Our Operational Priorities
During 2022, we were faced with a challenging operating and volatile macroeconomic environment, including record levels of cost inflation alongside soft industry demand. We took decisive actions through our early execution of cost-based price increases, our value-creating go-to-market approach, aggressive production reduction efforts, aligning inventory levels with global demand and initiating our strong cost takeout program.
Our consumers continue to engage with their appliances at increased levels. With this higher usage combined with our innovative product offerings and relentless focus on cost, our business remains positioned for success and to continue delivering on our vision of improving life at home.
- (a) The ongoing measures, including ongoing earnings before interest and taxes and ongoing earnings per diluted share, as well as free cash flow, are non-GAAP measures. Please see Financial Reconciliations for a reconciliation of these non-GAAP measures to their equivalent GAAP measures.