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Press Release: Fortive Reports Fourth Quarter -2-

· 02/04/2021 16:15
($ and shares in millions, except per share amounts) As of ------------------------------------------ December 31, 2020 December 31, 2019 ------------------- --------------------- ASSETS Current assets: Cash and equivalents $ 1,824.8 $ 1,205.2 Accounts receivable less allowance for doubtful accounts of $42.5 million and $26.4 million at December 31, 2020 and December 31, 2019, respectively 810.3 890.7 Inventories 455.5 416.2 Prepaid expenses and other current assets 206.7 338.6 Investment in Vontier Corporation 1,119.2 -- Current assets, discontinued operations 30.4 838.1 ------------------ ------------------ Total current assets 4,446.9 3,688.8 Property, plant and equipment, net 422.0 416.0 Operating lease right-of-use assets 188.7 169.0 Other assets 344.1 344.7 Goodwill 7,359.2 7,241.5 Other intangible assets, net 3,290.6 3,570.7 Other assets, discontinued operations -- 2,008.3 ------------------ ------------------ Total assets $ 16,051.5 $ 17,439.0 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 1,399.8 $ 1,500.0 Trade accounts payable 480.8 449.0 Current operating lease liabilities 47.0 42.1 Accrued expenses and other current liabilities 899.9 797.8 Current liabilities, discontinued operations 33.3 678.3 ------------------ ------------------ Total current liabilities 2,860.8 3,467.2 Operating lease liabilities 154.3 133.8 Other long-term liabilities 1,233.4 1,339.0 Long-term debt 2,830.3 4,826.2 Long-term liabilities, discontinued operations -- 272.6 Equity: Preferred stock: $0.01 par value, 15.0 million shares authorized; 5.0% Mandatory convertible preferred stock, series A, 1.4 million shares designated, issued and outstanding at December 31, 2020 and December 31, 2019 -- -- Common stock: $0.01 par value, 2.0 billion shares authorized; 339.0 million and 336.9 million issued; 337.9 million and 336.0 million outstanding at December 31, 2020 and December 31, 2019, respectively 3.4 3.4 Additional paid-in capital 3,554.5 3,311.1 Retained earnings 5,547.4 4,128.8 Accumulated other comprehensive income (loss) (141.1) (56.3) ------------------ ------------------ Total Fortive stockholders' equity 8,964.2 7,387.0 Noncontrolling interests 8.5 13.2 ------------------ ------------------ Total stockholders' equity 8,972.7 7,400.2 ------------------ ------------------ Total liabilities and stockholders' equity $ 16,051.5 $ 17,439.0 ============== ============== 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. FORTIVE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) ($ and shares in millions, except per share amounts) Three Months Ended Year Ended -------------------- ---------------------- December December December December 31, 2020 31, 2019 31, 2020 31, 2019 --------- --------- --------- ----------- Sales $1,324.9 $1,263.3 $4,634.4 $4,563.9 Cost of sales (562.8) (556.2) (2,025.9) (2,080.7) -------- -------- -------- -------- Gross profit 762.1 707.1 2,608.5 2,483.2 Operating costs: Selling, general, and administrative expenses (494.8) (490.4) (1,748.4) (1,719.0) Research and development expenses (83.4) (76.8) (320.7) (320.3) -------- -------- -------- -------- Operating profit 183.9 139.9 539.4 443.9 Non-operating income (expense), net: Gain (loss) from combination of business -- (0.4) -- 40.8 Interest expense, net (36.8) (41.9) (148.5) (142.6) Unrealized gain on investment in Vontier Corporation 1,119.2 -- 1,119.2 -- Other non-operating income (expense), net (2.2) (4.5) (2.4) (5.4) -------- -------- -------- -------- Earnings from continuing operations before income taxes 1,264.1 93.1 1,507.7 336.7 Income taxes (12.5) (18.4) (55.5) (68.6) -------- -------- -------- -------- Net earnings from continuing operations 1,251.6 74.7 1,452.2 268.1 -------- -------- -------- -------- Loss from discontinued operations, net of income taxes (36.0) 118.1 161.1 470.8 -------- -------- -------- -------- Net earnings 1,215.6 192.8 1,613.3 738.9 -------- -------- -------- -------- Mandatory convertible preferred dividends (17.2) (17.2) (69.0) (69.0) -------- -------- -------- -------- Net earnings attributable to common stockholders $1,198.4 $ 175.6 $1,544.3 $ 669.9 ======= ======= ======= ======= Net earnings per share from continuing operations: Basic $ 3.65 $ 0.17 $ 4.10 $ 0.59 Diluted $ 3.47 $ 0.17 $ 4.05 $ 0.59 Net earnings per share from discontinued operations: Basic $ (0.11) $ 0.35 $ 0.48 $ 1.40 Diluted $ (0.10) $ 0.35 $ 0.45 $ 1.38 Net earnings per share: Basic $ 3.55 $ 0.52 $ 4.58 $ 1.99 Diluted $ 3.37 $ 0.52 $ 4.49 $ 1.97 Average common stock and common equivalent shares outstanding: Basic 338.0 336.4 337.4 335.8 Diluted 360.7 340.1 359.0 340.0 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. FORTIVE CORPORATION AND SUBSIDIARIES CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (unaudited) ($ in millions) Year Ended December 31 ---------------------------- 2020 2019 -------------- ---------- Cash flows from operating activities: Net earnings from continuing operations $ 1,452.2 $ 268.1 Noncash items: Unrealized gain on investment in Vontier Corporation (1,119.2) -- Depreciation 74.1 80.5 Amortization 309.9 261.0 Stock-based compensation expense 62.6 52.5 Gains from acquisition and combination of business -- (40.8) Gain on sale of property (5.3) -- Change in deferred income taxes (85.1) (11.9) Change in accounts receivable, net 82.4 (204.9) Change in inventories (7.3) 93.5 Change in trade accounts payable 18.1 52.4 Change in prepaid expenses and other assets 147.9 (71.3) Change in accrued expenses and other liabilities 47.4 222.9 ------------- --------- Total operating cash provided by continuing operations 977.7 702.0 Total operating cash provided by discontinued operations 459.0 569.4 ------------- --------- Net cash provided by operating activities 1,436.7 1,271.4

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February 04, 2021 16:15 ET (21:15 GMT)