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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IHS Holding Limited | NYSE:IHS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.26% | 3.80 | 3.885 | 3.77 | 3.85 | 142,236 | 21:00:04 |
Delaware (State or Other Jurisdiction of Incorporation or Organization) | 13‑3769440 (I.R.S. Employer Identification Number) |
IHS INC. | ||
Date: January 13, 2015 | By: | /s/ Todd S. Hyatt |
Todd S. Hyatt | ||
Executive Vice President and Chief Financial Officer |
News Release |
News Media Contact: | Investor Relations Contact: | ||
Dan Wilinsky | Eric Boyer | ||
+1 303 397 2468 | +1 303 397 2969 | ||
dan.wilinsky@ihs.com | eric.boyer@ihs.com |
• | Revenue of $582 million, up 4 percent from the prior-year period |
• | Total organic revenue growth of 4 percent, anchored by 6 percent subscription organic revenue growth |
• | Adjusted EBITDA of $186 million, up 10 percent from the prior-year period, resulting in a margin expansion of 170 basis points |
• | Adjusted earnings per diluted share (Adjusted EPS) of $1.68, up 15 percent from the prior-year period |
• | Full-year free cash flow conversion of 74 percent |
Three months ended November 30, | Change | Year ended November 30, | Change | ||||||||||||||||||||||||||
(in thousands, except percentages and per share data) | 2014 | 2013 | $ | % | 2014 | 2013 | $ | % | |||||||||||||||||||||
Revenue | $ | 582,317 | $ | 559,675 | $ | 22,642 | 4 | % | $ | 2,230,794 | $ | 1,840,631 | $ | 390,163 | 21 | % | |||||||||||||
Net income | $ | 60,118 | $ | 40,810 | $ | 19,308 | 47 | % | $ | 194,549 | $ | 131,733 | $ | 62,816 | 48 | % | |||||||||||||
Adjusted EBITDA | $ | 186,455 | $ | 169,565 | $ | 16,890 | 10 | % | $ | 689,804 | $ | 561,768 | $ | 128,036 | 23 | % | |||||||||||||
GAAP EPS | $ | 0.87 | $ | 0.60 | $ | 0.27 | 45 | % | $ | 2.81 | $ | 1.95 | $ | 0.86 | 44 | % | |||||||||||||
Adjusted EPS | $ | 1.68 | $ | 1.46 | $ | 0.22 | 15 | % | $ | 5.90 | $ | 5.06 | $ | 0.84 | 17 | % | |||||||||||||
Cash flow from operations | $ | 85,649 | $ | 151,786 | $ | (66,137 | ) | (44 | )% | $ | 628,099 | $ | 496,155 | $ | 131,944 | 27 | % | ||||||||||||
Free cash flow | $ | 54,510 | $ | 126,463 | $ | (71,953 | ) | (57 | )% | $ | 513,646 | $ | 405,421 | $ | 108,225 | 27 | % |
Increase in revenue | |||||||||||||||||
Fourth quarter 2014 vs. fourth quarter 2013 | 2014 vs. 2013 | ||||||||||||||||
(All amounts represent percentage points) | Organic | Acquisitive | Foreign Currency | Organic | Acquisitive | Foreign Currency | |||||||||||
Americas | 4 | % | — | % | (1 | )% | 4 | % | 23 | % | (1 | )% | |||||
EMEA | 4 | % | 2 | % | — | % | 6 | % | 5 | % | 2 | % | |||||
APAC | 8 | % | 3 | % | (1 | )% | 4 | % | 5 | % | (1 | )% | |||||
Total | 4 | % | 1 | % | (1 | )% | 4 | % | 17 | % | — | % |
Three months ended November 30, | Percent change | Year ended November 30, | Percent change | ||||||||||||||||||||||||
(in thousands, except percentages) | 2014 | 2013 | Total | Organic | 2014 | 2013 | Total | Organic | |||||||||||||||||||
Subscription revenue | $ | 443,769 | $ | 418,309 | 6 | % | 6 | % | $ | 1,719,617 | $ | 1,404,984 | 22 | % | 6 | % | |||||||||||
Non-subscription revenue | 138,548 | 141,366 | (2 | )% | (2 | )% | 511,177 | 435,647 | 17 | % | (1 | )% | |||||||||||||||
Total revenue | $ | 582,317 | $ | 559,675 | 4 | % | 4 | % | $ | 2,230,794 | $ | 1,840,631 | 21 | % | 4 | % |
• | Americas. Fourth quarter revenue for Americas increased $11 million, or 3 percent, to $380 million, and included 7 percent organic growth for the subscription-based business. Fourth quarter Adjusted EBITDA for Americas increased $9 million, or 7 percent, to $143 million. Fourth quarter operating income for Americas increased $4 million, or 5 percent, to $95 million. |
• | EMEA. Fourth quarter revenue for EMEA increased $7 million, or 5 percent, to $145 million, and included 5 percent organic growth for the subscription-based business. Fourth quarter Adjusted EBITDA for EMEA increased $5 million, or 12 percent, to $43 million. Fourth quarter operating income for EMEA increased $11 million, or 43 percent, to $36 million. EMEA profit benefited from revenue growth and prior investment in scaled infrastructure. |
• | APAC. Fourth quarter revenue for APAC increased $5 million, or 10 percent, to $57 million, and included 6 percent organic growth for the subscription-based business. Fourth quarter Adjusted EBITDA for APAC increased $2 million, or 18 percent, to $17 million. Fourth quarter operating income for APAC increased $2 million, or 16 percent, to $15 million. |
• | Revenue in a range of $2.36 billion to $2.40 billion, including 6-7 percent organic growth on the subscription base and neutral non-subscription organic growth; |
• | Adjusted EBITDA in a range of $750 million to $770 million; and |
• | Adjusted EPS in a range of $6.10 to $6.30 per diluted share. |
• | Depreciation expense to be approximately $82-86 million; |
• | Amortization expense related to acquired intangible assets to be approximately $135-140 million; |
• | Net interest expense to be approximately $70-75 million; |
• | Stock-based compensation expense to be approximately $150-160 million; |
• | An adjusted tax rate of approximately 27-29 percent; |
• | An effective tax rate of approximately 23-25 percent; and |
• | Fully diluted shares to be approximately 70 million. |
As of | As of | ||||||
November 30, 2014 | November 30, 2013 | ||||||
(Unaudited) | (Audited) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 153,156 | $ | 258,367 | |||
Accounts receivable, net | 421,374 | 459,263 | |||||
Income tax receivable | 2,283 | — | |||||
Deferred subscription costs | 51,021 | 49,327 | |||||
Deferred income taxes | 81,780 | 70,818 | |||||
Other | 60,973 | 43,065 | |||||
Total current assets | 770,587 | 880,840 | |||||
Non-current assets: | |||||||
Property and equipment, net | 301,419 | 245,566 | |||||
Intangible assets, net | 1,091,109 | 1,144,464 | |||||
Goodwill | 3,157,324 | 3,065,181 | |||||
Other | 27,991 | 23,562 | |||||
Total non-current assets | 4,577,843 | 4,478,773 | |||||
Total assets | $ | 5,348,430 | $ | 5,359,613 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 36,257 | $ | 395,527 | |||
Accounts payable | 52,245 | 57,001 | |||||
Accrued compensation | 101,875 | 89,460 | |||||
Accrued royalties | 37,346 | 36,289 | |||||
Other accrued expenses | 131,147 | 98,187 | |||||
Income tax payable | — | 9,961 | |||||
Deferred revenue | 596,187 | 560,010 | |||||
Total current liabilities | 955,057 | 1,246,435 | |||||
Long-term debt | 1,806,098 | 1,779,065 | |||||
Accrued pension and postretirement liability | 29,139 | 27,191 | |||||
Deferred income taxes | 347,419 | 361,267 | |||||
Other liabilities | 51,171 | 38,692 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Class A common stock, $0.01 par value per share, 160,000,000 shares authorized, 69,391,577 and 67,901,101 shares issued, and 68,372,176 and 67,382,298 shares outstanding at November 30, 2014 and November 30, 2013, respectively | 694 | 679 | |||||
Additional paid-in capital | 956,381 | 788,670 | |||||
Treasury stock, at cost: 1,019,401 and 518,803 shares at November 30, 2014 and November 30, 2013, respectively | (105,873 | ) | (45,945 | ) | |||
Retained earnings | 1,415,069 | 1,220,520 | |||||
Accumulated other comprehensive loss | (106,725 | ) | (56,961 | ) | |||
Total stockholders’ equity | 2,159,546 | 1,906,963 | |||||
Total liabilities and stockholders’ equity | $ | 5,348,430 | $ | 5,359,613 |
Three months ended November 30, | Year ended November 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 582,317 | $ | 559,675 | $ | 2,230,794 | $ | 1,840,631 | |||||||
Operating expenses: | |||||||||||||||
Cost of revenue (includes stock-based compensation expense of $2,243; $2,646; $8,520 and $8,271 for the three and twelve months ended November 30, 2014 and 2013, respectively) | 221,973 | 217,406 | 879,051 | 748,184 | |||||||||||
Selling, general and administrative (includes stock-based compensation expense of $37,393; $45,011; $158,839 and $154,180 for the three and twelve months ended November 30, 2014 and 2013, respectively) | 215,513 | 215,807 | 828,158 | 680,989 | |||||||||||
Depreciation and amortization | 52,798 | 50,950 | 202,145 | 158,737 | |||||||||||
Restructuring charges | 2,869 | 2,175 | 9,272 | 13,458 | |||||||||||
Acquisition-related costs | 884 | 5,369 | 1,901 | 23,428 | |||||||||||
Net periodic pension and postretirement expense | 2,432 | 4,895 | 6,774 | 11,619 | |||||||||||
Other expense, net | (1,539 | ) | 2,279 | (99 | ) | 6,012 | |||||||||
Total operating expenses | 494,930 | 498,881 | 1,927,202 | 1,642,427 | |||||||||||
Operating income | 87,387 | 60,794 | 303,592 | 198,204 | |||||||||||
Interest income | 251 | 392 | 988 | 1,271 | |||||||||||
Interest expense | (13,233 | ) | (16,226 | ) | (55,383 | ) | (44,582 | ) | |||||||
Non-operating expense, net | (12,982 | ) | (15,834 | ) | (54,395 | ) | (43,311 | ) | |||||||
Income from continuing operations before income taxes | 74,405 | 44,960 | 249,197 | 154,893 | |||||||||||
Provision for income taxes | (14,287 | ) | (4,150 | ) | (54,648 | ) | (23,059 | ) | |||||||
Income from continuing operations | 60,118 | 40,810 | 194,549 | 131,834 | |||||||||||
Loss from discontinued operations, net | — | — | — | (101 | ) | ||||||||||
Net income | $ | 60,118 | $ | 40,810 | $ | 194,549 | $ | 131,733 | |||||||
Basic earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.88 | $ | 0.61 | $ | 2.85 | $ | 1.98 | |||||||
Loss from discontinued operations, net | $ | — | $ | — | $ | — | $ | — | |||||||
Net income | $ | 0.88 | $ | 0.61 | $ | 2.85 | $ | 1.98 | |||||||
Weighted average shares used in computing basic earnings per share | 68,352 | 67,403 | 68,163 | 66,434 | |||||||||||
Diluted earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.87 | $ | 0.60 | $ | 2.81 | $ | 1.95 | |||||||
Loss from discontinued operations, net | $ | — | $ | — | $ | — | $ | — | |||||||
Net income | $ | 0.87 | $ | 0.60 | $ | 2.81 | $ | 1.95 | |||||||
Weighted average shares used in computing diluted earnings per share | 69,281 | 68,416 | 69,120 | 67,442 |
Year ended November 30, | |||||||
2014 | 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 194,549 | $ | 131,733 | |||
Reconciliation of net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 202,145 | 158,737 | |||||
Stock-based compensation expense | 167,359 | 162,451 | |||||
Impairment of assets | — | 1,629 | |||||
Excess tax benefit from stock-based compensation | (13,297 | ) | (14,334 | ) | |||
Net periodic pension and postretirement expense | 6,774 | 11,619 | |||||
Pension and postretirement contributions | (13,452 | ) | (13,299 | ) | |||
Deferred income taxes | (10,285 | ) | (34,312 | ) | |||
Change in assets and liabilities: | |||||||
Accounts receivable, net | 36,418 | (24,427 | ) | ||||
Other current assets | (8,834 | ) | (672 | ) | |||
Accounts payable | (11,425 | ) | (10,069 | ) | |||
Accrued expenses | 36,073 | 50,753 | |||||
Income tax payable | 6,254 | 65,887 | |||||
Deferred revenue | 29,713 | 10,378 | |||||
Other liabilities | 6,107 | 81 | |||||
Net cash provided by operating activities | 628,099 | 496,155 | |||||
Investing activities: | |||||||
Capital expenditures on property and equipment | (114,453 | ) | (90,734 | ) | |||
Acquisitions of businesses, net of cash acquired | (210,395 | ) | (1,487,034 | ) | |||
Intangible assets acquired | (714 | ) | — | ||||
Change in other assets | (4,608 | ) | 1,347 | ||||
Settlements of forward contracts | 6,159 | 4,524 | |||||
Net cash used in investing activities | (324,011 | ) | (1,571,897 | ) | |||
Financing activities: | |||||||
Proceeds from borrowings | 2,485,000 | 1,375,000 | |||||
Repayment of borrowings | (2,817,236 | ) | (268,909 | ) | |||
Payment of debt issuance costs | (18,994 | ) | (17,360 | ) | |||
Excess tax benefit from stock-based compensation | 13,297 | 14,334 | |||||
Proceeds from the exercise of employee stock options | — | 549 | |||||
Repurchases of common stock | (59,928 | ) | (97,164 | ) | |||
Net cash provided by (used in) financing activities | (397,861 | ) | 1,006,450 | ||||
Foreign exchange impact on cash balance | (11,438 | ) | (17,349 | ) | |||
Net increase (decrease) in cash and cash equivalents | (105,211 | ) | (86,641 | ) | |||
Cash and cash equivalents at the beginning of the period | 258,367 | 345,008 | |||||
Cash and cash equivalents at the end of the period | $ | 153,156 | $ | 258,367 |
Three months ended November 30, | Percent change | Year ended November 30, | Percent change | ||||||||||||||||||||||||
2014 | 2013 | Total | Organic | 2014 | 2013 | Total | Organic | ||||||||||||||||||||
Revenue by segment: | |||||||||||||||||||||||||||
Americas | $ | 379,626 | $ | 368,510 | 3 | % | 4 | % | $ | 1,470,282 | $ | 1,162,582 | 26 | % | 4 | % | |||||||||||
EMEA | 145,233 | 138,711 | 5 | % | 4 | % | 549,061 | 483,373 | 14 | % | 6 | % | |||||||||||||||
APAC | 57,458 | 52,454 | 10 | % | 8 | % | 211,451 | 194,676 | 9 | % | 4 | % | |||||||||||||||
Total revenue | $ | 582,317 | $ | 559,675 | 4 | % | 4 | % | $ | 2,230,794 | $ | 1,840,631 | 21 | % | 4 | % | |||||||||||
Revenue by transaction type: | |||||||||||||||||||||||||||
Subscription | $ | 443,769 | $ | 418,309 | 6 | % | 6 | % | $ | 1,719,617 | $ | 1,404,984 | 22 | % | 6 | % | |||||||||||
Non-subscription | 138,548 | 141,366 | (2 | )% | (2 | )% | 511,177 | 435,647 | 17 | % | (1 | )% | |||||||||||||||
Total revenue | $ | 582,317 | $ | 559,675 | 4 | % | 4 | % | $ | 2,230,794 | $ | 1,840,631 | 21 | % | 4 | % | |||||||||||
Revenue by product category: | |||||||||||||||||||||||||||
Resources | $ | 236,734 | $ | 234,584 | 1 | % | 2 | % | $ | 927,211 | $ | 865,125 | 7 | % | 5 | % | |||||||||||
Industrials | 198,058 | 181,626 | 9 | % | 7 | % | 736,394 | 427,623 | 72 | % | 4 | % | |||||||||||||||
Horizontal products | 147,525 | 143,465 | 3 | % | 3 | % | 567,189 | 547,883 | 4 | % | 3 | % | |||||||||||||||
Total revenue | $ | 582,317 | $ | 559,675 | 4 | % | 4 | % | $ | 2,230,794 | $ | 1,840,631 | 21 | % | 4 | % |
Three months ended November 30, | Year ended November 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 60,118 | $ | 40,810 | $ | 194,549 | $ | 131,733 | |||||||
Interest income | (251 | ) | (392 | ) | (988 | ) | (1,271 | ) | |||||||
Interest expense | 13,233 | 16,226 | 55,383 | 44,582 | |||||||||||
Provision for income taxes | 14,287 | 4,150 | 54,648 | 23,059 | |||||||||||
Depreciation | 19,106 | 15,104 | 68,347 | 48,799 | |||||||||||
Amortization related to acquired intangible assets | 33,692 | 35,846 | 133,798 | 109,938 | |||||||||||
EBITDA (1)(6) | $ | 140,185 | $ | 111,744 | $ | 505,737 | $ | 356,840 | |||||||
Stock-based compensation expense | 39,636 | 47,657 | 167,359 | 162,451 | |||||||||||
Restructuring charges | 2,869 | 2,175 | 9,272 | 13,458 | |||||||||||
Acquisition-related costs | 884 | 5,369 | 1,901 | 23,428 | |||||||||||
Impairment of assets | — | — | — | 1,629 | |||||||||||
Loss on sale of assets | — | — | 2,654 | 1,241 | |||||||||||
Loss on debt extinguishment | 1,422 | — | 1,422 | — | |||||||||||
Pension mark-to-market and settlement expense | 1,459 | 2,620 | 1,459 | 2,620 | |||||||||||
Loss from discontinued operations, net | — | — | — | 101 | |||||||||||
Adjusted EBITDA (2)(6) | $ | 186,455 | $ | 169,565 | $ | 689,804 | $ | 561,768 | |||||||
Three months ended November 30, | Year ended November 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 60,118 | $ | 40,810 | $ | 194,549 | $ | 131,733 | |||||||
Stock-based compensation expense | 39,636 | 47,657 | 167,359 | 162,451 | |||||||||||
Amortization related to acquired intangible assets | 33,692 | 35,846 | 133,798 | 109,938 | |||||||||||
Restructuring charges | 2,869 | 2,175 | 9,272 | 13,458 | |||||||||||
Acquisition-related costs | 884 | 5,369 | 1,901 | 23,428 | |||||||||||
Impairment of assets | — | — | — | 1,629 | |||||||||||
Loss on sale of assets | — | — | 2,654 | 1,241 | |||||||||||
Loss on debt extinguishment | 1,422 | — | 1,422 | — | |||||||||||
Pension mark-to-market and settlement expense | 1,459 | 2,620 | 1,459 | 2,620 | |||||||||||
Loss from discontinued operations, net | — | — | — | 101 | |||||||||||
Income tax effect on adjusting items | (23,558 | ) | (34,396 | ) | (104,511 | ) | (105,463 | ) | |||||||
Adjusted net income (3) | $ | 116,522 | $ | 100,081 | $ | 407,903 | $ | 341,136 | |||||||
Adjusted EPS (4)(6) | $ | 1.68 | $ | 1.46 | $ | 5.90 | $ | 5.06 | |||||||
Weighted average shares used in computing Adjusted EPS | 69,281 | 68,416 | 69,120 | 67,442 | |||||||||||
Three months ended November 30, | Year ended November 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net cash provided by operating activities | $ | 85,649 | $ | 151,786 | $ | 628,099 | $ | 496,155 | |||||||
Capital expenditures on property and equipment | (31,139 | ) | (25,323 | ) | (114,453 | ) | (90,734 | ) | |||||||
Free cash flow (5)(6) | $ | 54,510 | $ | 126,463 | $ | 513,646 | $ | 405,421 |
Three months ended November 30, 2014 | |||||||||||||||||||
Americas | EMEA | APAC | Shared Services | Total | |||||||||||||||
Operating income | $ | 94,935 | $ | 35,540 | $ | 15,205 | $ | (58,293 | ) | $ | 87,387 | ||||||||
Adjustments: | |||||||||||||||||||
Stock-based compensation expense | — | — | — | 39,636 | 39,636 | ||||||||||||||
Depreciation and amortization | 42,937 | 6,568 | 1,393 | 1,900 | 52,798 | ||||||||||||||
Restructuring charges | 2,441 | 421 | 7 | — | 2,869 | ||||||||||||||
Acquisition-related costs | 802 | 82 | — | — | 884 | ||||||||||||||
Loss on debt extinguishment | 1,422 | — | — | — | 1,422 | ||||||||||||||
Pension mark-to-market expense | — | — | — | 1,459 | 1,459 | ||||||||||||||
Adjusted EBITDA | $ | 142,537 | $ | 42,611 | $ | 16,605 | $ | (15,298 | ) | $ | 186,455 | ||||||||
Three months ended November 30, 2013 | |||||||||||||||||||
Americas | EMEA | APAC | Shared Services | Total | |||||||||||||||
Operating income | $ | 90,789 | $ | 24,789 | $ | 13,125 | $ | (67,909 | ) | $ | 60,794 | ||||||||
Adjustments: | |||||||||||||||||||
Stock-based compensation expense | — | — | — | 47,657 | 47,657 | ||||||||||||||
Depreciation and amortization | 39,644 | 8,631 | 868 | 1,807 | 50,950 | ||||||||||||||
Restructuring charges | 1,038 | 1,003 | 134 | — | 2,175 | ||||||||||||||
Acquisition-related costs | 1,785 | 3,584 | — | — | 5,369 | ||||||||||||||
Pension mark-to-market expense | — | — | — | 2,620 | 2,620 | ||||||||||||||
Adjusted EBITDA | $ | 133,256 | $ | 38,007 | $ | 14,127 | $ | (15,825 | ) | $ | 169,565 | ||||||||
Year ended November 30, 2014 | |||||||||||||||||||
Americas | EMEA | APAC | Shared Services | Total | |||||||||||||||
Operating income | $ | 356,310 | $ | 129,766 | $ | 48,792 | $ | (231,276 | ) | $ | 303,592 | ||||||||
Adjustments: | |||||||||||||||||||
Stock-based compensation expense | — | — | — | 167,359 | 167,359 | ||||||||||||||
Depreciation and amortization | 167,351 | 22,730 | 4,798 | 7,266 | 202,145 | ||||||||||||||
Restructuring charges | 5,776 | 3,096 | 400 | — | 9,272 | ||||||||||||||
Acquisition-related costs | 1,498 | 403 | — | — | 1,901 | ||||||||||||||
Loss on sale of assets | 2,654 | — | — | — | 2,654 | ||||||||||||||
Loss on debt extinguishment | 1,422 | — | — | — | 1,422 | ||||||||||||||
Pension mark-to-market expense | — | — | — | 1,459 | 1,459 | ||||||||||||||
Adjusted EBITDA | $ | 535,011 | $ | 155,995 | $ | 53,990 | $ | (55,192 | ) | $ | 689,804 | ||||||||
Year ended November 30, 2013 | |||||||||||||||||||
Americas | EMEA | APAC | Shared Services | Total | |||||||||||||||
Operating income | $ | 303,803 | $ | 81,048 | $ | 42,089 | $ | (228,736 | ) | $ | 198,204 | ||||||||
Adjustments: | |||||||||||||||||||
Stock-based compensation expense | — | — | — | 162,451 | 162,451 | ||||||||||||||
Depreciation and amortization | 123,477 | 25,688 | 2,363 | 7,209 | 158,737 | ||||||||||||||
Restructuring charges | 9,354 | 3,530 | 574 | — | 13,458 | ||||||||||||||
Acquisition-related costs | 19,552 | 3,876 | — | — | 23,428 | ||||||||||||||
Impairment of assets | 1,629 | — | — | — | 1,629 | ||||||||||||||
Loss on sale of assets | — | 1,241 | — | — | 1,241 | ||||||||||||||
Pension mark-to-market expense | — | — | — | 2,620 | 2,620 | ||||||||||||||
Adjusted EBITDA | $ | 457,815 | $ | 115,383 | $ | 45,026 | $ | (56,456 | ) | $ | 561,768 |
(1) | EBITDA is defined as net income plus or minus net interest, plus provision for income taxes, depreciation, and amortization. |
(2) | Adjusted EBITDA further excludes primarily non-cash items and other items that we do not consider to be useful in assessing our operating performance (e.g., stock-based compensation expense, restructuring charges, acquisition-related costs, asset impairment charges, gain or loss on sale of assets, gain or loss on debt extinguishment, pension mark-to-market and settlement expense, and income or loss from discontinued operations). All of the items included in the reconciliation from net income to Adjusted EBITDA are either non-cash items or items that we do not consider to be useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance. |
(3) | Adjusted net income is defined as net income plus primarily non-cash items and other items that management does not consider to be useful in assessing our operating performance (e.g., stock-based compensation expense, amortization related to acquired intangible assets, restructuring charges, acquisition-related costs, asset impairment charges, gain or loss on sale of assets, gain or loss on debt extinguishment, pension mark-to-market and settlement expense, and income or loss from discontinued operations, all net of the related tax effects). |
(4) | Adjusted EPS is defined as Adjusted net income (as defined above) divided by diluted weighted average shares. |
(5) | Free cash flow is defined as net cash provided by operating activities less capital expenditures. |
(6) | EBITDA, Adjusted EBITDA, Adjusted EPS, and free cash flow are used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. For example, a measure similar to Adjusted EBITDA is required by the lenders under our term loan and revolving credit agreements. |
1 Year IHS Chart |
1 Month IHS Chart |
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