EnerSys 10-Q for FY2024 Q3

EnerSys (ENS)

10-Q 2024-02-07 For: 2023-12-31

Added on April 12, 2026

About this 10-Q

EnerSys filed this 10-Q on February 7, 2024, covering the quarter ended December 31, 2023 (FY2024 Q3).

Headline figures

Quarter ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $861.55M; down 6.4% from $920.23M a year earlier
Net income: $76.16M; up 71.5% from net income of $44.41M a year earlier
Diluted EPS: $1.86; up 72.2% from $1.08 a year earlier

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Delaware						23-3058564
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


			Page
PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Condensed Balance Sheets (Unaudited) as of December 3 1, 2023 and March 31, 2023		3

	Consolidated Condensed Statements of Income (Unaudited) for the Quarters Ended December 3 1, 2023 and January 1 , 2023		4

	Consolidated Condensed Statements of Income (Unaudited) for the Nine Months Ended December 3 1, 2023 and January 1, 2023		5

	Consolidated Condensed Statements of Comprehensive Income (Unaudited) for the Quarters and Nine Months Ended December 31, 2023 and January 1, 2023		6

	Consolidated Condensed Statements of Cash Flows (Unaudited) for the Nine Months Ended December 31, 2023 and January 1, 2023		7

	Notes to Consolidated Condensed Financial Statements (Unaudited)		8
	1	Basis of Presentation	8
	2	Revenue Recognition	9

	3	Accounts Receivable	9

	4	Inventories	10
	5	Fair Value of Financial Instruments	10
	6	Derivative Financial Instruments	12
	7	Income Taxes	16
	8	Warranty	17
	9	Commitments, Contingencies and Litigation	17
	10	Restructuring and Other Exit Charges	18
	11	Debt	18
	12	Retirement Plans	21
	13	Stock-Based Compensation	21
	14	Stockholders’ Equity and Noncontrolling Interests	22
	15	Earnings Per Share	28
	16	Business Segments	29
	17	Subsequent Events	29

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		30

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		44

Item 4.	Controls and Procedures		46

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings		47

Item 1A.	Risk Factors		47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		48

Item 4.	Mine Safety Disclosures		48

Item 5.	Other Information		48

Item 6.	Exhibits		49

SIGNATURES			50


	December 31, 2023		March 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	332,714	$	346,665
Accounts receivable, net of allowance for doubtful accounts: December 31, 2023 - $10,312; March 31, 2023 - $8,775	498,499		637,817
Inventories, net	755,163		797,798
Prepaid and other current assets	185,901		113,601
Total current assets	1,772,277		1,895,881
Property, plant, and equipment, net	523,558		513,283
Goodwill	691,172		676,715
Other intangible assets, net	334,972		360,412
Deferred taxes	53,406		49,152
Other assets	127,253		121,231
Total assets	$	3,502,638	$	3,616,674
Liabilities and Equity
Current liabilities:
Short-term debt	$	30,937	$	30,642
Accounts payable	342,066		378,641
Accrued expenses	289,892		309,037
Total current liabilities	662,895		718,320
Long-term debt, net of unamortized debt issuance costs	880,833		1,041,989
Deferred taxes	60,065		61,118
Other liabilities	168,818		191,366
Total liabilities	1,772,611		2,012,793
Commitments and contingencies
Equity:
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at December 31, 2023 and at March 31, 2023	—		—
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 56,347,317 shares issued and 40,399,131 shares outstanding at December 31, 2023; 56,004,613 shares issued and 40,901,059 shares outstanding at March 31, 2023	563		560
Additional paid-in capital	620,408		596,464
Treasury stock at cost, 15,948,186 shares held as of December 31, 2023 and 15,103,554 shares held as of March 31, 2023	(822,658)		(740,956)
Retained earnings	2,112,259		1,930,148
Contra equity - indemnification receivable	(1,988)		(2,463)
Accumulated other comprehensive loss	(182,050)		(183,474)
Total EnerSys stockholders’ equity	1,726,534		1,600,279
Nonredeemable noncontrolling interests	3,493		3,602
Total equity	1,730,027		1,603,881
Total liabilities and equity	$	3,502,638	$	3,616,674


	Quarter ended
	December 31, 2023		January 1, 2023
Sales from products	$	751,856	$	819,457
Sales from services	109,692		100,770
Net sales	861,548		920,227
Cost of goods sold	511,014		624,697
Cost of services	85,819		82,745
Inventory adjustment relating to exit activities	16,067		(863)
Gross profit	248,648		213,648
Operating expenses	143,961		134,317
Restructuring and other exit charges	6,070		801
Impairment of indefinite-lived intangibles	6,020		—
Operating earnings	92,597		78,530
Interest expense	11,718		17,502
Other expense (income), net	2,221		3,180
Earnings before income taxes	78,658		57,848
Income tax expense	2,500		13,438


Net earnings attributable to EnerSys stockholders	$	76,158	$	44,410
Net earnings per common share attributable to EnerSys stockholders:
Basic	$	1.88	$	1.09
Diluted	$	1.86	$	1.08
Dividends per common share	$	0.225	$	0.175
Weighted-average number of common shares outstanding:
Basic	40,451,279		40,835,636
Diluted	41,047,893		41,281,693


	Nine months ended
	December 31, 2023		January 1, 2023
Sales from products	$	2,348,815	$	2,417,051
Sales from services	322,335		301,584
Net sales	2,671,150		2,718,635
Cost of goods sold	1,672,360		1,883,401
Cost of services	251,052		240,479
Inventory adjustment relating to exit activities	19,165		681
Gross profit	728,573		594,074
Operating expenses	432,284		398,752
Restructuring and other exit charges	19,613		12,394
Impairment of indefinite-lived intangibles	6,020		—

Operating earnings	270,656		182,928
Interest expense	39,179		44,560
Other expense (income), net	5,868		3,507
Earnings before income taxes	225,609		134,861
Income tax expense	17,425		25,001


Net earnings attributable to EnerSys stockholders	$	208,184	$	109,860
Net earnings per common share attributable to EnerSys stockholders:
Basic	$	5.11	$	2.69
Diluted	$	5.02	$	2.66
Dividends per common share	$	0.625	$	0.525
Weighted-average number of common shares outstanding:
Basic	40,770,524		40,787,654
Diluted	41,476,950		41,267,320


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


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


	December 31, 2023		March 31, 2023
Raw materials	$	306,592	$	323,418
Work-in-process	111,160		123,401
Finished goods	337,411		350,979
Total	$	755,163	$	797,798


	Total Fair Value Measurement December 31, 2023		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(1,532)	$	—	$	(1,532)	$	—
Foreign currency forward contracts	(560)		—		(560)		—
Interest Rate Swaps	113		—		113		—
Net investment hedges	(23,176)		—		(23,176)		—
Total derivatives	$	(25,155)	$	—	$	(25,155)	$	—


	Total Fair Value Measurement March 31, 2023		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(89)	$	—	$	(89)	$	—
Foreign currency forward contracts	923		—		923		—
Interest Rate Swaps	(1,162)		—		(1,162)		—
Net investment hedges	(15,760)		—		(15,760)		—
Total derivatives	$	(16,088)	$	—	$	(16,088)	$	—


	December 31, 2023				March 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Derivatives (1)	$	—	$	—	$	—	$	—
Financial liabilities:
Senior Notes (2)	$	300,000	$	285,000	$	300,000	$	276,000
Derivatives (1)	$	(25,155)	$	(25,155)	$	(16,088)	$	(16,088)


	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Designated as Net Investment Hedges				Derivatives and Hedging Activities Not Designated as Hedging Instruments
	December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023		December 31, 2023		March 31, 2023
Prepaid and other current assets:
Lead forward contracts	$	—	$	—	$	—	$	—	$	—	$	—
Foreign currency forward contracts	—		723		—		—		—		200
Net investment hedges	—		—		—		—		—		—
Other assets:
Interest rate swaps	113		—		—		—		—		—
Net investment hedges	—		—		—		—		—		—
Total assets	$	113	$	723	$	—	$	—	$	—	$	200
Accrued expenses:
Lead forward contracts	$	1,532	$	89	$	—	$	—	$	—	$	—
Foreign currency forward contracts	298		—		—		—		262		—
Other liabilities:
Interest rate swaps	—		1,162		—		—		—		—
Net investment hedges	—		—		23,176		15,760		—		—
Total liabilities	$	1,830	$	1,251	$	23,176	$	15,760	$	262	$	—


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(2,403)	Cost of goods sold	$	1,312
Foreign currency forward contracts	(90)		Cost of goods sold	410
Interest rate swaps	(2,946)		Interest expense	1,612
Total	$	(5,439)		$	3,334


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	(7,420)	Interest expense	$	796
Total	$	(7,420)		$	796


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	538
Total		$	538


ITEM 1.			FINANCIAL STATEMENTS


	Nine months ended
	December 31, 2023		January 1, 2023
Cash flows from operating activities
Net earnings	$	208,184	$	109,860
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	68,304		68,998
Write-off of assets relating to exit activities	21,506		8,360
Impairment of indefinite-lived intangibles	6,020		—

Derivatives not designated in hedging relationships:
Net losses (gains)	666		(1,383)
Cash (settlements) proceeds	(203)		40
Provision for doubtful accounts	1,912		(720)
Deferred income taxes	(258)		(716)
Non-cash interest expense	1,229		1,461
Stock-based compensation	22,894		18,770

(Gain) loss on disposal of property, plant, and equipment	644		(193)

Changes in assets and liabilities:
Accounts receivable	139,508		123,398
Inventories	27,401		(135,905)
Prepaid and other current assets	(3,602)		(8,323)
Other assets	(1,343)		(899)
Accounts payable	(45,650)		(31,614)
Accrued expenses	(126,857)		(17,149)
Other liabilities	(108)		1,858
Net cash provided by (used in) operating activities	320,247		135,843

Cash flows from investing activities
Capital expenditures	(59,005)		(57,512)
Purchase of business	(8,270)		—

Proceeds from termination of net investment hedges	—		43,384
Proceeds from disposal of property, plant, and equipment	2,037		452
Net cash (used in) provided by investing activities	(65,238)		(13,676)

Cash flows from financing activities
Net (repayments) borrowings on short-term debt	(440)		(20,317)


	Quarter ended				Nine months ended
	December 31, 2023		January 1, 2023		December 31, 2023		January 1, 2023
Balance at beginning of period	$	58,836	$	52,394	$	56,630	$	54,978
Current period provisions	6,072		7,557		22,541		18,958
Costs incurred	(6,953)		(5,948)		(21,373)		(17,005)

Foreign currency translation adjustment	610		1,197		767		(1,731)
Balance at end of period	$	58,565	$	55,200	$	58,565	$	55,200


	December 31, 2023				March 31, 2023
	Principal		Unamortized Issuance Costs		Principal		Unamortized Issuance Costs
Senior Notes	$	300,000	$	2,272	$	300,000	$	2,705
Fourth Amended Credit Facility, due 2026	586,027		2,922		748,413		3,719

	$	886,027	$	5,194	$	1,048,413	$	6,424
Less: Unamortized issuance costs	5,194				6,424
Long-term debt, net of unamortized issuance costs	$	880,833			$	1,041,989


	Quarter ended December 31, 2023
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	(7)	$	925	$	—	$	918
Exit charges	2,364		1,985		803		5,152
Restructuring and other exit charges	$	2,357	$	2,910	$	803	$	6,070


	Nine months ended December 31, 2023
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	2,707	$	1,772	$	34	$	4,513
Exit charges	2,364		6,176		6,560		15,100
Restructuring and other exit charges	$	5,071	$	7,948	$	6,594	$	19,613


Balance as of March 31, 2023	$	445
Accrued	4,513
Costs incurred	(2,071)
Foreign currency impact	124
Balance as of December 31, 2023	$	3,011


	United States Plans				International Plans
	Quarter ended				Quarter ended
	December 31, 2023		January 1, 2023		December 31, 2023		January 1, 2023
Service cost	$	—	$	—	$	222	$	228
Interest cost	161		146		521		425
Expected return on plan assets	(166)		(104)		(213)		(495)
Amortization and deferral	—		—		167		118

Net periodic benefit cost	$	(5)	$	42	$	697	$	276


Shares outstanding as of March 31, 2023						40,901,059
Purchase of treasury stock						(855,034)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						353,106
Shares outstanding as of December 31, 2023						40,399,131


	March 31, 2023		Before Reclassifications		Amounts Reclassified from AOCI		December 31, 2023
Pension funded status adjustment	$	(4,423)	$	—	$	62	$	(4,361)
Net unrealized gain (loss) on derivative instruments	1,411		3,266		(5,707)		(1,030)
Foreign currency translation adjustment (1)	(180,462)		3,803		—		(176,659)
Accumulated other comprehensive (loss) income	$	(183,474)	$	7,069	$	(5,645)	$	(182,050)


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(3,334)	Cost of goods sold
Tax expense	779
Net unrealized gain on derivative instruments, net of tax	$	(2,555)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(796)	Interest expense
Tax expense	186
Net unrealized gain on derivative instruments, net of tax	$	(610)

Defined benefit pension costs:
Prior service costs and deferrals	$	167	Net periodic benefit cost, included in other (income) expense, net - See Note 12
Tax benefit	(146)
Net periodic benefit cost, net of tax	$	21


(In Thousands, Except Per Share Data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Contra-Equity		Total EnerSys Stockholders’ Equity		Non- redeemable Non- Controlling Interests		Total Equity
Balance at March 31, 2023	$	—	$	560	$	596,464	$	(740,956)	$	1,930,148	$	(183,474)	$	(2,463)	$	1,600,279	$	3,602	$	1,603,881
Stock-based compensation	—		—		7,933		—		—		—		—		7,933		—		7,933
Exercise of stock options	—		5		7,649		—		—		—		—		7,654		—		7,654
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		—		—		—		—		—		—		—		—
Purchase of common stock	—		—		—		—		—		—		—		—		—		—
Other	—		—		65		214		—		—		—		279		—		279
Net earnings	—		—		—		—		66,797		—		—		66,797		—		66,797
Dividends ($0.175 per common share)	—		—		184		—		(7,357)		—		—		(7,173)		—		(7,173)
Dissolution of joint venture	—		—		—		—		—		—		—		—		—		—
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $9)	—		—		—		—		—		20		—		20		—		20
Net unrealized gain (loss) on derivative instruments (net of tax expense of $544)	—		—		—		—		—		1,786		—		1,786		—		1,786
Foreign currency translation adjustment	—		—		—		—		—		2,192		—		2,192		(190)		2,002
Balance at July 2, 2023	$	—	$	565	$	612,295	$	(740,742)	$	1,989,588	$	(179,476)	$	(2,463)	$	1,679,767	$	3,412	$	1,683,179
Stock-based compensation	—		—		5,144		—		—		—		—		5,144		—		5,144
Exercise of stock options	—		(1)		2,015		—		—		—		—		2,014		—		2,014
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(7,348)		—		—		—		—		(7,348)		—		(7,348)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		475		475		—		475
Purchase of common stock	—		—		—		(47,340)		—		—		—		(47,340)		—		(47,340)
Other	—		(1)		151		194		—		—		—		344		—		344
Net earnings	—		—		—		—		65,229		—		—		65,229		—		65,229
Dividends ($0.225 per common share)	—		—		233		—		(9,401)		—		—		(9,168)		—		(9,168)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $6)	—		—		—		—		—		21		—		21		—		21
Net unrealized gain (loss) on derivative instruments (net of tax of $762)	—		—		—		—		—		2,495		—		2,495		—		2,495
Foreign currency translation adjustment	—		—		—		—		—		(31,647)		—		(31,647)		(17)		(31,664)
Balance at October 1, 2023	$	—	$	563	$	612,490	$	(787,888)	$	2,045,416	$	(208,607)	$	(1,988)	$	1,659,986	$	3,395	$	1,663,381


Stock-based compensation	—		—		9,817		—		—		—		—		9,817		—		9,817
Exercise of stock options	—		—		—		—		—		—		—		—		—		—
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(2,144)		—		—		—		—		(2,144)		—		(2,144)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		—		—		—		—
Purchase of common stock	—		—		—		(34,991)		—		—		—		(34,991)		—		(34,991)
Other	—		—		11		221		—		—		—		232		—		232
Net earnings	—		—		—		—		76,158		—		—		76,158		—		76,158
Dividends ($0.225 per common share)	—		—		234		—		(9,315)		—		—		(9,081)		—		(9,081)
Other comprehensive income:															—				—
Pension funded status adjustment (net of tax benefit of $146)	—		—		—		—		—		21		—		21		—		21
Net unrealized gain (loss) on derivative instruments (net of tax of $2,051)	—		—		—		—		—		(6,722)		—		(6,722)		—		(6,722)
Foreign currency translation adjustment	—		—		—		—		—		33,258		—		33,258		98		33,356
Balance at December 31, 2023	$	—	$	563	$	620,408	$	(822,658)	$	2,112,259	$	(182,050)	$	(1,988)	$	1,726,534	$	3,493	$	1,730,027


Dividends ($0.175 per common share)	—		—		174		—		(7,312)		—		—		(7,138)		—		(7,138)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $34)	—		—		—		—		—		81		—		81		—		81
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $647)	—		—		—		—		—		2,116		—		2,116		—		2,116
Foreign currency translation adjustment	—		—		—		—		—		(55,961)		—		(55,961)		(214)		(56,175)
Balance at October 2, 2022	$	—	$	559	$	577,520	$	(741,510)	$	1,834,442	$	(257,414)	$	(2,657)	$	1,410,940	$	3,478	$	1,414,418
Stock-based compensation	—		—		6,906		—		—		—		—		6,906		—		6,906
Exercise of stock options	—		1		946		—		—		—		—		947		—		947
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(128)		—		—		—		—		(128)		—		(128)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		194		194		—		194
Purchase of common stock	—		—		—		—		—		—		—		—		—		—
Other	—		—		(30)		314		—		—		—		284		—		284
Net earnings	—		—		—		—		44,410		—		—		44,410		—		44,410
Dividends ($0.225 per common share)	—		—		193		—		(7,333)		—		—		(7,140)		—		(7,140)
Other comprehensive income:															—				—
Pension funded status adjustment (net of tax benefit of $34)	—		—		—		—		—		84		—		84		—		84
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $3,298)	—		—		—		—		—		10,806		—		10,806		—		10,806
Foreign currency translation adjustment	—		—		—		—		—		60,456		—		60,456		109		60,565
Balance at January 1, 2023	$	—	$	560	$	585,407	$	(741,196)	$	1,871,519	$	(186,068)	$	(2,463)	$	1,527,759	$	3,587	$	1,531,346


ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


($ in Millions)	December 31, 2023			March 31, 2023			January 1, 2023
Accounts receivable, net	$	498.5		$	637.8		$	581.8
Inventory, net	755.2			797.8			835.2
Accounts payable	(342.1)			(378.6)			(345.3)
Total primary operating capital	$	911.6		$	1,057.0		$	1,071.7
Trailing 3 months net sales	$	861.6		$	989.9		$	920.2
Trailing 3 months net sales annualized	$	3,446.4		$	3,959.6		$	3,680.8

Primary operating capital as a % of annualized net sales	26.5		%	26.7		%	29.1		%


	Quarter ended December 31, 2023				Quarter ended January 1, 2023				Increase (Decrease)
	In Millions		Percentage of Total Net Sales		In Millions		Percentage of Total Net Sales		In Millions		%
Energy Systems	$	373.5	43.4	%	434.3		47.2	%	$	(60.8)	(14.0)	%
Motive Power	355.4		41.3		361.8		39.3		(6.4)		(1.8)
Specialty	132.6		15.4		124.1		13.5		8.5		6.8
Total net sales	$	861.5	100.0	%	$	920.2	100.0	%	$	(58.7)	(6.4)	%


	Nine months ended December 31, 2023				Nine months ended January 1, 2023				Increase (Decrease)
	In Millions		Percentage of Total Net Sales		In Millions		Percentage of Total Net Sales		In Millions		%
Energy Systems	$	1,220.6	45.7	%	$	1,279.9	47.1	%	$	(59.3)	(4.6)	%
Motive Power	1,061.4		39.7		1,067.7		39.3		(6.3)		(0.6)
Specialty	389.1		14.6		371.0		13.7		18.1		4.9
Total net sales	$	2,671.1	100.0	%	$	2,718.6	100.0	%	$	(47.5)	(1.7)	%


Date	$’s Under Contract (in millions)		# Pounds Purchased (in millions)	Average Cost/Pound		Approximate % of Lead Requirements (1)
December 31, 2023	$	50.6	52.5	$	0.96	8	%
March 31, 2023	47.9		50.0	0.96		8
January 1, 2023	60.0		65.0	0.92		10


Period	(a) Total number of shares (or units) purchased	(b) Average price paid per share (or unit)		(c) Total number of shares (or units) purchased as part of publicly announced plans or programs	(d) Maximum number (or approximate dollar value) of shares (or units) that may be purchased under the plans or programs (1) (2) (3)
October 2 - October 31, 2023	374,974	$	93.32	374,974	$	112,213,965
November 1 - November 30, 2023	—	—		—	112,213,965
December 1 - December 31, 2023	—	—		—	112,213,965
Total	374,974	$	93.32	374,974


Exhibit Number						Description of Exhibit

3.1						Fifth Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Amendment No. 3 to the Company’s Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).

3.2						Third Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32253) filed on August 3, 2016).















31.1						Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) Under the Securities Exchange Act of 1934 (filed herewith).

31.2						Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) Under the Securities Exchange Act of 1934 (filed herewith).

32.1						Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

101.INS						XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH						XBRL Taxonomy Extension Schema Document

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document


ENERSYS (Registrant)

By			/s/ Andrea J. Funk
			Andrea J. Funk
			Chief Financial Officer




By						/s/ David M. Shaffer

						David M. Shaffer
						Chief Executive Officer