Veralto Reports Second Quarter 2024 Results
Veralto (NYSE: VLTO) reported strong Q2 2024 results, with sales increasing 2.8% year-over-year to $1,288 million and non-GAAP core sales growth of 3.8%. The company's operating profit margin was 23.2%, while non-GAAP adjusted operating profit margin reached 24.0%. Net earnings were $203 million, or $0.81 per diluted common share, with non-GAAP adjusted net earnings at $213 million, or $0.85 per diluted share.
Veralto raised its full-year 2024 guidance, targeting low single-digit core sales growth and increasing its adjusted operating profit margin expansion target to ~75 basis points. The company also raised its adjusted diluted earnings per share guidance to $3.37-$3.45, up from $3.25-$3.34 previously.
Veralto (NYSE: VLTO) ha riportato risultati solidi per il secondo trimestre del 2024, con vendite in aumento del 2,8% rispetto all'anno precedente, raggiungendo $1.288 milioni, e una crescita delle vendite core non-GAAP del 3,8%. Il margine di profitto operativo dell'azienda è stato del 23,2%, mentre il margine di profitto operativo aggiustato non-GAAP ha raggiunto il 24,0%. Gli utili netti sono stati di $203 milioni, ossia $0,81 per azione comune diluita, con utili netti aggiustati non-GAAP pari a $213 milioni, ossia $0,85 per azione diluita.
Veralto ha alzato le previsioni per l'intero anno 2024, puntando a una crescita delle vendite core a basse cifre singole e aumentando l'obiettivo di espansione del margine di profitto operativo aggiustato a circa 75 punti base. L'azienda ha anche innalzato le previsioni per gli utili per azione diluiti aggiustati a $3,37-$3,45, rispetto a $3,25-$3,34 di prima.
Veralto (NYSE: VLTO) reportó resultados fuertes para el segundo trimestre de 2024, con ventas aumentando un 2.8% en comparación con el año anterior, alcanzando $1,288 millones y un crecimiento de ventas centrales no-GAAP del 3.8%. El margen de utilidad operativa de la compañía fue del 23.2%, mientras que el margen de utilidad operativa ajustado no-GAAP alcanzó el 24.0%. Las ganancias netas fueron de $203 millones, o $0.81 por acción común diluida, con ganancias netas ajustadas no-GAAP de $213 millones, o $0.85 por acción diluida.
Veralto aumentó su guía para el año completo 2024, apuntando a un crecimiento de ventas centrales de un solo dígito bajo y elevando su objetivo de expansión del margen de utilidad operativa ajustado a aproximadamente 75 puntos básicos. La compañía también incrementó su guía de ganancias por acción diluidas ajustadas a $3.37-$3.45, desde $3.25-$3.34 anteriormente.
Veralto (NYSE: VLTO)는 2024년 2분기 강력한 실적을 보고했으며, 매출이 전년 대비 2.8% 증가하여 12억 8,800만 달러에 달하고 비-GAAP 핵심 매출 성장률이 3.8%에 달했습니다. 회사의 운영 이익률은 23.2%였으며, 비-GAAP 조정 운영 이익률은 24.0%에 도달했습니다. 순이익은 2억 3백만 달러로, 희석된 보통주당 0.81달러였으며, 비-GAAP 조정 순이익은 2억 1천 3백만 달러로, 희석된 주당 0.85달러였습니다.
Veralto는 2024년 전체 연도 가이던스를 상향 조정하였으며, 저조한 단일 자릿수의 핵심 매출 성장을 목표로 하고 조정된 운영 이익률 확대 목표를 약 75베이시스 포인트로 증가시켰습니다. 또한 조정된 희석 EPS 가이던스를 이전의 3.25~3.34달러에서 3.37~3.45달러로 상향 조정했습니다.
Veralto (NYSE: VLTO) a annoncé de solides résultats pour le deuxième trimestre 2024, avec des ventes en augmentation de 2,8 % par rapport à l'année précédente, atteignant 1,288 milliard de dollars et une croissance des ventes core non-GAAP de 3,8 %. La marge de profit opérationnel de l'entreprise était de 23,2 %, tandis que la marge de profit opérationnel ajusté non-GAAP a atteint 24,0 %. Le bénéfice net était de 203 millions de dollars, soit 0,81 dollar par action ordinaire diluée, avec un bénéfice net ajusté non-GAAP à 213 millions de dollars, soit 0,85 dollar par action diluée.
Veralto a relevé ses prévisions pour l'année complète 2024, visant une croissance des ventes core à un chiffre unique faible et augmentant son objectif d'expansion de la marge de profit opérationnel ajusté à environ 75 points de base. L'entreprise a également augmenté ses prévisions d'earnings par action diluées ajustées à 3,37-3,45 dollars, contre 3,25-3,34 dollars auparavant.
Veralto (NYSE: VLTO) hat starke Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Umsatzanstieg von 2,8% im Jahresvergleich auf 1.288 Millionen Dollar und einem non-GAAP-Wachstum des Kernumsatzes von 3,8%. Die operative Gewinnspanne des Unternehmens betrug 23,2%, während die angepasste operative Gewinnspanne nach non-GAAP 24,0% erreichte. Der Nettogewinn betrug 203 Millionen Dollar, beziehungsweise 0,81 Dollar pro verwässerter Stammaktie, während der angepasste Nettogewinn nach non-GAAP 213 Millionen Dollar oder 0,85 Dollar pro verwässerter Aktie betrug.
Veralto hat seine Prognose für das Gesamtjahr 2024 angehoben und strebt ein niedriges einstelliges Wachstum des Kernumsatzes an und erhöht sein Ziel für die Expansion der angepassten operativen Gewinnspanne auf etwa 75 Basispunkte. Das Unternehmen hat auch seine Prognose für den angepassten Gewinn pro Aktie (EPS) von 3,25-3,34 Dollar auf 3,37-3,45 Dollar angehoben.
- Sales increased 2.8% year-over-year to $1,288 million
- Non-GAAP core sales growth of 3.8%
- Operating profit margin of 23.2% and non-GAAP adjusted operating profit margin of 24.0%
- Net earnings of $203 million, or $0.81 per diluted common share
- Raised full-year 2024 guidance for adjusted diluted earnings per share to $3.37-$3.45
- Increased target for adjusted operating profit margin expansion to ~75 basis points
- None.
Veralto's Q2 2024 results demonstrate resilience and operational strength in a challenging economic environment. The company reported sales growth of
The company's profitability metrics are particularly impressive. An operating profit margin of
Veralto's cash flow generation remains solid, with operating cash flow of
The company's updated guidance for 2024 is a positive signal to investors. By raising its adjusted earnings per share guidance to
Overall, Veralto's Q2 results and updated guidance paint a picture of a company successfully navigating market challenges while positioning itself for sustainable growth and margin expansion.
Veralto's Q2 2024 performance offers valuable insights into broader market trends. The company's success in both Water Quality and Product Quality & Innovation (PQI) segments reflects growing demand for essential resources and quality solutions across industries.
In the Water Quality segment, Veralto is capitalizing on strong secular growth drivers in industrial markets. This trend aligns with the increasing global focus on water conservation and quality management in manufacturing processes. The steady demand from municipalities further underscores the critical nature of water infrastructure investments, which are likely to continue given aging systems in many regions.
The PQI segment's performance is particularly noteworthy. The ongoing recovery in consumer-packaged goods markets and improved sentiment from brand owners signal a potential upturn in consumer spending and brand investment. This could have positive implications for companies across the consumer goods supply chain. The strong bookings in packaging and color solutions business suggest that brands are preparing for increased product launches or refreshes, potentially indicating growing consumer confidence.
Veralto's ability to achieve price increases in line with historical levels demonstrates pricing power and the essential nature of its offerings. This pricing strength, combined with volume growth, indicates that demand for quality and safety solutions remains resilient even in the face of economic uncertainties.
The company's focus on the Veralto Enterprise System for driving growth and expanding margins reflects a broader industry trend towards operational excellence and continuous improvement methodologies. This approach could serve as a model for other companies looking to enhance efficiency and profitability in challenging market conditions.
Key Second Quarter 2024 Results
- Sales increased
2.8% year-over-year to$1,288 million 3.8% - Operating profit margin was
23.2% and non-GAAP adjusted operating profit margin was24.0% - Net earnings were
$203 million $0.81 - Non-GAAP, adjusted net earnings were
$213 million $0.85 - Operating cash flow was
$251 million $240 million
Jennifer L. Honeycutt, President and Chief Executive Officer, stated, "Our second quarter performance reflects the durability of our businesses fortified by strong commercial and operational execution. We delivered core sales growth across both segments led by positive volume, and price increases in-line with historical levels. Additionally, we continued to expand margins at both segments through strong operational leverage, improved productivity and cost optimization. Increased rigor deploying the Veralto Enterprise System has helped drive growth, expand margins and ensure we deliver on our commitments."
Honeycutt continued, "From an end market perspective, in Water Quality we are capitalizing on strong secular growth drivers across industrial markets and steady demand from municipalities. And in PQI, we are encouraged by on-going recovery in consumer-packaged goods markets, improved sentiment from brand owners and strong bookings during the quarter in our packaging and color solutions business."
"Today we raised our full year adjusted earnings per share guidance to reflect stronger operational execution and an incrementally more positive view of our end markets. As we look longer term, we remain committed to creating value through steady, durable core sales growth, continuous improvement and disciplined capital allocation," concluded Honeycutt.
2024 Guidance
The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP sales, such as currency translation, acquisitions, and divestitures.
For the third quarter of 2024, Veralto anticipates non-GAAP core sales growth in the low-to-mid single-digits year-over-year with adjusted operating profit margin of approximately
For the full year 2024, the Company maintained its core sales growth target of low single-digits and raised its target for adjusted operating profit margin expansion to ~75 basis points, up from 50-75 basis points year-over-year. The Company also raised its guidance for adjusted diluted earnings per share to a range of
Conference Call and Webcast Information
Veralto will discuss its second quarter results and updated financial guidance for 2024 during its quarterly investor conference call tomorrow starting at 8:30 a.m. (ET). Access to the call, webcast and an accompanying slide presentation will be available on the "Investors" section of Veralto's website, www.veralto.com, under the subheading "News & Events" and additional materials will be posted to the same section of Veralto's website. A replay of the webcast will be available in the same section of Veralto's website shortly after the conclusion of the call and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing +1 (800) 343-4136 (
ABOUT VERALTO
With annual sales of
NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Veralto's website (www.veralto.com) under the subheading "Quarterly Earnings."
FORWARD-LOOKING STATEMENTS
Certain statements in this release, including the statement regarding the Company's anticipated third quarter and full year 2024 financial performance, the Company's differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto's liquidity position or other financial measures; Veralto's management's plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; the effects of the separation or the distribution on Veralto's business; growth, declines and other trends in markets Veralto sells into; new or modified laws, regulations and accounting pronouncements; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
VERALTO CORPORATION | |||||||
Three-Month Period Ended | Six-Month Period Ended | ||||||
June 28, 2024 | June 30, 2023 | June 28, 2024 | June 30, 2023 | ||||
Sales | $ 1,288 | $ 1,253 | $ 2,534 | $ 2,478 | |||
Cost of sales | (514) | (529) | (1,013) | (1,046) | |||
Gross profit | 774 | 724 | 1,521 | 1,432 | |||
Operating costs: | |||||||
Selling, general and administrative expenses | (414) | (378) | (808) | (738) | |||
Research and development expenses | (61) | (57) | (121) | (113) | |||
Operating profit | 299 | 289 | 592 | 581 | |||
Nonoperating income (expense): | |||||||
Other income (expense), net | 1 | (14) | (14) | (14) | |||
Interest expense, net | (30) | — | (58) | — | |||
Earnings before income taxes | 270 | 275 | 520 | 567 | |||
Income taxes | (67) | (66) | (133) | (133) | |||
Net earnings | $ 203 | $ 209 | $ 387 | $ 434 | |||
Net earnings per common share: | |||||||
Basic | $ 0.82 | $ 0.85 | $ 1.57 | $ 1.76 | |||
Diluted | $ 0.81 | $ 0.85 | $ 1.55 | $ 1.76 | |||
Average common stock and common equivalent shares outstanding: | |||||||
Basic | 247.2 | 246.3 | 247.1 | 246.3 | |||
Diluted | 249.3 | 246.3 | 249.1 | 246.3 | |||
This information is presented for reference only. |
VERALTO CORPORATION | |||
Diluted Net Earnings Per Common Share and Adjusted Diluted Net Earnings Per Common Share | |||
Three-Month Period Ended | |||
June 28, 2024 | June 30, 2023 | ||
Diluted Net Earnings Per Common Share (GAAP) | $ 0.81 | $ 0.85 | |
Amortization of acquisition-related intangible assets A | 0.04 | 0.05 | |
Fair value net losses on investments B | — | 0.06 | |
Impairments and other charges C | — | 0.02 | |
Standalone Adjustment D | — | (0.20) | |
Tax effect of the above adjustments E | (0.01) | 0.02 | |
Discrete tax adjustments F | 0.01 | — | |
Adjusted Diluted Net Earnings Per Common Share (Non-GAAP) | $ 0.85 | $ 0.80 | |
Adjusted Net Earnings | |||
Three-Month Period Ended | |||
June 28, 2024 | June 30, 2023 | ||
Net Earnings | Net Earnings | ||
Reported (GAAP) | $ 203 | $ 209 | |
Amortization of acquisition-related intangible assets A | 10 | 12 | |
Fair value net losses on investments B | — | 15 | |
Impairments and other charges C | — | 6 | |
Standalone Adjustment D | — | (49) | |
Tax effect of the above adjustments E | (3) | 4 | |
Discrete tax adjustments F | 3 | (1) | |
Adjusted (Non-GAAP) | $ 213 | $ 196 | |
Adjusted Operating Profit and Adjusted Operating Profit Margin | |||||||||||
Three-Month Period Ended June | Three-Month Period Ended June | ||||||||||
Sales | Operating | Operating | Sales | Operating | Operating | ||||||
Reported (GAAP) | $ 1,288 | $ 299 | 23.2 % | $ 1,253 | $ 289 | 23.1 % | |||||
Amortization of acquisition-related intangible assets A | — | 10 | 0.8 | — | 12 | 1.0 | |||||
Impairments and other charges C | — | — | — | — | 6 | — | |||||
Standalone Adjustment D | — | — | — | 2 | (14) | (1.1) | |||||
Rounding | — | — | — | — | (0.2) | ||||||
Adjusted (Non-GAAP) | $ 1,288 | $ 309 | 24.0 % | $ 1,255 | $ 293 | 23.3 % | |||||
VERALTO CORPORATION | |
Notes to Reconciliation of GAAP to Non-GAAP Financial Measures | |
A | Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above): |
Three-Month Period Ended | |||
June 28, 2024 | June 30, 2023 | ||
Pretax | $ 10 | $ 12 | |
After-tax | 7 | 9 | |
B | Fair value loss related to an impairment of an equity method investment in the three-month period ended June 30, 2023 totaling |
C | Impairment charge related to customer relationships in the Product Quality & Innovation segment for the three-month period ended June 30, 2023 totaling |
D | This amount encompasses management estimates of operating as a standalone entity. The management estimate includes recurring and ongoing costs required to operate new functions required for a public company such as certain corporate functions including finance, tax, legal, human resources and other general and administrative related functions. The pre-tax and after-tax effect of these estimates are summarized below: |
Three-Month Period Ended | |
June 30, 2023 | |
Impact to Operating Profit | $ (14) |
Pretax | (49) |
After-tax | (37) |
E | This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. |
F | Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation. |
VERALTO CORPORATION | |||||
Sales Growth by Segment, Core Sales Growth by Segment | |||||
% Change Three-Month Period Ended June 28, 2024 vs. | |||||
Segments | |||||
Total Company | Water Quality | Product Quality | |||
Total sales growth (GAAP) | 2.8 % | 2.8 % | 2.7 % | ||
Impact of: | |||||
Acquisitions/divestitures | 0.2 % | 0.4 % | — % | ||
Currency exchange rates | 0.8 % | 0.8 % | 0.7 % | ||
Core sales growth (non-GAAP) | 3.8 % | 4.0 % | 3.4 % | ||
VERALTO CORPORATION | |
Forecasted Core Sales Growth, Adjusted Operating Profit Margin, and Adjusted Diluted Net Earnings per Share | |
The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio. | |
% Change Three-Month | |
Core sales growth (non-GAAP) | +Low-single digit to +Mid-single digit |
Three-Month Period Ending | |
Adjusted Operating Profit Margin (non-GAAP) | ~ |
Adjusted Diluted Net Earnings per Share (non-GAAP) | |
% Change Year Ending | |
Core sales growth (non-GAAP) | +Low-single digit |
Year Ending December 31, 2024 | |
Adjusted Operating Profit Margin (non-GAAP) | ~75 basis points |
Adjusted Diluted Net Earnings per Share (non-GAAP) | |
Free cash flow to net earnings conversion ratio (non-GAAP) | |
VERALTO CORPORATION | |||||
Cash Flow and Free Cash Flow | |||||
Three-Month Period Ended | Year-over-Year | ||||
June 28, 2024 | June 30, 2023 | ||||
Total Cash Flows: | |||||
Net cash provided by operating activities (GAAP) | $ 251 | $ 301 | |||
Total cash used in investing activities (GAAP) | $ (11) | $ (10) | |||
Total cash provided by (used in) financing activities (GAAP) | $ (13) | $ (291) | |||
Free Cash Flow: | |||||
Total cash provided by operating activities (GAAP) | $ 251 | $ 301 | ~ (16.5)% | ||
Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) | (11) | (12) | |||
Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP) | — | 2 | |||
Free cash flow (non-GAAP) | $ 240 | $ 291 | ~ (17.5)% | ||
We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment ("capital expenditures") plus the proceeds from sales of plant, property and equipment ("capital disposals"). |
Statement Regarding Non-GAAP Measures
Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto Corporation's ("Veralto" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors:
- with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers;
- with respect to core sales and related sales measures, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and
- with respect to free cash flow and related cash flow measures (the "FCF Measure"), understand Veralto's ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company's non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures).
Management uses these non-GAAP measures to measure the Company's operating and financial performance.
- The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons:
- Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized.
- Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time.
- Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult.
- Standalone Adjustments: We believe these adjustments provide additional insight into how our businesses are performing, on a normalized basis. However, these non-GAAP financial measures should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts.
- With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to "restructuring charges" and "other adjustments", we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult.
- With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult.
- With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements.
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SOURCE Veralto
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