RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (“Vontier”) (NYSE: VNT) today announced results for the first quarter 2022.
For the first quarter ended April 1, 2022, net earnings were $250.2 million and adjusted net earnings were $115.9 million. For the first quarter ended April 1, 2022, diluted net earnings per share were $1.50 and adjusted diluted net earnings per share were $0.70.
For the first quarter of 2022, revenue increased 5.7% year-over-year to $748.1 million, which reflected a decrease in core revenue of 0.1%.
Mark D. Morelli, President and Chief Executive Officer, stated, “Our continued successful execution and capital allocation drove strong earnings growth, despite a well-documented challenging macro environment, and our profitable growth initiatives continued to deliver strong non-EMV core growth and margin expansion. DRB delivered robust growth in the quarter, which highlights the strength of our capital deployment and portfolio strategy to accelerate non-ICE business growth. Furthermore, we leveraged our strong cash flow and balance sheet by deploying $441.9 million of capital in the quarter, including $257.0 million towards share repurchase and the balance towards energy transition acquisition investments. Given our strong performance in the first quarter and accelerated share repurchase program, we are raising our full-year 2022 adjusted diluted net earnings per share guidance.”
For the second quarter of 2022, Vontier anticipates diluted net earnings per share to be in the range of $0.57 to $0.61 and adjusted diluted net earnings per share to be in the range of $0.68 to $0.72. For the full year 2022, Vontier anticipates diluted net earnings per share to be in the range of $3.72 to $3.82 and adjusted diluted net earnings per share to be in the range of $3.20 to $3.30.
Mr. Morelli added, “We are seeing the benefits of accelerating our strategy to build a better, stronger, more focused growth portfolio. We will continue to take advantage of the strategic optionality inherent in our business to liberate additional value which may result in us exiting some smaller areas or regional product lines that are not as well aligned with our long-term strategic direction and/or are dilutive to Vontier’s performance. I am confident in our growth and transformation strategy towards solving next-gen mobility and transportation challenges -- and I have great conviction we are on the right path to unlock significantly more value.”
Vontier will discuss results and outlook during its quarterly investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of Vontier’s website, www.vontier.com, under “Events & Presentations.” A replay of the webcast will be available at the same location shortly after the conclusion of the presentation.
The conference call can be accessed by dialing 800-459-5346 within the U.S. or by dialing 203-518-9544 outside the U.S. a few minutes before 8:00 a.m. ET and notifying the operator that you are dialing in for Vontier’s earnings conference call (access code 3022156). A replay of the conference call will be available shortly after the conclusion of the call. Once available, you can access the conference call replay by dialing 800-839-5130 within the U.S. or 402-220-2693 outside the U.S. (access code 3022156) or visit the “Investors” section of the website under “Events & Presentations.”
Vontier is a global industrial technology company at the forefront of solving next-gen mobility and transportation challenges. Guided by the Vontier Business System and an unwavering commitment to our customers, Vontier delivers smart, sustainable solutions to create a better world.
NON-GAAP FINANCIAL MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also references “adjusted net earnings,” “adjusted diluted net earnings per share,” and “core revenue” which are non-GAAP financial measures. The reasons why we believe these measures, when used in conjunction with the GAAP financial measures, provide useful information to investors, how management uses such non-GAAP financial measures, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached. The non-GAAP financial measures should not be considered in isolation or as a substitute for the GAAP financial measures, but should instead be read in conjunction with the GAAP financial measures. The non-GAAP financial measures used by Vontier in this release may be different from similarly-titled non-GAAP measures used by other companies.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to statements regarding Vontier Corporation’s (the “Company’s”) business and acquisition opportunities and anticipated earnings, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” or “will” or other words of similar meaning. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, the duration and impact of the ongoing COVID-19 pandemic, deterioration of or instability in the economy, the markets we serve, international trade policies and the financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations that may adversely impact demand for our products or our costs, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, political, war or hostility, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information technology systems, adverse effects of restructuring activities, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2021. These forward-looking statements represent Vontier’s beliefs and assumptions only as of the date of this release and Vontier does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
VONTIER CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED CONDENSED BALANCE SHEETS |
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(in millions, except share and per share amounts) |
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|
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April 1, 2022 |
|
December 31, 2021 |
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(unaudited) |
|
|
||||
ASSETS |
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|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
145.1 |
|
$ |
572.6 |
|||
Accounts receivable, less allowance for credit losses of $37.9 million and $38.9 million as of April 1, 2022 and December 31, 2021, respectively |
|
434.2 |
|
|
481.3 |
|
||
Inventories: |
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|
||||||
Finished goods |
|
114.0 |
|
|
104.7 |
|
||
Work in process |
|
44.6 |
|
|
34.4 |
|
||
Raw materials |
|
166.8 |
|
|
147.9 |
|
||
Total inventories |
|
325.4 |
|
|
287.0 |
|
||
Prepaid expenses and other current assets |
|
137.3 |
|
|
137.3 |
|
||
Equity securities measured at fair value |
|
215.1 |
|
|
— |
|
||
Total current assets |
|
1,257.1 |
|
|
1,478.2 |
|
||
Property, plant and equipment, net of accumulated depreciation of $256.4 million and $256.3 million as of April 1, 2022 and December 31, 2021, respectively |
|
100.6 |
|
|
100.6 |
|
||
Operating lease right-of-use assets |
|
45.5 |
|
|
45.4 |
|
||
Long-term financing receivables, less allowance for credit losses of $40.8 million and $42.5 million as of April 1, 2022 and December 31, 2021, respectively |
|
243.3 |
|
|
241.7 |
|
||
Other intangible assets, net |
|
696.5 |
|
|
615.9 |
|
||
Goodwill |
|
1,809.8 |
|
|
1,667.2 |
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||
Other assets |
|
147.3 |
|
|
200.8 |
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||
Total assets |
$ |
4,300.1 |
|
$ |
4,349.8 |
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||
LIABILITIES AND EQUITY |
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|
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Current liabilities: |
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|
||||||
Short-term borrowings |
$ |
4.2 |
|
$ |
3.7 |
|
||
Trade accounts payable |
|
407.9 |
|
|
424.9 |
|
||
Current operating lease liabilities |
|
13.1 |
|
|
12.8 |
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||
Accrued expenses and other current liabilities |
|
423.1 |
|
|
492.0 |
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||
Total current liabilities |
|
848.3 |
|
|
933.4 |
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Long-term operating lease liabilities |
|
35.3 |
|
|
35.6 |
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||
Long-term debt |
|
2,584.5 |
|
|
2,583.8 |
|
||
Other long-term liabilities |
|
280.1 |
|
|
223.3 |
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||
Commitments and Contingencies |
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Equity: |
|
|
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Preferred stock -- 15,000,000 authorized shares; no par value and none issued and outstanding |
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— |
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— |
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||
Common stock, $0.0001 par value -- 1,985,000,000 shares authorized; 169,453,678 and 169,168,285 shares issued; and 161,002,143 and 169,168,285 shares outstanding as of April 1, 2022 and December 31, 2021, respectively |
|
— |
|
|
— |
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||
Treasury stock, at cost — 8,451,535 and no shares at April 1, 2022 and December 31, 2021, respectively |
|
(207.0 |
) |
|
— |
|
||
Additional paid-in capital |
|
5.6 |
|
|
1.5 |
|
||
Retained earnings |
|
582.9 |
|
|
386.7 |
|
||
Accumulated other comprehensive income |
|
166.7 |
|
|
181.7 |
|
||
Total Vontier stockholders’ equity |
|
548.2 |
|
|
569.9 |
|
||
Noncontrolling interests |
|
3.7 |
|
|
3.8 |
|
||
Total stockholders’ equity |
|
551.9 |
|
|
573.7 |
|
||
Total liabilities and equity |
$ |
4,300.1 |
|
$ |
4,349.8 |
|
||
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VONTIER CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS |
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(in millions, except per share amounts) |
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(unaudited) |
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|
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Three Months Ended |
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|
April 1, 2022 |
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April 2, 2021 |
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Sales |
$ |
748.1 |
|
$ |
707.4 |
|
||
Cost of sales |
|
(412.8 |
) |
|
(395.6 |
) |
||
Gross profit |
|
335.3 |
|
|
311.8 |
|
||
Operating costs: |
|
|
||||||
Selling, general and administrative expenses |
|
(166.0 |
) |
|
(145.7 |
) |
||
Research and development expenses |
|
(34.5 |
) |
|
(33.2 |
) |
||
Operating profit |
|
134.8 |
|
|
132.9 |
|
||
Non-operating income (expense), net: |
|
|
||||||
Interest expense, net |
|
(12.9 |
) |
|
(10.4 |
) |
||
Write-off of deferred financing costs |
|
— |
|
|
(3.2 |
) |
||
Gain on previously held equity interests from combination of business |
|
32.7 |
|
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
163.0 |
|
|
— |
|
||
Other non-operating expense, net |
|
(0.1 |
) |
|
(0.2 |
) |
||
Earnings before income taxes |
|
317.5 |
|
|
119.1 |
|
||
Provision for income taxes |
|
(67.3 |
) |
|
(28.1 |
) |
||
Net earnings |
$ |
250.2 |
|
$ |
91.0 |
|
||
|
|
|
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Net earnings per share: |
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|
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Basic |
$ |
1.51 |
|
$ |
0.54 |
|
||
Diluted |
$ |
1.50 |
|
$ |
0.54 |
|
||
Average common stock and common equivalent shares outstanding: |
|
|
||||||
Basic |
|
165.9 |
|
|
168.7 |
|
||
Diluted |
|
166.5 |
|
|
169.7 |
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VONTIER CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
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($ in millions) |
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(unaudited) |
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Three Months Ended |
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|
April 1, 2022 |
|
April 2, 2021 |
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Cash flows from operating activities: |
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|
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Net earnings |
$ |
250.2 |
|
$ |
91.0 |
|
||
Non-cash items: |
|
|
||||||
Depreciation and amortization expense |
|
29.1 |
|
|
19.8 |
|
||
Stock-based compensation expense |
|
6.1 |
|
|
6.6 |
|
||
Write-off of deferred financing costs |
|
— |
|
|
3.2 |
|
||
Amortization of debt issuance costs |
|
0.9 |
|
|
0.8 |
|
||
Gain on previously held equity interests from combination of business |
|
(32.7 |
) |
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
(163.0 |
) |
|
— |
|
||
Change in deferred income taxes |
|
32.6 |
|
|
(1.0 |
) |
||
Change in accounts receivable and long-term financing receivables, net |
|
33.7 |
|
|
61.5 |
|
||
Change in other operating assets and liabilities |
|
(115.6 |
) |
|
(18.6 |
) |
||
Net cash provided by operating activities |
|
41.3 |
|
|
163.3 |
|
||
Cash flows from investing activities: |
|
|
||||||
Cash paid for acquisitions, net of cash received |
|
(184.9 |
) |
|
— |
|
||
Payments for additions to property, plant and equipment |
|
(12.9 |
) |
|
(11.0 |
) |
||
Proceeds from sale of asset |
|
0.2 |
|
|
— |
|
||
Cash paid for equity investments |
|
(5.8 |
) |
|
(4.6 |
) |
||
Net cash used in investing activities |
|
(203.4 |
) |
|
(15.6 |
) |
||
Cash flows from financing activities: |
|
|
||||||
Proceeds from issuance of long-term debt |
|
— |
|
|
1,586.5 |
|
||
Repayment of long-term debt |
|
— |
|
|
(1,400.0 |
) |
||
Payment for debt issuance costs |
|
— |
|
|
(1.2 |
) |
||
Payment of common stock cash dividend |
|
(4.0 |
) |
|
— |
|
||
Purchase of treasury stock |
|
(257.0 |
) |
|
— |
|
||
Net borrowings (repayments) of short-term borrowings |
|
0.4 |
|
|
(4.0 |
) |
||
Net transfers to Former Parent |
|
— |
|
|
(31.5 |
) |
||
Proceeds from stock option exercises |
|
— |
|
|
1.5 |
|
||
Acquisition of noncontrolling interest |
|
— |
|
|
(1.9 |
) |
||
Other financing activities |
|
(3.0 |
) |
|
(3.9 |
) |
||
Net cash provided by (used in) financing activities |
|
(263.6 |
) |
|
145.5 |
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
(1.8 |
) |
|
(3.4 |
) |
||
Net change in cash and cash equivalents |
|
(427.5 |
) |
|
289.8 |
|
||
Beginning balance of cash and cash equivalents |
|
572.6 |
|
|
380.5 |
|
||
Ending balance of cash and cash equivalents |
$ |
145.1 |
|
$ |
670.3 |
|
||
VONTIER CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND OTHER INFORMATION
Adjusted Net Earnings and Adjusted Diluted Net Earnings per Share
We disclose the non-GAAP measures of adjusted net earnings and adjusted diluted net earnings per share which, to the extent applicable, make the following adjustments to GAAP net earnings and GAAP diluted net earnings per share:
Management believes that these non-GAAP financial measures provide useful information to investors by reflecting additional ways of viewing aspects of our operations that, when reconciled to the corresponding GAAP measure, help our investors to understand the long-term profitability trends of our business, and facilitate comparisons of our profitability to prior and future periods and to our peers.
These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.
We define sales from existing businesses (“Core Revenue”) as total sales excluding (i) sales from acquired and divested businesses; (ii) the impact of currency translation; and (iii) certain other items.
Management believes that reporting the non-GAAP financial measure of sales from existing businesses provides useful information to investors by helping identify underlying growth trends in our business and facilitating easier comparisons of our sales performance with our performance in prior and future periods and to our peers. We exclude the effect of acquisitions and divestiture-related items because the nature, size and number of such transactions can vary dramatically from period to period and between us and our peers. We exclude the effect of currency translation and certain other items from sales from existing businesses because these items are either not under management’s control or relate to items not directly correlated to sales from existing businesses. Management believes the exclusion of these items from sales from existing businesses may facilitate assessment of underlying business trends and may assist in comparisons of long-term performance.
Sales from existing businesses should be considered in addition to, and not as a replacement for or superior to, total sales, and may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Net Earnings to Adjusted Net Earnings |
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|
Three Months Ended |
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($ in millions) |
April 1, 2022 |
April 2, 2021 |
||||||
Net Earnings (GAAP) |
$ |
250.2 |
|
$ |
91.0 |
|
||
Amortization of acquisition-related intangible assets |
|
18.5 |
|
|
7.6 |
|
||
Restructuring costs |
|
0.6 |
|
|
4.0 |
|
||
Transaction- and deal-related costs |
|
7.1 |
|
|
1.8 |
|
||
Earnings attributable to noncontrolling interests |
|
— |
|
|
0.1 |
|
||
Gain on previously held equity interests from combination of business |
|
(32.7 |
) |
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
(163.0 |
) |
|
— |
|
||
Other charges |
|
1.3 |
|
|
— |
|
||
Non-cash write-off of deferred financing costs |
|
— |
|
|
3.2 |
|
||
One-time costs related to separation |
|
1.6 |
|
|
6.4 |
|
||
Normalization and other adjustments (a) |
|
(0.3 |
) |
|
(1.3 |
) |
||
Tax effect of the Non-GAAP adjustments (b) |
|
32.1 |
|
|
(5.1 |
) |
||
Other tax adjustment |
|
0.5 |
|
|
— |
|
||
Adjusted Net Earnings (Non-GAAP) |
$ |
115.9 |
|
$ |
107.7 |
|
(a) |
Adjustment for standalone public company costs |
|
(b) |
Tax effect calculated using an estimated adjusted effective tax rate for each respective period. The gain on previously held equity interests from combination of business is non-taxable income and therefore the tax effect of the adjustments only includes the other adjustments noted. |
|
Reconciliation of Diluted Net Earnings per Share to Adjusted Diluted Net Earnings per Share |
||||||||
|
Three Months Ended |
|||||||
|
April 1, 2022 |
April 2, 2021 |
||||||
Diluted Net Earnings Per Share (GAAP) |
$ |
1.50 |
|
$ |
0.54 |
|
||
Amortization of acquisition-related intangible assets |
|
0.11 |
|
|
0.04 |
|
||
Restructuring costs |
|
— |
|
|
0.02 |
|
||
Transaction- and deal-related costs |
|
0.04 |
|
|
0.01 |
|
||
Earnings attributable to noncontrolling interests |
|
— |
|
|
— |
|
||
Gain on previously held equity interests from combination of business |
|
(0.20 |
) |
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
(0.98 |
) |
|
— |
|
||
Other charges |
|
0.01 |
|
|
— |
|
||
Non-cash write-off of deferred financing costs |
|
— |
|
|
0.02 |
|
||
One-time costs related to separation |
|
0.01 |
|
|
0.04 |
|
||
Normalization and other adjustments (a) |
|
— |
|
|
(0.01 |
) |
||
Tax effect of the Non-GAAP adjustments (b) |
|
0.19 |
|
|
(0.03 |
) |
||
Other tax adjustment |
|
— |
|
|
— |
|
||
Adjusted Diluted Net Earnings Per Share (Non-GAAP) |
$ |
0.70 |
|
$ |
0.63 |
|
(a) |
Adjustment for standalone public company costs |
||||
(b) |
Tax effect calculated using an estimated adjusted effective tax rate for each respective period. The gain on previously held equity interests from combination of business is non-taxable income and therefore the tax effect of the adjustments only includes the other adjustments noted. |
||||
|
|
|
|
||
Note: The sum of the components of Adjusted Diluted Net Earnings Per Share may not equal due to rounding. | |||||
Forecasted Adjusted Diluted Net Earnings Per Share |
||||||||||||||||
|
Three Months Ended |
Year Ended |
||||||||||||||
|
July 1, 2022 |
December 31, 2022 |
||||||||||||||
|
Low End |
High End |
Low End |
High End |
||||||||||||
Forecasted Diluted Net Earnings Per Share |
$ |
0.57 |
|
$ |
0.61 |
|
$ |
3.72 |
|
$ |
3.82 |
|
||||
Anticipated amortization of acquisition-related intangible assets |
|
0.12 |
|
|
0.12 |
|
|
0.47 |
|
|
0.47 |
|
||||
Anticipated restructuring costs |
|
0.04 |
|
|
0.04 |
|
|
0.09 |
|
|
0.09 |
|
||||
Anticipated one-time costs, net of normalization (a) |
|
0.01 |
|
|
0.01 |
|
|
0.04 |
|
|
0.04 |
|
||||
Transaction- and deal-related costs |
|
— |
|
|
— |
|
|
0.04 |
|
|
0.04 |
|
||||
Other charges |
|
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
||||
Gain on previously held equity interests from combination of business |
|
— |
|
|
— |
|
|
(0.20 |
) |
|
(0.20 |
) |
||||
Unrealized gain on equity interests measured at fair value |
|
— |
|
|
— |
|
|
(1.00 |
) |
|
(1.00 |
) |
||||
Tax effect of the Non-GAAP adjustments and other tax adjustment (b) |
|
(0.06 |
) |
|
(0.06 |
) |
|
0.03 |
|
|
0.03 |
|
||||
Forecasted Adjusted Diluted Net Earnings Per Share (Non-GAAP) |
$ |
0.68 |
|
$ |
0.72 |
|
$ |
3.20 |
|
$ |
3.30 |
|
(a) |
Adjustment for standalone public company costs |
||||||||
(b) |
Tax effect calculated using an estimated adjusted effective rate for each respective period. The gain on previously held equity interests from combination of business is non-taxable income and therefore the tax effect of the adjustments only includes the other adjustments noted. |
||||||||
|
|
|
|
|
|
|
|
||
Note: The sum of the components of Forecasted Adjusted Diluted Net Earnings per Share may not equal due to rounding. | |||||||||
Components of Revenue Growth |
|||
|
% Change Three Months
|
||
Total Revenue Growth (GAAP) |
5.7 |
% |
|
Core revenue growth (Non-GAAP) |
(0.1 |
)% |
|
Impact of acquisitions (Non-GAAP) |
7.2 |
% |
|
Impact of currency exchange rates (Non-GAAP) |
(1.4 |
)% |
РОЛИ, Северная Каролина--(BUSINESS WIRE)--Корпорация Vontier (“Vontier”) (NYSE: VNT) сегодня объявила результаты за первый квартал 2022 года.
За первый квартал, закончившийся 1 апреля 2022 года, чистая прибыль составила 250,2 миллиона долларов, а скорректированная чистая прибыль составила 115,9 миллиона долларов. За первый квартал, закончившийся 1 апреля 2022 года, разводненная чистая прибыль на акцию составила 1,50 доллара, а скорректированная разводненная чистая прибыль на акцию - 0,70 доллара.
За первый квартал 2022 года выручка увеличилась на 5,7% в годовом исчислении до 748,1 млн долларов, что отражает снижение основной выручки на 0,1%.
Марк Д. Морелли, президент и главный исполнительный директор, заявил: “Наши продолжающиеся успешные операции и распределение капитала способствовали значительному росту прибыли, несмотря на хорошо документированные сложные макроэкономические условия, а наши инициативы по прибыльному росту продолжали обеспечивать сильный основной рост, не связанный с EMV, и увеличение маржи. DRB продемонстрировал уверенный рост в этом квартале, что подчеркивает силу нашей стратегии привлечения капитала и портфеля для ускорения роста бизнеса, не связанного с ICE. Кроме того, мы воспользовались нашим сильным денежным потоком и балансом, направив в течение квартала капитал в размере 441,9 млн долларов, в том числе 257,0 млн долларов на выкуп акций, а остаток - на инвестиции в приобретение energy transition. Учитывая наши высокие показатели в первом квартале и ускоренную программу обратного выкупа акций, мы повышаем наш прогноз по скорректированной разводненной чистой прибыли на акцию на весь 2022 год”.
Во втором квартале 2022 года Vontier ожидает, что разводненная чистая прибыль на акцию составит от 0,57 до 0,61 доллара США, а скорректированная разводненная чистая прибыль на акцию составит от 0,68 до 0,72 доллара США. В течение всего 2022 года Vontier ожидает, что разводненная чистая прибыль на акцию составит от 3,72 до 3,82 доллара США, а скорректированная разводненная чистая прибыль на акцию составит от 3,20 до 3,30 доллара США.
Г-н Морелли добавил: “Мы видим преимущества ускорения нашей стратегии по созданию лучшего, более сильного и целенаправленного портфеля роста. Мы будем продолжать использовать преимущества стратегической опциональности, присущей нашему бизнесу, для высвобождения дополнительной ценности, что может привести к тому, что мы уйдем из некоторых небольших областей или региональных продуктовых линеек, которые не так хорошо согласуются с нашим долгосрочным стратегическим направлением и / или ослабляют производительность Vontier. Я уверен в нашей стратегии роста и трансформации, направленной на решение проблем мобильности и транспорта нового поколения, и я глубоко убежден, что мы находимся на правильном пути, чтобы получить значительно большую отдачу”.
Vontier обсудит результаты и перспективы во время своей ежеквартальной телефонной конференции для инвесторов сегодня, которая начнется в 8:00 утра по восточному времени. Звонок и сопровождающая его слайд-презентация будут транслироваться в Интернете в разделе “Инвесторы” веб-сайта Vontier, www.Vontier.com , в разделе “Мероприятия и презентации”. Воспроизведение веб-трансляции будет доступно в том же месте вскоре после завершения презентации.
Доступ к конференц-звонку можно получить, набрав 800-459-5346 в пределах США или набрав 203-518-9544 за пределами США за несколько минут до 8:00 утра по восточному времени и уведомив оператора о том, что вы набираете номер для конференц-звонка Vontier (код доступа 3022156). Воспроизведение конференц-звонка будет доступно вскоре после завершения вызова. Как только вы получите доступ к воспроизведению конференц-связи, наберите 800-839-5130 в США или 402-220-2693 за пределами США (код доступа 3022156) или посетите раздел “Инвесторы” на веб-сайте в разделе “Мероприятия и презентации”.
Vontier - глобальная промышленная технологическая компания, находящаяся на переднем крае решения задач мобильности и транспорта нового поколения. Руководствуясь бизнес-системой Vontier и непоколебимой приверженностью нашим клиентам, Vontier предлагает интеллектуальные, устойчивые решения для создания лучшего мира.
финансовые показатели, не относящиеся к ОПБУ
В дополнение к финансовым показателям, подготовленным в соответствии с общепринятыми принципами бухгалтерского учета (GAAP), в этом отчете о прибылях и убытках также упоминаются “скорректированная чистая прибыль”, “скорректированная разводненная чистая прибыль на акцию” и “основной доход”, которые не являются финансовыми показателями GAAP. Причины, по которым мы считаем, что эти показатели, когда они используются в сочетании с финансовыми показателями GAAP, предоставляют полезную информацию инвесторам, как руководство использует такие финансовые показатели, не относящиеся к GAAP, сверка этих показателей с наиболее непосредственно сопоставимыми показателями GAAP и другая информация, относящаяся к этим мерам, включены в дополнительный график сверки прилагается. Финансовые показатели, не относящиеся к GAAP, не следует рассматривать изолированно или в качестве замены финансовых показателей GAAP, а вместо этого следует рассматривать в сочетании с финансовыми показателями GAAP. Финансовые показатели, не относящиеся к GAAP, используемые Vontier в этом выпуске, могут отличаться от показателей, не относящихся к GAAP, с аналогичным названием, используемых другими компаниями.
прогнозные заявления
Настоящий релиз содержит прогнозные заявления по смыслу федеральных законов о ценных бумагах. Эти заявления включают, но не ограничиваются заявлениями, касающимися бизнеса Vontier Corporation (“Компания”), возможностей приобретения и ожидаемых доходов, а также любых других заявлений, идентифицируемых использованием в них таких слов, как “ожидать”, “ожидать”, “верить”, “перспективы”, “руководство”, или “воля”, или другие слова с аналогичным значением. Существует ряд важных рисков и неопределенностей, которые могут привести к тому, что фактические результаты, события и бизнес-решения будут существенно отличаться от тех, которые предлагаются или указаны в таких прогнозных заявлениях, и вам не следует чрезмерно полагаться на любые такие прогнозные заявления. Эти риски и неопределенности включают, помимо прочего, продолжительность и влияние продолжающегося COVID-19 пандемией, ухудшение или нестабильности в экономике, на рынках мы служить, международная торговая политика и финансовые рынки, схватки или к снижению темпов экономического роста и цикличности развития рынка, конкуренции, изменения в отрасли стандартами и постановлениями правительства, которые могут отрицательно повлиять на спрос на наши продукты или наши расходы, наши способности, чтобы успешно выявлять, непревзойденная, учитывать и реализовать ожидаемые значения соответствующих приобретений и выбытий иных склонностей, умение развивать и успешного продвижения на рынке новых продуктов, программного обеспечения, услуг и выйти на новые рынки, возможности для недобросовестных действий со стороны наших сотрудников, агентов или деловых партнеров, воздействие от продажи активов, условных обязательств, касающихся приобретения и продажи активов, влияние изменений налогового законодательства, соблюдения законов и нормативных актов и изменения в применимых законах и предписаниях, риски, связанные с деятельностью международных экономических, политических, военных либо вражды, правовых, соответствия и бизнес-факторы, Риски, связанные с возможным обесценением гудвила и прочих нематериальных активов, валютных курсов, налоговых проверок и изменений в налоговой ставки и налоговых обязательств, влияние наших долговых обязательств на наших действиях, судебных разбирательствах и прочих условных обязательств, в том числе интеллектуальной собственности и экологии, охраны здоровья и обеспечения безопасности, наши возможности надлежащим образом защищать наши права на интеллектуальную собственность, риски, относящиеся к товару, услуге или неисправности программного обеспечения, ответственности за качество продукции и напоминает, риски, связанные с производством продукции, наши отношения и результативность наших торговых партнеров, товарных расходы и сборы, нашу способность корректировать закупки и производственные мощности, чтобы отражать рыночные условия, зависимость от единственного источника питания, нарушений требований безопасности или других нарушений наших информационно-технических систем, неблагоприятное воздействие реструктуризации деятельности, влияние изменений в Гаап США, трудовых вопросов, и перебоев в отношении техногенных и природных катастроф. Дополнительная информация о факторах, которые могут привести к существенному отличию фактических результатов от этих прогнозных заявлений, доступна в наших заявках SEC, включая наш Годовой отчет по форме 10-K за год, закончившийся 31 декабря 2021 года. Эти прогнозные заявления отражают убеждения и предположения Vontier только на дату этого выпуска, и Vontier не берет на себя никаких обязательств по обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий и разработок или иным образом.
Vontier CORPORATION AND SUBSIDIARIES |
||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS |
||||||||
(in millions, except share and per share amounts) |
||||||||
|
|
|
|
|
||||
|
|
April 1, 2022 |
|
December 31, 2021 |
||||
|
|
(unaudited) |
|
|
||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
145.1 |
|
$ |
572.6 |
|||
Accounts receivable, less allowance for credit losses of $37.9 million and $38.9 million as of April 1, 2022 and December 31, 2021, respectively |
|
434.2 |
|
|
481.3 |
|
||
Inventories: |
|
|
||||||
Finished goods |
|
114.0 |
|
|
104.7 |
|
||
Work in process |
|
44.6 |
|
|
34.4 |
|
||
Raw materials |
|
166.8 |
|
|
147.9 |
|
||
Total inventories |
|
325.4 |
|
|
287.0 |
|
||
Prepaid expenses and other current assets |
|
137.3 |
|
|
137.3 |
|
||
Equity securities measured at fair value |
|
215.1 |
|
|
— |
|
||
Total current assets |
|
1,257.1 |
|
|
1,478.2 |
|
||
Property, plant and equipment, net of accumulated depreciation of $256.4 million and $256.3 million as of April 1, 2022 and December 31, 2021, respectively |
|
100.6 |
|
|
100.6 |
|
||
Operating lease right-of-use assets |
|
45.5 |
|
|
45.4 |
|
||
Long-term financing receivables, less allowance for credit losses of $40.8 million and $42.5 million as of April 1, 2022 and December 31, 2021, respectively |
|
243.3 |
|
|
241.7 |
|
||
Other intangible assets, net |
|
696.5 |
|
|
615.9 |
|
||
Goodwill |
|
1,809.8 |
|
|
1,667.2 |
|
||
Other assets |
|
147.3 |
|
|
200.8 |
|
||
Total assets |
$ |
4,300.1 |
|
$ |
4,349.8 |
|
||
LIABILITIES AND EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Short-term borrowings |
$ |
4.2 |
|
$ |
3.7 |
|
||
Trade accounts payable |
|
407.9 |
|
|
424.9 |
|
||
Current operating lease liabilities |
|
13.1 |
|
|
12.8 |
|
||
Accrued expenses and other current liabilities |
|
423.1 |
|
|
492.0 |
|
||
Total current liabilities |
|
848.3 |
|
|
933.4 |
|
||
Long-term operating lease liabilities |
|
35.3 |
|
|
35.6 |
|
||
Long-term debt |
|
2,584.5 |
|
|
2,583.8 |
|
||
Other long-term liabilities |
|
280.1 |
|
|
223.3 |
|
||
Commitments and Contingencies |
|
|
||||||
Equity: |
|
|
||||||
Preferred stock -- 15,000,000 authorized shares; no par value and none issued and outstanding |
|
— |
|
|
— |
|
||
Common stock, $0.0001 par value -- 1,985,000,000 shares authorized; 169,453,678 and 169,168,285 shares issued; and 161,002,143 and 169,168,285 shares outstanding as of April 1, 2022 and December 31, 2021, respectively |
|
— |
|
|
— |
|
||
Treasury stock, at cost — 8,451,535 and no shares at April 1, 2022 and December 31, 2021, respectively |
|
(207.0 |
) |
|
— |
|
||
Additional paid-in capital |
|
5.6 |
|
|
1.5 |
|
||
Retained earnings |
|
582.9 |
|
|
386.7 |
|
||
Accumulated other comprehensive income |
|
166.7 |
|
|
181.7 |
|
||
Total Vontier stockholders’ equity |
|
548.2 |
|
|
569.9 |
|
||
Noncontrolling interests |
|
3.7 |
|
|
3.8 |
|
||
Total stockholders’ equity |
|
551.9 |
|
|
573.7 |
|
||
Total liabilities and equity |
$ |
4,300.1 |
|
$ |
4,349.8 |
|
||
|
Vontier CORPORATION AND SUBSIDIARIES |
||||||||
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS |
||||||||
(in millions, except per share amounts) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
|
Three Months Ended |
||||||
|
|
April 1, 2022 |
|
April 2, 2021 |
||||
Sales |
$ |
748.1 |
|
$ |
707.4 |
|
||
Cost of sales |
|
(412.8 |
) |
|
(395.6 |
) |
||
Gross profit |
|
335.3 |
|
|
311.8 |
|
||
Operating costs: |
|
|
||||||
Selling, general and administrative expenses |
|
(166.0 |
) |
|
(145.7 |
) |
||
Research and development expenses |
|
(34.5 |
) |
|
(33.2 |
) |
||
Operating profit |
|
134.8 |
|
|
132.9 |
|
||
Non-operating income (expense), net: |
|
|
||||||
Interest expense, net |
|
(12.9 |
) |
|
(10.4 |
) |
||
Write-off of deferred financing costs |
|
— |
|
|
(3.2 |
) |
||
Gain on previously held equity interests from combination of business |
|
32.7 |
|
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
163.0 |
|
|
— |
|
||
Other non-operating expense, net |
|
(0.1 |
) |
|
(0.2 |
) |
||
Earnings before income taxes |
|
317.5 |
|
|
119.1 |
|
||
Provision for income taxes |
|
(67.3 |
) |
|
(28.1 |
) |
||
Net earnings |
$ |
250.2 |
|
$ |
91.0 |
|
||
|
|
|
||||||
Net earnings per share: |
|
|
||||||
Basic |
$ |
1.51 |
|
$ |
0.54 |
|
||
Diluted |
$ |
1.50 |
|
$ |
0.54 |
|
||
Average common stock and common equivalent shares outstanding: |
|
|
||||||
Basic |
|
165.9 |
|
|
168.7 |
|
||
Diluted |
|
166.5 |
|
|
169.7 |
|
||
Vontier CORPORATION AND SUBSIDIARIES |
||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
||||||||
($ in millions) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
|
Three Months Ended |
||||||
|
|
April 1, 2022 |
|
April 2, 2021 |
||||
Cash flows from operating activities: |
|
|
||||||
Net earnings |
$ |
250.2 |
|
$ |
91.0 |
|
||
Non-cash items: |
|
|
||||||
Depreciation and amortization expense |
|
29.1 |
|
|
19.8 |
|
||
Stock-based compensation expense |
|
6.1 |
|
|
6.6 |
|
||
Write-off of deferred financing costs |
|
— |
|
|
3.2 |
|
||
Amortization of debt issuance costs |
|
0.9 |
|
|
0.8 |
|
||
Gain on previously held equity interests from combination of business |
|
(32.7 |
) |
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
(163.0 |
) |
|
— |
|
||
Change in deferred income taxes |
|
32.6 |
|
|
(1.0 |
) |
||
Change in accounts receivable and long-term financing receivables, net |
|
33.7 |
|
|
61.5 |
|
||
Change in other operating assets and liabilities |
|
(115.6 |
) |
|
(18.6 |
) |
||
Net cash provided by operating activities |
|
41.3 |
|
|
163.3 |
|
||
Cash flows from investing activities: |
|
|
||||||
Cash paid for acquisitions, net of cash received |
|
(184.9 |
) |
|
— |
|
||
Payments for additions to property, plant and equipment |
|
(12.9 |
) |
|
(11.0 |
) |
||
Proceeds from sale of asset |
|
0.2 |
|
|
— |
|
||
Cash paid for equity investments |
|
(5.8 |
) |
|
(4.6 |
) |
||
Net cash used in investing activities |
|
(203.4 |
) |
|
(15.6 |
) |
||
Cash flows from financing activities: |
|
|
||||||
Proceeds from issuance of long-term debt |
|
— |
|
|
1,586.5 |
|
||
Repayment of long-term debt |
|
— |
|
|
(1,400.0 |
) |
||
Payment for debt issuance costs |
|
— |
|
|
(1.2 |
) |
||
Payment of common stock cash dividend |
|
(4.0 |
) |
|
— |
|
||
Purchase of treasury stock |
|
(257.0 |
) |
|
— |
|
||
Net borrowings (repayments) of short-term borrowings |
|
0.4 |
|
|
(4.0 |
) |
||
Net transfers to Former Parent |
|
— |
|
|
(31.5 |
) |
||
Proceeds from stock option exercises |
|
— |
|
|
1.5 |
|
||
Acquisition of noncontrolling interest |
|
— |
|
|
(1.9 |
) |
||
Other financing activities |
|
(3.0 |
) |
|
(3.9 |
) |
||
Net cash provided by (used in) financing activities |
|
(263.6 |
) |
|
145.5 |
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
(1.8 |
) |
|
(3.4 |
) |
||
Net change in cash and cash equivalents |
|
(427.5 |
) |
|
289.8 |
|
||
Beginning balance of cash and cash equivalents |
|
572.6 |
|
|
380.5 |
|
||
Ending balance of cash and cash equivalents |
$ |
145.1 |
|
$ |
670.3 |
|
||
Vontier корпорация и дочерние компании сверка gaap с финансовыми показателями , не относящимися к gaap, и другая информация
Скорректированная Чистая прибыль и Скорректированная Разводненная Чистая Прибыль на акцию
Мы раскрываем показатели скорректированной чистой прибыли и скорректированной разводненной чистой прибыли на акцию, не относящиеся к GAAP, которые, насколько это применимо, вносят следующие корректировки в чистую прибыль по GAAP и разводненную чистую прибыль на акцию по GAAP:
Руководство считает, что эти финансовые показатели, не относящиеся к GAAP, предоставляют инвесторам полезную информацию, отражая дополнительные способы рассмотрения аспектов нашей деятельности, которые, будучи согласованы с соответствующим показателем GAAP, помогают нашим инвесторам понять долгосрочные тенденции прибыльности нашего бизнеса и облегчают сравнение нашей прибыльности с предыдущими и будущими периодами и для наших сверстников.
Эти показатели, не относящиеся к GAAP, следует рассматривать в дополнение, а не как замену или превосходство сопоставимых показателей GAAP, и они могут быть несопоставимы с аналогичными показателями, о которых сообщают другие компании.
Мы определяем продажи от существующих предприятий (“Основной доход”) как общий объем продаж, исключая (i) продажи от приобретенных и отчужденных предприятий; (ii) влияние пересчета валют; и (iii) некоторые другие статьи.
Руководство считает, что отчетность о финансовых показателях продаж существующих предприятий, не относящихся к GAAP, предоставляет инвесторам полезную информацию, помогая определить основные тенденции роста в нашем бизнесе и облегчая сравнение наших показателей продаж с показателями за предыдущие и будущие периоды, а также с аналогичными показателями. Мы исключаем влияние приобретений и сделок, связанных с отчуждением активов, поскольку характер, размер и количество таких сделок могут сильно различаться от периода к периоду и между нами и нашими коллегами. Мы исключаем влияние пересчета валют и некоторых других статей из продаж существующих предприятий, поскольку эти статьи либо не находятся под контролем руководства, либо относятся к статьям, напрямую не связанным с продажами существующих предприятий. Руководство считает, что исключение этих товаров из продаж существующих предприятий может облегчить оценку основных бизнес-тенденций и может помочь в сравнении долгосрочных результатов.
Продажи от существующих предприятий следует рассматривать в дополнение к общему объему продаж, а не как замену или превосходство над ним, и они могут быть несопоставимы с аналогичными показателями, представленными другими компаниями.
Reconciliation of Net Earnings to Adjusted Net Earnings |
||||||||
|
Three Months Ended |
|||||||
($ in millions) |
April 1, 2022 |
April 2, 2021 |
||||||
Net Earnings (GAAP) |
$ |
250.2 |
|
$ |
91.0 |
|
||
Amortization of acquisition-related intangible assets |
|
18.5 |
|
|
7.6 |
|
||
Restructuring costs |
|
0.6 |
|
|
4.0 |
|
||
Transaction- and deal-related costs |
|
7.1 |
|
|
1.8 |
|
||
Earnings attributable to noncontrolling interests |
|
— |
|
|
0.1 |
|
||
Gain on previously held equity interests from combination of business |
|
(32.7 |
) |
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
(163.0 |
) |
|
— |
|
||
Other charges |
|
1.3 |
|
|
— |
|
||
Non-cash write-off of deferred financing costs |
|
— |
|
|
3.2 |
|
||
One-time costs related to separation |
|
1.6 |
|
|
6.4 |
|
||
Normalization and other adjustments (a) |
|
(0.3 |
) |
|
(1.3 |
) |
||
Tax effect of the Non-GAAP adjustments (b) |
|
32.1 |
|
|
(5.1 |
) |
||
Other tax adjustment |
|
0.5 |
|
|
— |
|
||
Adjusted Net Earnings (Non-GAAP) |
$ |
115.9 |
|
$ |
107.7 |
|
(a) |
Adjustment for standalone public company costs |
|
(b) |
Tax effect calculated using an estimated adjusted effective tax rate for each respective period. The gain on previously held equity interests from combination of business is non-taxable income and therefore the tax effect of the adjustments only includes the other adjustments noted. |
|
Reconciliation of Diluted Net Earnings per Share to Adjusted Diluted Net Earnings per Share |
||||||||
|
Three Months Ended |
|||||||
|
April 1, 2022 |
April 2, 2021 |
||||||
Diluted Net Earnings Per Share (GAAP) |
$ |
1.50 |
|
$ |
0.54 |
|
||
Amortization of acquisition-related intangible assets |
|
0.11 |
|
|
0.04 |
|
||
Restructuring costs |
|
— |
|
|
0.02 |
|
||
Transaction- and deal-related costs |
|
0.04 |
|
|
0.01 |
|
||
Earnings attributable to noncontrolling interests |
|
— |
|
|
— |
|
||
Gain on previously held equity interests from combination of business |
|
(0.20 |
) |
|
— |
|
||
Unrealized gain on equity securities measured at fair value |
|
(0.98 |
) |
|
— |
|
||
Other charges |
|
0.01 |
|
|
— |
|
||
Non-cash write-off of deferred financing costs |
|
— |
|
|
0.02 |
|
||
One-time costs related to separation |
|
0.01 |
|
|
0.04 |
|
||
Normalization and other adjustments (a) |
|
— |
|
|
(0.01 |
) |
||
Tax effect of the Non-GAAP adjustments (b) |
|
0.19 |
|
|
(0.03 |
) |
||
Other tax adjustment |
|
— |
|
|
— |
|
||
Adjusted Diluted Net Earnings Per Share (Non-GAAP) |
$ |
0.70 |
|
$ |
0.63 |
|
(a) |
Adjustment for standalone public company costs |
||||
(b) |
Tax effect calculated using an estimated adjusted effective tax rate for each respective period. The gain on previously held equity interests from combination of business is non-taxable income and therefore the tax effect of the adjustments only includes the other adjustments noted. |
||||
|
|
|
|
||
Note: The sum of the components of Adjusted Diluted Net Earnings Per Share may not equal due to rounding. | |||||
Forecasted Adjusted Diluted Net Earnings Per Share |
||||||||||||||||
|
Three Months Ended |
Year Ended |
||||||||||||||
|
July 1, 2022 |
December 31, 2022 |
||||||||||||||
|
Low End |
High End |
Low End |
High End |
||||||||||||
Forecasted Diluted Net Earnings Per Share |
$ |
0.57 |
|
$ |
0.61 |
|
$ |
3.72 |
|
$ |
3.82 |
|
||||
Anticipated amortization of acquisition-related intangible assets |
|
0.12 |
|
|
0.12 |
|
|
0.47 |
|
|
0.47 |
|
||||
Anticipated restructuring costs |
|
0.04 |
|
|
0.04 |
|
|
0.09 |
|
|
0.09 |
|
||||
Anticipated one-time costs, net of normalization (a) |
|
0.01 |
|
|
0.01 |
|
|
0.04 |
|
|
0.04 |
|
||||
Transaction- and deal-related costs |
|
— |
|
|
— |
|
|
0.04 |
|
|
0.04 |
|
||||
Other charges |
|
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
||||
Gain on previously held equity interests from combination of business |
|
— |
|
|
— |
|
|
(0.20 |
) |
|
(0.20 |
) |
||||
Unrealized gain on equity interests measured at fair value |
|
— |
|
|
— |
|
|
(1.00 |
) |
|
(1.00 |
) |
||||
Tax effect of the Non-GAAP adjustments and other tax adjustment (b) |
|
(0.06 |
) |
|
(0.06 |
) |
|
0.03 |
|
|
0.03 |
|
||||
Forecasted Adjusted Diluted Net Earnings Per Share (Non-GAAP) |
$ |
0.68 |
|
$ |
0.72 |
|
$ |
3.20 |
|
$ |
3.30 |
|
(a) |
Adjustment for standalone public company costs |
||||||||
(b) |
Tax effect calculated using an estimated adjusted effective rate for each respective period. The gain on previously held equity interests from combination of business is non-taxable income and therefore the tax effect of the adjustments only includes the other adjustments noted. |
||||||||
|
|
|
|
|
|
|
|
||
Note: The sum of the components of Forecasted Adjusted Diluted Net Earnings per Share may not equal due to rounding. | |||||||||
Components of Revenue Growth |
|||
|
% Change Three Months
|
||
Total Revenue Growth (GAAP) |
5.7 |
% |
|
Core revenue growth (Non-GAAP) |
(0.1 |
)% |
|
Impact of acquisitions (Non-GAAP) |
7.2 |
% |
|
Impact of currency exchange rates (Non-GAAP) |
(1.4 |
)% |