IHS Inc. - FORM 8-K - EX-99.1 - Q2-11 EARNINGS RELEASE

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8-K - FORM 8-K - IHS Inc.	q2-11earningsrelease.htm

Exhibit 99.1



	News Release

FOR IMMEDIATE RELEASE



News Media Contact:		Investor Relations Contact:
David E. Pendery		Andy Schulz
IHS Inc.		IHS Inc.
+1 303 397 2468		+1 303 397 2969
david.pendery@ihs.com		andy.schulz@ihs.com

IHS Inc. Reports Second Quarter 2011 Results


•	Quarterly revenue of $325 million, up 22%


•	Adjusted EBITDA of $95.5 million, or 29.4% of revenue for the quarter


•	EPS of $0.59 and adjusted EPS of $0.83 for the quarter

ENGLEWOOD, Colo. (June 22, 2011) - IHS Inc. (NYSE: IHS), a leading global source of critical information and insight, today reported results for the second quarter ended May 31, 2011. Revenue for the second quarter of 2011 totaled $325 million, a 22 percent increase over second quarter 2010 revenue of $266 million. Net income for the second quarter of 2011 was $38.7 million, or $0.59 per diluted share, compared to second quarter 2010 net income of $38.5 million, or $0.60 per diluted share.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) totaled $95.5 million for the second quarter of 2011, up 16 percent from $82.0 million in the second quarter of 2010. Adjusted earnings per diluted share were $0.83 for the second quarter of 2011, an increase of 6 percent over the prior-year period. Adjusted EBITDA and adjusted earnings per share are non-GAAP (Generally Accepted Accounting Principles) financial measures used by management to measure operating performance. Please see the end of this release for more information about these non-GAAP measures.

“Our top-line growth, both on an organic and all-in basis, is strong,” said Jerre Stead, IHS chairman and chief executive officer. “With five acquisitions announced during this past quarter, and our ongoing investment in scalable platforms, our company's ability to deliver future profitable growth is the highest in our history.”

Second Quarter 2011 Details

Revenue for the second quarter of 2011 totaled $325 million, a 22 percent increase over second-quarter 2010 revenue of $266 million. The revenue increase was driven by 7 percent organic growth, 13 percent acquisitive growth, and 3 percent foreign currency movements. The subscription-based business grew 8 percent organically and represented 77 percent of total revenue.



	Three Months Ended May 31,				Absolute		Organic		Six Months Ended May 31,				Absolute		Organic
	2011		2010		% change		% change		2011		2010		% change		% change
Subscription revenue	$	250,541	$	205,722	22	%	8	%	$	484,313	$	401,208	21	%	8	%
Non-subscription revenue	74,576		60,758		23	%	3	%	135,806		106,007		28	%	6	%
Total revenue	$	325,117	$	266,480	22	%	7	%	$	620,119	$	507,215	22	%	8	%

The company continued to grow its business overall in all three regions. The Americas (North and South America) segment increased its revenue during the second quarter by $28.5 million, or 17 percent, to $196.6 million. The EMEA (Europe, Middle East and Africa) segment grew its second quarter revenue by $20.4 million, or 27 percent, to $95.6 million. The APAC (Asia Pacific) segment's revenue was up $9.8 million, or 42 percent, to $32.9 million.

Adjusted EBITDA for the second quarter of 2011 was $95.5 million, up $13.5 million, or 16 percent, over the prior-year period. Operating income increased $1.6 million, or 3 percent, to $51.0 million. Americas' operating income increased $0.4 million, or 1 percent, to $54.8 million. EMEA's operating income was up $2.3 million, or 13 percent, to $19.6 million. APAC's operating income grew $2.0 million, or 25 percent, to $9.9 million.

Year-to-Date 2011

Revenue for the six months ended May 31, 2011, increased $112.9 million, or 22 percent, to $620 million. Organic revenue growth was 8 percent overall and 8 percent for the subscription-based portion of the business. Acquisitions added 13 percent, and foreign currency movements increased revenue by 2 percent during the first half of 2011. The Americas segment grew its revenue during the six months ended May 31, 2011, by $57.7 million, or 18 percent, to $378 million. The EMEA segment increased its year-to-date 2011 revenue by $36.6 million, or 26 percent, to $180 million. The APAC segment increased its revenue by $18.6 million, or 42 percent, to $62 million, during the first half of 2011.

Adjusted EBITDA for year-to-date 2011 increased $29.3 million, or 19 percent, to $182 million. Operating income increased $5.2 million, or 6 percent, year-over-year to $91 million. Americas’ operating income was $104.1 million, up $3.0 million, or 3 percent, over the prior-year period. EMEA grew its year-to-date 2011 operating income to $36.1 million, up $6.1 million, or 20 percent, over the same period of 2010. APAC’s operating income was $18.1 million, an increase of $4.0 million, or 28 percent, over last year.

Net income for the six months ended May 31, 2011 increased $4.1 million, or 6 percent, to $69.4 million, or $1.06 per diluted share.

Cash Flows

IHS generated $201 million of cash flow from operations during the six months ended May 31, 2011, representing a 12 percent increase over last year's $179 million.

Balance Sheet

IHS ended second quarter 2011 with $147 million of cash and cash equivalents and $295 million of debt.

“Our strong organic growth and robust cash flow generation allows us to continue our significant investment in the business,” stated Michael J. Sullivan, executive vice president and chief financial officer. “We have many investment opportunities which will deliver profitable growth in the future.”

Outlook (forward-looking statement)

For the year ending November 30, 2011, IHS is increasing both its revenue and its Adjusted EBITDA guidance and expects:


•	All-in revenue in a range of $1.285 to $1.315 billion; and


•	All-in Adjusted EBITDA in a range of $390 to $398 million.

Additionally, for the year ending November 30, 2011, IHS also expects:


•	Depreciation and amortization expense to be approximately $86 million;


•	Net interest expense of approximately $8 million;


•	Adjusted EPS between $3.33 and $3.43;


•	Stock-based compensation expense to be approximately $84 million;


•	Net pension expense to be approximately $11 million;


•	An adjusted tax rate of approximately 26-27%; and


•	Fully diluted shares to be approximately 66 million.

Finally, in addition to this updated full-year guidance, IHS is providing insight into its profit expectations for the third quarter of the year. IHS expects all-in Adjusted EBITDA for the third quarter of 2011 to be in a range of $97-99 million. Aside from this one-time look at a quarterly projection, IHS expects to continue its practice of providing guidance on an annual basis.

The above outlook assumes constant currencies and no further acquisitions or unanticipated events.

See discussion of Adjusted EBITDA and non-GAAP financial measures at the end of this release.

As previously announced, IHS will hold a conference call to discuss second quarter 2011 results on June 22, 2011, at 3:00 p.m. MDT (5:00 p.m. EDT). The conference call will be simultaneously webcast on the company's website: www.ihs.com.

Use of Non-GAAP Financial Measures

Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader's understanding of our financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures, such as Adjusted EBITDA and adjusted earnings per diluted share, are provided within the schedules attached to this release.

EBITDA is defined as net income plus or minus net interest plus income taxes, depreciation and amortization. Adjusted EBITDA further excludes (i) non-cash items (e.g., stock-based compensation expense and non-cash pension and post-retirement expense) and (ii) items that management does not consider to be useful in assessing our operating performance (e.g., acquisition-related costs, restructuring charges, income or loss from discontinued operations, and gain or loss on sale of assets). Adjusted earnings per diluted share exclude similar items as adjusted EBITDA. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.

Management uses these non-GAAP measures in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews feature the adjusted EBITDA and adjusted earnings per diluted share metrics. Management also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. EBITDA, adjusted EBITDA, and adjusted earnings per diluted share are also used by many of our investors, research analysts, investment bankers, and lenders to assess

our operating performance. For example, a measure similar to EBITDA is required by the lenders under our term loan and revolving credit agreement.

Because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly-titled measures of other companies. However, these measures can still be useful in evaluating our performance against our peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company's capital structure on its performance.

All of the items included in the reconciliation from net income to adjusted EBITDA are either (i) non-cash items (e.g., depreciation and amortization, stock-based compensation, non-cash pension and post-retirement expense) or (ii) items that we do not consider to be useful in assessing our operating performance (e.g., income taxes, acquisition-related costs, restructuring charges, income or loss from discontinued operations, and gain or loss on sale of assets). In the case of the non-cash items, management believes that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by eliminating depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

IHS Forward-Looking Statements:

This release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expect," "anticipate," "believe," "intend," "estimate," "plan" and similar expressions. Although IHS and its management believe that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties-many of which are difficult to predict and generally beyond the control of IHS-that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified by IHS from time to time in its public filings. Other than as required by applicable law, IHS does not undertake any obligation to update or revise any forward-looking information or statements. Please consult our public filings at www.sec.gov or www.ihs.com.

About IHS Inc. (www.ihs.com)

IHS (NYSE: IHS) is the leading source of information and insight in critical areas that shape today’s business landscape, including energy and power; design and supply chain; defense, risk and security; environmental, health and safety (EHS) and sustainability; country and industry forecasting; and commodities, pricing and cost. Businesses and governments around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS employs more than 5,100 people in more than 30 countries around the world.

###

IHS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per-share amounts)



	As of			As of
	May 31, 2011			November 30, 2010
	(Unaudited)			(Audited)
Assets
Current assets:
Cash and cash equivalents	$	147,114		$	200,735
Accounts receivable, net	244,239			256,552
Income tax receivable	6,665			—
Deferred subscription costs	47,827			41,449
Deferred income taxes	34,419			33,532
Other	28,563			20,466
Total current assets	508,827			552,734
Non-current assets:
Property and equipment, net	117,676			93,193
Intangible assets, net	453,146			384,568
Goodwill, net	1,291,025			1,120,830
Other	8,169			4,377
Total non-current assets	1,870,016			1,602,968
Total assets	$	2,378,843		$	2,155,702
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt	$	17,120		$	19,054
Accounts payable	40,430			35,854
Accrued compensation	33,859			51,233
Accrued royalties	20,161			24,338
Other accrued expenses	52,891			51,307
Income tax payable	—			4,350
Deferred subscription revenue	492,051			392,132
Total current liabilities	656,512			578,268
Long-term debt	277,553			275,095
Accrued pension liability	29,047			25,104
Accrued post-retirement benefits	10,182			10,056
Deferred income taxes	87,344			73,586
Other liabilities	16,680			17,512
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.01 par value per share, 160,000,000 shares authorized, 67,152,304 and 66,250,283 shares issued, and 64,874,828 and 64,248,547 shares outstanding at May 31, 2011 and November 30, 2010, respectively	672			662
Additional paid-in capital	590,627			541,108
Treasury stock, at cost: 2,277,476 and 2,001,736 shares at May 31, 2011 and November 30, 2010, respectively	(123,804		)	(101,554		)
Retained earnings	929,935			860,497
Accumulated other comprehensive loss	(95,905		)	(124,632		)
Total stockholders’ equity	1,301,525			1,176,081
Total liabilities and stockholders’ equity	$	2,378,843		$	2,155,702

IHS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for per-share amounts)

(Unaudited)



	Three Months Ended May 31,						Six Months Ended May 31,
	2011			2010			2011			2010
Revenue:
Products	$	276,375		$	225,440		$	537,244		$	438,122
Services	48,742			41,040			82,875			69,093
Total revenue	325,117			266,480			620,119			507,215
Operating expenses:
Cost of revenue:
Products	116,533			91,530			226,091			180,653
Services	26,446			21,408			45,072			37,491
Total cost of revenue (includes stock-based compensation expense of $930; $1,325; $1,784 and $2,757 for the three and six months ended May 31, 2011 and 2010, respectively)	142,979			112,938			271,163			218,144
Selling, general and administrative (includes stock-based compensation expense of $18,361; $16,315; $39,605 and $34,185 for the three and six months ended May 31, 2011 and 2010, respectively)	105,668			89,059			207,440			173,711
Depreciation and amortization	20,714			14,269			38,915			28,099
Restructuring charges (credits)	702			(82		)	702			(82		)
Acquisition-related costs	1,243			—			4,549			—
Net periodic pension and post-retirement expense	2,733			1,194			5,465			2,388
Other expense (income), net	108			(229		)	613			(1,114		)
Total operating expenses	274,147			217,149			528,847			421,146
Operating income	50,970			49,331			91,272			86,069
Interest income	306			94			491			198
Interest expense	(2,145		)	(295		)	(3,807		)	(660		)
Non-operating expense, net	(1,839		)	(201		)	(3,316		)	(462		)
Income from continuing operations before income taxes	49,131			49,130			87,956			85,607
Provision for income taxes	(10,401		)	(10,652		)	(18,517		)	(20,180		)
Income from continuing operations	38,730			38,478			69,439			65,427
Loss from discontinued operations, net	(8		)	—			(1		)	(126		)
Net income	$	38,722		$	38,478		$	69,438		$	65,301

Basic earnings per share:
Income from continuing operations	$	0.60		$	0.60		$	1.07		$	1.03
Loss from discontinued operations, net	$	—		$	—		$	—		$	—
Net income	$	0.60		$	0.60		$	1.07		$	1.02
Weighted average shares used in computing basic earnings per share	64,952			63,981			64,784			63,759

Diluted earnings per share:
Income from continuing operations	$	0.59		$	0.60		$	1.06		$	1.01
Loss from discontinued operations, net	$	—		$	—		$	—		$	—
Net income	$	0.59		$	0.60		$	1.06		$	1.01
Weighted average shares used in computing diluted earnings per share	65,547			64,569			65,493			64,498

IHS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



	Six Months Ended May 31,
	2011			2010
Operating activities:
Net income	$	69,438		$	65,301
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	38,915			28,099
Stock-based compensation expense	41,389			36,942
Excess tax benefit from stock-based compensation	(8,412		)	(4,674		)
Non-cash net periodic pension and post-retirement expense	5,207			1,704
Deferred income taxes	2,981			8,893
Change in assets and liabilities:
Accounts receivable, net	32,166			21,161
Other current assets	(9,730		)	(8,812		)
Accounts payable	1,001			1,992
Accrued expenses	(24,365		)	(20,260		)
Income tax payable	(7,781		)	(6,394		)
Deferred subscription revenue	60,105			55,951
Other liabilities	67			(747		)
Net cash provided by operating activities	200,981			179,156
Investing activities:
Capital expenditures on property and equipment	(32,531		)	(16,339		)
Acquisitions of businesses, net of cash acquired	(202,745		)	(83,567		)
Intangible assets acquired	(2,985		)	—
Change in other assets	(2,317		)	(943		)
Settlements of forward contracts	(3,170		)	(1,310		)
Net cash used in investing activities	(243,748		)	(102,159		)
Financing activities:
Proceeds from borrowings	335,000			75,000
Repayment of borrowings	(334,601		)	(43,278		)
Payment of debt issuance costs	(6,326		)	—
Excess tax benefit from stock-based compensation	8,412			4,674
Proceeds from the exercise of employee stock options	2,144			223
Repurchases of common stock	(22,250		)	(22,461		)
Net cash provided by (used in) financing activities	(17,621		)	14,158
Foreign exchange impact on cash balance	6,767			(12,534		)
Net increase (decrease) in cash and cash equivalents	(53,621		)	78,621
Cash and cash equivalents at the beginning of the period	200,735			124,201
Cash and cash equivalents at the end of the period	$	147,114		$	202,822

IHS INC.

SUPPLEMENTAL REVENUE DISCLOSURE

(In thousands)

(Unaudited)



	Three Months Ended May 31,				Absolute		Organic		Six Months Ended May 31,				Absolute		Organic
	2011		2010		% change		% change		2011		2010		% change		% change
Revenue by segment:
Americas revenue	$	196,559	$	168,054	17	%	6	%	$	377,750	$	320,022	18	%	7	%
EMEA revenue	95,628		75,248		27	%	5	%	180,066		143,444		26	%	7	%
APAC revenue	32,930		23,178		42	%	19	%	62,303		43,749		42	%	17	%
Total revenue	$	325,117	$	266,480	22	%	7	%	$	620,119	$	507,215	22	%	8	%

Revenue by transaction type:
Subscription revenue	$	250,541	$	205,722	22	%	8	%	$	484,313	$	401,208	21	%	8	%
Consulting revenue	18,953		15,085		26	%	(5	)%	35,469		26,970		32	%	3	%
Transaction revenue	14,327		12,235		17	%	7	%	27,665		23,625		17	%	7	%
Other revenue	41,296		33,438		24	%	5	%	72,672		55,412		31	%	7	%
Total revenue	$	325,117	$	266,480	22	%	7	%	$	620,119	$	507,215	22	%	8	%

Revenue by information domain:
Energy revenue	$	139,445	$	123,114					$	261,096	$	233,049
Product Lifecycle (PLC) revenue	108,493		83,175						210,273		157,909
Security revenue	30,111		26,953						56,931		52,352
Environment revenue	22,568		13,391						43,543		24,598
Macroeconomic Forecasting and Intersection revenue	24,500		19,847						48,276		39,307
Total revenue	$	325,117	$	266,480					$	620,119	$	507,215

IHS INC.

RECONCILIATION OF CONSOLIDATED NON-GAAP FINANCIAL MEASUREMENTS TO

MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS

(In thousands, except for per-share amounts)

(Unaudited)



	Three Months Ended May 31,						Six Months Ended May 31,
	2011			2010			2011			2010
Net income	$	38,722		$	38,478		$	69,438		$	65,301
Interest income	(306		)	(94		)	(491		)	(198		)
Interest expense	2,145			295			3,807			660
Provision for income taxes	10,401			10,652			18,517			20,180
Depreciation and amortization	20,714			14,269			38,915			28,099
EBITDA	$	71,676		$	63,600		$	130,186		$	114,042
Stock-based compensation expense	19,291			17,640			41,389			36,942
Restructuring charges (credits)	702			(82		)	702			(82		)
Acquisition-related costs	1,243			—			4,549			—
Non-cash net periodic pension and post-retirement expense	2,604			853			5,207			1,704
Loss from discontinued operations, net	8			—			1			126
Adjusted EBITDA	$	95,524		$	82,011		$	182,034		$	152,732


	Three Months Ended May 31,						Six Months Ended May 31,
	2011			2010			2011			2010
Earnings per diluted share	$	0.59		$	0.60		$	1.06		$	1.01
Stock-based compensation expense	0.19			0.17			0.41			0.36
Restructuring charges (credits)	0.01			—			0.01			—
Acquisition-related costs	0.02			—			0.05			—
Non-cash net periodic pension and post-retirement expense	0.02			0.01			0.05			0.02
Loss from discontinued operations, net	—			—			—			—
Adjusted earnings per diluted share	$	0.83		$	0.78		$	1.58		$	1.39
Note: Amounts may not sum due to rounding


	Three Months Ended May 31,						Six Months Ended May 31,
	2011			2010			2011			2010
Net cash provided by operating activities	121,713			123,744			200,981			179,156
Capital expenditures on property and equipment	(16,990		)	(9,167		)	(32,531		)	(16,339		)
Free cash flow	$	104,723		$	114,577		$	168,450		$	162,817

IHS INC.

RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASUREMENTS TO

MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS

(In thousands)

(Unaudited)



	Three Months Ended May 31, 2011
	Americas			EMEA		APAC		Shared Services			Total
Operating income	$	54,786		$	19,614	$	9,865	$	(33,295	)	$	50,970
Adjustments:
Stock-based compensation expense	—			—		—		19,291			19,291
Depreciation and amortization	15,319			4,798		47		550			20,714
Restructuring charges (credits)	875			364		—		(537		)	702
Acquisition-related costs	913			330		—		—			1,243
Non-cash net periodic pension and post-retirement expense	—			—		—		2,604			2,604
Adjusted EBITDA	$	71,893		$	25,106	$	9,912	$	(11,387	)	$	95,524

	Three Months Ended May 31, 2010
	Americas			EMEA		APAC		Shared Services			Total
Operating income	$	54,430		$	17,312	$	7,875	$	(30,286	)	$	49,331
Adjustments:
Stock-based compensation expense	—			—		—		17,640			17,640
Depreciation and amortization	9,955			3,758		25		531			14,269
Restructuring charges (credits)	(82		)	—		—		—			(82		)
Non-cash net periodic pension and post-retirement expense	—			—		—		853			853
Adjusted EBITDA	$	64,303		$	21,070	$	7,900	$	(11,262	)	$	82,011

	Six Months Ended May 31, 2011
	Americas			EMEA		APAC		Shared Services			Total
Operating income	$	104,105		$	36,111	$	18,126	$	(67,070	)	$	91,272
Adjustments:
Stock-based compensation expense	—			—		—		41,389			41,389
Depreciation and amortization	29,428			8,290		86		1,111			38,915
Restructuring charges (credits)	875			364		—		(537		)	702
Acquisition-related costs	4,147			402		—		—			4,549
Non-cash net periodic pension and post-retirement expense	—			—		—		5,207			5,207
Adjusted EBITDA	$	138,555		$	45,167	$	18,212	$	(19,900	)	$	182,034

	Six Months Ended May 31, 2010
	Americas			EMEA		APAC		Shared Services			Total
Operating income	$	101,098		$	29,993	$	14,176	$	(59,198	)	$	86,069
Adjustments:
Stock-based compensation expense	—			—		—		36,942			36,942
Depreciation and amortization	19,171			7,818		50		1,060			28,099
Restructuring charges (credits)	(82		)	—		—		—			(82		)
Non-cash net periodic pension and post-retirement expense	—			—		—		1,704			1,704
Adjusted EBITDA	$	120,187		$	37,811	$	14,226	$	(19,492	)	$	152,732

IHS INC.

SUPPLEMENTAL INFORMATION

(In thousands)

(Unaudited)



	Three Months Ended May 31, 2011				Three Months Ended May 31, 2010
	Pre-tax		After tax		Pre-tax			After tax
Stock-based compensation expense	$	19,291	$	12,476	$	17,640		$	11,113
Restructuring charges (credits)	$	702	$	452	$	(82	)	$	(51	)
Acquisition-related costs	$	1,243	$	1,255	$	—		$	—
Non-cash net periodic pension and post-retirement expense	$	2,604	$	1,616	$	853		$	529
Loss from discontinued operations, net	$	12	$	8	$	—		$	—

	Six Months Ended May 31, 2011				Six Months Ended May 31, 2010
	Pre-tax		After tax		Pre-tax			After tax
Stock-based compensation expense	$	41,389	$	26,787	$	36,942		$	23,273
Restructuring charges (credits)	$	702	$	452	$	(82	)	$	(51	)
Acquisition-related costs	$	4,549	$	3,477	$	—		$	—
Non-cash net periodic pension and post-retirement expense	$	5,207	$	3,229	$	1,704		$	1,056
Loss from discontinued operations, net	$	1	$	1	$	159		$	126

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