Slide 1: Quarterly Financial Review Second Quarter 2022
Quarterly Financial Review Second Quarter 2022
Slide 2: Q2-2022 Quarterly Review
Q2-2022 Quarterly Review © 2022 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the July 21, 2022 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the July 21, 2022 conference call and/or information included in this presentation may co
Slide 4: Nick Pinchuk, Chairman and Chief Executive Officer
Nick Pinchuk Chairman and Chief Executive Officer
Slide 5: Aldo Pagliari, Senior Vice President and Chief Financial Officer
Aldo Pagliari Senior Vice President and Chief Financial Officer
Slide 6: Consolidated Results
Consolidated Results Q2 2022 Q2 2021 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,136.6 $ 1,081.4 5.1 % ➢ Organic sales 87.6 8.4 % ➢Currency translation (32.4) (3.3)% Gross profit $ 553.5 48.7 % $ 543.1 50.2 % Operating expenses 306.9 27.0 % 326.0 30.1 % Operating
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q2 2022 Q2 2021 Change Segment sales $ 359.1 $ 350.5 2.5 % ➢ Organic sales 25.3 7.6 % ➢ Currency translation (16.7) (5.1)% Gross profit $ 133.8 $ 138.5 % of sales 37.3 % 39.5 % Operating expenses $ 82.1 $ 83.0 % of sales 22.9 % 23.7 % Operating ear
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q2 2022 Q2 2021 Change Segment sales $ 520.6 $ 484.1 7.5 % ➢ Organic sales 44.2 9.3 % ➢ Currency translation (7.7) (1.8)% Gross profit $ 239.5 $ 226.5 % of sales 46.0 % 46.8 % Operating expenses $ 115.1 $ 123.0 % of sales 22.1 % 25.4 % Operating earnings $ 1
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q2 2022 Q2 2021 Change Segment sales $ 416.8 $ 398.6 4.6 % ➢ Organic sales 27.4 7.0 % ➢Currency translation (9.2) (2.4)% Gross profit $ 180.2 $ 178.1 % of sales 43.2 % 44.7 % Operating expenses $ 84.5 $ 91.4 % of sales 20.2 % 22.9 % Operating
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q2 2022 Q2 2021 Change Segment revenue $ 86.4 $ 86.9 (0.6)% Operating earnings $ 65.3 $ 68.9 (5.2)% Originations $ 307.6 $ 285.8 7.6 % ▪ Originations increased $21.8 million or 7.6% ▪ Average yield on finance receivables was 17.5% in both years ▪ Averag
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,539.6 $ 1,924.7 $ 195.7 $ 275.6 Portfolio net losses (TTM) $ 37.7 $ 39.2 $ 2.7 $ 3.1 60+ Delinquency: As of 6/30/22 1.4 % 1.1 % 0.8 % 0.9
Slide 12: Cash Flows
Cash Flows 2nd Quarter June YTD ($ in millions - unaudited) 2022 2021 2022 2021 Net cash provided by operating activities $ 140.8 $ 238.2 $ 334.7 $ 557.5 ➢ Net earnings 237.2 213.2 459.9 410.8 ➢ Depreciation and amortization 25.4 25.5 51.1 50.2 ➢ Changes in deferred income taxes (9.4) 1.7 (7.1) 4.0
Slide 13: Balance Sheet
Balance Sheet July 2, January 1, ($ in millions - unaudited) 2022 2022 Trade & Other Accounts Receivable - net $ 729.1 $ 682.3 Days Sales Outstanding 60 58 Finance Receivables - net $ 1,674.0 $ 1,656.3 Contract Receivables - net $ 473.7 $ 488.6 Inventory - net $ 893.3 $ 803.8 Inventory turns - TTM 2
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