Integer delivered strong financial results in the first quarter of 2018. Sales grew organically by 9% compared to the first quarter of 2017, driven by growth across all product lines. Adjusted EBITDA increased 7% organically and adjusted net income increased 48% organically. Integer is increasing its full-year 2018 outlook and expects sales growth between 3-6% and adjusted EPS growth between 14-25%. The company also announced the planned sale of its Advanced Surgical and Orthopedics product lines for $600 million, which it expects will make Integer a more profitable and less leveraged company with similar cash flow.
Integer reported record sales in the 4th quarter and full year 2017. Sales grew organically by 8% in the 4th quarter and 5% for the full year, driven by growth across all product lines. Adjusted EBITDA increased 17% organically in the 4th quarter and 7% for the full year. Integer is now executing on a strategy to accelerate sales and profit growth through portfolio management, operational excellence, and strengthening the management team. Integer provided an outlook for 2018 with sales expected to grow 2-5% and adjusted EPS to increase 12-23% over 2017.
In this document, Integer discusses its financial results for the fourth quarter and full year of 2017. Some key points:
- Sales grew 8% in Q4 and 5% for the full year, driven by growth across all product lines.
- Adjusted EBITDA increased 17% in Q4 and 7% for the full year. Adjusted net income grew 28% in Q4 and 23% for the full year.
- Integer provided guidance for 2018 with sales expected to grow 2-5% and adjusted EPS to increase 12-23% over 2017.
- Nielsen reported financial results for the 1st quarter of 2018, with total revenues of $1.61 billion, a 5.5% increase year-over-year. Net income was $72 million.
- The Watch segment saw total revenue growth of 7.1% driven by strength in national TV and digital measurement. Adjusted EBITDA margin increased 12 basis points to 42.0%.
- The Buy segment had total revenue decline of 2.1% due to weakness in developed markets like the US. Adjusted EBITDA margin declined 318 basis points to 10.8% amid ongoing investments.
- Nielsen reaffirmed 2018 guidance for total revenue growth of approximately 3% in constant currency and adjusted
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales grew 4.5% organically year-over-year with improving trends across all product lines. Adjusted EBITDA increased 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects adjusted EPS from business operations to remain unchanged despite foreign currency losses.
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales increased 4.5% organically year-over-year driven by growth across all product lines. Adjusted EBITDA grew 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects sales growth of 1-3% organically. Adjusted EPS outlook remains unchanged at $2.55-$2.95 excluding currency impacts.
The document summarizes Integer's 3Q17 earnings conference call. It provides highlights from the quarter including 4.4% organic sales growth and adjusted EBITDA being flat organically. The full year 2017 outlook is revised with sales expected to be between $1.42-1.435 billion and adjusted EPS between $2.55-2.75. One product line, Advanced Surgical, Orthopedics & Portable Medical, is discussed in more detail with 3Q17 sales up 7% and the trailing four-quarter sales improvement primarily from plant transfers and new product launches.
- WestRock reported Q3 2017 results with adjusted earnings per share of $0.74 and adjusted free cash flow of $473 million.
- They achieved $94 million in productivity initiatives and expect a synergy and performance improvement run-rate of $825 million by the end of Q4 2017.
- Guidance for fiscal year 2017 includes reaffirming adjusted free cash flow of $1.2 billion and estimating capital expenditures of $750 million.
- The company reported third quarter 2017 results on October 25, 2017
- Q3 revenue was $3.671 billion, up 3% year-over-year, with organic revenue growth of 2%
- Adjusted EPS was $1.44, up 2% year-over-year, though negatively impacted by natural disasters which reduced EPS by $0.04 to $0.05
- The company maintained its full-year 2017 guidance for revenue, adjusted EPS, free cash flow, and capital deployment
Integer reported record sales in the 4th quarter and full year 2017. Sales grew organically by 8% in the 4th quarter and 5% for the full year, driven by growth across all product lines. Adjusted EBITDA increased 17% organically in the 4th quarter and 7% for the full year. Integer is now executing on a strategy to accelerate sales and profit growth through portfolio management, operational excellence, and strengthening the management team. Integer provided an outlook for 2018 with sales expected to grow 2-5% and adjusted EPS to increase 12-23% over 2017.
In this document, Integer discusses its financial results for the fourth quarter and full year of 2017. Some key points:
- Sales grew 8% in Q4 and 5% for the full year, driven by growth across all product lines.
- Adjusted EBITDA increased 17% in Q4 and 7% for the full year. Adjusted net income grew 28% in Q4 and 23% for the full year.
- Integer provided guidance for 2018 with sales expected to grow 2-5% and adjusted EPS to increase 12-23% over 2017.
- Nielsen reported financial results for the 1st quarter of 2018, with total revenues of $1.61 billion, a 5.5% increase year-over-year. Net income was $72 million.
- The Watch segment saw total revenue growth of 7.1% driven by strength in national TV and digital measurement. Adjusted EBITDA margin increased 12 basis points to 42.0%.
- The Buy segment had total revenue decline of 2.1% due to weakness in developed markets like the US. Adjusted EBITDA margin declined 318 basis points to 10.8% amid ongoing investments.
- Nielsen reaffirmed 2018 guidance for total revenue growth of approximately 3% in constant currency and adjusted
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales grew 4.5% organically year-over-year with improving trends across all product lines. Adjusted EBITDA increased 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects adjusted EPS from business operations to remain unchanged despite foreign currency losses.
- Integer reported financial results for its 2Q17 earnings conference call on July 27, 2017.
- Sales increased 4.5% organically year-over-year driven by growth across all product lines. Adjusted EBITDA grew 9% organically and adjusted net income grew 34% organically.
- For full-year 2017, Integer increased the low-end of its sales guidance range and expects sales growth of 1-3% organically. Adjusted EPS outlook remains unchanged at $2.55-$2.95 excluding currency impacts.
The document summarizes Integer's 3Q17 earnings conference call. It provides highlights from the quarter including 4.4% organic sales growth and adjusted EBITDA being flat organically. The full year 2017 outlook is revised with sales expected to be between $1.42-1.435 billion and adjusted EPS between $2.55-2.75. One product line, Advanced Surgical, Orthopedics & Portable Medical, is discussed in more detail with 3Q17 sales up 7% and the trailing four-quarter sales improvement primarily from plant transfers and new product launches.
- WestRock reported Q3 2017 results with adjusted earnings per share of $0.74 and adjusted free cash flow of $473 million.
- They achieved $94 million in productivity initiatives and expect a synergy and performance improvement run-rate of $825 million by the end of Q4 2017.
- Guidance for fiscal year 2017 includes reaffirming adjusted free cash flow of $1.2 billion and estimating capital expenditures of $750 million.
- The company reported third quarter 2017 results on October 25, 2017
- Q3 revenue was $3.671 billion, up 3% year-over-year, with organic revenue growth of 2%
- Adjusted EPS was $1.44, up 2% year-over-year, though negatively impacted by natural disasters which reduced EPS by $0.04 to $0.05
- The company maintained its full-year 2017 guidance for revenue, adjusted EPS, free cash flow, and capital deployment
The document summarizes Integer Holdings Corporation's 4Q16 earnings conference call. Key points include:
- Revenue was flat year-over-year and up $13 million quarter-over-quarter. Adjusted EBITDA was $71 million.
- Several product lines saw revenue increases compared to prior periods, while others declined due to lower product launches or accelerated demand in the year-ago period.
- The company is focused on operational improvements, new product launches, and reducing debt to drive future growth. An outlook for 2017 anticipates revenue of $1.39-1.43 billion and adjusted EPS of $2.70-3.10.
The document is Myers Industries' fourth quarter and full year 2015 earnings presentation. It summarizes key financial results including a 9% decline in Q4 net sales and flat full year net sales on a constant currency basis. Adjusted gross margin increased 350 basis points to 29.9% for the full year. It also provides an outlook for 2016 with served markets expected to be flat to down low single digits and initiatives focused on margin growth and SG&A reductions.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
- Integer reported financial results for the first quarter of 2017, with revenue up 5% organically year-over-year. Adjusted net income was up 26% organically despite a 2% reported decline, driven by continued progress in the business.
- Revenue growth improved for the first time in five quarters, with all product lines seeing positive trends. Advanced surgical, orthopedics, and portable medical returned to growth, while cardio & vascular was driven by existing contracts.
- The company reaffirmed its full-year 2017 outlook and expects continued organic growth, supported by strong cash flow generation to pay down debt and achieve leverage targets.
1) The document discusses forward-looking statements and non-GAAP financial information presented by Morgan Stanley at its 5th Annual Laguna Conference on September 13, 2017.
2) It provides an overview of Ingersoll Rand, including its history, market capitalization, revenues, business segments, brands, and focus on global megatrends related to climate change, urbanization, and efficiency.
3) Ingersoll Rand has executed a consistent strategy focused on operational excellence, organic growth, dynamic capital allocation, and a winning culture, delivering top-tier revenue growth, margins, cash flow, and returns over recent years.
Myers Industries presented its investor presentation, which included forward-looking statements noting actual results could differ from expectations. It summarized risks to its business, including changes in markets, customer relationships, competition, costs, weather, economic conditions, capital requirements, litigation, and laws. Myers encourages investors to review detailed risk factors in its SEC filings. The presentation outlined Myers' business transformation, goals to increase sales and profits through organic growth and M&A, and balanced capital allocation including returning cash to shareholders.
The document provides TE Connectivity's financial results for Q2 2015, with sales up 4% to $3.08 billion and adjusted EPS up 6% to $0.91, driven by strong performance across transportation, industrial, and communications solutions segments. Each segment saw organic sales growth, with transportation up 3%, industrial up 5%, and communications up 16%. The results exceeded guidance and demonstrate the company's ability to drive margin expansion and earnings growth despite foreign exchange headwinds.
TE Connectivity reported strong Q2 2015 results with sales up 4% and adjusted EPS up 6% year-over-year. However, foreign exchange headwinds reduced revenue by $246M and EPS by $0.09 compared to the prior year. The company maintained its full-year 2015 outlook despite additional FX headwinds. Key highlights included organic sales growth across all business segments, margin expansion through productivity gains, and free cash flow of $217M. TE Connectivity also provided Q3 2015 revenue guidance of $3.13B to $3.23B, representing 3-7% organic sales growth year-over-year.
Atento reported its third quarter 2018 results, with revenues increasing 0.9% year-over-year driven by continued growth in multisector revenues. Brazil saw a revenue increase of 2.8% and a strong margin expansion of 3.3 percentage points to 11.9% due to operational improvements. The Americas saw revenues decline 1.2% impacted by lower volumes, while EMEA revenues grew 2.1% with adjusted EBITDA margin expanding 3.9 percentage points to 10.3% due to higher multisector volumes.
This document provides an overview of Nelnet's business segments and financial performance. The key points are:
- Nelnet has four business segments: NDS (loan origination/servicing software), NBS (education payment processing software), AGM (student loan asset management), and ALLO (fiber network provider).
- Over the past decade, Nelnet has diversified its business and grown revenues across all segments. Adjusted net income has increased from $41 million in 2007 to over $200 million in recent years.
- Nelnet services over $195 billion in student loans for nearly 10 million borrowers. Its student loan portfolio is expected to generate $2.07 billion in future cash flows.
- The company reported Q3 FY2017 revenue of $191.8 million, up 67% year-over-year, with billings of $234.1 million, up 47% year-over-year.
- As of Q3 FY2017, the company had 6,172 total customers, up 98% year-over-year, including 521 Global 2000 customers.
- The company's cash and short-term investments totaled $350 million as of Q3 FY2017, with cash flow from operations of $7.9 million for the fiscal year-to-date and free cash flow of -$30 million for the same period.
TrueBlue is a large staffing and recruitment process outsourcing (RPO) provider in the United States that serves over 130,000 clients annually. Some key facts about the company include that it has over $2.7 billion in annual revenue and has experienced 27% growth and a 16% adjusted EBITDA CAGR over the past few years. TrueBlue also discusses its strategic priorities, which involve growing its managed services offerings and expanding further into global RPO and emerging markets through acquisitions.
Anixter 3Q 2016 Highlights and Operating Resultsanixterir
- Anixter reported 3Q 2016 results with total sales of nearly $2 billion, up 31% year-over-year driven by the Power Solutions acquisition. Organic sales declined 2.3% overall and 0.7% on a per day basis.
- Network & Security Solutions sales increased 0.3% overall and 0.7% on a per day basis, with growth in North America offsetting declines in EMEA and Emerging Markets. Electrical & Electronic Solutions sales declined 3.1% overall and 1.6% on a per day basis. Utility Power Solutions sales declined 8.8% overall and 7.3% on a per day basis.
- Gross margin was 20.
Nielsen reported first quarter 2016 results with the following highlights:
- Revenue increased 5.2% to $1.5 billion driven by growth in both Watch and Buy segments.
- Adjusted EBITDA increased 7.2% to $402 million and margins expanded.
- Adjusted net income per share increased 10.9% to $0.51.
- The company reiterated full year 2016 guidance for revenue growth and adjusted EBITDA margin expansion.
- Hillenbrand reported revenue of $397 million for Q1 2018, up 12% organically year-over-year. GAAP EPS was $0.28, down 18% primarily due to tax reform, while adjusted EPS rose 29% to $0.54.
- Revenue growth was driven by a 19% increase at the Process Equipment Group to $264 million. However, Batesville revenue declined 1% to $133 million due to lower burial casket demand.
- Adjusted EBITDA increased 16% to $65 million and margins expanded 60 bps to 16.4% on strong operating leverage, particularly at the Process Equipment Group.
Rexnord Corporation (RXN) Second Quarter Fiscal Year 2018 Financial ResultsRexnord
Consolidated Rexnord
• Supply Chain Optimization
& Footprint Repositioning completed, savings on track
• Core sales(1) growth increases to +4% year over year
Process
& Motion Control
• Positive core sales growth continues at +3%
• DiRXN (“Direction”) introduction generating strong customer interest, activity
Water Management
• Core sales growth accelerates to +5%, margins expand year over year by 200 bps
• World Dryer acquisition adds strategic adjacent product line
Cash Flow
& Balance Sheet
• Solid 1HFY18 for Free Cash Flow(1) supports unchanged FY18 outlook
• Net debt leverage ratio(1) declines to 2.9x
- Rockwell Automation held a fiscal year 2017 third quarter conference call on July 26, 2017 to discuss financial results and outlook.
- For the third quarter, organic sales were up 8.2% year-over-year driven by double-digit growth in Asia Pacific and Latin America. Adjusted EPS grew 14% to $1.76.
- For the full fiscal year, Rockwell is increasing its adjusted EPS guidance range to $6.60-$6.80, reflecting continued expected organic sales growth of 6% and adjusted EPS growth of 13% at the midpoint.
The document summarizes Ingersoll Rand's 2017 Investor & Analyst Day. It provides an overview of the company, highlights its strong and improving financial performance, and outlines its strategy and outlook for continued sustainable performance through 2020. Ingersoll Rand's businesses are well positioned due to its leading brands and market positions. The company's business operating system delivers results through a focus on sustainability, innovation, employee engagement and operational excellence.
Anixter 4Q 2016 Highlights and Operating Resultsanixterir
- Anixter reported record fourth quarter sales of $1.9 billion, up 3.2% from the prior year, with organic sales growth of 4.0%.
- The Network & Security Solutions segment saw strong growth of 6.0% in sales and 7.0% in organic sales.
- The Electrical & Electronic Solutions segment had modest growth of 0.9% in sales and 1.7% in organic sales.
- Utility Power Solutions sales declined 1.2% due to weakness in oil and gas markets and timing of projects.
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
This document provides an overview of CNO Financial Group's financial and operating results for the first quarter of 2018 compared to the first quarter of 2017. Some key highlights include:
- Net operating income per share increased 29% to $0.44. Excluding significant items, net operating EPS increased 6% to $0.43.
- Book value per share, excluding AOCI, increased 2% sequentially to $21.94.
- Health margins were in line with expectations, with the supplemental health benefit ratio at 54.4% and the long-term care benefit ratio at 72.6%.
- Total collected premiums decreased 1.3% while annuity account values increased 3.8%.
-
- HMH reported a 1% decline in both net sales and billings for Q1 2018 compared to Q1 2017. However, excluding a one-time $5 million fee in 2017, net sales and billings grew 1%.
- Core Solutions billings declined $10 million due to reductions in reading sales for the CA ELA adoption and the one-time fee in 2017. Extensions and Trade both saw billings growth of 6% and 2% respectively.
- HMH reaffirmed its full year 2018 guidance and is focused on execution, cost savings initiatives, and preparing for upcoming state adoptions in 2019 and 2020.
The document summarizes Integer Holdings Corporation's 4Q16 earnings conference call. Key points include:
- Revenue was flat year-over-year and up $13 million quarter-over-quarter. Adjusted EBITDA was $71 million.
- Several product lines saw revenue increases compared to prior periods, while others declined due to lower product launches or accelerated demand in the year-ago period.
- The company is focused on operational improvements, new product launches, and reducing debt to drive future growth. An outlook for 2017 anticipates revenue of $1.39-1.43 billion and adjusted EPS of $2.70-3.10.
The document is Myers Industries' fourth quarter and full year 2015 earnings presentation. It summarizes key financial results including a 9% decline in Q4 net sales and flat full year net sales on a constant currency basis. Adjusted gross margin increased 350 basis points to 29.9% for the full year. It also provides an outlook for 2016 with served markets expected to be flat to down low single digits and initiatives focused on margin growth and SG&A reductions.
Owens Corning presented at various investor events in Q3 2017 to discuss their focus on shareholder value. The presentation discusses Owens Corning's three business segments and provides an overview of financial results including adjusted EBIT, margins, free cash flow, and return on capital. It highlights the company's track record of financial improvement and compelling investment thesis including leadership positions in attractive industries and a disciplined capital allocation strategy.
- Integer reported financial results for the first quarter of 2017, with revenue up 5% organically year-over-year. Adjusted net income was up 26% organically despite a 2% reported decline, driven by continued progress in the business.
- Revenue growth improved for the first time in five quarters, with all product lines seeing positive trends. Advanced surgical, orthopedics, and portable medical returned to growth, while cardio & vascular was driven by existing contracts.
- The company reaffirmed its full-year 2017 outlook and expects continued organic growth, supported by strong cash flow generation to pay down debt and achieve leverage targets.
1) The document discusses forward-looking statements and non-GAAP financial information presented by Morgan Stanley at its 5th Annual Laguna Conference on September 13, 2017.
2) It provides an overview of Ingersoll Rand, including its history, market capitalization, revenues, business segments, brands, and focus on global megatrends related to climate change, urbanization, and efficiency.
3) Ingersoll Rand has executed a consistent strategy focused on operational excellence, organic growth, dynamic capital allocation, and a winning culture, delivering top-tier revenue growth, margins, cash flow, and returns over recent years.
Myers Industries presented its investor presentation, which included forward-looking statements noting actual results could differ from expectations. It summarized risks to its business, including changes in markets, customer relationships, competition, costs, weather, economic conditions, capital requirements, litigation, and laws. Myers encourages investors to review detailed risk factors in its SEC filings. The presentation outlined Myers' business transformation, goals to increase sales and profits through organic growth and M&A, and balanced capital allocation including returning cash to shareholders.
The document provides TE Connectivity's financial results for Q2 2015, with sales up 4% to $3.08 billion and adjusted EPS up 6% to $0.91, driven by strong performance across transportation, industrial, and communications solutions segments. Each segment saw organic sales growth, with transportation up 3%, industrial up 5%, and communications up 16%. The results exceeded guidance and demonstrate the company's ability to drive margin expansion and earnings growth despite foreign exchange headwinds.
TE Connectivity reported strong Q2 2015 results with sales up 4% and adjusted EPS up 6% year-over-year. However, foreign exchange headwinds reduced revenue by $246M and EPS by $0.09 compared to the prior year. The company maintained its full-year 2015 outlook despite additional FX headwinds. Key highlights included organic sales growth across all business segments, margin expansion through productivity gains, and free cash flow of $217M. TE Connectivity also provided Q3 2015 revenue guidance of $3.13B to $3.23B, representing 3-7% organic sales growth year-over-year.
Atento reported its third quarter 2018 results, with revenues increasing 0.9% year-over-year driven by continued growth in multisector revenues. Brazil saw a revenue increase of 2.8% and a strong margin expansion of 3.3 percentage points to 11.9% due to operational improvements. The Americas saw revenues decline 1.2% impacted by lower volumes, while EMEA revenues grew 2.1% with adjusted EBITDA margin expanding 3.9 percentage points to 10.3% due to higher multisector volumes.
This document provides an overview of Nelnet's business segments and financial performance. The key points are:
- Nelnet has four business segments: NDS (loan origination/servicing software), NBS (education payment processing software), AGM (student loan asset management), and ALLO (fiber network provider).
- Over the past decade, Nelnet has diversified its business and grown revenues across all segments. Adjusted net income has increased from $41 million in 2007 to over $200 million in recent years.
- Nelnet services over $195 billion in student loans for nearly 10 million borrowers. Its student loan portfolio is expected to generate $2.07 billion in future cash flows.
- The company reported Q3 FY2017 revenue of $191.8 million, up 67% year-over-year, with billings of $234.1 million, up 47% year-over-year.
- As of Q3 FY2017, the company had 6,172 total customers, up 98% year-over-year, including 521 Global 2000 customers.
- The company's cash and short-term investments totaled $350 million as of Q3 FY2017, with cash flow from operations of $7.9 million for the fiscal year-to-date and free cash flow of -$30 million for the same period.
TrueBlue is a large staffing and recruitment process outsourcing (RPO) provider in the United States that serves over 130,000 clients annually. Some key facts about the company include that it has over $2.7 billion in annual revenue and has experienced 27% growth and a 16% adjusted EBITDA CAGR over the past few years. TrueBlue also discusses its strategic priorities, which involve growing its managed services offerings and expanding further into global RPO and emerging markets through acquisitions.
Anixter 3Q 2016 Highlights and Operating Resultsanixterir
- Anixter reported 3Q 2016 results with total sales of nearly $2 billion, up 31% year-over-year driven by the Power Solutions acquisition. Organic sales declined 2.3% overall and 0.7% on a per day basis.
- Network & Security Solutions sales increased 0.3% overall and 0.7% on a per day basis, with growth in North America offsetting declines in EMEA and Emerging Markets. Electrical & Electronic Solutions sales declined 3.1% overall and 1.6% on a per day basis. Utility Power Solutions sales declined 8.8% overall and 7.3% on a per day basis.
- Gross margin was 20.
Nielsen reported first quarter 2016 results with the following highlights:
- Revenue increased 5.2% to $1.5 billion driven by growth in both Watch and Buy segments.
- Adjusted EBITDA increased 7.2% to $402 million and margins expanded.
- Adjusted net income per share increased 10.9% to $0.51.
- The company reiterated full year 2016 guidance for revenue growth and adjusted EBITDA margin expansion.
- Hillenbrand reported revenue of $397 million for Q1 2018, up 12% organically year-over-year. GAAP EPS was $0.28, down 18% primarily due to tax reform, while adjusted EPS rose 29% to $0.54.
- Revenue growth was driven by a 19% increase at the Process Equipment Group to $264 million. However, Batesville revenue declined 1% to $133 million due to lower burial casket demand.
- Adjusted EBITDA increased 16% to $65 million and margins expanded 60 bps to 16.4% on strong operating leverage, particularly at the Process Equipment Group.
Rexnord Corporation (RXN) Second Quarter Fiscal Year 2018 Financial ResultsRexnord
Consolidated Rexnord
• Supply Chain Optimization
& Footprint Repositioning completed, savings on track
• Core sales(1) growth increases to +4% year over year
Process
& Motion Control
• Positive core sales growth continues at +3%
• DiRXN (“Direction”) introduction generating strong customer interest, activity
Water Management
• Core sales growth accelerates to +5%, margins expand year over year by 200 bps
• World Dryer acquisition adds strategic adjacent product line
Cash Flow
& Balance Sheet
• Solid 1HFY18 for Free Cash Flow(1) supports unchanged FY18 outlook
• Net debt leverage ratio(1) declines to 2.9x
- Rockwell Automation held a fiscal year 2017 third quarter conference call on July 26, 2017 to discuss financial results and outlook.
- For the third quarter, organic sales were up 8.2% year-over-year driven by double-digit growth in Asia Pacific and Latin America. Adjusted EPS grew 14% to $1.76.
- For the full fiscal year, Rockwell is increasing its adjusted EPS guidance range to $6.60-$6.80, reflecting continued expected organic sales growth of 6% and adjusted EPS growth of 13% at the midpoint.
The document summarizes Ingersoll Rand's 2017 Investor & Analyst Day. It provides an overview of the company, highlights its strong and improving financial performance, and outlines its strategy and outlook for continued sustainable performance through 2020. Ingersoll Rand's businesses are well positioned due to its leading brands and market positions. The company's business operating system delivers results through a focus on sustainability, innovation, employee engagement and operational excellence.
Anixter 4Q 2016 Highlights and Operating Resultsanixterir
- Anixter reported record fourth quarter sales of $1.9 billion, up 3.2% from the prior year, with organic sales growth of 4.0%.
- The Network & Security Solutions segment saw strong growth of 6.0% in sales and 7.0% in organic sales.
- The Electrical & Electronic Solutions segment had modest growth of 0.9% in sales and 1.7% in organic sales.
- Utility Power Solutions sales declined 1.2% due to weakness in oil and gas markets and timing of projects.
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
This document provides an overview of CNO Financial Group's financial and operating results for the first quarter of 2018 compared to the first quarter of 2017. Some key highlights include:
- Net operating income per share increased 29% to $0.44. Excluding significant items, net operating EPS increased 6% to $0.43.
- Book value per share, excluding AOCI, increased 2% sequentially to $21.94.
- Health margins were in line with expectations, with the supplemental health benefit ratio at 54.4% and the long-term care benefit ratio at 72.6%.
- Total collected premiums decreased 1.3% while annuity account values increased 3.8%.
-
- HMH reported a 1% decline in both net sales and billings for Q1 2018 compared to Q1 2017. However, excluding a one-time $5 million fee in 2017, net sales and billings grew 1%.
- Core Solutions billings declined $10 million due to reductions in reading sales for the CA ELA adoption and the one-time fee in 2017. Extensions and Trade both saw billings growth of 6% and 2% respectively.
- HMH reaffirmed its full year 2018 guidance and is focused on execution, cost savings initiatives, and preparing for upcoming state adoptions in 2019 and 2020.
- The company reported first quarter 2018 earnings with orders up 10% year-over-year and net sales up 26% year-over-year. Adjusted EBITDA improved by over 400 basis points year-over-year.
- Guidance for 2018 was updated with revenue expected between $1.775 billion to $1.850 billion and adjusted EBITDA between $100 million to $120 million.
- Strategic priorities include expanding product innovation, improving manufacturing productivity through optimization projects, and focusing on operational excellence and growth in key markets.
Rexnord Corporation (RXN) Q3 Fiscal Year 2018 Financial ResultsRexnord
This presentation and discussion contains certain forward-looking statements that are subject to the Safe Harbor and Cautionary language contained in the press release we issued on January 31, 2018, as well as other factors that could cause actual results to differ materially from those discussed and that are disclosed in our filings with the Securities and Exchange Commission.
Some comparisons will refer to certain non-GAAP measures. Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they are helpful to investors, and contain reconciliations to GAAP data.
Nielsen reported financial results for the second quarter of 2018, with total revenue of $1.647 billion, a 0.2% increase year-over-year. Net income decreased 45% to $72 million. The Watch segment saw revenue growth of 4.0% driven by audience measurement, while the Buy segment declined 5.4% due to weakness in developed markets. Nielsen updated full-year 2018 guidance, expecting total revenue to decline around 1% in constant currency.
- Q3 2018 revenue increased 13% to $446 million, driven by a 22% increase in PEG revenue. Batesville revenue decreased 6%.
- GAAP EPS was $0.56, up 9% from the prior year. Adjusted EPS was $0.57, up 8%.
- PEG revenue growth was driven by continued demand across segments. Adjusted EBITDA margin decreased due to a higher proportion of lower margin projects.
- Batesville revenue declined due to lower estimated cremation rates and an upfront incentive linked to a key customer contract renewal. Adjusted EBITDA margin declined due to the contract renewal and cost inflation.
Trinseo reported financial results for the second quarter of 2018 that were in line with prior guidance. Net income was $98 million and Adjusted EBITDA was $170 million, which included a favorable $10 million net timing impact. The company continues to make progress on its 2016-2019 growth initiatives and expects to achieve $90 million in Adjusted EBITDA growth across various segments. For Q3 2018, Trinseo provided an outlook for Net Income between $88-96 million and Adjusted EBITDA between $150-160 million. For full year 2018, the outlook is for Net Income between $393-410 million and Adjusted EBITDA between $665-685 million.
Q1 16 results presentation final unencryptedInvestorMarkit
- Markit reported revenue of $287.8 million for Q1 2016, up 7.8% on a constant currency basis with 1% organic growth and 6.8% from acquisitions.
- Information segment grew revenue 7.4% to $129.5 million driven by strong pricing and reference data products and a 4.1% contribution from CoreOne acquisition.
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This presentation and discussion contains certain forward-looking statements that are subject to the Safe Harbor and Cautionary language contained in the press release we issued on January 30, 2019, as well as other factors that could cause actual results to differ materially from those discussed and that are disclosed in ourfilingswiththeSecuritiesandExchangeCommission.
Some comparisons will refer to certain non-GAAP measures. Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they are helpful to investors, and contain reconciliationstoGAAPdata.
To view this presentation - or any of our previously published financial quarter presentations - please visit https://investors.rexnordcorporation.com/events-and-presentations/presentations/default.aspx
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2. Presentation of Financial Information &
Forward-Looking Statements
Historical financial and operating data in this presentation reflect the consolidated results of Integer for the periods
indicated.
This presentation includes financial information prepared in accordance with accounting principles generally accepted in
the United States, or GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial
measures in this presentation, which include Adjusted Net Income, Adjusted Diluted EPS, Earnings Before Interest Taxes
Depreciation and Amortization (EBITDA), Adjusted EBITDA, and organic growth rates should be considered in addition to,
but not as substitutes for, the information prepared in accordance with GAAP. For reconciliations of these non-GAAP
financial measures to the most comparable GAAP measures, please refer to the appendix to this presentation and the
earnings release associated with this quarterly period which can be found in the investor relations section of our corporate
website (investor.integer.net).
Statements made in this presentation whether written or oral may be “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of Securities Exchange Act of 1934, as
amended, and involve a number of risks and uncertainties. These statements can be identified by terminology such as
“may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or “variations” or the negative of these terms or other comparable terminology. These statements are based on
the company’s current expectations and speak only as of May 3, 2018. The Company’s actual results could differ
materially from those stated or implied by such forward-looking statements. The Company assumes no obligation to
update forward-looking information, including information in this presentation, to reflect changed assumptions, the
occurrence of unanticipated events or changes in future operating results, financial conditions or prospects.
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 2
5. Strong 1Q18, Increased 2018 Outlook, Executing Strategy
“Integer delivered
another strong
quarter of sales
growth … net income
and cash flow were
even stronger
…repaid $50 million
of debt.
Announced planned
AS&O sale for $600
million
First Quarter Highlights
• Organic sales up 9%, record sales growth
‒ YOY sales growth across all product-lines
• Adjusted results
‒ EBITDA increased 7% organically
‒ Net Income increased 48% organically
‒ EPS increased 46% organically
• Record cash flow…repaid $50 million of debt
• Increasing 2018 outlook
Strategy
• Unlocking significant value through planned AS&O Sale
• Expecting more profitable and less leveraged Integer,
with similar cash flow
• Post AS&O divestiture, Integer has clear market
leadership positions with increased financial flexibility to
invest for growth
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 5
7. 1Q18 Adjusted Financial Results(1)
$64
$69
(1) Refer to the appendix of this presentation for a reconciliation of Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and organic growth rates to the most directly comparable GAAP measure
(2) Organic growth for Sales excludes the impact of foreign currency exchange rates
(3) Organic growth for Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS exclude the impact of foreign currency reported in other loss, net
$13
$20
$345
$376
($ in millions, except per share amounts)
Sales Adjusted EBITDA Adjusted Net Income
1Q17 1Q18 1Q17 1Q181Q17 1Q18
8.8% organic(2)
$21
% Growth
10.5% reported
7% organic(3)
7% reported
48% organic(3)
53% reported
$382 $70
Foreign currency impact on reported GAAP and Non-GAAP numbers
As reported GAAP and Non-GAAP numbers
Reported
Reported
Reported
Reported
FX Adjusted
FX Adjusted
$(6) FX
Adj
EPS
$0.41 $0.61Reported
$0.64
FX
Adjusted $0.44
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 7
$66
Reported
$14
Reported
FX
Adjusted
FX Adjusted
FX Adjusted
Reported
8. Adjusted EBITDA & Adjusted Net Income
(1) Includes $0.01 impact due to year-over-year share dilution
note: Amounts may not sum due to rounding
Adjusted EBITDA
($ in millions except per share amounts)
Adjusted Net Income
$13 $(3)
$4
$20
1Q17 1Q18
Incentive
Compensation
Interest
1Q17 1Q18
$64
$69
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 8
• +$5M YOY
– Includes $4M
unfavorable incentive
compensation impact
1Q18 vs 1Q17
Operational
Improvement
$1
$4
Tax Rate
$0.41
Adj.
EPS
$(0.08) $0.14 $0.04 $0.61(1)$0.12
9. $11 $8
$5 $7 $7
$19
$31
$33
$15
$43
1Q17 2Q17 3Q17 4Q17 1Q18
Continued Strong & Steady Cash Flow Generation
Cash Flow From Ops
Debt Payments
($ in millions)
(1) Free Cash Flow defined as Cash Flow from Operations less Capital
Expenditures, net
(2) Leverage calculated as Total Debt less Cash and Cash Equivalents
divided by Adjusted EBITDA
($ in millions)
Free Cash Flow (1)
($ in millions)
Accelerated Repayment
Required Repayment
• Record cash flows - highest
since acquisition in 2015
• Reduced leverage to 5.4x
• No significant maturities until
2020; well within covenants
• 35% of debt at fixed rate
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 9
$39 $39 $38
$34
$46
1Q17 2Q17 3Q17 4Q17 1Q18
$26
$28
$27
$21
$36
1Q17 2Q17 3Q17 4Q17 1Q18
$50
$22
$29
$40
$38
6.1x
5.9x
5.8x
5.6x
5.4x
1Q17 2Q17 3Q17 4Q17 1Q18
Leverage (2)
10. $29 $31 $30
$15
$98
2016 2017 20182016 2017 20182016 2017 2018
Increased Cash Flow Outlook
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 10
Cash Flow From Ops Debt Payments
($ in millions)
(1) Free Cash Flow defined as Cash Flow from Operations less Capital Expenditures, net
(2) Leverage calculated as Total Debt less Cash and Cash Equivalents divided by Adjusted EBITDA
(3) Reflects debt payments excluding $55M of borrowings used to fund $76M of cash provided to Nuvectra as part of the spin-off on March 14, 2016.
NOTE: Current guidance does not reflect the potential impact of the planned divestiture of the Advanced Surgical and Orthopedics product lines that was announced on May 3, 2018
($ in millions)
Free Cash Flow(1)
($ in millions)
$129
Accelerated Repayment
Required Repayment
$115+
$47
$103
$110+
OutlookOutlook
$106
$149
$160+
Outlook
Leverage(2)
6.1x
5.6x
$44
(3)
$150+ $100+ $100+
Prior
Outlook
YE16 YE17 YE18
Outlook
11. 2017 2018 2017 20182017 2018
Updated Full-Year 2018 Outlook
Adjusted EPS
$1,462
$2.81
$1,510 - $1,550
$3.20 - $3.50
Outlook
($ in millions except per share amounts)
Growth % 3% - 6% 14% - 25%
Outlook
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 11
Sales
Outlook
$286
$310 - $320
9% - 12%
Adjusted EBITDA
See Slide 34 in the Appendix of this presentation for Outlook on Supplemental Items affecting Cash Flow in FY18
NOTE: Current guidance does not reflect the potential impact of the planned divestiture of the Advanced Surgical and Orthopedics product lines that was announced on May 3, 2018
Adj.
Effective
Tax Rate
20% 21% - 24%
Prior
Outlook
$1,490 - $1,530 $305 - $315 $3.15 - $3.45
13. 8%
0%
6%
9%
12%
1Q17 2Q17 3Q17 4Q17 1Q18
Advanced Surgical, Orthopedics & Portable Medical
Providing a wide range of technologies and solutions to the
Advanced Surgical and Orthopedic markets
Organic Quarterly YOY Growth
0%
%Change
Orthopedic Implants &
Instruments
Biopsy & Drug
Delivery
Portable Medical
(Power Solutions)
Laparoscopy &
General Surgery
Arthroscopy
Products
• 1Q18 sales increase driven by growth in Portable Medical,
spinal implants, ramping of new products, and support of a
customer inventory build program
• Trailing 4-quarter sales growth primarily driven by market
demand for new product launches and a continued short-
term customer inventory build program
• Expect continued sales growth but at slower pace as
customer inventory build plans slow and new product
launches stabilize
Trailing 4-Quarter Sales
($ in millions)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 13
$421 $421 $428
$440
$456
1Q17 2Q17 3Q17 4Q17 1Q18
(1)% (0)% 2% 6% 8%
14. Offering a full-range of services for the design, development, and manufacturing of diagnostic and interventional
cardiac and endovascular delivery and retrieval devices, along with comprehensive supply-chain solutions
Cardio & Vascular
Steerable Sheaths Catheters & Sheaths Guidewires, Stylets &
Accessories
Introducers
Trailing 4-Quarter Sales
0%
%Change
($ in millions)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 14
10%
8%
7%
11%
9%
1Q17 2Q17 3Q17 4Q17 1Q18
$502 $512 $522
$537 $550
1Q17 2Q17 3Q17 4Q17 1Q18
5% 7% 9% 9% 10%
• 1Q18 sales increase driven by continued strong demand for
Integer-owned product lines from new and existing
customers and increased demand for contract
manufactured products
• Trailing 4-quarter sales improvement primarily driven by
continued strength of Integer’s product offering in most
recent quarters
• Expect additional strong growth based on Integer-owned
product line market momentum and existing customer
demand
Organic Quarterly YOY Growth
15. Providing technology solutions for the active implantable medical device industry
by partnering with customers to bring high-quality products to
established and emerging markets – from initial concept through to high-volume manufacturing
Cardiac & Neuromodulation
Trailing 4-Quarter Sales
0%
%Change
($ in millions)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 15
Advanced technology and manufacturing capabilities to support the full
breadth of active implantable device components and assembly
Fully customizable platforms to
accelerate time to market
• 1Q18 sales increase driven by continued strength and the
resolution of a prior year supply constraint in
Neuromodulation
• Trailing 4-quarter sales stable as growth in
Neuromodulation offsets declines in CRM
• Expect continued sales growth from strength in
Neuromodulation
(3%)
(1%)
(6%)
1%
5%
1Q17 2Q17 3Q17 4Q17 1Q18
$435 $434 $428 $428 $433
1Q17 2Q17 3Q17 4Q17 1Q18
(5)% (2)% (4)% (2)% 0%
Organic Quarterly YOY Growth
16. Electrochem
Enhancing lives worldwide by providing superior power solutions that
enable the success and advancement of our customers’ critical applications
Battery Packs Battery ChargersBattery Cells
Trailing 4-Quarter Sales
0%
%Change
($ in millions)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 16
• 1Q18 sales growth driven by new business wins in stable
energy market
• Trailing 4-quarter improvement primarily driven by energy
market recovery and new business. Growth trend slowing
driven by shift from recovery to stabilization in energy
market
• Stable to positive outlook for 2018 as team continues to
deliver growth initiatives
(3%)
60%
71%
30%
12%
1Q17 2Q17 3Q17 4Q17 1Q18
$41
$47
$54
$57 $58
1Q17 2Q17 3Q17 4Q17 1Q18
(23)% 1% 23% 37% 41%
Organic Quarterly YOY Growth
18. Cardio & Vascular
Neuromodulation
Electrochem
Strategy to Drive Long-Term Growth
Invest to Grow
Protect & Preserve
Improve Profitability
Cardiac Rhythm Management
Advanced Surgical
Orthopedics
Portable Medical
Portfolio Strategy
• Sales Force Excellence
• Market Focused Innovation
Customers
“earn business
daily”
Costs
“fuel for
growth”
Culture
“how we act,
every
interaction”
• Manufacturing Excellence
• Business Process Excellence
• Performance Excellence
• Leadership Capability
Operational Strategy –
Strategic Imperatives
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 18
19. Announced Planned Sale of Advanced Surgical
and Orthopedics (AS&O) Product Lines
• 2H17 Integer strategic review identified
opportunity to unlock value in AS&O
• Highly fragmented AS&O CMO market
poised for consolidation
• AS&O and MedPlast, LLC combination
creates market leader and one of largest
MDO’s serving AS&O market
• AS&O valuation multiple slightly above
both Integer’s and the Lake Region
acquisition multiple (4Q15)
• Signed agreement on May 3, 2018
with MedPlast, LLC
• Cash sale price $600 million
• Expect to close in 3Q18
• MedPlast, LLC receiving ~$400 million
of sales (2017 basis)
• Integer sales reduction (2017 basis) of
~$350 million after signing long-term
supply agreement with MedPlast, LLC
• 2017 AS&O AEBITDA ~13%
Transaction Rationale Deal Summary
Selling AS&O, lower operating margin Product Lines …
… at slightly more than Integer’s current EBITDA multiple
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 19
20. Impact of AS&O Sale on Integer
• Clear leader in remaining product lines
with differentiated technology
• Cardio & Vascular, Cardiac &
Neuromodulation, Electrochem
• Creates financial flexibility to invest
more aggressively in faster growing
markets where Integer is differentiated
• Post divestiture customer overlap limited
to a few major customers
• Integer valuation metrics improved
• Margin expansion of ~200bps to 250bps
• After planned debt reduction of ~$550
million, expect:
• EPS accretion
• Debt leverage less than 4x
• Free cash flow similar to pre-divestiture
• Increased ROIC
Strategic Financial Impact
Positioning Integer to Earn a Valuation Premium
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 20
21. Summary
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 21
First Quarter 2018
• Strong growth in sales, profit and cash flow
• Increased 2018 outlook
Portfolio Strategy
• Unlocking significant value through planned
AS&O Sale
• Expecting more profitable and less leveraged
Integer, with similar cash flow
• Post AS&O divestiture, Integer has clear market
leadership positions with increased financial
flexibility to invest for growth
Vision
Enhance patient’s lives by being our
customers partner of choice
Strategic Imperatives
- Sales Force Excellence
- Market Focused Innovation
- Manufacturing Excellence
- Business Process Excellence
- Performance Excellence
- Leadership Capability
Clear Goals
- Sales Growth Above Market
- Profit Growth 2x Sales Growth
- Earn a Valuation Premium
24. $0.41
$0.62
$0.82
$0.96
$0.61
$0.03
$0.14
$0.05
$0.02
$0.03
1Q17 2Q17 3Q17 4Q17 1Q18
$125 $132 $139 $140 $138
$104 $106 $102
$117 $109
$105
$109 $108
$119 $122
$11
$16 $15
$15 $13
1Q17 2Q17 3Q17 4Q17 1Q18
Historical Financial Results
Sales Adjusted EPS
Non-Medical
Cardiac & Neuro
Cardio & Vascular
Adv. Surgical, Ortho &
Portable Medical
(1) Refer to the appendix of this presentation for a reconciliation of Adjusted EPS to the most directly comparable GAAP measure
(2) The quarterly and annual EPS numbers are calculated independently and may not sum to the total
(3) Excludes impact of foreign currency reported in other loss, net
($ in millions, except per share amounts)
Impact of foreign currency reported in other loss, net
Adjusted EPS, as reported
Organic
Adjusted
EPS(3)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 24
(1)(2)
$363$345 $390$363 $382 $0.76$0.44 $0.87 $0.98 $0.64
26. Working Capital
Working Capital
($ in millions)
(1) Inventory Turns calculated as “COGS divided by quarterly Average Inventory multiplied by “4” to reach an annualized number
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 26
($ in millions)
$324 $328 $323 $323
$304
1Q17 2Q17 3Q17 4Q17 1Q18
1Q17 2Q17 3Q17 4Q17 1Q18
Inventory $231 $236 $247 $228 $239
Inventory Turns
(1)
4.5 4.5 4.4 4.8 4.9
Capital Expenditures $12 $10 $12 $13 $10
27. Other Operating Expenses – Historical
($ in millions)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 27
YTD Three Mos.
1Q17 2Q17 3Q17 4Q17 FY17 1Q18
Strategic Reorganization
and Alignment
-- -- -- $5.9 $5.9 $3.5
Manufacturing and
Alignment to Support Growth
-- -- -- -- -- $0.5
Consolidation and
Optimization Initiatives
$2.4 $2.8 $3.2 $4.9 $13.3 $0.6
Acquisition and Integeration Costs $4.8 $3.0 $2.2 $0.8 $10.8 --
Asset Dispositions,
Severance, and other
$4.6 $1.1 $0.8 $0.7 $7.2 $0.7
TOTAL OOE $11.8 $6.9 $6.2 $12.3 $37.2 $5.3
Three Months Ended
28. Non-GAAP Reconciliation
Net Income and Diluted EPS Reconciliation – QTD
See the Footnotes to this table on Slide 30 of this presentation
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 28
($ in thousands, except per share amounts)
Three Months Ended
March 30, 2018 March 31, 2017
Pre-Tax
Net
Income
Per
Diluted
Share Pre-Tax
Net
Income
(Loss)
Per
Diluted
Share
As reported (GAAP) $ 12,209 $ 8,118 $ 0.25 $ (4,195) $ (4,339) $ (0.14)
Adjustments:
Amortization of intangibles(a) 11,713 9,304 0.29 10,978 7,746 0.24
IP related litigation (SG&A)(a)(b) 321 254 0.01 377 245 0.01
Strategic reorganization and alignment (OOE)(a)(c) 3,492 2,779 0.09 — — —
Manufacturing alignment to support growth (OOE)(a)(d) 513 369 0.01 — — —
Consolidation and optimization expenses (OOE)(a)(e) 605 473 0.01 2,395 1,899 0.06
Acquisition and integration expenses (OOE)(a)(f) — — — 4,820 3,133 0.10
Asset dispositions, severance and other (OOE)(a)(g) 667 489 0.02 4,556 2,957 0.09
(Gain) loss on cost and equity method investments, net(a) (4,970) (3,926) (0.12) 398 259 0.01
Loss on extinguishment of debt(a)(h) 1,057 835 0.03 1,559 1,013 0.03
Tax adjustments(i) — 1,021 0.03 — — —
Adjusted (Non-GAAP) $ 25,607 $ 19,716 $ 0.61 $ 20,888 $ 12,913 $ 0.41
Diluted weighted average shares for adjusted EPS(j) 32,423 31,685
29. Non-GAAP Reconciliation
1Q18 QTD Net Income and Diluted EPS Reconciliation – Detailed View
See the Footnotes to this table on Slide 30 of this presentation
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 29
($ in thousands, except per share amounts)
GAAP Non-GAAP
Income Statement 1Q18 Actual Amortization
Litigation
Related
Charges(b)
Strategic
Reorganization
& Alignment(c)
Manufacturing
Alignment to
Support
Growth(d)
Consolidation &
Optimization(e)
Asset
Disposition,
Severance &
Other(g)
Debt /
Investment
Related
Charges(h)
Tax
Adjustment(i)
1Q18 Adjusted
Sales 381,745$ 381,745$
Cost of sales 285,975 (4,069) 281,906
Gross profit 95,770$ 4,069$ -$ -$ -$ -$ -$ 99,839$
Gross margin 25.1% 26.2%
Operating expenses:
SG&A 41,238 (7,606) (321) 33,311
SG&A as a % of revenues 10.8% 8.7%
Research, development & engineering 14,538 (38) 14,500
RD&E as a % of revenues 3.8% 3.8%
Other operating expense 5,277 (3,492) (513) (605) (667) -
Operating income 34,717$ 11,713$ 321$ 3,492$ 513$ 605$ 667$ -$ -$ 52,028$
Operating margin 9.1% 13.6%
Other (income) & expenses:
Interest expense 26,445 (1,057) 25,388
Other (income) loss, net (3,937) 4,970 1,033
Income before taxes 12,209$ 11,713$ 321$ 3,492$ 513$ 605$ 667$ (3,913)$ 25,607$
Provision for income taxes 4,091 2,409 67 713 144 132 178 (822) (1,021) 5,891
Effective tax rate 33.5% 23.0%
Net income (loss) 8,118$ 9,304$ 254$ 2,779$ 369$ 473$ 489$ (3,091)$ 1,021$ 19,716$
Net margin 2.1% 5.2%
Weighted Average Shares O/S (j)
32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423 32,423
EPS 0.25$ 0.29$ 0.01$ 0.09$ 0.01$ 0.01$ 0.02$ (0.10)$ 0.03$ 0.61$
Non-GAAP Adj.(a)
30. ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 30
(a) The difference between pre-tax and net income (loss) amounts is the estimated tax impact related to the respective adjustment. Net income amounts are computed
using a 21% U.S. tax rate (35% U.S. tax rate for 2017 periods), and the statutory tax rates in Mexico, Germany, France, Netherlands, Uruguay, Ireland and
Switzerland, as adjusted for the existence of NOLs. Amortization of intangibles and OOE expense have also been adjusted to reflect the estimated impact relating to
our disallowed deduction of the GILTI tax, as described in note (i) below. Expenses that are not deductible for tax purposes (i.e. permanent tax differences) are
added back at 100%.
(b) In 2013, we filed suit against AVX Corporation alleging they were infringing our intellectual property. Given the complexity and significant costs incurred pursuing this
litigation, we are excluding these litigation expenses from adjusted amounts. This matter proceeded to trial during the first quarter of 2016 and again in the third
quarter of 2017 that resulted in a jury awarding damages in the amount of $37.5 million. In March 2018, the court vacated that damage award and ordered a new
trial on damages, which is scheduled for January 2019. To date, no gains have been recognized in connection with this litigation.
(c) As a result of the strategic review of our customers, competitors and markets we undertook during the fourth quarter of 2017, we began to take steps to better align
our resources in order to invest to grow, protect, preserve and to enhance the profitability of our portfolio of products. This will include focusing our investment in
RD&E and manufacturing, improving our business processes and redirecting investments away from projects where the market does not justify the investment. As a
result, during the first quarter of 2018 we incurred charges related to this strategy, which primarily consisted of severance and fees for professional services.
(d) In 2017, we initiated several initiatives designed to reduce costs, improve operating efficiencies and increase manufacturing capacity to accommodate growth. The
plan involves the relocation of certain manufacturing operations and expansion of certain of our facilities.
(e) During 2018 and 2017, we incurred costs primarily related to the closure of our Clarence, NY facility and the transfer of our Beaverton, OR portable medical and
Plymouth, MN vascular manufacturing operations to Tijuana, Mexico.
(f) Reflects acquisition and integration costs related to the acquisition of Lake Region Medical, which occurred in October 2015.
(g) Amounts for 2017 primarily include expenses related to our CEO and CFO transitions.
(h) Represents debt extinguishment charges in connection with pre-payments made on our Term B Loan Facility which are included in interest expense.
(i) Tax adjustments primarily includes the estimated impact relating to our disallowed deduction of the GILTI tax, as mandated by the Tax Reform Act. This disallowed
deduction of the GILTI tax (approximately 50% of the total GILTI tax) is due to the Company making use of its U.S. NOLs, and will be eliminated once the Company’s
U.S. NOLs are fully utilized, which is expected to be in approximately three to five years. This adjustment makes our Adjusted Diluted EPS more comparable with
other global companies that are not subject to this disallowed GILTI tax deduction and more comparable to the Company’s results following the full utilization of its
U.S. NOLs.
(j) The diluted weighted average shares for adjusted EPS for the three month period ended March 31, 2017 includes 669,000 of potentially dilutive shares not included
in the computation of diluted weighted average common shares for GAAP diluted EPS purposes because their effect would have been anti-dilutive in that period.
Non-GAAP Reconciliations
Footnotes to “Net Income and Diluted EPS Reconciliations”
31. Non-GAAP Reconciliations
EBITDA and Adjusted EBITDA Reconciliation
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 31
($ in thousands)
Three Months Ended
March 30,
2018
March 31,
2017
Net Income (loss) (GAAP) $ 8,118 $ (4,339)
Interest expense 26,445 28,893
Benefit for income taxes 4,091 144
Depreciation 14,621 13,628
Amortization 11,713 10,978
EBITDA 64,988 49,304
IP related litigation 321 377
Stock-based compensation (excluding OOE) 3,218 2,406
Strategic reorganization and alignment 3,492 —
Manufacturing alignment to support growth 513 —
Consolidation and optimization expenses 605 2,395
Acquisition and integration expenses — 4,820
Asset dispositions, severance and other 667 4,556
Noncash (gain) loss on cost and equity method investments (4,970) 398
Adjusted EBITDA (Non-GAAP) $ 68,834 $ 64,256
32. Non-GAAP Reconciliations
Organic Sales Growth Rate Reconciliation (% Change)
(a) First quarter 2018 Cardio & Vascular and Advanced Surgical, Orthopedics & Portable Medical product lines sales were positively impacted by $1.5 million and $4.5
million, respectively, due to foreign currency exchange rate fluctuations.
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 32
GAAP
Reported
Growth
Impact of
Foreign
Currency(a)
Non-GAAP
Organic
Growth
QTD Change (1Q 2018 vs. 1Q 2017)
Medical Sales
Cardio & Vascular 10.6% (1.2)% 9.4%
Cardiac & Neuromodulation 4.9% — 4.9%
Advanced Surgical, Orthopedics & Portable Medical 15.8% (4.3)% 11.5%
Total Medical Sales 10.5% (1.8)% 8.7%
Non-Medical Sales 12.0% — 12.0%
Total Sales 10.5% (1.7)% 8.8%
33. Non-GAAP Reconciliations
Non-GAAP Organic Growth Rate Reconciliation (% Change)
NM calculated change not meaningful
(a) Represents the impact to our growth rate from our Non-GAAP adjustments. See slides 28-31 for further detail on these items.
(b) Represents the impact to our growth rate due to changes in foreign currency exchange rates
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 33
GAAP
Reported
Growth
Impact of
Non-GAAP
Adjustment(a)
Impact of
Foreign
Currency(b)
Non-GAAP
Organic
Growth
QTD Change (1Q 2018 vs. 1Q 2017)
EBITDA 31.8% (24.7)% (0.3)% 6.8%
Net Income NM
52.7% (4.5)% 48.2%
Diluted EPS NM
48.8% (3.3)% 45.5%
34. Non-GAAP Reconciliations
2018 Full-Year Outlook
($ in millions, except per share amounts)
ITGR: 1Q18 Earnings Conference Call / May 3, 2018 / Page 34
Integer’s 2018 Outlook does not reflect the potential impact of the planned divestiture of the Advanced Surgical and Orthopedics product lines that was announced on May 3, 2018.
Except as described below, further reconciliations by line item to the closest corresponding GAAP financial measure for Adjusted Net Income, Adjusted Earnings per Diluted Share and Adjusted EBITDA,
included in our “2018 Outlook” above, are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and visibility of the charges excluded from this non-GAAP
financial measure.
Adjusted Net Income and EPS for 2018 is expected to consist of GAAP Net Income and EPS, excluding items such as intangible amortization, IP-related litigation costs, consolidation and realignment costs,
asset disposition and write-down charges, and loss on extinguishment of debt totaling approximately $63 million. The after-tax impact of these items is estimated to be approximately $50 million, or
approximately $1.54 per diluted share. Additionally, Adjusted Net Income and EPS is expected to exclude the estimated impact relating to our disallowed deduction of the Global Intangible Low-Taxed Income
(“GILTI”) tax, as mandated by the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”). This disallowed deduction of the GILTI tax (approximately 50% of the total GILTI tax) is due to the Company making use
of its U.S. net operating losses (“NOLs”), and will be eliminated once the Company’s U.S. NOLs are fully utilized, which is expected to be in approximately three to five years. This adjustment makes our
Adjusted Diluted EPS more comparable with other global companies that are not subject to this disallowed GILTI tax deduction and more comparable to the Company’s results following the full utilization of its
U.S. NOLs.
Adjusted EBITDA is expected to consist of Adjusted Net Income, excluding items such as depreciation, interest, stock-based compensation and taxes totaling approximately $207 million.
Supplemental Financial Items Affecting Cash Flow:
(in millions, except effective tax rate)
2018 Outlook 2017 Actual
Capital Expenditures $50 - $55 $47
Depreciation and amortization $106 - $108 $103
Stock-based compensation $10 - $12 $15
Other operating expense $10 - $15 $37
Effective tax rate, as adjusted 21% - 24% 20%
Cash taxes, excluding any refunds $13 - $15 $9
2018 Outlook
As Reported Growth Adjusted Growth
Revenue $1,510 - $1,550 3% - 6% $1,510 - $1,550 3% - 6%
Net Income $50 - $60 (25)% - (10)% $103 - $113 14% - 25%
EBITDA N/A N/A $310 - $320 9% - 12%
Earnings per Diluted Share $1.55 - $1.85 (26)% - (11)% $3.20 - $3.50 14% - 25%
GAAP Non-GAAP