Resideo Technologies, Inc. · NYSE:REZI
Resideo Technologies — Q3 2022 Earnings Presentation
18 slides from Resideo Technologies's earnings presentation, Nov 1, 2022
Slide 1: Q3 2022 Results Presentation
Q3 2022 RESULTS PRESENTATION November 1, 2022
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements.” All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are f
Slide 3: Resideo Q3 2022 Highlights
Resideo Q3 2022 Highlights • Revenue of $1.6 billion, up 8% y/y, driven by acquisitions and growth at ADI • Pricing remains strong across both segments, helping to offset ongoing cost inflation • Progress on key strategic investment priorities including software platforming, intelligent sensor devel
Slide 4: Products & Solutions Q3 2022 Highlights
Products & Solutions Q3 2022 Highlights • Revenue of $707 million, up 12% y/y, including $112 million from First Alert and ~$30M negative impact from FX • Air product sales growth (+14% y/y) offset by Energy (-9%) and traditional Security (-21%) • Strong price realization partially offsetting lower
Slide 5: ADI Global Distribution Q3 2022 Highlights
ADI Global Distribution Q3 2022 Highlights • Revenue of $911M, up 5% y/y, with continued strength in North America and commercial focused categories; acquisitions added $23M y/y; $22M negative impact from FX • Continued strong y/y growth in e-commerce and private brands revenue • Gross margin and op
Slide 6: Sustainability
Sustainability More information about Resideo’s sustainability journey can be found at www.resideo.com/sustainability 5 © 2022 Resideo Technologies, Inc. All Rights Reserved.
Slide 7: Q3 2022 Financial Performance Summary
Q3 2022 Financial Performance Summary ($ in millions, except per share) Q3 2022 Q3 2021 % change Y/Y Net Revenue 1,618 1,496 +8% P&S Revenue (1) 707 631 +12% ADI Revenue 911 865 +5% Gross Margin (2) 26.6% 28.1% -150 bps P&S Gross Margin (2) 36.2% 41.5% -530 bps ADI Gross Margin (2) 19.3% 18.6% +70 b
Slide 8: Resideo Key Financial Trends
Resideo Key Financial Trends $M Revenue +8% Gross Margin (1) -150 Q3 2022 HIGHLIGHTS Y/Y 30% bps $1,750 29% • Mixed end market trends with $1,500 commercial categories driving ADI 28% growth and Air product strength at 27% $1,250 Products & Solutions offset by 26% slower Security sales $1,000 25% Q3
Slide 9: Products & Solutions Financial Trends
Products & Solutions Financial Trends P&S Revenue (1) +12% P&S Gross Margin (2) -530 Q3 2022 HIGHLIGHTS Y/Y bps $M $800 45% • Revenue grew 12% y/y driven by $750 42% First Alert acquisition and strong $700 39% realization on price actions, offset $650 $600 36% by FX headwinds and volume $550 33% dec
Slide 10: ADI Global Distribution Financial Trends
ADI Global Distribution Financial Trends ADI Revenue +5% ADI Gross Margin (1) +70 bps Q3 2022 HIGHLIGHTS $M Y/Y $1,000 21% • Revenue up 5% y/y driven by 20% growth in North America with 19% 18% acquisitions contributing $23M and $800 17% FX headwinds of $22M 16% $600 15% • Growth in commercial categ
Slide 11: Balance Sheet and Cash Flow Summary (Unaudited)
Balance Sheet and Cash Flow Summary (Unaudited) ($ in millions) Q3 2022 Q3 2021 FY 2021 (1) Cash and cash equivalents and restricted cash 255 686 779 Total debt 1,419 1,232 1,230 Accounts receivable, net (2) 1,043 932 876 Inventories, net (2) 957 710 740 Accounts payable (2) 936 905 883 Cash provide
Slide 12: 2022 Outlook
2022 Outlook ($ in millions) Q4 2022 2022 UPDATED 2022 PREVIOUS Revenue $1,550 to $1,600 $6,360 to $6,410 $6,450 to $6,650 Gross margin 26.5% to 27.5% 27.0% to 28.0% 27.5% to 28.5% GAAP Operating profit $130 to $140 $645 to $655 $690 to $720 Corporate costs ~$225 Corporate costs ~$240 Avg. diluted s
Slide 13: Resideo Values
Resideo Values Start with Act as Pioneer Make a the customer one team the future difference We understand our We work together We embrace We care about the customers’ needs toward common change, boldly step long-lasting and pride ourselves goals, engaging from into the unknown, positive impact we on
Slide 14: Appendix
resideo APPENDIX
Slide 15: Summary Financial Results (Unaudited)
Summary Financial Results (Unaudited) (1) (In millions) (1) Dollars reported in millions herein are computed based on the amounts in thousands. As a result, the sum of the components, and related calculations, reported in millions may not equal the total amounts due to rounding. (2) The prior year i
Slide 16: Consolidated Interim Statements of Operations (Unaudited)
Consolidated Interim Statements of Operations (Unaudited) (1) The prior year unaudited Consolidated Statements of Operations were reclassified to present Research and development expenses as a separate line item. Research and development expenses were formerly included within Selling, general and ad
Slide 17: Consolidated Interim Balance Sheets (Unaudited)
Consolidated Interim Balance Sheets (Unaudited) 16 © 2022 Resideo Technologies, Inc. All Rights Reserved.
Slide 18: Consolidated Interim Statements of Cash Flows (Unaudited)
Consolidated Interim Statements of Cash Flows (Unaudited) 17 © 2022 Resideo Technologies, Inc. All Rights Reserved.