Â鶹ɫÇéƬ Announces Second Quarter 2024 Financial Results and Updates Guidance for the Year
08/01/2024
- Record Second Quarter 2024 Revenue of
$3.0 Billion - Second Quarter 2024 Diluted Earnings Per Share of
$0.43 and Adjusted Diluted Earnings Per Share of$0.96 ,$0.08 Above Expectations - Second Quarter 2024 GAAP Net Income of
$43.8 Million and Adjusted EBITDA of$267.8 Million ,$7.8 Million Above Expectations - 18-month Backlog as of
June 30, 2024 of$13.3 Billion Increased$501 Million Sequentially from the First Quarter of 2024 and Represents Record Levels for the Clean Energy and Infrastructure, Power Delivery and Communications Segments - Cash Flow Generated by Operating Activities of
$264 Million and DSO at 69 days
Second quarter 2024 revenue was up 3% to
Second quarter 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
18-month backlog as of
Based on the information available today, the Company is providing third quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately
For the third quarter of 2024, the Company expects revenue of approximately
Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin 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.
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 Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Revenue |
$ÌýÌýÌýÌýÌý 2,961,086 |
$ÌýÌýÌýÌýÌý 2,874,115 |
$ÌýÌýÌýÌýÌý 5,647,935 |
$ÌýÌýÌýÌýÌý 5,458,774 |
|||
Costs of revenue, excluding depreciation and amortization |
2,540,447 |
2,484,780 |
4,920,119 |
4,844,274 |
|||
Depreciation |
102,141 |
103,038 |
209,576 |
210,285 |
|||
Amortization of intangible assets |
33,611 |
42,043 |
67,301 |
83,987 |
|||
General and administrative expenses |
167,081 |
176,155 |
332,618 |
340,069 |
|||
Interest expense, net |
50,571 |
59,415 |
102,630 |
112,108 |
|||
Equity in earnings of unconsolidated affiliates, net |
(5,892) |
(7,496) |
(15,111) |
(16,648) |
|||
Loss on extinguishment of debt |
11,344 |
— |
11,344 |
— |
|||
Other (income) expense, net |
(1,329) |
(3,508) |
1,884 |
(9,709) |
|||
ÌýÌý Income (loss) before income taxes |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 63,112 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 19,688 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 17,574 |
$ÌýÌýÌýÌýÌýÌý (105,592) |
|||
(Provision for) benefit from income taxes |
(19,344) |
(2,934) |
(8,265) |
41,800 |
|||
ÌýÌýÌýÌýÌýÌýÌý Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 43,768 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16,754 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9,309 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (63,792) |
|||
Net income attributable to non-controlling interests |
9,780 |
1,212 |
16,501 |
1,206 |
|||
ÌýÌý Net income (loss) attributable to |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33,988 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 15,542 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (7,192) |
$ÌýÌýÌýÌýÌýÌýÌýÌý (64,998) |
|||
Earnings (loss) per share: |
|||||||
ÌýÌý Basic earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.44 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.09) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.84) |
|||
ÌýÌý Basic weighted average common shares outstanding |
78,038 |
77,635 |
77,984 |
77,306 |
|||
ÌýÌý Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.43 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.09) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.84) |
|||
ÌýÌý Diluted weighted average common shares outstanding |
78,860 |
78,372 |
77,984 |
77,306 |
Ìý
Consolidated Balance Sheets (unaudited - in thousands) |
|||
|
|
||
Assets |
|||
Current assets |
$ÌýÌýÌýÌýÌý 3,477,064 |
$ÌýÌýÌýÌýÌý 3,974,253 |
|
Property and equipment, net |
1,514,660 |
1,651,462 |
|
Operating lease right-of-use assets |
418,893 |
418,685 |
|
|
2,125,893 |
2,126,366 |
|
Other intangible assets, net |
717,232 |
784,260 |
|
Other long-term assets |
425,244 |
418,485 |
|
Total assets |
$ÌýÌýÌýÌýÌý 8,678,986 |
$ÌýÌýÌýÌýÌý 9,373,511 |
|
Liabilities and Equity |
|||
Current liabilities |
$ÌýÌýÌýÌýÌý 2,747,909 |
$ÌýÌýÌýÌýÌý 2,837,219 |
|
Long-term debt, including finance leases |
2,359,637 |
2,888,058 |
|
Long-term operating lease liabilities |
283,117 |
292,873 |
|
Deferred income taxes |
326,249 |
390,399 |
|
Other long-term liabilities |
227,967 |
243,701 |
|
Total equity |
2,734,107 |
2,721,261 |
|
Total liabilities and equity |
$ÌýÌýÌýÌýÌý 8,678,986 |
$ÌýÌýÌýÌýÌý 9,373,511 |
Ìý
Consolidated Statements of Cash Flows (unaudited - in thousands) |
|||
For the Six Months Ended |
|||
2024 |
2023 |
||
Net cash provided by (used in) operating activities |
$ ÌýÌýÌýÌýÌýÌýÌý Ìý372,199 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (97,910) |
|
Net cash used in investing activities |
(24,470) |
(141,460) |
|
Net cash used in financing activities |
(579,078) |
(12,155) |
|
Effect of currency translation on cash |
(626) |
838 |
|
Net decrease in cash and cash equivalents |
$Ìý Ìý Ìý Ìý Ìý(231,975) |
$Ìý Ìý Ìý Ìý (250,687) |
|
Cash and cash equivalents - beginning of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý Ìý529,561 |
$ÌýÌýÌýÌýÌýÌýÌý Ìý370,592 |
|
Cash and cash equivalents - end of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý Ìý297,586 |
$ÌýÌýÌýÌýÌýÌýÌý Ìý119,905 |
Ìý
Backlog by Reportable Segment (unaudited - in millions) |
|
|
|
||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,898 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,797 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,420 |
||
Clean Energy and Infrastructure |
3,666 |
3,504 |
3,324 |
||
Power Delivery |
2,974 |
2,479 |
2,656 |
||
Oil and Gas |
800 |
1,057 |
2,042 |
||
Other |
— |
— |
— |
||
Estimated 18-month backlog |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 13,338 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,837 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 13,442 |
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. 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. 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. 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.
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 Six Months Ended |
||||||
Segment Information |
2024 |
2023 |
2024 |
2023 |
|||
Revenue by Reportable Segment |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 824.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 868.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,557.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,675.2 |
|||
Clean Energy and Infrastructure |
942.3 |
969.7 |
1,695.8 |
1,794.6 |
|||
Power Delivery |
636.6 |
702.6 |
1,207.5 |
1,412.0 |
|||
Oil and Gas |
572.4 |
341.8 |
1,206.2 |
598.3 |
|||
Other |
— |
— |
— |
— |
|||
Eliminations |
(14.8) |
(8.7) |
(19.1) |
(21.3) |
|||
Consolidated revenue |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,961.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,874.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,647.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,458.8 |
Ìý
For the Three Months Ended |
For the Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Adjusted EBITDA by Segment |
|||||||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 249.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 224.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 397.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 300.8 |
|||
Non-cash stock-based compensation expense (a) |
7.0 |
8.6 |
16.7 |
17.1 |
|||
Loss on extinguishment of debt (a) |
11.3 |
— |
11.3 |
— |
|||
Acquisition and integration costs (b) |
— |
22.7 |
— |
39.8 |
|||
Losses on fair value of investmentÌý(a) |
— |
— |
— |
0.2 |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 267.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 425.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 357.9 |
|||
Segment: |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 81.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 94.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 130.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 155.8 |
|||
Clean Energy and Infrastructure |
47.4 |
49.7 |
67.8 |
60.2 |
|||
Power Delivery |
51.4 |
57.4 |
78.7 |
106.5 |
|||
Oil and Gas |
135.1 |
77.0 |
227.8 |
91.6 |
|||
Other |
2.8 |
6.7 |
9.8 |
13.8 |
|||
Segment Total |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 318.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 284.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 514.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 427.9 |
|||
Corporate |
(50.8) |
(29.5) |
(89.7) |
(70.0) |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 267.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 425.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 357.9 |
(a) |
Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA. |
(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) |
|||||||
For the Three Months Ended |
For the Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Adjusted EBITDA Margin by Segment |
|||||||
EBITDA Margin |
8.4Ìý% |
7.8Ìý% |
7.0Ìý% |
5.5Ìý% |
|||
Non-cash stock-based compensation expense (a) |
0.2Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Loss on extinguishment of debt (a) |
0.4Ìý% |
—Ìý% |
0.2Ìý% |
—Ìý% |
|||
Acquisition and integration costs (b) |
—Ìý% |
0.8Ìý% |
—Ìý% |
0.7Ìý% |
|||
Losses on fair value of investmentÌý(a) |
—Ìý% |
—Ìý% |
—Ìý% |
0.0Ìý% |
|||
Adjusted EBITDA margin |
9.0Ìý% |
8.9Ìý% |
7.5Ìý% |
6.6Ìý% |
|||
Segment: |
|||||||
Communications |
9.9Ìý% |
10.8Ìý% |
8.4Ìý% |
9.3Ìý% |
|||
Clean Energy and Infrastructure |
5.0Ìý% |
5.1Ìý% |
4.0Ìý% |
3.4Ìý% |
|||
Power Delivery |
8.1Ìý% |
8.2Ìý% |
6.5Ìý% |
7.5Ìý% |
|||
Oil and Gas |
23.6Ìý% |
22.5Ìý% |
18.9Ìý% |
15.3Ìý% |
|||
Other |
NM |
NM |
NM |
NM |
|||
Segment Total |
10.8Ìý% |
9.9Ìý% |
9.1Ìý% |
7.8Ìý% |
|||
Corporate |
— |
— |
— |
— |
|||
Adjusted EBITDA margin |
9.0Ìý% |
8.9Ìý% |
7.5Ìý% |
6.6Ìý% |
NM - Percentage is not meaningful |
|
(a) |
Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA. |
(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) |
|||||||
For the Three Months Ended |
For the Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
EBITDA and Adjusted EBITDA Reconciliation |
|||||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 43.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (63.8) |
|||
Interest expense, net |
50.6 |
59.4 |
102.6 |
112.1 |
|||
Provision for (benefit from) income taxes |
19.3 |
2.9 |
8.3 |
(41.8) |
|||
Depreciation |
102.1 |
103.0 |
209.6 |
210.3 |
|||
Amortization of intangible assets |
33.6 |
42.0 |
67.3 |
84.0 |
|||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 249.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 224.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 397.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 300.8 |
|||
Non-cash stock-based compensation expense |
7.0 |
8.6 |
16.7 |
17.1 |
|||
Loss on extinguishment of debt |
11.3 |
— |
11.3 |
— |
|||
Acquisition and integration costs |
— |
22.7 |
— |
39.8 |
|||
Losses on fair value of investment |
— |
— |
— |
0.2 |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 267.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 425.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 357.9 |
Ìý
For the Three Months Ended |
For the Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||||
Net income (loss) |
1.5Ìý% |
0.6Ìý% |
0.2Ìý% |
(1.2)Ìý% |
|||
Interest expense, net |
1.7Ìý% |
2.1Ìý% |
1.8Ìý% |
2.1Ìý% |
|||
Provision for (benefit from) income taxes |
0.7Ìý% |
0.1Ìý% |
0.1Ìý% |
(0.8)Ìý% |
|||
Depreciation |
3.4Ìý% |
3.6Ìý% |
3.7Ìý% |
3.9Ìý% |
|||
Amortization of intangible assets |
1.1Ìý% |
1.5Ìý% |
1.2Ìý% |
1.5Ìý% |
|||
EBITDA margin |
8.4Ìý% |
7.8Ìý% |
7.0Ìý% |
5.5Ìý% |
|||
Non-cash stock-based compensation expense |
0.2Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Loss on extinguishment of debt |
0.4Ìý% |
—Ìý% |
0.2Ìý% |
—Ìý% |
|||
Acquisition and integration costs |
—Ìý% |
0.8Ìý% |
—Ìý% |
0.7Ìý% |
|||
Losses on fair value of investment |
—Ìý% |
—Ìý% |
—Ìý% |
0.0Ìý% |
|||
Adjusted EBITDA margin |
9.0Ìý% |
8.9Ìý% |
7.5Ìý% |
6.6Ìý% |
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 Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Adjusted Net Income Reconciliation |
|||||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 43.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (63.8) |
|||
Non-cash stock-based compensation expense |
7.0 |
8.6 |
16.7 |
17.1 |
|||
Amortization of intangible assets |
33.6 |
42.0 |
67.3 |
84.0 |
|||
Loss on extinguishment of debt |
11.3 |
— |
11.3 |
— |
|||
Acquisition and integration costs |
— |
22.7 |
— |
39.8 |
|||
Losses on fair value of investment |
— |
— |
— |
0.2 |
|||
Income tax effect of adjustments (a) |
(10.1) |
(19.3) |
(22.3) |
(48.5) |
|||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 85.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 70.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 82.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 28.8 |
Ìý
For the Three Months Ended |
For the Six Months Ended |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Adjusted Diluted Earnings per Share Reconciliation |
|||||||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.43 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.09) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.84) |
|||
Non-cash stock-based compensation expense |
0.09 |
0.11 |
0.21 |
0.22 |
|||
Amortization of intangible assets |
0.43 |
0.54 |
0.85 |
1.07 |
|||
Loss on extinguishment of debt |
0.14 |
— |
0.14 |
— |
|||
Acquisition and integration costs |
— |
0.29 |
— |
0.51 |
|||
Losses on fair value of investment |
— |
— |
— |
0.00 |
|||
Income tax effect of adjustments (a) |
(0.13) |
(0.25) |
(0.28) |
(0.62) |
|||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.96 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.89 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.84 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.35 |
(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 share-based payment awards.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 effects on pre-tax income.Ìý |
Ìý
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý201.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý177.2 |
|
Long-term debt, including finance leases |
2,359.6 |
2,888.1 |
|
Total Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,561.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,065.3 |
|
Less: cash and cash equivalents |
(297.6) |
(529.6) |
|
Net Debt |
$Ìý Ìý Ìý Ìý Ìý Ìý2,263.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,535.7 |
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 |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 131 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33.9 |
||
Interest expense, net |
203 |
234.4 |
112.3 |
||
Provision for (benefit from) income taxes |
46 |
(35.4) |
9.2 |
||
Depreciation |
415 |
433.9 |
371.2 |
||
Amortization of intangible assets |
135 |
169.2 |
135.9 |
||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 930 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 754.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 662.5 |
||
Non-cash stock-based compensation expense |
34 |
33.3 |
27.4 |
||
Loss on extinguishment of debt |
11 |
— |
— |
||
Acquisition and integration costs |
— |
71.9 |
86.0 |
||
Losses on fair value of investment |
— |
0.2 |
7.7 |
||
Project results from non-controlled joint venture |
— |
— |
(2.8) |
||
Bargain purchase gain |
— |
— |
(0.2) |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 975 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 860.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
Ìý
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income (loss) |
1.1Ìý% |
(0.4)Ìý% |
0.3Ìý% |
||
Interest expense, net |
1.6Ìý% |
2.0Ìý% |
1.1Ìý% |
||
Provision for (benefit from) income taxes |
0.4Ìý% |
(0.3)Ìý% |
0.1Ìý% |
||
Depreciation |
3.3Ìý% |
3.6Ìý% |
3.8Ìý% |
||
Amortization of intangible assets |
1.1Ìý% |
1.4Ìý% |
1.4Ìý% |
||
EBITDA margin |
7.5Ìý% |
6.3Ìý% |
6.8Ìý% |
||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
||
Loss on extinguishment of debt |
0.1Ìý% |
—Ìý% |
—Ìý% |
||
Acquisition and integration costs |
—Ìý% |
0.6Ìý% |
0.9Ìý% |
||
Losses on fair value of investment |
—Ìý% |
0.0Ìý% |
0.1Ìý% |
||
Project results from non-controlled joint venture |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
||
Bargain purchase gain |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
||
Adjusted EBITDA margin |
7.9Ìý% |
7.2Ìý% |
8.0Ìý% |
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 |
For the Year |
|||
Adjusted Net Income Reconciliation |
|||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 131 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33.9 |
||
Non-cash stock-based compensation expense |
34 |
33.3 |
27.4 |
||
Amortization of intangible assets |
135 |
169.2 |
135.9 |
||
Loss on extinguishment of debt |
11 |
— |
— |
||
Acquisition and integration costs |
— |
71.9 |
86.0 |
||
Losses on fair value of investment |
— |
0.2 |
7.7 |
||
Project results from non-controlled joint venture |
— |
— |
(2.8) |
||
Bargain purchase gain |
— |
— |
(0.2) |
||
Income tax effect of adjustments (a) |
(40) |
(75.3) |
(58.6) |
||
Statutory and other tax rate effects (b) |
— |
4.6 |
5.5 |
||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 272 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 156.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 234.8 |
Ìý
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share Reconciliation |
|||||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌý1.25 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.64) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.42 |
||
Non-cash stock-based compensation expense |
0.42 |
0.43 |
0.36 |
||
Amortization of intangible assets |
1.71 |
2.16 |
1.78 |
||
Loss on extinguishment of debt |
0.14 |
— |
— |
||
Acquisition and integration costs |
— |
0.92 |
1.13 |
||
Losses on fair value of investment |
— |
0.00 |
0.10 |
||
Project results from non-controlled joint venture |
— |
— |
(0.04) |
||
Bargain purchase gain |
— |
— |
(0.00) |
||
Income tax effect of adjustments (a) |
(0.50) |
(0.96) |
(0.77) |
||
Statutory and other tax rate effects (b) |
— |
0.06 |
0.07 |
||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.03 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.97 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.05 |
(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 share-based payment awards.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 effects on pre-tax income.Ìý |
(b) |
For the years 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 Three |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌýÌýÌý72 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌý 15.3 |
|
Interest expense, net |
51 |
62.6 |
|
Provision for income taxes |
28 |
7.6 |
|
Depreciation |
102 |
115.0 |
|
Amortization of intangible assets |
34 |
42.3 |
|
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 286 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌý 242.7 |
|
Non-cash stock-based compensation expense |
9 |
7.2 |
|
Acquisition and integration costs |
— |
21.1 |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 295 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌý 271.1 |
|
Ìý
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net income |
2.1Ìý% |
0.5Ìý% |
|
Interest expense, net |
1.5Ìý% |
1.9Ìý% |
|
Provision for income taxes |
0.8Ìý% |
0.2Ìý% |
|
Depreciation |
2.9Ìý% |
3.5Ìý% |
|
Amortization of intangible assets |
1.0Ìý% |
1.3Ìý% |
|
EBITDA margin |
8.3Ìý% |
7.5Ìý% |
|
Non-cash stock-based compensation expense |
0.3Ìý% |
0.2Ìý% |
|
Acquisition and integration costs |
—Ìý% |
0.6Ìý% |
|
Adjusted EBITDA margin |
8.6Ìý% |
8.3Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the |
For the Three |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 72 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌý 15.3 |
|
Non-cash stock-based compensation expense |
9 |
7.2 |
|
Amortization of intangible assets |
34 |
42.3 |
|
Acquisition and integration costs |
— |
21.1 |
|
Income tax effect of adjustments (a) |
(6) |
(10.0) |
|
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 108 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌý 75.9 |
Ìý
Guidance for the |
For the Three |
||
Adjusted Diluted Earnings per Share Reconciliation |
|||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.78 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌý 0.18 |
|
Non-cash stock-based compensation expense |
0.11 |
0.09 |
|
Amortization of intangible assets |
0.43 |
0.54 |
|
Acquisition and integration costs |
— |
0.27 |
|
Income tax effect of adjustments (a) |
(0.08) |
(0.13) |
|
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.24 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌý 0.95 |
(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 share-based payment awards.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 effects on pre-tax income. |
The tables may contain slight summation differences due to rounding.
This press release 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@Â鶹ɫÇéƬ.com