Slide 1: Quarterly Financial Review First Quarter 2022
Quarterly Financial Review First Quarter 2022
Slide 2: Snap-on and Makers + Fixers
Q1-2022 Quarterly Review © 2022 Snap-on Incorporated
Slide 3: Cautionary Statement
Cautionary Statement ▪ These slides should be read in conjunction with comments from the April 21, 2022 conference call. The financial statement information included herein is unaudited. ▪ Statements made during the April 21, 2022 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
Slide 5: Aldo Pagliari, Senior Vice President and Chief Financial Officer
Aldo Pagliari Senior Vice President and Chief Financial Officer
Slide 6: Consolidated Results
Consolidated Results Q1 2022 Q1 2021 ($ in millions, except per share data - unaudited) $ % $ % Change Net sales $ 1,097.8 $ 1,024.6 7.1 % ➢ Organic sales 80.4 8.0 % ➢ Acquisitions 8.5 0.8 % ➢ Currency translation (15.7) (1.7)% Gross profit $ 534.3 48.7 % $ 513.6 50.1 % Operating expenses 311.2 28.4
Slide 7: Commercial & Industrial
Commercial & Industrial ($ in millions - unaudited) Q1 2022 Q1 2021 Change Segment sales $ 340.1 $ 345.7 (1.6)% ➢ Organic sales 3.6 1.1 % ➢ Currency translation (9.2) (2.7)% Gross profit $ 123.7 $ 133.9 % of sales 36.4 % 38.7 % Operating expenses $ 78.0 $ 83.2 % of sales 23.0 % 24.0 % Operating earn
Slide 8: Snap-on Tools
Snap-on Tools ($ in millions - unaudited) Q1 2022 Q1 2021 Change Segment sales $ 512.1 $ 478.3 7.1 % ➢ Organic sales 36.8 7.7 % ➢ Currency translation (3.0) (0.6)% Gross profit $ 233.2 $ 219.7 % of sales 45.5 % 45.9 % Operating expenses $ 117.2 $ 120.8 % of sales 22.8 % 25.2 % Operating earnings $ 1
Slide 9: Repair Systems & Information
Repair Systems & Information ($ in millions - unaudited) Q1 2022 Q1 2021 Change Segment sales $ 398.2 $ 347.6 14.6 % ➢ Organic sales 45.7 13.3 % ➢ Acquisitions 8.5 2.5 % ➢ Currency translation (3.6) (1.2)% Gross profit $ 177.4 $ 160.0 % of sales 44.6 % 46.0 % Operating expenses $ 85.8 $ 78.6 % of sa
Slide 10: Financial Services
Financial Services ($ in millions - unaudited) Q1 2022 Q1 2021 Change Segment revenue $ 87.7 $ 88.6 (1.0)% Operating earnings $ 70.4 $ 65.3 7.8 % Originations $ 245.6 $ 261.8 (6.2)% ▪ Originations decreased $16.2 million or 6.2% ▪ Average yield on finance receivables of 17.6% in both years ▪ Average
Slide 11: Financial Services Portfolio Data
Financial Services Portfolio Data United States International Extended Extended ($ in millions - unaudited) Credit Total Credit Total Gross finance portfolio $ 1,501.0 $ 1,887.1 $ 203.4 $ 288.8 Portfolio net losses (TTM) $ 37.5 $ 38.9 $ 2.4 $ 2.7 60+ Delinquency: As of 3/31/22 1.6 % 1.3 % 0.8 % 0.9
Slide 12: Cash Flows
Cash Flows 1st Quarter ($ in millions - unaudited) 2022 2021 Net cash provided by operating activities $ 193.9 $ 319.3 ➢ Net earnings 222.7 197.6 ➢ Depreciation and amortization 25.7 24.7 ➢ Changes in deferred income taxes 2.3 2.3 ➢ Changes in working investment (90.7) 16.0 ➢ Changes in accruals and
Slide 13: Balance Sheet
Balance Sheet April 2, January 1, ($ in millions - unaudited) 2022 2022 Trade & Other Accounts Receivable - net $ 731.3 $ 682.3 Days Sales Outstanding 61 58 Finance Receivables - net $ 1,641.9 $ 1,656.3 Contract Receivables - net $ 479.7 $ 488.6 Inventory - net $ 864.1 $ 803.8 Inventory turns - TTM
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