Church & Dwight Company, Inc. · NYSE:CHD
Church & Dwight — Barclays Global Consumer Staples Conference 2021
104 slides from Church & Dwight's conference presentation, Sep 8, 2021
Slide 1: Barclays Global Consumer Staples Conference 2021
BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE 2021
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade and marketing spending; marketing expense as a percentage of net sales; sufficiency of cash flows from operations; e
Slide 3: Agenda
01 Who We Are 02 U.S. Consumer Business Agenda 03 2021 Innovation 04 International Story 05 Animal Productivity Story 06 How We Run the Company 07 Strong M&A Platform 08 Financials
Slide 4: Who We Are
01 Who We Are Matt Farrell, Chairman and Chief Executive Officer
Slide 5: Long History of Delivering Outstanding Returns to Our Shareholders
LONG HISTORY OF DELIVERING OUTSTANDING RETURNS TO OUR SHAREHOLDERS 15 YEAR: 10 YEAR: 5 YEAR: 3 YEAR: 2020: 24.2% 19.5% 17.2% 21.9% 25.5% 5
Slide 6: We Have an Evergreen Business Model
WE HAVE AN EVERGREEN BUSINESS MODEL 3% Organic Sales Growth 8% EPS Growth 6
Slide 7: Over Ten Years of Solid Organic Sales Growth
OVER TEN YEARS OF SOLID ORGANIC SALES GROWTH 4.1% organic sales average 10.0% 9.6% 9.0% 8.0% 7.0% 6.0% Evergreen 5.0% Model: 4.0% 3.0% 3.0% 2.0% 1.0% 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: Total organic sales growth is a non-GAAP measure. Refer to the Appendix for a reconc
Slide 8: Consistent Strong Adjusted EPS Growth
CONSISTENT STRONG ADJUSTED EPS GROWTH 11.4% adjusted EPS growth average 18.0% 16.0% 14.6% 14.0% Evergreen 12.0% Model: 10.0% 8.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: Total adjusted EPS growth is a non-GAAP measure. Refer to the Appendix for a reconci
Slide 9: Organic Sales – Sources
ORGANIC SALES – SOURCES 2% United States 3% 6% International 5% Specialty Products 9
Slide 10: Power Brands
TROJAN ® Vu [Ree nse: Nair spinorush | 3 a EE polis - _ | POWER “iii waterpik =| BRANDS FINISHING TOUCH* FLAWLESS® ZICAM.
Slide 11: These Brands Drive Our Results
THESE 13 BRANDS DRIVE OUR RESULTS more than 80% of sales & profits are represented by these 13 POWER BRANDS 11
Slide 12: Our Portfolio Is Balanced & Diversified
OUR PORTFOLIO IS BALANCED & DIVERSIFIED A well-balanced portfolio of household and personal care products. Household: 46% Specialty Products: Personal Care: 48% 6% 12
Slide 13: Diversified Product Portfolio
DIVERSIFIED PRODUCT PORTFOLIO Our Unique Product Portfolio Has Both Value and Premium Products Premium: 58% Value: 42% 13
Slide 14: Long International Runway
LONG INTERNATIONAL RUNWAY U.S. Consumer International Consumer 77% 17% Specialty Products 6%
Slide 15: Our Advantage: Nimble Organizational Structure
OUR ADVANTAGE: NIMBLE ORGANIZATIONAL STRUCTURE quick decision easy ability to adapt making communication 15
Slide 16: Long History of Growth Through Acquisitions
LONG HISTORY OF GROWTH THROUGH ACQUISITIONS Net Sales (Billions) $4.9 $1.5 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. 16
Slide 17: Acquired 12 of Our 13 Power Brands Since 2001
ACQUIRED 12 OF OUR 13 POWER BRANDS SINCE 2001 Acquired 2001 Acquired 2001 Acquired 2001 Acquired 2001 Acquired 2005 Acquired 2006 #1 EXTREME VALUE #2 BATTERY LAUNDRY POWERED #1 LAUNDRY #1 CONDOM DETERGENT #2 PREGNANCY KIT #1 DEPILATORY TOOTHBRUSH ADDITIVE Acquired 2008 Acquired 2011 Acquired 2012 Ac
Slide 18: We Are Growing Online
WE ARE GROWING ONLINE Percentage of Net Sales ~15% 13% 8% 7% 5% 2% 1% 2015 2016 2017 2018 2019 2020 2021E 18
Slide 19: Low Exposure to Private Label
LOW EXPOSURE TO PRIVATE LABEL Weighted Average Private Label Share of our Categories 20% Private Label Consistently ~12% 10% 0% 2016 2017 2018 2019 2020 Source: Nielsen Total U.S. AOC 19
Slide 20: Private Label Shares
PRIVATE LABEL SHARES Only 5 of our 16 categories have private label exposure PREGNANCY TEST KITS BAKING SODA GUMMY VITAMINS 50% 30% 20% 40% 25% 15% 20% 30% 15% 10% 20% 10% 10% 5% 5% 0% 0% 0% ORAJEL EQUIVALENT CAT LITTER 30% 20% 15% 20% 10% 10% 5% 0% 0% Source: Nielsen Total U.S. AOC / 2012 is only Q
Slide 21: 2021 Headwinds
2021 HEADWINDS Inflation • Higher commodity costs o resin o surfactants • High transportation costs • Labor shortages • Tariffs • Broad based inflation across all materials Supply Chain Shortages • Labor • Material
Slide 22: Price Increases on ~50% of Portfolio
As of October 1, we will have raised prices on ~50% of the portfolio
Slide 23: U.S. Consumer Business
02 U.S. Consumer Business Britta Bomhard, EVP and Chief Marketing Officer
Slide 24: US Organic Sales Evergreen Target: +2%
US ORGANIC SALES EVERGREEN TARGET: +2% 2% United States 3% 6% International 5% Specialty Products 24
Slide 25: 2021 Key US Growth Drivers
2021 KEY US GROWTH DRIVERS Vitamin growth continues as gummy conversion accelerates As dental offices get back to normal, Waterpik growth continues Beauty “at home” trend continues. Core brands level out from Covid extremes Brand equity strength and media effectiveness 25
Slide 26: High Consumption in Q2 2021
HIGH CONSUMPTION IN Q2 2021 Water Flossers Dry Shampoo Nasal Hygiene Cat Litter Depilatories Battery Toothbrush Condoms Laundry Additives Gummy VMS Pregnancy Test Kits Toothache We grew Laundry consumption in Toothpaste Baking Soda Cold Shortening 13 out of 16 categories. Women's Electric Grooming S
Slide 27: 2021 Innovation
03 2021 Innovation
Slide 28: Germs are everywhere
Germs are everywhere, not just in the bathroom and kitchen.
Slide 29: Laundry and home sanitizer
• Laundry AND home sanitizer • Kills 99.9% of bacteria and viruses • Removes germs, odors & stains
Slide 30: Consumers focused on cleaning household surfaces
Consumers have been hyper- focused on cleaning household surfaces.
Slide 31: Multi-Purpose Disinfectant Sprays
MULTI-PURPOSE DISINFECTANT SPRAYS Kills COVID. Powerful cleaning and disinfecting without chlorine bleach.
Slide 32: A great feeling condom is a great fitting condom
The key to a great feeling condom is a great fitting condom.
Slide 33: Trojan Ultra Fit
ULTRA FIT A new line of shaped condoms tailored to deliver better feel
Slide 34: Pregnancy test kit buyers test multiple times
Half of pregnancy test kit buyers test six or more times….
Slide 35: Comfort Check
Comfort Check The first pregnancy test kit that meets the needs of the frequent tester
Slide 36: Consumers find flossing difficult
2/3 of consumers find flossing difficult and only 16% floss daily.
Slide 37: Most successful power flosser launch gets better
The most successful new product launch in power flosser history, just got even better… • 2x bristle speed • greater flossing power • 2 brush head sizes • 2 brush speeds 37
Slide 38: Razors cause nicks, cuts and bumps
Razors can give me painful nicks, cuts and bumps that irritate my skin.
Slide 39: Bladeless Shave
BLADELESS SHAVE • No nicks, cuts, razor bumps, guaranteed • Softens & Soothes Skin • Dermatologist tested
Slide 40: Consumers confident in at-home beauty routines
Consumers are confident in doing beauty routines at home and are aware of the cost savings.
Slide 41: For your at-home solutions
PEDI For your “at home” solutions. SALON NAILS
Slide 42: Extra daily immune support
“I try to eat and sleep well, but I’d like to give my immune system some extra daily support.”
Slide 43: Super Immune Support
SUPER IMMUNE SUPPORT • Only gummy to deliver over 100% Daily Value of the top 3 immune ingredients: Vitamin C, Zinc and Elderberry • Includes hot new ingredient: Manuka Honey • First vitafusion item in the cough and cold aisle!
Slide 44: Brain health a priority for Millennials and Gen X
Millennials and Gen X are making brain health a priority but 80% do NOT see a product that satisfies their needs.
Slide 45: Brain Food
BRAIN FOOD • Stress & Focus benefits • Comprehensive formula fueled by essential brain nutrients • Featuring the Adaptogen Ashwagandha plus Phosphatidylserine
Slide 46: Consumers want stress and anxiety relief supplement
Almost half of consumers want a supplement that relieves stress and anxiety.
Slide 47: Ashwagandha
ASHWAGANDHA • Highly relevant Stress benefit • Hot trending single ingredient • The exceptional value and taste consumers can expect from vitafusion
Slide 48: History of Launching New VMS Items
HISTORY OF LAUNCHING NEW VMS ITEMS 5 new items 22 new items 12 new items 7+ new items 48
Slide 49: International Story
04 International Story Barry A. Bruno EVP, International
Slide 50: International Organic Sales Evergreen Target: +6%
INTERNATIONAL ORGANIC SALES EVERGREEN TARGET: +6% 2% United States 3% 6% International 5% Specialty Products 50
Slide 51: International Sales Composition: Subsidiaries + GMG
INTERNATIONAL SALES COMPOSITION: SUBSIDIARIES + GMG 2020 INTERNATIONAL Global Markets Group Canada 29% NET SALES: 34% $828MM Mexico Europe 6% 23% Australia 8% 51
Slide 52: Consistent International Organic Sales Growth
CONSISTENT INTERNATIONAL ORGANIC SALES GROWTH 1H 2021: 10.0% 6.7% 9.0% 8.0% 7.0% 6.0% Evergreen 5.0% Model: 4.0% 3.0% 6.0% 2.0% 1.0% 0.0% 2014 2015 2016 2017 2018 2019 2020 Note: Organic sales growth is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most directly comparable GA
Slide 53: Organic Growth: 1H 2021 Breakdown
ORGANIC GROWTH: 1H 2021 BREAKDOWN Subsidiary Markets: +3.8% Global Markets Group: +13.5% Total International: +6.7% 53
Slide 54: ~95% of World's Population Lives Outside the US
TURNING TO THE FUTURE: ~95% OF THE WORLD’S POPULATION LIVE OUTSIDE OF THE UNITED STATES 54
Slide 55: Only 17% of CHD Sales Are International
WHILE ONLY 17% OF CHD SALES ARE GENERATED INTERNATIONALLY … % of % of U.S. Sales International Sales Top 10 CPG Company 41% 59% Average % U.S.: 74% Church & Dwight 2020 % 83% 17% 2020 refers to the CHD estimate. 55
Slide 56: International Key Focus Areas
INTERNATIONAL KEY FOCUS AREAS Global Markets Group: Investment hub; Emerging Markets serve as long-term future growth drivers Subsidiary Markets: Delivering growth above CPG competitor averages, approaching scale / driving profit Acquisitions: Waterpik & Flawless still heavily under- represented in
Slide 57: Making It Real: Accomplishments in 1H 2021
MAKING IT REAL: ACCOMPLISHMENTS IN 1H 2021 Created eCommerce Added Opened New Direct Selling International Capability in China Office in Mumbai, India Pricing Headcount Commenced Local Launched First Global Manufacturing in Asia Marketing Campaign 57
Slide 58: Improving Operating Margin (+50 bps per year)
… ALL WHILE IMPROVING OPERATING MARGIN (+50 BPS PER YEAR COMMITMENT) 13.7% 13.1% 13.0% 10.8% 12.0% 12.5% 2019 2020 2021E 2022E *2019 includes the impact of Brazil shutdown **2020 & 2021 include the impact of Flawless Earnout Adjustment 58
Slide 59: International Summary: CHD's Engine for Growth
INTERNATIONAL SUMMARY: CHD’S “ENGINE FOR GROWTH” • Long runway to get to our international vs. U.S. “fair share” • Recently acquired brands are still under-represented • Emerging Markets still “relatively new” to Church & Dwight • We are committed to continuing investments in people and capabilities
Slide 60: Animal Productivity Story
05 Animal Productivity Story
Slide 61: SPD Organic Sales Evergreen Target: 5%
SPD ORGANIC SALES EVERGREEN TARGET: 5% 2% United States 3% 6% International 5% Specialty Products 61
Slide 62: Specialty Products Division
SPECIALTY PRODUCTS DIVISION Animal Non-Dairy 2020 SPD 18% NET SALES: Animal Dairy $300 million 49% Specialty Chemical 33% 62
Slide 63: Farm-to-Fork Solutions to Help Improve Productivity
FARM-TO-FORK SOLUTIONS TO HELP IMPROVE PRODUCTIVITY NUTRITIONAL SUPPLEMENTS 63
Slide 64: Cyclical Dairy Industry Drives SPD Organic Revenue
THE CYCLICAL DAIRY INDUSTRY DRIVES SPD ORGANIC REVENUE ORGANIC SALES 22.6% 11.5% ~9.0% 6.0% 0.4% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 64
Slide 65: Acquisitions Created a More Balanced Business
ACQUISITIONS CREATED A MORE BALANCED BUSINESS % OF NON-DAIRY SALES ~24% <1.0% 2015 2021E 65
Slide 66: Positioned for Organic Growth
POSITIONED FOR ORGANIC GROWTH • Trusted brand • Aligned with consumers’ trend • Multiple species • Global growth 66
Slide 67: How We Run the Company
06 How We Run the Company
Slide 68: We Have Five Operating Principles
WE HAVE FIVE OPERATING PRINCIPLES 1 Leverage Brands Brands Consumers Love 2 Friend of the Environment 3 Leverage People Highly productive people in a place where people matter 4 Leverage Asset Light Assets 5 Leverage Acquisitions GOOD shareholder returns become GREAT shareholder returns 68
Slide 69: Brands Consumers Love
BRANDS CONSUMERS LOVE Brands Consumers Love 69
Slide 70: Friend of the Environment
FRIEND OF THE ENVIRONMENT Company institutes the use of recycled paperboard to package household products. Company introduces Sole sponsor of first pro-environmental Earth Day. wall charts & trading cards as product Launches first non- promotion. polluting, phosphate- free laundry detergent. 70
Slide 71: Friend of the Environment
FRIEND OF THE ENVIRONMENT Partnering with the Arbor Day Foundation to plant millions of trees in the Mississippi River Valley. 50% of global 100% of global electricity demand electricity demand offset by green offset by green energy. energy. 71
Slide 72: Environmental Goals
ENVIRONMENTAL GOALS Water: to reduce water and/or wastewater by 25% by 2022* Solid waste: to increase solid waste recycling rate to 75% by the end of 2021. Air: to achieve 100% carbon neutral status for all global operations by end of 2025. * using 2016 as a baseline. 72
Slide 73: Highly Productive People in a Place Where People Matter
HIGHLY PRODUCTIVE PEOPLE IN A PLACE WHERE PEOPLE MATTER Revenue per Employee $958 (in ‘000s) $761 $717 $465 $461 $458 $402 $336 $324 CHD CLOROX PG ENERGIZER KIMBERLY COLGATE RECKITT EDGEWELL NEWELL Source: Most recent 10K filings 73
Slide 74: Simple Compensation Structure
SIMPLE COMPENSATION STRUCTURE 1. Bonuses are tied 100% to Gross business results. Net Revenue Margin Expansion 2. Equity compensation is 100% stock options. 3. Management is required to be heavily invested in Cash From EPS company stock. Operations 74
Slide 75: Asset Light
ASSET LIGHT 2.5% Capital Expenditures as a % of Sales 2.0% 2.1% 2.0% 1.8% 1.5% 1.7% 1.5% 1.4% 1.0% 1.2% 0.5% 0.0% 2014 2015 2016 2017 2018 2019 2020 Outlook as of July 30, 2021 75
Slide 76: Strong M&A Platform
07 Strong M&A Platform
Slide 77: We Have Five Operating Principles
WE HAVE FIVE OPERATING PRINCIPLES Brands Consumers Love 1 Leverage Brands 2 Friend of the Environment 3 Leverage People Highly productive people in a place where people matter 4 Leverage Assets Asset Light 5 Leverage Acquisitions GOOD shareholder returns become GREAT shareholder returns 77
Slide 78: Long History of Growth Through Acquisitions
LONG HISTORY OF GROWTH THROUGH ACQUISITIONS Net Sales (Billions) $4.9 $1.5 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. 78
Slide 79: We Have Clear Acquisition Criteria
WE HAVE CLEAR ACQUISITION CRITERIA Primarily #1 Higher growth, Asset Light Leverage CHD Deliver or #2 share higher margin manufacturing, sustainable brands brands logistics and competitive purchasing advantage 79
Slide 80: 13 Power Brands Today, 20 Tomorrow
13 POWER BRANDS TODAY, 20 TOMORROW Net Sales (Billions) $5.0 13 $4.5 12 $4.0 11 $3.5 $3.0 10 9 $2.5 8 $2.0 7 6 $1.5 $1.0 5 $0.5 1 $0.0 1846 2001 2005 2006 2008 2011 2012 2017 2019 2020… Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. 80
Slide 81: Financials
08 Financials Rick Dierker EVP and Chief Financial Officer
Slide 82: We Have an Evergreen Business Model
WE HAVE AN EVERGREEN BUSINESS MODEL 3% Organic Sales Growth 8% EPS Growth 82
Slide 83: Evergreen Model
EVERGREEN MODEL TSR Model Organic Net Sales Growth +3.0% Gross Margin +25 bps Marketing FLAT SG&A -25 bps Operating Margin ∆ +50 bps EPS Growth 8%
Slide 84: Outlook for 2021
OUTLOOK FOR 2021 NET SALES ORGANIC ADJUSTED GROWTH NET SALES EPS GROWTH GROWTH ~5% ~4% ~6% DOMESTIC: ~3% INTERNATIONAL: ~6% SPD: ~9% Outlook as of July 30, 2021. Organic sales and adjusted EPS are non-GAAP measures. 84
Slide 85: Gross Margin 2021
GROSS MARGIN 2021 First half gross margin impacted by broad-based inflation on raw materials and transportation costs. Second half gross margin reflects pricing actions. +80 bps -75 bps -230 bps 1H 2021 2H 2021E FY 2021E Outlook as of July 30, 2021 85
Slide 86: Best in Class FCF Conversion
“BEST IN CLASS” FCF CONVERSION 10-Year Average: 122% 129% 131% 128% 126% 126% 125% 123% 116% 112% 108% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Bloomberg. 86
Slide 87: Cash Conversion Cycle
CASH CONVERSION CYCLE TIGHT CONTROL OF WORKING CAPITAL DRIVES CCC IMPROVEMENT 52 40 32 34 36 32 27 21 18 22 21 18 16 days 16 13 days excluding 8 7 5 Waterpik & Flawless 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Outlook as of July 30, 2021. 87
Slide 88: Strong Balance Sheet
STRONG BALANCE SHEET TOTAL DEBT/BANK EBITDA 2.6x 2.2x 1.6x 1.5x 1.7x 1.4x 1.9x 1.2x 1.4x 1.4x 1.3x CREDIT RATING 0.6x A3/BBB+ 0.5x 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Note: Total debt/EBITDA is a non-GAAP measure. Refer to the Appendix for a reconciliation to the most c
Slide 89: Significant Financial Capacity
SIGNIFICANT FINANCIAL CAPACITY as of June 30, 2021 (in $millions) Cash & Cash $150 Equivalents on Hand Acquisition Power: Leverage Capacity $4,300 $4.5B • 2021 TTM Bank EBITDA = $1,324M Current • Leverage capacity to 3.75x EBITDA $1,950 Outstanding Debt • Example: Acquisition EBITDA multiple of 12x
Slide 90: Prioritized Uses of Free Cash Flow
PRIORITIZED USES OF FREE CASH FLOW 1 TSR-Accretive M&A 2 Capex For Organic Growth & G2G 3 New Product Development 4 Debt Reduction 5 Return Of Cash To Shareholders 90
Slide 91: Ensuring a Steady Supply for Our Categories
ENSURING A STEADY SUPPLY FOR OUR CATEGORIES 2020 LLD Unit Dose Baking Soda Cleaners VMS 2021- 2022 LLD Litter Baking Soda VMS Technology Capacity 91
Slide 92: Minimal Capital Investment
MINIMAL CAPITAL INVESTMENT Capital Expenditures as a % of Sales 5.4% Evergreen ~3.0% Model: 2.5% 2.8% 2.5% 2.0% 2.1% 2.1% 2.0% 1.8% 1.7% 1.4% 1.5% 1.2% $135 $64 $77 $75 $67 $71 $62 $50 $45 $60 $74 $99 $140 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Outlook as of July 30, 2021.
Slide 93: 5.2% Dividend Increase in 2021
5.2% DIVIDEND INCREASE IN 2021 $1.01 $0.96 $0.87 $0.91 120 +5.2% +5.5% $0.76 +14.5% +4.6% +7.0% consecutive years of dividends +119% +35% 2017 2018 2019 2020 2021 93
Slide 94: Slide 94
Slide 95: Reconciliations
Reconciliations www.churchdwight.com 95
Slide 96: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Church & Dwight Co., Inc.’s Reconciliation of Non-GAAP Measures: The following pages provide definitions of the non-GAAP measures used in this presentation and reconciliations of these non- GAAP measures to the most directly comparable GAAP measures. These non-GAA
Slide 97: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Organic Sales Growth: The presentation provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes, from year-over-year comparisons. Management believes that the
Slide 98: Total Company Organic Sales Reconciliation
TOTAL COMPANY ORGANIC SALES RECONCILIATION Acquisitions & Discontinued System Calendar Shipping Year Reported FX Divestitures Operations Upgrade / Other Terms Organic 2020 12.3% 0.1% -2.8% 0.0% 0.0% 0.0% 0.0% 9.6% 2019 5.1% 0.5% -1.2% 0.0% 0.0% 0.0% 0.0% 4.4% 2018 9.8% 0.0% -5.5% 0.0% 0.0% 0.0% 0.0%
Slide 99: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted Operating Profit Margin: The presentation discloses Operating Profit margin (a GAAP measure) and Adjusted Operating Profit Margin (a non-GAAP measure) which excludes significant one-time items that are not indicative of the Company's period-to-period perf
Slide 100: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted EPS: This presentation discloses reported EPS excluding the following, namely, earnings per share calculated in accordance with GAAP adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We b
Slide 101: Reported & Adjusted Non-GAAP Reconciliations
REPORTED & ADJUSTED NON-GAAP RECONCILIATIONS For the year ending December 31, 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Adjusted EPS Reconciliation EPS - Reported $ 3.12 $ 2.44 $ 2.27 $ 2.90 $ 1.75 $ 1.54 $ 1.51 $ 1.40 $ 1.23 $ 1.06 $ 0.94 $ 0.85 Restructuring Charges $ - $ - $ - $
Slide 102: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Free Cash Flow: Free cash flow (a non-GAAP measure) is defined as cash from operating activities (a GAAP measure) less capital expenditures (a GAAP measure). Management views free cash flow as an important measure because it is one factor in determining the amount
Slide 103: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Total Debt to Bank EBITDA: Total Debt to Bank EBITDA is a ratio used in our debt agreements. Bank EBITDA (a non-GAAP measure) is a form of adjusted EBITDA, and represents earnings from Income (a GAAP measure), excluding interest income, interest expense, and befor
Slide 104: Debt to Bank EBITDA Reconciliation
DEBT TO BANK EBITDA RECONCILIATION Church & Dwight Co., Inc ($ in millions) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Total Debt as Presented (1) $ 2,163.9 $ 2,063.1 $ 2,107.1 $ 2,374.3 $ 1,120.1 $ 1,050.0 $ 1,086.6 $ 797.3 $ 895.6 $ 246.7 $ 333.3 Other Debt per Cov enant (2) 1.5 15.9 5
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