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Q1 2021 IHS Markit Earnings Conference Call - Click here for webcast replay
Q1 2021 IHS Markit Earnings Conference Call - Supplemental Materials - Click here for PDF
- Revenue of
$1.120 billion , with 3 percent total organic revenue growth
- Net income of
$149 million and diluted earnings per share (EPS) of$0.37
- Adjusted EBITDA of
$467 million and Adjusted earnings per diluted share (Adjusted EPS) of$0.71
- Cash flow from operations of
$245 million and free cash flow of$172 million
Adjusted EBITDA, Adjusted EPS, and free cash flow are non-GAAP financial measures used by management to measure operating performance. These terms are defined elsewhere in this release. Please see schedules appearing later in this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.
First Quarter 2021 Financial Performance
|
Three months ended February 28/29, |
|
Change |
|||||||||||
(in millions, except percentages and per share data) |
2021 |
|
2020 |
|
$ |
|
% |
|||||||
Revenue |
$ |
1,119.9 |
|
|
$ |
1,080.8 |
|
|
$ |
39.1 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|||||||
Net income attributable to |
$ |
149.3 |
|
|
$ |
485.0 |
|
|
$ |
(335.7) |
|
|
(69) |
% |
Adjusted EBITDA |
$ |
466.8 |
|
|
$ |
431.6 |
|
|
$ |
35.2 |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|||||||
GAAP EPS |
$ |
0.37 |
|
|
$ |
1.20 |
|
|
$ |
(0.83) |
|
|
(69) |
% |
Adjusted EPS |
$ |
0.71 |
|
|
$ |
0.66 |
|
|
$ |
0.05 |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|||||||
Cash flow from operations |
$ |
244.5 |
|
|
$ |
119.5 |
|
|
$ |
125.0 |
|
|
105 |
% |
Free cash flow |
$ |
171.9 |
|
|
$ |
117.4 |
|
|
$ |
54.5 |
|
|
46 |
% |
* Net income attributable to |
“We are very pleased with our start to the year, with all of our segments performing at or above our expectations,” said
“As our end markets and business continue to recover, we now expect to deliver results in the upper half of our 2021 revenue, Adjusted EBITDA, and Adjusted EPS guidance ranges,” said
First Quarter 2021 Revenue Performance
First quarter 2021 revenue increased 3 percent organically compared to the first quarter of 2020. The following table provides additional revenue information by transaction type.
|
Three months ended February 28/29, |
|
Percentage change |
||||||||||
(in millions, except percentages) |
2021 |
|
2020 |
|
Total |
|
Organic |
||||||
Recurring fixed |
$ |
825.6 |
|
|
$ |
804.1 |
|
|
3 |
% |
|
2 |
% |
Recurring variable |
172.9 |
|
|
146.8 |
|
|
18 |
% |
|
17 |
% |
||
Non-recurring |
121.4 |
|
|
129.9 |
|
|
(7) |
% |
|
(7) |
% |
||
Total revenue |
$ |
1,119.9 |
|
|
$ |
1,080.8 |
|
|
4 |
% |
|
3 |
% |
The components of revenue growth are described below by segment and in total.
|
Change in revenue |
||||||||||
|
First quarter 2021 vs. First quarter 2020 |
||||||||||
(All amounts represent percentage points) |
Organic |
|
Acquisitive |
|
Foreign |
|
Total |
||||
Financial Services |
10 |
% |
|
— |
% |
|
1 |
% |
|
11 |
% |
Transportation |
4 |
% |
|
— |
% |
|
1 |
% |
|
5 |
% |
Resources |
(10) |
% |
|
— |
% |
|
— |
% |
|
(10) |
% |
Consolidated Markets & Solutions |
(1) |
% |
|
(1) |
% |
|
1 |
% |
|
(1) |
% |
Total |
3 |
% |
|
— |
% |
|
1 |
% |
|
4 |
% |
First Quarter 2021 Operating Performance
Segment results were as follows (additional segment information is included later in this release):
- Financial Services. First quarter revenue for Financial Services increased
$49 million , or 11 percent, to$485 million , and included 10 percent total organic growth. First quarter Adjusted EBITDA for Financial Services increased$28 million , or 13 percent, to$233 million .
- Transportation. First quarter revenue for Transportation increased
$15 million , or 5 percent, to$312 million , and included 4 percent total organic growth. First quarter Adjusted EBITDA for Transportation increased$29 million , or 24 percent, to$147 million .
- Resources. First quarter revenue for Resources decreased
$23 million , or 10 percent, to$203 million , and included a 10 percent decline in total organic growth. First quarter Adjusted EBITDA for Resources decreased$16 million , or 18 percent, to$74 million .
- Consolidated Markets & Solutions (CMS). First quarter revenue for CMS decreased
$1 million , or 1 percent, to$121 million , with a 1 percent decline in total organic growth. First quarter Adjusted EBITDA for CMS decreased$3 million , or 11 percent to$26 million .
Outlook
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to our financial statements based on
We use non-GAAP measures in our operational and financial decision-making. We believe that such measures allow us to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. We also believe that investors may find these non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP financial measures or disclosures. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to any other GAAP measure.
Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to
Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Examples of forward-looking statements include, among others, statements we make regarding: guidance and predictions relating to expected operating results, such as revenue growth and earnings; strategic actions such as acquisitions, joint ventures, and dispositions, the anticipated benefits therefrom, and our success in integrating acquired businesses; anticipated levels of capital expenditures in future periods; anticipated levels of indebtedness, capital allocation, dividends, and share repurchases in future periods; our belief that we have sufficient liquidity to fund our ongoing business operations; expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities, and governmental and regulatory investigations and proceedings; our strategy for customer retention, growth, product development, market position, financial results, and reserves; the completion of the merger with S&P Global Inc. (“S&P Global”) on anticipated terms and timing, including unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined company’s operations and other conditions to the completion of the merger; the ability of S&P Global and
About
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(In millions) |
|||||||
|
As of |
|
As of |
||||
|
(Unaudited) |
|
(Audited) |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
172.0 |
|
|
$ |
125.6 |
|
Accounts receivable, net |
981.9 |
|
|
891.7 |
|
||
Deferred subscription costs |
99.8 |
|
|
84.3 |
|
||
Assets held for sale |
857.0 |
|
|
— |
|
||
Other current assets |
139.6 |
|
|
131.7 |
|
||
Total current assets |
2,250.3 |
|
|
1,233.3 |
|
||
Non-current assets: |
|
|
|
||||
Property and equipment, net |
673.8 |
|
|
724.8 |
|
||
Operating lease right-of-use assets, net |
293.1 |
|
|
296.8 |
|
||
Intangible assets, net |
3,456.9 |
|
|
3,846.1 |
|
||
|
9,715.0 |
|
|
9,908.7 |
|
||
Deferred income taxes |
27.1 |
|
|
27.1 |
|
||
Other |
253.4 |
|
|
98.4 |
|
||
Total non-current assets |
14,419.3 |
|
|
14,901.9 |
|
||
Total assets |
$ |
16,669.6 |
|
|
$ |
16,135.2 |
|
Liabilities and equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Short-term debt |
$ |
478.1 |
|
|
$ |
268.1 |
|
Accounts payable |
31.0 |
|
|
48.2 |
|
||
Accrued compensation |
95.9 |
|
|
206.1 |
|
||
Other accrued expenses |
505.5 |
|
|
477.6 |
|
||
Income tax payable |
39.0 |
|
|
29.1 |
|
||
Deferred revenue |
1,049.8 |
|
|
886.2 |
|
||
Operating lease liabilities |
62.0 |
|
|
63.5 |
|
||
Liabilities held for sale |
99.8 |
|
|
— |
|
||
Total current liabilities |
2,361.1 |
|
|
1,978.8 |
|
||
Long-term debt, net |
4,642.7 |
|
|
4,641.7 |
|
||
Deferred income taxes |
492.6 |
|
|
543.4 |
|
||
Operating lease liabilities |
293.0 |
|
|
297.7 |
|
||
Other liabilities |
175.6 |
|
|
130.4 |
|
||
Commitments and contingencies |
|
|
|
||||
Redeemable noncontrolling interests |
13.2 |
|
|
13.8 |
|
||
Shareholders' equity |
8,691.4 |
|
|
8,529.4 |
|
||
Total liabilities and equity |
$ |
16,669.6 |
|
|
$ |
16,135.2 |
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(In millions, except for per-share amounts) |
|||||||
(Unaudited) |
|||||||
|
Three months ended February 28/29, |
||||||
|
2021 |
|
2020 |
||||
Revenue |
$ |
1,119.9 |
|
|
$ |
1,080.8 |
|
Operating expenses: |
|
|
|
||||
Cost of revenue |
415.2 |
|
|
415.8 |
|
||
Selling, general and administrative |
302.2 |
|
|
316.2 |
|
||
Depreciation and amortization |
151.6 |
|
|
145.3 |
|
||
Restructuring and impairment charges |
1.0 |
|
|
4.5 |
|
||
Acquisition-related costs |
13.1 |
|
|
0.9 |
|
||
Other (income) expense, net |
3.4 |
|
|
(372.8) |
|
||
Total operating expenses |
886.5 |
|
|
509.9 |
|
||
Operating income |
233.4 |
|
|
570.9 |
|
||
Interest income |
0.1 |
|
|
0.4 |
|
||
Interest expense |
(55.5) |
|
|
(61.2) |
|
||
Net periodic pension and postretirement expense |
— |
|
|
(21.5) |
|
||
Non-operating expense, net |
(55.4) |
|
|
(82.3) |
|
||
Income from continuing operations before income taxes and equity in loss of equity method investees |
178.0 |
|
|
488.6 |
|
||
(Provision) benefit for income taxes |
(30.3) |
|
|
(4.3) |
|
||
Equity in income (loss) of equity method investees |
1.0 |
|
|
(0.3) |
|
||
Net income |
148.7 |
|
|
484.0 |
|
||
Net loss attributable to noncontrolling interest |
0.6 |
|
|
1.0 |
|
||
Net income attributable to |
$ |
149.3 |
|
|
$ |
485.0 |
|
|
|
|
|
||||
Basic earnings per share attributable to |
$ |
0.38 |
|
|
$ |
1.23 |
|
Weighted average shares used in computing basic earnings per share |
397.4 |
|
|
395.7 |
|
||
|
|
|
|
||||
Diluted earnings per share attributable to |
$ |
0.37 |
|
|
$ |
1.20 |
|
Weighted average shares used in computing diluted earnings per share |
400.8 |
|
|
404.1 |
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(In millions) |
|||||||
(Unaudited) |
|||||||
|
Three months ended February 28/29, |
||||||
|
2021 |
|
2020 |
||||
Operating activities: |
|
|
|
||||
Net income |
$ |
148.7 |
|
|
$ |
484.0 |
|
Reconciliation of net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
151.6 |
|
|
145.3 |
|
||
Stock-based compensation expense |
65.8 |
|
|
82.6 |
|
||
Gain on sale of assets, net |
(0.1) |
|
|
(372.3) |
|
||
Impairment of assets |
1.3 |
|
|
— |
|
||
Payments for acquisition-related performance compensation |
— |
|
|
(75.9) |
|
||
Net periodic pension and postretirement expense |
— |
|
|
21.5 |
|
||
Undistributed earnings of affiliates, net |
(1.0) |
|
|
0.2 |
|
||
Pension and postretirement contributions |
— |
|
|
(8.2) |
|
||
Deferred income taxes |
7.3 |
|
|
15.1 |
|
||
Change in assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
(118.6) |
|
|
(89.8) |
|
||
Other current assets |
(27.2) |
|
|
(41.0) |
|
||
Accounts payable |
(11.8) |
|
|
(21.5) |
|
||
Accrued expenses |
(139.1) |
|
|
(142.0) |
|
||
Income tax |
11.7 |
|
|
(40.0) |
|
||
Deferred revenue |
163.2 |
|
|
151.8 |
|
||
Other assets and liabilities |
(7.3) |
|
|
9.7 |
|
||
Net cash provided by operating activities |
244.5 |
|
|
119.5 |
|
||
Investing activities: |
|
|
|
||||
Capital expenditures on property and equipment |
(72.6) |
|
|
(78.0) |
|
||
Acquisitions of businesses, net of cash acquired |
(46.9) |
|
|
— |
|
||
Payments to acquire equity investments |
(152.3) |
|
|
(3.6) |
|
||
Proceeds from sale of assets |
— |
|
|
466.2 |
|
||
Change in other assets |
(2.8) |
|
|
(0.1) |
|
||
Settlements of forward contracts |
10.8 |
|
|
2.5 |
|
||
Net cash (used in) provided by investing activities |
(263.8) |
|
|
387.0 |
|
||
Financing activities: |
|
|
|
||||
Proceeds from borrowings |
260.0 |
|
|
293.8 |
|
||
Repayment of borrowings |
(50.0) |
|
|
(209.1) |
|
||
Contingent consideration payments |
(1.0) |
|
|
— |
|
||
Dividends paid |
(79.3) |
|
|
(67.7) |
|
||
Repurchases of common shares |
— |
|
|
(500.0) |
|
||
Proceeds from the exercise of employee stock options |
0.6 |
|
|
130.9 |
|
||
Payments related to tax withholding for stock-based compensation |
(73.6) |
|
|
(110.0) |
|
||
Net cash provided by (used in) financing activities |
56.7 |
|
|
(462.1) |
|
||
Foreign exchange impact on cash balance |
9.0 |
|
|
(12.0) |
|
||
Net increase in cash and cash equivalents |
46.4 |
|
|
32.4 |
|
||
Cash and cash equivalents at the beginning of the period |
125.6 |
|
|
111.5 |
|
||
Cash and cash equivalents at the end of the period |
$ |
172.0 |
|
|
$ |
143.9 |
|
|
|||||||||||||
SUPPLEMENTAL REVENUE DISCLOSURE |
|||||||||||||
(In millions) |
|||||||||||||
(Unaudited) |
|||||||||||||
|
Three months ended February 28/29, |
|
Percent change |
||||||||||
|
2021 |
|
2020 |
|
Total |
|
Organic |
||||||
Recurring revenue: |
|
|
|
|
|
|
|
||||||
Financial Services |
$ |
285.3 |
|
|
$ |
267.3 |
|
|
7 |
% |
|
5 |
% |
Transportation |
246.6 |
|
|
227.7 |
|
|
8 |
% |
|
8 |
% |
||
Resources |
182.6 |
|
|
200.5 |
|
|
(9) |
% |
|
(9) |
% |
||
CMS |
111.1 |
|
|
108.6 |
|
|
2 |
% |
|
2 |
% |
||
Total recurring fixed revenue |
$ |
825.6 |
|
|
$ |
804.1 |
|
|
3 |
% |
|
2 |
% |
Financial Services - variable |
172.9 |
|
|
146.8 |
|
|
18 |
% |
|
17 |
% |
||
Total recurring revenue |
$ |
998.5 |
|
|
$ |
950.9 |
|
|
5 |
% |
|
4 |
% |
|
|
|
|
|
|
|
|
||||||
Non-recurring revenue: |
|
|
|
|
|
|
|
||||||
Financial Services |
$ |
26.3 |
|
|
$ |
21.9 |
|
|
20 |
% |
|
18 |
% |
Transportation |
65.1 |
|
|
69.5 |
|
|
(6) |
% |
|
(8) |
% |
||
Resources |
20.1 |
|
|
25.1 |
|
|
(20) |
% |
|
(20) |
% |
||
CMS |
9.9 |
|
|
13.4 |
|
|
(26) |
% |
|
(25) |
% |
||
Total non-recurring revenue |
$ |
121.4 |
|
|
$ |
129.9 |
|
|
(7) |
% |
|
(7) |
% |
|
|
|
|
|
|
|
|
||||||
Total revenue: |
|
|
|
|
|
|
|
||||||
Financial Services |
$ |
484.5 |
|
|
$ |
436.0 |
|
|
11 |
% |
|
10 |
% |
Transportation |
311.7 |
|
|
297.2 |
|
|
5 |
% |
|
4 |
% |
||
Resources |
202.7 |
|
|
225.6 |
|
|
(10) |
% |
|
(10) |
% |
||
CMS |
121.0 |
|
|
122.0 |
|
|
(1) |
% |
|
(1) |
% |
||
Total revenue |
$ |
1,119.9 |
|
|
$ |
1,080.8 |
|
|
4 |
% |
|
3 |
% |
|
|||||||
RECONCILIATION OF CONSOLIDATED NON-GAAP FINANCIAL MEASURES TO |
|||||||
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES |
|||||||
(In millions, except for per-share amounts) |
|||||||
(Unaudited) |
|||||||
|
Three months ended February 28/29, |
||||||
|
2021 |
|
2020 |
||||
Net income attributable to |
$ |
149.3 |
|
|
$ |
485.0 |
|
Interest income |
(0.1) |
|
|
(0.4) |
|
||
Interest expense |
55.5 |
|
|
61.2 |
|
||
Provision for income taxes |
30.3 |
|
|
4.3 |
|
||
Depreciation |
56.1 |
|
|
51.1 |
|
||
Amortization related to acquired intangible assets |
95.5 |
|
|
94.2 |
|
||
EBITDA (1)(6) |
$ |
386.6 |
|
|
$ |
695.4 |
|
Stock-based compensation expense |
65.8 |
|
|
82.6 |
|
||
Restructuring and impairment charges |
1.0 |
|
|
4.5 |
|
||
Acquisition-related costs |
9.2 |
|
|
0.7 |
|
||
Acquisition-related performance compensation |
3.9 |
|
|
0.2 |
|
||
Gain on sale of assets |
(0.1) |
|
|
(372.3) |
|
||
Pension mark-to-market and settlement expense |
— |
|
|
21.2 |
|
||
Share of joint venture results not attributable to Adjusted EBITDA |
0.7 |
|
|
0.3 |
|
||
Adjusted EBITDA attributable to noncontrolling interest |
(0.3) |
|
|
(1.0) |
|
||
Adjusted EBITDA (2)(6) |
$ |
466.8 |
|
|
$ |
431.6 |
|
|
|
|
|
||||
|
Three months ended February 28/29, |
||||||
|
2021 |
|
2020 |
||||
Net income attributable to |
$ |
149.3 |
|
|
$ |
485.0 |
|
Stock-based compensation expense |
65.8 |
|
|
82.6 |
|
||
Amortization related to acquired intangible assets |
95.5 |
|
|
94.2 |
|
||
Restructuring and impairment charges |
1.0 |
|
|
4.5 |
|
||
Acquisition-related costs |
9.2 |
|
|
0.7 |
|
||
Acquisition-related performance compensation |
3.9 |
|
|
0.2 |
|
||
Gain on sale of assets |
(0.1) |
|
|
(372.3) |
|
||
Pension mark-to-market and settlement expense |
— |
|
|
21.2 |
|
||
Income tax effect of above adjustments |
(40.7) |
|
|
(49.4) |
|
||
Adjusted earnings attributable to noncontrolling interest |
(0.1) |
|
|
(0.7) |
|
||
Adjusted net income (3) |
$ |
283.8 |
|
|
$ |
266.0 |
|
Adjusted EPS (4)(6) |
$ |
0.71 |
|
|
$ |
0.66 |
|
Weighted average shares used in computing Adjusted EPS |
400.8 |
|
|
404.1 |
|
||
|
|
|
|
||||
|
Three months ended February 28/29, |
||||||
|
2021 |
|
2020 |
||||
Net cash provided by operating activities |
$ |
244.5 |
|
|
$ |
119.5 |
|
Payments for acquisition-related performance compensation |
— |
|
|
75.9 |
|
||
Capital expenditures on property and equipment |
(72.6) |
|
|
(78.0) |
|
||
Free cash flow (5)(6) |
$ |
171.9 |
|
|
$ |
117.4 |
|
|
|||||||
SUPPLEMENTAL SEGMENT OPERATING PROFIT MEASURE DISCLOSURE |
|||||||
(In millions) |
|||||||
(Unaudited) |
|||||||
|
Three months ended February 28/29, |
||||||
|
2021 |
|
2020 |
||||
Adjusted EBITDA by segment: |
|
|
|
||||
Financial Services |
$ |
232.9 |
|
|
$ |
205.4 |
|
Transportation |
146.7 |
|
|
118.0 |
|
||
Resources |
74.2 |
|
|
90.2 |
|
||
CMS |
26.1 |
|
|
29.4 |
|
||
Shared services |
(13.1) |
|
|
(11.4) |
|
||
Total Adjusted EBITDA |
$ |
466.8 |
|
|
$ |
431.6 |
|
|
|
|
|
||||
Adjusted EBITDA margin by segment: |
|
|
|
||||
Financial Services |
48.1 |
% |
|
47.1 |
% |
||
Transportation |
47.1 |
% |
|
39.7 |
% |
||
Resources |
36.6 |
% |
|
40.0 |
% |
||
CMS |
21.6 |
% |
|
24.1 |
% |
||
Total Adjusted EBITDA margin |
41.7 |
% |
|
39.9 |
% |
(1) |
EBITDA is defined as net income plus or minus net interest, plus provision for income taxes, depreciation, and amortization. |
|
(2) |
Adjusted EBITDA further excludes primarily non-cash items and other items that we do not consider to be useful in assessing our operating performance (e.g., stock-based compensation expense, restructuring charges, acquisition-related costs and performance compensation, exceptional litigation, net other gains and losses, pension mark-to-market, settlement, and other expense, the impact of joint ventures and noncontrolling interests, and discontinued operations). All of the items included in the reconciliation from net income to Adjusted EBITDA are either non-cash items or items that we do not consider to be useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance. |
|
(3) |
Adjusted net income is defined as net income plus primarily non-cash items and other items that management does not consider to be useful in assessing our operating performance (e.g., stock-based compensation expense, amortization related to acquired intangible assets, restructuring charges, acquisition-related costs and performance compensation, acquisition financing fees, net other gains and losses, pension mark-to-market, settlement, and other expense, the impact of noncontrolling interests, and discontinued operations, all net of the related tax effects). |
|
(4) |
Adjusted EPS is defined as Adjusted net income (as defined above) divided by diluted weighted average shares. |
|
(5) |
Free cash flow is defined as net cash provided by operating activities plus payments for acquisition-related performance compensation minus capital expenditures. |
|
(6) |
EBITDA, Adjusted EBITDA, Adjusted EPS, and free cash flow are used by securities analysts, investors, and other interested parties to assess our operating performance. For example, a measure similar to Adjusted EBITDA is required by the lenders under our revolving credit agreement. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210323005371/en/
Investor Relations Contact:
+1 303 397 2969
eric.boyer@ihsmarkit.com
Source: