative translation adjustment (“CTA”) component of AOCI/(L), along with the foreign currency translation adjustments on those investments. As of September 30, 2024 and June 30, 2024, the nominal exposures of foreign currency denominated borrowings designated as net investment hedges were €1,787.3 million and €1,611.6 million, respectively. The designated hedge amounts were considered highly effective.
Forward Repurchase Contracts
In June 2022, December 2022, and November 2023, the Company entered into certain forward repurchase contracts to start hedging for potential $200.0, $196.0, and $294.0 share buyback programs, in 2024, 2025, and 2026, respectively. These forward repurchase contracts are accounted for at fair value, with changes in the fair value recorded in Other expense, net in the Condensed Consolidated Statements of Operations.
In February 2024, the Company elected to physically settle the June 2022 Forward for a cash payment of $200.0 in exchange for 27.0 million shares of its Class A Common Stock. Refer to Note 13—Equity and Convertible Preferred Stock.
Derivative and non-derivative financial instruments which are designated as hedging instruments:
The accumulated loss on foreign currency borrowings classified as net investment hedges in the foreign currency translation adjustment component of AOCI/(L) was $(45.6) and $14.6 as of September 30, 2024 and June 30, 2024, respectively.
In September 2020, the Company terminated its net investment cross-currency swap derivative with a notional amount of $550.0 in exchange for a cash payment of $37.6. The loss related to this termination of $(37.6) is included in AOCI/(L) as of September 30, 2024 and June 30, 2024, and will remain until the sale or substantial liquidation of the underlying net investments.
The amount of gains and losses recognized in Other comprehensive income (loss) (“OCI”) in the Condensed Consolidated Balance Sheets related to the Company’s derivative and non-derivative financial instruments which are designated as hedging instruments is presented below:
Gain (Loss) Recognized in OCIThree Months Ended
September 30,
20242023
Foreign exchange forward contracts$(0.6)$1.1 
Interest rate swap contracts— 1.0 
Net investment hedges(60.2)17.7 
The accumulated gain on derivative instruments classified as cash flow hedges in AOCI/(L), net of tax, was $1.3 and $2.1 as of September 30, 2024 and June 30, 2024, respectively. The estimated net gain related to these effective hedges that is expected to be reclassified from AOCI/(L) into earnings within the next twelve months is $1.3. As of September 30, 2024, all of the Company's remaining foreign currency forward contracts designated as hedges were highly effective.
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The amount of gains and losses reclassified from AOCI/(L) to the Condensed Consolidated Statements of Operations related to the Company’s derivative financial instruments which are designated as hedging instruments is presented below:
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging RelationshipsThree Months Ended September 30,
20242023
Cost of salesInterest expense, netCost of salesInterest expense, net
Foreign exchange forward contracts:
Amount of gain (loss) reclassified from AOCI into income$0.2 $— $(0.7)$— 
Interest rate swap contracts:
Amount of gain (loss) reclassified from AOCI into income— 0.4 — 0.6 
Derivatives not designated as hedging:
The amount of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments is presented below:
Condensed Consolidated Statements of Operations
Classification of Gain (Loss) Recognized in Operations		Three Months Ended
September 30,
20242023
Foreign exchange contractsSelling, general and administrative expenses$0.1 $0.1 
Foreign exchange contractsInterest expense, net27.6 (29.4)
Foreign exchange and forward repurchase contractsOther income (expense), net(42.1)(75.7)
13. EQUITY AND CONVERTIBLE PREFERRED STOCK
Common Stock
As of September 30, 2024, the Company’s common stock consisted of Class A Common Stock with a par value of $0.01 per share. The holders of Class A Common Stock are entitled to one vote per share. As of September 30, 2024, total authorized shares of Class A Common Stock was 1,250.0 million and total outstanding shares of Class A Common Stock was 867.8 million.
On September 29, 2023 and October 2, 2023, the Company issued a total of 33.0 million shares of Class A common stock, par value $0.01 per share, at a public offering price of $10.80 (or €10.28) per share in a global offering (the “Offering”). The Company also announced the admission to listing and trading of its Common Stock on the professional segment of the Euronext Paris.
The Company received $348.4 from the Offering, net of $10.0 of underwriting fees. Additionally, the Company incurred $6.0 in other professional fees. The underwriting fees and other professional fees incurred in connection with the Offering were incremental costs directly attributable to the issuance and thus were presented as a reduction of Equity in the Condensed Consolidated Balance Sheets.
The Company's Majority Stockholder
As of September 30, 2024, JAB Beauty B.V. ("JAB"), the Company’s largest stockholder, may be deemed to beneficially own approximately 55% of Coty’s Class A Common Stock. This is inclusive of all voting interests of Mr. Peter Harf, the Company's Chairman, and HFS Holdings S.à r.l, (“HFS”), which is beneficially owned by Mr. Harf, including its shares of Convertible Series B Preferred Stock (the "Series B Preferred Stock") on an if converted basis.
The Company’s CEO, Sue Nabi, was granted a one-time sign-on award of restricted stock units on June 30, 2021. On October 29, 2021 and September 18, 2023, JAB completed the transfer of 10.0 million and 5.0 million shares of Common Stock, respectively, to Ms. Nabi pursuant to an equity transfer agreement. See Note 14—Share-Based Compensation Plans for additional information.
Series A Preferred Stock
As of September 30, 2024, total authorized shares of preferred stock are 20.0 million. There is one class of Preferred Stock, Series A Preferred Stock with a par value of $0.01 per share.
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As of September 30, 2024, there were 1.0 million shares of Series A authorized, issued, and outstanding. Series A Preferred Stock are not entitled to receive any dividends and have no voting rights except as required by law.
On March 27, 2017, a Series A Preferred Stock subscription agreement was entered into with Lambertus J.H. Becht (“Mr. Becht”), the Company’s former Chairman of the Board. Under the terms provided in the subscription agreement, the Series A Preferred Stock immediately vested on the grant date and the holder was entitled to exchange the vested shares after the fifth anniversary of the date of issuance. This exchange right expired on March 27, 2024. The Company has the right to redeem the Series A Preferred Stock (1.0 million shares) at a redemption price of $0.01 per share. The Company plans to redeem these shares of Series A Preferred Stock in accordance with their terms.
Convertible Series B Preferred Stock
In 2020, the Company completed the issuance and sale to KKR Rainbow Aggregator L.P. (“KKR Aggregator”) of 1.0 million shares of Series B Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $1,000 per share. On August 27, 2021, KKR Aggregator and its affiliated investment funds sold 146,057 shares of Series B Preferred Stock, to HFS, that is beneficially owned by Peter Harf, a director of the Company.
As a result of various conversions and exchanges of KKR Aggregator's shares of the Series B Preferred Stock, as of December 31, 2021, Kohlberg Kravis Roberts & Co. L.P. and its affiliates ("KKR") has fully redeemed/exchanged all of their Series B Preferred Stock.
Cumulative preferred dividends accrue daily on the Series B Preferred Stock at a rate of 9.0% per year. During the three months ended September 30, 2024 and 2023, the Board of Directors declared dividends on the Series B Preferred Stock of $3.3 and paid accrued dividends of $3.3. As of September 30, 2024 and June 30, 2024, the Series B Preferred Stock had outstanding accrued dividends of $3.3.
Treasury Stock
Share Repurchase Program
Since February 2014, the Board has authorized the Company to repurchase its Class A Common Stock under approved repurchase programs. On February 3, 2016, the Board authorized the Company to repurchase up to $500.0 of its Class A Common Stock, and on November 13, 2023, the Board increased the Company's share repurchase authorization by an additional $600.0 (the “Share Repurchase Program”). Repurchases may be made from time to time at the Company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its Class A Common Stock, and general market conditions. As of September 30, 2024, the Company has $796.8 remaining under the Share Repurchase Program.
In June 2022, December 2022 and November 2023, the Company entered into forward repurchase contracts (the “Forward” and together the “Forwards”) with three large financial institutions (“Counterparties”) to start hedging for potential $200.0, $196.0 and $294.0 share buyback programs in 2024, 2025 and 2026, respectively.
In February 2024, the Company elected to physically settle the June 2022 Forward for a cash payment of $200.0 in exchange for 27.0 million shares of its Class A Common Stock. The fair value of the shares repurchased was approximately $350.6, which was recorded as an increase to Treasury stock in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Equity.
As part of the Forward agreements, the Company will pay interest on the outstanding underlying notional amount of the Forwards held by the Counterparties during the contract periods. The interest rates are variable, based on the United States secured overnight funding rate (“SOFR”) plus a spread. The weighted average interest rate plus applicable spread for the December 2022 and November 2023 Forward transactions were 9.8% and 8.2%, respectively, as of September 30, 2024.
In addition, the Forwards include a provision for a potential true-up in cash upon specified changes in the price of the Company’s Class A Common Stock relative to the Initial Price (“Hedge Valuation Adjustment”). Such Hedge Valuation adjustment shall not result in a termination date or any adjustment of the number of Coty’s Class A Common Stock shares purchased by the Counterparties at inception.

Since the Forwards permit a net cash settlement alternative in addition to the physical settlement, the Company accounted for the Forwards initially and subsequently at their fair value, with changes in the fair value recorded in Other expense, net in the Condensed Consolidated Statement of Operations. See Note 12—Derivative Instruments and Footnote 19— Subsequent Events for additional information.
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Dividends
On April 29, 2020, the Board of Directors suspended the payment of dividends on Common Stock. No dividends on Common Stock were declared for the period ended September 30, 2024.
The change in dividends accrued recorded to APIC in the Condensed Consolidated Balance Sheet as of September 30, 2024 and 2023 was nil, which represent dividends no longer expected to vest as a result of forfeitures of outstanding restricted stock units (“RSUs”). In addition, the Company made payments of nil for the previously accrued dividends on RSUs that vested during the three months ended September 30, 2023 and none for the three months ended September 30, 2024.
Total accrued dividends on unvested RSUs and phantom units included in Accrued expenses and other current liabilities are $0.8 as of September 30, 2024 and June 30, 2024.
Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustments
Gain (loss) on Cash Flow HedgesLoss on Net Investment HedgeOther Foreign Currency Translation Adjustments
Pension and Other Post-Employment Benefit Plans (a)
Total
Balance—July 1, 2024$2.1 $(23.0)$(823.0)$48.8 $(795.1)
Other comprehensive (loss) income before reclassifications(0.4)(60.2)180.7 2.3 122.4 
Net amounts reclassified from AOCI/(L)(0.4)— — (1.4)(1.8)
Net current-period other comprehensive (loss) income(0.8)(60.2)180.7 0.9 120.6 
Balance—September 30, 2024$1.3 $(83.2)$(642.3)$49.7 $(674.5)
(a) For the three months ended September 30, 2024, other comprehensive income before reclassifications of $2.3 and net amounts reclassified from AOCI/(L) related to pensions and other post-employment benefit plans included amortization of prior service credits and actuarial losses of $1.0, net of tax of $0.4.
外幣翻譯調整
現金流量套期交易損失（損失）投資淨避險收益其他外幣換算調整養老金和其他離職後福利計劃總計
賬目—2023年7月1日$0.7 $(49.8)$(667.9)$54.6 $(662.4)
其他綜合收益（虧損）（未考慮重新分類前）1.5 17.7 (132.1)(1.5)(114.4)
從AOCI/(L)中重新分類的淨金額— — — (0.6)(0.6)
本期其他綜合損益1.5 17.7 (132.1)(2.1)(115.0)
結餘—2023年9月30日$2.2 $(32.1)$(800.0)$52.5 $(777.4)

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14. 分享基於股份的薪酬計劃
股份報酬費用以直線基礎按照必要的服務期間進行認列。總股份報酬顯示在下表中：
結束於三個月的期間
九月三十日，
20242023
股本計畫支出 (a)
$16.9 $30.2 
負債計畫（收入）支出0.1 (0.5)
總的基於股份的酬勞費用$17.0 $29.7 
(a) 股權計劃的股份基於報酬費用被記錄為額外的資本支出，並在綜合股權摘要表中呈現。
截至2024年9月30日，與期權、限制性股票單位、其他股票獎勵和績效限制性股票單位（"PRSUs"）相關的未認列股份報酬成本總額為 nil, $120.0。27.1，分別而言。預計與期權、限制性股票單位和其他股票獎勵以及PRSUs相關的未認列股份報酬成本將在加權平均期間內確認。 0.12, 3.32並且 1.95 年。
限制股票單位及其他股票獎勵
該公司授予了股票期權。 無 於2024年9月30日及2023年結束的三個月內，公司認可的員工股份薪酬費用包括了RSUs的股份及其他股份獎勵。13.2 15.129.4 截至2024年9月30日及2023年結束的三個月，公司認可的股份報酬費用為$。5.2 15.121.0 分別於2024年9月30日及2023年結束的三個月，其中$與Nabi女士的獎勵相關，如下所述。
表現限制性股票單位
該公司授予了股票期權。 0.1 和 2.1 自2024年及2023年9月30日結束的三個月內，公司認可了百萬股限制性股票單位(PRUSs)，並認可了股份報酬支出$。3.7 15.10.6 在2024年及2023年9月30日結束的三個月內，分別認可了$的股份報酬支出。1.8 15.10.1 其中$涉及Nabi女士的獎勵，如下所述。
CEO的長期股權計劃
該公司的CEO Sue Nabi在2021年6月30日獲得一次性簽約獎勵，即限制性股票單位（簽約獎勵）。這項獎勵於2021年8月31日、2022年8月31日和2023年8月31日各轉讓和結算。 10.0公司的A類普通股每股面值為$s，分別於2021年8月31日、2022年8月31日和2023年8月31日，授予100萬股。0.01 公司根據授予日期的公正價值，按照線性方式在轉讓期間內承認股份報酬支出。在每個轉讓日期認可的補償成本數額至少應等於合法轉讓的部分。
In connection with this Award, on October 29, 2021 and September 18, 2023, JAB, the Company’s largest stockholder and a wholly-owned subsidiary of JAB Holding Company S.à r.l., completed the transfer of 10.0 million and 5.0 million shares of Class A Common Stock, respectively, to Ms. Nabi.
On August 31, 2023 and 2022, the Company issued 5.0 million and 10.0 million shares of Class A Common Stock, respectively, to Ms. Nabi in connection with the third and second vesting of the Award.
Pursuant to the term of the amended employment agreement on May 4, 2023, the Company granted Ms. Nabi a one-time award of 10,416,667 RSUs and will grant a total of 10,416,665 PRSUs in five equal tranches over the next five years. These two awards will vest periodically over the next seven years in accordance with the terms discussed below.
Ms. Nabi's 10,416,667 RSUs will vest and settle in shares of the Company’s Class A Common Stock, par value $0.01 per share over five years on the following vesting schedule: (i) 15% on September 1, 2024, (ii) 15% on September 1, 2025, (iii) 20% on September 1, 2026, (iv) 20% on September 1, 2027; and (v) 30% on September 1, 2028, in each case subject to Ms. Nabi’s continued employment through the applicable vesting date. The Company will recognize approximately $109.6 of share-based compensation expense, on a straight-line basis over the vesting period, based on the fair value on the grant date, net of forfeitures. The amount of compensation cost recognized at each vesting date must at least equal the portion of the award legally vested.
The first and second tranche of Ms. Nabi's PRSU award of 2,083,333 shares each shall fully vest on September 1, 2026 and 2027, respectively, subject to the achievement of three-year performance objectives determined by the Board on September 28, 2023 and October 2, 2024 (the grant dates), respectively, and subject to Ms. Nabi’s continued employment. The next three tranches of 2,083,333 PRSUs will be granted on or around each September 1 of 2025 through 2027, which shall vest on the third-year anniversary of the respective grant date, subject in each case to the achievement of three-year performance objectives
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to be determined by the Board. The Company will recognize share-based compensation expense associated with these PRSUs, on a straight-line basis over the vesting period, based on the fair value on the grant date when it is probable that the performance condition will be achieved.
In the event that JAB and Ms. Nabi sell shares of Common Stock for cash in a privately negotiated transaction, subject to Board approval, the Company will grant Ms. Nabi new options to acquire shares of Common Stock (the “Reload Options”) in an amount equal to the number of shares sold by Ms. Nabi in such transaction. The Reload Options will have a strike price equal to the greater of the volume weighted average price for shares at the time of the relevant transaction and the fair market value on the date of grant. The potential expense attributed to the Reload Options will be recognized when the Reload Options are granted.
Restricted Stock
The Company granted no shares of restricted stock during the three months ended September 30, 2024 and 2023. The Company recognized share-based compensation expense of $0.0 and $0.5 for the three months ended September 30, 2024 and 2023, respectively.
Series A Preferred Stock
該公司授予了股票期權。 無 於2024年和2023年截至9月30日的三個月內，公司認列了$的股份報酬（收入）費用。0.0 及$(0.6分別為2024年和2023年截至9月30日的三個月，公司認列了$的股份報酬（收入）費用。
非資格股票期權
該公司授予了股票期權。 無 非合格股票期權在截至2024年和2023年9月30日的三個月內。公司認定了截至2024年和2023年9月30日的三個月的股份報酬支出（收入）。 nil 及$(0.2）分別為截至2024年和2023年9月30日的三個月。.
15. 凈利潤歸屬於科蒂公司每普通股份
基本和稀釋每股收益（”EPS“）計算中的分子和分母調和如下：
結束於三個月的期間
九月三十日，
20242023
科蒂公司應歸屬金額：
歸屬於科蒂的凈利潤。$82.9 $1.6 
可轉換B系列優先股的股息。(3.3)(3.3)
歸屬於普通股股東之凈利潤（損失）$79.6 $(1.7)
加權平均在外流通股數：
基本每股權重平均股份867.9 854.3 
稀釋性期權和A輪優先股的影響 (a)
— — 
受限制股和限制性股票單位（RSU）的影響 (b)
7.4 — 
可轉換B輪優先股的影響 (c)
— — 
預先回購契約的影響 (d)
— — 
加權平均流通普通股—稀釋875.3 854.3 
每股普通股收益:
每普通股基本盈利$0.09 $— 
每股普通股盈利 - 稀釋 (e)
0.09 — 
(a) 截至二零二四年九月三十日止三個月，有購買權的未償還股票期權 3.5百萬股普通股為抗稀釋，並不計算稀釋每股盈餘。A 系列優先股有 沒有 稀釋效果，因為兌換權於 2024 年 3 月 27 日到期。截至 2023 年 9 月 30 日止三個月，未償還股票期權及 A 系列優先股
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由於在本期間內出現淨損，購買或換股購買普通股份的權利在計算每股稀釋損失時被排除。
(b) 截至2024年9月30日止三個月，有 無 不具發行稀釋性的RSUs及 無 限制性股票未來有效。截至2023年9月30日止三個月，由於當期出現淨損，限制性股票和RSUs並未納入稀釋每股損失的計算中。
(c) 截至2024年和2023年9月30日三個月結束時， 無 可轉換B系列優先股的稀釋股份在計算攤薄後每股收益時被包括在內，因為其納入將具有抗稀釋效應。
(d) For the three months ended September 30, 2024 and 2023,no dilutive shares of the Forward Repurchase Contracts were included in the computation of diluted EPS as their inclusion would be anti-dilutive.
(e) Diluted EPS is adjusted by the effect of dilutive securities, including awards under the Company's equity compensation plans, the convertible Series B Preferred Stock, and the Forward Repurchase Contracts. When calculating any potential dilutive effect of stock options, Series A Preferred Stock, restricted stock, RSUs and PRSUs, the Company uses the treasury method and the if-converted method for the Convertible Series B Preferred Stock and the Forward Repurchase Contracts. The treasury method typically does not adjust the net income attributable to Coty Inc., while the if-converted method requires an adjustment to reverse the impact of the preferred stock dividends of $3.3 and $3.3, respectively, and to reverse the impact of fair market value losses/(gains) for contracts with the option to settle in shares or cash of $24.6 and $44.3, respectively, if dilutive, for the three months ended September 30, 2024 and 2023 on net income applicable to common stockholders during the period.
16. REDEEMABLE NONCONTROLLING INTERESTS
Subsidiary in the Middle East
As of September 30, 2024, the noncontrolling interest holder in the Company’s subsidiary in the Middle East had a 25% ownership share. The Company adjusts the redeemable noncontrolling interests (“RNCI”) to redemption value at the end of each reporting period with changes recognized as adjustments to APIC. The Company recognized $98.8 and $93.6 as the RNCI balances as of September 30, 2024 and June 30, 2024, respectively.
17. COMMITMENTS AND CONTINGENCIES
法律問題
公司不時參與各類訴訟、行政及其他法律程序，包括與其業務相關或相關的監管行動，包括消費集體訴訟或團體訴訟、人身傷害（主要涉及涉嫌公司爽身粉產品中的石棉）等指控、知識產權、競爭、合規和廣告索賠訴訟和爭端等（統稱「法律訴訟」）。雖然公司無法預測其結果，管理層認為目前的法律訴訟結果對其業務、前景、財務狀況、營運結果、現金流量或公司證券的交易價格不會產生實質影響。但是，公司對目前的法律訴訟進行評估工作仍在進行中，並可能隨著對目前公司不知道的法律訴訟的進一步事實發現、法律分析或法官、仲裁人、陪審團或其他事實找到者或法律裁定者做出的，與管理層對該等法律訴訟潛在責任或結果評估不一致的決定而發生變化。公司不時與監管機構進行討論，包括由公司發起的討論，討論實際或潛在的違法行為，以糾正或減輕相關的法律或合規風險、責任或懲罰。由於此類程序的結果難以預測，公司無法保證任何此類程序的結果不會對其聲譽、業務、前景、財務狀況、營運結果、現金流量或其證券的交易價格產生重大影響。
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目錄
巴西稅務評估
公司的巴西子公司不時收到來自巴西地方、州和聯邦稅務機構的稅務評估。截至2024年9月30日，目前尚未結清的稅務評估如下：
收到評估評估類型稅務類型影響的稅期
截至Aug-20的估計金額，包括利息和罰款
2024年9月30日
2020年8月州貨物及勞務稅抵免額，被Goias州財政署視為登記不當增值税2017-2019
R$893.9 百萬（約為$164.5)
2020年10月
聯邦消費稅，被巴西國家稅務局的財政部視為計算不當。
IPI2016-2017
R$443.6 百萬（約為$81.6)
11月-22日IPI2018-2019
R$600.4 百萬（約為$110.5)
三月24日IPI2020
R$33.9 百萬（約為$6.2)
2020年11月州財政部認為未正確計算的州銷售稅增值税2016-2019
R$229.3 百萬（約為$42.2)
2021年6月州財政部認為未正確計算的州銷售稅增值税2016-2020
R$47.2 百萬（約為$8.7)

就於2020年8月收到的Goias州ICMS稅款評估，公司同時參與了一項有關稅收優惠的追加費用索賠的司法訴訟，公司收到了不利的一審裁決並已向法院提出上訴。在2024財政第二季，公司提出上訴，以提交至巴西最高法院審理，同時向Goias州法院提出動議，要求暫停該州徵收上述稅收優惠的權利，因為案件正在審議中。提交暫時阻止該州徵收上述稅收優惠的動議被駁回，在2024財政最後一季，巴西最高法院法官做出對公司不利的裁決。公司對巴西最高法院全體法官提出了口頭上訴，要求審查該案。最初預定於當前財政年度第一季審理此案，但已改期，現定於當前財政年度第二季由巴西最高法院審理。截至2024年9月30日，公司已被要求提供R$賠償金以保證如判決不利於Coty時的支付。現金存款已收錄於簡明合併資產負債表的其他非流動資產中。179.2 百萬（約為$33.0）和截至2024年9月30日的R$現金存款，以保證如案件裁決不利於Coty時的支付。這些現金存款已包含在簡明合併資產負債表的其他非流動資產中。141.6 百萬（約為$26.0）和現金存款的R$，截至2024年9月30日，以保證如案件裁決不利於Coty時的支付。這些現金存款已包含在簡明合併資產負債表的其他非流動資產中。
The Minas Gerais State tax ICMS assessment received in November 2020 is currently at the judicial process. The Company has been required to provide surety bonds of R$311.9 million (approximately $57.4) as of September 30, 2024, to guarantee payment if the case is resolved against Coty.

All other cases are currently in the administrative process.

The Company expects that cases may move from the administrative to the judicial process in case Coty does not receive a favorable decision at the administrative level, although the exact timing is uncertain. For cases in the judicial process, the Company will be required to make a judicial deposit or enter into a surety bond for the disputed tax assessment, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude. The Company is seeking favorable judicial and administrative decisions on the tax enforcement actions filed by the tax authorities for these assessments. The Company believes it has meritorious defenses and it has not recognized a loss for these assessments as the Company does not believe a loss is probable.
18. RELATED PARTY TRANSACTIONS
Wella
On December 22, 2021, the Company entered into an agreement with Rainbow UK Bidco Limited (“KKR Bidco”) (an affiliate of funds and/or separately managed accounts advised and/or managed by KKR), related to post-closing adjustments to the purchase consideration for the Coty’s Professional and Retail Hair businesses, including the Wella, Clairol, OPI and ghd brands, (together, the “Wella Business”). In relation to this agreement, the Company recognized a gain of $0.9 in the three
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months ended September 30, 2024 and $6.6 in the three months ended September 30, 2023, which is reported in Other expense, net in the Condensed Consolidated Statements of Operations.
As of September 30, 2024, Coty owned 25.84% of the Wella Company as an equity investment and performs certain services to Wella. Refer to Note 6— Equity Investments.
就Wella業務的出售，公司與Wella簽訂了過渡性服務協議（“TSA”），公司為Wella提供服務以換取相關服務費。公司與Wella已經相互同意於2022年1月31日結束簽約的TSA服務，以及在2024財政第三季度之前結束在巴西的先前現有的分銷服務。公司與Wella繼續設立生產安排以促進Wella業務在美國和巴西的過渡。分別於2024年9月30日結束的三個月內，TSA費用和其他費用為$0.0 15.11.4，分別為自2024年9月30日結束的三個月和2023年9月30日結束的三個月$1.0 15.12.3。費用主要按成本加方式開具發票，分別包含在公司簡明合並營運報表的銷售、總務和行政費用以及銷售成本中。
公司還與Wella簽訂協議，提供管理、諮詢和財務服務。該公司在截至2024年和2023年9月30日的三個月中分別獲得了$。0.3 15.10.3 公司分別在截至2024年和2023年9月30日的三個月中獲得，該金額反映在綜合損益表的其他費用中。
截至2024年9月30日，分別列報於公司簡明綜合賬目財務狀況表中的預付款項及其他流動資產和應付款項給Wella分別為$。43.5 和 nil此外，截至2024年9月30日，公司在簡明綜合賬目財務狀況表中將分別列入預付費用及其他流動資產和應計費用及其他流動負債的應收款項和應付款項。33.5 此外，截至2024年9月30日，公司已計提與Wella到期的長期應付款項相關的$，並納入簡明綜合賬目財務狀況表中的其他非流動負債項目。
科蒂將繼續承認對威娜員工的股份報酬支出，直至現有的股權獎勵達到授予日期。在2024年和2023年截至9月30日的三個月內，科蒂分別記錄了$0.4 15.10.7，涉及威娜員工的股份報酬支出，將被列為其他費用中的一部分，呈現在簡明綜合損益表中。
公司在出售後與Wella有某些次租賃安排。公司報告了來自Wella的次租賃收入為美元。2.1 15.12.1分別為截至2024年和2023年9月30日的三個月的、來自Wella的次租賃收入。
19. 後續事件
在2024年9月30日資產負債表日期之後，Coty公司的A類股價下跌至公司2026年到期的正向回購合約中所指定的閾值以下。 2024年11月，公司與交易對手達成協議，暫時修改了正向回購合約中的對沖估值調整機制，該修改自2024年10月到2025年2月生效。該修正不適用於公司2025年到期的正向回購合約。 有關公司正向回購合約的詳細信息請參見腳註13——權益。


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項目2。 管理層對財務狀況和營運結果的討論和分析。
關於科蒂及其合併子公司的財務狀況和營運結果的討論和分析，應該搭配本文件的其他地方包含的簡明合併財務報表和相關附註中的信息一同閱讀，以及我們向證券交易委員會（“SEC”）提交的其他公開申報，包括截至2024年6月30日財年結束的《報告期2024 Form 10-K》。在討論中使用“科蒂”，“公司”，“我們”，“我們的”或“我們”的術語，除非情況另有指示，否則指的是科蒂及其過半子公司和全資子公司。此外，在本表格10-Q季度報告中使用“包括”和“包括”，除非情況另有指示，否則包括但不限於。以下報告包含某些非GAAP財務指標。請參見“概觀-非GAAP財務指標”以瞭解非GAAP財務指標的討論及其計算方法。
All dollar amounts in the following discussion are in millions of United States (“U.S.”) dollars, unless otherwise indicated.
More information about potential risks and uncertainties that could affect our business and financial results is included under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and other periodic reports we have filed and may file with the SEC from time to time.
Forward-looking Statements
Certain statements in this Form 10-Q are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, strategic planning, targets and outlook for future reporting periods (including the extent and timing of revenue, expense and profit trends and changes in operating cash flows and cash flows from operating activities and investing activities), the Company’s future operations and strategy (including the expected implementation and related impact of its strategic priorities), ongoing and future cost efficiency, optimization and restructuring initiatives and programs, expectations of the impact of inflationary pressures and the timing, magnitude and impact of pricing actions to offset inflationary costs, strategic transactions (including their expected timing and impact), expectations and/or plans with respect to joint ventures (including Wella and the timing and size of any related divestiture, distribution or return of capital), the Company’s capital allocation strategy and payment of dividends (including suspension of dividend payments and the duration thereof and any plans to resume cash dividends on common stock or to continue to pay dividends in cash on preferred stock) and expectations for stock repurchases, investments, licenses and portfolio changes, product launches, relaunches or rebranding (including the expected timing or impact thereof), plans for growth in growth engine markets, channels and other white spaces, synergies, savings, performance, cost, timing and integration of acquisitions, future cash flows, liquidity and borrowing capacity (including any refinancing or deleveraging activities), timing and size of cash outflows and debt deleveraging, the timing and extent of any future impairments, and synergies, savings, impact, cost, timing and implementation of the Company’s ongoing strategic transformation agenda (including operational and organizational structure changes, operational execution and simplification initiatives, fixed cost reductions, continued process improvements and supply chain changes), the impact, cost, timing and implementation of e-commerce and digital initiatives, the expected impact, cost, timing and implementation of sustainability initiatives (including progress, plans, goals and our ability to achieve sustainability targets), the wind down of the Company’s operations in Russia (including timing and expected impact), the expected impact of geopolitical risks including the ongoing war in Ukraine and/or the armed conflict in the Middle East (including the Red Sea conflict) on our business operations, sales outlook and strategy, expectations regarding economic recovery in Asia, consumer purchasing trends and the related impact on our plans for growth in China, the expected impact of global supply chain challenges and/or inflationary pressures (including as a result of the war in Ukraine and/or armed conflict in the Middle East including the Red Sea conflict) and expectations regarding future service levels and inventory levels, and the priorities of senior management. These forward-looking statements are generally identified by words or phrases, such as “anticipate”, “are going to”, “estimate”, “plan”, “project”, “expect”, “believe”, “intend”, “foresee”, “forecast”, “will”, “may”, “should”, “outlook”, “continue”, “temporary”, “target”, “aim”, “potential”, “goal” and similar words or phrases. These statements are based on certain assumptions and estimates that we consider reasonable, but are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual events or results (including our financial condition, results of operations, cash flows and prospects) to differ materially from such statements, including risks and uncertainties relating to:
•our ability to successfully implement our multi-year strategic transformation agenda and compete effectively in the beauty industry, achieve the benefits contemplated by our strategic initiatives (including revenue growth, cost control, gross margin growth and debt deleveraging) and successfully implement our strategic priorities (including stabilizing our consumer beauty brands through leading innovation and improved execution, accelerating our prestige fragrance brands and ongoing expansion into prestige cosmetics, building a comprehensive skincare portfolio, enhancing our organizational growth capabilities including digital, direct-to-consumer (“DTC”) and research and development, expanding our presence in growth channels, in China and other growth engine markets, and establishing Coty as an industry leader in sustainability) in each case within the expected time frame or at all;
•our ability to anticipate, gauge and respond to market trends and consumer preferences, which may change rapidly, and the market acceptance of new products, including new products in our skincare and prestige cosmetics portfolios, any relaunched or rebranded products and the anticipated costs and discounting associated with such relaunches and
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rebrands, and consumer receptiveness to our current and future marketing philosophy and consumer engagement activities (including digital marketing and media), and our ability to effectively manage our production and inventory levels in response to demand;
•use of estimates and assumptions in preparing our financial statements, including with regard to revenue recognition, income taxes (including the expected timing and amount of the release of any tax valuation allowance), the assessment of goodwill, other intangible and long-lived assets for impairments, the market value of inventory, and the fair value of the equity investment;
•the impact of any future impairments;
•managerial, transformational, operational, regulatory, legal and financial risks, including diversion of management attention to and management of cash flows, expenses and costs associated with our transformation agenda, our global business strategies, the integration and management of our strategic partnerships, and future strategic initiatives, and, in particular, our ability to manage and execute many initiatives simultaneously including any resulting complexity, employee attrition or diversion of resources;
•the timing, costs and impacts of divestitures and the amount and use of proceeds from any such transactions;
•future divestitures and the impact thereof on, and future acquisitions, new licenses and joint ventures and the integration thereof with, our business, operations, systems, financial data and culture and the ability to realize synergies, manage supply chain challenges and other business disruptions, reduce costs (including through our cash efficiency initiatives), avoid liabilities and realize potential efficiencies and benefits (including through our restructuring initiatives) at the levels and at the costs and within the time frames contemplated or at all;
•increased competition, consolidation among retailers, shifts in consumers’ preferred distribution and marketing channels (including to digital and prestige channels), distribution and shelf-space resets or reductions, compression of go-to-market cycles, changes in product and marketing requirements by retailers, reductions in retailer inventory levels and order lead-times or changes in purchasing patterns, impact from COVID-19 or similar public health events on retail revenues, and other changes in the retail, e-commerce and wholesale environment in which we do business and sell our products and our ability to respond to such changes (including our ability to expand our digital, direct-to-consumer and e-commerce capabilities within contemplated timeframes or at all);
•our and our joint ventures’, business partners’ and licensors’ abilities to obtain, maintain and protect the intellectual property used in our and their respective businesses, protect our and their respective reputations (including those of our and their executives or influencers) and public goodwill, and defend claims by third parties for infringement of intellectual property rights;
•any change to our capital allocation and/or cash management priorities, including any change in our dividend policy and any change in our stock repurchase plans;
•any unanticipated problems, liabilities or integration or other challenges associated with a past or future acquired business, joint ventures or strategic partnerships, which could result in increased risk or new, unanticipated or unknown liabilities, including with respect to environmental, competition and other regulatory, compliance or legal matters, and specifically in connection with the strategic partnerships with Kylie Jenner and Kim Kardashian, risks related to the entry into a new distribution channel, the potential for channel conflict, risks of retaining customers and key employees, difficulties of integration (or the risks associated with limiting integration) and management of the partnerships, our relationships with Kylie Jenner and Kim Kardashian, our ability to protect trademarks and brand names, litigation, investigations by governmental authorities, and changes in law, regulations and policies that affect King Kylie LLC (“King Kylie”) and/or KKW Holdings, LLC’s (“KKW Holdings”) business or products, including risk that direct selling laws and regulations may be modified, interpreted or enforced in a manner that results in a negative impact to King Kylie and/or KKW Holdings’ business model, revenue, sales force or business;
•our international operations and joint ventures, including enforceability and effectiveness of our joint venture agreements and reputational, compliance, regulatory, economic and foreign political risks, including difficulties and costs associated with maintaining compliance with a broad variety of complex local and international regulations;
•our dependence on certain licenses (especially in the fragrance category) and our ability to renew expiring licenses on favorable terms or at all;
•our dependence on entities performing outsourced functions, including outsourcing of distribution functions, and third-party manufacturers, logistics and supply chain suppliers, and other suppliers, including third-party software providers, web-hosting and e-commerce providers;
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•administrative, product development and other difficulties in meeting the expected timing of market expansions, product launches, re-launches and marketing efforts, including in connection with new products in our skincare and prestige cosmetics portfolios;
•changes in the demand for our products due to declining or depressed global or regional economic conditions, and declines in consumer confidence or spending, whether related to the economy (such as austerity measures, tax increases, high fuel costs, or higher unemployment), wars and other hostilities and armed conflicts, natural or other disasters, weather, pandemics, security concerns, terrorist attacks or other factors;
•global political and/or economic uncertainties, disruptions or major regulatory or policy changes, and/or the enforcement thereof that affect our business, financial performance, operations or products, including the impact of the war in Ukraine and any escalation or expansion thereof, armed conflict in the Middle East, the outcome of U.S. elections, changes in the U.S. tax code and/or tax regulations in other jurisdictions where we operate (including recent and pending implementation of the global minimum corporate tax (part of the “Pillar Two Model Rules”) that may impact our tax liability in the European Union (“EU”)), and recent changes and future changes in tariffs, retaliatory or trade protection measures, trade policies and other international trade regulations in the U.S., the EU, and Asia and in other regions where we operate, potential regulatory limits on payment terms in the EU, future changes in sanctions regulations, regulatory uncertainty impacting the wind-down of our business in Russia, recent and future changes in regulations impacting the beauty industry, including regulatory measures addressing products, formulations, raw materials and packaging, and recent and future regulatory measures restricting or otherwise impacting the use of web sites, mobile applications or social media platforms that we use in connection with our digital marketing and e-commerce activities;
•currency exchange rate volatility and currency devaluation and/or inflation;
•our ability to implement and maintain pricing actions to effectively mitigate increased costs and inflationary pressures, and the reaction of customers or consumers to such pricing actions;
•the number, type, outcomes (by judgment, order or settlement) and costs of current or future legal, compliance, tax, regulatory or administrative proceedings, investigations and/or litigation, including product liability cases (including asbestos and talc-related litigation for which indemnities and/or insurance may not be available), distributor or licensor litigation, and compliance, litigation or investigations relating to our joint ventures or strategic partnerships;
•our ability to manage seasonal factors and other variability and to anticipate future business trends and needs;
•disruptions in the availability and distribution of raw materials and components needed to manufacture our products, and our ability to effectively manage our production and inventory levels in response to supply challenges;
•disruptions in operations, sales and in other areas, including due to disruptions in our supply chain, restructurings and other business alignment activities, manufacturing or information technology systems, labor disputes, extreme weather and natural disasters, impact from public health events, the outbreak of war or hostilities (including the war in Ukraine and armed conflict in the Middle East, including the Red Sea conflict, and any escalation or expansion thereof), the impact of global supply chain challenges or other disruptions in the international flow of goods, and the impact of such disruptions on our ability to generate profits, stabilize or grow revenues or cash flows, comply with our contractual obligations and accurately forecast demand and supply needs and/or future results;
•our ability to adapt our business to address climate change concerns, including through the implementation of new or unproven technologies or processes, and to respond to increasing governmental and regulatory measures relating to environmental, social and governance matters, including expanding mandatory and voluntary reporting, diligence and disclosure, as well as new taxes (including on energy and plastic), new diligence requirements and the impact of such measures or processes on our costs, business operations and strategy;
•restrictions imposed on us through our license agreements, credit facilities and senior unsecured bonds or other material contracts, our ability to generate cash flow to repay, refinance or recapitalize debt and otherwise comply with our debt instruments, and changes in the manner in which we finance our debt and future capital needs;
•increasing dependency on information technology, including as a result of remote working practices, and our ability or the ability of any of the third-party service providers we use to support our business, to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, including ransomware attacks, costs and timing of implementation and effectiveness of any upgrades or other changes to information technology systems, and the cost of compliance or our failure to comply with any privacy or data security laws (including the European Union General Data Protection Regulation (the “GDPR”), the California Consumer Privacy Act and similar state laws, the Brazil General Data Protection Law, and the China Data Security Law and Personal Information Protection Law) or to protect against theft of customer, employee and corporate sensitive information;
•our ability to attract and retain key personnel and the impact of senior management transitions;
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•the distribution and sale by third parties of counterfeit and/or gray market versions of our products;
•the impact of our ongoing strategic transformation agenda and continued process improvements on our relationships with key customers and suppliers and certain material contracts;
•our relationship with JAB Beauty B.V., as our majority stockholder, and its affiliates, and any related conflicts of interest or litigation;
•our relationship with KKR, whose affiliate KKR Bidco, is an investor in the Wella Business, and any related conflicts of interest or litigation;
•future sales of a significant number of shares by our majority stockholder or the perception that such sales could occur; and
•other factors described elsewhere in this document and in documents that we file with the SEC from time to time.
More information about potential risks and uncertainties that could affect our business and financial results is included under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and other periodic reports we have filed and may file with the SEC from time to time.
All forward-looking statements made in this document are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this document, and we do not undertake any obligation, other than as may be required by applicable law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise.
Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such, and should only be viewed as historical data.
Industry, Ranking and Market Data
Unless otherwise indicated, information contained in this Quarterly Report on Form 10-Q concerning our industry and the markets in which we operate, including our general expectations about our industry, market position, market opportunity and market sizes, is based on data from various sources including internal data and estimates as well as third-party sources widely available to the public, such as independent industry publications, government publications, reports by market research firms or other published independent sources and on our assumptions based on that data and other similar sources. We did not fund and are not otherwise affiliated with the third-party sources that we cite. Industry publications and other published sources generally state that the information contained therein has been obtained from third-party sources believed to be reliable. Internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which we operate and management’s understanding of industry conditions, and such information has not been verified by any independent sources. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we generally believe the market, industry and other information included in this Quarterly Report on Form 10-Q to be the most recently available and to be reliable, such information is inherently imprecise and we have not independently verified any third-party information or verified that more recent information is not available.
Our fiscal year ends on June 30. Unless otherwise noted, any reference to a year preceded by the word “fiscal” refers to the fiscal year ended June 30 of that year. For example, references to “fiscal 2025” refer to the fiscal year ending June 30, 2025. Any reference to a year not preceded by “fiscal” refers to a calendar year.
OVERVIEW
We are one of the world’s largest beauty companies, with an iconic portfolio of brands across fragrance, color cosmetics, skincare, and body care. Our brands empower people to express themselves freely, creating their own visions of beauty and we are committed to making a positive impact on the planet. Our strategic priorities include stabilizing and growing our Consumer Beauty brands through leading innovation and improved execution, accelerating our Prestige fragrance business and ongoing expansion into Prestige cosmetics, building a comprehensive skincare portfolio over the mid-to-long term leveraging existing brands, enhancing our organizational growth capabilities including digital and research and development, expanding our presence in growth channels such as the Travel Retail channel, in China and other growth engine markets (Latin America, including Brazil, the Middle East, North and South East Asia, Africa, and India), and establishing Coty as an industry leader in sustainability.
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We have been making progress on our strategic priorities. In Consumer Beauty, we have implemented the relaunch of our top brands. We are now focusing on accelerating our digital advocacy strategy to amplify our brand and product innovations and leveraging consumer analytics and insights to improve the return on investment of our marketing activities. In Prestige, we are accelerating our fragrance business with exceptional new launches and expanding our premium and ultra-premium categories, while also enhancing the assortment of our Prestige cosmetic products. We are continuing to thoughtfully expand our skincare portfolio (which contributed a low single digit percentage of our first quarter fiscal 2025 net revenue), with our focus on winning over the most discerning skin care consumers in our areas of excellence – UV protection and photoaging prevention and repair, biotech-enhanced longevity science, and micro-dose formulations. We have successfully expanded our e-commerce capabilities, through best-in-class online launches, our digital advocacy strategy and active participation in key online shopping events, and increasing digital media competitiveness.
Our products are sold in approximately 121 countries and territories. As a geographically diverse company we are susceptible to global economic trends, geopolitical conflicts, domestic and foreign governmental policies, and changes in foreign exchange rates. In particular, economic conditions in China have had, and are expected to continue to have, an impact on our strategic initiatives, including our growth agenda in the region for Prestige products and our skincare growth priorities. Within the China market we continue to monitor and take actions to address the impact to our Consumer Beauty brands which have experienced sales declines as retailers and distributors continue to deplete their existing inventory. We remain attentive to economic and geopolitical conditions that may materially impact our business.
Changing market trends may impact sales of our products across and within product categories and regions. Tight order and inventory management by retailers in the first quarter has resulted in our sell-in tracking well below sell-out in a number of markets, including in the U.S. This trend was also present in Australia, China and Travel Retail Asia as well, each of which account for a low single digit percentage of our business. Also, Travel Retail Asia's sales were negatively impacted by the impact of regulatory restrictions in Asia reducing daigou (surrogate shopping) purchases. Within our Consumer Beauty segment, first quarter sales volume was impacted by negative market trends in the U.S. in the mass color cosmetics category. In addition, competitive pricing action within the body care category in Brazil negatively impacted the segment's sales volumes during the first quarter.
We expect that our net revenue for fiscal year 2025 will grow in the low to mid-single digits versus the prior year, excluding the impact of foreign exchange and the early termination of the Lacoste fragrance license. We anticipate that our annual gross margin will remain in the mid-sixties, providing us with opportunities to fund new product initiatives and support our brands through advertising and consumer promotional investments. In anticipation of a more uncertain demand backdrop, including cautious retailer behavior and a complex macroeconomic environment, we are re-accelerating our cost reduction efforts across to deliver savings well above approximately $75.0. We continue to target advertising and consumer promotional spending in the high-twenties percentage of net revenues. However, our level of advertising and consumer promotional spending will depend on various factors, including seasonality, the timing of product launches, and budgetary considerations.




















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Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with GAAP, we use non-GAAP financial measures for continuing operations and Coty Inc. including Adjusted operating income (loss), Adjusted EBITDA, Adjusted net income (loss), and Adjusted net income (loss) attributable to Coty Inc. to common stockholders (collectively, the “Adjusted Performance Measures”). The reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in tables below. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for or superior to, financial measures reported in accordance with GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies, including companies in the beauty industry, may calculate similarly titled non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
Despite the limitations of these non-GAAP financial measures, our management uses the Adjusted Performance Measures as key metrics in the evaluation of our performance and annual budgets and to benchmark performance of our business against our competitors. The following are examples of how these Adjusted Performance Measures are utilized by our management:
•strategic plans and annual budgets are prepared using the Adjusted Performance Measures;
•senior management receives a monthly analysis comparing budget to actual operating results that is prepared using the Adjusted Performance Measures; and
•senior management’s annual compensation is calculated, in part, by using some of the Adjusted Performance Measures.
In addition, our financial covenant compliance calculations under our debt agreements are substantially derived from these Adjusted Performance Measures.
Our management believes that Adjusted Performance Measures are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP financial measures address questions we routinely receive from analysts and investors and, in order to ensure that all investors have access to the same data, our management has determined that it is appropriate to make this data available to all investors. The Adjusted Performance Measures exclude the impact of certain items (as further described below) and provide supplemental information regarding our operating performance. By disclosing these non-GAAP financial measures, our management intends to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. We provide disclosure of the effects of these non-GAAP financial measures by presenting the corresponding measure prepared in conformity with GAAP in our financial statements, and by providing a reconciliation to the corresponding GAAP measure so that investors may understand the adjustments made in arriving at the non-GAAP financial measures and use the information to perform their own analyses.
Adjusted operating income/Adjusted EBITDA from continuing operations excludes restructuring costs and business structure realignment programs, amortization, acquisition- and divestiture-related costs and acquisition accounting impacts, stock-based compensation, and asset impairment charges and other adjustments as described below. For adjusted EBITDA, in addition to the preceding, we exclude adjusted depreciation as defined below. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance. They are primarily incurred to realign our operating structure and integrate new acquisitions, and implement divestitures of components of our business, and fluctuate based on specific facts and circumstances. Additionally, Adjusted net income attributable to Coty Inc. and Adjusted net income attributable to Coty Inc. per common share are adjusted for certain interest and other (income) expense items and preferred stock deemed dividends, as described below, and the related tax effects of each of the items used to derive Adjusted net income as such charges are not used by our management in assessing our operating performance period-to-period.
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Adjusted Performance Measures reflect adjustments based on the following items:
•Costs related to acquisition and divestiture activities: We have excluded acquisition- and divestiture-related costs and the accounting impacts such as those related to transaction costs and costs associated with the revaluation of acquired inventory in connection with business combinations because these costs are unique to each transaction. Additionally, for divestitures, we exclude write-offs of assets that are no longer recoverable and contract related costs due to the divestiture. The nature and amount of such costs vary significantly based on the size and timing of the acquisitions and divestitures, and the maturities of the businesses being acquired or divested. Also, the size, complexity and/or volume of past transactions, which often drives the magnitude of such expenses, may not be indicative of the size, complexity and/or volume of any future acquisitions or divestitures.
•Restructuring and other business realignment costs: We have excluded costs associated with restructuring and business structure realignment programs to allow for comparable financial results to historical operations and forward-looking guidance. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their long-term value. Furthermore, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.         
•Asset impairment charges: We have excluded the impact of asset impairments as such non-cash amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
•Amortization expense: We have excluded the impact of amortization of finite-lived intangible assets, as such non-cash amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance. Although we exclude amortization of intangible assets from our non-GAAP expenses, our management believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
•Gain on sale and early license termination: We have excluded the impact of gain on sale and early license termination as such amounts are inconsistent in amount and frequency and are significantly impacted by the size of the sale and early license termination.
•Costs related to market exit: We have excluded the impact of direct incremental costs related to our decision to wind down our business operations in Russia. We believe that these direct and incremental costs are inconsistent and infrequent in nature. Consequently, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
•Gains on sale of real estate: We have excluded the impact of gains on sale of real estate as such amounts are inconsistent in amount and frequency and are significantly impacted by the size of the sale. Our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
•Stock-based compensation: Although stock-based compensation is a key incentive offered to our employees, we have excluded the effect of these expenses from the calculation of adjusted operating income and adjusted EBITDA. This is due to their primarily non-cash nature; in addition, the amount and timing of these expenses may be highly variable and unpredictable, which may negatively affect comparability between periods.
•Depreciation and Adjusted depreciation: Our adjusted operating income excludes the impact of accelerated depreciation for certain restructuring projects that affect the expected useful lives of Property, Plant and Equipment, as such charges vary significantly based on the size and timing of the programs. Further, we have excluded adjusted depreciation, which represents depreciation expense net of accelerated depreciation charges, from our adjusted EBITDA. Our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
•Other (income) expense: We have excluded the impact of pension curtailment (gains) and losses and pension settlements as such events are triggered by our restructuring and other business realignment activities and the amount of such charges vary significantly based on the size and timing of the programs. Further, we have excluded the change in fair value of the investment in Wella, as well as expenses related to potential or actual sales transactions reducing equity investments, as our management believes these unrealized (gains) and losses do not reflect our underlying
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ongoing business, and the adjustment of such impact helps investors and others compare and analyze performance from period to period. Such transactions do not reflect our operating results and we have excluded the impact as our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance.
•Noncontrolling interest: This adjustment represents the after-tax impact of the non-GAAP adjustments included in Net income attributable to noncontrolling interests based on the relevant noncontrolling interest percentage.
•Tax: This adjustment represents the impact of the tax effect of the pretax items excluded from Adjusted net income. The tax impact of the non-GAAP adjustments is based on the tax rates related to the jurisdiction in which the adjusted items are received or incurred. Additionally, adjustments are made for the tax impact of any intra-entity transfer of assets and liabilities.
Constant Currency
We operate on a global basis, with the majority of our net revenues generated outside of the U.S. Accordingly, fluctuations in foreign currency exchange rates can affect our results of operations. Therefore, to supplement financial results presented in accordance with GAAP, certain financial information is presented in “constant currency”, excluding the impact of foreign currency exchange translations to provide a framework for assessing how our underlying businesses performed excluding the impact of foreign currency exchange translations. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. We calculate constant currency information by translating current and prior-period results for entities reporting in currencies other than U.S. dollars into U.S. dollars using prior year foreign currency exchange rates. The constant currency calculations do not adjust for the impact of revaluing specific transactions denominated in a currency that is different to the functional currency of that entity when exchange rates fluctuate. The constant currency information we present may not be comparable to similarly titled measures reported by other companies.
Basis of Presentation of Acquisitions, Divestitures, Terminations and Market Exit from Russia
During the period when we complete an acquisition, divestiture, early license termination, or market exit, the financial results of the current year period are not comparable to the financial results presented in the prior year period. When explaining such changes from period to period and to maintain a consistent basis between periods, we exclude the financial contribution of: (i) the acquired brands or businesses in the current year period until we have twelve months of comparable financial results, and (ii) the divested brands or businesses or early terminated brands or markets exited in the prior year period, to maintain comparable financial results with the current fiscal year period. Acquisitions, divestitures, early license terminations, and market exits that would impact the comparability of financial results between periods presented in the Management’s Discussion and Analysis of Financial Condition and Results of Operations are shown in the table below.
Period of acquisition, divestiture, terminationAcquisition, divestiture, terminationImpact on basis of first quarter 2025/2024 presentation
Third quarter fiscal 2024Termination: LacosteFirst quarter fiscal 2024 net revenue excluded.
THREE MONTHS ENDED SEPTEMBER 30, 2024 AS COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2023
NET REVENUES
In the three months ended September 30, 2024, net revenues increased 2%, or $30.1, to $1,671.5 from $1,641.4 in the three months ended September 30, 2023. Excluding net revenue from the first quarter of the prior period from Lacoste, net revenues increased 3% or $52.9 to $1,671.5 from $1,618.6 in the three months ended September 30, 2023, reflecting a positive price and mix impact of 5% (primarily due to positive pricing impact as a result of prior period price increases and in line with the overall premiumization strategy), partially offset by a decrease in unit volume of 1% (primarily due to color cosmetics in the United States as a result of ongoing retailer caution and negative market trends) and negative foreign currency exchange translation impact of 1%. The overall increase in net revenues reflects growth of prestige and mass fragrances, as a result of innovation from new launches including Gucci Flora Gorgeous Orchid, Burberry Goddess Intense, Chloe Signature Intense, Boss Bottled Absolu. The increase in net revenues was partially offset by negative performance in the color cosmetics category and certain brands in the body care category in Brazil.
The overall increase in net revenues reflects the continued success of our pricing and revenue management strategies, including the implementation of price increases across our product portfolio in the prior period. The overall increase in net revenues related to pricing is partially offset by volume declines primarily related to the Consumer Beauty product portfolio, specifically from Monange and the color cosmetics category.
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Digital and e-commerce channel sales growth also contributed to the increase in net revenues.
Net Revenues by Segment
Three Months Ended
September 30,
(in millions)20242023Change %
NET REVENUES
Prestige$1,114.1 $1,064.7 5 %
Consumer Beauty557.4 576.7 (3)%
Total$1,671.5 $1,641.4 2 %
Prestige
In the three months ended September 30, 2024, net revenues from the Prestige segment increased 5%, or $49.4 to $1,114.1 compared to $1,064.7 in the three months ended September 30, 2023. Excluding net revenue from the first quarter of the prior period from Lacoste, net revenues from the Prestige segment increased 7% or $72.2 to $1,114.1 from $1,041.9 in the three months ended September 30, 2023, reflecting a positive price and mix impact of 5% (primarily due to the positive pricing impact as a result of price increases in the prior period, in line with the overall premiumization strategy), and an increase in unit volume of 2% (primarily due to innovation in prestige fragrance). The increase in net revenues primarily reflects:

•Prestige fragrance sales growth of $83.2, due to successful performance of Burberry, Chloe, and Hugo Boss from existing fragrance lines. In addition, continued brand innovation such as Gucci Flora Gorgeous Orchid, Burberry Goddess Intense, Chloe Signature Intense, and Boss Bottled Absolu contributed to the category sales growth . The category sales growth can also be attributed to positive market trends in most major markets.
These increases were partially offset by:
•Prestige cosmetics and skincare declines of $6.0 and $5.0, respectively.
Consumer Beauty
In the three months ended September 30, 2024, net revenues from the Consumer Beauty segment decreased 3%, or $19.3, to $557.4 from $576.7 in the three months ended September 30, 2023, reflecting a negative foreign currency exchange translation impact of 3%, a decrease in unit volume of 1% (primarily due to color cosmetics brands in the United States), partially offset by a positive price and mix impact of 1% (primarily due to positive pricing impact as a result of price increases in the prior period). The decrease in net revenues primarily reflects:
•Color cosmetics sales decline of $29.7, primarily due to negative market trends in the color cosmetics market in the United States which impacted net revenues from Covergirl and through increased returns and markdowns compared to the prior period. Sally Hansen also declined despite gaining market share in the current period; and
•Mass bodycare decline of $15.8, primarily due to declines in sales volumes from Monange in Brazil. The decline can also be attributed to continued lower sales volumes for adidas as a result of category slowdown in China which resulted in higher trade inventory levels.
These decreases were partially offset by:
•Mass fragrance sales growth of $23.1, due to brand innovation and geographical expansion of existing products into growth-engine markets; and
•Mass skincare growth of $3.1.
COST OF SALES
In the three months ended September 30, 2024, cost of sales decreased 4%, or $22.6, to $576.9 from $599.5 in the three months ended September 30, 2023. Cost of sales as a percentage of net revenues decreased to 34.5% in the three months ended September 30, 2024 from 36.5% in the three months ended September 30, 2023, resulting in a gross margin increase of approximately 200 basis points, primarily reflecting:
(i)approximately 110 basis points related to a decrease in manufacturing and material costs as a percentage of net revenues, driven by increased manufacturing efficiencies, improvements in productivity, as well as procurement and material cost optimization; and
(ii)approximately 80 basis points related to decreased excess and obsolescence costs primarily associated with the Prestige product portfolio.
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The above reflects a positive impact from pricing net of inflation of approximately 130 basis points.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
In the three months ended September 30, 2024, selling, general and administrative expenses increased 5%, or $40.6, to $808.0 from $767.4 in the three months ended September 30, 2023. Selling, general and administrative expenses as a percentage of net revenues increased to 48.3% in the three months ended September 30, 2024 from 46.8% in the three months ended September 30, 2023, or approximately 150 basis points. This increase primarily reflects:
(i)110 basis points due to an increase in administrative costs as a percentage of net revenues due to higher compensation expense from increased headcount;
(ii)40 basis points due to an increase in advertising and consumer promotional costs as a percentage of net revenues primarily due to increases in in-store merchandising execution and education, partially offset by declines in working media investment as a percentage of net revenues;
(iii)40 basis points due to unfavorable transactional impact from our exposure to foreign currency as a percentage of net revenues; and
(iv)40 basis points due to other miscellaneous operating expenses.
These increases were partially offset by the following decrease:
(i)80 basis points due to a decrease in stock-based compensation cost primarily related to a reduction in expense recognized in connection with awards granted to the CEO.
OPERATING INCOME
In the three months ended September 30, 2024, operating income was $237.8 compared to income of $197.5 in the three months ended September 30, 2023. Operating income as a percentage of net revenues, increased to 14.2% in the three months ended September 30, 2024 as compared to 12.0% in the three months ended September 30, 2023. The increase in operating margin is primarily driven by a decrease in cost of goods sold as a percentage of net revenues (approximately 200 basis points), a decrease in restructuring costs as a percentage of net revenues (approximately 170 basis points), a decrease in stock-based compensation expense (approximately 80 basis points) primarily related to a reduction in expense recognized in connection with a prior year's grant made to the CEO, partially offset by an increase in fixed costs as a percentage of net revenues (approximately 100 basis points) primarily related to people costs, an increase in advertising and consumer promotional costs as a percentage of net revenues (approximately 40 basis points), an increase in losses from our exposure to foreign currency (approximately 40 basis points), and an increase in expense related to other miscellaneous operating expenses (approximately 40 basis points). Our consolidated operating income margin was negatively impacted by a greater proportion of net revenues generated by the lower margin brands from our Brazilian business, and lower sales of the higher margin color cosmetics in the United States compared to the prior year.
Operating Income (Loss) by Segment
Three Months Ended
September 30,
(in millions)20242023Change %
Operating income (loss)
Prestige$241.5 $221.6 9 %
Consumer Beauty14.0 32.0 (56)%
Corporate(17.7)(56.1)68 %
Total$237.8 $197.5 20 %
Prestige
In the three months ended September 30, 2024, operating income for Prestige was $241.5 compared to income of $221.6 in the three months ended September 30, 2023. Operating margin increased to 21.7% of net revenues in the three months ended September 30, 2024 as compared to 20.8% in the three months ended September 30, 2023, driven by a decrease in cost of goods sold as a percentage of net revenues (approximately 260 basis points), a decrease in amortization expense as a percentage of net revenues (approximately 20 basis points), partially offset by an increase in fixed costs as a percentage of net revenues (approximately 100 basis points) primarily related to people costs, an increase in losses from our exposure to foreign currency (approximately 80 basis points), and an increase in advertising and consumer promotional costs as a percentage of net revenues (approximately 20 basis points).
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Consumer Beauty
In the three months ended September 30, 2024, operating income for Consumer Beauty was $14.0 compared to income of $32.0 in the three months ended September 30, 2023. Operating margin decreased to 2.5% of net revenues in the three months ended September 30, 2024 as compared to 5.5% in the three months ended September 30, 2023, driven by an increase in advertising and consumer promotional costs as a percentage of net revenues (approximately 120 basis points), an increase in fixed costs as a percentage of net revenues (approximately 110 basis points), an increase in losses from our exposure to foreign currency (approximately 80 basis points). Our Consumer Beauty operating income margin was negatively impacted by a greater proportion of Consumer Beauty net revenues generated by the lower margin brands from our Brazilian business, and lower sales by the higher margin color cosmetics brands in the United States compared to the prior year.
Corporate
Corporate primarily includes income and expenses not directly relating to our operating activities. These items are included in Corporate since we consider them to be Corporate responsibilities, and these items are not used by our management to measure the underlying performance of the segments.
In the three months ended September 30, 2024, the operating loss for Corporate was $17.7 compared to a loss of $56.1 in the three months ended September 30, 2023, as described under “Adjusted Operating Income for Coty Inc.” below. The decrease in the operating loss for Corporate was primarily driven by a $27.7 decrease in restructuring costs and a $12.7 decrease in stock-based compensation expense.
Adjusted Operating Income by Segment
We believe that adjusted operating income by segment further enhances an investor’s understanding of our performance. See “Overview—Non-GAAP Financial Measures.” A reconciliation of reported operating income to adjusted operating income is presented below, by segment:
Three Months Ended September 30, 2024
(in millions)Reported
(GAAP)
Adjustments (a)
Adjusted
(Non-GAAP)
Operating income
Prestige$241.5 $38.2 $279.7 
Consumer Beauty14.0 9.9 23.9 
Corporate(17.7)17.7 — 
Total$237.8 $65.8 $303.6 
Three Months Ended September 30, 2023
(in millions)Reported
(GAAP)
Adjustments (a)
Adjusted
(Non-GAAP)
Operating income
Prestige$221.6 $38.7 $260.3 
Consumer Beauty32.0 9.9 41.9 
Corporate(56.1)56.1 — 
Total$197.5 $104.7 $302.2 
(a)See a reconciliation of reported net income to operating income (loss) to adjusted operating income (loss) and adjusted EBITDA for Coty Inc. and reconciliations of segment operating income (loss) to segment adjusted operating income (loss) and segment adjusted EBITDA for the Prestige, Consumer Beauty and Corporate segments with a description of the adjustments under “Net Income, Adjusted Operating Income and Adjusted EBITDA for Coty Inc.” and “Segment Operating Income (Loss), Segment Adjusted Operating Income (Loss) and Segment Adjusted EBITDA”, below. All adjustments are reflected in Corporate, except for amortization and asset impairment charges on goodwill, indefinite-lived intangible assets, and finite-lived intangible assets, which are reflected in the Prestige and Consumer Beauty segments.




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Net Income, Adjusted Operating Income and Adjusted EBITDA for Coty Inc.
We believe that adjusted operating income further enhances an investor’s understanding of our performance. See “Overview—Non-GAAP Financial Measures.” Reconciliation of reported net income to adjusted operating income and adjusted EBITDA is presented below:
Three Months Ended
September 30,
(in millions)20242023Change %
Net income$90.7 $10.2 >100%
Net income margin5.4 %0.6 %
   Provision (benefit) for income taxes42.0 40.9 3 %
Income before income taxes$132.7 $51.1 >100%
   Interest expense, net61.8 69.8 (11)%
   Other expense, net43.3 76.6 (43)%
Reported operating income $237.8 $197.5 20 %
Reported operating income (loss) margin14.2 %12.0 %
Amortization expense48.1 48.6 (1)%
Restructuring and other business realignment costs0.7 27.3 (97)%
Stock-based compensation17.0 29.7 (43)%
Gain on sale of real estate— (1.7)100 %
Early license termination and market exit costs— 0.8 (100)%
Total adjustments to reported operating income$65.8 $104.7 (37)%
Adjusted operating income $303.6 $302.2 — %
Adjusted operating income margin18.2 %18.4 %
Adjusted depreciation56.5 58.1 (3)%
Adjusted EBITDA$360.1 $360.3 — %
Adjusted EBITDA margin21.5 %22.0 %
In the three months ended September 30, 2024, adjusted operating income increased $1.4 to $303.6 from $302.2 in the three months ended September 30, 2023. Adjusted operating margin decreased to 18.2% of net revenues in the three months ended September 30, 2024 from 18.4% in the three months ended September 30, 2023. In the three months ended September 30, 2024, adjusted EBITDA decreased $0.2 to $360.1 from $360.3 in the three months ended September 30, 2023. Adjusted EBITDA margin decreased to 21.5% of net revenues in the three months ended September 30, 2024 from 22.0% in the three months ended September 30, 2023.













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Segment Operating Income (Loss), Segment Adjusted Operating Income (Loss) and Segment Adjusted EBITDA
Operating Income, Adjusted Operating Income and Adjusted EBITDA - Prestige Segment
Three Months Ended
September 30,
(in millions)20242023Change %
Reported operating income $241.5 $221.6 9 %
Reported operating income (loss) margin21.7 %20.8 %
Amortization expense38.2 38.7 (1)%
Total adjustments to reported operating income$38.2 $38.7 (1)%
Adjusted operating income $279.7 $260.3 7 %
Adjusted operating income margin25.1 %24.4 %
Adjusted depreciation27.9 27.3 2 %
Adjusted EBITDA$307.6 $287.6 7 %
Adjusted EBITDA margin27.6 %27.0 %

Operating Loss, Adjusted Operating Loss and Adjusted EBITDA - Consumer Beauty Segment
Three Months Ended
September 30,
(in millions)20242023Change %
Reported operating income$14.0 $32.0 (56)%
Reported operating income margin2.5 %5.5 %
Amortization expense9.9 9.9 — %
Total adjustments to reported operating income$9.9 $9.9 — %
Adjusted operating income$23.9 $41.9 (43)%
Adjusted operating income margin4.3 %7.3 %
Adjusted depreciation28.6 30.8 (7)%
Adjusted EBITDA$52.5 $72.7 (28)%
Adjusted EBITDA margin9.4 %12.6 %
Operating Loss, Adjusted Operating Loss and Adjusted EBITDA - Corporate Segment
Three Months Ended
September 30,
(in millions)20242023Change %
Reported operating loss $(17.7)$(56.1)68 %
Reported operating income (loss) marginN/AN/A
Restructuring and other business realignment costs0.7 27.3 (97)%
Stock-based compensation17.0 29.7 (43)%
Gain on sale of real estate— (1.7)100 %
Early license termination and market exit costs— 0.8 (100)%
Total adjustments to reported operating income$17.7 $56.1 (68)%
Adjusted operating income $— $— N/A
Adjusted operating income marginN/AN/A
Adjusted depreciation— — N/A
Adjusted EBITDA$— $— N/A
Adjusted EBITDA marginN/AN/A

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Amortization Expense
In the three months ended September 30, 2024, amortization expense decreased to $48.1 from $48.6 in the three months ended September 30, 2023. In the three months ended September 30, 2024, amortization expense of $38.2 and $9.9 was reported in the Prestige and Consumer Beauty segments, respectively. In the three months ended September 30, 2023, amortization expense of $38.7 and $9.9 was reported in the Prestige and Consumer Beauty segments, respectively.
Restructuring and Other Business Realignment Costs
In the three months ended September 30, 2024, we incurred a credit in restructuring and other business structure realignment costs of $0.7, primarily related to the Current Restructuring Actions, included in the Condensed Consolidated Statements of Operations.
In the three months ended September 30, 2023, we incurred restructuring and other business structure realignment costs of $27.3 as follows:
•We incurred restructuring costs of $28.4 primarily related to the Current Restructuring Actions, included in the Condensed Consolidated Statements of Operations; and
•We incurred a credit in business structure realignment costs of $(1.1), which is reported in selling, general and administrative expenses.
Stock-Based Compensation
In the three months ended September 30, 2024, stock-based compensation was $17.0 as compared with $29.7 in the three months ended September 30, 2023. The decrease in stock-based compensation is primarily related to a reduction in expense recognized in connection with awards granted to the CEO.
Gain on Sale of Real Estate
In the three months ended September 30, 2024, we recognized no gain related to sale of real estate.
In the three months ended September 30, 2023, we recognized a gain of $1.7 related to sale of real estate.
Early License Termination and Market Exit Costs
In the three months ended September 30, 2024 and 2023, we incurred costs of $0.0 and $0.8, respectively related to the early termination of a license and our decision to wind down our business in Russia.
Adjusted Depreciation Expense
In the three months ended September 30, 2024, adjusted depreciation expense of $27.9 and $28.6 was reported in the Prestige and Consumer Beauty segments, respectively. In the three months ended September 30, 2023, adjusted depreciation expense of $27.3 and $30.8 was reported in the Prestige and Consumer Beauty segments, respectively.
INTEREST EXPENSE, NET
In the three months ended September 30, 2024, net interest expense was $61.8 as compared with $69.8 in the three months ended September 30, 2023. The decrease in interest expense is primarily due to lower debt balances in the current period as well as lower interest rates.
OTHER INCOME/EXPENSE
In the three months ended September 30, 2024, other expense was $43.3 as compared with other expense of $76.6 in the three months ended September 30, 2023.
Other expense of $43.3 in the three months ended September 30, 2024 was principally comprised of net losses on forward repurchase contracts of $42.1.
Other expense of $76.6 in the three months ended September 30, 2023 was principally comprised of net losses on forward repurchase contracts of $75.7 and deferred financing fees of 5.2, partially offset by a favorable adjustment for the unrealized gain in the Wella investment of $4.0.
The decrease in Other expense of $33.3 is primarily due to lower net losses on forward repurchase contracts of $33.6 compared to the prior year period.
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INCOME TAXES
The effective income tax rate for the three months ended September 30, 2024 and 2023 was 31.7% and 80.0%, respectively. The decrease in the effective tax rate was primarily attributable to the impact of a higher effective tax rate in the prior year period related to the revaluation of the Company's deferred tax liabilities due to a tax rate increase enacted in Switzerland resulting in an expense of $24.3. The effective tax rate of 31.7% for the three months ended September 30, 2024, was higher than the Federal statutory rate of 21% primarily due to the limitation on the deductibility of executive stock compensation and the limitation on the deductibility of interest expense.
The effective tax rate of 80.0% in the three months ended September 30, 2023, was higher than the Federal statutory rate of 21% primarily due to an expense of $24.3 recognized on the revaluation of the Company's deferred tax liabilities due to a tax rate increase enacted in Switzerland as well as the limitation on the deductibility of executive stock compensation.
The effective income tax rates vary from the U.S. federal statutory rate of 21% due to the effect of (i) jurisdictions with different statutory rates, including impacts of rate changes, (ii) adjustments to the Company’s unrealized tax benefits (“UTBs”) and accrued interest, (iii) non-deductible expenses, (iv) audit settlements and (v) valuation allowance changes. Our effective tax rate could fluctuate significantly and could be adversely affected to the extent earnings are lower than anticipated in countries that have lower statutory rates and higher than anticipated in countries that have higher statutory rates.
Reconciliation of Reported Income Before Income Taxes to Adjusted Income Before Income Taxes and Effective Tax Rates:
Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023
(in millions) Income Before Income TaxesProvision for Income TaxesEffective Tax Rate Income Before Income TaxesProvision for Income TaxesEffective Tax Rate
Reported income before income taxes$132.7 $42.0 31.7 %$51.1 $40.9 80.0 %
Adjustments to reported operating income (a)
65.8 104.7 
Change in fair value of investment in Wella Business (c)
— (4.0)
Other adjustments (d)
(0.3)3.9 
Total Adjustments (b)
65.5 15.3 104.6 27.1 
Adjusted income before income taxes$198.2 $57.3 28.9 %$155.7 $68.0 43.7 %
(a)See a description of adjustments under “Net Income, Adjusted Operating Income and Adjusted EBITDA for Coty Inc.”
(b)The tax effects of each of the items included in adjusted income are calculated in a manner that results in a corresponding income tax expense/provision for adjusted income. In preparing the calculation, each adjustment to reported income is first analyzed to determine if the adjustment has an income tax consequence. The provision for taxes is then calculated based on the jurisdiction in which the adjusted items are incurred, multiplied by the respective statutory rates and offset by the increase or reversal of any valuation allowances commensurate with the non-GAAP measure of profitability.
(c)The amount represents the unrealized (gain) loss recognized for the change in fair value of the investment in Wella.
(d)For the three months ended September 30, 2024, this primarily represents recovery of previously written-off non-income tax credits and the amortization of basis differences in certain equity method investments. For the three months ended September 30, 2023, this primarily represents divestiture-related costs related to our equity investments and the amortization of basis differences in certain equity method investments.
The adjusted effective tax rate was 28.9% for the three months ended September 30, 2024 compared to 43.7% for the three months ended September 30, 2023. The differences were primarily due to an expense of $24.3 recognized in the prior period on the revaluation of the Company's deferred tax liabilities due to a tax rate increase enacted in Switzerland.
NET INCOME (LOSS) ATTRIBUTABLE TO COTY INC.
Net income attributable to Coty Inc. was $82.9 in the three months ended September 30, 2024 as compared to net income of $1.6 in the three months ended September 30, 2023. The increase in the income was primarily driven by higher operating income of $40.3 in the current period and lower net losses from forward repurchase contracts of $33.6 in the current period.
We believe that adjusted net income attributable to Coty Inc. provides an enhanced understanding of our performance. See “Overview—Non-GAAP Financial Measures.”
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Three Months Ended
September 30,
(in millions)20242023Change %
Net income attributable to Coty Inc. $82.9 $1.6 >100%
Convertible Series B Preferred Stock dividends (a)
(3.3)(3.3)— %
Reported net income (loss) attributable to common stockholders$79.6 $(1.7)>100%
% of net revenues4.8 %(0.1)%
Adjustments to reported operating income (b)
65.8 104.7 (37)%
Change in fair value of investment in Wella Company (c)
— (4.0)100 %
Adjustment to other expense (d)
(0.3)3.9 <(100%)
Adjustments to noncontrolling interests (e)
(1.7)(1.7)— %
Change in tax provision due to adjustments to reported net income (loss) attributable to Coty Inc.(15.3)(27.1)44 %
Adjusted net income attributable to Coty Inc.$128.1 $74.1 73 %
% of net revenues7.7 %4.5 % 
Per Share Data
Adjusted weighted-average common shares
Basic867.9 854.3 
Diluted (a)
899.0 867.3 
Adjusted net income attributable to Coty Inc. per common share
Basic$0.15 $0.09 
Diluted (a)
$0.15 $0.09 
(a)Adjusted Diluted EPS is adjusted by the effect of dilutive securities. For the three months ended September 30, 2024 and 2023, no dilutive shares of the Forward Repurchase Contracts were included in the computation of adjusted diluted EPS as their inclusion would be anti-dilutive. Accordingly, we did not reverse the impact of the fair market value losses/(gains) for contracts with the option to settle in shares or cash of $24.6 and $44.3, respectively. For the three months ended September 30, 2024, as the Convertible Series B Preferred Stock was dilutive, an adjustment to reverse the impact of the preferred stock dividends of $3.3 was required. For the three months ended September 30, 2023, convertible Series B Preferred Stock (23.7 million weighted average dilutive shares) were anti-dilutive. Accordingly, we excluded these shares from the diluted shares and did not adjust the earnings for the related dividend of $3.3.
(b)See a description of adjustments under “Net Income, Adjusted Operating Income and Adjusted EBITDA for Coty Inc."
(c)The amount represents the unrealized (gain) loss recognized for the change in fair value of the investment in Wella.
(d)For the three months ended September 30, 2024, this primarily represents recovery of previously written-off non-income tax credits and the amortization of basis differences in certain equity method investments. For the three months ended September 30, 2023, this primarily represents divestiture-related costs related to our equity investments and the amortization of basis differences in certain equity method investments.
(e)The amounts represent the after-tax impact of the non-GAAP adjustments included in net income attributable to noncontrolling interests based on the relevant noncontrolling interest percentage in the Condensed Consolidated Statements of Operations.

FINANCIAL CONDITION
LIQUIDITY AND CAPITAL RESOURCES
Overview
Our primary sources of funds include cash expected to be generated from operations, borrowings from issuance of debt and lines of credit provided by banks and lenders in the U.S. and abroad.
Our cash flows are subject to seasonal variation throughout the year, including demands on cash made during our first fiscal quarter in anticipation of higher global sales during the second fiscal quarter and strong cash generation in the second fiscal quarter as a result of increased demand by retailers associated with the holiday season.
Our principal uses of cash are to fund planned operating expenditures, capital expenditures, interest payments, dividends, share repurchases, any principal payments on debt, and from time to time, acquisitions, and business structure realignment expenditures. Working capital movements are influenced by the sourcing of materials related to the manufacturing of products.
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Cash and working capital management initiatives, including the phasing of vendor and tax payments and factoring of trade receivables from time-to-time, may also impact the timing and amount of our operating cash flows.
We remain focused on deleveraging our balance sheet using cash flows generated from our operations and other targeted initiatives. We continue to take steps to permanently reduce our debt to reduce interest costs and improve our long-term profitability and cash flows. Our 25.84% investment in Wella continues to give us the opportunity for further permanent debt reductions when our equity position is divested.
We have substantially completed the exit of our commercial activities in Russia. However, we anticipate that the process related to the liquidation of the Russian legal entity will take an extended period of time. We anticipate that we will incur future net cash costs of $10.0 to $15.0, which will be funded by our Russian subsidiary. The amount of future costs, including cash costs, will be subject to various factors, such as additional government regulation and the resolution of legal contingencies.
Debt Financing
We are in the process of deleveraging our company and improving the maturity mix of our debt, including through refinancing or repayment of a portion of our debt. We expect to continue to take actions to improve the maturity mix of our debt, including through redemptions and/or tender offers for near-dated maturities, from time to time as market conditions permit.
We have taken action to reduce variability in our interest payments including paying down variable interest rate debt outstanding under our 2018 Coty Term B Facility and issuing fixed rate bonds. While our revolving credit facility, which we draw on from time to time, is subject to variable interest rates, all of our long-term debt outstanding as of September 30, 2024 is fixed rate debt.
Share Repurchases
In connection with our Share Repurchase Program, we entered into forward repurchase contracts in June 2022, December 2022, and November 2023 with three large financial institutions to hedge for $200.0, and a potential $196.0 and $294.0 of share repurchases in 2024, 2025 and 2026, respectively. We physically settled the June 2022 forward repurchase contracts by delivering approximately $200.0 cash in exchange for 27.0 million shares of our Class A Common Stock during fiscal 2024.
Our remaining forward repurchase contracts permit a net cash settlement alternative in addition to the physical settlement. We may elect net cash settlement of all, or some of the remaining forward repurchase contracts based on factors such as timing, the market value of the underlying shares at the settlement date and other internal cash management considerations. We will continue to incur costs associated with the remaining forward repurchase contracts before settlement. Cash costs incurred in the current fiscal year to date for all forward repurchase contracts amounted to $6.7.
Our forward repurchase contracts include a provision for a potential true-up in cash upon specified changes in the price of Coty’s Class A shares relative to the counterparties’ initial purchase price (“Hedge Valuation Adjustment”). After the September 30, 2024 balance sheet date, the price of Coty’s Class A shares declined resulting in an increase in the liability to the counterparties to our forward repurchase contracts. The cash settlement liability under our outstanding forward repurchase contracts, based on Coty’s share price as of November 4, 2024 totaled approximately $135.0, a $91.0 increase from September 30, 2024. The share price decline also resulted in a potential Hedge Valuation Adjustment event under the forward repurchase contracts maturing in 2026, with a corresponding potential cash true-up obligation. In November 2024, we entered into agreements with the applicable counterparties for a temporary contractual amendment to the Hedge Valuation Adjustment mechanism, which is effective from October 2024 through February 2025. This amendment does not apply to our forward repurchase contracts maturing in 2025. Declines in Coty’s stock price that result in a Hedge Valuation Adjustment event for the 2025 and/or 2026 forward repurchase contracts can trigger related cash true-up payments to the counterparties. See Footnote 13— Equity for additional information on the Company's forward repurchase contracts.
Factoring of Receivables
From time to time, we supplement the timing of our cash flows through the factoring of trade receivables. In this regard, we have entered into factoring arrangements with financial institutions.
The net amount utilized under the factoring facilities was $191.3 and $195.3 as of September 30, 2024 and June 30, 2024, respectively. The aggregate amount of trade receivable invoices factored on a worldwide basis amounted to $393.9 and $430.0 during the three months ended September 30, 2024 and 2023, respectively.


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Cash Flows
Three Months Ended
September 30,
20242023
Condensed Consolidated Statements of Cash Flows Data:
(in millions)
Net cash provided by operating activities$67.4 $186.2 
Net cash used in investing activities(77.3)(62.2)
Net cash used in financing activities(10.4)(78.6)
Net cash provided by operating activities
Net cash provided by operating activities was $67.4 and $186.2 for the three months ended September 30, 2024 and 2023, respectively. The decrease in cash provided by operating activities of $118.8 was primarily the result of higher cash outflows from working capital, partially offset by higher cash-related net income. Working capital accounts were primarily impacted by higher outflows from changes in trade receivables, which was the result of net revenues phasing later in the first quarter and lower collections from factoring in the current period. Additionally, lower cash flows from changes in accounts payables and accrued expenses and other current liabilities were due to a mix of timing of spend and changes in vendor payment terms, as well as higher cash payments for interest due to a change in the timing of interest payments. Higher cash-related net income was due to higher overall first quarter net revenues from Prestige, partially offset by an increase in selling, general, and administrative expenses.
Net cash used in investing activities
Net cash used in investing activities was $77.3 and $62.2 for the three months ended September 30, 2024 and 2023, respectively. The increase in cash used in investing activities of $15.1 was primarily due to timing of payments associated with capital expenditures.
Net cash used in financing activities
Net cash used in financing activities during the three months ended September 30, 2024 and 2023 was $10.4 and $78.6, respectively. The decrease in cash used in financing activities of $68.2 was primarily driven by the impact from debt-related transactions in the first quarter of the prior year which did not reoccur in the current year and lower cash outflows for deferred financing costs.
Dividends
On April 29, 2020, the Board of Directors suspended the payment of dividends on Common Stock. As previously disclosed, we expect to suspend the payment of dividends until we approach a Net debt to Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) target of 2x. We expect to consider any future resumption of dividends in line with that target while continuing to pursue our deleveraging agenda and implementing our strategic initiatives. Any determination to pay dividends in the future will be at the discretion of our Board of Directors.
Dividends on the Convertible Series B Preferred Stock are payable in cash, or by increasing the amount of accrued dividends on Convertible Series B Preferred Stock, or any combination thereof, at the sole discretion of the Company. We expect to pay such dividends in cash on a quarterly basis, subject to the declaration thereof by our Board of Directors. The terms of the Convertible Series B Preferred Stock restrict our ability to declare cash dividends on our common stock until all accrued dividends on the Convertible Series B Preferred Stock have been declared and paid in cash.
For additional information on our dividends, see Note 13—Equity and Convertible Preferred Stock in the notes to our Condensed Consolidated Financial Statements.
Treasury Stock - Share Repurchase Program
For information on our Share Repurchase Program, see Note 13—Equity and Convertible Preferred Stock in the notes to our Condensed Consolidated Financial Statements.
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Commitments and Contingencies
See Note 16—Redeemable Noncontrolling Interests in the notes to our Condensed Consolidated Financial Statements for information on our subsidiary in the Middle East.
Legal Contingencies
For information on our litigation matters and Brazilian tax assessments, see Note 17—Commitments and Contingencies in the notes to our Condensed Consolidated Financial Statements. In relation to the appeal of our Brazilian tax assessments, we have entered into surety bonds of R$452.4 million (approximately $83.2) as of September 30, 2024.
Off-Balance Sheet Arrangements
We had undrawn letters of credit of $4.1 and $4.1 and bank guarantees of $18.5 and $18.4 as of September 30, 2024 and June 30, 2024, respectively.
Contractual Obligations
Our principal contractual obligations and commitments as of June 30, 2024 are summarized in Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Contractual Obligations and Commitments,” of our Fiscal 2024 Form 10-K. Refer to Item 2 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Share Repurchases” above for discussion of the obligations related to our announced share repurchase during fiscal 2024. For the three months ended September 30, 2024, there have been no other material changes in our contractual obligations outside the ordinary course of business.
Critical Accounting Policies
We believe that the critical accounting policies listed below involve our more significant judgments, assumptions and estimates and, therefore, could have the greatest potential impact on our Condensed Consolidated Financial Statements:
•Revenue Recognition;
•Equity Investments;
•Goodwill, Other Intangible Assets and Long-Lived Assets;
•Inventory; and
•Income Taxes.
As of September 30, 2024, there have been no material changes to the items disclosed as critical accounting policies and estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II—Item 7 of our Fiscal 2024 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
See Note 12—Derivative Instruments for updates to our foreign currency risk management and interest rate risk management. There have been no material changes in market risk from the information provided in Item 7A. Quantitative and Qualitative Disclosures About Market Risk of our Fiscal 2024 Form 10-K.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer (the “CEO”) and our Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024. Based on the evaluation of our disclosure controls and procedures as of September 30, 2024, our CEO and CFO concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
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Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(f) of the Exchange Act during the first fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our CEO and CFO, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving our objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings.
For information on our legal matters, see Note 17—Commitments and Contingencies in the notes to our Condensed Consolidated Financial Statements.
Item 1A. Risk Factors.
We have disclosed information about the risk factors that could adversely affect our business in Part I, Item 1A under the heading “Risk Factors” in our Annual Report on Form 10-K for fiscal 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
No shares of our Class A Common Stock were repurchased during the fiscal quarter ended September 30, 2024.
Item 5. Other Information
During the three months ended September 30, 2024, none of the Company’s directors or Section 16 reporting officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of the SEC’s Regulation S-K).
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Item 6. Exhibits, Financial Statement Schedules.
The exhibits listed below are filed as part of this Quarterly Report on Form 10-Q:
Exhibit NumberDescription
101.INSInline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
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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, thereunto duly authorized.
COTY INC.
Date: November 6, 2024By:/s/Sue Nabi
Name: Sue Nabi
Title: Chief Executive Officer
(Principal Executive Officer)
/s/Laurent Mercier
Name: Laurent Mercier
Title: Chief Financial Officer
(Principal Financial Officer)

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