IFF Reports Third Quarter 2024 Results
Third Quarter 2024 Consolidated Summary: |
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Reported (GAAP) |
|
Adjusted (Non-GAAP)1 |
||||||||
Sales |
|
Income Before Taxes |
|
EPS |
|
Operating EBITDA |
|
Operating EBITDA Margin |
|
EPS ex Amortization |
|
|
|
|
|
|
|
|
19.4% |
|
|
|
|
|
||||||||
First Nine Months 2024 Consolidated Summary: |
||||||||||
Reported (GAAP) |
|
Adjusted (Non-GAAP)1 |
||||||||
Sales |
|
Income Before Taxes |
|
EPS |
|
Operating EBITDA |
|
Operating EBITDA Margin |
|
EPS ex Amortization |
|
|
|
|
|
|
|
|
19.9% |
|
|
Management Commentary
“We are pleased to report a strong performance in the third quarter, with growth across all business segments,” stated IFF CEO
Third Quarter 2024 Consolidated Financial Results
-
Reported net sales for the third quarter were
$2.93 billion , an increase of 4% versus the prior-year period. On a comparable basis2, currency neutral sales1 increased 9% versus the prior-year period led by broad-based growth including double digit performances by Health & Biosciences and Scent as well as high-single digit increases in Nourish and Pharma Solutions. Volume grew high-single digits and improved across all businesses. -
Income before taxes on a reported basis for the third quarter was
$95 million . Adjusted operating EBITDA1 for the third quarter was$568 million . On a comparable basis2, adjusted operating EBITDA1 improved 16% versus the prior-year period, led by volume growth and productivity gains. -
Reported earnings per share (EPS) for the third quarter was
$0.23 . Adjusted EPS excluding amortization1 was$1.04 per diluted share, increasing 17% versus the prior year period as strong profit performance and lower interest expense were mitigated by foreign exchange impacts in other expense. -
Cash flows from operations at the end of the third quarter was
$702 million , and free cash flow1 defined as cash flows from operations less capital expenditures totaled$399 million . Total debt to trailing twelve months net loss at the end of the third quarter was (3.9)x. Net debt to credit adjusted EBITDA1 at the end of the third quarter was 3.9x.
Third Quarter 2024 Segment Summary: Growth vs. Prior Year |
|||||||
|
Reported (GAAP) |
|
Comparable Currency Neutral (Non-GAAP)12 |
|
Adjusted (Non-GAAP)1 |
|
Comparable Adjusted (Non-GAAP)12 |
|
Sales |
|
Sales |
|
Operating EBITDA |
|
Operating EBITDA |
Nourish |
3% |
|
7% |
|
16% |
|
18% |
Health & Biosciences |
10% |
|
12% |
|
15% |
|
15% |
Scent |
0% |
|
10% |
|
(3)% |
|
7% |
Pharma Solutions |
8% |
|
8% |
|
32% |
|
32% |
Nourish Segment
-
On a reported basis, third quarter sales were
$1.49 billion . On a comparable basis2, currency neutral sales1 increased 7% driven by strong double-digit growth in Flavors. Functional Ingredients sales improved modestly as high-single digit volume growth was mostly offset by pricing actions. -
Nourish adjusted operating EBITDA1 was
$206 million and adjusted operating EBITDA margin1 was 13.9% in the third quarter. On a comparable basis2, adjusted operating EBITDA1 increased 18% led by volume growth and productivity gains.
Health & Biosciences Segment
-
On a reported basis, third quarter sales were
$570 million . On a comparable basis2, currency neutral sales1 increased 12% driven by strong double-digit performances across all businesses. -
Health & Biosciences adjusted operating EBITDA1 was
$173 million and adjusted operating EBITDA margin1 was 30.4% in the third quarter. On a comparable basis2, adjusted operating EBITDA1 improved 15% led primarily by volume growth and productivity gains.
Scent Segment
-
On a reported basis, third quarter sales were
$613 million . On a comparable basis2, currency neutral sales1 increased 10% led by double-digit growth in Consumer Fragrance and Fine Fragrance and a high-single digit increase in Fragrance Ingredients. -
Scent adjusted operating EBITDA1 was
$127 million and adjusted operating EBITDA margin1 was 20.7% in the third quarter. On a comparable basis2, adjusted operating EBITDA1 increased 7% led primarily by volume growth and productivity gains.
Pharma Solutions Segment
-
On a reported basis, third quarter sales were
$256 million . On a comparable basis2, currency neutral sales1 increased 8% driven by volume growth in both Industrial and Core Pharma. -
Pharma Solutions adjusted operating EBITDA1 was
$62 million and adjusted operating EBITDA margin1 was 24.2% in the third quarter. On a comparable basis2, adjusted operating EBITDA1 increased 32% led by volume growth and productivity gains.
Financial Guidance
The Company is increasing its expectations for the full year 2024. It now expects sales to be in the range of
Based on current market foreign exchange rates, the Company expects that foreign exchange will have an approximately 3% adverse impact to sales growth versus the previously expected range of 3% to 4%.
The Company cannot reconcile its expected adjusted operating EBITDA without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. These items include but are not limited to acquisition, divestiture and integration related costs, gains (losses) on business disposals and regulatory costs.
Audio Webcast
A live webcast to discuss the Company’s third quarter 2024 financial results will be held on
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
Statements in this press release, which are not historical facts or information, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations including those concerning expected cash flow and availability of capital resources to fund our operations and meet our debt service requirements; our ability to execute on our strategic and financial transformation, including the progress and success of our portfolio optimization strategy (including the sale process for our Pharma Solutions disposal group), through non-core business divestitures and acquisitions, and expectations regarding the implementation of our refreshed growth-focused strategy and expectations around our business divestitures; our ability to continue to generate value for, and return cash to, our shareholders; expectations of the impact of inflationary pressures and the pricing actions to offset exposure to such impacts; the impact of high input costs, including commodities, raw materials, transportation and energy; the expected impact of global supply chain challenges; our ability to enhance our innovation efforts, drive cost efficiencies and execute on specific consumer trends and demands; the growth potential of the markets in which we operate, including the emerging markets; expectations regarding sales and profit for the fiscal year 2024, including the impact of foreign exchange, pricing actions, raw materials, energy, and sourcing, logistics and manufacturing costs; the impact of global economic uncertainty and recessionary pressures on demand for consumer products; the success of our integration efforts, following the N&B Transaction, and ability to deliver on our synergy commitments as well as future opportunities for the combined company; our strategic investments in capacity and increasing inventory to drive improved profitability; our ability to drive cost discipline measures and the ability to recover margin to pre-inflation levels; expected capital expenditures in 2024; and the expected costs and benefits of our ongoing optimization of our manufacturing operations, including the expected number of closings.
These forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Certain of such forward-looking information may be identified by such terms as “expect”, “anticipate”, “believe”, “intend”, “outlook”, “may”, “estimate”, “should”, “predict” and similar terms or variations thereof. Such forward-looking statements are based on a series of expectations, assumptions, estimates and projections about the Company, are not guarantees of future results or performance, and involve significant risks, uncertainties and other factors, including assumptions and projections, for all forward periods. Our actual results may differ materially from any future results expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors include, among others, the following: (1) our substantial amount of indebtedness and its impact on our liquidity, credit ratings and ability to return capital to its shareholders; (2) our ability to successfully execute the next phase of our strategic transformation; (3) our ability to declare and pay dividends which is subject to certain considerations; (4) the impact of the outcomes of legal claims, disputes, regulatory investigations and litigation; (5) inflationary trends, including in the price of our input costs, such as raw materials, transportation and energy; (6) supply chain disruptions, geopolitical developments, including the
The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the Company (such as in our other filings with the
We intend our forward-looking statements to speak only as of the time of such statements and do not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this press release or included in our other periodic reports filed with the
Use of Non-GAAP Financial Measures
We provide in this press release non-GAAP financial measures, including: (i) comparable currency neutral sales; (ii) adjusted operating EBITDA and comparable adjusted operating EBITDA; (iii) adjusted operating EBITDA margin; (iv) adjusted EPS ex amortization; (v) free cash flow; and (vi) net debt to credit adjusted EBITDA.
Our non-GAAP financial measures are defined below.
Currency Neutral metrics eliminate the effects that result from translating non-
Adjusted operating EBITDA and adjusted operating EBITDA margin exclude depreciation and amortization, interest expense, other (expense) income, net, and certain non-recurring or unusual items that are not part of recurring operations such as, restructuring and other charges, impairment of goodwill, gains (losses) on business disposals, loss on assets classified as held for sale, acquisition, divestiture and integration costs, strategic initiatives costs, regulatory costs and other items.
Adjusted EPS ex Amortization excludes the impact of non-operational items including, restructuring and other charges, impairment of goodwill, (gains) losses on business disposals, loss on assets classified as held for sale, strategic initiatives costs, regulatory costs and other items that are not a part of recurring operations.
Free Cash Flow is operating cash flow (i.e. cash flow from operations) less capital expenditures.
Net debt to credit adjusted EBITDA is the leverage ratio used in our credit agreements and defined as net debt (which is debt for borrowed money less cash and cash equivalents) divided by the trailing 12-month credit adjusted EBITDA. Credit adjusted EBITDA is defined as income (loss) before interest expense, income taxes, depreciation and amortization, specified items and non-cash items.
Comparable results for the second quarter exclude the impact of divestitures and acquisitions.
These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics.
The Company cannot reconcile its expected adjusted operating EBITDA under "Financial Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. These items include but are not limited to acquisition, divestiture and integration costs, gains (losses) on business disposals, and regulatory costs.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
_________________________
1Schedules at the end of this release contain reconciliations of reported GAAP to Non-GAAP metrics. See Use of Non-GAAP Financial Measures for explanations of our Non-GAAP metrics.
2Comparable results for the third quarter exclude the impact of divestitures.
Consolidated Statements of Income (Loss) (Amounts in millions except per share data) (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
Net sales |
$ |
2,925 |
|
|
$ |
2,820 |
|
|
4% |
|
$ |
8,713 |
|
|
$ |
8,776 |
|
|
(1)% |
|
Cost of Sales |
|
1,873 |
|
|
|
1,896 |
|
|
(1)% |
|
|
5,569 |
|
|
|
5,955 |
|
|
(6)% |
|
Gross profit |
|
1,052 |
|
|
|
924 |
|
|
14% |
|
|
3,144 |
|
|
|
2,821 |
|
|
11% |
|
Research and development expenses |
|
162 |
|
|
|
157 |
|
|
3% |
|
|
501 |
|
|
|
479 |
|
|
5% |
|
Selling and administrative expenses |
|
495 |
|
|
|
444 |
|
|
11% |
|
|
1,478 |
|
|
|
1,343 |
|
|
10% |
|
Amortization of acquisition-related intangibles |
|
146 |
|
|
|
170 |
|
|
(14)% |
|
|
467 |
|
|
|
513 |
|
|
(9)% |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
NMF |
|
|
64 |
|
|
|
— |
|
|
NMF |
|
Restructuring and other charges |
|
1 |
|
|
|
2 |
|
|
(50)% |
|
|
6 |
|
|
|
61 |
|
|
(90)% |
|
(Gains) losses on sale of assets |
|
(1 |
) |
|
|
1 |
|
|
(200)% |
|
|
(11 |
) |
|
|
(1 |
) |
|
NMF |
|
Operating profit |
|
249 |
|
|
|
150 |
|
|
66% |
|
|
639 |
|
|
|
426 |
|
|
50% |
|
Interest expense |
|
74 |
|
|
|
90 |
|
|
(18)% |
|
|
236 |
|
|
|
291 |
|
|
(19)% |
|
(Gains) losses on business disposals |
|
20 |
|
|
|
10 |
|
|
100% |
|
|
(348 |
) |
|
|
29 |
|
|
NMF |
|
Loss on assets classified as held for sale |
|
32 |
|
|
|
— |
|
|
NMF |
|
|
314 |
|
|
|
— |
|
|
NMF |
|
Other expense (income), net |
|
28 |
|
|
|
(9 |
) |
|
NMF |
|
|
44 |
|
|
|
(17 |
) |
|
NMF |
|
Income before income taxes |
|
95 |
|
|
|
59 |
|
|
61% |
|
|
393 |
|
|
|
123 |
|
|
220% |
|
Provision for income taxes |
|
35 |
|
|
|
32 |
|
|
9% |
|
|
100 |
|
|
|
77 |
|
|
30% |
|
Net income |
|
60 |
|
|
|
27 |
|
|
122% |
|
|
293 |
|
|
|
46 |
|
|
NMF |
|
Net income attributable to non-controlling interests |
|
1 |
|
|
|
2 |
|
|
(50)% |
|
|
4 |
|
|
|
3 |
|
|
33% |
|
Net income attributable to IFF shareholders |
$ |
59 |
|
|
$ |
25 |
|
|
136% |
|
$ |
289 |
|
|
$ |
43 |
|
|
NMF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income per share - basic and diluted |
$ |
0.23 |
|
|
$ |
0.10 |
|
|
|
|
$ |
1.13 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average number of shares outstanding - basic |
|
256 |
|
|
|
255 |
|
|
|
|
|
255 |
|
|
|
255 |
|
|
|
|
Average number of shares outstanding - diluted |
|
257 |
|
|
|
256 |
|
|
|
|
|
256 |
|
|
|
255 |
|
|
|
|
NMF Not meaningful |
Condensed Consolidated Balance Sheets (Amounts in millions) (Unaudited) |
||||||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
2024 |
|
2023 |
||
Cash, cash equivalents, and restricted cash |
$ |
567 |
|
$ |
709 |
|
Receivables, net |
|
1,772 |
|
|
1,726 |
|
Inventories |
|
2,200 |
|
|
2,477 |
|
Other current assets |
|
3,884 |
|
|
1,381 |
|
Total current assets |
|
8,423 |
|
|
6,293 |
|
|
|
|
|
|||
Property, plant and equipment, net |
|
3,772 |
|
|
4,240 |
|
|
|
16,119 |
|
|
18,992 |
|
Other assets |
|
1,614 |
|
|
1,453 |
|
Total assets |
$ |
29,928 |
|
$ |
30,978 |
|
|
|
|
|
|||
Short-term borrowings |
$ |
468 |
|
$ |
885 |
|
Other current liabilities |
|
2,750 |
|
|
2,873 |
|
Total current liabilities |
|
3,218 |
|
|
3,758 |
|
|
|
|
|
|||
Long-term debt |
|
8,631 |
|
|
9,186 |
|
Non-current liabilities |
|
3,269 |
|
|
3,392 |
|
|
|
|
|
|||
Shareholders' equity |
|
14,810 |
|
|
14,642 |
|
Total liabilities and shareholders' equity |
$ |
29,928 |
|
$ |
30,978 |
Consolidated Statements of Cash Flows (Amounts in millions) (Unaudited) |
||||||||
|
|
|
||||||
|
|
Nine Months Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
293 |
|
|
$ |
46 |
|
|
Adjustments to reconcile to net cash provided by operating activities |
|
|
|
|||||
Depreciation and amortization |
|
772 |
|
|
|
855 |
|
|
Deferred income taxes |
|
(128 |
) |
|
|
(59 |
) |
|
Loss on assets classified as held for sale |
|
314 |
|
|
|
— |
|
|
Gains on sale of assets |
|
(11 |
) |
|
|
(1 |
) |
|
(Gains) Losses on business disposals |
|
(348 |
) |
|
|
29 |
|
|
Stock-based compensation |
|
59 |
|
|
|
50 |
|
|
Pension contributions |
|
(17 |
) |
|
|
(25 |
) |
|
Impairment of goodwill |
|
64 |
|
|
|
— |
|
|
Inventory write-down |
|
— |
|
|
|
62 |
|
|
Changes in assets and liabilities: |
|
|
|
|||||
Trade receivables |
|
(276 |
) |
|
|
(78 |
) |
|
Inventories |
|
(3 |
) |
|
|
489 |
|
|
Accounts payable |
|
(34 |
) |
|
|
(240 |
) |
|
Accruals for incentive compensation |
|
119 |
|
|
|
(40 |
) |
|
Other current payables and accrued expenses |
|
65 |
|
|
|
(216 |
) |
|
Other assets/liabilities, net |
|
(167 |
) |
|
|
(77 |
) |
|
Net cash provided by operating activities |
|
702 |
|
|
|
795 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Additions to property, plant and equipment |
|
(303 |
) |
|
|
(390 |
) |
|
Additions to intangible assets |
|
(5 |
) |
|
|
— |
|
|
Proceeds from sale of assets |
|
18 |
|
|
|
22 |
|
|
Net proceeds received from business disposals |
|
876 |
|
|
|
1,006 |
|
|
Net cash provided by investing activities |
|
586 |
|
|
|
638 |
|
|
Cash flows from financing activities: |
|
|
|
|||||
Cash dividends paid to shareholders |
|
(411 |
) |
|
|
(619 |
) |
|
Decrease in revolving credit facility and short-term borrowings |
|
— |
|
|
|
(100 |
) |
|
Net borrowings of commercial paper (maturities less than three months) |
|
— |
|
|
|
(187 |
) |
|
Principal payments of debt |
|
(974 |
) |
|
|
(355 |
) |
|
Deferred and contingent consideration paid |
|
(36 |
) |
|
|
(6 |
) |
|
Withholding tax paid on stock-based compensation |
|
(15 |
) |
|
|
(12 |
) |
|
Other, net |
|
(8 |
) |
|
|
(14 |
) |
|
Net cash used in financing activities |
|
(1,444 |
) |
|
|
(1,293 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(10 |
) |
|
|
(30 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
(166 |
) |
|
|
110 |
|
|
Cash, cash equivalents and restricted cash at beginning of year |
|
735 |
|
|
|
552 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
569 |
|
|
$ |
662 |
|
The following table reconciles cash, cash equivalents and restricted cash between the Company's statement of cash flows for the periods ended
AMOUNTS IN MILLIONS |
2024 |
|
2023 |
|
2023 |
|
2022 |
|||||||||
Current assets |
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents |
$ |
567 |
|
$ |
703 |
|
$ |
629 |
|
$ |
483 |
|||||
Cash and cash equivalents included in Assets held for sale |
|
2 |
|
|
26 |
|
|
23 |
|
|
52 |
|||||
Restricted cash |
|
— |
|
|
6 |
|
|
10 |
|
|
10 |
|||||
Non-current assets |
|
|
|
|
|
|
|
|||||||||
Restricted cash included in Other assets |
|
— |
|
|
— |
|
|
— |
|
|
7 |
|||||
Cash, cash equivalents and restricted cash |
$ |
569 |
|
$ |
735 |
|
$ |
662 |
|
$ |
552 |
Reportable Segment Performance (Amounts in millions) (Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|||||||||
Nourish |
$ |
1,486 |
|
|
$ |
1,449 |
|
|
$ |
4,460 |
|
|
$ |
4,666 |
|
|
Health & Biosciences |
|
570 |
|
|
|
518 |
|
|
|
1,659 |
|
|
|
1,553 |
|
|
Scent |
|
613 |
|
|
|
615 |
|
|
|
1,861 |
|
|
|
1,815 |
|
|
Pharma Solutions |
|
256 |
|
|
|
238 |
|
|
|
733 |
|
|
|
742 |
|
|
Consolidated |
$ |
2,925 |
|
|
$ |
2,820 |
|
|
$ |
8,713 |
|
|
$ |
8,776 |
|
|
Segment Adjusted Operating EBITDA |
|
|
|
|
|
|
|
|||||||||
Nourish |
$ |
206 |
|
|
$ |
178 |
|
|
$ |
654 |
|
|
$ |
567 |
|
|
Health & Biosciences |
|
173 |
|
|
|
150 |
|
|
|
497 |
|
|
|
426 |
|
|
Scent |
|
127 |
|
|
|
131 |
|
|
|
421 |
|
|
|
353 |
|
|
Pharma Solutions |
|
62 |
|
|
|
47 |
|
|
|
162 |
|
|
|
173 |
|
|
Total |
|
568 |
|
|
|
506 |
|
|
|
1,734 |
|
|
|
1,519 |
|
|
Depreciation & Amortization |
|
(248 |
) |
|
|
(292 |
) |
|
|
(772 |
) |
|
|
(855 |
) |
|
Interest Expense |
|
(74 |
) |
|
|
(90 |
) |
|
|
(236 |
) |
|
|
(291 |
) |
|
Other (Expense) Income, net |
|
(28 |
) |
|
|
9 |
|
|
|
(44 |
) |
|
|
17 |
|
|
Restructuring and Other Charges |
|
(1 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(61 |
) |
|
Impairment of |
|
— |
|
|
|
— |
|
|
|
(64 |
) |
|
|
— |
|
|
Gains (Losses) on Business Disposals |
|
(20 |
) |
|
|
(10 |
) |
|
|
348 |
|
|
|
(29 |
) |
|
Loss on Assets Classified as Held for Sale |
|
(32 |
) |
|
|
— |
|
|
|
(314 |
) |
|
|
— |
|
|
Acquisition, Divestiture and Integration Costs |
|
(55 |
) |
|
|
(42 |
) |
|
|
(172 |
) |
|
|
(118 |
) |
|
Strategic Initiatives Costs |
|
(6 |
) |
|
|
(6 |
) |
|
|
(22 |
) |
|
|
(28 |
) |
|
Regulatory Costs |
|
(10 |
) |
|
|
(13 |
) |
|
|
(64 |
) |
|
|
(32 |
) |
|
Other |
|
1 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
1 |
|
|
Income Before Taxes |
$ |
95 |
|
|
$ |
59 |
|
|
$ |
393 |
|
|
$ |
123 |
|
|
Segment Adjusted Operating EBITDA Margin |
|
|
|
|
|
|
|
|||||||||
Nourish |
|
13.9 |
% |
|
|
12.3 |
% |
|
|
14.7 |
% |
|
|
12.2 |
% |
|
Health & Biosciences |
|
30.4 |
% |
|
|
29.0 |
% |
|
|
30.0 |
% |
|
|
27.4 |
% |
|
Scent |
|
20.7 |
% |
|
|
21.3 |
% |
|
|
22.6 |
% |
|
|
19.4 |
% |
|
Pharma Solutions |
|
24.2 |
% |
|
|
19.7 |
% |
|
|
22.1 |
% |
|
|
23.3 |
% |
|
Consolidated |
|
19.4 |
% |
|
|
17.9 |
% |
|
|
19.9 |
% |
|
|
17.3 |
% |
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Gross Profit |
||||||||
|
Third Quarter |
|||||||
(DOLLARS IN MILLIONS) |
|
2024 |
|
|
|
2023 |
|
|
Reported (GAAP) |
$ |
1,052 |
|
|
$ |
924 |
|
|
Adjusted (Non-GAAP) |
$ |
1,052 |
|
|
$ |
924 |
|
|
Reconciliation of Selling and Administrative Expenses |
||||||||
|
Third Quarter |
|||||||
(DOLLARS IN MILLIONS) |
|
2024 |
|
|
|
2023 |
|
|
Reported (GAAP) |
$ |
495 |
|
|
$ |
444 |
|
|
Acquisition, Divestiture and Integration Costs (d) |
|
(55 |
) |
|
|
(42 |
) |
|
Strategic Initiatives Costs (e) |
|
(6 |
) |
|
|
(6 |
) |
|
Regulatory Costs (f) |
|
(10 |
) |
|
|
(13 |
) |
|
Other (g) |
|
(1 |
) |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
423 |
|
|
$ |
383 |
|
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Net Income (Loss) and EPS |
||||||||||||||||||||||||||||
|
|
Third Quarter |
||||||||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||||||||||
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) |
|
Income before taxes |
|
Provision for income taxes |
|
Net income attributable to IFF (i) |
|
Diluted EPS |
|
Income before taxes |
|
Provision for income taxes (h) |
|
Net income attributable to IFF (i) |
|
Diluted EPS |
||||||||||||
Reported (GAAP) |
$ |
95 |
|
|
$ |
35 |
|
$ |
59 |
|
|
$ |
0.23 |
|
|
$ |
59 |
|
$ |
32 |
|
|
$ |
25 |
|
$ |
0.10 |
|
Restructuring and Other Charges (a) |
|
1 |
|
|
|
— |
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
— |
|
|
|
2 |
|
|
0.01 |
|
Losses on Business Disposals (b) |
|
20 |
|
|
|
— |
|
|
20 |
|
|
|
0.08 |
|
|
|
10 |
|
|
(6 |
) |
|
|
16 |
|
|
0.06 |
|
Loss on Assets Classified as Held for Sale (c) |
|
32 |
|
|
|
5 |
|
|
27 |
|
|
|
0.11 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Acquisition, Divestiture and Integration Costs (d) |
|
55 |
|
|
|
15 |
|
|
40 |
|
|
|
0.16 |
|
|
|
42 |
|
|
4 |
|
|
|
38 |
|
|
0.15 |
|
Strategic Initiatives Costs (e) |
|
6 |
|
|
|
1 |
|
|
5 |
|
|
|
0.02 |
|
|
|
6 |
|
|
1 |
|
|
|
5 |
|
|
0.02 |
|
Regulatory Costs (f) |
|
10 |
|
|
|
3 |
|
|
7 |
|
|
|
0.03 |
|
|
|
13 |
|
|
3 |
|
|
|
10 |
|
|
0.04 |
|
Other (g) |
|
(1 |
) |
|
|
— |
|
|
(1 |
) |
|
|
(0.01 |
) |
|
|
1 |
|
|
1 |
|
|
|
— |
|
|
— |
|
Adjusted (Non-GAAP) |
$ |
218 |
|
|
$ |
59 |
|
$ |
158 |
|
|
$ |
0.62 |
|
|
$ |
133 |
|
$ |
35 |
|
|
$ |
96 |
|
$ |
0.38 |
Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization |
||||||
|
Third Quarter |
|||||
(DOLLARS AND SHARE AMOUNTS IN MILLIONS) |
2024 |
|
2023 |
|||
Numerator |
|
|
|
|||
Adjusted (Non-GAAP) Net Income |
$ |
158 |
|
$ |
96 |
|
Amortization of Acquisition related Intangible Assets |
|
146 |
|
|
170 |
|
Tax impact on Amortization of Acquisition related Intangible Assets |
|
36 |
|
|
39 |
|
Amortization of Acquisition related Intangible Assets, net of tax (j) |
|
110 |
|
|
131 |
|
Adjusted (Non-GAAP) Net Income ex. Amortization |
$ |
268 |
|
$ |
227 |
|
|
|
|
|
|||
Denominator |
|
|
|
|||
Weighted average shares assuming dilution (diluted) |
|
257 |
|
|
256 |
|
Adjusted (Non-GAAP) EPS ex. Amortization |
$ |
1.04 |
|
$ |
0.89 |
(a) |
|
For 2024, represents costs related to lease impairment and severance as part of the Company's restructuring efforts. For 2023, represents costs primarily related to severance as part of the Company's restructuring efforts. |
(b) |
|
For 2024, primarily represents losses recognized as part of the sale of the Flavors & Essences |
(c) |
|
Represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in |
(d) |
|
For 2024 and 2023, primarily represents costs related to the Company's actual and planned acquisitions and divestitures and integration activities primarily for N&B. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts.
For the three months ended |
(e) |
|
Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees. |
(f) |
|
Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses. |
(g) |
|
Represents (gains) losses from sale of assets, executive employee separation costs and costs related to the Company's entity realignment project to optimize the structure of holding companies, primarily consulting fees. |
(h) |
|
The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments. |
(i) |
|
For the three months ended |
(j) |
|
Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax. |
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Gross Profit |
||||||||
|
Third Quarter Year-to-Date |
|||||||
(DOLLARS IN MILLIONS) |
|
2024 |
|
|
2023 |
|
||
Reported (GAAP) |
$ |
3,144 |
|
$ |
2,821 |
|
||
Acquisition, Divestiture and Integration Costs (e) |
|
1 |
|
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
3,145 |
|
$ |
2,821 |
|
||
Reconciliation of Selling and Administrative Expenses |
||||||||
|
Third Quarter Year-to-Date |
|||||||
(DOLLARS IN MILLIONS) |
|
2024 |
|
|
2023 |
|
||
Reported (GAAP) |
$ |
1,478 |
|
$ |
1,343 |
|
||
Acquisition, Divestiture and Integration Costs (e) |
|
(171 |
) |
|
(118 |
) |
||
Strategic Initiatives Costs (g) |
|
(22 |
) |
|
(28 |
) |
||
Regulatory Costs (h) |
|
(64 |
) |
|
(32 |
) |
||
Other (i) |
|
(6 |
) |
|
— |
|
||
Adjusted (Non-GAAP) |
$ |
1,215 |
|
$ |
1,165 |
|
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Net Income (Loss) and EPS |
||||||||||||||||||||||||||||||||
|
|
Third Quarter Year-to-Date |
||||||||||||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||||||||||||||
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) |
|
Income before taxes |
|
Provision for income taxes (j) |
|
Net income attributable to IFF (k) |
|
Diluted EPS |
|
Income before taxes |
|
Provision for income taxes (j) |
|
Net income attributable to IFF (k) |
|
Diluted EPS |
||||||||||||||||
Reported (GAAP) |
$ |
393 |
|
|
$ |
100 |
|
|
$ |
289 |
|
|
$ |
1.13 |
|
|
$ |
123 |
|
|
$ |
77 |
|
|
$ |
43 |
|
|
$ |
0.16 |
|
|
Restructuring and Other Charges (a) |
|
6 |
|
|
|
1 |
|
|
|
5 |
|
|
|
0.02 |
|
|
|
61 |
|
|
|
16 |
|
|
|
45 |
|
|
|
0.18 |
|
|
Impairment of |
|
64 |
|
|
|
— |
|
|
|
64 |
|
|
|
0.25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(Gains) Losses on Business Disposals (c) |
|
(348 |
) |
|
|
(23 |
) |
|
|
(325 |
) |
|
|
(1.27 |
) |
|
|
29 |
|
|
|
(11 |
) |
|
|
40 |
|
|
|
0.15 |
|
|
Loss on Assets Classified as Held for Sale (d) |
|
314 |
|
|
|
63 |
|
|
|
251 |
|
|
|
0.98 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Acquisition, Divestiture and Integration Costs (e) |
|
169 |
|
|
|
18 |
|
|
|
151 |
|
|
|
0.60 |
|
|
|
118 |
|
|
|
4 |
|
|
|
114 |
|
|
|
0.45 |
|
|
Gain on China Facility Relocation (f) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22 |
) |
|
|
(6 |
) |
|
|
(16 |
) |
|
|
(0.06 |
) |
|
Strategic Initiatives Costs (g) |
|
22 |
|
|
|
5 |
|
|
|
17 |
|
|
|
0.07 |
|
|
|
28 |
|
|
|
6 |
|
|
|
22 |
|
|
|
0.09 |
|
|
Regulatory Costs (h) |
|
64 |
|
|
|
11 |
|
|
|
53 |
|
|
|
0.21 |
|
|
|
32 |
|
|
|
7 |
|
|
|
25 |
|
|
|
0.10 |
|
|
Other (i) |
|
(5 |
) |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(0.03 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
Adjusted (Non-GAAP) |
$ |
679 |
|
|
$ |
172 |
|
|
$ |
503 |
|
|
$ |
1.96 |
|
|
$ |
368 |
|
|
$ |
93 |
|
|
$ |
272 |
|
|
$ |
1.07 |
|
Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization |
||||||
|
Third Quarter Year-to-Date |
|||||
(DOLLARS AND SHARE AMOUNTS IN MILLIONS) |
2024 |
|
2023 |
|||
Numerator |
|
|
|
|||
Adjusted (Non-GAAP) Net Income |
$ |
503 |
|
$ |
272 |
|
Amortization of Acquisition related Intangible Assets |
|
467 |
|
|
513 |
|
Tax impact on Amortization of Acquisition related Intangible Assets (j) |
|
115 |
|
|
117 |
|
Amortization of Acquisition related Intangible Assets, net of tax (l) |
|
352 |
|
|
396 |
|
Adjusted (Non-GAAP) Net Income ex. Amortization |
$ |
855 |
|
$ |
668 |
|
|
|
|
|
|||
Denominator |
|
|
|
|||
Weighted average shares assuming dilution (diluted) |
|
256 |
|
|
255 |
|
Adjusted (Non-GAAP) EPS ex. Amortization |
$ |
3.34 |
|
$ |
2.61 |
(a) |
|
For 2024, represents costs related to lease impairment and severance as part of the Company's restructuring efforts. For 2023, represents costs primarily related to severance as part of the Company's restructuring efforts. |
(b) |
|
Represents costs related to the impairment of goodwill related to the Pharma Solutions disposal group. |
(c) |
|
For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business and losses recognized as part of the sale of the Flavors & Essences |
(d) |
|
Represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in |
(e) |
|
For 2024 and 2023, primarily represents costs related to the Company's actual and planned acquisitions and divestitures and integration activities primarily for N&B. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts.
For the nine months ended |
(f) |
|
For 2023, represents gain recognized from the completion of the relocation of a facility in |
(g) |
|
Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees. |
(h) |
|
Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses. |
(i) |
|
Represents (gains) losses from sale of assets, executive employee separation costs and costs related to the Company's entity realignment project to optimize the structure of holding companies, primarily consulting fees. |
(j) |
|
The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments. |
(k) |
|
For the nine months ended |
(l) |
|
Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax. |
Debt Covenants
(Amounts in millions)
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Credit Adjusted EBITDA to Net Loss |
||||
(DOLLARS IN MILLIONS) |
Twelve Months Ended
|
|||
Net loss |
$ |
(2,321 |
) |
|
Interest expense(1) |
|
325 |
|
|
Income taxes |
|
68 |
|
|
Depreciation and amortization |
|
1,059 |
|
|
Specified items(2) |
|
3,038 |
|
|
Non-cash items(3) |
|
32 |
|
|
Credit Adjusted EBITDA |
$ |
2,201 |
|
_______________________ |
||
(1) |
|
Certain adjustments were made to interest expense associated with our cash pooling arrangements for the fourth quarter of 2023. |
(2) |
|
Specified items consisted of restructuring and other charges, impairment of goodwill, acquisition, divestiture and integration costs, strategic initiatives costs, regulatory costs and other costs that are not related to recurring operations. |
(3) |
|
Non-cash items consisted of losses (gains) on sale of assets, losses (gains) on business disposals, loss on assets classified as held for sale, write-down of inventory related to Locust Bean Kernel and stock-based compensation. |
Net Debt to Total Debt |
|||
(DOLLARS IN MILLIONS) |
|
||
Total debt(1) |
$ |
9,127 |
|
Adjustments: |
|
||
Cash and cash equivalents(2) |
|
569 |
|
Net debt |
$ |
8,558 |
_______________________ |
||
(1) |
|
Total debt used for the calculation of net debt consisted of short-term debt, long-term debt, short-term finance lease obligations and long-term finance lease obligations. |
(2) |
|
Cash and cash equivalents included approximately |
Comparable Reportable Segment Performance
(Amounts in millions)
(Unaudited)
The following information and schedule provides reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedule is not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Nourish(1) |
$ |
1,486 |
|
|
$ |
1,441 |
|
|
$ |
4,460 |
|
|
$ |
4,426 |
|
|
Health & Biosciences |
|
570 |
|
|
|
518 |
|
|
|
1,659 |
|
|
|
1,553 |
|
|
Scent(2) |
|
613 |
|
|
|
588 |
|
|
|
1,861 |
|
|
|
1,723 |
|
|
Pharma Solutions |
|
256 |
|
|
|
238 |
|
|
|
733 |
|
|
|
742 |
|
|
Consolidated |
$ |
2,925 |
|
|
$ |
2,785 |
|
|
$ |
8,713 |
|
|
$ |
8,444 |
|
|
Segment Adjusted Operating EBITDA |
|
|
|
|
|
|
|
|||||||||
Nourish(1) |
$ |
206 |
|
|
$ |
174 |
|
|
$ |
654 |
|
|
$ |
537 |
|
|
Health & Biosciences |
|
173 |
|
|
|
150 |
|
|
|
497 |
|
|
|
426 |
|
|
Scent(2) |
|
127 |
|
|
|
119 |
|
|
|
421 |
|
|
|
319 |
|
|
Pharma Solutions |
|
62 |
|
|
|
47 |
|
|
|
162 |
|
|
|
173 |
|
|
Total |
|
568 |
|
|
|
490 |
|
|
|
1,734 |
|
|
|
1,455 |
|
|
Depreciation & Amortization |
|
(248 |
) |
|
|
(292 |
) |
|
|
(772 |
) |
|
|
(855 |
) |
|
Interest Expense |
|
(74 |
) |
|
|
(90 |
) |
|
|
(236 |
) |
|
|
(291 |
) |
|
Other (Expense) Income, net |
|
(28 |
) |
|
|
9 |
|
|
|
(44 |
) |
|
|
17 |
|
|
Restructuring and Other Charges |
|
(1 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(61 |
) |
|
Impairment of |
|
— |
|
|
|
— |
|
|
|
(64 |
) |
|
|
— |
|
|
Gains (Losses) on Business Disposals |
|
(20 |
) |
|
|
(10 |
) |
|
|
348 |
|
|
|
(29 |
) |
|
Loss on Assets Classified as Held for Sale |
|
(32 |
) |
|
|
— |
|
|
|
(314 |
) |
|
|
— |
|
|
Acquisition, Divestiture and Integration Costs |
|
(55 |
) |
|
|
(42 |
) |
|
|
(172 |
) |
|
|
(118 |
) |
|
Strategic Initiatives Costs |
|
(6 |
) |
|
|
(6 |
) |
|
|
(22 |
) |
|
|
(28 |
) |
|
Regulatory Costs |
|
(10 |
) |
|
|
(13 |
) |
|
|
(64 |
) |
|
|
(32 |
) |
|
Other |
|
1 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
1 |
|
|
Impact of Business Divestitures(3) |
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
64 |
|
|
Income Before Taxes |
$ |
95 |
|
|
$ |
59 |
|
|
$ |
393 |
|
|
$ |
123 |
|
|
Segment Adjusted Operating EBITDA Margin |
|
|
|
|
|
|
|
|||||||||
Nourish |
|
13.9 |
% |
|
|
12.1 |
% |
|
|
14.7 |
% |
|
|
12.1 |
% |
|
Health & Biosciences |
|
30.4 |
% |
|
|
29.0 |
% |
|
|
30.0 |
% |
|
|
27.4 |
% |
|
Scent |
|
20.7 |
% |
|
|
20.2 |
% |
|
|
22.6 |
% |
|
|
18.5 |
% |
|
Pharma Solutions |
|
24.2 |
% |
|
|
19.7 |
% |
|
|
22.1 |
% |
|
|
23.3 |
% |
|
Consolidated |
|
19.4 |
% |
|
|
17.6 |
% |
|
|
19.9 |
% |
|
|
17.2 |
% |
______________________ |
||
(1) |
|
Nourish sales and segment adjusted operating EBITDA for the three and nine months ended |
(2) |
|
Scent sales and segment adjusted operating EBITDA for the three and nine months ended |
(3) |
|
Amounts exclude the results of a portion of the Savory Solutions business, Flavor Specialty Ingredients business, Sonarome business, Cosmetic Ingredients business, and Flavors & Essences |
GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) |
||||||
Q3 Nourish |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
3% |
|
16% |
|
1.6% |
Portfolio Impact |
|
1% |
|
3% |
|
0.2% |
% Change - Comparable |
|
3% |
|
18% |
|
1.8% |
Currency Impact |
|
4% |
|
|
|
|
% Change - Currency Neutral |
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
10% |
|
15% |
|
1.4% |
Portfolio Impact |
|
0% |
|
0% |
|
0.0% |
% Change - Comparable |
|
10% |
|
15% |
|
1.4% |
Currency Impact |
|
2% |
|
|
|
|
% Change - Currency Neutral |
|
12% |
|
|
|
|
|
|
|
|
|
|
|
Q3 Scent |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
0% |
|
(3)% |
|
(0.6)% |
Portfolio Impact |
|
5% |
|
10% |
|
1.1% |
% Change - Comparable |
|
4% |
|
7% |
|
0.5% |
Currency Impact |
|
6% |
|
|
|
|
% Change - Currency Neutral |
|
10% |
|
|
|
|
|
|
|
|
|
|
|
Q3 Pharma Solutions |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
8% |
|
32% |
|
4.5% |
Portfolio Impact |
|
0% |
|
0% |
|
0.0% |
% Change - Comparable |
|
8% |
|
32% |
|
4.5% |
Currency Impact |
|
0% |
|
|
|
|
% Change - Currency Neutral |
|
8% |
|
|
|
|
|
|
|
|
|
|
|
Q3 Consolidated |
|
Sales |
|
Adjusted Operating EBITDA |
|
Adjusted Operating EBITDA Margin |
% Change - Reported |
|
4% |
|
12% |
|
1.5% |
Portfolio Impact |
|
1% |
|
4% |
|
0.3% |
% Change - Comparable |
|
5% |
|
16% |
|
1.8% |
Currency Impact |
|
4% |
|
|
|
|
% Change - Currency Neutral |
|
9% |
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) |
||||||
YTD Nourish |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
(4)% |
|
15% |
|
2.5% |
Portfolio Impact |
|
5% |
|
6% |
|
0.1% |
% Change - Comparable |
|
1% |
|
22% |
|
2.6% |
Currency Impact |
|
3% |
|
|
|
|
% Change - Currency Neutral |
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
7% |
|
17% |
|
2.6% |
Portfolio Impact |
|
0% |
|
0% |
|
0.0% |
% Change - Comparable |
|
7% |
|
17% |
|
2.6% |
Currency Impact |
|
2% |
|
|
|
|
% Change - Currency Neutral |
|
9% |
|
|
|
|
|
|
|
|
|
|
|
YTD Scent |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
3% |
|
19% |
|
3.2% |
Portfolio Impact |
|
5% |
|
13% |
|
0.9% |
% Change - Comparable |
|
8% |
|
32% |
|
4.1% |
Currency Impact |
|
6% |
|
|
|
|
% Change - Currency Neutral |
|
14% |
|
|
|
|
|
|
|
|
|
|
|
YTD Pharma Solutions |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Reported |
|
(1)% |
|
(6)% |
|
(1.2)% |
Portfolio Impact |
|
0% |
|
0% |
|
0.0% |
% Change - Comparable |
|
(1)% |
|
(6)% |
|
(1.2)% |
Currency Impact |
|
0% |
|
|
|
|
% Change - Currency Neutral |
|
(1)% |
|
|
|
|
|
|
|
|
|
|
|
YTD Consolidated |
|
Sales |
|
Adjusted Operating EBITDA |
|
Adjusted Operating EBITDA Margin |
% Change - Reported |
|
(1)% |
|
14% |
|
2.6% |
Portfolio Impact |
|
4% |
|
5% |
|
0.1% |
% Change - Comparable |
|
3% |
|
19% |
|
2.7% |
Currency Impact |
|
4% |
|
|
|
|
% Change - Currency Neutral |
|
7% |
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
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