- Second Quarter Revenue of
- Record Total Backlog of
- Second Quarter GAAP Diluted Earnings Per Share (“EPS”) of
- Second Quarter Adjusted Diluted EPS of
Commenting on FLIR’s second quarter results,
Summary Results
Revenues for the quarter were
GAAP Earnings Results
Gross profit for the quarter was
Non-GAAP Earnings Results
Adjusted gross profit for the quarter was
Segment Results
Industrial Technologies Segment
Industrial Technologies revenues for the quarter were
Industrial Technologies segment operating income was
Industrial Technologies bookings totaled
Defense Technologies Segment
Defense Technologies revenues for the quarter of
Defense Technologies segment operating income was
Defense Technologies bookings totaled
Balance Sheet and Liquidity
FLIR ended the second quarter of 2020 with
After the end of the quarter, on
COVID-19 Update
As previously announced, FLIR’s businesses have been deemed essential for critical infrastructure under the
Given the high degree of uncertainty in the current macroeconomic environment resulting from COVID-19, the Company remains focused on cash optimization activities, disciplined capital allocation, and executing Project Be Ready to simplify its product portfolio and better align resources with higher growth opportunities while reducing costs.
Shareholder Return Activity
FLIR’s Board of Directors has declared a quarterly cash dividend of
FLIR expects to continue to provide returns to its stockholders in the form of quarterly dividends. However, in accordance with the Company’s focus on cash optimization activities given the macroeconomic uncertainty resulting from COVID-19, FLIR’s share repurchase program remained paused throughout the second quarter of 2020.
Financial Outlook
The COVID-19 pandemic has generated significant uncertainty, including an overall lack of visibility into future demand trends and economic conditions in the markets in which FLIR operates. The Company is continuing to closely monitor the impact of the pandemic on its operational and financial performance and take action as necessary; however, the magnitude and duration of the outbreak including its impact to FLIR’s operations, supply chain partners and customers remains uncertain. As a result, the Company has withdrawn its previously issued guidance for the full year ending
Conference Call
FLIR has scheduled a conference call at
Second Quarter Financial Results Conference Call
Date: |
|
Time: |
|
Dial-in: |
1-877-407-9039 (Domestic) 1-201-689-8470 (International) |
Conference ID: |
13705998 |
Webcast: |
|
Replay: |
For those unable to participate during the live broadcast, a replay of the call will also be available from |
About
Founded in 1978,
Forward-Looking Statements
Statements, estimates or projections in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates,” or similar expressions) should be considered to be forward looking statements. Such statements are based on current expectations, estimates, and projections about FLIR’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following:
- risks related to
United States government spending decisions and applicable procurement rules and regulations; - negative impacts to operating margins due to reductions in sales or changes in product mix;
- impairments in the value of tangible and intangible assets;
- unfavorable results of legal proceedings;
- risks associated with international sales and business activities, including the regulation of the export and sale of our products worldwide and our ability to obtain and maintain necessary export licenses, as well as the imposition of significant tariffs or other trade barriers;
- risks related to subcontractor and supplier performance and financial viability as well as raw material and component availability and pricing;
- risks related to currency fluctuations;
- adverse general economic conditions or volatility in our primary markets;
- our ability to compete effectively and to respond to technological change;
- risks related to product defects or errors;
- our ability to protect our intellectual property and proprietary rights
- cybersecurity and other security threats and technology disruptions
- our ability to successfully manage acquisitions, investments and divestiture activities and integrate acquired companies;
- our ability to achieve the intended benefits of our strategic restructuring;
- our ability to attract and retain key senior management and qualified technical, sales and other personnel;
- risks to our supply chain, production facilities or other operations, and changes to general, domestic, and foreign economic conditions, due to the COVID-19 pandemic; and
- other risks discussed from time to time in filings and reports filed with the
Securities and Exchange Commission .
COVID-19 may exacerbate one or more of the aforementioned and/or other risks, uncertainties and other factors more fully described in the Company’s reports filed with the
Definitions and Non-GAAP Financial Measures
Bookings are defined as contractual agreements awarded during the reporting period. Backlog is defined as total estimated amount of future revenues to be recognized under negotiated contracts.
We report our financial results in accordance with
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. Items excluded consist of: (i) separation, transaction, and integration costs, (ii) amortization of acquired intangibles, (iii) restructuring expenses and asset impairment charges, (iv) discrete legal and compliance matters, and (v) discrete tax items. We do not consider these items to be directly related to our core operating performance. Non-GAAP measures are used internally to evaluate the core operating performance of our business, for comparison with forecasts and strategic plans, and as a factor for determining incentive compensation for certain employees. Accordingly, supplementing GAAP financial results with these non-GAAP financial measures enables the comparison of our ongoing operating results in a manner consistent with the metrics reviewed by management. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:
- the comparability of our ongoing operating results over the periods presented;
- the ability to identify trends in our underlying business; and
- the comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
- Separation, transaction, and integration costs – Represents transaction and integration costs related to divestiture and acquisition initiatives.
- Amortization of acquired intangibles – Represents amortization expense associated with acquired intangible assets.
- Restructuring expenses and asset impairment charges – Represents employee separation expenses, facility termination costs, and other expenses as well as goodwill, intangible asset, and inventory impairment charges associated with Company restructuring activities.
- Discrete legal and compliance matters – Represents costs incurred associated with certain legal and compliance matters that are not representative of ongoing operational costs. These expenses are primarily attributable to an administrative agreement with the
U.S. Department of State (the “Consent Agreement”) to address and remediate certain historical practices associated withU.S. and international trade control laws and regulations. Such costs include aDirectorate of Defense Trade Controls penalty, expenses associated with retention of a Special Compliance Officer, and remedial actions required by the terms of the Consent Agreement or otherwise necessary to remedy and achieve full compliance withU.S. and international trade control laws and regulations. - Discrete tax items – Represents tax expenses and benefits related to discrete events or transactions that are not representative of the Company’s estimated tax rate related to ongoing operations. These items include charges and reversals of provisions associated with certain unrecognized tax benefits, benefits or charges associated with the windfalls or shortfalls resulting from vesting and exercise activity of share-based compensation, benefits associated with the reversal of previously recorded valuation allowances against certain deferred tax assets, and other discrete items not included in the annual effective tax rate associated with our ongoing operations.
Adjusted net earnings and adjusted diluted EPS include an estimate to reflect the tax effect of the discrete items identified above. The tax effect is calculated by applying the Company’s overall estimated effective tax rate, excluding significant discrete items, to earnings before income taxes.
Consolidated Statements of Income (In thousands, except per share amounts)(Unaudited) |
|||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
Revenue |
$ |
482,015 |
|
$ |
481,998 |
|
$ |
932,938 |
|
$ |
926,734 |
|
|||
Cost of goods sold |
|
229,815 |
|
|
248,590 |
|
|
461,370 |
|
|
459,465 |
|
|||
Gross profit |
|
252,200 |
|
|
233,408 |
|
|
471,568 |
|
|
467,269 |
|
|||
Operating expenses: | |||||||||||||||
Research and development |
|
56,012 |
|
|
52,957 |
|
|
109,859 |
|
|
100,637 |
|
|||
Selling, general and administrative |
|
88,676 |
|
|
113,713 |
|
|
204,918 |
|
|
218,203 |
|
|||
Restructuring expenses |
|
7,702 |
|
|
3,001 |
|
|
28,486 |
|
|
3,610 |
|
|||
Total operating expenses |
|
152,390 |
|
|
169,671 |
|
|
343,263 |
|
|
322,450 |
|
|||
Earnings from operations |
|
99,810 |
|
|
63,737 |
|
|
128,305 |
|
|
144,819 |
|
|||
Interest expense |
|
6,962 |
|
|
7,272 |
|
|
13,923 |
|
|
12,788 |
|
|||
Interest income |
|
(127 |
) |
|
(438 |
) |
|
(476 |
) |
|
(1,495 |
) |
|||
Other expense (income), net |
|
11,081 |
|
|
(1,220 |
) |
|
9,766 |
|
|
646 |
|
|||
Earnings before income taxes |
|
81,894 |
|
|
58,123 |
|
|
105,092 |
|
|
132,880 |
|
|||
Income tax provision |
|
20,637 |
|
|
12,005 |
|
|
28,411 |
|
|
25,014 |
|
|||
Net earnings |
$ |
61,257 |
|
$ |
46,118 |
|
$ |
76,681 |
|
$ |
107,866 |
|
|||
Net earnings per share: | |||||||||||||||
Basic earnings per share |
$ |
0.47 |
|
$ |
0.34 |
|
$ |
0.58 |
|
$ |
0.80 |
|
|||
Diluted earnings per share |
$ |
0.47 |
|
$ |
0.34 |
|
$ |
0.57 |
|
$ |
0.79 |
|
|||
Weighted average shares outstanding: | |||||||||||||||
Basic |
|
130,831 |
|
|
135,519 |
|
|
132,213 |
|
|
135,530 |
|
|||
Diluted |
|
131,687 |
|
|
137,084 |
|
|
133,389 |
|
|
137,105 |
|
Note: The Company made certain reclassifications to the prior years' financial statements to conform them to the presentation as of and for the three and six months ended
Consolidated Balance Sheets (In thousands)(Unaudited) |
|||||||
|
|
|
|||||
2020 |
|
2019 |
|||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents |
$ |
332,958 |
|
$ |
284,592 |
|
|
Accounts receivable, net |
|
304,981 |
|
|
318,652 |
|
|
Inventories |
|
433,908 |
|
|
388,762 |
|
|
Prepaid expenses and other current assets |
|
114,429 |
|
|
116,728 |
|
|
Total current assets |
|
1,186,276 |
|
|
1,108,734 |
|
|
Property and equipment, net |
|
255,770 |
|
|
255,905 |
|
|
Deferred income taxes, net |
|
41,393 |
|
|
39,983 |
|
|
|
1,340,989 |
|
|
1,364,596 |
|
||
Intangible assets, net |
|
222,123 |
|
|
247,514 |
|
|
Other assets |
|
110,746 |
|
|
120,809 |
|
|
Total assets |
$ |
3,157,297 |
|
$ |
3,137,541 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable |
$ |
147,487 |
|
$ |
158,033 |
|
|
Deferred revenue |
|
30,319 |
|
|
28,587 |
|
|
Accrued payroll and related liabilities |
|
79,981 |
|
|
72,476 |
|
|
Accrued product warranties |
|
15,887 |
|
|
14,611 |
|
|
Advance payments from customers |
|
14,142 |
|
|
28,005 |
|
|
Accrued expenses |
|
32,892 |
|
|
40,815 |
|
|
Accrued income taxes |
|
24,273 |
|
|
14,735 |
|
|
Other current liabilities |
|
34,721 |
|
|
27,349 |
|
|
Credit facility |
|
191,000 |
|
|
16,000 |
|
|
Long-term debt, current portion |
|
12,465 |
|
|
12,444 |
|
|
Total current liabilities |
|
583,167 |
|
|
413,055 |
|
|
Long-term debt, net of current portion |
|
643,265 |
|
|
648,419 |
|
|
Deferred income taxes |
|
40,405 |
|
|
53,544 |
|
|
Accrued income taxes |
|
57,243 |
|
|
55,514 |
|
|
Other long-term liabilities |
|
82,516 |
|
|
95,576 |
|
|
Shareholders’ equity: | |||||||
Preferred stock, |
|||||||
Common stock, |
|
10,778 |
|
|
16,692 |
|
|
Retained earnings |
|
1,925,732 |
|
|
2,020,686 |
|
|
Accumulated other comprehensive loss |
|
(185,809 |
) |
|
(165,945 |
) |
|
Total shareholders' equity |
|
1,750,701 |
|
|
1,871,433 |
|
|
Total liabilities and shareholders' equity |
$ |
3,157,297 |
|
$ |
3,137,541 |
|
Consolidated Statements of Cash Flows (In thousands)(Unaudited) |
|||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
Cash flows from operating activities: | |||||||||||||||
Net earnings |
$ |
61,257 |
|
$ |
46,118 |
|
$ |
76,681 |
|
$ |
107,866 |
|
|||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization |
|
23,525 |
|
|
32,253 |
|
|
47,750 |
|
|
48,915 |
|
|||
Stock-based compensation |
|
13,241 |
|
|
9,188 |
|
|
20,887 |
|
|
17,278 |
|
|||
Loss on disposal of assets |
|
594 |
|
|
- |
|
|
3,585 |
|
|
- |
|
|||
Minority interest impairment charges |
|
4,803 |
|
|
- |
|
|
4,803 |
|
|
- |
|
|||
Deferred income taxes |
|
(348 |
) |
|
1,965 |
|
|
(513 |
) |
|
2,187 |
|
|||
Other, net |
|
6,370 |
|
|
(2,292 |
) |
|
3,218 |
|
|
(3,620 |
) |
|||
Increase (decrease) in cash, net of acquisitions, resulting from changes in: | |||||||||||||||
Accounts receivable |
|
(855 |
) |
|
6,643 |
|
|
11,263 |
|
|
(19,128 |
) |
|||
Inventories |
|
(32,311 |
) |
|
(6,132 |
) |
|
(46,764 |
) |
|
(23,604 |
) |
|||
Prepaid expenses and other current assets |
|
1,214 |
|
|
(13,431 |
) |
|
1,596 |
|
|
(11,487 |
) |
|||
Other assets |
|
6,070 |
|
|
(47 |
) |
|
5,679 |
|
|
3,612 |
|
|||
Accounts payable |
|
(12,072 |
) |
|
427 |
|
|
(10,480 |
) |
|
26,446 |
|
|||
Deferred revenue |
|
(242 |
) |
|
6,394 |
|
|
1,898 |
|
|
1,863 |
|
|||
Accrued payroll and other liabilities |
|
(19,291 |
) |
|
(5,216 |
) |
|
(8,207 |
) |
|
(13,273 |
) |
|||
Accrued income taxes |
|
18,375 |
|
|
(6,163 |
) |
|
12,116 |
|
|
(7,885 |
) |
|||
Other long term liabilities |
|
(7,181 |
) |
|
(1,917 |
) |
|
(9,497 |
) |
|
(5,869 |
) |
|||
Net cash provided by operating activities |
|
63,149 |
|
|
67,790 |
|
|
114,015 |
|
|
123,301 |
|
|||
Cash flows from investing activities: | |||||||||||||||
Additions to property and equipment, net |
|
(14,525 |
) |
|
(8,641 |
) |
|
(27,242 |
) |
|
(17,781 |
) |
|||
Proceeds from sale of assets |
|
- |
|
|
- |
|
|
- |
|
|
2,973 |
|
|||
Business acquisitions, net of cash acquired |
|
- |
|
|
(22,900 |
) |
|
- |
|
|
(602,456 |
) |
|||
Minority interest and other investments |
|
304 |
|
|
- |
|
|
304 |
|
|
(5,000 |
) |
|||
Net cash used in investing activities |
|
(14,221 |
) |
|
(31,541 |
) |
|
(26,938 |
) |
|
(622,264 |
) |
|||
Cash flows from financing activities: | |||||||||||||||
Net proceeds from credit facility and long-term debt, including current portion |
|
- |
|
|
- |
|
|
175,000 |
|
|
723,054 |
|
|||
Repayment of credit facility and long-term debt |
|
(3,114 |
) |
|
(3,095 |
) |
|
(6,135 |
) |
|
(378,095 |
) |
|||
Repurchase of common stock |
|
- |
|
|
(24,998 |
) |
|
(150,000 |
) |
|
(49,996 |
) |
|||
Dividends paid |
|
(22,278 |
) |
|
(23,033 |
) |
|
(45,006 |
) |
|
(46,064 |
) |
|||
Proceeds from shares issued pursuant to stock-based compensation plans |
|
5,850 |
|
|
7,629 |
|
|
7,309 |
|
|
17,350 |
|
|||
Tax paid for net share exercises and issuance of vested restricted stock units |
|
(9,192 |
) |
|
(9,333 |
) |
|
(10,071 |
) |
|
(10,346 |
) |
|||
Other financing activities |
|
- |
|
|
(103 |
) |
|
- |
|
|
(522 |
) |
|||
Net cash (used in) provided by financing activities: |
|
(28,734 |
) |
|
(52,933 |
) |
|
(28,903 |
) |
|
255,381 |
|
|||
Effect of exchange rate changes on cash and cash equivalents |
|
4,149 |
|
|
1,206 |
|
|
(9,808 |
) |
|
323 |
|
|||
Net increase (decrease) in cash and cash equivalents |
|
24,343 |
|
|
(15,478 |
) |
|
48,366 |
|
|
(243,259 |
) |
|||
Cash and cash equivalents, beginning of period |
|
308,615 |
|
|
284,363 |
|
|
284,592 |
|
|
512,144 |
|
|||
Cash and cash equivalents, end of period |
$ |
332,958 |
|
$ |
268,885 |
|
$ |
332,958 |
|
$ |
268,885 |
|
Segment Performance (In thousands)(Unaudited) |
|||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||
|
|
|
|||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
SEGMENT REVENUE | |||||||||||
Industrial Technologies Segment |
$ |
300,198 |
$ |
284,489 |
$ |
576,613 |
$ |
555,875 |
|||
Defense Technologies Segment |
|
181,817 |
|
197,509 |
|
356,325 |
|
370,859 |
|||
SEGMENT EARNINGS FROM OPERATIONS | |||||||||||
Industrial Technologies Segment |
$ |
107,137 |
$ |
71,633 |
$ |
171,402 |
$ |
140,652 |
|||
Defense Technologies Segment |
|
41,155 |
|
45,786 |
|
74,309 |
|
92,676 |
|||
SEGMENT OPERATING MARGIN | |||||||||||
Industrial Technologies Segment |
|
35.7% |
|
25.2% |
|
29.7% |
|
25.3% |
|||
Defense Technologies Segment |
|
22.6% |
|
23.2% |
|
20.9% |
|
25.0% |
|||
Note: The Company made certain reclassifications to the prior years' financial statements to conform them to the presentation as of and for the three and six months ended
|
|||||||||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||||||||
(In thousands, except per share amounts)(Unaudited) | |||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||
As Reported | Separation, transaction, and integration costs |
Amortization of acquired intangibles assets |
Restructuring expenses and asset impairment charges |
Discrete legal and compliance matters |
Discrete tax items |
Adjusted Non- GAAP Results |
|||||||||||||||
Gross profit |
$ |
252,200 |
|
$ |
410 |
|
$ |
9,253 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
261,863 |
|
Operating expenses |
|
(152,390 |
) |
|
1,513 |
|
|
2,501 |
|
|
7,702 |
|
|
4,900 |
|
|
- |
|
|
(135,774 |
) |
Earnings from operations |
|
99,810 |
|
|
1,923 |
|
|
11,754 |
|
|
7,702 |
|
|
4,900 |
|
|
- |
|
|
126,089 |
|
Non-operating expense, net |
|
(17,916 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(17,916 |
) |
Earnings before income taxes |
|
81,894 |
|
|
1,923 |
|
|
11,754 |
|
|
7,702 |
|
|
4,900 |
|
|
- |
|
|
108,173 |
|
Income tax provision |
|
(20,637 |
) |
|
(429 |
) |
|
(2,621 |
) |
|
(1,717 |
) |
|
(1,093 |
) |
|
2,377 |
|
|
(24,120 |
) |
Net earnings |
$ |
61,257 |
|
$ |
1,494 |
|
$ |
9,133 |
|
$ |
5,985 |
|
$ |
3,807 |
|
$ |
2,377 |
|
$ |
84,053 |
|
|
|||||||||||||||||||||
Gross margin |
|
52.3 |
% |
|
0.1 |
% |
|
1.9 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
54.3 |
% |
Operating margin |
|
20.7 |
% |
|
0.4 |
% |
|
2.5 |
% |
|
1.6 |
% |
|
1.0 |
% |
|
0.0 |
% |
|
26.2 |
% |
|
|||||||||||||||||||||
Net earnings per diluted share |
$ |
0.47 |
|
$ |
0.01 |
|
$ |
0.07 |
|
$ |
0.05 |
|
$ |
0.03 |
|
$ |
0.02 |
|
$ |
0.64 |
|
Weighted average diluted shares outstanding |
|
131,687 |
|
|
131,687 |
|
|
131,687 |
|
|
131,687 |
|
|
131,687 |
|
|
131,687 |
|
|
131,687 |
|
|
|||||||||||||||||||||
|
|||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||
|
|||||||||||||||||||||
|
As Reported | Separation, transaction, and integration costs |
Amortization of acquired intangibles assets |
Restructuring expenses and asset impairment charges |
Discrete legal and compliance matters |
Discrete tax items |
Adjusted Non- GAAP Results |
||||||||||||||
Gross profit |
$ |
233,408 |
|
$ |
492 |
|
$ |
12,429 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
246,329 |
|
Operating expenses |
|
(169,671 |
) |
|
2,765 |
|
|
8,617 |
|
|
3,001 |
|
|
4,733 |
|
|
- |
|
|
(150,555 |
) |
Earnings from operations |
|
63,737 |
|
|
3,257 |
|
|
21,046 |
|
|
3,001 |
|
|
4,733 |
|
|
- |
|
|
95,774 |
|
Non-operating expense, net |
|
(5,614 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(5,614 |
) |
Earnings before income taxes |
|
58,123 |
|
|
3,257 |
|
|
21,046 |
|
|
3,001 |
|
|
4,733 |
|
|
- |
|
|
90,160 |
|
Income tax provision |
|
(12,005 |
) |
|
(668 |
) |
|
(4,314 |
) |
|
(615 |
) |
|
(970 |
) |
|
90 |
|
|
(18,483 |
) |
Net earnings |
$ |
46,118 |
|
$ |
2,589 |
|
$ |
16,732 |
|
$ |
2,386 |
|
$ |
3,763 |
|
$ |
90 |
|
$ |
71,677 |
|
|
|||||||||||||||||||||
Gross margin |
|
48.4 |
% |
|
0.1 |
% |
|
2.6 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
51.1 |
% |
Operating margin |
|
13.2 |
% |
|
0.7 |
% |
|
4.4 |
% |
|
0.6 |
% |
|
1.0 |
% |
|
0.0 |
% |
|
19.9 |
% |
|
|||||||||||||||||||||
Net earnings per diluted share |
$ |
0.34 |
|
$ |
0.02 |
|
$ |
0.12 |
|
$ |
0.02 |
|
$ |
0.03 |
|
$ |
0.00 |
|
$ |
0.52 |
|
Weighted average diluted shares outstanding |
|
137,084 |
|
|
137,084 |
|
|
137,084 |
|
|
137,084 |
|
|
137,084 |
|
|
137,084 |
|
|
137,084 |
|
|
|||||||||||||||||||||
|
|||||||||||||||||||||
|
Six Months Ended |
||||||||||||||||||||
|
|||||||||||||||||||||
|
As Reported | Separation, transaction, and integration costs |
Amortization of acquired intangibles assets |
Restructuring expenses and asset impairment charges |
Discrete legal and compliance matters |
Discrete tax items |
Adjusted Non- GAAP Results |
||||||||||||||
Gross profit |
$ |
471,568 |
|
$ |
1,148 |
|
$ |
18,638 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
491,354 |
|
Operating expenses |
|
(343,263 |
) |
|
6,027 |
|
|
5,012 |
|
|
28,486 |
|
|
13,981 |
|
|
- |
|
|
(289,757 |
) |
Earnings from operations |
|
128,305 |
|
|
7,175 |
|
|
23,650 |
|
|
28,486 |
|
|
13,981 |
|
|
- |
|
|
201,597 |
|
Non-operating expense, net |
|
(23,213 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(23,213 |
) |
Earnings before income taxes |
|
105,092 |
|
|
7,175 |
|
|
23,650 |
|
|
28,486 |
|
|
13,981 |
|
|
- |
|
|
178,384 |
|
Income tax provision |
|
(28,411 |
) |
|
(1,448 |
) |
|
(4,773 |
) |
|
(5,749 |
) |
|
(2,822 |
) |
|
5,743 |
|
|
(37,460 |
) |
Net earnings |
$ |
76,681 |
|
$ |
5,727 |
|
$ |
18,877 |
|
$ |
22,737 |
|
$ |
11,159 |
|
$ |
5,743 |
|
$ |
140,924 |
|
|
|||||||||||||||||||||
Gross margin |
|
50.5 |
% |
|
0.1 |
% |
|
2.1 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
52.7 |
% |
Operating margin |
|
13.8 |
% |
|
0.8 |
% |
|
2.5 |
% |
|
3.0 |
% |
|
1.5 |
% |
|
0.0 |
% |
|
21.6 |
% |
|
|||||||||||||||||||||
Net earnings per diluted share |
$ |
0.57 |
|
$ |
0.04 |
|
$ |
0.14 |
|
$ |
0.17 |
|
$ |
0.08 |
|
$ |
0.04 |
|
$ |
1.06 |
|
Weighted average diluted shares outstanding |
|
133,389 |
|
|
133,389 |
|
|
133,389 |
|
|
133,389 |
|
|
133,389 |
|
|
133,389 |
|
|
133,389 |
|
|
|||||||||||||||||||||
|
|||||||||||||||||||||
|
Six Months Ended |
||||||||||||||||||||
|
|||||||||||||||||||||
|
As Reported | Separation, transaction, and integration costs |
Amortization of acquired intangibles assets |
Restructuring expenses and asset impairment charges |
Discrete legal and compliance matters |
Discrete tax items |
Adjusted Non- GAAP Results |
||||||||||||||
Gross profit |
$ |
467,269 |
|
$ |
492 |
|
$ |
16,107 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
483,868 |
|
Operating expenses |
|
(322,450 |
) |
|
9,242 |
|
|
10,867 |
|
|
3,610 |
|
|
8,075 |
|
|
- |
|
|
(290,656 |
) |
Earnings from operations |
|
144,819 |
|
|
9,734 |
|
|
26,974 |
|
|
3,610 |
|
|
8,075 |
|
|
- |
|
|
193,212 |
|
Non-operating expense, net |
|
(11,939 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(11,939 |
) |
Earnings before income taxes |
|
132,880 |
|
|
9,734 |
|
|
26,974 |
|
|
3,610 |
|
|
8,075 |
|
|
- |
|
|
181,273 |
|
Income tax provision |
|
(25,014 |
) |
|
(1,995 |
) |
|
(5,530 |
) |
|
(740 |
) |
|
(1,655 |
) |
|
(2,226 |
) |
|
(37,161 |
) |
Net earnings |
$ |
107,866 |
|
$ |
7,739 |
|
$ |
21,444 |
|
$ |
2,870 |
|
$ |
6,420 |
|
$ |
(2,226 |
) |
$ |
144,112 |
|
|
|||||||||||||||||||||
Gross margin |
|
50.4 |
% |
|
0.1 |
% |
|
1.7 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
52.2 |
% |
Operating margin |
|
15.6 |
% |
|
1.0 |
% |
|
2.9 |
% |
|
0.4 |
% |
|
0.9 |
% |
|
0.0 |
% |
|
20.8 |
% |
|
|||||||||||||||||||||
Net earnings per diluted share |
$ |
0.79 |
|
$ |
0.06 |
|
$ |
0.16 |
|
$ |
0.02 |
|
$ |
0.05 |
|
$ |
(0.02 |
) |
$ |
1.05 |
|
Weighted average diluted shares outstanding |
|
137,105 |
|
|
137,105 |
|
|
137,105 |
|
|
137,105 |
|
|
137,105 |
|
|
137,105 |
|
|
137,105 |
|
Note: The Company made certain reclassifications to the prior years' financial statements to conform them to the presentation as of and for the three and six months ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005112/en/
Investor Relations
Addo Investor Relations
Investors@flir.com
(424) 238-6249
Source: