McGraw Hill Financial
Recasted Selected Financial Information for Continuing Operations
(dollars in millions, except per share data)
(unaudited) | 2014 | ||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | ||||||||||||||||||||||||||
Reported1 | Performance | Reported1 | Performance | Reported1 | Performance | Reported1 | Performance | ||||||||||||||||||||||
Revenue | $ | 1,196 | $ | 1,196 | $ | 1,302 | $ | 1,302 | $ | 1,263 | $ | 1,263 | $ | 3,761 | $ | 3,761 | |||||||||||||
Segment operating profit (a) | 454 | 454 | 521 | 521 | 404 | 507 | 1,379 | 1,482 | |||||||||||||||||||||
Unallocated expense (b) | 34 | 34 | 45 | 45 | 38 | 32 | 118 | 111 | |||||||||||||||||||||
Operating profit | 420 | 420 | 476 | 476 | 366 | 475 | 1,261 | 1,371 | |||||||||||||||||||||
Interest expense, net | 14 | 14 | 14 | 14 | 12 | 12 | 40 | 40 | |||||||||||||||||||||
Income before taxes on income | 406 | 406 | 462 | 462 | 354 | 463 | 1,221 | 1,331 | |||||||||||||||||||||
Provision for taxes on income | 138 | 138 | 152 | 152 | 139 | 155 | 428 | 445 | |||||||||||||||||||||
Income from continuing operations | $ | 268 | $ | 268 | $ | 310 | $ | 310 | $ | 215 | $ | 308 | $ | 793 | $ | 886 | |||||||||||||
Income from continuing operations: | |||||||||||||||||||||||||||||
Diluted EPS | $ | 0.87 | $ | 0.87 | $ | 1.04 | $ | 1.04 | $ | 0.68 | $ | 1.02 | $ | 2.59 | $ | 2.93 | |||||||||||||
Totals presented may not sum due to rounding
1 Reported amounts above reflect the reclassification of McGraw Hill Construction out of McGraw Hill Financial's continuing operations
Non-GAAP adjustments included in the reported amounts and excluded from performance amounts in the table above:
(a) | Q3 2014 adjustments include a $60 million charge for certain regulatory matters, restructuring charges of $39 million, and $4 million of professional fees largely related to corporate development activities |
(b) | Q3 2014 adjustment includes restructuring charges of $7 million |
McGraw Hill Financial
Recasted Selected Financial Information for Continuing Operations
(dollars in millions, except per share data)
(unaudited) | 2013 | |||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||||||||||||||
Reported1 | Performance | Reported1 | Performance | Reported1 | Performance | Reported1 | Performance | Reported1 | Performance | |||||||||||||||||||||||||||
Revenue | $ | 1,140 | $ | 1,140 | $ | 1,205 | $ | 1,205 | $ | 1,152 | $ | 1,152 | $ | 1,206 | $ | 1,206 | $ | 4,702 | $ | 4,702 | ||||||||||||||||
Segment operating profit (a) (b) | 417 | 417 | 468 | 468 | 444 | 423 | 364 | 389 | 1,693 | 1,697 | ||||||||||||||||||||||||||
Unallocated expense (c) (d) (e) (f) | 148 | 28 | 45 | 34 | 49 | 38 | 93 | 42 | 335 | 142 | ||||||||||||||||||||||||||
Operating profit | 269 | 389 | 423 | 434 | 395 | 385 | 271 | 347 | 1,358 | 1,555 | ||||||||||||||||||||||||||
Interest expense, net | 15 | 15 | 16 | 16 | 14 | 14 | 14 | 14 | 59 | 59 | ||||||||||||||||||||||||||
Income before taxes on income | 254 | 374 | 407 | 418 | 381 | 370 | 257 | 333 | 1,299 | 1,496 | ||||||||||||||||||||||||||
Provision for taxes on income | 86 | 131 | 141 | 146 | 123 | 129 | 75 | 100 | 425 | 507 | ||||||||||||||||||||||||||
Income from continuing operations | $ | 168 | $ | 243 | $ | 266 | $ | 272 | $ | 258 | $ | 241 | $ | 182 | $ | 233 | $ | 874 | $ | 989 | ||||||||||||||||
Income from continuing operations: | ||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | 0.52 | $ | 0.78 | $ | 0.87 | $ | 0.90 | $ | 0.82 | $ | 0.77 | $ | 0.60 | $ | 0.78 | $ | 2.80 | $ | 3.22 | ||||||||||||||||
Totals presented may not sum due to rounding
1 Reported amounts above reflect the reclassification of McGraw Hill Construction out of McGraw Hill Financial's continuing operations
Non-GAAP adjustments included in the reported amounts and excluded from performance amounts in the table above:
(a) | Q3 2013 adjustments include restructuring charges of $4 million, a gain on the sale of an equity investment held by CRISIL of $16 million, a loss on the sale of Financial Communications of $3 million, and a gain on the sale of Aviation Week of $11 million |
(b) | Q4 2013 adjustment includes a $26 million restructuring charge |
(c) | Q1 2013 adjustments include costs for the separation of MHE of $44 million, and pre-tax legal settlements of $77 million |
(d) | Q2 2013 adjustment includes $10 million of costs for the separation of MHE |
(e) | Q3 2013 adjustment includes $10 million of costs for the separation of MHE |
(f) | Q4 2013 adjustments include a $36 million non-cash impairment charge related to the sale of a data center, and a $13 million charge related to terminating various leases |