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7.9% 7.6% 8.9% 9.4% 8.4% 8.5% 9.2% 9.4%
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35% 48%33%11%
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Reinvestment $32M Through the Bottom Line $42M Gross Margin SG&A ● ●
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● ● ● ● 2.2x 2.1x 2.0x 1.6x
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Adjusted Operating Margin Reconcilliation FY23 FY24 FY25 Operating Earnings 325.0$ 282.7$ 327.8$ Operating Margin 8.7% 7.6% 8.9% Resturcturing 12.0$ (0.1)$ COVID-19 3.7$ -$ Fuel for Growth and Other 32.0$ 23.7$ Corporate HQ Relocation (24.8)$ Asset Impairment 1.8$ Adj. Operating Earnings 340.8$ 314.6$ 328.4$ Adj. Operating Margin 9.1% 8.5% 8.9% Adjusted Net Earnings and Adjusted Net Earnings Per Share FY23 FY24 FY25 Net Earnings (GAAP) 184.6$ 153.4$ 195.9$ COVID-19 expenses 2.65 - - Loss on extinguishment of debt 4.03 3.17 - Restructuring charges 9.09 (0.06) - One-time benefits from U.S. tax reform - - - Asset Impairment - - 1.34 Corporate HQ Relocation - - (18.42) Fuel for Growth & Other - 23.74 18.36 Adjusted Net Eearnings 200.4$ 180.3$ 197.2$ Diluted Adjusted Net Earnings per Share (non-GAAP): 1.83$ 1.69$ 1.90$ Adjusted Gross Margin Reconcilliation FY23 FY24 FY25 Sales 3,728.1$ 3,717.0$ 3,701.4$ Cost of Products Sold 1,829.9$ 1,827.0$ 1,790.7$ Gross Margin % 50.9% 50.9% 51.6% Restructuring 5.8$ -$ -$ Fuel for Growth -$ -$ (3.9)$ Adj. Cost of Products Sold 1,835.6$ 1,827.0$ 1,786.8$ Adj. Gross Margin % 50.8% 50.9% 51.7%
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Adjusted Net Earnings and Adjusted Net Earnings Per Share Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Net Earnings (GAAP) 50.3$ 40.9$ 50.8$ 42.6$ 38.4$ 29.2$ 37.7$ 48.1$ 61.0$ 39.2$ 45.7$ 49.9$ COVID-19 expenses 0.78 1.87 Loss on extinguishment of debt 1.33 1.91 1.26 Restructuring charges 5.75 3.69 (0.26) (0.09) (0.06) 0.05 0.28 (0.32) Other 2.70 Asset Impairment 1.33 Corporate HQ Relocation (19.79) 0.15 0.13 1.09 Fuel for Growth & Other 3.63 6.65 8.87 4.60 3.62 2.83 6.54 5.37 Adjusted net earnings 56.9$ 44.6$ 53.3$ 45.7$ 42.0$ 37.8$ 48.1$ 52.3$ 44.8$ 43.5$ 52.4$ 56.4$ Diluted adjusted net earnings per share (non-GAAP): 0.52$ 0.41$ 0.49$ 0.42$ 0.39$ 0.35$ 0.45$ 0.50$ 0.43$ 0.42$ 0.51$ 0.55$ Diluted GAAP net earnings per share: 0.46$ 0.37$ 0.46$ 0.39$ 0.35$ 0.27$ 0.36$ 0.46$ 0.58$ 0.38$ 0.44$ 0.49$ Adjusted Operating Margin Reconcilliation Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Operating Earnings 86.6$ 71.4$ 90.1$ 76.9$ 69.1$ 59.6$ 71.8$ 82.3$ 100.3$ 69.4$ 78.2$ 79.9$ Operating Margin 9.0% 7.8% 9.7% 8.3% 7.4% 6.6% 7.6% 8.8% 10.7% 7.9% 8.4% 8.4% Resturcturing 7.7$ 4.9$ (0.3)$ (0.3)$ (0.1)$ 0.1$ 0.4$ (0.4)$ -$ -$ -$ -$ COVID-19 1.1$ -$ -$ 2.6$ -$ -$ -$ -$ -$ -$ -$ -$ Fuel for Growth and Other -$ -$ -$ -$ 4.9$ 8.9$ 11.9$ 6.2$ 4.9$ 3.8$ 7.8$ 7.2$ Corporate HQ Relocation -$ -$ -$ -$ -$ -$ -$ -$ (26.6)$ 0.2$ 0.1$ 1.5$ Asset Impairment -$ -$ -$ -$ -$ -$ -$ -$ -$ 1.8$ -$ -$ Adj. Operating Earnings 95.4$ 76.3$ 89.8$ 79.3$ 73.9$ 68.6$ 84.1$ 88.0$ 78.5$ 75.2$ 86.1$ 88.6$ Adj. Operating Margin 10.0% 8.3% 9.6% 8.6% 7.9% 7.6% 8.9% 9.4% 8.4% 8.5% 9.2% 9.4%
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Cash Flow Reconciliation FY22 FY23 FY24 FY25 Cash Flow from Operations 156.5$ 249.3$ 246.5$ 274.8$ Less: Capital Expenditures 99.3$ 90.7$ 101.1$ 102.1$ Plus: Sales of Property & Equipment -$ -$ -$ 43.6$ Free Cash Flow 57.2$ 158.6$ 145.4$ 216.3$ Adjusted EBITDA Reconcilliation FY22 FY23 FY24 FY25 Net Earnings (GAAP) 183.6$ 184.6$ 153.4$ 195.9$ Interest expense, net of interest income 93.5 73.0 76.4 64.4 Provision for income taxes 60.6 67.4 52.9 67.5 Depreciation and amortization 99.9 102.4 109.7 99.9 Share-based compensation 10.7 15.9 17.2 19.2 COVID-19 expenses 6.2 3.7 - - Impairment charges - - - 1.8 Restructuring charges 47.4 12.0 (0.1) - Fuel for Growth/Other - - 32.0 23.7 Corporate HQ Relocation - - - (24.8) Adjusted EBITDA 501.9$ 459.0$ 441.5$ 447.6$