________________________
1 This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in this earnings release.
2 We are unable to provide guidance for net income due to uncertainties relating to the size of adjustments that may be necessary as well as factors that could affect our interest, taxes, depreciation and amortization.
Financial Highlights
In addition to results reported in accordance with U.S. GAAP, we use certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include EBITDA and Adjusted EBITDA. We believe these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
|
|
Three Months Ended |
|
Six Months Ended |
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|
|
June 30, |
|
June 30, |
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|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
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($ millions, except per share amounts) |
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
439 |
|
$ |
412 |
|
$ |
820 |
|
|
$ |
843 |
Income (loss) from continuing operations |
|
|
— |
|
|
139 |
|
|
(78 |
) |
|
|
71 |
Income from discontinued operations, net of tax |
|
|
306 |
|
|
9 |
|
|
336 |
|
|
|
20 |
Net income |
|
$ |
306 |
|
$ |
148 |
|
|
258 |
|
|
|
91 |
EBITDA1 |
|
|
441 |
|
|
294 |
|
|
533 |
|
|
|
382 |
| Adjusted EBITDA 1 |
|
|
138 |
|
|
108 |
|
|
215 |
|
|
|
207 |
|
|
|
|
|
|
|
|
|
|
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| Diluted income per common share: |
|
|
|
|
|
|
|
|
|||||
| Income (loss) from continuing operations |
|
$ |
— |
|
$ |
2.32 |
|
$ |
(1.29 |
) |
|
$ |
1.19 |
| Income from discontinued operations, net of tax |
|
|
4.94 |
|
|
0.15 |
|
|
5.56 |
|
|
|
0.33 |
| Diluted income per common share |
|
$ |
4.94 |
|
$ |
2.47 |
|
$ |
4.27 |
|
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
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| Weighted average number of common shares outstanding (millions) : |
|
|
|
|
|
|
|
|
|||||
| Basic |
|
|
60.6 |
|
|
59.6 |
|
|
60.4 |
|
|
|
59.6 |
| Diluted |
|
|
62.0 |
|
|
60.0 |
|
|
60.4 |
|
|
|
59.8 |
| 1 This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in this earnings release. |
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