Investor Relations
Dec 22, 2024 5:13 AM EST
Company Posts Record Revenues of
Quarter Ended | Year Ended | |||||||||||||||||
(in millions, except per share data) |
|
Increase |
|
Increase | ||||||||||||||
(unaudited) | 2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | ||||||||||||
Revenues | $ | 1,081.3 | $ | 901.4 | 20.0 | % | $ | 4,246.8 | $ | 3,495.7 | 21.5 | % | ||||||
Net cash provided by continuing operating activities | $ | 74.2 | $ | 67.8 | 9.4 | % | $ | 156.8 | $ | 140.7 | 11.4 | % | ||||||
Income from continuing operations | $ | 18.2 | $ | 21.4 | (15.0 | )% | $ | 68.7 | $ | 63.9 | 7.5 | % | ||||||
Income from continuing operations per diluted share | $ | 0.33 | $ | 0.41 | (19.5 | )% | $ | 1.27 | $ | 1.21 | 5.0 | % | ||||||
Net income | $ | 18.0 | $ | 21.8 | (17.4 | )% | $ | 68.5 | $ | 64.1 | 6.9 | % | ||||||
Net income per diluted share | $ | 0.33 | $ | 0.41 | (19.5 | )% | $ | 1.27 | $ | 1.21 | 5.0 | % | ||||||
Adjusted income from continuing operations | $ | 20.4 | $ | 22.6 | (9.7 | )% | $ | 75.0 | $ | 70.5 | 6.4 | % | ||||||
Adjusted income from continuing operations per diluted share | $ | 0.37 | $ | 0.43 | (14.0 | )% | $ | 1.39 | $ | 1.34 | 3.7 | % | ||||||
Adjusted EBITDA | $ | 51.3 | $ | 47.9 | 7.1 | % | $ | 184.0 | $ | 155.9 | 18.0 | % | ||||||
(This release refers to non-GAAP financial measures described as "Adjusted EBITDA," "Adjusted Income from Continuing Operations," and "Adjusted Income from Continuing Operations per Diluted Share" (or "Adjusted EPS"). Refer to the accompanying financial tables for supplemental financial data and corresponding reconciliation of these non-GAAP financial measures to certain GAAP financial measures.) |
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Fourth Quarter Results
"Even in the face of continuing economic headwinds, ABM continues to
deliver strong results," said
For the quarter, Janitorial revenue increased by 1.4% year-over-year while operating profit declined 8.4%, driven by higher labor costs resulting from the additional workday. Engineering revenues grew by 149.0% over the 2010 fourth quarter and profits by 41.4%, primarily reflecting the contributions of Linc. Parking revenues were 19.3% higher than the year-before quarter and profits were up by 11.2%, driven by results from the L&R acquisition. Security increased revenues by 3.1% while profit fell by 6.8%, primarily the result of price compression.
Year in Review
Slipsager added: "The successful integration of Linc was one of
the year's highlights and we are proud that, as promised, Linc was
slightly accretive to ABM's earnings in fiscal 2011, excluding
acquisition costs. For the year, each Division generated higher
year-over-year revenues and profitability. On operating profit,
Engineering grew by more than 45%, reflecting the contribution of Linc.
Janitorial grew revenues and operating profit over 2010, despite the
additional workday, higher state unemployment insurance expense and
increased fuel costs for the year. As a result of our continued focus on
our long-term strategy, we achieved an 18% increase in adjusted EBITDA
to
"From a cash-flow perspective, we achieved one of our strongest fiscal
years — including
Slipsager concluded: "We ended the year well-positioned as we have leveraged our acquisitions to increase sales, expand our service capabilities and extend our market reach. We look forward to the 2012 fiscal year to continue executing on our long-term strategic plans and launching new initiatives to drive future growth in key vertical markets."
Dividend
The Company also announced that the Board of Directors has declared a
first quarter cash dividend of
Guidance
Given the continuing macro-economic conditions, the Company is
estimating that full fiscal year 2012 income from continuing operations
per diluted share will be in the range of
Earnings Webcast
On
The webcast will be accessible at: http://investor.abm.com/eventdetail.cfm?eventid=106581
Listeners are asked to be online at least 15 minutes early to register, as well as to download and install any complimentary audio software that might be required. Following the call, the webcast will be available at this URL for a period of 90 days.
In addition to the webcast, a limited number of toll-free telephone lines will also be available for listeners who are among the first to call 877-664-7395 within 15 minutes before the event. Telephonic replays will be accessible during the period from two hours to seven days after the call by dialing 855-859-2056 and then entering ID #34160866.
Earnings Webcast Presentation
In connection with the webcast to discuss earnings (see above), a slide presentation related to earnings and operations will be available on the Company's website at www.abm.com and can be accessed through the Investor Relations section of ABM's website by clicking on the "Presentations" tab.
About
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that set forth management's anticipated results based on management's current plans and assumptions. Any number of factors could cause the Company's actual results to differ materially from those anticipated. These factors include but are not limited to the following: (1) our acquisition strategy may adversely impact our results of operations as we may not be able to achieve anticipated results from any given acquisition and activities relating to integrating the acquired business may divert management's focus on operational matters; (2) we are subject to intense competition that can constrain our ability to gain business, as well as our profitability; (3) any increases in costs that we cannot pass on to clients could affect our profitability; (4) we have high deductibles for certain insurable risks, and, therefore are subject to volatility associated with those risks; (5) we primarily provide our services pursuant to agreements which are cancelable by either party upon 30 to 90 days' notice; (6) our success depends on our ability to preserve our long-term relationships with clients; (7) our international business exposes us to additional risks, including risks related to compliance with both U.S. and foreign laws; (8) we conduct some of our operations through joint ventures and our ability to do business may be affected by the failure of our joint venture partners to perform their obligations or the improper conduct of employees, joint venture partners or agents; (9) significant delays or reductions in appropriations for our government contracts may negatively affect our business, and could have a material adverse effect on our financial position, results of operations or cash flows; (10) we incur significant accounting and other control costs that reduce profitability; (11) a decline in commercial office building occupancy and rental rates could affect our revenues and profitability; (12) deterioration in economic conditions in general could further reduce the demand for facility services and, as a result, could reduce our earnings and adversely affect our financial condition; (13) financial difficulties or bankruptcy of one or more of our major clients could adversely affect our results; (14) our ability to operate and pay our debt obligations depends upon our access to cash; (15) future declines in the fair value of our investments in auction rate securities could negatively impact our earnings; (16) uncertainty in the credit markets may negatively impact our costs of borrowing, our ability to collect receivables on a timely basis and our cash flow; (17) any future increase in the level of debt or in interest rates can affect out results of operations; (18) an impairment charge could have a material adverse effect on our financial condition and results of operations; (19) we are defendants in a number of class and representative actions or other lawsuits alleging various claims that could cause us to incur substantial liabilities; (20) federal health care reform legislation may adversely affect our business and results of operations; (21) changes in immigration laws or enforcement actions or investigations under such laws could significantly adversely affect our labor force, operations and financial results; (22) labor disputes could lead to loss of revenues or expense variations; (23) we participate in multi-employer defined benefit plans which could result in substantial liabilities being incurred; and (24) natural disasters or acts of terrorism could disrupt services.
Additional information regarding these and other risks and
uncertainties the Company faces is contained in the Company's Annual
Report on Form 10-K for the year ended
Use of Non-GAAP Financial Information
To supplement ABM's consolidated financial information, the Company has
presented income from continuing operations, as adjusted for items
impacting comparability, for the fourth quarter and full year of fiscal
years 2011 and 2010. The Company also presents guidance for fiscal year
2012, as adjusted. These adjustments have been made with the intent of
providing financial measures that give management and investors a better
understanding of the underlying operational results and trends as well
as ABM's marketplace performance. In addition, the Company has presented
earnings before interest, taxes, depreciation and amortization and
excluding discontinued operations and items impacting comparability
(adjusted EBITDA) for the fourth quarter and full year of fiscal years
2011 and 2010. Adjusted EBITDA is among the indicators management uses
as a basis for planning and forecasting future periods. The presentation
of these non-GAAP financial measures is not meant to be considered in
isolation or as a substitute for financial statements prepared in
accordance with generally accepted accounting principles in
Financial Schedules | |||||||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED) | |||||||||||
Quarter Ended |
Increase | ||||||||||
(In thousands, except per share data) | 2011 | 2010 | (Decrease) | ||||||||
Revenues | $ | 1,081,343 | $ | 901,373 | 20.0 | % | |||||
Expenses | |||||||||||
Operating | 959,592 | 803,719 | 19.4 | % | |||||||
Selling, general and administrative | 82,356 | 58,783 | 40.1 | % | |||||||
Amortization of intangible assets | 5,975 | 3,113 | 91.9 | % | |||||||
Total expenses | 1,047,923 | 865,615 | 21.1 | % | |||||||
Operating profit | 33,420 | 35,758 | (6.5 | )% | |||||||
Income from unconsolidated affiliates, net | 1,130 | - | NM* | ||||||||
Interest expense | (3,328 | ) | (1,098 | ) | 203.1 | % | |||||
Income from continuing operations before income taxes |
31,222 | 34,660 | (9.9 | )% | |||||||
Provision for income taxes | (13,040 | ) | (13,222 | ) | (1.4 | )% | |||||
Income from continuing operations | 18,182 | 21,438 | (15.2 | )% | |||||||
(Loss) income from discontinued operations, net of taxes | (134 | ) | 368 | NM* | |||||||
Net Income | $ | 18,048 | $ | 21,806 | (17.2 | )% | |||||
Net Income Per Common Share - Basic | |||||||||||
Income from continuing operations | $ | 0.34 | $ | 0.42 | (19.0 | )% | |||||
(Loss) income from discontinued operations, net of taxes | - | - | NM* | ||||||||
Net Income | $ | 0.34 | $ | 0.42 | (19.0 | )% | |||||
Net Income Per Common Share - Diluted | |||||||||||
Income from continuing operations | $ | 0.33 | $ | 0.41 | (19.5 | )% | |||||
(Loss) income from discontinued operations, net of taxes | - | - | NM* | ||||||||
Net Income | $ | 0.33 | $ | 0.41 | (19.5 | )% | |||||
* Not Meaningful | |||||||||||
Average Common And Common Equivalent Shares | |||||||||||
Basic | 53,331 | 52,490 | |||||||||
Diluted | 54,158 | 53,369 | |||||||||
Dividends Declared Per Common Share | $ | 0.145 | $ | 0.135 | |||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED) | |||||||||||
Year Ended |
Increase | ||||||||||
(In thousands, except per share data) | 2011 | 2010 | (Decrease) | ||||||||
Revenues | $ | 4,246,842 | $ | 3,495,747 | 21.5 | % | |||||
Expenses | |||||||||||
Operating | 3,781,264 | 3,134,018 | 20.7 | % | |||||||
Selling, general and administrative | 324,762 | 241,526 | 34.5 | % | |||||||
Amortization of intangible assets | 23,248 | 11,364 | 104.6 | % | |||||||
Total expenses | 4,129,274 | 3,386,908 | 21.9 | % | |||||||
Operating profit | 117,568 | 108,839 | 8.0 | % | |||||||
Other-than-temporary impairment losses on auction rate security: Impairments recognized in other comprehensive income |
- | (127 | ) | NM* | |||||||
Income from unconsolidated affiliates, net | 3,915 | - | NM* | ||||||||
Interest expense | (15,805 | ) | (4,639 | ) | 240.7 | % | |||||
Income from continuing operations before income taxes |
105,678 | 104,073 | 1.5 | % | |||||||
Provision for income taxes | (36,980 | ) | (40,203 | ) | (8.0 | )% | |||||
Income from continuing operations | 68,698 | 63,870 | 7.6 | % | |||||||
(Loss) income from discontinued operations, net of taxes | (194 | ) | 251 | NM* | |||||||
Net Income | $ | 68,504 | $ | 64,121 | 6.8 | % | |||||
Net Income Per Common Share - Basic | |||||||||||
Income from continuing operations | $ | 1.29 | $ | 1.23 | 4.9 | % | |||||
(Loss) income from discontinued operations, net of taxes | - | - | NM* | ||||||||
Net Income | $ | 1.29 | $ | 1.23 | 4.9 | % | |||||
Net Income Per Common Share - Diluted | |||||||||||
Income from continuing operations | $ | 1.27 | $ | 1.21 | 5.0 | % | |||||
(Loss) income from discontinued operations, net of taxes | - | - | NM* | ||||||||
Net Income | $ | 1.27 | $ | 1.21 | 5.0 | % | |||||
* Not Meaningful | |||||||||||
Average Common And Common Equivalent Shares | |||||||||||
Basic | 53,121 | 52,117 | |||||||||
Diluted | 54,103 | 52,908 | |||||||||
Dividends Declared Per Common Share | $ | 0.565 | $ | 0.540 | |||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||
SELECTED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED) | ||||||||
Quarter Ended |
||||||||
(In thousands) | 2011 | 2010 | ||||||
Net cash provided by continuing operating activities | 74,248 | 67,787 | ||||||
Net cash provided by discontinued operating activities | 905 | 1,787 | ||||||
Net cash provided by operating activities | $ | 75,153 | $ | 69,574 | ||||
Net cash used in investing activities | $ | (4,847 | ) | $ | (39,928 | ) | ||
Proceeds from exercises of stock options (including income tax benefit) |
189 | 5,210 | ||||||
Dividends paid | (7,466 | ) | (7,101 | ) | ||||
Deferred financing costs paid | (30 | ) | - | |||||
Borrowings from line of credit | 145,000 | 149,500 | ||||||
Repayment of borrowings from line of credit | (210,000 | ) | (159,000 | ) | ||||
Changes in book cash overdrafts | (11,146 | ) | (11,711 | ) | ||||
Net cash used in financing activities | $ | (83,453 | ) | $ | (23,102 | ) | ||
Year Ended |
||||||||
(In thousands) | 2011 | 2010 | ||||||
Net cash provided by continuing operating activities | 156,800 | 140,746 | ||||||
Net cash provided by discontinued operating activities | 3,190 | 9,118 | ||||||
Net cash provided by operating activities | $ | 159,990 | $ | 149,864 | ||||
Acquisition of Linc (net of cash acquired) | (290,253 | ) | - | |||||
Other investing | (17,159 | ) | (87,860 | ) | ||||
Net cash used in investing activities | $ | (307,412 | ) | $ | (87,860 | ) | ||
Proceeds from exercises of stock options (including income tax benefit) |
9,708 | 11,376 | ||||||
Dividends paid | (29,744 | ) | (28,152 | ) | ||||
Deferred financing costs paid | (5,021 | ) | - | |||||
Borrowings from line of credit | 885,500 | 448,000 | ||||||
Repayment of borrowings from line of credit | (726,000 | ) | (480,000 | ) | ||||
Changes in book cash overdrafts | - | (7,935 | ) | |||||
Net cash provided by (used in) financing activities | 134,443 | $ | (56,711 | ) | ||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (UNAUDITED) | ||||||
|
|
|||||
(In thousands) | 2011 | 2010 | ||||
Assets | ||||||
Cash and cash equivalents | $ | 26,467 | $ | 39,446 | ||
Trade accounts receivable, net | 552,098 | 450,513 | ||||
Prepaid income taxes | 7,205 | 1,498 | ||||
Current assets of discontinued operations | 1,992 | 4,260 | ||||
Prepaid expenses | 41,823 | 41,306 | ||||
Notes receivable and other | 52,756 | 20,402 | ||||
Deferred income taxes, net | 40,565 | 46,193 | ||||
Insurance recoverables | 10,851 | 5,138 | ||||
Total current assets | 733,757 | 608,756 | ||||
Non-current assets of discontinued operations | 216 | 1,392 | ||||
Insurance deposits | 35,974 | 36,164 | ||||
Other investments and long-term receivables | 5,798 | 4,445 | ||||
Deferred income taxes, net | 30,948 | 51,068 | ||||
Insurance recoverables | 59,759 | 70,960 | ||||
Other assets | 43,178 | 37,869 | ||||
Investments in auction rate securities | 15,670 | 20,171 | ||||
Investments in unconsolidated affiliates, net | 14,423 | - | ||||
Property, plant and equipment, net | 60,009 | 58,088 | ||||
Other intangible assets, net | 128,994 | 65,774 | ||||
Goodwill | 750,872 | 593,983 | ||||
Total assets | $ | 1,879,598 | $ | 1,548,670 | ||
Liabilities | ||||||
Trade accounts payable | $ | 130,464 | $ | 78,928 | ||
Accrued liabilities | ||||||
Compensation | 112,233 | 89,063 | ||||
Taxes - other than income | 19,144 | 17,663 | ||||
Insurance claims | 78,828 | 77,101 | ||||
Other | 102,220 | 70,119 | ||||
Income taxes payable | 307 | 977 | ||||
Total current liabilities | 443,196 | 333,851 | ||||
Income taxes payable | 38,236 | 29,455 | ||||
Line of credit | 300,000 | 140,500 | ||||
Retirement plans and other | 39,707 | 34,626 | ||||
Insurance claims | 262,573 | 271,213 | ||||
Total liabilities | 1,083,712 | 809,645 | ||||
Stockholders' Equity | 795,886 | 739,025 | ||||
Total liabilities and stockholders' equity | $ | 1,879,598 | $ | 1,548,670 | ||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||||||||||
REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED) | |||||||||||
Quarter Ended |
Increase | ||||||||||
(In thousands) | 2011 | 2010 | (Decrease) | ||||||||
Revenues | |||||||||||
Janitorial | $ | 596,638 | $ | 588,561 | 1.4 | % | |||||
Engineering | 241,323 | 96,913 | 149.0 | % | |||||||
Parking | 153,363 | 128,585 | 19.3 | % | |||||||
Security | 89,747 | 87,040 | 3.1 | % | |||||||
Corporate | 272 | 274 | (0.7 | )% | |||||||
$ | 1,081,343 | $ | 901,373 | 20.0 | % | ||||||
Operating Profit | |||||||||||
Janitorial | $ | 35,679 | $ | 38,967 | (8.4 | )% | |||||
Engineering | 9,214 | 6,516 | 41.4 | % | |||||||
Parking | 7,458 | 6,705 | 11.2 | % | |||||||
Security | 2,957 | 3,174 | (6.8 | )% | |||||||
Corporate | (21,888 | ) | (19,604 | ) | (11.7 | )% | |||||
Operating profit | 33,420 | 35,758 | (6.5 | )% | |||||||
Income from unconsolidated affiliates, net | 1,130 | - | NM* | ||||||||
Interest expense | (3,328 | ) | (1,098 | ) | 203.1 | % | |||||
Income from continuing operations before income taxes |
$ | 31,222 | $ | 34,660 | (9.9 | )% | |||||
REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED) | |||||||||||
Year Ended |
Increase | ||||||||||
(In thousands) | 2011 | 2010 | (Decrease) | ||||||||
Revenues | |||||||||||
Janitorial | $ | 2,380,195 | $ | 2,306,098 | 3.2 | % | |||||
Engineering | 899,381 | 382,629 | 135.1 | % | |||||||
Parking | 615,679 | 469,398 | 31.2 | % | |||||||
Security | 350,377 | 336,249 | 4.2 | % | |||||||
Corporate | 1,210 | 1,373 | (11.9 | )% | |||||||
$ | 4,246,842 | $ | 3,495,747 | 21.5 | % | ||||||
Operating Profit | |||||||||||
Janitorial | $ | 140,621 | $ | 140,007 | 0.4 | % | |||||
Engineering | 33,384 | 22,931 | 45.6 | % | |||||||
Parking | 24,257 | 22,738 | 6.7 | % | |||||||
Security | 7,968 | 7,487 | 6.4 | % | |||||||
Corporate | (88,662 | ) | (84,324 | ) | (5.1 | )% | |||||
Operating profit | 117,568 | 108,839 | 8.0 | % | |||||||
Other-than-temporary impairment losses on auction rate security: |
|||||||||||
Impairments recognized in other comprehensive income |
- | (127 | ) | NM* | |||||||
Income from unconsolidated affiliates, net | 3,915 | - | NM* | ||||||||
Interest expense | (15,805 | ) | (4,639 | ) | 240.7 | % | |||||
Income from continuing operations before income taxes |
$ | 105,678 | $ | 104,073 | 1.5 | % | |||||
* Not Meaningful |
|
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Reconciliations of Non-GAAP Financial Measures | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Quarter Ended |
Year Ended October 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Reconciliation of Adjusted Income from Continuing Operations to Net Income |
||||||||||||||||
Adjusted income from continuing operations | $ | 20,377 | $ | 22,624 | $ | 74,962 | $ | 70,541 | ||||||||
Items impacting comparability, net of taxes | (2,195 | ) | (1,186 | ) | (6,264 | ) | (6,671 | ) | ||||||||
Income from continuing operations | 18,182 | 21,438 | 68,698 | 63,870 | ||||||||||||
(Loss) income from discontinued operations | (134 | ) | 368 | (194 | ) | 251 | ||||||||||
Net income | $ | 18,048 | $ | 21,806 | $ | 68,504 | $ | 64,121 | ||||||||
Reconciliation of Adjusted Income from Continuing Operations to Income from Continuing Operations |
||||||||||||||||
Adjusted income from continuing operations | $ | 20,377 | $ | 22,624 | $ | 74,962 | $ | 70,541 | ||||||||
Items impacting comparability: | ||||||||||||||||
Linc purchase accounting | - | - | (838 | ) | - | |||||||||||
Corporate initiatives and other (a) | (2,924 | ) | - | (3,252 | ) | (1,869 | ) | |||||||||
Insurance adjustments | 223 | (1,216 | ) | (856 | ) | (1,216 | ) | |||||||||
Litigation and other settlements | 355 | - | 1,402 | (5,406 | ) | |||||||||||
Acquisition costs | (780 | ) | (716 | ) | (6,092 | ) | (2,374 | ) | ||||||||
Total items impacting comparability | (3,126 | ) | (1,932 | ) | (9,636 | ) | (10,865 | ) | ||||||||
Income taxes benefit | 931 | 746 | 3,372 | 4,194 | ||||||||||||
Items impacting comparability, net of taxes | (2,195 | ) | (1,186 | ) | (6,264 | ) | (6,671 | ) | ||||||||
Income from continuing operations | $ | 18,182 | $ | 21,438 | $ | 68,698 | $ | 63,870 | ||||||||
Reconciliation of Adjusted EBITDA to Net Income | ||||||||||||||||
Adjusted EBITDA | $ | 51,339 | $ | 47,933 | $ | 184,023 | $ | 155,892 | ||||||||
Items impacting comparability | (3,126 | ) | (1,932 | ) | (9,636 | ) | (10,865 | ) | ||||||||
Discontinued operations | (134 | ) | 368 | (194 | ) | 251 | ||||||||||
Income tax | (13,040 | ) | (13,222 | ) | (36,980 | ) | (40,203 | ) | ||||||||
Interest expense | (3,328 | ) | (1,098 | ) | (15,805 | ) | (4,639 | ) | ||||||||
Depreciation and amortization | (13,663 | ) | (10,243 | ) | (52,904 | ) | (36,315 | ) | ||||||||
Net income | $ | 18,048 | $ | 21,806 | $ | 68,504 | $ | 64,121 | ||||||||
(a) Corporate initiatives for the three months and year ended
|
||||||||||||||||
(Continued) | ||||||||
Reconciliation of Adjusted Income from Continuing Operations per Diluted Share to Income from Continuing Operations per Diluted Share (Unaudited) |
||||||||
Quarter Ended |
Year Ended October 31, | |||||||
2011 | 2010 | 2011 | 2010 | |||||
Adjusted income from continuing operations per diluted share |
|
|
|
|
||||
Items impacting comparability, net of taxes |
(0.04) | (0.02) | (0.12) | (0.13) | ||||
Income from continuing operations per diluted share |
|
|
|
|
||||
Diluted shares | 54,158 | 53,369 | 54,103 | 52,908 | ||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||
CALCULATION OF ADJUSTED EBITDA LEVERAGE RATIO (UNAUDITED) | |||
(In thousands) |
|||
LEVERAGE RATIO - Post Linc Acquisition | |||
(1) Outstanding borrowings * | $ | 452,461 | |
(2) Adjusted EBITDA ** | $ | 184,023 | |
Ratio of (1) to (2) | 2.46 | ||
LEVERAGE RATIO - |
|||
(1) Outstanding borrowings * | $ | 300,000 | |
(2) Adjusted EBITDA ** | $ | 184,023 | |
Ratio of (1) to (2) | 1.63 | ||
* Outstanding borrowings immediately following the acquisition of
Linc on |
|||
** Adjusted EBITDA for trailing twelve months as of |
|||
|
||||||||
Reconciliation of Estimated Adjusted Income from Continuing
Operations per Diluted Share to Income from Continuing Operations
per Diluted Share for the Year Ending |
||||||||
Year Ending |
||||||||
Low Estimate | High Estimate | |||||||
(per diluted share) | ||||||||
Adjusted income from continuing operations per diluted share | $ | 1.40 | $ | 1.50 | ||||
Adjustments to income from continuing operations (a) | $ | (0.14 | ) | $ | (0.14 | ) | ||
Income from continuing operations per diluted share | $ | 1.26 | $ | 1.36 | ||||
(a) Adjustments to income from continuing operations are expected to include rebranding costs and other unique items impacting comparability. |
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Investors & Analysts:
dfarwell@abm.com
or
Media:
tony.mitchell@abm.com
Source:
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