SCOTTSDALE, Ariz., Feb. 15, 2022 /PRNewswire/ -- Resideo
Technologies, Inc. (NYSE: REZI), a leading global provider of home
comfort and security solutions and distributor of commercial and
residential security and audio-visual products, today announced
financial results for the fourth quarter and full year ended
December 31, 2021.
Full Year 2021 Highlights
- Net revenue of $5.8 billion, up
15% from $5.1 billion in 2020
- Gross profit margin of 26.7%, up approximately 80 basis points
compared to gross profit margin of 25.9% in the prior year
- Operating profit of $559 million,
or 9.6% of revenue, an increase of 80% from $311 million, or 6.1% of revenue, in 2020
- Fully diluted earnings per share of $1.63 compared to fully diluted earnings per
share of $0.29 in 2020
- Cash provided by operating activities of $315 million compared to $244 million in the prior year
Fourth Quarter 2021 Highlights
- Net revenue of $1.45 billion,
down 3% from $1.50 billion in the
fourth quarter 2020
- Gross profit margin of 27.2%, down approximately 100 basis
points compared to gross profit margin of 28.2% in the prior year
comparable period
- Operating profit of $141 million,
or 9.7% of revenue, compared to $152
million, or 10.1% of revenue, in the fourth quarter
2020
- Fully diluted earnings per share of $0.45 compared to fully diluted earnings per
share of $0.44 in the fourth quarter
2020
- Cash provided by operating activities of $112 million compared to $152 million in the prior year comparable
period
Management Remarks
"2021 was a year of record performance for Resideo as both ADI
and Products & Solutions delivered double digit revenue growth
and operating margin expansion," commented Jay Geldmacher, Resideo's President and CEO.
"The team executed through a challenging supply chain environment,
stepping up to deliver for our customers. This operational
execution and early returns on our transformation efforts and
investments resulted in meaningful growth in earnings and cash
generation."
"As we look to 2022, we expect to build on the strong 2021
performance with continued growth and margin expansion. At ADI we
are focused on accelerating the momentum in our digital initiatives
and continuing our expansion into adjacent audio visual and data
communications categories. Within Products & Solutions we now
have the foundation in place to build on our product and channel
leadership to drive innovation and new revenue streams and we are
excited about the opportunities created by our pending acquisition
of First Alert."
Products & Solutions 2021 Highlights
- Record revenue of $2.5 billion,
up 16% compared to 2020
- Operating profit of $541 million,
up 33% compared to 2020
- Foundational investment in people, productivity tools and
processes to support the long-term growth of the business
Products & Solutions delivered record revenue of
$2.5 billion in 2021, up 16% compared
to 2020. Demand was strong across all key product areas and
channels driven by security and energy products and our OEM
partners. Operating profit for 2021 was $541
million, or 21.9% of revenue, up 33% compared to 2020 and
representing a 270 basis point expansion in operating margin.
Revenue in the fourth quarter 2021 declined 6%, reflecting ongoing
supply chain challenges as underlying demand trends remained
solid.
The results come against a backdrop of significant supply chain,
logistics and cost inflation challenges throughout the year. These
challenges impacted the business' ability to fully meet strong
customer demand, drove significant additional costs for components
and freight, and required significant resource reallocation,
negating some of the financial impact of our transformation efforts
and volume expansion. While Products & Solutions implemented
several price increases during 2021, these price movements did not
fully offset input and logistics cost increases for the full year.
Cost pressures from materials and price realization came more into
balance during the fourth quarter, although lower volumes weighed
on gross margin during the period.
Underpinning the strong financial performance was significant
progress on foundational organizational and systems work. This
included investments in sales operations and business development,
significant systems consolidations, introduction of a comprehensive
integrated business planning process, and digital efforts to
consolidate and refresh our web presence. Products & Solutions
also launched Pro PERKS loyalty program with our professional
security dealers and HVAC contractors. These core investments are
providing better visibility into our key customers and partners,
and allowing for better alignment of investment and capital
allocation decisions with the long-term strategy.
Innovation and new product development remain a key focus of
investment activity and major activities in 2021 included
significant enhancements to Pro Series for the general security
market, expanded thermostat portfolio breadth and refreshed
hydronic products in Europe.
ADI Global Distribution 2021 Highlights
- Record revenue of $3.4 billion,
up 15% compared to 2020
- Operating profit of $268 million,
up 38% compared to 2020
- E-commerce sales growth of 47%, accounting for 15% of ADI total
sales
- Completed acquisition and integration of Norfolk Wire &
Cable and Shoreview Distribution
ADI closed 2021 strong with fourth quarter 2021 revenue up 8% on
a daily sales average basis and flat on a reported basis compared
with 2020, reflecting five fewer selling days in fourth quarter
2021. For full year 2021, revenue expanded by 15% driven by strong
demand across key product categories and within commercial and
residential end markets. As the year progressed, vendor supply
issues became more prevalent, particularly in categories such as
video surveillance and intrusion, which resulted in elevated
backlog at year end.
Operating profit of $268 million
for 2021 was up 38% from $194 million
in 2020. ADI delivered approximately 100 basis points of gross
margin expansion for the year, reflecting investment and execution
on pricing initiatives, which have provided the ADI sales team more
real-time insight and the ability to price more efficiently. Gross
margin was also favorably impacted by the current inflationary
pricing environment, particularly during the second half of the
year.
ADI continued to expand its investments in digital initiatives
in 2021. This included e-commerce experience, pricing optimization
and salesforce effectiveness tools. These investments drove
touchless sales to over $1 billion
for the year, or over 30% of total ADI sales, half of which were
through e-commerce. With this omni-channel expansion ADI is better
positioned to serve customers how and where they want to transact,
whether in-person or online. This move to more digital interactions
also frees sales associates for more consultative and value-add
interactions. The positive impacts of this are seen in the total
sales generated per sales associate, which expanded to over
$2 million per sales head in 2021, up
14% compared with 2020.
Full Year 2021 Performance
Consolidated revenue for the full year 2021 was $5.8 billion, up 15% compared with consolidated
revenue for the prior year of $5.1
billion. Gross profit margin for the full year 2021 was
26.7%, compared to 25.9% for the prior year. Operating profit
of $559 million for the full year
2021 increased 80% compared to operating profit of $311 million for the prior year. Corporate costs
decreased 14% to $250 million from
$290 million in 2020, despite
$16 million associated with the
proposed settlement of securities class action litigation and
$9 million of facility exit costs.
For the full year 2021, the company reported net income of
$242 million, or $1.63 per diluted common share. This compares to
net income of $37 million, or
$0.29 per diluted common share for
the prior year.
Fourth Quarter 2021 Performance
Consolidated revenue of $1.45
billion in the fourth quarter 2021 decreased 3% compared
with the prior year of $1.50 billion.
Gross profit margin for the fourth quarter 2021 was 27.2%, compared
to 28.2% in the prior year. Resideo's operating profit of
$141 million in the fourth quarter
2021 compared to a prior year operating profit of $152 million. Total Corporate costs were
$54 million, down from $73 million in the prior year primarily due to
impacts from transformation program cost savings and reduction of
spin-off costs. Net income for the fourth quarter 2021 was
$67 million, or $0.45 per diluted common share, compared with
$59 million, or $0.44 per diluted common share, in the prior
year.
Cash Flow and Liquidity
Resideo reported net cash provided by operating activities of
$315 million for full year 2021, an
increase of $71 million from the
prior year. This improvement was primarily due to higher net income
partially offset by higher working capital balances driven by
strong revenue growth. At December 31,
2021, Resideo had cash and cash equivalents of $779 million and total outstanding debt of
$1.2 billion.
Outlook
The company expects full year 2022 revenue to be in the range of
$5.95 billion to $6.20 billion, gross profit margin in the range
of 27.0% to 28.0% and operating profit in the range of $610 million to $650
million.
The company expects first quarter 2022 revenue to be in the
range of $1.425 billion to
$1.475 billion, gross profit margin
in the range of 27.5% to 28.5% and operating profit in the range of
$140 million to $150 million.
Conference Call and Webcast Details
Resideo will hold a conference call with investors on
February 15, 2022, at 5:00 p.m. ET. An audio webcast of the call will
be accessible at https://investor.resideo.com, where related
materials will be posted before the call. A replay of the webcast
will be available following the presentation. To join the
conference call, please dial 888-660-6357 (U.S. toll-free) or
1-929-201-6127 (international), with the conference title "Resideo
Fourth Quarter 2021 Earnings" or the conference ID: 7301399.
About Resideo
Resideo is a leading global manufacturer and distributor of
technology-driven products and solutions that provide comfort,
security, energy efficiency and control to customers worldwide.
Building on a 130-year heritage, Resideo has a presence in more
than 150 million homes globally, with 15 million systems installed
in homes each year. We continue to serve more than 110,000
professionals through leading distributors, including our ADI
Global Distribution business, which exports to more than 100
countries from nearly 200 stocking locations around the world. For
more information about Resideo, please visit www.resideo.com.
Contacts:
|
|
Investors:
|
Media:
|
Jason
Willey
|
Oliver
Clark
|
investorrelations@resideo.com
|
oliver.clark@resideo.com
|
Forward-Looking Statements
This release contains "forward-looking statements." All
statements, other than statements of fact, that address activities,
events or developments that we or our management intend, expect,
project, believe or anticipate will or may occur in the future are
forward-looking statements. Although we believe forward-looking
statements are based upon reasonable assumptions, such statements
involve known and unknown risks and uncertainties, which may cause
the actual results or performance of the Company to differ
materially from such forward-looking statements. Such risks and
uncertainties include, but are not limited to, (1) our ability to
achieve our outlook regarding the first quarter 2022 and full year
2022, (2) the duration and severity of the COVID-19 pandemic and
the disruption to our business and the global economy caused by it,
including its effect on our and our business partners' supply
chains, (3) the amount of our obligations and nature of our
contractual restrictions pursuant to, and disputes that have or may
hereafter arise under the agreements we entered into with Honeywell
in connection with our spin-off, (4) the likelihood of continued
success of our transformation programs and initiatives, (5) risks
related to our pending acquisition of First Alert, including the
timing for the consummation thereof, our ability to achieve the
targeted amount of annual cost synergies and otherwise successfully
integrate the acquired operations, and the expected net present
value of tax benefits resulting from the transaction and (6) the
other risks described under the headings "Risk Factors" and
"Cautionary Statement Concerning Forward-Looking Statements" in our
Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic filings we
make from time to time with the Securities and Exchange Commission.
Forward-looking statements are not guarantees of future
performance, and actual results, developments, and business
decisions may differ from those envisaged by our forward-looking
statements. Except as required by law, we undertake no obligation
to update such statements to reflect events or circumstances
arising after the date of this press release and we caution
investors not to place undue reliance on any such forward looking
statements.
Table 1: SUMMARY
OF FINANCIAL RESULTS (UNAUDITED)
|
(In
millions)
|
|
|
Q4
2021
|
|
|
Full Year
2021
|
|
|
Products
&
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
|
|
Products
&
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
|
Revenue
(1)
|
$
|
633
|
|
$
|
821
|
|
$
|
-
|
|
$
|
1,454
|
|
|
$
|
2,468
|
|
$
|
3,378
|
|
$
|
-
|
|
$
|
5,846
|
|
Cost of goods
sold
|
|
393
|
|
|
664
|
|
|
1
|
|
|
1,058
|
|
|
|
1,509
|
|
|
2,769
|
|
|
7
|
|
|
4,285
|
|
Gross profit
(loss)
|
|
240
|
|
|
157
|
|
|
(1)
|
|
|
396
|
|
|
|
959
|
|
|
609
|
|
|
(7)
|
|
|
1,561
|
|
Research and
development expenses (2)
|
|
23
|
|
|
-
|
|
|
-
|
|
|
23
|
|
|
|
85
|
|
|
-
|
|
|
1
|
|
|
86
|
|
Selling, general and
administrative expenses (2)
|
|
92
|
|
|
87
|
|
|
53
|
|
|
232
|
|
|
|
333
|
|
|
341
|
|
|
242
|
|
|
916
|
|
Operating profit
(loss)
|
$
|
125
|
|
$
|
70
|
|
$
|
(54)
|
|
$
|
141
|
|
|
$
|
541
|
|
$
|
268
|
|
$
|
(250)
|
|
$
|
559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2020
|
|
|
Full Year
2020
|
|
|
Products
&
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
|
|
Products
&
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
|
Revenue
(1)
|
$
|
676
|
|
$
|
825
|
|
$
|
-
|
|
$
|
1,501
|
|
|
$
|
2,121
|
|
$
|
2,950
|
|
$
|
-
|
|
$
|
5,071
|
|
Cost of goods
sold
|
|
393
|
|
|
681
|
|
|
4
|
|
|
1,078
|
|
|
|
1,300
|
|
|
2,449
|
|
|
9
|
|
|
3,758
|
|
Gross profit
(loss)
|
|
283
|
|
|
144
|
|
|
(4)
|
|
|
423
|
|
|
|
821
|
|
|
501
|
|
|
(9)
|
|
|
1,313
|
|
Research and
development expenses (2)
|
|
21
|
|
|
-
|
|
|
1
|
|
|
22
|
|
|
|
74
|
|
|
-
|
|
|
3
|
|
|
77
|
|
Selling, general and
administrative expenses (2)
|
|
96
|
|
|
85
|
|
|
68
|
|
|
249
|
|
|
|
340
|
|
|
307
|
|
|
278
|
|
|
925
|
|
Operating profit
(loss)
|
$
|
166
|
|
$
|
59
|
|
$
|
(73)
|
|
$
|
152
|
|
|
$
|
407
|
|
$
|
194
|
|
$
|
(290)
|
|
$
|
311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2021 % change
compared with prior period
|
|
|
Full Year 2021 %
change compared with prior period
|
|
|
Products
&
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
|
|
Products
&
Solutions
|
|
ADI Global
Distribution
|
|
Corporate
|
|
Total
Company
|
|
Revenue
(1)
|
|
(6)
|
%
|
|
(0)
|
%
|
N/A
|
|
|
(3)
|
%
|
|
|
16
|
%
|
|
15
|
%
|
N/A
|
|
|
15
|
%
|
Cost of goods
sold
|
|
0
|
%
|
|
(2)
|
%
|
|
(75)
|
%
|
|
(2)
|
%
|
|
|
16
|
%
|
|
13
|
%
|
|
(22)
|
%
|
|
14
|
%
|
Gross profit
(loss)
|
|
(15)
|
%
|
|
9
|
%
|
|
(75)
|
%
|
|
(6)
|
%
|
|
|
17
|
%
|
|
22
|
%
|
|
(22)
|
%
|
|
19
|
%
|
Research and
development expenses (2)
|
|
10
|
%
|
N/A
|
|
N/A
|
|
|
5
|
%
|
|
|
15
|
%
|
N/A
|
|
|
(67)
|
%
|
|
12
|
%
|
Selling, general and
administrative expenses (2)
|
|
(4)
|
%
|
|
2
|
%
|
|
(22)
|
%
|
|
(7)
|
%
|
|
|
(2)
|
%
|
|
11
|
%
|
|
(13)
|
%
|
|
(1)
|
%
|
Operating profit
(loss)
|
|
(25)
|
%
|
|
19
|
%
|
|
(26)
|
%
|
|
(7)
|
%
|
|
|
33
|
%
|
|
38
|
%
|
|
(14)
|
%
|
|
80
|
%
|
|
(1) Represents
Product & Solutions revenue, excluding intersegment revenue of
$87 million and $373 million for the three and twelve months ended
December 31, 2021 and $97 million and $367 million for the three
and twelve months ended December 31, 2020. ADI Global Distribution
does not have any intersegment revenue.
|
|
(2) Prior year
information was reclassified to present Research and development
expenses as a separate line item. Research and development
expenses were formerly included within Selling, general and
administrative expenses.
|
Table 2:
CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
(In millions
except share and per share data)
|
|
Net
revenue
|
|
$
|
1,454
|
|
|
$
|
1,501
|
|
|
$
|
5,846
|
|
|
$
|
5,071
|
|
Cost of goods
sold
|
|
|
1,058
|
|
|
|
1,078
|
|
|
|
4,285
|
|
|
|
3,758
|
|
Gross
profit
|
|
|
396
|
|
|
|
423
|
|
|
|
1,561
|
|
|
|
1,313
|
|
Research and
development expenses (1)
|
|
|
23
|
|
|
|
22
|
|
|
|
86
|
|
|
|
77
|
|
Selling, general and
administrative expenses (1)
|
|
|
232
|
|
|
|
249
|
|
|
|
916
|
|
|
|
925
|
|
Operating
profit
|
|
|
141
|
|
|
|
152
|
|
|
|
559
|
|
|
|
311
|
|
Other expense,
net
|
|
|
28
|
|
|
|
41
|
|
|
|
158
|
|
|
|
147
|
|
Interest
expense
|
|
|
11
|
|
|
|
14
|
|
|
|
48
|
|
|
|
63
|
|
Income before
taxes
|
|
|
102
|
|
|
|
97
|
|
|
|
353
|
|
|
|
101
|
|
Tax
expense
|
|
|
35
|
|
|
|
38
|
|
|
|
111
|
|
|
|
64
|
|
Net income
|
|
$
|
67
|
|
|
$
|
59
|
|
|
$
|
242
|
|
|
$
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
144,560
|
|
|
|
131,406
|
|
|
|
144,036
|
|
|
|
125,348
|
|
Diluted
|
|
|
148,675
|
|
|
|
134,424
|
|
|
|
148,448
|
|
|
|
126,324
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.46
|
|
|
$
|
0.45
|
|
|
$
|
1.68
|
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.45
|
|
|
$
|
0.44
|
|
|
$
|
1.63
|
|
|
$
|
0.29
|
|
|
1) The prior
year unaudited Consolidated Interim Statements of Operations were
reclassified to present Research and development expenses as a
separate line item within the statements. Research and
development expenses were formerly included within Selling, general
and administrative expenses.
|
Table 3:
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
(In millions,
except number
of shares which are reflected
in thousands and par value)
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
779
|
|
|
$
|
517
|
|
Accounts receivables
– net
|
|
|
876
|
|
|
|
863
|
|
Inventories –
net
|
|
|
740
|
|
|
|
672
|
|
Other current
assets
|
|
|
146
|
|
|
|
173
|
|
Total current
assets
|
|
|
2,541
|
|
|
|
2,225
|
|
Property, plant and
equipment – net
|
|
|
287
|
|
|
|
318
|
|
Goodwill
|
|
|
2,661
|
|
|
|
2,691
|
|
Other
assets
|
|
|
364
|
|
|
|
376
|
|
Total
assets
|
|
$
|
5,853
|
|
|
$
|
5,610
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
883
|
|
|
$
|
936
|
|
Current maturities of
long-term debt
|
|
|
10
|
|
|
|
7
|
|
Accrued
liabilities
|
|
|
601
|
|
|
|
595
|
|
Total current
liabilities
|
|
|
1,494
|
|
|
|
1,538
|
|
Long-term
debt
|
|
|
1,220
|
|
|
|
1,155
|
|
Obligations payable
under Indemnification Agreements
|
|
|
585
|
|
|
|
590
|
|
Other
liabilities
|
|
|
302
|
|
|
|
334
|
|
EQUITY
|
|
|
|
|
|
|
Common stock, $0.001
par value, 700,000 shares authorized, 146,248 and 144,808 shares
issued and outstanding as of December 31, 2021, 143,959 and 143,059
shares issued and outstanding as of December 31, 2020,
respectively
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
2,121
|
|
|
|
2,070
|
|
Treasury stock, at
cost
|
|
|
(21)
|
|
|
|
(6)
|
|
Retained
earnings
|
|
|
317
|
|
|
|
75
|
|
Accumulated other
comprehensive loss
|
|
|
(165)
|
|
|
|
(146)
|
|
Total
equity
|
|
|
2,252
|
|
|
|
1,993
|
|
Total liabilities and
equity
|
|
$
|
5,853
|
|
|
$
|
5,610
|
|
Table 4:
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
(In
millions)
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
67
|
|
|
$
|
59
|
|
|
$
|
242
|
|
|
$
|
37
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
21
|
|
|
|
22
|
|
|
|
88
|
|
|
|
86
|
|
Stock compensation
expense
|
|
10
|
|
|
|
8
|
|
|
|
39
|
|
|
|
29
|
|
Deferred income
taxes
|
|
6
|
|
|
|
22
|
|
|
|
6
|
|
|
|
22
|
|
Loss on
extinguishment of debt
|
|
-
|
|
|
|
-
|
|
|
|
41
|
|
|
|
-
|
|
Other
|
|
(1)
|
|
|
|
1
|
|
|
|
3
|
|
|
|
21
|
|
Changes in assets and
liabilities, net of acquired companies:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
48
|
|
|
|
37
|
|
|
|
(30)
|
|
|
|
(27)
|
|
Inventories –
net
|
|
(33)
|
|
|
|
(45)
|
|
|
|
(73)
|
|
|
|
19
|
|
Other current
assets
|
|
33
|
|
|
|
(10)
|
|
|
|
27
|
|
|
|
5
|
|
Accounts
payable
|
|
(23)
|
|
|
|
61
|
|
|
|
(42)
|
|
|
|
(1)
|
|
Accrued
liabilities
|
|
(12)
|
|
|
|
(21)
|
|
|
|
14
|
|
|
|
31
|
|
Obligations payable
under Indemnification Agreements
|
|
(2)
|
|
|
|
4
|
|
|
|
(5)
|
|
|
|
(4)
|
|
Other
|
|
(2)
|
|
|
|
14
|
|
|
|
5
|
|
|
|
26
|
|
Net cash provided by
operating activities
|
|
112
|
|
|
|
152
|
|
|
|
315
|
|
|
|
244
|
|
Cash flows used
for investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures for
property, plant, equipment and other intangibles
|
|
(15)
|
|
|
|
(20)
|
|
|
|
(63)
|
|
|
|
(70)
|
|
Cash paid for
acquisitions, net of cash acquired
|
|
-
|
|
|
|
-
|
|
|
|
(11)
|
|
|
|
(35)
|
|
Other
|
|
6
|
|
|
|
2
|
|
|
|
9
|
|
|
|
2
|
|
Net cash used for
investing activities
|
|
(9)
|
|
|
|
(18)
|
|
|
|
(65)
|
|
|
|
(103)
|
|
Cash flows
provided by (used for) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common
stock through public offering, net of issuance cost
|
|
-
|
|
|
|
279
|
|
|
|
-
|
|
|
|
279
|
|
Proceeds from
long-term debt
|
|
-
|
|
|
|
-
|
|
|
|
1,250
|
|
|
|
-
|
|
Net repayments from
revolving credit facility
|
|
-
|
|
|
|
(150)
|
|
|
|
-
|
|
|
|
-
|
|
Payment of debt
facility issuance and modification costs
|
|
-
|
|
|
|
-
|
|
|
|
(39)
|
|
|
|
-
|
|
Repayment of
long-term debt
|
|
(3)
|
|
|
|
(11)
|
|
|
|
(1,188)
|
|
|
|
(22)
|
|
Other
|
|
(5)
|
|
|
|
-
|
|
|
|
(3)
|
|
|
|
(4)
|
|
Net cash provided by
(used for) financing activities
|
|
(8)
|
|
|
|
118
|
|
|
|
20
|
|
|
|
253
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(2)
|
|
|
|
5
|
|
|
|
(8)
|
|
|
|
1
|
|
Net increase in cash
and cash equivalents
|
|
93
|
|
|
|
257
|
|
|
|
262
|
|
|
|
395
|
|
Cash and cash
equivalents at beginning of period
|
|
686
|
|
|
|
260
|
|
|
|
517
|
|
|
|
122
|
|
Cash and cash
equivalents at end of period
|
$
|
779
|
|
|
$
|
517
|
|
|
$
|
779
|
|
|
$
|
517
|
|
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SOURCE Resideo Technologies, Inc.