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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDEDMARCH 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                    TO          
COMMISSION FILE NUMBER 001-35964
COTY INC.
(Exact name of registrant as specified in its charter)
Delaware
13-3823358
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
350 Fifth Avenue,
 New York,NY10118
(Address of principal executive offices)(Zip Code)
(212) 389-7300
Registrant’s telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ý      No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ý      No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No ý
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCOTYNew York Stock Exchange
At April 30, 2024, 867,838,983 shares of the registrant’s Class A Common Stock, $0.01 par value, were outstanding.




COTY INC.
INDEX TO FORM 10-Q
Page



Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2024202320242023
Net revenues$1,385.6 $1,288.9 $4,754.6 $4,202.5 
Cost of sales487.8 478.1 1,690.8 1,504.7 
Gross profit897.8 810.8 3,063.8 2,697.8 
Selling, general and administrative expenses770.6 720.4 2,371.4 2,145.4 
Amortization expense48.5 48.2 145.4 143.1 
Restructuring costs0.9 (1.3)35.0 (5.4)
Operating income77.8 43.5 512.0 414.7 
Interest expense, net60.4 58.8 190.3 185.7 
Other expense (income), net14.0 (156.9)9.8 (397.0)
Income before income taxes3.4 141.6 311.9 626.0 
(Benefit) provision for income taxes(5.4)29.8 106.9 138.3 
Net income8.8 111.8 205.0 487.7 
Net income (loss) attributable to noncontrolling interests2.4 1.0 4.0 (0.4)
Net income attributable to redeemable noncontrolling interests2.6 2.4 14.7 12.8 
Net income attributable to Coty Inc.$3.8 $108.4 $186.3 $475.3 
Amounts attributable to Coty Inc.
Net income attributable to Coty Inc.3.8 108.4 186.3 475.3 
Convertible Series B Preferred Stock dividends(3.3)(3.3)(9.9)(9.9)
Net income attributable to common stockholders$0.5 $105.1 $176.4 $465.4 
Earnings per common share:  
Earnings per common share - basic$ $0.12 0.20 0.55 
Earnings per common share - diluted 0.12 0.20 0.54 
Weighted-average common shares outstanding:    
Basic883.1 851.6 876.7 848.1 
Diluted892.0 865.2 886.1 885.8 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
 2024202320242023
Net income$8.8 $111.8 $205.0 $487.7 
Other comprehensive income (loss):    
Foreign currency translation adjustment(104.1)80.8 (47.1)35.7 
Net unrealized derivative gain (loss) on cash flow hedges, net of taxes of $(0.2) and $0.9, and $(0.6) and $1.6 during the three and nine months ended, respectively
0.1 (2.1)0.5 (5.1)
Pension and other post-employment benefits adjustment, net of tax of $0.9 and $0.4, and $1.4 and $0.4 during the three and nine months ended, respectively
(2.2)(0.6)(3.7)(2.3)
Total other comprehensive (loss) income, net of tax(106.2)78.1 (50.3)28.3 
Comprehensive (loss) income(97.4)189.9 154.7 516.0 
Comprehensive income attributable to noncontrolling interests:    
Net income (loss)2.4 1.0 4.0 (0.4)
Foreign currency translation adjustment(0.1)(0.2)(0.1)0.1 
Total comprehensive income (loss) attributable to noncontrolling interests2.3 0.8 3.9 (0.3)
Comprehensive income attributable to redeemable noncontrolling interests:
Net income2.6 2.4 14.7 12.8 
Foreign currency translation adjustment(0.1)  0.1 
Total comprehensive income attributable to noncontrolling interests2.5 2.4 14.7 12.9 
Comprehensive (loss) income attributable to Coty Inc.$(102.2)$186.7 $136.1 $503.4 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share data)
(Unaudited)
 March 31,
2024
June 30,
2023
ASSETS  
Current assets:  
Cash and cash equivalents$260.2 $246.9 
Restricted cash26.0 36.9 
Trade receivables—less allowances of $26.3 and $23.2, respectively
479.9 360.9 
Inventories759.7 853.4 
Prepaid expenses and other current assets459.8 553.6 
Total current assets1,985.6 2,051.7 
Property and equipment, net703.4 712.9 
Goodwill3,965.1 3,987.9 
Other intangible assets, net3,632.6 3,798.0 
Equity investments1,086.5 1,068.9 
Operating lease right-of-use assets270.5 286.7 
Deferred income taxes580.9 589.9 
Other noncurrent assets97.6 165.6 
TOTAL ASSETS$12,322.2 $12,661.6 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY  
Current liabilities:
Accounts payable$1,250.1 $1,444.7 
Accrued expenses and other current liabilities1,092.1 1,042.0 
Short-term debt and current portion of long-term debt4.4 57.9 
Current operating lease liabilities58.8 65.6 
Income and other taxes payable70.8 126.6 
Total current liabilities2,476.2 2,736.8 
Long-term debt, net3,902.3 4,178.2 
Long-term operating lease liabilities232.6 247.5 
Pension and other post-employment benefits275.9 280.7 
Deferred income taxes688.8 659.7 
Other noncurrent liabilities328.0 325.4 
Total liabilities7,903.8 8,428.3 
COMMITMENTS AND CONTINGENCIES (See Note 17)
CONVERTIBLE SERIES B PREFERRED STOCK, $0.01 par value; 1.0 shares authorized; 0.1 issued and outstanding at March 31, 2024 and June 30, 2023
142.4 142.4 
REDEEMABLE NONCONTROLLING INTERESTS94.2 93.5 
EQUITY:  
Preferred Stock, $0.01 par value; 20.0 shares authorized, 1.0 issued and outstanding at March 31, 2024 and June 30, 2023
  
Class A Common Stock, $0.01 par value; 1,250.0 shares authorized, 962.1 and 919.3 issued and 867.9 and 852.8 outstanding at March 31, 2024 and June 30, 2023, respectively
9.6 9.1 
Additional paid-in capital11,294.1 10,898.6 
Accumulated deficit(4,801.6)(4,987.9)
Accumulated other comprehensive loss(712.6)(662.4)
Treasury stock—at cost, shares: 94.2 and 66.5 at March 31, 2024 and June 30, 2023, respectively
(1,796.9)(1,446.3)
Total Coty Inc. stockholders’ equity3,992.6 3,811.1 
Noncontrolling interests189.2 186.3 
Total equity4,181.8 3,997.4 
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY$12,322.2 $12,661.6 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Nine Months Ended March 31, 2024
(In millions, except per share data)
(Unaudited)
 Preferred Stock
Class A
Common Stock
Stock to be issued
Additional
Paid-in Capital
Receivable from sale of stock(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury Stock
Total Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Equity
Redeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
BALANCE—July 1, 20231.0 $ 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 
Issuance of Class A Common Stock in connection with global offering, net of offering costs30.0 0.3 31.5 311.2 (348.5)(5.5)(5.5)
Exercise of employee stock options and restricted stock units5.2 0.1 (0.1)— — 
Shares withheld for employee taxes(0.8)(0.8)(0.8)
Share-based compensation expense30.2 30.2 30.2 
Equity Investment contribution for share-based compensation0.7 0.7 0.7 
Changes in dividends accrued— — — 
Dividends Accrued - Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends Paid - Convertible Series B Preferred Stock— — (3.3)
Net income1.6 1.6 1.1 2.7 7.5 
Other comprehensive loss(115.0)(115.0)— (115.0)(0.1)
Adjustment of redeemable noncontrolling interests to redemption value2.3 2.3 2.3 (2.3)
BALANCE—September 30, 20231.0 $ 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 
Issuance of Class A Common Stock in connection with global offering, net of offering costs3.0 (31.5)30.9 348.5 347.9 347.9 
Reacquired Class A Common Stock for employee taxes0.1 — — 
Exercise of employee stock options and restricted stock units4.2 0.1 11.2 11.3 11.3 
Shares withheld for employee taxes(17.3)(17.3)(17.3)
Share-based compensation expense19.9 19.9 19.9 
Equity Investment contribution for share-based compensation0.6 0.6 0.6 
Changes in dividends accrued— — — 
Dividends Accrued - Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends Paid - Convertible Series B Preferred Stock— — (3.3)
Net income180.9 180.9 0.5 181.4 4.6 
Other comprehensive income170.8 170.8 170.8 0.2 
Distribution to noncontrolling interests, net— — (8.5)
Adjustment of redeemable noncontrolling interests to redemption value(7.3)(7.3)(7.3)7.3 
BALANCE—December 31, 20231.0 $ 961.7 $9.6 $ $11,273.5 $ $(4,805.4)$(606.6)66.6 $(1,446.3)$4,424.8 $187.9 $4,612.7 $102.2 $142.4 
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Table of Contents
 Preferred Stock
Class A
Common Stock
Stock to be issued
Additional
Paid-in Capital
Receivable from sale of stock(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury Stock
Total Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Equity
Redeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
Repurchase of Class A Common Stock pursuant to forward repurchase contracts27.0 (350.6)(350.6)(350.6)
Reacquired Class A Common Stock for employee taxes and cancellation of restricted stock0.6 — — — 
Exercise of employee stock options and restricted stock units and issuance of restricted stock0.4 — 2.3 2.3 2.3 
Shares withheld for employee taxes(1.0)(1.0)(1.0)
Share-based compensation expense20.2 20.2 20.2 
Equity Investment contribution for share-based compensation0.5 0.5 0.5 
Changes in dividends accrued— — — 
Dividends Accrued - Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends Paid - Convertible Series B Preferred Stock— — — (3.3)
Net income3.8 3.8 2.4 6.2 2.6 
Other comprehensive income(106.0)(106.0)(0.1)(106.1)(0.1)
Distributions to noncontrolling interests, net— (1.0)(1.0)(8.6)
Adjustment of redeemable noncontrolling interests to redemption value1.9 1.9 1.9 (1.9)
BALANCE—March 31, 20241.0 $ 962.1 $9.6 $11,294.1 $(4,801.6)$(712.6)94.2 $(1,796.9)$3,992.6 $189.2 $4,181.8 $94.2 $142.4 
See notes to Condensed Consolidated Financial Statements.
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Table of Contents
COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Nine Months Ended March 31, 2023
(In millions, except per share data)
(Unaudited)
 Preferred StockClass A
Common Stock
Additional
Paid-in Capital
(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury StockTotal Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal EquityRedeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
BALANCE—July 1, 20221.5 $ 905.5 $9.0 $10,805.8 $(5,496.1)$(717.9)66.3 $(1,446.3)$3,154.5 $191.3 $3,345.8 $69.8 $142.4 
Reacquired Class A Common Stock for employee taxes0.1— — 
Exercise of employee stock options and restricted stock units10.2 — — — 
Shares withheld for employee taxes(1.1)(1.1)(1.1)
Share-based compensation expense31.4 31.4 31.4 
Dividends accrued- Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends paid - Convertible Series B Preferred Stock— — (3.3)
Net (loss) income128.6 128.6 — 128.6 5.9 
Other comprehensive loss(266.2)(266.2)— (266.2)(0.2)
Adjustment of redeemable noncontrolling interests to redemption value6.2 6.2 6.2 (6.2)
Equity investment contribution for share-based compensation1.7 1.7 1.7 
BALANCE—September 30, 20221.5 $ 915.7 $9.0 $10,840.7 $(5,367.5)$(984.1)66.4 $(1,446.3)$3,051.8 $191.3 $3,243.1 $69.3 $142.4 
Exercise of employee stock options and restricted stock units3.2 0.1 (0.1)— — 
Shares withheld for employee taxes(10.5)(10.5)(10.5)
Share-based compensation expense33.6 33.6 33.6 
Changes in dividends accrued0.1 0.1 0.1 
Dividends accrued- Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends paid - Convertible Series B Preferred Stock— — (3.3)
Net income (loss)238.3 238.3 (1.4)236.9 4.5 
Other comprehensive loss216.0 216.0 0.3 216.3 0.3 
Distribution to noncontrolling interests, net — — — 
Adjustment of redeemable noncontrolling interests to redemption value4.4 4.4 4.4 (4.4)
Equity investment contribution for share-based compensation1.0 1.0 1.0 
BALANCE—December 31, 20221.5 $ 918.9 $9.1 $10,865.9 $(5,129.2)$(768.1)66.4 $(1,446.3)$3,531.4 $190.2 $3,721.6 $69.7 $142.4 
Exercise of employee stock options and restricted stock units0.2 — — — — 
Shares withheld for employee taxes(0.2)(0.2)(0.2)
Share-based compensation expense32.7 32.7 32.7 
Dividends accrued- Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
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Table of Contents
 Preferred StockClass A
Common Stock
Additional
Paid-in Capital
(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury StockTotal Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal EquityRedeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
Dividends paid - Convertible Series B Preferred Stock— — — (3.3)
Net income (loss)108.4 108.4 1.0 109.4 2.4 
Other comprehensive loss78.3 78.3 (0.2)78.1 — 
Distribution to noncontrolling interests, net— (3.6)(3.6)(13.8)
Adjustment of redeemable noncontrolling interests to redemption value(10.8)(10.8)(10.8)10.8 
Equity investment contribution for share-based compensation1.1 1.1 1.1 
BALANCE—March 31, 20231.5 $ 919.1 $9.1 $10,885.4 $(5,020.8)$(689.8)66.4 $(1,446.3)$3,737.6 $187.4 $3,925.0 $69.1 $142.4 
See notes to Condensed Consolidated Financial Statements.
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Table of Contents
COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$205.0 $487.7 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization316.6 317.8 
Non-cash lease expense46.7 48.0 
Deferred income taxes39.0 89.3 
Provision (releases) for bad debt, net3.5 (12.8)
Provision for pension and other post-employment benefits7.6 6.9 
Share-based compensation70.4 98.9 
Losses on disposals of long-term assets, net1.7 4.9 
Realized and unrealized gains from equity investments, net(17.6)(207.2)
Foreign exchange effects17.6 27.5 
Unrealized gains on forward repurchase contracts, net(15.9)(185.5)
Other40.1 28.5 
Change in operating assets and liabilities  
Trade receivables(131.9)(10.5)
Inventories83.5 (123.9)
Prepaid expenses and other current assets8.4 (51.1)
Accounts payable(165.5)114.9 
Accrued expenses and other current liabilities47.4 (9.8)
Operating lease liabilities(44.4)(47.3)
Income and other taxes payable(69.1)12.4 
Other noncurrent assets(4.9)(9.6)
Other noncurrent liabilities(0.1)(58.3)
Net cash provided by operating activities438.1 520.8 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures(185.4)(156.0)
Proceeds from license termination, contingent consideration and sale of other long-term assets23.9 58.3 
Net cash used in investing activities(161.5)(97.7)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from revolving loan facilities1,745.2 1,109.7 
Repayments of revolving loan facilities(1,704.0)(1,129.6)
Proceeds from issuance of other long-term debt1,284.3  
Repayments of term loans and other long-term debt(1,613.6)(194.5)
Proceeds from issuance of Class A Common Stock in connection with global offering, net of offering costs342.4