Investor Presentaiton
Q3 2023 Highlights
Financial Results
($ in millions, except per share amounts)
3Q 2023
3Q 2022
B/(W)
Net Sales
$677.3
$858.4
(21.1%)
Gross Profit
Gross Profit %
SG&A
Net Income
Diluted EPS
Adjusted EBITDA¹
$237.5
35.1%
$264.9
30.9%
(10.3%)
421 bps
$140.3
$176.2
(20.3%)
$59.7
$52.2
14.4%
$0.46
$0.41
12.3%
$109.8
$126.0
(12.9%)
Adjusted EBITDA %1
Free Cash Flow (YTD)1
16.2%
14.7%
153ps
$315.1
$85.7
267.7%
Q3 2023 demand in-line with expectations; net sales lower than anticipated due to the impact of
customer trade downs from higher priced products to lower priced products.
Expanded adjusted EBITDA margin y-o-y on continued execution of strategic initiatives,
productivity savings, and discrete items, despite volume declines, trade downs and investments.
Generated $315 million in free cash flow' year to date due to working capital improvements and
strong operational performance.
Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow are non-GAAP metrics. Please see the Appendix for a reconciliation of Adjusted EBITDA to Net Income, the calculation
of Adjusted EBITDA margin and Free Cash Flow and definitions.
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