Long-Term Track Record of Outperformance and Cash Generation:
- Revenue and adjusted operating profit CAGR of +49% and +78% between FY20 and FY24
- Strong cash conversion delivery
- $11B returned to shareholders over the past 10 years
Net Sales
Net sales are derived primarily from the sale of a broad range of products and solutions. Net sales excludes intra-group sales, estimated and actual sales returns, trade and early settlements and early settlement discounts, and sales taxes.
Net sales between 2018 and 2022:
- 2018: $18,184 million
- 2019: $19,729 million
- 2020: $19,940 million
- 2021: $22,792 million
- 2022: $28,566 million
In 2022, net sales were 25.3% ahead of last year, 23.5% higher on an organic basis** with an additional 1.8% from acquisitions. Inflation during the year was appoximately high teens.
Adjusted Operating Profit*
Adjusted operating profit is defined as net income from continuing operations, before net interest expense, income tax expense, other income, amortization of intangible assets and certain other non-GAAP adjustments.
Adjusted operating profit between 2018 and 2022:
- 2018: $1,420 million
- 2019: $1,539 million
- 2020: $1,587 million
- 2021: $2,092 million
- 2022: $2,951 million
In 2022, adjusted operating profit was 41.1% or $859 million, ahead of last year due to strong sales growth and operating leverage.
*This is a non-GAAP measure. See the appendix of FY2024 Q4 presentation for more information and a reconciliation of the non-GAAP measure to the most comparable U.S. GAAP measure.
Adjusted operating margin is calculated as adjusted operating profit divided by net sales.