Technology
Veralto Reports Fourth Quarter and Full Year 2024 Results
Published
1 year agoon
By
WALTHAM, Mass., Feb. 4, 2025 /PRNewswire/ — Veralto (NYSE: VLTO) (the “Company”), a global leader in essential water and product quality solutions dedicated to Safeguarding the World’s Most Vital Resources™ announced results for the fourth quarter ended December 31, 2024.
Key Fourth Quarter 2024 Results
Sales increased 4.4% year-over-year to $1,345 million, with non-GAAP core sales growth of 4.6%Operating profit margin was 22.9% and non-GAAP adjusted operating profit margin was 23.8%Net earnings were $227 million, or $0.91 per diluted common shareNon-GAAP, adjusted net earnings were $238 million, or $0.95 per diluted common shareOperating cash flow was $285 million and non-GAAP free cash flow was $263 million
Key Full Year 2024 Results
Sales increased 3.4% year-over-year to $5,193 million, with non-GAAP core sales growth of 3.7%Operating profit margin was 23.3% and non-GAAP adjusted operating profit margin was 24.1%Net earnings were $833 million, or $3.34 per diluted common shareNon-GAAP, adjusted net earnings were $883 million, or $3.54 per diluted common shareOperating cash flow was $875 million and non-GAAP free cash flow was $820 million
“Our fourth quarter results were highlighted by mid-single-digit core sales growth across both segments, robust cash generation and the acquisition of TraceGains,” said Jennifer L. Honeycutt, President and Chief Executive Officer. “This capped off a strong full-year performance in which our talented team, powered by the Veralto Enterprise System, executed well on our strategic priorities and delivered core sales growth, margin expansion and adjusted earnings per share above our initial guidance.” Honeycutt continued, “From an end market perspective, demand continued to strengthen throughout 2024 highlighted by industrial water treatment in North America and the recovery of consumer-packaged goods markets globally.”
“We begin 2025 with a stronger financial position and a more positive view of our end markets relative to 2024. We believe the durability of our businesses, fortified by the Veralto Enterprise System, will enable us to successfully navigate a globally dynamic macroeconomic environment. For the full year 2025, we are targeting low-to-mid single digit core sales growth with another year of margin expansion and strong cash generation. Over the long term, we expect to drive value creation through disciplined capital allocation, with a bias towards acquisitions that enhance our ability to help customers deliver clean water, safe food and trusted essential goods,” concluded Honeycutt.
2025 Guidance
The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP sales, such as currency translation, acquisitions, and divestitures.
For the first quarter of 2025, Veralto anticipates that non-GAAP core sales will grow low-to-mid-single digits year-over-year with adjusted operating profit margin between 24.0% and 24.5% and adjusted diluted earnings per share in the range of $0.84 to $0.88 per share.
For the full year 2025, the Company anticipates that non-GAAP core sales will grow low-to-mid-single digits year-over-year and that adjusted operating profit margin will expand 25 to 50 basis points year-over-year. The Company is targeting adjusted diluted earnings per share in the range of $3.60 to $3.70 with free cash flow conversion in the range of 90% to 100% of GAAP net earnings.
Conference Call and Webcast Information
Veralto will discuss its fourth quarter results and financial guidance for 2025 during its quarterly investor conference call tomorrow starting at 8:30 a.m. (ET). Access to the call, webcast and an accompanying slide presentation will be available on the “Investors” section of Veralto’s website, www.veralto.com, under the subheading “News & Events” and additional materials will be posted to the same section of Veralto’s website. A replay of the webcast will be available in the same section of Veralto’s website shortly after the conclusion of the call and will remain available until the next quarterly earnings call.
The conference call can be accessed by dialing +1 (800) 343-4136 (U.S.) or +1 (203) 518-9843 (INTL) (Conference ID: VLTO4Q24). A replay of the conference call will be available shortly after the conclusion of the call and until February 19, 2025. You can access the replay dial-in information on the “Investors” section of Veralto’s website under the subheading “News & Events.”
ABOUT VERALTO
With annual sales of over $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands help billions of people around the world access clean water, safe food and trusted essential goods. Headquartered in Waltham, Massachusetts, our global team of nearly 17,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World’s Most Vital Resources™.
NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the “Investors” section of Veralto’s website (www.veralto.com) under the subheading “Quarterly Earnings.”
FORWARD-LOOKING STATEMENTS
Certain statements in this release, including the statement regarding the Company’s anticipated first quarter and full year 2025 financial performance, the Company’s differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are “forward-looking” statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto’s liquidity position or other financial measures; Veralto’s management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; the effects of the separation or the distribution on Veralto’s business; growth, declines and other trends in markets Veralto sells into; new or modified laws, regulations and accounting pronouncements; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
VERALTO CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions)
(unaudited)
As of December 31
2024
2023
ASSETS
Current assets:
Cash and equivalents
$ 1,101
$ 762
Trade accounts receivable, less allowance for credit losses of $37 and $36,
respectively
812
826
Inventories
288
297
Prepaid expenses and other current assets
186
188
Total current assets
2,387
2,073
Property, plant and equipment, net
268
262
Other long-term assets
523
398
Goodwill
2,693
2,533
Other intangible assets, net
535
427
Total assets
$ 6,406
$ 5,693
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable
395
431
Accrued expenses and other liabilities
850
834
Total current liabilities
1,245
1,265
Other long-term liabilities
517
410
Long-term debt
2,599
2,629
Total equity
2,045
1,389
Total liabilities and equity
$ 6,406
$ 5,693
This information is presented for reference only. Final audited financial statements will include footnotes, which
should be referenced when available, to more fully understand the contents of this information.
VERALTO CORPORATION
CONSOLIDATED AND COMBINED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)
Three-Month Period Ended
December 31
Year Ended December 31
2024
2023
2024
2023
Sales
$ 1,345
$ 1,288
$ 5,193
$ 5,021
Cost of sales
(544)
(542)
(2,088)
(2,120)
Gross profit
801
746
3,105
2,901
Operating costs:
Selling, general and administrative expenses
(424)
(403)
(1,644)
(1,536)
Research and development expenses
(69)
(57)
(253)
(225)
Operating profit
308
286
1,208
1,140
Non-operating income (expense):
Other income (expense)
—
—
(9)
(14)
Interest expense, net
(28)
(25)
(113)
(30)
Earnings before income taxes
280
261
1,086
1,096
Income taxes
(53)
(61)
(253)
(257)
Net earnings
$ 227
$ 200
$ 833
$ 839
Net earnings per share:
Basic
$ 0.92
$ 0.81
$ 3.37
$ 3.41
Diluted
$ 0.91
$ 0.81
$ 3.34
$ 3.40
Average common stock and common equivalent
shares outstanding:
Basic
247.6
246.6
247.3
246.4
Diluted
250.3
248.2
249.6
246.8
This information is presented for reference only. Final audited financial statements will include footnotes, which
should be referenced when available, to more fully understand the contents of this information.
VERALTO CORPORATION
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
Year Ended December 31
2024
2023
Cash flows from operating activities:
Net earnings
$ 833
$ 839
Noncash items:
Depreciation
40
39
Amortization of intangible assets
38
48
Stock-based compensation expense
65
55
Loss on product line disposition
15
—
Impairment of equity method investment
—
15
Changes in operating assets and liabilities
(116)
(33)
Net cash provided by operating activities
875
963
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired
(363)
—
Payments for additions to property, plant and equipment
(55)
(54)
Proceeds from sales of property, plant and equipment
—
2
All other investing activities
(16)
(3)
Net cash used in investing activities
(434)
(55)
Cash flows from financing activities:
Proceeds from the issuance of common stock in connection with stock-based
compensation
24
4
Net transfers to Former Parent
—
(147)
Consideration paid to Former Parent in connection with Separation
—
(2,600)
Payment of dividends
(89)
—
Proceeds from borrowings (maturities longer than 90 days)
—
2,608
Net cash used in financing activities
(65)
(135)
Effect of exchange rate changes on cash and cash equivalents
(37)
(11)
Net change in cash and cash equivalents
339
762
Beginning balance of cash and cash equivalents
762
—
Ending balance of cash and cash equivalents
$ 1,101
$ 762
This information is presented for reference only. Final audited financial statements will include footnotes, which
should be referenced when available, to more fully understand the contents of this information.
VERALTO CORPORATION
SEGMENT INFORMATION
($ in millions)
(unaudited)
Three-Month Period Ended
December 31
Year Ended December 31
2024
2023
2024
2023
Sales:
Water Quality
$ 811
$ 782
$ 3,138
$ 3,039
Product Quality & Innovation
534
506
2,055
1,982
Total
$ 1,345
$ 1,288
$ 5,193
$ 5,021
Operating profit:
Water Quality
$ 204
$ 194
$ 768
$ 730
Product Quality & Innovation
124
116
529
472
Other
(20)
(24)
(89)
(62)
Total
$ 308
$ 286
$ 1,208
$ 1,140
Operating Profit Margin:
Water Quality
25.2 %
24.8 %
24.5 %
24.0 %
Product Quality & Innovation
23.2 %
22.9 %
25.7 %
23.8 %
Total
22.9 %
22.2 %
23.3 %
22.7 %
VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Reconciliation of GAAP to Non-GAAP Financial Measures
($ in millions)
Three-Month Period Ended December 31, 2024
Sales
Operating
profit
Operating
profit
margin
Net earnings
for calculation
of diluted
earnings per
common
share
Diluted net
earnings
per
common
share
Reported (GAAP)
$ 1,345
$ 308
22.9 %
$ 227
$ 0.91
Amortization of acquisition-related
intangible assets A
—
10
0.7
10
0.04
Other items B
—
2
0.1
2
0.01
Tax effect of the above adjustments H
—
—
—
(2)
(0.01)
Discrete tax adjustments I
—
—
—
1
—
Rounding
—
—
0.1
—
—
Adjusted (Non-GAAP)
$ 1,345
$ 320
23.8 %
$ 238
$ 0.95
Three-Month Period Ended December 31, 2023
Sales
Operating
profit
Operating
profit
margin
Net earnings
for calculation
of diluted
earnings per
common
share
Diluted net
earnings
per
common
share
Reported (GAAP)
$ 1,288
$ 286
22.2 %
$ 200
$ 0.81
Amortization of acquisition-related intangible assets A
—
12
0.9
12
0.05
Other items B
—
1
0.1
1
—
Separation costs C
—
7
0.5
7
0.03
Tax effect of the above adjustments H
—
—
—
(5)
(0.02)
Rounding
—
—
0.1
—
—
Adjusted (Non-GAAP)
$ 1,288
$ 306
23.8 %
$ 215
$ 0.87
Year Ended December 31, 2024
Sales
Operating
profit
Operating
profit
margin
Net earnings
for calculation
of diluted
earnings per
common
share
Diluted net
earnings
per
common
share
Reported (GAAP)
$ 5,193
$ 1,208
23.3 %
$ 833
$ 3.34
Amortization of acquisition-related
intangible assets A
—
38
0.7
38
0.15
Other items B
—
4
0.1
4
0.02
Separation costs C
—
1
—
1
—
Net loss on disposition of certain
product lines D
—
—
—
10
0.04
Tax effect of the above adjustments H
—
—
—
(9)
(0.04)
Discrete tax adjustments I
—
—
—
6
0.02
Rounding
—
—
—
—
0.01
Adjusted (Non-GAAP)
$ 5,193
$ 1,251
24.1 %
$ 883
$ 3.54
Year Ended December 31, 2023
Sales
Operating
profit
Operating
profit
margin
Net earnings
for calculation
of diluted
earnings per
common
share
Diluted net
earnings
per
common
share
Reported (GAAP)
$ 5,021
$ 1,140
22.7 %
$ 839
$ 3.40
Amortization of acquisition-related
intangible assets A
—
48
1.0
48
0.19
Other items B
—
1
—
1
—
Separation costs C
—
7
0.1
7
0.03
Standalone Entity Adjustments E
6
(38)
(0.8)
(138)
(0.56)
Fair value losses on investments F
—
—
—
15
0.06
Impairments and other charges G
—
12
0.2
12
0.05
Tax effect of the above adjustments H
—
—
—
15
0.06
Discrete tax adjustments I
—
—
—
(12)
(0.05)
Rounding
—
—
0.1
—
0.01
Adjusted (Non-GAAP)
$ 5,027
$ 1,170
23.3 %
$ 787
$ 3.19
VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Notes to Reconciliation of GAAP to Non-GAAP Financial Measures
A
Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above):
Three-Month Period Ended
Year Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Pretax
$ 10
$ 12
$ 38
$ 48
After-tax
8
9
29
36
B
Costs incurred during three-month period ended December 31, 2024 related to certain strategic initiatives ($2 million pretax and after-tax as reported in this line item). Costs incurred during the year ended December 31, 2024 related to certain strategic initiatives ($4 million pretax and after-tax as reported in this line item). Costs incurred during the three-month period ended and year ended December 31, 2023 related to strategic initiatives ($1 million pretax and after-tax as reported in these line items).
C
Costs incurred during the year ended December 31, 2024 related to the separation of the Company from Danaher primarily related to IT costs and certain regulatory fees ($1 million pretax as reported in this line item). Costs incurred during the three-month period ended and year ended December 31, 2023 related to the separation of the Company from Danaher primarily related to the equity award conversion as a result of the separation as well as other costs the Company incurred to separate from Danaher ($7 million pretax as reported in this line item, $5 million after-tax).
D
Net loss on the disposition of certain product lines during the year ended December 31, 2024 ($10 million pretax net loss as reported in this line item, $11 million after-tax).
E
This amount encompasses management estimates of operating as a standalone entity incurred during the year ended December 31, 2023 ($138 million pretax as reported in this line item, $103 million after-tax). The management estimate includes recurring and ongoing costs required to operate new functions required for a public company such as certain corporate functions including finance, tax, legal, human resources and other general and administrative related functions. The estimate also includes an adjustment to sales related to the impact of the framework agreement governing certain commercial arrangements between subsidiaries of Danaher and Veralto, the adjustment is calculated by applying the commercial pricing in the agreement to historical purchases of goods and services by the Former Parent from Veralto.
F
Fair value loss related to an impairment of an equity method investment in the Water Quality segment for the year ended December 31, 2023 ($15 million pretax as reported in this line item, $11 million after-tax).
G
Impairment charge related to tradenames and customer relationships in the Product Quality & Innovation segment for the year ended December 31, 2023 ($12 million pretax as reported in this line item, $10 million after-tax).
H
This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
I
Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation.
VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Sales Growth by Segment, Core Sales Growth by Segment
% Change Three-Month Period Ended December 31, 2024 vs.
Comparable 2023 Period
Segments
Total Company
Water Quality
Product Quality &
Innovation
Total sales growth (GAAP)
4.4 %
3.7 %
5.4 %
Impact of:
Acquisitions/divestitures
(0.3) %
0.6 %
(1.6) %
Currency exchange rates
0.5 %
0.6 %
0.3 %
Core sales growth (non-GAAP)
4.6 %
4.9 %
4.1 %
% Change Year Ended December 31, 2024 vs. Comparable 2023
Period
Segments
Total Company
Water Quality
Product Quality &
Innovation
Total sales growth (GAAP)
3.4 %
3.2 %
3.7 %
Impact of:
Acquisitions/divestitures
— %
0.3 %
(0.4) %
Currency exchange rates
0.3 %
0.4 %
— %
Core sales growth (non-GAAP)
3.7 %
3.9 %
3.3 %
VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Forecasted Core Sales Growth, Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings per Share and Free Cash Flow to Net Earnings Conversion Ratio
The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio.
% Change Three-Month Period
Ending April 4, 2025 vs.
Comparable 2024 Period
Core sales growth (non-GAAP)
+Low-to-mid-single digits
Three-Month Period Ending
April 4, 2025
Adjusted operating profit margin (non-GAAP)
24.0% to 24.5%
Adjusted diluted net earnings per share (non-GAAP)
$0.84 to $0.88
% Change Year Ending
December 31, 2025 vs.
Comparable 2024 Period
Core sales growth (non-GAAP)
+Low-to-mid-single digits
Year Ending December 31, 2025
Adjusted operating profit margin (non-GAAP)
+25 to 50 basis points
Adjusted diluted net earnings per share (non-GAAP)
$3.60 to $3.70
Free cash flow to net earnings conversion ratio (non-GAAP)
90% to 100%
VERALTO CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Cash Flow and Free Cash Flow
($ in millions)
Three-Month Period Ended
Year-over-Year
Change
Year Ended
Year-over-Year
Change
December 31,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Total Cash Flows:
Net cash provided by operating
activities (GAAP)
$ 285
$ 263
$ 875
$ 963
Total cash used in investing
activities (GAAP)
$ (394)
$ (22)
$ (434)
$ (55)
Total cash provided by (used in)
financing activities (GAAP)
$ (16)
$ 97
$ (65)
$ (135)
Free Cash Flow:
Total cash provided by
operating activities (GAAP)
$ 285
$ 263
~8.5 %
$ 875
$ 963
~(9.0)%
Less: payments for additions to
property, plant & equipment
(capital expenditures) (GAAP)
(22)
(22)
(55)
(54)
Plus: proceeds from sales of
property, plant & equipment
(capital disposals) (GAAP)
—
—
—
2
Free cash flow (non-GAAP)
$ 263
$ 241
~9.0 %
$ 820
$ 911
~(10.0)%
Operating Cash Flow to Net
Earnings Ratio (GAAP):
Net cash provided by operating
activities (GAAP)
$ 285
$ 263
$ 875
$ 963
Net earnings (GAAP)
$ 227
$ 200
$ 833
$ 839
Operating cash flow to net
earnings conversion ratio
1.26
1.32
1.05
1.15
Free Cash Flow to Net
Earnings Conversion Ratio
(non-GAAP):
Free cash flow from above
(non-GAAP)
$ 263
$ 241
$ 820
$ 911
Net earnings (GAAP)
$ 227
$ 200
$ 833
$ 839
Free cash flow to net earnings
conversion ratio (non-GAAP)
1.16
1.21
0.98
1.09
We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment
(“capital expenditures”) plus the proceeds from sales of plant, property and equipment (“capital disposals”).
Statement Regarding Non-GAAP Measures
Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto Corporation’s (“Veralto” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors:
with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers;with respect to core sales and related sales measures, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; andwith respect to free cash flow and related cash flow measures (the “FCF Measure”), understand Veralto’s ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company’s non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures).
Management uses these non-GAAP measures to measure the Company’s operating and financial performance.
The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons:Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto’s ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time.Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto’s commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. Standalone Adjustments: We believe these adjustments provide additional insight into how our businesses are performing, on a normalized basis. However, these non-GAAP financial measures should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts.With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to “restructuring charges” and “other adjustments”, we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult.With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult.With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements.
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SOURCE Veralto
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Technology
Singtel Receives Four Frost & Sullivan 2026 Recognitions for Leadership in Enterprise Connectivity, Cybersecurity, and Digital Transformation
Published
2 hours agoon
July 19, 2026By
The recognitions highlight Singtel’s leadership in secure connectivity, network transformation, IoT innovation, and cybersecurity, delivering customer value through intelligent digital infrastructure and AI-enabled enterprise services.
SAN ANTONIO, July 20, 2026 /CNW/ — Frost & Sullivan is pleased to honor Singtel with the 2026 Southeast Asia IoT Connectivity Service Provider Company of the Year, 2026 Singapore Network Transformation Customer Value Leadership, 2026 Singapore Cybersecurity Services Company of the Year, and 2026 Singapore SD-WAN and SASE Service Provider Company of the Year recognitions. These acknowledgements reflect Singtel’s outstanding achievements in delivering secure, intelligent, and scalable digital infrastructure that enables enterprises to modernize operations, simplify complexity, and accelerate digital transformation across Singapore and Southeast Asia. They underscore the company’s consistent leadership in strategy execution, customer value creation, and innovation across enterprise connectivity, cybersecurity, software-defined networking, and IoT connectivity services.
Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Singtel excelled in both, demonstrating its ability to anticipate evolving enterprise requirements while consistently translating long-term vision into measurable customer outcomes. Through platforms such as Singtel CUBΣ (CUBE) and its multidomestic IoT connectivity architecture, the company continues to unify networking, cybersecurity, automation, and AI-driven intelligence into integrated solutions that address the growing complexity of hybrid, multicloud, and connected environments. “Singtel has established itself as a benchmark for enterprise digital infrastructure by converging connectivity, cybersecurity, network intelligence, and IoT orchestration into a unified, customer-centric ecosystem. Its disciplined execution, platform-led innovation, and commitment to simplifying complex enterprise environments continue to strengthen operational resilience and deliver sustained value for organizations across the region,” said Kenny Yeo, Director at Frost & Sullivan.
Guided by a long-term strategy focused on digital innovation, intelligent infrastructure, and customer-centric transformation, Singtel has moved well-beyond traditional telecommunications to a trusted technology partner for enterprises navigating increasingly connected and data-driven environments. Its strategic investments in AI-enabled operations, cloud-native platforms, secure connectivity, and ecosystem partnerships enable organizations to modernize critical infrastructure while maintaining the flexibility to support future business growth.
The company’s strategic agility and sustained investment in integrated digital platforms have enabled it to scale innovative services across local, regional, and global enterprise environments. Innovation remains central to Singtel’s approach through solutions including the CUBΣ connected intelligence platform, multidomestic IoT connectivity powered by eSIM orchestration, managed cybersecurity services, AI-driven network automation, and network-as-a-service capabilities. These solutions simplify network and security management, strengthen cyber resilience, improve operational visibility, and provide enterprises with scalable, secure, and high-performing connectivity across cloud, edge, IoT, and hybrid infrastructures.
By streamlining service delivery through intelligent automation, centralized orchestration, proactive monitoring, and flexible managed and co-managed service models, Singtel continues to help organizations reduce operational complexity while improving service reliability and business agility. Its ability to integrate best-of-breed technologies in a unified operational framework, combined with strong regional network ownership and localized expertise, enables customers to confidently scale digital initiatives while maintaining security, governance, and operational excellence.
Frost & Sullivan commends Singtel for setting a high standard in competitive strategy, execution, and customer value across multiple technology domains. By combining intelligent networking, secure digital infrastructure, AI-enabled operations, and cross-border IoT capabilities in an integrated platform strategy, the company is shaping the future of enterprise connectivity while helping organizations build resilient, future-ready digital ecosystems.
Each year, Frost & Sullivan presents its Company of the Year and Customer Value Leadership recognitions to organizations that demonstrate outstanding strategy development and implementation, resulting in measurable improvements in customer satisfaction, competitive positioning, and business performance. These recognitions honor forward-thinking companies that continuously raise industry standards through innovation, operational excellence, and long-term value creation.
Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.
Contact:
Tarini Singh
E: Tarini.Singh@frost.com
View original content:https://www.prnewswire.com/news-releases/singtel-receives-four-frost–sullivan-2026-recognitions-for-leadership-in-enterprise-connectivity-cybersecurity-and-digital-transformation-302829114.html
SOURCE Frost & Sullivan
Technology
Foreign entrepreneurs find business opportunities and a home in Yiwu
Published
2 hours agoon
July 19, 2026By
BEIJING, July 19, 2026 /PRNewswire/ — A report from People’s Daily:
Yiwu, a city in east China’s Zhejiang province, is neither a coastal hub nor a border town. Yet it has built a trade network that reaches across the globe. Today, the city is home to more than 10,000 foreign-invested businesses and around 38,000 foreign merchants who live and work there.
People’s Daily reporters recently visited Yiwu to meet foreign entrepreneurs who have built successful businesses and settled down in the city. They shared stories of growing alongside Yiwu and becoming part of its remarkable transformation.
“I wouldn’t be where I am today without Yiwu,” said Senegalese businessman Sourakhata Tirera, a sentiment he often expresses. He first came to Yiwu in 2003 to source hardware products and was immediately impressed by the Yiwu International Trade Market. He noted, “If you can’t find something here, it’s probably because you haven’t searched carefully enough.”
In 2007, Tirera opened a foreign trade agency in Yiwu. In 2012, leveraging Yiwu’s comprehensive foreign trade pilot reform project, he established a wholly foreign-owned trading company. Today, his company ships 200 to 300 containers every month, dealing in more than 1,000 product categories and providing one-stop sourcing services for clients across Africa.
“Everyone is fascinated by Yiwu because it’s a place full of opportunities. Things that once seemed impossible can become reality here,” Tirera told People’s Daily after he finished receiving a trade delegation from Gabon.
Yemeni businessman Maged Mohammed Ali Al-Huraibi came to Yiwu alone in 2008 to pursue his entrepreneurial dream and founded a cosmetics trading company. In 2024, Yiwu launched a one-stop entrepreneurship service for foreign talent, offering factory leasing, policy consultation, and talent recruitment. Seizing the opportunity, Al-Huraibi invested in a cosmetics factory early that year, successfully transitioning from trader to manufacturer.
“Yiwu made my entrepreneurial dream come true. Now I want to bring cosmetics made in Yiwu to even more countries and regions around the world,” Al-Huraibi said.
Yiwu’s success is not simply about gathering products. More importantly, it comes from the city’s ability to create what the market needs — pioneering new approaches where none exist and forging new paths through continuous exploration.
Nepalese businessman Khadka Raj Kumar first came to Yiwu in 2002. In 2011, Yiwu pioneered a dual-track system for representative offices and foreign-invested business entities, addressing challenges related to residency, employment and business operations for foreign entrepreneurs. The following year, Kumar established his own trading company in Yiwu and later bought a home there.
In 2013, Yiwu established China’s first people’s mediation committee dedicated to foreign-related disputes, inviting foreign businesspeople to serve as mediation processes. Kumar has served in this role since 2017 and has participated in resolving more than 150 foreign-related disputes.
“In Yiwu, we’re not outsiders — we’re part of the local community,” he said.
As Yiwu’s sixth-generation marketplace, the Yiwu Global Digital Trade Center marks the city’s transition from traditional trade to a digital trade ecosystem.
Pakistani businessman Sheikh Jamil, who has operated in Yiwu for 21 years, has witnessed this transformation firsthand. According to him, more and more business is now conducted online. With the help of AI, he can quickly generate product solutions tailored to different market demands. “I can do business with the whole world without leaving my office,” he said.
Yemeni businessman Hasan Mohammed entered Yiwu’s cosmetics business as a distributor a decade ago. In 2018, he registered his own cosmetics brand in Saudi Arabia. With its products registered in Saudi Arabia, manufactured in China and sold worldwide, his business model delivers both high-quality products and a strong competitive edge.
“Yiwu is more like an ecosystem where ideas can quickly become reality. It offers not only opportunities, but also the potential for continuous growth,” said Mohammed.
For Brazilian businesswoman Ana Garcia, Yiwu’s transformation from “Made in Yiwu” to “Created in Yiwu” has been fueled by broad support in branding, digital innovation and global expansion. She founded a business consultancy that helps overseas clients identify market opportunities and sourcing needs, connect with qualified suppliers, and manage every step of the supply chain — from product selection and quality inspection to logistics and customs clearance.
Yiwu belongs not only to China, but also to the world. Together with entrepreneurs from around the globe, the city will continue turning the impossible into the possible, further burnishing its reputation as the “world’s supermarket” and ensuring that products created in Yiwu benefit people in more countries.
View original content:https://www.prnewswire.com/apac/news-releases/foreign-entrepreneurs-find-business-opportunities-and-a-home-in-yiwu-302829158.html
SOURCE People’s Daily
Technology
New Datingsmatch Survey: 1 in 5 Users Say a Wink Led to a Conversation
Published
3 hours agoon
July 19, 2026By
New findings from a Datingsmatch.com user survey show that the smallest gestures are doing more of the communication work than most people realize.
GIBRALTAR, July 19, 2026 /PRNewswire-PRWeb/ — People tend to think about opening messages as the moment a conversation actually starts online. The carefully worded introduction, the line someone spent time writing and then rewrote. What the data from a recent Datingsmatch survey points to is something different: for a meaningful share of users, none of that is where things began. It began with a wink.
According to the survey, 1 in 5 users of Datingsmatch reported that a wink was what got a conversation going. One-fifth of respondents, spread across different age groups and usage habits, identified that a single small gesture as the moment something actually started between two people.
What the Datingsmatch Survey Found
The survey was conducted among 5,000 users of the Datingsmatch online communication platform in June 2026, with participants asked to voluntarily share their experiences. The aim was to get a clearer picture of how conversations tend to begin, what it is that people hesitate about, and what eventually prompts someone to go ahead and reach out.
The wink finding was among the more consistent findings from the responses. Among users who described a conversation they felt good about, a notable portion were able to trace it back to a wink being sent first, whether they had sent it or received it. The reverse situation, where someone sent a cold message with no prior signal of any kind, was something respondents described as harder on both sides of the exchange.
That tracks with what broader research also points to. A 2023 Pew Research Center survey found that 55% of online daters felt insecure about the number of messages they received, and 36% felt overwhelmed by incoming contact. What that suggests is not that people don’t want to connect — it’s that the way contact gets initiated matters a great deal for how it lands.
Why Small Signals Carry More Weight Than They Seem
The Datingsmatch survey also looked at what stops people from reaching out when they want to. Uncertainty came up repeatedly. Not knowing whether someone is open to hearing from you. Not wanting to guess wrong and feel like you’ve overstepped.
What respondents described is not a lack of interest in connecting. It’s the absence of a clear enough signal that the other person is open to it. A Datingsmatch wink feature provides exactly that. It’s visible, unambiguous, and low-commitment enough that neither person has to feel exposed by it. For those still finding their footing on the platform, the beginner’s guide to the Datingsmatch platform walks through how these features work and how to use them effectively.
This connects to a 2024 study published in the journal Cyberpsychology, Behavior, and Social Networking that examined online rejection: ghosting was the most common form of rejection in digital communication, even after substantial prior exchanges. The fear that a message will simply be ignored — without any acknowledgment — is a real barrier. A lower-stakes signal reduces that barrier because the cost of no response feels smaller.
Datingsmatch notes, based on what survey participants shared, that this kind of low-friction signal seems to work differently than most people expect. It doesn’t just start conversations. It seems to reduce the gap that many users described feeling between “I want to reach out” and “I actually did.”
How People Actually Use the Wink Feature on Datingsmatch
Survey responses offered a more specific picture of the behavior. Winks were not being used randomly or as a form of mass outreach. Respondents described using them deliberately, on users they had spent time looking at, toward people they were genuinely interested in but not yet sure about approaching with a message.
Some users described sending a wink as a way of checking whether there was any openness to further contact, without having to commit to a full message exchange in order to find out. Others who had been on the receiving end of a wink said it was something they found easier to respond to, in part because it did not feel like it was asking too much of them too soon. There were also respondents who noted that when a wink had gone back and forth between two people, the first actual message felt less like an approach out of nowhere and more like a natural continuation of something that had already started.
Datingsmatch customer service regularly hears from users that knowing how to start a conversation is one of the things people think about most when they first join the platform. The survey data puts some numbers to what those conversations have long suggested.
What This Means for How the Platform Thinks About Connection
Datingsmatch highlights that findings like these shape how the platform continues to think about the role of small, low-pressure interactions in the overall experience. A conversation that begins with a wink is not a lesser conversation. Survey respondents who traced their most valued exchanges back to a wink described those conversations in consistently positive terms.
The platform sees value in giving users multiple ways to signal interest at different levels of commitment. A message is a commitment. A wink is an invitation. Both have a place, and the data suggests that for a meaningful portion of users, the invitation comes first and matters more than it might look like from the outside.
About Datingsmatch
Datingsmatch is an online communication platform that gives people a range of ways to connect online. The platform is built around the idea that how a conversation starts shapes everything that follows, and that not every interaction needs to begin with a message. Datingsmatch operates globally and continues to develop its communication tools based on how users actually engage with each other.
Media Contact
Elizabeth Fielden, Datingsmatch, 1 5869132511, review@datingsmatch.com, https://datingsmatch.com/
View original content:https://www.prweb.com/releases/new-datingsmatch-survey-1-in-5-users-say-a-wink-led-to-a-conversation-302828676.html
SOURCE Datingsmatch
Singtel Receives Four Frost & Sullivan 2026 Recognitions for Leadership in Enterprise Connectivity, Cybersecurity, and Digital Transformation
Foreign entrepreneurs find business opportunities and a home in Yiwu
New Datingsmatch Survey: 1 in 5 Users Say a Wink Led to a Conversation
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