IHS Inc. (NYSE: IHS), the leading global source of information
and analysis, today reported results for the fourth quarter and
full year ended November 30, 2011. Revenue for the fourth
quarter of 2011 totaled $371 million, a 27 percent increase over
fourth quarter 2010 revenue of $293 million. Net income for the
fourth quarter of 2011 was $22.7 million, or $0.34 per diluted
share, compared to fourth quarter 2010 net income of $36.5 million,
or $0.56 per diluted share. The quarter-over-quarter decrease was
due to discrete pension items (discussed below), without which net
income would have increased to $41.5 million, or $0.63 per diluted
share. Revenue for fiscal year 2011 totaled $1.326 billion, up 25
percent over the prior year total of $1.058 billion. Fiscal year
2011 net income was $135.4 million, or $2.06 per diluted share,
compared to fiscal year 2010 net income of $137.7 million, or $2.13
per diluted share. The year-over-year decrease was also due to the
discrete pension items, without which net income would have
increased to $154.2 million, or $2.35 per diluted share.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation
and Amortization) totaled $119 million for the fourth quarter of
2011, up 33 percent from $90 million in the fourth quarter of 2010.
Adjusted earnings per diluted share were $0.99 for the fourth
quarter of 2011, an increase of 24 percent over the prior-year
period. Adjusted EBITDA for fiscal year 2011 totaled $401 million,
up 26 percent from $319 million in 2010. Adjusted earnings per
diluted share were $3.44 for fiscal 2011, an increase of 19 percent
over the prior-year period. Adjusted EBITDA and adjusted earnings
per share (EPS) are non-GAAP (Generally Accepted Accounting
Principles) financial measures used by management to measure
operating performance. Please see the end of this release for more
information about these non-GAAP measures.
“Our 2011 results were a record in all respects, and especially
notable in light of the uncertain macroeconomic environment,” said
Jerre Stead, IHS chairman and chief executive officer. “2011 was a
historic year for IHS both in terms of the level of investment we
made in our infrastructure to create scalable platforms as well as
the amount of capital deployed for strategic acquisitions, both of
which will enable profitable growth for years to come."
Fourth Quarter 2011 Details
Revenue for the fourth quarter of 2011 totaled $371 million, a
27 percent increase over fourth quarter 2010 revenue of $293
million. Organic growth in the fourth quarter of 2011 was 9.4
percent, as adjusted (see table below). Acquisitions added 17
percent and foreign currency movements had a negligible impact. The
subscription-based business grew 9.1 percent organically and
represented 74 percent of total revenue.
Three Months Ended November 30,
Absolute Organic Year Ended November
30, Absolute Organic 2011
2010 % change % change* 2011
2010 % change % change* Subscription
revenue $ 272,893 $ 225,415 21 % 9.1 % $ 1,020,800 $ 835,322 22 %
8.4 % Non-subscription revenue 97,763 67,412 45 %
10.4 % 304,838 222,420 37 % 9.7 % Total revenue $
370,656 $ 292,827 27 % 9.4 % $ 1,325,638 $
1,057,742 25 % 8.7 %
* Excludes the impact of non-subscription
revenue associated with the triennial release of a certain
engineering standard. Unadjusted organic revenue growth was 8.9%
for the quarter and 7.8% for the year.
The company continued to grow its business overall in all three
of its operating regions. The Americas segment increased its
revenue during the fourth quarter by $40.8 million, or 23 percent,
to $218.5 million. The EMEA segment grew its fourth quarter revenue
by $22.8 million, or 26 percent, to $109.0 million. The APAC
segment's revenue was up $14.3 million, or 49 percent, to $43.2
million.
Adjusted EBITDA for the fourth quarter of 2011 was $119.2
million, up $29.6 million, or 33 percent, over the prior-year
period. Operating income decreased $20.7 million, or 44 percent, to
$26.2 million. Excluding the $30 million impact of the retiree
annuitization settlement expense, operating income increased $9.6
million, or 21 percent, to $56.5 million. Americas' operating
income increased $8.4 million, or 15 percent, to $63.2 million.
EMEA's operating income was up $6.0 million, or 28 percent, to
$27.2 million. APAC's operating income grew $5.8 million, or 61
percent, to $15.4 million.
Full Year 2011
Revenue for the year ended November 30, 2011,
increased $267.9 million, or 25 percent, to $1.326 billion. Organic
revenue growth was 8.7 percent overall, as adjusted (see table
above), and 8.4 percent for the subscription-based portion of the
business. Acquisitions added 16 percent and foreign currency
movements increased revenue by two percent during fiscal year 2011.
The Americas segment grew its revenue during the year ended
November 30, 2011, by $143.2 million, or 22 percent, to
$799 million. The EMEA segment increased its fiscal year 2011
revenue by $80.1 million, or 26 percent, to $384 million. The APAC
segment increased its revenue by $44.6 million, or 46 percent, to
$143 million, during fiscal 2011.
Adjusted EBITDA for fiscal 2011 increased $81.9 million, or 26
percent, to $401 million. Operating income decreased $1.7 million,
or one percent, year-over-year to $172 million. Excluding the $30
million impact of the retiree annuitization settlement expense,
operating income increased $28.7 million, or 16 percent, to $203
million. Americas’ operating income was $224.7 million, up $27.6
million, or 14 percent, over the prior-year period. EMEA grew its
fiscal year 2011 operating income to $82.3 million, up $16.0
million, or 24 percent, over the same period of 2010. APAC’s
operating income was $44.5 million, an increase of $11.9 million,
or 36 percent, over last year.
Cash Flows
IHS generated $342 million of cash flow from operations during
the year ended November 30, 2011, representing a 28
percent increase over last year's $266 million.
Balance Sheet
IHS ended fourth quarter 2011 with $235 million of cash and cash
equivalents and $803 million of debt.
Pension Plan Strategy Implemented
As part of a comprehensive review of the company's defined
benefit pension plans, IHS recently completed steps to proactively
decrease volatility and better match pension assets with
obligations going forward. These steps resulted in an annuitization
settlement of retiree pension obligations, a change to the IHS
pension plan investment strategies, a change in accounting for
pension expense and accelerated funding of plan contributions. A
detailed presentation providing additional information about the
steps taken and their impacts has been included on the company's
website (investor.ihs.com) and furnished to the SEC.
"We have been very proactive in our actions, and we believe our
strategy encompasses a series of prudent business decisions with
respect to these plans that position us well for the future,” said
Richard Walker, IHS executive vice president and chief financial
officer. “Many plan sponsors have employed similar steps to better
manage their pension programs."
Outlook (forward-looking statement)
For the year ending November 30, 2012, IHS reaffirms and
expects:
- All-in revenue in a range of $1.50 to
$1.55 billion, including an organic growth rate expected to be
between 7-10 percent;
- All-in adjusted EBITDA in a range of
$480 to $495 million; and
- Adjusted EPS between $3.84 and
$4.01.
Additionally, for the year ending November 30, 2012, IHS also
expects:
- Depreciation and amortization expense
to be approximately $112 million;
- Net interest expense of approximately
$17 million;
- Stock-based compensation expense to be
approximately $115-120 million;
- An adjusted tax rate of approximately
27-28 percent; and
- Fully diluted shares to be
approximately 67 million.
The above outlook assumes constant currencies and no further
acquisitions, pension mark-to-market adjustments or unanticipated
events.
See discussion of adjusted EBITDA and non-GAAP financial
measures at the end of this release.
As previously announced, IHS will hold a conference call to
discuss fourth quarter and full year 2011 results on January 6,
2012, at 8:00 a.m. EST. The conference call will be simultaneously
webcast on the company's website: www.ihs.com.
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to the
financial statements based on U.S. generally accepted accounting
principles (GAAP). The non-GAAP financial information is provided
to enhance the reader's understanding of our financial performance,
but no non-GAAP measure should be considered in isolation or as a
substitute for financial measures calculated in accordance with
GAAP. Reconciliations of the most directly comparable GAAP measures
to non-GAAP measures, such as adjusted EBITDA and adjusted earnings
per diluted share, are provided within the schedules attached to
this release.
EBITDA is defined as net income plus or minus net interest plus
income taxes, depreciation and amortization. Adjusted EBITDA
further excludes (i) non-cash items (e.g., stock-based compensation
expense and non-cash pension and post-retirement expense) and (ii)
items that management does not consider to be useful in assessing
our operating performance (e.g., acquisition-related costs,
restructuring charges, income or loss from discontinued operations,
and gain or loss on sale of assets). Adjusted earnings per diluted
share exclude similar items as adjusted EBITDA. None of these
non-GAAP financial measures are recognized terms under GAAP and do
not purport to be an alternative to net income as an indicator of
operating performance or any other GAAP measure.
Management uses these non-GAAP measures in its operational and
financial decision-making, believing that it is useful to eliminate
certain items in order to focus on what it deems to be a more
reliable indicator of ongoing operating performance and our ability
to generate cash flow from operations. As a result, internal
management reports used during monthly operating reviews feature
the adjusted EBITDA and adjusted earnings per diluted share
metrics. Management also believes that investors may find non-GAAP
financial measures useful for the same reasons, although investors
are cautioned that non-GAAP financial measures are not a substitute
for GAAP disclosures. EBITDA, adjusted EBITDA, and adjusted
earnings per diluted share are also used by many of our investors,
research analysts, investment bankers, and lenders to assess our
operating performance. For example, a measure similar to adjusted
EBITDA is required by the lenders under our term loan and revolving
credit agreement.
Because not all companies use identical calculations, our
presentation of non-GAAP financial measures may not be comparable
to other similarly-titled measures of other companies. However,
these measures can still be useful in evaluating our performance
against our peer companies because management believes the measures
provide users with valuable insight into key components of GAAP
financial disclosures. For example, a company with greater GAAP net
income may not be as appealing to investors if its net income is
more heavily comprised of gains on asset sales. Likewise,
eliminating the effects of interest income and expense moderates
the impact of a company's capital structure on its performance.
All of the items included in the reconciliation from net income
to adjusted EBITDA are either (i) non-cash items (e.g.,
depreciation and amortization, stock-based compensation, non-cash
pension and post-retirement expense) or (ii) items that we do
not consider to be useful in assessing our operating performance
(e.g., income taxes, acquisition-related costs, restructuring
charges, income or loss from discontinued operations, and gain or
loss on sale of assets). In the case of the non-cash items,
management believes that investors can better assess our operating
performance if the measures are presented without such items
because, unlike cash expenses, these adjustments do not affect our
ability to generate free cash flow or invest in our business. For
example, by eliminating depreciation and amortization from EBITDA,
users can compare operating performance without regard to different
accounting determinations such as useful life. In the case of the
other items, management believes that investors can better assess
operating performance if the measures are presented without these
items because their financial impact does not reflect ongoing
operating performance.
IHS Forward-Looking Statements:
This release may contain forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts. Such statements may include financial projections and
estimates and their underlying assumptions, statements regarding
plans, objectives and expectations with respect to future
operations, products and services, and statements regarding future
performance. Forward-looking statements are generally identified by
the words "expect," "anticipate," "believe," "intend," "estimate,"
"plan" and similar expressions. Although IHS and its management
believe that the expectations reflected in such forward-looking
statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various
risks and uncertainties-many of which are difficult to predict and
generally beyond the control of IHS-that could cause actual results
and developments to differ materially from those expressed in, or
implied or projected by, the forward-looking information and
statements. These risks and uncertainties include those discussed
or identified by IHS from time to time in its public filings. Other
than as required by applicable law, IHS does not undertake any
obligation to update or revise any forward-looking information or
statements. Please consult our public filings at www.sec.gov or www.ihs.com.
About IHS Inc. (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information and insight
in critical areas that shape today's business landscape, including
energy and power; design and supply chain; defense, risk and
security; environmental, health and safety (EHS) and
sustainability; country and industry forecasting; and commodities,
pricing and cost. Businesses and governments in more than 165
countries around the globe rely on the comprehensive content,
expert independent analysis and flexible delivery methods of IHS to
make high-impact decisions and develop strategies with speed and
confidence. IHS has been in business since 1959, incorporated in
the State of Delaware in 1994, and became a publicly traded company
on the New York Stock Exchange in 2005. Headquartered in Englewood,
Colorado, USA, IHS employs more than 5,500 people in more than 30
countries around the world.
IHS is a registered trademark of IHS Inc. All other company and
product names may be trademarks of their respective owners.© 2012
IHS Inc. All rights reserved.
IHS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands, except for share and per-share amounts)
(Unaudited) As of As
of November 30, 2011 November 30, 2010
Assets Current assets: Cash and cash equivalents $ 234,685 $
200,735 Accounts receivable, net 326,009 256,552 Income tax
receivable 25,194 — Deferred subscription costs 43,136 41,449
Deferred income taxes 45,253 33,532 Other 23,801 20,466
Total current assets 698,078 552,734
Non-current assets: Property and equipment, net 128,418 93,193
Intangible assets, net 514,949 384,568 Goodwill, net 1,722,312
1,120,830 Other 9,280 4,377 Total non-current assets
2,374,959 1,602,968 Total assets $ 3,073,037 $
2,155,702
Liabilities and stockholders’ equity
Current liabilities: Short-term debt $ 144,563 $ 19,054 Accounts
payable 32,428 35,854 Accrued compensation 57,516 51,233 Accrued
royalties 26,178 24,338 Other accrued expenses 69,000 51,307 Income
tax payable — 4,350 Deferred revenue 487,172 392,132
Total current liabilities 816,857 578,268 Long-term debt 658,911
275,095 Accrued pension liability 59,460 25,104 Accrued
post-retirement benefits 9,200 10,056 Deferred income taxes 123,895
73,586 Other liabilities 19,985 17,512 Commitments and
contingencies Stockholders’ equity: Class A common stock, $0.01 par
value per share, 160,000,000 shares authorized, 67,527,344 and
66,250,283 shares issued, and 65,121,884 and 64,248,547 shares
outstanding at November 30, 2011 and November 30, 2010,
respectively 675 662 Additional paid-in capital 636,440 541,108
Treasury stock, at cost: 2,405,460 and 2,001,736 shares at November
30, 2011 and 2010, respectively (133,803 ) (101,554 ) Retained
earnings 930,619 795,204 Accumulated other comprehensive loss
(49,202 ) (59,339 ) Total stockholders’ equity 1,384,729
1,176,081 Total liabilities and stockholders’ equity $
3,073,037 $ 2,155,702
IHS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except for per-share amounts) (Unaudited)
Three Months Ended November 30,
Year Ended November 30, 2011
2010 2011 2010 Revenue:
Products $ 319,085 $ 258,637 $ 1,151,091 $ 935,082 Services 51,571
34,190 174,547 122,660 Total revenue
370,656 292,827 1,325,638 1,057,742
Operating expenses: Cost
of revenue: Products 120,701 101,755 464,138 372,592 Services
25,906 19,543 94,354 74,379 Total cost
of revenue (includes stock-based compensation expense of $1,042;
$430; $3,680 and $3,633 for the three months and years ended
November 30, 2011 and 2010, respectively) 146,607 121,298 558,492
446,971 Selling, general and administrative (includes stock-based
compensation expense of $21,339; $16,320; $82,514 and $62,841 for
the three months and years ended November 30, 2011 and 2010,
respectively) 128,689 98,098 453,481 358,012 Depreciation and
amortization 25,628 16,969 88,039 59,474 Restructuring charges 540
— 1,242 9,022 Acquisition-related costs 1,911 — 8,000 — Net
periodic pension and post-retirement expense 42,612 9,209 44,995
10,587 Other expense (income), net (1,495 ) 399 (1,079 )
(453 ) Total operating expenses 344,492 245,973
1,153,170 883,613
Operating income 26,164
46,854 172,468 174,129 Interest income 208 269 862 655 Interest
expense (4,572 ) (963 ) (11,346 ) (2,036 ) Non-operating expense,
net (4,364 ) (694 ) (10,484 ) (1,381 ) Income from continuing
operations before income taxes 21,800 46,160 161,984 172,748 Income
tax benefit (provision) 1,256 (10,177 ) (26,695 ) (39,231 )
Income from continuing operations 23,056 35,983 135,289 133,517
Income (loss) from discontinued operations, net (328 ) 522
126 4,223
Net income $ 22,728 $ 36,505
$ 135,415 $ 137,740 Basic earnings per
share: Income from continuing operations $ 0.35 $ 0.56 $ 2.08 $
2.09 Income (loss) from discontinued operations, net $ (0.01 ) $
0.01 $ — $ 0.07 Net income $ 0.35 $
0.57 $ 2.09 $ 2.15 Weighted average shares
used in computing basic earnings per share 65,163 64,216
64,938 63,964 Diluted earnings per
share: Income from continuing operations $ 0.35 $ 0.55 $ 2.06 $
2.06 Income (loss) from discontinued operations, net $ — $
0.01 $ — $ 0.07 Net income $ 0.34 $
0.56 $ 2.06 $ 2.13 Weighted average shares
used in computing diluted earnings per share 66,199 65,155
65,716 64,719
IHS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (Unaudited) Year Ended
November 30, 2011 2010 Operating
activities: Net income $ 135,415 $ 137,740 Reconciliation of
net income to net cash provided by operating activities:
Depreciation and amortization 88,039 59,474 Stock-based
compensation expense 86,194 66,474 Excess tax benefit from
stock-based compensation (9,943 ) (5,024 ) Non-cash net periodic
pension and post-retirement expense 44,648 9,598 Deferred income
taxes (1,683 ) (5,699 ) Change in assets and liabilities: Accounts
receivable, net (35,137 ) (37,886 ) Other current assets (1,508 )
(2,565 ) Accounts payable (4,302 ) 3,017 Accrued expenses 5,267
(800 ) Income tax payable (9,082 ) 6,547 Deferred revenue 43,757
36,268 Other liabilities 385 (956 )
Net cash provided by
operating activities 342,050 266,188
Investing
activities: Capital expenditures on property and equipment
(54,340 ) (31,836 ) Acquisitions of businesses, net of cash
acquired (730,058 ) (334,514 ) Intangible assets acquired (2,985 )
— Change in other assets (5,687 ) (186 ) Settlements of forward
contracts (168 ) (424 )
Net cash used in investing
activities (793,238 ) (366,960 )
Financing activities:
Proceeds from borrowings 954,031 245,000 Repayment of borrowings
(444,775 ) (43,300 ) Payment of debt issuance costs (6,326 ) —
Excess tax benefit from stock-based compensation 9,992 5,024
Proceeds from the exercise of employee stock options 2,144 1,320
Repurchases of common stock (32,249 ) (26,442 )
Net cash
provided by financing activities 482,817 181,602
Foreign exchange impact on cash balance 2,321 (4,296 ) Net
increase in cash and cash equivalents 33,950 76,534 Cash and cash
equivalents at the beginning of the period 200,735 124,201
Cash and cash equivalents at the end of the period $ 234,685
$ 200,735
IHS INC. SUPPLEMENTAL
REVENUE DISCLOSURE (In thousands) (Unaudited)
Three Months Ended
November 30, Absolute Organic Year Ended
November 30, Absolute Organic 2011
2010 % change % change * 2011
2010 % change % change * Revenue by
segment: Americas revenue $ 218,484 $ 177,714 23 % 8 % $
798,673 $ 655,449 22 % 8 % EMEA revenue 108,995 86,186 26 % 8 %
384,441 304,375 26 % 6 % APAC revenue 43,177 28,927
49 % 22 % 142,524 97,918 46 % 18 %
Total
revenue $ 370,656 $ 292,827 27 % 9.4 % $
1,325,638 $ 1,057,742 25 % 8.7 %
Revenue by
transaction type: Subscription revenue $ 272,893 $ 225,415 21 %
9 % $ 1,020,800 $ 835,322 22 % 8 % Consulting revenue 30,475 19,031
60 % 16 % 90,297 62,331 45 % 6 % Transaction revenue 19,041 19,228
(1
)%
2 % 63,376 63,813 (1 )% 6 % Other revenue 48,247 29,153
65 % 11 % 151,165 96,276 57 % 14 %
Total
revenue $ 370,656 $ 292,827 27 % 9.4 % $
1,325,638 $ 1,057,742 25 % 8.7 %
Revenue by
information domain: Energy revenue $ 168,079 $ 121,779 $
571,782 $ 472,216 Product Lifecycle (PLC) revenue 115,409 93,581
436,533 329,593 Security revenue 30,819 30,175 119,389 109,709
Environment revenue
30,156
23,102
98,934
61,015
Macroeconomic Forecasting and Intersection revenue 26,193
24,190 99,000 85,209
Total revenue $
370,656 $ 292,827 $ 1,325,638 $ 1,057,742
* Excludes revenue associated with the triennial release of a
certain engineering standard in the third quarter of 2010.
IHS INC. RECONCILIATION OF CONSOLIDATED NON-GAAP
FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP
FINANCIAL MEASUREMENTS (In thousands, except for per-share
amounts) (Unaudited)
Three Months Ended November 30, Year Ended November
30, 2011 2010 2011
2010 Net income $ 22,728 $ 36,505 $ 135,415 $
137,740 Interest income (208 ) (269 ) (862 ) (655 ) Interest
expense 4,572 963 11,346 2,036 Income tax (benefit) provision
(1,256 ) 10,177 26,695 39,231 Depreciation and amortization 25,628
16,969 88,039 59,474
EBITDA $
51,464 $ 64,345 $ 260,633 $ 237,826 Stock-based compensation
expense 22,381 16,750 86,194 66,474 Restructuring charges 540 —
1,242 9,022 Acquisition-related costs 1,911 — 8,000 — Non-cash net
periodic pension and post-retirement expense 42,538 8,960 44,648
9,598 (Income) loss from discontinued operations, net 328
(522 ) (126 ) (4,223 )
Adjusted EBITDA $ 119,162 $
89,533 $ 400,591 $ 318,697
Three
Months Ended November 30, Year Ended November 30,
2011 2010 2011 2010 Earnings per
diluted share $ 0.34 $ 0.56 $ 2.06 $ 2.13 Stock-based
compensation expense 0.22 0.16 0.85 0.65 Restructuring charges
(credits) 0.01 — 0.01 0.09 Acquisition-related costs 0.02 — 0.10 —
Non-cash net periodic pension and post-retirement expense 0.40 0.09
0.42 0.09 (Income) loss from discontinued operations, net —
(0.01 ) — (0.07 )
Adjusted earnings per diluted share
$ 0.99 $ 0.80 $ 3.44 $ 2.89 Note:
Amounts may not sum due to rounding
Three Months Ended
November 30, Year Ended November 30, 2011
2010 2011 2010 Net cash provided by
operating activities 88,808 44,873 342,050 266,188 Capital
expenditures on property and equipment (8,967 ) (8,649 ) (54,340 )
(31,836 )
Free cash flow $ 79,841 $ 36,224 $
287,710 $ 234,352
IHS INC.
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASUREMENTS TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (In
thousands) (Unaudited) Three Months
Ended November 30, 2011 Americas
EMEA APAC Shared
Services Total Operating income $
63,240 $ 27,210 $ 15,415 $ (79,701 ) $ 26,164 Adjustments:
Stock-based compensation expense — — — 22,381 22,381 Depreciation
and amortization 20,775 4,307 38 508 25,628 Restructuring charges —
540 — — 540 Acquisition-related costs 1,911 — — — 1,911 Non-cash
net periodic pension and post-retirement expense — —
— 42,538 42,538
Adjusted EBITDA $ 85,926
$ 32,057 $ 15,453 $ (14,274 ) $ 119,162
Three Months Ended November 30, 2010 Americas
EMEA APAC Shared Services Total
Operating income $ 54,842 $ 21,237 $ 9,568 $ (38,793 ) $
46,854 Adjustments: Stock-based compensation expense — — — 16,750
16,750 Depreciation and amortization 12,671 3,643 80 575 16,969
Restructuring charges — — — — — Non-cash net periodic pension and
post-retirement expense — — — 8,960
8,960
Adjusted EBITDA $ 67,513 $ 24,880 $
9,648 $ (12,508 ) $ 89,533
Year Ended November 30,
2011 Americas EMEA APAC Shared
Services Total Operating income $ 224,699 $
82,314 $ 44,452 $ (178,997 ) $ 172,468 Adjustments: Stock-based
compensation expense — — — 86,194 86,194 Depreciation and
amortization 68,285 17,369 172 2,213 88,039 Restructuring charges
338 904 — — 1,242 Acquisition-related costs 7,598 402 — — 8,000
Non-cash net periodic pension and post-retirement expense —
— — 44,648 44,648
Adjusted EBITDA $
300,920 $ 100,989 $ 44,624 $ (45,942 ) $
400,591
Year Ended November 30, 2010 Americas
EMEA APAC Shared Services Total
Operating income $ 197,146 $ 66,363 $ 32,601 $ (121,981 ) $
174,129 Adjustments: Stock-based compensation expense — — — 66,474
66,474 Depreciation and amortization 41,884 15,257 154 2,179 59,474
Restructuring charges 7,634 1,338 50 — 9,022 Non-cash net periodic
pension and post-retirement expense — — —
9,598 9,598
Adjusted EBITDA $ 246,664 $ 82,958
$ 32,805 $ (43,730 ) $ 318,697
IHS INC.
SUPPLEMENTAL INFORMATION (In thousands)
(Unaudited) Three Months
Ended November 30, 2011 Three Months Ended November 30,
2010 Pre-tax After tax
Pre-tax After tax Stock-based
compensation expense $ 22,381 $ 14,323 $ 16,750 $ 10,648
Restructuring charges $ 540 $ 392 $ — $ — Acquisition-related costs
$ 1,911 $ 1,549 $ — $ — Non-cash net periodic pension and
post-retirement expense $ 42,538 $ 26,373 $ 8,960 $ 5,553 (Income)
loss from discontinued operations, net $ 400 $ 328 $ (811 ) $ (522
)
Year Ended November 30, 2011 Year Ended November
30, 2010 Pre-tax After tax Pre-tax
After tax Stock-based compensation expense $ 86,194 $ 55,692
$ 66,474 $ 42,259 Restructuring charges $ 1,242 $ 844 $ 9,022 $
5,594 Acquisition-related costs $ 8,000 $ 6,566 $ — $ — Non-cash
net periodic pension and post-retirement expense $ 44,648 $ 27,681
$ 9,598 $ 5,950 (Income) loss from discontinued operations, net $
(347 ) $ (126 ) $ (6,742 ) $ (4,223 )
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