Church & Dwight Company, Inc. · NYSE:CHD
Church & Dwight — Barclays Global Consumer Staples Conference 2022
91 slides from Church & Dwight's conference presentation, Sep 6, 2022
Slide 1: Barclays Global Consumer Staples Conference 2022
BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE 2022
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements, including, among others risk, net sales and earnings growth; the impact of the COVID-19 pandemic and the Company’s response; gross margin changes; trade, marketing, and SG&A spending; sufficiency of cash flows from operatio
Slide 3: Revealing the Hero Inside
Revealing the Hero Inside • #1 patch brand in acne care • #2 acne care brand overall in the United States • Household penetration of only 4.4% in an acne care category with 23% penetration • Current ACV of 8% with expectation to drive towards 80-90% • Hero has a 63% share of the acne patch category
Slide 4: The Revolutionary Leader in Acne Care
THE REVOLUTIONARY LEADER IN ACNE CARE Pimple Patches, Pimple Aftercare, Daily Care, Body Care
Slide 5: Our heroes
Our heroes Anyone who has acne, even just the occasional pimple. Teenagers to adults, males to females, moms to dads, boyfriends to girlfriends, athletes to weekend warriors. Acne does not discriminate. 55
Slide 6: There's Plenty of Room to Run on Distribution
THERE’S PLENTY OF ROOM TO RUN ON DISTRIBUTION Total Points of Distribution 2,000 1,800 34.5x 1,600 1,400 1,200 1,000 800 600 10.0x 400 5.8x 200 0 Neutrogena Clean & Clear Clearasil Hero Total Points of Distribution 1,817.1 526.2 305.5 52.7 TDP Change vs YAG 0.4% -9.1% -27.4% +64.1% IRI Total US – Mu
Slide 7: And Patches Have an Opportunity to Grow via HHP
AND PATCHES HAVE AN OPPORTUNITY TO GROW VIA HHP Household Penetration 23.0% 5.2x 4.4% Acne Treatments Acne Patches IRI Total US – Multi Outlet L52 w/e 5/29/22 7
Slide 8: Who We Are
01 Who We Are Matt Farrell Chairman and Chief Executive Officer 8
Slide 9: Deliver Outstanding Returns to Our Shareholders
DELIVER OUTSTANDING RETURNS TO OUR SHAREHOLDERS 10 YEAR: 5 YEAR: 3 YEAR: 2021: 2022 YTD*: 18.0% 20.0% 17.4% 17.9% -17.9% * As of September 2 , 2022 9
Slide 10: Evergreen Model
EVERGREEN MODEL Domestic: +2% Organic Sales +3% International: +6% SPD: +5% Gross Margin +25 bps Marketing FLAT SG&A -25 bps Operating Margin +50 bps EPS Growth +8% 10
Slide 11: Organic Sales Over Ten Years of Solid Growth
ORGANIC SALES OVER TEN YEARS OF SOLID GROWTH 10.0% 9.0% 8.0% 7.0% 10-Year 6.0% Average: 5.0% 4.3% 4.0% 3.0% Evergreen 2.0% Target: 1.0% 3.0% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Organic sales is a non-GAAP measure. Please refer to the Appendix for a reconciliation to the most direc
Slide 12: EPS Over Ten Years of Solid Growth
EPS OVER TEN YEARS OF SOLID GROWTH 18.0% 16.0% 14.0% 10-Year Average: 12.0% 10.6% 10.0% 8.0% Evergreen 6.0% Target: 8.0% 4.0% 2.0% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 EPS is a non-GAAP measure. Please refer to the Appendix for a reconciliation to the most directly comparable GAAP
Slide 13: Power Brands
* POWER BRANDS * subject to customary closing conditions 13
Slide 14: 15 Power Brands
more than 85% of sales & profits are represented by these 15 POWER BRANDS * * subject to customary closing conditions 14
Slide 15: Church & Dwight's Business Segments
CHURCH & DWIGHT’S BUSINESS SEGMENTS 76% 18% Domestic International 6% Specialty Products Division 15
Slide 16: Diversified Product Portfolio of Both Value and Premium Products
DIVERSIFIED PRODUCT PORTFOLIO OF BOTH VALUE AND PREMIUM PRODUCTS 40% 60% Value Premium 16
Slide 17: We Continue to Grow Online
WE CONTINUE TO GROW ONLINE Percentage of Net Sales ~16% 15% 8% 7% 7% 5% 2% 2016 2017 2018 2019 2020 2021 2022E 17
Slide 18: A Balanced and Diversified Portfolio
1 A BALANCED AND DIVERSIFIED PORTFOLIO SPD: Household: 6% 45% 2022 Personal Care: 49% 2022 refers to the CHD estimate. 18
Slide 19: Low Private Label Exposure
2 LOW PRIVATE LABEL EXPOSURE Weighted Average Private Label Share Of Our Categories 25% Private Label Consistently 15% ~12% 5% 2017 2018 2019 2020 2021 2022E -5% Source: Nielsen Total U.S. AOC 19
Slide 20: Only 5 of Our 18 Categories Have Private Label Exposure
ONLY 5 OF OUR 18 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 CLUMPING CAT LITTER 30% 20% 15% 20% 10% 10% 5% 0% 0% Source: Nielsen Total U.S. AOC 20
Slide 21: We Have Clear Acquisition Criteria
3 WE HAVE CLEAR ACQUISITION CRITERIA Primarily #1 or Higher growth, higher Asset light #2 share brands margin brands Deliver sustainable Leverage C&D competitive advantage manufacturing, logistics and purchasing 21
Slide 22: Long History of Growth Through Acquisitions
LONG HISTORY OF GROWTH THROUGH ACQUISITIONS Net Sales $ Billions $5.4* $1.5 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022E Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. * subject to customary closing conditions 22
Slide 23: Acquired 14 of 15 Power Brands Since 2001
ACQUIRED 14 OF 15 POWER BRANDS* SINCE 2001 ACQUIRED 2001 ACQUIRED 2001 ACQUIRED 2001 ACQUIRED 2001 ACQUIRED 2005 ACQUIRED 2006 ACQUIRED 2008 #1 CONDOM #1 EXTREME #2 PREGNANCY #1 DEPILATORY #2 BATTERY #1 LAUNDRY #1 ORAL CARE VALUE LAUNDRY TEST KIT POWERED ADDITIVE PAIN RELIEF DETERGENT TOOTHBRUSH ACQ
Slide 24: 15 Power Brands Today, 20 Tomorrow
15 POWER BRANDS* TODAY, 20 TOMORROW Net Sales $5.5 $ Billions * 15 $5.0 14 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 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Note: Trojan, Nair an
Slide 25: Consistent Innovation
4 CONSISTENT INNOVATION 25
Slide 26: Our Winning Formula
OUR WINNING FORMULA 1 2 3 4 A balanced Low private Acquisitive Strong and and diversified label exposure Company consistent portfolio innovation 26
Slide 27: Category Insights
02 Category Insights Barry Bruno EVP, Chief Marketing Officer & President, U.S. Consumer27
Slide 28: Liquid Laundry Detergent
LIQUID LAUNDRY DETERGENT LLD CATEGORY $’s vs. YAG $ Sales Chg vs. YAG 2022 2022 12.1% 11.1% 9.7% 9.6% 6.6% 5.9% 6.2% 5.6% 4.3% 2.9% 1.1% 2.8% March April May June July Aug March April May June July Aug MTD MTD Category growth moderating while ARM & HAMMER consumption accelerates Source: IRI Data 28
Slide 29: Arm & Hammer Liquid Laundry Detergent Achieved All-Time Share High in August
IN FACT, ARM & HAMMER LIQUID LAUNDRY DETERGENT ACHIEVED AN ALL-TIME SHARE HIGH IN AUGUST 15.0 14.5 14.5 14.0 13.5 13.0 12.5 12.0 11.5 11.0 10.5 10.0 2017 2018 2019 2020 2021 2022 Source: IRI Total MULO A&H Liquid Laundry Sales, data through 8/21/22 (*AUG ‘22: CHD Reported Month End, All other dates
Slide 30: Consumer Migration from Premium to Value Detergent Accelerating
CONSUMER MIGRATION FROM PREMIUM TO VALUE DETERGENT ACCELERATING IN RECESSIONARY ENVIRONMENT Liquid Laundry Detergent – Dollar Share of Custom Sub Segment Change vs YAG Total US – Multi Outlet LLD PREMIUM LLD VALUE 3.0 1.9 LLD 2.0 1.2 VALUE 1.0 0.0 0.3 -1.0 -2.0 LLD -3.0 PREMIUM -3.0 -4.0 Jan Feb Mar
Slide 31: Cat Litter
CAT LITTER LITTER CATEGORY $’s vs. YAG $ Sales Chg vs. YAG 2022 2022 15.8% 14.1% 13.2% 12.0% 11.4% 12.5% 10.2% 10.7% 10.5% 9.2% 9.4% 8.2% March April May June July Aug March April May June July Aug MTD MTD Strong category growth combined with even stronger ARM & HAMMER consumption Source: IRI Data 3
Slide 32: Vitamins / Minerals / Supplements
VITAMINS / MINERALS / SUPPLEMENTS VMS CATEGORY $’s vs. YAG $ Sales Chg vs. YAG 2022 2022 3.2% 6.0% 5.4% 6.5% 0.6% -5.7% -7.0% -8.6% -8.9% -12.3% -13.6% -22.5% March April May June July Aug March April May June July Aug MTD MTD Category slowing in recessionary environment and CHD consumption lagging
Slide 33: Power Water Flossers
POWER WATER FLOSSERS POWER FLOSSER CATEGORY $’s vs. YAG $ Sales Chg vs. YAG 2022 2022 -1.9% -2.7% -1.1% -4.0% -4.5% -5.8% -6.5% -7.3% -10.3% -11.6% -13.1% -15.1% March April May June July Aug March April May June July Aug MTD MTD Discretionary category is contracting as consumers pull back / trade d
Slide 34: Waterpik Growth Since Acquisition
WATERPIK GROWTH SINCE AQUISITION Total Waterpik Global Net Sales 500 450 400 350 300 250 200 150 100 50 0 2017 2018 2019 2020 2021 2022E 34
Slide 35: Dry Shampoo
DRY SHAMPOO DRY SHAMPOO CATEGORY $’s vs. YAG $ Sales Chg vs. YAG 2022 2022 45.5% 43.4% 42.7% 42.8% 38.1% 36.8% 20.7% 20.0% 17.8% 18.1% 17.6% 13.3% March April May June July Aug March April May June July Aug MTD MTD Double-digit category growth fueled by category-leading BATISTE Source: IRI Data 35
Slide 36: Alcohol-Free Mouthwash
ALCOHOL-FREE MOUTHWASH ALCOHOL-FREE MOUTHWASH CATEGORY $ Sales Chg vs. YAG $’s vs. YAG 2022 2022 63.9% 45.7% 37.7% 36.4% 28.4% 21.8% 6.7% 5.3% 7.8% 7.8% 9.8% 7.9% March April May June July Aug March April May June July Aug MTD MTD Strong category growth driven by THERABREATH Source: IRI Data 36
Slide 37: Plenty of Room for TheraBreath to Keep Running
AND THERE’S PLENTY OF ROOM FOR THERABREATH TO KEEP RUNNING … TOTAL POINTS OF DISTRIBUTION 3,000 5.5x 2,500 3.9x 2,000 1,500 1,000 1.6x 500 0 Total Points of 2,956.3 2,108.2 844.3 535.0 Distribution TDP -6.8 +2.3 -9.7 +56.5 Change vs YA Source: IRI, Total US – Multi Outlet, L52 W/E 8/21/22 37
Slide 38: We Are Leaders in Healthy, Growing Categories
WE ARE LEADERS IN HEALTHY, GROWING CATEGORIES 2018 2019 2020 2021 2022 YTD LAUNDRY DETERGENT CLUM PING LITTER BAKING SODA TOOTHPASTE BATTERY BRUSHES STAIN FIGHTERS DEPILATORIES/WAX/BLEACH ORAL ANALGESICS CONDOM S PREGNANCY TEST KITS TOTAL VM S DRY SHAM POO WOM EN'S ELECTRIC GROOM ING POWER ORAL CARE
Slide 39: Case Fill Rates Are Improving
CASE FILL RATES ARE IMPROVING WHICH WILL LEAD TO BACK HALF CATEGORY & SHARE IMPROVEMENT Quarterly Fill Rates ~93% ~95% fill levels by 89% year end Below 80% in Q1 Q1 Q2 Q3 Q4 39
Slide 40: Innovation 2022
03 2022 Innovation
Slide 41: Pediatrician and dermatologist tested
• Pediatrician and dermatologist tested • Fresh baby scent, no harsh perfumes
Slide 42: Tough on Baby Stains, Gentle on Skin
TOUGH ON BABY STAINS GENTLE ON SKIN th SS sarer| | CHOICE| epa.gov/saferchoice
Slide 43: Bareskin Raw: America's Thinnest Latex Condom
BARESKIN RAW America’s Thinnest Latex Condom for a more natural experience 43
Slide 44: Experience More. Experience Raw.
EXPERIENCE MORE. EXPERIENCE RAW. 44
Slide 45: Whitening Oral Rinse
WHITENING ORAL RINSE Helps remove stains and prevent future staining
Slide 46: Or, Harold ky,
Or, Harold ky, Tenby } i
Slide 47: International Story
04 International Story 47
Slide 48: International Organic Sales
INTERNATIONAL ORGANIC SALES EVERGREEN TARGET: +6% 2% Domestic 3% 6% International 5% Specialty Products 48
Slide 49: Organic Sales - International
ORGANIC SALES - INTERNATIONAL OVER TEN YEARS OF SOLID GROWTH 10.0% 9.0% 10-Year 8.0% Average: 7.0% 6.7% 6.0% 5.0% Evergreen Target: 4.0% 6.0% 3.0% 2.0% 1.0% 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Note: Organic sales growth is a non-GAAP measure. Refer to the Appendix for a reconcilia
Slide 50: International Net Sales
INTERNATIONAL NET SALES ~$900 MM 81% ~$535 MM United States 2014 2021 50
Slide 51: International Composition: Subsidiaries + GMG
INTERNATIONAL COMPOSITION: SUBSIDIARIES + GMG 2021 INTERNATIONAL Global Markets Canada Group NET SALES: 35% 28% ~$900 million Mexico Europe 7% 22% Australia 8% 51
Slide 52: GMG Continues to Be the Fastest Grower
GMG CONTINUES TO BE THE FASTEST GROWER International represents ~18% of the Company’s net sales Global countries Markets 65% 2022 Group 35% 2022 refers to the CHD estimate. 52
Slide 53: GMG Emerging Markets Focus: Asia First
GMG EMERGING MARKETS FOCUS: ASIA FIRST GDP. World Development Indicators. World Bank. Retrieved 22 Nov. 2020, The World in 2050: PWC, The Future of Asia: McKinsey & Company 53
Slide 54: Committed to International Organic Growth
COMMITTED TO INTERNATIONAL ORGANIC GROWTH • Long international runway for existing U.S. power brands • Leverage newly acquired brands • Global Markets Group fueled by Emerging Markets • Strategic investments in Resources & Capabilities • Focused on Operating Profit improvement 54
Slide 55: Animal Productivity Story
05 Animal Productivity Story 55
Slide 56: SPD Organic Sales
SPD ORGANIC SALES EVERGREEN TARGET: 5% 2% Domestic 3% 6% International 5% Specialty Products 56
Slide 57: Specialty Products Division
SPECIALTY PRODUCTS DIVISION 2021 SPD Animal Animal Non-Dairy NET SALES: Dairy 17% 53% $336 million Specialty +12% vs 2020 Chemical 30% 57
Slide 58: Farm-to-Fork Solutions to Help Improve Productivity
FARM-TO-FORK SOLUTIONS TO HELP IMPROVE PRODUCTIVITY NUTRITIONAL SUPPLEMENTS 58
Slide 59: Non-Dairy Growth Creates a Balanced Animal Business
NON-DAIRY GROWTH CREATES A BALANCED ANIMAL BUSINESS non-dairy dairy 17% 53% 2022 performance products 30% 2022 refers to the CHD estimate.
Slide 60: The Cyclical Dairy Industry Drives SPD Organic Revenue
THE CYCLICAL DAIRY INDUSTRY DRIVES SPD ORGANIC REVENUE 20% 10% 0% -10% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 60
Slide 61: Positioned for Organic Growth
POSITIONED FOR ORGANIC GROWTH • Trusted brand • Aligned with consumers’ trend • Multiple species • Global growth 61
Slide 62: How We Run the Company
06 How We Run the Company 62
Slide 63: 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 63
Slide 64: Leverage Brands
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Slide 65: Environmental Milestones Timeline
1888 1907 1970s 2017 2018 2021 Company Company Sole sponsor Partnering 100% of Commitment introduces institutes the of first Earth with the global to Science pro- use of Day. Arbor Day electricity Based environmental recycled Foundation demand Targets wall charts paperboard Launches to plant offset
Slide 66: Environmental Goals
ENVIRONMENTAL GOALS AIR WATER SOLID WASTE 100% carbon neutral 10% reduction of 75% recycling rate via offsets by 2025 water use annually** Committed to 1.5 C o science-based targets over the next 10 years for scope 1 and 2* o * Well below 2 C for scope 3 ** Normalized 66
Slide 67: ESG Recognition
ESG RECOGNITION 2021 NATIONAL TOP 100 67
Slide 68: Revenue per Employee
Revenue per Employee $1,018 (in ‘000s) CHD CLOROX PG COLGATE ENERGIZER RECKITT KIMBERLY NEWELL EDGEWELL Source: Most recent 10K filings 68
Slide 69: 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 69
Slide 70: All Employees Focus on Gross Margin
ALL CHURCH & DWIGHT EMPLOYEES FOCUS ON GROSS MARGIN Gross margin is 25% of all employees’ a n n u a l b o n u s . 70
Slide 71: Key Gross Margin Growth Drivers
KEY GROSS MARGIN GROWTH DRIVERS Good to Supply Great Cost Chain Optimization Optimization Acquisition New Synergies Products 71
Slide 72: Capital Expenditures as a % of Sales
Capital Expenditures as a % of Sales 2.3% 2.1% 2.0% Evergreen 1.8% Model: 1.7% 1.4% 1.5% 2.0% 1.2% $71 $62 $50 $45 $60 $74 $99 $119 2014 2015 2016 2017 2018 2019 2020 2021 72
Slide 73: Net Sales
Net Sales $ Billions $5.4* $1.5 2004 2005 2006 2008 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022E Note: Trojan, Nair and First Response acquired in two parts – 2001 and 2004. * subject to customary closing conditions 73
Slide 74: Financials
07 Financials Rick Dierker EVP and Chief Financial Officer 74
Slide 75: Evergreen Model
EVERGREEN MODEL Domestic: +2% Organic Sales +3% International: +6% SPD: +5% Gross Margin +25 bps Marketing FLAT SG&A -25 bps Operating Margin +50 bps EPS Growth +8% 75
Slide 76: Outlook for 2022
OUTLOOK FOR 2022 REPORTED ADJUSTED NET SALES EPS GROWTH GROWTH +2-4% FLAT Outlook as of September 6, 2022. Adjusted EPS is a non-GAAP measure. 76
Slide 77: Revealing the Hero Inside
Revealing the Hero Inside • Purchase price: $630 million • Trailing twelve months net sales: $115 million • Trailing twelve months EBITDA: ~$45 million, 40% EBITDA margin • 3% accretive to cash earnings and neutral to adjusted 2023 EPS, inclusive of transition costs • Expected to close in Q4 • Lever
Slide 78: 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 78
Slide 79: Minimal Capital Investment
MINIMAL CAPITAL INVESTMENT CAPITAL EXPENDITURES AS A PERCENTAGE OF SALES 5.4% 5.2% 3.6% Evergreen Model: 2.5% 2.8% 2.5% 2.3% 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 $119 $180 $300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 80: Best in Class FCF Conversion
“BEST IN CLASS” FCF CONVERSION 10-Year Average: 122% 128% 129% 131% 126% 126% 125% 123% 116% 112% 108% 96% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 80
Slide 81: Cash Conversion Cycle
CASH CONVERSION CYCLE TIGHT CONTROL OF WORKING CAPITAL DRIVES CCC IMPROVEMENT 52 40 34 36 32 32 27 21 22 22 18 18 15 ~16 days 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 81
Slide 82: Strong Balance Sheet A3/BBB+
STRONG BALANCE SHEET TOTAL DEBT/BANK EBITDA 2.6x 2.2x 1.9x 1.9x 1.6x 2.0x 1.5x 1.4x 1.4x 1.7x 1.4x 1.2x 0.7x CREDIT RATING 0.5x A3/BBB+ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Note: Total debt/EBITA is a non-GAAP measure. Refer to the Appendix for a reconciliation to t
Slide 83: Significant Financial Capacity $3.6B
SIGNIFICANT FINANCIAL CAPACITY Cash & Cash $640 Equivalents on Hand Acquisition Power: Leverage Capacity $3,000 $3.6B • Trailing EBITDA = $1,248M Current • Leverage capacity to 3.75x EBITDA Outstanding $2,825 Debt • Example: Acquisition EBITDA multiple of 12x as of June 30, 2022 (in $millions) adjus
Slide 84: 4.0% Dividend Increase in 2022
4.0% DIVIDEND INCREASE IN 2022 $1.01 $1.05 $0.96 $0.87 $0.91 +4.0% 121 +5.2% +5.5% $0.76 +14.5% +4.6% +7.0% consecutive years of dividends +119% +35% 2017 2018 2019 2020 2021 2022 84
Slide 85: Slide 85
Slide 86: 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 87: 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 p
Slide 88: 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 be
Slide 89: Reported & Adjusted Non-GAAP Reconciliations
REPORTED & ADJUSTED NON-GAAP RECONCILIATIONS For the year ending December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Adjusted EPS Reconciliation EPS - Reported $ 3.32 $ 3.12 $ 2.44 $ 2.27 $ 2.90 $ 1.75 $ 1.54 $ 1.51 $ 1.40 $ 1.23 $ 1.06 Pension Settlement Charge $ - $ - $ - $ - $ 0.1
Slide 90: 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 91: 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 before
Church & Dwight — Barclays Global Consumer Staples Conference 2022 on 6ix