ºì½ãͼ¿â Announces Third Quarter 2022 Financial Results with Record Backlog and Updated Annual 2022 Guidance
November 03, 2022
- Third Quarter 2022 Revenue Increased to
$2.5 Billion with a 38% Year Over Year Increase in Non-Oil & Gas Segment Revenue - GAAP Net Income of
$49.2 Million , Diluted Earnings Per Share of$0.65 and Adjusted Diluted Earnings Per Share of$1.34 - Adjusted EBITDA of
$246 Million or 9.8% of Revenue, a 200-Basis Point Sequential Improvement Over Second Quarter - Record 18-Month Backlog as of
September 30, 2022 of$11.2 Billion , a Sequential Increase of$222 Million and a$2.7 Billion Increase Over the Same Quarter Last Year - Annual 2022 Guidance Updated to
$9.7 Billion in Revenue, GAAP Net Income of$50 Million , Adjusted EBITDA of$780 million and Adjusted Diluted Earnings Per Share of$3.02
Third quarter 2022 revenue increased to approximately
Third quarter 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
18-month backlog as of
Adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Based on the information available today, the Company is providing fourth quarter and full year 2022 guidance, including the recently closed IEA acquisition, and reflecting higher interest rates. The Company currently expects full year 2022 revenue to approximate
For the fourth quarter of 2022, inclusive of the IEA acquisition, the Company expects revenue of approximately
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Consolidated Statements of Operations (unaudited - in thousands, except per share information) |
|||||||
For the Three Months Ended |
For the Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Revenue |
$ÌýÌýÌýÌýÌý 2,513,484 |
$ÌýÌýÌýÌýÌý 2,404,332 |
$ÌýÌýÌýÌýÌý 6,769,677 |
$ÌýÌý 6,142,414 |
|||
Costs of revenue, excluding depreciation and amortization |
2,187,835 |
2,057,336 |
5,949,262 |
5,246,427 |
|||
Depreciation |
91,291 |
95,366 |
263,487 |
262,132 |
|||
Amortization of intangible assets |
27,979 |
23,352 |
81,242 |
54,522 |
|||
General and administrative expenses |
125,068 |
86,902 |
404,243 |
238,995 |
|||
Interest expense, net |
26,885 |
13,091 |
62,313 |
39,379 |
|||
Equity in earnings of unconsolidated affiliates, net |
(6,059) |
(8,714) |
(19,423) |
(23,585) |
|||
Other expense (income), net |
174 |
(3,036) |
(1,897) |
(13,746) |
|||
Income before income taxes |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 60,311 |
$ÌýÌýÌýÌýÌýÌýÌý 140,035 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 30,450 |
$ÌýÌýÌýÌýÌý 338,290 |
|||
(Provision for) benefit from income taxes |
(11,089) |
(27,578) |
68 |
(83,956) |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 49,222 |
$ÌýÌýÌýÌýÌýÌýÌý 112,457 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 30,518 |
$ÌýÌýÌýÌýÌý 254,334 |
|||
Net income attributable to non-controlling interests |
326 |
1,370 |
388 |
2,147 |
|||
Net income attributable to |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 48,896 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 111,087 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 30,130 |
$ÌýÌýÌýÌýÌý 252,187 |
|||
Earnings per share: |
|||||||
Basic earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.66 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.53 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.41 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.48 |
|||
Basic weighted average common shares outstanding |
73,936 |
72,503 |
74,386 |
72,481 |
|||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.65 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.50 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.38 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.41 |
|||
Diluted weighted average common shares outstanding |
75,073 |
73,977 |
75,576 |
73,921 |
Ìý
Consolidated Balance Sheets (unaudited - in thousands) |
|||
|
|
||
Assets |
|||
Current assets |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,114,275 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,873,954 |
|
Property and equipment, net |
1,588,059 |
1,436,087 |
|
Operating lease right-of-use assets |
244,087 |
260,410 |
|
|
1,493,843 |
1,520,575 |
|
Other intangible assets, net |
638,318 |
670,280 |
|
Other long-term assets |
397,081 |
360,087 |
|
Total assets |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 7,475,663 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 7,121,393 |
|
Liabilities and Equity |
|||
Current liabilities |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,986,483 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,784,598 |
|
Long-term debt, including finance leases |
2,067,548 |
1,876,233 |
|
Long-term operating lease liabilities |
168,511 |
176,378 |
|
Deferred income taxes |
471,020 |
450,361 |
|
Other long-term liabilities |
235,588 |
289,962 |
|
Total equity |
2,546,513 |
2,543,861 |
|
Total liabilities and equity |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 7,475,663 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 7,121,393 |
Ìý
Consolidated Statements of Cash Flows (unaudited - in thousands) |
|||
For the Nine Months Ended |
|||
2022 |
2021 |
||
Net cash provided by operating activities |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 118,671 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 499,097 |
|
Net cash used in investing activities |
(241,694) |
(716,694) |
|
Net cash (used in) provided by financing activities |
(139,478) |
34,464 |
|
Effect of currency translation on cash |
(2,559) |
(61) |
|
Net decrease in cash and cash equivalents |
(265,060) |
(183,194) |
|
Cash and cash equivalents - beginning of period |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 360,736 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 423,118 |
|
Cash and cash equivalents - end of period |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 95,676 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 239,924 |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||||||
For the Three Months Ended |
For the Nine Months Ended |
||||||
Segment Information |
2022 |
2021 |
2022 |
2021 |
|||
Revenue by Reportable Segment |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 888.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 670.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,375.1 |
$ÌýÌýÌýÌýÌýÌý 1,869.3 |
|||
Clean Energy and Infrastructure |
563.2 |
518.4 |
1,493.5 |
1,350.3 |
|||
Oil and Gas |
375.8 |
858.4 |
927.9 |
2,205.3 |
|||
Power Delivery |
688.4 |
365.3 |
1,985.4 |
731.4 |
|||
Other |
0.0 |
0.0 |
0.0 |
0.0 |
|||
Eliminations |
(2.8) |
(8.1) |
(12.2) |
(13.9) |
|||
Corporate |
— |
— |
— |
— |
|||
Consolidated revenue |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,513.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,404.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 6,769.7 |
$ÌýÌýÌýÌýÌýÌý 6,142.4 |
|||
For the Three Months Ended |
For the Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Adjusted EBITDA by Reportable Segment |
|||||||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 206.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 271.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 437.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 694.3 |
|||
Non-cash stock-based compensation expenseÌý(a) |
5.7 |
6.1 |
18.9 |
17.7 |
|||
Acquisition and integration costsÌý(b) |
33.3 |
— |
59.4 |
— |
|||
Bargain purchase gainÌý(a) |
— |
— |
(0.2) |
— |
|||
(Gains) losses, net, on fair market value of investmentÌý(a) |
0.1 |
6.9 |
7.2 |
6.9 |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 245.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 284.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 522.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 718.9 |
|||
Reportable Segment: |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 110.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 71.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 236.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 193.1 |
|||
Clean Energy and Infrastructure |
24.6 |
13.8 |
30.2 |
40.2 |
|||
Oil and Gas |
50.3 |
170.6 |
137.9 |
476.2 |
|||
Power Delivery |
83.5 |
34.9 |
185.1 |
47.8 |
|||
Other |
5.6 |
7.5 |
20.0 |
23.3 |
|||
Corporate |
(28.8) |
(13.6) |
(87.3) |
(61.7) |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 245.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 284.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 522.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 718.9 |
(a) |
Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, and (gains) losses, net, on the fair market value of our investment in AVCT are included within Corporate results. |
(b) |
Communications, Oil and Gas, Power Delivery and Corporate results include acquisition and integration costs of |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||||||
For the Three Months Ended |
For the Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Adjusted EBITDA Margin by Reportable Segment |
|||||||
EBITDA Margin |
8.2Ìý% |
11.3Ìý% |
6.5Ìý% |
11.3Ìý% |
|||
Non-cash stock-based compensation expenseÌý(a) |
0.2Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Acquisition and integration costsÌý(b) |
1.3Ìý% |
—Ìý% |
0.9Ìý% |
—Ìý% |
|||
Bargain purchase gainÌý(a) |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
—Ìý% |
|||
(Gains) losses, net, on fair market value of investmentÌý(a) |
0.0Ìý% |
0.3Ìý% |
0.1Ìý% |
0.1Ìý% |
|||
Adjusted EBITDA margin |
9.8Ìý% |
11.8Ìý% |
7.7Ìý% |
11.7Ìý% |
|||
Reportable Segment: |
|||||||
Communications |
12.4Ìý% |
10.7Ìý% |
10.0Ìý% |
10.3Ìý% |
|||
Clean Energy and Infrastructure |
4.4Ìý% |
2.7Ìý% |
2.0Ìý% |
3.0Ìý% |
|||
Oil and Gas |
13.4Ìý% |
19.9Ìý% |
14.9Ìý% |
21.6Ìý% |
|||
Power Delivery |
12.1Ìý% |
9.5Ìý% |
9.3Ìý% |
6.5Ìý% |
|||
Other |
NM |
NM |
NM |
NM |
|||
Corporate |
— |
— |
— |
— |
|||
Adjusted EBITDA margin |
9.8Ìý% |
11.8Ìý% |
7.7Ìý% |
11.7Ìý% |
NM - Percentage is not meaningfulÌý |
|
Note: The Communications, Clean Energy and Infrastructure, and Power Delivery segments represent the "non-Oil & Gas" segments. |
|
(a) |
Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, and (gains) losses, net, on the fair market value of our investment in AVCT are included within Corporate results. |
(b) |
Communications, Oil and Gas, Power Delivery and Corporate results include acquisition and integration costs of |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||||||
For the Three Months Ended |
For the Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Adjusted Net Income Reconciliation |
|||||||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 49.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 112.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 30.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 254.3 |
|||
Non-cash stock-based compensation expense |
5.7 |
6.1 |
18.9 |
17.7 |
|||
Amortization of intangible assets |
28.0 |
23.4 |
81.2 |
54.5 |
|||
Acquisition and integration costs |
33.3 |
— |
59.4 |
— |
|||
Income tax effect of adjustmentsÌý(a) |
(15.5) |
(7.7) |
(42.2) |
(14.8) |
|||
Bargain purchase gain |
— |
— |
(0.2) |
— |
|||
(Gains) losses, net, on fair value of investment |
0.1 |
6.9 |
7.2 |
6.9 |
|||
Statutory tax rate effectsÌý(b) |
— |
— |
— |
1.2 |
|||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 100.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 141.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 154.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 319.8 |
|||
For the Three Months Ended |
For the Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Adjusted Diluted Earnings per Share Reconciliation |
|||||||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.65 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.50 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.38 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.41 |
|||
Non-cash stock-based compensation expense |
0.08 |
0.08 |
0.25 |
0.24 |
|||
Amortization of intangible assets |
0.37 |
0.32 |
1.07 |
0.74 |
|||
Acquisition and integration costs |
0.44 |
— |
0.79 |
— |
|||
Income tax effect of adjustmentsÌý(a) |
(0.21) |
(0.10) |
(0.56) |
(0.20) |
|||
Bargain purchase gain |
— |
— |
(0.00) |
— |
|||
(Gains) losses, net, on fair value of investment |
— |
0.09 |
0.10 |
0.09 |
|||
Statutory tax rate effectsÌý(b) |
— |
— |
— |
0.02 |
|||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.34 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.89 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2.02 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 4.30 |
(a) |
Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) |
For the three and nine month periods ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the Three Months |
For the Three Months Ended |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net income |
$Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý Ìý76.4 |
|
Interest expense, net |
45 |
14.0 |
|
Provision for income taxes |
8 |
15.4 |
|
Depreciation |
110 |
83.5 |
|
Amortization of intangible assets |
55 |
22.7 |
|
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 237 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 212.0 |
|
Non-cash stock-based compensation expense |
7 |
7.1 |
|
Acquisition and integration costs |
13 |
3.6 |
|
Bargain purchase gain |
— |
(3.5) |
|
(Gains) losses, net, on fair market value of investment |
— |
0.9 |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý257 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 220.2 |
|
Guidance for the Three Months |
For the Three Months Ended |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net income |
0.7Ìý% |
4.2Ìý% |
|
Interest expense, net |
1.5Ìý% |
0.8Ìý% |
|
Provision for income taxes |
0.3Ìý% |
0.9Ìý% |
|
Depreciation |
3.7Ìý% |
4.6Ìý% |
|
Amortization of intangible assets |
1.9Ìý% |
1.3Ìý% |
|
EBITDA margin |
8.1Ìý% |
11.7Ìý% |
|
Non-cash stock-based compensation expense |
0.2Ìý% |
0.4Ìý% |
|
Acquisition and integration costs |
0.4Ìý% |
0.2Ìý% |
|
Bargain purchase gain |
—Ìý% |
(0.2)Ìý% |
|
(Gains) losses, net, on fair market value of investment |
—Ìý% |
0.0Ìý% |
|
Adjusted EBITDA margin |
8.8Ìý% |
12.2Ìý% |
|
Guidance for the Three Months |
For the Three Months Ended |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý Ìý76.4 |
|
Non-cash stock-based compensation expense |
7 |
7.1 |
|
Amortization of intangible assets |
55 |
22.7 |
|
Acquisition and integration costs |
13 |
3.6 |
|
Bargain purchase gain |
— |
(3.5) |
|
(Gains) losses, net, on fair market value of investment |
— |
0.9 |
|
Income tax effect of adjustmentsÌý(a) |
(18) |
(12.6) |
|
Statutory tax rate effectsÌý(b) |
— |
5.6 |
|
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 77 |
$ ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌý100.2 |
(a) |
Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) |
For the three month period ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the Three Months |
For the Three Months Ended |
||
Adjusted Diluted Earnings per Share Reconciliation |
|||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.26 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.04 |
|
Non-cash stock-based compensation expense |
0.09 |
0.10 |
|
Amortization of intangible assets |
0.71 |
0.31 |
|
Acquisition and integration costs |
0.17 |
0.05 |
|
Bargain purchase gain |
— |
(0.05) |
|
(Gains) losses, net, on fair market value of investment |
— |
(0.01) |
|
Income tax effect of adjustmentsÌý(a) |
(0.23) |
(0.17) |
|
Statutory tax rate effectsÌý(b) |
— |
0.08 |
|
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.00 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.36 |
(a) |
Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) |
For the three month period ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||||
Guidance for the |
For the Year Ended |
For the Year Ended |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý50 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 330.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 322.7 |
||
Interest expense, net |
107 |
53.4 |
59.6 |
||
Provision for income taxes |
8 |
99.3 |
102.5 |
||
Depreciation |
373 |
345.6 |
258.8 |
||
Amortization of intangible assets |
136 |
77.2 |
38.9 |
||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 675 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 906.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 782.5 |
||
Non-cash stock-based compensation expense |
26 |
24.8 |
21.9 |
||
Loss on extinguishment of debt |
— |
— |
5.6 |
||
Acquisition and integration costs |
72 |
3.6 |
— |
||
Bargain purchase gain |
(0) |
(3.5) |
— |
||
(Gains) losses, net, on fair market value of investment |
7 |
7.8 |
(10.1) |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 939.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 799.9 |
||
Guidance for the |
For the Year Ended |
For the Year Ended |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income |
0.5Ìý% |
4.2Ìý% |
5.1Ìý% |
||
Interest expense, net |
1.1Ìý% |
0.7Ìý% |
0.9Ìý% |
||
Provision for income taxes |
0.1Ìý% |
1.2Ìý% |
1.6Ìý% |
||
Depreciation |
3.8Ìý% |
4.3Ìý% |
4.1Ìý% |
||
Amortization of intangible assets |
1.4Ìý% |
1.0Ìý% |
0.6Ìý% |
||
EBITDA margin |
7.0Ìý% |
11.4Ìý% |
12.4Ìý% |
||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
||
Loss on extinguishment of debt |
—Ìý% |
—Ìý% |
0.1Ìý% |
||
Acquisition and integration costs |
0.7Ìý% |
0.0Ìý% |
—Ìý% |
||
Bargain purchase gain |
(0.0)Ìý% |
(0.0)Ìý% |
—Ìý% |
||
(Gains) losses, net, on fair market value of investment |
0.1Ìý% |
0.1Ìý% |
(0.2)Ìý% |
||
Adjusted EBITDA margin |
8.0Ìý% |
11.8Ìý% |
12.7Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited (unaudited - in millions, except for percentages and per share information) |
|||||
Guidance for the |
For the Year Ended |
For the Year Ended |
|||
Adjusted Net Income Reconciliation |
|||||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý50 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 330.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 322.7 |
||
Non-cash stock-based compensation expense |
26 |
24.8 |
21.9 |
||
Amortization of intangible assets |
136 |
77.2 |
38.9 |
||
Loss on extinguishment of debt |
— |
— |
5.6 |
||
Acquisition and integration costs |
72 |
3.6 |
— |
||
Bargain purchase gain |
(0) |
(3.5) |
— |
||
(Gains) losses, net, on fair market value of investment |
7 |
7.8 |
(10.1) |
||
Income tax effect of adjustmentsÌý(a) |
(60) |
(27.4) |
(12.7) |
||
Statutory tax rate effectsÌý(b) |
— |
6.7 |
2.5 |
||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 232 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý420.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 368.9 |
||
Guidance for the |
For the Year Ended |
For the Year Ended |
|||
Adjusted Diluted Earnings per Share Reconciliation |
|||||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.64 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 4.45 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 4.38 |
||
Non-cash stock-based compensation expense |
0.34 |
0.34 |
0.30 |
||
Amortization of intangible assets |
1.79 |
1.04 |
0.53 |
||
Loss on extinguishment of debt |
— |
— |
0.08 |
||
Acquisition and integration costs |
0.95 |
0.05 |
— |
||
Bargain purchase gain |
(0.00) |
(0.05) |
— |
||
(Gains) losses, net, on fair market value of investment |
0.09 |
0.11 |
(0.14) |
||
Income tax effect of adjustmentsÌý(a) |
(0.79) |
(0.37) |
(0.17) |
||
Statutory tax rate effectsÌý(b) |
— |
0.09 |
0.03 |
||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý3.02 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5.65 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5.01 |
(a) |
Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income. |
(b) |
For the years ended |
The tables may contain slight summation differences due to rounding.
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of
Ìý
View original content:
SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, marc.lewis@ºì½ãͼ¿â.com