CMS Separation Overview
Reconciliation of GAAP to Adjusted Results
Reconciliation of Diluted Net Earnings from Continuing Operations Per Share to Adjusted Diluted Net Earnings from
Continuing Operations Per Share (in thousands)
Three Months Ended
June 30, 2023
Nine Months Ended
July 1, 2022
June 30, 2023
July 1, 2022
Diluted Net Earnings from Continuing
Operations Per Share
$
1.29
$
1.52
4.06 $
3.23
After-tax effects of Restructuring,
Transaction and Other Charges (1):
Focus 2023 Transformation, mainly real
estate rescaling efforts
0.01
0.01
0.23
0.48
Transaction costs
0.02
0.03
0.09
0.11
Restructuring, integration and separation
charges
0.15
0.02
0.21
0.65
After-tax effects of Other Adjustments (2):
Amortization of intangibles
0.27
0.27
0.79
0.75
Other income tax adjustments
0.05
0.01
(0.10)
(0.08)
Other
0.02
0.02
Adjusted Diluted Net Earnings from
Continuing Operations Per Share
$
1.82 $
1.86
$
5.30 $
5.13
36
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(1) Includes estimated per-share impacts from the 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 real estate impairments
associated with the Company's Focus 2023 transformation 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 related impacts associated with various transaction costs incurred with our acquisition and restructuring related activity costs associated
with Company restructuring and integration programs.
(2) Includes estimated per-share 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 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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