Resideo Technologies, Inc. · NYSE:REZI
Resideo Technologies — Q2 2022 Earnings Presentation
17 slides from Resideo Technologies's earnings presentation, Aug 4, 2022
Slide 1: Q2 2022 Results Presentation
Q2 2022 RESULTS PRESENTATION August 4, 2022
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 Q2 2022 Highlights
Resideo Q2 2022 Highlights • Revenue of $1.7 billion, up 14% y/y; record performance at Products & Solutions and ADI • Pricing actions and strategic initiatives benefiting revenue and gross margin • Strong operating margin expansion, reaching 11.0%, up 280 basis points y/y • Business transformation,
Slide 4: Products & Solutions Q2 2022 Highlights
Products & Solutions Q2 2022 Highlights • Revenue of $764 million, up 28% y/y, with organic growth of 9% • Strong price realization and increased volumes compared to Q2 2021 • Growth driven by Air (+27% y/y) and Energy product categories (+10% y/y) with strength in distribution and retail channels •
Slide 5: ADI Global Distribution Q2 2022 Highlights
ADI Global Distribution Q2 2022 Highlights • Revenue of $922M, up 5% y/y, with strength in North America • Continued growth in key initiatives of e-commerce and private brands • Gross margin and operating margin expansion while investing in systems and digital tools • Acquisition of Electronic Custo
Slide 6: Q2 2022 Financial Performance Summary
Q2 2022 Financial Performance Summary ($ in millions, except per share) Q2 2022 Q2 2021 % change Y/Y Net Revenue 1,686 1,477 +14% P&S Revenue (1) 764 598 +28% ADI Revenue 922 879 +5% Gross Margin (2) 27.7% 26.1% +160 bps P&S Gross Margin (2) 37.3% 39.3% -200 bps ADI Gross Margin (2) 20.0% 17.4% +260
Slide 7: Resideo Key Financial Trends
Resideo Key Financial Trends $M Revenue +14% Gross Margin (1) +160 Q2 2022 HIGHLIGHTS Y/Y 40% bps $2,000 • Demand remained solid across 30% $1,500 businesses with volumes $1,000 20% constrained by supply $500 10% • Price actions, strong realization, $0 0% and ADI strategic pricing initiatives Q2 20
Slide 8: Products & Solutions Financial Trends
Products & Solutions Financial Trends P&S Revenue (1) +28% P&S Gross Margin (2) -200 Q2 2022 HIGHLIGHTS Y/Y bps $M $750 50% • Revenue growth 28% y/y driven by $600 40% First Alert acquisition and strong $450 30% realization on price actions with $300 20% volumes up slightly $150 10% $0 0% • Growth i
Slide 9: ADI Global Distribution Financial Trends
ADI Global Distribution Financial Trends ADI Revenue +5% ADI Gross Margin (1) +260 bps Q2 2022 HIGHLIGHTS $M Y/Y $1,000 20% • Revenue up 5% y/y with price and $800 16% recent acquisitions primary drivers $600 12% $400 8% • Fire, Access Control and Wire $200 4% remained strong; supply chain $0 0% imp
Slide 10: Balance Sheet and Cash Flow Summary
Balance Sheet and Cash Flow Summary ($ in millions) Q2 2022 Q2 2021 FY 2021 (1) Cash and cash equivalents and restricted cash 255 579 779 Total debt 1,422 1,194 1,230 Accounts receivable, net 1,073 895 876 Inventories 971 684 740 Accounts payable 987 915 883 Cash provided (used) by operating activit
Slide 11: 2022 Outlook
2022 Outlook ($ in millions) Q3 2022 2022 UPDATED 2022 PREVIOUS Revenue $1,670 to $1,720 $6,450 to $6,650 $6,450 to $6,650 Gross margin 27.0% to 28.0% 27.5% to 28.5% 27.5% to 28.5% GAAP Operating profit $165 to $175 $690 to $720 $680 to $720 Corporate costs ~$240 Corporate costs ~$240 Avg. diluted s
Slide 12: Resideo Values
Resideo 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
Slide 13: Appendix
resideo APPENDIX
Slide 14: Summary Financial Results (Unaudited)
Summary Financial Results (Unaudited) (1) (In millions) (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. (2) Represents Produ
Slide 15: Consolidated Interim Statements of Operations (Unaudited)
Consolidated Interim Statements of Operations (Unaudited) (1) The prior year unaudited Consolidated Interim Statements of Operations were reclassified to present Research and development expenses as a separate line item within the statements. Research and development expenses were formerly included
Slide 16: Consolidated Interim Balance Sheets (Unaudited)
Consolidated Interim Balance Sheets (Unaudited) 15 © 2022 Resideo Technologies, Inc. All Rights Reserved.
Slide 17: Consolidated Interim Statements of Cash Flows (Unaudited)
Consolidated Interim Statements of Cash Flows (Unaudited) 16 © 2022 Resideo Technologies, Inc. All Rights Reserved.