The following table summarizes historical Revenues, Gross profit, Operating income (loss) and Adjusted operating income under the new reporting segments. All dollar amounts are in millions and totals may not sum due to rounding.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FY11 |
| 1Q12 |
| 2Q12 |
| 3Q12 |
| 4Q12 |
| FY12 |
| 1Q13 |
| 2Q13 |
| 3Q13 |
| 4Q13 |
| FY13 |
|
| Revenues | | | | | | | | | | | |
| North America Products | $ | 88.3 |
| $ | 22.6 |
| $ | 24.1 |
| $ | 24.0 |
| $ | 22.1 |
| $ | 92.8 |
| $ | 21.2 |
| $ | 24.1 |
| $ | 21.3 |
| $ | 20.4 |
| $ | 87.1 |
|
| International Products | $ | 100.7 |
| $ | 25.2 |
| $ | 26.3 |
| $ | 27.4 |
| $ | 27.1 |
| $ | 105.9 |
| $ | 24.1 |
| $ | 23.5 |
| $ | 26.7 |
| $ | 24.8 |
| $ | 99.2 |
|
| Total Products | $ | 189.0 |
| $ | 47.7 |
| $ | 50.3 |
| $ | 51.4 |
| $ | 49.2 |
| $ | 198.6 |
| $ | 45.4 |
| $ | 47.7 |
| $ | 48.1 |
| $ | 45.2 |
| $ | 186.3 |
|
| North America Services | $ | 842.9 |
| $ | 210.8 |
| $ | 227.4 |
| $ | 215.0 |
| $ | 197.7 |
| $ | 850.9 |
| $ | 194.0 |
| $ | 203.4 |
| $ | 194.3 |
| $ | 184.1 |
| $ | 775.9 |
|
| International Services | $ | 36.4 |
| $ | 9.9 |
| $ | 9.4 |
| $ | 9.5 |
| $ | 9.0 |
| $ | 38.0 |
| $ | 8.5 |
| $ | 9.1 |
| $ | 9.7 |
| $ | 8.4 |
| $ | 35.6 |
|
| Total Services | $ | 879.2 |
| $ | 220.7 |
| $ | 236.8 |
| $ | 224.6 |
| $ | 206.8 |
| $ | 888.9 |
| $ | 202.5 |
| $ | 212.5 |
| $ | 204.0 |
| $ | 192.5 |
| $ | 811.5 |
|
| Total | $ | 1,068.2 |
| $ | 268.4 |
| $ | 287.2 |
| $ | 275.9 |
| $ | 256.0 |
| $ | 1,087.5 |
| $ | 247.8 |
| $ | 260.2 |
| $ | 252.1 |
| $ | 237.7 |
| $ | 997.8 |
|
| Gross profit | | | | | | | | | | | |
| North America Products | $ | 40.9 |
| $ | 9.8 |
| $ | 10.5 |
| $ | 9.6 |
| $ | 9.7 |
| $ | 39.6 |
| $ | 9.7 |
| $ | 10.6 |
| $ | 9.2 |
| $ | 8.9 |
| $ | 38.4 |
|
| % of Revenues | 46.3 | % | 43.6 | % | 43.5 | % | 40.0 | % | 43.7 | % | 42.7 | % | 45.6 | % | 44.0 | % | 42.9 | % | 43.6 | % | 44.1 | % |
| International Products | $ | 46.4 |
| $ | 11.6 |
| $ | 12.2 |
| $ | 12.7 |
| $ | 12.1 |
| $ | 48.6 |
| $ | 10.8 |
| $ | 10.4 |
| $ | 11.5 |
| $ | 11.3 |
| $ | 44.0 |
|
| % of Revenues | 46.1 | % | 46.2 | % | 46.5 | % | 46.3 | % | 44.7 | % | 45.9 | % | 45.0 | % | 44.0 | % | 43.0 | % | 45.7 | % | 44.4 | % |
| Total Products | $ | 87.3 |
| $ | 21.5 |
| $ | 22.7 |
| $ | 22.3 |
| $ | 21.8 |
| $ | 88.2 |
| $ | 20.5 |
| $ | 21.0 |
| $ | 20.7 |
| $ | 20.2 |
| $ | 82.4 |
|
| % of Revenues | 46.2 | % | 45.0 | % | 45.0 | % | 43.4 | % | 44.2 | % | 44.4 | % | 45.3 | % | 44.0 | % | 43.0 | % | 44.7 | % | 44.2 | % |
| North America Services | $ | 260.3 |
| $ | 62.4 |
| $ | 63.5 |
| $ | 63.5 |
| $ | 58.5 |
| $ | 247.9 |
| $ | 56.6 |
| $ | 56.7 |
| $ | 58.6 |
| $ | 56.6 |
| $ | 228.5 |
|
| % of Revenues | 30.9 | % | 29.6 | % | 27.9 | % | 29.5 | % | 29.6 | % | 29.1 | % | 29.2 | % | 27.9 | % | 30.2 | % | 30.7 | % | 29.5 | % |
| International Services | $ | 9.6 |
| $ | 2.7 |
| $ | 2.7 |
| $ | 2.5 |
| $ | 2.5 |
| $ | 10.4 |
| $ | 2.1 |
| $ | 2.4 |
| $ | 2.5 |
| $ | 2.0 |
| $ | 9.0 |
|
| % of Revenues | 26.3 | % | 27.0 | % | 28.4 | % | 26.5 | % | 27.6 | % | 27.4 | % | 25.3 | % | 26.0 | % | 25.5 | % | 24.3 | % | 25.3 | % |
| Total Services | $ | 269.8 |
| $ | 65.1 |
| $ | 66.2 |
| $ | 66.0 |
| $ | 61.0 |
| $ | 258.3 |
| $ | 58.7 |
| $ | 59.1 |
| $ | 61.1 |
| $ | 58.6 |
| $ | 237.5 |
|
| % of Revenues | 30.7 | % | 29.5 | % | 27.9 | % | 29.4 | % | 29.5 | % | 29.1 | % | 29.0 | % | 27.8 | % | 29.9 | % | 30.5 | % | 29.3 | % |
| Total | $ | 357.1 |
| $ | 86.6 |
| $ | 88.9 |
| $ | 88.3 |
| $ | 82.7 |
| $ | 346.5 |
| $ | 79.3 |
| $ | 80.1 |
| $ | 81.7 |
| $ | 78.9 |
| $ | 319.9 |
|
| % of Revenues | 33.4 | % | 32.3 | % | 30.9 | % | 32.0 | % | 32.3 | % | 31.9 | % | 32.0 | % | 30.8 | % | 32.4 | % | 33.2 | % | 32.1 | % |
| Operating income (loss) | | | | | | | | | | | |
| North America Products | $ | 10.0 |
| $ | 1.5 |
| $ | 2.6 |
| $ | 1.8 |
| $ | 2.7 |
| $ | 8.6 |
| $ | 1.8 |
| $ | 3.2 |
| $ | 2.2 |
| $ | 1.8 |
| $ | 9.0 |
|
| % of Revenues | 11.3 | % | 6.6 | % | 10.8 | % | 7.5 | % | 12.3 | % | 9.3 | % | 8.6 | % | 13.1 | % | 10.4 | % | 8.8 | % | 10.3 | % |
| International Products | $ | 12.1 |
| $ | 2.0 |
| $ | 3.2 |
| $ | (9.7 | ) | $ | 3.3 |
| $ | (1.3 | ) | $ | 1.9 |
| $ | 1.5 |
| $ | 2.0 |
| $ | 1.5 |
| $ | 7.0 |
|
| % of Revenues | 12.0 | % | 7.8 | % | 12.0 | % | (35.4 | )% | 12.0 | % | (1.2 | )% | 8.0 | % | 6.4 | % | 7.5 | % | 6.1 | % | 7.0 | % |
| Total Products | $ | 22.1 |
| $ | 3.5 |
| $ | 5.8 |
| $ | (7.9 | ) | $ | 6.0 |
| $ | 7.3 |
| $ | 3.8 |
| $ | 4.7 |
| $ | 4.2 |
| $ | 3.3 |
| $ | 15.9 |
|
| % of Revenues | 11.7 | % | 7.2 | % | 11.4 | % | (15.4 | )% | 12.1 | % | 3.7 | % | 8.3 | % | 9.8 | % | 8.8 | % | 7.3 | % | 8.6 | % |
| North America Services | $ | 66.8 |
| $ | 12.5 |
| $ | 15.7 |
| $ | (261.5 | ) | $ | 10.0 |
| $ | (223.3 | ) | $ | 7.7 |
| $ | 8.7 |
| $ | 12.7 |
| $ | 9.4 |
| $ | 38.4 |
|
| % of Revenues | 7.9 | % | 5.9 | % | 6.9 | % | (121.6 | )% | 5.1 | % | (26.2 | )% | 4.0 | % | 4.3 | % | 6.5 | % | 5.1 | % | 5.0 | % |
| International Services | $ | 2.1 |
| $ | 0.9 |
| $ | 1.0 |
| $ | (26.0 | ) | $ | 0.4 |
| $ | (23.7 | ) | $ | 0.4 |
| $ | 0.7 |
| $ | 0.8 |
| $ | 0.1 |
| $ | 1.9 |
|
| % of Revenues | 5.9 | % | 9.4 | % | 10.1 | % | (272.4 | )% | 4.3 | % | (62.4 | )% | 4.4 | % | 7.3 | % | 8.2 | % | 0.8 | % | 5.3 | % |
| Total Services | $ | 69.0 |
| $ | 13.4 |
| $ | 16.7 |
| $ | (287.5 | ) | $ | 10.4 |
| $ | (247.0 | ) | $ | 8.1 |
| $ | 9.3 |
| $ | 13.5 |
| $ | 9.4 |
| $ | 40.3 |
|
| % of Revenues | 7.8 | % | 6.1 | % | 7.0 | % | (128.0 | )% | 5.0 | % | (27.8 | )% | 4.0 | % | 4.4 | % | 6.6 | % | 4.9 | % | 5.0 | % |
| Total | $ | 91.1 |
| $ | 16.9 |
| $ | 22.4 |
| $ | (295.4 | ) | $ | 16.4 |
| $ | (239.7 | ) | $ | 11.9 |
| $ | 14.0 |
| $ | 17.7 |
| $ | 12.7 |
| $ | 56.3 |
|
| % of Revenues | 8.5 | % | 6.3 | % | 7.8 | % | (107.0 | )% | 6.4 | % | (22.0 | )% | 4.8 | % | 5.4 | % | 7.0 | % | 5.3 | % | 5.6 | % |
| Adjustments (pre-tax) (1) | | | | | | | | | | | |
| North America Products | $ | — |
| $ | — |
| $ | — |
| $ | 0.2 |
| $ | — |
| $ | 0.2 |
| $ | 0.4 |
| $ | 0.1 |
| $ | — |
| $ | 0.2 |
| $ | 0.7 |
|
| International Products | $ | — |
| $ | — |
| $ | — |
| $ | 13.7 |
| $ | — |
| $ | 13.7 |
| $ | — |
| $ | 0.3 |
| $ | 0.5 |
| $ | 1.1 |
| $ | 1.9 |
|
| Total Products | $ | — |
| $ | — |
| $ | — |
| $ | 14.0 |
| $ | — |
| $ | 14.0 |
| $ | 0.4 |
| $ | 0.3 |
| $ | 0.5 |
| $ | 1.4 |
| $ | 2.6 |
|
| North America Services | $ | 12.1 |
| $ | 3.0 |
| $ | 3.2 |
| $ | 280.4 |
| $ | 3.5 |
| $ | 290.1 |
| $ | 5.0 |
| $ | 5.1 |
| $ | 4.4 |
| $ | 4.9 |
| $ | 19.3 |
|
| International Services | $ | — |
| $ | — |
| $ | — |
| $ | 26.7 |
| $ | — |
| $ | 26.8 |
| $ | 0.1 |
| $ | 0.2 |
| $ | — |
| $ | 0.1 |
| $ | 0.3 |
|
| Total Services | $ | 12.2 |
| $ | 3.1 |
| $ | 3.2 |
| $ | 307.1 |
| $ | 3.5 |
| $ | 316.9 |
| $ | 5.1 |
| $ | 5.2 |
| $ | 4.4 |
| $ | 4.9 |
| $ | 19.6 |
|
| Total | $ | 12.2 |
| $ | 3.1 |
| $ | 3.2 |
| $ | 321.0 |
| $ | 3.5 |
| $ | 330.8 |
| $ | 5.4 |
| $ | 5.5 |
| $ | 4.9 |
| $ | 6.3 |
| $ | 22.2 |
|
| Adjusted operating income (2) | | | | | | | | | | |
| North America Products | $ | 10.0 |
| $ | 1.5 |
| $ | 2.6 |
| $ | 2.0 |
| $ | 2.7 |
| $ | 8.8 |
| $ | 2.2 |
| $ | 3.2 |
| $ | 2.2 |
| $ | 2.0 |
| $ | 9.7 |
|
| % of Revenues | 11.3 | % | 6.6 | % | 10.8 | % | 8.4 | % | 12.3 | % | 9.5 | % | 10.4 | % | 13.4 | % | 10.4 | % | 10.0 | % | 11.1 | % |
| International Products | $ | 12.1 |
| $ | 2.0 |
| $ | 3.2 |
| $ | 4.0 |
| $ | 3.3 |
| $ | 12.4 |
| $ | 1.9 |
| $ | 1.8 |
| $ | 2.5 |
| $ | 2.6 |
| $ | 8.8 |
|
| % of Revenues | 12.0 | % | 7.8 | % | 12.0 | % | 14.7 | % | 12.0 | % | 11.7 | % | 8.1 | % | 7.5 | % | 9.4 | % | 10.5 | % | 8.9 | % |
| Total Products | $ | 22.1 |
| $ | 3.5 |
| $ | 5.8 |
| $ | 6.1 |
| $ | 6.0 |
| $ | 21.2 |
| $ | 4.1 |
| $ | 5.0 |
| $ | 4.7 |
| $ | 4.6 |
| $ | 18.5 |
|
| % of Revenues | 11.7 | % | 7.2 | % | 11.4 | % | 11.8 | % | 12.1 | % | 10.7 | % | 9.1 | % | 10.5 | % | 9.9 | % | 10.3 | % | 9.9 | % |
| North America Services | $ | 78.9 |
| $ | 15.5 |
| $ | 18.9 |
| $ | 18.8 |
| $ | 13.6 |
| $ | 66.8 |
| $ | 12.7 |
| $ | 13.7 |
| $ | 17.1 |
| $ | 14.2 |
| $ | 57.7 |
|
| % of Revenues | 9.4 | % | 7.4 | % | 8.3 | % | 8.8 | % | 6.9 | % | 7.9 | % | 6.6 | % | 6.7 | % | 8.8 | % | 7.7 | % | 7.4 | % |
| International Services | $ | 2.2 |
| $ | 0.9 |
| $ | 1.0 |
| $ | 0.8 |
| $ | 0.4 |
| $ | 3.1 |
| $ | 0.4 |
| $ | 0.8 |
| $ | 0.8 |
| $ | 0.1 |
| $ | 2.2 |
|
| % of Revenues | 6.0 | % | 9.5 | % | 10.3 | % | 8.0 | % | 4.4 | % | 8.1 | % | 5.3 | % | 9.0 | % | 8.5 | % | 1.7 | % | 6.2 | % |
| Total Services | $ | 81.1 |
| $ | 16.5 |
| $ | 19.9 |
| $ | 19.6 |
| $ | 14.0 |
| $ | 69.9 |
| $ | 13.2 |
| $ | 14.5 |
| $ | 17.9 |
| $ | 14.4 |
| $ | 59.9 |
|
| % of Revenues | 9.2 | % | 7.5 | % | 8.4 | % | 8.7 | % | 6.8 | % | 7.9 | % | 6.5 | % | 6.8 | % | 8.8 | % | 7.5 | % | 7.4 | % |
| Total | $ | 103.2 |
| $ | 19.9 |
| $ | 25.6 |
| $ | 25.7 |
| $ | 19.9 |
| $ | 91.2 |
| $ | 17.3 |
| $ | 19.5 |
| $ | 22.6 |
| $ | 19.0 |
| $ | 78.5 |
|
| % of Revenues | 9.7 | % | 7.4 | % | 8.9 | % | 9.3 | % | 7.8 | % | 8.4 | % | 7.0 | % | 7.5 | % | 9.0 | % | 8.0 | % | 7.9 | % |
(1) Includes, as applicable for the given period, intangibles amortization, goodwill impairment loss and restructuring expense.
(2) See Non-GAAP Financial Measures below for additional information.
Non-GAAP Financial Measures
As a supplement to United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided Adjusted operating income, which is a non-GAAP financial measure, to illustrate the Company's operational performance. Adjusted operating income was determined by excluding from Operating income the impact of those items set forth in "Adjustments" and, therefore, has not been calculated in accordance with GAAP. However, each of the amounts included in the calculation of Adjusted operating income are computed in accordance with GAAP. See the table above for reconciliations of Adjusted operating income to Operating income, the most directly comparable GAAP financial measure.
Management uses this non-GAAP financial measure (a) to evaluate the Company's historical and prospective financial performance as well as its performance relative to its competitors, (b) to set internal sales targets and associated operating budgets, (c) to allocate resources and (d) to measure operational profitability. Management uses similar non-GAAP measures as an important factor in determining variable compensation for Management and its team members.
Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. The Company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measurements, and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
