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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 ENDEDMARCH 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                    TO          
COMMISSION FILE NUMBER 001-35964
COTY INC.
(Exact name of registrant as specified in its charter)
Delaware
13-3823358
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
350 Fifth Avenue,
 New York,NY10118
(Address of principal executive offices)(Zip Code)
(212) 389-7300
Registrant’s telephone number, including area code

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.     Yes ý      No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 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 Exchange Act.
Large accelerated filerAccelerated 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 Exchange Act).     Yes      No ý
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCOTYNew York Stock Exchange
At April 29, 2022, 839,191,079 shares of the registrant’s Class A Common Stock, $0.01 par value, were outstanding.




COTY INC.
INDEX TO FORM 10-Q
Page



PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
Net revenues$1,186.2 $1,027.8 $4,136.1 $3,567.5 
Cost of sales423.1 391.7 1,489.0 1,440.6 
Gross profit763.1 636.1 2,647.1 2,126.9 
Selling, general and administrative expenses659.3 545.6 2,154.5 1,770.5 
Amortization expense50.2 62.2 158.6 189.4 
Restructuring costs(6.8) 1.5 89.7 
Acquisition- and divestiture-related costs3.3 29.7 14.2 127.7 
Operating income (loss)57.1 (1.4)318.3 (50.4)
Interest expense, net62.9 50.3 183.6 171.6 
Other income, net(60.6)(62.5)(572.9)(50.7)
Income (loss) from continuing operations before income taxes54.8 10.8 707.6 (171.3)
Provision (benefit) for income taxes on continuing operations0.5 (19.2)164.5 (304.9)
Net income from continuing operations54.3 30.0 543.1 133.6 
Net income (loss) from discontinued operations0.7 (17.3)4.5 (148.2)
Net income (loss)55.0 12.7 547.6 (14.6)
Net loss attributable to noncontrolling interests(0.9)(9.4)(2.3)(11.5)
Net income attributable to redeemable noncontrolling interests2.3 6.5 8.9 12.2 
Net income (loss) attributable to Coty Inc.$53.6 $15.6 $541.0 $(15.3)
Amounts attributable to Coty Inc.
Net income from continuing operations52.9 32.9 536.5 132.9 
Convertible Series B Preferred Stock dividends(3.3)(34.1)(195.0)(78.1)
Net income (loss) from continuing operations attributable to common stockholders49.6 (1.2)341.5 54.8 
Net income (loss) from discontinued operations0.7 (17.3)4.5 (148.2)
Net income (loss) attributable to common stockholders$50.3 $(18.5)$346.0 $(93.4)
Earnings per common share:  
Earnings from continuing operations per common share - basic$0.06 $ $0.42 $0.07 
Earnings from continuing operations per common share - diluted0.06  0.42 0.07 
Losses from discontinued operations - basic (0.02) (0.19)
Losses from discontinued operations - diluted (0.02) (0.19)
Earnings (losses) per common share - basic0.06 (0.02)0.42 (0.12)
Earnings (losses) per common share - diluted0.06 (0.02)0.42 (0.12)
Weighted-average common shares outstanding:    
Basic838.4 765.4 814.8 764.6 
Diluted852.9 765.4 827.5 932.1 

See notes to Condensed Consolidated Financial Statements.
1

COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
Net income (loss)$55.0 $12.7 $547.6 $(14.6)
Other comprehensive income (loss):    
Foreign currency translation adjustment35.4 (107.1)(215.4)22.0 
Net unrealized derivative gain (loss) on cash flow hedges, net of taxes of $(0.8) and $(2.4), and $(4.2) and $(7.2) during the three and nine months ended, respectively
4.6 7.8 14.5 23.2 
Pension and other post-employment benefits adjustment, net of tax of $(0.6) and $0.2, and $(0.6) and $4.5 during the three and nine months ended, respectively
(0.2)(0.4)2.1 (15.1)
Total other comprehensive income (loss), net of tax39.8 (99.7)(198.8)30.1 
Comprehensive income (loss)94.8 (87.0)348.8 15.5 
Comprehensive income attributable to noncontrolling interests:    
Net loss(0.9)(9.4)(2.3)(11.5)
Foreign currency translation adjustment(0.1)(0.2)(0.4)(0.1)
Total comprehensive loss attributable to noncontrolling interests(1.0)(9.6)(2.7)(11.6)
Comprehensive income attributable to redeemable noncontrolling interests:
Net income2.3 6.5 8.9 12.2 
Comprehensive income (loss) attributable to Coty Inc.$93.5 $(83.9)$342.6 $14.9 

See notes to Condensed Consolidated Financial Statements.
2

COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share data)
(Unaudited)
 March 31,
2022
June 30,
2021
ASSETS  
Current assets:  
Cash and cash equivalents$668.6 $253.5 
Restricted cash31.6 56.9 
Trade receivables—less allowances of $38.8 and $47.7, respectively
479.2 348.0 
Inventories643.1 650.8 
Prepaid expenses and other current assets381.7 473.9 
Total current assets2,204.2 1,783.1 
Property and equipment, net740.3 918.1 
Goodwill4,025.2 4,118.1 
Other intangible assets, net4,139.2 4,463.0 
Equity investments1,038.9 1,276.2 
Operating lease right-of-use assets351.4 318.5 
Deferred income taxes709.4 758.5 
Other noncurrent assets60.5 55.9 
TOTAL ASSETS$13,269.1 $13,691.4 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY  
Current liabilities:
Accounts payable$1,280.5 $1,166.1 
Accrued expenses and other current liabilities1,226.0 1,096.0 
Short-term debt and current portion of long-term debt516.5 24.2 
Current operating lease liabilities68.5 75.7 
Income and other taxes payable104.7 53.4 
Total current liabilities3,196.2 2,415.4 
Long-term debt, net4,316.9 5,401.0 
Long-term operating lease liabilities307.3 269.3 
Pension and other post-employment benefits394.1 420.6 
Deferred income taxes713.6 674.9 
Other noncurrent liabilities333.8 327.6 
Total liabilities9,261.9 9,508.8 
COMMITMENTS AND CONTINGENCIES (See Note 20)
CONVERTIBLE SERIES B PREFERRED STOCK, $0.01 par value; 1.0 shares authorized; 0.1 and 1.0 issued and 0.1 and 1.0 and outstanding, respectively, at March 31, 2022 and June 30, 2021
142.4 1,036.3 
REDEEMABLE NONCONTROLLING INTERESTS71.9 84.1 
EQUITY:  
Preferred Stock, $0.01 par value; 20.0 shares authorized, 1.5 issued and outstanding at March 31, 2022 and June 30, 2021
  
Class A Common Stock, $0.01 par value; 1,250.0 shares authorized, 905.5 and 832.3 issued and 839.2 and 766.0 outstanding, respectively, at March 31, 2022 and June 30, 2021
9.0 8.3 
Additional paid-in capital10,770.9 10,376.2 
Accumulated deficit(5,214.6)(5,755.6)
Accumulated other comprehensive income(520.3)(321.9)
Treasury stock—at cost, shares: 66.3 at March 31, 2022 and at June 30, 2021
(1,446.3)(1,446.3)
Total Coty Inc. stockholders’ equity3,598.7 2,860.7 
Noncontrolling interests194.2 201.5 
Total equity3,792.9 3,062.2 
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY$13,269.1 $13,691.4 
See notes to Condensed Consolidated Financial Statements.
3

COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Nine Months Ended March 31, 2022
(In millions, except per share data)
(Unaudited)
 Preferred Stock
Class A
Common Stock
Additional
Paid-in Capital
(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury Stock
Total Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Equity
Redeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
BALANCE—July 1, 20211.5 $ 832.3 $8.3 $10,376.2 $(5,755.6)$(321.9)66.3 $(1,446.3)$2,860.7 $201.5 $3,062.2 $84.1 $1,036.3 
Exercise of employee stock options and restricted stock units51.0 — — — — 
Shares withheld for employee taxes(4.2)(4.2)(4.2)
Share-based compensation expense107.8 107.8 107.8 
Equity Investment contribution for share-based compensation1.6 1.6 1.6 
Changes in dividends accrued0.5 0.5 0.5 
Conversion of Convertible Series B Preferred Stock0.5 307.4 307.9 307.9 (307.9)
Reclassification to Mandatorily redeemable Convertible Series B Preferred Stock— — — (394.2)
Dividends Accrued - Convertible Series B Preferred Stock(22.7)(22.7)(22.7)22.7 
Deemed Dividends - Conversion of Convertible Series B Preferred Stock(6.7)(6.7)(6.7)6.7 
Deemed Dividends - Exchange Agreement(93.6)(93.6)(93.6)93.6 
Dividends Paid - Convertible Series B Preferred Stock— — (3.5)
Net income (loss)226.0 226.0 (0.5)225.5 3.4 
Other comprehensive loss(138.0)(138.0)(0.2)(138.2)
Adjustment of redeemable noncontrolling interests to redemption value4.1 4.1 4.1 (4.1)
BALANCE—September 30, 20211.5 $ 883.3 $8.8 $10,670.4 $(5,529.6)$(459.9)66.3 $(1,446.3)$3,243.4 $200.8 $3,444.2 $83.4 $453.7 
Exercise of employee stock options and restricted stock units(48.2)— — 
Shares withheld for employee taxes(7.1)(7.1)(7.1)
Share-based compensation expense26.9 26.9 26.9 
Equity Investment contribution for share-based compensation(3.0)(3.0)(3.0)
Changes in dividends accrued0.2 0.2 0.2 
Conversion of Convertible Series B Preferred Stock69.9 0.2 121.4 121.6 121.6 (121.6)
Exchange Transaction— — (212.7)
Dividends Accrued - Convertible Series B Preferred Stock(5.9)(5.9)(5.9)5.9 
Deemed Dividends - Conversion of Convertible Series B Preferred Stock(0.8)(0.8)(0.8)0.8 
Deemed Dividends - Redemption of Convertible Series B Preferred Stock(66.4)(66.4)(66.4)66.4 
Deemed Contributions - Convertible Series B Preferred Stock4.4 4.4 4.4 (4.4)
Dividends Paid - Convertible Series B Preferred Stock— — (45.7)
Net income (loss)261.4 261.4 (0.9)260.5 3.2 
Other comprehensive income(100.3)(100.3)(0.1)(100.4)
4

 Preferred Stock
Class A
Common Stock
Additional
Paid-in Capital
(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury Stock
Total Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Equity
Redeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
Distribution to noncontrolling interests, net— (2.7)(2.7)(5.8)
Adjustment of redeemable noncontrolling interests to redemption value(2.9)(2.9)(2.9)2.9 
BALANCE—December 31, 20211.5 $ 905.0 $9.0 $10,737.2 $(5,268.2)$(560.2)66.3 $(1,446.3)$3,471.5 $197.1 $3,668.6 $83.7 $142.4 
Exercise of employee stock options and restricted stock units0.5 — — — — 
Shares withheld for employee taxes(0.7)(0.7)(0.7)
Share-based compensation expense29.1 29.1 29.1 
Equity Investment contribution for share-based compensation1.0 1.0 1.0 
Changes in dividends accrued0.1 0.1 0.1 
Dividends Accrued - Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends Paid - Convertible Series B Preferred Stock— — — (3.3)
Net income (loss)53.6 53.6 (0.9)52.7 2.3 
Other comprehensive income39.9 39.9 (0.1)39.8 
Distribution to noncontrolling interests, net— (1.9)(1.9)(6.6)
Adjustment of redeemable noncontrolling interests to redemption value7.5 7.5 7.5 (7.5)
BALANCE—March 31, 20221.5 $ 905.5 $9.0 $10,770.9 $(5,214.6)$(520.3)66.3 $(1,446.3)$3,598.7 $194.2 $3,792.9 $71.9