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Wts investor presentaton 3.14.18
1.
Investor Presentation
2.
Forward Looking Statements Certain
statements in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are related to forecasts of sales, market dynamics and 2018 outlook update, capital expenditures, costs and savings associated with realignment activities and management goals and objectives. Watts cautions investors that any such forward-looking statements made by Watts are not guarantees of future performance. All forward-looking statements are subject to known and unknown risks, uncertainties and contingencies, many that are beyond the control of Watts, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward- looking statements. Factors that might affect forward-looking statements include overall economic and business conditions, competitive factors, changes in laws affecting Watts, future acquisitions of material assets or businesses by Watts, the demand for Watts’ products and services and other factors identified in Watts’ most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. 3/14/2018 © 2018 Watts Water Technologies, Inc. 2
3.
Who We Are 3/14/2018
© 2018 Watts Water Technologies, Inc. 3 Global Leader / Expanding Geographically Leader in Commercial / Residential Water Products • $1.5B Global Company ‒ Domestic / international revenue split fairly balanced ‒ Exposure to replacement markets & new construction ‒ Strong presence in commercial / residential markets ‒ Regulations – plumbing codes drive ~ 65% of worldwide sales • Leveraging Leading Brands and Key Market Drivers ‒ Safety & Regulation ‒ Energy Efficiency ‒ Water Conservation • Multi-Year Transformation Complete; Pivoting to Growth • Strong Cash Generator Drives Capital Deployment Geographic REVENUE SOURCES Americas 65% Europe 30% APMEA 5% End Markets Non- Residential 60% Repair / Retrofit 65%
4.
Where We Play:
Strategic Themes 3/14/2018 © 2018 Watts Water Technologies, Inc. 4 Addressing Global Secular Market Themes SAFETY & REGULATION Provide the highest levels of performance in the safeguarding of water systems • Code & specification driven • Extensive certification process • Emerging need globally ENERGY EFFICIENCY Offer the most efficient conversion of energy sources into useful heat and hot water • Large & fragmented market • Economic & environmental value proposition • Application & engineering competencies critical WATER CONSERVATION Deliver drainage and pre-treatment systems that meet the design challenges of a water scarce world • Environmental & emotional drivers • Code & specification driven • Emerging global demand • Best in class service Specialty products and systems that conserve and safeguard the flow of fluid and energy KEY MEGA TRENDS MARKET CHARACTERISTICS WATTS VALUE PROPOSITION
5.
Attractive End Markets 3/14/2018
© 2018 Watts Water Technologies, Inc. 5 Balanced Portfolio Providing Tailwind For Growth Institutional / Educational Multi Family / Commercial Sports Complexes Residential Hospitality – Food Service Light / General Industrial Hospitality – Hotel Healthcare Specialty products and systems that conserve and safeguard the flow of fluid and energy
6.
Commercial Offerings March 14,
2018 © 2018 Watts Water Technologies, Inc. 6 ~60% of Sales; More Complexity / Systems Driveway / Sidewalk Drainage / Rain Water Harvesting Fire Protection Systems Boiler / Mechanical Room Irrigation Commercial Kitchens ► Hot Water Heaters / Boilers ► Digital Thermostatic Mixing Stations ► Boiler & Pump Controls ► Gas Connectors ► Point of Use Filtration Systems ► Stainless Steel Drains ► Backflow Preventers ► Backflow Preventers ► Pressure Regulating Valves ► Isolation Valves ► Cross Connection Systems ► Automatic Control Valves ► Isolation Valves ► Cast Iron and Stainless Steel Drains & Pipe ► Rain Water Harvesting ► Roofs, Parking Garages, Bathrooms, Kitchens Guestroom ► Anti-Scald Shower & Lavatory Valves ► Stainless Steel Shower Drains ► Underfloor Heating Systems Public Restroom Safety ► Thermostatic Mixing Valves ► Floor Drains ► Closet & Lavatory Carriers Point of Entry – Potable Water ► Electronic Temperature Controls ► Snow Melt Hydronic Systems ► Manifolds Point of Entry – Water Safety ► Backflow Preventers ► Automatic Control Valves ► Pressure Reducing Valves ► Ball, Gate, & Butterfly Valves ► OneFlow Anti-Scale Systems ► Water Softeners ► SmartStream UV System
7.
Residential Offerings March 14,
2018 © 2018 Watts Water Technologies, Inc. 7 ~40% of Sales; Product Range Unmatched Kitchen ► Undersink Thermostatic Mixing Valves ► Reverse Osmosis Water Filtration Systems ► Electric Tile Warming ► SmartSense Excess Flow Valve & Thermal Shutoff Bathroom ► Tempering Valves ► Electric Tile Warming ► Stainless Steel Shower Drains ► Hot Water on Demand Recirculation Driveway / Sidewalk ► Snow Melt Hydronic Systems ► Electronic Temperature Controls ► Manifolds ► Quick Connect Fittings ► Hydrocontrol Panels ► PEX Tubing Laundry Room ► Anti-Scale Systems ► Gas Ball Valves & Connectors ► SmartSense Excess Flow Valve & Thermal Shutoff ► IntelliFlow Automatic Washing Machine Shutoff Valves ► Whole House Filtration Systems ► Anti-Scale Systems ► Water Softeners ► SmartStream UV Disinfection Systems Boiler / Furnace Room ► T&P Relief Valves ► Tempering Valves ► Pressure Reducing Valves ► Expansion Tanks ► Temperature & Pressure Gauges ► Air Separators ► Backflow Preventers ► Pressure Reducing Valves ► Backflow Preventers ► Pressure Reducing Valves ► Flow Control Valves Point of Entry – Potable Water Point of Entry – Water Safety Irrigation Living Room ► Control Panel / Thermostat ► Radiant Underfloor Heating
8.
Internal Transformation Completed… 3/14/2018
© 2018 Watts Water Technologies, Inc. 8 …Now Focused on Driving Profitable Growth • Realigned Cost Structure to Demand • Footprint Optimization • Sourcing Excellence • Exited Non-core Products ‒ Exited $165M of sales • Footprint Optimization ‒ 30% US reduction • Sourcing Excellence ‒ $11M annualized savings • One Watts • Innovation / Application Solutions 2013 - 2016 European Transformation 2015 - 2017 Americas / Asia Transformation 2018 + BEYOND Continue to Drive Productivity; Reinvest for Growth Re-investing $25M in Commercial Excellence
9.
Watts Strategic Framework 3/14/2018
9 Continue to Grow Organically Drive Operational Efficiencies & Improvement across All Key Processes Employ Disciplined & Balanced Capital Allocation Strategy © 2018 Watts Water Technologies, Inc.
10.
Organic Growth Initiatives 3/14/2018
© 2018 Watts Water Technologies, Inc. 10 Multifaceted Approach to Drive Solutions New Product Development Geographic Expansion Key Account Management • Streamlined multiple development processes to one • Leveraging Voice of Customer to drive product innovation • Opened state-of-the-art Watts Works Learning Center - Customers experience first-hand products and technologies • Introducing existing products to new territories • Targeting countries with well-established plumbing codes - Australia, Korea, Japan, Singapore, Chile, Mexico • Expanding relationships with large customers (e.g., lodging and restaurant chains) • Leveraging integrated business model to cross-sell solutions Future Growth Supported by Solution Selling
11.
Margin Improvement Expectations 3/14/2018
© 2018 Watts Water Technologies, Inc. 11 Major “Self Help” Initiatives Realized; Pivot to Growth 2015 Baseline Transformation 2017 Growth Initiatives Operational Initiatives 2020E 10.1% (1) 11.9% (1) Goal 14% + • LEAN • Functional Excellence • New Product Development • Geographic Expansion • Key Account Management • Portfolio Rationalization • Footprint Optimization • Global Sourcing • Europe Restructuring Adjusted (1) Operating Margin Opportunity Next 3 Years (1) See slide 18 for reconciliation of GAAP to Non GAAP operating margin
12.
Disciplined Capital Deployment 3/14/2018
© 2018 Watts Water Technologies, Inc. 12 Strong Cash Generation Drives Deployment Upside Strong Cash Generation Deployment Priorities • Investing in High ROI CAPEX ‒ Reinvestment ratio 80-100% • Strategic M&A ‒ Selective acquirer; disciplined valuation and screening process • Dividend increases • Stable share buyback ‒ Offset option dilution at minimum $82 $135 + 2015 2020E $M >100% FCF Conversion
13.
M&A Strategy 3/14/2018 ©
2018 Watts Water Technologies, Inc. 13 Disciplined Acquisitions Generate Incremental Growth Core or Related Complementary Markets Addresses Macro Themes • Safety & Regulation • Energy Efficiency • Water Conservation Preferred Brand Name Products Financial criteria • ROIC > Cost of Capital • EPS Accretive Year 1 • Operating Margin Accretive by Year 3 CRITERIA Additional Considerations • Entry into new markets • Increase in shelf space with existing customers • Supports solution selling • New or improved technology • Expansion of the breadth of product offerings
14.
Flexible Balance Sheet 3/14/2018
© 2018 Watts Water Technologies, Inc. 14 Capacity to Execute on Strategic Growth 12/31/17 12/31/16 12/31/15 Cash $280 $338 $296 Other Current Assets 504 481 513 Non-Current Assets 953 944 884 Total Assets $1,737 $1,763 $1,693 Current Liabilities, excl. Short-term Debt $305 $287 $294 Non-Current Liabilities 106 90 117 Debt 497 650 577 Equity 829 736 705 Total Liabilities & Equity $1,737 $1,763 $1,693 Net Debt / Capitalization Ratio (1) 21% 30% 28% $M (1) See slide 19 for calculation of net debt / capitalization ratio
15.
March 14, 2018
© 2018 Watts Water Technologies, Inc. Forecasting Another Good Year 15 2018 Outlook FY 2018 Outlook by Region Org Rev Growth Margin Rate AMERICAS 3-5% ▲ Positive EUROPE 1-3% ▲ Positive APMEA 7-10% ▲ Positive WATTS ~3% 50 to 70 bps Includes $10M Investments Other Key Inputs Item Expectation Corporate Costs ~$37M Interest Expense ~$17M Effective Tax Rate ~28% CAPEX / D&A ~$38M / ~$50M Free Cash Flow Conversion >100% Share Count ~34.4M shares
16.
Summary 3/14/2018 © 2018
Watts Water Technologies, Inc. 16 Commercial, Operational, and Innovation Excellence Multi-year transformation completed Enhanced portfolio and more efficient organization; ongoing tailwind Strengthened the Foundation Aligned to Favorable Macros and Markets Focus On Innovation and Profitable Growth Accretive Capital Deployment Achieving 2020 Targets Leading market positions in residential and commercial water, addressing global secular macro themes Leveraging components to broaden application solutions offering, Investment continues, fueling growth Strong cash flow and efficient capital structure enables more deployment upside; disciplined acquirer • Operating margin 14%+ • Free cash flow > 100% conversion
17.
Appendix 3/14/2018 © 2017
Watts Water Technologies, Inc.
18.
Reconciliation of GAAP
“As Reported” to “Adjusted” Non-GAAP Excluding Effect of Adjustments for Special Items © 2018 Watts Water Technologies, Inc. 18 (in millions except per share information) Year Ended 2017 2015 Net Sales $1,456.7 $1,467.7 Operating income (loss) - as reported $162.3 $(90.1) Operating margin % 11.1% -6.1% Adjustments for special items: Goodwill impairment - 130.5 Other long-lived asset impairment charges 1.0 - Acquisitions / divesture related costs 0.2 1.6 Restructuring 6.8 21.4 Transformation 2.9 14.3 Pension / other costs — 70.7 Total adjustments for special items $10.9 $238.5 Operating income - as adjusted $173.2 $148.4 Adjusted operating margin % 11.9% 10.1% (M) (Unaudited) March 14, 2018
19.
Reconciliation of Long-term
Debt (including current portion) to Net Debt to Capitalization Ratio © 2018 Watts Water Technologies, Inc. 19 (M) (Unaudited) December 31, 2017 December 31, 2016 December 31, 2015 Current portion of long-term debt $22.5 $139.1 $1.1 Plus: Long-term debt, net of current portion 474.6 511.3 574.2 Less: Cash and cash equivalents (280.2) (338.4) (292.2) Net debt $216.9 $312.0 $279.1 Net debt $216.9 $312.0 $279.1 Plus: Total stockholders' equity 829.0 736.3 704.9 Capitalization $1,045.9 1,048.3 $984.0 Net debt to capitalization ratio 20.7% 29.8% 28.4% March 14, 2018
Notes de l'éditeur
Source:I:\Accounting\NorthAndover\COMSHARE\CORPORATE\BOARD\FY2015\Q4\Press Release\[Q4_15Press Release Financials.xlsx]table 1
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