Thermo Fisher provides non-GAAP financial measures to help investors understand the company's core operating performance by excluding items outside normal operations or difficult to forecast. These include restructuring costs, amortization of acquisition intangibles, certain other gains/losses and tax adjustments. Adjusted measures include EBITDA and free cash flow. Management uses these to measure performance, make decisions and for compensation. The document provides reconciliations of GAAP to non-GAAP measures for revenues, operating income, net income and EPS from 2009-2013.
This document provides reconciliations between GAAP and non-GAAP financial measures for Thermo Fisher Scientific for 2009-2014. It summarizes adjustments made to GAAP revenues, gross margin, operating expenses, operating income, EBITDA, net income, and EPS to derive adjusted non-GAAP metrics. Adjustments include items like restructuring costs, amortization of acquisition-related intangibles, certain other expenses/gains, and discontinued operations. Segment data has also been recast for 2012-2013 to reflect organizational changes. Tables provide annual and quarterly reconciliations between GAAP and adjusted figures.
This document provides reconciliations between Thermo Fisher's GAAP financial results and non-GAAP financial measures for 2009-2013. It includes reconciliations of revenues, gross margins, operating expenses, operating income, EBITDA, taxes, net income, and EPS. It also provides segment data, balance sheet information, debt details, and acquisition/divestiture information for 2011-2013. The purpose of these non-GAAP disclosures is to provide a better understanding of Thermo Fisher's core operating performance by excluding items outside of normal operations or that are difficult to forecast for future periods, consistent with how management measures performance.
This document provides non-GAAP financial measures and reconciliations for Thermo Fisher Scientific for 2009-2014. It summarizes adjusted operating income, net income, earnings per share, and other metrics that exclude items like restructuring costs, amortization of intangibles from acquisitions, and certain other one-time gains and losses. These non-GAAP measures are used by management to evaluate core operating performance over time. Tables show revenue grew 5% in 2013 with 2% from acquisitions and 0% from currency, while adjusted operating income rose 3% and adjusted net income increased 5%.
Thermo Fisher Scientific provides non-GAAP financial measures in addition to GAAP measures to help investors better understand the company's core operating performance. The non-GAAP measures exclude items like restructuring costs, amortization of acquisition-related intangibles, certain other gains and losses, and tax effects related to these items. Management uses the non-GAAP measures for financial decision making, compensation, and comparing performance over time and to competitors. The document includes reconciliations of non-GAAP measures like adjusted operating income, EBITDA, net income and EPS to the most directly comparable GAAP measures.
This document provides non-GAAP financial measures and reconciliations for Thermo Fisher Scientific for 2009-2014. It summarizes revenue, operating income, net income, earnings per share, and other key financial metrics on both a GAAP and adjusted basis, with adjustments made to exclude items like acquisition costs, restructuring costs, and amortization expenses. The adjustments are meant to provide measures that give a better understanding of core operating performance by excluding items considered outside normal operations.
The document provides non-GAAP financial measures and reconciliations used by Thermo Fisher Scientific to measure core operating performance. It summarizes adjustments made to GAAP revenues, gross margin, operating expenses, operating income, net income, and EPS for 2009-2014. Adjustments include restructuring costs, amortization of acquisition-related intangibles, and certain other one-time gains and losses. The use of non-GAAP measures is intended to allow consistent comparisons of operating results over time and with peer companies.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and presentations to securities analysts. It provides definitions and explanations for several non-GAAP measures, including adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists special items excluded from GM's non-GAAP measures for the third quarter and year-to-date periods of 2008 and 2007.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and presentations to analysts. It provides definitions and explanations for several non-GAAP measures including adjusted net income, adjusted earnings before tax, and managerial cash flow. GM believes these measures provide useful supplemental information for investors by excluding certain items management does not consider part of core operating results. However, the document also notes limitations of non-GAAP measures including lack of comparability between companies.
This document provides reconciliations between GAAP and non-GAAP financial measures for Thermo Fisher Scientific for 2009-2014. It summarizes adjustments made to GAAP revenues, gross margin, operating expenses, operating income, EBITDA, net income, and EPS to derive adjusted non-GAAP metrics. Adjustments include items like restructuring costs, amortization of acquisition-related intangibles, certain other expenses/gains, and discontinued operations. Segment data has also been recast for 2012-2013 to reflect organizational changes. Tables provide annual and quarterly reconciliations between GAAP and adjusted figures.
This document provides reconciliations between Thermo Fisher's GAAP financial results and non-GAAP financial measures for 2009-2013. It includes reconciliations of revenues, gross margins, operating expenses, operating income, EBITDA, taxes, net income, and EPS. It also provides segment data, balance sheet information, debt details, and acquisition/divestiture information for 2011-2013. The purpose of these non-GAAP disclosures is to provide a better understanding of Thermo Fisher's core operating performance by excluding items outside of normal operations or that are difficult to forecast for future periods, consistent with how management measures performance.
This document provides non-GAAP financial measures and reconciliations for Thermo Fisher Scientific for 2009-2014. It summarizes adjusted operating income, net income, earnings per share, and other metrics that exclude items like restructuring costs, amortization of intangibles from acquisitions, and certain other one-time gains and losses. These non-GAAP measures are used by management to evaluate core operating performance over time. Tables show revenue grew 5% in 2013 with 2% from acquisitions and 0% from currency, while adjusted operating income rose 3% and adjusted net income increased 5%.
Thermo Fisher Scientific provides non-GAAP financial measures in addition to GAAP measures to help investors better understand the company's core operating performance. The non-GAAP measures exclude items like restructuring costs, amortization of acquisition-related intangibles, certain other gains and losses, and tax effects related to these items. Management uses the non-GAAP measures for financial decision making, compensation, and comparing performance over time and to competitors. The document includes reconciliations of non-GAAP measures like adjusted operating income, EBITDA, net income and EPS to the most directly comparable GAAP measures.
This document provides non-GAAP financial measures and reconciliations for Thermo Fisher Scientific for 2009-2014. It summarizes revenue, operating income, net income, earnings per share, and other key financial metrics on both a GAAP and adjusted basis, with adjustments made to exclude items like acquisition costs, restructuring costs, and amortization expenses. The adjustments are meant to provide measures that give a better understanding of core operating performance by excluding items considered outside normal operations.
The document provides non-GAAP financial measures and reconciliations used by Thermo Fisher Scientific to measure core operating performance. It summarizes adjustments made to GAAP revenues, gross margin, operating expenses, operating income, net income, and EPS for 2009-2014. Adjustments include restructuring costs, amortization of acquisition-related intangibles, and certain other one-time gains and losses. The use of non-GAAP measures is intended to allow consistent comparisons of operating results over time and with peer companies.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and presentations to securities analysts. It provides definitions and explanations for several non-GAAP measures, including adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists special items excluded from GM's non-GAAP measures for the third quarter and year-to-date periods of 2008 and 2007.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and presentations to analysts. It provides definitions and explanations for several non-GAAP measures including adjusted net income, adjusted earnings before tax, and managerial cash flow. GM believes these measures provide useful supplemental information for investors by excluding certain items management does not consider part of core operating results. However, the document also notes limitations of non-GAAP measures including lack of comparability between companies.
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and presentations to securities analysts. It provides definitions and explanations for several non-GAAP measures including adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. These measures exclude certain items like restructuring charges, asset impairments, and tax adjustments that GM's management does not consider part of core operating results. The document also includes reconciliations of the non-GAAP measures to the most comparable GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for investors, but notes they are not a substitute for GAAP measures and have limitations.
The document provides an analysis of Avery Dennison's fourth quarter and full year 2007 financial results. Some key points:
- Sales were up 1% organically for the full year, reflecting soft market conditions, especially in the second half. Reported sales were up 13% due to the Paxar acquisition and currency effects.
- Operating margin increased 20 basis points in Q4 compared to prior year due to cost savings offsetting raw material inflation. However, margins were compressed by 40 basis points from the addition of the lower-margin Paxar business.
- Reported EPS was $0.81 including restructuring charges and Paxar integration costs. Adjusted EPS was $1.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
Polaris Industries reported fourth quarter 2017 earnings. Total sales increased 18% to $1,431 million compared to the fourth quarter of 2016. However, reported net income decreased 50% to $31 million due to the impact of tax reform. Excluding one-time items, adjusted sales increased 17% and adjusted net income increased 25% compared to the prior year. Strong sales growth was driven by the acquisition of Transamerican Auto Parts, which contributed $83 million in sales. Snowmobile sales declined due to lack of inventory while off-road vehicle and motorcycle sales increased.
Ryder reported second quarter 2014 earnings results that exceeded expectations. Total revenue increased 5% compared to the prior year period driven by growth in both the Fleet Management Solutions and Supply Chain Solutions segments. Earnings per share from continuing operations were $1.42 for the quarter, up from $1.19 in the prior year. For the full year, Ryder raised its comparable earnings per share forecast to a new range of $5.50 to $5.60, up from the previous guidance of $5.40 to $5.55. Management expects continued revenue growth and improved used vehicle sales results to drive further earnings expansion for the remainder of 2014.
OVERVIEW
• Notice 2012-73 delays effective date of Temporary Regulations effective for taxable years beginning on of after Jan. 1, 2014
• IRS will modify portions of Temp Regs related to De Mininis amounts, Dispositions, and Routine Maintenance Safe Harbor in 2013
• Rev Proc 2012-19 (M&S, Capital Expenditures, Transaction Costs, and Improvements) and 2012-20 (Leased Property, GAA, MACRS Property, Dispositions of MACRS Property) provide guidance including Sec 481(a) method changes
• Rev Proc 2012-20 permits late-GAA election for property placed in service prior to 2012 by filing Form 3115 within first two tax years beginning on or after Jan. 1, 2012 and Taxpayers should consider to timely elect GAA treatment for assets placed in service in 2012 on Form 4562 to take advantage of favorable disposition rules, especially for real property
This document provides a 2-year summary of Symantec Corporation's financial results and reconciliation of GAAP to non-GAAP results for fiscal years 2007 and 2006. It summarizes that non-GAAP revenue grew 5% to over $5.25 billion in FY2007, non-GAAP earnings per share were $1.01, and non-GAAP deferred revenue grew 19% to nearly $2.8 billion. It also discusses challenges faced and changes implemented in FY2007 to improve operations and financial performance in FY2008.
This document provides an earnings conference call summary for the first quarter of 2014. It discusses Ryder System Inc.'s financial results including a 4% increase in operating revenue and 3% increase in total revenue compared to the prior year. Comparable earnings per share from continuing operations were $0.92 compared to $0.81 in the prior year. The document reviews results for both the Fleet Management Solutions and Supply Chain Solutions segments. It also provides Ryder's earnings forecast for the second quarter and full year of 2014, increasing the full year comparable EPS forecast range. The document includes several appendix sections with additional financial details.
Third Quarter of Fiscal Year Ending March 2022 (FY2021) Financial HighlightsRicohLease
- Net sales decreased 7.3% year-over-year for Ricoh Leasing due to declines in installment sales and transaction volume from prolonged COVID and semiconductor shortages, however profit increased 17.5% from improved returns.
- Operating assets decreased slightly to 967.9 billion yen due to decreased transaction volume.
- Progress was made toward the 18.5 billion yen full-year operating profit forecast, though uncertainty remains in the market.
• 2006 General and Financial Information (Proxy Appendix)finance5
This document provides an overview of Caterpillar Inc.'s financial information for 2006 including:
- Sales increased to $41.5 billion in 2006 from $36.3 billion in 2005 driven by higher machinery and engine sales.
- Net income increased to $3.5 billion in 2006 from $2.8 billion in 2005.
- Total assets were $50.9 billion at the end of 2006, up from $47.1 billion in 2005, with inventory and property, plant and equipment being the largest assets.
Avery Dennison reported a loss per share of $0.07 for Q4 2005 compared to a profit of $0.83 per share in Q4 2004. The loss was due to restructuring charges and divestitures. Excluding these, earnings per share were $0.92. For the full year, earnings per share were $2.25 compared to $2.78 in 2004. The company expects 2006 earnings per share between $3.45-$3.80.
- Ryder System reported higher third quarter 2014 earnings per share compared to third quarter 2013, with operating revenue up 5% year-over-year.
- Fleet Management Solutions saw increased revenue and earnings due to higher full service lease, commercial rental, and used vehicle sales results. Supply Chain Solutions had lower earnings due to lost business.
- For the full year 2014, Ryder forecasts continued revenue growth and higher comparable earnings per share compared to 2013.
This document provides an earnings presentation summary for Q4 and full year 2014. Some key points:
- Sales increased 9.4% in Q4 due to the Scepter acquisition but gross profit margin declined. Adjusted income per share was $0.13.
- For the full year, the company generated $28 million in free cash flow, increased dividends by 44%, and returned $70.6 million to shareholders.
- The outlook anticipates increased sales and earnings in 2015 compared to 2014 as benefits emerge from cost reductions and business streamlining in 2014.
The document provides an analysis of a company's third quarter 2007 financial results. Key points include:
- Sales increased 18.5% due to the Paxar acquisition, while organic sales declined slightly. Operating margins declined due to the addition of the lower-margin Paxar business.
- Reported EPS was $0.59 but included restructuring and integration charges. Adjusted EPS excludes these items.
- Guidance for full-year sales growth was increased to 12.5-13.5% and operating margin is expected to be around 9% before integration costs. EPS guidance was reiterated at $3.75-3.85.
- The document provides an overview of the company's financial results for the third quarter of 2008, including sales, margins, cash flow, and earnings guidance.
- Key highlights include organic sales declining 2.4% due to economic slowdown, operating margin decreasing 240 bps to 6.6% from raw material inflation and reduced leverage, and free cash flow guidance of $375 million.
- Actions are being taken to address challenges, including additional price increases, productivity initiatives, and protecting investments in growth areas.
The document summarizes the results of a review of internal controls for cash management, pricing, and taxes processes. For cash management, some segregation of duty issues were identified with wire transfers and outstanding reconciling items. Pricing controls were found to be adequate. For taxes, there was no evidence of review of the quarterly tax provision calculation, though numbers are disclosed in public filings. Opportunities for improvements in documentation and review procedures were identified.
The document provides a financial review and analysis of Avery Dennison's first quarter 2007 results. Key points include:
- Net sales increased 3.9% year-over-year to $860 million, with adjusted organic sales growth of approximately 3%.
- Operating margin increased slightly by 10 basis points to 8.4% despite negative impacts from segment mix and transition costs.
- Reported EPS was $0.80 including $0.02 in restructuring charges.
- Guidance for 2007 remains unchanged, with reported revenue growth expected between 2-5% and operating margin in the range of 9.5-10.5%.
Quintiles First Quarter 2015 Earnings CallQuintiles2014
- Quintiles reported first quarter 2015 financial results with 8.4% constant currency service revenue growth and $0.72 diluted adjusted earnings per share.
- Net new business growth was 10.5% at constant currency with a book-to-bill ratio of 1.31x.
- The Integrated Healthcare Services segment saw strong growth of 29.3% in constant currency service revenue and 130.2% growth in operating income.
- Guidance for 2015 was updated with a constant currency service revenue growth range of 7.0-8.0% and diluted adjusted earnings per share range of $3.02-$3.13, representing 12-16% growth.
InfraREIT reported its Q3 2015 results, showing strong performance in line with expectations. Key highlights include:
- Cash available for distribution grew 19% in Q3 2015 and 23% year-to-date compared to the prior year periods due to increased lease revenue and adjusted EBITDA.
- Adjusted EBITDA grew 9% in Q3 2015 and 12% year-to-date driven by growth in lease revenue.
- Long-term debt totaled $615 million with $334 million in available liquidity, including $305 million available under revolving credit facilities.
- The company's financing strategy focuses on acquiring regulated transmission and distribution assets, maintaining a strong balance sheet, and growing
- The document is a presentation for Ryder System Inc.'s first quarter 2013 earnings conference call. It includes an overview of key financial results for the quarter as well as forecasts for the remainder of 2013.
- Revenue increased 2% year-over-year driven by organic lease revenue growth and increased volumes in Supply Chain Solutions. Earnings per share were $0.79 compared to $0.68 in the prior year.
- Asset management metrics are provided, showing higher used vehicle sales volumes and proceeds per unit compared to prior year. The commercial rental fleet size declined year-over-year.
- The presentation reaffirms the company's full-year 2013 comparable EPS forecast of $4.70 - $
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and presentations to securities analysts. It provides definitions and explanations for several non-GAAP measures including adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. These measures exclude certain items like restructuring charges, asset impairments, and tax adjustments that GM's management does not consider part of core operating results. The document also includes reconciliations of the non-GAAP measures to the most comparable GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for investors, but notes they are not a substitute for GAAP measures and have limitations.
The document provides an analysis of Avery Dennison's fourth quarter and full year 2007 financial results. Some key points:
- Sales were up 1% organically for the full year, reflecting soft market conditions, especially in the second half. Reported sales were up 13% due to the Paxar acquisition and currency effects.
- Operating margin increased 20 basis points in Q4 compared to prior year due to cost savings offsetting raw material inflation. However, margins were compressed by 40 basis points from the addition of the lower-margin Paxar business.
- Reported EPS was $0.81 including restructuring charges and Paxar integration costs. Adjusted EPS was $1.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
Polaris Industries reported fourth quarter 2017 earnings. Total sales increased 18% to $1,431 million compared to the fourth quarter of 2016. However, reported net income decreased 50% to $31 million due to the impact of tax reform. Excluding one-time items, adjusted sales increased 17% and adjusted net income increased 25% compared to the prior year. Strong sales growth was driven by the acquisition of Transamerican Auto Parts, which contributed $83 million in sales. Snowmobile sales declined due to lack of inventory while off-road vehicle and motorcycle sales increased.
Ryder reported second quarter 2014 earnings results that exceeded expectations. Total revenue increased 5% compared to the prior year period driven by growth in both the Fleet Management Solutions and Supply Chain Solutions segments. Earnings per share from continuing operations were $1.42 for the quarter, up from $1.19 in the prior year. For the full year, Ryder raised its comparable earnings per share forecast to a new range of $5.50 to $5.60, up from the previous guidance of $5.40 to $5.55. Management expects continued revenue growth and improved used vehicle sales results to drive further earnings expansion for the remainder of 2014.
OVERVIEW
• Notice 2012-73 delays effective date of Temporary Regulations effective for taxable years beginning on of after Jan. 1, 2014
• IRS will modify portions of Temp Regs related to De Mininis amounts, Dispositions, and Routine Maintenance Safe Harbor in 2013
• Rev Proc 2012-19 (M&S, Capital Expenditures, Transaction Costs, and Improvements) and 2012-20 (Leased Property, GAA, MACRS Property, Dispositions of MACRS Property) provide guidance including Sec 481(a) method changes
• Rev Proc 2012-20 permits late-GAA election for property placed in service prior to 2012 by filing Form 3115 within first two tax years beginning on or after Jan. 1, 2012 and Taxpayers should consider to timely elect GAA treatment for assets placed in service in 2012 on Form 4562 to take advantage of favorable disposition rules, especially for real property
This document provides a 2-year summary of Symantec Corporation's financial results and reconciliation of GAAP to non-GAAP results for fiscal years 2007 and 2006. It summarizes that non-GAAP revenue grew 5% to over $5.25 billion in FY2007, non-GAAP earnings per share were $1.01, and non-GAAP deferred revenue grew 19% to nearly $2.8 billion. It also discusses challenges faced and changes implemented in FY2007 to improve operations and financial performance in FY2008.
This document provides an earnings conference call summary for the first quarter of 2014. It discusses Ryder System Inc.'s financial results including a 4% increase in operating revenue and 3% increase in total revenue compared to the prior year. Comparable earnings per share from continuing operations were $0.92 compared to $0.81 in the prior year. The document reviews results for both the Fleet Management Solutions and Supply Chain Solutions segments. It also provides Ryder's earnings forecast for the second quarter and full year of 2014, increasing the full year comparable EPS forecast range. The document includes several appendix sections with additional financial details.
Third Quarter of Fiscal Year Ending March 2022 (FY2021) Financial HighlightsRicohLease
- Net sales decreased 7.3% year-over-year for Ricoh Leasing due to declines in installment sales and transaction volume from prolonged COVID and semiconductor shortages, however profit increased 17.5% from improved returns.
- Operating assets decreased slightly to 967.9 billion yen due to decreased transaction volume.
- Progress was made toward the 18.5 billion yen full-year operating profit forecast, though uncertainty remains in the market.
• 2006 General and Financial Information (Proxy Appendix)finance5
This document provides an overview of Caterpillar Inc.'s financial information for 2006 including:
- Sales increased to $41.5 billion in 2006 from $36.3 billion in 2005 driven by higher machinery and engine sales.
- Net income increased to $3.5 billion in 2006 from $2.8 billion in 2005.
- Total assets were $50.9 billion at the end of 2006, up from $47.1 billion in 2005, with inventory and property, plant and equipment being the largest assets.
Avery Dennison reported a loss per share of $0.07 for Q4 2005 compared to a profit of $0.83 per share in Q4 2004. The loss was due to restructuring charges and divestitures. Excluding these, earnings per share were $0.92. For the full year, earnings per share were $2.25 compared to $2.78 in 2004. The company expects 2006 earnings per share between $3.45-$3.80.
- Ryder System reported higher third quarter 2014 earnings per share compared to third quarter 2013, with operating revenue up 5% year-over-year.
- Fleet Management Solutions saw increased revenue and earnings due to higher full service lease, commercial rental, and used vehicle sales results. Supply Chain Solutions had lower earnings due to lost business.
- For the full year 2014, Ryder forecasts continued revenue growth and higher comparable earnings per share compared to 2013.
This document provides an earnings presentation summary for Q4 and full year 2014. Some key points:
- Sales increased 9.4% in Q4 due to the Scepter acquisition but gross profit margin declined. Adjusted income per share was $0.13.
- For the full year, the company generated $28 million in free cash flow, increased dividends by 44%, and returned $70.6 million to shareholders.
- The outlook anticipates increased sales and earnings in 2015 compared to 2014 as benefits emerge from cost reductions and business streamlining in 2014.
The document provides an analysis of a company's third quarter 2007 financial results. Key points include:
- Sales increased 18.5% due to the Paxar acquisition, while organic sales declined slightly. Operating margins declined due to the addition of the lower-margin Paxar business.
- Reported EPS was $0.59 but included restructuring and integration charges. Adjusted EPS excludes these items.
- Guidance for full-year sales growth was increased to 12.5-13.5% and operating margin is expected to be around 9% before integration costs. EPS guidance was reiterated at $3.75-3.85.
- The document provides an overview of the company's financial results for the third quarter of 2008, including sales, margins, cash flow, and earnings guidance.
- Key highlights include organic sales declining 2.4% due to economic slowdown, operating margin decreasing 240 bps to 6.6% from raw material inflation and reduced leverage, and free cash flow guidance of $375 million.
- Actions are being taken to address challenges, including additional price increases, productivity initiatives, and protecting investments in growth areas.
The document summarizes the results of a review of internal controls for cash management, pricing, and taxes processes. For cash management, some segregation of duty issues were identified with wire transfers and outstanding reconciling items. Pricing controls were found to be adequate. For taxes, there was no evidence of review of the quarterly tax provision calculation, though numbers are disclosed in public filings. Opportunities for improvements in documentation and review procedures were identified.
The document provides a financial review and analysis of Avery Dennison's first quarter 2007 results. Key points include:
- Net sales increased 3.9% year-over-year to $860 million, with adjusted organic sales growth of approximately 3%.
- Operating margin increased slightly by 10 basis points to 8.4% despite negative impacts from segment mix and transition costs.
- Reported EPS was $0.80 including $0.02 in restructuring charges.
- Guidance for 2007 remains unchanged, with reported revenue growth expected between 2-5% and operating margin in the range of 9.5-10.5%.
Quintiles First Quarter 2015 Earnings CallQuintiles2014
- Quintiles reported first quarter 2015 financial results with 8.4% constant currency service revenue growth and $0.72 diluted adjusted earnings per share.
- Net new business growth was 10.5% at constant currency with a book-to-bill ratio of 1.31x.
- The Integrated Healthcare Services segment saw strong growth of 29.3% in constant currency service revenue and 130.2% growth in operating income.
- Guidance for 2015 was updated with a constant currency service revenue growth range of 7.0-8.0% and diluted adjusted earnings per share range of $3.02-$3.13, representing 12-16% growth.
InfraREIT reported its Q3 2015 results, showing strong performance in line with expectations. Key highlights include:
- Cash available for distribution grew 19% in Q3 2015 and 23% year-to-date compared to the prior year periods due to increased lease revenue and adjusted EBITDA.
- Adjusted EBITDA grew 9% in Q3 2015 and 12% year-to-date driven by growth in lease revenue.
- Long-term debt totaled $615 million with $334 million in available liquidity, including $305 million available under revolving credit facilities.
- The company's financing strategy focuses on acquiring regulated transmission and distribution assets, maintaining a strong balance sheet, and growing
- The document is a presentation for Ryder System Inc.'s first quarter 2013 earnings conference call. It includes an overview of key financial results for the quarter as well as forecasts for the remainder of 2013.
- Revenue increased 2% year-over-year driven by organic lease revenue growth and increased volumes in Supply Chain Solutions. Earnings per share were $0.79 compared to $0.68 in the prior year.
- Asset management metrics are provided, showing higher used vehicle sales volumes and proceeds per unit compared to prior year. The commercial rental fleet size declined year-over-year.
- The presentation reaffirms the company's full-year 2013 comparable EPS forecast of $4.70 - $
The document provides the 2Q16 results presentation for Estácio Participações. It summarizes the new management team, highlights restatements to previous periods and one-off adjustments in 2Q16. It also reviews operational performance, financial performance, and provides final remarks on guidelines for the remainder of 2016 focused on ticket recovery, cost reduction, and cash generation.
(1) Earnings for Myers Industries declined in the third quarter of 2014 due to lower sales in the agricultural and automotive industries in the US and Brazil, as well as higher costs.
(2) The acquisition of Scepter boosted Material Handling segment sales but lowered overall profits due to purchase accounting adjustments and acquisition costs.
(3) Soft market conditions are expected to continue negatively impacting results in the fourth quarter and full year 2014 compared to the prior year. However, the company remains optimistic about 2015 and beyond as it transforms to two focused business segments.
This document discusses analyzing earnings persistence, which is key to effective equity analysis and valuation. It describes two common methods for assessing earnings persistence: recasting and adjusting the income statement. Recasting rearranges earnings components to provide a meaningful classification, while adjusting aims to assign earnings components to the periods they best belong. The document also identifies factors that determine earnings persistence, such as earnings trends, variability, earnings management, and management incentives.
Go pro q2_2014_earnings_results_summary_slidesShaen PD
- GoPro reported revenue of $244.6 million for Q2 2014, up 38% from Q2 2013. Gross margin expanded 990 basis points to 42.2% year-over-year.
- Non-GAAP net income was $11.8 million for Q2 2014, up from a net loss of $3.2 million in Q2 2013.
- Units shipped increased 20.2% year-over-year to 854,000 in Q2 2014.
Evine earnings investor presentation f16 q1 finalevine2015
- Net sales increased 5% in Q1 2016 compared to Q1 2015. Gross profit increased 7% over the same period.
- Adjusted EBITDA was $3.4 million in Q1 2016, down from $9.2 million in FY 2015.
- Net loss was $4.9 million in Q1 2016, compared to a net loss of $12.3 million in FY 2015.
- The investor presentation covered the company's performance in the third quarter of 2015, reporting year-over-year increases in key metrics such as cable/satellite homes (+34%), mobile net sales (+46%), and online net sales. Net sales increased 3% overall.
- Additional highlights included a 4% increase in average purchase frequency, a 230 basis point decrease in return rates, and a 7% increase in units shipped.
- Financial results showed growth in net sales but a decrease in operating income and net income compared to the same period the previous year.
- The investor presentation covered the company's performance in the third quarter of 2015, reporting year-over-year increases in key metrics such as cable/satellite homes (+34%), mobile net sales (+46%), and online net sales. Net sales increased 3% overall.
- Additional highlights included a 4% increase in average purchase frequency, a 230 basis point decrease in return rates, and a 7% increase in units shipped.
- Financial results showed growth in net sales but a decrease in operating income and net income compared to the same period the previous year.
Third Quarter 2017 earnings presentation. Key points:
- Q3 net income improved 71% and year-to-date net income improved 42% over the prior year.
- Q3 adjusted EBITDA improved 49% and year-to-date adjusted EBITDA improved 6%.
- Gross margin rate increased 150 basis points to 38.1% in Q3. Purchase frequency increased 9% and digital sales grew 4%.
- AdvancePierre Foods reported strong earnings and executional improvements in the fourth quarter of 2016, with profitable volume growth across all three core segments. Adjusted EBITDA increased 17.9% in Q4 and 15.4% for the full year.
- Net sales increased 6.1% in Q4 driven by volume growth from acquisitions and organic growth of 5.7% in core segments. Adjusted net income increased 174.7% in Q4 and 86.2% for the full year on margin improvements.
- For 2017, the company expects net sales growth and further increases in adjusted EBITDA and adjusted net income per share, supported by ongoing productivity gains and core segment volume
- Ryder reported second quarter earnings per share of $1.19, up 31% from the prior year, with comparable earnings per share of $1.25, up 15% from the prior year.
- Fleet Management Solutions revenue increased 3% year-over-year due to growth in full service lease revenue, while Supply Chain Solutions revenue rose 5% on new business growth.
- Ryder revised its full-year comparable earnings per share forecast upward to a range of $4.75 to $4.85 per share.
InfraREIT reported its Q1 2016 results, which showed strong performance in line with expectations. Key highlights included a 5% increase in cash available for distribution to $19.3 million and an 11% rise in adjusted EBITDA to $38.1 million. The company also reaffirmed its 2016 guidance metrics and estimates $640-740 million in footprint capital expenditures over 2016-2018. Major ongoing Hunt transmission projects include the Southline Transmission project in Arizona and New Mexico.
The document provides an overview of Avis Budget Group's fourth quarter 2011 and full year 2011 financial results as well as a forecast for 2012. Some key points:
- Fourth quarter 2011 earnings per share were $0.92 compared to $0.80 in fourth quarter 2010, with comparable earnings per share of $0.97 versus $0.65 the prior year.
- Fleet Management Solutions revenue increased 13% year-over-year for the quarter driven by growth in commercial rentals and acquisitions. Earnings before tax were up 41%.
- Supply Chain Solutions and Dedicated Contract Carriage also saw revenue increases for the quarter of 26% and 29%, respectively, due to acquis
- The company reported higher year-over-year orders, net sales, operating income, and adjusted EBITDA for the second quarter of 2018. Orders were up 14% and net sales were up 26% compared to the second quarter of 2017.
- The presentation provides financial guidance for 2018, estimating revenue between $1.775 billion to $1.850 billion and adjusted EBITDA between $105 million to $115 million.
- The company discusses strategic priorities around margin expansion, innovation, growth velocity, and localized sourcing to improve financial performance.
- Q1 earnings presentation for 2017 reported that the company achieved guidance on revenue and profits despite a tough consumer environment.
- Launched 17 new show concepts with many showing potential for growth. Improved key customer metrics including purchase frequency and growth in wearable category customers.
- Digital sales increased as a percentage of total sales and mobile sales increased as a percentage of digital sales. Engagement on social media and streaming platforms also improved.
- GoPro's Q1 2016 revenue was $183.5 million, down 49% year-over-year and 58% sequentially. Estimated unit sell-through was down less than 10% year-over-year.
- Gross margin was 33.0% compared to 45.2% in Q1 2015. Excluding charges, gross margin would have been 36.8%.
- Operating expenses were $157.5 million, up 37% from Q1 2015. Adjusted EBITDA loss was $86.8 million compared to income of $56.5 million in Q1 2015.
- Cash and investments totaled $388.7 million at the end of Q1 2016,
- GoPro reported preliminary Q1 2016 revenue of $183.5 million, down 49% year-over-year and 58% sequentially. Estimated unit sell-through was down less than 10% year-over-year.
- Gross margin was 33.0% compared to 45.2% in Q1 2015. Excluding charges, gross margin would have been 36.8%.
- Net loss was $107 million compared to net income of $17 million in Q1 2015. Adjusted EBITDA loss was $87 million compared to income of $57 million in Q1 2015.
- Cash and investments totaled $389 million as of the end of Q1 2016, down from
The document discusses changes to Masonite's segment reporting structure following the deconsolidation of its South Africa business and sale of its door business in France. The new reporting structure will have three segments:
1) North American Residential
2) Europe
3) Architectural
Corporate & Other will include unallocated costs and immaterial businesses. Historical financial data from 2014-2015 is provided for the new segments and a reconciliation of Adjusted EBITDA to net income is included in an appendix.
This document discusses non-GAAP financial measures used by Verifone to evaluate performance and compare results over periods. It states that management uses non-GAAP measures in addition to GAAP measures and that reconciliations between non-GAAP and GAAP measures can be found in Verifone's SEC filings and presentation materials. The document also contains standard forward-looking statement and risk factor disclosure.
Similar to Q1 14 reconciliation of financial information (20)
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MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
1. April 23, 2014
Q1-2014
GAAP/Non-GAAP Reconciliation
and Financial Package
Note: Page 7 of this document
contains segment data for
historical periods that has been
recast to reflect the creation of the
Life Sciences Solutions segment
and the transfer of businesses
between segments for Thermo
Fisher Scientific.
2. Use of Non GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial
measures, including adjusted EPS, adjusted operating income and adjusted operating margin, which exclude restructuring and other costs/income and
amortization of acquisition-related intangible assets. Adjusted EPS also excludes certain other gains and losses, tax provisions/benefits related to the
previous items, benefits from tax credit carryforwards, the impact of significant tax audits or events and discontinued operations. We exclude the above
items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We also use a non-
GAAP measure, free cash flow, which excludes operating cash flows from discontinued operations and deducts net capital expenditures. We believe that
the use of non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how
management measures and forecasts the company’s performance, especially when comparing such results to previous periods or forecasts.
For example:
We exclude costs and tax effects associated with restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs
related to these restructuring activities are not indicative of our normal operating costs.
We exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction
costs. We exclude these costs because we do not believe they are indicative of our normal operating costs.
We exclude the expense and tax effects associated with the amortization of acquisition-related intangible assets because a significant portion of the
purchase price for acquisitions may be allocated to intangible assets that have lives of 5 to 20 years. Exclusion of the amortization expense allows
comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-
acquisitive peer companies.
We also exclude certain gains/losses and related tax effects, benefits from tax credit carryforwards and the impact of significant tax audits or events (such
as the one-time effect on deferred tax balances of enacted changes in tax rates), which are either isolated or cannot be expected to occur again with any
regularity or predictability and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from
items such as the sale of a business or real estate, significant litigation-related matters, curtailments of pension plans, the early retirement of debt and
discontinued operations.
We also report free cash flow, which is operating cash flow, net of capital expenditures, and also excludes operating cash flows from discontinued
operations to provide a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities.
Thermo Fisher’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company’s core
operating performance and comparing such performance to that of prior periods and to the performance of our competitors. Such measures are also used
by management in their financial and operating decision-making and for compensation purposes.
The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included herein are not meant to be considered superior to or
a substitute for Thermo Fisher’s results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the
most directly comparable GAAP financial measures are set forth in the accompanying tables.
3. Table of Contents
Page
1. Annual Reconciliation of GAAP to Adjusted P&L (2009 - 2013)
3. Quarterly Reconciliation of GAAP to Adjusted P&L (2013 - 2014)
5. Free Cash Flow, Return on Invested Capital and Return on Equity (2009 - 2014)
6. Summary of Segment Changes Effective Jan. 1 2014
7. Recast Segment Data - Thermo Fisher Stand-alone (2012 - 2013)
8. Segment Data (2014)
9. Balance Sheet and Leverage Ratios (2011 - 2014)
10. Debt (2011 - 2014)
11. Publicly Announced Acquisitions/Divestitures (2011 - 2014)
12. Capital Deployment (2011 - 2014)
13. Fiscal Calendar (2013 - 2014)
4. Page 1 of 13
(Dollars in millions except EPS)
GAAP Consolidated Revenues
Revenue Growth
Acquisitions net of Divestitures
Currency Translation
Organic Revenue Growth
Pro Forma Revenue Growth (a)
Acquisitions net of Divestitures
Currency Translation
Pro Forma Organic Revenue Growth (a)
$ % $ % $ % $ % $ %
GAAP Gross Margin 3,854.5 39.6% 4,261.5 41.0% 4,794.0 41.5% 5,295.5 42.3% 5,529.1 42.2%
Cost of Revenues Charges (b) 6.7 0.1% 13.2 0.1% 72.6 0.6% 55.6 0.4% 28.6 0.2%
Amortization of Acquisition-related Intangible Assets 118.8 1.2% 129.2 1.3% 175.9 1.5% 221.4 1.8% 222.0 1.8%
Adjusted Gross Margin 3,980.0 40.9% 4,403.9 42.4% 5,042.5 43.6% 5,572.5 44.5% 5,779.7 44.2%
GAAP SG&A Expense 2,575.8 26.4% 2,728.8 26.3% 3,106.5 26.9% 3,354.9 26.8% 3,446.3 26.3%
Selling, General and Administrative Costs (c) (1.5) 0.0% (3.0) 0.0% (61.5) -0.5% (12.5) -0.1% (73.5) -0.6%
Amortization of Acquisition-related Intangible Assets (461.1) -4.7% (425.5) -4.2% (472.0) -4.1% (526.2) -4.2% (541.1) -4.1%
Adjusted SG&A Expense 2,113.2 21.7% 2,300.3 22.1% 2,573.0 22.3% 2,816.2 22.5% 2,831.7 21.6%
GAAP R&D Expense 243.5 2.5% 284.4 2.7% 340.2 2.9% 376.4 3.0% 395.5 3.0%
GAAP Operating Income 976.3 10.0% 1,188.1 11.4% 1,250.8 10.8% 1,482.1 11.8% 1,609.6 12.3%
Cost of Revenues Charges (b) 6.7 0.1% 13.2 0.1% 72.6 0.6% 55.6 0.4% 28.6 0.2%
Selling, General and Administrative Costs (c) 1.5 0.0% 3.0 0.0% 61.5 0.5% 12.5 0.1% 73.5 0.6%
Restructuring and Other Costs, Net (d) 58.9 0.6% 60.2 0.6% 96.5 0.9% 82.1 0.7% 77.7 0.6%
Amortization of Acquisition-related Intangible Assets 579.9 6.0% 554.7 5.4% 647.9 5.6% 747.6 6.0% 763.1 5.8%
Adjusted Operating Income 1,623.3 16.7% 1,819.2 17.5% 2,129.3 18.4% 2,379.9 19.0% 2,552.5 19.5%
Add back Depreciation Expense 179.4 1.8% 185.0 1.8% 211.7 1.9% 236.1 1.9% 236.8 1.8%
Adjusted EBITDA 1,802.7 18.5% 2,004.2 19.3% 2,341.0 20.3% 2,616.0 20.9% 2,789.3 21.3%
Annual Reconciliation of GAAP to Adjusted P&L
(Annual P&L Reconciliation continued on the next page)
13,090.3
5%
2013
2%
0%
3%
** Results do not sum due to rounding.
(a) Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results
of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.
(b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation.
(c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2009, 2010 and 2012 gains due to settlement of certain
product liability-related matters; and in 2011, 2012 and 2013, charges associated with product liability litigation.
(d) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments
of pension plans, and the sale of businesses, product lines and property.
3%
1%
7%
1%
2% -2%
4%
2012
8%
12,509.9
2010
10,393.1
2009
9,741.0
2011
11,558.8
0%
4%
3% **
11%-4% 7%
2%
-2%
-4%
3%
5. Page 2 of 13
(Dollars in millions except EPS)
Annual Reconciliation of GAAP to Adjusted P&L
2013201220102009 2011
$ % $ % $ % $ % $ %
GAAP Tax Provision 46.7 5.5% 101.6 9.3% 109.4 9.7% 11.0 0.9% 40.4 3.1%
Tax Effect of Adjusted Items (f) 239.8 13.3% 242.6 10.4% 269.1 9.4% 351.7 15.8% 300.7 11.6%
Adjusted Tax Provision 286.5 18.8% 344.2 19.7% 378.5 19.1% 362.7 16.7% 341.1 14.7%
GAAP Net Income 850.3 1,035.6 1,329.9 1,177.9 1,273.3
Cost of Revenues Charges (b) 6.7 13.2 72.6 55.6 28.6
Selling, General and Administrative Costs (c) 1.5 3.0 61.5 12.5 73.5
Restructuring and Other Costs, Net (d) 58.9 60.2 96.5 82.1 77.7
Amortization of Acquisition-related Intangible Assets 579.9 554.7 647.9 747.6 763.1
Loss on Extinguishment of Debt Facilities 15.1 16.8 0.0 0.5 0.0
Other Expense (Income) (e) 5.3 11.5 (31.8) 4.8 60.4
Income Tax Benefit (f) (239.8) (242.6) (269.1) (351.7) (300.7)
(Income) Loss from Discontinued Operations, Net of Tax (43.2) (49.5) (306.5) 80.5 5.8
Adjusted Net Income 1,234.7 1,402.9 1,601.0 1,809.8 1,981.7
GAAP Diluted EPS 2.01 2.53 3.46 3.21 3.48
GAAP Diluted EPS Growth -11% 26% 37% -7% 8%
Cost of Revenues Charges, Net of Tax (b) 0.01 0.02 0.13 0.11 0.05
Selling, General and Administrative Costs, Net of Tax (c) 0.00 0.01 0.13 0.03 0.16
Restructuring and Other Costs, Net of Tax (d) 0.10 0.10 0.16 0.15 0.16
Amortization of Acquisition-related Intangible Assets, Net of Tax 0.88 0.89 1.12 1.36 1.45
Loss on Extinguishment of Debt Facilities, Net of Tax 0.02 0.03 0.00 0.00 0.00
Other Expense (Income), Net of Tax (e) 0.01 0.01 (0.05) 0.00 0.09
Income Tax (Benefit) Provision (f) (0.01) (0.04) 0.01 (0.14) 0.01
(Income) Loss from Discontinued Operations, Net of Tax (0.10) (0.12) (0.80) 0.22 0.02
Adjusted Diluted EPS 2.92 3.43 4.16 4.94 5.42
Adjusted Diluted EPS Growth -3% 17% 21% 19% 10%
(c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2009, 2010 and 2012 gains due to settlement of certain
product liability-related matters; and in 2011, 2012 and 2013, charges associated with product liability litigation.
(d) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments
of pension plans, and the sale of businesses, product lines and property.
(e) The excluded items from other expense/income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity investments; in 2009 the loss from an other-than-temporary decline in fair market
value of an investment; in 2010, 2011 and 2013, costs to obtain short-term financing commitments related to acquisitions; in 2011 and 2013, gains on sale of equity investments; and in 2013, realized gains on available-for-sale investments irrevocably
contributed to the company's U.K. pension plans.
(f) The excluded items from income tax benefit/provision include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting
the company's deferred tax balances as a result of tax rate changes.
(a) Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results
of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.
(b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation.
6. Page 3 of 13
(Dollars in millions except EPS)
Revenue
Life Sciences Solutions Segment
Analytical Instruments Segment
Specialty Diagnostics Segment
Laboratory Products and Services Segment
Eliminations
Total Revenue
Reported Revenue Growth
Acquisitions net of Divestitures
Currency Translation
Organic Revenue Growth
$ % $ % $ % $ % $ %
GAAP Cost of Goods Sold 1,855.2 58.1% 1,876.9 57.9% 1,843.9 57.8% 1,985.2 57.3% 2,283.5 58.5%
Cost of Revenues Charges (a) (13.2) -0.4% (13.1) -0.4% (0.9) 0.0% (1.4) 0.0% (168.5) -4.3%
Amortization of Acquisition-related Intangible Assets (56.1) -1.7% (56.0) -1.7% (55.7) -1.8% (54.2) -1.6% (91.7) -2.4%
Adjusted Cost of Goods Sold 1,785.9 56.0% 1,807.8 55.8% 1,787.3 56.0% 1,929.6 55.7% 2,023.3 51.8%
GAAP Gross Margin 1,336.3 41.9% 1,363.2 42.1% 1,347.9 42.2% 1,481.7 42.7% 1,620.0 41.5%
Cost of Revenues Charges (a) 13.2 0.4% 13.1 0.4% 0.9 0.0% 1.4 0.0% 168.5 4.3%
Amortization of Acquisition-related Intangible Assets 56.1 1.7% 56.0 1.7% 55.7 1.8% 54.2 1.6% 91.7 2.4%
Adjusted Gross Margin 1,405.6 44.0% 1,432.3 44.2% 1,404.5 44.0% 1,537.3 44.3% 1,880.2 48.2%
GAAP SG&A Expense 829.5 26.0% 869.6 26.8% 848.5 26.6% 898.7 25.9% 1,177.0 30.2%
Selling, General and Administrative Costs, Net (b) (1.3) -0.1% (22.6) -0.7% (24.0) -0.7% (25.6) -0.7% (82.8) -2.1%
Amortization of Acquisition-related Intangible Assets (135.9) -4.2% (135.2) -4.1% (135.3) -4.3% (134.7) -3.9% (194.2) -5.0%
Adjusted SG&A Expense 692.3 21.7% 711.8 22.0% 689.2 21.6% 738.4 21.3% 900.0 23.1%
GAAP R&D Expense 98.2 3.1% 96.7 3.0% 95.9 3.0% 104.7 3.0% 149.7 3.8%
GAAP Operating Income 387.1 12.1% 375.4 11.6% 392.1 12.3% 455.0 13.1% 875.5 22.4%
Cost of Revenues Charges (a) 13.2 0.4% 13.1 0.4% 0.9 0.0% 1.4 0.0% 168.5 4.3%
Selling, General and Administrative Costs (b) 1.3 0.1% 22.6 0.7% 24.0 0.7% 25.6 0.7% 82.8 2.1%
Restructuring and Other Costs (Income), Net (c) 21.5 0.7% 21.5 0.7% 11.4 0.4% 23.3 0.7% (582.2) -14.9%
Amortization of Acquisition-related Intangible Assets 192.0 6.0% 191.2 5.9% 191.0 6.0% 188.9 5.5% 285.9 7.4%
Adjusted Operating Income 615.1 19.3% 623.8 19.3% 619.4 19.4% 694.2 20.0% 830.5 21.3%
Add back Depreciation Expense 59.0 1.8% 58.0 1.7% 59.4 1.9% 60.4 1.8% 79.7 2.0%
Adjusted EBITDA 674.1 21.1% 681.8 21.0% 678.8 21.3% 754.6 21.8% 910.2 23.3%
Quarterly Reconciliation of GAAP to Adjusted P&L
Q1-14
3,903.5
22%
2%
*** Results do not sum due to rounding.
(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in Q1 2014,
charges to conform the accounting policies of Life Technologies with the company's accounting policies.
Q4-13
887.7
833.2
1,652.8
(98.5)
191.7
Q3-13
3,191.8
2%
765.4
759.3
1,594.7
(94.8)
3%
1%
0%
167.2
Q1-13
3,191.5
4%
3%
-1%
740.1
805.6
(83.1)
1,556.3
172.6
Q2-13
761.0
793.6
1,595.0
(90.5)
181.0
(Quarterly P&L Reconciliation continued on the next page)
3,240.1
4%
2%
0%
3,466.9
6%
0%
0%
(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in Q3 2013, charges associated with product liability litigation;
and in Q1 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(c) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments
of pension plans, and the sale of businesses, product lines and property.
6%2%3% ***
20%
0%
835.5
769.9
813.7
1,590.5
(106.1)
7. Page 4 of 13
(Dollars in millions except EPS)
Quarterly Reconciliation of GAAP to Adjusted P&L
Q1-14Q4-13Q3-13Q1-13 Q2-13
$ % $ % $ % $ % $ %
GAAP Tax Provision 2.1 0.6% 2.4 0.9% 1.3 0.4% 34.6 9.2% 231.3 29.9%
Tax Effect of Adjusted Items (e) 63.3 11.1% 86.3 14.7% 85.2 14.9% 65.9 6.7% (115.0) -13.9%
Adjusted Tax Provision 65.4 11.7% 88.7 15.6% 86.5 15.3% 100.5 15.9% 116.3 16.0%
GAAP Net Income 336.2 277.4 317.6 342.1 543.1
Cost of Revenues Charges (a) 13.2 13.1 0.9 1.4 168.5
Selling, General and Administrative Costs (b) 1.3 22.6 24.0 25.6 82.8
Restructuring and Other Costs (Income), Net (c) 21.5 21.5 11.4 23.3 (582.2)
Amortization of Acquisition-related Intangible Assets, Net of Tax 192.0 191.2 191.0 188.9 285.9
Other (Income) Expense, Net (d) (9.8) 39.0 17.2 14.0 (2.3)
Income Tax (Benefit) Provision (e) (63.3) (86.3) (85.2) (65.9) 115.0
Loss from Discontinued Operations, Net of Tax 4.6 0.2 0.1 0.9 0.0
Adjusted Net Income 495.7 478.7 477.0 530.3 610.8
GAAP Diluted EPS 0.93 0.76 0.86 0.92 1.36
GAAP Diluted EPS Growth 24% 21% 9% -12% 46%
Cost of Revenues Charges, Net of Tax (a) 0.03 0.02 0.00 0.00 0.34
Selling, General and Administrative Costs, Net of Tax (b) 0.00 0.05 0.05 0.06 0.17
Restructuring and Other Costs (income), Net of Tax (c) 0.04 0.04 0.02 0.05 (0.92)
Amortization of Acquisition-related Intangible Assets, Net of Tax 0.38 0.38 0.35 0.35 0.59
Other (Income) Expense, Net of Tax (d) (0.02) 0.07 0.03 0.02 0.00
Income Tax (Benefit) Provision (e) 0.00 0.00 (0.01) 0.03 (0.01)
Loss from Discontinued Operations, Net of Tax 0.01 0.00 0.00 0.00 0.00
Adjusted Diluted EPS 1.37 1.32 1.30 1.43 1.53
Adjusted Diluted EPS Growth 17% 8% 9% 5% 12%
Reconciliation of Free Cash Flow
GAAP Net Cash Provided by Operating Activities 298.3 478.4 505.5 728.5 101.2
Net Cash Used in Discontinued Operations 0.8 0.9 1.6 1.6 1.0
Purchases of Property, Plant, and Equipment (66.0) (65.6) (56.3) (94.5) (104.7)
Proceeds from Sale of Property, Plant and Equipment 3.0 0.6 12.3 4.8 3.4
Free Cash Flow 236.1 414.3 463.1 640.4 0.9
Book to Bill Ratio 1.01 1.00 1.00 1.00 1.02
(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in Q1 2014,
charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in Q3 2013, charges associated with product liability litigation;
and in Q1 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(c) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments
of pension plans, and the sale of businesses, product lines and property.
(d) The excluded items from other (income) expense, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity investments; in Q1 2013, realized gains on available-for-sale investments irrevocably
contributed to the company's U.K. pension plans; and in Q2 2013, Q3 2013 and Q4 2013, charges related to amortization of fees paid to obtain bridge financing commitments related to the Life Technologies acquisition, offset in part by gains from the sale of
equity investments.
(e) The excluded items from income tax benefit/provision include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the
company's deferred tax balances as a result of tax rate changes.
8. Page 5 of 13
(Dollars in millions) 2009 2010 2011 2012 2013 Q1 14
Reconciliation of Free Cash Flow
GAAP Net Cash Provided by Operating Activities 1,659.2 1,497.8 1,691.0 2,039.5 2,010.7 101.2
Net Cash (Provided by) Used in Discontinued Operations (61.8) (47.7) (14.4) 28.4 4.9 1.0
Purchases of Property, Plant, and Equipment (197.5) (245.4) (260.9) (315.1) (282.4) (104.7)
Proceeds from Sale of Property, Plant and Equipment 13.3 10.2 8.2 12.8 20.7 3.4
Free Cash Flow 1,413.2 1,214.9 1,423.9 1,765.6 1,753.9 0.9
GAAP Return on Invested Capital (ROIC) 5.6% 6.5% 7.1% 5.5% 5.9% 6.0%
Cost of Revenues Charges (a) 0.0% 0.1% 0.4% 0.3% 0.1% 0.7%
Selling, General and Administrative Costs (b) 0.0% 0.0% 0.3% 0.1% 0.3% 0.6%
Restructuring and Other Costs (Income), Net (c) 0.4% 0.4% 0.5% 0.4% 0.4% -2.1%
Amortization of Acquisition-related Intangible Assets 3.8% 3.5% 3.5% 3.5% 3.5% 3.5%
Loss on Extinguishment of Debt Facilities 0.1% 0.1% 0.0% 0.0% 0.0% 0.0%
Net Interest Expense 0.7% 0.4% 0.7% 0.8% 1.0% 1.0%
Other Expense (Income) (d) 0.0% 0.1% -0.2% 0.0% 0.3% 0.3%
Income Tax Benefit (e) -1.7% -1.6% -1.4% -1.7% -1.4% -0.5%
(Income) Loss from Discontinued Operations, Net of Tax -0.2% -0.2% -1.7% 0.4% 0.0% 0.0%
Adjusted ROIC 8.7% 9.3% 9.2% 9.3% 10.1% 9.5%
GAAP Return on Equity (ROE) 5.6% 6.7% 8.7% 7.7% 7.9% 8.7%
Cost of Revenues Charges (a) 0.0% 0.1% 0.5% 0.4% 0.2% 1.1%
Selling, General and Administrative Costs (b) 0.0% 0.0% 0.4% 0.1% 0.5% 0.9%
Restructuring and Other Costs (Income), Net (c) 0.4% 0.4% 0.7% 0.6% 0.5% -3.1%
Amortization of Acquisition-related Intangible Assets 3.8% 3.6% 4.2% 4.9% 4.8% 5.0%
Loss on Extinguishment of Debt Facilities 0.1% 0.1% 0.0% 0.0% 0.0% 0.0%
Net Interest Expense 0.6% 0.5% 0.7% 1.2% 1.2% 1.4%
Other Expense (Income) (d) 0.0% 0.1% -0.2% 0.0% 0.4% 0.4%
Income Tax Benefit (e) -1.5% -1.6% -1.8% -2.3% -1.9% -0.7%
(Income) Loss from Discontinued Operations, Net of Tax -0.2% -0.3% -2.0% 0.5% 0.0% 0.0%
Adjusted ROE 8.8% 9.6% 11.2% 13.1% 13.6% 13.7%
Definitions:
Free Cash Flow, Return on Invested Capital and Return on
Equity
(c) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on
litigation-related matters, curtailments of pension plans, and the sale of businesses, product lines and property.
(d) The excluded items from other expense/income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity investments; in 2009 the loss from an other-than-
temporary decline in fair market value of an investment; in 2010, 2011 and 2013, costs to obtain short-term financing commitments related to acquisitions; in 2011, 2013 and Q1 2014, gains on sale of equity investments;
and in 2013, realized gains on available-for-sale investments irrevocably contributed to the company's U.K. pension plans.
(e) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax
benefit from adjusting the company's deferred tax balances as a result of tax rate changes.
Invested capital is equity plus short-term and long-term debt and net liabilities of discontinued operations less cash and short-term investments.
Adjusted return on invested capital is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average invested capital.
Adjusted return on equity is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average shareholders equity.
(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real
estate consolidation; and in Q1 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2009, 2010 and 2012
gains due to settlement of certain product liability-related matters; in 2011, 2012 and 2013, charges associated with product liability litigation; and in Q1 2014, charges to conform the accounting policies of Life
Technologies with the company's accounting policies.
9. Page 6 of 13
2013
Thermo Fisher
Full Year Revenue
+ Biosciences (transferred from Analytical Instruments)
– Global Chemicals (transferred to Laboratory Products & Services)
– Gene Modulation (transferred from Analytical Instruments but to be divested)
– Sera and Media (transferred from Analytical Instruments but to be divested)
Net Revenue Change: + $495M
– Biosciences (transferred to Life Sciences Solutions)
Net Revenue Change: – $970M
– Magnetic beads (to be divested)
Net Revenue Change: – $10M
+ Global Chemicals (transferred from Analytical Instruments)
– Research Sera and Media (to be divested)
– Laboratory Products & Services Eliminations (related to Global Chemicals)
Net Revenue Change: + $45M
Net Corporate Eliminations Change: + $190M
Net***: – $250M
* Post close of Life Technologies acquisition, add to this segment Life Technologies total revenue less their specialty diagnostics business
** Post close of Life Technologies acquisition, add to this segment Life Technologies specialty diagnostics business revenue
*** Represents full year 2013 revenue of businesses to be divested
Notes:
1) Pro Forma Life Technologies / Thermo Fisher estimated Intercompany Eliminations for 2013 would be approx $90M
2) Revenue of businesses to be divested will remain until actual sale date
Summary of Segment Changes
Effective Jan. 1, 2014
Life Sciences Solutions Segment*
Analytical Instruments Segment
Specialty Diagnostics Segment**
Laboratory Products & Services Segment
10. Page 7 of 13
(Dollars in millions) Q1-12 Q2-12 Q3-12 Q4-12 2012 Q1-13 Q2-13 Q3-13 Q4-13 2013
Life Sciences Solutions Segment
Revenues 161.4 165.5 164.2 167.7 658.8 172.6 181.0 167.2 191.7 712.5
Total Revenue Growth 6% 7% 8% 12% 8% 7% 9% 2% 14% 8%
Acquisitions net of Divestitures 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Currency Translation -1% -2% -3% -1% -2% -1% -1% 0% 0% 0%
Organic Revenue Growth 7% 9% 11% 13% 10% 8% 10% 1% † 14% 8%
Operating Income 41.6 36.8 37.3 39.1 154.8 41.0 43.5 38.9 46.3 169.7
Operating Income Margin 25.8% 22.2% 22.7% 23.3% 23.5% 23.8% 24.0% 23.3% 24.2% 23.8%
Operating Income Margin Expansion +5.4 pts -0.3 pts -0.7 pts +2.3 pts +1.7 pts -2.0 pts +1.8 pts +0.6 pts +0.9 pts +0.3 pts
Analytical Instruments Segment
Revenues 755.9 745.6 760.8 852.4 3,114.7 740.1 761.0 765.4 887.7 3,154.2
Total Revenue Growth -1% 1% -2% 2% 1% 4% 1%
Acquisitions net of Divestitures 0% 0% 1% 0% 0% 0% 0%
Currency Translation -3% -1% -1% -1% -1% 0% -1%
Organic Revenue Growth 2% 1% † -1% † 2% † 1% † 4% 2%
Pro Forma Revenue Growth* 7% 1% 2%
Acquisitions net of Divestitures 0% 0% 0%
Currency Translation -1% -4% -2%
Pro Forma Organic Revenue Growth* 8% 4% † 4%
Operating Income 128.5 119.4 138.1 168.6 554.6 120.5 125.3 131.0 181.9 558.7
Operating Income Margin 17.0% 16.0% 18.2% 19.8% 17.8% 16.3% 16.5% 17.1% 20.5% 17.7%
Operating Income Margin Expansion +1.6 pts -0.7 pts -0.2 pts -1.4 pts -0.4 pts -0.7 pts +0.5 pts -1.1 pts +0.7 pts -0.1 pts
Specialty Diagnostics Segment
Revenues 732.3 731.7 706.3 791.2 2,961.5 805.6 793.6 759.3 833.2 3,191.7
Total Revenue Growth 12% 10% 8% 8% 5% 8%
Acquisitions net of Divestitures 7% 7% 7% 6% 0% 5%
Currency Translation -1% -1% 0% 0% 0% 0%
Organic Revenue Growth 6% 4% 2% † 1% † 5% 3%
Pro Forma Revenue Growth** 1% 1% 2% 4%
Acquisitions net of Divestitures 2% 2% 1% 3%
Currency Translation -1% -4% -3% -2%
Pro Forma Organic Revenue Growth** 1% † 3% 4% 4% †
Operating Income 184.9 199.1 169.5 204.6 758.1 222.9 216.3 204.2 220.3 863.7
Operating Income Margin 25.2% 27.2% 24.0% 25.9% 25.6% 27.7% 27.3% 26.9% 26.4% 27.1%
Operating Income Margin Expansion +0.8 pts +4.0 pts -0.7 pts +1.8 pts +1.5 pts +2.5 pts +0.1 pts +2.9 pts +0.5 pts +1.5 pts
Laboratory Products & Services Segment
Revenues 1,488.1 1,547.3 1,537.7 1,529.7 6,102.8 1,556.3 1,595.0 1,594.7 1,652.8 6,398.8
Total Revenue Growth 4% 2% 5% 4% 4% 5% 3% 4% 8% 5%
Acquisitions net of Divestitures 0% 1% 2% 2% 1% 2% 1% 0% 0% 1%
Currency Translation -1% -3% -2% 0% -2% 0% 0% 0% 0% 0%
Organic Revenue Growth 4% † 4% 5% 3% † 4% † 3% 3% † 4% 8% 4%
Operating Income 221.5 234.8 230.8 225.3 912.4 230.7 238.7 245.3 245.7 960.4
Operating Income Margin 14.9% 15.2% 15.0% 14.7% 15.0% 14.8% 15.0% 15.4% 14.9% 15.0%
Operating Income Margin Expansion -0.2 pts +0.2 pts +0.2 pts +0.1 pts +0.1 pts -0.1 pts -0.2 pts +0.4 pts +0.2 pts +0.0 pts
Note: Recast segment data reflects Thermo Fisher stand-alone and does not include Life Technologies. The results of the Life Sciences Solutions Segment reflected above include, among other businesses, the sera and media, gene
modulation and magnetic beads businesses which were sold on March 21, 2014. Revenues of these businesses in 2013 were approximately $250 million.
Recast Segment Data - Thermo Fisher Stand-alone
* Pro forma results include the pre-acquisition results of Dionex from the beginning of the second quarter 2011.
** Pro forma results include the pre-acquisition results of Phadia from the beginning of the third quarter 2011.
† Results do not sum due to rounding.
Note: All prior period segment data has been adjusted to reflect the Q1 2014 transfer of businesses between segments. These transfers did not change our consolidated results.
11. Page 8 of 13
(Dollars in millions) Q1-14
Life Sciences Solutions Segment
Revenues 835.5
Pro Forma Revenue Growth* 0%
Acquisitions net of Divestitures 0%
Currency Translation 0%
Pro Forma Organic Revenue Growth* 1% †
Operating Income 244.6
Operating Income Margin 29.3%
Operating Income Margin Expansion +5.5 pts
Analytical Instruments Segment
Revenues 769.9
Total Revenue Growth 4%
Acquisitions net of Divestitures 0%
Currency Translation 0%
Organic Revenue Growth 4%
Operating Income 130.9
Operating Income Margin 17.0%
Operating Income Margin Expansion +0.7 pts
Specialty Diagnostics Segment
Revenues 813.7
Total Revenue Growth 1%
Acquisitions net of Divestitures 0%
Currency Translation 0%
Organic Revenue Growth 0% †
Operating Income 221.0
Operating Income Margin 27.2%
Operating Income Margin Expansion -0.5 pts
Laboratory Products & Services Segment
Revenues 1,590.5
Total Revenue Growth 2%
Acquisitions net of Divestitures 0%
Currency Translation 0%
Organic Revenue Growth 2%
Operating Income 234.0
Operating Income Margin 14.7%
Operating Income Margin Expansion -0.1 pts
Segment Data
* Life Technologies was acquired on February 3, 2014. Pro forma results include the pre-acquisition results of Life Technologies from the beginning of the
first quarter 2013.
† Results do not sum due to rounding.
12. Page 9 of 13
(Dollars in millions)
12/31/2011 12/31/2012 12/31/2013 3/29/2014
Assets
Current Assets:
Cash and cash equivalents 1,016.3 805.6 5,826.0 1,497.2
Short-term investments 4.3 4.3 4.5 25.5
Accounts receivable, net 1,763.7 1,804.9 1,942.3 2,695.5
Inventories 1,330.1 1,443.3 1,494.5 2,060.5
Other current assets 707.5 776.7 613.4 1,027.4
Total Current Assets 4,821.9 4,834.8 9,880.7 7,306.1
Property, Plant and Equipment, Net 1,611.3 1,726.4 1,767.4 2,488.7
Acquisition-related Intangible Assets 7,815.9 7,804.5 7,071.3 15,976.4
Other Assets 611.3 604.4 640.7 833.0
Goodwill 11,973.3 12,474.5 12,503.3 19,529.5
26,833.7 27,444.6 31,863.4 46,133.7
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations 1,272.8 93.1 987.7 2,165.7
Accounts payable 612.3 641.4 691.5 828.8
Other current liabilities 1,228.0 1,358.8 1,446.8 2,397.0
Total Current Liabilities 3,113.1 2,093.3 3,126.0 5,391.5
Other Long-term Liabilities 2,927.3 2,855.4 2,381.7 5,114.7
Long-term Obligations 5,755.2 7,031.2 9,499.6 15,196.9
Total Shareholders' Equity 15,038.1 15,464.7 16,856.1 20,430.6
26,833.7 27,444.6 31,863.4 46,133.7
Leverage Ratios
Total Debt / TTM EBITDA 3.3X 2.9X 4.0X 5.4X
Effect of Adjusted Items -0.3X -0.2X -0.2X 0.3X
Total Debt / Adjusted TTM EBITDA(a)
3.0X 2.7X 3.8X 5.7X
Net Debt(b)
/ TTM EBITDA 2.8X 2.6X 1.8X 4.9X
Effect of Adjusted Items -0.2X -0.2X -0.1X 0.3X
Net Debt(b)
/ Adjusted TTM EBITDA(a)
2.6X 2.4X 1.7X 5.2X
Balance Sheet and Leverage Ratios
(a)
Adjusted EBITDA equals adjusted operating income excluding depreciation.
(b)
Net debt is short-term and long-term debt less cash and short-term investments.
13. Page 10 of 13
(Dollars in millions) Maturity
Date
12/31/2011 12/31/2012 12/31/2013 3/29/2014
Short-term
TMO 2.15% Senior Notes (a)
12/28/2012 354 0 0 0
TMO 2.05% Senior Notes (a)
2/21/2014 0 0 300 0
TMO 3.25% Senior Notes (a)
11/20/2014 0 0 406 404
Life Technologies 4.40% Senior Notes 3/1/2015 0 0 0 517
Term Loan 0 0 0 750
Commercial Paper 900 50 250 459
Other 19 43 32 36
Total Short-term 1,273 93 988 2,166
Long-term
TMO 2.05% Senior Notes (a)
2/21/2014 306 303 0 0
TMO 3.25% Senior Notes (a)
11/20/2014 419 413 0 0
TMO 3.20% Senior Notes (a)
5/1/2015 474 467 460 458
TMO 5% Senior Notes 6/1/2015 250 250 250 250
Life Technologies 3.50% Senior Notes 1/15/2016 0 0 0 417
TMO 3.20% Senior Notes 3/1/2016 900 900 900 900
TMO 2.25% Senior Notes 8/15/2016 998 999 999 999
TMO 1.30% Senior Notes (c)
2/1/2017 0 0 896 894
TMO 1.85% Senior Notes 1/15/2018 0 500 500 500
TMO 2.40% Senior Notes 2/1/2019 0 0 898 898
Life Technologies 6.00% Senior Notes 3/1/2020 0 0 0 872
TMO 4.70% Senior Notes 5/1/2020 300 300 300 300
Life Technologies 5.00% Senior Notes 1/15/2021 0 0 0 442
TMO 4.50% Senior Notes 3/1/2021 994 994 995 995
TMO 3.60% Senior Notes 8/15/2021 1,098 1,098 1,098 1,098
TMO 3.15% Senior Notes 1/15/2023 0 796 796 796
TMO 4.15% Senior Notes 2/1/2024 0 0 997 997
TMO 5.30% Senior Notes 2/1/2044 0 0 400 400
Term Loan 0 0 0 3,950
Other 16 11 11 31
Total Long-term 5,755 7,031 9,500 15,197
Total Debt 7,028 7,124 10,488 17,363
Total Cash and Short-term Investments 1,021 810 5,831 1,523
Net Debt(b)
6,007 6,314 4,657 15,840
Debt
(a)
Previously, fixed rate interest had been swapped to variable rate. In August 2011, the company terminated its fixed to floating rate swap arrangements.
(b)
Net debt is short-term and long-term debt less cash and short-term investments.
(c)
Fixed rate interest has been swapped to variable rate.
14. Page 11 of 13
Revenue (a)
($ millions)
2014
March 21
Select businesses within
Biosciences portfolio
Divestiture LSS $250
February 3 Life Technologies Acquisition LSS $3,872
2013
2012
September 13 One Lambda Acquisition SDS $182
July 24
Princeton Security
Technologies, Inc
Acquisition AIS $5
May 1 Doe & Ingalls Acquisition LPS $110
2011
August 23 Phadia Acquisition SDS $525 (€367)(b)
July 18 TREK Diagnostic Systems Acquisition SDS $34
May 18 Sterilin Acquisition LPS $35
May 13 Dionex Acquisition AIS $460
April 4 Athena Diagnostics Divestiture SDS $110
April 4 Lancaster Labs Divestiture LPS $115
Premium provider of specialty production chemicals and
customized supply-chain services
2011 - 2014 Publicly Announced Acquisitions/Divestitures
Transaction
Closing Date
Entity
Acquisition or
Divestiture
Business Description
Principal
Segment
Sera and media, gene modulation and magnetic beads
businesses formerly in the Analytical Technologies Segment
Global leader in life sciences
There were no publicly announced acquisitions or divestitures that closed in 2013.
Global leader in transplant diagnostics
Manufacturer and supplier of radioactive isotope identifiers, x-ray
and gamma-ray detectors and spectroscopy systems
(a)
Approximate revenue from prior full year reporting period as of the announcement date
(b)
Approximate US Dollar value based on exchange rate at the time of acquisition announcement
Global leader in allergy and autoimmunity clinical diagnostics
Global provider of microbiology solutions
Manufacturer and supplier of single-use plastic products
Manufacturer of liquid and ion chromatography systems
Reference lab for diagnostic testing of neurological diseases
Contract lab providing comprehensive analytical services
15. Page 12 of 13
2011 2012 2013 Q1 2014
24.5 20.8 1.3 0.0
$54.68 $55.18 $69.89 $0.00
$1,337 $1,150 $90 $0
2012 2013 Q1 2014
$0.39 $0.60 $0.15
Capital Deployment
Total Number of Shares Purchased
(millions)
Average Price Paid per Share
Total Spend ($ millions)
Dividends Paid
(1)
On February 29, 2012, the company initiated a quarterly dividend of $0.13 per share. On November 8, 2012, the company increased the dividend to
$0.15 per share. Future declarations of dividends are subject to board approval and may be adjusted as business needs or market conditions change.
Share Buybacks
Amount per Share(1)
Remaining Authorization (in millions) as of 3/29/2014: $910