SCOTTSDALE, Ariz., May 3, 2023
/PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading
global manufacturer and developer of technology-driven products and
components that provide critical home comfort, energy management,
and safety and security solutions and a leading wholesale
distributor of low-voltage security, life safety, audio visual,
data com, and other product categories, today announced financial
results for the first quarter ended April 1, 2023.
First Quarter 2023 Financial Highlights
- Net revenue of $1.55 billion, up
3% from $1.51 billion in the first
quarter 2022
- Income from operations of $138
million, or 8.9% of revenue, compared to $172 million, or 11.4% of revenue in the first
quarter 2022
- Net income of $57 million, or
3.7% of revenue, compared to $87
million, or 5.8% of revenue in the first quarter 2022
- Non-GAAP Adjusted EBITDA of $138
million, or 8.9% of revenue, compared to $173 million, or 11.5% of revenue in the first
quarter 2022
- Fully diluted earnings per share of $0.38, compared to $0.58 per share in the first quarter 2022
- Non-GAAP fully diluted earnings per share of $0.39 compared to $0.63 in the first quarter 2022
Management Remarks
"We delivered good first quarter financial results that met our
expectations against what remains a challenging market," commented
Jay Geldmacher, Resideo's President
and CEO. "While we saw improvements in our supply chain during the
first quarter, we continue to face year-over-year inflationary cost
pressures and softer end demand in many of our residential markets.
Our teams are focused on taking advantage of the improving supply
chain and logistics environments to drive improved profitability
and cash generation as 2023 progresses."
"Volumes across the business were constrained in the quarter by
moderating end demand and inventory rebalancing within a number of
our channels. We have taken actions to reduce costs, including
headcount reductions and facility optimization activities, while
remaining focused on growth initiatives including delivering new
product introductions within Products and Solutions and driving
digital and adjacent category initiatives at ADI. As we move
through 2023, we expect profitability benefits from our
restructuring actions as well as incremental cost savings
opportunities."
Products and Solutions First Quarter 2023 Highlights
- Net revenue of $658 million, up
6% compared to the first quarter 2022
- Gross margin of 38.0%, down 530 basis points compared to the
first quarter 2022
- Operating profit of $117 million,
down 24% compared to the first quarter 2022
- Introduction of new products touching multiple product
categories
Products and Solutions delivered net revenue of $658 million in the first quarter 2023, up 6%
compared to first quarter 2022. First quarter 2023 results include
$98 million of net revenue contribution from the First Alert
acquisition and unfavorable foreign exchange fluctuations of
approximately $13 million. Price realization remained strong
during the first quarter, partially offsetting decreased volumes.
Growth from the inclusion of First Alert sales was partially
offset by slower traditional Security and Energy product
sales.
Gross margin for the quarter was 38.0%, compared to 43.3%
in the first quarter 2022. Gross margin was negatively impacted by
input cost inflation, the inclusion of lower margin First Alert
revenue, and lower volumes, partially offset by pricing actions.
Operating profit for the quarter was $117
million or 17.8% of revenue, down from 24.7% in first
quarter 2022.
ADI Global Distribution First Quarter 2023 Highlights
- Net revenue of $891 million was
essentially flat compared to the first quarter 2022
- Gross margin of 19.2%, down 10 basis points compared to the
first quarter 2022
- Operating profit of $72 million,
down 10% compared to the first quarter 2022
- Continued expansion of e-commerce sales and digital
initiatives
ADI first quarter 2023 net revenue of $891 million was up $4 million compared to the first quarter 2022.
Acquisitions completed over the past twelve months added
$23 million to net revenue and foreign exchange was
unfavorable by approximately $14 million. ADI continued to see
reduced activity within residential focused intrusion and audio
visual categories and experienced slowing growth across a number of
commercial oriented categories in the quarter.
ADI's e-commerce channel grew 17% in the first quarter 2023
compared to the prior year period, representing 20% of total ADI
net revenue. Overall touchless revenue reached 39% of ADI's total
revenue in the quarter. Touchless revenue includes e-commerce
activity through websites and mobile applications, electronic data
interchange transactions, and automated email order entry
transactions. ADI continues to invest in the build-out of digital
tools to support internal activities and enhance the customer
buying experience.
Gross margin of 19.2% in the first quarter 2023 was down 10
basis points compared to first quarter 2022. Reduced inflationary
pricing benefits were largely offset by higher vendor rebates and
freight cost improvements. Selling, general and administrative
expenses were $97 million in first
quarter 2023, up 8% compared to 2022 supporting inorganic growth in
adjacent categories and investment in digital initiatives.
Operating profit of $72 million for
first quarter 2023 was down 10% from $80
million in first quarter 2022.
First Quarter 2023 Financial Performance
Consolidated net revenue of $1.55
billion in first quarter 2023 was up 3% compared
with the prior year first quarter of $1.51
billion. Gross profit margin for first quarter 2023 was
27.1%, down 200 basis points compared to 29.1% in the prior year
first quarter. Resideo's operating profit of $138 million in first quarter 2023 compared to
the prior year quarter's operating profit of $172 million. Total Corporate costs were
$51 million, down from $61 million in the prior year quarter due
primarily to lower acquisition related costs. Net income for first
quarter 2023 was $57 million, or
$0.38 per diluted common share,
compared with $87 million, or
$0.58 per diluted common share, in
the first quarter 2022.
Cash Flow and Liquidity
Net cash used by operating activities of $4 million in first quarter 2023 compared to cash
used by operating activities of $59
million in the first quarter 2022. The improved cash from
operating activities was driven by working capital improvements. At
April 1, 2023, Resideo had cash and cash equivalents
$292 million and total outstanding
debt of $1.41 billion.
Outlook
The following table summarizes the Company's current second
quarter 2023 and full year 2023 outlook.
($ in millions, except
per share data)
|
Q2
2023
|
2023
|
Net
revenue
|
$1,590 -
$1,640
|
$6,200 -
$6,550
|
Gross profit
margin
|
26.8% -
27.8%
|
26.8% -
27.8%
|
Income from
operations
|
$150 - $170
|
$625 - $675
|
GAAP Earnings per
share
|
$0.41 -
$0.51
|
$1.80 -
$2.00
|
Conference Call and Webcast Details
Resideo will hold a conference call with investors
on May 3, 2023, at 5:00 p.m.
ET. An audio webcast of the call will be accessible at
https://investor.resideo.com, where related materials will be
posted before the call. A replay of the webcast will be available
following the presentation. To join the conference call, please
dial 888-660-6357 (U.S. toll-free) or 1-929-201-6127
(international), with the conference title "Resideo First Quarter
2023 Earnings" or the conference ID: 7301399.
About Resideo
Resideo is a leading global manufacturer and developer of
technology-driven products and components that provide critical
comfort, energy management, and safety and security solutions to
over 150 million homes globally. Through our ADI Global
Distribution business, we are also a leading wholesale distributor
of low-voltage security and life safety products for commercial and
residential markets and serve a variety of adjacent product
categories including audio visual, data com, wire and cable, and
smart home solutions. For more information about Resideo,
please visit www.resideo.com.
Contacts:
|
|
|
|
|
|
Investors:
|
|
Media:
|
Jason Willey
|
|
Garrett
Terry
|
Vice President,
Investor Relations
|
|
Lead Communications
Specialist
|
investorrelations@resideo.com
|
|
garrett.terry@resideo.com
|
Forward-Looking Statements
This release contains "forward-looking statements." All
statements, other than statements of fact, that address activities,
events or developments that we or our management intend, expect,
project, believe or anticipate will or may occur in the future are
forward-looking statements. Although we believe forward-looking
statements are based upon reasonable assumptions, such statements
involve known and unknown risks and uncertainties, which may cause
the actual results or performance of the Company to differ
materially from such forward-looking statements. Such risks and
uncertainties include, but are not limited to, (1) our ability to
achieve our outlook regarding the second quarter 2023 and full year
2023, (2) our ability to recognize the expected savings from, and
the timing and impact of, our cost reduction actions, (3) the
disruption to our business and global economy caused by the
lingering effects of COVID-19, (4) the amount of our obligations
and nature of our contractual restrictions pursuant to, and
disputes that have or may hereafter arise under the agreements we
entered into with Honeywell in connection with our spin-off, (5)
the likelihood of continued success of our transformation programs
and initiatives, (6) risks related to our recently completed
acquisitions, including First Alert, including our ability to
achieve the targeted amount of annual cost synergies, successfully
integrate the acquired operations (including successfully driving
category growth in connected offerings), and the expected net
present value of tax benefits resulting from the First Alert
transaction and (7) the other risks described under the headings
"Risk Factors" and "Cautionary Statement Concerning Forward-Looking
Statements" in our Annual Report on Form 10-K for the year ended
December 31, 2022 and other periodic filings we make from time
to time with the Securities and Exchange Commission.
Forward-looking statements are not guarantees of future
performance, and actual results, developments, and business
decisions may differ from those envisaged by our forward-looking
statements. Except as required by law, we undertake no obligation
to update such statements to reflect events or circumstances
arising after the date of this press release and we caution
investors not to place undue reliance on any such forward looking
statements.
Use of Non-GAAP Measures
This press release includes certain "non-GAAP financial
measures" as defined under the Securities Exchange Act of 1934 and
in accordance with Regulation G. Management believes the use
of such non-GAAP financial measures assists investors in
understanding the ongoing operating performance of the Company by
presenting the financial results between periods on a more
comparable basis. Such non-GAAP financial measures should not be
construed as an alternative to reported results determined in
accordance with U.S. GAAP.
The Company discloses a tabular comparison of Non-GAAP Adjusted
Net Income per diluted common share and Non-GAAP Adjusted Net
Income applicable to common shares, which are non-GAAP measures,
because they are instrumental in comparing the results from period
to period. Non-GAAP Adjusted Net Income per diluted common share
and Non-GAAP Adjusted Net Income applicable to common shares should
not be considered in isolation or as a substitute for Net Income
per diluted common share and Net Income applicable to common shares
as reported on the face of our consolidated statements of
operations. We define Non-GAAP Adjusted Net Income per
diluted common share and Non-GAAP Adjusted Net Income applicable to
common shares adjusted for the following items: pension settlement
loss, restructuring and impairment expenses; acquisition related
costs; and Tax Matters Agreement gain. We have included
reconciliations of these non-GAAP financial measures to the most
directly comparable financial measures calculated and provided in
accordance with U.S. GAAP at the end of this release.
We define Non-GAAP Adjusted EBITDA as net income, adjusted for the
following items: provision for income taxes; depreciation and
amortization; interest expense, net; stock-based compensation
expense, pension settlement loss, restructuring and impairment
expenses; acquisition related costs; and Tax Matters Agreement
gain. We have included reconciliations of these non-GAAP
financial measures to the most directly comparable financial
measures calculated and provided in accordance with U.S. GAAP at
the end of this release. A reconciliation of the forecasted
range for Non-GAAP Adjusted EBITDA for the second quarter and full
year of 2023 is not included in this release due to the number of
variables in the projected range and because we are currently
unable to quantify accurately certain amounts that would be
required to be included in the GAAP measure or the individual
adjustments for such reconciliation. In addition, we believe such
reconciliation would imply a degree of precision that would be
confusing or misleading to investors.
Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED)
|
Q1
2023
|
(in
millions)
|
Products and
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
Net revenue
|
$ 658
|
|
$ 891
|
|
$
—
|
|
$
1,549
|
Cost of goods
sold
|
408
|
|
720
|
|
1
|
|
1,129
|
Gross profit
(loss)
|
250
|
|
171
|
|
(1)
|
|
420
|
Research and
development expenses
|
27
|
|
—
|
|
—
|
|
27
|
Selling, general and
administrative expenses
|
98
|
|
97
|
|
49
|
|
244
|
Intangible asset
amortization
|
6
|
|
2
|
|
1
|
|
9
|
Restructuring and
impairment expenses
|
2
|
|
—
|
|
—
|
|
2
|
Income (loss) from
operations
|
$ 117
|
|
$
72
|
|
$
(51)
|
|
$ 138
|
|
|
Q1
2022
|
(in
millions)
|
Products and
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
Net revenue
|
$ 619
|
|
$ 887
|
|
$
—
|
|
$
1,506
|
Cost of goods
sold
|
351
|
|
716
|
|
1
|
|
1,068
|
Gross profit
(loss)
|
268
|
|
171
|
|
(1)
|
|
438
|
Research and
development expenses
|
24
|
|
—
|
|
—
|
|
24
|
Selling, general and
administrative expenses
|
87
|
|
90
|
|
59
|
|
236
|
Intangible asset
amortization
|
4
|
|
1
|
|
1
|
|
6
|
Restructuring and
impairment expenses
|
—
|
|
—
|
|
—
|
|
—
|
Income (loss) from
operations
|
$ 153
|
|
$
80
|
|
$
(61)
|
|
$ 172
|
|
|
Q1 2023 %
change compared with prior period
|
|
Products and
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
Net revenue
|
6 %
|
|
0 %
|
|
N/A
|
|
3 %
|
Cost of goods
sold
|
16 %
|
|
1 %
|
|
0 %
|
|
6 %
|
Gross profit
(loss)
|
(7) %
|
|
0 %
|
|
0 %
|
|
(4) %
|
Research and
development expenses
|
13 %
|
|
N/A
|
|
N/A
|
|
13 %
|
Selling, general and
administrative expenses
|
13 %
|
|
8 %
|
|
(17) %
|
|
3 %
|
Intangible asset
amortization
|
50 %
|
|
100 %
|
|
— %
|
|
50 %
|
Restructuring and
impairment expenses
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
Income (loss) from
operations
|
(24) %
|
|
(10) %
|
|
(16) %
|
|
(20) %
|
Table 2: CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
|
Three Months
Ended
|
|
|
(in millions, except
per share data)
|
April 1,
2023
|
|
April 2,
2022
|
Net revenue
|
$
1,549
|
|
$
1,506
|
Cost of goods
sold
|
1,129
|
|
1,068
|
Gross
profit
|
420
|
|
438
|
Research and
development expenses
|
27
|
|
24
|
Selling, general and
administrative expenses
|
244
|
|
236
|
Intangible asset
amortization
|
9
|
|
6
|
Restructuring and
impairment expenses
|
2
|
|
—
|
Income from
operations
|
138
|
|
172
|
Reimbursement Agreement
expense (1)
|
41
|
|
41
|
Other income,
net
|
(2)
|
|
(1)
|
Interest expense,
net
|
18
|
|
11
|
Income before
taxes
|
81
|
|
121
|
Provision for income
taxes
|
24
|
|
34
|
Net income
|
$
57
|
|
$
87
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
0.39
|
|
$
0.60
|
Diluted
|
$
0.38
|
|
$
0.58
|
|
|
|
|
Weighted average number
of shares outstanding:
|
|
|
|
Basic
|
147
|
|
145
|
Diluted
|
149
|
|
149
|
(1)
Represents the expense incurred pursuant to the Reimbursement
Agreement, which has an annual cash payment cap of $140 million.
The following table
summarizes information concerning the Reimbursement
Agreement:
|
|
|
|
Three Months
Ended
|
(in
millions)
|
April 1,
2023
|
|
April 2,
2022
|
Accrual for
Reimbursement Agreement liabilities deemed probable and reasonably
estimable
|
$
41
|
|
$
41
|
Cash payments made to
Honeywell
|
(35)
|
|
(35)
|
Accrual increase,
non-cash component in period
|
$
6
|
|
$
6
|
|
|
|
|
Refer to Note 16.
Commitments and Contingencies in our Form 10Q for the period ended
April 1, 2023 for further discussion.
|
Table 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in
millions)
|
April 1,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
292
|
|
$
326
|
Accounts receivable,
net
|
985
|
|
1,002
|
Inventories,
net
|
1,008
|
|
975
|
Other current
assets
|
210
|
|
199
|
Total current
assets
|
2,495
|
|
2,502
|
|
|
|
|
Property, plant and
equipment, net
|
379
|
|
366
|
Goodwill
|
2,736
|
|
2,724
|
Intangible assets,
net
|
471
|
|
475
|
Other assets
|
318
|
|
320
|
Total
assets
|
$
6,399
|
|
$
6,387
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
894
|
|
$
894
|
Current portion of
long-term debt
|
12
|
|
12
|
Accrued
liabilities
|
563
|
|
640
|
Total current
liabilities
|
1,469
|
|
1,546
|
|
|
|
|
Long-term
debt
|
1,402
|
|
1,404
|
Obligations payable
under Indemnification Agreements
|
584
|
|
580
|
Other
liabilities
|
340
|
|
328
|
Total
liabilities
|
3,795
|
|
3,858
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.001
par value: 700 shares authorized, 150 and 147 shares
issued and outstanding at April 1, 2023 and 148 and 146 shares
issued and
outstanding at December 31, 2022, respectively
|
—
|
|
—
|
Additional paid-in
capital
|
2,191
|
|
2,176
|
Retained
earnings
|
657
|
|
600
|
Accumulated other
comprehensive loss, net
|
(200)
|
|
(212)
|
Treasury stock at
cost
|
(44)
|
|
(35)
|
Total stockholders'
equity
|
2,604
|
|
2,529
|
Total liabilities and
stockholders' equity
|
$
6,399
|
|
$
6,387
|
Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
Three Months
Ended
|
(in
millions)
|
April 1,
2023
|
|
April 2,
2022
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
57
|
|
$
87
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
24
|
|
20
|
Stock-based
compensation expense
|
12
|
|
11
|
Other, net
|
2
|
|
2
|
Changes in assets and
liabilities, net of acquired companies:
|
|
|
|
Accounts receivable,
net
|
23
|
|
(61)
|
Inventories,
net
|
(27)
|
|
(66)
|
Other current
assets
|
(8)
|
|
(12)
|
Accounts
payable
|
(12)
|
|
17
|
Accrued
liabilities
|
(86)
|
|
(66)
|
Other, net
|
11
|
|
9
|
Net cash used in
operating activities
|
(4)
|
|
(59)
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(20)
|
|
(19)
|
Acquisitions, net of
cash acquired
|
(6)
|
|
(633)
|
Other investing
activities, net
|
—
|
|
(13)
|
Net cash used in
investing activities
|
(26)
|
|
(665)
|
Cash Flows From
Financing Activities:
|
|
|
|
Proceeds from issuance
of A&R Term B Facility
|
—
|
|
200
|
Repayments of
long-term debt
|
(3)
|
|
(3)
|
Payment of debt
facility issuance and modification costs
|
—
|
|
(4)
|
Other financing
activities, net
|
(6)
|
|
(4)
|
Net cash (used in)
provided by financing activities
|
(9)
|
|
189
|
Effect of foreign
exchange rate changes on cash, cash equivalents and restricted
cash
|
6
|
|
—
|
Net decrease in cash,
cash equivalents and restricted cash
|
(33)
|
|
(535)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
329
|
|
779
|
Cash, cash equivalents
and restricted cash at end of period
|
$
296
|
|
$
244
|
|
|
|
|
Supplemental Cash
Flow Information:
|
|
|
|
Interest
paid
|
$
27
|
|
$
14
|
Taxes paid, net of
refunds
|
$
19
|
|
$
12
|
Capital expenditures in
accounts payable
|
$
15
|
|
$
13
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATIONS
ADJUSTED NET
INCOME PER DILUTED COMMON SHARE AND
NET INCOME
COMPARISON
(Unaudited)
RESIDEO TECHNOLOGIES, INC.
|
|
|
|
Three Months
Ended
|
|
April 1,
2023
|
|
April 2,
2022
|
GAAP Net income per
diluted common share
|
$
0.38
|
|
$
0.58
|
Restructuring and
impairment expenses
|
0.01
|
|
—
|
Acquisition related
costs
|
—
|
|
0.07
|
Pension settlement
loss
|
0.02
|
|
—
|
Tax Matters Agreement
gain
|
(0.01)
|
|
—
|
Tax effect of
applicable non-GAAP adjustments (1)
|
(0.01)
|
|
(0.02)
|
Non-GAAP Adjusted
net income applicable to common shares
|
$
0.39
|
|
$
0.63
|
|
|
|
|
|
Three Months
Ended
|
(in
millions)
|
April 1,
2023
|
|
April 2,
2022
|
GAAP Net
income applicable to common shares
|
$
57
|
|
$
87
|
Restructuring and
impairment expenses
|
2
|
|
—
|
Acquisition related
costs
|
—
|
|
10
|
Pension settlement
loss
|
3
|
|
—
|
Tax Matters Agreement
gain
|
(2)
|
|
—
|
Tax effect of
applicable non-GAAP adjustments (1)
|
(1)
|
|
(3)
|
Non-GAAP Adjusted
net income applicable to common shares
|
$
59
|
|
$
94
|
|
(1)
The Company calculated the tax effect of non-GAAP adjustments by
applying a flat statutory tax rate of 25% for the three months
ended April 1, 2023 and April 2, 2022.
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATIONS
(Unaudited)
RESIDEO TECHNOLOGIES, INC.
|
|
|
Three Months
Ended
|
(in
millions)
|
April 1,
2023
|
|
April 2,
2022
|
Net
revenue
|
$
1,549
|
|
$
1,506
|
|
|
|
|
GAAP Net
income applicable to common shares
|
$
57
|
|
$
87
|
Provision for income
taxes
|
24
|
|
34
|
GAAP Income before
taxes
|
81
|
|
121
|
Depreciation and
amortization
|
24
|
|
20
|
Interest Expense,
net
|
18
|
|
11
|
Stock-based
compensation expense
|
12
|
|
11
|
Pension settlement
loss
|
3
|
|
—
|
Restructuring and
impairment expenses
|
2
|
|
—
|
Acquisition related
costs
|
—
|
|
10
|
Tax Matters Agreement
gain
|
(2)
|
|
—
|
Non-GAAP Adjusted
EBITDA
|
$
138
|
|
$
173
|
Non-GAAP Adjusted
EBITDA as a % of net revenue
|
8.9 %
|
|
11.5 %
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATIONS
(Unaudited)
PRODUCTS AND
SOLUTIONS SEGMENT
|
|
|
Three Months
Ended
|
(in
millions)
|
April 1,
2023
|
|
April 2,
2022
|
Net
revenue
|
$
658
|
|
$
619
|
|
|
|
|
GAAP Income from
operations
|
$
117
|
|
$
153
|
Stock-based
compensation expense
|
4
|
|
4
|
Restructuring and
impairment expenses
|
2
|
|
—
|
Non-GAAP Adjusted
Income from Operations
|
$
123
|
|
$
157
|
|
|
|
|
Depreciation and
amortization
|
17
|
|
15
|
Non-GAAP Adjusted
EBITDA
|
$
140
|
|
$
172
|
Non-GAAP Adjusted
EBITDA as a % of net revenue
|
21.3 %
|
|
27.8 %
|
ADI GLOBAL
DISTRIBUTION SEGMENT
|
|
|
Three Months
Ended
|
(in
millions)
|
April 1,
2023
|
|
April 2,
2022
|
Net
revenue
|
$
891
|
|
$
887
|
|
|
|
|
GAAP Income from
operations
|
$
72
|
|
$
80
|
Stock-based
compensation expense
|
2
|
|
2
|
Non-GAAP Adjusted
Income from Operations
|
$
74
|
|
$
82
|
|
|
|
|
Depreciation and
amortization
|
4
|
|
3
|
Non-GAAP Adjusted
EBITDA
|
$
78
|
|
$
85
|
Non-GAAP Adjusted
EBITDA as a % of net revenue
|
8.8 %
|
|
9.6 %
|
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SOURCE Resideo Technologies, Inc.