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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 10-Q
__________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
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: 1-35305
postholdingslogoa25.jpg
Post Holdings, Inc.
(Exact name of registrant as specified in its charter)
Missouri45-3355106
(State or other jurisdiction of
 incorporation or organization)		(I.R.S. Employer Identification No.)
2503 S. Hanley Road
St. Louis, Missouri 63144
(Address of principal executive offices) (Zip Code)
(314) 644-7600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePOSTNew York Stock Exchange
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 ☒ 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 ☒ 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 filer
☒
Accelerated 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 ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $0.01 par value per share – 63,740,125 shares as of May 1, 2023

Table of Contents

POST HOLDINGS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.
i
Table of Contents

PART I.     FINANCIAL INFORMATION.
ITEM 1.    FINANCIAL STATEMENTS (UNAUDITED).

POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share data)
Three Months Ended
March 31,		Six Months Ended
March 31,
2023202220232022
Net Sales$1,619.9 $1,409.7 $3,186.2 $2,747.2 
Cost of goods sold1,206.1 1,031.2 2,357.5 2,037.0 
Gross Profit413.8 378.5 828.7 710.2 
Selling, general and administrative expenses239.3 235.4 468.0 455.9 
Amortization of intangible assets36.6 36.4 73.0 72.9 
Other operating expense, net0.2 6.7 0.1 3.2 
Operating Profit137.7 100.0 287.6 178.2 
Interest expense, net63.8 87.2 129.7 170.0 
(Gain) loss on extinguishment of debt, net(6.1)19.3 (14.8)19.3 
Expense (income) on swaps, net9.0 (128.2)(3.3)(91.3)
Gain on investment in BellRing
— (447.7)(5.1)(447.7)
Other (income) expense, net(3.5)1.7 (11.8)(1.2)
Earnings before Income Taxes and Equity Method Loss74.5 567.7 192.9 529.1 
Income tax expense18.9 21.1 43.6 8.3 
Equity method loss, net of tax0.2 18.7 0.2 37.3 
Net Earnings from Continuing Operations, Including Noncontrolling Interests55.4 527.9 149.1 483.5 
Less: Net earnings attributable to noncontrolling interests from continuing operations1.3 2.3 3.1 2.6 
Net Earnings from Continuing Operations54.1 525.6 146.0 480.9 
Net (loss) earnings from discontinued operations, net of tax and noncontrolling interest— (2.3)— 21.6 
Net Earnings$54.1 $523.3 $146.0 $502.5 
Earnings from Continuing Operations per Common Share:
Basic$0.98 $8.51 $2.64 $7.81 
Diluted$0.92 $8.44 $2.44 $7.74 
(Loss) Earnings from Discontinued Operations per Common Share:
Basic$— $(0.04)$— $0.35 
Diluted$— $(0.04)$— $0.34 
Earnings per Common Share:
Basic$0.98 $8.47 $2.64 $8.16 
Diluted$0.92 $8.40 $2.44 $8.08 
Weighted-Average Common Shares Outstanding:
Basic58.8 61.7 58.8 62.1 
Diluted65.7 62.2 65.8 62.7 
 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
1
Table of Contents


POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in millions)

Three Months Ended
March 31,		Six Months Ended
March 31,
2023202220232022
Net Earnings$54.1 $523.3 $146.0 $502.5 
Net earnings attributable to noncontrolling interests from continuing operations1.3 2.3 3.1 2.6 
Net earnings attributable to noncontrolling interest from discontinued operations— 0.5 — 11.8 
Net Earnings Including Noncontrolling Interests55.4 526.1 149.1 516.9 
Pension and postretirement benefits adjustments:
Reclassifications to net earnings(1.1)(0.5)(2.3)(1.0)
Hedging adjustments:
Reclassifications to net earnings— 6.6 — 7.1 
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments31.5 (46.1)149.2 (41.2)
Tax benefit (expense) on other comprehensive income:
Pension and postretirement benefits adjustments:
Reclassifications to net earnings 0.3 0.2 0.6 0.3 
Hedging adjustments:
Reclassifications to net earnings — (1.8)— (1.8)
Total Other Comprehensive Income (Loss) Including Noncontrolling Interests30.7 (41.6)147.5 (36.6)
Less: Comprehensive income attributable to noncontrolling interests0.5 4.3 2.0 15.7 
Total Comprehensive Income$85.6 $480.2 $294.6 $464.6 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
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POST HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
March 31,
2023		September 30, 2022
ASSETS
Current Assets
Cash and cash equivalents$490.7 $586.5 
Restricted cash5.4 3.6 
Receivables, net576.3 544.2 
Inventories594.3 549.1 
Investment in BellRing
— 94.8 
Investments held in trust352.3 346.8 
Prepaid expenses and other current assets112.1 98.4 
Total Current Assets2,131.1 2,223.4 
Property, net1,785.7 1,751.9 
Goodwill4,434.6 4,349.6 
Other intangible assets, net2,679.4 2,712.2 
Other assets286.0 270.9 
Total Assets$11,316.8 $11,308.0 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$1.1 $1.1 
Accounts payable402.7 452.7 
Other current liabilities375.7 370.0 
Total Current Liabilities779.5 823.8 
Long-term debt5,837.1 5,956.6 
Deferred income taxes675.0 688.4 
Other liabilities230.7 266.9 
Total Liabilities7,522.3 7,735.7 
Redeemable noncontrolling interest310.6 306.6 
Shareholders’ Equity
Common stock0.9 0.9 
Additional paid-in capital4,757.5 4,748.2 
Retained earnings1,253.8 1,109.0 
Accumulated other comprehensive loss(114.3)(262.9)
Treasury stock, at cost(2,424.9)(2,341.2)
Total Shareholders’ Equity Excluding Noncontrolling Interests3,473.0 3,254.0 
Noncontrolling interests10.9 11.7 
Total Shareholders’ Equity3,483.9 3,265.7 
Total Liabilities and Shareholders’ Equity$11,316.8 $11,308.0 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
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POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Six Months Ended March 31,
20232022
Cash Flows from Operating Activities
Net earnings from continuing operations, including noncontrolling interests$149.1 $483.5 
Adjustments to reconcile net earnings from continuing operations, including noncontrolling interests, to net cash provided by operating activities:
Depreciation and amortization186.8 191.7 
Unrealized loss (gain) on interest rate swaps, foreign exchange contracts and warrant liabilities, net4.1 (97.0)
Gain on investment in BellRing
(5.1)(447.7)
(Gain) loss on extinguishment of debt, net(14.8)19.3 
Non-cash stock-based compensation expense37.2 31.6 
Equity method loss, net of tax0.2 37.3 
Deferred income taxes(27.9)(21.2)
Other, net0.5 2.4 
Other changes in operating assets and liabilities, net of held for sale assets and liabilities and divestitures:
Increase in receivables, net(26.0)(32.2)
Increase in inventories(41.6)(51.7)
Increase in prepaid expenses and other current assets(21.3)(28.0)
Decrease in other assets6.7 12.0 
(Decrease) increase in accounts payable and other current liabilities(57.6)41.9 
Increase in non-current liabilities8.0 1.7 
Net Cash Provided by Operating Activities - continuing operations198.3 143.6 
Net Cash Used in Operating Activities - discontinued operations — (1.6)
Net Cash Provided by Operating Activities198.3 142.0 
Cash Flows from Investing Activities
Business acquisitions, net of cash acquired— (0.1)
Additions to property(132.9)(102.5)
Proceeds from sale of property and assets held for sale0.1 17.3 
Proceeds from sale of business— 50.5 
Investments in partnerships(1.0)(8.2)
Other, net(0.2)— 
Net Cash Used in Investing Activities - continuing operations(134.0)(43.0)
Net Cash Used in Investing Activities - discontinued operations— (0.8)
Net Cash Used in Investing Activities(134.0)(43.8)
Cash Flows from Financing Activities
Proceeds from issuance of debt130.0 1,340.0 
Repayments of debt, net of discounts(134.8)(841.1)
Premium from issuance of debt— 17.5 
Purchases of treasury stock(83.7)(197.2)
Payments of debt issuance costs and deferred financing fees(1.3)(7.4)
Payments of debt premiums— (24.1)
Distributions to BellRing Brands, Inc., net— (547.2)
Financing portion of cash paid for rate-lock interest rate swaps(43.5)— 
Other, net(28.4)(17.4)
Net Cash Used in Financing Activities - continuing operations(161.7)(276.9)
Net Cash Used in Financing Activities - discontinued operations— (149.5)
Net Cash Used in Financing Activities(161.7)(426.4)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash3.4 (2.7)
Net Decrease in Cash, Cash Equivalents and Restricted Cash(94.0)(330.9)
Cash, Cash Equivalents and Restricted Cash from continuing operations, Beginning of Year590.1 671.6 
Plus: Cash, Cash Equivalents and Restricted Cash from discontinued operations, Beginning of Year— 152.6 
Cash, Cash Equivalents and Restricted Cash from continuing operations, End of Period$496.1 $493.3 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 
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POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 As of and for the Three Months Ended
March 31,		 As of and for the Six Months Ended
March 31,
2023202220232022
Common Stock
Beginning and end of period$0.9 $0.9 $0.9 $0.9 
Additional Paid-in Capital
Beginning of period4,737.4 4,247.7 4,748.2 4,253.5 
Activity under stock and deferred compensation plans(0.1)1.1 (27.9)(16.6)
Non-cash stock-based compensation expense20.2 20.4 37.2 32.3 
BellRing Spin-off— 442.5 — 442.5 
End of period4,757.5 4,711.7 4,757.5 4,711.7 
Retained Earnings
Beginning of period1,201.0 326.6 1,109.0 347.3 
Net earnings 54.1 523.3 146.0 502.5 
Post Holdings Partnering Corporation deemed dividend(1.3)2.1 (1.2)2.2 
End of period1,253.8 852.0 1,253.8 852.0 
Accumulated Other Comprehensive Loss
Retirement Benefit Adjustments, net of tax
Beginning of period
(30.6)(11.3)(29.7)(10.9)
Net change in retirement benefits, net of tax
(0.8)(0.3)(1.7)(0.7)
End of period
(31.4)(11.6)(31.4)(11.6)
Hedging Adjustments, net of tax
Beginning of period
74.8 71.8 74.8 71.4 
Net change in hedges, net of tax
— 3.0 — 3.4 
End of period
74.8 74.8 74.8 74.8 
Foreign Currency Translation Adjustments
Beginning of period
(190.0)(12.4)(308.0)(17.6)
Foreign currency translation adjustments
32.3 (45.8)150.3 (40.6)
BellRing Spin-off— 2.3 — 2.3 
End of period
(157.7)(55.9)(157.7)(55.9)
Treasury Stock
Beginning of period(2,365.2)(2,057.2)(2,341.2)(1,902.2)
Purchases of treasury stock(59.7)(38.2)(83.7)(193.2)
End of period(2,424.9)(2,095.4)(2,424.9)(2,095.4)
Total Shareholders’ Equity Excluding Noncontrolling Interests3,473.0 3,476.5 3,473.0 3,476.5 
Noncontrolling Interests
Beginning of period11.6 5.5 11.7 11.8 
Net earnings attributable to noncontrolling interests0.1 0.7 0.3 12.2 
Purchases of treasury stock— — — (18.1)
Activity under stock and deferred compensation plans— — — (1.0)
Non-cash stock-based compensation expense— 1.4 — 2.9 
Net change in hedges, net of tax— 1.8 — 1.9 
Foreign currency translation adjustments(0.8)(0.3)(1.1)(0.6)
BellRing Spin-off— 2.7 — 2.7 
End of period10.9 11.8 10.9 11.8 
Total Shareholders’ Equity$3,483.9 $3,488.3 $3,483.9 $3,488.3 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 
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POST HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
($ in millions, except per share information and where indicated otherwise)
NOTE 1 — BASIS OF PRESENTATION
These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), under the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” the “Company,” “us,” “our” or “we,” and unless otherwise stated or context otherwise indicates, all such references herein mean Post Holdings, Inc. and its subsidiaries), which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on November 17, 2022.
On March 10, 2022, the Company completed its distribution of 80.1% of its ownership interest in BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) (“BellRing”) to Post’s shareholders (the “BellRing Distribution,” and such transaction, as well as the BellRing Contribution, the BellRing Merger (as such terms are defined in Note 3), the Debt-for-Debt Exchange (as such term is defined in Note 15) and the related transactions described in Note 3, the “BellRing Spin-off”). The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (“Old BellRing”) and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. The Notes to Condensed Consolidated Financial Statements reflect continuing operations only, unless otherwise indicated. See Note 3 for additional information regarding the BellRing Spin-off and discontinued operations.
These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial condition, cash flows and shareholders’ equity for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. Certain reclassifications have been made to previously reported financial information to conform to the current period presentation.
NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS
The Company has considered all new accounting pronouncements and has concluded there are no new pronouncements that had or will have a material impact on the Company’s results of operations, comprehensive income, financial condition, cash flows, shareholders’ equity or related disclosures based on current information.
NOTE 3 — BELLRING SPIN-OFF AND DISCONTINUED OPERATIONS
BellRing Spin-off
On March 9, 2022, pursuant to the Transaction Agreement and Plan of Merger, dated as of October 26, 2021 (as amended by Amendment No. 1 to the Transaction Agreement and Plan of Merger, dated as of February 28, 2022, the “Spin-off Agreement”), by and among Post, Old BellRing, BellRing and BellRing Merger Sub Corporation, a wholly-owned subsidiary of BellRing (“BellRing Merger Sub”), Post contributed its share of Old BellRing Class B common stock, $0.01 par value per share, all of its BellRing Brands, LLC non-voting membership units and $550.4 of cash to BellRing in exchange for certain limited liability company interests of BellRing and the right to receive $840.0 in aggregate principal amount of BellRing’s 7.00% senior notes maturing in 2030 (the “BellRing Notes” and such transactions, collectively, the “BellRing Contribution”).
On March 10, 2022, BellRing converted into a Delaware corporation and changed its name to “BellRing Brands, Inc.”, and Post consummated the BellRing Distribution, distributing an aggregate of 78.1 million, or 80.1%, of its shares of BellRing common stock, $0.01 par value per share (“BellRing Common Stock”), to Post shareholders of record as of the close of business, Central Time, on February 25, 2022 (the “Record Date”) in a pro-rata distribution. Post shareholders received 1.267788 shares of BellRing Common Stock for every one share of Post common stock held as of the Record Date. No fractional shares of BellRing Common Stock were issued, and instead, cash in lieu of any fractional shares was paid to Post shareholders.
Upon completion of the BellRing Distribution, BellRing Merger Sub merged with and into Old BellRing (the “BellRing Merger”), with Old BellRing continuing as the surviving corporation and becoming a wholly-owned subsidiary of BellRing.
The Company’s equity interest in BellRing subsequent to the BellRing Spin-off (its “Investment in BellRing”) was 14.2% immediately following the BellRing Spin-off. As a result of the BellRing Spin-off, the dual class voting structure in the
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BellRing business was eliminated. The BellRing Distribution was structured in a manner intended to qualify as a tax-free distribution to Post shareholders for U.S. federal income tax purposes, except to the extent of any cash received in lieu of fractional shares of BellRing Common Stock.
The Company incurred separation-related expenses related to the BellRing Spin-off and subsequent divestment of its Investment in BellRing (see Note 4) of zero and $0.1 during the three and six months ended March 31, 2023, respectively, and $25.9 and $28.4 during the three and six months ended March 31, 2022, respectively, which were included in “Selling, general and administrative expenses” within continuing operations in the Condensed Consolidated Statements of Operations. Old BellRing incurred separation-related expenses prior to the BellRing Spin-off of $2.3 and $4.3 during the three and six months ended March 31, 2022, respectively, which were included in “Net (loss) earnings from discontinued operations, net of tax and noncontrolling interest” in the Condensed Consolidated Statements of Operations. These expenses generally included third party costs for advisory services, fees charged by other service providers and government filing fees.
On March 17, 2022, the Company utilized proceeds received in connection with the BellRing Spin-off to redeem a portion of Post’s existing 5.75% senior notes (see Note 15).
The following is a summary of BellRing’s net assets as of March 10, 2022.
Total Assets$633.0 
Less: Total Liabilities1,064.6 
BellRing Net Assets
$(431.6)
As a result of the BellRing Spin-off, the Company recorded a $442.5 adjustment to additional paid-in capital, which included BellRing net assets of $(431.6). The BellRing Spin-off also resulted in a reduction of accumulated other comprehensive loss associated with BellRing’s foreign currency translation adjustments. The total adjustment to accumulated other comprehensive loss was $2.3.
The Company’s Investment in BellRing immediately following the BellRing Spin-off did not represent a controlling interest in BellRing. As such, the Company’s remaining proportionate share of BellRing’s net assets were recorded at a zero carrying value on March 10, 2022, as the BellRing net assets were negative. See Note 14 for additional information regarding the Company’s subsequent remeasurement of its Investment in BellRing to fair value for the periods subsequent to the BellRing Spin-off.
Discontinued Operations
The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of Old BellRing and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows.
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The following table presents the components of net (loss) earnings from discontinued operations prior to the completion of the BellRing Spin-off on March 10, 2022.
Three Months Ended
March 31, 2022		Six Months Ended
March 31, 2022
Net Sales$235.6 $541.9 
Cost of goods sold176.3 390.3 
Gross Profit59.3 151.6 
Selling, general and administrative expenses 31.7 68.5 
Amortization of intangible assets3.8 8.7 
Operating Profit23.8 74.4 
Interest expense, net 4.7 13.1 
Loss on extinguishment of debt, net17.6 17.6 
Earnings from Discontinued Operations before Income Taxes1.5 43.7 
Income tax expense3.3 10.3 
Net (Loss) Earnings from Discontinued Operations, Including Noncontrolling Interest(1.8)33.4 
Less: Net earnings attributable to noncontrolling interest from discontinued operations0.5 11.8 
Net (Loss) Earnings from Discontinued Operations, net of tax and noncontrolling interest$(2.3)$21.6 
NOTE 4 — NONCONTROLLING INTERESTS, EQUITY INTERESTS AND RELATED PARTY TRANSACTIONS
Post Holdings Partnering Corporation
In May and June of 2021, the Company and Post Holdings Partnering Corporation, a special purpose acquisition company (“PHPC”), consummated the initial public offering of 34.5 million units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which PHPC Sponsor, LLC, the Company’s wholly-owned subsidiary (“PHPC Sponsor”), purchased 4.0 million PHPC Units. Each PHPC Unit consists of one share of Series A common stock of PHPC, $0.0001 par value per share (“PHPC Series A Common Stock”), and one-third of one redeemable warrant of PHPC, each whole warrant entitling the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Warrants”). The PHPC Units were sold at a price of $10.00 per PHPC Unit, generating gross proceeds to PHPC of $345.0. The PHPC Units, PHPC Series A Common Stock and PHPC Warrants each trade on the New York Stock Exchange under the ticker symbols “PSPC.U”, “PSPC” and “PSPC WS”, respectively. Under the terms of the PHPC IPO, PHPC is required to consummate a partnering transaction by May 28, 2023 (which may be extended to August 28, 2023 in certain circumstances).
Substantially concurrently with the closing of the PHPC IPO, PHPC completed the private sale of 1.1 million units of PHPC (the “PHPC Private Placement Units”), at a purchase price of $10.00 per PHPC Private Placement Unit, to PHPC Sponsor, generating proceeds to PHPC of $10.9 (the “PHPC Private Placement”). The PHPC Private Placement Units sold in the PHPC Private Placement are identical to the PHPC Units sold in the PHPC IPO, except that, with respect to the warrants underlying the PHPC Private Placement Units (the “PHPC Private Placement Warrants”) that are held by PHPC Sponsor or its permitted transferees, such PHPC Private Placement Warrants (i) may be exercised for cash or on a cashless basis, (ii) are not subject to being called for redemption (except in certain circumstances when the PHPC Warrants are called for redemption and a certain price per share of PHPC Series A Common Stock threshold is met) and (iii) subject to certain limited exceptions, will be subject to transfer restrictions until 30 days following the consummation of PHPC’s partnering transaction. If the PHPC Private Placement Warrants are held by holders other than PHPC Sponsor or its permitted transferees, the PHPC Private Placement Warrants will be redeemable by PHPC in all redemption scenarios and exercisable by holders on the same basis as the PHPC Warrants.
In addition, the Company, through PHPC Sponsor’s ownership of 8.6 million shares of Series F common stock of PHPC, $0.0001 par value per share, has certain governance rights in PHPC relating to the election of PHPC directors and voting rights on amendments to PHPC’s certificate of incorporation.
In connection with the completion of the PHPC IPO, PHPC also entered into a forward purchase agreement with PHPC Sponsor (the “Forward Purchase Agreement”), providing for the purchase by PHPC Sponsor, at the election of PHPC, of up to 10.0 million units of PHPC (the “PHPC Forward Purchase Units”), subject to the terms and conditions of the Forward Purchase Agreement, with each PHPC Forward Purchase Unit consisting of one share of PHPC’s Series B common stock, $0.0001 par value per share, and one-third of one warrant to purchase one share of PHPC Series A Common Stock, for a purchase price of
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$10.00 per PHPC Forward Purchase Unit, in an aggregate amount of up to $100.0 in a private placement to occur concurrently with the closing of PHPC’s partnering transaction.
PHPC Sponsor is the primary beneficiary of PHPC as it has, through its equity interest, the right to receive benefits or the obligation to absorb losses from PHPC, as well as the power to direct a majority of the activities that significantly impact PHPC’s economic performance, including target identification. As such, PHPC is fully consolidated into the Company’s financial statements.
Proceeds of $345.0 were deposited in a trust account established for the benefit of PHPC’s public stockholders consisting of certain proceeds from the PHPC IPO and certain proceeds from the PHPC Private Placement, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $345.0, representing the number of PHPC Units sold at the offering price of $10.00 per PHPC Unit, is required by the underwriting agreement to be maintained in the trust account. These proceeds will be invested only in U.S. treasury securities. At March 31, 2023 and September 30, 2022, there was $352.3 and $346.8, respectively, held in the trust account, which was included in “Investments held in trust” on the Condensed Consolidated Balance Sheets.
The public stockholders’ ownership of PHPC equity represents a noncontrolling interest (“NCI”) to the Company, which is classified outside of permanent shareholders’ equity as the PHPC Series A Common Stock is redeemable at the option of the public stockholders in certain circumstances. The carrying amount of the redeemable NCI is equal to the greater of (i) the initial carrying amount, increased or decreased for the redeemable NCI’s share of PHPC’s net earnings or loss, other comprehensive income or loss (“OCI”) and distributions or (ii) the redemption value. The public stockholders of PHPC Series A Common Stock will be entitled in certain circumstances to redeem their shares of PHPC Series A Common Stock for a pro rata portion of the amount in the trust account at $10.00 per share of PHPC Series A Common Stock held, plus any pro rata interest earned on the funds held in the trust account (which interest shall be net of taxes payable, and less up to $0.1 of interest to pay dissolution expenses). As of March 31, 2023 and September 30, 2022, the carrying amount of the redeemable NCI was recorded at its redemption value of $310.6 and $306.6, respectively. Remeasurements to the redemption value of the redeemable NCI are recognized as a deemed dividend and are recorded to “Retained earnings” on the Condensed Consolidated Balance Sheets.
In connection with the PHPC IPO, PHPC incurred offering costs of $17.9, of which $10.7 were deferred underwriting commissions that will become payable to the underwriters solely in the event that PHPC completes a partnering transaction and were included in “Other current liabilities” on the Condensed Consolidated Balance Sheets at both March 31, 2023 and September 30, 2022.
As of both March 31, 2023 and September 30, 2022, the Company beneficially owned 31.0% of the equity of PHPC and the net earnings and net assets of PHPC were consolidated within the Company’s financial statements. The remaining 69.0% of the consolidated net earnings and net assets of PHPC, representing the percentage of economic interest in PHPC held by the public stockholders of PHPC through their ownership of PHPC equity, were allocated to redeemable NCI. All transactions between PHPC and PHPC Sponsor, as well as related financial statement impacts, eliminate in consolidation.
The following table summarizes the effects of changes in the Company’s redeemable NCI on the Company’s equity.
Three Months Ended
March 31,		Six Months Ended
March 31,
2023202220232022
Net earnings attributable to redeemable NCI$1.2 $2.1 $2.8 $2.2 
Redemption value adjustment(2.5)— (4.0)— 
PHPC deemed dividend$(1.3)$2.1 $(1.2)$2.2 
The following table summarizes the changes to the Company’s redeemable NCI.
 As of and for the Three Months Ended
March 31,		 As of and for the Six Months Ended
March 31,
2023202220232022
Beginning of period$308.1 $305.0 $306.6 $305.0 
Net earnings attributable to redeemable NCI1.2 2.1 2.8 2.2 
PHPC deemed dividend1.3 (2.1)1.2 (2.2)
End of period$310.6 $305.0 $310.6 $305.0 
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8th Avenue
The Company has a 60.5% common equity interest in 8th Avenue Food & Provisions, Inc. (“8th Avenue”) that is accounted for using the equity method. In determining the accounting treatment of the common equity interest, management concluded that 8th Avenue was not a variable interest entity as defined by Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and as such, 8th Avenue was evaluated under the voting interest model. Based on the terms of 8th Avenue’s governing documents, management determined that the Company does not have a controlling voting interest in 8th Avenue due to substantive participating rights held by third parties associated with the governance of 8th Avenue. However, Post does retain significant influence, and therefore, the use of the equity method of accounting is required.
During fiscal 2022, 8th Avenue’s equity method loss attributable to Post exceeded the Company’s remaining investment in 8th Avenue. As such, the Company’s investment in 8th Avenue was zero at both March 31, 2023 and September 30, 2022. In accordance with ASC Topic 323, “Investments—Equity Method and Joint Ventures,” the Company has discontinued applying the equity method to the investment and will resume the recognition of equity method gains (losses) when the Company’s share of cumulative net losses is recovered. As such, the Company did not recognize an equity method gain (loss) attributable to 8th Avenue for the three or six months ended March 31, 2023.
The following table presents the calculation of the Company’s equity method loss attributable to 8th Avenue prior to the discontinuance of applying the equity method to the investment.
Three Months Ended
March 31, 2022		Six Months Ended
March 31, 2022
Net loss attributable to 8th Avenue common shareholders$(28.0)$(55.7)
60.5 %60.5 %
Equity method loss attributable to Post$(16.9)$(33.7)
Less: Amortization of basis difference, net of tax (a)1.7 3.4 
Equity method loss, net of tax$(18.6)$(37.1)
(a)The Company adjusted the historical basis of 8th Avenue’s assets and liabilities to fair value and recognized a basis difference of $70.3 upon the initial recording of its equity method investment in 8th Avenue. The basis difference related to property, plant and equipment and other intangible assets was initially amortized over the weighted-average useful lives of the assets. During the year ended September 30, 2022, the carrying value of the Company’s investment in 8th Avenue was reduced to zero, resulting in the termination of basis difference amortization in accordance with ASC Topic 323.
The following table presents summarized financial information of 8th Avenue prior to the discontinuance of applying the equity method to the investment.
Three Months Ended
March 31, 2022		Six Months Ended
March 31, 2022
Net sales $256.2 $515.8 
Gross profit$28.2 $56.2 
Net loss$(18.1)$(36.1)
Less: Preferred stock dividend9.9 19.6 
Net loss attributable to 8th Avenue common shareholders$(28.0)$(55.7)
The Company provides services to 8th Avenue under a master services agreement (the “MSA”), as well as certain advisory services for a fee. The Company recorded MSA and advisory income of $0.8 and $1.6 during the three and six months ended March 31, 2023, respectively, and $0.6 and $1.6 during the three and six months ended March 31, 2022, respectively, which were recorded in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.
During the three and six months ended March 31, 2023, the Company had net sales to 8th Avenue of $3.1 and $5.5, respectively, and purchases from and royalties paid to 8th Avenue of $25.1 and $48.4, respectively. During the three and six months ended March 31, 2022, the Company had net sales to 8th Avenue of $1.8 and $3.2, respectively, and purchases from and royalties paid to 8th Avenue of $20.2 and $49.7, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length. The Company had current receivables, current payables and a long-term liability with 8th Avenue of $4.7, $19.8 and $0.7, respectively, at March 31, 2023 and $