UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
(Commission file number) |
(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Global Select Market |
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Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
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ITEM 2.02. Results of Operations and Financial Condition.
On February 9, 2022, Euronet Worldwide, Inc. issued a press release to report its financial results for the quarter and year ended December 31, 2021. The press release is attached hereto as Exhibit 99.1.
The information in Item 2.02 to this Current Report, including without limitation Exhibit 99.1, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Euronet Worldwide, Inc. |
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By: |
/s/ Rick L. Weller |
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Rick L. Weller |
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Chief Financial Officer |
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Date: February 9, 2022 |
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Contact:
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Revenues of $811.5 million, a 15% increase from $706.6 million (18% increase on a constant currency1 basis).
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Operating income of $29.0 million, a 42% decrease from $50.2 million (38% decrease on a constant currency basis).
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Adjusted operating income2 of $67.6 million (excluding a $38.6 million contract asset impairment), a 33% increase from $50.8 million (which excluded a $0.6 million impairment of acquired intangible assets) (38% increase on a constant currency basis).
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Adjusted EBITDA3 of $112.9 million, a 23% increase from $91.9 million (27% increase on a constant currency basis).
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Net loss attributable to Euronet of ($3.1) million or ($0.06) diluted loss per share, compared with net income of $70.2 million or $1.31 diluted earnings per share.
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Adjusted earnings per share4 of $1.15, a 4% increase from $1.11.
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Euronet's cash and cash equivalents was $1,260.5 million and ATM cash was $543.4 million, totaling $1,803.9 million as of December 31, 2021, and availability under its revolving credit facilities was approximately $690 million.
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Revenues of $2,995.5 million, a 21% increase from $2,482.7 million (18% increase on a constant currency1 basis).
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Operating income of $184.0 million, a 295% increase from $46.6 million (284% increase on a constant currency basis).
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Adjusted operating income2 $222.6 million (excluding a $38.6 million contract asset impairment), a 45% increase from $153.2 million (excluding $106.6 million impairment of goodwill and acquired intangible assets) (42% increase on a constant currency basis).
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Adjusted EBITDA3 of $395.0 million, a 31% increase from $302.2 million (28% increase on a constant currency basis).
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Net income attributable to Euronet of $70.7 million or $1.32 diluted income per share, compared with net loss of ($3.4) million or ($0.06) diluted loss per share.
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Adjusted earnings per share4 of $3.69, a 31% increase from $2.82.
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| 1 |
"Our strong full year growth rates across all three segments validated our strategy to stay the course during the unprecedented challenges presented by the COVID-19 pandemic. The investments we made in our physical and digital distribution networks, our product offerings and our leading-edge technology have resulted in significant expansion of our REN implementations and new agreements as well as the exciting launch in November 2021 of our Dandelion real-time cross-border payment network. Our leading global networks, industry leading technology and our global product portfolio all contributed to our production of approximately $225 million in cash in 2021 and will continue to fuel Euronet's growth for years to come."
The Company anticipates, based on recent trends, current global COVID-19 government mandates and the impacts of Omicron on the first quarter travel trends, that its first quarter adjusted EBITDA will be in the range of approximately $75 million to $85 million. However, the first quarter is historically the lightest travel quarter of the year, and therefore, the Company expects, as historical tourism trends accelerate and as travel recovers from COVID-19 related restrictions in the remaining three quarters of the year, together with the anticipated double-digit growth in epay and money transfer, its full year earnings to fall in a similar range to the earnings of 2019.
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Segment and Other Results
The EFT Processing Segment reports the following results for the fourth quarter 2021 compared with the same period or date in 2020:
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Revenues of $163.5 million, a 63% increase from $100.4 million (68% increase on a constant currency basis).
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Operating income of $1.8 million compared with ($21.2) million operating loss.
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Adjusted EBITDA of $25.9 million compared with adjusted EBITDA of $1.0 million.
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Transactions of 1,279 million, a 42% increase from 902 million.
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Total of 48,619 installed ATMs as of December 31, 2021, a 7% increase from 45,485. Operated 42,713 active ATMs as of December 31, 2021, a 13% increase from 37,729.
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Revenues of $591.2 million, a 26% increase from $468.8 million (23% increase on a constant currency basis).
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Operating loss of ($0.4) million compared with operating loss of ($66.7) million.
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Adjusted operating loss2 of ($0.4) million compared with adjusted operating loss of ($44.8) million (excluding a $21.9 million impairment of goodwill).
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Adjusted EBITDA of $90.5 million, a 131% increase from $39.2 million (128% increase on a constant currency basis).
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Transactions of 4.37 billion, a 33% increase from 3.28 billion.
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For the fourth quarter and full year 2021, revenue, operating income (loss), adjusted operating income (loss) and adjusted EBITDA growth were driven by improvements in domestic and international withdrawal transactions resulting from the partial lifting of travel restrictions across Europe, together with a continued benefit from a significant volume increase in low-value point-of-sale transactions in Europe and low-value payment processing transactions from an Asia Pacific customer's bank wallet and e-commerce site.
The improved travel trends resulted in 1,850 fewer ATMs deactivated at year-end compared to December 31, 2020, which together with the addition of 3,550 new high value ATMs, 430 low-margin ATMs in India and 850 fewer outsourcing ATMs drove a net 13% increase in the Company's active ATM count at the end of the year. The difference between active and installed ATMs is due to ATMs that have been deactivated due to seasonal closures or COVID-19-related travel restrictions. At the end of 2021, approximately 5,900 ATMs were closed due to seasonal locations or continued COVID-19 travel restrictions.
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Revenues of $286.9 million, a 4% increase from $276.1 million (7% increase on a constant currency basis).
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Operating income of $40.6 million, a 2% increase from $39.9 million (7% increase on a constant currency basis).
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Adjusted EBITDA of $42.6 million, a 1% increase from $42.2 million (5% increase on a constant currency basis).
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Transactions of 854 million, a 21% increase from 703 million.
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POS terminals of approximately 775,000 as of December 31, 2021, a 4% increase from approximately 748,000.
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Retailer locations of approximately 335,000 as of December 31, 2021, a slight decrease from approximately 338,000.
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Revenues of $1,011.4 million, a 21% increase from $835.5 million (18% increase on a constant currency basis).
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Operating income of $122.9 million, a 27% increase from $96.7 million (25% increase on a constant currency basis).
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Adjusted EBITDA of $131.4 million, a 26% increase from $104.6 million (24% increase on a constant currency basis).
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Transactions of 3.12 billion, a 30% increase from 2.40 billion. |
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For the fourth quarter and full year of 2021, revenue, operating income, adjusted EBITDA and transaction growth were driven by continued growth in digital media and mobile growth together with the continued expansion of digital distribution channel. The fourth quarter results also reflect the reduction of mobile operator commissions of approximately $5.0 million, which equally reduced revenue and direct costs resulting in no impact on gross profit or operating income growth, together with the loss of a key customer which generated approximately $5.0 million annual operating profits. If not for these two items, epay's revenue and adjusted operating income would have each grown approximately 10%.
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Revenues of $363.3 million, a 10% increase from $331.6 million (11% increase on a constant currency basis).
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Operating income of $2.7 million compared with $45.0 million.
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Adjusted operating income of $41.3 million (excluding $38.6 million contract asset impairment), a 9% decrease from $45.6 million (6% decrease on a constant currency basis).
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Adjusted EBITDA of $50.1 million, an 8% decrease from $54.6 million (5% decrease on a constant currency basis).
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Total transactions of 35.7 million, a 10% increase from 32.4 million.
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Network locations of approximately 510,000 as of December 31, 2021, a 10% increase from approximately 464,000.
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Revenues of $1,401.0 million, an 18% increase from $1,183.8 million (16% increase on a constant currency basis).
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Operating income of $119.6 million, a 100% increase from $59.7 million (93% increase on a constant currency basis).
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Adjusted operating income of $158.2 million (excluding $38.6 million contract asset impairment), a 10% increase from $144.4 million (excluding $84.7 million impairment of goodwill and acquired intangible assets) (7% increase on a constant currency basis).
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Adjusted EBITDA of $194.2 million, an 8% increase from $179.1 million (5% increase on a constant currency basis).
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Total transactions of 135.1 million, a 16% increase from 116.5 million.
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Fourth quarter 2021 revenue growth was the result of 19% growth in each of the U.S. and international-outbound transactions, excluding the Middle East and Asia and 55% growth in direct-to-consumer digital transactions, partially offset by a decline of 26% in transactions originated in Asia and the Middle East where COVID-19 lockdowns weighed significantly on transactions during the period as well as declines in the U.S. domestic business. Operating income, adjusted operating income and adjusted EBITDA were lower due to continued investments in network expansion together with higher costs to support technology, certain new product development and marketing costs in the current period.
Full year 2021 revenue growth was driven by 25% growth in U.S.-outbound transactions, 72% growth in direct-to-consumer digital transactions and 21% growth in international-originated money transfer transactions - which was a combination of 30% growth in international-outbound transactions, partially offset by a decline of 18% in transactions originated in Asia and the Middle East where COVID-19 lockdowns weighed significantly on transactions during the second half of the year. Moreover, revenue growth was partially offset by declines in the U.S. domestic business. Revenue grew faster than adjusted operating income and adjusted EBITDA due to continued investments in network expansion, technology, product development and marketing initiatives. The increase in operating income for the full year 2021 when compared to the prior year period was significantly impacted by the impairment of goodwill and acquired intangible assets that occurred in 2020.
Corporate and Other reports $16.1 million of expense for the fourth quarter 2021 compared with $13.5 million for the fourth quarter 2020. For the full year 2021, Corporate and Other reports $58.1 million of expense compared with $43.1 million for the full year 2020. The increase in expense for both the fourth quarter and full year 2021 is largely from an increase in long-term compensation expense.
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Unrestricted cash and cash equivalents on hand was $1,260.5 million as of December 31, 2021, compared to $1,048.5 million as of September 30, 2021. The increase in unrestricted cash and cash equivalents is largely from $65 million in cash generated from operations, together with a drawdown on the revolving credit facility as a result of effective treasury management for year-end settlement requirements across many currencies, and cash returned from ATMs due to seasonal ATM closures in the fourth quarter, partially offset by cash paid for capital expenditures and $228 million in share repurchases. While the Company continues to believe its $1,260.5 million unrestricted cash and cash equivalents balance is more than sufficient to sustain the business through the difficult times brought about by the COVID-19 pandemic, the Company has approximately $540 million of cash in ATMs at December 31, 2021 which could be re-deployed to operations, giving the Company more than $1.8 billion of cash and cash equivalents. In addition, the Company has approximately $690 million of availability under its revolving credit facility.
Total indebtedness was $1.43 billion as of December 31, 2021, compared to $1.21 billion as of September 30, 2021. The Company drew approximately $280 million on its available revolving credit facility to effectively manage year-end payments across several currencies shortly before year end; a majority of this draw was repaid after year-end.
(2) Adjusted operating income (loss) is defined as operating income (loss) excluding contract asset impairment charges and goodwill and acquired intangible asset impairment charges. Adjusted operating income (loss) represents a performance measure and is not intended to represent a liquidity measure.
(3) Adjusted EBITDA is defined as net income (loss) excluding, to the extent incurred in the period, interest, income tax expense, depreciation, amortization, share-based compensation, contract asset impairment charges, goodwill and acquired intangible asset impairment charges and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.
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EURONET WORLDWIDE, INC.
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Condensed Consolidated Balance Sheets
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(in millions)
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As of
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December 31,
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As of
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2021
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December 31,
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(unaudited)
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2020
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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1,260.5
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$
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1,420.3
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ATM cash
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543.4
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411.1
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Restricted cash
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3.7
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3.3
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Settlement assets
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1,102.4
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1,140.9
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Trade accounts receivable, net
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203.0
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117.5
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Prepaid expenses and other current assets
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195.4
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272.8
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Total current assets
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3,308.4
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3,365.9
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Property and equipment, net
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345.4
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378.4
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Right of use lease asset, net
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161.5
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162.1
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Goodwill and acquired intangible assets, net
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739.4
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787.7
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Other assets, net
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189.6
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232.6
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Total assets
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$
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4,744.3
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$
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4,926.7
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LIABILITIES AND EQUITY
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Current liabilities:
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Settlement obligations
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$
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1,102.4
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$
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1,140.9
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Accounts payable and other current liabilities
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693.2
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654.9
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Current portion of operating lease liabilities
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52.1
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52.4
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Short-term debt obligations
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4.9
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7.2
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Total current liabilities
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1,852.6
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1,855.4
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Debt obligations, net of current portion
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1,420.1
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1,437.6
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Operating lease liabilities, net of current portion
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111.4
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106.5
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Capital lease obligations, net of current portion
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2.9
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6.2
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Deferred income taxes
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46.5
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37.9
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Other long-term liabilities
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55.3
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37.2
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Total liabilities
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3,488.8
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3,480.8
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Equity
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1,255.5
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1,445.9
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Total liabilities and equity
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$
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4,744.3
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$
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4,926.7
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| 7 |
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EURONET WORLDWIDE, INC.
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Consolidated Statements of Operations
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(unaudited - in millions, except share and per share data)
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Year Ended
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Three Months Ended |
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December 31,
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December 31, | |||||||||||||
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2021
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2020
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2021 |
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2020 | ||||||||||
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Revenues
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$
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2,995.5
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$
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2,482.7
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$
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811.5
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$
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706.6
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Operating expenses:
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Direct operating costs
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1,900.2
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1,576.7
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510.5
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459.6
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Salaries and benefits
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484.9
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404.0
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128.7
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110.4
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Contract asset impairment
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38.6
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— |
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38.6
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—
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Selling, general and administrative
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252.0
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221.8
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69.7
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52.2
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Impairment of goodwill and acquired intangible assets
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—
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106.6
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—
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0.6
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Depreciation and amortization
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135.8
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127.0
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35.0
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33.6
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Total operating expenses
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2,811.5
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2,436.1
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782.5
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656.4
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Operating income
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184.0
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46.6
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29.0
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50.2
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Other income (expense):
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Interest income
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0.7
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1.1
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0.1
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0.2
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Interest expense
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(38.3
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) |
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(36.6
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(9.5
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) |
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(9.0
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Foreign currency exchange (loss) gain
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(10.8
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) |
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(3.8
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) |
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1.2
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13.9
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Other income
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—
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0.9
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—
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0.1
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Total other (expense) income, net
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(48.4
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(38.4
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(8.2)
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5.2
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Income before income taxes
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135.6
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8.2
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20.8
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55.4
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Income tax (expense) benefit
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(65.1
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) |
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(11.5
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) |
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(23.9
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) |
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15.0
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Net income (loss)
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70.5
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(3.3
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) |
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(3.1
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70.4
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Net income attributable to noncontrolling interests
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0.2
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(0.1
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) |
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—
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(0.2
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) | ||
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Net income (loss) attributable to Euronet Worldwide, Inc.
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$
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70.7
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$
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(3.4
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) |
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$
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(3.1)
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$
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70.2
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Earnings (loss) per share attributable to Euronet
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Worldwide, Inc. stockholders - diluted
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$
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1.32
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$
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(0.06
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) |
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$
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(0.06
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) |
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$
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1.31
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Diluted weighted average shares outstanding
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53,529,576
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52,659,551
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51,945,097
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|
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53,427,569
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| 8 |
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EURONET WORLDWIDE, INC.
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Reconciliation of Net (Loss) Income to Operating Income (Loss), Adjusted Operating Income (Loss) and Adjusted EBITDA
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(unaudited - in millions)
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|||||||||||||||||||
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Three months ended December 31, 2021
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EFT Processing
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epay
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Money Transfer
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Corporate Services
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Consolidated
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|||||||||||||||
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Net loss
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$
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(3.1
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Add: Income tax expense
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23.9
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Add: Total other expense, net
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8.2
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|
|||||||||||||||||
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Operating income (expense)
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$
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1.8
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$
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40.6
|
|
$
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2.7
|
|
$
|
(16.1
|
) |
$
|
29.0
|
|
||||
|
Add: Contract asset impairment
|
—
|
|
—
|
|
38.6
|
|
—
|
|
38.6
|
|
|||||||||
|
Adjusted operating income (expense)(1)
|
1.8
|
|
40.6
|
|
41.3
|
|
(16.1
|
) |
67.6
|
|
|||||||||
|
Add: Depreciation and amortization
|
24.1
|
|
2.0
|
|
8.8
|
|
0.1
|
|
35.0
|
|
|||||||||
|
Add: Share-based compensation
|
—
|
|
—
|
|
—
|
|
10.3
|
|
10.3
|
|
|||||||||
|
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and contract asset impairment (Adjusted EBITDA) (1)
|
$
|
25.9
|
|
$
|
42.6
|
|
$
|
50.1
|
|
$
|
(5.7
|
) |
$
|
112.9
|
|
||||
|
Three months ended December 31, 2020
|
|||||||||||||||||||
|
EFT Processing
|
epay
|
Money Transfer
|
Corporate Services
|
Consolidated
|
|||||||||||||||
|
Net income
|
$
|
70.4
|
|
||||||||||||||||
|
Less: Income tax benefit
|
(15.0 | ) | |||||||||||||||||
|
Less: Total other income, net
|
(5.2
|
) | |||||||||||||||||
|
Operating (loss) income
|
$
|
(21.2
|
) |
$
|
39.9
|
|
$
|
45.0
|
|
$
|
(13.5
|
) |
$
|
50.2
|
|
||||
|
Add: Acquired intangible asset impairment
|
—
|
|
—
|
|
0.6
|
|
—
|
|
0.6
|
|
|||||||||
|
Adjusted operating (loss) income
|
(21.2
|
) |
39.9
|
|
45.6
|
|
(13.5
|
) |
50.8
|
|
|||||||||
|
Add: Depreciation and amortization
|
22.2
|
|
2.3
|
|
9.0
|
|
0.1
|
|
33.6
|
|
|||||||||
|
Add: Share-based compensation
|
—
|
|
— |
|
—
|
|
7.5
|
|
7.5
|
|
|||||||||
|
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and acquired intangible asset impairment charges (Adjusted EBITDA) (1)
|
$
|
1.0
|
|
$
|
42.2
|
|
$
|
54.6
|
|
$
|
(5.9
|
) |
$
|
91.9
|
|
||||
| 9 |
|
EURONET WORLDWIDE, INC.
|
|||||||||||||||||||
|
Reconciliation of Net Income (Loss) to Operating (Loss) Income, Adjusted Operating (Loss) Income and Adjusted EBITDA
|
|||||||||||||||||||
|
(unaudited - in millions)
|
|||||||||||||||||||
|
Twelve months ended December 31, 2021
|
|||||||||||||||||||
|
EFT Processing
|
epay
|
Money Transfer
|
Corporate Services
|
Consolidated
|
|||||||||||||||
|
Net income
|
$
|
70.5
|
|
||||||||||||||||
|
Add: Income tax expense
|
65.1
|
|
|||||||||||||||||
|
Add: Total other expense, net
|
48.4
|
|
|||||||||||||||||
|
Operating (loss) income
|
$
|
(0.4
|
) |
$
|
122.9
|
|
$
|
119.6
|
|
$
|
(58.1
|
) |
$
|
184.0
|
|
||||
|
Add: Contract asset impairment
|
—
|
|
—
|
|
38.6
|
|
—
|
|
38.6
|
|
|||||||||
|
Adjusted operating (loss) income(1)
|
(0.4
|
) |
122.9
|
|
158.2
|
|
(58.1 | ) |
222.6
|
|
|||||||||
|
Add: Depreciation and amortization
|
90.9
|
|
8.5
|
|
36.0
|
|
0.4
|
|
135.8
|
|
|||||||||
|
Add: Share-based compensation
|
—
|
|
—
|
|
—
|
|
36.6
|
|
36.6
|
|
|||||||||
|
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and contract asset impairment (Adjusted EBITDA) (1)
|
$
|
90.5
|
|
$
|
131.4
|
|
$
|
194.2
|
|
$
|
(21.1
|
) |
$
|
395.0
|
|
||||
|
Twelve months ended December 31, 2020
|
|||||||||||||||||||
|
EFT Processing
|
epay
|
Money Transfer
|
Corporate Services
|
Consolidated
|
|||||||||||||||
|
Net loss
|
$
|
(3.3
|
) | ||||||||||||||||
|
Add: Income tax expense
|
11.5
|
|
|||||||||||||||||
|
Add: Total other expense, net
|
38.4
|
|
|||||||||||||||||
|
Operating (loss) income
|
$
|
(66.7
|
) |
$
|
96.7
|
|
$
|
59.7
|
|
$
|
(43.1
|
)
|
$
|
46.6
|
|
||||
| Add: Goodwill and acquired intangible asset impairment |
21.9
|
—
|
|
84.7
|
|
—
|
|
(106.6
|
) | ||||||||||
|
Adjusted operating (loss) income(1)
|
(44.8
|
) |
96.7
|
|
144.4
|
|
(43.1
|
) |
153.2
|
|
|||||||||
|
Add: Depreciation and amortization
|
84.0
|
|
7.9
|
|
34.7
|
|
0.4
|
|
127.0
|
|
|||||||||
|
Add: Share-based compensation
|
—
|
|
—
|
|
—
|
|
22.0
|
|
22.0
|
|
|||||||||
|
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and goodwill and acquired intangible asset impairment (Adjusted EBITDA) (1)
|
$
|
39.2
|
|
$
|
104.6
|
|
$
|
179.1
|
|
$
|
(20.7
|
) |
$
|
302.2
|
|
||||
| 10 |
|
EURONET WORLDWIDE, INC.
|
|||||||||||||||
|
Reconciliation of Adjusted Earnings per Share
|
|||||||||||||||
|
(unaudited - in millions, except share and per share data)
|
|||||||||||||||
|
Year Ended
|
|
Three Months Ended |
|||||||||||||
|
December 31,
|
|
December 31, | |||||||||||||
|
2021
|
2020
|
|
2021
|
|
2020
|
||||||||||
|
Net income (loss) attributable to Euronet Worldwide, Inc.
|
$
|
70.7
|
|
$
|
(3.4
|
) |
|
$
|
(3.1
|
) |
|
$
|
70.2
|
|
|
|
Foreign currency exchange loss (gain)
|
10.8
|
|
3.8
|
(1.2 | ) | (13.9 | ) | ||||||||
|
Acquired intangible asset amortization(1)
|
23.1
|
|
22.9
|
|
|
|
5.6
|
|
|
|
5.8
|
|
|||
|
Share-based compensation(2)
|
36.6
|
|
22.0
|
|
|
|
10.3
|
|
|
|
7.5
|
|
|||
| Contract asset impairment |
38.6
|
|
—
|
|
|
38.6
|
|
|
|
—
|
|
||||
|
Impairment of goodwill and acquired intangible assets
|
—
|
|
106.6
|
|
|
|
—
|
|
|
|
0.6
|
|
|||
|
Non-cash interest accretion(3)
|
16.0
|
|
15.3
|
|
|
|
4.1
|
|
|
|
3.9
|
|
|||
|
Income tax effect of above adjustments(4)
|
(13.8
|
) |
(7.2
|
) | (6.6 | ) | 2.8 | ||||||||
|
Non-cash GAAP tax expense (benefit)(5)
|
16.4
|
|
(8.3
|
) |
|
|
13.1
|
|
|
|
(17.4
|
) | |||
|
Adjusted earnings(6)
|
$
|
198.4
|
|
$
|
151.7
|
|
|
$
|
60.8
|
|
|
$
|
59.5
|
|
|
|
Adjusted earnings per share - diluted(6)
|
$
|
3.69
|
|
$
|
2.82
|
|
|
$
|
1.15
|
|
|
$
|
1.11
|
|
|
|
Diluted weighted average shares outstanding (GAAP)
|
53,529,576
|
|
52,659,551
|
|
|
|
51,945,097
|
|
|
|
53,427,569
|
|
|||
| Effect of anti-dilutive shares not included in GAAP calculation |
—
|
|
964,866
|
|
|
|
739,763
|
|
|
|
—
|
|
|||
|
Effect of unrecognized share-based compensation on diluted shares outstanding
|
246,198
|
|
192,876
|
|
|
|
222,193
|
|
|
|
295,808
|
|
|||
|
Adjusted diluted weighted average shares outstanding
|
53,775,774
|
|
53,817,293
|
|
|
|
52,907,053
|
|
|
|
53,723,377
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||