Resilient end markets and our Connected Mobility strategy,
coupled with a comprehensive suite of industry-leading solutions
and a commitment to innovation continue to drive growth and unlock
value.
- Sales of $756 million, down 3% vs. prior year; Core sales
increased 4%
- GAAP diluted net EPS of $0.88; Adjusted diluted net EPS of
$0.74 above prior guide of $0.68 to $0.72
- Operating cash flow was $92 million; Adjusted free cash flow
was $78 million, representing 68% Adjusted free cash flow
conversion
- Initiates Q2 2024 guidance for adjusted diluted net EPS of
$0.67 to $0.71
Vontier Corporation (NYSE: VNT), a leading global provider of
critical technologies and solutions to connect, manage and scale
the mobility ecosystem, today announced results for the first
quarter ended March 29, 2024.
Reported sales in the first quarter declined 3% year-over-year
to $755.8 million, reflecting the absence of sales from divested
businesses. Core sales increased 4% on strong demand for retail
fueling, enterprise productivity and alternative energy solutions.
Operating profit of $142.1 million increased 6% from the prior
year, and operating profit margin increased 160 basis points, to
18.8%. Adjusted operating profit of $166.7 million increased 3%
from the prior year and adjusted operating profit margin increased
approximately 130 basis points, to 22.1%. Net earnings were $136.8
million, and adjusted net earnings were $115.7 million, resulting
in GAAP diluted net earnings per share of $0.88 and adjusted
diluted net earnings per share of $0.74.
“We delivered solid first quarter results, exceeding our profit
guidance for the quarter, with continued momentum across the
majority of our end markets,” said Mark Morelli, President and
Chief Executive Officer. “Our customers across key growth verticals
continue to invest in our innovative solutions that optimize their
revenues and lower operating costs through reducing complexity and
managing their assets more effectively.”
Morelli continued, “Meeting these customer needs increasingly
requires smarter, more connected solutions. Vontier’s large
installed base, coupled with the depth and breadth of our portfolio
and our Connected Mobility strategy, uniquely positions us to
deliver industry-leading, integrated solutions that drive enhanced
productivity, automation and profitability to our customers. I
remain confident in our ability to create value for all our
stakeholders and deliver on our financial commitments.”
Segment Results
Q1 2024 Segment Results Summary
Environmental & Fueling
Solutions
Mobility Technologies(a)
Repair Solutions
Other
Total Vontier
Sales ($M)
$331.0
$242.7
$182.4
$1.3
$755.8
Segment Operating Profit ($M)
$97.3
$47.6
$44.7
$(0.4)
$189.2
Segment Operating Profit %
29.4%
19.6%
24.5%
(30.8)%
25.0%
(a)
Includes $1.6 million of intersegment
sales that are eliminated in consolidation.
Environmental & Fueling Solutions reported sales grew
6% year-over-year. Core sales increased 10%, driven by strong
growth in North America dispenser equipment, aftermarket parts, and
environmental solutions. Segment operating profit increased 21%
versus the prior year. Segment operating profit margin expanded 370
basis points resulting from favorable product and geographic mix,
ongoing cost savings and positive price/cost.
Mobility Technologies reported sales declined 1% versus
the prior year. Core sales increased slightly year-over-year, as
continued strong demand for C-store enterprise productivity and
alternative energy solutions was offset by softer demand for car
wash technologies. Segment operating profit was down slightly
versus the prior year. Segment operating profit margin increased 10
basis points year-over-year despite higher R&D and other growth
investments.
Repair Solutions reported sales grew 1% over the prior
year. Core sales growth of approximately 1% was driven by continued
demand within the tool storage and diagnostic tools categories,
partially offset by moderation in hardline products. Segment
operating profit declined 5% (or just over $2 million) versus the
prior year. Segment operating profit margin declined 160 basis
points, the result of higher operating costs.
Other Items
- Repurchased ~$22 million, or ~0.6 million shares during the
quarter
- Repaid $50 million in debt during the quarter
- Net leverage ratio ended Q1 at 2.6X
2024 Outlook
- Total sales $3,040 to $3,100 million; Core sales growth +4 to
6%
- Adjusted operating profit margin expansion of 80 to 110 basis
points year-over-year
- Adjusted diluted net earnings per share in the range of $3.00
to $3.15
- Adjusted free cash flow conversion of ~90 to 100%
Q2 2024 Outlook
- Total sales $735 to $750 million; Core sales growth +2 to
4%
- Adjusted operating profit margin expansion of 20 to 60 basis
points year-over-year
- Adjusted diluted net earnings per share in the range of $0.67
to $0.71
Conference Call Details
Vontier will discuss results and outlook during its quarterly
investor conference call today starting at 8:30 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 call can be accessed via webcast or by dialing +1
800-549-8228, along with the conference ID: 38690. A replay of the
webcast will be available at the same location shortly after the
conclusion of the presentation, or by dialing +1 888-660-6264,
conference ID: 38690 and passcode 38690 or under the “Investors”
section of the Vontier website under “Events &
Presentations.”
ABOUT VONTIER
Vontier (NYSE: VNT) is a global industrial technology company
uniting productivity, automation and multi-energy technologies to
meet the needs of a rapidly evolving, more connected mobility
ecosystem. Leveraging leading market positions, decades of domain
expertise and unparalleled portfolio breadth, Vontier enables the
way the world moves – delivering smart, safe and sustainable
solutions to our customers and the planet. Vontier has a culture of
continuous improvement and innovation built upon the foundation of
the Vontier Business System and embraced by colleagues worldwide.
Additional information about Vontier is available on the Company’s
website at www.vontier.com.
NON-GAAP FINANCIAL MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this earnings
release also references “core sales growth,” “adjusted operating
profit,” “adjusted operating profit margin,” “segment operating
profit,” “segment operating profit margin,” “adjusted net
earnings,” “adjusted diluted net earnings per share,” “free cash
flow,” “adjusted free cash flow,” “adjusted free cash flow
conversion,” “EBITDA,” “adjusted EBITDA” and “net leverage ratio”
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, 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 Form 10-K for the year ended December 31, 2023. 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
CONSOLIDATED BALANCE
SHEETS
(in millions)
(unaudited)
March 29, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
406.0
$
340.9
Accounts receivable, net
519.0
497.5
Inventories
294.8
296.6
Prepaid expenses and other current
assets
141.6
141.4
Current assets held for sale
—
56.1
Total current assets
1,361.4
1,332.5
Property, plant and equipment, net
107.1
102.3
Operating lease right-of-use assets
48.0
47.0
Long-term financing receivables, net
278.7
276.2
Other intangible assets, net
546.4
568.3
Goodwill
1,732.1
1,742.4
Other assets
232.1
225.3
Total assets
$
4,305.8
$
4,294.0
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion
of long-term debt
$
55.7
$
106.6
Trade accounts payable
384.9
366.8
Current operating lease liabilities
14.5
14.0
Accrued expenses and other current
liabilities
410.0
435.8
Current liabilities held for sale
—
32.1
Total current liabilities
865.1
955.3
Long-term operating lease liabilities
37.7
37.1
Long-term debt
2,189.7
2,189.0
Other long-term liabilities
220.7
217.0
Total liabilities
3,313.2
3,398.4
Commitments and Contingencies
Equity:
Preferred stock
—
—
Common stock
—
—
Treasury stock
(425.3
)
(403.4
)
Additional paid-in capital
62.5
56.8
Retained earnings
1,265.0
1,132.1
Accumulated other comprehensive income
82.7
104.9
Total Vontier stockholders’ equity
984.9
890.4
Noncontrolling interests
7.7
5.2
Total equity
992.6
895.6
Total liabilities and equity
$
4,305.8
$
4,294.0
VONTIER CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
EARNINGS
(in millions, except per share
amounts)
(unaudited)
Three Months Ended
March 29, 2024
March 31, 2023
Sales
$
755.8
$
776.4
Operating costs and expenses:
Cost of sales, excluding amortization of
acquisition-related intangible assets
(383.8
)
(423.4
)
Selling, general and administrative
expenses
(165.4
)
(157.5
)
Research and development expenses
(44.5
)
(41.0
)
Amortization of acquisition-related
intangible assets
(20.0
)
(20.7
)
Operating profit
142.1
133.8
Non-operating income (expense), net:
Interest expense, net
(18.9
)
(24.0
)
Gain on sale of business
39.8
—
Other non-operating expense, net
(0.2
)
(0.9
)
Earnings before income taxes
162.8
108.9
Provision for income taxes
(26.0
)
(26.1
)
Net earnings
$
136.8
$
82.8
Net earnings per share:
Basic
$
0.89
$
0.53
Diluted
$
0.88
$
0.53
Weighted average shares outstanding:
Basic
154.5
155.7
Diluted
155.4
156.1
VONTIER CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in millions)
(unaudited)
Three Months Ended
March 29, 2024
March 31, 2023
Cash flows from operating activities:
Net earnings
$
136.8
$
82.8
Non-cash items:
Depreciation expense
11.4
10.4
Amortization of acquisition-related
intangible assets
20.0
20.7
Stock-based compensation expense
9.5
6.8
Gain on sale of business
(39.8
)
—
Other non-cash items
1.2
(0.3
)
Change in deferred income taxes
(7.6
)
(5.7
)
Change in accounts receivable and
long-term financing receivables, net
(28.2
)
42.1
Change in other operating assets and
liabilities
(11.8
)
(75.8
)
Net cash provided by operating
activities
91.5
81.0
Cash flows from investing activities:
Proceeds from sale of business, net of
cash provided
70.5
—
Payments for additions to property, plant
and equipment
(20.2
)
(13.7
)
Proceeds from sale of property
0.9
4.2
Cash paid for equity investments
(0.2
)
(1.9
)
Proceeds from sale of equity
securities
—
20.4
Net cash provided by investing
activities
51.0
9.0
Cash flows from financing activities:
Repayment of long-term debt
(50.0
)
(65.0
)
Net (repayments of) proceeds from
short-term borrowings
(1.0
)
3.9
Payments of common stock cash dividend
(3.9
)
(3.9
)
Purchases of treasury stock
(21.6
)
(18.1
)
Proceeds from stock option exercises
12.8
1.2
Other financing activities
(10.7
)
(5.3
)
Net cash used in financing
activities
(74.4
)
(87.2
)
Effect of exchange rate changes on cash
and cash equivalents
(3.0
)
0.9
Net change in cash and cash
equivalents
65.1
3.7
Beginning balance of cash and cash
equivalents
340.9
204.5
Ending balance of cash and cash
equivalents
$
406.0
$
208.2
VONTIER CORPORATION AND
SUBSIDIARIES
SEGMENT FINANCIAL
SUMMARY
(in millions)
(unaudited)
Three Months Ended
March 29, 2024
March 31, 2023
Sales
Mobility Technologies
$
242.7
$
245.9
Repair Solutions
182.4
181.4
Environmental & Fueling Solutions
331.0
313.8
Other
1.3
35.3
Intersegment eliminations
(1.6
)
—
Total Vontier Sales
$
755.8
$
776.4
Segment & Adjusted Operating
Profit
Mobility Technologies
$
47.6
$
47.9
Repair Solutions
44.7
47.3
Environmental & Fueling Solutions
97.3
80.7
Other
(0.4
)
3.8
Segment Operating Profit (Non-GAAP)
189.2
179.7
Corporate & Other Unallocated
Expense
(22.5
)
(18.5
)
Adjusted Operating Profit (Non-GAAP)
$
166.7
$
161.2
Segment & Adjusted Operating Profit
Margin
Mobility Technologies
19.6
%
19.5
%
Repair Solutions
24.5
%
26.1
%
Environmental & Fueling Solutions
29.4
%
25.7
%
Other
(30.8
%)
10.8
%
Segment Operating Profit Margin
(Non-GAAP)
25.0
%
23.1
%
Adjusted Operating Profit Margin
(Non-GAAP)
22.1
%
20.8
%
VONTIER CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND
OTHER INFORMATION
Core Sales Growth
We define core sales growth as the change in total sales
calculated according to GAAP but excluding (i) sales from acquired
and certain divested businesses; (ii) the impact of currency
translation; and (iii) certain other items.
- References to sales attributable to acquisitions or acquired
businesses refer to GAAP sales from acquired businesses recorded
prior to the first anniversary of the acquisition less the amount
of sales attributable to certain divested or exited businesses or
product lines not considered discontinued operations.
- The portion of sales attributable to the impact of currency
translation is calculated as the difference between (a) the
period-to-period change in sales (excluding sales from acquired
businesses) and (b) the period-to-period change in sales, including
foreign operations, (excluding sales from acquired businesses)
after applying the current period foreign exchange rates to the
prior year period.
- The portion of sales attributable to other items is calculated
as the impact of those items which are not directly correlated to
core sales which do not have an impact on the current or comparable
period.
Core sales growth 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.
Management believes that reporting the non-GAAP financial
measure of core sales growth 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 certain
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 core sales because these
items are either not under management’s control or relate to items
not directly correlated to core sales growth. Management believes
the exclusion of these items from core sales growth may facilitate
assessment of underlying business trends and may assist in
comparisons of long-term performance.
Adjusted Operating Profit and Adjusted Operating Profit
Margin
Adjusted operating profit refers to operating profit calculated
in accordance with GAAP, but excluding amortization of
acquisition-related intangible assets, costs associated with
restructurings including one-time termination benefits and related
charges and impairment and other charges associated with facility
closure, contract termination and other related activities, and the
related impact of certain divested or exited businesses or product
lines not considered discontinued operations ("Restructuring- and
divestiture-related adjustments"), transaction- and deal-related
costs, asbestos-related adjustments associated with certain
divested businesses, one-time costs related to the separation,
amortization of acquisition-related inventory fair value step-up,
gains and losses on sale of property, and other charges which
represent charges incurred that are not part of our core operating
results (“Other charges”). Adjusted operating profit margin refers
to adjusted operating profit divided by GAAP sales.
Segment Operating Profit and Segment Operating Profit
Margin
Segment operating profit is used by Vontier’s management in
determining how to allocate resources and assess performance.
Segment operating profit represents total segment sales less
operating costs attributable to the segment, which does not include
unallocated corporate costs and other operating costs not allocated
to the reportable segments as part of management’s assessment of
reportable segment operating performance, including stock-based
compensation expense, amortization of acquisition-related
intangible assets and other costs shown in the reconciliation to
GAAP operating profit below. As part of management’s assessment of
the Repair Solutions segment, a capital charge based on the
segment’s financing receivables portfolio is assessed by Corporate.
Segment operating profit margin refers to segment operating profit
divided by GAAP sales.
Adjusted Net Earnings and Adjusted Diluted Net Earnings per
Share
Adjusted net earnings refers to net earnings calculated in
accordance with GAAP, but excluding on a pretax basis amortization
of acquisition-related intangible assets, Restructuring- and
divestiture-related adjustments, transaction- and deal-related
costs, asbestos-related adjustments associated with certain
divested businesses, one-time costs related to the separation,
amortization of acquisition-related inventory fair value step-up,
gains and losses on sale of property, Other charges, non-cash
write-offs of deferred financing costs, gains and losses on sale of
businesses and gains and losses on investments, including the tax
effect of these adjustments and other tax adjustments. The tax
effect of such adjustments was calculated by applying our estimated
adjusted effective tax rate to the pretax amount of each
adjustment. Adjusted diluted net earnings per share refers to
adjusted net earnings divided by the weighted average diluted
shares outstanding.
Free Cash Flow, Adjusted Free Cash Flow and Adjusted Free
Cash Flow Conversion
Free cash flow refers to cash flow from operations calculated
according to GAAP but excluding capital expenditures. Adjusted free
cash flow refers to free cash flow adjusted for cash received from
the sale of property and cash paid for Restructuring- and
divestiture-related adjustments, transaction- and deal-related
costs and Other charges. Adjusted free cash flow conversion refers
to adjusted free cash flow divided by adjusted net earnings.
Net Leverage Ratio, EBITDA and Adjusted EBITDA
EBITDA refers to net earnings calculated in accordance with
GAAP, excluding interest, taxes, depreciation and amortization of
acquisition-related intangible assets. Adjusted EBITDA refers to
EBITDA adjusted for Restructuring- and divestiture-related
adjustments, transaction- and deal-related costs, asbestos-related
adjustments associated with certain divested businesses, one-time
costs related to the separation, amortization of
acquisition-related inventory fair value step-up, gains and losses
on sale of property, non-cash write-offs of deferred financing
costs, gains and losses on sale of businesses and gains and losses
on investments. Net leverage ratio refers to net debt divided by
Adjusted EBITDA.
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.
A reconciliation of each of the projected Core Sales Growth,
Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings Per
Share and Adjusted Free Cash Flow Conversion, which are
forward-looking non-GAAP financial measures, to the most directly
comparable GAAP financial measure, is not provided because the
company is unable to provide such reconciliation without
unreasonable effort. The inability to provide each reconciliation
is due to the unpredictability of the amounts and timing of events
affecting the items we exclude from the non-GAAP measure.
Components of Sales Growth
% Change Three Months Ended
March 29, 2024 vs. Comparable 2023 Period
Mobility Technologies
Repair Solutions
Environmental & Fueling
Solutions
Other Segment
Total
Total Sales Growth (GAAP)
(1.3
)%
0.6
%
5.5
%
(96.3
)%
(2.7
)%
Core sales growth (Non-GAAP)
0.3
%
0.6
%
9.6
%
—
%
3.9
%
Acquisitions and divestitures
(Non-GAAP)
—
%
—
%
(3.5
)%
(96.3
)%
(5.8
)%
Currency exchange rates (Non-GAAP)
(1.6
)%
—
%
(0.6
)%
—
%
(0.8
)%
Reconciliation of Operating Profit to
Adjusted Operating Profit and Segment Operating Profit
Three Months Ended
$ in millions
March 29, 2024
March 31, 2023
Operating Profit (GAAP)
$
142.1
$
133.8
Amortization of acquisition-related
intangible assets
20.0
20.7
Restructuring- and divestiture-related
adjustments
4.7
4.5
Transaction- and deal-related costs
(0.5
)
3.1
Asbestos-related adjustments
0.3
—
One-time costs related to separation
0.6
1.1
Amortization of acquisition-related
inventory fair value step-up
—
0.8
Gain on sale of property
(0.5
)
(2.8
)
Adjusted Operating Profit
(Non-GAAP)
166.7
161.2
Corporate & Other Unallocated
Costs
22.5
18.5
Segment Operating Profit
(Non-GAAP)
$
189.2
$
179.7
Operating Profit Margin (GAAP)
18.8
%
17.2
%
Adjusted Operating Profit Margin
(Non-GAAP)
22.1
%
20.8
%
Segment Operating Profit Margin
(Non-GAAP)
25.0
%
23.1
%
Reconciliation of Net Earnings to
Adjusted Net Earnings
Three Months Ended
($ in millions)
March 29, 2024
March 31, 2023
Net Earnings (GAAP)
$
136.8
$
82.8
Amortization of acquisition-related
intangible assets
20.0
20.7
Restructuring- and divestiture-related
adjustments
4.7
4.5
Transaction- and deal-related costs
(0.5
)
3.1
Asbestos-related adjustments
0.3
—
One-time costs related to separation
0.6
1.1
Amortization of acquisition-related
inventory fair value step-up
—
0.8
Gain on sale of property
(0.5
)
(2.8
)
Gain on sale of business
(39.8
)
—
Loss on equity investments
0.1
0.7
Tax effect of the Non-GAAP adjustments and
other tax adjustments
(6.0
)
(4.8
)
Adjusted Net Earnings
(Non-GAAP)
$
115.7
$
106.1
Diluted weighted average shares
outstanding
155.4
156.1
Diluted Net Earnings Per Share
(GAAP)
$
0.88
$
0.53
Adjusted Diluted Net Earnings Per Share
(Non-GAAP)
$
0.74
$
0.68
Reconciliation of Operating Cash Flow
to Free Cash Flow, Adjusted Free Cash Flow, and Adjusted Free Cash
Flow Conversion
Three Months Ended
($ in millions)
March 29, 2024
March 31, 2023
Operating Cash Flow (GAAP)
$
91.5
$
81.0
Less: Purchases of property, plant &
equipment (capital expenditures)
(20.2
)
(13.7
)
Free Cash Flow (Non-GAAP)
$
71.3
$
67.3
Restructuring- and divestiture-related
adjustments
3.8
4.1
Transaction- and deal-related costs
2.2
2.3
Proceeds from sale of property
0.9
4.2
Adjusted Free Cash Flow
(Non-GAAP)
$
78.2
$
77.9
Adjusted Net Earnings
(Non-GAAP)
$
115.7
$
106.1
Adjusted Free Cash Flow Conversion
(Non-GAAP)
67.6
%
73.4
%
Net Leverage Ratio and Reconciliation
from Net Earnings to EBITDA to Adjusted EBITDA
Total Debt
$
2,255.7
Less: Cash
(406.0
)
Net Debt
$
1,849.7
Adjusted EBITDA (Non-GAAP)
$
715.4
Net Leverage Ratio
2.6
Three Months Ended
LTM
($ in millions)
March 29, 2024
March 29, 2024
Net Earnings (GAAP)
$
136.8
$
430.9
Interest expense, net
18.9
88.6
Income tax expense
26.0
106.5
Depreciation and amortization expense
31.4
125.3
EBITDA (Non-GAAP)
$
213.1
$
751.3
Restructuring- and divestiture-related
adjustments
4.7
26.2
Transaction- and deal-related costs
(0.5
)
8.4
Asbestos-related adjustments
0.3
0.3
One-time costs related to separation
0.6
2.7
Amortization of acquisition-related
inventory fair value step-up
—
0.5
Gain on sale of property
(0.5
)
(0.5
)
Non-cash write-off of deferred financing
costs
—
0.2
Gain on sale of business
(39.8
)
(74.2
)
Loss on equity investments
0.1
0.5
Adjusted EBITDA (Non-GAAP)
$
178.0
$
715.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502350295/en/
Ryan Edelman Vice President, Investor Relations Vontier
Corporation 5438 Wade Park Blvd, Suite 600 Raleigh, NC 27607
Telephone: (984) 238-1929
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