附錄99.1
VERALTO報告2024年第三季度業績
麻省瓦爾瑟姆（2024年10月23日） – Veralto（紐交所：VLTO）（該公司）是一家致力於保護全球最重要資源的重要水和產品質量解決方案的全球領導者。 守護全球最重要資源™ 宣布截至2024年9月27日結束的第三季度的結果。
2024年第三季關鍵結果
•年度增長率為4.7％，達到131400萬美元，非GAAP核心銷售增長率為4.6％。
•營業利潤率為23.4%，非通用會計原則調整後的營業利潤率為24.1%。
•淨收益為2,1900萬美元，每股稀釋普通股收益為0.88美元
•非依照普通會計準則調整後的淨收益為22300萬美元，每股摊薄普通股盈利為0.89美元
•營運現金流為22400萬美元，非遵循通用會計原則之自由現金流為21500萬美元
「全球各團隊表現優異，實現另一季度強勁表現，核心銷售額年增長率達中位數，毛利擴張強勁，現金產生力強勁。這些成果再次證明我們業務的持久性，得益於全球對潔淨水、安全食品和可信賴必需品的需求」，總裁兼首席執行官Jennifer L. Honeycutt表示。「第3季的增長在關鍵終端市場和區域廣泛展開，北美工業水處理需求持續強勁，全球消費品包裝市場逐漸恢復」。
「我們持續改進的文化，得益於Veralto企業系統的支持，已經在今年加強了我們的成長，強化了我們的執行，同時也使我們能夠增加對銷售、營銷和創新的投資，以創造未來的價值。」
在我們強勁的第三季表現之後，我們收購了TraceGains，這是我們包裝和色彩解決方案的一個補充。TraceGains擴大了我們提供更多價值給消費品牌的能力，幫助他們數位化關鍵工作流程並加快上市時間。其不斷增長的營業收入、穩健的核心銷售增長和吸引人的毛利率加強了我們PQI部門的財務狀況。此外，TraceGains專注於提高食品安全，完全符合我們的宗旨-- 守護世界上最重要的資源™，Honeycutt總結道。
2024年度指引
公司僅提供預測銷售數據，而不是基於非普遍會計準則的原因在於難以估計會計銷售的其他元件，例如貨幣兌換、收購和出售。
對於2024年第四季，Veralto預期非GAAP核心銷售將同比增長低至中位數位數，調整後營業利潤率約為24.0％，調整後稀釋每股收益範圍在0.86美元至0.90美元之間。
公司預計全年2024年核心銷售增長率將以低位數字單位計算，調整後的營業利潤率擴張約75個基點。公司將調高調整後每股稀釋收益的全年指引範圍至3.44美元至3.48美元，而前瞻指引為每股3.37美元至3.45美元。自由現金流轉化指引維持在100%至110%的區間。
會議看漲和網路轉播資訊
Veralto將於明天上午8:30舉行季度投資者業績會，討論其第三季度業績和2024年更新的財務指引。可以在Veralto網站的“投資者”部分，即www.veralto.com網站上的“新聞與活動”子標題下，訪問該通話、網路廣播以及附帶的投影片展示。其他資料將發布在Veralto網站的同一部分。在通話結束後不久，網路廣播的重播將在Veralto網站的同一部分提供，並將持續到下一次季度業績會。
會議看漲可透過撥打+1(800) 274-8461(美國)或+1(203) 518-9843(國際)(會議ID:VLTO3Q24)。 會議看漲結束後不久將提供會議的重播，直至2024年11月9日。您可以在Veralto網站的“投資者”部分下的“資訊\活動”子項中查看重播撥入資訊。
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關於VERALTO
憑藉每年50億美元的銷售額，Veralto是一家全球領先的重要科技解決方案供應商，擁有解決我們作為社會面臨的一些最複雜挑戰的豐富經驗。 我們行業領先的公司擁有全球知名品牌，通過長期建立的創新和客戶信任來打造更安全、更清潔、更有活力的未來。 总部位于马萨诸塞州沃尔瑟姆市，我们在全球16000名员工的团队致力于对我们的世界产生持久正面影响，并被一個強大的目標聯合起來: 保護世界上最重要的資源™.
非通用會計處理及補充資料
除了依據普遍公認會計原則（GAAP）準備的財務措施外，本收益公告還包括非GAAP財務措施。這些措施的計算、我們認為這些措施能夠向投資者提供有用資訊的原因、將這些措施調整為最直接可比的GAAP措施的調解工作（如適用）以及有關這些非GAAP措施的其他信息均包含在附表中。
此份業績發布、附帶相關業績會的投影片展示、非通用會計對帳、以及一份包含歷史和預期未來財務表現細節的備註已經發佈在 Veralto 公司網站的「投資者」部分（www.veralto.com）下的「季度業績」副標題。
前瞻性陳述
本公告中的某些陳述，包括關於公司預期2024年第四季度和全年的財務表現、公司的差異化和定位以繼續提供可持續、長期股東價值以及我們認為將來會發生的事件或發展的其他任何陳述均屬於《聯邦證券法》所規定的「前瞻性」陳述。除歷史事實信息以外的所有陳述都屬於前瞻性陳述，包括但不限於有關：營業收入、費用、利潤、利潤率、稅率、稅款提存額、現金流、養老金和福利義務及資金需求、Veralto的流動性狀況或其他財務指標的預測；Veralto管理層對未來業務的計劃和策略，包括關於預期的營運績效、成本削減、重組活動、新產品和服務開發、競爭優勢或市場地位、收購及其整合、拋售、獨立分拆或其他發行、戰略機會、證券發行、股票回購、分紅派息和高管薪酬的陳述；分拆或分配對Veralto業務的影響；Veralto所銷售市場中的增長、下降和其他趨勢；新訂或修改的法律、法規和會計準則；未來的監管批准及其時間安排；未解決的索賠、法律訴訟、稅務稽核和評估以及其他應計負債；未來貨幣兌換匯率以及匯率波動；一般經濟和資本市場條件；上述任何事項的預期時間安排；上述任何事項的底層假設；以及任何其他指出Veralto打算或相信將來會發生的事件或發展的陳述。有關可能導致實際結果與這些前瞻性陳述有實質性差異的因素的其他信息，可參閱我們的SEC提交文件，包括我們的2023年第10-k表年報和第10-Q表季度報告。這些前瞻性陳述僅於本公告日期之日起發揮作用，除適用法律規定的範圍外，公司不承擔任何更新或修訂任何前瞻性陳述的義務，無論是因為新信息、將來事件和發展還是其他原因。
投資人關係聯繫人：
瑞安·泰勒
副總裁，投資者關係
investors@veralto.com
媒體聯繫人：
史蒂夫·費爾德
副總裁，通信
steve.field@veralto.com
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VERALTO 公司
合併及綜合簡明收益報表
（$和股票單位皆以百萬計，除每股金額外）
(未經審核)
| 截至三個月的期間 | 九個月期結束 | ||||||||||||||||||||||
| 2024年9月27日 | 2023年9月29日 | 2024年9月27日 | 2023年9月29日 | ||||||||||||||||||||
| 銷售 | $ | 1,314 | $ | 1,255 | $ | 3,848 | $ | 3,733 | |||||||||||||||
| 銷售成本 | (531) | (532) | (1,544) | (1,578) | |||||||||||||||||||
| 毛利 | 783 | 723 | 2,304 | 2,155 | |||||||||||||||||||
| 營業成本： | |||||||||||||||||||||||
| 銷售、一般及行政費用 | (412) | (395) | (1,220) | (1,133) | |||||||||||||||||||
| 研究與發展費用 | (63) | (55) | (184) | (168) | |||||||||||||||||||
| 營業利潤 | 308 | 273 | 900 | 854 | |||||||||||||||||||
| 非營業收入（費用）： | |||||||||||||||||||||||
| 其他收入（費用），淨額 | 5 | — | (9) | (14) | |||||||||||||||||||
| 利息費用，淨額 | (27) | (5) | (85) | (5) | |||||||||||||||||||
| 稅前收益 | 286 | 268 | 806 | 835 | |||||||||||||||||||
| 所得稅 | (67) | (63) | (200) | (196) | |||||||||||||||||||
| 净利润 | $ | 219 | $ | 205 | $ | 606 | $ | 639 | |||||||||||||||
| 每普通股收益： | |||||||||||||||||||||||
| 基本 | $ | 0.89 | $ | 0.83 | $ | 2.45 | $ | 2.59 | |||||||||||||||
| 攤薄 | $ | 0.88 | $ | 0.83 | $ | 2.43 | $ | 2.59 | |||||||||||||||
| 一般普通股和普通等價股的平均流通股數： | |||||||||||||||||||||||
| Basic | 247.4 | 246.3 | 247.2 | 246.3 | |||||||||||||||||||
| 稀釋後 | 250.0 | 246.3 | 249.4 | 246.3 | |||||||||||||||||||
This information is presented for reference only.
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VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Reconciliation of GAAP to Non-GAAP Financial Measures
($ in millions)
| Three-Month Period Ended September 27, 2024 | |||||||||||||||||||||||||||||
| Sales | Operating profit | Operating profit margin | Net earnings for calculation of diluted earnings per common share | Diluted net earnings per common share | |||||||||||||||||||||||||
| Reported (GAAP) | $ | 1,314 | $ | 308 | 23.4 | % | $ | 219 | $ | 0.88 | |||||||||||||||||||
Amortization of acquisition-related intangible assets A | — | 7 | 0.5 | % | 7 | 0.03 | |||||||||||||||||||||||
Loss on disposition of certain product lines B | — | — | — | (5) | (0.02) | ||||||||||||||||||||||||
Other items C | — | 2 | 0.2 | % | 2 | 0.01 | |||||||||||||||||||||||
Tax effect of the above adjustments F | — | — | — | (1) | — | ||||||||||||||||||||||||
Discrete tax adjustments G | — | — | — | 1 | — | ||||||||||||||||||||||||
| Rounding | — | — | — | — | (0.01) | ||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 1,314 | $ | 317 | 24.1 | % | $ | 223 | $ | 0.89 | |||||||||||||||||||
| Three-Month Period Ended September 29, 2023 | |||||||||||||||||||||||||||||
| Sales | Operating profit | Operating profit margin | Net earnings for calculation of diluted earnings per common share | Diluted net earnings per common share | |||||||||||||||||||||||||
| Reported (GAAP) | $ | 1,255 | $ | 273 | 21.8 | % | $ | 205 | $ | 0.83 | |||||||||||||||||||
Amortization of acquisition-related intangible assets A | — | 12 | 1.0 | 12 | 0.05 | ||||||||||||||||||||||||
Impairments and other charges D | — | 6 | 0.5 | 6 | 0.02 | ||||||||||||||||||||||||
Standalone Adjustment E | 2 | (10) | (0.8) | (40) | (0.16) | ||||||||||||||||||||||||
Tax effect of the above adjustments F | — | — | — | 7 | 0.03 | ||||||||||||||||||||||||
Discrete tax adjustments G | — | — | — | (6) | (0.02) | ||||||||||||||||||||||||
| Rounding | — | — | (0.1) | — | — | ||||||||||||||||||||||||
| Adjusted (Non-GAAP) | $ | 1,257 | $ | 281 | 22.4 | % | $ | 184 | $ | 0.75 | |||||||||||||||||||
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VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Notes to Reconciliation of GAAP to Non-GAAP Financial Measures
($ in millions)
A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above):
| Three-Month Period Ended | |||||||||||
| September 27, 2024 | September 29, 2023 | ||||||||||
| Pretax | $ | 7 | $ | 12 | |||||||
| After-tax | 5 | 9 | |||||||||
B Gain on the disposition of a certain product line in the three-month period ended September 29, 2023 ($5 million gain pretax as reported in this line item, $4 million gain after-tax).
C Costs incurred in the three-month period ended September 27, 2024 related to certain strategic initiatives ($2 million pretax and after-tax as reported in this line item).
D Impairment charge related to tradenames in the Product Quality & Innovation segment for the three-month period ended September 29, 2023 totaling $6 million, as reported in this line item, and $5 million after-tax.
E This amount encompasses management estimates of operating as a standalone entity. The management estimate includes recurring and ongoing costs required to operate new functions required for a public company such as certain corporate functions including finance, tax, legal, human resources and other general and administrative related functions. The pre-tax and after-tax effect of these estimates are summarized below:
| Three-Month Period Ended | |||||
| September 29, 2023 | |||||
| Impact to Operating Profit | $ | (10) | |||
| Pretax | (40) | ||||
| After-tax | (29) | ||||
F This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
G Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation.
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VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Sales Growth by Segment, Core Sales Growth by Segment
| % Change Three-Month Period Ended September 27, 2024 vs. Comparable 2023 Period | |||||||||||||||||
| Segments | |||||||||||||||||
| Total Company | Water Quality | Product Quality and Innovation | |||||||||||||||
| Total sales growth (GAAP) | 4.7 | % | 3.6 | % | 6.3 | % | |||||||||||
| Impact of: | |||||||||||||||||
| Acquisitions/divestitures | — | % | 0.2 | % | (0.2) | % | |||||||||||
| Currency exchange rates | (0.1) | % | 0.2 | % | (0.4) | % | |||||||||||
| Core sales growth (non-GAAP) | 4.6 | % | 4.0 | % | 5.7 | % | |||||||||||
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VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Forecasted Core Sales Growth, Adjusted Operating Profit Margin, and Adjusted Diluted Net Earnings per Share
The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio.
| % Change Three-Month Period Ending December 31, 2024 vs. Comparable 2023 Period | |||||
| Core sales growth (non-GAAP) | +Low-single digit to +Mid-single digit | ||||
| Three-Month Period Ending December 31, 2024 | |||||
| Adjusted Operating Profit Margin (non-GAAP) | ~24.0% | ||||
| Adjusted Diluted Net Earnings per Share (non-GAAP) | $0.86 to $0.90 | ||||
| % Change Year Ending December 31, 2024 vs. Comparable 2023 Period | |||||
| Core sales growth (non-GAAP) | +Low-single digits | ||||
| Year Ending December 31, 2024 | |||||
| Adjusted Operating Profit Margin (non-GAAP) | ~75 basis points | ||||
| Adjusted Diluted Net Earnings per Share (non-GAAP) | $3.44 to $3.48 | ||||
| Free cash flow to net earnings conversion ratio (non-GAAP) | 100% to 110% | ||||
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VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Cash Flow and Free Cash Flow
($ in millions)
| Three-Month Period Ended | Year-over-Year Change | ||||||||||||||||
| September 27, 2024 | September 29, 2023 | ||||||||||||||||
| Total Cash Flows: | |||||||||||||||||
| Net cash provided by operating activities (GAAP) | $ | 224 | $ | 243 | |||||||||||||
| Total cash used in investing activities (GAAP) | $ | (6) | $ | (14) | |||||||||||||
| Total cash provided by (used in) financing activities (GAAP) | $ | (16) | $ | 206 | |||||||||||||
| Free Cash Flow: | |||||||||||||||||
| Total cash provided by operating activities (GAAP) | $ | 224 | $ | 243 | ~ (8.0) | % | |||||||||||
| Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) | (9) | (11) | |||||||||||||||
| Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP) | — | — | |||||||||||||||
| Free cash flow (non-GAAP) | $ | 215 | $ | 232 | ~ (7.5) | % | |||||||||||
We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment (“capital expenditures”) plus the proceeds from sales of plant, property and equipment (“capital disposals”).
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Statement Regarding Non-GAAP Measures
Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto Corporation’s (“Veralto” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors:
•with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers;
•with respect to core sales and related sales measures, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and
•with respect to free cash flow and related cash flow measures (the “FCF Measure”), understand Veralto’s ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company’s non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures).
Management uses these non-GAAP measures to measure the Company’s operating and financial performance.
•The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons:
◦Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized.
◦Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto’s ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time.
◦Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto’s commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult.
◦Standalone Adjustments: We believe these adjustments provide additional insight into how our businesses are performing, on a normalized basis. However, these non-GAAP financial measures should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts.
•With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to “restructuring charges” and “other adjustments”, we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult.
•With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult.
•With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements.
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