Newell Brands Announces First Quarter 2024 Results
Turnaround Gains Momentum As Sales Improve Sequentially
Gross and Operating Margin Expand Significantly Versus Prior Year
Operating Cash Flow Increases Versus Prior Year
Affirms Outlook for Full Year 2024
ATLANTA, GA – April 26, 2024 – Newell Brands (NASDAQ: NWL) today announced its first quarter 2024
financial results.
Chris Peterson, Newell Brands President and Chief Executive Officer, said, "The decisive actions we've taken as
part of our new strategy have led to excellent progress on the major operational and financial priorities for thisyear. During the first quarter, core sales performance improved sequentially, normalized operating margin nearly
doubled versus last year and we meaningfully increased operating cash flow. We remain confident in our ability tostrengthen the company's performance and create value for our stakeholders over time, as we continue to movewith speed and agility to operationalize our strategy, which focuses on disproportionately investing in innovation,
brand building and go-to-market excellence in our largest and most profitable brands and markets."
Mark Erceg, Newell Brands Chief Financial Officer, said, "The interventions made to operationalize Newell’s new
corporate strategy and improve the structural economics of the business are taking hold as evidenced by the fact
this was the third consecutive quarter of strong year-over-year gross margin expansion, enabled by world classproductivity, favorable mix and pricing. In addition, working capital reduction, together with operating income
growth, resulted in positive operating cash flow during the first quarter which, historically, has been very hard toachieve due to the seasonality of the business. With a stronger than anticipated start to the year we remain
confident in our full year outlook."
Executive Summary– Net sales were $1.7 billion, a decline of 8.4 percent compared with the prior year period. Core sales declined
4.7 percent compared with the prior year period.
– Reported gross margin increased to 30.5 percent compared with 26.7 percent in the prior year period.
Normalized gross margin increased to 31.2 percent compared with 27.1 percent in the prior year period.
– Reported operating margin increased to 1.0 percent compared with negative 2.0 percent in the prior year
period. Normalized operating margin increased to 4.6 percent compared with 2.4 percent in the prior year
period.
– Reported net loss was $9 million compared with $102 million in the prior year period. Normalized net loss
was $2 million compared with $26 million in the prior year period. Normalized EBITDA increased to $143
million compared with $109 million in the prior year period.
– Reported diluted loss per share was $0.02 compared with $0.25 in the prior year period. Normalized diluted
loss per share was $0.00 compared with $0.06 in the prior year period.
– Operating cash flow increased by $109 million to $32 million compared with the prior year period.
– The company affirmed its full year 2024 outlook.

First Quarter 2024 Operating Results
Net sales were $1.7 billion, an 8.4 percent decline compared with the prior year period, reflecting a core sales
decline of 4.7 percent, as well as the impact of unfavorable foreign exchange and business exits. Pricing ininternational markets to offset inflation and currency movements was a meaningful contributor to the company's
core sales performance.
Reported gross margin was 30.5 percent compared with 26.7 percent in the prior year period, as the benefits fromproductivity savings, mix and pricing more than offset the impact of inflation and slightly higher restructuringrelated charges. Normalized gross margin was 31.2 percent compared with 27.1 percent in the prior year period,
which represents the third consecutive quarter of year-over-year improvement.
Reported operating income was $16 million compared with operating loss of $36 million in the prior year period.
Reported operating margin was 1.0 percent compared with negative 2.0 percent in the prior year period, as thecontribution from mix, pricing and savings from productivity, Project Phoenix and organizational realignment, as
well as lower restructuring and related costs, more than offset the impact of lower net sales, inflation and higher
advertising and promotion expense. Normalized operating income was $76 million, or 4.6 percent of sales,
compared with $43 million, or 2.4 percent of sales, in the prior year period.
Net interest expense was $70 million compared with $68 million in the prior year period.
Reported tax benefit was $51 million compared with $14 million in the prior year period. The normalized tax
provision was $5 million compared with a benefit of $1 million in the prior year period.
Reported net loss was $9 million compared with $102 million in the prior year period. Normalized net loss was $2
million compared with $26 million in the prior year period. Normalized EBITDA was $143 million compared with$109 million in the prior year period.
Reported diluted loss per share was $0.02 compared with $0.25 in the prior year period. Normalized diluted loss
per share was $0.00 compared with $0.06 in the prior year period.
An explanation of non-GAAP measures disclosed in this release and a reconciliation of these non-GAAP results tocomparable GAAP measures, if available, are included in the tables attached to this release.
Balance Sheet and Cash Flow
Operating cash flow increased by $109 million to $32 million compared with outflow of $77 million in the prior year
period, with the improvement mostly driven by working capital and an increase in operating income. Inventories
decreased nearly $550 million versus the prior year period.
At the end of the first quarter, Newell Brands had debt outstanding of $5.0 billion and cash and cash equivalents
of $372 million, compared with $5.6 billion and $271 million, respectively, at the end of the first quarter of 2023.
First Quarter 2024 Operating Segment Results
The Home & Commercial Solutions segment generated net sales of $893 million compared with $971 million in
the prior year period, reflecting a core sales decline of 4.3 percent and the impact of unfavorable foreignexchange and certain business exits. Core sales growth in Commercial, primarily driven by pricing in international
markets, was more than offset by declines in the Kitchen and Home Fragrance businesses. Reported operating
income was $16 million, or 1.8 percent of sales, compared with operating loss of $37 million, or negative 3.8
percent of sales, in the prior year period. Normalized operating income was $41 million, or 4.6 percent of sales,
versus a loss of $4 million, or negative 0.4 percent of sales, in the prior year period.
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The Learning & Development segment generated net sales of $559 million compared with $564 million in the prioryear period, as core sales growth of 1.8 percent was more than offset by the impact of unfavorable foreignexchange. Core sales increased in both the Writing and Baby businesses, with growth in Writing primarily driven
by pricing in international markets. Reported operating income was $94 million, or 16.8 percent of sales,
compared with $72 million, or 12.8 percent of sales, in the prior year period. Normalized operating income was$104 million, or 18.6 percent of sales, compared with $82 million, or 14.5 percent of sales, in the prior year period.
The Outdoor & Recreation segment generated net sales of $201 million compared with $270 million in the prioryear period, reflecting a core sales decline of 20.3 percent and the impact of unfavorable foreign exchange andcertain business exits. Reported operating loss was $18 million, or negative 9.0 percent of sales, compared with
$1 million, or negative 0.4 percent of sales, in the prior year period. Normalized operating loss was $10 million, or
negative 5.0 percent of sales, compared with normalized operating income of $13 million, or 4.8 percent of sales,in the prior year period.
Organizational Realignment Update
In January 2024, the company announced an organizational realignment, which is expected to strengthen thecompany’s front-end commercial capabilities, such as consumer understanding and brand communication, in
support of the Where to Play / How to Win choices the company unveiled in June of 2023 (the "RealignmentPlan"). In addition to improving accountability, the Realignment Plan should further unlock operational efficiencies
and cost savings, reduce complexity and free up funds for reinvestment. As part of the organizational realignment,
the company made several organizational design changes, which entailed: standing up a cross-functional brandmanagement organization, realigning business unit finance to fully support the new global brand management
model, further simplifying and standardizing regional go-to-market organizations, and centralizing domestic retailsales teams, the digital technology team, business-aligned accounting personnel, the Manufacturing Quality team,and the Human Resources functions into the appropriate center-led teams to drive standardization, efficiency andscale with a One Newell approach. The company will also further optimize Newell’s real estate footprint andpursue other cost reduction initiatives. These actions are expected to be substantially implemented by the end of2024. Once the organizational design changes are fully executed, the company expects to realize annualized
pretax savings in the range of $65 million to $90 million, net of reinvestment, with $55 million to $70 million
expected in 2024. Restructuring and related charges associated with these actions are estimated to be in therange of $75 million to $90 million and are expected to be substantially incurred by the end of 2024. During thefirst quarter 2024, the company incurred restructuring and related charges of $22 million related to theRealignment Plan.
Outlook for Second Quarter and Full Year 2024
The company initiated its outlook for second quarter 2024 and affirmed its full year 2024 outlook.

Net Sales
Core Sales
Normalized Operating Margin
Normalized EPS

Q2 2024 Outlook
9% to 7% decline
6% to 4% decline
9.1% to 9.6%

Full Year 2024 Outlook
8% to 5% decline
6% to 3% decline
7.8% to 8.2%

$0.18 to $0.21$0.52 to $0.62

The company continues to expect full year 2024 operating cash flow of $400 million to $500 million, including
approximately $150 million to $200 million in cash payments associated with restructuring and related initiatives.
The company has presented forward-looking statements regarding core sales, normalized operating margin andnormalized earnings per share. These non-GAAP financial measures are derived by excluding certain amounts,
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expenses or income, from the corresponding financial measures determined in accordance with GAAP. The
determination of the amounts that are excluded from these non-GAAP financial measures is a matter ofmanagement judgement and depends upon, among other factors, the nature of the underlying expense or income
amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation SK. We are unable to present a quantitative reconciliation of forward-looking normalized operating margin or
normalized earnings per share to their most directly comparable forward-looking GAAP financial measures
because such information is not available, and management cannot reliably predict all of the necessarycomponents of such GAAP measures without unreasonable effort or expense. In addition, we believe suchreconciliations would imply a degree of precision that would be confusing or misleading to investors. The
unavailable information could have a significant impact on the company's future financial results. These nonGAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among
others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's
actual results and preliminary financial data set forth above may be material.
Conference Call
Newell Brands’ first quarter 2024 earnings conference call will be held today, April 26, at 9:30 a.m. ET. A link to thewebcast is provided under Events & Presentations in the Investors section of the company’s website atwww.newellbrands.com. A webcast replay will be made available in the Quarterly Earnings section of thecompany’s website.
Non-GAAP Financial Measures
This release and the accompanying remarks contain non-GAAP financial measures within the meaning ofRegulation G promulgated by the U.S. Securities and Exchange Commission (the "SEC") and includes areconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated inaccordance with GAAP.
The company uses certain non-GAAP financial measures that are included in this press release, the additional
financial information and accompanying remarks both to explain its results to stockholders and the investmentcommunity and in the internal evaluation and management of its businesses. The company’s management
believes that these non-GAAP financial measures and the information they provide are useful to investors sincethese measures (a) permit investors to view the company’s performance and liquidity using the same tools thatmanagement uses to evaluate the company’s past performance, reportable segments, prospects for future
performance and liquidity, and (b) determine certain elements of management incentive compensation.
The company’s management believes that core sales provides a more complete understanding of underlying
sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, divestitures, retailstore openings and closings, certain market and category exits, and changes in foreign exchange from year-overyear comparisons. The effect of changes in foreign exchange on reported sales is calculated by applying the prioryear average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions
and divestitures), with the difference between the current year reported sales and constant currency sales
presented as the foreign exchange impact increase or decrease in core sales. The company’s management
believes that “normalized” gross margin, “normalized” operating income, “normalized” operating margin,"normalized EBITDA", “normalized” net income, “normalized” diluted earnings per share, “normalized” interest and“normalized” income tax benefit or expense, which exclude restructuring and restructuring-related expenses andone-time and other events such as costs related to the extinguishment of debt; certain tax benefits and charges;
impairment charges; pension settlement charges; divestiture costs; costs related to the acquisition, integrationand financing of acquired businesses; amortization of acquisition-related intangible assets; inflationary
adjustments; fire related loss, net of insurance recoveries; and certain other items, are useful because they
provide investors with a meaningful perspective on the current underlying performance of the company’s coreongoing operations and liquidity. “Normalized EBITDA” is an ongoing liquidity measure (that excludes non-cash
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4items) and is calculated as normalized earnings before interest, tax, depreciation, amortization and stock-based
compensation expense.
The company determines the tax effect of the items excluded from normalized diluted earnings per share by
applying the estimated effective rate for the applicable jurisdiction in which the pretax items were incurred, and forwhich realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded
from normalized results impacts income tax expense, the company utilizes a “with” and “without” approach todetermine normalized income tax benefit or expense.
The company defines "net debt" as short-term debt, current portion of long-term debt and long-term debt lesscash and cash equivalents.
While the company believes these non-GAAP financial measures are useful in evaluating the company’s
performance and liquidity, this information should be considered as supplemental in nature and not as a substitutefor or superior to the related financial information prepared in accordance with GAAP. Additionally, these nonGAAP financial measures may differ from similar measures presented by other companies.
About Newell Brands
Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of wellknown brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee
Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer’s, Oster, NUK, Spontex and Campingaz. Newell Brands isfocused on delighting consumers by lighting up everyday moments.
This press release and additional information about Newell Brands are available on the company’s website,www.newellbrands.com.
Investor Contact:
Sofya Tsinis
VP, Investor Relations

Media Contact:
Beth Stellato
Chief Communications Officer+1 (201) 610-6901
sofya.tsinis@newellco.com+1 (470) 580-1086
beth.stellato@newellco.com

Caution Concerning Forward-Looking Statements
Some of the statements in this press release and its exhibits, particularly those anticipating future financial
performance, business prospects, growth, operating strategies, the benefits and savings associated with Project
Phoenix and the Realignment Plan, future macroeconomic conditions and similar matters, are forward-looking
statements within the meaning of the federal securities laws. These statements generally can be identified by theuse of words or phrases, including, but not limited to, "guidance," "outlook," “intend,” “anticipate,” “believe,”“estimate,” “project,” “target,” “plan,” “expect,” “setting up,” "beginning to,” “will,” “should,” “would,” "could,"“resume,” “remain confident,” "remain optimistic," "seek to," or similar statements. We caution that forward-looking
statements are not guarantees because there are inherent difficulties in predicting future results. Actual results
may differ materially from those expressed or implied in the forward-looking statements, including impairment
charges and accounting for income taxes. Important factors that could cause actual results to differ materiallyfrom those suggested by the forward-looking statements include, but are not limited to:•

our ability to optimize costs and cash flow and mitigate the impact of soft global demand and retailer
inventory rebalancing through discretionary and overhead spend management, advertising and promotion
expense optimization, demand forecast and supply plan adjustments and actions to improve working capital;

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our dependence on the strength of retail and consumer demand and commercial and industrial sectors of theeconomy in various countries around the world;
our ability to improve productivity, reduce complexity and streamline operations;risks related to our substantial indebtedness, potential increases in interest rates or changes in our credit
ratings, including the failure to maintain financial covenants which if breached could subject us to crossdefault and acceleration provisions in our debt documents;
competition with other manufacturers and distributors of consumer products;
major retailers’ strong bargaining power and consolidation of our customers;
supply chain and operational disruptions in the markets in which we operate, including as a result of
geopolitical and macroeconomic conditions and any global military conflicts, including those between Russia
and Ukraine and in the Middle East;changes in the prices and availability of labor, transportation, raw materials and sourced products, including
significant inflation, and our ability to offset cost increases through pricing and productivity in a timely
manner;our ability to effectively execute our turnaround plan, including Project Ovid, Project Phoenix, the Network
Optimization Project and the Realignment Plan;
our ability to develop innovative new products, to develop, maintain and strengthen end-user brands and torealize the benefits of increased advertising and promotion spend;
the risks inherent to our foreign operations, including currency fluctuations, exchange controls and pricing
restrictions;future events that could adversely affect the value of our assets and/or stock price and require additional
impairment charges;
unexpected costs or expenses associated with dispositions;the cost and outcomes of governmental investigations, inspections, lawsuits, legislative requests or otheractions by third parties, the potential outcomes of which could exceed policy limits, to the extent insured;
our ability to remediate the material weaknesses in internal control over financial reporting and to maintaineffective internal control over financial reporting;a failure or breach of one of our key information technology systems, networks, processes or related controls
or those of our service providers;the impact of U.S. and foreign regulations on our operations, including the impact of tariffs and environmental
remediation costs and legislation and regulatory actions related to product safety, data privacy and climatechange;the potential inability to attract, retain and motivate key employees;
changes in tax laws and the resolution of tax contingencies resulting in additional tax liabilities;
product liability, product recalls or related regulatory actions;
our ability to protect our intellectual property rights;
significant increases in the funding obligations related to our pension plans; andother factors listed from time to time in our SEC filings, including but not limited to our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and other filings.

The consolidated condensed financial statements are prepared in conformity with accounting principles generally
accepted in the United States (“U.S. GAAP”). Management’s application of U.S. GAAP requires the pervasive useof estimates and assumptions in preparing the condensed consolidated financial statements. The company
continues to be impacted by inflationary pressures, soft global demand, major retailers' focus on tight control overinventory levels, elevated interest rates and indirect macroeconomic impacts from geopolitical conflicts, which has
required greater use of estimates and assumptions in the preparation of our condensed consolidated financial
statements. Although we believe we have made our best estimates based upon current information, actual results
could differ materially and may require future changes to such estimates and assumptions, including reserves,which may result in future expense or impairment charges.
The information contained in this press release and the tables is as of the date indicated. The company assumes
no obligation to update any forward-looking statements as a result of new information, future events ordevelopments.

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NEWELL BRANDS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in millions, except per share amounts)

Three Months Ended March 31,
2024
2023
% Change
Net sales$

Cost of products sold

1,653

$

1,805

(8.4)%

1,149

1,323

Gross profit

504

482

4.6%

Selling, general and administrative expenses

462

480

(3.8)%

Restructuring costs, net

2638

Operating income (loss)

16

(36)

Interest expense, net

70

68

Loss on extinguishment and modification of debt

1—

Other expense, net

5

12

Loss before income taxes

(60)

(116)

Income tax benefit

(51)

(14)

(9) $

(102)

NM

Non-operating expenses:

Net loss$

Weighted average common shares outstanding:
Basic

414.7

413.9

414.7

413.9

DilutedLoss per share:
Basic

$

(0.02) $(0.25)

Diluted$(0.02) $(0.25)

$

0.07

0.23

Dividends per share* NM - NOT MEANINGFUL

$

48.3%
91.2%

NEWELL BRANDS INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Amounts in millions)
March 31, 2024
AssetsCurrent assets
Cash and cash equivalents
Accounts receivable, net
Inventories
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Operating lease assets
Goodwill
Other intangible assets, net
Deferred income taxes
Other assets
Total Assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Other accrued liabilities
Short-term debt and current portion of long-term debt
Total current liabilities
Long-term debt
Deferred income taxes
Operating lease liabilities
Other noncurrent liabilities
Total liabilities
Total stockholders' equity
Total Liabilities and Stockholders' Equity

$

$

$

$

372
958
1,695
376
3,401
1,194
492
3,059
2,447
775
732
12,100

1,038
1,489
429

December 31, 2023

$

$

$

332
1,195
1,531
296
3,354
1,212
515
3,071
2,488
806
717
12,163

1,003
1,565
329

2,956
4,558
237
422
851

2,897
4,575
241
446
892

9,024

9,051

3,076
12,1003,112
12,163$

NEWELL BRANDS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(Amounts in millions)Three Months Ended March 31,
2024
2023
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
Deferred income taxes
Stock based compensation expense
Other, net
Changes in operating accounts:
Accounts receivable
Inventories
Accounts payable
Accrued liabilities and otherNet cash provided by (used in) operating activities
Cash flows from investing activities:
Capital expenditures
Swap proceeds
Other investing activities, net
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from (payments on) short-term debt, net
Proceeds from short-term debt with original maturities greater than 90 days
Payments on short-term debt with original maturities greater than 90 days
Cash dividends
Equity compensation activity and other, net
Net cash provided by financing activities
Exchange rate effect on cash, cash equivalents and restricted cash
Increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period
Cash, cash equivalents and restricted cash at end of period
Supplemental disclosures:
Restricted cash at beginning of period
Restricted cash at end of period

$

$

$

(9) $

(102)

85
8
16
(3)

81
6
11
(9)

221
(178)
38
(146)
32

45
(27)
26
(108)
(77)

(59)
8
1
(50)

(83)
14
1
(68)

(131)
431
(200)
(31)
(9)
60
(3)
39
361
400 $

232
—
—
(97)
(7)
128
(1)
(18)
303
285

29
28

16
14

$

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)CERTAIN LINE ITEMS(Amounts in millions, except per share amounts)

Net sales
Cost of products sold
Gross profit$

Selling, general and administrative expenses
Restructuring costs, net
Operating income (loss)
Non-operating (income) expense
Income (loss) before income taxes
Income tax provision (benefit) [2]

Three Months Ended March 31, 2024
Restructuring
GAAP
Non-GAAP
andTransaction
MeasureMeasurerestructuringAcquisition
costs and other
Reportedrelated costs
amortization[1]
Normalized*
1,653
$
— $
— $
— $
1,653
1,149
(8)
—
(4)
1,137
504
8
—
4
516
30.5 %
31.2 %
462
(5)
(25)
8
440
27.9 %
26.6 %
26
(26)
—
—
—
16
39
25
(4)
76
1.0 %
4.6 %
76
—
—
(3)
73
(60)
39
25
(1)
3
(51)
41
26
(11)
5

Net income (loss)

$

(9)

$

Diluted earnings (loss) per share **$(0.02)

$

(2) $
0.00

$

(1) $
0.00

$

10

$

(2)

0.02

$

0.00

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of these adjustments.
**Adjustments and normalized earnings per share are calculated based on diluted weighted average shares of 414.7 million shares for the three months ended March 31, 2024.
Totals may not add due to rounding.

[1] Transaction costs and other includes a $6 million loss related to Argentina devaluation and hyperinflationary adjustment; $2 million related to accelerated depreciation andamortization associated with other integration projects; $1 million loss on modification of debt; $9 million release of a bad debt reserve due to a recovery of a receivable from aninternational customer and $1 million gain related to a completed divestiture. Includes $10 million of income tax expense that results from amortization of a prior year normalized tax
benefit.
[2] The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pretax
items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income
tax expense, the Company uses a "with" and "without" approach to determine normalized income tax expense.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)CERTAIN LINE ITEMS(Amounts in millions, except per share amounts)

Net sales
Cost of products sold
Gross profit$

Selling, general and administrative expenses
Restructuring costs, net
Operating income (loss)
Non-operating (income) expense
Income (loss) before income taxes
Income tax provision (benefit) [2]

Three Months Ended March 31, 2023
Restructuring
GAAP
Non-GAAP
andTransaction
MeasureMeasurerestructuringAcquisition
costs and other
Reportedrelated costs
amortization[1]
Normalized*
1,805
$
— $
— $
— $
1,805
1,323
(5)
—
(2)
1,316
482
5
—
2
489
26.7 %
27.1 %
480
(8)
(19)
(7)
446
26.6 %
24.7 %
38
(38)
—
—
—
(36)
51
19
9
43
(2.0)%
2.4 %
80
—
—
(10)
70
(116)
51
19
19
(27)
(14)
13
5
(5)
(1)

Net income (loss)

$

(102)

$

38

$

14

$

24

$

(26)

Diluted earnings (loss) per share **$(0.25)

$

0.09

$

0.03

$

0.06

$

(0.06)* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of these adjustments.
**Adjustments and normalized earnings per share are calculated based on diluted weighted average shares of 413.9 million shares for the three months ended March 31, 2023.
Totals may not add due to rounding.

[1] Transaction costs and other includes $8 million related to expenses for certain legal proceedings; $7 million of fire-related losses, net of recoveries; $5 million loss related toArgentina hyperinflationary adjustment and reversal of $1 million to true-up an indirect tax reserve for an international entity. Includes $9 million of income tax expense that resultsfrom amortization of a prior year normalized tax benefit.
[2] The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pretax
items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income
tax expense, the Company uses a "with" and "without" approach to determine normalized income tax expense.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)FINANCIAL WORKSHEET - SEGMENT REPORTING(Amounts in millions)Three Months Ended March 31, 2024

Three Months Ended March 31, 2023

Reported
Operating
Income(Loss)

Reported
Operating
Income(Loss)

Year over year changes
Normalized Operating

Net Sales

Home andCommercial
Solutions$

Reported
OperatingMarginNormalized
Items [1]Normalized
Operating
Income(Loss)

Normalized
OperatingMargin893 $16

1.8 % $

25 $

41

4.6 %

Learning andDevelopment

559

94

16.8 %

10104

Outdoor andRecreation

201

(18)

(9.0)%

8

Corporate

—

(76)

—%

16

1.0 % $

$ 1,653 $Net Sales$

Reported
OperatingMarginNormalized
Items [2]Normalized
Operating
Income(Loss)Net Sales
Normalized
OperatingMargin

971 $

(37)

(3.8)% $

33 $

(4)

(0.4)%

18.6 %

564

72

12.8 %

10

82

(10)

(5.0)%

270(1)(0.4)%

14

17

(59)

—%

—

(70)

—%

60 $

76

4.6 %

(36)

(2.0)% $$ 1,805 $$$Income (Loss)%$%(78) (8.0)% $45

NM14.5 %(5) (0.9)%

2226.8 %

13

4.8 %(69) (25.6)%

(23)

NM

22

(48)

—%

—

(11) (22.9)%

79 $

43

2.4 %

$

—%

(152) (8.4)% $33* NM - NOT MEANINGFUL[1] The three months ended March 31, 2024 normalized items consist of $39 million of restructuring and restructuring-related charges; $25 million of acquisitionamortization costs; $4 million loss related to Argentina hyperinflationary adjustment; $2 million related to accelerated depreciation and amortization associatedwith other integration projects; $9 million release of a bad debt reserve due to a recovery of a receivable from an international customer and $1 million gain
related to a completed divestiture.
[2] The three months ended March 31, 2023 normalized items consist of $51 million of restructuring and restructuring-related charges; $19 million of acquisitionamortization costs; $8 million related to expenses for certain legal proceedings; $2 million of Argentina hyperinflationary adjustment and reversal of $1 million
to true-up an indirect tax reserve for an international entity.

76.7 %

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES GROWTH BY SEGMENT
Three Months Ended March 31, 2024
Net Sales(Reported)

Acquisitions,
Divestitures andOther, Net [2]Currency
Impact[3]

Core Sales[1] [4]Home and Commercial Solutions(8.0)%

0.7 %

3.0 %

(4.3)%

Learning and Development(0.9)%

—%

2.7 %

1.8 %

Outdoor and Recreation(25.6)%

0.9 %

4.4 %

(20.3)%

Total Company(8.4)%

0.6 %

3.1 %

(4.7)%CORE SALES GROWTH BY GEOGRAPHY
Three Months Ended March 31, 2024

Net Sales(Reported)

Acquisitions,
Divestitures andOther, Net [2]Currency
Impact[3]

Core Sales[1] [4]

North America(9.1)%

0.7 %—%(8.4)%

International(7.2)%

0.4 %

9.1 %

2.3 %

Total Company(8.4)%

0.6 %

3.1 %

(4.7)%[1] “Core Sales” provides a consistent basis for year-over-year comparisons in sales as it excludes the impacts of acquisitions, completed and planned divestitures(including the sale of the Millefiori business), retail store openings and closings, certain market and category exits, as well as changes in foreign currency.
[2] Divestitures include the sale of the Millefiori business, certain market and category exits and current and prior period net sales from retail store closures(consistent with standard retail practice).
[3] “Currency Impact” represents the effect of foreign currency on 2024 reported sales and is calculated by applying the 2023 average monthly exchange rates tothe current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2024 reported sales.
[4] Totals may not add due to rounding.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)NORMALIZED EBITDA RECONCILIATION(Amounts in millions)Three Months Ended March 31,
2024
Net loss [1]$Change

2023
(9) $

$
(102) $

Restructuring and restructuring-related costs

(2)

38

Acquisition amortization and impairment

(1)

14

Transaction costs and other (income) expense, net

1024

Total normalized items, net of tax [1]7

76

NORMALIZED NET LOSS [1]

(2)

(26)

Normalized income tax [1]5(1)Interest expense, net [2]7068Normalized depreciation and amortization [1] [3] [4]54

57

Stock-based compensation [3]1611

NORMALIZED EBITDA
[1]
[2]
[3]
[4]

$

143

$

109

$

%
93

91.2%

34

31.2%

Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended March 31, 2024 and 2023.
Refer to “Condensed Consolidated Statements of Operations (Unaudited)” for the three months ended March 31, 2024 and 2023.
Refer to "Consolidated Statement of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023.
Normalized depreciation and amortization excludes the amortization of acquired intangibles and accelerated depreciation costs associated with integration
projects and restructuring-related activities. For the three months ended March 31, 2024 and 2023, excludes $25 million and $19 million, respectively, ofamortization of acquired intangibles, and $6 million and $5 million, respectively, of accelerated depreciation associated with restructuring-related activities.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)NET DEBT AND NORMALIZED EBITDA RECONCILIATION(Amounts in millions)
March 31, 2024
NET DEBT RECONCILIATION:
Short-term debt and current portion of long-term debt
Long-term debt
Gross debt
Less: Cash and cash equivalents
NET DEBT [1]
Net loss [3]Restructuring and restructuring-related costs
Acquisition amortization and impairment
Transaction costs and other (income) expense, net
Total normalized items, net of tax [3]NORMALIZED NET INCOME
Normalized income tax [3]Interest expense, net [3]Normalized depreciation and amortization [3] [4]Stock-based compensation [3] [5]NORMALIZED EBITDA
[1]
[2]
[3]

[4]

[5]

$

$
$

$

December 31, 2023 [2]

429
4,558
4,987
372
4,615

$

(295)
113
361
175
649
354

$

(62)
285
224
55
856

$

$

March 31, 2023

329
4,575
4,904
332
4,572

$

(388)
153
376
189
718
330

$

(68)
283
227
50
822

$

$

852
4,776
5,628
271
5,357
(133)
59
461
92
612
479
(19)
244
224
9
937

The Company defines net debt as gross debt less the total of cash and cash equivalents. The Company believes net debt is meaningful to investors as it considers net debt and its
components to be an important indicator of liquidity and a guiding measure of capital structure strategy.
For the twelve months ended December 31, 2023, refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the twelve months ended December 31,
2023, on the Company’s Form 8-K furnished on February 9, 2024.
For the trailing-twelve months ended March 31, 2024, refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended March 31,
2024, December 31, 2023, September 30, 2023 and June 30, 2023 in this release and on the Company’s Forms 8-K furnished on February 9, 2024, October 27, 2023 and July 28, 2023,
respectively. For the trailing-twelve months ended March 31, 2023, refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended
March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 in this release and on the Company’s Forms 8-K furnished on February 9, 2024, October 27, 2023 and July28, 2023, respectively.
For the trailing-twelve months ended March 31, 2024, normalized depreciation and amortization excludes the following items: (a) acquisition amortization expense of $82 million associatedwith intangible assets recognized in purchase accounting; and (b) $32 million of accelerated depreciation costs associated with integration projects and restructuring activities. Refer to“Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30,2023 in this release and on the Company’s Forms 8-K furnished on February 9, 2024, October 27, 2023 and July 28, 2023, respectively. For the trailing-twelve months ended March 31,
2023, normalized depreciation and amortization excludes the following items: (a) acquisition amortization expense of $68 million associated with intangible assets recognized in purchaseaccounting; and (b) $9 million of accelerated depreciation costs associated with restructuring activities. Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain
Line Items” for the three months ended March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022 in this release and on the Company’s Forms 8-K furnished on February
9, 2024, October 27, 2023 and July 28, 2023, respectively. Normalized depreciation and amortization excludes from GAAP depreciation and amortization for the twelve months ended
December 31, 2023, the following items: (a) acquisition amortization expense of $76 million associated with intangible assets recognized in purchase accounting; and (b) accelerated
depreciation and amortization costs of $31 million associated with restructuring activities. Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” forthe twelve months ended December 31, 2023 on the Company’s Form 8-K furnished on February 9, 2024 for further information.
Represents the trailing-twelve months ended March 31, 2024, December 31, 2023 and March 31, 2023 non-cash expense associated with stock-based compensation.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES OUTLOOK

Estimated net sales change (GAAP)
Estimated currency impact [1] and divestitures [2], net
Core sales change (NON-GAAP) [3]

Three Months Ending
June 30, 2024
(9)%
to
(7)%
~3%
(6)%
to
(4)%

Twelve Months Ending
December 31, 2024
(8)%
to
(5)%
~3%
(6)%
to
(3)%

[1] “Currency Impact” represents the effect of foreign currency on 2024 reported sales and is calculated by applying the 2023 average monthly exchange
rates to the current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2024 reported sales.
[2] Divestitures include the sale of the Millefiori business, certain market and category exits and current and prior period net sales from retail store closures(consistent with standard retail practice).
[3] Totals may not add due to rounding.