(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||||||||||
of incorporation) | Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Emerging growth company | ||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
IDEX CORPORATION | ||||||||
By: | /s/ WILLIAM K. GROGAN | |||||||
William K. Grogan | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
October 26, 2022 |
Three Months Ended September 30, | |||||||||||||||||
(Dollars in millions, except per share amounts) | 2022 | 2021 | Increase (Decrease) | ||||||||||||||
Net sales | $ | 824.0 | $ | 712.0 | $ | 112.0 | |||||||||||
Adjusted net sales* | 806.1 | 712.0 | 94.1 | ||||||||||||||
Organic net sales growth* | 15 | % | |||||||||||||||
Operating income | 202.2 | 161.2 | 41.0 | ||||||||||||||
Adjusted operating income* | 201.1 | 173.1 | 28.0 | ||||||||||||||
Net income attributable to IDEX | 178.7 | 115.7 | 63.0 | ||||||||||||||
Adjusted net income attributable to IDEX* | 161.9 | 137.5 | 24.4 | ||||||||||||||
Diluted EPS attributable to IDEX | 2.36 | 1.51 | 0.85 | ||||||||||||||
Adjusted diluted EPS attributable to IDEX* | 2.14 | 1.79 | 0.35 | ||||||||||||||
Adjusted EBITDA* | 231.4 | 199.5 | 31.9 | ||||||||||||||
Cash flow from operating activities | 198.1 | 156.6 | 41.5 | ||||||||||||||
Free cash flow* | 181.8 | 141.7 | 40.1 | ||||||||||||||
Gross margin | 46.3 | % | 43.8 | % | 250 bps | ||||||||||||
Adjusted gross margin* | 45.1 | % | 45.0 | % | 10 bps | ||||||||||||
Operating margin | 24.5 | % | 22.6 | % | 190 bps | ||||||||||||
Adjusted operating margin* | 24.9 | % | 24.3 | % | 60 bps | ||||||||||||
Adjusted EBITDA margin* | 28.7 | % | 28.0 | % | 70 bps | ||||||||||||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
Three Months Ended September 30, | |||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Increase (Decrease) | ||||||||||||||
Net sales | $ | 307.6 | $ | 251.3 | $ | 56.3 | |||||||||||
Operating income | 94.5 | 69.0 | 25.5 | ||||||||||||||
Operating margin | 30.7 | % | 27.5 | % | 320 bps | ||||||||||||
Adjusted operating income* | $ | 94.5 | $ | 71.0 | $ | 23.5 | |||||||||||
Adjusted operating margin* | 30.7 | % | 28.2 | % | 250 bps | ||||||||||||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
Three Months Ended September 30, | |||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Increase (Decrease) | ||||||||||||||
Net sales | $ | 345.0 | $ | 302.3 | $ | 42.7 | |||||||||||
Adjusted net sales* | 327.1 | 302.3 | 24.8 | ||||||||||||||
Operating income | 85.6 | 70.4 | 15.2 | ||||||||||||||
Operating margin | 24.8 | % | 23.3 | % | 150 bps | ||||||||||||
Adjusted operating income* | $ | 84.5 | $ | 80.1 | $ | 4.4 | |||||||||||
Adjusted operating margin* | 25.8 | % | 26.5 | % | (70) bps | ||||||||||||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
Three Months Ended September 30, | |||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Increase (Decrease) | ||||||||||||||
Net sales | $ | 172.4 | $ | 159.1 | $ | 13.3 | |||||||||||
Operating income | 43.6 | 39.1 | 4.5 | ||||||||||||||
Operating margin | 25.3 | % | 24.6 | % | 70 bps | ||||||||||||
Adjusted operating income* | $ | 43.6 | $ | 39.0 | $ | 4.6 | |||||||||||
Adjusted operating margin* | 25.3 | % | 24.6 | % | 70 bps | ||||||||||||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 824.0 | $ | 712.0 | $ | 2,371.2 | $ | 2,050.0 | |||||||||||||||
Cost of sales | 442.2 | 400.4 | 1,290.0 | 1,139.7 | |||||||||||||||||||
Gross profit | 381.8 | 311.6 | 1,081.2 | 910.3 | |||||||||||||||||||
Selling, general and administrative expenses | 161.9 | 147.2 | 483.7 | 426.7 | |||||||||||||||||||
Restructuring expenses and asset impairments | 17.7 | 3.2 | 21.1 | 8.6 | |||||||||||||||||||
Operating income | 202.2 | 161.2 | 576.4 | 475.0 | |||||||||||||||||||
Gain on sale of business | (34.8) | — | (34.8) | — | |||||||||||||||||||
Other (income) expense - net | (1.0) | 0.6 | (3.3) | 17.0 | |||||||||||||||||||
Interest expense | 9.6 | 9.5 | 28.6 | 31.4 | |||||||||||||||||||
Income before income taxes | 228.4 | 151.1 | 585.9 | 426.6 | |||||||||||||||||||
Provision for income taxes | 49.7 | 35.4 | 129.2 | 96.0 | |||||||||||||||||||
Net income | $ | 178.7 | $ | 115.7 | $ | 456.7 | $ | 330.6 | |||||||||||||||
Net loss attributable to noncontrolling interest | — | — | 0.2 | — | |||||||||||||||||||
Net income attributable to IDEX | $ | 178.7 | $ | 115.7 | $ | 456.9 | $ | 330.6 | |||||||||||||||
Earnings per Common Share: | |||||||||||||||||||||||
Basic earnings per common share attributable to IDEX | $ | 2.37 | $ | 1.52 | $ | 6.02 | $ | 4.35 | |||||||||||||||
Diluted earnings per common share attributable to IDEX | $ | 2.36 | $ | 1.51 | $ | 6.00 | $ | 4.33 | |||||||||||||||
Share Data: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | 75.4 | 76.0 | 75.8 | 76.0 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 75.8 | 76.5 | 76.1 | 76.4 |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 680.7 | $ | 855.4 | |||||||
Receivables - net | 406.1 | 356.4 | |||||||||
Inventories | 455.3 | 370.4 | |||||||||
Other current assets | 92.9 | 95.8 | |||||||||
Total current assets | 1,635.0 | 1,678.0 | |||||||||
Property, plant and equipment - net | 303.5 | 327.3 | |||||||||
Goodwill and intangible assets | 2,819.8 | 2,765.0 | |||||||||
Other noncurrent assets | 134.3 | 146.9 | |||||||||
Total assets | $ | 4,892.6 | $ | 4,917.2 | |||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Trade accounts payable | $ | 196.6 | $ | 178.8 | |||||||
Accrued expenses | 264.6 | 259.8 | |||||||||
Dividends payable | 45.3 | 41.4 | |||||||||
Total current liabilities | 506.5 | 480.0 | |||||||||
Long-term borrowings | 1,191.1 | 1,190.3 | |||||||||
Other noncurrent liabilities | 392.4 | 443.8 | |||||||||
Total liabilities | 2,090.0 | 2,114.1 | |||||||||
Shareholders' equity | 2,802.8 | 2,803.1 | |||||||||
Noncontrolling interest | (0.2) | — | |||||||||
Total equity | 2,802.6 | 2,803.1 | |||||||||
Total liabilities and equity | $ | 4,892.6 | $ | 4,917.2 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 456.7 | $ | 330.6 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gains on sales of assets | (3.0) | — | |||||||||
Gain on sale of business | (34.8) | — | |||||||||
Asset impairments | 17.0 | 0.8 | |||||||||
Depreciation and amortization | 37.0 | 32.3 | |||||||||
Amortization of intangible assets | 49.2 | 40.7 | |||||||||
Amortization of debt issuance expenses | 1.2 | 1.4 | |||||||||
Share-based compensation expense | 16.4 | 15.4 | |||||||||
Deferred income taxes | 0.2 | (7.1) | |||||||||
Non-cash interest expense associated with forward starting swaps | — | 3.3 | |||||||||
Termination of the U.S. pension plan | — | 9.7 | |||||||||
Changes in (net of the effect from acquisitions/divestitures and foreign exchange): | |||||||||||
Receivables | (62.5) | (59.2) | |||||||||
Inventories | (99.6) | (28.1) | |||||||||
Other current assets | (4.8) | 6.0 | |||||||||
Trade accounts payable | 25.6 | 21.0 | |||||||||
Deferred revenue | (24.7) | 14.8 | |||||||||
Accrued expenses | 13.1 | 18.9 | |||||||||
Other - net | 3.1 | 1.7 | |||||||||
Net cash flows provided by operating activities | 390.1 | 402.2 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property, plant and equipment | (48.0) | (45.5) | |||||||||
Acquisition of businesses, net of cash acquired | (232.6) | (575.6) | |||||||||
Note receivable from collaborative partner | — | (4.2) | |||||||||
Proceeds from disposal of fixed assets | 7.0 | 0.2 | |||||||||
Proceeds from sale of business, net of cash remitted | 49.4 | — | |||||||||
Other - net | (0.2) | 0.9 | |||||||||
Net cash flows used in investing activities | (224.4) | (624.2) | |||||||||
Cash flows from financing activities | |||||||||||
Borrowings under revolving credit facilities | 40.0 | — | |||||||||
Payments under revolving credit facilities | (40.0) | — | |||||||||
Proceeds from issuance of long-term borrowings | — | 499.4 | |||||||||
Payment of long-term borrowings | — | (350.0) | |||||||||
Payment of make-whole redemption premium | — | (6.7) | |||||||||
Debt issuance costs | — | (4.6) | |||||||||
Dividends paid | (132.2) | (120.3) | |||||||||
Proceeds from stock option exercises | 9.0 | 12.5 | |||||||||
Repurchases of common stock | (146.3) | — | |||||||||
Shares surrendered for tax withholding | (5.1) | (5.6) | |||||||||
Other - net | — | (0.1) | |||||||||
Net cash flows (used in) provided by financing activities | (274.6) | 24.6 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (65.8) | (22.0) | |||||||||
Net decrease in cash | (174.7) | (219.4) | |||||||||
Cash and cash equivalents at beginning of year | 855.4 | 1,025.9 | |||||||||
Cash and cash equivalents at end of period | $ | 680.7 | $ | 806.5 |
Three Months Ended September 30, (a) | Nine Months Ended September 30, (a) | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||||||||||||
Net sales | $ | 307.6 | $ | 251.3 | $ | 879.5 | $ | 745.9 | ||||||||||||||||||
Operating income (b) | 94.5 | 69.0 | 257.8 | 195.4 | ||||||||||||||||||||||
Operating margin | 30.7 | % | 27.5 | % | 29.3 | % | 26.2 | % | ||||||||||||||||||
EBITDA(c) | $ | 104.4 | $ | 76.4 | $ | 286.9 | $ | 212.2 | ||||||||||||||||||
EBITDA margin(c) | 33.9 | % | 30.4 | % | 32.6 | % | 28.4 | % | ||||||||||||||||||
Depreciation and amortization | $ | 9.7 | $ | 7.8 | $ | 27.1 | $ | 22.8 | ||||||||||||||||||
Capital expenditures | 7.7 | 4.6 | 17.4 | 12.9 | ||||||||||||||||||||||
Health & Science Technologies | ||||||||||||||||||||||||||
Net sales | $ | 345.0 | $ | 302.3 | $ | 986.2 | $ | 827.7 | ||||||||||||||||||
Operating income (b) | 85.6 | 70.4 | 255.7 | 213.0 | ||||||||||||||||||||||
Operating margin | 24.8 | % | 23.3 | % | 25.9 | % | 25.7 | % | ||||||||||||||||||
EBITDA(c) | $ | 102.5 | $ | 85.9 | $ | 305.8 | $ | 251.7 | ||||||||||||||||||
EBITDA margin(c) | 29.7 | % | 28.4 | % | 31.0 | % | 30.4 | % | ||||||||||||||||||
Depreciation and amortization | $ | 15.8 | $ | 15.3 | $ | 47.6 | $ | 38.4 | ||||||||||||||||||
Capital expenditures | 6.4 | 8.6 | 22.9 | 27.3 | ||||||||||||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||||||||||||
Net sales | $ | 172.4 | $ | 159.1 | $ | 508.3 | $ | 479.4 | ||||||||||||||||||
Operating income (b) | 43.6 | 39.1 | 124.0 | 126.5 | ||||||||||||||||||||||
Operating margin | 25.3 | % | 24.6 | % | 24.4 | % | 26.4 | % | ||||||||||||||||||
EBITDA(c) | $ | 47.8 | $ | 42.9 | $ | 137.8 | $ | 136.2 | ||||||||||||||||||
EBITDA margin(c) | 27.8 | % | 26.9 | % | 27.1 | % | 28.4 | % | ||||||||||||||||||
Depreciation and amortization | $ | 3.7 | $ | 3.8 | $ | 11.2 | $ | 11.5 | ||||||||||||||||||
Capital expenditures | 2.2 | 1.4 | 7.5 | 4.6 | ||||||||||||||||||||||
Corporate Office and Eliminations | ||||||||||||||||||||||||||
Intersegment sales eliminations | $ | (1.0) | $ | (0.7) | $ | (2.8) | $ | (3.0) | ||||||||||||||||||
Operating income (b) | (21.5) | (17.3) | (61.1) | (59.9) | ||||||||||||||||||||||
EBITDA(c) | 12.6 | (17.6) | (29.8) | (69.1) | ||||||||||||||||||||||
Depreciation and amortization (d) | 0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||||||||||||
Capital expenditures | — | 0.3 | 0.2 | 0.7 | ||||||||||||||||||||||
Company | ||||||||||||||||||||||||||
Net sales | $ | 824.0 | $ | 712.0 | $ | 2,371.2 | $ | 2,050.0 | ||||||||||||||||||
Operating income | 202.2 | 161.2 | 576.4 | 475.0 | ||||||||||||||||||||||
Operating margin | 24.5 | % | 22.6 | % | 24.3 | % | 23.2 | % | ||||||||||||||||||
EBITDA(c) | $ | 267.3 | $ | 187.6 | $ | 700.7 | $ | 531.0 | ||||||||||||||||||
EBITDA margin(c) | 32.4 | % | 26.3 | % | 29.5 | % | 25.9 | % | ||||||||||||||||||
Depreciation and amortization (d) | $ | 29.3 | $ | 27.0 | $ | 86.2 | $ | 73.0 | ||||||||||||||||||
Capital expenditures | 16.3 | 14.9 | 48.0 | 45.5 |
Three Months Ended September 30, (a) | Nine Months Ended September 30, (a) | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||||||||||||
Net sales | $ | 307.6 | $ | 251.3 | $ | 879.5 | $ | 745.9 | ||||||||||||||||||
Adjusted net sales(c) | 307.6 | 251.3 | 879.5 | 745.9 | ||||||||||||||||||||||
Adjusted operating income(b)(c) | 94.5 | 71.0 | 259.9 | 202.7 | ||||||||||||||||||||||
Adjusted operating margin(c) | 30.7 | % | 28.2 | % | 29.6 | % | 27.2 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 104.4 | $ | 78.4 | $ | 287.8 | $ | 225.8 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 33.9 | % | 31.2 | % | 32.7 | % | 30.3 | % | ||||||||||||||||||
Depreciation and amortization | $ | 9.7 | $ | 7.8 | $ | 27.1 | $ | 22.8 | ||||||||||||||||||
Capital expenditures | 7.7 | 4.6 | 17.4 | 12.9 | ||||||||||||||||||||||
Health & Science Technologies | ||||||||||||||||||||||||||
Net sales | $ | 345.0 | $ | 302.3 | $ | 986.2 | $ | 827.7 | ||||||||||||||||||
Adjusted net sales(c) | 327.1 | 302.3 | 968.3 | 827.7 | ||||||||||||||||||||||
Adjusted operating income(b)(c) | 84.5 | 80.1 | 254.7 | 223.8 | ||||||||||||||||||||||
Adjusted operating margin(c) | 25.8 | % | 26.5 | % | 26.3 | % | 27.0 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 101.4 | $ | 95.6 | $ | 304.8 | $ | 262.5 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 31.0 | % | 31.6 | % | 31.5 | % | 31.7 | % | ||||||||||||||||||
Depreciation and amortization | $ | 15.8 | $ | 15.3 | $ | 47.6 | $ | 38.4 | ||||||||||||||||||
Capital expenditures | 6.4 | 8.6 | 22.9 | 27.3 | ||||||||||||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||||||||||||
Net sales | $ | 172.4 | $ | 159.1 | $ | 508.3 | $ | 479.4 | ||||||||||||||||||
Adjusted net sales(c) | 172.4 | 159.1 | 508.3 | 479.4 | ||||||||||||||||||||||
Adjusted operating income(b)(c) | 43.6 | 39.0 | 125.0 | 126.6 | ||||||||||||||||||||||
Adjusted operating margin(c) | 25.3 | % | 24.6 | % | 24.6 | % | 26.4 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 47.8 | $ | 42.8 | $ | 137.3 | $ | 138.1 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 27.8 | % | 26.9 | % | 27.0 | % | 28.8 | % | ||||||||||||||||||
Depreciation and amortization | $ | 3.7 | $ | 3.8 | $ | 11.2 | $ | 11.5 | ||||||||||||||||||
Capital expenditures | 2.2 | 1.4 | 7.5 | 4.6 | ||||||||||||||||||||||
Corporate Office and Eliminations | ||||||||||||||||||||||||||
Intersegment sales eliminations | $ | (1.0) | $ | (0.7) | $ | (2.8) | $ | (3.0) | ||||||||||||||||||
Adjusted intersegment sales eliminations(c) | (1.0) | (0.7) | (2.8) | (3.0) | ||||||||||||||||||||||
Adjusted operating income(b)(c) | (21.5) | (17.0) | (61.1) | (54.4) | ||||||||||||||||||||||
Adjusted EBITDA(c) | (22.2) | (17.3) | (64.6) | (53.4) | ||||||||||||||||||||||
Depreciation and amortization(d) | 0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||||||||||||
Capital expenditures | — | 0.3 | 0.2 | 0.7 | ||||||||||||||||||||||
Company | ||||||||||||||||||||||||||
Net sales | $ | 824.0 | $ | 712.0 | $ | 2,371.2 | $ | 2,050.0 | ||||||||||||||||||
Adjusted net sales(c) | 806.1 | 712.0 | 2,353.3 | 2,050.0 | ||||||||||||||||||||||
Adjusted operating income(c) | 201.1 | 173.1 | 578.5 | 498.7 | ||||||||||||||||||||||
Adjusted operating margin(c) | 24.9 | % | 24.3 | % | 24.6 | % | 24.3 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 231.4 | $ | 199.5 | $ | 665.3 | $ | 573.0 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 28.7 | % | 28.0 | % | 28.3 | % | 27.9 | % | ||||||||||||||||||
Depreciation and amortization(d) | $ | 29.3 | $ | 27.0 | $ | 86.2 | $ | 73.0 | ||||||||||||||||||
Capital expenditures | 16.3 | 14.9 | 48.0 | 45.5 | ||||||||||||||||||||||
(a) | Three and nine month data include the results of the ABEL acquisition (March 2021), the Nexsight acquisition (February 2022) and the KZValve acquisition (May 2022) in the FMT segment and the Airtech acquisition (June 2021) in the Health & Science Technologies ("HST") segment from the date of acquisition. Three and nine month data also includes the results of Knight (September 2022) in the FMT segment through the date of disposition. Nine month data also includes the results of CiDRA Precision Services (March 2021) in the HST segment through the date of disposition. | |||||||||||||||||||||||||
(b) | Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. | |||||||||||||||||||||||||
(c) | These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the reconciliation tables below. | |||||||||||||||||||||||||
(d) | Depreciation and amortization exclude amortization of debt issuance costs. |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | IDEX | FMT | HST | FSDP | IDEX | ||||||||||||||||||||||||||||||||||||||||
Change in net sales | 22 | % | 14 | % | 8 | % | 16 | % | 18 | % | 19 | % | 6 | % | 16 | % | |||||||||||||||||||||||||||||||
- Net impact from acquisitions/divestitures | 9 | % | — | % | — | % | 3 | % | 7 | % | 7 | % | — | % | 5 | % | |||||||||||||||||||||||||||||||
- Impact from foreign currency | (4 | %) | (5 | %) | (6 | %) | (5 | %) | (3 | %) | (3 | %) | (4 | %) | (3 | %) | |||||||||||||||||||||||||||||||
- Impact from the exit of a COVID-19 testing application(1) | — | % | 6 | % | — | % | 3 | % | — | % | 2 | % | — | % | 1 | % | |||||||||||||||||||||||||||||||
Change in organic net sales | 17 | % | 13 | % | 14 | % | 15 | % | 14 | % | 13 | % | 10 | % | 13 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gross profit | $ | 381.8 | $ | 311.6 | $ | 1,081.2 | $ | 910.3 | |||||||||||||||
- Impact from the exit of a COVID-19 testing application(1) | (17.9) | — | (17.9) | — | |||||||||||||||||||
+ Fair value inventory step-up charges | — | 9.1 | 0.4 | 11.6 | |||||||||||||||||||
Adjusted gross profit | $ | 363.9 | $ | 320.7 | $ | 1,063.7 | $ | 921.9 | |||||||||||||||
Net sales | $ | 824.0 | $ | 712.0 | $ | 2,371.2 | $ | 2,050.0 | |||||||||||||||
- Impact from the exit of a COVID-19 testing application(1) | (17.9) | — | (17.9) | — | |||||||||||||||||||
Adjusted net sales | 806.1 | 712.0 | 2,353.3 | 2,050.0 | |||||||||||||||||||
Gross margin | 46.3 | % | 43.8 | % | 45.6 | % | 44.4 | % | |||||||||||||||
Adjusted gross margin | 45.1 | % | 45.0 | % | 45.2 | % | 45.0 | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 94.5 | $ | 85.6 | $ | 43.6 | $ | (21.5) | $ | 202.2 | $ | 69.0 | $ | 70.4 | $ | 39.1 | $(17.3) | $ | 161.2 | ||||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charges | — | — | — | — | — | — | 9.1 | — | — | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | — | — | — | — | — | 2.0 | 0.6 | (0.1) | 0.7 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Net impact from the exit of a COVID-19 testing application(1) | — | (1.1) | — | — | (1.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Corporate transaction indemnity | — | — | — | — | — | — | — | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 94.5 | $ | 84.5 | $ | 43.6 | $ | (21.5) | $ | 201.1 | $ | 71.0 | $ | 80.1 | $ | 39.0 | $ | (17.0) | $ | 173.1 | |||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 307.6 | $ | 345.0 | $ | 172.4 | $ | (1.0) | $ | 824.0 | $ | 251.3 | $ | 302.3 | $ | 159.1 | $ | (0.7) | $ | 712.0 | |||||||||||||||||||||||||||||||||||||||
- Impact from the exit of a COVID-19 testing application(1) | — | (17.9) | — | — | (17.9) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net sales (eliminations) | 307.6 | 327.1 | 172.4 | (1.0) | 806.1 | 251.3 | 302.3 | 159.1 | (0.7) | 712.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating margin | 30.7 | % | 24.8 | % | 25.3 | % | n/m | 24.5 | % | 27.5 | % | 23.3 | % | 24.6 | % | n/m | 22.6 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 30.7 | % | 25.8 | % | 25.3 | % | n/m | 24.9 | % | 28.2 | % | 26.5 | % | 24.6 | % | n/m | 24.3 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 257.8 | $ | 255.7 | $ | 124.0 | $ | (61.1) | $ | 576.4 | $ | 195.4 | $ | 213.0 | $ | 126.5 | $ | (59.9) | $ | 475.0 | |||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charges | 0.4 | — | — | — | 0.4 | 2.5 | 9.1 | — | — | 11.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 1.7 | 0.1 | 1.0 | — | 2.8 | 4.8 | 1.7 | 0.1 | 2.0 | 8.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Net impact from the exit of a COVID-19 testing application(1) | — | (1.1) | — | — | (1.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Corporate transaction indemnity | — | — | — | — | — | — | — | — | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 259.9 | $ | 254.7 | $ | 125.0 | $ | (61.1) | $ | 578.5 | $ | 202.7 | $ | 223.8 | $ | 126.6 | $ | (54.4) | $ | 498.7 | |||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 879.5 | $ | 986.2 | $ | 508.3 | $ | (2.8) | $ | 2,371.2 | $ | 745.9 | $ | 827.7 | $ | 479.4 | $ | (3.0) | $ | 2,050.0 | |||||||||||||||||||||||||||||||||||||||
- Impact from the exit of a COVID-19 testing application(1) | — | (17.9) | — | — | (17.9) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net sales (eliminations) | 879.5 | 968.3 | 508.3 | (2.8) | 2,353.3 | 745.9 | 827.7 | 479.4 | (3.0) | 2,050.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating margin | 29.3 | % | 25.9 | % | 24.4 | % | n/m | 24.3 | % | 26.2 | % | 25.7 | % | 26.4 | % | n/m | 23.2 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 29.6 | % | 26.3 | % | 24.6 | % | n/m | 24.6 | % | 27.2 | % | 27.0 | % | 26.4 | % | n/m | 24.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reported net income attributable to IDEX | $ | 178.7 | $ | 115.7 | $ | 456.9 | $ | 330.6 | |||||||||||||||
+ Restructuring expenses and asset impairments | — | 3.2 | 2.8 | 8.6 | |||||||||||||||||||
+ Tax impact on restructuring expenses and asset impairments | — | (0.7) | (0.7) | (2.1) | |||||||||||||||||||
+ Fair value inventory step-up charges | — | 9.1 | 0.4 | 11.6 | |||||||||||||||||||
+ Tax impact on fair value inventory step-up charges | — | (2.0) | (0.1) | (2.7) | |||||||||||||||||||
- Net impact from the exit of a COVID-19 testing application(1) | (1.1) | — | (1.1) | — | |||||||||||||||||||
+ Tax impact on the exit of a COVID-19 testing application | 0.3 | — | 0.3 | — | |||||||||||||||||||
- Gain on sale of business | (34.8) | — | (34.8) | — | |||||||||||||||||||
+ Tax impact on gain on sale of business | 5.5 | — | 5.5 | — | |||||||||||||||||||
- Gains on sales of assets | — | — | (2.7) | — | |||||||||||||||||||
+ Tax impact on gains on sales of assets | — | — | 0.6 | — | |||||||||||||||||||
+ Corporate transaction indemnity | — | (0.4) | — | 3.5 | |||||||||||||||||||
+ Tax impact on Corporate transaction indemnity | — | 0.1 | — | (0.8) | |||||||||||||||||||
+ Loss on early debt redemption | — | — | — | 8.6 | |||||||||||||||||||
+ Tax impact on loss on early debt redemption | — | — | — | (1.8) | |||||||||||||||||||
+ Termination of the U.S. pension plan | — | — | — | 9.7 | |||||||||||||||||||
+ Tax impact on termination of the U.S. pension plan | — | — | — | (2.1) | |||||||||||||||||||
+ Acquisition-related intangible asset amortization | 17.0 | 16.2 | 49.2 | 40.7 | |||||||||||||||||||
+ Tax impact on acquisition-related intangible asset amortization | (3.7) | (3.7) | (11.0) | (9.3) | |||||||||||||||||||
Adjusted net income attributable to IDEX | $ | 161.9 | $ | 137.5 | $ | 465.3 | $ | 394.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reported diluted EPS attributable to IDEX | $ | 2.36 | $ | 1.51 | $ | 6.00 | $ | 4.33 | |||||||||||||||
+ Restructuring expenses and asset impairments | — | 0.04 | 0.04 | 0.11 | |||||||||||||||||||
+ Tax impact on restructuring expenses and asset impairments | — | (0.01) | (0.01) | (0.03) | |||||||||||||||||||
+ Fair value inventory step-up charges | — | 0.12 | — | 0.15 | |||||||||||||||||||
+ Tax impact on fair value inventory step-up charges | — | (0.03) | — | (0.04) | |||||||||||||||||||
- Net impact from the exit of a COVID-19 testing application(1) | (0.01) | — | (0.01) | — | |||||||||||||||||||
+ Tax impact on the exit of a COVID-19 testing application | — | — | — | — | |||||||||||||||||||
- Gain on sale of business | (0.46) | — | (0.46) | — | |||||||||||||||||||
+ Tax impact on gain on sale of business | 0.07 | — | 0.07 | — | |||||||||||||||||||
- Gains on sales of assets | — | — | (0.03) | — | |||||||||||||||||||
+ Tax impact on gains on sales of assets | — | — | 0.01 | — | |||||||||||||||||||
+ Corporate transaction indemnity | — | — | — | 0.05 | |||||||||||||||||||
+ Tax impact on Corporate transaction indemnity | — | — | — | (0.01) | |||||||||||||||||||
+ Loss on early debt redemption | — | — | — | 0.11 | |||||||||||||||||||
+ Tax impact on loss on early debt redemption | — | — | — | (0.02) | |||||||||||||||||||
+ Termination of the U.S. pension plan | — | — | — | 0.13 | |||||||||||||||||||
+ Tax impact on termination of the U.S. pension plan | — | — | — | (0.03) | |||||||||||||||||||
+ Acquisition-related intangible asset amortization | 0.23 | 0.21 | 0.65 | 0.53 | |||||||||||||||||||
+ Tax impact on acquisition-related intangible asset amortization | (0.05) | (0.05) | (0.14) | (0.12) | |||||||||||||||||||
Adjusted diluted EPS attributable to IDEX | $ | 2.14 | $ | 1.79 | $ | 6.12 | $ | 5.16 | |||||||||||||||
Diluted weighted average shares outstanding | 75.8 | 76.5 | 76.1 | 76.4 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 94.5 | $ | 85.6 | $ | 43.6 | $ | (21.5) | $ | 202.2 | $ | 69.0 | $ | 70.4 | $ | 39.1 | $ | (17.3) | $ | 161.2 | |||||||||||||||||||||||||||||||||||||||
+ Gain on sale of business | — | — | — | 34.8 | 34.8 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Other income (expense), net | 0.2 | 1.1 | 0.5 | (0.8) | 1.0 | (0.4) | 0.2 | — | (0.4) | (0.6) | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Depreciation and amortization | 9.7 | 15.8 | 3.7 | 0.1 | 29.3 | 7.8 | 15.3 | 3.8 | 0.1 | 27.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 104.4 | 102.5 | 47.8 | 12.6 | 267.3 | 76.4 | 85.9 | 42.9 | (17.6) | 187.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Interest expense | 9.6 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 49.7 | 35.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 29.3 | 27.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income | $ | 178.7 | $ | 115.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 307.6 | $ | 345.0 | $ | 172.4 | $ | (1.0) | $ | 824.0 | $ | 251.3 | $ | 302.3 | $ | 159.1 | $ | (0.7) | $ | 712.0 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 30.7 | % | 24.8 | % | 25.3 | % | n/m | 24.5 | % | 27.5 | % | 23.3 | % | 24.6 | % | n/m | 22.6 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA margin | 33.9 | % | 29.7 | % | 27.8 | % | n/m | 32.4 | % | 30.4 | % | 28.4 | % | 26.9 | % | n/m | 26.3 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA interest coverage | 28.1 | 19.7 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 257.8 | $ | 255.7 | $ | 124.0 | $ | (61.1) | $ | 576.4 | $ | 195.4 | $ | 213.0 | $ | 126.5 | $ | (59.9) | $ | 475.0 | |||||||||||||||||||||||||||||||||||||||
+ Gain on sale of business | — | — | — | 34.8 | 34.8 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Other income (expense), net | 2.0 | 2.5 | 2.6 | (3.8) | 3.3 | (6.0) | 0.3 | (1.8) | (9.5) | (17.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Depreciation and amortization | 27.1 | 47.6 | 11.2 | 0.3 | 86.2 | 22.8 | 38.4 | 11.5 | 0.3 | 73.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 286.9 | 305.8 | 137.8 | (29.8) | 700.7 | 212.2 | 251.7 | 136.2 | (69.1) | 531.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Interest expense | 28.6 | 31.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 129.2 | 96.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 86.2 | 73.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income | $ | 456.7 | $ | 330.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 879.5 | $ | 986.2 | $ | 508.3 | $ | (2.8) | $ | 2,371.2 | $ | 745.9 | $ | 827.7 | $ | 479.4 | $ | (3.0) | $ | 2,050.0 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 29.3 | % | 25.9 | % | 24.4 | % | n/m | 24.3 | % | 26.2 | % | 25.7 | % | 26.4 | % | n/m | 23.2 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA margin | 32.6 | % | 31.0 | % | 27.1 | % | n/m | 29.5 | % | 28.4 | % | 30.4 | % | 28.4 | % | n/m | 25.9 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA interest coverage | 24.5 | 16.9 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA(1) | $ | 104.4 | $ | 102.5 | $ | 47.8 | $ | 12.6 | $ | 267.3 | $ | 76.4 | $ | 85.9 | $ | 42.9 | $ | (17.6) | $ | 187.6 | |||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charges | — | — | — | — | — | — | 9.1 | — | — | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | — | — | — | — | — | 2.0 | 0.6 | (0.1) | 0.7 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Net impact from the exit of a COVID-19 testing application(2) | — | (1.1) | — | — | (1.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Corporate transaction indemnity | — | — | — | — | — | — | — | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||
- Gain on sale of business | — | — | — | (34.8) | (34.8) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 104.4 | $ | 101.4 | $ | 47.8 | $ | (22.2) | $ | 231.4 | $ | 78.4 | $ | 95.6 | $ | 42.8 | $ | (17.3) | $ | 199.5 | |||||||||||||||||||||||||||||||||||||||
Adjusted net sales (eliminations) | $ | 307.6 | $ | 327.1 | $ | 172.4 | $ | (1.0) | $ | 806.1 | $ | 251.3 | $ | 302.3 | $ | 159.1 | $ | (0.7) | $ | 712.0 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 33.9 | % | 31.0 | % | 27.8 | % | n/m | 28.7 | % | 31.2 | % | 31.6 | % | 26.9 | % | n/m | 28.0 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA interest coverage | 24.3 | 21.0 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA(1) | $ | 286.9 | $ | 305.8 | $ | 137.8 | $ | (29.8) | $ | 700.7 | $ | 212.2 | $ | 251.7 | $ | 136.2 | $ | (69.1) | $ | 531.0 | |||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charges | 0.4 | — | — | — | 0.4 | 2.5 | 9.1 | — | — | 11.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 1.7 | 0.1 | 1.0 | — | 2.8 | 4.8 | 1.7 | 0.1 | 2.0 | 8.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Net impact from the exit of a COVID-19 testing application(2) | — | (1.1) | — | — | (1.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Corporate transaction indemnity | — | — | — | — | — | — | — | — | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Gain on sale of business | — | — | — | (34.8) | (34.8) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
- Gains on sales of assets | (1.2) | — | (1.5) | — | (2.7) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Loss on early debt redemption | — | — | — | — | — | — | — | — | 8.6 | 8.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Termination of the U.S. pension plan | — | — | — | — | — | 6.3 | — | 1.8 | 1.6 | 9.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 287.8 | $ | 304.8 | $ | 137.3 | $ | (64.6) | $ | 665.3 | $ | 225.8 | $ | 262.5 | $ | 138.1 | $ | (53.4) | $ | 573.0 | |||||||||||||||||||||||||||||||||||||||
Adjusted net sales (eliminations) | $ | 879.5 | $ | 968.3 | $ | 508.3 | $ | (2.8) | $ | 2,353.3 | $ | 745.9 | $ | 827.7 | $ | 479.4 | $ | (3.0) | $ | 2,050.0 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 32.7 | % | 31.5 | % | 27.0 | % | n/m | 28.3 | % | 30.3 | % | 31.7 | % | 28.8 | % | n/m | 27.9 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA interest coverage | 23.3 | 18.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash flows from operating activities | $ | 198.1 | $ | 156.6 | $ | 390.1 | $ | 402.2 | |||||||||||||||
- Capital expenditures | 16.3 | 14.9 | 48.0 | 45.5 | |||||||||||||||||||
Free cash flow | $ | 181.8 | $ | 141.7 | $ | 342.1 | $ | 356.7 |
Guidance | ||||||||||||||
Fourth Quarter 2022 | Full Year 2022 | |||||||||||||
Estimated EPS attributable to IDEX | $1.75 - $1.80 | $7.75 - $7.80 | ||||||||||||
+ Acquisition-related intangible asset amortization | 0.22 | 0.87 | ||||||||||||
+ Tax impact on acquisition-related intangible asset amortization | (0.05) | (0.19) | ||||||||||||
- Gains on sales of assets | — | (0.03) | ||||||||||||
+ Tax impact on gains on sales of assets | — | 0.01 | ||||||||||||
+ Restructuring expenses and asset impairments | — | 0.04 | ||||||||||||
+ Tax impact on restructuring expenses and asset impairments | — | (0.01) | ||||||||||||
- Gain on sale of business | — | (0.46) | ||||||||||||
+ Tax impact on gain on sale of business | — | 0.07 | ||||||||||||
- Net impact from the exit of a COVID-19 testing application(1) | — | (0.01) | ||||||||||||
+ Tax impact on the exit of a COVID-19 testing application | — | — | ||||||||||||
Estimated adjusted EPS attributable to IDEX | $1.92 - $1.97 | $8.04 - $8.09 |
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