Fujifilm Launches FDR Go iQ Portable Digital Radiography System
'This new portable digital radiography system represents a major step forward in imaging mobility, performance, and user experience,' said Rob Fabrizio, director of strategic marketing, medical imaging systems, FUJIFILM Healthcare Americas Corporation. 'The FDR Go iQ has an extremely slim and lightweight design, a retractable column, and an ultra-low profile, all of which enhances safety and maneuverability in even the busiest clinical settings. Additionally, the innovative built-in charging and touchscreen tube head controls ensure speed and precision wherever care is delivered.'
FDR Go iQ features include:
a built-in 3D camera with advanced positioning guidance and ability to upgrade to future AI technologies
intelligent smart charging automated in bin connection keeps the detector powered for extended use
a touchscreen tube head display and controls, provide advanced positioning and tube alignment guidance, motion detection and exam parameters easily within reach
an extra-large 19-inch display for confident image verification at the bedside
a slim and lightweight design at just 22.5 inches wide and 970 pounds for optimized mobility in tight spaces
mark-free polyurethane wheels and 360-degree swivel casters for smooth travel and turning
dedicated storage with a detector lock
convenient detector holding slots at the top of the main body to hold the DR detector securely during bagging and wipe down
wipes and gloves storage to support fast access and infection controls
The system features innovative technologies to optimize image quality, workflow and patient safety. The FDR Go IQ coupled with FDR D-EVO III ultra-lightweight glass-free detectors feature Fujifilm's exclusive Hydro AG antibacterial coating and patented Irradiated Side Sampling (ISS) for higher-resolution and improved dose efficiency compared to conventional circuitry designs. By acquiring its data on the patient side of the circuitry, ISS increases sharpness and Detective Quantum Efficiency (DQE) and reduces scatter and blur at ultra-low doses. Additionally, the system's onboard technologist console features Fujifilm's proprietary Dynamic Visualization™ II intelligent feature recognition processing which automatically adapts to anatomic characteristics and hardware to produce exceptional images with higher detail and contrast levels throughout.
The FDR Go iQ will be available for demonstration at The Association for Medical Imaging Management (AHRA) 2025 Annual Meeting and Exhibition on August 3-5 in Las Vegas. Visit the Fujifilm booth #303 and learn more online here.
About Fujifilm
FUJIFILM Healthcare Americas Corporation is a comprehensive healthcare company that has an extensive range of technology and expertise in the detection, diagnosis, and treatment of diseases. Fujifilm's innovative portfolio includes solutions spanning diagnostic imaging, enterprise imaging, endoscopic imaging, surgical imaging, and in-vitro diagnostics. The Non-Destructive Testing group delivers radiography solutions to ensure high accuracy inspection of transportation infrastructure, and assets within aerospace, and oil and gas industries.
The company is headquartered in Lexington, Massachusetts. For more information on healthcare offerings, please visit healthcaresolutions-us.fujifilm.com, and for NDT portfolio, please visit https://www.fujifilm.com/us/en/business/industrial-materials/non-destructive-testing.
FUJIFILM Holdings Corporation, headquartered in Tokyo, leverages its depth of knowledge and proprietary core technologies to deliver innovative products and services across the globe through the four key business segments of healthcare, electronics, business innovation, and imaging with over 70,000 employees. Guided and united by our Group Purpose of 'giving our world more smiles,' we address social challenges and create a positive impact on society through our products, services, and business operations. Under its medium-term management plan, VISION2030, which ends in FY2030, we aspire to continue our evolution into a company that creates value and smiles for various stakeholders as a collection of global leading businesses and achieve a global revenue of 4 trillion yen. For more information, please visit: https://holdings.fujifilm.com/en.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
27 minutes ago
- Business Wire
Utz Brands Reports Second Quarter 2025 Results
HANOVER, Pa.--(BUSINESS WIRE)--Utz Brands, Inc. (NYSE: UTZ) ('Utz' or the 'Company'), a leading U.S. manufacturer of branded Salty Snacks and a small-cap value Staples equity, today reported financial results for the Company's second fiscal quarter ended June 29, 2025. 2Q'25 Summary (1) Net Sales increased 2.9% to $366.7 million Total Organic Net Sales increased 2.9%; Branded Salty Snacks increased 5.4% Gross Profit Margin decline of 40bps Adjusted Gross Profit Margin expansion of 220bps Net Income decreased 60.2% to $10.1 million Adjusted Net Income decreased 14.2% to $23.6 million Adjusted EBITDA decreased 2.0% to $48.7 million Diluted Earnings Per Share decreased 47.8% to $0.12 Adjusted Earnings Per Share decreased 10.5% to $0.17 (1) All comparisons for the second quarter of 2025 are to the second quarter of 2024 (ended June 30, 2024). Expand 'I am pleased with our strong performance in the second quarter, with Organic Net Sales growth of nearly 3% (1). Our Branded Salty Snacks portfolio is accelerating, with 5.4% growth in the quarter (1). We gained value and volume shares in both our Core and Expansion Geographies (3). Our proactive approach to cost management and operational excellence has enabled us to achieve significant Adjusted Gross Profit Margin expansion,' said Howard Friedman, Chief Executive Officer of Utz. Mr. Friedman continued, 'We're encouraged by our summer sales performance thus far, as we successfully capitalize on seasonal demand and snacking occasions. Our strong performance illustrates our ability to deliver growth independent of the category in a rational competitive environment. Looking ahead to the remainder of 2025, we expect our strong productivity cost savings will continue to provide us with the flexibility to invest in our brands, while expanding profit margins. With geographic expansion driving much of our growth strategy, we remain on track to deliver solid results in 2025 and continue to create long-term shareholder value.' 'We are raising our 2025 Organic Net Sales outlook to reflect stronger revenue trends through the first half and our confidence in the growth drivers ahead,' said Bill Kelley, EVP and Chief Financial Officer of Utz. 'We now expect Organic Net Sales growth of 2.5% or better, driven by our advantaged portfolio of brands and expansion geographies. We are also tightening our Adjusted EBITDA range to 7% to 10% growth, reflecting our confidence in the significant productivity programs ramping in the second half. We are lowering our Adjusted Earnings Per Share guidance to 7 to 10% growth due to higher interest and depreciation & amortization linked to our accelerated capex investments. We believe these strategic investments in our manufacturing network and automation capabilities will position us for sustained Adjusted EBITDA margin expansion and continued geographic expansion in 2026 and beyond.' Second Quarter 2025 Results Second quarter Net Sales increased 2.9% to $366.7 million compared to $356.2 million in the prior year period. Organic Net Sales also increased 2.9% year-over-year, driven by a favorable volume/mix contribution of 3.9%, or 3.1% excluding a 0.8 percentage point benefit from bonus packs in April. This was partially offset by lower net price realization of (1.0)%, which included a (0.8) percentage point impact from bonus packs and other net price impacts of (0.2) percentage points. The net impact on second quarter sales from bonus packs was neutral. Branded Salty Snacks Organic Net Sales (3) (representing 88% of total Net Sales) increased 5.4% led by our Power Four Brands, offset by an 11.8% decline in Non-Branded & Non-Salty Snacks Organic Net Sales (3), primarily due to Partner Brands and Dips & Salsas. For the 13-week period ended June 29, 2025, the Company's Branded Salty Snacks Retail Sales increased 3.3% versus the prior year period compared to a 1.5% decline for the Salty Snack category overall (3). The Company's Retail Volumes increased by 4.3% compared to a 1.5% decline for the Salty Snack category, and the Company drove volume share gains in both its Core and Expansion geographies (2)(3). The Company's Power Four Brands of Utz ®, On The Border ®, Zapp's ® and Boulder Canyon ® Retail Sales increased by 5.7%. Gross Profit Margin of 34.6% declined 40bps compared to 35.0% in the prior year period. Adjusted Gross Profit Margin of 39.8% expanded 220bps compared to 37.6% in the prior year period. The increase was driven by productivity savings, which more than offset increased investments to support capacity expansion and growth. Selling, Distribution, and Administrative Expenses ('SD&A Expenses') were $119.5 million, or 32.6% of Net Sales, compared to $104.6 million, or 29.4% of Net Sales, in the prior year period. Adjusted SD&A Expenses were $97.3 million, or 26.5% of Net Sales, compared to $84.5 million, or 23.7% of Net Sales, in the prior year period. The increase as a percentage of Net Sales was primarily due to adding capabilities, selling, and delivery costs to support the Company's geographic expansion and growth initiatives. The Company reported Net Income of $10.1 million compared to Net Income of $25.4 million in the prior year period. Adjusted Net Income in the quarter decreased 14.2% to $23.6 million compared to $27.5 million in the prior year period. Adjusted Earnings Per Share decreased 10.5% to $0.17 compared to $0.19 in the prior year period. The Adjusted Earnings Per Share decline in the second quarter was the result of higher SD&A expenses, higher depreciation and amortization, and higher interest expense. Adjusted EBITDA decreased 2.0% to $48.7 million, or 13.3% as a percentage of Net Sales, compared to $49.7 million, or 14.0% as a percentage of Net Sales, in the prior year period. The decline in Adjusted EBITDA was driven by increased SD&A expenses, which more than offset the positive impact of Adjusted Gross Profit Margin expansion. Balance Sheet and Cash Flow Highlights As of June 29, 2025 Total liquidity of $170.9 million, consisting of cash on hand of $54.6 million and $116.3 million available under the Company's revolving credit facility. Net debt of $826.3 million resulting in a Net Leverage Ratio of 4.1x based on trailing twelve months Normalized Adjusted EBITDA of $200.9 million. For the twenty-six weeks ended June 29, 2025 Cash flow used in operations was $3.9 million, which reflects the seasonal use of working capital. Capital expenditures were $65.7 million, and dividends and distributions paid were $20.1 million. Supply Chain Transformation Plan Update As part of Utz's ongoing supply chain transformation, the Company is announcing the strategic decision to consolidate its manufacturing footprint from eight primary (1) plants to seven, with the closure of its Grand Rapids, Michigan manufacturing facility. This decision is a key component of the Company's long-term strategic roadmap, and is expected to generate cost savings during the second half of 2025. These savings are part of Utz's previously communicated target of approximately 6% productivity savings as a percentage of Adjusted COGS in fiscal year 2025. This transition is planned to begin in August and be completed by early 2026. The consolidation should enable the Company to allocate more volume to its larger, more efficient facilities, while driving fixed cost leverage and enhanced automation capabilities across its remaining network. In addition to the expected cost savings, the Company expects the optimized footprint to support its ongoing geographic expansion. 'The decision is a reflection of our commitment to operational excellence and ongoing transformation,' said Friedman. 'While these types of decisions are never easy, they are necessary steps to streamline our operations and strengthen our supply chain for the long-term. We are deeply grateful for the contributions of our Grand Rapids team and are committed to supporting them through this transition.' All impacted associates will be encouraged to apply for opportunities at other Utz facilities, and provided transition assistance including on-site job fairs and severance pay if they cannot relocate. (1) Excludes Plant 1 in Hanover given limited production. Expand Fiscal Year 2025 Outlook The Company is updating its 2025 fiscal year outlook to reflect stronger top-line trends and higher Adjusted EBITDA. The company is lowering expected Adjusted EPS growth due to higher capital expenditures, depreciation and amortization, and interest expense. The Company now expects: Organic Net Sales growth of 2.5% or better, compared to the prior expectation of low-single digits. We expect Organic Net Sales growth will be led by Branded Salty Snacks growth, particularly the Power Four Brands, and less decline in Non-Branded & Non-Salty Snacks; Adjusted EBITDA growth of 7% to 10%, compared to the prior expectation of 6% to 10%. The Company expects Adjusted EBITDA Margin expansion of approximately 100bps, which is consistent with the Company's previously provided guidance. We expect Adjusted EBITDA Margin expansion will be led by Adjusted Gross Profit Margin expansion fueled by strong productivity cost savings and improved product mix; and Adjusted Earnings Per Share growth of 7% to 10%, compared to the prior expectation of 10% to 15%, due to higher interest expense and depreciation and amortization linked to accelerated capital expenditures related to the Company's network optimization and facility consolidation efforts. Key assumptions for the Company's fiscal 2025 outlook include: An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) in the range of 17% to 19%, consistent with the Company's previously provided expectation; Interest Expense of approximately $46 million, compared to the prior expectation of $43 million; Capital Expenditures are now expected to be approximately $100 million, the high end of the previously provided range of $90 to $100 million, with the majority focused on building increased supply chain network capabilities and delivering accelerated productivity savings; and Net Leverage Ratio approaching 3x at year-end fiscal 2025. Quantitative reconciliations are not available for the forward-looking non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results. Conference Call and Webcast Presentation The Company has also posted a pre-recorded management discussion of its second quarter results to its website at In addition, the Company will host a live question and answer session with analysts at 9:30 a.m. Eastern Time today. Please visit the 'Events & Presentations' section of Utz's Investor Relations website at to access the live listen-only webcast. Participants can also dial in over the phone by calling 1-888-596-4144. The Event Plus passcode is 3860587. The Company has also posted presentation slides and additional supplemental financial information, which are available now on Utz's Investor Relations website. About Utz Brands, Inc. Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands, including Utz ®, On The Border ® Chips & Dips, Zapp's ®, and Boulder Canyon ®, among others. After over a century with a strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz's products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities located across the U.S. to serve our growing customer base. For more information, please visit the Company's website or call 1‐800‐FOR‐SNAX. Investors and others should note that Utz announces material financial information to its investors using its Investor Relations website, U.S. Securities and Exchange Commission (the 'Commission') filings, press releases, public conference calls, and webcasts. Utz uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company's products, and other Company information. It is possible that the information that Utz posts on social media could be deemed to be material information. Therefore, Utz encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Utz's Investor Relations website. Forward-Looking Statements This press release includes certain statements made herein that are not historical facts but are 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as 'may,' 'can,' 'should,' 'will,' 'estimate,' 'plan,' 'project,' "forecast,' "intend,' "expect,' 'anticipate,' 'believe,' 'seek,' 'target' 'goal', 'on track''. These forward-looking statements include future plans for the Company, including outlook for fiscal 2025, plans related to the transformation of the Company's supply chain, the Company's product mix, the Company's expectations regarding its level of indebtedness and associated interest expense impacts; the estimated or anticipated future results and benefits of the Company's future plans and operations; the Company's cost savings plans and the Company's logistics optimization efforts; the estimated or anticipated future results and benefits of the Company's plans and operations; the effects of tariffs, inflation or supply chain disruptions on the Company or its business; the benefits of the Company's productivity initiatives; the effects of the Company's marketing and innovation initiatives; the Company's future capital structure; future opportunities for the Company's growth; statements regarding the Company's projected balance sheet and liabilities, including net leverage; and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company's business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: our operation in an industry with high levels of competition and consolidation; our reliance on key customers and ability to obtain favorable contractual terms and protections with customers; changes in demand for our products driven by changes in consumer preferences and tastes or our ability to innovate or market our products effectively; changes in consumers' loyalty to our brands due to factors beyond our control; impacts on our reputation caused by concerns relating to the quality and safety of our products, ingredients, packaging, or processing techniques; the potential that our products might need to be recalled if they become adulterated or are mislabeled; the loss of retail shelf space and disruption to sales of food products due to changes in retail distribution arrangements; our reliance on third parties to effectively operate both our direct-to-warehouse delivery system and our direct-store-delivery network system; the evolution of e-commerce retailers and sales channels; disruption to our manufacturing operations, supply chain, or distribution channels; the effects of inflation, including rising labor costs; shortages of raw materials, energy, water, and other supplies; changes in the legal and regulatory environments in which we operate, including with respect to tax legislation such as the One Big Beautiful Bill Act; potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries, or investigations into our business; potential adverse effects or unintended consequences related to the implementation of our growth strategy; our ability to successfully identify and execute acquisitions or dispositions and to manage integration or carve out issues following such transactions; the geographic concentration of our markets; our ability to attract and retain highly skilled personnel (including risks associated with our recently announced executive leadership transition); impairment in the carrying value of goodwill or other intangible assets; our ability to protect our intellectual property rights; disruptions, failures, or security breaches of our information technology infrastructure; climate change or legal, regulatory or market measures to address climate change; our exposure to liabilities, claims or new laws or regulations with respect to environmental matters; the increasing focus and opposing views, legislation and expectations with respect to ESG initiatives; restrictions on our operations imposed by covenants in our debt instruments; our exposure to changes in interest rates; adverse impacts from disruptions in the worldwide financial markets, including on our ability to obtain new credit; our exposure to any new or increased income or product taxes; pandemics, epidemics or other disease outbreaks; our exposure to changes to trade policies and tariff and import/export regulations by the United States and other jurisdictions; potential volatility in our Class A Common Stock caused by resales thereof; our dependence on distributions made by our subsidiaries; our payment obligations pursuant to a tax receivable agreement, which in certain cases may exceed the tax benefits we realize or be accelerated; provisions of Delaware law and our governing documents and other agreements that could limit the ability of stockholders to take certain actions or delay or discourage takeover attempts that stockholders may consider favorable; our exclusive forum provisions in our governing documents; the influence of certain significant stockholders and members of Utz Brands Holdings, LLC, whose interests may differ from those of our other stockholders; and the effects of our private placement warrants on the market price of our Class A Common Stock and our net income; and other risks and uncertainties set forth in Part I, Item 1A 'Risk Factors' in our Annual Report on Form 10-K filed with the Commission for the fiscal year ended December 29, 2024 and in other reports we file with the U.S. Securities and Exchange Commission from time to time. Forward-looking statements provide the Company's expectations, plans or forecasts of future events and views as of the date of this communication. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as otherwise required by law. Non-GAAP Financial Measures: Utz uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results and identify trends in our underlying operating results, and it provides additional insight and transparency on how we evaluate the business. We use non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate our performance. These non-GAAP financial measures do not represent financial performance in accordance with generally accepted accounted principles in the United States ('GAAP') and may exclude items that are significant to understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, earnings per share or other measures of profitability, liquidity, or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies. Management believes that non-GAAP financial measures should be considered as supplements to the GAAP measures reported, should not be considered replacements for, or superior to, the GAAP measures, and may not be comparable to similarly named measures used by other companies. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. We believe that these non-GAAP financial measures provide useful information to investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date when considered with both the GAAP results and the reconciliations to the most comparable GAAP measures, and that the presentation of non-GAAP financial measures is useful to investors in the evaluation of our operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by the companies in this industry. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of management judgment about which items of expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures. As new events or circumstances arise, these definitions could change. When the definitions change, we will provide the updated definitions and present the related non-GAAP historical results on a comparable basis. Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others: Organic Net Sales Adjusted Gross Profit Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin) Adjusted Selling, Distribution, and Administrative Expense Adjusted Selling, Distribution, and Administrative Expense as % of Net Sales (Adjusted Selling, Distribution, and Administrative Expense Margin) Adjusted Net Income Adjusted Earnings Per Share Adjusted Earnings Before Taxes EBITDA Adjusted EBITDA Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin) Normalized Adjusted EBITDA Effective Normalized Tax Rate Net Leverage Ratio Adjusted COGS Organic Net Sales is defined as Net Sales excluding the impacts of acquisitions, divestitures and independent operator ('IO') route conversions that took place after 1Q'2024. Adjusted Gross Profit represents Gross Profit excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Gross Profit excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. Adjusted Gross Profit is one of the key performance indicators that our management uses to evaluate operating performance. We also report Adjusted Gross Profit as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Gross Profit Margin. Adjusted Selling, Distribution, and Administrative Expense is defined as all Selling, Distribution, and Administrative expense excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Selling, Distribution, and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. We also report Adjusted Selling, Distribution, and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, Distribution, and Administrative Margin. Adjusted Net Income is defined as Net Income excluding Depreciation and Amortization expense, a non-cash item, related to fair value adjustments on property, plant, and equipment, and definite-lived intangibles relating to business combinations recorded in prior periods. In addition, Adjusted Net Income excludes deferred financing fees, interest income, and expense relating to IO loans and certain non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, remeasurement of warrant liabilities and financing-related costs. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments. Adjusted Earnings Before Taxes is defined as Adjusted Net Income before normalized GAAP basis tax expense. Adjusted Earnings Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding for each period on a fully diluted basis, assuming the private placement warrants are net settled and the shares of Class V Common Stock of the Company are converted to Class A Common Stock. EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash adjustments and/or other cash adjustment items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisions. We believe Adjusted EBITDA is useful to the users of this release because the financial information contained in the release can be used in the evaluation of Utz's operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by companies in this industry. In this release, we also provide Adjusted EBITDA as a percentage of Net Sales as an additional measure for readers to evaluate our Adjusted EBITDA Margin. Normalized Adjusted EBITDA is defined as Adjusted EBITDA after giving effect to pre-acquisition Adjusted EBITDA for certain acquisitions and dispositions from time to time. Effective Normalized Tax Rate is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Taxes. Net Leverage Ratio is defined as trailing twelve month Normalized Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents. Other Defined Terms: Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz ® brand, On The Border ®, Zapp's ®, and Boulder Canyon ®. Other Brands include Golden Flake ®, TORTIYAHS! ®, Hawaiian ®, Bachman ®, Tim's Cascade ®, Dirty Potato Chips ®, TGI Fridays ® and Vitner's ®. Non-Branded & Non-Salty Snacks is defined as partner brands, private label, co-manufacturing for which we are the manufacturer, Utz branded non-salty snacks such as On The Border ® Dips and Salsa, and sales not attributable to specific brands. Utz Brands, Inc. For the twenty-six weeks ended June 29, 2025 and June 30, 2024 (In millions, except share information) (Unaudited) Twenty-six weeks ended June 29, 2025 Twenty-six weeks ended June 30, 2024 Net sales $ 718.8 $ 702.7 Cost of goods sold 473.8 458.4 Gross profit 245.0 244.3 Selling, distribution, and administrative expenses Selling and distribution 163.1 147.4 Administrative 69.6 66.6 Total selling, distribution, and administrative expenses 232.7 214.0 (Loss) gain on sale of assets, net (0.2 ) 1.9 Income from operations 12.1 32.2 Other (loss) income, net Gain on sale of business — 44.0 Interest expense (22.9 ) (24.0 ) Loss on debt extinguishment (0.5 ) (1.3 ) Other (loss) income (0.2 ) 1.0 Gain on remeasurement of warrant liability 23.5 1.1 Other (loss) income, net (0.1 ) 20.8 Income before taxes 12.0 53.0 Income tax (benefit) expense (3.8 ) 25.2 Net income 15.8 27.8 Net loss (income) attributable to noncontrolling interest 2.2 (12.0 ) Net income attributable to controlling interest $ 18.0 $ 15.8 Income per Class A Common stock: (in dollars) Basic $ 0.21 $ 0.19 Diluted $ 0.21 $ 0.19 Weighted-average shares of Class A Common stock outstanding Basic 85,919,842 81,423,240 Diluted 87,604,543 84,762,662 Net income $ 15.8 $ 27.8 Other comprehensive income: Change in fair value of interest rate swap (10.2 ) 2.5 Comprehensive income 5.6 30.3 Net comprehensive loss (income) attributable to noncontrolling interest 6.2 (13.0 ) Net comprehensive income attributable to controlling interest $ 11.8 $ 17.3 Expand Utz Brands, Inc. CONSOLIDATED BALANCE SHEETS June 29, 2025 and December 29, 2024 (In millions, except per share information) As of June 29, 2025 As of December 29, 2024 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 54.6 $ 56.1 Accounts receivable, less allowance of $3.6 and $3.3, respectively 161.3 119.9 Inventories 125.5 101.4 Prepaid expenses and other assets 44.0 35.3 Current portion of notes receivable 5.1 4.6 Total current assets 390.5 317.3 Non-current Assets Property, plant and equipment, net 389.7 345.2 Goodwill 870.7 870.7 Intangible assets, net 983.0 996.5 Non-current portion of notes receivable 11.5 9.2 Other assets 191.9 189.5 Total non-current assets 2,446.8 2,411.1 Total assets $ 2,837.3 $ 2,728.4 LIABILITIES AND EQUITY Current Liabilities Current portion of term debt $ 23.2 $ 16.1 Current portion of other notes payable 7.0 6.9 Accounts payable 188.5 151.0 Accrued expenses and other 75.1 78.3 Current portion of warrant liability 9.5 33.0 Total current liabilities 303.3 285.3 Non-current portion of term debt and revolving credit facility 842.7 752.5 Non-current portion of other notes payable 16.8 15.0 Non-current accrued expenses and other 174.0 164.2 Deferred tax liability 122.6 123.7 Total non-current liabilities 1,156.1 1,055.4 Total liabilities 1,459.4 1,340.7 Commitments and Contingencies Equity Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 86,145,254 and 83,537,542 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively — — Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 55,349,000 and 57,349,000 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively — — Additional paid-in capital 1,017.2 988.5 Accumulated deficit (298.4 ) (304.7 ) Accumulated other comprehensive income 12.4 18.6 Total stockholders' equity 731.2 702.4 Noncontrolling interest 646.7 685.3 Total equity 1,377.9 1,387.7 Total liabilities and equity $ 2,837.3 $ 2,728.4 Expand Utz Brands, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS For the thirteen weeks ended June 29, 2025 and June 30, 2024 (In millions) (Unaudited) Twenty-six weeks ended June 29, 2025 Twenty-six weeks ended June 30, 2024 Cash flows from operating activities Net income $ 15.8 $ 27.8 Adjustments to reconcile net income to net cash used in operating activities: Impairment and other charges 0.6 — Depreciation and amortization 40.0 35.9 Gain on sale of business — (44.0 ) Gain on remeasurement of warrant liability (23.5 ) (1.1 ) Loss (gain) on sale of assets 0.2 (1.9 ) Loss on debt extinguishment 0.5 1.3 Share-based compensation 7.0 9.2 Deferred taxes (1.1 ) 6.4 Deferred financing costs 0.7 2.5 Changes in assets and liabilities: Accounts receivable, net (41.4 ) (9.6 ) Inventories (24.2 ) (4.0 ) Prepaid expenses and other assets (17.5 ) (15.1 ) Accounts payable and accrued expenses and other 39.0 (7.6 ) Net cash used in operating activities (3.9 ) (0.2 ) Cash flows from investing activities Purchases of property and equipment (65.7 ) (37.8 ) Purchases of intangibles — (9.2 ) Proceeds from sale of property and equipment 0.8 24.1 Proceeds from sale of business — 167.5 Proceeds from sale of routes 11.7 13.7 Proceeds from the sale of IO notes 3.9 1.5 Notes receivable (22.0 ) (18.8 ) Net cash (used in) provided by investing activities (71.3 ) 141.0 Cash flows from financing activities Borrowings on line of credit 135.0 92.0 Repayments on line of credit (74.5 ) (47.2 ) Borrowings on term debt and notes payable 50.8 16.6 Repayments on term debt and notes payable (13.6 ) (166.6 ) Payment of debt issuance cost (1.7 ) (0.7 ) Payments of tax withholding requirements for employee stock awards (2.2 ) (1.4 ) Dividends paid (11.6 ) (9.4 ) Distribution to noncontrolling interest (8.5 ) (9.5 ) Net cash provided by (used in) financing activities 73.7 (126.2 ) Net (decrease) increase in cash and cash equivalents (1.5 ) 14.6 Cash and cash equivalents at beginning of period 56.1 52.0 Cash and cash equivalents at end of period $ 54.6 $ 66.6 Expand Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (Amounts may not sum due to rounding) Net Sales Growth Drivers 13-Weeks Ended June 29, 2025 26-Weeks Ended June 29, 2025 (% change in prior year net sales) Branded Salty Snacks (1) Non-Branded & Non-Salty Snacks (2) Total Branded Salty Snacks (1) Non-Branded & Non-Salty Snacks (2) Total Net Sales as Reported $ 322.0 $ 44.7 $ 366.7 $ 627.9 $ 90.9 $ 718.8 Net Sales as Reported Growth Versus Prior Year 5.4 % (11.8 )% 2.9 % 5.2 % (9.9 )% 2.3 % Volume/mix 6.9 % (13.4 )% 3.9 % 7.6 % (9.8 )% 5.1 % Pricing (1.5 ) 1.6 (1.0 ) (2.4 ) (0.5 ) (2.2 ) Organic Net Sales Growth Versus Prior Year 5.4 % (11.8 )% 2.9 % 5.2 % (10.3 )% 2.9 % Divestiture — — — — (3.7 ) (0.6 ) Net Sales as Reported Growth Versus Prior Year 5.4 % (11.8 )% 2.9 % 5.2 % (14.0 )% 2.3 % (1) Branded Salty Snacks sales excluding IO unreported sales. (2) Non-Branded & Non-Salty Snacks including IO unreported sales. Expand Gross Profit and Adjusted Gross Profit 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Gross Profit $ 126.8 $ 124.7 $ 245.0 $ 244.3 Gross Profit as a % of Net Sales 34.6 % 35.0 % 34.1 % 34.8 % Depreciation and Amortization 9.4 6.7 17.0 13.9 Non-Cash and Other Cash Adjustments (1) 9.9 2.6 18.6 4.6 Adjusted Gross Profit $ 146.1 $ 134.0 $ 280.6 $ 262.8 Adjusted Gross Profit as a % of Net Sales 39.8 % 37.6 % 39.0 % 37.4 % (1) Non-cash and other cash adjustments includes non-cash costs related to incentive programs, asset impairments and write-offs, purchase commitments, other non-cash items, acquisition, divestiture, and integration, business transformation initiatives, and financing-related costs. Expand Adjusted Selling, Distribution, and Administrative Expense 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Selling, Distribution, and Administrative Expense $ 119.5 $ 104.6 $ 232.7 $ 214.0 Less: Depreciation and Amortization in SD&A Expense 11.9 10.9 23.0 22.0 Non-Cash and Other Cash Adjustments (1) 10.3 9.2 23.0 22.1 Adjusted Selling, Distribution, and Administrative Expense $ 97.3 $ 84.5 $ 186.7 $ 169.9 Adjusted SD&A Expense as a % of Net Sales 26.5 % 23.7 % 26.0 % 24.2 % (1) Non-cash and other cash adjustments includes non-cash costs related to incentive programs, asset impairments and write-offs, purchase commitments, other non-cash items, acquisition, divestiture, and integration, business transformation initiatives, and financing-related costs. Expand Adjusted Net Income 13-Weeks Ended 26-Weeks Ended (dollars in millions, except per share data) June 29, 2025 June 30, 2024 % Change June 29, 2025 June 30, 2024 % Change Net Income $ 10.1 $ 25.4 (60.2 )% $ 15.8 $ 27.8 (43.2 )% Income Tax (Benefit) Expense (3.2 ) (1.3 ) (3.8 ) 25.2 Income Before Taxes 6.9 24.1 12.0 53.0 Deferred Financing Fees 0.4 0.7 0.7 2.5 Acquisition Step-Up Depreciation and Amortization 11.3 10.8 22.1 22.3 Certain Non-Cash Adjustments 5.7 4.9 12.1 8.9 Acquisitions, Divestitures and Investments 9.6 1.1 17.0 (37.3 ) Business Transformation Initiatives 7.1 4.5 14.5 10.3 Financing-Related Costs — 0.3 0.8 0.3 Gain on Remeasurement of Warrant Liability (12.5 ) (12.9 ) (23.5 ) (1.1 ) Other Non-Cash and/or Cash Adjustments (1) 21.6 9.4 43.7 5.9 Adjusted Earnings before Taxes 28.5 33.5 55.7 58.9 Taxes on Earnings as Reported 3.2 1.3 3.8 (25.2 ) Income Tax Adjustments (2) (8.1 ) (7.3 ) (5.5 ) 14.6 Adjusted Taxes on Earnings (4.9 ) (6.0 ) (9.7 ) (10.6 ) Adjusted Net Income $ 23.6 $ 27.5 (14.2 )% $ 46.0 $ 48.3 (4.8 )% Average Weighted Basic Shares Outstanding on an As-Converted Basis 141.5 140.8 141.4 140.8 Fully Diluted Shares on an As-Converted Basis 143.0 144.3 143.1 144.1 Adjusted Earnings Per Share $ 0.17 $ 0.19 (10.5 )% $ 0.32 $ 0.34 (5.9 )% (1) Non-cash and other cash adjustments includes non-cash costs related to incentive programs, asset impairments and write-offs, purchase commitments, other non-cash items, acquisitions, divestitures, and investments, business transformation initiatives, and financing-related costs. (2) Income Tax Adjustment calculated as Income before taxes plus (i) Acquisition, Step-Up Depreciation and Amortization and (ii) Other non-cash and/or cash adjustments, multiplied by a normalized GAAP effective tax rate, minus the actual tax provision recorded in the Consolidated Statement of Operations and Comprehensive Income (Loss). The normalized GAAP effective tax rate excludes one-time items such as the impact of tax rate changes on deferred taxes and changes in valuation allowances. Expand EBITDA and Adjusted EBITDA 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 29, 2025 June 30, 2024 % Change June 29, 2025 June 30, 2024 % Change Net Income $ 10.1 $ 25.4 (60.2 )% $ 15.8 $ 27.8 (43.2 )% Plus non-GAAP adjustments: Income Tax (Benefit) Expense (3.2 ) (1.3 ) (3.8 ) 25.2 Depreciation and Amortization 21.3 17.6 40.0 35.9 Interest Expense, Net 11.4 10.2 22.9 24.0 Interest Income (IO loans) (1) (0.5 ) (0.1 ) (1.0 ) (0.9 ) EBITDA 39.1 51.8 (24.5 )% 73.9 112.0 (34.0 )% Certain Non-Cash Adjustments (2) 5.4 4.9 11.1 8.9 Acquisitions, Divestitures and Investments (3) 9.6 1.1 17.0 (37.3 ) Business Transformation Initiatives (4) 7.1 4.5 14.5 10.3 Financing-Related Costs (5) — 0.3 0.8 0.3 Gain on Remeasurement of Warrant Liability (6) (12.5 ) (12.9 ) (23.5 ) (1.1 ) Adjusted EBITDA $ 48.7 $ 49.7 (2.0 )% $ 93.8 $ 93.1 0.8 % Net income as a % of Net Sales 2.8 % 7.1 % (430)bps 2.2 % 4.0 % (180)bps Adjusted EBITDA as a % of Net Sales 13.3 % 14.0 % (70)bps 13.0 % 13.2 % (20)bps Expand (1) Interest Income (IO loans) refers to interest income that we earn from IO notes receivable that has resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiatives"). There is a notes payable recorded that mirrors most of the IO notes receivable, and the interest expense associated with the notes payable is part of the Interest Expense, Net adjustment. (2) Certain Non-Cash Adjustments are comprised primarily of the following: Incentive programs – The Company incurred $2.7 million and $4.5 million of share-based compensation expense for awards to employees and directors, and compensation expense associated with the Omnibus Equity Incentive Plan (the "OEIP") for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively. The Company incurred $6.2 million and $8.4 million of share-based compensation expense for awards to employees and directors, and compensation expense associated with the OEIP for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. Loss on impairment - The Company recorded an impairment charge of $.0.6 million during the thirteen weeks ended June 29, 2025. Purchase commitments and other adjustments – We have purchase commitments for specific quantities at fixed prices for certain of our products' key ingredients. To facilitate comparisons of our underlying operating results, this adjustment was made to remove the volatility of purchase commitment related unrealized gains and losses. The adjustment related to purchase commitments and other adjustments, including cloud computing amortization, was expense of $2.1 million and $0.4 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively. The adjustment related to purchase commitments and other adjustments, including cloud computing amortization, was expense of $4.3 million and $0.5 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. (3) Acquisitions, Divestitures and Investments – This is comprised of consulting, transaction services, and legal fees incurred for acquisitions and certain potential acquisitions, in addition to expenses associated with integrating recent acquisitions. Such expenses were $8.6 million and $1.1 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively; and $16.0 million and $6.7 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. Also included in the thirteen weeks ended June 29, 2025 was expense of $1.0 million related to the change in the liability association with a Tax Receivable Agreement. Also included for the twenty-six weeks ended June 30, 2024 was a gain of $44.0 million related to the Good Health and R.W. Garcia Sale. (4) Business Transformation Initiatives – This adjustment is related to consultancy, professional and legal fees incurred for specific initiatives and structural changes to the business that do not reflect the cost of normal business operations. In addition, gains and losses realized from the sale of distribution rights to IOs and the subsequent disposal of trucks, severance costs associated with the elimination of RSP positions, and enterprise resource planning system transition costs fall into this category. The Company incurred such costs of $7.1 million and $4.5 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively; and $14.5 million and $10.3 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. (5) Financing-Related Costs – These costs include adjustments for various items related to raising debt and equity capital or debt extinguishment costs. (6) Gains on Remeasurement of Warrant Liability - These liabilities are not expected to be settled in cash, and when exercised would result in a cash inflow to the Company with the warrants converting to Class A Common Stock with the liability being extinguished and the fair value of the warrants at the time of exercise being recorded as an increase to equity. Expand Net Debt and Leverage Ratio (dollars in millions) Term Loan $ 630.3 Real Estate Loan 58.4 ABL Facility 60.7 Equipment Loans and Finance Leases (1) 131.5 Gross Debt (2) 880.9 Cash and Cash Equivalents 54.6 Total Net Debt $ 826.3 Last 52-Weeks Normalized Adjusted EBITDA $ 200.9 Net Leverage Ratio (3) 4.1x (1) Equipment loans and finance leases include leases accounted for as finance leases under US GAAP and loans for equipment. (2) Includes Term Loan B, ABL Facility, Equipment Loans, and Finance Leases. Excludes amounts related to guarantees on IO loans which are collateralized by routes. The Company has the ability to recover substantially all of the outstanding IO loan value in the event of a default scenario, which historically has been uncommon. (3) Based on trailing twelve month Normalized Adjusted EBITDA of $200.9 million. Expand
Business Wire
27 minutes ago
- Business Wire
Tapestry, Inc. to Host FY25 Fourth Quarter and Year-End Earnings Call
NEW YORK--(BUSINESS WIRE)--On Thursday, August 14, 2025 at 8:00 a.m. (ET), Tapestry, Inc. (NYSE: TPR) will hold a conference call to discuss the Company's fiscal 2025 fourth quarter and year-end results which will be reported via press release earlier that morning. To listen to this Tapestry conference call, please dial 1-866-847-4217 or 1-203-518-9845 and provide the Conference ID 6514014. To listen to the audio webcast, please visit A telephone replay will be available for five business days beginning at 12:00 noon (ET) on August 14 th. To access the telephone replay, please call 1-800-283-4641 or 1-402-220-0851. About Tapestry, Inc. Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that's equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what's possible. To learn more about Tapestry, please visit For important news and information regarding Tapestry, visit the Investor Relations section of our website at In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company's common stock is traded on the New York Stock Exchange under the symbol TPR.
Business Wire
27 minutes ago
- Business Wire
Vontier Reports Second Quarter 2025 Results and Raises Full Year Outlook
RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, today announced results for the second quarter ended June 27, 2025. Reported sales in the second quarter increased 11.1% year-over-year to $773.5 million. Core sales increased 10.8% as robust demand for convenience retail payment, enterprise productivity solutions and retail fueling equipment more than offset ongoing macroeconomic headwinds impacting the repair solutions segment. Operating profit of $136.4 million increased 19.5% from the prior year, and operating profit margin increased approximately 120 basis points, to 17.6%. Adjusted operating profit of $163.4 million increased 15.4% from the prior year and adjusted operating profit margin increased approximately 80 basis points, to 21.1%. Net earnings were $91.9 million, and adjusted net earnings were $116.7 million, resulting in GAAP diluted net earnings per share of $0.62 and adjusted diluted net earnings per share of $0.79. 'Vontier delivered strong second quarter results marked by disciplined execution through a dynamic macro environment and solid traction on new product introductions,' said Mark Morelli, President and Chief Executive Officer. 'We are advancing our strategic priorities to drive operational efficiency and accelerate topline growth leveraging the Vontier Business System and 80/20 principles to manage inflation and bring innovative solutions to market. 'Given our strong first half performance, we are raising our full-year guidance. Our focus on innovation, disciplined approach to cost management, and strong balance sheet provide the flexibility and confidence to navigate the second half of the year. We are creating long-term value for our customers and our shareholders.' Segment Results Environmental & Fueling Solutions reported sales increased 16.2% from the prior year. Core sales increased 15.7%, driven by strong demand for above ground fuel dispensing equipment and environmental solutions. Segment operating profit margin expanded 50 basis points reflecting strong volume leverage and benefits from pillar one cost optimization actions. (a) Includes $19.1 million and $3.2 million of intersegment sales for Q2 2025 and Q2 2024, respectively, that are eliminated in consolidation. Expand Mobility Technologies reported sales increased 17.9% from the prior year. Core sales increased 17.8% year-over-year, as strong demand for convenience retail payment and enterprise productivity solutions were offset in part by lower demand for car wash technologies, as anticipated. Segment operating profit margin increased 180 basis points year-over-year on favorable volume leverage and benefits from pillar one cost optimization actions. Repair Solutions reported and core sales were comparable to results in the prior year. Ongoing macroeconomic pressures continue to impact service technicians' discretionary spending, particularly on high ticket items, which more than offset 2025 Matco Expo performance. Segment operating profit margin declined 50 basis points as unfavorable product mix more than offset solid pillar one cost optimization actions. Other Items Repurchased ~1.4 million shares for ~$50 million during the quarter; $105 million year-to-date Net leverage ratio ended Q2 at 2.5X Completed the acquisition of Sergeant Sudz 2025 Outlook Total sales of $3,020 to $3,070 million; Core sales midpoint approximately +2% Adjusted operating profit margin expansion of 20 to 40bps year-over-year Adjusted diluted net EPS in the range of $3.10 to $3.20 Adjusted free cash flow conversion of approximately 100% Q3 2025 Outlook Total sales of $745 to $755 million; Core sales midpoint approximately flat Adjusted operating profit margin flat to down 50bps year-over-year Adjusted diluted net EPS in the range of $0.74 to $0.78 Conference Call Details Vontier will discuss results and outlook during its quarterly investor conference call today starting at 8:30 a.m. ET. The call and an accompanying slide presentation will be webcast on the 'Investors' section of Vontier's website, under 'Events & Presentations.' A replay of the webcast will be available at the same location shortly after the conclusion of the presentation. The call can be accessed via webcast or by dialing +1 800-549-8228, along with the conference ID: 29924. A replay of the webcast will be available at the same location shortly after the conclusion of the presentation, or by dialing +1 888-660-6264, along with the passcode 29924 or under the 'Investors' section of the Vontier website under 'Events & Presentations.' ABOUT VONTIER Vontier (NYSE: VNT) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves – delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Additional information about Vontier is available on the Company's website at NON-GAAP FINANCIAL MEASURES In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also references 'core sales growth,' 'adjusted operating profit,' 'adjusted operating profit margin,' 'adjusted net earnings,' 'adjusted diluted net earnings per share,' 'free cash flow,' 'adjusted free cash flow', 'adjusted free cash flow conversion', 'EBITDA', 'adjusted EBITDA' and 'net leverage ratio' which are non-GAAP financial measures. The reasons why we believe these measures, when used in conjunction with the GAAP financial measures, provide useful information to investors, how management uses such non-GAAP financial measures, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached. The non-GAAP financial measures should not be considered in isolation or as a substitute for the GAAP financial measures, but should instead be read in conjunction with the GAAP financial measures. The non-GAAP financial measures used by Vontier in this release may be different from similarly-titled non-GAAP measures used by other companies. FORWARD-LOOKING STATEMENTS This release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to statements regarding Vontier Corporation's (the 'Company's') business and acquisition opportunities, anticipated sales growth, anticipated adjusted operating margin expansion, anticipated adjusted net earnings per share, anticipated adjusted cash flow conversion, and anticipated earnings growth, and any other statements identified by their use of words like 'anticipate,' 'expect,' 'believe,' 'outlook,' 'guidance,' or 'will' or other words of similar meaning. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, deterioration of or instability in the economy, the markets we serve, changes in U.S. and international geopolitics, including trade policies, volatility in financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental policies and regulations that may adversely impact demand for our products or our costs, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with changes in applicable laws and regulations, risks relating to global economic, political, war or hostility, public health, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information technology systems, adverse effects of restructuring activities, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters. 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 Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements represent Vontier's beliefs and assumptions only as of the date of this release and Vontier 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. (in millions) (unaudited) December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 364.2 $ 356.4 Accounts receivable, net 532.7 526.1 Inventories 368.5 337.8 Prepaid expenses and other current assets 152.6 149.7 Total current assets 1,418.0 1,370.0 Property, plant and equipment, net 124.5 120.2 Operating lease right-of-use assets 42.9 46.8 Long-term financing receivables, net 282.6 291.7 Other intangible assets, net 453.2 486.5 Goodwill 1,767.1 1,726.0 Other assets 287.5 269.3 Total assets $ 4,375.8 $ 4,310.5 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings and current portion of long-term debt $ 500.2 $ 52.3 Trade accounts payable 342.8 378.1 Current operating lease liabilities 17.3 16.3 Accrued expenses and other current liabilities 451.0 462.5 Total current liabilities 1,311.3 909.2 Long-term operating lease liabilities 30.3 36.6 Long-term debt 1,593.5 2,092.0 Other long-term liabilities 231.9 212.8 Total liabilities 3,167.0 3,250.6 Commitments and Contingencies Equity: Preferred stock — — Common stock — — Treasury stock (732.9 ) (627.0 ) Additional paid-in capital 96.9 83.0 Retained earnings 1,711.5 1,539.1 Accumulated other comprehensive income 126.1 56.0 Total Vontier stockholders' equity 1,201.6 1,051.1 Noncontrolling interests 7.2 8.8 Total equity 1,208.8 1,059.9 Total liabilities and equity $ 4,375.8 $ 4,310.5 Expand VONTIER CORPORATION AND SUBSIDIARIES (in millions) (unaudited) Six Months Ended June 27, 2025 June 28, 2024 Cash flows from operating activities: Net earnings $ 179.8 $ 206.9 Non-cash items: Depreciation expense 25.7 22.5 Amortization of acquisition-related intangible assets 38.8 40.0 Stock-based compensation expense 16.1 17.4 Gain on sale of business — (37.2 ) Change in deferred income taxes (9.7 ) (9.2 ) Other non-cash items 11.6 4.1 Change in accounts receivable and long-term financing receivables, net 17.5 (15.5 ) Change in other operating assets and liabilities (69.4 ) (91.4 ) Net cash provided by operating activities 210.4 137.6 Cash flows from investing activities: Cash paid for acquisitions (10.3 ) — Proceeds from sale of business, net of cash provided — 68.4 Payments for additions to property, plant and equipment (34.4 ) (44.0 ) Proceeds from sale of property, plant and equipment 0.1 1.0 Cash paid for equity investments (0.1 ) (1.5 ) Net cash (used in) provided by investing activities (44.7 ) 23.9 Cash flows from financing activities: Proceeds from issuance of long-term debt 83.3 — Repayment of long-term debt (133.3 ) (100.0 ) Net repayments of short-term borrowings (1.4 ) (1.1 ) Payments for debt issuance costs (2.3 ) — Payments of common stock cash dividend (7.4 ) (7.7 ) Purchases of treasury stock (105.1 ) (59.7 ) Proceeds from stock option exercises 3.1 13.7 Other financing activities (11.5 ) (12.7 ) Net cash used in financing activities (174.6 ) (167.5 ) Effect of exchange rate changes on cash and cash equivalents 16.7 (3.6 ) Net change in cash and cash equivalents 7.8 (9.6 ) Beginning balance of cash and cash equivalents 356.4 340.9 Ending balance of cash and cash equivalents $ 364.2 $ 331.3 Expand VONTIER CORPORATION AND SUBSIDIARIES (in millions) (unaudited) Three Months Ended Six Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Sales Mobility Technologies $ 280.2 $ 237.6 $ 550.7 $ 480.3 Repair Solutions 150.8 150.8 303.8 333.2 Environmental & Fueling Solutions 361.6 311.2 691.4 642.2 Other — — — 1.3 Intersegment eliminations (19.1 ) (3.2 ) (31.3 ) (4.8 ) Total Vontier Sales $ 773.5 $ 696.4 $ 1,514.6 $ 1,452.2 Segment Operating Profit Mobility Technologies $ 53.5 $ 41.2 $ 105.4 $ 88.8 Repair Solutions 31.4 32.1 64.6 76.8 Environmental & Fueling Solutions 105.7 89.3 203.2 186.6 Other — — — (0.4 ) Segment Operating Profit Margin Mobility Technologies 19.1 % 17.3 % 19.1 % 18.5 % Repair Solutions 20.8 % 21.3 % 21.3 % 23.0 % Environmental & Fueling Solutions 29.2 % 28.7 % 29.4 % 29.1 % Other — — % — % (30.8 %) Operating Profit & Adjusted Operating Profit Operating Profit (GAAP) $ 136.4 $ 114.1 $ 266.5 $ 256.2 Operating Profit Margin (GAAP) 17.6 % 16.4 % 17.6 % 17.6 % Adjusted Operating Profit (Non-GAAP) $ 163.4 $ 141.6 $ 324.0 $ 308.3 Adjusted Operating Profit Margin (Non-GAAP) 21.1 % 20.3 % 21.4 % 21.2 % Expand VONTIER CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND OTHER INFORMATION Core Sales Growth We define core sales growth as the change in total sales calculated according to GAAP but excluding (i) sales from acquired and certain divested businesses; (ii) the impact of currency translation; and (iii) certain other items. References to sales attributable to acquisitions or acquired businesses refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to certain divested or exited businesses or product lines not considered discontinued operations. The portion of sales attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in sales (excluding sales from acquired businesses) and (b) the period-to-period change in sales, including foreign operations, (excluding sales from acquired businesses) after applying the current period foreign exchange rates to the prior year period. The portion of sales attributable to other items is calculated as the impact of those items which are not directly correlated to core sales which do not have an impact on the current or comparable period. Core sales growth should be considered in addition to, and not as a replacement for or superior to, total sales, and may not be comparable to similarly titled measures reported by other companies. Management believes that reporting the non-GAAP financial measure of core sales growth provides useful information to investors by helping identify underlying growth trends in our business and facilitating easier comparisons of our sales performance with our performance in prior and future periods and to our peers. We exclude the effect of acquisitions and certain divestiture-related items because the nature, size and number of such transactions can vary dramatically from period to period and between us and our peers. We exclude the effect of currency translation and certain other items from core sales because these items are either not under management's control or relate to items not directly correlated to core sales growth. Management believes the exclusion of these items from core sales growth may facilitate assessment of underlying business trends and may assist in comparisons of long-term performance. Adjusted Operating Profit and Adjusted Operating Profit Margin Adjusted operating profit refers to operating profit calculated in accordance with GAAP, but excluding amortization of acquisition-related intangible assets, costs associated with restructurings including one-time termination benefits and related charges and impairment and other charges associated with facility closure, contract termination and other related activities, and the related impact of certain divested or exited businesses or product lines not considered discontinued operations ("Restructuring- and divestiture-related adjustments"), transaction- and deal-related costs, asbestos-related adjustments associated with certain divested businesses, one-time costs related to the separation, amortization of acquisition-related inventory fair value step-up, gains and losses on sale of property, and other charges which represent charges incurred that are not part of our core operating results ('Other charges'). Adjusted operating profit margin refers to adjusted operating profit divided by GAAP sales. Adjusted Net Earnings and Adjusted Diluted Net Earnings per Share Adjusted net earnings refers to net earnings calculated in accordance with GAAP, but excluding on a pretax basis amortization of acquisition-related intangible assets, Restructuring- and divestiture-related adjustments, transaction- and deal-related costs, asbestos-related adjustments associated with certain divested businesses, one-time costs related to the separation, amortization of acquisition-related inventory fair value step-up, gains and losses on sale of property, Other charges, non-cash write-offs of deferred financing costs, gains and losses on sale of businesses and gains and losses on investments, including the tax effect of these adjustments and other tax adjustments. The tax effect of such adjustments was calculated by applying our estimated adjusted effective tax rate to the pretax amount of each adjustment. Adjusted diluted net earnings per share refers to adjusted net earnings divided by the weighted average diluted shares outstanding. Free Cash Flow, Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion Free cash flow refers to cash flow from operations calculated according to GAAP but excluding capital expenditures. Adjusted free cash flow refers to free cash flow adjusted for cash received from the sale of property, plant and equipment and cash paid for Restructuring- and divestiture-related adjustments, transaction- and deal-related costs and Other charges. Adjusted free cash flow conversion refers to adjusted free cash flow divided by adjusted net earnings. Net Leverage Ratio, EBITDA and Adjusted EBITDA EBITDA refers to net earnings calculated in accordance with GAAP, excluding interest, taxes, depreciation and amortization of acquisition-related intangible assets. Adjusted EBITDA refers to EBITDA adjusted for Restructuring- and divestiture-related adjustments, transaction- and deal-related costs, asbestos-related adjustments associated with certain divested businesses, one-time costs related to the separation, amortization of acquisition-related inventory fair value step-up, gains and losses on sale of property, Other charges, non-cash write-offs of deferred financing costs, gains and losses on sale of businesses and gains and losses on investments. Net leverage ratio refers to net debt divided by Adjusted EBITDA. Management believes that these non-GAAP financial measures provide useful information to investors by reflecting additional ways of viewing aspects of our operations that, when reconciled to the corresponding GAAP measure, help our investors to understand the long-term profitability trends of our business, and facilitate comparisons of our profitability to prior and future periods and to our peers. These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. A reconciliation of each of the projected Core Sales Growth, Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings Per Share and Adjusted Free Cash Flow Conversion, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measure, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide each reconciliation is due to the unpredictability of the amounts and timing of events affecting the items we exclude from the non-GAAP measure. % Change Six Months Ended June 27, 2025 vs. Comparable 2024 Period Mobility Technologies Repair Solutions Environmental & Fueling Solutions Total Total Sales Growth (GAAP) 14.7% (8.8)% 7.7% 4.3% Core sales growth (Non-GAAP) 15.2% (8.7)% 8.1% 4.8% Acquisitions and divestitures (Non-GAAP) —% —% —% (0.1)% Currency exchange rates (Non-GAAP) (0.5)% (0.1)% (0.4)% (0.4)% Expand Reconciliation of Operating Profit to Adjusted Operating Profit Three Months Ended Six Months Ended $ in millions June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Operating Profit (GAAP) $ 136.4 $ 114.1 $ 266.5 $ 256.2 Amortization of acquisition-related intangible assets 19.2 20.0 38.8 40.0 Restructuring- and divestiture-related adjustments 2.6 3.9 13.5 8.6 Transaction- and deal-related costs 1.2 0.3 2.1 (0.2 ) Asbestos-related adjustments 4.0 3.0 3.3 3.3 One-time costs related to separation — 0.3 — 0.9 Gain on sale of property — — — (0.5 ) Other charges — — (0.2 ) — Adjusted Operating Profit (Non-GAAP) $ 163.4 $ 141.6 $ 324.0 $ 308.3 Operating Profit Margin (GAAP) 17.6 % 16.4 % 17.6 % 17.6 % Adjusted Operating Profit Margin (Non-GAAP) 21.1 % 20.3 % 21.4 % 21.2 % Expand Reconciliation of Net Earnings to Adjusted Net Earnings Three Months Ended Six Months Ended ($ in millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net Earnings (GAAP) $ 91.9 $ 70.1 $ 179.8 $ 206.9 Amortization of acquisition-related intangible assets 19.2 20.0 38.8 40.0 Restructuring- and divestiture-related adjustments 2.6 3.9 13.5 8.6 Transaction- and deal-related costs 1.2 0.3 2.1 (0.2 ) Asbestos-related adjustments 4.0 3.0 3.3 3.3 One-time costs related to separation — 0.3 — 0.9 Gain on sale of property — — — (0.5 ) Other charges — — (0.2 ) — Non-cash write-off of deferred financing costs — — 0.2 — Loss (gain) on sale of business — 2.6 — (37.2 ) Loss on equity investments — 0.1 3.6 0.2 Tax effect of the Non-GAAP adjustments and other tax adjustments (2.2 ) (2.7 ) (9.5 ) (8.7 ) Adjusted Net Earnings (Non-GAAP) $ 116.7 $ 97.6 $ 231.6 $ 213.3 Adjusted Diluted Net Earnings Per Share (Non-GAAP) $ 0.79 $ 0.63 $ 1.56 $ 1.37 Expand Reconciliation of Operating Cash Flow to Free Cash Flow, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Conversion Three Months Ended Six Months Ended ($ in millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Operating Cash Flow (GAAP) $ 100.0 $ 46.1 $ 210.4 $ 137.6 Less: Purchases of property, plant & equipment (capital expenditures) (16.7 ) (23.8 ) (34.4 ) (44.0 ) Free Cash Flow (Non-GAAP) $ 83.3 $ 22.3 $ 176.0 $ 93.6 Restructuring- and divestiture-related adjustments 5.0 1.9 7.1 5.7 Transaction- and deal-related costs 0.1 1.6 0.9 3.8 Proceeds from sale of property, plant and equipment 0.1 0.1 0.1 1.0 Adjusted Free Cash Flow (Non-GAAP) $ 88.5 $ 25.9 $ 184.1 $ 104.1 Adjusted Net Earnings (Non-GAAP) $ 116.7 $ 97.6 $ 231.6 $ 213.3 Adjusted Free Cash Flow Conversion (Non-GAAP) 75.8 % 26.5 % 79.5 % 48.8 % Expand Net Leverage Ratio and Reconciliation from Net Earnings to EBITDA to Adjusted EBITDA Total Debt $ 2,101.0 Less: Cash (364.2 ) Net Debt $ 1,736.8 Adjusted EBITDA (Non-GAAP) $ 704.6 Net Leverage Ratio 2.5 Expand Three Months Ended LTM ($ in millions) June 27, 2025 June 27, 2025 Net Earnings (GAAP) $ 91.9 $ 395.1 Interest expense, net 15.6 68.1 Income tax expense 28.8 79.5 Depreciation and amortization expense 32.0 129.1 EBITDA (Non-GAAP) $ 168.3 $ 671.8 Restructuring- and divestiture-related adjustments 2.6 20.5 Transaction- and deal-related costs 1.2 1.0 Asbestos-related adjustments 4.0 8.2 One-time costs related to separation — 0.6 Gain on sale of property — (4.0 ) Other charges — 2.3 Non-cash write-off of deferred financing costs — 0.2 Loss on equity investments — 4.0 Adjusted EBITDA (Non-GAAP) $ 176.1 $ 704.6 Expand
