- 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.
- 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 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.
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 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.
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.
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.
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.
- 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 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.
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 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.
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.
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 strong financial results for the first quarter of 2018. Sales grew 9% organically 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 also generated record cash flow in the quarter and used $50 million to repay debt, lowering leverage. For full-year 2018, Integer increased its outlook for sales growth to 3-6% and adjusted EPS growth to 14-25%, driven by continued momentum. The company also announced a planned sale of its Advanced Surgical and Orthopedics product lines for $600 million.
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
- In the first quarter of fiscal year 2017, the company reported net revenue of $561 million, gross margin of 64.0% excluding special items, and earnings per share of $0.48 excluding special items.
- The company returned $151 million to shareholders in the quarter through $94 million in dividends and $58 million in stock repurchases.
- For the second quarter of fiscal year 2017, the company expects revenue between $520-560 million and earnings per share between $0.40-0.46 excluding special items.
- 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.
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
This document provides an earnings presentation by Masco Corporation for the third quarter of 2014. Some key points include:
- Masco reported 4% revenue growth and a 9% increase in adjusted operating profit for Q3 2014 compared to Q3 2013.
- Operating margin expanded by 60 basis points due to consistent execution and strong operating leverage.
- Plumbing Products sales increased 4% driven by strength in wholesale/trade channels, while Decorative Architectural Products sales were flat in a challenging comparison to the prior year.
- Cabinets and Related Products incurred restructuring charges but grew sales 2% through initiatives in the dealer channel.
This document provides a summary of Stantec's Q4 and full year 2017 earnings presentation. Some key points:
- Q4 2017 revenue was slightly higher than Q4 2016 but net income declined due to cost overruns on several construction projects. Adjusted net income also declined.
- For the full year 2017, gross revenue increased significantly due to acquisitions but net income declined. Several one-time items impacted results, including US tax reform.
- The presentation discusses financial performance by region and business unit. Most regions saw growth except the US which had declines due to a project adjustment.
- 2018 targets are provided including goals for margins, expenses as a percentage of revenue, and net income
Hillenbrand reported its Q4 2017 earnings. Revenue increased 3% to $443 million driven by 7% growth in the Process Equipment Group, partially offset by a 4% decline in Batesville. GAAP EPS increased 7% to $0.60. For full-year 2017, revenue grew 3% to $1.59 billion while GAAP EPS increased 12% to $1.97. The company provided guidance for 2018 of 2-4% revenue growth and GAAP EPS of $2.11-2.23.
Hillenbrand provides a quarterly earnings presentation summarizing its financial performance for Q2 2017. Key highlights include revenue increasing 2% to $395 million driven by demand for large plastics projects and acquisitions. GAAP net income increased 28% to $33 million while adjusted EPS rose 9% to $0.53. The Process Equipment Group saw a 4% revenue increase and 50 basis point improvement in adjusted EBITDA margin. Batesville's revenue was flat with a 20 basis point decline in adjusted EBITDA margin due to higher costs. For fiscal year 2017, Hillenbrand narrows its adjusted EPS guidance range to $2.00 to $2.10.
Fourth-Quarter 2017 Results
- The company discussed its Q4 2017 financial results and provided guidance for full year 2018. Key highlights included 5% organic revenue growth in Q4, adjusted EPS of $1.02, and free cash flow of $1.3 billion. Guidance for 2018 forecasts 3-3.5% organic revenue growth and adjusted EPS of $5.00-$5.20. The company also discussed its execution of strategies in China, drivers of expected margin improvement in 2018, and recent acquisitions.
- The document provides financial and operating results for CNO Financial Group for the quarter ended December 31, 2015. Key highlights included continued franchise growth, solid financial results including double digit operating EPS growth, and returning $67 million to shareholders through repurchases. CNO also completed its year-end assumption review which resulted in aggregate GAAP margins increasing to $3.8 billion.
Masco Corporation reported first quarter 2018 results. Revenue increased 8% to $1.92 billion due to growth in the Plumbing and Decorative Architectural segments and the North American Windows business. Operating profit decreased to $250 million due to $30 million in strategic growth investments and a lag in passing along price increases. Management affirmed its annual earnings guidance range of $2.48 to $2.63 per share.
Iron Mountain reported its financial results for Q1 2014 with total revenue growing 3.1% year-over-year to $770 million driven by 5.3% growth in storage rental revenue. Adjusted OIBDA was $229 million, a slight increase of 0.5% compared to last year. International segment revenue grew 9.7% while maintaining adjusted OIBDA margins in line with targets. Capital expenditures were in line with expectations.
- The document is Q4 FYʹ17 Investor Presentation from Nutanix that provides financial results and key business highlights.
- Nutanix reported 57% year-over-year revenue growth to $252 million in Q4 FYʹ17, with billings growth of 40% and deferred revenue growth of 69%.
- Key metrics showed strong customer and sales growth, with total customers growing 87% year-over-year to over 7,000 and repeat sales comprising 70% of bookings.
- 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.
Masco Corporation reported second quarter 2014 results with revenue growth of 5% and adjusted operating profit growth of 21%. Strong operating leverage led to a 140 basis point increase in adjusted operating margin. Cabinet sales declined 5% but initiatives are being executed to improve long-term performance. The outlook calls for continued execution of sales and profit initiatives despite lower industry growth.
- 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.
Hillenbrand is a global diversified industrial company with two main business segments: Process Equipment Group and Batesville. In Q1 2017, Hillenbrand's revenue increased 1% to $356 million driven by acquisition growth in PEG, while net income grew 9% and adjusted EPS grew 2%. PEG revenue increased 4% from the addition of Red Valve, but adjusted EBITDA margin declined due to a shift in product mix. Batesville revenue declined 2% on lower burial sales, but adjusted EBITDA margin was flat from restructuring benefits. For full-year 2017, Hillenbrand reaffirmed its guidance for 1-3% total revenue growth and adjusted EPS of $1.95 to $2
Rexnord Corporation (RXN) Second Quarter Fiscal Year 2017 Earnings Release Rexnord
2Q earnings in line Net sales increase 1%, including 1% drag from RHF product line exit –core sales(1)decline 2% GSf$S(1)f$ GAAP EPS of $0.24 –Adjusted EPS(1)of $0.38 Cambridge contributes approximately 4% to 2Q sales growth with favorable outlook Process & Motion Control delivers in-line results, positive sales growth Global aftermarket revenue increases as industrial distribution sell-through stabilizes Positive growth in consumer-facing, aerospace end markets augmented by acquisition Water Management results reflect infrastructure project deferrals Project timelines extend, particularly in Middle East, cutting into second-half outlook US nonresidential building construction growth uneven, but outlook remains positive
Updatingguidanceforfiscal2017EarningsperShare Updating guidance for fiscal 2017 Earnings per Share Revised GAAP EPS guidance is $0.75-0.81 –revised Adjusted EPS guidance is $1.32-1.38 More cautious end market growth assumptions yield lower core growth outlook of ~(3%) Supply chain optimization & footprint repositioning on track to deliver $30 million annual savings
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
This document summarizes CNO Financial Group's financial and operating results for the second quarter of 2017. Some key highlights include:
- Total collected premiums were up 7% compared to the prior year period. First-year collected premiums were up 16%.
- Net operating income per share increased 29% to $0.45 compared to the second quarter of 2016. Excluding significant items, net operating income per share was up 24% to $0.42.
- Segment results were positive across most insurance product lines, with favorable margins in long-term care, supplemental health, and Medicare supplement.
- Investment income increased due to higher call and prepayment income from bonds in the portfolio.
Integer reported strong financial results for the first quarter of 2018. Sales grew 9% organically 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 also generated record cash flow in the quarter and used $50 million to repay debt, lowering leverage. For full-year 2018, Integer increased its outlook for sales growth to 3-6% and adjusted EPS growth to 14-25%, driven by continued momentum. The company also announced a planned sale of its Advanced Surgical and Orthopedics product lines for $600 million.
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
- In the first quarter of fiscal year 2017, the company reported net revenue of $561 million, gross margin of 64.0% excluding special items, and earnings per share of $0.48 excluding special items.
- The company returned $151 million to shareholders in the quarter through $94 million in dividends and $58 million in stock repurchases.
- For the second quarter of fiscal year 2017, the company expects revenue between $520-560 million and earnings per share between $0.40-0.46 excluding special items.
- 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.
This document provides a summary of CNO Financial Group's financial and operating results for the fourth quarter of 2017. Some key points:
- Net operating income per share was $0.51 for Q4 2017, up from $0.49 in Q4 2016. Excluding significant items, net operating income was $0.47 per share, a 34% increase.
- Bankers Life collected premiums decreased 2% for Q4 2017 compared to a year ago, while annuity account values increased 5%.
- Washington National collected premiums increased 2% for Q4 2017, with supplemental health premiums up 4%.
- The company recognized a $172 million GAAP charge in Q4 2017 related
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
This document provides an earnings presentation by Masco Corporation for the third quarter of 2014. Some key points include:
- Masco reported 4% revenue growth and a 9% increase in adjusted operating profit for Q3 2014 compared to Q3 2013.
- Operating margin expanded by 60 basis points due to consistent execution and strong operating leverage.
- Plumbing Products sales increased 4% driven by strength in wholesale/trade channels, while Decorative Architectural Products sales were flat in a challenging comparison to the prior year.
- Cabinets and Related Products incurred restructuring charges but grew sales 2% through initiatives in the dealer channel.
This document provides a summary of Stantec's Q4 and full year 2017 earnings presentation. Some key points:
- Q4 2017 revenue was slightly higher than Q4 2016 but net income declined due to cost overruns on several construction projects. Adjusted net income also declined.
- For the full year 2017, gross revenue increased significantly due to acquisitions but net income declined. Several one-time items impacted results, including US tax reform.
- The presentation discusses financial performance by region and business unit. Most regions saw growth except the US which had declines due to a project adjustment.
- 2018 targets are provided including goals for margins, expenses as a percentage of revenue, and net income
Hillenbrand reported its Q4 2017 earnings. Revenue increased 3% to $443 million driven by 7% growth in the Process Equipment Group, partially offset by a 4% decline in Batesville. GAAP EPS increased 7% to $0.60. For full-year 2017, revenue grew 3% to $1.59 billion while GAAP EPS increased 12% to $1.97. The company provided guidance for 2018 of 2-4% revenue growth and GAAP EPS of $2.11-2.23.
Hillenbrand provides a quarterly earnings presentation summarizing its financial performance for Q2 2017. Key highlights include revenue increasing 2% to $395 million driven by demand for large plastics projects and acquisitions. GAAP net income increased 28% to $33 million while adjusted EPS rose 9% to $0.53. The Process Equipment Group saw a 4% revenue increase and 50 basis point improvement in adjusted EBITDA margin. Batesville's revenue was flat with a 20 basis point decline in adjusted EBITDA margin due to higher costs. For fiscal year 2017, Hillenbrand narrows its adjusted EPS guidance range to $2.00 to $2.10.
Fourth-Quarter 2017 Results
- The company discussed its Q4 2017 financial results and provided guidance for full year 2018. Key highlights included 5% organic revenue growth in Q4, adjusted EPS of $1.02, and free cash flow of $1.3 billion. Guidance for 2018 forecasts 3-3.5% organic revenue growth and adjusted EPS of $5.00-$5.20. The company also discussed its execution of strategies in China, drivers of expected margin improvement in 2018, and recent acquisitions.
- The document provides financial and operating results for CNO Financial Group for the quarter ended December 31, 2015. Key highlights included continued franchise growth, solid financial results including double digit operating EPS growth, and returning $67 million to shareholders through repurchases. CNO also completed its year-end assumption review which resulted in aggregate GAAP margins increasing to $3.8 billion.
Masco Corporation reported first quarter 2018 results. Revenue increased 8% to $1.92 billion due to growth in the Plumbing and Decorative Architectural segments and the North American Windows business. Operating profit decreased to $250 million due to $30 million in strategic growth investments and a lag in passing along price increases. Management affirmed its annual earnings guidance range of $2.48 to $2.63 per share.
Iron Mountain reported its financial results for Q1 2014 with total revenue growing 3.1% year-over-year to $770 million driven by 5.3% growth in storage rental revenue. Adjusted OIBDA was $229 million, a slight increase of 0.5% compared to last year. International segment revenue grew 9.7% while maintaining adjusted OIBDA margins in line with targets. Capital expenditures were in line with expectations.
- The document is Q4 FYʹ17 Investor Presentation from Nutanix that provides financial results and key business highlights.
- Nutanix reported 57% year-over-year revenue growth to $252 million in Q4 FYʹ17, with billings growth of 40% and deferred revenue growth of 69%.
- Key metrics showed strong customer and sales growth, with total customers growing 87% year-over-year to over 7,000 and repeat sales comprising 70% of bookings.
- 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.
Masco Corporation reported second quarter 2014 results with revenue growth of 5% and adjusted operating profit growth of 21%. Strong operating leverage led to a 140 basis point increase in adjusted operating margin. Cabinet sales declined 5% but initiatives are being executed to improve long-term performance. The outlook calls for continued execution of sales and profit initiatives despite lower industry growth.
- 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.
Hillenbrand is a global diversified industrial company with two main business segments: Process Equipment Group and Batesville. In Q1 2017, Hillenbrand's revenue increased 1% to $356 million driven by acquisition growth in PEG, while net income grew 9% and adjusted EPS grew 2%. PEG revenue increased 4% from the addition of Red Valve, but adjusted EBITDA margin declined due to a shift in product mix. Batesville revenue declined 2% on lower burial sales, but adjusted EBITDA margin was flat from restructuring benefits. For full-year 2017, Hillenbrand reaffirmed its guidance for 1-3% total revenue growth and adjusted EPS of $1.95 to $2
Rexnord Corporation (RXN) Second Quarter Fiscal Year 2017 Earnings Release Rexnord
2Q earnings in line Net sales increase 1%, including 1% drag from RHF product line exit –core sales(1)decline 2% GSf$S(1)f$ GAAP EPS of $0.24 –Adjusted EPS(1)of $0.38 Cambridge contributes approximately 4% to 2Q sales growth with favorable outlook Process & Motion Control delivers in-line results, positive sales growth Global aftermarket revenue increases as industrial distribution sell-through stabilizes Positive growth in consumer-facing, aerospace end markets augmented by acquisition Water Management results reflect infrastructure project deferrals Project timelines extend, particularly in Middle East, cutting into second-half outlook US nonresidential building construction growth uneven, but outlook remains positive
Updatingguidanceforfiscal2017EarningsperShare Updating guidance for fiscal 2017 Earnings per Share Revised GAAP EPS guidance is $0.75-0.81 –revised Adjusted EPS guidance is $1.32-1.38 More cautious end market growth assumptions yield lower core growth outlook of ~(3%) Supply chain optimization & footprint repositioning on track to deliver $30 million annual savings
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
This document summarizes CNO Financial Group's financial and operating results for the second quarter of 2017. Some key highlights include:
- Total collected premiums were up 7% compared to the prior year period. First-year collected premiums were up 16%.
- Net operating income per share increased 29% to $0.45 compared to the second quarter of 2016. Excluding significant items, net operating income per share was up 24% to $0.42.
- Segment results were positive across most insurance product lines, with favorable margins in long-term care, supplemental health, and Medicare supplement.
- Investment income increased due to higher call and prepayment income from bonds in the portfolio.
The document provides financial results for Verifone for Q4 FY17. Some key points:
- Revenues were $477 million, up 2% year-over-year. Non-GAAP EPS was $0.44, up 47% from the prior year.
- Services revenue reached a record high and gross margin percentage was at a multi-year high.
- For the full fiscal year 2017, non-GAAP revenue was $1.874 billion and non-GAAP EPS was $1.31.
- Guidance for fiscal year 2018 forecasts 1-3% revenue growth and 5-7% growth in non-GAAP EPS.
Rexnord Corporation (RXN) Third Quarter Fiscal Year 2017 Financial ResultsRexnord
Supply Chain Optimization & Footprint Repositioning Program
• Final pj , $ g roject initiated, remain on track to $30 million of annual cost savings
• RHF product line exit essentially complete
Process & Motion Control
• Sequential increase in First-Fit wins, on track to exceed FY17 target
• Cambridge acquisition continues to perform well
Water Management
• Matthew Stillings joins Rexnord as Water Management Group Executive
• Zurn establishes new global headquarters in Milwaukee
Cash Flow & Balance Sheet
• Net debt leverage ratio declines to 3.3x
• Term debt maturity extended to 2023, coupon reduced by 25 bps
Rexnord Corporation (RXN) Fourth Quarter Fiscal Year 2017 Financial ResultsRexnord
- In the fourth quarter of fiscal year 2017, net sales increased 2% year-over-year to $503 million, with acquisitions contributing 4% to growth and a product line exit reducing sales by 2%.
- Adjusted EBITDA for the quarter increased 5% to $98 million compared to the same period last year, with margins expanding by 30 basis points.
- For fiscal year 2018, the company expects core sales growth in the low-single digit percentage range and adjusted EBITDA between $365-$385 million.
- The document discusses Verifone's financial results for Q3 FY17, including non-GAAP revenues of $467M, gross margin of 40.7%, and EPS of $0.36.
- Verifone provides reconciliations between GAAP and non-GAAP metrics and guidance for Q4 FY17 with revenues of $470-473M and EPS of $0.43.
- The document also outlines Verifone's execution of strategic initiatives including joint ventures in Petro Media and China, as well as plans to divest its Taxi business.
The document summarizes Verifone's use of non-GAAP financial measures in addition to GAAP measures to evaluate performance. It states that reconciliations of non-GAAP to GAAP measures can be found in Verifone's SEC filings and presentation materials. Management believes the non-GAAP measures are useful to compare performance across periods and companies by excluding certain items like amortization, restructuring charges, and stock compensation. However, the non-GAAP measures should be considered as supplements, not substitutes for, GAAP disclosures.
- Anixter reported record second quarter sales of $2.0 billion, up 2.3% from the prior year, with organic sales growth of 2.6%.
- Network & Security Solutions sales decreased 0.8% organically due to fewer large projects. Electrical & Electronic Solutions sales increased 0.3% organically. Utility Power Solutions sales increased 15.8% organically driven by growth with existing customers.
- Anixter is on track to return to its strategic leverage targets by the end of 2017 through strong cash flow and debt reduction.
The document discusses tronc's Q2 2017 earnings call supplemental slides. It provides highlights from the slides including:
- Digital subscribers and unique visitors continued to grow steadily in Q2 2017.
- Total revenue declined 8.6% in Q2 2017 from the previous year, while net income increased 69% and adjusted EBITDA was up slightly.
- The balance sheet was strengthened in Q2 2017 with increases in cash and working capital and reductions in debt and net debt.
- Full year 2017 guidance projects revenue between $1,540-$1,560 million and adjusted EBITDA between $189-$195 million.
BBVAResults2Q17 Results Presentation
BBVA reported its 2Q17 results with continued strength and growth. Net attributable profit reached 1,107 million euros, up 1% from the same period last year. Gross income increased 1.3% to 6,336 million euros driven by growth in net interest income and fees. Operating expenses rose 2.7% due to inflation but were controlled overall. Sound asset quality was maintained with non-performing loan ratios continuing to decline. Digital sales increased significantly across all markets as BBVA's digital transformation progressed well.
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- Operating leverage led to expanded margins and earnings per share exceeded expectations. The company updated its EPS target range provided in 2015.
- Plumbing Products sales increased 8% excluding foreign exchange impacts, fueled by record sales and profits at Delta. Decorative Architectural Products saw builders' hardware growth despite difficult comparisons.
Hillenbrand provides a Q3 2017 earnings presentation covering their financial performance and outlook. Some key points:
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- Net income grew 7% to $33 million and adjusted EBITDA increased 8% to $72 million.
- Process Equipment Group revenue rose 12% while Batesville declined 2% due to higher rates of cremation.
- The company reaffirmed its full year 2017 guidance for 1-3% total revenue growth and adjusted EPS of $2.00-$2.10.
ADP reported solid financial results for fiscal 2017, with 6% revenue growth and 13% adjusted EPS growth. Revenue increased to $12.4 billion and adjusted EBIT grew 8% to $2.4 billion. New business bookings were softer due to strong prior year bookings from ACA-related sales. For fiscal 2018, ADP expects 5-7% revenue growth, adjusted EBIT margin expansion, and 2-4% growth in adjusted diluted EPS. ADP will continue investing in innovation, service, and sales while returning capital to shareholders through dividends and share repurchases.
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- Stantec reported financial results for Q1 2017 with gross revenue increasing 69% year-over-year due to the acquisition of MWH, while organic revenue retracted 2.4%
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- Targets for 2017 include gross margins between 53-55%, administrative expenses as 41-43% of revenue, and EBITDA as 11-13% of revenue
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- Non-GAAP gross margin was 34.5%, lower than expected due to higher costs to complete previously awarded projects.
- Operating expenses were $58.5 million (non-GAAP), in line with guidance. Net loss per share was ($0.30) (non-GAAP), impacted by lower margins.
- Guidance for Q3 2017 is revenue of $126-130 million and net loss per share of ($0.27)-($0.21) (non-GAAP), excluding
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- LKQ reported revenue of $9.7B for Q4 2017, up 14.9% year-over-year, and $37B for full year 2017, up 13.4% year-over-year. Organic growth was a major contributor.
- Net income for Q4 2017 was $126M, up 31% year-over-year, and $540M for full year 2017, up 18% year-over-year.
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Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
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 July 27, 2017. 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: 2Q17 Earnings Conference Call / July 27, 2017 / Page 2
5. Quarterly Results Reflect Continued Progress
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 5
“Another quarter of
solid sales growth
gives us confidence
that we are back on
an annual growth
trajectory”
Second Quarter Highlights
• 2Q17 organic sales up 4.5% … Trailing 4 quarters up 2%
• Adjusted Results
‒ EBITDA increased 9% organically
‒ Net Income increased 34% organically
• Strong Cash Flow and Debt Repayment
Full Year Outlook
• Increasing low end of Sales guidance
• Adjusted EPS outlook from business operations unchanged,
updating for foreign currency losses
• Approximately $150 million of Cash Flow from Operations
9. $18
$20
$4$69 $70
$6
2Q17 Adjusted Financial Results(1)
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 9
($ in millions, except per share amounts)
(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 exchange
(3) Organic growth for Adjusted EBITDA and Adjusted Net Income exclude the impact of foreign currency gain (loss) reported in other (income) loss, net
Sales Adjusted EBITDA Adjusted Net Income
2Q16 2Q17 2Q16 2Q172Q16 2Q17
4.5% organic(2)
$24
Adj
EPS
$0.56 $0.62
% Growth
4.1% reported
9% organic(3)
2% reported
34% organic(3)
13% reported
$348
$363
$364 $76
Foreign currency impact on reported GAAP and Non-GAAP numbers
As reported GAAP and Non-GAAP numbers
Reported
Reported
Reported Reported
Reported
Reported
FX Adjusted
FX Adjusted
FX Adjusted
FX
FX
11. Strong Organic Growth in
Adjusted EBITDA & Adjusted EPS
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 11
(1) Organic amounts exclude the YOY impact of foreign currency gain (loss) reported in other (income) loss, net
Adjusted EBITDA
($ in millions except per share amounts)
Adjusted EPS
$0.56
$0.18 $(0.12)
$0.62
2Q16 2Q17
$17.5
Adjusted
Net
Income
$6.2 $(4.0) $19.7
Organic(2)
FX
2Q16 2Q17
$69
$70
$(5.0)$6.5
Organic(2) FX
12. $11
$(8)
$21 $22
$26
$28
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
$30
$4
$38
$34
$39 $39
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
1Q17 2Q17
$12 $30 $38
$120
$230
$913
$360
2017 2018 2019 2020 2021 2022 2023
Debt
Payments
Continued Strong & Steady Cash Flow Generation
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 12
($ in millions)
(1) Free Cash Flow defined as Cash from Operations less Capital
Expenditures
($ in millions)
Cash Flow From Operations Free Cash Flow
($ in millions)
Future Mandatory Debt Repayment Schedule
($ in millions)
$8
$31
$40
Accelerated Repayment
Required Repayment
$29
$18
$11
• Generating cash flow well in excess of
current debt obligations
• Focused on accelerating debt
repayment to reduce leverage
• Repaid $40M of debt in 2Q17 – $69M
repaid YTD
• Total payments of $113M since
acquisition
• Near-term mandatory debt repayments
very manageable
• No significant maturities until 2020
• 33% fixed rate
• Well within covenant compliance
requirements
13. 2016 2017 2016 2017 2016 2017
Revised Full-Year 2017 Outlook
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 13
Sales Adjusted EPS Cash Flow from Operations
$1,386
$2.68
$1,400 - $1,430
$2.55 - $2.95
$106
~$150
Outlook Outlook
($ in millions except per share amounts)
1% - 3% organic(1)
%
Growth 1% - 3% reported
7% - 22% organic(2)
(5)% - 10% reported
42% reported
Outlook
(1) Organic growth for Sales excludes the impact of foreign currency exchange rates
(2) Organic growth Adjusted EPS excludes the impact of foreign currency gain (loss) reported in other (income) loss, net for both years presented
15. Trailing 4-Qtr Sales YoY %
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Advanced Surgical, Orthopedics & Portable Medical
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 15
Providing a wide range of technologies and solutions to the
Advanced Surgical and Orthopedic markets
0%
Quarterly YOY Growth
7%
(5)%
(3)% (3)%
%Change
Orthopedic Implants &
Instruments
Biopsy & Drug
Delivery
Portable Medical
(Power Solutions)
Laparoscopy &
General Surgery
Arthroscopy
Products(1)%
2Q16 3Q16 4Q16 1Q17 2Q171Q16
(12)%
• 2Q17 Sales slightly down YOY, primarily driven by timing of
customer demand, full year outlook unchanged
• Trailing 4-quarter Sales stabilizing now that facility transfers
are complete
• Expect limited 2H17 Sales growth with some new product
launches
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Trailing 4-Quarter Sales
$421 $418 $415 $421 $421$427
(6)% (1)% (0)%
16. Offering a full-range of products and services for catheter-based interventional
vascular devices and a suite of supply chain solutions to support the
development and manufacturing of complex components, sub-assemblies and finished devices
-10%
-5%
0%
5%
10%
15%
Cardio & Vascular
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 16
Steerable Sheaths Catheters & Sheaths Guidewires, Stylets &
Accessories
Introducers
0%
10%
0%
2%
9%
Quarterly YOY Growth
%Change
8%
2Q16 3Q16 4Q16 1Q17 2Q171Q16
(2)%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Trailing 4-Quarter Sales
$478 $480 $491
$502
$512
$478
• Another solid quarter of YOY growth in 2Q17 driven by
strong demand for Integer-owned product lines and
increasing demand for contract manufactured products
• Trailing 4-quarter Sales demonstrating continued growth
driven by strength in most recent quarters
• 2H17 growth remains positive at a slower pace versus
harder comparisons from 2H16
2% 5% 7%Trailing 4-Qtr Sales YoY %
17. 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
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Cardiac & Neuromodulation
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 17
Pulse Generator
Components &
Assemblies
Leads & Lead Components,
Adaptors & Assemblies
Pulse Generators & External
Solutions (Programmers,
Chargers, Patient Devices)
Quarterly YOY Growth(1)
0%
(3)%
(13)%
3%
(5)%
(1) Excludes the results of Nuvectra Corporation prior to its spin-off on
March 14, 2016
%Change
(1)%
2Q16 3Q16 4Q16 1Q17 2Q171Q16
(4)%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Trailing 4-Quarter Sales
• 2Q17 shows continued stabilization YOY from recovery in
CRM and growth in neuromodulation
• Trailing 4-quarter Sales also stabilizing after 2016 declines
• Second half of year will be a more challenging comparable
as 4Q16 was the strongest quarter of 2016
$441 $444 $438 $435 $434
$458
(5)% (5)% (2)%Trailing 4-Qtr Sales YoY %
18. -50%
-30%
-10%
10%
30%
50%
70%
Electrochem
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 18
Enhancing lives worldwide by providing superior power solutions that
enable the success and advancement of our customers’ critical applications
Battery Packs0%
(3)%
Battery ChargersBattery Cells
(41)%
(26)%
(14)%
Quarterly YOY Growth
%Change
60%
(34)%
2Q16 3Q16 4Q16 1Q17 2Q171Q16
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Trailing 4-Quarter Sales
$47
$44 $42 $41
$47
$53
• 2Q17 Sales growth driven by strong momentum from
increased North American customer activity and market
share gains.
• North American market driven by energy market recovery
and improved efficiencies utilizing Electrochem technology
• Continue to aggressively pursue new and expanded market
opportunities – gaining traction with new and existing
customers
• Trailing 4-quarter Sales turned positive with strong 2Q
performance
• Positive outlook for 2H17
(30)% (23)% 1%Trailing 4-Qtr Sales YoY %
20. Our Vision and Strategy
Executing our Strategy … to Realize our Vision
• Serving the needs of our customers as their preferred
global device outsource partner
• Leveraging our global presence and breadth of
capabilities to provide high quality manufactured products
– from components to finished devices
• Delivering innovative design, process solutions and
services
And to Deliver
• Sales Growth … above market
• EBITDA and Cash Flow Growth … accelerate
• Earn a Valuation Premium
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 20
“Our vision is to
enhance the lives of
patients worldwide
by being our
customers’ partner of
choice for innovative
technologies and
services.”
23. $114 $122 $129 $126 $125 $132
$107 $107 $108 $116 $104 $106
$98
$109 $100 $107
$105
$109
$12
$10 $9
$11
$11
$16
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Historical Financial Results
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 23
Sales(1) Adjusted EPS(1)(2)(4)
$345
$331
$348 $347
$360
Non-Medical
Cardiac & Neuro
Cardio & Vascular
Adv. Surgical, Ortho &
Portable Medical
(1) Sales and Adjusted EPS information provided on a comparable basis. Comparable basis amounts for 2016 exclude the results of Nuvectra Corporation (“Nuvectra”)
prior to its spin-off on March 14, 2016. Refer to the investor relations section of our website for historical pro forma information that contains a reconciliation of 1Q16
comparable amounts to as reported amounts.
(2) Refer to the appendix of this presentation for a reconciliation of Adjusted EPS to the most directly comparable GAAP measure
(3) Excludes impact of foreign currency gain (loss) reported in other (income) loss, net
(4) The quarterly and annual EPS numbers are calculated independently and may not sum to the total
$( in millions, except per share amounts)
$363
Impact of foreign currency gain (loss) reported in other (income) loss, net
Adjusted EPS, as reported
Organic
Adjusted
EPS(3)
$0.42
$0.56
$0.83 $0.87
$0.41
0.62
$(0.06)
$0.02
$(0.08)
$0.03
$0.14
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
$0.44$0.36 $0.58 $0.83 $0.79 $0.76
24. Working Capital
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 24
Working Capital
$( in millions)
(1) Inventory Turns calculated as “COGS divided by quarterly Average Inventory multiplied by 4” to reach an annualized number
$318 $317 $325 $332 $325 $328
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Inventory $267 $276 $262 $225 $231 $236
Inventory Turns
(1)
3.7 3.7 3.7 4.4 4.5 4.5
Capital Expenditures $19 $12 $17 $11 $12 $10
25. Other Operating Expenses - Historical
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 25
YTD
1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17
2014 Investments in
Capacity and Capabilities
$4.2 $5.1 $4.5 $3.3 $17.2 $1.6 $1.3
Legacy Lake Region Medical
Consolidation and Optimization
$2.4 $2.1 $2.9 $1.2 $8.6 $0.7 $1.5
Acquisition and Integration Costs $10.0 $7.8 $5.3 $5.2 $28.3 $4.8 $3.0
Asset Dispositions,
Severance, and Other
$4.5 $0.3 $0.3 $1.9 $6.9 $4.6 $1.1
Other consolidation and disposition
initiatives
$0.1 $0.2 $0.3 $0.1 $0.7 $0.1 $0.1
TOTAL OOE $21.1 $15.5 $13.4 $11.7 $61.7 $11.8 $6.9
Three Months Ended Three Months Ended
26. ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 26
Non-GAAP Reconciliation
Net Income and Diluted EPS Reconciliation – QTD
See the Footnotes to this table on Slide 31 of this presentation
Three Months Ended
June 30, 2017 July 1, 2016
Pre-Tax
Net
Income
Per
Diluted
Share Pre-Tax
Net
Income
(Loss)
Per
Diluted
Share
As reported (GAAP) $ 4,116 $ 2,990 $ 0.09 $ 687 $ (770) $ (0.03
Adjustments:
Amortization of intangibles(a)
11,046 7,815 0.24 9,514 6,732 0.22
IP related litigation (SG&A)(a)(b) 915 595 0.02 285 185 0.01
Consolidation and optimization expenses (OOE)(a)(c) 2,832 2,093 0.07 7,376 5,975 0.19
Acquisition and integration expenses (OOE)(a)(d) 2,970 2,037 0.06 7,859 5,145 0.16
Asset dispositions, severance and other (OOE)(a)(e)
1,118 727 0.02 259 197 0.01
Loss on cost and equity method investments, net(a) 4,427 2,877 0.09 124 81 —
Loss on extinguishment of debt(a)(f)
935 608 0.02 — — —
Taxes(a)
(8,617) — — (8,559) — —
Adjusted (Non-GAAP) $ 19,742 $ 0.62 $ 17,545 $ 0.56
Diluted weighted average shares for adjusted EPS(h)
31,982 31,228
27. ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 27
Non-GAAP Reconciliation
Net Income and Diluted EPS Reconciliation – YTD
See the Footnotes to this table on Slide 31 of this presentation
Six Months Ended
June 30, 2017 July 1, 2016
Pre-Tax
Net
Income
(Loss)
Per
Diluted
Share Pre-Tax
Net
Income
(Loss)
Per
Diluted
Share
As reported (GAAP) $ (79) $ (1,349) $ (0.04) $ (12,075) $ (13,430) $ (0.44)
Adjustments:
Amortization of intangibles(a) 22,024 15,561 0.49 18,978 13,423 0.43
IP related litigation (SG&A)(a)(b) 1,292 840 0.03 2,192 1,425 0.05
Consolidation and optimization expenses (OOE)(a)(c) 5,227 3,992 0.13 14,025 11,289 0.36
Acquisition and integration expenses (OOE)(a)(d) 7,790 5,170 0.16 17,824 11,656 0.37
Asset dispositions, severance and other (OOE)(a)(e) 5,674 3,684 0.12 4,785 4,423 0.14
(Gain) loss on cost and equity method investments, net(a) 4,825 3,136 0.10 (1,177) (765) (0.02)
Loss on extinguishment of debt(a)(f) 2,494 1,621 0.05 — — —
Nuvectra results prior to spin-off(a)(g) — — — 4,037 2,624 0.08
Taxes(a) (16,592) — — (17,944) — —
Adjusted (Non-GAAP) $ 32,655 $ 1.03 $ 30,645 $ 0.98
Diluted weighted average shares for adjusted EPS(h) 31,833 31,257
28. Non-GAAP Reconciliation
2Q17 Net Income and Diluted EPS Reconciliation
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 28
See the Footnotes to this table on Slide 29 of this presentation
GAAP Non-GAAP
Income Statement 2Q17 Actual Amortization
Litigation
Related
Charges(b)
Consolidation &
Optimization(c)(e)
Acquisition &
Integration(d)
Debt /
Investment
Related
Charges(f)
2Q17 Adjusted
Sales 362,719$ 362,719$
Cost of sales 263,447 (4,111) 259,336
Gross profit 99,272$ 4,111$ -$ -$ -$ -$ 103,383$
Gross margin 27.4% 28.5%
Operating expenses:
SG&A 39,724 (6,799) (915) 32,010
SG&A as a % of revenues 11.0% 8.8%
Research, development & engineering 12,889 (136) 12,753
RD&E as a % of revenues 3.6% 3.5%
Other operating expense 6,920 (3,950) (2,970) -
Operating income 39,739$ 11,046$ 915$ 3,950$ 2,970$ -$ 58,620$
Operating margin 11.0% 16.2%
Other (income) & expenses:
Interest expense 25,647 (935) 24,712
Interest income - -
Other (income) loss, net 9,976 (4,427) 5,549
Loss before income taxes 4,116$ 11,046$ 915$ 3,950$ 2,970$ 5,362$ 28,359$
Provision for income taxes 1,126 3,231 320 1,130 933 1,877 8,617
Effective tax rate 27.36% 30.39%
Net income (loss) 2,990$ 7,815$ 595$ 2,820$ 2,037$ 3,485$ 19,742$
Net margin 0.8% 5.4%
Weighted Average Shares O/S (h)
31,982 31,982 31,982 31,982 31,982 31,982 31,982
EPS 0.09$ 0.24$ 0.02$ 0.09$ 0.06$ 0.11$ 0.62$
Non-GAAP Adj.(a)
29. Non-GAAP Reconciliations
Footnotes to “Net Income and Diluted EPS Reconciliation”
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 29
(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 35% U.S. tax rate, and the statutory tax rates in Mexico, Germany, France, Netherlands, Uruguay, Ireland and Switzerland, as adjusted for the existence of net
operating losses. 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 a federal jury awarded
the Company $37.5 million in damages. To date, no gains have been recognized in connection with this litigation.
(c) During 2017 and 2016, we incurred costs primarily related to the transfer of our Beaverton, OR portable medical and Plymouth, MN vascular manufacturing operations
to Tijuana, Mexico, the closure of our Arvada, CO, site and the consolidation of our two Galway, Ireland sites. In addition, 2017 costs also include expenses related to
the closure of our Clarence, NY facility.
(d) Reflects acquisition and integration costs related to the acquisition of Lake Region Medical, which was acquired in October 2015.
(e) Amounts for the second quarter of 2017 include approximately $0.6 million ($5.3 million year-to-date) of expense related to our CEO, CFO and CHRO transitions. Costs
for 2016 primarily include legal and professional fees incurred in connection with the spin-off of Nuvectra, which was completed in March 2016.
(f) Represents debt extinguishment charges in connection with pre-payments made on our Term B Loan Facility in 2017, which are included in Interest Expense.
(g) Represents the results of Nuvectra prior to its spin-off on March 14, 2016.
(h) The diluted weighted average shares for adjusted EPS for the six months ended June 30, 2017 include 674,000 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 given the Company’s net
loss in that period. The diluted weighted average shares for adjusted EPS for the three and six months ended July 1, 2016 include 461,000 and 514,000, respectively,
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 given the Company’s net loss in those periods.
30. Non-GAAP Reconciliations
EBITDA and Adjusted EBITDA Reconciliation
a) Represents the results of Nuvectra prior to its spin-off in March 2016
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 30
Three Months Ended Six Months Ended
June 30,
2017
July 1,
2016
June 30,
2017
July 1,
2016
Net Income (loss) (GAAP) $ 2,990 $ (770) $ (1,349) $ (13,430)
Interest expense 25,647 27,908 54,540 55,525
Provision for income taxes 1,126 1,457 1,270 1,355
Depreciation 13,813 13,121 27,441 26,070
Amortization 11,046 9,514 22,024 18,978
EBITDA 54,622 51,230 103,926 88,498
IP related litigation 915 285 1,292 2,192
Stock-based compensation (excluding OOE) 3,251 1,794 5,657 3,823
Consolidation and optimization expenses 2,832 7,376 5,227 14,025
Acquisition and integration expenses 2,970 7,859 7,790 17,824
Asset dispositions, severance and other 1,118 259 5,674 4,785
Noncash (gain) loss on cost and equity method investments 4,427 124 4,825 (515)
Nuvectra results prior to spin-off(a)
— — — 3,665
Adjusted EBITDA (Non-GAAP) $ 70,135 $ 68,927 $ 134,391 $ 134,297
31. Non-GAAP Reconciliations
Organic Sales Growth Rate Reconciliation (% Change)
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 31
(a) Cardiac & Neuromodulation sales for 2016 includes $1.2 million relating to Nuvectra prior to its spin-off on March 14, 2016. This amount is excluded from prior year
amounts when calculating organic percentage change.
(b) Second quarter and year-to-date 2017 sales were negatively impacted by approximately $1.2 million and $2.6 million, respectively, due to foreign currency exchange
rate fluctuations, primarily in our AS&O product line.
QTD Change (2Q 2017 vs. 2Q 2016)
GAAP
Reported
Growth
Impact of
Nuvectra
prior to
Spin-off
Foreign
Currency
Non-GAAP
Organic
Growth
Medical Sales
Cardio & Vascular 8.2% — 0.2% 8.4%
Cardiac & Neuromodulation (0.7)% — — (0.7)%
Advanced Surgical, Orthopedics & Portable Medical(b) (0.8)% — 0.9% 0.1%
Total Medical Sales 2.5% — 0.3% 2.8%
Non-Medical Sales 60.3% — — 60.3%
Total Sales 4.1% — 0.4% 4.5%
YTD Change (6M 2017 vs. 6M 2016)
Medical Sales
Cardio & Vascular 9.1% — 0.2% 9.3%
Cardiac & Neuromodulation(a) (2.5)% 0.5% — (2.0)%
Advanced Surgical, Orthopedics & Portable Medical(b) 2.9% — 0.9% 3.8%
Total Medical Sales 3.3% — 0.6% 3.9%
Non-Medical Sales 26.0% — — 26.0%
Total Sales 4.0% — 0.6% 4.6%
32. ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 32
Non-GAAP Reconciliations
Non-GAAP Organic Growth Rate Reconciliation
NM % change not meaningful
(a) Represents the impact to our growth rate from our Non-GAAP adjustments. See Tables A and B for further detail on these items.
(b) Represents the impact to our growth rate of the $5.0 million foreign currency exchange loss increase ($4.0 million net of tax, $0.12 per diluted share) for the second
quarter of 2017 compared to the second quarter of 2016 and $8.8 million foreign currency exchange loss increase ($7.1 million net of tax, $0.22 per diluted share) for
the first six months of 2017 compared to the first six months of 2016. These amounts are reported in other (income) loss, net in the condensed consolidated
statement of operations.
GAAP
Reported
Growth
Impact of
Non-GAAP
Adjustment(a)
Impact of
Foreign
Currency
Loss(b)
Non-GAAP
Organic
Growth
QTD Change (2Q 2017 vs. 2Q 2016)
EBITDA 6.6% (4.8)% 7.1% 8.9%
Net Income NM 12.5% 21.8% 34.3%
Diluted EPS NM 10.7% 20.3% 31.0%
YTD Change (6M 2017 vs. 6M 2016)
EBITDA 17.4% (17.3)% 6.6% 6.7%
Net Income NM 6.6% 24.5% 31.1%
Diluted EPS NM 5.1% 23.9% 29.0%
33. Non-GAAP Reconciliations
2017 Full-Year Outlook
ITGR: 2Q17 Earnings Conference Call / July 27, 2017 / Page 33
$( in millions, except per share amounts)
Except as described below, further
reconciliations by line item to the closest
corresponding GAAP financial measures for
Adjusted Basis Earnings per Diluted Share,
included in our “2017 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 EPS for 2017 is expected to consist
of GAAP Net Income and EPS, excluding
items such as intangible amortization ($44
million), IP related litigation costs, and
consolidation, acquisition, integration, asset
disposition/write-down charges, and debt
extinguishment costs totaling approximately
$90 million. The after-tax impact of these
items is estimated to be approximately $62
million, or approximately $1.95 per diluted
share.
Adjusted EPS growth, excluding the impact
of foreign currency gain (loss) included in
other (income) loss, net, would be 7% - 22%
(in millions, except effective tax rate):
2017 Outlook 2016 Actual
Capital expenditures $50 - $60 $59
Depreciation and amortization $95 - $100 $91
Stock-based compensation ~$15 $8
Working capital decrease $10 - $20 $29
Other operating expense $25 - $35 $62
Adjusted effective tax rate ~25% 23%
Cash Taxes ~$10 ~$7
Supplemental Financial Items
Affecting Cash Flow
2017 Outlook
As Reported Growth Adjusted Basis Growth
Revenue $1,400 - $1,430 1% - 3% $1,400 - $1,430 1% - 3%
Earnings per Diluted Share $0.60 - $1.00 favorable $2.55 - $2.95 (5)% - 10%
Cash Flow from Operations ~$150 ~42% -- --
GAAP Non-GAAP