IHS Markit (Nasdaq:INFO), a world leader in critical
information, analytics and solutions, today reported results for
the second quarter ended May 31, 2019.
- Revenue of $1.136 billion, including total organic revenue
growth of 5 percent
- Net income of $149 million and diluted earnings per share (EPS)
of $0.37
- Adjusted EBITDA of $465 million and Adjusted earnings per
diluted share (Adjusted EPS) of $0.71
- Cash flow from operations of $425 million and free cash flow of
$358 million
Adjusted EBITDA, Adjusted EPS, and free cash flow are non-GAAP
financial measures used by management to measure operating
performance. These terms are defined elsewhere in this release.
Please see schedules appearing later in this release for
reconciliations of non-GAAP financial measures to the most directly
comparable GAAP measures.
Second Quarter and Year-to-Date 2019 Financial
Performance
Three months ended May
31,
Change
Six months ended May
31,
Change
(in millions, except percentages and
per share data)
2019
2018
$
%
2019
2018
$
%
Revenue
$
1,135.5
$
1,008.3
$
127.2
13
%
$
2,181.9
$
1,940.4
$
241.5
12
%
Net income attributable to IHS Markit*
$
149.8
$
114.7
$
35.1
31
%
$
259.5
$
356.0
$
(96.5
)
(27
)%
Adjusted EBITDA
$
465.0
$
398.1
$
66.9
17
%
$
873.1
$
757.4
$
115.7
15
%
GAAP EPS
$
0.37
$
0.28
$
0.09
32
%
$
0.63
$
0.87
$
(0.24
)
(28
)%
Adjusted EPS
$
0.71
$
0.61
$
0.10
16
%
$
1.30
$
1.14
$
0.16
14
%
Cash flow from operations
$
424.7
$
382.7
$
42.0
11
%
$
612.7
$
585.6
$
27.1
5
%
Free cash flow
$
358.0
$
323.2
$
34.8
11
%
$
482.8
$
470.9
$
11.9
3
%
* Net income attributable to IHS Markit
for the six months ended May 31, 2018 includes a one-time tax
benefit associated with U.S. tax reform estimated at approximately
$136 million.
“Our business model continues to perform well as we delivered
another quarter of diversified revenue growth and strong margin and
profit in the quarter,” said Lance Uggla, chairman and chief
executive officer at IHS Markit.
“We delivered a solid first half of the year and are positioned
well to deliver upon our full year financial commitments,” said
Todd Hyatt, chief financial officer at IHS Markit.
Second Quarter 2019 Revenue Performance
Second quarter 2019 revenue increased 13 percent compared to the
second quarter of 2018. The following table provides additional
revenue information by transaction type.
Three months ended May
31,
Percentage change
(in millions, except
percentages)
2019
2018
Total
Organic
Recurring fixed
$
785.2
$
698.1
12
%
5
%
Recurring variable
145.0
125.9
15
%
—%
Non-recurring
205.3
184.3
11
%
9
%
Total revenue
$
1,135.5
$
1,008.3
13
%
5
%
The components of revenue growth are described below by segment
and in total.
Change in revenue
Second quarter 2019 vs. Second
quarter 2018
(All amounts represent percentage
points)
Organic
Acquisitive
Foreign
Currency
Total
Resources
6
%
—
%
(1
)%
5
%
Transportation
9
%
—
%
(1
)%
8
%
Consolidated Markets & Solutions
(2
)%
—
%
(1
)%
(3
)%
Financial Services
5
%
25
%
(1
)%
29
%
Total
5
%
8
%
(1
)%
13
%
Second Quarter 2019 Operating Performance
Segment results were as follows (additional segment information
is included later in this release):
- Resources. Second quarter revenue for Resources increased $12
million, or 5 percent, to $249 million, with recurring revenue
increasing 4 percent organically. Second quarter Adjusted EBITDA
for Resources increased $9 million, or 9 percent, to $109
million.
- Transportation. Second quarter revenue for Transportation
increased $22 million, or 8 percent, to $319 million, and included
10 percent organic growth for the recurring-based business. Second
quarter Adjusted EBITDA for Transportation increased $12 million,
or 10 percent, to $137 million.
- Consolidated Markets & Solutions (CMS). Second quarter
revenue for CMS decreased $4 million, or 3 percent, to $135
million, and had flat organic growth for the recurring-based
business. Second quarter Adjusted EBITDA for CMS decreased $1
million, or 2 percent, to $29 million.
- Financial Services. Second quarter revenue for Financial
Services increased $97 million, or 29 percent, to $433 million, and
included 5 percent total organic growth. Second quarter Adjusted
EBITDA for Financial Services increased $50 million, or 32 percent,
to $206 million.
Outlook (forward-looking statement)
For the year ending November 30, 2019, IHS Markit expects:
- Revenue in a range of $4.425 billion to $4.500 billion,
including total organic growth of 5 percent to 6 percent including
Ipreo for the 4 month stub period, and total organic growth of 6
percent to 7 percent including Ipreo for the full 12 months;
- Adjusted EBITDA in a range of $1.75 billion to $1.78 billion;
and
- Adjusted EPS in a range of $2.52 to $2.57 per diluted
share.
The above outlook assumes no further currency movements,
acquisitions, divestitures, pension mark-to-market adjustments or
unanticipated events. See discussion of non-GAAP financial measures
at the end of this release.
As previously announced, IHS Markit will hold a conference call
to discuss second quarter 2019 results on June 26, 2019, at 8:00
a.m. ET. The conference call will be simultaneously webcast on the
Investor Relations section of the company’s website: investor.ihsmarkit.com. A replay of the earnings
webcast will be available approximately two hours after the
conclusion of the live event. The webcast recording will be
available for one year on the Investor Relations section of the
company’s website.
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to our
financial statements based on U.S. generally accepted accounting
principles (“GAAP”). Non-GAAP financial information is provided to
enhance the reader’s understanding of our financial performance,
but none of these non-GAAP financial measures are recognized terms
under GAAP and should not be considered in isolation from, or as a
substitute for, financial measures calculated in accordance with
GAAP. Definitions and reconciliations of the non-GAAP measures,
such as EBITDA, Adjusted EBITDA, Adjusted net income, Adjusted EPS,
and free cash flow, to the most directly comparable GAAP measures
are provided within the schedules attached to this release. This
communication also includes certain forward-looking non-GAAP
financial measures. IHS Markit is unable to present a
reconciliation of this forward-looking non-GAAP financial
information because management cannot reliably predict all of the
necessary components of such measures. Accordingly, investors are
cautioned not to place undue reliance on this information.
We use non-GAAP measures in our operational and financial
decision-making. We believe that such measures allow us to focus on
what we deem to be a more reliable indicator of ongoing operating
performance and our ability to generate cash flow from operations.
We also believe that investors may find these non-GAAP financial
measures useful for the same reasons, although investors are
cautioned that non-GAAP financial measures are not a substitute for
GAAP financial measures or disclosures. None of these non-GAAP
financial measures are recognized terms under GAAP and do not
purport to be an alternative to any other GAAP measure.
Non-GAAP measures are frequently used by securities analysts,
investors, and other interested parties in their evaluation of
companies comparable to IHS Markit, many of which present non-GAAP
measures when reporting their results. These measures can be useful
in evaluating our performance against our peer companies because we
believe the measures provide users with valuable insight into key
components of GAAP financial disclosures. However, non-GAAP
measures have limitations as an analytical tool. 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. They are not presentations made in
accordance with GAAP, are not measures of financial condition or
liquidity, and should not be considered as an alternative to profit
or loss for the period determined in accordance with GAAP or
operating cash flows determined in accordance with GAAP. As a
result, you should not consider such performance measures in
isolation from, or as a substitute analysis for, results of
operations as determined in accordance with GAAP.
Forward-Looking Statements
This communication contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management’s current views
concerning future business, events, trends, contingencies,
financial performance, or financial condition, appear at various
places in this communication and use words like “aim,”
“anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,”
“expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,”
“might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,”
“should,” “strategy,” “strive,” “target,” “will,” and “would” and
similar expressions, and variations or negatives of these words.
Examples of forward-looking statements include, among others,
statements we make regarding: guidance and predictions relating to
expected operating results, such as revenue growth and earnings;
strategic actions such as acquisitions, joint ventures, and
dispositions, the anticipated benefits therefrom, and our success
in integrating acquired businesses; anticipated levels of capital
expenditures in future periods; anticipated levels of indebtedness,
capital allocation, and share repurchases in future periods; our
belief that we have sufficient liquidity to fund our ongoing
business operations; expectations of the effect on our financial
condition of claims, litigation, environmental costs, contingent
liabilities, and governmental and regulatory investigations and
proceedings; and our strategy for customer retention, growth,
product development, market position, financial results, and
reserves. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on management’s current beliefs, expectations, and assumptions
regarding the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy, and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
are more fully discussed under the caption “Risk Factors” in our
Annual Report on Form 10-K, along with our other filings with the
U.S. Securities and Exchange Commission (“SEC”). However, those
factors should not be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which are based only
on information currently available to our management and speaks
only as of the date of this communication. We do not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws. Please consult our public filings with the SEC or on our
website at investor.ihsmarkit.com.
About IHS Markit
(www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 business and
government customers, including 80 percent of the Fortune Global
500 and the world’s leading financial institutions. Headquartered
in London, IHS Markit is committed to sustainable, profitable
growth.
IHS Markit is a registered trademark of IHS Markit Ltd and/or
its affiliates. All other company and product names may be
trademarks of their respective owners © 2019 IHS Markit Ltd. All
rights reserved.
IHS MARKIT LTD.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
As of May 31, 2019
As of November 30,
2018
(Unaudited)
(Audited)
Assets
Current assets:
Cash and cash equivalents
$
109.5
$
120.0
Accounts receivable, net
854.0
792.9
Income tax receivable
14.3
20.8
Deferred subscription costs
84.9
77.3
Assets held for sale
63.6
—
Other current assets
134.9
88.4
Total current assets
1,261.2
1,099.4
Non-current assets:
Property and equipment, net
615.1
579.6
Intangible assets, net
4,267.5
4,484.8
Goodwill
9,781.0
9,836.0
Deferred income taxes
14.6
14.6
Other
93.9
47.9
Total non-current assets
14,772.1
14,962.9
Total assets
$
16,033.3
$
16,062.3
Liabilities and equity
Current liabilities:
Short-term debt
$
364.3
$
789.9
Accounts payable
33.6
63.8
Accrued compensation
119.7
214.1
Other accrued expenses
415.0
357.7
Income tax payable
23.2
8.0
Deferred revenue
938.7
886.8
Liabilities held for sale
25.2
—
Total current liabilities
1,919.7
2,320.3
Long-term debt, net
4,893.5
4,889.2
Accrued pension and postretirement
liability
17.1
17.4
Deferred income taxes
677.3
699.9
Other liabilities
122.5
109.1
Commitments and contingencies
Redeemable noncontrolling interests
16.8
5.9
Shareholders' equity
8,386.4
8,020.5
Total liabilities and equity
$
16,033.3
$
16,062.3
IHS MARKIT LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except for
per-share amounts)
(Unaudited)
Three months ended May
31,
Six months ended May
31,
2019
2018
2019
2018
Revenue
$
1,135.5
$
1,008.3
$
2,181.9
$
1,940.4
Operating expenses:
Cost of revenue
428.0
368.4
827.8
711.3
Selling, general and administrative
293.3
299.2
593.6
589.5
Depreciation and amortization
144.0
131.0
286.3
261.6
Restructuring charges
1.7
—
9.9
—
Acquisition-related costs
21.4
25.8
44.2
52.8
Other expense, net
8.4
3.0
6.4
4.4
Total operating expenses
896.8
827.4
1,768.2
1,619.6
Operating income
238.7
180.9
413.7
320.8
Interest income
0.6
0.9
1.0
1.6
Interest expense
(65.8
)
(55.3
)
(132.7
)
(101.6
)
Net periodic pension and postretirement
expense
(0.2
)
(0.3
)
(0.5
)
(0.5
)
Non-operating expense, net
(65.4
)
(54.7
)
(132.2
)
(100.5
)
Income from continuing operations before
income taxes and equity in loss of equity method investee
173.3
126.2
281.5
220.3
(Provision) benefit for income taxes
(24.2
)
(12.0
)
(23.3
)
134.6
Equity in loss of equity method
investee
(0.2
)
—
(0.3
)
—
Net income
148.9
114.2
257.9
354.9
Net loss attributable to noncontrolling
interest
0.9
0.5
1.6
1.1
Net income attributable to IHS Markit
Ltd.
$
149.8
$
114.7
$
259.5
$
356.0
Basic earnings per share attributable to
IHS Markit Ltd.
$
0.37
$
0.29
$
0.65
$
0.90
Weighted average shares used in computing
basic earnings per share
400.5
391.8
399.3
394.9
Diluted earnings per share attributable to
IHS Markit Ltd.
$
0.37
$
0.28
$
0.63
$
0.87
Weighted average shares used in computing
diluted earnings per share
409.3
403.6
408.7
407.9
IHS MARKIT LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six months ended
May 31,
2019
2018
Operating activities:
Net income
$
257.9
$
354.9
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization
286.3
261.6
Stock-based compensation expense
113.3
119.6
Net periodic pension and postretirement
expense
0.5
0.5
Undistributed earnings of affiliates,
net
0.2
—
Pension and postretirement
contributions
(0.9
)
(1.3
)
Deferred income taxes
(43.4
)
(184.2
)
Change in assets and liabilities:
Accounts receivable, net
(27.6
)
(47.7
)
Other current assets
(54.0
)
(16.7
)
Accounts payable
(11.1
)
(10.5
)
Accrued expenses
(58.3
)
(38.8
)
Income tax
32.0
18.1
Deferred revenue
88.6
91.0
Other liabilities
29.2
39.1
Net cash provided by operating
activities
612.7
585.6
Investing activities:
Capital expenditures on property and
equipment
(129.9
)
(114.7
)
Acquisitions of businesses, net of cash
acquired
(32.6
)
(8.8
)
Change in other assets
(7.4
)
(7.9
)
Settlements of forward contracts
(2.2
)
(2.0
)
Net cash used in investing
activities
(172.1
)
(133.4
)
Financing activities:
Proceeds from borrowings
1,339.2
1,427.6
Repayment of borrowings
(1,762.9
)
(1,159.9
)
Payment of debt issuance costs
(8.9
)
(14.6
)
Payments for purchase of noncontrolling
interests
—
(7.7
)
Proceeds from noncontrolling interests
12.5
—
Contingent consideration payments
(2.2
)
—
Repurchases of common shares
—
(672.5
)
Proceeds from the exercise of employee
stock options
57.6
111.9
Payments related to tax withholding for
stock-based compensation
(62.7
)
(79.1
)
Net cash used in financing
activities
(427.4
)
(394.3
)
Foreign exchange impact on cash
balance
(23.7
)
(32.7
)
Net (decrease) increase in cash and cash
equivalents
(10.5
)
25.2
Cash and cash equivalents at the beginning
of the period
120.0
133.8
Cash and cash equivalents at the end of
the period
$
109.5
$
159.0
IHS MARKIT LTD.
SUPPLEMENTAL REVENUE
DISCLOSURE
(In millions)
(Unaudited)
Three months ended May
31,
Percent change
Six months ended May
31,
Percent change
2019
2018
Total
Organic
2019
2018
Total
Organic
Recurring revenue:
Resources
$
189.8
$
183.3
4
%
4
%
$
381.3
$
366.7
4
%
5
%
Transportation
224.7
206.5
9
%
10
%
440.1
405.2
9
%
10
%
CMS
117.6
119.8
(2
)%
—%
235.0
238.7
(2
)%
—%
Financial Services - fixed
253.1
188.5
34
%
4
%
496.0
370.8
34
%
4
%
Total recurring fixed revenue
$
785.2
$
698.1
12
%
5
%
$
1,552.4
$
1,381.4
12
%
5
%
Financial Services - variable
145.0
125.9
15
%
—%
281.0
243.0
16
%
2
%
Total recurring revenue
$
930.2
$
824.0
13
%
4
%
$
1,833.4
$
1,624.4
13
%
5
%
Non-recurring revenue:
Resources
$
59.6
$
53.7
11
%
11
%
$
84.9
$
75.6
12
%
13
%
Transportation
93.9
89.8
5
%
6
%
166.6
160.7
4
%
5
%
CMS
17.0
19.1
(11
)%
(10
)%
31.9
37.8
(16
)%
(15
)%
Financial Services
34.8
21.7
60
%
31
%
65.1
41.9
55
%
34
%
Total non-recurring revenue
$
205.3
$
184.3
11
%
9
%
$
348.5
$
316.0
10
%
8
%
Total revenue (segment):
Resources
$
249.4
$
237.0
5
%
6
%
$
466.2
$
442.3
5
%
6
%
Transportation
318.6
296.3
8
%
9
%
606.7
565.9
7
%
8
%
CMS
134.6
138.9
(3
)%
(2
)%
266.9
276.5
(3
)%
(2
)%
Financial Services
432.9
336.1
29
%
5
%
842.1
655.7
28
%
5
%
Total revenue
$
1,135.5
$
1,008.3
13
%
5
%
$
2,181.9
$
1,940.4
12
%
5
%
IHS MARKIT LTD.
RECONCILIATION OF CONSOLIDATED
NON-GAAP FINANCIAL MEASURES TO
MOST DIRECTLY COMPARABLE GAAP
FINANCIAL MEASURES
(In millions, except for
per-share amounts)
(Unaudited)
Three months ended May
31,
Six months ended May
31,
2019
2018
2019
2018
Net income attributable to IHS Markit
Ltd.
$
149.8
$
114.7
$
259.5
$
356.0
Interest income
(0.6
)
(0.9
)
(1.0
)
(1.6
)
Interest expense
65.8
55.3
132.7
101.6
Provision (benefit) for income taxes*
24.2
12.0
23.3
(134.6
)
Depreciation
49.4
42.4
96.0
84.0
Amortization related to acquired
intangible assets
94.6
88.6
190.3
177.6
EBITDA (1)(6)
$
383.2
$
312.1
$
700.8
$
583.0
Stock-based compensation expense
53.6
57.7
113.3
119.6
Restructuring charges
1.7
—
9.9
—
Acquisition-related costs
6.0
15.1
13.5
27.2
Acquisition-related performance
compensation
15.4
10.7
30.7
25.6
Loss on debt extinguishment
5.8
3.0
6.0
3.0
Share of joint venture results not
attributable to Adjusted EBITDA
0.2
—
0.3
—
Adjusted EBITDA attributable to
noncontrolling interest
(0.9
)
(0.5
)
(1.4
)
(1.0
)
Adjusted EBITDA (2)(6)
$
465.0
$
398.1
$
873.1
$
757.4
Three months ended May
31,
Six months ended May
31,
2019
2018
2019
2018
Net income attributable to IHS Markit
Ltd.
$
149.8
$
114.7
$
259.5
$
356.0
Stock-based compensation expense
53.6
57.7
113.3
119.6
Amortization related to acquired
intangible assets
94.6
88.6
190.3
177.6
Restructuring charges
1.7
—
9.9
—
Acquisition-related costs
6.0
15.1
13.5
27.2
Acquisition-related performance
compensation
15.4
10.7
30.7
25.6
Acquisition financing fees
—
4.6
—
4.6
Loss on debt extinguishment
5.8
3.0
6.0
3.0
Income tax effect of above
adjustments*
(37.1
)
(47.1
)
(89.9
)
(247.2
)
Adjusted earnings attributable to
noncontrolling interest
(0.7
)
(0.3
)
(1.1
)
(0.8
)
Adjusted net income (3)
$
289.1
$
247.0
$
532.2
$
465.6
Adjusted EPS (4)(6)
$
0.71
$
0.61
$
1.30
$
1.14
Weighted average shares used in computing
Adjusted EPS
409.3
403.6
408.7
407.9
* Income tax effect for the six months
ended May 31, 2018 includes a one-time tax benefit associated with
U.S. tax reform estimated at approximately $136 million.
Three months ended May
31,
Six months ended May
31,
2019
2018
2019
2018
Net cash provided by operating
activities
$
424.7
$
382.7
$
612.7
$
585.6
Capital expenditures on property and
equipment
(66.7
)
(59.5
)
(129.9
)
(114.7
)
Free cash flow (5)(6)
$
358.0
$
323.2
$
482.8
$
470.9
IHS MARKIT LTD.
SUPPLEMENTAL SEGMENT OPERATING
PROFIT MEASURE DISCLOSURE
(In millions)
(Unaudited)
Three months ended May
31,
Six months ended May
31,
2019
2018
2019
2018
Adjusted EBITDA by segment:
Resources
$
109.2
$
100.5
$
202.4
$
185.4
Transportation
136.6
124.7
250.9
234.4
CMS
29.3
29.9
58.7
61.7
Financial Services
205.6
155.8
388.8
301.2
Shared services
(15.7
)
(12.8
)
(27.7
)
(25.3
)
Total Adjusted EBITDA
$
465.0
$
398.1
$
873.1
$
757.4
Adjusted EBITDA margin by
segment:
Resources
43.8
%
42.4
%
43.4
%
41.9
%
Transportation
42.9
%
42.1
%
41.4
%
41.4
%
CMS
21.8
%
21.5
%
22.0
%
22.3
%
Financial Services
47.5
%
46.4
%
46.2
%
45.9
%
Total Adjusted EBITDA margin
41.0
%
39.5
%
40.0
%
39.0
%
- EBITDA is defined as net income plus or minus net interest,
plus provision for income taxes, depreciation, and
amortization.
- Adjusted EBITDA further excludes primarily non-cash items and
other items that we do not consider to be useful in assessing our
operating performance (e.g., stock-based compensation expense,
restructuring charges, acquisition-related costs and performance
compensation, exceptional litigation, net other gains and losses,
pension mark-to-market and other adjustments, the impact of joint
ventures and noncontrolling interests, and discontinued
operations). All of the items included in the reconciliation from
net income to Adjusted EBITDA are either non-cash items or items
that we do not consider to be useful in assessing our operating
performance. In the case of the non-cash items, we believe 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 excluding
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,
we believe 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.
- Adjusted net income is defined as net income plus primarily
non-cash items and other items that management does not consider to
be useful in assessing our operating performance (e.g., stock-based
compensation expense, amortization related to acquired intangible
assets, restructuring charges, acquisition-related costs and
performance compensation, acquisition financing fees, net other
gains and losses, pension mark-to-market expense and other
adjustments, and the impact of noncontrolling interests, all net of
the related tax effects).
- Adjusted EPS is defined as Adjusted net income (as defined
above) divided by diluted weighted average shares.
- Free cash flow is defined as net cash provided by operating
activities less capital expenditures.
- EBITDA, Adjusted EBITDA, Adjusted EPS, and free cash flow are
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 agreements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190626005244/en/
Investor Relations: Eric Boyer +1 303 397 2969
eric.boyer@ihsmarkit.com
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