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 September 30, 2023 Commission File Number 1-9608 NEWELL BRANDS INC. (Exact name of registrant as specified in its charter) Delaware 36-3514169 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6655 Peachtree Dunwoody Road, Atlanta, Georgia 3 ...

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 June 30, 2023 Commission File Number 1-9608 NEWELL BRANDS INC. (Exact name of registrant as specified in its charter) Delaware 36-3514169 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6655 Peachtree Dunwoody Road, Atlanta, Georgia 30328 ...

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 Commission File Number 1-9608 NEWELL BRANDS INC. (Exact name of registrant as specified in its charter) Delaware 36-3514169 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6655 Peachtree Dunwoody Road, Atlanta, Georgia 30328 ...

Newell Brands Inc. (NASDAQ:NWL) 2023 CAGNY Conference February 24, 2023 10:00 AM ET Company Participants Ravi Saligram - CEO Chris Peterson - President Mark Erceg - CFO Conference Call Participants Lauren Lieberman - Barclays Kevin Grundy - Jefferies Unidentified Company Representative Next up, I'm excited to welcome the management team from Newell Brands back to the CAGNY stage. Here with us today, we have CEO, Ravi Saligram; President, Chris Peterson; and CFO, Mark Erceg. Over the last several years, Newe ...

Restructuring and Operational Efficiency - The Company announced a restructuring initiative called "Project Phoenix" aimed at reducing complexity and driving operational efficiencies, expected to be completed by the end of 2023[22]. - The Company will combine its Commercial Solutions, Home Appliances, and Home Solutions segments into one segment called Home and Commercial Solutions starting January 2023[27]. Business Segments and Sales - The Company has five primary operating segments: Commercial Solutions, Home Appliances, Home Solutions, Learning and Development, and Outdoor and Recreation[25]. - Walmart accounted for approximately 14% of net sales in 2022, while Amazon accounted for approximately 13%[51]. - The Company’s sales tend to be seasonal, with the first quarter generally showing lower sales and operating income compared to other quarters[44]. Workforce and Employee Development - The Company employed approximately 28,000 people worldwide as of December 31, 2022, with 14,000 in manufacturing and supply chain roles[54]. - The Company has a strong focus on diversity and inclusion, with various employee resource groups to support these initiatives[56]. - The Company emphasizes employee development and has established a robust talent and succession planning process[60]. - The Company is focused on recruiting diverse candidates and has adopted a policy requiring diverse slates for recruitment at the Director level and above[59]. - The Company conducted a fully digital, enterprise-wide engagement survey in 2022, which showed that the majority of scores were equal to or above global benchmarks[59]. Financial Performance and Risks - The Company experienced significant inflationary pressures for sourced finished goods in 2022, driven by global conditions, which are expected to continue into 2023[40]. - The Company has approximately $1.7 billion of its debt carrying a variable interest rate, while about $3.7 billion carries a fixed rate[306]. - A hypothetical 1% increase in interest rates would increase interest expense by approximately $17 million and decrease the fair value of debt by approximately $161 million[306]. - The Company is exposed to market risks including fluctuations in interest rates, foreign currency exchange rates, and commodity prices, which it assesses using sensitivity analysis[305]. - The Company is exposed to commodity price risk, and a hypothetical 10% change in commodity prices would not have a material effect on its results of operations[309]. Currency and Hedging - Approximately 35% of the Company's sales were denominated in foreign currencies, with the most significant being the European Euro (9%), British Pound (5%), and Canadian Dollar (4%)[308]. - The Company has implemented foreign currency hedging activities to mitigate exchange rate exposure related to forecasted inventory purchases and sales[308]. Innovation and Market Position - The Company continues to invest in research and development to create innovative products based on consumer insights[53]. - The management team has significant industry experience and is dedicated to maintaining the Company's position as a global leader in the consumer products industry[61].

2022 Performance - Core sales declined by 9.4% year-over-year in Q4 2022[8] and 3.4% for the full year[25] - Full year 2022 net sales were $9.5 billion[11] with a normalized operating margin of 10.1%[11] and normalized diluted earnings per share of $1.57[11] - Q4 2022 net sales were $2.3 billion[11] with a normalized operating margin of 4.9%[11] and normalized diluted earnings per share of $0.16[11] - Inventory declined by more than $400 million from Q3 to Q4 2022[7] Segment Performance (FY 2022) - Commercial Solutions core sales grew by 5.2%[13] - Home Appliances core sales declined by 12.5%[13] - Home Solutions core sales declined by 8.6%[13] - Learning & Development core sales grew by 0.9%[13] - Outdoor & Recreation core sales declined by 3.0%[13] Regional Performance (FY 2022 Core Sales Growth) - North America core sales declined by 5.2%[12] - EMEA core sales declined by 3.4%[12] - APAC core sales grew by 1.3%[12] - LATAM core sales grew by 7.1%[12] 2023 Outlook - Q1 2023 net sales are projected to be $1.79 to $1.84 billion[48] with a core sales decline of 18% to 16%[48] - Full year 2023 net sales are projected to be $8.4 to $8.6 billion[48] with a core sales decline of 8% to 6%[48] - Full year 2023 normalized operating margin is expected to be 9.6% to 10.1%[48] and normalized EPS is expected to be $0.95 to $1.08[48]

Newell Brands Inc. (NASDAQ:NWL) Q4 2022 Results Conference Call February 10, 2023 8:30 AM ET Company Participants Sofya Tsinis - VP, IR Ravi Saligram - CEO Mark Erceg - CFO Chris Peterson - President Conference Call Participants Bill Chappell - Truist Olivia Tong - Raymond James Peter Grom - UBS Kevin Grundy - Jefferies Andrea Teixeira - JP Morgan Lauren Lieberman - Barclays Operator Good morning, and welcome to the Newell Brands' Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instru ...

Q3 2022 Performance - Net sales were $2.3 billion, with a normalized operating margin of 10.2% and normalized diluted earnings per share of $0.53[13] - Core sales decreased by 10.8% year-over-year[10] - The company's performance decelerated in Q3 due to retailer inventory adjustments, customer order timing shifts, inflationary pressures, and a stronger U.S dollar[7] Regional Core Sales Growth (Q3 2022) - North America experienced a core sales decline of 15.0%[14] - EMEA (Europe, Middle East, and Africa) saw a core sales decrease of 3.3%[14] - LATAM (Latin America) core sales increased by 4.8%[14] - APAC (Asia Pacific) core sales decreased by 4.1%[14] Segment Performance (Q3 2022) - Commercial Solutions core sales grew by 9.2%, with a normalized operating margin increase of 350 bps year-over-year to 7.8%[16] - Home Appliances core sales declined by 23.2%, with a normalized operating margin decrease of 640 bps year-over-year to -1.0%[17] - Home Solutions core sales decreased by 11.6%, with a normalized operating margin decrease of 850 bps year-over-year to 5.9%[19] - Learning & Development core sales decreased by 9.9%, with a normalized operating margin decrease of 300 bps year-over-year to 19.7%[22] - Outdoor & Recreation core sales declined by 18.4%, with a normalized operating margin decrease of 250 bps year-over-year to 6.2%[25] Full Year 2022 Outlook - Net sales are projected to be between $9.35 billion and $9.43 billion[31] - Core sales are expected to decline by 3% to 4%[31] - Normalized operating margin is anticipated to be between 10.0% and 10.3%[31] - Normalized EPS (earnings per share) is forecasted to be between $1.56 and $1.61[31] Q4 2022 Outlook - Net sales are projected to be between $2.18 billion and $2.26 billion[28] - Core sales are expected to decline by 9% to 12%[28] - Normalized operating margin is anticipated to be between 5.1% and 6.5%[28] - Normalized EPS (earnings per share) is forecasted to be between $0.09 and $0.14[28]

Financial Data and Key Metrics Changes - The company's net sales for Q3 2022 decreased by 19.2% year-over-year to $2.3 billion, driven by lower core sales and unfavorable foreign exchange [27] - Core sales declined by 10.8%, following a 3.2% growth last year, indicating a significant pullback in orders from major customers [8][27] - Normalized gross margin contracted by 120 basis points to 29.4%, while normalized operating margin also decreased by 120 basis points to 10.2% [29] Business Line Data and Key Metrics Changes - Core sales for the Commercial Solutions segment grew by 9.2%, reflecting successful pricing actions [31] - The Home Appliance segment saw a core sales decline of 23.2%, driven by softening demand [31] - Core sales for the Home Solutions segment decreased by 11.6%, with pressure across food and home fragrance businesses [31] - The Learning & Development segment's core sales declined by 9.9%, while the Baby and Writing businesses contracted against challenging comparisons from last year [31] Market Data and Key Metrics Changes - International markets outpaced North America, with core sales outside North America declining by 1.4% [10] - Latin America experienced a 4.8% growth, offset by declines in EMEA and Asia-Pacific due to weak consumer confidence and COVID-related restrictions [10] - The EMEA region was particularly impacted by inflation and geopolitical concerns, while APAC faced challenges from lockdowns [10] Company Strategy and Development Direction - The company plans to navigate economic uncertainty by focusing on cash flow generation, gross margin recovery, and reducing overhead costs [23][24] - Emphasis on SKU rationalization and supply network optimization to enhance operational efficiency [23] - The company aims to redirect investments towards higher-margin businesses, particularly in writing, to leverage brand strength [23] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious consumer environment due to inflation, potential recession, and declining personal savings [12][22] - The company expects continued challenges in demand patterns and plans to adjust its strategies accordingly [12][22] - Management anticipates a softer top line in 2023, planning for a recessionary environment [22][39] Other Important Information - The company has taken significant actions to enhance financial flexibility, including refinancing its credit facility and raising $1 billion through bond issuance [33] - Operating cash flow was a use of $567 million year-to-date, with elevated inventory levels due to reduced retailer orders [32] - The updated net sales forecast for the full year is $9.35 billion to $9.43 billion, with a core sales decline of 3% to 4% expected [36] Q&A Session Summary Question: Inventory reductions at retail and seasonal categories - Management indicated that retailers continue to pull back on inventory levels, which is expected to persist into Q4 [52] Question: Consumer trade down in the baby category - Management noted that their brands remain strong, with positive performance despite broader market challenges [54] Question: Debt leverage and free cash flow expectations - Management expects free cash flow to be negative this year due to working capital pressures but anticipates recovery in 2023 [58] Question: Retail destocking cadence and volume consumption decline - Management confirmed that unit volume has declined, with a low double-digit decline expected for the year [67] Question: Impact of SKU simplification on inventory - Management stated that they do not foresee significant obsolescence charges, focusing on reducing supply plans instead [73] Question: Cash priorities and dividend outlook - Management confirmed the intention to maintain the dividend flat while focusing on generating operating cash flow [79]

Financial Performance - Net sales for the three months ended September 30, 2022 decreased by 19% to $2,252 million compared to $2,787 million in the prior year, primarily due to softening global demand and inventory rebalancing by retailers [144]. - Gross profit declined by 23% to $653 million, with a gross margin of 29.0%, down from 30.4% in the prior year, impacted by higher absorption costs and significant input cost inflation [145]. - Operating income fell to $35 million, an 87.5% decrease from $281 million in the prior year, influenced by lower gross profit and non-cash impairment charges [148]. - Net sales for the nine months ended September 30, 2022, decreased by $610 million, or 7.8%, to $7,174 million compared to $7,784 million in the prior year [162]. - Gross profit declined by 10% to $2,218 million, with a gross margin of 30.9%, down from 31.6% in the prior year [163]. - Operating income decreased to $569 million, a decline of 26.9% from $778 million in the prior year, reflecting lower gross profit and non-cash impairment charges [167]. Impairment Charges - Newell Brands recorded a non-cash impairment charge of $148 million during the three and nine months ended September 30, 2022, due to the carrying values exceeding their fair values in specific reporting units [140]. - The Company recorded a non-cash impairment charge of $108 million for the Home Fragrance reporting unit due to a decline in fair value [197]. - An aggregate non-cash impairment charge of $40 million was recorded for indefinite-lived tradenames in the Home Appliances and Baby reporting units [200]. Debt and Financing - The Company entered into a $1.5 billion senior unsecured revolving credit facility on August 31, 2022, maturing in August 2027, refinancing a previous $1.25 billion facility [141]. - The Company redeemed its 3.85% senior notes due April 2023 on October 19, 2022, for a total consideration of approximately $1.09 billion [143]. - As of September 30, 2022, the Company had approximately $22 million of outstanding standby letters of credit against the Credit Revolver, with a net availability of approximately $1.48 billion [189]. - The Company amended its Securitization Facility, reducing the commitment to $375 million from $600 million and extending its maturity to October 2023 [191]. Sales Performance by Segment - Commercial Solutions net sales decreased by 18.3% to $397 million, with operating income increasing by 55.6% to $28 million, driven by pricing actions and improved order fulfillment [152]. - Home Appliances net sales dropped by 31.2% to $305 million, resulting in an operating loss of $20 million, compared to an operating income of $19 million in the prior year [154]. - Home Solutions net sales decreased by 14.7% to $510 million, with an operating loss of $88 million, significantly impacted by a non-cash goodwill impairment charge [156]. - Learning and Development net sales fell by 13.6% to $751 million, with operating income decreasing by 38.5% to $120 million, affected by logistical constraints and supply chain shortages [158]. - Outdoor and Recreation net sales decreased by 26.1% to $289 million, with operating income declining by 70.4% to $8 million, primarily due to softening demand and input cost inflation [160]. - Commercial Solutions net sales decreased by $114 million, or 7.9%, to $1,336 million, impacted by the sale of the CH&S business [171]. - Home Appliances net sales fell by $206 million, or 17.2%, to $991 million, driven by softening global demand and category exits [173]. - Learning and Development net sales decreased by $64 million, or 2.7%, to $2,266 million, reflecting challenges in the Writing and Baby business units [177]. - Outdoor and Recreation net sales decreased by $76 million, or 6.4%, to $1,104 million, primarily due to softening U.S. demand [179]. Operational Challenges - The Company is facing challenges from inflationary pressures, supply chain disruptions, and softening global demand, particularly impacting the Home Appliances and Home Solutions segments [136]. - The Company experienced a significant pullback in retailer orders, impacting sales volume and working capital due to inflationary pressures [184]. - The Company is implementing selective pricing increases and productivity initiatives to mitigate the negative impacts of current macroeconomic conditions [137]. Strategic Initiatives - Project Ovid, a multi-year supply chain initiative, aims to optimize the distribution network and improve customer service levels, with its first phase launched in Q3 2022 [132]. - Newell Brands is focusing on sustainable top-line growth through innovation, brand positioning, and enhancing digital marketing capabilities [133]. - The Company’s turnaround strategy aims to build a next-generation consumer products company while addressing competitive and macroeconomic challenges [131]. Tax and Cash Flow - The effective tax rate for the three months ended September 30, 2022 was 203.3%, compared to 11.6% in the prior year, due to increased discrete tax benefits and pretax losses [150]. - The effective income tax rate for the nine months ended September 30, 2022, was 7.3%, down from 18.5% in the prior year, reflecting discrete tax benefits [169]. - Cash provided by operating activities decreased by $1,057 million, from $490 million in 2021 to $(567) million in 2022 [183]. - Cash provided by investing activities increased by $600 million, from $(180) million in 2021 to $420 million in 2022 [183]. - Cash provided by financing activities decreased by $1,144 million, from $(800) million in 2021 to $344 million in 2022 [183].