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Enersys (ENS) SEC Filing 10-K Annual Report for the fiscal year ending Friday, March 31, 2023

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CIK: 1289308 Ticker: ENS

Exhibit 99.1 PRESS RELEASE, DATED MAY 24, 2023, OF ENERSYS REGARDING FINANCIAL
RESULTS FOR THE FOURTH QUARTER FISCAL 2023
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ENERSYS REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2023 RESULTS
DELIVERS RECORD NET SALES AND EARNINGS FOR THE FOURTH QUARTER AND FULL YEAR

Fourth Quarter Fiscal 2023 Highlights
(All comparisons against the fourth quarter of fiscal year 2022 unless otherwise noted)
•Delivered record net sales of $990M, +9%
•Achieved 24.9% GM, +340 bps, including $17M reduction to COGS from Inflation Reduction Act (IRA) tax credits under IRC 45X
•Generated record operating earnings of $95M, +114%, and adjusted operating earnings of $107 million, +60%
•$1.3B backlog eased slightly, -7%, 2X pre-COVID levels with stable demand trends
•Realized record diluted EPS of $1.59, +137%, and adjusted diluted EPS of $1.82, +52%
•Reduced net leverage(b) to 1.8X EBITDA
•Earned the Better Practice Award from the U.S. Department of Energy Better Plants Program
•Announced the appointment of Shannon Thomas as Chief Human Resources Officer
•Published 2022 Sustainability Update and achieved 4% reduction in our global greenhouse gas emissions vs 2021

Full Year Fiscal 2023 Highlights
(All comparisons against 2022 unless otherwise noted)
• Delivered record net sales of $3.7B, +10%
• Generated record operating earnings of $278M, +35% and adjusted operating earnings of $322M, +22%
• Hit record operating earnings, adjusted operating earnings, diluted EPS, and adjusted diluted EPS, before recording the $17M of IRC 45X tax credits, even after including FX and interest headwinds in excess of $1 per diluted share
• Realized record diluted EPS of $4.25, +26% and adjusted diluted EPS of $5.34, +19%
• Reported operating cash flow of $280M, +$346M and free cash flow(a) of $191M, +$331M
• Returned $51M to shareholders through share repurchases and dividends

READING, Pa., May 24, 2023 (GLOBE NEWSWIRE) -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter of fiscal 2023, which ended on March 31, 2023.
Message from the CEO
EnerSys delivered an outstanding fourth quarter, with record revenue of $990 million, up 9% year-over-year, driven primarily by strong price realization and organic growth, partially offset by foreign currency. We achieved significant gross margin improvement, despite continued margin pressure from inflation and even before a $17 million benefit to cost of goods sold from tax credits related to Internal Revenue Code section 45X created by the Inflation Reduction Act. We realized record GAAP diluted EPS of $1.59 and adjusted diluted EPS of $1.82, up $0.62 versus prior year, including $0.42 benefit from IRA. While further guidance may be forthcoming from the IRS, we believe EnerSys's eligibility for Section 45X credits reinforces the critical nature of the products and services we provide.

In fiscal 2023, we delivered sales and earnings growth in excess of our expectations. The EnerSys team performed remarkably well in a challenging environment, mitigating continued inflation, rising interest rates, foreign exchange headwinds, and operational challenges, while executing collaboratively to deliver record results. Our impressive net earnings combined with effective management of operating capital resulted in $280 million of operating cash flow, $191 million of free cash flow and $51 million of capital returned to shareholders through repurchases and dividends.

We continue to deliver on our innovation roadmap with strategic investments in proprietary technology solutions that are defining the future of the energy transition. We continue to progress toward full commercialization of our proprietary and revolutionary EV Fast Charge and Storage system (FC&S) which combines energy storage, backup power and EV fast charging capabilities in a single solution.


The following information was filed by Enersys (ENS) on Wednesday, May 24, 2023 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.

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Inside Enersys's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Additional Information (Details)
Accounts Receivable - Schedule Of Accounts Receivable (Details)
Accrued Expenses
Accrued Expenses (Detail)
Accrued Expenses (Tables)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Schedule Of Financial Information By Reportable Segment (Detail)
Commitments, Contingencies And Litigation
Commitments, Contingencies And Litigation - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Long Term Debt (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments - Derivatives Effect On Statements Of Income (Detail)
Derivative Financial Instruments - Effect Of Derivative Instruments (Detail)
Derivative Financial Instruments - Fair Value Of Derivative Instruments (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Weighted Average Common Shares Basic And Common Shares Diluted (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Carrying Amounts And Estimated Fair Values Of Company Financial Instruments (Detail)
Fair Value Of Financial Instruments - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill By Business Segment (Detail)
Goodwill And Other Intangible Assets - Schedule Of Company's Other Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Reconciliation Of Income Taxes At Statutory Rate (Detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Earning Before Income Taxes (Detail)
Income Taxes - Schedule Of Income Tax Expense (Detail)
Income Taxes - Schedule Of Valuation Allowance (Details)
Inventories
Inventories (Tables)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Additional Information Related To Leases (Detail)
Leases - Balance Sheet Classification (Detail)
Leases - Components Of Lease Expense (Detail)
Leases - Finance And Operating Lease Maturity Schedules (Detail)
Leases - Supplemental Cash Flow Information (Detail)
Other (Income) Expense, Net
Other (Income) Expense, Net (Detail)
Other (Income) Expense, Net (Tables)
Other Liabilities
Other Liabilities (Detail)
Other Liabilities (Tables)
Prepaid And Other Current Assets
Prepaid And Other Current Assets (Detail)
Prepaid And Other Current Assets (Tables)
Property, Plant, And Equipment
Property, Plant, And Equipment (Tables)
Property, Plant, And Equipment - Additional Information (Detail)
Property, Plant, And Equipment - Summary Of Property, Plant, And Equipment (Detail)
Restructuring Plans And Other Exit Charges
Restructuring, Exit And Other Charges (Tables)
Restructuring, Exit And Other Charges - Acquisition And Non-Acquisition Related Restructuring Reserve (Details)
Restructuring, Exit And Other Charges - Additional Information (Details)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Amounts Recognized In Consolidated Balance Sheets (Detail)
Retirement Plans - Change In Projected Benefit Obligations And Change In Plan Assets (Detail)
Retirement Plans - Net Periodic Pension Costs (Detail)
Retirement Plans - Pension Components Before Tax And Related Changes Net Of Tax Recognized In Aoci (Detail)
Retirement Plans - Significant Assumptions Used To Determine Net Periodic Benefit Cost (Detail)
Retirement Plans - Significant Assumptions Used To Determine Projected Benefit Obligations (Detail)
Retirement Plans - Summary Changes In Plan Assets And Benefit Obligations (Detail)
Retirement Plans - Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans (Detail)
Retirement Plans - Summary Of Estimated Future Benefit Payments (Detail)
Retirement Plans - Summary Of Pension Plan Investments Measured At Fair Value (Detail)
Retirement Plans - Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income (Detail)
Revenue Recognition
Revenue Recognition - Additional Information (Detail)
Revenue Recognition - Remaining Performance Obligation (Details)
Stock Based Compensation Stock-Based Compensation - Summary Of Assumptions Used For Market Share Units (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Changes In Restricted Stock Units And Market Share Units (Detail)
Stock-Based Compensation - Summary Of Information Regarding Stock Options Outstanding And Exercisable (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stockholders' Equity - Change In Number Of Shares Of Common Stock Outstanding (Detail)
Stockholders' Equity - Components Of Accumulated Other Comprehensive Income (Detail)
Stockholders' Equity And Noncontrolling Interests - (Reclassifications From Aoci) (Detail)
Stockholders??? Equity
Stockholders??? Equity (Tables)
Stockholders??? Equity - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Schedule Of Allowance For Doubtful Accounts (Details)
Warranty
Warranty (Detail)
Warranty (Tables)
Ticker: ENS
CIK: 1289308
Form Type: 10-K Annual Report
Accession Number: 0001289308-23-000023
Submitted to the SEC: Wed May 24 2023 4:16:38 PM EST
Accepted by the SEC: Wed May 24 2023
Period: Friday, March 31, 2023
Industry: Wholesale Electrical Apparatus And Equipment Wiring Supplies

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