WABCO Holdings Inc. (NYSE:WBC) (www.wabco-auto.com), a leading
global supplier of technologies and services that improve the
safety, efficiency and connectivity of commercial vehicles, today
reported Q3 2016 results.
U.S. Dollars in millions except EPS or otherwise
indicated |
Q3 2016 |
Q3 2015 |
Sales |
$ |
675.4 |
|
$ |
643.6 |
|
Sales change – in U.S. Dollars year on year |
Up 4.9% |
|
- |
|
Sales change – in local currencies year on year |
Up 5.2% |
|
- |
|
Operating Income – Reported |
$ |
80.9 |
|
$ |
29.9 |
|
Operating Income – Performance |
$ |
88.9 |
|
$ |
81.5 |
|
Operating Margin – Reported |
|
12.0 |
% |
|
4.6 |
% |
Operating Margin – Performance |
|
13.2 |
% |
|
12.7 |
% |
Net Income Attributable to the Company – Reported |
$ |
98.1 |
|
$ |
38.8 |
|
Net Income Attributable to the Company – Performance |
$ |
85.6 |
|
$ |
80.5 |
|
Diluted EPS – Reported |
$ |
1.76 |
|
$ |
0.67 |
|
Diluted EPS – Performance |
$ |
1.54 |
|
$ |
1.39 |
|
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|
|
“In Q3 2016, we continued to show WABCO’s consistent ability to
generate further sales growth that solidly outperforms the
commercial vehicle market relative to global truck and bus
production,” said Jacques Esculier, WABCO Chairman and Chief
Executive Officer. “This quarter, once again, we continued to
increase levels of WABCO content per vehicle through market share
gain and additional adoption of safety and efficiency
technologies.”
“We also continued to generate further cost efficiency across
WABCO’s global value chain, which contributes to our robust
operating margin,” said Esculier. “In addition, WABCO delivered
very strong earnings per share for the quarter.”
In Q3 2016, WABCO’s Operating System, the company’s globally
standardized management environment, delivered $20.9 million of
materials and conversion productivity. It generated gross materials
productivity of 5.4 percent, a continued strong quarterly gain. It
also delivered conversion productivity of 7.1 percent in our
factories spanning 4 continents, a near record result.
At the same time, WABCO remains on track to deliver over $15
million in cost savings in operating expenses for full year
2016.
In Q3 2016, WABCO continued to strongly convert income into
cash, resulting in net cash from operating activities of $80.6
million.
WABCO Updates Full Year 2016 Guidance
Considering the latest developments in market dynamics and tax
environment, WABCO updates its guidance for full year 2016.
Full Year 2016 Guidance |
|
Prior |
Updated |
Sales – in millions |
$2,780 – $2,860 |
$2,800 – $2,830 |
Sales growth – in local currencies |
7% - 10% |
7.5% - 8.5% |
Operating Margin – Reported |
12.4% - 12.9% |
12.3% - 12.6% |
Operating Margin – Performance |
13.5% - 14.0% |
13.5% - 13.8% |
Diluted EPS – Reported |
$3.73 - $4.03 |
$4.21- $4.31 |
Diluted EPS – Performance |
$5.60 - $5.90 |
$5.75 - $5.85 |
|
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|
WABCO’s reported full year 2016 guidance, as previously
disclosed, includes a substantial one-time, non-cash tax provision
related to the European Commission’s January 2016 decision against
the Belgian tax authority.
“WABCO once again reaffirms its commitment to transform top-line
growth into healthy bottom-line results through our three-pillar
strategy of technology leadership, globalization and excellence in
execution,” said Esculier. “We also remain fully confident in our
ability to continue to deliver outstanding value for WABCO’s
shareowners.”
WABCO Share Buyback Program Update
Since June 2011, WABCO has repurchased 17,686,912 shares for
$1,408.5 million in open market transactions as of September 30,
2016, including 595,000 shares bought back for $60.7 million during
Q3 2016. WABCO is further authorized to repurchase up to $63.3
million of additional shares through December 31, 2016.
Recent WABCO Highlights
In September 2016, in Hanover, Germany, WABCO showcased its
newest suite of industry-leading technologies at IAA Commercial
Vehicles 2016, the industry’s most global and comprehensive trade
show. WABCO presented breakthrough initiatives and solutions that
mobilize vehicle intelligence and empower tomorrow’s fleets,
helping to pave the way for autonomous driving:
WABCO and Mobileye N.V. (NYSE:MBLY), a global leader
in advanced driver assistance systems (ADAS) and autonomous driving
technologies, announced that they are joining forces to develop
solutions for commercial vehicles that leverage WABCO’s advanced
emergency braking systems and Mobileye’s Road Experience
Management™ technology. The solutions will combine Mobileye’s
leading vision system and mapping technology with WABCO’s
industry-leading portfolio of safety-enabling technologies.
Commercial vehicle makers and operators will benefit through
capabilities that help to reduce risks of accidents. Press
Release
WABCO introduced its OnGuardMAX™ advanced emergency braking
system (AEBS) for trucks and buses, with up to full braking from
highway speed when confronted with both stationary and moving
vehicles ahead. WABCO is the industry’s first OEM independent
system supplier to offer AEBS. OnGuardMAX marks another advanced
technology that further enables automated driving for commercial
vehicles and meets regulatory standards globally for AEBS. Press
Release
WABCO is working with Peloton Technology to advance an
innovative solution for truck platooning, integrating commercial
vehicle-to-vehicle communication and other automation technologies
that further improve safety and fuel efficiency. Based in
California, U.S.A., privately held Peloton is an industry-leading
provider of connected and automated vehicle solutions. By
electronically linking two or more tractor-trailers to form virtual
road-trains on highways, platooning increases fuel economy by more
than 7%, namely up to 4.5% for the lead truck and up to 10% for
following trucks due to improved aerodynamics. A key enabler of the
platoon is WABCO’s OnGuardACTIVE™ collision mitigation
system. Press Release
WABCO has signed a Memorandum of Understanding with a global
tier-one automotive industry supplier headquartered in Asia to
bring active steering and other technologies to the commercial
industry through a new joint venture (JV). It sets a framework to
establish a JV agreement for a new business that will develop,
manufacture and sell electronically controlled active steering
systems for the global truck and bus market. This integration will
result in significant innovation for advanced safety-enabling
solutions that support automated driving through intelligent
control of both the longitudinal and lateral movements of vehicles.
Press Release
WABCO announced its OnCity™ Urban Turning Assist system, the
company’s breakthrough technology to help protect pedestrians and
cyclists in city traffic. OnCity is the commercial vehicle
industry’s first collision avoidance system that uses LiDAR
technology for the purpose of object detection. Innovatively
engineered for trucks, buses and tractor-trailers, WABCO’s OnCity
advanced driver assistance system also delivers the industry’s
widest field-of-view – up to 180 degrees – using a single sensor
for safety monitoring to help protect vulnerable road users located
on the vehicle’s blindside. Press Release
WABCO announced the world premiere of OptiFlow™ AutoTail as part
of its industry-leading portfolio of aerodynamics technologies. It
represents the next generation of WABCO’s OptiFlow Tail, the
best performing tail in Europe as validated by fleets. OptiFlow
AutoTail delivers fuel savings and reduces CO2 emissions. WABCO
also presented its OptiFlow TrailerSkirt for the first time in
Europe. OptiFlow TrailerSkirt provides a lightweight aerodynamic
system already available to commercial vehicle fleets in the North
American market to increase fuel savings. Press Release
WABCO unveiled its innovative OnHand™ electro-pneumatic parking
brake control for trucks and buses. It marks the commercial vehicle
industry’s first stand-alone parking brake control and supplies yet
another technological building block toward autonomous driving.
Creatively engineered to be the industry’s leanest and only
solution of its kind that can operate independently of the
vehicle’s air processing unit, OnHand braking technology provides
automatic engage and release functionality. Press Release
Separately, in Q3 2016, North American joint venture Meritor
WABCO received the prestigious 2015 Masters of Quality
Supplier Award from Daimler Trucks North America (DTNA), a
leading commercial truck manufacturer in North America. The award
recognizes outstanding suppliers that have received high scores on
their quality, delivery, technology and cost performance. These
suppliers represent the top-quality providers of products and
services for DTNA's Freightliner® and Western Star truck
brands. Meritor WABCO is a preferred standard equipment supplier to
DTNA for more than 25 years and together they were the first to
bring to the North American market: SmartTrac™ anti-lock
braking systems, OnGuard™ collision mitigation systems with
active braking, SmartTrac™ stability control systems, and
OptiRide™ intelligent electronically controlled air suspension
for tractors.
WABCO Conference Call Today
Jacques Esculier, Chairman and Chief Executive Officer, and
Prashanth Mahendra-Rajah, Chief Financial Officer, will discuss
WABCO’s results and outlook on a conference call at 9:00 a.m.
Eastern Time today. It will be webcast at www.wabco-auto.com where
the press release and financial information will be available under
“WABCO Q3 2016 Results.”
The call is also accessible by telephone in listen only mode.
Dial-in number is +1 408 940 3818 and U.S. toll-free dial-in number
is 877 844 0834.
A replay of the call will be available from 12:00 Noon Eastern
Time on October 20 until 12:00 Noon Eastern Time on October 27,
2016. Replay dial-in number is +1 404 537 3406 and U.S. toll-free
dial-in number is 855 859 2056. Conference ID is 81554517
About WABCO
WABCO (NYSE:WBC) is a leading global supplier of technologies
and services that improve the safety, efficiency and connectivity
of commercial vehicles. Founded nearly 150 years ago, WABCO
continues to pioneer breakthrough innovations for advanced driver
assistance, braking, stability control, suspension, transmission
automation and aerodynamics. Partnering with the transportation
industry as it maps a route toward autonomous driving, WABCO also
uniquely connects trucks, trailers, drivers, cargo, and fleet
operators through telematics, as well as advanced fleet management
and mobile solutions. WABCO is regularly recognized among “the best
of the best” companies. Forbes named WABCO “America’s Best-Managed
Capital Goods Company.” For four consecutive years, Institutional
Investor named WABCO among the “Top 3” in its sector for “Best
CEO.” WABCO reported sales of $2.6 billion in 2015. Headquartered
in Brussels, Belgium, WABCO has 12,000 employees in 39 countries.
WABCO’s 2015 Annual Report is available at www.ar.wabco-auto.com.
For more information, visit www.wabco-auto.com.
Forward-Looking Statements
This document contains certain “forward-looking statements” as
defined by the Private Securities Litigation Reform Act of 1995
that are based on management's good faith expectations and beliefs
concerning future developments. Statements preceded by, followed by
or that otherwise include the words “believes,” “expects,”
“anticipates,” “strategies,” “prospects,” “intends,” “projects,”
“estimates,” “plans,” “may increase,” “may fluctuate,” and similar
expressions or future or conditional verbs such as “will,”
“should,” “would,” “may” and “could” are generally forward looking
in nature and not historical facts. Actual results may differ
materially from these expectations as a result of many factors.
These factors include, but are not limited to, the actual level of
commercial vehicle production in our end markets, adverse
developments in the business of our key customers, pricing changes
to our supplies or products, our ability to successfully integrate
any acquired businesses or our acquired businesses not performing
as planned, the outcome of the appeals against the European
Commission’s decision to invalidate Belgium’s Excess Profit Ruling
Program and the company’s ability to avail itself of alternative
tax relief in Belgium through the Patent Income Deduction (PID) for
years prior to 2015 that are subject to clawback pursuant to the
European Commission’s decision, and the other risks and
uncertainties described in the “Risk Factors” section and the
“Information Concerning Forward Looking Statements” section of
WABCO’s Form 10-K, as well as in the “Management's Discussion and
Analysis of Financial Condition and Results of Operations -
Information Concerning Forward Looking Statements” section of
WABCO’s Form 10-Q Quarterly Reports. WABCO does not undertake
any obligation to update such forward-looking statements. All
market and industry data are based on company estimates.
Non-GAAP Financial Measures
To facilitate the understanding of Q3 2016 results, several
tables follow this news release. Sales, gross profit, operating
expenses, and operating income, which exclude the effects of
foreign exchange, as well as EBIT, are non-GAAP financial measures.
Additionally, gross profit, operating expenses, operating income,
operating margin, EBIT, tax rate, pre-tax income, net income
attributable to the company, and net income attributable to the
company per diluted share on a “performance basis” are non-GAAP
financial measures that exclude items for separation, streamlining
and acquisition, discrete and one-time tax items, and other items
that may mask the underlying operating results of the company, as
applicable. These measures should be considered in addition to, not
as a substitute for, GAAP measures. These measures may not be
comparable to similar measures of other companies as not all
companies calculate these measures in the same manner. Management
believes that presenting these non-GAAP measures is useful to
shareholders because it enhances their understanding of how
management assesses the operating performance of the company's
business. Certain non-GAAP measures may be used, in part, to
determine incentive compensation for current employees.
WABCO Financial Attachment
- Condensed Consolidated Statements of Operations
- Condensed Consolidated Balance Sheets
- Condensed Consolidated Statements of Cash Flows
- Three Months Ended September 30, 2016 Data Supplement
Sheet
- Nine Months Ended September 30, 2016 Data Supplement Sheet
- Reconciliation of GAAP to Non-GAAP Financial Measures for Full
Year 2016 Guidance
WABCO media, investors and analysts contact
Christian Fife, +1 248 270 9290,
christian.fife@wabco-auto.com
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WABCO HOLDINGS INC. AND
SUBSIDIARIES |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
(Unaudited) |
|
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Three Months Ended |
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Nine Months Ended |
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|
September 30, |
|
September 30, |
|
|
(Amounts in
millions, except share and per share data) |
|
|
2016 |
|
|
|
2015 |
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|
2016 |
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2015 |
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Sales |
|
$ |
675.4 |
|
|
$ |
643.6 |
|
|
$ |
2,096.3 |
|
|
$ |
1,956.9 |
|
|
|
Cost of sales |
|
|
462.7 |
|
|
|
479.0 |
|
|
|
1,440.1 |
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|
|
1,371.2 |
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Gross profit |
|
|
212.7 |
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|
164.6 |
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|
656.2 |
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|
585.7 |
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Operating expenses: |
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Selling and administrative
expenses |
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|
95.2 |
|
|
|
99.3 |
|
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|
284.5 |
|
|
|
277.6 |
|
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|
Product engineering expenses |
|
|
35.0 |
|
|
|
33.7 |
|
|
|
102.5 |
|
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|
108.3 |
|
|
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Other operating expense, net |
|
|
1.6 |
|
|
|
1.7 |
|
|
|
4.4 |
|
|
|
3.8 |
|
|
|
Operating income |
|
|
80.9 |
|
|
|
29.9 |
|
|
|
264.8 |
|
|
|
196.0 |
|
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|
|
|
|
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|
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Equity income of unconsolidated
joint ventures, net |
|
|
6.4 |
|
|
|
9.5 |
|
|
|
18.9 |
|
|
|
24.0 |
|
|
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Other non-operating
(expense)/income, net |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
0.7 |
|
|
|
Interest expense, net |
|
|
(3.1 |
) |
|
|
(2.9 |
) |
|
|
(9.1 |
) |
|
|
(4.5 |
) |
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Income before income
taxes |
|
|
83.9 |
|
|
|
36.1 |
|
|
|
274.5 |
|
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|
216.2 |
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Income tax
(benefit)/expense |
|
|
(16.4 |
) |
|
|
(5.2 |
) |
|
|
105.1 |
|
|
|
31.8 |
|
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|
Net income
including noncontrolling interests |
|
|
100.3 |
|
|
|
41.3 |
|
|
|
169.4 |
|
|
|
184.4 |
|
|
|
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|
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|
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Less: Net income attributable
to noncontrolling interests |
|
|
2.2 |
|
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|
2.5 |
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|
9.5 |
|
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|
7.9 |
|
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|
Net income
attributable to Company |
|
$ |
98.1 |
|
|
$ |
38.8 |
|
|
$ |
159.9 |
|
|
$ |
176.5 |
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Net income per
common share: |
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Basic |
|
$ |
1.77 |
|
|
$ |
0.67 |
|
|
$ |
2.86 |
|
|
$ |
3.04 |
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Diluted |
|
$ |
1.76 |
|
|
$ |
0.67 |
|
|
$ |
2.84 |
|
|
$ |
3.02 |
|
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Cash dividend
per share of common stock |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
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Weighted
average common shares outstanding: |
|
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|
|
|
|
|
|
Basic |
|
|
55,398,475 |
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|
|
57,606,846 |
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|
55,983,768 |
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|
57,973,356 |
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Diluted |
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|
55,644,614 |
|
|
|
57,959,285 |
|
|
|
56,230,031 |
|
|
|
58,450,857 |
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WABCO HOLDINGS INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(Unaudited) |
|
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September 30, |
|
December 31, |
|
|
(Amounts in
millions) |
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2016 |
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2015 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
|
$ |
710.1 |
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|
$ |
515.2 |
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Short-term investments |
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|
- |
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|
43.8 |
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|
Accounts receivable, less allowance
for doubtful accounts: $6.3 in 2016; $5.9 in 2015 |
|
|
|
509.7 |
|
|
|
444.0 |
|
|
|
Inventories: |
|
|
|
|
|
|
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Finished products |
|
|
|
122.9 |
|
|
|
95.7 |
|
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|
Products in process |
|
|
|
14.4 |
|
|
|
7.8 |
|
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Raw materials |
|
|
|
124.0 |
|
|
|
109.2 |
|
|
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Taxes receivable on income |
|
|
|
0.8 |
|
|
|
13.2 |
|
|
|
Guaranteed notes receivable |
|
|
|
48.3 |
|
|
|
53.9 |
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|
Other current assets |
|
|
|
225.9 |
|
|
|
103.6 |
|
|
|
Total Current
Assets |
|
|
|
1,756.1 |
|
|
|
1,386.4 |
|
|
|
|
|
|
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|
Property, plant and
equipment, less accumulated depreciation |
|
|
|
421.4 |
|
|
|
398.0 |
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Goodwill |
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|
|
423.3 |
|
|
|
377.7 |
|
|
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Deferred tax
assets |
|
|
|
205.4 |
|
|
|
280.8 |
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|
Investments in
unconsolidated joint ventures |
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|
19.6 |
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|
24.7 |
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|
Intangible assets,
net |
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|
86.6 |
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|
62.8 |
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Other Assets |
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|
67.5 |
|
|
|
59.5 |
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Total Assets |
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|
$ |
2,979.9 |
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|
$ |
2,589.9 |
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LIABILITIES AND
EQUITY |
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Current
liabilities: |
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Loans payable to banks |
|
|
$ |
1.6 |
|
|
$ |
5.0 |
|
|
|
Accounts payable |
|
|
|
184.2 |
|
|
|
159.7 |
|
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Accrued payroll |
|
|
|
114.3 |
|
|
|
105.2 |
|
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|
Current portion of warranties |
|
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|
45.3 |
|
|
|
23.1 |
|
|
|
Accrued expenses |
|
|
|
64.2 |
|
|
|
61.9 |
|
|
|
Other accrued liabilities |
|
|
|
172.4 |
|
|
|
109.9 |
|
|
|
Total Current
Liabilities |
|
|
|
582.0 |
|
|
|
464.8 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
|
759.8 |
|
|
|
498.7 |
|
|
|
Post-retirement
benefits |
|
|
|
575.0 |
|
|
|
552.7 |
|
|
|
Deferred tax
liabilities |
|
|
|
138.2 |
|
|
|
137.1 |
|
|
|
Long-term income tax
liabilities |
|
|
|
2.8 |
|
|
|
16.3 |
|
|
|
Other liabilities |
|
|
|
72.9 |
|
|
|
84.0 |
|
|
|
Total
Liabilities |
|
|
|
2,130.7 |
|
|
|
1,753.6 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
|
Preferred stock, 4,000,000 shares
authorized; none issued and outstanding |
|
|
|
- |
|
|
|
- |
|
|
|
Common stock, $.01 par value,
400,000,000 shares authorized; shares issued: 78,688,184 in 2016;
78,500,084 in 2015; and shares outstanding: 55,086,103 in 2016;
56,759,566 in 2015 |
|
|
|
0.8 |
|
|
|
0.8 |
|
|
|
Capital surplus |
|
|
|
858.0 |
|
|
|
852.6 |
|
|
|
Treasury stock, at cost: 23,602,081
shares in 2016; 21,740,518 shares in 2015 |
|
|
|
(1,681.9 |
) |
|
|
(1,497.3 |
) |
|
|
Retained earnings |
|
|
|
2,098.0 |
|
|
|
1,938.5 |
|
|
|
Accumulated other comprehensive
loss |
|
|
|
(481.5 |
) |
|
|
(507.9 |
) |
|
|
Total shareholders’
equity |
|
|
|
793.4 |
|
|
|
786.7 |
|
|
|
Noncontrolling interests |
|
|
|
55.8 |
|
|
|
49.6 |
|
|
|
Total Equity |
|
|
|
849.2 |
|
|
|
836.3 |
|
|
|
Total Liabilities and
Equity |
|
|
$ |
2,979.9 |
|
|
$ |
2,589.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABCO HOLDINGS INC. AND
SUBSIDIARIES |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
(Amounts in millions) |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
Net income including
noncontrolling interest |
|
|
100.3 |
|
|
|
41.3 |
|
|
|
169.4 |
|
|
|
184.4 |
|
|
|
|
Adjustments to reconcile
net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
19.6 |
|
|
|
20.1 |
|
|
|
54.9 |
|
|
|
57.0 |
|
|
|
|
Amortization of intangibles |
|
|
6.1 |
|
|
|
5.1 |
|
|
|
17.1 |
|
|
|
15.0 |
|
|
|
|
Equity in earnings of
unconsolidated joint ventures, net of dividends received |
|
|
1.4 |
|
|
|
(3.2 |
) |
|
|
5.1 |
|
|
|
(5.3 |
) |
|
|
|
Non-cash stock compensation |
|
|
2.8 |
|
|
|
3.7 |
|
|
|
10.6 |
|
|
|
10.7 |
|
|
|
|
Non-cash interest expense and debt
issuance cost amortization |
|
|
3.8 |
|
|
|
3.9 |
|
|
|
11.6 |
|
|
|
3.9 |
|
|
|
|
Deferred income tax
(benefit)/expense |
|
|
(2.1 |
) |
|
|
(0.4 |
) |
|
|
73.4 |
|
|
|
(0.7 |
) |
|
|
|
Post-retirement benefit
expense |
|
|
11.1 |
|
|
|
10.7 |
|
|
|
31.8 |
|
|
|
31.6 |
|
|
|
|
Loss/(gain) on sale of
facilities |
|
|
- |
|
|
|
0.1 |
|
|
|
(0.3 |
) |
|
|
0.3 |
|
|
|
|
Gain on sale of investments |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
|
- |
|
|
|
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
- |
|
|
|
15.8 |
|
|
|
(49.7 |
) |
|
|
(53.0 |
) |
|
|
|
Inventories |
|
|
(15.6 |
) |
|
|
(23.5 |
) |
|
|
(28.3 |
) |
|
|
(45.0 |
) |
|
|
|
Accounts payable |
|
|
(1.3 |
) |
|
|
4.7 |
|
|
|
24.1 |
|
|
|
50.1 |
|
|
|
|
Other accrued liabilities and
taxes |
|
|
46.5 |
|
|
|
5.5 |
|
|
|
77.5 |
|
|
|
37.5 |
|
|
|
|
Other current and long-term
assets |
|
|
(74.4 |
) |
|
|
(0.2 |
) |
|
|
(61.1 |
) |
|
|
(21.3 |
) |
|
|
|
Other long-term liabilities |
|
|
(12.7 |
) |
|
|
35.0 |
|
|
|
(31.7 |
) |
|
|
33.4 |
|
|
|
|
Post-retirement benefit
payments |
|
|
(4.8 |
) |
|
|
(5.2 |
) |
|
|
(15.7 |
) |
|
|
(15.2 |
) |
|
|
Net cash provided by operating
activities: |
|
$ |
80.6 |
|
|
$ |
113.4 |
|
|
$ |
288.6 |
|
|
$ |
283.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment |
|
|
(20.7 |
) |
|
|
(22.2 |
) |
|
|
(67.6 |
) |
|
|
(59.9 |
) |
|
|
|
Investments in capitalized
software |
|
|
(2.5 |
) |
|
|
(1.9 |
) |
|
|
(7.5 |
) |
|
|
(7.7 |
) |
|
|
|
Purchases of short-term
investments, net |
|
|
44.3 |
|
|
|
38.5 |
|
|
|
(1.6 |
) |
|
|
(44.0 |
) |
|
|
|
Cost of preferred stock
investment |
|
|
(0.9 |
) |
|
|
- |
|
|
|
(0.9 |
) |
|
|
(20.0 |
) |
|
|
|
Acquisition of businesses,
net |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(93.0 |
) |
|
|
- |
|
|
|
Net cash provided/(used) by investing
activities: |
|
$ |
20.1 |
|
|
$ |
14.4 |
|
|
$ |
(170.6 |
) |
|
$ |
(131.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
Borrowings of long-term
debt and revolving credit facilities |
|
|
78.0 |
|
|
|
- |
|
|
|
261.0 |
|
|
|
577.0 |
|
|
|
|
Repayments of long-term
debt and revolving credit facilities |
|
|
- |
|
|
|
(0.8 |
) |
|
|
- |
|
|
|
(385.0 |
) |
|
|
|
Net repayments of
short-term debt |
|
|
(0.5 |
) |
|
|
- |
|
|
|
(3.4 |
) |
|
|
(4.8 |
) |
|
|
|
Purchases of treasury
stock |
|
|
(71.9 |
) |
|
|
(66.3 |
) |
|
|
(187.5 |
) |
|
|
(186.8 |
) |
|
|
|
Taxes withheld and paid on
employee stock award vestings |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(6.0 |
) |
|
|
(5.0 |
) |
|
|
|
Dividends to
noncontrolling interest holders |
|
|
(1.2 |
) |
|
|
(3.4 |
) |
|
|
(3.3 |
) |
|
|
(4.9 |
) |
|
|
|
Proceeds from exercise of
stock options |
|
|
0.5 |
|
|
|
0.9 |
|
|
|
3.2 |
|
|
|
16.8 |
|
|
|
Net cash provided/(used) by financing
activities: |
|
$ |
4.8 |
|
|
$ |
(69.6 |
) |
|
$ |
64.0 |
|
|
$ |
7.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
|
5.4 |
|
|
|
(2.7 |
) |
|
|
12.9 |
|
|
|
(26.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
110.9 |
|
|
|
55.5 |
|
|
|
194.9 |
|
|
|
132.4 |
|
|
|
Cash and Equivalents at Beginning of Period |
|
|
599.2 |
|
|
|
488.6 |
|
|
|
515.2 |
|
|
|
411.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Equivalents at End of Period |
|
$ |
710.1 |
|
|
$ |
544.1 |
|
|
$ |
710.1 |
|
|
$ |
544.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABCO HOLDINGS INC. AND SUBSIDIARIES |
|
Three Months Ended September 30, 2016 Data Supplement
Sheet (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
2016 |
|
|
% of Sales/ |
|
|
2015 |
|
|
% of Sales/ |
|
Chg vs. 2015 |
|
% Chg vs. |
|
(Amounts in millions,
except per share data) |
|
|
Adj Sales |
|
|
Adj Sales |
|
|
|
2015 |
|
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
675.4 |
|
|
|
|
$ |
643.6 |
|
|
|
|
$ |
31.8 |
|
|
|
4.9 |
% |
|
Foreign exchange translational
effects |
|
|
1.8 |
|
|
|
|
|
- |
|
|
|
|
|
1.8 |
|
|
|
|
Adjusted Sales |
|
$ |
677.2 |
|
|
|
|
$ |
643.6 |
|
|
|
|
$ |
33.6 |
|
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
212.7 |
|
|
|
31.5 |
% |
|
$ |
164.6 |
|
|
|
25.6 |
% |
|
$ |
48.1 |
|
|
|
29.2 |
% |
|
Streamlining costs |
|
|
1.1 |
|
|
|
|
|
34.4 |
|
|
|
|
|
(33.3 |
) |
|
|
|
Separation costs |
|
|
0.3 |
|
|
|
|
|
0.2 |
|
|
|
|
|
0.1 |
|
|
|
|
Acquisition related costs |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
Performance Gross
Profit |
|
$ |
214.1 |
|
|
|
31.7 |
% |
|
$ |
199.2 |
|
|
|
31.0 |
% |
|
$ |
14.9 |
|
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translational
effects |
|
|
1.0 |
|
|
|
|
|
- |
|
|
|
|
|
1.0 |
|
|
|
|
Adjusted Gross Profit |
|
$ |
215.1 |
|
|
|
31.8 |
% |
|
$ |
199.2 |
|
|
|
31.0 |
% |
|
$ |
15.9 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
131.8 |
|
|
|
19.5 |
% |
|
$ |
134.7 |
|
|
|
20.9 |
% |
|
$ |
(2.9 |
) |
|
|
-2.2 |
% |
|
Streamlining costs |
|
|
(2.3 |
) |
|
|
|
|
(13.5 |
) |
|
|
|
|
11.2 |
|
|
|
|
Separation costs |
|
|
(0.8 |
) |
|
|
|
|
(1.3 |
) |
|
|
|
|
0.5 |
|
|
|
|
Acquisition related costs |
|
|
(3.5 |
) |
|
|
|
|
(2.2 |
) |
|
|
|
|
(1.3 |
) |
|
|
|
Performance Operating
Expenses |
|
$ |
125.2 |
|
|
|
18.5 |
% |
|
$ |
117.7 |
|
|
|
18.3 |
% |
|
$ |
7.5 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translational
effects |
|
|
0.3 |
|
|
|
|
|
- |
|
|
|
|
|
0.3 |
|
|
|
|
Adjusted Operating
Expenses |
|
$ |
125.5 |
|
|
|
18.5 |
% |
|
$ |
117.7 |
|
|
|
18.3 |
% |
|
$ |
7.8 |
|
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
80.9 |
|
|
|
12.0 |
% |
|
$ |
29.9 |
|
|
|
4.6 |
% |
|
$ |
51.0 |
|
|
|
170.6 |
% |
|
Streamlining costs |
|
|
3.4 |
|
|
|
|
|
47.9 |
|
|
|
|
|
(44.5 |
) |
|
|
|
Separation costs |
|
|
1.1 |
|
|
|
|
|
1.5 |
|
|
|
|
|
(0.4 |
) |
|
|
|
Acquisition related costs |
|
|
3.5 |
|
|
|
|
|
2.2 |
|
|
|
|
|
1.3 |
|
|
|
|
Performance Operating
Income |
|
$ |
88.9 |
|
|
|
13.2 |
% |
|
$ |
81.5 |
|
|
|
12.7 |
% |
|
$ |
7.4 |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translational
effects |
|
|
0.7 |
|
|
|
|
|
- |
|
|
|
|
|
0.7 |
|
|
|
|
Adjusted Operating
Income |
|
$ |
89.6 |
|
|
|
13.2 |
% |
|
$ |
81.5 |
|
|
|
12.7 |
% |
|
$ |
8.1 |
|
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (Earnings
Before Interest and Taxes) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
98.1 |
|
|
|
|
$ |
38.8 |
|
|
|
|
$ |
59.3 |
|
|
|
152.8 |
% |
|
Income tax benefit |
|
|
(16.4 |
) |
|
|
|
|
(5.2 |
) |
|
|
|
|
(11.2 |
) |
|
|
|
Interest expense, net |
|
|
3.1 |
|
|
|
|
|
2.9 |
|
|
|
|
|
0.2 |
|
|
|
|
EBIT |
|
$ |
84.8 |
|
|
|
12.6 |
% |
|
$ |
36.5 |
|
|
|
5.7 |
% |
|
$ |
48.3 |
|
|
|
132.3 |
% |
|
Streamlining costs |
|
|
3.4 |
|
|
|
|
|
47.9 |
|
|
|
|
|
(44.5 |
) |
|
|
|
Separation costs |
|
|
1.2 |
|
|
|
|
|
1.8 |
|
|
|
|
|
(0.6 |
) |
|
|
|
Acquisition related costs |
|
|
3.5 |
|
|
|
|
|
2.2 |
|
|
|
|
|
1.3 |
|
|
|
|
Performance EBIT (Earnings
Before Interest and Taxes) |
|
$ |
92.9 |
|
|
|
13.8 |
% |
|
$ |
88.4 |
|
|
|
13.7 |
% |
|
$ |
4.5 |
|
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
98.1 |
|
|
|
|
$ |
38.8 |
|
|
|
|
$ |
59.3 |
|
|
|
|
Income tax benefit |
|
|
(16.4 |
) |
|
|
|
|
(5.2 |
) |
|
|
|
|
(11.2 |
) |
|
|
|
Pre-Tax Income
Attributable to Company |
|
$ |
81.7 |
|
|
|
|
$ |
33.6 |
|
|
|
|
$ |
48.1 |
|
|
|
|
Streamlining costs |
|
|
3.4 |
|
|
|
|
|
47.9 |
|
|
|
|
|
(44.5 |
) |
|
|
|
Separation costs |
|
|
1.2 |
|
|
|
|
|
1.8 |
|
|
|
|
|
(0.6 |
) |
|
|
|
Acquisition related costs |
|
|
3.5 |
|
|
|
|
|
2.2 |
|
|
|
|
|
1.3 |
|
|
|
|
Performance Pre-Tax Income
Attributable to Company |
|
$ |
89.8 |
|
|
|
|
$ |
85.5 |
|
|
|
|
$ |
4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate on a reported basis |
|
|
-19.5 |
% |
|
|
|
|
-14.4 |
% |
|
|
|
|
|
|
|
Tax rate on a performance
basis |
|
|
4.7 |
% |
|
|
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
98.1 |
|
|
|
|
$ |
38.8 |
|
|
|
|
$ |
59.3 |
|
|
|
|
Streamlining cost |
|
|
3.4 |
|
|
|
|
|
47.9 |
|
|
|
|
|
(44.5 |
) |
|
|
|
Separation costs |
|
|
1.2 |
|
|
|
|
|
1.8 |
|
|
|
|
|
(0.6 |
) |
|
|
|
Acquisition related costs |
|
|
3.5 |
|
|
|
|
|
2.2 |
|
|
|
|
|
1.3 |
|
|
|
|
Tax items (1) |
|
|
(20.6 |
) |
|
|
|
|
(10.2 |
) |
|
|
|
|
(10.4 |
) |
|
|
|
Performance Net Income
Attributable to Company |
|
$ |
85.6 |
|
|
|
|
$ |
80.5 |
|
|
|
|
$ |
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Company per Diluted Common Share |
|
$ |
1.76 |
|
|
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
Performance Net
Income Attributable to Company per Diluted Common
Share |
|
$ |
1.54 |
|
|
|
|
$ |
1.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding - Diluted |
|
|
55.6 |
|
|
|
|
|
58.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental Gross Profit and Operating Income
Margin |
|
Gross
Profit |
|
|
|
Operating
Income |
|
|
|
|
|
|
|
Increase in adjusted sales from '15 |
|
|
33.6 |
|
|
|
|
|
33.6 |
|
|
|
|
|
|
|
|
Increase in adjusted income from '15 |
|
|
15.9 |
|
|
|
|
|
8.1 |
|
|
|
|
|
|
|
|
Incremental Income as a % of Sales |
|
|
47.3 |
% |
|
|
|
|
24.1 |
% |
|
|
|
|
|
|
|
Less: YoY Transactional Foreign Exchange (FX) Impact |
|
|
|
|
|
|
(5.2 |
) |
|
|
|
|
|
|
|
Increase in adjusted income from '15 excluding
transactional FX impact |
|
|
|
|
|
|
2.9 |
|
|
|
|
|
|
|
|
Incremental income excluding transactional FX as a % of
Sales |
|
|
|
|
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax impacts calculated are based on the statutory tax
rate applicable to the item being adjusted for the jurisdiction
from which the adjustment arises. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The presentation of the performance measures above
are not in conformity with generally accepted accounting principles
(GAAP). These measures may not be comparable to similar
measures of other companies as not all companies calculate these
measures in the same manner. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABCO HOLDINGS INC. AND SUBSIDIARIES |
|
Nine Months Ended September 30, 2016 Data Supplement
Sheet (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
2016 |
|
|
% of Sales/ |
|
|
2015 |
|
|
% of Sales/ |
|
Chg vs. 2015 |
|
% Chg vs. |
|
(Amounts in millions,
except per share data) |
|
|
Adj Sales |
|
|
Adj Sales |
|
|
|
2015 |
|
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
2,096.3 |
|
|
|
|
$ |
1,956.9 |
|
|
|
|
$ |
139.4 |
|
|
|
7.1 |
% |
|
Foreign exchange translational
effects |
|
|
33.0 |
|
|
|
|
|
- |
|
|
|
|
|
33.0 |
|
|
|
|
Adjusted Sales |
|
$ |
2,129.3 |
|
|
|
|
$ |
1,956.9 |
|
|
|
|
$ |
172.4 |
|
|
|
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
656.2 |
|
|
|
31.3 |
% |
|
$ |
585.7 |
|
|
|
29.9 |
% |
|
$ |
70.5 |
|
|
|
12.0 |
% |
|
Streamlining costs |
|
|
5.0 |
|
|
|
|
|
37.3 |
|
|
|
|
|
(32.3 |
) |
|
|
|
Separation costs |
|
|
0.8 |
|
|
|
|
|
0.6 |
|
|
|
|
|
0.2 |
|
|
|
|
Acquisition related costs |
|
|
1.0 |
|
|
|
|
|
- |
|
|
|
|
|
1.0 |
|
|
|
|
Performance Gross
Profit |
|
$ |
663.0 |
|
|
|
31.6 |
% |
|
$ |
623.6 |
|
|
|
31.9 |
% |
|
$ |
39.4 |
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translational
effects |
|
|
8.8 |
|
|
|
|
|
- |
|
|
|
|
|
8.8 |
|
|
|
|
Adjusted Gross Profit |
|
$ |
671.8 |
|
|
|
31.6 |
% |
|
$ |
623.6 |
|
|
|
31.9 |
% |
|
$ |
48.2 |
|
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
391.4 |
|
|
|
18.7 |
% |
|
$ |
389.7 |
|
|
|
19.9 |
% |
|
$ |
1.7 |
|
|
|
0.4 |
% |
|
Streamlining costs |
|
|
(5.5 |
) |
|
|
|
|
(20.0 |
) |
|
|
|
|
14.5 |
|
|
|
|
Separation costs |
|
|
(2.5 |
) |
|
|
|
|
(3.0 |
) |
|
|
|
|
0.5 |
|
|
|
|
Indirect tax related costs |
|
|
- |
|
|
|
|
|
(2.8 |
) |
|
|
|
|
2.8 |
|
|
|
|
Acquisition related costs |
|
|
(9.6 |
) |
|
|
|
|
(6.9 |
) |
|
|
|
|
(2.7 |
) |
|
|
|
Performance Operating
Expenses |
|
$ |
373.8 |
|
|
|
17.8 |
% |
|
$ |
357.0 |
|
|
|
18.2 |
% |
|
$ |
16.8 |
|
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translational
effects |
|
|
4.3 |
|
|
|
|
|
- |
|
|
|
|
|
4.3 |
|
|
|
|
Adjusted Operating
Expenses |
|
$ |
378.1 |
|
|
|
17.8 |
% |
|
$ |
357.0 |
|
|
|
18.2 |
% |
|
$ |
21.1 |
|
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
$ |
264.8 |
|
|
|
12.6 |
% |
|
$ |
196.0 |
|
|
|
10.0 |
% |
|
$ |
68.8 |
|
|
|
35.1 |
% |
|
Streamlining costs |
|
|
10.5 |
|
|
|
|
|
57.3 |
|
|
|
|
|
(46.8 |
) |
|
|
|
Separation costs |
|
|
3.3 |
|
|
|
|
|
3.6 |
|
|
|
|
|
(0.3 |
) |
|
|
|
Indirect tax related costs |
|
|
- |
|
|
|
|
|
2.8 |
|
|
|
|
|
(2.8 |
) |
|
|
|
Acquisition related costs |
|
|
10.6 |
|
|
|
|
|
6.9 |
|
|
|
|
|
3.7 |
|
|
|
|
Performance Operating
Income |
|
$ |
289.2 |
|
|
|
13.8 |
% |
|
$ |
266.6 |
|
|
|
13.6 |
% |
|
$ |
22.6 |
|
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translational
effects |
|
|
4.5 |
|
|
|
|
|
- |
|
|
|
|
|
4.5 |
|
|
|
|
Adjusted Operating
Income |
|
$ |
293.7 |
|
|
|
13.8 |
% |
|
$ |
266.6 |
|
|
|
13.6 |
% |
|
$ |
27.1 |
|
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (Earnings
Before Interest and Taxes) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
159.9 |
|
|
|
|
$ |
176.5 |
|
|
|
|
$ |
(16.6 |
) |
|
|
-9.4 |
% |
|
Income tax expense |
|
|
105.1 |
|
|
|
|
|
31.8 |
|
|
|
|
|
73.3 |
|
|
|
|
Interest expense, net |
|
|
9.1 |
|
|
|
|
|
4.5 |
|
|
|
|
|
4.6 |
|
|
|
|
EBIT |
|
$ |
274.1 |
|
|
|
13.1 |
% |
|
$ |
212.8 |
|
|
|
10.9 |
% |
|
$ |
61.3 |
|
|
|
28.8 |
% |
|
Streamlining costs |
|
|
10.5 |
|
|
|
|
|
57.3 |
|
|
|
|
|
(46.8 |
) |
|
|
|
Separation costs |
|
|
3.3 |
|
|
|
|
|
2.9 |
|
|
|
|
|
0.4 |
|
|
|
|
Indirect tax related costs |
|
|
- |
|
|
|
|
|
2.8 |
|
|
|
|
|
(2.8 |
) |
|
|
|
Acquisition related costs |
|
|
10.6 |
|
|
|
|
|
6.9 |
|
|
|
|
|
3.7 |
|
|
|
|
Performance EBIT (Earnings
Before Interest and Taxes) |
|
$ |
298.5 |
|
|
|
14.2 |
% |
|
$ |
282.7 |
|
|
|
14.4 |
% |
|
$ |
15.8 |
|
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
159.9 |
|
|
|
|
$ |
176.5 |
|
|
|
|
$ |
(16.6 |
) |
|
|
|
Income tax expense |
|
|
105.1 |
|
|
|
|
|
31.8 |
|
|
|
|
|
73.3 |
|
|
|
|
Pre-Tax Income
Attributable to Company |
|
$ |
265.0 |
|
|
|
|
$ |
208.3 |
|
|
|
|
$ |
56.7 |
|
|
|
|
Streamlining costs |
|
|
10.5 |
|
|
|
|
|
57.3 |
|
|
|
|
|
(46.8 |
) |
|
|
|
Separation costs |
|
|
3.3 |
|
|
|
|
|
2.9 |
|
|
|
|
|
0.4 |
|
|
|
|
Indirect tax related costs |
|
|
- |
|
|
|
|
|
2.8 |
|
|
|
|
|
(2.8 |
) |
|
|
|
Acquisition related costs |
|
|
10.6 |
|
|
|
|
|
6.9 |
|
|
|
|
|
3.7 |
|
|
|
|
Performance Pre-Tax
Income |
|
$ |
289.4 |
|
|
|
|
$ |
278.2 |
|
|
|
|
$ |
11.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate on a reported basis |
|
|
38.3 |
% |
|
|
|
|
14.7 |
% |
|
|
|
|
|
|
|
Tax rate on a performance
basis |
|
|
15.8 |
% |
|
|
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
159.9 |
|
|
|
|
$ |
176.5 |
|
|
|
|
$ |
(16.6 |
) |
|
|
|
Streamlining cost |
|
|
10.5 |
|
|
|
|
|
57.3 |
|
|
|
|
|
(46.8 |
) |
|
|
|
Separation costs |
|
|
3.3 |
|
|
|
|
|
2.9 |
|
|
|
|
|
0.4 |
|
|
|
|
Indirect tax related costs |
|
|
- |
|
|
|
|
|
2.8 |
|
|
|
|
|
(2.8 |
) |
|
|
|
Acquisition related costs |
|
|
10.6 |
|
|
|
|
|
6.9 |
|
|
|
|
|
3.7 |
|
|
|
|
Tax items (1) |
|
|
59.3 |
|
|
|
|
|
(1.1 |
) |
|
|
|
|
60.4 |
|
|
|
|
Performance Net Income
Attributable to Company |
|
$ |
243.6 |
|
|
|
|
$ |
245.3 |
|
|
|
|
$ |
(1.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Company per Diluted Common Share |
|
$ |
2.84 |
|
|
|
|
$ |
3.02 |
|
|
|
|
|
|
|
|
Performance Net
Income Attributable to Company per Diluted Common
Share |
|
$ |
4.33 |
|
|
|
|
$ |
4.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding - Diluted |
|
|
56.2 |
|
|
|
|
|
58.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental Gross Profit and Operating Income
Margin |
|
Gross
Profit |
|
|
|
Operating
Income |
|
|
|
|
|
|
|
Increase in adjusted sales from '15 |
|
|
172.4 |
|
|
|
|
|
172.4 |
|
|
|
|
|
|
|
|
Increase in adjusted income from '15 |
|
|
48.2 |
|
|
|
|
|
27.1 |
|
|
|
|
|
|
|
|
Incremental Income as a % of Sales |
|
|
28.0 |
% |
|
|
|
|
15.7 |
% |
|
|
|
|
|
|
|
Less: YoY Transactional Foreign Exchange (FX) Impact |
|
|
|
|
|
|
(5.1 |
) |
|
|
|
|
|
|
|
Increase in adjusted income from '15 excluding
transactional FX impact |
|
|
|
|
|
|
22.0 |
|
|
|
|
|
|
|
|
Incremental income excluding transactional FX as a % of
Sales |
|
|
|
|
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax impacts calculated are based on the
statutory tax rate applicable to the item being adjusted for the
jurisdiction from which the adjustment arises. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The presentation of the performance measures above
are not in conformity with generally accepted accounting principles
(GAAP). These measures may not be comparable to similar
measures of other companies as not all companies calculate these
measures in the same manner. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABCO HOLDINGS INC. AND SUBSIDIARIES |
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
for Full Year 2016 Guidance |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions,
except per share data) |
|
|
|
|
|
|
|
|
Full Year 2016 Guidance |
|
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Sales |
$ |
2,800.0 |
|
- |
$ |
2,830.0 |
|
|
|
|
|
|
|
(1 Euro = 1.11 USD) |
|
|
|
Operating
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Operating Income
Margin |
|
|
12.3 |
% |
- |
|
12.6 |
% |
|
|
|
Streamlining cost, impact to
margin |
|
|
0.5 |
% |
|
|
|
Separation costs, impact to
margin |
|
|
0.2 |
% |
|
|
|
Acquisition related items, impact
to margin |
|
|
0.5 |
% |
|
|
|
Performance Operating
Income Margin |
|
|
13.5 |
% |
- |
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income
Attributable to Company |
|
$ |
235.5 |
|
- |
$ |
241.1 |
|
|
|
|
Streamlining cost |
|
|
14.0 |
|
|
|
|
Separation costs |
|
|
4.5 |
|
|
|
|
Acquisition related items |
|
|
13.0 |
|
|
|
|
Tax items, including one-time
non-cash tax provision for EC decision (1) |
|
|
55.0 |
|
|
|
|
Performance Net Income
Attributable to Company |
|
$ |
322.0 |
|
- |
$ |
327.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net
Income Attributable to Company per Diluted Common
Share |
|
$ |
4.21 |
|
- |
$ |
4.31 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance Net
Income Attributable to Company per Diluted Common
Share |
|
$ |
5.75 |
|
- |
$ |
5.85 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted common shares
outstanding |
|
~ |
56 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the tax impacts of the above items, calculated
based on the statutory tax rates applicable to each adjustment for
the jurisdiction from which the adjustment arises. |
|
|
|
|
|
|
|
|
|
|
Note: The presentation of performance net income and
performance net income per diluted common share is not in
conformity with generally accepted accounting principles
(GAAP). These measures may not be comparable to similar
measures of other companies as not all companies calculate these
measures in the same manner. |
|
|
|
|
|
|
|
|
|
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