Slide 1: Quarterly Financial Review First Quarter 2023
Quarterly Financial Review First Quarter 2023
Slide 2: Q1-2023 Quarterly Review © 2023 Snap-on Incorporated
Q1-2023 Quarterly Review © 2023 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the April 20, 2023 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the April 20, 2023 conference call and/or information included in this presentation may
Slide 4: Nick Pinchuk, Chairman and Chief Executive Officer
Nick Pinchuk Chairman and Chief Executive Officer Q1-2023 Quarterly Review 4 © 2023 Snap-on Incorporated
Slide 5: Aldo Pagliari, Senior Vice President and Chief Financial Officer
Aldo Pagliari Senior Vice President and Chief Financial Officer Q1-2023 Quarterly Review 5 © 2023 Snap-on Incorporated
Slide 6: Consolidated Results
Consolidated Results Q1 2023 Q1 2022 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,183.0 $ 1,097.8 7.8 % ➢ Organic sales 109.2 10.2 % ➢Currency translation (24.0) (2.4)% Gross profit $ 589.6 49.8 % $ 534.3 48.7 % Operating expenses 329.8 27.8 % 311.2 28.4 % Operatin
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q1 2023 Q1 2022 Change Segment sales $ 363.8 $ 340.1 7.0 % ➢ Organic sales 36.2 11.1 % ➢ Currency translation (12.5) (4.1)% Gross profit $ 141.3 $ 123.7 % of sales 38.8 % 36.4 % Operating expenses $ 85.5 $ 78.0 % of sales 23.5 % 23.0 % Operating ea
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q1 2023 Q1 2022 Change Segment sales $ 537.0 $ 512.1 4.9 % ➢ Organic sales 32.0 6.3 % ➢ Currency translation (7.1) (1.4)% Gross profit $ 253.9 $ 233.2 % of sales 47.3 % 45.5 % Operating expenses $ 122.2 $ 117.2 % of sales 22.8 % 22.8 % Operating earnings $ 1
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q1 2023 Q1 2022 Change Segment sales $ 446.6 $ 398.2 12.2 % ➢ Organic sales 54.4 13.9 % ➢Currency translation (6.0) (1.7)% Gross profit $ 194.4 $ 177.4 % of sales 43.5 % 44.6 % Operating expenses $ 89.8 $ 85.8 % of sales 20.1 % 21.6 % Operatin
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q1 2023 Q1 2022 Change Segment revenue $ 92.6 $ 87.7 5.6 % Operating earnings $ 66.3 $ 70.4 (5.8)% Originations $ 300.9 $ 245.6 22.5 % ▪ Originations increased $55.3 million or 22.5% ▪ Average yields on finance receivables were 17.7% and 17.6% in 2023 a
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,629.0 $ 2,033.8 $ 202.9 $ 282.3 Portfolio net losses (TTM) $ 41.9 $ 43.2 $ 3.2 $ 3.7 60+ Delinquency: As of 3/31/23 1.5 % 1.2 % 0.9 % 1.0
Slide 12: Cash Flows
Cash Flows 1st Quarter ($ in millions - unaudited) 2023 2022 Net cash provided by operating activities $ 301.6 $ 193.9 ➢ Net earnings 254.3 222.7 ➢ Depreciation and amortization 24.9 25.7 ➢ Changes in deferred income taxes (0.2) 2.3 ➢ Changes in working investment (36.6) (90.7) ➢ Changes in accruals
Slide 13: Balance Sheet
Balance Sheet April 1, December 31, ($ in millions - unaudited) 2023 2022 Trade & Other Accounts Receivable - net $ 782.4 $ 761.7 Days Sales Outstanding 62 61 Finance Receivables - net $ 1,769.2 $ 1,733.0 Contract Receivables - net $ 493.6 $ 493.7 Inventories - net $ 1,049.1 $ 1,033.1 Inventory turn
Slide 14: Q1-2023 Quarterly Review © 2023 Snap-on Incorporated
Q1-2023 Quarterly Review © 2023 Snap-on Incorporated