- Reported sales up 25.8% year over year; organic sales up 27.3% year over year
- Total ARR up 15% year over year
- Diluted EPS of $2.59 and adjusted EPS of $3.01; up 463% and 81% year over year, respectively
- Updates fiscal 2023 reported sales growth guidance to 12.5% – 16.5%; organic sales growth to 13.0% – 17.0%
- Updates fiscal 2023 diluted EPS guidance to $11.71 – $12.41; Adjusted EPS guidance to $11.50 – $12.20
MILWAUKEE–(BUSINESS WIRE)–Rockwell Automation, Inc. (NYSE: ROK) today reported second quarter fiscal 2023 results.
“We had another quarter of outstanding performance on both topline and bottom line, with sales up over 25% year over year. Our strong sales and margin growth reflect the continued improvement in component availability and our strong execution to deliver critical solutions to our customers,” said Blake Moret, Chairman and CEO.
Fiscal Q2 2023 Financial Results
Fiscal 2023 second quarter sales were $2,275 million, up 25.8% from $1,808 million in the second quarter of fiscal 2022. Organic sales increased 27.3%, currency translation decreased sales by 2.8%, and acquisitions increased sales by 1.3%.
Fiscal 2023 second quarter Net income attributable to Rockwell Automation was $300 million or $2.59 per share, compared to $53.9 million or $0.46 per share in the second quarter of fiscal 2022. The increases in Net income attributable to Rockwell Automation and diluted EPS were primarily due to higher sales and higher pre-tax margin. Fiscal 2023 second quarter adjusted EPS was $3.01, up 81.3% compared to $1.66 in the second quarter of fiscal 2022 primarily due to higher sales and higher segment operating margin.
Pre-tax margin was 15.4% in the second quarter of fiscal 2023 compared to 2.3% in the same period last year. The increase in pre-tax margin was primarily due to higher sales and fair value adjustments related to our investment in PTC, partially offset by higher non-operating pension expense.
Total segment operating earnings were $484 million in the second quarter of fiscal 2023, up 70.8% from $283 million in the same period of fiscal 2022. Total segment operating margin was 21.3% compared to 15.7% a year ago primarily due to higher sales volume and positive price/cost, partially offset by higher incentive compensation and higher investment spend.
Cash flow generated by operating activities in the second quarter of fiscal 2023 was $187 million, compared to $90.8 million in the second quarter of fiscal 2022. Free cash flow in the second quarter of fiscal 2023 was $156 million, compared to $45.9 million in the same period last year. Increases in cash flow provided by operating activities and free cash flow were primarily driven by higher pre-tax income, partially offset by higher working capital.
Fiscal Year 2023 Outlook
The table below provides guidance for sales growth and earnings per share for fiscal 2023. Our updated guidance reflects first half performance and record backlog. It also assumes continued improvement in electronic component availability.
|
Updated Guidance |
|
Prior Guidance |
|
|
Reported sales growth |
12.5% – 16.5% |
|
10.0% – 14.0% |
|
Organic sales growth |
13.0% – 17.0% |
|
11.0% – 15.0% |
|
Inorganic sales growth |
~1.0% |
|
~1.0% |
|
Currency translation |
~(1.5)% |
|
~(2.0)% |
|
Diluted EPS |
$11.71 – $12.41 |
|
$10.99 – $11.79 |
|
Adjusted EPS |
$11.50 – $12.20 |
|
$10.70 – $11.50 |
“Our market-leading solutions across discrete, hybrid, and process industries are helping customers build new plants faster, operate existing facilities more efficiently, and more seamlessly upgrade to next generation platforms. Rockwell is becoming even more important to industrial companies as they look for a trusted adviser with scalable technology, a strong installed base, and the best-in-class ecosystem to help them grow and expand over the next decade,” Moret continued.
Following is a discussion of second quarter results for our business segments.
Intelligent Devices
Intelligent Devices second quarter fiscal 2023 sales were $1,023 million, an increase of 26.5% compared to $809 million in the same period last year. Organic sales increased 26.8%, currency translation decreased sales by 2.7%, and the acquisition of CUBIC increased sales by 2.4%. Segment operating earnings were $207 million compared to $118 million in the same period last year. Segment operating margin increased to 20.2% from 14.6% a year ago. The increase from prior year was driven by positive price/cost and higher sales volume, partially offset by higher investment spend and incentive compensation.
Software & Control
Software & Control second quarter fiscal 2023 sales were $741 million, an increase of 38.5% compared to $535 million in the same period last year. Organic sales increased 41.6% and currency translation decreased sales by 3.1%. Segment operating earnings were $249 million compared to $132 million in the same period last year. Segment operating margin increased to 33.6% from 24.6% a year ago, driven by higher sales volume and positive price/cost, partially offset by higher investment spend and incentive compensation.
Lifecycle Services
Lifecycle Services second quarter fiscal 2023 sales were $511 million, an increase of 10.0% compared to $465 million in the same period last year. Organic sales increased 11.7%, currency translation decreased sales by 2.5%, and acquisitions increased sales by 0.8%. Segment operating earnings were $27.9 million compared to $33.7 million in the same period last year. Segment operating margin decreased to 5.5% from 7.3% a year ago. The benefit of higher sales was more than offset by higher incentive compensation costs and one-time items to expand future profitability.
Supplemental Information
ARR – Total ARR and Organic ARR grew 15% compared to the end of the second quarter of fiscal 2022.
Corporate and other – Fiscal 2023 second quarter Corporate and other expense was $29.2 million compared to $24.6 million in the second quarter of fiscal 2022. The increase was primarily due to mark-to-market adjustments related to our deferred and non-qualified compensation plans.
Purchase accounting depreciation and amortization – Fiscal 2023 second quarter Purchase accounting depreciation and amortization expense was $26.6 million, up $0.5 million from the second quarter of fiscal 2022.
Tax – On a GAAP basis, the effective tax rate in the second quarter of fiscal 2023 was 16.1% compared to (20.2)% in the second quarter of fiscal 2022. The higher effective tax rate was primarily due to the tax effects of fair value adjustments related to our investment in PTC. The adjusted effective tax rate for the second quarter of fiscal 2023 was 17.4% compared to 16.0% in the prior year.
Share repurchases – During the second quarter of fiscal 2023, the Company repurchased approximately 0.2 million shares of its common stock at a cost of $38.4 million. At March 31, 2023, $1.1 billion remained available under our existing share repurchase authorization.
Return on Invested Capital (ROIC) – ROIC was 19.7% for the twelve months ended March 31, 2023, compared to 13.2% for the twelve months ended March 31, 2022. The increase is primarily driven by higher pre-tax income, partially offset by a higher effective tax rate and higher invested capital.
Definitions
Non-GAAP Measures – Organic sales, total segment operating earnings, total segment operating margin, adjusted income, adjusted EPS, adjusted effective tax rate, free cash flow, free cash flow conversion, and ROIC are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release.
Organic ARR – Annual recurring revenue (ARR) is a key metric that enables measurement of progress in growing our recurring revenue business. It represents the annual contract value of all active recurring revenue contracts at any point in time. Recurring revenue is defined as a revenue stream that is contractual, typically for a period of 12 months or more, and has a high probability of renewal. The probability of renewal is based on historical renewal experience of the individual revenue streams, or management’s best estimates if historical renewal experience is not available. Organic ARR growth is calculated as the dollar change in ARR, adjusted to exclude the effects of currency translation and acquisitions, divided by ARR as of the prior period. The effects of currency translation are excluded by calculating Organic ARR on a constant currency basis. When we acquire businesses, we exclude the effect of ARR in the current period for which there was no comparable ARR in the prior period. We believe that Organic ARR provides useful information to investors because it reflects our recurring revenue performance period over period without the effect of acquisitions and changes in currency exchange rates. Organic ARR growth is also used as a financial measure of performance for our annual incentive compensation. Our measure of ARR may be different from measures used by other companies. Because ARR is based on annual contract value, it does not represent revenue recognized during a particular reporting period or revenue to be recognized in future reporting periods and is not intended to be a substitute for revenue, contract liabilities, or backlog.
Total ARR – Total ARR growth is calculated as the dollar change in ARR, adjusted to exclude the effects of currency. The effects of currency translation are excluded by calculating Total ARR on a constant currency basis. Total ARR includes acquisitions even if there was no comparable ARR in the prior period. We believe that Total ARR provides useful information to investors because it reflects our recurring revenue performance period over period including the effect of acquisitions.
Conference Call
A conference call to discuss the quarterly results will be held at 8:30 a.m. Eastern Time on April 27, 2023. The call will be an audio webcast and accessible on the Rockwell Automation website (www.rockwellautomation.com/en-us/investors.html). Presentation materials will also be available on the website prior to the call.
Interested parties can access the conference call by dialing the following numbers: (888) 330-2022 in the U.S. and Canada; (646) 960-0690 for other countries. Use the following passcode: 5499533. Please dial in 10 minutes prior to the start of the call.
Both the presentation materials and a replay of the call will be available on the Investor Relations section of the Rockwell Automation website through May 27, 2023.
This news release contains statements (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “believe”, “estimate”, “project”, “plan”, “expect”, “anticipate”, “will”, “intend”, and other similar expressions may identify forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, many of which are beyond our control, including but not limited to:
- the availability and price of components and materials;
- macroeconomic factors, including inflation, global and regional business conditions (including adverse impacts in certain markets, such as Oil & Gas), commodity prices, currency exchange rates, the cyclical nature of our customers’ capital spending, and sovereign debt concerns;
- the severity and duration of disruptions to our business due to pandemics (including the COVID-19 pandemic), natural disasters (including those as a result of climate change), acts of war (including the Russia and Ukraine conflict), strikes, terrorism, social unrest or other causes, including the impacts of the COVID-19 pandemic and efforts to manage it on the global economy, liquidity and financial markets, demand for our hardware and software products, solutions, and services, our supply chain, our work force, our liquidity, and the value of the assets we own;
- our ability to attract, develop, and retain qualified personnel;
- the availability, effectiveness, and security of our information technology systems;
- our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our hardware and software products, solutions, and services;
- the successful integration and management of strategic transactions and achievement of the expected benefits of these transactions;
- laws, regulations, and governmental policies affecting our activities in the countries where we do business, including those related to tariffs, taxation, trade controls (including sanctions placed on Russia), cybersecurity, and climate change;
- the successful development of advanced technologies and demand for and market acceptance of new and existing hardware and software products;
- our ability to manage and mitigate the risks associated with our solutions and services businesses;
- the successful execution of our cost productivity initiatives;
- competitive hardware and software products, solutions, and services, pricing pressures, and our ability to provide high quality products, solutions, and services;
- the availability and cost of capital;
- disruptions to our distribution channels or the failure of distributors to develop and maintain capabilities to sell our products;
- intellectual property infringement claims by others and the ability to protect our intellectual property;
- the uncertainty of claims by taxing authorities in the various jurisdictions where we do business;
- the uncertainties of litigation, including liabilities related to the safety and security of the hardware and software products, solutions, and services we sell;
- risks associated with our investment in common stock of PTC Inc., including the potential for volatility in our reported quarterly earnings associated with changes in the market value of such stock;
- our ability to manage costs related to employee retirement and health care benefits; and
- other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings.
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 28,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing The Connected Enterprise(R) to life across industrial enterprises, visit www.rockwellautomation.com.
|
ROCKWELL AUTOMATION, INC. |
||||||||||||||||
|
CONDENSED STATEMENT OF OPERATIONS INFORMATION |
||||||||||||||||
|
(in millions, except percentages) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Sales (a) |
|
$ |
2,275.4 |
|
|
$ |
1,808.1 |
|
|
$ |
4,256.4 |
|
|
$ |
3,665.4 |
|
|
Cost of sales |
|
|
(1,342.9 |
) |
|
|
(1,144.0 |
) |
|
|
(2,510.3 |
) |
|
|
(2,252.2 |
) |
|
Gross profit (b) |
|
|
932.5 |
|
|
|
664.1 |
|
|
|
1,746.1 |
|
|
|
1,413.2 |
|
|
Selling, general and administrative expenses (c) |
|
|
(501.2 |
) |
|
|
(428.5 |
) |
|
|
(970.7 |
) |
|
|
(876.0 |
) |
|
Change in fair value of investments (1) |
|
|
63.0 |
|
|
|
(140.7 |
) |
|
|
203.6 |
|
|
|
(133.1 |
) |
|
Other expense |
|
|
(107.1 |
) |
|
|
(23.7 |
) |
|
|
(89.8 |
) |
|
|
(20.8 |
) |
|
Interest expense |
|
|
(35.8 |
) |
|
|
(30.1 |
) |
|
|
(69.9 |
) |
|
|
(59.7 |
) |
|
Income before income taxes |
|
|
351.4 |
|
|
|
41.1 |
|
|
|
819.3 |
|
|
|
323.6 |
|
|
Income tax (provision) benefit |
|
|
(56.5 |
) |
|
|
8.3 |
|
|
|
(145.7 |
) |
|
|
(35.3 |
) |
|
Net income |
|
|
294.9 |
|
|
|
49.4 |
|
|
|
673.6 |
|
|
|
288.3 |
|
|
Net loss attributable to noncontrolling interests |
|
|
(5.4 |
) |
|
|
(4.5 |
) |
|
|
(10.7 |
) |
|
|
(7.1 |
) |
|
Net income attributable to Rockwell Automation, Inc. |
|
$ |
300.3 |
|
|
$ |
53.9 |
|
|
$ |
684.3 |
|
|
$ |
295.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Gross profit as percent of sales (b/a) |
|
|
41.0 |
% |
|
|
36.7 |
% |
|
|
41.0 |
% |
|
|
38.6 |
% |
|
SG&A as percent of sales (c/a) |
|
|
22.0 |
% |
|
|
23.7 |
% |
|
|
22.8 |
% |
|
|
23.9 |
% |
|
(1) Primarily relates to the change in fair value of investment in PTC. |
||||||||||||||||
|
ROCKWELL AUTOMATION, INC. |
||||||||||||||||
|
SALES AND EARNINGS INFORMATION |
||||||||||||||||
|
(in millions, except per share amounts and percentages) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Sales |
|
|
|
|
|
|
|
|
||||||||
|
Intelligent Devices (a) |
|
$ |
1,023.2 |
|
|
$ |
808.6 |
|
|
$ |
1,959.4 |
|
|
$ |
1,708.9 |
|
|
Software & Control (b) |
|
|
741.1 |
|
|
|
534.9 |
|
|
|
1,314.4 |
|
|
|
1,048.8 |
|
|
Lifecycle Services (c) |
|
|
511.1 |
|
|
|
464.6 |
|
|
|
982.6 |
|
|
|
907.7 |
|
|
Total sales (d) |
|
$ |
2,275.4 |
|
|
$ |
1,808.1 |
|
|
$ |
4,256.4 |
|
|
$ |
3,665.4 |
|
|
Segment operating earnings |
|
|
|
|
|
|
|
|
||||||||
|
Intelligent Devices (e) |
|
$ |
206.9 |
|
|
$ |
118.2 |
|
|
$ |
416.3 |
|
|
$ |
331.2 |
|
|
Software & Control (f) |
|
|
249.3 |
|
|
|
131.5 |
|
|
|
416.6 |
|
|
|
249.1 |
|
|
Lifecycle Services (g) |
|
|
27.9 |
|
|
|
33.7 |
|
|
|
52.2 |
|
|
|
58.2 |
|
|
Total segment operating earnings (1) (h) |
|
|
484.1 |
|
|
|
283.4 |
|
|
|
885.1 |
|
|
|
638.5 |
|
|
Purchase accounting depreciation and amortization |
|
|
(26.6 |
) |
|
|
(26.1 |
) |
|
|
(52.6 |
) |
|
|
(52.2 |
) |
|
Corporate and other |
|
|
(29.2 |
) |
|
|
(24.6 |
) |
|
|
(56.5 |
) |
|
|
(54.0 |
) |
|
Non-operating pension and postretirement benefit cost |
|
|
(105.4 |
) |
|
|
(21.3 |
) |
|
|
(93.0 |
) |
|
|
(16.9 |
) |
|
Change in fair value of investments |
|
|
63.0 |
|
|
|
(140.7 |
) |
|
|
203.6 |
|
|
|
(133.1 |
) |
|
Interest expense, net |
|
|
(34.5 |
) |
|
|
(29.6 |
) |
|
|
(67.3 |
) |
|
|
(58.7 |
) |
|
Income before income taxes (i) |
|
|
351.4 |
|
|
|
41.1 |
|
|
|
819.3 |
|
|
|
323.6 |
|
|
Income tax (provision) benefit |
|
|
(56.5 |
) |
|
|
8.3 |
|
|
|
(145.7 |
) |
|
|
(35.3 |
) |
|
Net income |
|
|
294.9 |
|
|
|
49.4 |
|
|
|
673.6 |
|
|
|
288.3 |
|
|
Net loss attributable to noncontrolling interests |
|
|
(5.4 |
) |
|
|
(4.5 |
) |
|
|
(10.7 |
) |
|
|
(7.1 |
) |
|
Net income attributable to Rockwell Automation, Inc. |
|
$ |
300.3 |
|
|
$ |
53.9 |
|
|
$ |
684.3 |
|
|
$ |
295.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted EPS |
|
$ |
2.59 |
|
|
$ |
0.46 |
|
|
$ |
5.90 |
|
|
$ |
2.51 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted EPS (2) |
|
$ |
3.01 |
|
|
$ |
1.66 |
|
|
$ |
5.48 |
|
|
$ |
3.79 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted weighted average outstanding shares |
|
|
115.6 |
|
|
|
117.1 |
|
|
|
115.6 |
|
|
|
117.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pre-tax margin (i/d) |
|
|
15.4 |
% |
|
|
2.3 |
% |
|
|
19.2 |
% |
|
|
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Intelligent Devices segment operating margin (e/a) |
|
|
20.2 |
% |
|
|
14.6 |
% |
|
|
21.2 |
% |
|
|
19.4 |
% |
|
Software & Control segment operating margin (f/b) |
|
|
33.6 |
% |
|
|
24.6 |
% |
|
|
31.7 |
% |
|
|
23.8 |
% |
|
Lifecycle Services segment operating margin (g/c) |
|
|
5.5 |
% |
|
|
7.3 |
% |
|
|
5.3 |
% |
|
|
6.4 |
% |
|
Total segment operating margin (1) (h/d) |
|
|
21.3 |
% |
|
|
15.7 |
% |
|
|
20.8 |
% |
|
|
17.4 |
% |
|
(1) Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We exclude purchase accounting depreciation and amortization, corporate and other, non-operating pension and postretirement benefit cost, change in fair value of investments, interest expense, net, and income tax (provision) benefit because we do not consider these items to be directly related to the operating performance of our segments. We believe total segment operating earnings and total segment operating margin are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of our operating segments. Our measures of total segment operating earnings and total segment operating margin may be different from measures used by other companies. |
||||||||||||||||
|
(2) Adjusted EPS is a non-GAAP earnings measure that excludes purchase accounting depreciation and amortization, non-operating pension and postretirement benefit cost, change in fair value of investments, and net loss attributable to noncontrolling interests, including their respective tax effects. See “Other Supplemental Information – Adjusted Income, Adjusted EPS, and Adjusted Effective Tax Rate” section for more information regarding non-operating pension and postretirement benefit cost and a reconciliation to GAAP measures. |
||||||||||||||||
|
ROCKWELL AUTOMATION, INC. |
||||||
|
CONDENSED BALANCE SHEET INFORMATION |
||||||
|
(in millions) |
||||||
|
|
|
March 31, |
|
September 30, |
||
|
Assets |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
456.0 |
|
$ |
490.7 |
|
Receivables |
|
|
2,045.6 |
|
|
1,736.7 |
|
Inventories |
|
|
1,328.5 |
|
|
1,054.2 |
|
Property, net |
|
|
637.6 |
|
|
586.5 |
|
Operating lease right-of-use assets |
|
|
308.4 |
|
|
321.0 |
|
Goodwill and intangibles |
|
|
4,595.2 |
|
|
4,426.0 |
|
Long-term investments |
|
|
1,053.3 |
|
|
1,056.0 |
|
Other assets |
|
|
1,044.5 |
|
|
1,087.6 |
|
Total |
|
$ |
11,469.1 |
|
$ |
10,758.7 |
|
Liabilities and Shareowners’ Equity |
|
|
|
|
||
|
Short-term debt |
|
$ |
1,122.6 |
|
$ |
968.4 |
|
Accounts payable |
|
|
992.4 |
|
|
1,028.0 |
|
Long-term debt |
|
|
2,868.1 |
|
|
2,867.8 |
|
Operating lease liabilities |
|
|
254.5 |
|
|
263.5 |
|
Other liabilities |
|
|
2,796.0 |
|
|
2,614.3 |
|
Shareowners’ equity attributable to Rockwell Automation, Inc. |
|
|
3,155.5 |
|
|
2,725.6 |
|
Noncontrolling interests |
|
|
280.0 |
|
|
291.1 |
|
Total |
|
$ |
11,469.1 |
|
$ |
10,758.7 |
|
ROCKWELL AUTOMATION, INC. |
||||||||
|
CONDENSED CASH FLOW INFORMATION |
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|
(in millions) |
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|
|
|
Six Months Ended |
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|
|
|
2023 |
|
2022 |
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|
Operating activities: |
|
|
|
|
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|
Net income |
|
$ |
673.6 |
|
|
$ |
288.3 |
|
|
Depreciation and amortization |
|
|
119.9 |
|
|
|
121.4 |
|
|
Change in fair value of investments (1) |
|
|
(203.6 |
) |
|
|
133.1 |
|
|
Retirement benefits expense |
|
|
114.4 |
|
|
|
58.0 |
|
|
Pension contributions |
|
|
(13.4 |
) |
|
|
(15.8 |
) |
|
Receivables/inventories/payables |
|
|
(507.2 |
) |
|
|
(226.5 |
) |
|
Contract liabilities |
|
|
85.1 |
|
|
|
79.4 |
|
|
Compensation and benefits |
|
|
14.1 |
|
|
|
(145.0 |
) |
|
Income taxes |
|
|
(30.8 |
) |
|
|
(229.7 |
) |
|
Other operating activities |
|
|
1.3 |
|
|
|
15.6 |
|
|
Cash provided by operating activities |
|
|
253.4 |
|
|
|
78.8 |
|
|
Investing activities: |
|
|
|
|
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|
Capital expenditures |
|
|
(55.7 |
) |
|
|
(82.0 |
) |
|
Acquisition of businesses, net of cash acquired |
|
|
(168.0 |
) |
|
|
(16.4 |
) |
|
Purchases of investments |
|
|
(5.2 |
) |
|
|
(47.6 |
) |
|
Proceeds from sale of investments |
|
|
205.2 |
|
|
|
1.3 |
|
|
Other investing activities |
|
|
4.2 |
|
|
|
— |
|
|
Cash used for investing activities |
|
|
(19.5 |
) |
|
|
(144.7 |
) |
|
Financing activities: |
|
|
|
|
||||
|
Net issuance of short-term debt |
|
|
162.2 |
|
|
|
341.3 |
|
|
Repayment of debt |
|
|
(18.8 |
) |
|
|
(210.0 |
) |
|
Cash dividends |
|
|
(271.4 |
) |
|
|
(260.2 |
) |
|
Purchases of treasury stock |
|
|
(195.2 |
) |
|
|
(51.2 |
) |
|
Proceeds from the exercise of stock options |
|
|
48.7 |
|
|
|
42.0 |
|
|
Other financing activities |
|
|
(22.0 |
) |
|
|
(4.4 |
) |
|
Cash used for financing activities |
|
|
(296.5 |
) |
|
|
(142.5 |
) |
|
Effect of exchange rate changes on cash |
|
|
19.3 |
|
|
|
(10.8 |
) |
|
Decrease in cash, cash equivalents, and restricted cash (2) |
|
$ |
(43.3 |
) |
|
$ |
(219.2 |
) |
|
(1) Primarily relates to the change in fair value of investment in PTC. |
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|
(2) Cash, cash equivalents, and restricted cash at March 31, 2023, includes restricted cash of $8.6 million recorded in Other assets in the Condensed Balance Sheet. Cash, cash equivalents, and restricted cash at March 31, 2022, includes restricted cash of $17.2 million recorded in Other assets in the Condensed Balance Sheet. |
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|
ROCKWELL AUTOMATION, INC. |
|
OTHER SUPPLEMENTAL INFORMATION |
|
(in millions, except percentages) |
Organic Sales
We translate sales of subsidiaries operating outside of the United States using exchange rates effective during the respective period. Therefore, changes in currency exchange rates affect our reported sales. Sales by acquired businesses also affect our reported sales. We believe that organic sales, defined as sales excluding the effects of acquisitions and changes in currency exchange rates, which is a non-GAAP financial measure, provides useful information to investors because it reflects regional and operating segment performance from the activities of our businesses without the effect of acquisitions and changes in currency exchange rates. We use organic sales as one measure to monitor and evaluate our regional and operating segment performance. When we acquire businesses, we exclude sales in the current period for which there are no comparable sales in the prior period. We determine the effect of changes in currency exchange rates by translating the respective period’s sales using the same currency exchange rates that were in effect during the prior year. When we divest a business, we exclude sales in the prior period for which there are no comparable sales in the current period. Organic sales growth is calculated by comparing organic sales to reported sales in the prior year, excluding divestitures. We attribute sales to the geographic regions based on the country of destination.
The fol
Contacts
Aijana Zellner
Head of Investor Relations and Market Strategy
+1 414-382-8510
[email protected]
Ed Moreland
Head of Government Affairs and External Communications
+1 571-296-0391
[email protected]
