Investor Presentaiton
L
Appendix 48
Adjusted Non-GAAP Earnings (Fourth Quarter)
GAAP
Non
Non-GAAP
Non
GAAP
Variance
GAAP
Three
Months
Ended
Dec. 31,
2020
(in millions)
Unfavorable Weather
Move Pension Expense to
OG&A (disaggregated with
ASU 2017-07)
Non-employee Deferred
Compensation
Disallowance of prior
period supply costs
Three
Months
Ended
Three
Months
Ended
Dec. 31,
Variance
2020
Dec. 31,
2019
%
Non-employee Deferred
Compensation
Move Pension Expense to
OG&A (disaggregated with
ASU 2017-07)
Unfavorable Weather
Revenues
$313.6
5.7
9.4
$328.7
($0.1) 0.0%
$328.8
Cost of sales
86.0
86.0
3.7 4.5%
82.3
Gross Margin
227.6
5.7
9.4
242.7
(3.8) -1.5%
246.5
GAAP
Three
Months
Ended
Dec. 31,
2019
0.7
$328.1
82.3
0.7
245.8
The adjusted
non-GAAP
measures
presented in the
table are being
shown to reflect
significant items
that are non-
recurring or
variance from
normal weather,
Op. Expenses
however they
OG&A
73.1
0.2
(2.1)
71.2
(10.4) -12.7%
81.6
0.7
1.6
79.3
should not be
Prop. & other taxes
42.7
42.7
4.0 10.3%
38.7
38.7
considered a
Depreciation
45.3
45.3
2.2
5.1%
43.1
43.1
substitute for
Total Op. Exp.
161.1
-
0.2 (2.1)
159.2
(4.2)
-2.6%
163.4
0.7
1.6
-
161.1
financial results
Op. Income
66.5
5.7
(0.2) 2.1
9.4
83.5
0.4
0.5%
83.1
(0.7)
(1.6)
0.7
84.7
and measures
Interest expense
(24.5)
0.5
(24.0)
0.1
0.4%
(24.1)
(24.1)
Other (Exp.) Inc., net
5.8
0.2
(2.1)
3.9
2.1
113.6%
1.8
0.7
1.6
-
(0.5)
Pretax Income
47.8
5.7
9.9
63.4
2.6
4.3%
60.8
0.7
60.1
Income tax (Exp)/Ber
5.8
(1.4)
(2.5)
1.9
2.2 793.9%
(0.3)
(0.2)
(0.1)
determined or
calculated in
accordance with
GAAP.
Net Income
$53.6
4.3
7.4
$65.3
$4.8
7.9%
$60.5
0.5
$60.0
ETA
-12.1%
25.3%
25.3%
-2.9%
0.5%
25.3%
0.2%
Diluted Shares
50.7
50.7
(0.1)
-0.2%
50.8
50.8
Diluted EPS
$1.06
0.08
0.15
$1.29
$0.10
8.4%
$1.19
0.01
$1.18
(1) As a result of the adoption of Accounting Standard Update 2017-07 in March 2018, pension and other employee benefit expense is now
disaggregated on the GAAP income statement with portions now recorded in both OG&A expense and Other (Expense) Income lines. To facilitate
better understanding of trends in year-over-year comparisons, the non-GAAP adjustment above re-aggregates the expense in OG&A - as it was
historically presented prior to the ASU 2017-07 (with no impact to net income or earnings per share).
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