Anixter International Inc. Financial Statement Analysis
ANIXTER INTERNATIONAL INC.
2017 EBITDA and Adjusted EBITDA by Segment:
Year Ended December 29, 2017
(In millions)
Net income (loss)
NSS
EES
UPS
Corporate
Total
$
262.6
114.3 $
73.1
$
(341.0) $
109.0
Interest expense
74.7
74.7
Income taxes
Depreciation
128.6
128.6
3.1
2.4
3.9
18.8
28.2
Amortization of intangible assets
14.4
8.4
13.3
36.1
EBITDA
$
280.1 $
125.1 $
90.3 $
(118.9) $
376.6
Total of items impacting operating income
Foreign exchange and other non-operating expense
(a)
$
5.7 $
(0.5) $
0.1
$
2.7
$
8.0
0.6
0.6
Stock-based compensation
Adjusted EBITDA
$
2.3
1.3
288.1 $ 125.9 $
1.7
12.8
18.1
92.1 $
(102.8) $
403.3
(a)
Items impacting operating income excludes amortization of intangible assets in the calculation of adjusted EBITDA as
amortization is already added back in the EBITDA calculation above.
NSS NSS adjusted EBITDA of $354.0 million in 2019 compares to $299.7 million in 2018 and $288.1 million in 2017.
The increases in adjusted EBITDA in 2019 compared to 2018 and 2018 compared 2017 were due to gross margin improvement
and the favorable impact from acquisitions.
EES-EES adjusted EBITDA of $154.5 million in 2019 compares to $145.2 million in 2018 and $125.9 million in 2017.
The increase in adjusted EBITDA in 2019 compared to 2018 was driven by gross margin improvement. The year-over year
increase in 2018 adjusted EBITDA was driven by gross margin improvement, strong expense leverage associated with the sales
growth and the benefit of higher copper prices.
UPS - UPS adjusted EBITDA of $100.9 million in 2019 compares to $93.6 million in 2018 and $92.1 million in 2017.
The increase in adjusted EBITDA in 2019 compared to 2018 was driven by sales growth and gross margin improvement. The
year-over-year increase in 2018 adjusted EBITDA was driven by sales growth and expense discipline.
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