(State or Other Jurisdiction Of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
VONTIER CORPORATION | |||||||||||
Date: | May 6, 2021 | By: | /s/ Courtney Kamlet | ||||||||
Name: | Courtney Kamlet | ||||||||||
Title: | Vice President - Associate General Counsel and Corporate Secretary |
April 2, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 670.3 | $ | 380.5 | |||||||
Accounts receivable, net | 386.5 | 447.1 | |||||||||
Inventories: | |||||||||||
Finished goods | 94.3 | 90.3 | |||||||||
Work in process | 25.8 | 19.9 | |||||||||
Raw materials | 122.6 | 123.5 | |||||||||
Total inventories | 242.7 | 233.7 | |||||||||
Prepaid expenses and other current assets | 111.7 | 120.8 | |||||||||
Total current assets | 1,411.2 | 1,182.1 | |||||||||
Property, plant and equipment, net | 98.1 | 96.8 | |||||||||
Operating lease right-of-use assets | 35.8 | 40.1 | |||||||||
Long-term financing receivables, net | 237.0 | 233.5 | |||||||||
Other intangible assets, net | 241.1 | 250.5 | |||||||||
Goodwill | 1,082.9 | 1,092.1 | |||||||||
Other assets | 178.0 | 177.9 | |||||||||
Total assets | $ | 3,284.1 | $ | 3,073.0 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | 6.9 | $ | 10.9 | |||||||
Trade accounts payable | 375.1 | 367.4 | |||||||||
Current operating lease liabilities | 11.9 | 11.9 | |||||||||
Accrued expenses and other current liabilities | 404.3 | 448.1 | |||||||||
Total current liabilities | 798.2 | 838.3 | |||||||||
Long-term operating lease liabilities | 26.9 | 30.5 | |||||||||
Long-term debt | 1,981.8 | 1,795.3 | |||||||||
Other long-term liabilities | 209.2 | 217.2 | |||||||||
Equity: | |||||||||||
Preferred stock, no par value -- 15,000,000 authorized shares; and none issued and outstanding | — | — | |||||||||
Common stock, $0.0001 par value -- 1,985,000,000 shares authorized at April 2, 2021 and December 31, 2020; 168,762,403 and 168,497,098 shares issued and outstanding at April 2, 2021 and December 31, 2020, respectively | — | — | |||||||||
Additional paid-in capital | 8.7 | 7.6 | |||||||||
Retained earnings (Accumulated deficit) | 77.4 | (13.6) | |||||||||
Accumulated other comprehensive income | 178.2 | 193.8 | |||||||||
Total Vontier stockholders’ equity | 264.3 | 187.8 | |||||||||
Noncontrolling interests | 3.7 | 3.9 | |||||||||
Total stockholders’ equity | 268.0 | 191.7 | |||||||||
Total liabilities and equity | $ | 3,284.1 | $ | 3,073.0 |
Three Months Ended | |||||||||||
April 2, 2021 | March 27, 2020 | ||||||||||
Sales | $ | 707.4 | $ | 609.2 | |||||||
Cost of sales | (395.6) | (346.1) | |||||||||
Gross profit | 311.8 | 263.1 | |||||||||
Operating costs: | |||||||||||
Selling, general and administrative expenses | (145.7) | (123.1) | |||||||||
Research and development expenses | (33.2) | (32.9) | |||||||||
Impairment of goodwill | — | (85.3) | |||||||||
Operating profit | 132.9 | 21.8 | |||||||||
Non-operating expense, net: | |||||||||||
Interest expense, net | (10.4) | (0.4) | |||||||||
Write-off of deferred financing costs | (3.2) | — | |||||||||
Other non-operating expense, net | (0.2) | (0.1) | |||||||||
Earnings before income taxes | 119.1 | 21.3 | |||||||||
Provision for income taxes | (28.1) | (25.5) | |||||||||
Net earnings (loss) | $ | 91.0 | $ | (4.2) | |||||||
Net earnings (loss) per share: | |||||||||||
Basic | $ | 0.54 | $ | (0.02) | |||||||
Diluted | $ | 0.54 | $ | (0.02) | |||||||
Average common stock and common equivalent shares outstanding: | |||||||||||
Basic | 168.7 | 168.4 | |||||||||
Diluted | 169.7 | 168.4 |
Three Months Ended | |||||||||||
April 2, 2021 | March 27, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | $ | 91.0 | $ | (4.2) | |||||||
Non-cash items: | |||||||||||
Depreciation and amortization expense | 19.8 | 19.3 | |||||||||
Stock-based compensation expense | 6.6 | 3.6 | |||||||||
Impairment of goodwill | — | 85.3 | |||||||||
Write-off of deferred financing costs | 3.2 | — | |||||||||
Amortization of debt issuance costs | 0.8 | — | |||||||||
Change in deferred income taxes | (1.0) | (7.0) | |||||||||
Change in accounts receivable and long-term financing receivables, net | 61.5 | 30.5 | |||||||||
Change in other operating assets and liabilities | (18.6) | (71.9) | |||||||||
Net cash provided by operating activities | 163.3 | 55.6 | |||||||||
Cash flows from investing activities: | |||||||||||
Payments for additions to property, plant and equipment | (11.0) | (7.5) | |||||||||
Proceeds from sale of property | — | 0.1 | |||||||||
Cash paid for equity investments | (4.6) | (9.5) | |||||||||
Net cash used in investing activities | (15.6) | (16.9) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long-term debt | 1,586.5 | — | |||||||||
Repayment of long-term debt | (1,400.0) | — | |||||||||
Payment for debt issuance costs | (1.2) | — | |||||||||
Net repayments of related-party borrowings | — | (23.6) | |||||||||
Net (repayments of) proceeds from short-term borrowings | (4.0) | 0.1 | |||||||||
Net transfers to Former Parent | (31.5) | (9.5) | |||||||||
Proceeds from stock option exercises | 1.5 | — | |||||||||
Acquisition of noncontrolling interest | (1.9) | — | |||||||||
Other financing activities | (3.9) | (1.0) | |||||||||
Net cash provided by (used in) financing activities | 145.5 | (34.0) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (3.4) | (4.7) | |||||||||
Net change in cash and cash equivalents | 289.8 | — | |||||||||
Beginning balance of cash and cash equivalents | 380.5 | — | |||||||||
Ending balance of cash and cash equivalents | $ | 670.3 | $ | — |
Three Months Ended | |||||||||||
($ in millions) | April 2, 2021 | March 27, 2020 | |||||||||
Net Earnings (GAAP) | $ | 91.0 | $ | (4.2) | |||||||
Amortization of acquisition-related intangible assets | 7.6 | 7.3 | |||||||||
Restructuring costs | 4.0 | 0.1 | |||||||||
Goodwill impairment charges | — | 85.3 | |||||||||
Transaction- and deal-related costs | 1.8 | — | |||||||||
Earnings attributable to noncontrolling interests | 0.1 | 1.3 | |||||||||
Pro-forma interest expense on debt, net of interest income | — | (9.6) | |||||||||
Non-cash write-off of deferred financing costs | 3.2 | — | |||||||||
One-time costs related to separation | 6.4 | 5.5 | |||||||||
Normalization and other adjustments (a) | (1.3) | (12.7) | |||||||||
Tax effect of the Non-GAAP adjustments (b) | (5.1) | 1.9 | |||||||||
Adjusted Net Earnings (Non-GAAP) | $ | 107.7 | $ | 74.9 | |||||||
(a) Adjustment for standalone public company costs | |||||||||||
(b) Tax effect calculated using an estimated effective rate for each respective period. The goodwill impairment charge is not tax deductible and therefore the tax effect of the adjustments includes only the other adjustments noted. |
Three Months Ended | |||||||||||
April 2, 2021 | March 27, 2020 | ||||||||||
Diluted Net Earnings Per Share (GAAP) | $ | 0.54 | $ | (0.02) | |||||||
Amortization of acquisition-related intangible assets | 0.04 | 0.04 | |||||||||
Restructuring costs | 0.02 | — | |||||||||
Goodwill impairment charges | — | 0.51 | |||||||||
Transaction- and deal-related costs | 0.01 | — | |||||||||
Earnings attributable to noncontrolling interests | — | 0.01 | |||||||||
Pro-forma interest expense on debt, net of interest income | — | (0.06) | |||||||||
Non-cash write-off of deferred financing costs | 0.02 | — | |||||||||
One-time costs related to separation | 0.04 | 0.03 | |||||||||
Normalization and other adjustments (a) | (0.01) | (0.08) | |||||||||
Tax effect of the Non-GAAP adjustments (b) | (0.03) | 0.01 | |||||||||
Adjusted Diluted Net Earnings Per Share (Non-GAAP) | $ | 0.63 | $ | 0.44 | |||||||
(a) Adjustment for standalone public company costs | |||||||||||
(b) Tax effect calculated using an estimated effective rate for each respective period. The goodwill impairment charge is not tax deductible and therefore the tax effect of the adjustments includes only the other adjustments noted. | |||||||||||
Note: The sum of the components of adjusted diluted net earnings per share may not equal due to rounding. |
Three Months Ended | Year Ended | ||||||||||||||||||||||
July 2, 2021 | December 31, 2021 | ||||||||||||||||||||||
Low End | High End | Low End | High End | ||||||||||||||||||||
Forecasted Diluted Net Earnings Per Share | $ | 0.43 | $ | 0.47 | $ | 2.25 | $ | 2.35 | |||||||||||||||
Anticipated amortization of acquisition-related intangible assets | 0.04 | 0.04 | 0.18 | 0.18 | |||||||||||||||||||
Anticipated restructuring costs | 0.03 | 0.03 | 0.12 | 0.12 | |||||||||||||||||||
Transaction- and deal-related costs | — | — | 0.01 | 0.01 | |||||||||||||||||||
Anticipated earnings attributable to noncontrolling interests | — | — | (0.01) | (0.01) | |||||||||||||||||||
Non-cash write-off of deferred financing costs | — | — | 0.02 | 0.02 | |||||||||||||||||||
Anticipated one-time costs, net of normalization (a) | 0.02 | 0.02 | 0.07 | 0.07 | |||||||||||||||||||
Tax effect of the Non-GAAP adjustments (b) | (0.02) | (0.02) | (0.09) | (0.09) | |||||||||||||||||||
Forecasted Adjusted Diluted Net Earnings Per Share (Non-GAAP) | $ | 0.50 | $ | 0.54 | $ | 2.55 | $ | 2.65 | |||||||||||||||
(a) Adjustment for standalone public company costs | |||||||||||||||||||||||
(b) Tax effect calculated using an estimated effective rate for each respective period. | |||||||||||||||||||||||
Note: The sum of the components of forecasted adjusted diluted net earnings per share may not equal due to rounding. |
% Change Three Months Ended April 2, 2021 vs. Comparable 2020 Period | |||||
Total Revenue Growth (GAAP) | 16.1 | % | |||
Core revenue growth (Non-GAAP) | 14.3 | % | |||
Impact of currency exchange rates (Non-GAAP) | 1.8 | % | |||
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Cover |
May 06, 2021 |
---|---|
Cover [Abstract] | |
Document Period End Date | May 06, 2021 |
Entity Registrant Name | Vontier Corporation |
Entity Central Index Key | 0001786842 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39483 |
Entity Tax Identification Number | 84-2783455 |
Entity Address, Address Line One | 5438 Wade Park Boulevard |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | Raleigh |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 27607 |
City Area Code | 984 |
Local Phone Number | 275-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.0001 per share |
Trading Symbol | VNT |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Document Type | 8-K |
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