CMS Separation Overview
Reconciliation of GAAP to Adjusted Results
Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted Net Earnings
Attributable to Jacobs from Continuing Operations (in thousands)
34
4
Net Earnings Attributable to Jacobs from
Continuing Operations
Three Months Ended
June 30, 2023
July 1, 2022
June 30, 2023
Nine Months Ended
July 1, 2022
163,945 $
196,326
$
516,886 $
419,408
After-tax effects of Restructuring,
Transaction and Other Charges (1):
Focus 2023 Transformation, mainly real
estate rescaling efforts
843
1,655
29,426
60,844
Transaction costs
3,155
4,105
10,947
13,728
Restructuring, integration and separation
charges
19,571
1,657
26,492
85,767
After-tax effects of Other Adjustments (2):
Amortization of intangibles
34,623
34,452
101,055
96,965
Other income tax adjustments
6,955
1,627
(13,242)
(10,612)
Other
2,231
2,772
4
Adjusted Net Earnings Attributable to
Jacobs from Continuing Operations
$
231,323 $
239,822
$
674,336 $
666,104
(1) Includes estimated after-tax and related noncontrolling interest impacts from restructuring activities around the Company's investment in
PA Consulting and relating to the separation activities around the CMS spin-off for the three- and nine-months ended June 30, 2023, along
with non-cash real estate impairment charges associated the Company's Focus 2023 program for the three- and nine-months ended June 30,
2023 and July 1, 2022, and for the nine-months ended July 1, 2022, the final pre-tax settlement of the Legacy CH2M Matter, net of previously
recorded reserves. Also includes charges associated with various transaction costs incurred with our acquisition and restructuring related
activity associated with Company restructuring and integration programs.
(2) Includes estimated after-tax and noncontrolling interest impacts from amortization of intangible assets for the three- and nine-months
ended June 30, 2023 and July 1, 2022, certain income tax adjustments for the purposes of presenting the Company's expected annual non-
GAAP effective tax rate to facilitate a more meaningful evaluation of the Company's current operating performance and comparisons to the
Company's operating performance in other periods and estimated tax impacts on certain subsidiary level contingent equity-based agreements
in connection with the transaction structure of our PA Consulting investment for the three- and nine-months ended June 30, 2023.
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