Slide 1: Q1 2023 Results Presentation
Q1 2023 RESULTS PRESENTATION May 3, 2023
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements.” All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are f
Slide 3: Resideo Q1 2023 Highlights
Resideo Q1 2023 Highlights • Delivered results at the upper end of the outlook range • Revenue of $1.5B, up 3% y/y, driven primarily by acquisitions • Operating income of $138M, reflecting lower gross margin driven by input cost inflation and reduced organic volumes within Products & Solutions • Imp
Slide 4: Products & Solutions Q1 2023 Highlights
Products & Solutions Q1 2023 Highlights • Revenue of $658M, up 6% y/y, with $98M from First Alert and ~$13M negative FX impact • Headwinds from input cost inflation and softer residential end demand offset by ongoing price realization • Introduced new products touching multiple end markets during th
Slide 5: ADI Global Distribution Q1 2023 Highlights
ADI Global Distribution Q1 2023 Highlights • Revenue of $891M, flat y/y, acquisitions added $23M y/y and ~$14M negative FX impact; daily sales average was up 2% y/y • E-commerce revenue grew 17% y/y and total touchless sales grew to 39% of total sales • Residential end market softness in AV and Secu
Slide 6: Q1 2023 Financial Summary
Q1 2023 Financial Summary ($ in millions, except per share) Q1 2023 Q1 2022 % change Y/Y Net Revenue 1,549 1,506 +2.9% P&S Revenue 658 619 +6.2% ADI Revenue 891 887 +0.5% Gross Margin 27.1% 29.1% -200 bps P&S Gross Margin 38.0% 43.3% -530 bps ADI Gross Margin 19.2% 19.3% -10 bps Operating Expense 28
Slide 7: Resideo Key Financial Trends
Resideo Key Financial Trends $M Revenue +3% Y/Y $M Operating Profit -20% Y/Y Q1 2023 HIGHLIGHTS $1,750 $1,500 $200 • Softer end demand trends across $1,250 residential categories $150 $1,000 $750 • Acquisitions added $121M to $100 $500 revenue y/y and FX was a ~$27M $250 $0 $50 headwind Q1 21 Q2 21
Slide 8: Products & Solutions Financial Trends
Products & Solutions Financial Trends P&S Revenue +6% P&S Gross Margin -530 Q1 2023 HIGHLIGHTS Y/Y bps $M $750 44% • Revenue grew 6% y/y driven by $600 40% First Alert acquisition and $450 realization on price actions, offset 36% $300 by volume declines and FX 32% $150 headwinds $0 28% Q1 21 Q2 21 Q
Slide 9: ADI Global Distribution Financial Trends
ADI Global Distribution Financial Trends ADI Revenue Flat ADI Gross Margin -10 Q1 2023 HIGHLIGHTS $M Y/Y bps $1,000 22% • Revenue essentially flat y/y with $800 daily sales average up 2% 18% $600 $400 • Acquisitions and price increases 14% $200 were offset by lower volumes and $0 10% FX headwinds Q1
Slide 10: Balance Sheet and Cash Flow Summary (Unaudited)
Balance Sheet and Cash Flow Summary (Unaudited) ($ in millions) Q1 2023 Q4 2022 Q1 2022 Cash and cash equivalents 292 326 240 Total debt 1,414 1,416 1,424 Accounts receivable, net 985 1,002 1,008 Inventories, net 1,008 975 922 Accounts payable 894 894 958 Cash provided (used) by operating activities
Slide 11: 2023 Outlook
2023 Outlook ($ in millions) Q2 2023 2023 UPDATED 2023 PREVIOUS Revenue $1,590 to $1,640 Unchanged $6,200 to $6,550 Gross margin 26.8% to 27.8% Unchanged 26.8% to 27.8% GAAP Operating profit $150 to $170 Unchanged $625 to $675 GAAP EPS $0.41 to $0.51 $1.80 to $2.00 $1.85 to $2.15 Adjusted EBITDA ---
Slide 12: Our Values
Our Values Start with Act as Pioneer Make a the customer one team the future difference We understand our We work together We embrace We care about the customers’ needs toward common change, boldly step long-lasting and pride ourselves goals, engaging from into the unknown, positive impact we on del
Slide 13: Appendix
APPENDIX 13 13 Resideo Resideo Confidential Confidential -- © © 2023 2023 Resideo Resideo Technologies, Technologies, Inc Inc
Slide 14: Summary Financial Results (Unaudited)
Summary Financial Results (Unaudited) (1) (1) Dollars reported in millions herein are computed based on the amounts in thousands. As a result, the sum of the components, and related calculations, reported in millions may not equal the total amounts due to rounding. 14 Resideo Confidential - © 2023 R
Slide 15: Consolidated Interim Statements of Operations (Unaudited)
Consolidated Interim Statements of Operations (Unaudited) 15 Resideo Confidential - © 2023 Resideo Technologies, Inc
Slide 16: Consolidated Interim Balance Sheets (Unaudited)
Consolidated Interim Balance Sheets (Unaudited) 16 Resideo Confidential - © 2023 Resideo Technologies, Inc
Slide 17: Consolidated Interim Statements of Cash Flows (Unaudited)
Consolidated Interim Statements of Cash Flows (Unaudited) 17 Resideo Confidential - © 2023 Resideo Technologies, Inc
Slide 18: Non-GAAP Financial Measures and Reconciliations (Unaudited)
Non-GAAP Financial Measures and Reconciliations (Unaudited) Adjusted Net Income Per Diluted Share and Net Income Comparison 18 Resideo Confidential - © 2023 Resideo Technologies, Inc
Slide 19: Non-GAAP Financial Measures and Reconciliations (Unaudited)
Non-GAAP Financial Measures and Reconciliations (Unaudited) Adjusted EBITDA 19 Resideo Confidential - © 2023 Resideo Technologies, Inc
Slide 20: Non-GAAP Financial Measures and Reconciliations (Unaudited)
Non-GAAP Financial Measures and Reconciliations (Unaudited) Adjusted EBITDA 20 Resideo Confidential - © 2023 Resideo Technologies, Inc