Ίμ½γΝΌΏβ Announces Fourth Quarter and Annual 2022 Financial Results
February 23, 2023
- Fourth Quarter 2022 Results Include GAAP Net Income of
$3.4 Million , Adjusted EBITDA of$258 Million , Diluted Earnings Per Share of$0.04 and Adjusted Diluted Earnings Per Share of$1.03 - Successfully Completed IEA Acquisition, with Significant Post-Acquisition Net Debt Reduction During the Quarter
- Record 18-Month Backlog as of
December 31, 2022 of$13.0 Billion , a 31% Increase Over 2021 - Annual 2023 Guidance Includes Revenue of
$13.0 Billion , a 33% Increase Over 2022, GAAP Net Income Between$194 and$212 Million , Adjusted EBITDA Between$1.10 and$1.15 Billion , with Diluted Earnings Per Share Between$2.48 and$2.70 , and Adjusted Diluted Earnings Per Share Between$4.64 and$4.91 .Μύ
For the Fourth Quarter:
Fourth quarter 2022 revenue was up 66.3% to
Fourth quarter 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
Fourth quarter 2022 adjusted EBITDA, also a non-GAAP measure, was
18-month backlog as of
As previously announced on
For the Full Year:
For the year ended
Full year 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
Full year 2022 adjusted EBITDA, also a non-GAAP measure, was
Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and net debt which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.Μύ
Based on the information available today, the Company is providing both first quarter and full year 2023 guidance. The Company currently expects full year 2023 revenue will approximate
For the first quarter of 2023, the Company expects revenue of approximately
The Company expects to timely file its 2022 Form 10-K on
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Μύ
Consolidated Statements of Operations |
|||||||
(unaudited - in thousands, except per share information) |
|||||||
For the Three Months Ended |
For the Years Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Revenue |
$ΜύΜύΜύΜύΜύΜύΜύ 3,008,361 |
$ΜύΜύΜύΜύΜύΜύΜύ 1,809,366 |
$ΜύΜύΜύΜύΜύΜύ 9,778,038 |
$ΜύΜύΜύΜύΜύΜύ 7,951,781 |
|||
Costs of revenue, excluding depreciation and amortization |
2,637,071 |
1,559,308 |
8,586,333 |
6,805,735 |
|||
Depreciation |
107,753 |
83,480 |
371,240 |
345,612 |
|||
Amortization of intangible assets |
54,666 |
22,692 |
135,908 |
77,214 |
|||
General and administrative expenses |
155,194 |
67,975 |
559,437 |
306,970 |
|||
Interest expense, net |
49,942 |
14,035 |
112,255 |
53,413 |
|||
Equity in earnings of unconsolidated affiliates, net |
(9,413) |
(10,245) |
(28,836) |
(33,830) |
|||
Other income, net |
539 |
(19,663) |
(1,358) |
(33,408) |
|||
Income before income taxes |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 12,609 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 91,784 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 43,059 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 430,075 |
|||
Provision for income taxes |
(9,239) |
(15,389) |
(9,171) |
(99,346) |
|||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3,370 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 76,395 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33,888 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330,729 |
|||
Net income (loss) attributable to non-controlling interests |
146 |
(249) |
534 |
1,898 |
|||
Net income attributable to |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3,224 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ76,644 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33,354 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 328,831 |
|||
Earnings per share: |
|||||||
Basic earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.04 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ ΜύΜύΜύΜύΜύ$1.06 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.45 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.54 |
|||
Basic weighted average common shares outstanding |
76,492 |
72,553 |
74,917 |
72,499 |
|||
Diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.04 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1.04 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.42 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.45 |
|||
Diluted weighted average common shares outstanding |
77,770 |
74,035 |
76,185 |
73,941 |
Μύ
Consolidated Balance Sheets |
|||
(unaudited - in thousands) |
|||
|
|
||
Assets |
|||
Current assets |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3,861,498 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,873,954 |
|
Property and equipment, net |
1,754,101 |
1,436,087 |
|
Operating lease right-of-use assets |
279,534 |
260,410 |
|
|
2,045,041 |
1,520,575 |
|
Other intangible assets, net |
946,299 |
670,280 |
|
Other long-term assets |
409,157 |
360,087 |
|
Total assets |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,295,630 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 7,121,393 |
|
Liabilities and Equity |
|||
Current liabilities |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,497,095 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1,784,598 |
|
Long-term debt, including finance leases |
3,052,193 |
1,876,233 |
|
Long-term operating lease liabilities |
194,050 |
176,378 |
|
Deferred income taxes |
572,714 |
450,361 |
|
Other long-term liabilities |
238,391 |
289,962 |
|
Total equity |
2,741,187 |
2,543,861 |
|
Total liabilities and equity |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,295,630 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 7,121,393 |
Μύ
Consolidated Statements of Cash Flows |
|||
(unaudited - in thousands) |
|||
For the Years Ended |
|||
2022 |
2021 |
||
Net cash provided by operating activities |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 352,297 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 793,074 |
|
Net cash used in investing activities |
(821,183) |
(1,357,171) |
|
Net cash provided by financing activities |
480,897 |
501,942 |
|
Effect of currency translation on cash |
(2,155) |
(227) |
|
Net increase (decrease) in cash and cash equivalents |
9,856 |
(62,382) |
|
Cash and cash equivalents - beginning of period |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 360,736 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 423,118 |
|
Cash and cash equivalents - end of period |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 370,592 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 360,736 |
Μύ
Backlog by Reportable Segment (unaudited β in millions) |
|
|
|
||
Communications |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5,303 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5,024 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4,504 |
||
Clean Energy and Infrastructure |
3,227 |
1,933 |
1,543 |
||
Oil and Gas |
1,740 |
1,513 |
1,027 |
||
Power Delivery |
2,709 |
2,757 |
2,865 |
||
Other |
β |
β |
β |
||
Estimated 18-month backlog |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 12,979 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 11,227 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,939 |
Μύ
Backlog is a common measurement used in our industry.Μύ Our methodology for determining backlog may not, however, be comparable to the methodologies used by others.Μύ Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options.Μύ Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures.Μύ Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.Μύ
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresΜύ |
|||||||
For the Three Months |
For the Years Ended |
||||||
Segment Information |
2022 |
2021 |
2022 |
2021 |
|||
Revenue by Segment |
|||||||
ΜύΜύΜύ Communications |
$ΜύΜύΜύΜύΜύΜύΜύΜύ ΜύΜύ858.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 681.8 |
$ΜύΜύΜύΜύΜύΜύ 3,233.7 |
$ΜύΜύΜύΜύΜύΜύ 2,551.1 |
|||
ΜύΜύΜύ Clean Energy and Infrastructure |
1,125.0 |
514.7 |
2,618.6 |
1,865.0 |
|||
ΜύΜύΜύ Oil and Gas |
291.6 |
335.2 |
1,219.6 |
2,540.5 |
|||
ΜύΜύΜύ Power Delivery |
739.8 |
285.4 |
2,725.2 |
1,016.8 |
|||
ΜύΜύΜύ Other |
β |
β |
β |
β |
|||
ΜύΜύΜύ Eliminations |
(6.7) |
(7.7) |
(19.1) |
(21.6) |
|||
Μύ Segment Total |
$ΜύΜύΜύΜύΜύΜύ 3,008.4 |
$ΜύΜύΜύΜύΜύΜύ 1,809.4 |
$ΜύΜύΜύΜύΜύΜύΜύ 9,778.0 |
$ΜύΜύΜύΜύΜύΜύΜύ 7,951.8 |
|||
ΜύΜύΜύ Corporate |
β |
β |
β |
β |
|||
Consolidated revenue |
$ΜύΜύΜύΜύΜύ Μύ3,008.4 |
$ΜύΜύΜύΜύΜύ Μύ1,809.4 |
$ΜύΜύΜύΜύΜύΜύ 9,778.0 |
$ΜύΜύΜύΜύΜύΜύ 7,951.8 |
|||
For the Three Months |
For the Years Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Adjusted EBITDA by Segment |
|||||||
EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 225.0 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 212.0 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 662.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 906.3 |
|||
Non-cash stock-based compensation expense (a) |
8.6 |
7.1 |
27.4 |
24.8 |
|||
Acquisition and integration costs (b) |
26.6 |
3.6 |
86.0 |
3.6 |
|||
Losses (gains), net, on fair value of investment (a) |
0.4 |
0.9 |
7.7 |
7.8 |
|||
Project results from non-controlled joint venture (c) |
(2.8) |
β |
(2.8) |
β |
|||
Bargain purchase gain (a) |
β |
(3.5) |
(0.2) |
(3.5) |
|||
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 257.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύ ΜύΜύ220.2 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 780.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 939.1 |
|||
Segment: |
|||||||
Μύ Communications |
$ ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ94.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 76.3 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 331.8 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 269.5 |
|||
Μύ Clean Energy and Infrastructure |
79.0 |
34.7 |
109.2 |
75.0 |
|||
Μύ Oil and Gas |
33.6 |
81.3 |
171.5 |
557.6 |
|||
Μύ Power Delivery |
56.8 |
20.2 |
241.9 |
68.0 |
|||
Μύ Other |
9.0 |
10.6 |
29.0 |
33.8 |
|||
ΜύΜύΜύ Segment Total |
$ΜύΜύΜύΜύ ΜύΜύΜύΜύΜύΜύ273.3 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 223.10 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 883.4 |
$ΜύΜύΜύΜύΜύΜύΜύΜύ 1,003.9 |
|||
Μύ Corporate |
(15.5) |
(2.9) |
(102.8) |
(64.8) |
|||
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 257.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 220.2 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 780.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 939.1 |
(a) |
Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, losses (gains), net, on the fair value of our investment in AVCT and loss on extinguishment of debt are included within Corporate EBITDA. |
(b) |
For the year ended |
(c) |
Project results from a non-controlled joint venture are included within Other segment results. |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresΜύ |
|||||||
For the Three Months |
For the Years Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Adjusted EBITDA Margin by Segment |
|||||||
EBITDA Margin |
7.5Μύ% |
11.7Μύ% |
6.8Μύ% |
11.4Μύ% |
|||
Non-cash stock-based compensation expense (a) |
0.3Μύ% |
0.4Μύ% |
0.3Μύ% |
0.3Μύ% |
|||
Acquisition and integration costs (b) |
0.9Μύ% |
0.2Μύ% |
0.9Μύ% |
0.0Μύ% |
|||
Losses (gains), net, on fair value of investment (a) |
0.0Μύ% |
0.0Μύ% |
0.1Μύ% |
0.1Μύ% |
|||
Project results from non-controlled joint venture (c) |
(0.1)Μύ% |
βΜύ% |
(0.0)Μύ% |
βΜύ% |
|||
Bargain purchase gain (a) |
βΜύ% |
(0.2)Μύ% |
(0.0)Μύ% |
(0.0)Μύ% |
|||
Adjusted EBITDA margin |
8.6Μύ% |
12.2Μύ% |
8.0Μύ% |
11.8Μύ% |
|||
Segment: |
|||||||
Μύ Communications |
11.1Μύ% |
11.2Μύ% |
10.3Μύ% |
10.6Μύ% |
|||
Μύ Clean Energy and Infrastructure |
7.0Μύ% |
6.8Μύ% |
4.2Μύ% |
4.0Μύ% |
|||
Μύ Oil and Gas |
11.5Μύ% |
24.3Μύ% |
14.1Μύ% |
21.9Μύ% |
|||
Μύ Power Delivery |
7.7Μύ% |
7.1Μύ% |
8.9Μύ% |
6.7Μύ% |
|||
Μύ Other |
Μύ NM |
Μύ NM |
NM |
NM |
|||
ΜύΜύΜύ Segment Total |
9.1Μύ% |
12.3Μύ% |
9.0Μύ% |
12.6Μύ% |
|||
Μύ Corporate |
β |
β |
β |
β |
|||
Adjusted EBITDA margin |
8.6Μύ% |
12.2Μύ% |
8.0Μύ% |
11.8Μύ% |
NM - Percentage is not meaningful |
|
(a) |
Non-cash stock-based compensation expense, bargain purchase gain from a fourth quarter 2021 acquisition, losses (gains), net, on the fair value of our investment in AVCT and loss on extinguishment of debt are included within Corporate EBITDA. |
(b) |
For the year ended |
(c) |
Project results from a non-controlled joint venture are included within Other segment results. |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||||||
(unaudited - in millions, except for percentages and per share amounts) |
|||||||
For the Three Months |
For the Years Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
EBITDA and Adjusted EBITDA Reconciliation |
|||||||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ3.4 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 76.4 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330.7 |
|||
Interest expense, net |
49.9 |
14.0 |
112.3 |
53.4 |
|||
Provision for income taxes |
9.2 |
15.4 |
9.2 |
99.3 |
|||
Depreciation |
107.8 |
83.5 |
371.2 |
345.6 |
|||
Amortization of intangible assets |
54.7 |
22.7 |
135.9 |
77.2 |
|||
EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 225.0 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 212.0 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 662.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 906.3 |
|||
Non-cash stock-based compensation expense |
8.6 |
7.1 |
27.4 |
24.8 |
|||
Acquisition and integration costs |
26.6 |
3.6 |
86.0 |
3.6 |
|||
Losses (gains), net, on fair value of investment |
0.4 |
0.9 |
7.7 |
7.8 |
|||
Project results from non-controlled joint venture |
(2.8) |
β |
(2.8) |
β |
|||
Bargain purchase gain |
β |
(3.5) |
(0.2) |
(3.5) |
|||
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 257.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 220.2 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 780.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 939.1 |
|||
For the Three Months |
For the Years Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||||
Net income |
0.1Μύ% |
4.2Μύ% |
0.3Μύ% |
4.2Μύ% |
|||
Interest expense, net |
1.7Μύ% |
0.8Μύ% |
1.1Μύ% |
0.7Μύ% |
|||
Provision for income taxes |
0.3Μύ% |
0.9Μύ% |
0.1Μύ% |
1.2Μύ% |
|||
Depreciation |
3.6Μύ% |
4.6Μύ% |
3.8Μύ% |
4.3Μύ% |
|||
Amortization of intangible assets |
1.8Μύ% |
1.3Μύ% |
1.4Μύ% |
1.0Μύ% |
|||
EBITDA margin |
7.5Μύ% |
11.7Μύ% |
6.8Μύ% |
11.4Μύ% |
|||
Non-cash stock-based compensation expense |
0.3Μύ% |
0.4Μύ% |
0.3Μύ% |
0.3Μύ% |
|||
Acquisition and integration costs |
0.9Μύ% |
0.2Μύ% |
0.9Μύ% |
0.0Μύ% |
|||
Losses (gains), net, on fair value of investment |
0.0Μύ% |
0.0Μύ% |
0.1Μύ% |
0.1Μύ% |
|||
Project results from non-controlled joint venture |
(0.1)Μύ% |
βΜύ% |
(0.0)Μύ% |
βΜύ% |
|||
Bargain purchase gain |
βΜύ% |
(0.2)Μύ% |
(0.0)Μύ% |
(0.0)Μύ% |
|||
Adjusted EBITDA margin |
8.6Μύ% |
12.2Μύ% |
8.0Μύ% |
11.8Μύ% |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
(unaudited - in millions, except for percentages and per share amounts) |
|||
For the Three Months |
For the Year Ended |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ3.4 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33.9 |
|
Amortization of intangible assets |
54.7 |
135.9 |
|
Non-cash stock-based compensation expense |
8.6 |
27.4 |
|
Acquisition and integration costs |
26.6 |
86.0 |
|
Losses (gains), net, on fair value of investment |
0.4 |
7.7 |
|
Project results from non-controlled joint venture |
(2.8) |
(2.8) |
|
Bargain purchase gain |
β |
(0.2) |
|
Income tax effect of adjustments (a) |
(16.4) |
(58.6) |
|
Statutory tax rate effects (b) |
5.5 |
5.5 |
|
Adjusted net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 80.0 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 234.8 |
|
For the Three Months |
For the Year Ended |
||
Adjusted Diluted Earnings per Share Reconciliation |
|||
Diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ0.04 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.42 |
|
Amortization of intangible assets |
0.70 |
1.78 |
|
Non-cash stock-based compensation expense |
0.11 |
0.36 |
|
Acquisition and integration costs |
0.34 |
1.13 |
|
Losses (gains), net, on fair value of investment |
0.01 |
0.10 |
|
Project results from non-controlled joint venture |
(0.04) |
(0.04) |
|
Bargain purchase gain |
β |
(0.00) |
|
Income tax effect of adjustments (a) |
(0.21) |
(0.77) |
|
Statutory tax rate effects (b) |
0.07 |
0.07 |
|
Adjusted diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1.03 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3.05 |
|
For the Three Months Ended |
For the Year Ended |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ76.4 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330.7 |
|
Amortization of intangible assets |
22.7 |
77.2 |
|
Non-cash stock-based compensation expense |
7.1 |
24.8 |
|
Acquisition and integration costs |
3.6 |
3.6 |
|
Losses (gains), net, on fair value of investment |
0.9 |
7.8 |
|
Project results from non-controlled joint venture |
β |
β |
|
Bargain purchase gain |
(3.5) |
(3.5) |
|
Income tax effect of adjustments (a) |
(12.6) |
(27.4) |
|
Statutory tax rate effects (b) |
5.6 |
6.7 |
|
Adjusted net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 100.2 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 420.0 |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards.Μύ 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 effects on pre-tax income. |
(b) |
For the years ended |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
||||
For the Three Months Ended |
For the Year Ended |
|||
Adjusted Diluted Earnings per Share Reconciliation |
||||
Diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ1.04 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.45 |
||
Amortization of intangible assets |
0.31 |
1.04 |
||
Non-cash stock-based compensation expense |
0.10 |
0.34 |
||
Acquisition and integration costs |
0.05 |
0.05 |
||
Losses (gains), net, on fair value of investment |
0.01 |
0.11 |
||
Project results from non-controlled joint venture |
β |
β |
||
Bargain purchase gain |
(0.05) |
(0.05) |
||
Income tax effect of adjustments (a) |
(0.17) |
(0.37) |
||
Statutory tax rate effects (b) |
0.08 |
0.09 |
||
Adjusted diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1.36 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5.65 |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards. ΜύTax 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 effects on pre-tax income. |
(b) |
For the years ended |
Μύ
|
|
||
Calculation of Net Debt |
|||
Μύ Current portion of long-term debt, including finance leases |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 171.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 156.8 |
|
Μύ Long-term debt, including finance leases |
3,052.2 |
2,067.5 |
|
Μύ Less: cash and cash equivalents |
(370.6) |
(95.7) |
|
Net Debt |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,853.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ ΜύΜύ2,128.6 |
(a) |
Net debt as at |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresΜύΜύ |
|||
Guidance for the Three |
For the Three Months |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (86) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (35.0) |
|
Interest expense, net |
52 |
16.0 |
|
Benefit from income taxes |
(32) |
(13.1) |
|
Depreciation |
106 |
85.2 |
|
Amortization of intangible assets |
43 |
25.6 |
|
EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 84 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 78.7 |
|
Non-cash stock-based compensation expense |
9 |
6.3 |
|
Acquisition and integration costs |
7 |
13.6 |
|
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 100 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 98.7 |
|
Guidance for the Three |
For the Three Months |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net loss |
(3.6)Μύ% |
(1.8)Μύ% |
|
Interest expense, net |
2.2Μύ% |
0.8Μύ% |
|
Benefit from income taxes |
(1.3)Μύ% |
(0.7)Μύ% |
|
Depreciation |
4.4Μύ% |
4.4Μύ% |
|
Amortization of intangible assets |
1.8Μύ% |
1.3Μύ% |
|
EBITDA margin |
3.5Μύ% |
4.0Μύ% |
|
Non-cash stock-based compensation expense |
0.4Μύ% |
0.3Μύ% |
|
Acquisition and integration costs |
0.3Μύ% |
0.7Μύ% |
|
Adjusted EBITDA margin |
4.2Μύ% |
5.0Μύ% |
|
Guidance for the Three |
For the Three Months |
||
Adjusted Net Income Reconciliation |
|||
Net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ(86) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (35.0) |
|
Μύ Μύ Amortization of intangible assets |
43 |
25.6 |
|
Non-cash stock-based compensation expense |
9 |
6.3 |
|
Acquisition and integration costs |
7 |
13.6 |
|
Income tax effect of adjustments (a) |
(17) |
(12.5) |
|
Statutory tax rate effects (b) |
β |
β |
|
Adjusted net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (44) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (2.0) |
|
Guidance for the Three |
For the Three Months |
||
Adjusted Diluted Earnings per Share Reconciliation |
|||
Diluted loss per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (1.12) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (0.47) |
|
Amortization of intangible assets |
0.56 |
0.34 |
|
Non-cash stock-based compensation expense |
0.11 |
0.08 |
|
Acquisition and integration costs |
0.09 |
0.18 |
|
Income tax effect of adjustments (a) |
(0.22) |
(0.17) |
|
Statutory tax rate effects (b) |
β |
β |
|
Adjusted diluted loss per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (0.57) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ(0.03) |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards. ΜύTax 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 effects on pre-tax income. |
(b) |
For the three month period ended |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||||
(unaudited - in millions, except for percentages and per share amounts) |
|||||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 194 - 212 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330.7 |
||
Interest expense, net |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 201 - 205 |
112.3 |
53.4 |
||
Provision for income taxes |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 72 - 78 |
9.2 |
99.3 |
||
Depreciation |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 414 - 431 |
371.2 |
345.6 |
||
Amortization of intangible assets |
β170Β |
135.9 |
77.2 |
||
EBITDA |
$ΜύΜύΜύΜύΜύΜύ 1,052 β 1,097 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 662.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 906.3 |
||
Non-cash stock-based compensation expense |
β33 |
27.4 |
24.8 |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 15 - 20 |
86.0 |
3.6 |
||
Losses (gains), net, on fair value of investment |
β |
7.7 |
7.8 |
||
Project results from non-controlled joint venture |
β |
(2.8) |
β |
||
Bargain purchase gain |
β |
(0.2) |
(3.5) |
||
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύ 1,100 β 1,150 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 780.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 939.1 |
Μύ
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1.5 - 1.6% |
0.3Μύ% |
4.2Μύ% |
||
Interest expense, net |
1.5 β 1.6% |
1.1Μύ% |
0.7Μύ% |
||
Provision for income taxes |
0.6Μύ% |
0.1Μύ% |
1.2Μύ% |
||
Depreciation |
3.2 β 3.3% |
3.8Μύ% |
4.3Μύ% |
||
Amortization of intangible assets |
1.3Μύ% |
1.4Μύ% |
1.0Μύ% |
||
EBITDA margin |
8.1 β 8.4% |
6.8Μύ% |
11.4Μύ% |
||
Non-cash stock-based compensation expense |
0.3Μύ% |
0.3Μύ% |
0.3Μύ% |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.1 β 0.2% |
0.9Μύ% |
0.0Μύ% |
||
Losses (gains), net, on fair value of investment |
βΜύ% |
0.1Μύ% |
0.1Μύ% |
||
Project results from non-controlled joint venture |
βΜύ% |
(0.0)Μύ% |
βΜύ% |
||
Bargain purchase gain |
βΜύ% |
(0.0)Μύ% |
(0.0)Μύ% |
||
Adjusted EBITDA margin |
8.5 β 8.8% |
8.0Μύ% |
11.8Μύ% |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresΜύΜύ |
|||||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Net Income Reconciliation |
|||||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 194 - 212 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330.7 |
||
Amortization of intangible assets |
β170 |
135.9 |
77.2 |
||
Non-cash stock-based compensation expense |
β33 |
27.4 |
24.8 |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 15 - 20 |
86.0 |
3.6 |
||
Losses (gains), net, on fair value of investment |
β |
7.7 |
7.8 |
||
Project results from non-controlled joint venture |
β |
(2.8) |
β |
||
Bargain purchase gain |
β |
(0.2) |
(3.5) |
||
Income tax effect of adjustments (a) |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (49) β (50) |
(58.6) |
(27.4) |
||
Statutory tax rate effects (b) |
β |
5.5 |
6.7 |
||
Adjusted net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 364 - 386 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 234.8 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 420.0 |
||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share Reconciliation |
|||||
Diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2.48 β 2.70 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.42 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.45 |
||
Amortization of intangible assets |
ββΆΔ2.17 |
1.78 |
1.04 |
||
Non-cash stock-based compensation expense |
β0.42 |
0.36 |
0.34 |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.19 β 0.25 |
1.13 |
0.05 |
||
Losses (gains), net, on fair value of investment |
β |
0.10 |
0.11 |
||
Project results from non-controlled joint venture |
β |
(0.04) |
β |
||
Bargain purchase gain |
β |
(0.00) |
(0.05) |
||
Income tax effect of adjustments (a) |
ΜύΜύΜύΜύΜύΜύΜύ (0.62) β (0.64) |
(0.77) |
(0.37) |
||
Statutory tax rate effects (b) |
β |
0.07 |
0.09 |
||
Adjusted diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.64 β 4.91 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3.05 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5.65 |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards. ΜύTax 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 effects on pre-tax income. |
(b) |
For the years ended |
Μύ
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
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J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, marc.lewis@Ίμ½γΝΌΏβ.com