Vontier Corporation ("Vontier," the "Company," "we," "us" or "our") is a global
Industrial technology company focused on critical technical equipment,
Components, software and services for the manufacture, repair and maintenance in
of the mobility infrastructure industry worldwide. The company delivers a broad
Range of mobility technologies and diagnostic and repair technologies
including advanced environmental sensors, refueling equipment, field payment
Hardware, remote management and workflow software, vehicle tracking and fleet
Management software-as-service solutions, professional car mechanics and
Technician equipment and traffic priority control systems. The company markets
its products and services to retail and commercial petrol station operators, commercial
Car repair shops, local governments and public safety institutions and
Fleet owners / operators on a global basis.
Discussion and analysis of the financial position and the results of the management
Operations ("MD&A") is intended to make our financial reports available to a reader
with a narrative from the management's point of view and should the
Readers understand the results and operations as well as the financial condition of the company
Company. Our MD&A should be read in conjunction with MD&A and Consolidated
and combined financial statements in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2020 (the "2020 Annual Report on Form 10-K").
INFORMATION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this quarterly publication or incorporated by reference
Report, in other documents that we file with or make available to the Securities, and
Exchange Commission ("SEC"), in our press releases, webcasts, conference calls,
are materials and other communications delivered to shareholders
"Forward-Looking Statements" within the meaning of the federal government of the United States of America
Securities laws.
Forward-looking statements are not guarantees of future performance and actual
the results could differ materially from the results, developments and the business
Decisions that are reflected in our forward-looking statements. You are accordingly
should not rely on such forward-looking statements.
Forward-looking statements are only valid as of the date of the report, document,
Press release, webcast, phone call, materials, or other communications containing them
did. Important factors that could cause actual results to differ materially
Of those contemplated in the forward-looking statements include the following:
• The impact of the COVID-19 pandemic on our global operations and on the
Operation of our customers, suppliers and suppliers has and is expected
continues to have a significant impact on our business and the results of
Operations.
• Changes to or status of implementation of industry standards and government agencies
Regulations, including their interpretation or enforcement, can reduce demand
increase or otherwise adversely affect our products or services, our expenses
affect our business model.
• Our growth depends in part on timely development and commercialization, and
Customer acceptance of new and improved products and services based on
technical innovation.
• The exemption provisions of purchase contracts with which we
Acquired companies may not be able to protect us fully and as a result we can do with
unexpected liabilities.
• Our businesses are subject to extensive regulations; Failure to comply
these regulations could adversely affect our financial statements and ours
Business, including our reputation.
• International economic, political, legal, compliance, epidemic and business activities
Factors could have a negative impact on our annual financial statements.
• We may need to make impairment losses on our goodwill and others
intangible assets.
• We are a party to asbestos-related product disputes that could have an adverse effect
our financial, earnings and cash flows.
• Our restructuring measures could have negative long-term effects on our business.
• Our defined benefit pension plans are subject to financial market risks that
could have a negative impact on our annual financial statements.
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• As of the date of this quarterly report, we have outstanding debt of
approximately $ 2.0 billion and the ability to raise an additional $ 600.0 million
the debt under the two-year senior unsecured delayed draw loan and
$ 750.0 million in debt under the Revolving Credit Facility, as defined
above, and in the future we may run into additional debt, all of them
could adversely affect our business and our ability to meet our commitments
and pay dividends.
• We may not be able to generate enough money to support all of our
Indebtedness and may be forced to take other measures to meet our obligations
under our indebtedness which may not be successful.
• Any inability to perform at our historical rates and make acquisitions
to make reasonable prices and investments that our
long-term strategy could negatively affect our growth rate and share price.
• Our acquisition of companies, investments, joint ventures and other strategic
Business relationships could have a negative impact on our annual financial statements.
• Changes in our tax rates or exposure to additional income tax liabilities or
Assessments could affect our profitability. In addition, there are tax audits
Authorities could result in additional tax payments for previous periods.
• Adverse changes in our relationships with or financial condition,
Performance, buying behavior or stock levels of important distributors and
other sales partners could adversely affect our financial statements.
• Our financial results are subject to fluctuations in costs and availability
of raw materials that we use in our company.
• When we use our manufacturing capacity or the necessary purchases for
our manufacturing activities to reflect changes in market conditions and
Customer demand can hurt our profitability. In addition, we rely on
single or limited sources of supply for certain materials, components and services
can lead to production stoppages, delays and inefficiencies.
• Potential indemnity obligations to Fortive under the separation
Agreement our business, financial and
Condition, results of operations and cash flows. Besides, it can't
Assurance that the fulfillment of Fortive's indemnification obligations towards us in accordance with
the separation agreement on certain liabilities is sufficient.
• If it is found that the distribution along with certain
related transactions, is taxable for US federal income tax purposes because
the facts, assumptions, representations or obligations underlying Fortives
private letter decision of the IRS or tax reports are wrong or for others
As a result, Fortive and its shareholders could suffer significant US Bunds
Income tax liabilities, and we could also have significant liabilities.
• We can be affected by significant limitations, including our ability to
in certain corporate transactions for a period of two years after
Distribution to avoid triggering significant tax obligations.
• Fortive can compete with us.
• We may not achieve all or some of the expected benefits of separation and
the separation can adversely affect our business.
See “Point 1.A. Risk Factors "in our 2020 Annual Report on Form 10-K and Part II
– Article 1A. Risk Factors "on this Form 10-Q for further discussion on
Reasons that the actual results could differ materially from the results, developments
and business decisions that are reflected in our forward-looking statements.
Forward-looking statements are only valid as of the date of the report, document,
Press release, webcast, phone call, materials, or other communications containing them
did. We do not assume any obligation to update or revise future-oriented
Statement, be it based on new information, future events and
Developments or anything else.
OVERVIEW
Generally
Vontier is a global industrial technology company focused on critical
technical equipment, components, software and services for manufacturing,
Repair and maintenance in the mobility infrastructure industry worldwide. we
offer a wide range of mobility technologies as well as diagnosis and repair
Technology solutions from advanced environmental sensors to fuel supply
Devices, field service payment hardware, remote management and workflow software,
Software-as-service solutions for vehicle tracking and fleet management,
Equipment of professional auto mechanics and technicians and traffic priority
Control systems. We market our products and services to retail and commercial customers
Petrol station operators, commercial vehicle repair companies, local governments
and public safety institutions and fleet owners / operators on a global basis.
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Our research and development, manufacturing, sales, sales, and service
Administrative operations are located in more than 30 countries across the north
America, Asia Pacific, Europe and Latin America. We also sell ours
Products in these countries and several other markets in these regions. we
Define high-growth markets as developing markets in the world
longer periods of accelerated GDP growth and
Infrastructure, the Eastern Europe, the Middle East, Africa, Latin
America and Asia with the exception of Japan and Australia.
BUSINESS DEVELOPMENT AND OUTLOOK
Business performance
Although there are differences between our businesses, the demand for
our hardware and software products and services increased in the three and
six months to July 2, 2021. Compared to the comparable periods of 2020
Total year-over-year sales increased 35.8% and 25.3% for the three and
six months to July 2, 2021. Sales of existing stores increased by 32.7%
and 22.8% in the three and six months ended July 2, 2021 compared to
Comparison periods in 2020. The increase in total sales and sales from existing
Businesses in the three and six months ended July 2, 2021 primarily
driven by broad growth across the portfolio as well as direct and indirect
Effects of COVID-19 on the comparable periods of the previous year. Our mobility
Technology platform had strong demand for retail and environmental solutions,
continued strong demand and deliveries of fuel management systems in the north
America in the context of increased outdoor credit card security requirements
Payment systems based on Europay, Mastercard and Visa ("EMV") globally
Standards, Mexican regulatory requirements, and donor and environmental deliveries
in India. There was also strong demand for our diagnostics and repair portfolio
in most product categories, especially specialty and hardline tools, tool
Memory and diagnostics. Changes in exchange rates positive
influenced our sales growth in the past three and six months by 3.1% and 2.5%
July 2, 2021 compared to the reference periods in 2020.
In developed markets, total year-over-year sales and sales from existing ones
Companies rose more in the three months ended July 2, 2021
over 30%, mainly due to growth in North America, which has also grown faster
than 30%. High growth markets saw more than 20% increase, mainly due to
Growth in India and Latin America.
In developed markets, total year-over-year sales and sales from existing ones
Businesses increased by more than 20% in the six months ended July 2, 2021, which
mainly due to over 20% growth in North America. Growth markets
also had an increase of more than 20% mainly due to growth in India and Latin
America.
outlook
We expect total sales and sales of existing stores to be a
compared to the previous year in 2021; However, we continue to monitor the effects
the COVID-19 pandemic as well as geopolitical and regulatory uncertainties and the
corresponding effects on our business in addition to the other factors
identified above under "Information Regarding Forward-Looking Statements".
RESULTS OF THE OPERATIONS
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Comparison of operating results
Three months over. Six months over
(in million US dollars) July 2, 2021 June 26, 2020 July 2, 2021 June 26, 2020
Total Revenue $ 724.6 $ 533.7 $ 1,432.0 $ 1,142.9
Total cost of sales (406.1) (302.7) (801.7) (648.8)
Gross profit 318.5 231.0 630.3 494.1
Operating cost:
Sales general and administration
Expenses ("SG&A") (164.6) (111.8) (310.3) (234.9)
Research and development costs ("R&D") (32.9) (29.2) (66.1) (62.1)
Impairment of goodwill – – – (85.3)
Operating profit $ 121.0 $ 90.0 $ 253.9 $ 111.8
Gross profit in% of sales 44.0% 43.3% 44.0% 43.2%
SG&A as% of sales 22.7% 20.9% 21.7% 20.6%
R&D in% of sales 4.5% 5.5% 4.6% 5.4%
Operating profit in% of sales 16.7% 16.9% 17.7% 9.8%
Components of sales growth
% Change three months% change six months
Ended July 2, 2021 vs. Ended July 2, 2021 vs.
Comparable period 2020 Comparable period 2020
Total revenue growth (GAAP) 35.8% 25.3%
Existing businesses (non-GAAP) 32.7% 22.8%
Exchange rates (non-GAAP) 3.1% 2.5%
Total sales and sales of existing businesses within our mobility technologies
Platform has grown more than 20% in the three months ending July 2, 2021, since
compared to the same period of 2020. Total sales and sales from existing
Companies within our platform for mobility technologies have increased by more than 20% and
at a rate in the high-teens for the six months ended July 2,
2021 compared to the reference period 2020. Our mobility technologies
Platform elevations were caused by the direct and indirect effects of COVID-19
Comparative periods of the previous year as well as strong demand in retail and
Environmental solutions, continued strong demand and deliveries of fuels
Management systems in North America related to improved credit card security
Requirements for outdoor payment systems based on global EMV standards,
Government inquiries in Mexico and deliveries from donors and the environment in India.
Total sales and sales of existing diagnostics and repair businesses
Technology platform up more than 50% in the three months to the end of July
02.02.2021 compared to the reference period 2020. Total sales and sales from
existing businesses within our diagnostic and repair technology platform
increased by more than 30% in the six months ended July 2, 2021 compared to
Comparative period in 2020. The previous year's results for both periods
through July 2, 2021 were mainly due to the direct and indirect effects of
COVID-19 versus prior year periods as well as strong demand across the board
most product categories, especially specialty and hardline tools, tool storage
and diagnostics.
Price increases are reflected as part of the change in sales of
Existing stores and year-over-year price increases contributed 2.0% and
1.5% of sales growth in the three and six months ended July 2, 2021
the comparison periods in 2020.
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Cost of sales
The cost of sales increased $ 103.4 million and $ 152.9 million for the three and six
Months due until July 2, 2021 compared to the comparative periods in 2020
mainly due to higher sales volumes compared to the previous year from existing stores than
as well as increased material costs due to inflationary pressures.
Gross income
The increase in gross profit over the previous year in the three and six months
until July 2, 2021 is mainly compared to the comparison periods in 2020
due to higher sales volumes and a favorable sales mix, which was partially offset
due to increased material costs due to inflationary pressures.
The 70 basis point increase in gross profit margin over the past three months
July 2, 2021 compared to the reference period 2020 is mainly on
Price increases and a favorable sales mix and partly offset by increased sales
Material costs due to inflationary pressures.
The 80 basis point increase in gross profit margin in the six months ended
July 2, 2021 compared to the reference period 2020 is mainly on
Price increases and a favorable sales mix and partly offset by increased sales
Material costs due to inflationary pressures.
Operating costs and other expenses
Selling, general and administrative expenses increased in the three and six months ended July 2, 2021, since
compared to the comparable periods in 2020, mainly due to the increase in
also corporate costs associated with operating as a separate public company
as savings in the three and six months ending June 26, 2020 from general expenses
Reduction efforts that lowered labor costs to better handle the reductions in
Demand as well as other cuts in discretionary spending.
In a year-on-year comparison, sales and administration costs increased by 180 as a percentage of sales
and 110 basis points during the three and six months ending July 2, 2021,
compared to the comparison periods in 2020 mainly due to the
Increase in business costs associated with operating as a separate audience
Companies and broad-based cost-cutting efforts in the three and six months
ends on June 26th, 2020.
R&D expenses (consisting mainly of internal and contract engineering
Personnel costs) rose in the three and
due six months until July 2, 2021 compared to the reference periods in 2020
to extensive cost-cutting efforts in the previous years. Year-on-year
On the basis of this, R&D expenses in relation to sales fell in the three and six years
Months through July 2, 2021 due to a partial increase in total sales
offset by an increase in R&D expenses.
Operating profit
The operating profit margin declined 20 basis points over the past three months
July 2, 2021 compared to the reference period 2020.
The year-over-year comparison of the operating profit margin was positively influenced by:
• Higher sales volumes compared to the previous year, price increases and a more favorable sales mix
– Inexpensive 960 basis points
The year-over-year comparison of the operating profit margin was mainly influenced by
the following unfavorable factors:
• Corporate costs associated with operating as a separate public company and
other one-off costs – unfavorable 540 basis points
• Increased operating costs due to extensive cost reduction efforts in the previous year and
other Increase in operating costs – unfavorable 340 basis points
• Increased material costs due to inflationary pressures – unfavorable 100
Basis points
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The operating profit margin increased 790 basis points over the past six months
July 2, 2021 compared to the reference period 2020.
The year-over-year comparison of the operating profit margin was positively influenced by:
• Higher sales volumes compared to the previous year, price increases and a more favorable sales mix
– Inexpensive 880 basis points
• The effects of the previous year's goodwill amortization on our telematics business –
cheap 600 basis points
The year-over-year comparison of the operating profit margin was mainly influenced by
the following unfavorable factors:
• Corporate costs associated with operating as a separate public company and
other one-off costs – unfavorable 440 basis points
• Increased operating costs due to extensive cost reduction efforts in the previous year and
other Increase in operating costs – unfavorable 180 basis points
• Increased material costs due to inflationary pressure – unfavorable 70
Basis points
NON-GAAP FINANCIAL MEASURES
Sales of existing companies
We define the sales of existing businesses as total sales without (i) sales
businesses acquired and sold; (ii) the effects of currency translation; and
(iii) certain other items.
• References to sales made through acquisitions or acquired companies are to
to GAAP sales of acquired companies that were recorded prior to the first anniversary
of the acquisition minus the sales attributable to certain sales
Businesses or product lines that are not considered a discontinued operation.
• The share of sales attributable to currency conversion is
calculated as the difference between (a) the change in sales from period to period
(excluding sales of acquired companies) and (b) the change from period to period
Sales, including foreign businesses (excluding sales from acquired
Companies) after applying the exchange rates of the current period to the
Period of the previous year.
• The share of sales attributable to other items is considered to be the effect of
the items that do not directly correlate with the sales of existing stores
which have no influence on the current or comparable period.
Existing business sales should be in addition to, not as
Substitute for or higher than 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 sales is by
Existing companies provide investors with useful information by helping them identify
underlying growth trends in our business and facilitated comparisons of
our sales performance with our performance in previous and future periods and to
our colleagues. We exclude the effect of acquisitions and disposal effects
since the type, scope and number of such transactions can vary widely
from time to time and between us and our colleagues. We conclude the effect of. the end
Currency conversion and certain other items from sales of existing businesses
because these items are either not under management control or relate to items
not directly correlated with sales of existing stores. Management believes
excluding these items from existing businesses may make this easier
Assessment of underlying business trends and can be used when comparing
long-term performance. References to sales volume refer to the effects of both
Price and quantities.
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INCOME TAX
Generally
The income tax expense and the deferred tax assets and liabilities reflect those of the management
Estimation of future expected taxes to be paid on items included in our
Annual accounts. Our effective tax rate can be influenced by, among other things
Items, changes in the income mix in countries with different statutory taxation
Tariffs (also as a result of company acquisitions and sales), changes
when evaluating deferred tax assets and liabilities, the implementation of
Tax planning strategies, tax rulings, court decisions, comparisons with taxes
Authorities and changes in tax laws.
Before the split, our operating results were in Fortives
various consolidated US federal and certain state income tax returns as well
than certain non-US returns. For periods before the separation, our combined ones apply
Annual financial statements reflect income tax expenses and deferred tax balances as if
we filed tax returns independently from Fortive. That
The separate declaration method applies the income tax accounting guidelines to the
Separate financial statements as if we were a separate taxpayer and a
independent company for the periods before the separation. For periods before
Until the separation, our pre-tax operating results include all transactions
Fortive like it's an independent party.
In connection with the separation, we have made agreements with Fortive,
including a tax treaty. The tax treaty makes a difference
between the handling of tax matters for "joint" filings versus "separate"
Submissions before separation. "Joint" submissions are returns, like the United
State Returns, which includes operations from both Fortive Entities
and the company. In contrast, "separate" filings are tax returns (primarily U.S.
government returns and non-U.S. returns) that are exclusive to either Fortives
or the company's business. In accordance with tax matters
Agreement, the company is liable for all
Income tax liabilities with "separate" filings for periods prior to
Separation.
On March 27, 2020, the U.S. government gave Coronavirus Aid, Relief, and
Economic Security Act (the "CARES Act") as an emergency economic stimulus
Package in response to the COVID-19 outbreak. The CARES Act contains, among other things
including numerous income tax regulations. Some of these tax rules are
presumably retrospectively for years prior to the date of
Decree. The CARES Act did not have a material impact on our income tax
Determination.
We are routinely examined by various national and international tax authorities
Authorities. The amount of income taxes we pay is subject to federal review,
state and foreign tax authorities, which can lead to appraisal proposals. That
The company is subject to review in the United States, various states, and
foreign legal systems. According to the tax agreement with
Fortive is liable to the company for taxes resulting from the examination of the
The following: (i) the company's first U.S. federal tax year, October 9, 2020
until December 31, 2020; (ii) separate corporate state tax returns for all
Periods; (iii) joint government tax returns for the period October 9, 2020 to
December 31, 2020; (iv) international separate corporate earnings for all periods;
and (v) joint international tax returns that include only Vontier legal entities
for all periods. We review our global tax positions on a quarterly basis. Based
about these reviews, the results of discussions and decisions on matters
certain tax authorities, tax rulings and court decisions as well as the expiry of
Statute of limitations provisions are set up for contingent tax liabilities or
adjusted as needed.
Under U.S. tax law, this is the company's first U.S. federal income tax return
is for the short tax year from October 9, 2020 to December 31, 2020. We
expect us to file our first U.S. federal income tax return for short tax 2020
Year with the Internal Revenue Service ("IRS") in 2021. Hence the IRS
has not yet started auditing the company. The company remains taxable
Examine for their separate corporate tax returns in different US states for tax
Years 2011 to 2020. Our business activities in certain foreign legal systems will continue
for the tax years 2007 to 2020 subjected to a routine check.
Comparison of the three and six months to July 2, 2021 and June 26, 2020
Our effective tax rate for the three and six months ended July 2, 2021 was 24.4%
and 24.0% compared to 23.7% and 42.1% for the three and six, respectively
until June 26, 2020. The year-on-year increase
effective tax rate for the three months ending July 2, 2021 compared to
Comparative period last year was mainly due to an increase in US
State tax expense. The decrease in the effective tax rate compared to last year for the
six months to July 2, 2021 compared to the same period of the previous year
Year was mainly due to a non-deductible impairment of goodwill
in the six months ending June 26, 2020.
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Our effective tax rate for both 2021 and 2020 periods is different from that in the US.
bundesgesetzlicher Satz von 21 % hauptsächlich aufgrund der Wirkung staatlicher Steuern und
ausländisches steuerpflichtiges Einkommen zu einem anderen Satz als der US-Bundesgesetz
Bewertung. Spezifisch für die sechs Monate zum 26. Juni 2020 gab es eine ungünstige
Auswirkungen im Zusammenhang mit einer nicht abzugsfähigen Wertminderung des Geschäfts- oder Firmenwerts.
UMFASSENDES EINKOMMEN
Das Gesamtergebnis verringerte sich in den letzten drei Monaten um 6,8 Millionen US-Dollar
2. Juli 2021 im Vergleich zum Vergleichszeitraum 2020 hauptsächlich aufgrund von
ungünstige Veränderungen der Währungsanpassungen in Höhe von 20,6 Mio. USD, die
teilweise ausgeglichen durch Nettogewinne, die um 13,9 Millionen US-Dollar gestiegen sind.
Gesamtergebnis stieg in den sechs Monaten um 117,3 Millionen US-Dollar
2. Juli 2021 im Vergleich zum Vergleichszeitraum 2020 hauptsächlich aufgrund von Netto
um 109,1 Millionen US-Dollar höhere Gewinne und günstige Veränderungen im Ausland
Währungsumrechnungsanpassungen in Höhe von 9,9 Millionen US-Dollar.
LIQUIDITÄT UND KAPITALRESSOURCEN
Vor der Trennung waren wir für all unsere Arbeit von Fortive abhängig
Kapital- und Finanzierungsanforderungen im Rahmen des zentralisierten Ansatzes von Fortive für Bargeld
Verwaltung und Finanzierung des Geschäftsbetriebs seiner Tochtergesellschaften. Mit Ausnahme
von liquiden Mitteln und Krediten, die eindeutig mit Vontier verbunden sind und
im Zusammenhang mit der Trennung, einschließlich der nachfolgend beschriebenen Finanztransaktionen,
Finanztransaktionen im Zusammenhang mit unserer Geschäftstätigkeit vor dem
Die Trennung wurde durch die Investition der ehemaligen Muttergesellschaft berücksichtigt. Entsprechend,
keine Barmittel, Barmitteläquivalente oder Schulden des ehemaligen Mutterunternehmens beim Unternehmen
Stufe wurde uns im Abschluss für Zeiträume vor dem
Trennung.
Infolge der Trennung beteiligen wir uns nicht mehr an Fortives Bargeld
Verwaltung und Finanzierung. Wir beurteilen unsere Liquidität anhand unserer
Fähigkeit, liquide Mittel zur Finanzierung unseres Betriebs, unserer Investitionen und unserer Finanzierung zu generieren
Aktivitäten. Wir erwirtschaften erhebliche Cashflows aus operativer Tätigkeit und glauben, dass
dass unser operativer Cashflow und andere Liquiditätsquellen ausreichen werden
damit wir weiterhin in bestehende Geschäfte investieren können, strategische
Akquisitionen tätigen, Zinsen auf unsere ausstehenden Verbindlichkeiten leisten und verwalten
kurz- und langfristig unsere Kapitalstruktur.
2021 Finanzierung und Kapitaltransaktionen
During the six months ended July 2, 2021, we completed the following financing
and capital transactions:
•On March 10, 2021, we completed the private placement of $1.6 billion of senior
unsecured notes in multiple series (collectively, the "Notes"). The Notes are
fully and unconditionally guaranteed (the "Guarantees"), on a joint and several
basis, by Gilbarco Inc. and Matco Tools Corporation, two of our wholly-owned
subsidiaries (the "Guarantors"). Interest on the Notes is payable semi-annually
in arrears on April 1 and October 1 of each year, commencing on October 1, 2021.
The Notes and the Guarantees are the Company's and the Guarantors' general
senior unsecured obligations.
•With the proceeds received from the issuance of the Notes, we repaid $1.4
billion of our Term Loans with the remainder used for working capital and other
general corporate purposes.
•On April 28, 2021, we refinanced our Three-Year Term Loans and Revolving Credit
Facility which extended the maturities and lowered the interest rates, among
certain other changes.
Our long-term debt requires, among others, that we maintain certain financial
covenants, and we were in compliance with all of these covenants as of July 2,
2021.
Refer also to Note 4. Financing to the Consolidated and Combined Condensed
Financial Statements for additional information.
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