Market Overview

Granite Reports Second Quarter 2018 Results

Share:
  • Revenue increased to $807.1 million, up 5.8 percent year-over-year
  • Company gross profit up 7.8 percent year-over-year to $80.4 million
  • Company gross profit margin of 10.0 percent, up about 20 basis points
    year-over-year
  • All segments deliver year-over-year margin improvement; Construction
    Materials segment leads the way with gross profit up 32.6 percent
    year-over-year
  • Company backlog1 of $3.65 billion down 10.1 percent
    year-over-year; post-Q2 project wins total more than $875 million
  • Net loss of $8.4 million; adjusted2 net income of $17.9
    million, up 26.4 percent year-over-year
  • Adjusted EBITDA3 increased to $50.9 million, up 26.5
    percent year-over-year

Granite Construction Incorporated (NYSE:GVA) today reported a net loss
of $8.4 million for the quarter ended June 30, 2018, compared to a net
income of $14.1 million in the second quarter of 2017. Loss per diluted
share in the quarter was $(0.20), compared to income per diluted share
of $0.35 in the prior-year period. Second quarter 2018 results include
the impact of acquisition expenses of Layne Christensen Company,
("Layne") and LiquiForce. Excluding the impact of these expenses, second
quarter adjusted net income was $17.9 million, or $0.43 per diluted
share, a 22.9 percent increase from $0.35 per share in 2017.

"After producing the best first-half revenue performance in our
Company's history and with adjusted EBITDA nearly tripling
year-over-year through June, Granite teams remain focused on consistent
execution, process improvement, and steady, strategic growth," said
Granite President and Chief Executive Officer (CEO) James H. Roberts.
"Following the successful completion of two acquisitions in the second
quarter, we greatly appreciate the support that our employees and
shareholders provided in the execution of our strategic plan. We are
quite pleased to expand Granite's platforms for growth in this
opportunistic environment.

"These strategic moves extend our reach, as we execute our strategy to
diversify and grow across geographies in our core infrastructure
markets, inclusive of the water, wastewater, and mining markets,"
Roberts said. "State- and local-led program expansions, coupled with
growing federal government investment, and continued private-sector
strength are fueling the healthiest market conditions we have
experienced in more than a decade. We are particularly encouraged that
our core business continues to deliver on project pursuits as well as
day-to-day execution. Following the close of the second quarter, we
received notification of project wins that are not yet included in our
backlog. These four project wins across four operating groups total more
than $875 million, with these projects expected to enter our backlog in
the second half of 2018 and early 2019."

Second Quarter and Selected Year-To-Date 2018 Results

Total Company

  • Consolidated revenue increased 5.8 percent to $807.1 million in the
    second quarter, compared with $762.9 million in the prior-year period.
    On a year-to-date basis, consolidated revenue increased 11.3 percent
    to $1.37 billion in the first half of 2018.
  • Consolidated gross profit increased 7.8 percent to $80.4 million,
    compared with $74.6 million last year. On a year-to-date basis, gross
    profit increased 37.1 percent to $136.7 million in the first half of
    2018.
  • Consolidated gross profit margin was 10.0 percent in the second
    quarter, compared with 9.8 percent in 2017. For the first half of
    2018, profit margin was 10.0 percent compared with 8.1 percent last
    year.
  • Total Company backlog was $3.65 billion, down 10.1 percent
    year-over-year. We received notification of four project wins after
    the close of the second quarter. Quarter-end backlog does not include
    these projects, which total more than $875 million, which are expected
    to enter backlog in the second half of 2018 and early 2019.
    Construction segment backlog increased 0.5 percent year-over-year to
    $1.27 billion. Large Project Construction segment backlog decreased
    15.0 percent from last year to $2.38 billion.
  • Second quarter selling, general & administrative expenses were $61.3
    million, or 7.6 percent of revenue, compared to $51.4 million, or 6.7
    percent of revenue, last year. For the first half of 2018, SG&A
    expenses were $122.6 million, or 8.9 percent of revenue, compared to
    $113.2 million, or 9.2 percent of revenue, last year.
  • Our balance sheet remains strong with cash and marketable securities
    of $276.7 million as of June 30, 2018. With the recent increase and
    extension of our credit facility to $500 million, our capital
    structure is well positioned to support the execution our strategic
    plan.
  • Second quarter adjusted EBITDA increased 26.5 percent year-over-year
    to $50.9 million, compared to $40.3 million in the second quarter of
    2017. On a year-to-date basis, adjusted EBITDA nearly tripled to $60.2
    million, compared to $20.3 million last year.

Second Quarter Segment Results

Construction

  • Construction revenue increased 0.7 percent to $432.2 million, compared
    with $429.3 million last year.
  • Gross profit increased 1.1 percent to $61.6 million, compared to $60.9
    million last year.
  • Gross profit margin of 14.2 percent increased slightly from a year ago.
  • Solid execution drove second quarter profit performance, with business
    activity increasing steadily through the end of the quarter after a
    slow April start. Segment backlog finished at $1.27 billion, an
    increase of 0.5 percent year-over-year and 30.1 percent sequentially.

Large Project Construction

  • Large Project Construction revenue increased 7.7 percent to $273.9
    million, compared with $254.5 million last year.
  • Gross profit increased to $1.3 million, compared to $0.5 million last
    year.
  • Gross profit margin was 0.5 percent, compared with 0.2 percent in 2017.
  • Revenue and profit performance was driven by an increase in ongoing,
    accelerated work on several under-performing, mature projects, which
    had an increased negative sequential impact on quarterly results as
    has been anticipated. The positive contribution of newer projects in
    our portfolio continued, but it had less positive impact on segment
    performance during the second quarter. Underperforming projects still
    represent a significant amount of expected 2018 segment revenue, which
    should have a declining, negative impact following the third quarter
    in 2018.
  • Segment backlog decreased 15.0 percent year-over-year and 8.7 percent
    sequentially to $2.38 billion. We continue to increase our gross
    profit margin, operating income, and cash flow expectations on all new
    work. Market opportunities remain robust, as we patiently re-shape our
    project portfolio, pursuing disciplined strategies in alignment with
    increased returns that balance project risk dynamics.

Construction Materials

  • Construction Materials revenue increased 27.5 percent to $100.9
    million, compared with $79.2 million last year.
  • Gross profit of $17.5 million improved 32.6 percent from $13.2 million
    last year.
  • Gross profit margin improved nearly 70 basis points from last year to
    17.3 percent.
  • The gross profit and margin improvement was attributable primarily to
    improved external demand across most markets.

Outlook and Guidance

"Today, our outlook reflects a broad opportunity set for steady funding,
focused investment, and diverse growth opportunities, which are expected
to drive top-line growth and solid bottom-line improvement in 2018 and
beyond," said Roberts. "Granite's strategic growth plan is delivering
results and positioning Granite stakeholders to benefit from
significant, long-term economic value creation."

The Company's expectations for 2018, including acquisitions, are:

  • Mid- to high-teens consolidated revenue growth
  • Consolidated adjusted EBITDA margin of 7.0 percent to 8.0 percent

(1) Granite contract backlog is comprised of unearned revenue and other
awards. For further information, please refer to Note 1 of "NOTES TO THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS" and to "MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS" in the Granite Construction Incorporated Form 10-Q for the
quarterly period ended June 30, 2018, which is expected to be filed with
the Securities and Exchange Commission on August 8, 2018.

(2) Please refer to the description of adjusted net income and adjusted
earnings per diluted share reconciliation (including acquisition-related
costs and amortization of acquired tangible assets) in the attached
tables.

(3) Please refer to the description of EBITDA and adjusted EBITDA
(including acquisition-related costs) in the attached tables.

Conference Call

Granite will conduct a conference call today, August 8, 2018, at 8 a.m.
Pacific Time/11 a.m. Eastern Time to discuss the results of the quarter
ended June 30, 2018. The Company invites investors to listen to a live
audio webcast on its Investor Relations website, http://investor.graniteconstruction.com.
An archive of the webcast will be available on the website approximately
one hour after the call. The live call also is available by calling
1-877-328-5503; international callers may dial 1-412-317-5472. A replay
will be available after the live call through August 15, 2018, by
calling 1-877-344-7529, replay access code 10122695; international
callers may dial 1-412-317-0088.

About Granite

Through its offices and subsidiaries nationwide, Granite Construction
Incorporated (NYSE:GVA) is a full-suite provider in the transportation,
water infrastructure and mineral exploration markets. Granite, America's
Infrastructure Company, is an award-winning firm in safety, quality and
environmental stewardship, and has been honored as one of the World's
Most Ethical Companies by Ethisphere Institute for nine consecutive
years. Granite is listed on the New York Stock Exchange and is part of
the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell
2000 Index. For more information, visit www.graniteconstruction.com.

Forward-looking Statements

Any statements contained in this news release that are not based on
historical facts, including statements regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results, constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are identified by words such as "future," "outlook,"
"assumes," "believes," "expects," "estimates," "anticipates," "intends,"
"plans," "appears," "may," "will," "should," "could," "would,"
"continue," and the negatives thereof or other comparable terminology or
by the context in which they are made. These forward-looking statements
are estimates reflecting the best judgment of senior management and
reflect our current expectations regarding future events, occurrences,
circumstances, activities, performance, outcomes and results. These
expectations may or may not be realized. Some of these expectations may
be based on beliefs, assumptions or estimates that may prove to be
incorrect. In addition, our business and operations involve numerous
risks and uncertainties, many of which are beyond our control, which
could result in our expectations not being realized or otherwise
materially affect our business, financial condition, results of
operations, cash flows and liquidity. Such risks and uncertainties
include, but are not limited to, those described in greater detail in
our filings with the Securities and Exchange Commission, particularly
those specifically described in our Annual Report on Form 10-K and
quarterly reports on Form 10-Q.

Due to the inherent risks and uncertainties associated with our
forward-looking statements, the reader is cautioned not to place undue
reliance on them. The reader is also cautioned that the forward-looking
statements contained herein speak only as of the date of this news
release and, except as required by law; we undertake no obligation to
revise or update any forward-looking statements for any reason.

         

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except share and per share data)

 
June 30, December 31, June 30,
    2018     2017     2017
ASSETS
Current assets
Cash and cash equivalents $ 195,515 $ 233,711 $ 178,068
Short-term marketable securities 20,014 67,775 47,821
Receivables, net 492,718 479,791 484,245
Contract assets 265,190
Costs and estimated earnings in excess of billings

103,965 99,883
Inventories 96,024 62,497 65,495
Equity in construction joint ventures 252,467 247,826 230,448
Other current assets     49,100       36,513       43,597
Total current assets 1,371,028 1,232,078 1,149,557
Property and equipment, net 595,787 407,418 414,079
Long-term marketable securities 61,191 65,015 59,990
Investments in affiliates 99,495 38,469 37,170
Goodwill 246,881 53,799 53,799
Deferred income taxes, net 25,135

Other noncurrent assets     156,808       75,199       88,550
Total assets   $ 2,556,325     $ 1,871,978     $ 1,803,145
 
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 207,982 $ 46,048 $ 14,796
Accounts payable 303,885 237,673 252,527
Contract liabilities 91,864
Billings in excess of costs and estimated earnings 135,146 114,180
Accrued expenses and other current liabilities     293,959       236,407       231,048
Total current liabilities 897,690 655,274 612,551
Long-term debt 280,710 178,453 227,114
Deferred income taxes, net 5,759 1,361 5,420
Other long-term liabilities 71,180 44,085 47,983
Commitments and contingencies
Equity

Preferred stock, $0.01 par value, authorized 3,000,000 shares,
none outstanding

Common stock, $0.01 par value, authorized 150,000,000 shares;
issued and outstanding: 45,688,582 shares as of June 30, 2018,
39,871,314 shares as of December 31, 2017 and 39,837,295 shares as
of June 30, 2017

457 399 398
Additional paid-in capital 516,680 160,376 155,476
Accumulated other comprehensive income 1,022 634 71
Retained earnings     737,417       783,699       715,451
Total Granite Construction Incorporated shareholders' equity 1,255,576 945,108 871,396
Non-controlling interests     45,410       47,697       38,681
Total equity     1,300,986       992,805       910,077
Total liabilities and equity   $ 2,556,325     $ 1,871,978     $ 1,803,145
 
   

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

 
Three Months Ended June 30,     Six Months Ended June 30,  
    2018     2017     2018     2017  
Revenue    
Construction $ 432,225 $ 429,269 $ 701,468 $ 656,118
Large Project Construction 273,946 254,463 522,360 461,496
Construction Materials     100,948       79,181       146,670       113,699  
Total revenue     807,119       762,913       1,370,498       1,231,313  
Cost of revenue
Construction 370,674 368,369 601,521 567,889
Large Project Construction 272,608 253,974 500,656 458,452
Construction Materials     83,468       66,000       131,669       105,276  
Total cost of revenue     726,750       688,343       1,233,846       1,131,617  
Gross profit 80,369 74,570 136,652 99,696
Selling, general and administrative expenses 61,316 51,388 122,568 113,225
Acquisition and integration expenses 26,287 34,696
Gain on sales of property and equipment     (1,505 )     (807 )     (2,048 )     (1,077 )
Operating (loss) income     (5,729 )     23,989       (18,564 )     (12,452 )
Other (income) expense
Interest income (1,173 ) (1,164 ) (2,694 ) (2,215 )
Interest expense 3,203 2,694 5,638 5,437
Equity in income of affiliates (3,534 ) (1,259 ) (3,758 ) (2,175 )
Other income, net     (940 )     (642 )     (672 )     (1,512 )
Total other income     (2,444 )     (371 )     (1,486 )     (465 )
(Loss) income before provision for (benefit from) income taxes (3,285 ) 24,360 (17,078 ) (11,987 )
Provision for (benefit from) income taxes     2,796       8,088       (1,335 )     (4,408 )
Net (loss) income (6,081 ) 16,272 (15,743 ) (7,579 )
Amount attributable to non-controlling interests     (2,304 )     (2,139 )     (4,065 )     (2,078 )
Net (loss) income attributable to Granite Construction
Incorporated
  $ (8,385 )   $ 14,133     $ (19,808 )   $ (9,657 )
 
Net (loss) income per share attributable to common shareholders
Basic $ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 )
Diluted $ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 )
Weighted average shares of common stock
Basic 41,044 39,827 40,074 39,738
Diluted 41,044 40,393 40,074 39,738
Dividends per common share $ 0.13 $ 0.13 $ 0.26 $ 0.26
 
   
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

 
Six Months Ended June 30,   2018     2017  
Operating activities
Net loss $ (15,743 ) $ (7,579 )

Adjustments to reconcile net loss to net cash (used in) provided
by operating activities:

Depreciation, depletion and amortization 43,547 31,148
Gain on sales of property and equipment, net (2,048 ) (1,077 )
Stock-based compensation 10,193 11,224
Equity in net loss from unconsolidated joint ventures 13,418 8,249
Changes in assets and liabilities:     (124,812 )     (19,279 )
Net cash (used in) provided by operating activities     (75,445 )     22,686  
Investing activities
Purchases of marketable securities (9,952 ) (49,816 )
Maturities of marketable securities 60,000 70,000
Purchases of property and equipment (36,471 ) (37,518 )
Proceeds from sales of property and equipment 2,704 2,585
Cash paid to purchase businesses, net of cash and restricted cash
acquired
(55,030 )
Other investing activities, net     269       23  
Net cash used in investing activities     (38,480 )     (14,726 )
Financing activities
Proceeds from long term debt 105,250
Long-term debt principal repayments (1,250 ) (2,500 )
Cash dividends paid (10,389 ) (10,327 )
Repurchases of common stock (6,165 ) (6,568 )
Distributions to non-controlling partners (6,400 )
Other financing activities, net     429       177  
Net cash provided by (used in) financing activities     81,475       (19,218 )
Net decrease in cash, cash equivalents and restricted cash (32,450 ) (11,258 )
Cash and cash equivalents at beginning of period     233,711       189,326  
Cash, cash equivalents and restricted cash of $5,746 at end of period   $ 201,261     $ 178,068  
 
 
GRANITE CONSTRUCTION INCORPORATED
Business Segment Information
(Unaudited - dollars in thousands)
             
    For the three months ended June 30,     For the six months ended June 30,  
    Construction    

Large Project
Construction

   

Construction
Materials

    Construction    

Large Project
Construction

   

Construction
Materials

 
           
2018
Revenue $ 432,225 $ 273,946 $ 100,948 $ 701,468 $ 522,360 $ 146,670
Gross profit 61,551 1,338 17,480 99,947 21,704 15,001
Gross profit as a percent of revenue 14.2 % 0.5 % 17.3 % 14.2 % 4.2 % 10.2 %
 
2017
Revenue $ 429,269 $ 254,463 $ 79,181 $ 656,118 $ 461,496 $ 113,699
Gross profit 60,900 489 13,181 88,229 3,044 8,423
Gross profit as a percent of revenue 14.2 % 0.2 % 16.6 % 13.4 % 0.7 % 7.4 %
 
 
GRANITE CONSTRUCTION INCORPORATED
Unearned Revenue / Contract Backlog by Segment(1)

(Unaudited - dollars in thousands)

                           
Unearned Revenue   June 30, 2018    
Construction   $ 1,104,457     32.3   %
Large Project Construction     2,311,883     67.7    
Total   $ 3,416,340     100.0   %
                 
Other(2)   June 30, 2018    
Construction $ 168,189 71.4 %
Large Project Construction     67,393     28.6    
Total   $ 235,582     100.0   %
                                             
Contract Backlog(1)   June 30, 2018     March 31, 2018     June 30, 2017    
Construction $ 1,272,646 34.8 % $ 978,288 27.3 % $ 1,266,504 31.2 %
Large Project Construction     2,379,276     65.2       2,607,379     72.7       2,797,894     68.8    
Total   $ 3,651,922     100.0   % $ 3,585,667     100.0   % $ 4,064,398     100.0   %

(1)Contract Backlog is calculated by adding Unearned
Revenue and Other Awards.

(2)Other awards include unissued task orders and
unexercised contract options to the extent their issuance or
exercise is probable as well as contract awards to the extent we
believe contract execution and funding is probable.

 

Non-GAAP Financial Information

The tables below contain financial information calculated other than in
accordance with U.S. generally accepted accounting principles ("GAAP").
Specifically, management believes that non-GAAP financial measures such
as EBITDA and consolidated EBITDA margin are useful in evaluating
operating performance and are regularly used by securities analysts,
institutional investors and other interested parties, and that such
supplemental measures facilitate comparisons between companies that have
different capital and financing structures and/or tax rates. We are also
providing additional non-GAAP financial measures, including adjusted
EBITDA, adjusted consolidated EBITDA margin, adjusted net income (loss)
attributable to Granite Construction Incorporated and adjusted diluted
earnings (loss) per share to indicate the impact of acquisition,
integration and acquired intangible amortization expenses related to the
acquisition of Layne Christensen Company and LiquiForce.

Management believes that these additional non-GAAP financial measures
facilitate comparisons between securities analysts, institutional
investors and other interested parties. However, the reader is cautioned
that any non-GAAP financial measures provided by the Company are
provided in addition to, and not as alternatives for, the Company's
reported results prepared in accordance with GAAP. Items that may have a
significant impact on the Company's financial position, results of
operations and cash flows must be considered when assessing the
Company's actual financial condition and performance regardless of
whether these items are included in non-GAAP financial measures. The
methods used by the Company to calculate its non-GAAP financial measures
may differ significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures provided
by the Company may not be comparable to similar measures provided by
other companies.

 
GRANITE CONSTRUCTION INCORPORATED
EBITDA(1, 5)
(Unaudited - dollars in thousands)
                                 
  Three Months Ended   Six Months Ended
    June 30,     June 30,  
    2018     2017     2018     2017  
Net (loss) income attributable to Granite Construction Incorporated $ (8,385 )   $ 14,133 $ (19,808 )   $ (9,657 )
Depreciation, depletion and amortization expense(2) 28,036 16,499 43,547 31,148
Provision for (benefit from) income taxes 2,796 8,088 (1,335 ) (4,408 )
Interest expense, net of interest income     2,030       1,530       2,944       3,222  
EBITDA   $ 24,477     $ 40,250     $ 25,348     $ 20,305  
Consolidated EBITDA Margin(3)     3.0 %     5.3 %     1.8 %     1.6 %
 
Acquisition and integration expenses(4)   $ 26,438     $     $ 34,847     $  
Adjusted EBITDA(5)   $ 50,915     $ 40,250     $ 60,195     $ 20,305  
Consolidated adjusted EBITDA margin     6.3 %     5.3 %     4.4 %     1.6 %

(1)We define EBITDA as GAAP net loss attributable to
Granite Construction Incorporated, adjusted for interest, taxes,
depreciation, depletion and amortization.

(2)Amount includes the sum of depreciation, depletion
and amortization which are classified as cost of revenue and
selling, general and administrative expenses in the condensed
consolidated statements of operations of Granite Construction
Incorporated.

(3)Represents EBITDA divided by consolidated revenue.
$807,119 and $1,370,498 for three and six months ended June 30,
2018, respectively, and $762,913 and $1,231,313 for the three and
six months ended June 30, 2017, respectively.

(4)Include expenses related to external transaction
costs, professional fees, internal travel, and synergy costs
associated with the acquisition and integration of Layne
Christensen Company and LiquiForce. Synergy costs include expenses
incurred which will be eliminated as the integration of Layne and
LiquiForce is completed.

(5)Adjusted EBITDA and Consolidated adjusted EBITDA
margin reflect the impact of acquisition and integration expenses.

 
     
GRANITE CONSTRUCTION INCORPORATED

Adjusted Net Income (Loss) Reconciliation

(in thousands, except per share data)

 
Three Months Ended Six Months Ended
    June 30,     June 30,  
    2018     2017     2018     2017  
(Loss) income before provision for (benefit from) income taxes $ (3,285 )   $ 24,360 $ (17,078 )   $ (11,987 )
Acquisition and integration expenses(1) 26,438 34,847
Amortization expense on acquired intangible assets(2)     2,688             2,688        
Adjusted income (loss) before provision for (benefit from) income
taxes
  $ 25,841     $ 24,360     $ 20,457     $ (11,987 )
 
Provision for (benefit from) income taxes $ 2,796 $ 8,088 $ (1,335 ) $ (4,408 )
Tax effect of the acquisition, integration expenses, and acquired
intangible amortization expenses (3)
    2,878             4,875        
Adjusted provision for (benefit from) income taxes   $ 5,674     $ 8,088     $ 3,540     $ (4,408 )
 
Net (loss) income attributable to Granite Construction Incorporated $ (8,385 ) $ 14,133 $ (19,808 ) $ (9,657 )
Acquisition, integration, and acquired intangible amortization
expenses, net of the tax effect
    26,248             32,660        
Adjusted net income (loss) attributable to Granite Construction
Incorporated(4)
  $ 17,863     $ 14,133     $ 12,852     $ (9,657 )
 
Diluted net (loss) income per share attributable to common
shareholders
$ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 )
Acquisition, integration, and acquired intangible amortization
expenses
    0.64             0.82        
Adjusted diluted net income (loss) per share attributable to common
shareholders(4)
  $ 0.43     $ 0.35     $ 0.32     $ (0.24 )

(1)Include expenses related to external transaction
costs, professional fees, internal travel, and synergy costs
associated with the acquisition and integration of Layne
Christensen Company and LiquiForce. Synergy costs include expenses
incurred which will be eliminated as the integration of Layne and
LiquiForce is completed.

(2)Amortization expense on acquired intangible assets
related to the Layne and LiquiForce acquisitions.

(3)The tax effect of the acquisition, integration
expenses, and acquired intangible amortization expenses was
calculated using the Company's estimated 2018 annual effective tax
rate.

(4)Adjusted net income and diluted earnings per share
reflect the impact of acquisition, integration expenses and
acquired intangible amortization expenses.

 

View Comments and Join the Discussion!