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EnerSys

For the period ended Dec 31, 2023. Filed Feb 7, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 7, 2024

ENS$147.02+3.1%Stored close · as of Nov 6, 2026
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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 ended December 31, 2023

☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:001-32253

EnerSys

(Exact name of registrant as specified in its charter)

Delaware23-3058564
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)

2366 Bernville Road

Reading, Pennsylvania 19605

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:610-208-1991

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareENSNew 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. ý Yes ¨ No.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 Securities Exchange Act of 1934.

Large Accelerated FilerýAccelerated 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 Securities Exchange Act of 1934).☐ Yesý No.

Common Stock outstanding at February 2, 2024:40,415,975 shares

EnerSys

INDEX – FORM 10-Q

Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements
Consolidated Condensed Balance Sheets (Unaudited) as of December 31, 2023 and March 31, 20233
Consolidated Condensed Statements of Income (Unaudited) for the Quarters Ended December 31, 2023 and January 1, 20234
Consolidated Condensed Statements of Income (Unaudited) for the Nine Months Ended December 31, 2023 and January 1, 20235
Consolidated Condensed Statements of Comprehensive Income (Unaudited) for the Quarters and Nine Months Ended December 31, 2023 and January 1, 20236
Consolidated Condensed Statements of Cash Flows (Unaudited) for the Nine Months Ended December 31, 2023 and January 1, 20237
Notes to Consolidated Condensed Financial Statements (Unaudited)8
1Basis of Presentation8
2Revenue Recognition9
3Accounts Receivable9
4Inventories10
5Fair Value of Financial Instruments10
6Derivative Financial Instruments12
7Income Taxes16
8Warranty17
9Commitments, Contingencies and Litigation17
10Restructuring and Other Exit Charges18
11Debt18
12Retirement Plans21
13Stock-Based Compensation21
14Stockholders’ Equity and Noncontrolling Interests22
15Earnings Per Share28
16Business Segments29
17Subsequent Events29
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations30
Item 3.Quantitative and Qualitative Disclosures about Market Risk44
Item 4.Controls and Procedures46
PART II – OTHER INFORMATION
Item 1.Legal Proceedings47
Item 1A.Risk Factors47
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds48
Item 4.Mine Safety Disclosures48
Item 5.Other Information48
Item 6.Exhibits49
SIGNATURES50
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