Bio-rad Laboratories, Inc. · NYSE:BIO
Bio-rad Laboratories — Investor Day (February 2022)
102 slides from Bio-rad Laboratories's investor day presentation, Feb 25, 2022
Slide 1: Bio-Rad Laboratories Investor Day 2022
F E B R U A R Y 2 5 , 2 0 2 2 Bio-Rad Investor Laboratories, Inc. Day 2022
Slide 2: Forward-Looking Statements & Use of Non-GAAP Reporting
Forward-Looking Statements & Use of Non-GAAP Reporting Forward-looking Statements. Some statements in this presentation may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding management’s goals
Slide 3: Today's Program
Today’s Program Our Progress, Our Future Lunch Break Norman Schwartz Chief Executive Officer Clinical Diagnostics Dara Wright Executive Vice President, President, Clinical Diagnostics Group Business Transformation Andy Last Executive Vice President, Chief Operating Officer Finance Update Ilan Daskal
Slide 4: Our Progress, Our Future
Our Progress, Our Future Norman Schwartz Chief Executive Officer
Slide 5: Agenda
• Bio-Rad Today Agenda • Progress Since 2017 • Advancing Our Continued Transformation • 2025 Goals
Slide 6: Core Values
Core Values OUR MISSION To provide useful, high-quality products and services that advance scientific discovery and improve healthcare INVOLVEMENT INTEGRITY INNOVATION INDEPENDENCE
Slide 7: Investment Thesis
Investment Thesis • Well established company with a strong brand and high-quality products • Key positions in large, diversified markets with many opportunities for growth • Strong recurring revenue providing for consistency and predictability • Healthy balance sheet and strong cash flow for continu
Slide 8: Today's Golden Age of Biology
Today’s Golden Age of Biology Cell & Gene Therapy • 1700+ Cell, Gene & RNA therapy clinical trials in 2021• Demand for precision medicine driving market growth Novel Therapeutics • 50+ novel therapeutics approved by FDA in 2021, vs. 16 in 2016 • Rising prevalence of medical ailments driving demand f
Slide 9: Bio-Rad Today
Bio-Rad Today Global leader of innovative products in life science research and clinical diagnostics 70 $2.9B 7,900 Years Strong Annual Sales* Employees Worldwide Performance Continuous Innovation A History of Contribution Key Competencies Fueling Ongoing Growth Complementary Business Segments Lever
Slide 10: Two Highly Complementary Business Segments
Two Highly Complementary Business Segments Vertically integrated, global commercial platform
Slide 11: Diversified Customer Base & Geographic Profile
Diversified Customer Base & Geographic Profile 70% recurring revenue provides stability and predictability across the business No single customer accounts for more than 2% of sales
Slide 12: Opportunities Across All Product Areas
Opportunities Across All Product Areas 80%+ of sales from products in which Bio-Rad has a leading market position Life Science Gene Expression Protein Quantitation Bioseparation Molecular Biology Cell Biology Clinical Diagnostics Quality Controls Immunohematology Infectious Diseases Diabetes Monitor
Slide 13: Robust Portfolio Spans Continuum of Fast-Growing Markets
Robust Portfolio Spans Continuum of Fast-Growing Markets Bio-Rad technologies are broadly applicable across multiple growth segments Genomics / Cell Biology / Proteomics / Informatics Discovery Development Production Diagnostics & Monitoring
Slide 14: Our Phase 1 Financial Objectives (2017-2020)
Our Phase 1 Financial Objectives (2017-2020) Driving Revenue Growth Expanding EBITDA Margins(1)(2) Accelerating Free Cash Flow (1)(3) Creating Shareholder Value Target Revenue Growth 3 – 5% Target EBITDA Margins 20%+ in 2020 Grow Faster than EBITDA(1) Deliver Substantial Value A reconciliation of U.
Slide 15: Exceeded Our Revenue Targets
Exceeded Our Revenue Targets Driving Revenue Growth Expanding EBITDA Margins Accelerating Free Cash Flow Creating Shareholder Value Target Revenue(1)(2) Growth 3 – 5% A reconciliation of U.S. GAAP results to non-GAAP results can be found in the Appendix 2020 and 2021 non-GAAP revenue excludes paymen
Slide 16: Exceeded Our EBITDA Margin Targets
Exceeded Our EBITDA Margin Targets Realized operating leverage Driving Revenue Growth Expanding EBITDA Margins Accelerating Free Cash Flow Creating Shareholder Value Target EBITDA Margins (1)(2) 20%+ in 2020 A reconciliation of U.S. GAAP results to non-GAAP results can be found in the Appendix EBITD
Slide 17: Exceeded Our Free Cash Flow Targets
Exceeded Our Free Cash Flow Targets Cash flow enables ongoing investment Driving Revenue Growth Expanding EBITDA Margins Accelerating Free Cash Flow Creating Shareholder Value Grow Faster than EBITDA (1) A reconciliation of U.S. GAAP results to non-GAAP results can be found in the Appendix Free cash
Slide 18: Created Substantial Shareholder Value
Created Substantial Shareholder Value A result of focus, scale, and operating leverage Driving Revenue Growth Expanding EBITDA Margins Accelerating Free Cash Flow Creating Shareholder Value Significant Increase in Market Capitalization Source: Refinitiv, Market capitalization at year end for 2017-20
Slide 19: Advancing Our Continued Transformation — A Three Phased Approach
Advancing Our Continued Transformation —A Three Phased Approach Improving financial performance 3 Accelerated 2 Growth 2023—2025 Performance & Operational • Mix & market segment focus • Operating margin expansion Improvement • Channel performance • Increase innovation 1 2020—2023 • Leverage operatio
Slide 20: Capital Allocation Priorities
Capital Allocation Priorities Enabling transformation and value creation • Reinvest in the business, including R&D and infrastructure • Support accelerated organic growth with strong balance sheet and cash flow • Provide optionality for tuck-in or larger-scale acquisitions
Slide 21: Environmental & Social Responsibility Goals
Environmental & Social Responsibility Goals Progress on all fronts 2017 Goals for 2030 46% carbon emission reduction 100% renewable electricity 45% women in U.S. leadership roles 60% of U.S. workforce from under-represented groups 25% reduction of non-recyclable packaging
Slide 22: Enhancing Our Financial Profile Through 2025
Enhancing Our Financial Profile Through 2025 • Accelerating our revenue growth profile • Further improving our cost structure • Expanding profitability • Creating shareholder value through prudent capital deployment (1) A reconciliation of U.S. GAAP results to non-GAAP results can be found in the Ap
Slide 23: Business Transformation
Business Transformation Andy Last Chief Operating Officer
Slide 24: Agenda
Agenda • Transformation Focus & Key Elements • Key Growth Drivers • COVID Impact • Performance Improvement
Slide 25: Phased Corporate Transformation Strategy
Phased Corporate Transformation Strategy Improving financial performance & capabilities 3 Accelerated 2 Growth Performance 2023—2025 & Operational • Mix & market segment focus Improvement • Operating margin expansion • Channel performance 1 • Increase innovation 2020—2023 Globalize • Leverage operat
Slide 26: Balancing Growth Opportunities & Margin Expansion
Balancing Growth Opportunities & Margin Expansion Portfolio optimization to accelerate financial performance Invest and Grow • Accelerate revenue growth • Drive innovation • Target faster growth markets Optimize Profits • Improved product mix • Lower SG&A as % sales • Expanding EBITDA
Slide 27: Aligning Investments to Growth Pillars
Aligning Investments to Growth Pillars Accelerating growth & profitability Market Focus Biopharma $23B Translational research $20B Diagnostics $16B Applied $5B Portfolio Focus • Digital PCR research/diagnostics • Cell biology • Quality controls diagnostics • Autoimmune diagnostics • Protein processi
Slide 28: Realizing High ROI from Strategic Investments
Realizing High ROI from Strategic Investments Improving profitability & operational performance • Controlled spending discipline across the organization • Deliver value from SAP implementation: – Supply chain improvements – Digital capabilities • Organizational alignment – Utilize ‘Balanced Scorecar
Slide 29: Capturing Value From Operational Investments
Capturing Value From Operational Investments Increasing supply chain efficiency Gross Margin Expansion • Restructuring & LEAN transformation • Sourcing flexibility • Increased automation • Logistics consolidation Supply Chain Resilience • Ensuring business continuity • Supplier sourcing & contractin
Slide 30: Improving Operating Efficiency
Improving Operating Efficiency Restructuring Europe across commercial, R&D, supply chain & finance Consolidate R&D in US & targeted European locations Move two manufacturing plants to Singapore Consolidate administrative and customer services in Budapest Improve sales channel effectiveness Lower our
Slide 31: Trends Driving Growth Acceleration
Trends Driving Growth Acceleration Market forces are shaping investment direction and focus Next generation therapeutics & vaccines • Antibody-based biologicals • Cell and gene therapies • mRNA vaccines Driving funding acceleration in Biopharma & Translational markets • Demand for precision technolo
Slide 32: Growth Acceleration Through Multiple Strategies
Growth Acceleration Through Multiple Strategies Aligning channel with growth opportunities Aligning with growth opportunities • Biopharma segment • Asia-Pacific focus • Key account management Digital transformation • Grow e-commerce revenue to 50%+ • Increase digital tool utilization Improve channel
Slide 33: Growth Acceleration Through Digital PCR Expansion
Growth Acceleration Through Digital PCR Expansion Potential is expanding as innovation roadmap evolves Expanding Performance Absolute quantification Highest sensitivity • Increased throughput • Increased multiplexing • Easier workflows • Lower costs Segmented Broader Markets Portfolio Translational
Slide 34: Growth Acceleration in Biopharma
Growth Acceleration in Biopharma Significant growth potential in $23 billion Biopharma addressable market growing 10%+ • ddPCRTM & protein purification represent differentiated high value entry points • High relevancy in new therapeutic modalities, which are receiving strong funding • Significant ha
Slide 35: Growth Acceleration in the Molecular Diagnostic Market
Growth Acceleration in the Molecular Diagnostic Market Differentiated technology value propositions and clinical unmet needs • Reproductive and women’s health Digital PCR $6B+ 10%+ • Infectious disease High sensitivity & absolute counting enables improved Addressable CAGR • Transplant monitoring Mar
Slide 36: Growth Acceleration in Asia-Pacific
Growth Acceleration in Asia-Pacific Expanding footprint in a high growth region Diagnostics $12B+ opportunity Biopharma focus in China, 7%+ growth as Asia-Pacific Japan and South Korea continues to invest and develop health care infrastructure India Increased investment in – Faster growth in China,
Slide 37: Proactive Actions Address COVID Impact
Proactive Actions Address COVID Impact Navigating a dynamic global environment Financial Performance • COVID sales of $580M over 2020 & 2021 – Primarily PCR instruments – ddPCRTM sales in wastewater testing – Driven by Asia-Pacific & Europe hot spots – Lower operating expenses run rate • 2022E – $70
Slide 38: Strong Core Revenue with 5.6% Two-Year CAGR
Strong Core Revenue(1)(2) with 5.6% Two-Year CAGR COVID temporarily contributed to the topline
Slide 39: Operational Execution Has Led to Improved Financial Performance
Operational Execution Has Led to Improved Financial Performance(1)
Slide 40: Business Transformation Summary
Business Transformation Summary Driving enhanced operations and accelerated growth Improving Execution • Optimize operating efficiencies & core processes • Improve operating metrics • Increase innovation Accelerating Growth • Expand digital PCR offerings • Accelerate growth in Biopharma • Target new
Slide 41: Life Science
Life Science Simon May President, Life Science Group
Slide 42: Life Science Agenda
Life Science Agenda Business Profile Portfolio & Growth Pillars Summary
Slide 43: Life Science Agenda: Business Profile
Life Science • Business Profile • Portfolio & Growth Pillars • Summary
Slide 44: Life Science Group Overview
Life Science Group Overview Established leadership positions with diversified presence and product mix
Slide 45: Global Market Dynamics
Global Market Dynamics Positioned to deliver sustained customer value Market Trends • Cost and time-to-market pressures in drug discovery and development • Expanding pipeline of new therapeutic classes creates manufacturing and QC challenges • Healthy funding environment drives the need for better t
Slide 46: Customer Segments
Customer Segments Expanding reach in large and attractive markets Basic Research • Academic, government • Primary focus on translational research Biopharma • Discovery research • Pre-clinical and clinical trials • Manufacturing and QC Applied Markets • Food safety and quality • Water quality and pat
Slide 47: Product Segments
Product Segments Broad portfolio provides a strong foundation Droplet Digital PCR Genotyping & Gene Expression Gene Transfer & Modulation Protein Quantitation Protein Purification Cell Sorting & Analysis (including Single Cell) Cell Imaging Antibody Technologies
Slide 48: Key Accomplishments 2017-2021
Key Accomplishments 2017—2021 Established ddPCRTM as a powerful tool across multiple segments • Expanded access in Biopharma manufacturing/QC and applied markets Positioned for growth acceleration with key technologies and acquisitions • Innovated in single cell, digital PCR, antibodies Strengthened
Slide 49: Life Science Agenda: Portfolio & Growth Pillars
Life Science • Business Profile • Portfolio & Growth Pillars • Summary
Slide 50: Life Science Strategy & Growth Pillars
Life Science Strategy & Growth Pillars Innovations fueling growth in translational research and biopharma Droplet Digital PCR Broadening adoption with new platforms Opportunity: $4.2B Biopharma Production Leveraging our advantages for new therapeutic modalities Opportunity: $1.9B Cell Biology Buildi
Slide 51: Significant Opportunities in Biopharma
Significant Opportunities in Biopharma Converging forces are driving overall growth potential Strong funding for R&D $23B Biopharma life science instruments & reagents spend Emerging therapeutic modalities 1700+ Cell, gene & RNA therapy clinical trials Favorable regulatory environment 50+ Novel ther
Slide 52: Droplet Digital PCR
Droplet Digital PCR A valuable tool in a broad range of important applications Core Technology Enables • Absolute quantification of targets • Exquisite sensitivity – finds ‘needles in haystacks’ • Inhibitor tolerance
Slide 53: Accelerating Innovation – QX600
Accelerating Innovation – QX600 Unequalled sensitivity, multiplexing & dynamic range Unrivalled capabilities • 6-channel detection x 100,000 droplets • AutoDG Flex provides on-demand droplet count selection • Superior performance in rare event detection applications –liquid biopsy, molecular diagnos
Slide 54: Accelerating Innovation – QX Continuum
Accelerating Innovation – QX Continuum The benefits of ddPCRTM in a qPCR-like package ‘All-in-one’ droplet digital PCR system • Fully integrated workflow – plate in, answer out • 30 minutes to first result • Dovetails with existing software, reagents, assays • No dead volume or samples vs. partition
Slide 55: Droplet Digital PCR Growth Strategy
Droplet Digital PCR Growth Strategy Portfolio innovations driving broader adoption QX ONE Automation & Throughput Launched 2020 Biopharma production and industrial-scale applied settings QX600 Sensitivity & Multiplexing Launching 2022 Setting a new standard in multiplex rare event detection QX Conti
Slide 56: Biopharma Production
Biopharma Production Proprietary process resins targeting $2 billion market opportunity Biologic and Biosimilar Development Monoclonal antibody purification Cell and Gene Therapy Viral vector purification Vaccine Development Virus-derived and recombinant protein purification
Slide 57: Biopharma Production Growth Strategy
Biopharma Production Growth Strategy Boosting productivity for purification of complex molecules • R&D investment focus on innovation – higher yields, fewer purification steps • Fuel demand through applications development • Offer breadth of products for varying scale and customer needs • Invest in
Slide 58: Cell Biology
Cell Biology Building on a strong asset portfolio Innovating in single cell analysis Leveraging novel antibody technologies
Slide 59: Cell Biology Growth Strategy
Cell Biology Growth Strategy Innovations positioned to gain share in attractive markets Single Cell Analysis $0.8B Rare Cell Detection $1.6B Drug Discovery & Antibody Screening $1.2B Flow Cytometry Assays $0.6B
Slide 60: Innovating in Single Cell Analysis
Innovating in Single Cell Analysis Delivering improvements in sensitivity, cell throughput and workflow
Slide 61: Proprietary Antibody Technology Platforms
Proprietary Antibody Technology Platforms New & advanced antibody toolkits for discovery and development StarbrightTM Dyes Best-in-class performance powering cell analysis assays Pioneer Antibody Screening Library Expert-curated for optimal therapeutic lead generation SpyTagTM and SpyCatcherTM ‘Mole
Slide 62: Life Science Agenda: Summary
Life Science • Business Profile • Portfolio & Growth Pillars • Summary
Slide 63: Summary: Life Science Strategy Drives Accelerated Growth
SUMMARY Life Science Strategy Drives Accelerated Growth Broad Portfolio Established leadership positions provide a solid foundation Multiple Opportunities Large, fast-growing Biopharma market segments Driving Profitable Growth Compelling opportunities to further accelerate growth by: • Rapidly expan
Slide 64: Clinical Diagnostics
Clinical Diagnostics Dara Wright President, Clinical Diagnostics Group
Slide 65: Clinical Diagnostics Agenda
Clinical Diagnostics Agenda Business Profile Portfolio & Growth Pillars Summary
Slide 66: Clinical Diagnostics Agenda: Business Profile
Clinical Diagnostics • Business Profile • Portfolio & Growth Pillars • Summary
Slide 67: Clinical Diagnostics Group Overview
Clinical Diagnostics Group Overview Global channel with strong recurring revenue
Slide 68: Global Market Dynamics
Global Market Dynamics Positioned to deliver sustained customer value Market Trends • Global expansion in healthcare access and the need to manage chronic conditions – but comes at an increased cost • Shortage of skilled laboratory and medical technologists • Changing global regulatory landscape and
Slide 69: Customer Segments
Customer Segments Broad reach across key laboratory segments Hospital Laboratories Clinical testing in the inpatient or outpatient setting Reference Laboratories Patient samples sent from doctors’ offices or hospitals to central lab Transfusion Laboratories Testing blood donations for transfusion sa
Slide 70: Product Segments
Product Segments Diverse portfolio with strong positions Quality Controls & Informatics • Quality control reagents • Laboratory informatics Immunohematology & Transfusion Medicine • Blood typing • Blood virus testing Laboratory Diagnostic Testing & Monitoring • Autoimmune • Diabetes • Infectious dis
Slide 71: Key Accomplishments 2017-2021
Key Accomplishments 2017 - 2021 Growth Acceleration • Global installed base expansion and regulatory clearances • Portfolio focus on growth products – Increased R&D innovation investment – Entered fast growing molecular controls market • Focus on regional growth drivers Cost Base Optimization • Foot
Slide 72: Clinical Diagnostics Agenda: Portfolio & Growth Pillars
Clinical Diagnostics • Business Profile • Portfolio & Growth Pillars • Summary
Slide 73: Clinical Diagnostics Strategy & Growth Pillars
Clinical Diagnostics Strategy & Growth Pillars Extending core franchises and enter molecular diagnostics Core Diagnostics Expand installed base globally and cross-sell menu Opportunity: $14B Quality Controls & Informatics Extend utility of lab QC software and drive reagent attachment Opportunity: $2
Slide 74: Core Diagnostics Growth Strategy
Core Diagnostics Growth Strategy Serving routine and specialty testing markets globally Products & Applications Lab Diagnostic Testing & Transfusion Medicine • Diabetes A1c • Infectious Disease • Autoimmune • Blood typing and transfusion compatibility • Blood virus screening and HIV confirmation tes
Slide 75: Core Diagnostics Growth Strategy Highlights: Clinical Immunology
Core Diagnostics Growth Strategy Highlights: Clinical Immunology specialty testing is a growing global need BioPlex 2200 Immunoassay Platform • Differentiated platform for complex disease diagnostics serving growing Autoimmune and Infectious Disease testing • Expanding global installed base • Enable
Slide 76: Quality Controls Growth Strategy
Quality Controls Growth Strategy Improving laboratory accuracy to improve patient care Products & Applications Quality Control Assurance • Quality Controls (QC) • QC data management software • 55,000+ connected customers • Peer lab comparison reporting Strategic Focus • Maintain independent QC leade
Slide 77: Quality Controls Growth Strategy Highlights
Quality Controls Growth Strategy Highlights: A complete offering for laboratory quality control Unity QC Data Management Software • Largest QC data set for peer reporting, 65+ million data points per month, which enables lab quality and productivity • Daily software usage drives product revenue atta
Slide 78: Molecular Diagnostics Growth Strategy: Infectious Disease
Molecular Diagnostics Growth Strategy Highlights: Extending infectious disease diagnostics portfolio Syndromic infectious disease molecular diagnostics • Enter high-growth Acute Care Syndromic testing market • $2B+ growing at 8%+ • Leveraging Bio-Rad CFX PCR instrument installed base and expand to n
Slide 79: Molecular Diagnostics Growth Strategy: Digital PCR
Molecular Diagnostics Growth Strategy Highlights: Entering new clinical market segments with digital PCR Digital PCR primed to serve significant clinical opportunities • Digital PCR technology can deliver meaningful value for several clinical applications • $6B clinical opportunity growing at 10%+ •
Slide 80: Clinical Diagnostics Agenda: Summary
Clinical Diagnostics • Business Profile • Portfolio & Growth Pillars • Summary
Slide 81: Summary: Clinical Diagnostics Strategy to Drive Accelerated Growth
SUMMARY Clinical Diagnostics Strategy to Drive Accelerated Growth Diverse Portfolio Diverse portfolio addressing high-impact global healthcare needs Strong Global Position Strong global market position with best-in-class service and support Driving Profitable Growth Compelling opportunities to furth
Slide 82: Finance Update
Finance Update Ilan Daskal Chief Financial Officer
Slide 83: Agenda
Agenda • 2017 – 2021 Financial Performance Recap • 2022 Guidance • 2025 Framework • Capital Allocation • Key Takeaways
Slide 84: Revenue Growth Exceeded 2017 Targets
Revenue Growth Exceeded 2017 Targets
Slide 85: Accelerating Profitability
Accelerating profitability Key Drivers • Top line growth and product mix • Continued leverage of the ERP system • Productivity and efficiency initiatives • R&D spend focus on high-growth areas
Slide 86: Consistent Adjusted EBITDA Margin Expansion
Consistent Adjusted EBITDA Margin(1)(2) Expansion Exceeded 20% Adjusted EBITDA 2020 Goals
Slide 87: Adjusted EBITDA Expansion (2017-2021)
Adjusted EBITDA(1) Expansion (2017-2021) Operational leverage and multiple initiatives
Slide 88: 2022 Non-GAAP Guidance
2022 Non-GAAP Guidance Group Guidance Life Science: • Total growth flat to 1.5% • Core growth 16.0% to 18.0% Clinical Diagnostics: • Total growth 2.0 to 3.0% • Core growth 3.0% to 4.0%
Slide 89: Our 2025 Goals: Accelerating Core Revenue Growth
OUR 2025 GOALS Accelerating Core Revenue Growth(1) Future Drivers • Accelerate growth in Biopharma market • Key opportunities: – Digital PCR – Cell Biology – Process Chromatography – Molecular Diagnostics – Quality Controls • Asia-Pacific expansion
Slide 90: Targeting Significant Margin Expansion
Targeting Significant Margin Expansion Profitability Drivers • Top line leverage • Completion of current restructuring initiatives • Optimize manufacturing footprint • Further productivity and efficiency initiatives
Slide 91: Adjusted EBITDA Expansion (2021-2025)
Adjusted EBITDA(1) Expansion (2021-2025) Improving profitability & operational performance
Slide 92: Significant Financial Upside Ahead
Significant Financial Upside Ahead Improving financial performance
Slide 93: Free Cash Flow Generation
Free Cash Flow Generation $6 billion in liquidity available for capital allocation
Slide 94: Capital Allocation
Capital Allocation 1 We continue to explore tuck-in acquisitions to accelerate our strategic roadmap and enter new technologies and markets 2 Prioritize focus on larger scale transactions Target assets within or complementary or adjacent to our existing businesses verticals 3 Continue to generate st
Slide 95: Key Takeaways
Key Takeaways • Accelerating our revenue growth profile • Further improving our cost structure • Expanding profitability • Creating shareholder value through prudent capital deployment
Slide 96: Concluding Remarks
Concluding Remarks Norman Schwartz Chief Executive Officer
Slide 97: Q&A
Q&A For participants on the webcast, please email questions to: ir@bio-rad.com
Slide 98: Appendix
Appendix
Slide 99: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Year Ended Year Ended Year Ended Year Ended Year Ended December 31, % of December 31, % of December 31, % of December 31, % of December 31, % of 2017 revenue 2018 revenue 2019 revenue 2020 revenue 2021 revenue GAAP net sales $ 2,160,153 $ 2,289,4
Slide 100: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Year Ended Year Ended Year Ended Year Ended Year Ended December 31, % of December 31, % of December 31, % of December 31, % of December 31, % of 2017 revenue 2018 revenue 2019 revenue 2020 revenue 2021 revenue GAAP net sales $ 2,160,153 $ 2,289,4
Slide 101: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Year Ended Year Ended Year Ended Year Ended Year Ended December 31, % of December 31, % of December 31, % of December 31, % of December 31, % of 2017 revenue 2018 revenue 2019 revenue 2020 revenue 2021 revenue GAAP net sales $ 2,160,153 $ 2,289,4
Slide 102: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Year Ended Year Ended Year Ended Year Ended Year Ended December 31, December 31, December 31, December 31, December 31, 2017 2018 2019 2020 2021 GAAP Net Cash Provided by Operating Activities $ 104,137 $ 285,494 $ 457,897 $ 575,328 $ 656,521 Purc