EDGEWELL PERSONAL CARE Co

Previous wording

The following is a summary of key results for the second quarter and the first six months of fiscal 2024, as compared to the corresponding periods in fiscal 2023. In addition to net sales, net earnings and earnings per share (“EPS”) for the periods presented were also impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures.

Current wording

The following is a summary of key results for the third quarter and the first nine months of fiscal 2024, as compared to the corresponding periods in fiscal 2023. In addition to net sales, net earnings and earnings per share (“EPS”) for the periods presented were also impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures.

Previous wording

•Net earnings in the second quarter of fiscal 2024 were $36.0 compared to $19.4 in the prior year quarter. On an adjusted basis, net earnings for the second quarter of fiscal 2024 were $44.0 compared to $29.4 in the prior year quarter. Adjusted net earnings increased primarily due to higher gross margin.

Current wording

•Net earnings in the third quarter of fiscal 2024 were $49.0 compared to $53.0 in the prior year quarter. On an adjusted basis, net earnings for the third quarter of fiscal 2024 were $61.2 compared to $51.3 in the prior year quarter. Adjusted net earnings increased primarily due to higher gross margin.

Previous wording

•Diluted net earnings per share during the second quarter of fiscal 2024 were $0.72 compared to $0.37 in the prior year quarter. On an adjusted basis, diluted net earnings per share during the second quarter of fiscal 2024 were $0.88 compared to $0.56 in the prior year quarter.

Current wording

•Diluted net earnings per share during the third quarter of fiscal 2024 were $0.98 compared to $1.02 in the prior year quarter. On an adjusted basis, diluted net earnings per share during the third quarter of fiscal 2024 were $1.22 compared to $0.99 in the prior year quarter.

Previous wording

•Net sales for the first six months of fiscal 2024 increased $20.8, or 1.9%, to $1,088.3. Organic net sales increased $15.0, or 1.4%, compared to the prior year period, as International markets increased 10.7%, and were partially offset by lower organic net sales in North America of 3.7%. In aggregate, organic net sales growth was driven by increased pricing and revenue management, partially offset by lower volume.

Current wording

•Net sales for the first nine months of fiscal 2024 increased $18.6, or 1.1%, to $1,736.1. Organic net sales increased $19.0, or 1.1%, compared to the prior year period, as International markets increased 9.0%, and were partially offset by lower organic net sales in North America of 3.2%. In aggregate, organic net sales growth was driven by volume growth across International markets and global pricing and revenue management gains, partially offset by lower volume in North America.

Previous wording

•Net earnings for the first six months of fiscal 2024 were $40.8 compared to $31.8 in the prior year period. On an adjusted basis, net earnings for the first six months of fiscal 2024 were $56.0 compared to $45.9 in the prior year period. Adjusted net earnings increased primarily due to higher gross margin.

Current wording

•Net earnings for the first nine months of fiscal 2024 were $89.8 compared to $84.8 in the prior year period. On an adjusted basis, net earnings for the first nine months of fiscal 2024 were $117.2 compared to $97.2 in the prior year period. Adjusted net earnings increased primarily due to higher gross margin.

Previous wording

•Diluted net earnings per share during the first six months of fiscal 2024 were $0.81 compared to $0.61 in the prior year period. On an adjusted basis, diluted net earnings per share during the first six months of fiscal 2024 were $1.11 compared to $0.88 in the prior year period.

Current wording

•Diluted net earnings per share during the first nine months of fiscal 2024 were $1.79 compared to $1.63 in the prior year period. On an adjusted basis, diluted net earnings per share during the first nine months of fiscal 2024 were $2.33 compared to $1.87 in the prior year period.

Previous wording

The following table presents changes in net sales for the second quarter and first six months of fiscal 2024, as compared to the corresponding periods in fiscal 2023, and provides a reconciliation of organic net sales to reported amounts.

Current wording

The following table presents changes in net sales for the third quarter and first nine months of fiscal 2024, as compared to the corresponding periods in fiscal 2023, and provides a reconciliation of organic net sales to reported amounts.

Previous wording

For the second quarter of fiscal 2024, net sales were $599.4, an increase of $1.0, or 0.2%, including a $0.3, or 0.1%, favorable impact from currency movements. Organic net sales increased $0.7, or 0.1%, primarily driven by double-digit growth in global Grooming and Sun Care, respectively, and were mostly offset by declines in North America Wet Shave and Feminine Care. Organic sales in International markets increased 5.8%, which were mostly offset by lower net sales in North America of 2.8%. In aggregate, increased pricing and revenue management as well as higher volumes in International markets were largely offset by lower volumes in North America.

Current wording

For the third quarter of fiscal 2024, net sales were $647.8, a decrease of $2.2, or 0.3%, including a $6.2, or 0.9%, unfavorable impact from currency movements. Organic net sales increased $4.0, or 0.6%, as continued strong performance in International markets as well as growth in our Right to Win portfolio of Sun Care and Grooming were partly offset by declines in North America Wet Shave and Feminine Care. Overall, the increase in organic net sales was the result of a 6.1% increase in International markets, which was partially offset by a 2.4% decline in North America. In aggregate, increased pricing and revenue management more than offset the impact of lower volumes in North America.

Previous wording

For the first six months of fiscal 2024, net sales were $1,088.3, an increase of $20.8, or 1.9%, including a $5.8, or 0.5%, favorable impact from currency movements. Organic net sales increased $15.0, or 1.4%, as International markets across all segments increased 10.7%, and were partially offset by lower net sales in North America, which decreased 3.7%. In aggregate, organic net sales growth was driven by increased pricing and revenue management, partially offset by lower volume.

Current wording

For the first nine months of fiscal 2024, net sales were $1,736.1, an increase of $18.6, or 1.1%, including a $0.4 unfavorable impact from currency movements. Organic net sales increased $19.0, or 1.1%, as International markets increased 9.0%, which was partially offset by lower organic net sales in North America, which decreased 3.2%. In aggregate, organic net sales growth was driven by increased pricing and revenue management, partially offset by lower volume in North America.

Previous wording

Gross profit was $258.1 during the second quarter of fiscal 2024, compared to $242.3 in the prior year quarter, an increase of $15.8, or 6.5%. Gross margin as a percent of net sales for the second quarter of fiscal 2024 increased 260-basis points, to 43.1% in the quarter. Adjusted gross margin as a percent of net sales increased 320-basis points, to 43.7% in the quarter. The adjusted gross margin increase was due toproductivity savings of approximately 240-basis points and the benefit of higher pricing and strategic revenue management of approximately 190-basis points, which more than offset core gross inflationary pressures of approximately 60-basis points, unfavorable mix and other costs of 40-basis points, and a 10-basis point unfavorable impact from currency.

Current wording

Gross profit was $287.1 during the third quarter of fiscal 2024, compared to $280.3 in the prior year quarter, an increase of $6.8, or 2.4%. Gross margin as a percent of net sales for the third quarter of fiscal 2024 increased 120-basis points, to 44.3% in the quarter. Adjusted gross margin as a percent of net sales increased 160-basis points, to 44.7% in the quarter. The adjusted gross margin increase was due to the productivity savings of approximately 225-basis points and the benefit of higher pricing and strategic revenue management of approximately 110-basis points more than offset core inflation and lower volume absorption of approximately 60-basis points, unfavorable mix and other of approximately 100-basis points and an unfavorable currency impact of approximately 15-basis points.

Previous wording

Gross profit was $455.8 during the first six months of fiscal 2024, compared to $431.9 in the prior year period, an increase of $23.9, or 5.5%. Gross margin as a percent of net sales for the first six months of fiscal 2024 increased 140-basis points, to 41.9%. Adjusted gross margin as a percent of net sales increased 190-basis points, to 42.4%. The adjusted gross margin increase was primarily due toproductivity savings, the benefits of higher pricing and strategic revenue management as well as a favorable impact from currency, which more than offset heightened unit cost inflation trapped in inventory, core gross inflationary pressures and unfavorable mix and other costs.

Current wording

Gross profit was $742.9 during the first nine months of fiscal 2024, compared to $712.2 in the prior year period, an increase of $30.7, or 4.3%. Gross margin as a percent of net sales for the first nine months of fiscal 2024 increased 130-basis points, to 42.8%. Adjusted gross margin as a percent of net sales increased 180-basis points, to 43.3%. The adjusted gross margin increase was primarily due to productivity savings, the benefits of higher pricing and strategic revenue management as well as a favorable impact from currency, which more than offset lower volume absorption, unfavorable mix and other costs and core gross inflationary pressures.

Previous wording

SG&A was $107.5, or 17.9%, of net sales in the second quarter of fiscal 2024 compared to $105.2, or 17.6%, of net sales in the prior year quarter. Adjusted SG&A as a percent of net sales was 17.4%, an increase of 20-basis points, primarily driven by higher people expenses, partially offset by operational efficiency savings and lower bad debt and other corporate costs.

Current wording

SG&A was $110.1, or 17.0%, of net sales in the third quarter of fiscal 2024 compared to $96.3, or 14.8%, of net sales in the prior year quarter. Adjusted SG&A was 16.2% of net sales, an increase of 50-basis points, primarily driven by higher people expenses and legal costs, partially offset by operational efficiency savings, lower bad debt and favorable currency impacts.

Previous wording

SG&A was $210.8, or 19.4%, of net sales in the first six months of fiscal 2024 compared to $200.9, or 18.8%, of net sales in the prior year period. Adjusted SG&A as a percent of net sales was 19.0%, an increase of 60-basis points, primarily driven by higher people expenses, partially offset by operational efficiency savings and lower bad debt and other corporate costs.

Current wording

SG&A was $320.9, or 18.5%, of net sales in the first nine months of fiscal 2024 compared to $297.2, or 17.3%, of net sales in the prior year period. Adjusted SG&A was 18.0% of net sales, an increase of 60-basis points, primarily driven by higher people expenses, partially offset by operational efficiency savings, lower bad debt and other corporate costs.

Previous wording

For the first six months of fiscal 2024, A&P was $111.3, an increase of $2.5, or 2.3%, compared to $108.8 in the prior year period. A&P as a percent of net sales was 10.2%, which was flat compared to the prior year period.

Current wording

For the first nine months of fiscal 2024, A&P was $187.9, a decrease of $0.9, or 0.5%, compared to $188.8 in the prior year period. A&P was 10.8% of net sales, compared to 11.0% in the prior year period.

Previous wording

Research and development (“R&D”) expense for the second quarter of fiscal 2024 was $14.2, a decrease of $0.2, or 1.4%, compared to $14.4 in the prior year quarter. As a percent of net sales, R&D expense was 2.4% in the second quarter of fiscal 2024, which was flat compared to the prior year quarter.

Current wording

Research and development (“R&D”) expense for the third quarter of fiscal 2024 was $14.6, a decrease of $0.2, or 1.4%, compared to $14.8 in the prior year quarter. As a percentage of net sales, R&D expense was 2.3% in the third quarter of fiscal 2024, which was flat compared to the prior year quarter.

Previous wording

R&D expense for the first six months of fiscal 2024 was $27.5, a decrease of $0.3, or 1.1%, compared to $27.8 in the prior year period. As a percent of net sales, R&D expense was 2.5% in the first six months of fiscal 2024 compared to 2.6% in the prior year period.

Current wording

R&D expense for the first nine months of fiscal 2024 was $42.1, a decrease of $0.5, or 1.2%, compared to $42.6 in the prior year period. As a percentage of net sales, R&D expense was 2.4% in the first nine months of fiscal 2024 compared to 2.5% in the prior year period.

Previous wording

Interest expense associated with debt for the second quarter of fiscal 2024 was $20.4, a decrease of $0.3, or 1.4%, compared to $20.7 in the prior year quarter. For the first six months of fiscal 2024, interest expense was $40.2, a decrease of $0.4, or 1.0%, compared to $40.6 in the prior year period. The decrease in interest expense was the result of a lower overall debt balance on the Company’s revolving credit facility, partially offset by higher interest rates.

Current wording

Interest expense associated with debt for the third quarter of fiscal 2024 was $18.8, a decrease of $0.4, or 2.1%, compared to $19.2 in the prior year quarter. For the first nine months of fiscal 2024, interest expense was $59.0, a decrease of $0.8, or 1.3%, compared to $59.8 in the prior year period. The decrease in interest expense was the result of a lower overall debt balance on the Company’s Revolving Credit Facility, partially offset by higher interest rates.

Previous wording

Other expense, net, was $2.7 in the second quarter of fiscal 2024, a decrease of $6.8, or 71.6%, compared to $9.5 in the prior year quarter. Other expense, net, was $3.0 during the first six months of fiscal 2024, a decrease of $1.5 or 33.3% compared to $4.5 during the prior year period. The second quarter and first six months of 2023 included a $7.2 million charge for the wind-up of the Canada Plan.

Current wording

Other expense (income), net, was $1.4 of expense in the third quarter of fiscal 2024 compared to $3.8 of income in the prior year quarter. Other expense (income), net, was $4.4 of expense during the first nine months of fiscal 2024, an increase of $3.7 compared to $0.7 of expense in the prior year period. The third quarter and first nine months of 2024 included a loss on investment of $3.1. The first nine months of 2023 included a $7.2 charge for the wind-up of the Canada Plan, which was partially offset by other financing expenses and foreign currency.

Previous wording

The effective tax rate for the second quarter and first six months ended March 31, 2024, was 23.4% and 23.0%, respectively, compared to 27.0% and 26.9% in the prior year period. The fiscal 2024 effective tax rate reflects the favorable mix of earnings in lower tax rate jurisdictions and the impact of a change in the Company’s prior estimates. On an adjusted basis, the effective tax rate was 23.6% and 23.5%, for the second quarter and first six months ended March 31, 2024, respectively, and 26.6% and 26.5% for the second quarter and first six months March 31, 2023 respectively.

Current wording

The effective tax rate for the third quarter and first nine months ended June 30, 2024, was 21.6% and 22.2%, respectively, compared to 25.3% and 25.9% in the prior year period. The fiscal 2024 effective tax rate reflects the favorable mix of earnings in lower tax rate jurisdictions and the impact of a change in the Company’s prior estimates. On an adjusted basis, the effective tax rate was 21.2% and 22.3%, for the third quarter and first nine months ended June 30, 2024, respectively, and 25.3% and 25.9% for the third quarter and first nine months June 30, 2023 respectively.

Previous wording

In fiscal 2024, the Company is continuing to strengthen its operating model, simplify the organization’s ways of working and improve manufacturing and supply chain efficiency. As a result of these actions, we expect to incur charges of approximately $19 in fiscal 2024. We incurred $3.2 and $10.0 during the second quarter and first six months of fiscal 2024, respectively, primarily related to employee severance and related costs.

Current wording

In fiscal 2024, the Company continues to strengthen its operating model, simplify the organization’s ways of working and improve manufacturing and supply chain efficiency. As a result of these actions, we expect to incur charges of approximately $19 in fiscal 2024. We incurred $3.2 and $13.2 during the third quarter and first nine months of fiscal 2024, respectively, primarily related to employee severance and related costs.

Previous wording

The following tables present changes in segment net sales and segment profit for the second quarter and first six months of fiscal 2024, compared to the corresponding periods in fiscal 2023, and provide a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of segment profit to Earnings before income taxes, refer to Note 13 of Notes to Condensed Consolidated Financial Statements.

Current wording

The following tables present changes in segment net sales and segment profit for the third quarter and first nine months of fiscal 2024, compared to the corresponding periods in fiscal 2023, and provide a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of segment profit to Earnings before income taxes, refer to Note 13 of Notes to Condensed Consolidated Financial Statements.

Previous wording

Wet Shave net sales for the second quarter of fiscal 2024 decreased $15.5, or 5.0%, as compared to the prior year quarter, including a $1.6, or 0.5%, unfavorable impact from currency. Organic net sales decreased $13.9, or 4.5%, reflecting an increase in International organic sales of 5.3%, driven by higher volumes and price, which was more than offset by declines in North America. North America organic sales decreased 14.0% and were impacted by weakening category and channel dynamics, particularly in the highly promotional drug channel, the impact of cycling the effect of a new product introduction, primarily in the club channel and changes in the promotional calendar.

Current wording

Wet Shave net sales for the third quarter of fiscal 2024 decreased $7.8, or 2.4%, as compared to the prior year quarter, including a $5.8, or 1.8%, unfavorable impact from currency. Organic net sales decreased $2.0, or 0.6%, as 4.5% growth in international markets, driven by both higher volumes and price, was more than offset by a 6.7% decline in North America, driven by volume. North America sales were impacted by continued weak category and channel dynamics, particularly in the highly promotional drug channel, along with heightened competitive dynamics in Women’s shave, as well as significant declines in Shave Preps.

Previous wording

Wet Shave net sales for the first six months of fiscal 2024 increased $10.9, or 1.9%, as compared to the prior year period, including a $2.4, or 0.4%, favorable impact from currency. Organic net sales increased $8.5, or 1.5%, driven by a 11.4% increase in International organic sales related to strong performance in Men’s and Women’s Systems and Disposables. North America sales declined 8.4%, primarily due to lower sales for Men’s and Women’s Systems and Disposables.

Current wording

Wet Shave net sales for the first nine months of fiscal 2024 increased $3.1, or 0.3%, as compared to the prior year period, including a $3.4, or 0.4%, unfavorable impact from currency. Organic net sales increased $6.5, or 0.7%, driven by a 8.8% increase in International organic sales driven by both higher volumes and price. North America sales declined 7.8%, primarily due to lower volumes. North America sales were impacted by continued weak category and channel dynamics, particularly in the highly promotional drug channel, along with heightened competitive dynamics in Women’s shave, as well as significant declines in Shave Preps and Disposables.

Previous wording

Wet Shave segment profit for the second quarter of fiscal 2024 was $40.4, an increase of $5.0, or 14.1%, and inclusive of a $1.8 unfavorable impact from currency. Organic segment profit increased $6.8, or 19.2%, reflecting higher gross margins.

Current wording

Wet Shave segment profit for the third quarter of fiscal 2024 was $47.6, an increase of $15.3, or 47.4%, and inclusive of a $2.2, or 6.8%, unfavorable impact from currency. Organic segment profit increased $17.5, or 54.2%, reflecting higher gross margins and lower marketing expenses.

Previous wording

Wet Shave segment profit for the first six months of fiscal 2024 was $94.1, an increase of $23.0, or 32.3%, and inclusive of a $1.8 favorable impact from currency. Organic segment profit increased $21.2, or 29.8%, reflecting higher net sales and higher gross margins.

Current wording

Wet Shave segment profit for the first nine months of fiscal 2024 was $141.7, an increase of $38.3, or 37.0%, and inclusive of a $0.4, or 0.4%, unfavorable impact from currency. Organic segment profit increased $38.7, or 37.4%, reflecting higher net sales, higher gross margin and lower marketing expense.

Previous wording

Sun and Skin Care net sales for the first six months of fiscal 2024 increased $28.6, or 8.9%. Organic net sales increased $25.2, or 7.8%, driven by Sun Care growth of 11.3% in North America and 9.6% in International markets, as well as growth in global grooming, partially offset by lower sales in Wet Ones.

Current wording

Sun and Skin Care net sales for the first nine months of fiscal 2024 increased $40.6, or 7.2%. Organic net sales increased $37.6, or 6.6%, driven by Sun Care growth of 12.1% in International markets and 6.1% in North America, as well as 9.0% growth in global grooming, partially offset by lower sales in Wet Ones.

Previous wording

Segment profit for the second quarter of fiscal 2024 was $54.4, an increase of $14.4, or 36.0%. Organic segment profit increased $13.3, or 33.2%, primarily driven by higher gross margins, partially offset by higher marketing and SG&A expense.

Current wording

Sun and Skin Care segment profit for the third quarter of fiscal 2024 was $64.2, an increase of $2.8, or 4.6%, all which is related organic segment profit and was primarily driven by higher gross margins, partly offset by higher marketing and SG&A expenses.

Previous wording

Feminine Care net sales for the second quarter of fiscal 2024 was $70.5, a decrease of $9.6, or 12.0%, primarily due to a decline in Tampons and Pads, partly offset by growth in Liners.

Current wording

Feminine Care net sales for the third quarter of fiscal 2024 was $74.6, a decrease of $6.4, or 7.9%, largely driven by a decline in Tampons and Pads, partly offset by growth in Liners.

Previous wording

Feminine Care net sales for the first six months of fiscal 2024 was $142.3, a decrease of $18.7, or 11.6%, primarily due to a decline in Tampons and Pads.

Current wording

Feminine Care net sales for the first nine months of fiscal 2024 was $216.9, a decrease of $25.1, or 10.4%, primarily due to a decline in Tampons and Pads.

Previous wording

Feminine Care segment profit for the second quarter of fiscal 2024 was $8.7, a decrease of $3.5, or 28.7%. Organic segment profit decreased $3.5, or 28.7%, primarily driven by lower sales and the resulting impact on gross profit.

Current wording

Feminine Care segment profit for the third quarter of fiscal 2024 was $6.6, a decrease of $7.4, or 52.9%. Organic segment profit decreased $7.4, or 52.9%, primarily driven by lower sales and the resulting impact on gross profit as well as higher marketing expenses.

Previous wording

Feminine Care segment profit for the first six months of fiscal 2024 was $16.0, a decrease of $8.1, or 33.6%. Organic segment profit decreased $8.0, or 33.2%, primarily driven by lower sales and the resulting impact on gross profit.

Current wording

Feminine Care segment profit for the first nine months of fiscal 2024 was $22.6, a decrease of $15.5, or 40.7%. Organic segment profit decreased $15.4, or 40.4%, primarily driven by lower sales and the resulting impact on gross profit as well as higher marketing expenses.

Previous wording

For the second quarter of fiscal 2024, corporate expenses were $15.0, or 2.5%, of net sales, compared to $17.0, or 2.8%, of net sales in the prior year quarter. For the second quarter of fiscal 2024, the decrease in corporate expenses was primarily due to a decrease in corporate consulting and project costs which was partially offset by higher people and incentive compensation costs.

Current wording

For the third quarter of fiscal 2024 and 2023, corporate expenses were $15.8, or 2.4%, of net sales. For the third quarter of fiscal 2024, corporate expenses remained flat, as lower corporate consulting and project costs were equally offset by higher people and incentive compensation costs.

Previous wording

For the first six months of fiscal 2024, corporate expenses were $31.2, or 2.9%, of net sales, compared to $32.9, or 3.1%, of net sales in the prior year period. For the first six months of fiscal 2024, the decrease in corporate expenses is primarily due to a decrease in corporate consulting and project costs which was partially offset by higher people and incentive compensation costs.

Current wording

For the first nine months of fiscal 2024, corporate expenses were $47.0, or 2.7%, of net sales, compared to $48.7, or 2.8%, of net sales in the prior year period. For the first nine months of fiscal 2024, the decrease in corporate expenses is primarily due to a decrease in corporate consulting and project costs, which was partially offset by higher people and incentive compensation costs.

Previous wording

On December 1, 2023, a fire occurred at our Wet Ones manufacturing plant in Sidney, Ohio. There were no injuries reported and damage was limited to a single manufacturing process. As a consequence of the fire damage, there was a partial shutdown of the operations that manufacture Wet Ones raw materials. For the second quarter and the first six months of fiscal 2024, we incurred $3.8 and $5.3, respectively, in incremental costs related to material charges, increased labor and absorption and other inefficiency costs as a result of the fire.

Current wording

On December 1, 2023, a fire occurred at our Wet Ones manufacturing plant in Sidney, Ohio. There were no injuries reported and damage was limited to a single manufacturing process. As a consequence of the fire damage, there was a partial shutdown of the operations that manufacture Wet Ones raw materials. For the third quarter and the first nine months of fiscal 2024, we incurred $2.7 and $8.0, respectively, in incremental costs related to material charges, increased labor and absorption and other inefficiency costs as a result of the fire.

Previous wording

Cash flow provided by operating activities was $56.1 during the first six months of fiscal 2024, compared to $1.9 of cash provided from operations during the prior year period. The increase in cash provided was largely driven by a lower net working capital build and increased earnings.

Current wording

Cash flow provided by operating activities was $157.3 during the first nine months of fiscal 2024, compared to $168.3 of cash provided from operations during the prior year period. The decrease in cash provided by operating activities was largely driven by changes in net working capital which was partially offset by increased earnings.

Previous wording

Net cash used by investing activities was $19.7 during the first six months of fiscal 2024, compared to $20.0 of cash used during the prior year period. Capital expenditures were $18.0 during the first six months of fiscal 2024, compared to $18.8 in the prior year period.

Current wording

Net cash used by investing activities was $36.9 during the first nine months of fiscal 2024, compared to $31.6 of cash used during the prior year period. The increase in cash used was due to an additional investment. Capital expenditures were $30.6 during the first nine months of fiscal 2024, compared to $31.1 in the prior year period. The decrease in cash provided by investing activities is primarily due to an outflow of $6.5 for an investment.

Previous wording

Net cash used by financing activities was $59.4 during the first six months of fiscal 2024, compared to $29.0 of cash used in the prior year period. During the first six months of fiscal 2024, we had net borrowings of $11.0 under the Revolving Credit Facility, compared to $21.0 in the prior year period. Dividend payments totaled $15.8 in the first six months of fiscal 2024, compared to $16.1 in the prior year period. We had financing outflows for employee equity awards held for taxes totaling $7.0 in the first six months of fiscal 2024, compared to $8.1 in the prior year period.

Current wording

Net cash used by financing activities was $139.3 during the first nine months of fiscal 2024, compared to $132.3 of cash used in the prior year period. During the first nine months of fiscal 2024, we had net borrowings of $72.0 under the Revolving Credit Facility, compared to $70.0 in the prior year period. Dividend payments totaled $23.3 in the first nine months of fiscal 2024, compared to $23.8 in the prior year period. We had financing outflows for employee equity awards held for taxes totaling $7.1 in the first nine months of fiscal 2024, compared to $9.0 in the prior year period.

Previous wording

During the first six months of fiscal 2024, we repurchased 0.8 shares of our common stock for $30.3. We have 3.8 shares remaining under the Repurchase Plan as of March 31, 2024. Future share repurchases, if any, would be made in the open market, privately negotiated transactions or otherwise, in such amounts and at such times as we deem appropriate based upon prevailing market conditions, business needs and other factors.

Current wording

During the first nine months of fiscal 2024, we repurchased 1.1 shares of our common stock for $40.2. We have 3.5 shares remaining under the Repurchase Plan as of June 30, 2024. Future share repurchases, if any, would be made in the open market, privately negotiated transactions or otherwise, in such amounts and at such times as the Company deems appropriate based upon prevailing market conditions, business needs and other factors.

Previous wording

Dividend activity for the six months ended March 31, 2024 are as follows:

Current wording

Dividend activity for the nine months ended June 30, 2024 are as follows:

Previous wording

On May 8, 2024, the Board declared a quarterly cash dividend of $0.15 per common share for the third fiscal quarter of 2024. The dividend will be payable on July 9, 2024 to shareholders of record as the close of business on June 6, 2024.

Current wording

On August 6, 2024, the Board declared a quarterly cash dividend of $0.15 per common share for the fourth fiscal quarter of 2024. The dividend will be payable on October 3, 2024 to shareholders of record as the close of business on September 4, 2024.