Attached files

file filename
8-K - 8-K - SS&C Technologies Holdings Incssnc-8k_20160505.htm

Exhibit 99.1

 

 

SS&C Technologies Reports Q1 2016 Results

 

 

 

 

Q1 GAAP revenue $324.1 million, Fully Diluted GAAP Earnings Per share $0.07,

Adjusted revenue $343.1 million, Adjusted Diluted Earnings Per Share of $0.74

WINDSOR, CT, May 5, 2016 (PR Newswire) SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment and financial software-enabled services and software, today announced its financial results for the first  quarter ended March 31, 2016.

SS&C reported for the first quarter of 2016 GAAP revenue of $324.1 million, GAAP operating income of $50.4 million, GAAP net income of $7.0 million and GAAP diluted earnings per share of $0.07.

Highlights:

·

Adjusted revenue and adjusted operating income (defined below) were $ 343.1 million and $135.2 million, respectively.  Adjusted revenue and adjusted operating income were up 66.5 percent and 74.7 percent respectively, from $206.1 million and $77.4 million in the first quarter 2015.

·

Adjusted diluted earnings per share for Q1 2016 of $0.74, a 23.3 percent increase from Q1 2015.

·

SS&C closed the acquisition of Citi Alternative Investor Services on March 11, 2016 for a purchase price of $321.0 million.

"I am happy to report another strong start to the year, with record adjusted revenues of $343.1 million, adjusted diluted earnings per share of $0.74 cents and paying down $29.8 million in debt,” says Bill Stone, Chairman and CEO of SS&C Technologies. “We are committed to providing advanced, reliable, and efficient software to our customers, this quarter announcing exciting new releases of SS&C products. These products underpin our growing fund administration and middle office operations businesses. Today, SS&C conducted a grand opening ceremony of the new office in Evansville, Indiana as the growing mid-west operating center surpasses 200 employees. This office continues to service our global customer base and we are excited to occupy the signature building in Sterling Square."

GAAP Results

SS&C reported GAAP revenue of $324.1 million for the first quarter of 2016, compared to $205.7 million in the first quarter of 2015, a 57.5 percent increase. GAAP operating income for the first quarter of 2016 was $50.4 million, or 15.6 percent of revenue. This represents a 16.9 percent increase compared to $43.1 million, or 21.0 percent of revenue, in 2015’s first quarter. GAAP net income for the first quarter of 2016 was $7.0 million compared to $26.2 million in the first quarter of 2015, a 73.3 percent decrease. On a fully diluted GAAP basis, earnings per share in the first quarter of 2016 were $0.07.

Adjusted Non-GAAP Results (defined in Notes 1-4 below)

Adjusted revenue in the first quarter of 2016 was $343.1 million, up 66.5 percent compared to $206.1 million in the first quarter of 2015. Adjusted operating income in the first quarter of 2016 was $135.2 million, or 39.4 percent of adjusted revenue. This represents a 74.7 percent increase compared to adjusted operating income of $77.4 million and 37.5 percent of adjusted revenue in the first quarter of 2015.

Adjusted net income for the first quarter of 2016 was $75.4 million, up 43.0 percent compared to $52.7 million in 2015’s first quarter. Adjusted diluted earnings per share in the first quarter of 2016 were $0.74 per share, up 23.3 percent compared to $0.60 per share in the first quarter of 2015.


Annual Run Rate Basis                                                                                              

Annual Run Rate Basis (ARRB) recurring revenue, defined as adjusted recurring revenue on an annualized basis, was $1,262.9 million based on adjusted recurring revenue $315.7 million for the first quarter of 2016. This represents an increase of 62.8 percent from $193.9 million and $775.8 million run-rate in the same period in 2015 and an increase of 7.0 percent from $295.0 million for the fourth quarter of 2015, an annual run rate of $1,180.0 million. We believe ARRB of our recurring revenue is a good indicator of visibility into future revenue.

Operating Cash Flow

SS&C generated net cash from operating activities of $18.6 million for the three months ended March 31, 2016, compared to $31.2 million for the same period in 2015, representing a 40.3 percent decrease. Cash flow in the first quarter was impacted by the annual employee cash incentive, higher debt interest payments due to senior credit facility and notes put in place to acquire Advent in July 2015, and an increase in accounts receivables. We expect to generate approximately $100 million in cash flow in Q2 2016 and $375 million to $390 million for the full year. SS&C ended the quarter with $101.8 million in cash, and $2,790.2 million in gross debt, for a net debt balance of $2,688.4 million. SS&C's leverage ratio as defined in our credit agreement stood at 4.6 times consolidated EBITDA as of March 31, 2016.

Guidance                                                                                                                       

 

Q2 2016

FY 2016

Adjusted Revenue ($M)

$378.0 - $384.0

$1,505.0 - $1,535.0

Adjusted Net Income ($M)

$76.0 - $78.5

$321.0 - $337.5

Cash from Operating Activities ($M)

-

$375.0 - $390.0

Capital Expenditures (% of revenue)

-

2.5% - 2.8%

Diluted Shares (M)

102.5 – 103.0

102.6 - 103.3

Effective Income Tax Rate (%)

-

28%

 

Non-GAAP Financial Measures

Adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See the accompanying notes to the attached Condensed Consolidated Financial Information for the reconciliations and definitions for each of these non-GAAP measures and the reasons our management believes these measures provide useful information to investors regarding our financial condition and results of operations.

Earnings Call and Press Release

SS&C’s Q1 2016 earnings call will take place at 5:00 p.m. eastern time today, May 5, 2016. The call will discuss Q1 2016 results and our guidance and business outlook. Interested parties may dial 877-312-8798 (US and Canada) or 253-237-1193 (International), and request the "SS&C Technologies First Quarter 2016 Conference Call"; conference ID#95271341. A replay will be available after 8:00 p.m. eastern time on May 5, 2016, until midnight on May 12, 2016. The dial-in number is 855-859-2056 (US and Canada) or 404-537-3406 (International); access code #95271341. The call will also be available for replay on SS&C's website after May 5, 2016; access: http://investor.ssctech.com/results.cfm.

Certain information contained in this press release relating to, among other things, our financial guidance for the quarter and full year of 2016 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.  Without limiting the foregoing, the words “believes”, “anticipates”, “plans”, “expects”, “estimates”, “projects”, “forecasts”, “may” and “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management's best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the state of the economy and the financial services industry, the Company’s ability to finalize large client contracts, fluctuations in customer demand for the Company’s products and services, intensity of competition from application vendors, delays in product development, the Company’s ability to control expenses, terrorist activities, exposure to litigation, the Company’s ability to integrate acquired businesses, the effect of the acquisitions on customer demand for the Company’s products and services, the market price of the Company’s stock prevailing from time to time, the Company’s cash flow from operations, general economic conditions, and those risks discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K, which is on file with the Securities and


Exchange Commission and can also be accessed on our website. The Company cautions investors that it may not update any or all of the foregoing forward-looking statements.

About SS&C Technologies

SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $44 trillion in assets.

 

Follow SS&C on Twitter, Linkedin and Facebook.  

For more information

Patrick Pedonti

Chief Financial Officer

Tel: +1-860-298-4738
E-mail: InvestorRelations@sscinc.com

 

Justine Stone

Investor Relations

Tel: +1-212-367-4705

E-mail: Justine.stone@sscinc.com


SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operation

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

 

2015

 

Revenues:

 

 

 

 

 

 

 

 

Software-enabled services

 

$

205,647

 

 

$

153,567

 

Maintenance and term licenses

 

 

95,120

 

 

 

39,974

 

Total recurring revenues

 

 

300,767

 

 

 

193,541

 

Perpetual licenses

 

 

5,215

 

 

 

3,070

 

Professional services

 

 

18,149

 

 

 

9,124

 

Total non-recurring revenues

 

 

23,364

 

 

 

12,194

 

Total revenues

 

 

324,131

 

 

 

205,735

 

Cost of revenues:

 

 

 

 

 

 

 

 

Software-enabled services

 

 

113,728

 

 

 

88,602

 

Maintenance and term licenses

 

 

46,946

 

 

 

14,167

 

Total recurring cost of revenues

 

 

160,674

 

 

 

102,769

 

Perpetual licenses

 

 

498

 

 

 

1,024

 

Professional services

 

 

15,512

 

 

 

8,514

 

Total non-recurring cost of revenues

 

 

16,010

 

 

 

9,538

 

Total cost of revenues

 

 

176,684

 

 

 

112,307

 

Gross profit

 

 

147,447

 

 

 

93,428

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

 

29,861

 

 

 

13,387

 

Research and development

 

 

36,447

 

 

 

19,608

 

General and administrative

 

 

30,695

 

 

 

17,300

 

Total operating expenses

 

 

97,003

 

 

 

50,295

 

Operating income

 

 

50,444

 

 

 

43,133

 

Interest expense, net

 

 

(33,089

)

 

 

(5,600

)

Other expense, net

 

 

(1,847

)

 

 

(1,507

)

Income before income taxes

 

 

15,508

 

 

 

36,026

 

Provision for income taxes

 

 

8,503

 

 

 

9,780

 

Net income

 

$

7,005

 

 

$

26,246

 

Basic earnings per share

 

$

0.07

 

 

$

0.31

 

Basic weighted average number of common shares

   outstanding

 

 

98,760

 

 

 

84,263

 

Diluted earnings per share

 

$

0.07

 

 

$

0.30

 

Diluted weighted average number of common and common

   equivalent shares outstanding

 

 

102,131

 

 

 

88,456

 

Net income

 

$

7,005

 

 

$

26,246

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Foreign currency exchange translation adjustment

 

 

9,321

 

 

 

(36,219

)

Total comprehensive income (loss), net of tax

 

 

9,321

 

 

 

(36,219

)

Comprehensive income (loss)

 

$

16,326

 

 

$

(9,973

)

 

 

 

 

 

 

See Notes to Condensed Consolidated Financial Information.

 



SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2016

 

 

2015

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

101,826

 

 

$

434,159

 

Accounts receivable, net

 

 

262,753

 

 

 

169,951

 

Prepaid expenses and other current assets

 

 

32,444

 

 

 

27,511

 

Prepaid income taxes

 

 

36,848

 

 

 

40,627

 

Restricted cash

 

 

2,818

 

 

 

2,818

 

Total current assets

 

 

436,689

 

 

 

675,066

 

Property, plant and equipment, net

 

 

69,211

 

 

 

67,143

 

Deferred income taxes

 

 

1,860

 

 

 

2,199

 

Goodwill

 

 

3,655,005

 

 

 

3,549,212

 

Intangible and other assets, net

 

 

1,627,947

 

 

 

1,508,622

 

Total assets

 

$

5,790,712

 

 

$

5,802,242

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

32,062

 

 

$

32,281

 

Accounts payable

 

 

20,014

 

 

 

11,957

 

Income taxes payable

 

 

 

 

 

1,428

 

Accrued employee compensation and benefits

 

 

38,575

 

 

 

83,894

 

Interest payable

 

 

19,048

 

 

 

28,903

 

Other accrued expenses

 

 

40,894

 

 

 

36,231

 

Deferred revenue

 

 

251,741

 

 

 

222,024

 

Total current liabilities

 

 

402,334

 

 

 

416,718

 

Long-term debt, net of current portion

 

 

2,691,960

 

 

 

2,719,070

 

Other long-term liabilities

 

 

58,653

 

 

 

51,434

 

Deferred income taxes

 

 

498,839

 

 

 

509,574

 

Total liabilities

 

 

3,651,786

 

 

 

3,696,796

 

Total stockholders’ equity

 

 

2,138,926

 

 

 

2,105,446

 

Total liabilities and stockholders’ equity

 

$

5,790,712

 

 

$

5,802,242

 

 

 

 

 

See Notes to Condensed Consolidated Financial Information.


SS&C Technologies Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

 

2015

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

7,005

 

 

$

26,246

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

55,273

 

 

 

25,996

 

Stock-based compensation expense

 

 

15,347

 

 

 

4,106

 

Income tax benefit related to exercise of stock options

 

 

(8,174

)

 

 

(2,839

)

Amortization and write-offs of loan origination costs

 

 

2,653

 

 

 

1,435

 

(Gain) loss on sale or disposition of property and equipment

 

 

(2

)

 

 

209

 

Deferred income taxes

 

 

(6,274

)

 

 

(2,131

)

Provision for doubtful accounts

 

 

679

 

 

 

437

 

Changes in operating assets and liabilities, excluding effects from acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(33,203

)

 

 

(12,058

)

Prepaid expenses and other assets

 

 

(1,221

)

 

 

4,744

 

Accounts payable

 

 

3,592

 

 

 

(333

)

Accrued expenses

 

 

(52,843

)

 

 

(25,283

)

Income taxes prepaid and payable

 

 

10,526

 

 

 

1,517

 

Deferred revenue

 

 

25,260

 

 

 

9,121

 

Net cash provided by operating activities

 

 

18,618

 

 

 

31,167

 

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

(2,808

)

 

 

(2,249

)

Proceeds from sale of property and equipment

 

 

2

 

 

 

 

Cash paid for business acquisitions, net of cash acquired

 

 

(317,554

)

 

 

 

Additions to capitalized software

 

 

(2,169

)

 

 

(928

)

Net cash used in investing activities

 

 

(322,529

)

 

 

(3,177

)

Cash flow from financing activities:

 

 

 

 

 

 

 

 

Repayments of debt

 

 

(29,825

)

 

 

(44,000

)

Proceeds from exercise of stock options

 

 

7,629

 

 

 

4,661

 

Withholding taxes related to equity award net share settlement

 

 

(1,559

)

 

 

 

Income tax benefit related to exercise of stock options

 

 

8,174

 

 

 

2,839

 

Dividends paid on common stock

 

 

(12,353

)

 

 

(10,539

)

Net cash used in financing activities

 

 

(27,934

)

 

 

(47,039

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(488

)

 

 

(2,198

)

Net decrease in cash and cash equivalents

 

 

(332,333

)

 

 

(21,247

)

Cash and cash equivalents, beginning of period

 

 

434,159

 

 

 

109,577

 

Cash and cash equivalents, end of period

 

$

101,826

 

 

$

88,330

 

 

 

See Notes to Condensed Consolidated Financial Information.


SS&C Technologies Holdings, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Information

Note 1. Reconciliation of Revenues to Adjusted Revenues

Adjusted revenues represents revenues adjusted for one-time purchase accounting adjustments to fair value deferred revenue acquired in business combinations. Adjusted revenues is presented because we use this measure to evaluate performance of our business against prior periods and believe it is a useful indicator of the underlying performance of the Company. Adjusted revenues is not a recognized term under generally accepted accounting principles (GAAP). Adjusted revenues does not represent revenues, as that term is defined under GAAP, and should not be considered as an alternative to revenues as an indicator of our operating performance. Adjusted revenues as presented herein is not necessarily comparable to similarly titled measures. Below is a reconciliation between adjusted revenues and revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues.  

 

 

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2016

 

 

2015

 

Revenues

 

$

324,131

 

 

$

205,735

 

Purchase accounting adjustments to deferred revenue

 

 

18,983

 

 

 

397

 

Adjusted revenues

 

$

343,114

 

 

$

206,132

 

 

 

The following is a breakdown of recurring and non-recurring revenues and adjusted recurring and non-recurring revenues.

 

 

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2016

 

 

2015

 

Software-enabled services

 

$

205,647

 

 

$

153,567

 

Maintenance and term licenses

 

 

95,120

 

 

 

39,974

 

Total recurring revenues

 

 

300,767

 

 

 

193,541

 

Perpetual licenses

 

 

5,215

 

 

 

3,070

 

Professional services

 

 

18,149

 

 

 

9,124

 

Total non-recurring revenues

 

 

23,364

 

 

 

12,194

 

Total revenues

 

$

324,131

 

 

$

205,735

 

 

 

 

 

 

 

 

 

 

Software-enabled services

 

$

205,786

 

 

$

153,567

 

Maintenance and term licenses

 

 

109,950

 

 

 

40,371

 

Total adjusted recurring revenues

 

 

315,736

 

 

 

193,938

 

Perpetual licenses

 

 

5,215

 

 

 

3,070

 

Professional services

 

 

22,163

 

 

 

9,124

 

Total adjusted non-recurring revenues

 

 

27,378

 

 

 

12,194

 

Total adjusted revenues

 

$

343,114

 

 

$

206,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note 2. Reconciliation of Operating Income to Adjusted Operating Income

Adjusted operating income represents operating income adjusted for amortization of acquisition-related intangible assets, stock-based compensation, purchase accounting adjustments for deferred revenue and other expenses. Adjusted operating income is presented because we use this measure to evaluate performance of our business and believe it is a useful indicator of the underlying performance of the Company.  Adjusted operating income is not a recognized term under GAAP.  Adjusted operating income does not represent operating income, as that term is defined under GAAP, and should not be considered as an alternative to operating income as an indicator of our operating performance.  Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures.  The following is a reconciliation between adjusted operating income and operating income, the GAAP measure we believe to be most directly comparable to adjusted operating income.


 

 

Three Months Ended March 31,

 

(in thousands)

 

2016

 

 

2015

 

Operating income

 

$

50,444

 

 

$

43,133

 

Amortization of intangible assets

 

 

49,680

 

 

 

22,181

 

Stock-based compensation

 

 

15,347

 

 

 

4,106

 

Capital-based taxes

 

 

472

 

 

 

 

Unusual or non-recurring charges

 

 

3,618

 

 

 

7,585

 

Purchase accounting adjustments

 

 

15,628

 

 

 

397

 

Adjusted operating income

 

$

135,189

 

 

$

77,402

 

 

 

Note 3. Reconciliation of Net Income to EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA

EBITDA represents net income before interest expense, income taxes, depreciation and amortization.  Consolidated EBITDA, defined under our Credit Agreement entered into in July 2015, is used in calculating covenant compliance, and is EBITDA adjusted for certain items.  Consolidated EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense described below.  Adjusted consolidated EBITDA is calculated by subtracting acquired EBITDA from consolidated EBITDA. EBITDA, consolidated EBITDA and adjusted consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of an entity’s debt capacity and its ability to service debt. EBITDA, consolidated EBITDA and adjusted consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance.  The following is a reconciliation of EBITDA, consolidated EBITDA and adjusted consolidated EBITDA to net income.

 

 

 

 

Three Months Ended March 31,

 

 

Twelve Months Ended March 31,

 

(in thousands)

 

2016

 

 

2015

 

 

2016

 

Net income

 

$

7,005

 

 

$

26,246

 

 

$

23,621

 

Interest expense, net

 

 

33,089

 

 

 

5,600

 

 

 

135,263

 

Taxes

 

 

8,503

 

 

 

9,780

 

 

 

16,703

 

Depreciation and amortization

 

 

55,273

 

 

 

25,996

 

 

 

180,111

 

EBITDA

 

 

103,870

 

 

 

67,622

 

 

 

355,698

 

Stock-based compensation

 

 

15,347

 

 

 

4,106

 

 

 

55,320

 

Capital-based taxes

 

 

472

 

 

 

 

 

 

1,300

 

Acquired EBITDA and cost savings

 

 

4,768

 

 

 

1,767

 

 

 

83,131

 

Unusual or non-recurring charges

 

 

5,465

 

 

 

9,092

 

 

 

22,521

 

Purchase accounting adjustments

 

 

15,628

 

 

 

397

 

 

 

65,158

 

Other

 

 

784

 

 

 

95

 

 

 

2,218

 

Consolidated EBITDA

 

$

146,334

 

 

$

83,079

 

 

$

585,346

 

Less:  acquired EBITDA

 

 

(4,768

)

 

 

(1,767

)

 

 

(83,131

)

Adjusted Consolidated EBITDA

 

$

141,566

 

 

$

81,312

 

 

$

502,215

 

 

 

 

Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share

Adjusted net income and adjusted diluted earnings per share represent net income and earnings per share before amortization of intangible assets and deferred financing costs, stock-based compensation, capital-based taxes and other unusual and non-recurring items. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP, do not represent net income or diluted earnings per share, as those terms are defined under GAAP, and should not be considered as alternatives to net income or diluted earnings per share as indicators of our operating performance.  Adjusted net income and adjusted diluted earnings per share are important to management and investors because they represent our operational performance exclusive of the effects of amortization of intangible assets and deferred financing costs, stock-based compensation, capital-based taxes, other unusual and non-recurring items, purchase accounting adjustments, and loss on extinguishment of debt that are not operational in nature or comparable to those of our competitors.  The following is a reconciliation between adjusted net income and adjusted diluted earnings per share and net income and diluted earnings per share.

 

 


 

 

Three Months Ended March 31,

 

(in thousands, except per share data)

 

2016

 

 

2015

 

GAAP – Net income

 

$

7,005

 

 

$

26,246

 

Plus: Amortization of intangible assets

 

 

49,680

 

 

 

22,181

 

Plus: Amortization of deferred financing costs and

   original issue discount

 

 

2,653

 

 

 

1,435

 

Plus: Stock-based compensation

 

 

15,347

 

 

 

4,106

 

Plus: Capital-based taxes

 

 

472

 

 

 

 

Plus: Unusual and non-recurring items

 

 

5,465

 

 

 

9,092

 

Plus: Purchase accounting adjustments

 

 

15,628

 

 

 

397

 

Income tax effect (1)

 

 

(20,828

)

 

 

(10,726

)

Adjusted net income

 

$

75,422

 

 

$

52,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share

 

$

0.74

 

 

$

0.60

 

 

 

 

 

 

 

 

 

 

GAAP diluted earnings per share

 

$

0.07

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

Diluted weighted-average shares outstanding

 

 

102,131

 

 

 

88,456

 

 

 

 

(1)

An estimated normalized effective tax rate of 28% has been used to adjust the provision for income taxes for the purpose of computing adjusted net income.