We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Presidio Inc | NASDAQ:PSDO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.60 | 0.01 | 199,999.99 | 0 | 01:00:00 |
Delivers Solid Total Revenue and Earnings GrowthEnhanced Financial Flexibility Through Continued DeleveragingProvides Update to Fiscal Year 2018 Guidance
Three months ended | Nine months ended | |||||||||||||||||||||
(in $ millions, except per share data) | March 31,2017 | March 31,2018 | % Chg | March 31,2017 | March 31,2018 | % Chg | ||||||||||||||||
Total Revenue | $ | 628.8 | $ | 665.1 | 5.8 | % | $ | 2,088.3 | $ | 2,091.7 | 0.2 | % | ||||||||||
Total Gross Margin | $ | 142.1 | $ | 139.4 | (1.9 | )% | $ | 433.6 | $ | 433.2 | (0.1 | )% | ||||||||||
Gross Margin % | 22.6 | % | 21.0 | % | 20.8 | % | 20.7 | % | ||||||||||||||
Net Income (loss) | $ | (15.0 | ) | $ | 0.6 | n.m. | $ | (6.0 | ) | $ | 119.5 | n.m. | ||||||||||
Diluted EPS | $ | (0.20 | ) | $ | 0.01 | n.m. | $ | (0.08 | ) | $ | 1.24 | n.m. | ||||||||||
Adjusted EBITDA1 | $ | 52.7 | $ | 49.0 | (7.0 | )% | $ | 165.7 | $ | 165.8 | 0.1 | % | ||||||||||
Adj. EBITDA margin %1 | 8.4 | % | 7.4 | % | 7.9 | % | 7.9 | % | ||||||||||||||
Adjusted Net Income1 | $ | 22.8 | $ | 26.8 | 17.5 | % | $ | 69.8 | $ | 89.9 | 28.8 | % | ||||||||||
Pro Forma Adjusted Net Income2 | $ | 26.8 | $ | 26.9 | 0.4 | % | $ | 84.4 | $ | 93.2 | 10.4 | % | ||||||||||
Pro Forma Diluted EPS2 | $ | 0.28 | $ | 0.28 | — | % | $ | 0.89 | $ | 0.97 | 9.0 | % | ||||||||||
“During the third quarter, we delivered solid revenue growth of 5.8%, driven by Digital Infrastructure solutions growth of 13.9% and services revenue growth of 9.3%. Security solutions decreased 5.9% during the third quarter, reflecting that a number of very large orders in the third quarter of fiscal year 2017 did not reoccur. However, Security solutions have increased 23.3% year-to-date, and we continue to see robust demand in this solution area. Cloud revenues declined during the third quarter, driven by the overall market softness experienced by our primary OEM in the space. We have seen double and triple digit growth in many of our other Cloud partners in both the private and public cloud space and remain bullish on this solutions area,” said Bob Cagnazzi, Chief Executive Officer of Presidio.
Cagnazzi continued, “Our third quarter results reflect a strong recovery from last quarter’s weakness in revenue, however, based on our performance year-to-date, we have revised our revenue guidance for the full year to low single digit growth. Our backlog continues to grow, increasing 19% year-over-year at the end of the third quarter from an increase of 13% at the end of the second quarter. This positive momentum has been driven by the highly beneficial long term trends of continued growth in multi-year contracted recurring revenue, which has increased 17% year-over-year, and larger, more complex projects which have elongated project delivery cycles. We remain optimistic about the fundamentals of our business and our ability to deliver mid-single digit growth over the medium term. In addition, the business continues to deliver consistent and strong free cash flow, which allows us to enhance our financial flexibility by improving our balance sheet to drive profitability.”
“In early April, we acquired Red Sky Solutions, LLC, a fast growing solutions-driven company with a strong team that gives us an enhanced presence in the mountain states. This is consistent with our stated growth strategy of pursing complementary acquisitions. We are very excited to welcome the Red Sky team to Presidio,” Cagnazzi concluded.
1 This financial measure is not based on U.S. GAAP. Please refer to the section of this press release entitled "About Non-GAAP and Pro Forma Financial Measures" for additional information and to the attached reconciliation to the most directly comparable U.S. GAAP measure.
2 This non-GAAP financial measure adjusts certain historical data on a pro forma basis following certain transactions. Please refer to the section of this press release entitled "About Non-GAAP and Pro Forma Financial Measures" for additional information and to the section entitled "Non-GAAP Reconciliations" for reconciliation to the most directly comparable U.S. GAAP measure.
Financial Highlights for the Fiscal Third Quarter Ended March 31, 2018
Financial Highlights for the Nine Months Ended March 31, 2018
Capital Resources and Free Cash Flow
Business Outlook
We have revised our outlook for the fiscal year ending June 30, 2018 as follows:
About Non-GAAP and Pro Forma Financial Measures
Our management regularly monitors certain financial measures to track the progress of our business against internal goals and targets. In addition to financial information presented in accordance with GAAP, management uses Adjusted EBITDA, Adjusted Net Income, Pro Forma Adjusted Net Income, Pro Forma Diluted EPS and Free Cash Flow (collectively, “non-GAAP measures,” as further described below) in its evaluation of past performance and prospects for the future. These non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income or revenue, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. These non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for analysis of our operating results as reported under GAAP and they include adjustments for items that may occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other peer companies over time.
We also adjust certain historical data on a pro forma basis following certain significant transactions. Specifically, we have provided a calculation of Pro Forma Adjusted Net Income to adjust our reported results for the three and nine months ended March 31, 2017 for:
The calculation of Pro Forma Adjusted Net Income for the three and nine months ended March 31, 2018 includes adjustments for:
Pro Forma Adjusted Net Income is for illustrative and informational purposes and is not intended to represent or be indicative of what our financial condition or results of operations would have been had the transactions occurred on the dates indicated. Pro Forma Adjusted Net Income should not be considered representative of our future financial condition or results of operations.
Conference Call Information
We have scheduled a conference call for Thursday, May 10, 2018, at 5:00 p.m. Eastern Time to discuss our financial results for the fiscal third quarter ended March 31, 2018. Financial results will be released after the close of the U.S. financial markets on May 10, 2018.
Those wishing to participate via webcast should access the call through Presidio's Investor Relations website at http://investors.presidio.com. Those wishing to participate via telephone may dial in at 1-877-407-4018 (USA) or 1-201-689-8471 (International). The conference call replay will be available via webcast through Presidio's Investor Relations website. The telephone replay will be available from 8:00 p.m. Eastern Time on May 10, 2018, through May 17, 2018, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The replay passcode will be 13679142.
About Presidio
Presidio is a leading North American IT solutions provider focused on Digital Infrastructure, Cloud and Security solutions. We deliver this technology expertise through a full life cycle model of professional, managed, and support services including strategy, consulting, implementation and design. By taking the time to deeply understand how our clients define success, we help them harness technology advances, simplify IT complexity and optimize their environments today while enabling future applications, user experiences, and revenue models. As of June 30, 2017, we serve approximately 7,500 middle-market, large, and government organizations across a diverse range of industries. More than 2,700 Presidio professionals, including more than 1,500 technical engineers, are based in 60+ offices across the United States in a unique, local delivery model combined with the national scale of a $2.8 billion dollar industry leader. We are passionate about driving results for our clients and delivering the highest quality of service in the industry. Presidio is controlled by funds affiliated with Apollo Global Management, LLC (NYSE:APO). For more information visit: www.presidio.com.
Source: Presidio, Inc.
Contact Information
Investor Relations Contact:Ed Yuen866-232-3762investors@presidio.com
Media Contact:Dori WhiteVice President of Corporate Marketing212-324-4301doriwhite@presidio.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipates,” “expects,” “intends,” “plans” and “believes,” among others, generally identify forward-looking statements. These forward-looking statements include statements relating to: future financial performance, business prospects and strategy, anticipated trends, prospects in the industries in which our businesses operate and other similar matters. These forward looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward looking statements for a variety of reasons, including, among others: risks and uncertainties related to the capital markets, changes in senior management at Presidio, changes in our relationship with our vendor partners, adverse changes in economic conditions, risks resulting from a decreased demand for Presidio’s information technology solutions, risks relating to rapid technological change in Presidio’s industry, risks relating to the inability to realize the full amount of our backlog and risks relating to acquisitions or regulatory changes. Certain of these and other risks and uncertainties are discussed in Presidio’s filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also adversely affect our business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward looking statements, which only reflect the views of our management as of the date of this press release. We do not undertake to update these forward-looking statements.
Non-GAAP Reconciliations
The reconciliation of Adjusted EBITDA from Net Income (Loss) for each of the periods presented is as follows:
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
(in millions) | 2017 | 2018 | 2017 | 2018 | ||||||||||||
Adjusted EBITDA reconciliation: | ||||||||||||||||
Net Income (loss) | $ | (15.0 | ) | $ | 0.6 | $ | (6.0 | ) | $ | 119.5 | ||||||
Total depreciation and amortization (1) | 21.7 | 22.1 | 65.3 | 66.6 | ||||||||||||
Interest and other (income) expense | 45.3 | 23.3 | 87.8 | 49.8 | ||||||||||||
Income tax benefit | (15.9 | ) | (5.6 | ) | (9.6 | ) | (83.5 | ) | ||||||||
EBITDA | 36.1 | 40.4 | 137.5 | 152.4 | ||||||||||||
Adjustments: | ||||||||||||||||
Share-based compensation expense | 7.9 | 3.1 | 8.9 | 5.6 | ||||||||||||
Purchase accounting adjustments (2) | 0.2 | 0.1 | 0.9 | 0.3 | ||||||||||||
Transaction costs (3) | 8.5 | 4.2 | 14.5 | 6.3 | ||||||||||||
Other costs (4) | — | 1.2 | 3.9 | 1.2 | ||||||||||||
Total adjustments | 16.6 | 8.6 | 28.2 | 13.4 | ||||||||||||
Adjusted EBITDA | $ | 52.7 | $ | 49.0 | $ | 165.7 | $ | 165.8 | ||||||||
Adjusted EBITDA % (5) | 8.4 | % | 7.4 | % | 7.9 | % | 7.9 | % | ||||||||
(1) Includes depreciation and amortization included within total operating expenses and cost of revenue. (2) Includes noncash adjustments associated with purchase accounting (including inventory step up, deferred revenue step down and revaluation of deferred rent).
(3) Includes transaction-related expenses such as: stay and retention bonuses, transaction-related advisory and diligence fees, transaction-related legal, accounting and tax fees and other transaction-related items.
(4) Includes certain non-recurring costs incurred in the development of our new cloud service offerings and severance charges associated with the retirement of our former Chief Financial Officer.
(5) Adjusted EBITDA % represents the ratio of Adjusted EBITDA to Total Revenue.
The reconciliation of Adjusted Net Income and Pro Forma Adjusted Net Income from Net Income (Loss) for each of the periods presented is as follows:
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
(in millions) | 2017 | 2018 | 2017 | 2018 | ||||||||||||
Adjusted Net Income reconciliation: | ||||||||||||||||
Net Income (loss) | $ | (15.0 | ) | $ | 0.6 | $ | (6.0 | ) | $ | 119.5 | ||||||
Adjustments: | ||||||||||||||||
Amortization of intangible assets | 18.4 | 18.3 | 55.2 | 55.5 | ||||||||||||
Amortization of debt issuance costs | 1.7 | 1.0 | 5.1 | 3.6 | ||||||||||||
Loss on extinguishment of debt | 26.9 | 13.3 | 27.7 | 14.8 | ||||||||||||
Share-based compensation expense | 7.9 | 3.1 | 8.9 | 5.6 | ||||||||||||
Purchase accounting adjustments | 0.2 | 0.1 | 0.9 | 0.3 | ||||||||||||
Transaction costs | 8.5 | 4.2 | 14.5 | 6.3 | ||||||||||||
Other costs | — | 1.2 | 3.9 | 1.2 | ||||||||||||
Revaluation of federal deferred taxes | — | (3.2 | ) | — | (92.4 | ) | ||||||||||
Income tax impact of adjustments (1) | (25.8 | ) | (11.8 | ) | (40.4 | ) | (24.5 | ) | ||||||||
Total adjustments | 37.8 | 26.2 | 75.8 | (29.6 | ) | |||||||||||
Adjusted Net Income | 22.8 | 26.8 | 69.8 | 89.9 | ||||||||||||
Pro Forma Adjustments: | ||||||||||||||||
Interest on notes repaid in IPO | 3.7 | — | 14.4 | — | ||||||||||||
Interest on 2017 term loan repricing | 1.2 | — | 4.7 | — | ||||||||||||
Interest on notes redeemed, net savings | 1.6 | 0.1 | 4.9 | 3.3 | ||||||||||||
Interest on 2018 term loan repricing | — | 0.1 | — | 1.7 | ||||||||||||
Income tax impact of adjustments | (2.5 | ) | (0.1 | ) | (9.4 | ) | (1.7 | ) | ||||||||
Total Pro Forma adjustments | 4.0 | 0.1 | 14.6 | 3.3 | ||||||||||||
Pro Forma Adjusted Net Income | $ | 26.8 | $ | 26.9 | $ | 84.4 | $ | 93.2 | ||||||||
(1) Includes an estimated tax impact of the adjustments to Net Income at our average statutory rate to arrive at an appropriate effective tax rate on Adjusted Net Income, except for (i) the adjustment of certain transaction costs that are permanently nondeductible for tax purposes and (ii) the impact of tax-deductible goodwill and intangible assets resulting from certain historical acquisitions and further adjusted for discrete tax items such as: the tax benefit associated with excess stock compensation deductions, the remeasurement of deferred tax liabilities due to state rate changes or the excess tax benefit related to shared-based compensation activity.
The reconciliation of Pro Forma weighted-average shares - diluted and Pro Forma Diluted EPS from GAAP weighted-average shares for each of the periods presented is as follows:
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Share count: | ||||||||||||||||
Weighted-average shares – basic | 75,374,606 | 92,015,710 | 73,064,789 | 91,629,703 | ||||||||||||
Dilutive effect of stock options | — | 4,901,072 | — | 4,938,180 | ||||||||||||
Weighted-average shares – diluted | 75,374,606 | 96,916,782 | 73,064,789 | 96,567,883 | ||||||||||||
Pro Forma shares issued at IPO (1) | 15,361,675 | — | 17,648,103 | — | ||||||||||||
Dilutive impact of stock options (2) | 4,602,512 | — | 3,981,394 | — | ||||||||||||
Pro Forma weighted-average shares – diluted | 95,338,793 | 96,916,782 | 94,694,286 | 96,567,883 | ||||||||||||
Diluted EPS | $ | (0.20 | ) | $ | 0.01 | $ | (0.08 | ) | $ | 1.24 | ||||||
Pro Forma Diluted EPS | $ | 0.28 | $ | 0.28 | $ | 0.89 | $ | 0.97 | ||||||||
(1) Includes an adjustment to reflect the shares issued in the March 2017 IPO as if the IPO occurred at the beginning of the period that are not already reflected in the basic weighted-average shares presented.(2) Includes an adjustment to reflect the dilutive impact of outstanding stock options on Pro Forma Adjusted Net Income that were excluded from the calculation for GAAP purposes as anti-dilutive due to the GAAP net loss in the period.
We define free cash flow as our net cash provided by operating activities adjusted to include: (i) the impact of net borrowings (repayments) on the floor plan facility, (ii) the aggregate net cash impact of our leasing business and (iii) the purchases of property and equipment.
The following table presents the aggregate net cash impact of our leasing business for the three and nine months ended March 31, 2017 and 2018 (in millions):
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
(in millions) | 2017 | 2018 | 2017 | 2018 | ||||||||||||
Additions of equipment under sales-type and direct financing leases | $ | (12.4 | ) | $ | (30.9 | ) | $ | (76.3 | ) | $ | (80.6 | ) | ||||
Proceeds from collection of financing receivables | 1.1 | 0.8 | 8.8 | 3.0 | ||||||||||||
Additions to equipment under operating leases | (0.8 | ) | (0.3 | ) | (1.6 | ) | (1.5 | ) | ||||||||
Proceeds from disposition of equipment under operating leases | 0.9 | — | 1.4 | 0.7 | ||||||||||||
Proceeds from the discounting of financing receivables | 20.4 | 34.5 | 86.5 | 81.5 | ||||||||||||
Retirements of discounted financing receivables | (0.1 | ) | (3.2 | ) | (4.4 | ) | (5.7 | ) | ||||||||
Aggregate net cash impact of leasing business | $ | 9.1 | $ | 0.9 | $ | 14.4 | $ | (2.6 | ) | |||||||
The following table presents reconciliation of Free Cash Flow from net cash provided by operating activities for the three and nine months ended March 31, 2017 and 2018 (in millions):
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
(in millions) | 2017 | 2018 | 2017 | 2018 | ||||||||||||
Net cash provided by operating activities | $ | 13.0 | $ | 18.1 | $ | 96.3 | $ | 142.7 | ||||||||
Adjustments to reconcile to Free Cash Flow: | ||||||||||||||||
Net change in accounts payable - floor plan | (2.3 | ) | 10.2 | (38.7 | ) | (55.1 | ) | |||||||||
Aggregate net cash impact of leasing business | 9.1 | 0.9 | 14.4 | (2.6 | ) | |||||||||||
Purchases of property and equipment | (2.2 | ) | (3.3 | ) | (8.9 | ) | (10.5 | ) | ||||||||
Total adjustments | 4.6 | 7.8 | (33.2 | ) | (68.2 | ) | ||||||||||
Free Cash Flow | $ | 17.6 | $ | 25.9 | $ | 63.1 | $ | 74.5 | ||||||||
PRESIDIO, INC.Consolidated Balance Sheets(in millions, except share data) | ||||||||
As of June 30, 2017 | As of March 31, 2018 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 27.5 | $ | 24.9 | ||||
Accounts receivable, net | 576.3 | 574.5 | ||||||
Unbilled accounts receivable, net | 159.8 | 152.0 | ||||||
Financing receivables, current portion | 84.2 | 85.4 | ||||||
Inventory | 27.7 | 26.8 | ||||||
Prepaid expenses and other current assets | 63.4 | 89.0 | ||||||
Total current assets | 938.9 | 952.6 | ||||||
Property and equipment, net | 32.1 | 33.9 | ||||||
Financing receivables, less current portion | 113.6 | 116.7 | ||||||
Goodwill | 781.5 | 784.1 | ||||||
Identifiable intangible assets, net | 751.9 | 700.7 | ||||||
Other assets | 32.7 | 31.4 | ||||||
Total assets | $ | 2,650.7 | $ | 2,619.4 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities | ||||||||
Current maturities of long-term debt | $ | — | $ | — | ||||
Accounts payable – trade | 350.5 | 427.1 | ||||||
Accounts payable – floor plan | 264.9 | 209.8 | ||||||
Accrued expenses and other current liabilities | 216.3 | 174.1 | ||||||
Discounted financing receivables, current portion | 79.9 | 81.5 | ||||||
Total current liabilities | 911.6 | 892.5 | ||||||
Long-term debt, net of debt issuance costs and current maturities | 730.7 | 675.4 | ||||||
Discounted financing receivables, less current portion | 104.7 | 105.7 | ||||||
Deferred income tax liabilities | 270.4 | 182.4 | ||||||
Other liabilities | 30.4 | 29.5 | ||||||
Total liabilities | 2,047.8 | 1,885.5 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ Equity | ||||||||
Preferred stock: | ||||||||
$0.01 par value; 100 shares authorized and zero shares issued and outstanding at March 31,2018 and June 30, 2017 | — | — | ||||||
Common stock: | ||||||||
$0.01 par value; 250,000,000 shares authorized, 92,238,809 shares issued and outstanding atMarch 31, 2018 and 90,969,919 shares issued and outstanding at June 30, 2017 | 0.9 | 0.9 | ||||||
Additional paid-in capital | 625.3 | 636.8 | ||||||
Retained earnings (accumulated deficit) | (23.3 | ) | 96.2 | |||||
Total stockholders’ equity | 602.9 | 733.9 | ||||||
Total liabilities and stockholders’ equity | $ | 2,650.7 | $ | 2,619.4 | ||||
PRESIDIO, INC.Consolidated Statements of Operations(in millions, except share and per-share data) | ||||||||||||||||
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Revenue | ||||||||||||||||
Product | $ | 519.1 | $ | 545.2 | $ | 1,757.8 | $ | 1,714.1 | ||||||||
Service | 109.7 | 119.9 | 330.5 | 377.6 | ||||||||||||
Total Revenue | 628.8 | 665.1 | 2,088.3 | 2,091.7 | ||||||||||||
Cost of revenue | ||||||||||||||||
Product | 403.8 | 429.7 | 1,394.9 | 1,359.3 | ||||||||||||
Service | 82.9 | 96.0 | 259.8 | 299.2 | ||||||||||||
Total cost of revenue | 486.7 | 525.7 | 1,654.7 | 1,658.5 | ||||||||||||
Gross margin | 142.1 | 139.4 | 433.6 | 433.2 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling expenses | 70.8 | 70.2 | 204.9 | 201.0 | ||||||||||||
General and administrative expenses | 27.9 | 26.1 | 80.7 | 77.8 | ||||||||||||
Transaction costs | 8.5 | 4.2 | 14.5 | 6.3 | ||||||||||||
Depreciation and amortization | 20.5 | 20.6 | 61.3 | 62.3 | ||||||||||||
Total operating expenses | 127.7 | 121.1 | 361.4 | 347.4 | ||||||||||||
Operating income | 14.4 | 18.3 | 72.2 | 85.8 | ||||||||||||
Interest and other (income) expense | ||||||||||||||||
Interest expense | 18.3 | 10.1 | 59.9 | 35.3 | ||||||||||||
Loss on extinguishment of debt | 26.9 | 13.3 | 27.7 | 14.8 | ||||||||||||
Other (income) expense, net | 0.1 | (0.1 | ) | 0.2 | (0.3 | ) | ||||||||||
Total interest and other (income) expense | 45.3 | 23.3 | 87.8 | 49.8 | ||||||||||||
Income (loss) before income taxes | (30.9 | ) | (5.0 | ) | (15.6 | ) | 36.0 | |||||||||
Income tax benefit | (15.9 | ) | (5.6 | ) | (9.6 | ) | (83.5 | ) | ||||||||
Net Income (loss) | $ | (15.0 | ) | $ | 0.6 | $ | (6.0 | ) | $ | 119.5 | ||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (0.20 | ) | $ | 0.01 | $ | (0.08 | ) | $ | 1.30 | ||||||
Diluted | $ | (0.20 | ) | $ | 0.01 | $ | (0.08 | ) | $ | 1.24 | ||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 75,374,606 | 92,015,710 | 73,064,789 | 91,629,703 | ||||||||||||
Diluted | 75,374,606 | 96,916,782 | 73,064,789 | 96,567,883 | ||||||||||||
PRESIDIO, INC.Consolidated Statements of Cash Flows(in millions) | ||||||||||||||||
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Net cash provided by operating activities | $ | 13.0 | $ | 18.1 | $ | 96.3 | $ | 142.7 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of businesses, net of cash and cash equivalents acquired | — | — | — | (9.5 | ) | |||||||||||
Proceeds from collection of escrow related to acquisition of business | — | — | 0.6 | 0.2 | ||||||||||||
Additions of equipment under sales-type and direct financing leases | (12.4 | ) | (30.9 | ) | (76.3 | ) | (80.6 | ) | ||||||||
Proceeds from collection of financing receivables | 1.1 | 0.8 | 8.8 | 3.0 | ||||||||||||
Additions to equipment under operating leases | (0.8 | ) | (0.3 | ) | (1.6 | ) | (1.5 | ) | ||||||||
Proceeds from disposition of equipment under operating leases | 0.9 | — | 1.4 | 0.7 | ||||||||||||
Purchases of property and equipment | (2.2 | ) | (3.3 | ) | (8.9 | ) | (10.5 | ) | ||||||||
Net cash used in investing activities | (13.4 | ) | (33.7 | ) | (76.0 | ) | (98.2 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from initial public offering, net of underwriterdiscounts and commissions | 247.5 | — | 247.5 | — | ||||||||||||
Payment of initial public offering costs | (0.7 | ) | — | (0.7 | ) | — | ||||||||||
Proceeds from issuance of common stock under share-based compensation plans | 0.5 | 1.4 | 0.6 | 5.9 | ||||||||||||
Proceeds from the discounting of financing receivables | 20.4 | 34.5 | 86.5 | 81.5 | ||||||||||||
Retirements of discounted financing receivables | (0.1 | ) | (3.2 | ) | (4.4 | ) | (5.7 | ) | ||||||||
Net repayments on the receivables securitization facility | — | — | (5.0 | ) | — | |||||||||||
Deferred financing costs | — | (0.6 | ) | — | (1.2 | ) | ||||||||||
Redemptions and repurchases of senior and subordinated notes | (230.8 | ) | (135.7 | ) | (230.8 | ) | (135.7 | ) | ||||||||
Borrowings on term loans, net of original issue discount | — | 138.2 | — | 138.2 | ||||||||||||
Repayments of term loans | (51.8 | ) | (25.0 | ) | (80.5 | ) | (75.0 | ) | ||||||||
Net change in accounts payable — floor plan | (2.3 | ) | 10.2 | (38.7 | ) | (55.1 | ) | |||||||||
Net cash provided by (used in) financing activities | (17.3 | ) | 19.8 | (25.5 | ) | (47.1 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | (17.7 | ) | 4.2 | (5.2 | ) | (2.6 | ) | |||||||||
Cash and cash equivalents: | ||||||||||||||||
Beginning of the period | 45.5 | 20.7 | 33.0 | 27.5 | ||||||||||||
End of the period | $ | 27.8 | $ | 24.9 | $ | 27.8 | $ | 24.9 | ||||||||
Supplemental disclosures of cash flow information | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | $ | 31.3 | $ | 13.4 | $ | 68.7 | $ | 36.0 | ||||||||
Income taxes, net of refunds | $ | 0.9 | $ | 7.0 | $ | 2.6 | $ | 29.9 | ||||||||
Reduction of discounted lease assets and liabilities | $ | 21.7 | $ | 26.6 | $ | 65.3 | $ | 80.2 | ||||||||
1 Year Presidio Chart |
1 Month Presidio Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions