Last10K.com

Coty Inc. (COTY) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2020

Coty Inc.

CIK: 1024305 Ticker: COTY

Coty Inc. Reports Fiscal 2020 Fourth Quarter and Full Year Results
Q4 and FY20 Severely Impacted by COVID-19 Pandemic
Free Cash Flow Inline with Guidance and $1 Billion KKR Investment Bolsters Liquidity
Significant Improvement Expected in Q1, with Positive Adjusted Operating Income
Wella Divestiture On Track to Close by End of CY20
Action Plans Support over $200M of Fixed Cost Savings in FY21
Seasoned Beauty Executive Sue Y. Nabi to Start as Coty CEO on September 1st

NEW YORK - August 27, 2020-- Coty Inc. (NYSE: COTY) today announced financial results for the fourth quarter and fiscal year ended June 30, 2020.

Financial Results

Results at a glanceThree Months Ended June 30, 2020Year Ended June 30, 2020
(in millions, except per share data)Change YoYChange YoY
CONTINUING OPERATIONSReported BasisOrganic (LFL)Reported BasisOrganic (LFL)
Net revenues$560.4 (63 %)(60 %)$4,717.8 (25 %)(20.3 %)
Operating loss - reported(920.5)66 %(1,236.5)66 %
Operating loss - adjusted*(335.3)<(100%)(161.7)<(100%)
Net loss attributable to common shareholders - reported**(696.2)75 %(1,100.4)72 %
Net loss attributable to common shareholders - adjusted* **(353.7)<(100%)(364.2)<(100%)
EPS attributable to common shareholders (diluted) - reported$(0.91)>100%$(1.45)>100%
EPS attributable to common shareholders (diluted) - adjusted*$(0.46)(49 %)$(0.48)(67 %)
COTY, INC.
Net revenues***$922.1 (56 %)(53 %)$6,737.9 (22 %)(18.1 %)
Operating loss - reported***(920.9)66 %(1,018.3)71 %
Operating (loss) income - adjusted*,***(318.4)<(100%)161.4 <(100%)
Net loss attributable to common shareholders - reported **(772.8)72 %(1,013.2)73 %
Net loss attributable to common shareholders - adjusted* **(386.7)<(100%)(192.7)<(100%)
EPS attributable to common shareholders (diluted) - reported$(1.01)>100%$(1.33)>100%
EPS attributable to common shareholders (diluted) - adjusted*$(0.51)<(100%)$(0.25)<(100%)

* These measures, as well as “free cash flow,” “adjusted earnings before interest, taxes, depreciation and amortization (EBITDA),” "immediate liquidity," and “net debt,” are Non-GAAP Financial Measures. Refer to “Non-GAAP Financial Measures” for discussion of these measures. Net Loss represents Net Loss Attributable to Coty Inc. Reconciliations from reported to adjusted results can be found at the end of this release.
** Net Loss for Continuing Operations and Coty Inc. are net of the Convertible Series B Preferred Stock dividends.
*** Coty Inc Net revenues, Operating Loss -reported and Operating (loss) income -Adjusted, shows the combined activities of the total Coty Inc. to allow investors to compare to our prior financial results.

Highlights

FY20 Total Coty net revenues decreased 22% reflecting the impact of the COVID-19 health crisis, with a Q4 LFL decline of (53%) for Total Coty and (60%) for Continuing Operations, which exclude the revenues and directly attributable costs of the to-be-divested Wella business
Coty has seen gradual sales trend improvement from April through June, with significant improvements in July and August across the portfolio
Coty expects to return to profitability in Q1 FY21 on an adjusted operating income basis for Continuing Operations
FY20 Total Coty adjusted operating income of $161.4 million and adjusted operating loss of $161.7 million for Continuing Operations, were weighed down by significant deleverage from over $1 billion of lost sales primarily due to COVID-19
Q4 free cash outflow of $316.4 million was inline with guidance of outflow of $300-500 million
Significant immediate liquidity of $1,618.1 million at the end of Q4 includes $750 million of KKR direct investments, with remaining $250 million received on July 31, 2020
Divestiture of 60% of Wella business to KKR on track to close by end of CY20
1

The following information was filed by Coty Inc. (COTY) on Thursday, August 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Coty Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Coty Inc..

Continue

Assess how Coty Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Coty Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
M & A
Mgmt Change
Legal
Other
Filter by Subcategory:
All
Income
Product
Expense
Dividend
Cash Flow
Geography
Earnings
Shares
Debt
Other
Inside Coty Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Acquisition- And Divestiture-Related Costs
Acquisition- And Divestiture-Related Costs (Details)
Business Combinations, Asset Acquisitions And Divestitures
Business Combinations, Asset Acquisitions And Divestitures (Tables)
Business Combinations, Asset Acquisitions And Divestitures - Burberry Business Acquisition (Details)
Business Combinations, Asset Acquisitions And Divestitures - Business Divestitures (Details)
Business Combinations, Asset Acquisitions And Divestitures - King Kylie Transaction (Details)
Business Combinations, Asset Acquisitions And Divestitures - Schedule Of Allocation Of Purchase Price To Net Assets Acquired (Details)
Debt
Debt (Tables)
Debt - 2018 Coty Credit Agreement (Details)
Debt - Covenants (Details)
Debt - Deferred Issuance Costs (Details)
Debt - Interest (Details)
Debt - Long-Term Debt Repayment Schedule (Details)
Debt - Loss On Early Extinguishment Of Debt (Details)
Debt - Offering Of Senior Unsecured Notes (Details)
Debt - Optional Redemption (Details)
Debt - Schedule Of Debt (Details)
Debt - Schedule Of Debt Pricing Tier (Details)
Debt - Schedule Of Debt Redemption (Details)
Debt - Schedule Of Fair Value Of Debt (Details)
Debt - Schedule Of Long Term Debt Facilities (Details)
Debt - Short-Term Debt (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Amount Of Gains And Losses Reclassified From Aoci (Details)
Derivative Instruments - Amount Of Gains And Losses Related Derivative Financial Instruments Not Designated As Hedging Instruments (Details)
Derivative Instruments - Gains And Losses Recognized In Oci (Details)
Derivative Instruments - Narrative (Details)
Description Of Business
Description Of Business (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Amount Recognized In Balance Sheet (Details)
Employee Benefit Plans - Amounts In Aoci To Be Amortized (Details)
Employee Benefit Plans - Changes In Plan Assets And Benefit Obligations Recognized In Oci (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Effect Of One Percent Point Change In Assumed Health Care Cost Trend Rates (Details)
Employee Benefit Plans - Expected Benefit Payments (Details)
Employee Benefit Plans - Fair Value Of Plan Assets (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets (Details)
Employee Benefit Plans - Pre-Tax Amounts Recognized In Aoci (Details)
Employee Benefit Plans - Reconciliation Of The Projected Benefit Obligations, Plan Assets, Funded Status (Details)
Employee Benefit Plans - Reconciliations Of Level 3 Plan Assets (Details)
Employee Benefit Plans - Schedule Of Assumptions (Details)
Employee Benefit Plans - Target And Weighted-Average Asset Allocations (Details)
Equity And Convertible Preferred Stock
Equity And Convertible Preferred Stock (Tables)
Equity And Convertible Preferred Stock - Accumulated Other Comprehensive Income (Loss) (Details)
Equity And Convertible Preferred Stock - Common Stock (Details)
Equity And Convertible Preferred Stock - Issuance Of Series A Preferred Stock (Details)
Equity And Convertible Preferred Stock - Preferred Stock (Details)
Equity And Convertible Preferred Stock - Schedule Of Declared Dividends (Details)
Equity And Convertible Preferred Stock - Treasury Stock - Share Repurchase Program (Details)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net - Narrative (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Amortization Expense (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Changes In The Carrying Amount Of Indefinite-Lived Other Intangible Assets (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Goodwill (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Intangible Assets Subject To Amortization (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Other Intangible Assets (Details)
Goodwill And Other Intangible Assets, Net - Schedule Of Weighted Average Remaining Lives Of Intangible Assets Subject To Amortization (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Income Tax Assets And Liabilities (Details)
Income Taxes - Components Of Provision (Benefit) (Details)
Income Taxes - Expirations Of Tax Loss Carry Forwards (Details)
Income Taxes - Income (Loss) From Operations Before Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Federal Statutory Tax Rate To Effective Tax Rate (Details)
Income Taxes - Unrecognized Tax Benefit Reconciliation (Details)
Interest Expense, Net
Interest Expense, Net (Details)
Interest Expense, Net (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Minimum Lease Payments (Details)
Leases - Minimum Rental Commitments (Details)
Leases - Narrative (Details)
Legal And Other Contingencies
Legal And Other Contingencies (Tables)
Legal And Other Contingencies - Narrative (Details)
Legal And Other Contingencies - Schedule Of Other Commitments (Details)
Mandatorily Redeemable Financial Interest
Mandatorily Redeemable Financial Interest (Details)
Net Loss Attributable To Coty Inc. Per Common Share
Net Loss Attributable To Coty Inc. Per Common Share (Details)
Net Loss Attributable To Coty Inc. Per Common Share (Tables)
Other Noncurrent Liabilities
Other Noncurrent Liabilities (Details)
Other Noncurrent Liabilities (Tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (Tables)
Redeemable Noncontrolling Interests - Narrative (Details)
Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interest Adjustments (Details)
Related Party Transactions
Related Party Transactions (Details)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Restructuring Costs (Details)
Restructuring Costs - Restructuring Roll Forward (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Geographic Data (Details)
Segment Reporting - Reportable Segments, Product Categories Exceeding 10% Of Consolidated Net Revenues (Details)
Segment Reporting - Segment Data (Details)
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables)
Share-Based Compensation Plans - Additional Information (Details)
Share-Based Compensation Plans - Black-Scholes Valuation Assumptions (Details)
Share-Based Compensation Plans - Executive Ownership Programs (Details)
Share-Based Compensation Plans - Nonqualified Stock Options Narrative (Details)
Share-Based Compensation Plans - Nonvested Nonqualified Stock Options (Details)
Share-Based Compensation Plans - Nonvested Shares Of Series A Preferred Stock (Details)
Share-Based Compensation Plans - Outstanding And Nonvested Restricted Share Units Activity (Details)
Share-Based Compensation Plans - Outstanding And Nonvested Restricted Stock Activity (Details)
Share-Based Compensation Plans - Outstanding Nonqualified Stock Options Activity (Details)
Share-Based Compensation Plans - Outstanding Preferred Stock Activity (Details)
Share-Based Compensation Plans - Phantom Units (Details)
Share-Based Compensation Plans - Restricted Share Units Activity (Details)
Share-Based Compensation Plans - Restricted Share Units Narrative (Details)
Share-Based Compensation Plans - Restricted Stock Activity (Details)
Share-Based Compensation Plans - Restricted Stock Narrative (Details)
Share-Based Compensation Plans - Series A And Series A-1 Preferred Stock Narrative (Details)
Share-Based Compensation Plans - Share-Based Compensation Expense (Details)
Share-Based Compensation Plans - Significant Assumptions Used In Binomial Lattice Model (Details) (Details)
Share-Based Compensation Plans - Summary Of The Total Intrinsic Value Of Stock Options Exercised And Payment To Settle Nonqualified Stock Options (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Finite Lived Intangible Assets (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Property Plant And Equipment (Details)
Trade Receivables - Factoring
Trade Receivables - Factoring (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Ticker: COTY
CIK: 1024305
Form Type: 10-K Annual Report
Accession Number: 0001024305-20-000084
Submitted to the SEC: Thu Aug 27 2020 3:28:48 PM EST
Accepted by the SEC: Thu Aug 27 2020
Period: Tuesday, June 30, 2020
Industry: Perfumes Cosmetics And Other Toilet Preparations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/coty/0001024305-20-000084.htm