Picture 2

Exhibit 99.1

Picture 3

 

Avnet Reports First Quarter Fiscal 2019 Financial Results

 

First quarter sales rose 9.2 percent year over year

 

GAAP diluted EPS rose 53 percent to $0.72;  adjusted diluted EPS rose 36 percent to $1.03

 

 

PHOENIX - October 25, 2018 - Avnet, Inc. (Nasdaq:AVT) today announced results for the first quarter ended September 29, 2018.

 

First Quarter Key Financial Highlights

·

Sales of $5.09 billion rose 9.2% year over year

o

Sales grew 9.9% year over year in constant currency

·

GAAP diluted EPS from continuing operations rose 53.2% to  $0.72 year over year

o

Adjusted diluted EPS from continuing operations increased 35.5% to  $1.03 year over year

·

GAAP operating income of $146.8 million rose 127.4% year over year

o

Adjusted operating income of $182.5 million rose 33.7% year over year

·

GAAP operating income margin of 2.9%

o

Adjusted operating income margin of 3.6% expanded 66 basis points year over year

·

Net working capital days declined by 1 day to 83 days

 

CEO Commentary

 

“We are pleased to report the continued positive trend in profitability and growth entering fiscal year 2019,” said Bill Amelio, Chief Executive Officer, Avnet. “With the introduction of Avnet’s new comprehensive ecosystem last year, we have expanded our portfolio of services significantly, which has resulted in first quarter growth among both our existing customers as well as with new and non-traditional customers.”

 


 

Key Financial Metrics

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter Results (GAAP)(2)

 

 

 

Sep – 18

   

Sep – 17

   

Change Y/Y

   

Jun – 18

   

Change Q/Q

 

Sales

 

$

5,089.9

 

 

$

4,660.9

 

 

9.2

%

 

$

5,059.2

 

 

0.6

%

 

Operating Income

 

 

146.8

 

 

 

64.6

 

 

127.4

%

 

 

121.5

 

 

20.8

%

 

Operating Income Margin

 

 

2.9

%

 

 

1.4

%

 

149

bps

 

 

2.4

%

 

48

bps

 

Diluted Earnings Per Share

 

$

0.72

 

 

$

0.47

 

 

53.2

%

 

$

0.49

 

 

46.9

%

 

First Quarter Results (Non-GAAP)(1)(2)

 

 

 

Sep – 18

   

Sep – 17

   

Change Y/Y

   

Jun – 18

   

Change Q/Q

 

Sales

 

$

5,089.9

 

 

$

4,660.9

 

 

9.2

%

 

$

5,059.2

 

 

0.6

%

 

Adjusted Operating Income

 

 

182.5

 

 

 

136.5

 

 

33.7

%

 

 

180.1

 

 

1.3

%

 

Adjusted Operating Income Margin

 

 

3.6

%

 

 

2.9

%

 

66

bps

 

 

3.6

%

 

3

bps

 

Adjusted Diluted Earnings Per Share

 

$

1.03

 

 

$

0.76

 

 

35.5

%

 

$

0.99

 

 

4.0

%

 

Segment and Geographical Mix(2)

 

 

 

Sep – 18

   

Sep – 17

   

Change Y/Y

 

Jun – 18

   

Change Q/Q

 

Electronic Components (EC) Sales

 

$

4,710.8

 

 

$

4,307.2

 

 

9.4

%

 

$

4,668.7

 

 

0.9

%

 

EC Operating Income Margin

 

 

3.4

%

 

 

3.2

%

 

20

bps

 

 

3.4

%

 

1

bps

 

Premier Farnell  (PF) Sales

 

$

379.1

 

 

$

353.7

 

 

7.2

%

 

$

390.5

 

 

(2.9)

%

 

PF Operating Income Margin

 

 

10.8

%

 

 

9.2

%

 

153

bps

 

 

11.2

%

 

(43)

bps

 

Americas Sales

 

$

1,271.8

 

 

$

1,185.5

 

 

7.3

%

 

$

1,339.2

 

 

(5.0)

%

 

EMEA Sales

 

 

1,714.9

 

 

 

1,693.0

 

 

1.3

%

 

 

1,779.6

 

 

(3.6)

%

 

Asia Sales

 

 

2,103.2

 

 

 

1,782.4

 

 

18.0

%

 

 

1,940.4

 

 

8.4

%

 


(1)

A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

(2)

Certain prior year amounts in the Company’s measurement of operating income have been recasted to reflect the adoption of new accounting standards during the first quarter of fiscal 2019.

 

 

CFO Commentary

 

“Our focus on cost management resulted in a $26.4 million reduction in selling, general, and administrative expenses year over year on a 9.2% growth in revenue. We also took steps to realize greater efficiencies longer term by opening a new distribution center in Hong Kong this quarter,” said Tom Liguori, Chief Financial Officer, Avnet. “We reduced net working capital days and remain on schedule for achieving our long term target of 70 days. We continued implementing our capital allocation strategy by repurchasing 3.3 million shares this quarter, and we increased our quarterly dividend by more than 5% to $0.20 per share for a total return to shareholders of $179.8 million.”

 

 

Additional First Quarter Fiscal 2019 Highlights

 

·

The Electronic Components business sales rose 9.4% year over year to $4.7 billion with operating margins of 3.4%

·

Premier Farnell sales rose 7.2% to $379 million, with operating margins rising to 10.8% compared with 9.2% last year

·

Asia continued to deliver the strongest growth by region with year-over-year sales rising 18%

·

Sales in the Americas rose 7.3% year over year and operating margin continued to improve as recovery continues in the Americas

 


 

·

Book-to-bill ratio at the end of the quarter remained positive at greater than 1.0

·

Cash and cash equivalents at the end of the quarter was $365.9 million; net debt (total debt less cash and cash equivalents) was $1.20 billion 

·

Cash used for operations was $85 million primarily for inventory to support second quarter sales

·

Received $120 million of additional proceeds from finalizing the sale price of the Technology Solutions Business, which was used to repurchase shares

·

Expanded share repurchase authorization by $500 million, repurchased 3.3 million shares, and increased quarterly dividend by 5.3% to $0.20 per share for a total return to shareholders of $179.8 million during the quarter

 

Other Highlights

 

·

Won five prestigious awards from the following organizations:

o

Nordic Semiconductor ASA named Avnet Distributor of the Year

o

Received the Supplier Excellence Award for Outstanding Distributor from L3 Technologies CS-West Division

o

Panasonic Batteries named Avnet Distributor of the Year in Europe

o

Magazin Elektronik named EBV, a division of Avnet, Distributor of the Year in Europe, based on a customer poll

o

Harwin named Abacus, a division of Avnet, Distributor of the Year in Europe

·

Named Jo Ann Jenkins, CEO of AARP, to the company's Board of Directors where she will serve on the audit and corporate governance committees

·

Announced a multi-year partnership with Not Impossible Labs and debuted its first product, Music: Not Impossible, at the Life is Beautiful music festival. Music: Not Impossible uses sophisticated vibration technology to create a more inclusive and enhanced live music experience for the deaf, allowing the deaf and hearing communities to enjoy music together

 

 

 

Outlook for the Second Quarter of Fiscal 2019 Ending on December 29, 2018

 

 

 

 

 

 

 

    

Guidance Range

    

Midpoint

Sales

 

$4.9B - $5.3B

 

$5.1B

Non-GAAP Diluted EPS(1)

 

$0.98 - $1.08

 

$1.03

Estimated Tax Rate

 

19% - 23%

 

21%


(1)

A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

 

The above guidance excludes any additional acquisitions, any results of discontinued operations, amortization of intangibles, accelerated depreciation, any potential restructuring, integration, and other expenses and certain income tax adjustments including certain impacts of the recent tax law changes in the U.S.  The above guidance assumes 113 million average diluted shares outstanding and the average U.S. Dollar to Euro currency exchange rate for the second quarter of fiscal 2019 is $1.16 to €1.00. This compares with an average exchange rate of $1.18 to €1.00 in the second quarter of fiscal 2018.

 

 


 

Today’s Conference Call and Webcast Details:

 

Avnet will host a quarterly teleconference and webcast today at 1:30 p.m. PDT. To participate in the live call, dial 877-407-8112 or 201-689-8840. The slides can be accessed by following this link:  Avnet earnings call webcast and slides or via Avnet’s Investor Relations web page at www.avnet.com. A replay of the conference call will be available for 30 days, through November 25 at 2:00 p.m. PT, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13683601.

 

 

Forward-Looking Statements

 

This document contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management’s current expectations and are subject to uncertainty and changes in facts and circumstances. The forward-looking statements herein include statements addressing future financial and operating results of Avnet and may include words such as “will,” “anticipate,” “intend,” “estimate,” “forecast,” “expect,” “feel,” “believe,” “should,” and other words and terms of similar meaning in connection with any discussions of future operating or financial performance, business prospects or market conditions. Actual results may differ materially from the expectations contained in the forward-looking statements.

 

The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Avnet’s ability to retain and grow market share and to generate additional cash flow, risks associated with any acquisition activities and the successful integration of acquired companies, implementing and maintaining ERP systems, supplier losses and changes to supplier programs, an industry down-cycle in semiconductors, declines in sales, changes in business conditions and the economy in general, changes in market demand and pricing pressures, any material changes in the allocation of product or price discounts by suppliers, and other competitive and/or regulatory factors affecting the businesses of Avnet generally.

 

More detailed information about these and other factors is set forth in Avnet’s filings with the Securities and Exchange Commission, including Avnet’s reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, Avnet is under no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 


 

About Avnet

 

Avnet is a global technology solutions provider with an extensive ecosystem delivering design, product, marketing and supply chain expertise for customers at every stage of the product lifecycle. We transform ideas into intelligent solutions, reducing the time, cost and complexities of bringing products to market. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com.

 

Investor Relations Contacts

 

Tom Liguori, CFO

Avnet

480-643-7550

or

Ina McGuinness, Abernathy MacGregor

480-643-7053

investorrelations@avnet.com 

 

Media Relations Contact

 

Maureen O’Leary

Media Relations

480-643-7499

maureen.oleary@avnet.com 

 

 


 

AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

First Quarters Ended

 

 

    

September 29,

    

September 30,

 

 

 

2018

 

2017

 

 

 

(Thousands, except per share data)

 

Sales

 

$

5,089,879

 

$

4,660,943

 

Cost of sales

 

 

4,453,129

 

 

4,048,388

 

Gross profit

 

 

636,750

 

 

612,555

 

Selling, general and administrative expenses

 

 

475,146

 

 

501,593

 

Restructuring, integration and other expenses

 

 

14,788

 

 

46,394

 

Operating income

 

 

146,816

 

 

64,568

 

Other income (expense), net

 

 

(1,892)

 

 

18,921

 

Interest and other financing expenses, net

 

 

(30,093)

 

 

(22,015)

 

Income from continuing operations before taxes

 

 

114,831

 

 

61,474

 

Income tax expense

 

 

31,302

 

 

3,292

 

Income from continuing operations, net of tax

 

 

83,529

 

 

58,182

 

Income from discontinued operations, net of tax

 

 

195

 

 

121

 

Net income

 

$

83,724

 

$

58,303

 

 

 

 

 

 

 

 

 

Earnings per share - basic:

 

 

 

 

 

 

 

Continuing operations

 

$

0.73

 

$

0.48

 

Discontinued operations

 

 

0.00

 

 

0.00

 

Net income per share basic

 

$

0.73

 

$

0.48

 

 

 

 

 

 

 

 

 

Earnings per share - diluted:

 

 

 

 

 

 

 

Continuing operations

 

$

0.72

 

$

0.47

 

Discontinued operations

 

 

0.00

 

 

0.00

 

Net income per share diluted

 

$

0.72

 

$

0.47

 

 

 

 

 

 

 

 

 

Shares used to compute earnings per share:

 

 

 

 

 

 

 

Basic

 

 

115,260

 

 

122,685

 

Diluted

 

 

116,471

 

 

123,984

 

Cash dividends paid per common share

 

$

0.20

 

$

0.18

 

 

 


 

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

    

September 29,

    

June 30,

 

 

 

2018

 

2018

 

 

 

(Thousands)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

365,852

 

$

621,125

 

Receivables, net

 

 

3,682,512

 

 

3,641,139

 

Inventories

 

 

3,395,194

 

 

3,141,822

 

Prepaid and other current assets

 

 

114,432

 

 

206,513

 

Total current assets

 

 

7,557,990

 

 

7,610,599

 

Property, plant and equipment, net

 

 

525,873

 

 

522,909

 

Goodwill

 

 

982,306

 

 

980,872

 

Intangible assets, net

 

 

199,379

 

 

219,913

 

Other assets

 

 

188,226

 

 

262,552

 

Total assets

 

$

9,453,774

 

$

9,596,845

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term debt

 

$

10,626

 

$

165,380

 

Accounts payable

 

 

2,352,771

 

 

2,269,478

 

Accrued expenses and other

 

 

501,435

 

 

534,603

 

Total current liabilities

 

 

2,864,832

 

 

2,969,461

 

Long-term debt

 

 

1,554,722

 

 

1,489,219

 

Other liabilities

 

 

413,147

 

 

453,084

 

Total liabilities

 

 

4,832,701

 

 

4,911,764

 

Shareholders’ equity

 

 

4,621,073

 

 

4,685,081

 

Total liabilities and shareholders’ equity

 

$

9,453,774

 

$

9,596,845

 

 

 

 

 

 

 

 

 

 

 


 

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

    

September 29, 2018

    

September 30, 2017

 

 

 

(Thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

83,724

 

$

58,303

 

Less: Income from discontinued operations, net of tax

 

 

195

 

 

121

 

Income from continuing operations

 

 

83,529

 

 

58,182

 

 

 

 

 

 

 

 

 

Non-cash and other reconciling items:

 

 

 

 

 

 

 

Depreciation

 

 

25,389

 

 

38,263

 

Amortization

 

 

20,810

 

 

25,506

 

Deferred income taxes

 

 

36,830

 

 

(23,436)

 

Stock-based compensation

 

 

9,044

 

 

8,609

 

Other, net

 

 

14,994

 

 

4,902

 

Changes in (net of effects from businesses acquired and divested):

 

 

 

 

 

 

 

Receivables

 

 

(19,292)

 

 

(32,409)

 

Inventories

 

 

(269,649)

 

 

(266,998)

 

Accounts payable

 

 

95,119

 

 

37,252

 

Accrued expenses and other, net

 

 

(81,753)

 

 

22,140

 

Net cash flows used for operating activities - continuing operations

 

 

(84,979)

 

 

(127,989)

 

Net cash flows used for operating activities - discontinued operations

 

 

 —

 

 

 —

 

Net cash flows used for operating activities

 

 

(84,979)

 

 

(127,989)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings (repayments) under accounts receivable securitization, net

 

 

(40,000)

 

 

28,000

 

Repayments under senior unsecured credit facility, net

 

 

(50,330)

 

 

(92,471)

 

Repayments under bank credit facilities and other debt, net

 

 

(1,217)

 

 

(24,888)

 

Repurchases of common stock

 

 

(149,094)

 

 

(68,113)

 

Dividends paid on common stock

 

 

(22,932)

 

 

(22,012)

 

Other, net

 

 

17,328

 

 

(579)

 

Net cash flows used for financing activities - continuing operations

 

 

(246,245)

 

 

(180,063)

 

Net cash flows used for financing activities - discontinued operations

 

 

 —

 

 

 —

 

Net cash flows used for financing activities

 

 

(246,245)

 

 

(180,063)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(41,007)

 

 

(26,659)

 

Acquisitions of businesses, net of cash acquired

 

 

 —

 

 

(14,661)

 

Other, net

 

 

65

 

 

1,211

 

Net cash flows used for investing activities - continuing operations

 

 

(40,942)

 

 

(40,109)

 

Net cash flows provided by investing activities - discontinued operations

 

 

120,000

 

 

45,391

 

Net cash flows provided by investing activities

 

 

79,058

 

 

5,282

 

Effect of currency exchange rate changes on cash and cash equivalents

 

 

(3,107)

 

 

6,065

 

Cash and cash equivalents:

 

 

 

 

 

 

 

— decrease

 

 

(255,273)

 

 

(296,705)

 

— at beginning of period

 

 

621,125

 

 

836,384

 

— at end of period

 

$

365,852

 

$

539,679

 

 

 

 

 

 

 

 


 

Non-GAAP Financial Information

 

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted other income (expense), (iii) adjusted income tax expense, (iv) adjusted income from continuing operations, (v) adjusted diluted earnings per share, and (vi) sales adjusted for the impact of acquisitions and other items (as defined in the Organic Sales section of this document).

 

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes organic sales and sales in constant currency are useful measures for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

 

Management believes that operating income adjusted for restructuring, integration and other expenses, goodwill impairment expense and amortization of acquired intangible assets and other, are useful measures to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as well as other income (expense) excluding certain amounts as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in many cases, for measuring performance for compensation purposes. Management measures operating income for our reportable segments excluding restructuring, integration and other expenses, goodwill impairment expense and amortization of acquired intangible assets and other. 

 

Additional non-GAAP metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales.

 

Management also believes income tax expense, income from continuing operations and diluted earnings per share from continuing operations adjusted for the impact of the items described above and certain items impacting other expense and income tax expense are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes income from continuing operations and diluted earnings per share from continuing operations excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

 

 


 

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

September 29, 2018*

    

 

 

($ in thousands, except per share amounts)

 

GAAP selling, general and administrative expenses - continuing operations

 

$

475,146

 

Amortization of intangible assets and other - continuing operations

 

 

(20,927)

 

Adjusted operating expenses - continuing operations

 

 

454,219

 

 

 

 

 

 

GAAP operating income - continuing operations

 

$

146,816

 

Restructuring, integration and other expenses - continuing operations

 

 

14,788

 

Amortization of intangible assets and other - continuing operations

 

 

20,927

 

Adjusted operating income - continuing operations

 

 

182,531

 

 

 

 

 

 

GAAP income before income taxes- continuing operations

 

$

114,831

 

Restructuring, integration and other expenses - continuing operations

 

 

14,788

 

Amortization of intangible assets and other - continuing operations

 

 

20,927

 

Adjusted income before income taxes - continuing operations

 

 

150,546

 

 

 

 

 

 

GAAP income tax expense - continuing operations

 

$

31,302

 

Restructuring, integration and other expenses  - continuing operations

 

 

3,320

 

Amortization of intangible assets and other - continuing operations

 

 

4,478

 

Discrete income tax expense items, net - continuing operations

 

 

(8,238)

 

Adjusted income tax expense - continuing operations

 

 

30,862

 

 

 

 

 

 

GAAP income - continuing operations

 

$

83,529

 

Restructuring, integration and other expenses (net of tax) - continuing operations

 

 

11,468

 

Amortization of intangible assets and other (net of tax) - continuing operations

 

 

16,449

 

Discrete income tax expense items, net - continuing operations

 

 

8,238

 

Adjusted income - continuing operations

 

 

119,684

 

 

 

 

 

 

GAAP diluted earnings per share - continuing operations

 

$

0.72

 

Restructuring, integration and other expenses (net of tax) - continuing operations

 

 

0.10

 

Amortization of intangible assets and other (net of tax) - continuing operations

 

 

0.14

 

Discrete income tax expense items, net - continuing operations

 

 

0.07

 

Adjusted diluted EPS - continuing operations

 

 

1.03

 


* May not foot due to rounding

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 

 

Quarters Ended

 

 

 

    

Year to Date

 

June 30,

 

March 31,

    

December 30,

    

September 30,

    

 

 

  

2018*

  

2018*

  

2018*

  

2017*

  

2017*

 

 

 

 

($ in thousands, except per share amounts)

 

GAAP selling, general and administrative expenses - continuing operations(1)

 

 

$

1,991,401

 

$

500,257

 

$

505,471

 

$

484,082

 

$

501,593

 

Amortization of intangible assets and other - continuing operations

 

 

 

(91,923)

 

 

(21,736)

 

 

(22,725)

 

 

(21,877)

 

 

(25,585)

 

Adjusted operating expenses - continuing operations(1)

 

 

 

1,899,478

 

 

478,521

 

 

482,746

 

 

462,204

 

 

476,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss) - continuing operations(1)

 

 

$

209,218

 

$

121,527

 

$

(58,494)

 

$

81,617

 

$

64,568

 

Restructuring, integration and other expenses - continuing operations

 

 

 

145,125

 

 

36,848

 

 

25,120

 

 

36,762

 

 

46,394

 

Goodwill impairment expense - continuing operations

 

 

 

181,440

 

 

 -

 

 

181,440

 

 

 -

 

 

 -

 

Amortization of intangible assets and other - continuing operations

 

 

 

91,923

 

 

21,736

 

 

22,725

 

 

21,877

 

 

25,585

 

Adjusted operating income - continuing operations(1)

 

 

 

627,706

 

 

180,111

 

 

170,791

 

 

140,256

 

 

136,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP other income (expense), net - continuing operations(1)

 

 

$

28,606

 

$

(3,526)

 

$

9,862

 

$

3,349

 

$

18,921

 

Foreign currency (gain) loss and other expenses- continuing operations

 

 

 

(9,762)

 

 

(559)

 

 

137

 

 

546

 

 

(9,886)

 

Adjusted other income (expense), net - continuing operations(1)

 

 

 

18,844

 

 

(4,085)

 

 

9,999

 

 

3,895

 

 

9,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) before income taxes- continuing operations

 

 

$

145,077

 

$

93,526

 

$

(72,063)

 

$

62,140

 

$

61,474

 

Restructuring, integration and other expenses - continuing operations

 

 

 

145,125

 

 

36,848

 

 

25,120

 

 

36,762

 

 

46,394

 

Goodwill impairment expense - continuing operations

 

 

 

181,440

 

 

 -

 

 

181,440

 

 

 -

 

 

 -

 

Amortization of intangible assets and other - continuing operations

 

 

 

91,923

 

 

21,736

 

 

22,725

 

 

21,877

 

 

25,585

 

Foreign currency (gain) loss and other expenses- continuing operations

 

 

 

(9,762)

 

 

(559)

 

 

137

 

 

546

 

 

(9,886)

 

Adjusted income before income taxes - continuing operations

 

 

 

553,803

 

 

151,551

 

 

157,359

 

 

121,325

 

 

123,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income tax expense - continuing operations

 

 

$

287,966

 

$

35,787

 

$

243,541

 

$

5,346

 

$

3,292

 

Restructuring, integration and other expenses  - continuing operations

 

 

 

41,460

 

 

9,921

 

 

5,757

 

 

9,004

 

 

16,778

 

Amortization of intangible assets and other - continuing operations

 

 

 

18,556

 

 

4,376

 

 

4,575

 

 

4,405

 

 

5,200

 

Foreign currency (gain) loss and other expenses- continuing operations

 

 

 

(3,494)

 

 

(180)

 

 

33

 

 

84

 

 

(3,431)

 

Discrete income tax (expense) benefit items, net - continuing operations

 

 

 

(218,444)

 

 

(14,549)

 

 

(218,810)

 

 

8,017

 

 

6,898

 

Adjusted income tax expense - continuing operations

 

 

 

126,044

 

 

35,355

 

 

35,096

 

 

26,856

 

 

28,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) - continuing operations

 

 

$

(142,889)

 

$

57,739

 

$

(315,604)

 

$

56,794

 

$

58,182

 

Restructuring, integration and other expenses (net of tax) - continuing operations

 

 

 

103,665

 

 

26,927

 

 

19,363

 

 

27,758

 

 

29,616

 

Goodwill impairment expense (net of tax) - continuing operations

 

 

 

181,440

 

 

 -

 

 

181,440

 

 

 -

 

 

 -

 

Amortization of intangible assets and other (net of tax) - continuing operations

 

 

 

73,367

 

 

17,360

 

 

18,150

 

 

17,472

 

 

20,385

 

Foreign currency (gain) loss and other expenses (net of tax) - continuing operations

 

 

 

(6,268)

 

 

(379)

 

 

104

 

 

462

 

 

(6,455)

 

Discrete income tax expense (benefit) items, net - continuing operations

 

 

 

218,444

 

 

14,549

 

 

218,810

 

 

(8,017)

 

 

(6,898)

 

Adjusted income - continuing operations

 

 

 

427,759

 

 

116,196

 

 

122,263

 

 

94,469

 

 

94,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted earnings (loss) per share - continuing operations

 

 

$

(1.19)

 

$

0.49

 

$

(2.64)

 

$

0.47

 

$

0.47

 

Restructuring, integration and other expenses (net of tax) - continuing operations

 

 

 

0.86

 

 

0.23

 

 

0.16

 

 

0.23

 

 

0.24

 

Goodwill impairment expense (net of tax) - continuing operations

 

 

 

1.52

 

 

 -

 

 

1.52

 

 

 -

 

 

 -

 

Amortization of intangible assets and other (net of tax) - continuing operations

 

 

 

0.61

 

 

0.15

 

 

0.15