|
|
Exhibit 99.1
|
|
|
|
ANIXTER INTERNATIONAL INC. REPORTS
FIRST
QUARTER
2019
DILUTED EPS OF
$1.14
AND ADJUSTED DILUTED EPS OF
$1.33
, UP
15%
First Quarter Highlights
|
•
|
Record
first
quarter sales of
$2.1 billion
, up
7.3%
, organic sales growth of
7.7%
|
|
•
|
Organic sales growth in all segments
|
|
•
|
Gross margin up 30 basis points
|
|
•
|
Operating margin up 40 basis points; Strong operating leverage
|
GLENVIEW, IL, (Business Wire)
April 23, 2019
- Anixter International Inc. (NYSE: AXE) today announced its results for the
first
quarter of
2019
.
"Sales growth was above our outlook range, driven by strong results in our NSS and UPS segments. In addition to strong sales growth, we were pleased to continue to deliver meaningful improvement in gross margin and operating margin, driven by margin initiatives implemented across the business," commented Bill Galvin, President and Chief Executive Officer.
The following results are for the 13 weeks ended
March 29, 2019
, compared to the 13 weeks ended
March 30, 2018
. Unless otherwise noted, all comparisons are versus the prior year quarter. Both the current and prior year quarters had 64 billing days.
|
•
|
Sales increased
7.3%
to
$2.1 billion
. Current quarter sales include the favorable impact of the security acquisitions completed in the second quarter of
2018
and the unfavorable impacts of lower average copper prices and generally weaker foreign currencies. Adjusting for these impacts, organic sales increased
7.7%
, as detailed in the table on page 9 of this release.
|
|
•
|
Gross profit increased
8.9%
to
$418.9 million
. Gross margin of
19.9%
increased by 30 basis points year over year.
|
|
•
|
Operating expense of
$344.3 million
compares to
$323.2 million
. Operating expense ratio of
16.3%
compares to
16.5%
.
|
|
•
|
Operating income increased
21.1%
to
$74.6 million
. Operating margin of
3.5%
compares to
3.1%
.
|
|
•
|
Interest expense of
$20.4 million
compares to
$18.2 million
.
|
|
•
|
Other, net income of
$1.8 million
compares to
$2.3 million
.
|
|
•
|
The effective tax rate of
30.3%
compares to
29.7%
.
|
|
•
|
Net income of
$39.1 million
compares to
$32.1 million
.
|
|
•
|
Earnings per diluted share of
$1.14
compares to
$0.94
.
|
|
•
|
2019
cash flow used from operations of
$114.2 million
compares to
$71.2 million
.
|
|
•
|
2019
capital expenditures of
$5.9 million
compares to
$10.9 million
.
|
|
•
|
Working capital as a percentage of sales of
19.6%
compares to
20.0%
.
|
1
Non-GAAP Measures
Please refer to the tables on pages 9 - 12 for the reconciliations of our reported results prepared in accordance with U.S. GAAP to the non-GAAP measures. Unless otherwise noted, all non-GAAP financial metrics that follow exclude the expense items detailed on page 10 of this release.
|
•
|
Adjusted operating expense of
$335.8 million
compares to
$313.4 million
, up
7.1%
. Adjusted operating expense ratio of
15.9%
compares to
16.0%
. The increase in adjusted operating expense is due to
$7.5 million
of incremental expense from the acquisitions and
$7.0 million
of investment in innovation and business transformation strategies, combined with higher volume-related costs.
|
|
•
|
Adjusted operating income of
$83.1 million
compares to
$71.4 million
. Adjusted operating margin of
3.9%
compares to
3.6%
.
|
|
•
|
Adjusted EBITDA of
$96.5 million
compares to
$83.4 million
. Adjusted EBITDA margin of
4.6%
compares to
4.2%
.
|
|
•
|
Adjusted effective tax rate of
29.8%
compares to
28.5%
.
|
|
•
|
Adjusted net income increased
14.3%
to
$45.4 million
.
|
|
•
|
Adjusted diluted earnings per share increased
14.7%
to
$1.33
.
|
Ted Dosch, EVP and Chief Financial Officer, commented, "Our strong year over year gross margin performance helped drive the increase in adjusted EBITDA margin of 40 basis points over the first quarter of
2018
, and operating leverage of 2.1 times. This improvement in gross margin will help fund our investment in innovation and business transformation, as we continue to invest in customer-facing technologies that will enhance our digital capabilities and enterprise efficiencies and drive long term EBITDA growth."
Segment Update
Network & Security Solutions ("NSS") reported record
first
quarter sales of
$1.1 billion
, an increase of
11.8%
, or
10.7%
on an organic basis. NSS security sales of
$476.0 million
, which represents approximately
43%
of segment sales, increased
15.3%
. Adjusted EBITDA increased
33.3%
to
$78.0 million
. Adjusted EBITDA margin of
7.0%
compares to
5.9%
, driven by strong volume growth and gross margin improvement.
Electrical & Electronic Solutions (“EES”) reported
first
quarter sales of
$566.0 million
, a decrease of
0.4%
and an increase of
2.3%
organically. Adjusted EBITDA decreased
6.0%
to
$32.6 million
. Adjusted EBITDA margin decreased by 30 basis points to
5.8%
, as volume decrease offset the benefit of improved gross margins.
Utility Power Solutions (“UPS”) reported record
first
quarter sales of
$430.0 million
, an increase of
7.2%
, or
7.9%
on an organic basis. Adjusted EBITDA increased
8.6%
to
$22.7 million
. Adjusted EBITDA margin increased 10 basis points to
5.3%
,
driven by volume growth and strong operating leverage.
Cash Flow and Credit Metrics
In the
first
quarter of
2019
we used
$114.2 million
of cash flow from operations, which compares to
$71.2 million
used in the
first
quarter of
2018
, driven primarily by an increase in working capital to support growth in the business. Working capital as a percentage of sales was
19.6%
, which compares to
20.0%
in the prior year quarter. We invested
$5.9 million
in capital expenditures in the
first
quarter of
2019
, which compares to
$10.9 million
in the
first
quarter of
2018
, primarily reflecting investment in facilities and information technology.
2
Key capital structure and credit-related statistics for the quarter:
|
•
|
Debt-to-total capital ratio of
45.8%
, compares to
44.4%
at the end of
2018
|
|
•
|
Debt-to-adjusted EBITDA ratio of
3.2
times compares to 3.0 times at the end of
2018
|
|
•
|
Weighted average cost of borrowed capital of
5.3%
, compares to
5.3%
in the prior year quarter
|
|
•
|
$484.1 million
available under secured accounts receivable, inventory facilities and revolving lines of credit
|
Outlook
Galvin commented,"We are optimistic that favorable sales trends that we realized in the first quarter of 2019 will continue, based on our strong backlog and pipeline trends, and discussions with our customers and suppliers. We continue to see strong demand, tempered by macro economic uncertainty in certain markets. Based on current conditions, we have increased our 2019 organic sales growth to the
4% - 6.5%
range, with second quarter 2019 organic sales growth in the
3% - 5%
range. Based on our outlook for low-to-mid single digit sales growth and the related investment in working capital to support that growth, combined with our ongoing investment in innovation and business transformation, we reaffirm our previous estimate for full year cash flow from operations of
$150 - $175 million
and capital expenditures of
$55 - $60 million
, which will result in free cash flow of $95 - $115 million."
Financial Results
|
|
Three Months Ended
|
|
|||||||||
|
(In millions, except per share amounts)
|
March 29,
2019 |
|
March 30,
2018 |
|
Percent Change
|
|
|||||
|
Net Sales
|
$
|
2,108.5
|
|
|
$
|
1,964.2
|
|
|
7
|
%
|
|
|
Operating Income
|
$
|
74.6
|
|
|
$
|
61.6
|
|
|
21
|
%
|
|
|
Net Income
|
$
|
39.1
|
|
|
$
|
32.1
|
|
|
22
|
%
|
|
|
Diluted Earnings Per Share
|
$
|
1.14
|
|
|
$
|
0.94
|
|
|
21
|
%
|
|
|
Diluted Weighted Shares
|
34.2
|
|
|
34.1
|
|
|
—
|
%
|
|
||
|
|
|
|
|
|
|
|
|||||
Conference Call Details
Today's conference call to discuss these results will begin at 9:30 a.m. Central Time. The call will be available as a live audio webcast and can be accessed at the Investor Relations portion of our website at
anixter.com/investor
. Dial-in numbers for the call are as follows:
U.S./Canada toll-free dial-in: (833) 235-7649
International dial-in: (647) 689-4538
Conference ID: 408 8738
A replay of the call will be available at anixter.com/investor for 15 days following the call. Prior to the beginning of the call a supplemental presentation titled “
First
Quarter 2019 Highlights and Operating Results” will be available on the Investor Relations section of our website.
3
About Anixter
Anixter International is a leading global distributor of Network & Security Solutions, Electrical & Electronic Solutions and Utility Power Solutions. We help build, connect, protect, and power valuable assets and critical infrastructures. From enterprise networks to industrial MRO supply to video surveillance applications to electric power distribution, we offer full-line solutions, and intelligence, that create reliable, resilient systems that sustain businesses and communities. Through our unmatched global distribution network
along with our supply chain
and technical expertise, we help lower the cost, risk and complexity of our customers’ supply chains.
Anixter adds value to the distribution process by providing approximately
130,000
customers access to 1) innovative supply chain solutions, 2) nearly
600,000
products and over $1.0 billion in inventory, 3)
316
warehouses/branch locations with over
9.0 million
square feet of space and 4) locations in over
300
cities in approximately
50
countries. Founded in 1957 and headquartered near Chicago, Anixter trades on the New York Stock Exchange under the symbol AXE.
Safe Harbor Statement
The statements in this release other than historical facts are forward-looking statements made in reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of factors that could cause our actual results to differ materially from what is indicated here. These factors include but are not limited to general economic conditions, the level of customer demand particularly for capital projects in the markets we serve, changes in supplier relationships or in supplier sales strategies or financial viability, risks associated with the sale of nonconforming products and services, political, economic or currency risks related to foreign operations, inventory obsolescence, copper price fluctuations, customer viability, risks associated with accounts receivable, risks associated with pension expense and funding, compliance with laws and regulations, the impact
of investigative and legal proceedings and legal compliance risks, information security risks, disruption or failure of information systems, disruptions to logistics capability or supply chain, risks associated with substantial debt and restrictions contained in financial and operating covenants in our debt agreements, the impact and the uncertainty concerning the timing and terms of the withdrawal by the United Kingdom from the European Union, unanticipated change in our tax provision and tax liabilities related to the enactment of the Tax Cuts and Jobs Act and risks associated with integration of acquired companies, including, but not limited to, the risk that the acquisitions may not provide us with the synergies or other benefits that were anticipated. These uncertainties may cause our actual results to be materially different than those expressed in any forward looking statements. We do not undertake to update any forward looking statements. Please see our Securities and Exchange Commission (“SEC”) filings for more information.
Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) above, this release includes certain financial measures computed using non-GAAP components as defined by the SEC. Specifically, net sales comparisons to the prior corresponding period, both worldwide and in relevant segments, are discussed in this release both on an U.S. GAAP and non-GAAP basis. We believe that by providing non-GAAP organic growth, which adjusts for the impact of acquisitions (when applicable), foreign exchange fluctuations, copper prices and the number of billing days (when applicable), both management and investors are provided with meaningful supplemental sales information to understand and analyze our underlying trends and other aspects of our financial performance. Historically and from time to time, we may also exclude other items from reported financial results (e.g., impairment charges, inventory adjustments, restructuring charges, tax items, currency devaluations, pension settlements, etc.) in presenting adjusted operating expense, adjusted operating income, adjusted income taxes and adjusted net income so that both management and financial statement users can use these non-GAAP financial measures to better understand and evaluate our performance period over period and to analyze the underlying trends of our business. We have also excluded amortization of intangible assets associated with purchase accounting from acquisitions from the adjusted amounts for comparison of the non-GAAP financial measures period over period.
EBITDA is defined as net income before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before foreign exchange and other non-operating expense and non-cash stock-based compensation, excluding the other items from reported financial results, as defined above. Adjusted EBITDA leverage is defined as the percentage change in Adjusted EBITDA divided by the percentage change in net sales. We believe that adjusted operating income, EBITDA, Adjusted EBITDA and Adjusted EBITDA leverage provide relevant and
4
useful information, which is widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business segment performance. Adjusted operating income provides an understanding of the results from the primary operations of our business by excluding the effects of certain items that do not reflect the ordinary earnings of our operations. We use adjusted operating income to evaluate our period-over-period operating performance because we believe this provides a more comparable measure of our continuing business excluding certain items that are not reflective of expected ongoing operations. This measure may be useful to an investor in evaluating the underlying performance of our business. EBITDA provides us with an understanding of earnings before the impact of investing and financing charges and income taxes. Adjusted EBITDA further excludes the effects of foreign exchange and other non-cash stock-based compensation, and certain items that do not reflect the ordinary earnings of our operations and that are also excluded for purposes of calculating adjusted net income, adjusted earnings per share and adjusted operating income. EBITDA and Adjusted EBITDA are used by our management for various purposes including as measures of performance of our operating segments and as a basis for strategic planning and forecasting. Adjusted EBITDA and Adjusted EBITDA leverage may be useful to an investor because this measure is widely used to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on the accounting methods, book value of assets, capital structure and the method by which the assets were acquired, among other factors. They are not, however, intended as an alternative measure of operating results or cash flow from operations as determined in accordance with U.S. GAAP.
Non-GAAP financial measures provide insight into selected financial information and should be evaluated in the context in which they are presented. These non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and non-GAAP financial measures as reported by us may not be comparable to similarly titled amounts reported by other companies. The non-GAAP financial measures should be considered in conjunction with the Condensed Consolidated Financial Statements, including the related notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations included. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above.
INVESTOR CONTACTS
|
Ted Dosch
|
|
Kevin Burns
|
|
EVP - Finance & CFO
|
|
SVP - IR & Treasurer
|
|
(224) 521-4281
|
|
(224) 521-8258
|
Additional information about Anixter is available at www.anixter.com
5
|
ANIXTER INTERNATIONAL INC.
|
|||||||
|
Condensed Consolidated Statements of Operations (Unaudited)
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended
|
||||||
|
|
March 29, 2019
|
|
March 30, 2018
|
||||
|
|
|||||||
|
(In millions, except per share amounts)
|
|
|
|
||||
|
Net sales
|
$
|
2,108.5
|
|
|
$
|
1,964.2
|
|
|
Cost of goods sold
|
1,689.6
|
|
|
1,579.4
|
|
||
|
Gross profit
|
418.9
|
|
|
384.8
|
|
||
|
Operating expenses
|
344.3
|
|
|
323.2
|
|
||
|
Operating income
|
74.6
|
|
|
61.6
|
|
||
|
Other expense:
|
|
|
|
||||
|
Interest expense
|
(20.4
|
)
|
|
(18.2
|
)
|
||
|
Other, net
|
1.8
|
|
|
2.3
|
|
||
|
Income before income taxes
|
56.0
|
|
|
45.7
|
|
||
|
Income tax expense
|
16.9
|
|
|
13.6
|
|
||
|
Net income
|
$
|
39.1
|
|
|
$
|
32.1
|
|
|
Income per share:
|
|
|
|
||||
|
Basic
|
$
|
1.15
|
|
|
$
|
0.95
|
|
|
Diluted
|
$
|
1.14
|
|
|
$
|
0.94
|
|
|
|
|
|
|
||||
|
Weighted-average common shares outstanding:
|
|
|
|
||||
|
Basic
|
33.9
|
|
|
33.7
|
|
||
|
Diluted
|
34.2
|
|
|
34.1
|
|
||
|
|
|
|
|
||||
|
Reportable Segments
|
|
|
|
||||
|
Net sales:
|
|
|
|
||||
|
Network & Security Solutions
|
$
|
1,112.5
|
|
|
$
|
994.8
|
|
|
Electrical & Electronic Solutions
|
566.0
|
|
|
568.4
|
|
||
|
Utility Power Solutions
|
430.0
|
|
|
401.0
|
|
||
|
|
$
|
2,108.5
|
|
|
$
|
1,964.2
|
|
|
Operating income:
|
|
|
|
||||
|
Network & Security Solutions
|
$
|
70.9
|
|
|
$
|
53.5
|
|
|
Electrical & Electronic Solutions
|
29.1
|
|
|
31.4
|
|
||
|
Utility Power Solutions
|
18.5
|
|
|
16.4
|
|
||
|
Corporate
|
(43.9
|
)
|
|
(39.7
|
)
|
||
|
|
$
|
74.6
|
|
|
$
|
61.6
|
|
|
|
|
|
|
||||
6
7
|
ANIXTER INTERNATIONAL INC.
|
|||||||
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended
|
||||||
|
|
March 29, 2019
|
|
March 30, 2018
|
||||
|
(In millions)
|
|
||||||
|
|
|
|
|
||||
|
Operating activities:
|
|
|
|
||||
|
Net income
|
$
|
39.1
|
|
|
$
|
32.1
|
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
|
Depreciation
|
9.3
|
|
|
7.4
|
|
||
|
Amortization of intangible assets
|
8.8
|
|
|
9.3
|
|
||
|
Stock-based compensation
|
4.1
|
|
|
4.6
|
|
||
|
Deferred income taxes
|
0.1
|
|
|
0.4
|
|
||
|
Pension plan contributions
|
(2.1
|
)
|
|
(2.3
|
)
|
||
|
Pension plan expenses
|
1.4
|
|
|
1.2
|
|
||
|
Changes in current assets and liabilities, net
|
(175.8
|
)
|
|
(124.9
|
)
|
||
|
Other, net
|
0.9
|
|
|
1.0
|
|
||
|
Net cash used in operating activities
|
(114.2
|
)
|
|
(71.2
|
)
|
||
|
Investing activities:
|
|
|
|
||||
|
Capital expenditures, net
|
(5.9
|
)
|
|
(10.9
|
)
|
||
|
Other
|
—
|
|
|
4.1
|
|
||
|
Net cash used in investing activities
|
(5.9
|
)
|
|
(6.8
|
)
|
||
|
Financing activities:
|
|
|
|
||||
|
Proceeds from borrowings
|
1,241.5
|
|
|
531.3
|
|
||
|
Repayments of borrowings
|
(1,127.4
|
)
|
|
(493.0
|
)
|
||
|
Proceeds from stock options exercised
|
1.0
|
|
|
0.8
|
|
||
|
Other, net
|
(0.2
|
)
|
|
—
|
|
||
|
Net cash provided by financing activities
|
114.9
|
|
|
39.1
|
|
||
|
Decrease in cash and cash equivalents
|
(5.2
|
)
|
|
(38.9
|
)
|
||
|
Effect of exchange rate changes on cash balances
|
1.2
|
|
|
1.6
|
|
||
|
Cash and cash equivalents at beginning of period
|
81.0
|
|
|
116.0
|
|
||
|
Cash and cash equivalents at end of period
|
$
|
77.0
|
|
|
$
|
78.7
|
|
8
9
|
ANIXTER INTERNATIONAL INC.
|
|
|
|
|
||||
|
Financial Measures That Supplement U.S. GAAP (Unaudited) - continued
|
||||||||
|
|
|
|
||||||
|
(In millions, except per share amounts)
|
|
Positive (Negative) impact
|
||||||
|
|
|
Three Months Ended
|
||||||
|
|
|
March 29, 2019
|
|
March 30, 2018
|
||||
|
|
|
|
||||||
|
Items impacting comparability of results:
|
|
|
|
|
||||
|
Items impacting operating expense and operating income:
|
|
|
|
|
||||
|
Amortization of intangible assets
|
|
$
|
(8.8
|
)
|
|
$
|
(9.3
|
)
|
|
Acquisition and integration costs
|
|
0.3
|
|
|
(0.3
|
)
|
||
|
U.K. facility relocation costs
|
|
—
|
|
|
(0.2
|
)
|
||
|
Total of items impacting operating expense and operating income
|
|
$
|
(8.5
|
)
|
|
$
|
(9.8
|
)
|
|
Total of items impacting pre-tax income
|
|
$
|
(8.5
|
)
|
|
$
|
(9.8
|
)
|
|
Items impacting income taxes:
|
|
|
|
|
||||
|
Tax impact of items impacting pre-tax income above
|
|
$
|
2.2
|
|
|
$
|
2.2
|
|
|
Total of items impacting income taxes
|
|
$
|
2.2
|
|
|
$
|
2.2
|
|
|
Net income impact of these items
|
|
$
|
(6.3
|
)
|
|
$
|
(7.6
|
)
|
|
Diluted EPS impact of these items
|
|
$
|
(0.19
|
)
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
||||
|
U.S. GAAP to Non-GAAP Net Income and EPS Reconciliation:
|
|
|
|
|
||||
|
Net income – U.S. GAAP
|
|
$
|
39.1
|
|
|
$
|
32.1
|
|
|
Items impacting net income
|
|
6.3
|
|
|
7.6
|
|
||
|
Net income – Non-GAAP
|
|
$
|
45.4
|
|
|
$
|
39.7
|
|
|
|
|
|
|
|
||||
|
Diluted EPS – U.S. GAAP
|
|
$
|
1.14
|
|
|
$
|
0.94
|
|
|
Diluted EPS impact of these items
|
|
0.19
|
|
|
0.22
|
|
||
|
Diluted EPS – Non-GAAP
|
|
$
|
1.33
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
||||
|
Items Impacting Comparability of Operating Income by Segment
|
|
Three Months Ended March 29, 2019
|
||||||||||||||||||
|
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating income - U.S. GAAP
|
|
$
|
70.9
|
|
|
$
|
29.1
|
|
|
$
|
18.5
|
|
|
$
|
(43.9
|
)
|
|
$
|
74.6
|
|
|
Operating margin - U.S. GAAP
|
|
6.4
|
%
|
|
5.1
|
%
|
|
4.3
|
%
|
|
nm
|
|
|
3.5
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total of items impacting operating income
|
|
$
|
4.1
|
|
|
$
|
1.4
|
|
|
$
|
3.2
|
|
|
$
|
(0.2
|
)
|
|
$
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted operating income - Non-GAAP
|
|
$
|
75.0
|
|
|
$
|
30.5
|
|
|
$
|
21.7
|
|
|
$
|
(44.1
|
)
|
|
$
|
83.1
|
|
|
Adjusted operating margin - Non-GAAP
|
|
6.7
|
%
|
|
5.4
|
%
|
|
5.1
|
%
|
|
nm
|
|
|
3.9
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
nm - not meaningful
|
|
|
|
|
|
|
|
|
|
|
||||||||||
10
|
ANIXTER INTERNATIONAL INC.
|
|
|
|
|
||||
|
Financial Measures That Supplement U.S. GAAP (Unaudited) - continued
|
|
|
||||||
|
|
|
|
|
|
||||
|
2019 and 2018 Effective Tax Rate – U.S. GAAP and Non-GAAP
|
||||||||
|
|
|
Three Months Ended
|
||||||
|
(In millions)
|
|
March 29, 2019
|
|
March 30, 2018
|
||||
|
Income before taxes – U.S. GAAP
|
|
$
|
56.0
|
|
|
$
|
45.7
|
|
|
Income tax expense – U.S. GAAP
|
|
$
|
16.9
|
|
|
$
|
13.6
|
|
|
Effective income tax rate
|
|
30.3
|
%
|
|
29.7
|
%
|
||
|
|
|
|
|
|
||||
|
Total of items impacting pre-tax income above
|
|
$
|
8.5
|
|
|
$
|
9.8
|
|
|
Total of items impacting income taxes above
|
|
$
|
2.2
|
|
|
$
|
2.2
|
|
|
|
|
|
|
|
||||
|
Income before income taxes – Non-GAAP
|
|
$
|
64.5
|
|
|
$
|
55.5
|
|
|
Income tax expense – Non-GAAP
|
|
$
|
19.1
|
|
|
$
|
15.8
|
|
|
Adjusted effective income tax rate
|
|
29.8
|
%
|
|
28.5
|
%
|
||
|
|
|
|
|
|
||||
11
12