Q1 2023 Financial Performance
24
Reconciliation of Net Income to Adjusted EBITDA and Adjusted Income from
Continuing Operations, Net of Tax and Cash Flows from Operating Activities
from Continuing Operations to Free Cash Flow
(Unaudited; in millions)
Net Income
Less: Loss from discontinued operations
Less: Income tax benefit from discontinued operations
Income from Continuing Operations, Net of Tax
Plus:
Interest expense
For the Three Month Period
Ended March 31,
2023
2022
$
163.2 $
104.5
(1.8)
0.4
163.2
105.9
38.9
19.0
Provision for income taxes
48.1
32.4
Depreciation expense
20.7
21.3
Amortization expense
92.4
86.2
Restructuring and related business transformation costs
4.3
14.2
Acquisition and other transaction related expenses and non-cash charges
18.0
9.5
Stock-based compensation
12.1
19.8
Foreign currency transaction losses (gains), net
1.0
(3.8)
Loss (income) on equity method investments
(0.3)
4.3
Adjustments to LIFO inventories
Other adjustments
Adjusted EBITDA
Minus:
Interest expense
7.8
(6.1)
(5.2)
$
400.1 $
303.6
38.9
19.0
Income tax provision, as adjusted
75.6
58.5
Depreciation expense
20.7
21.3
Amortization of non-acquisition related intangible assets
2.6
3.6
Interest income on cash and cash equivalents
$
(4.7) $
Adjusted Income from Continuing Operations, Net of Tax
S
267.0 $
201.2
Free Cash Flow from Continuing Operations:
Cash flows from operating activities from continuing operations
Minus:
Capital expenditures
Free Cash Flow from Continuing Operations
170.3
50.1
S
22.4
147.9 $
17.9
32.2
(IR) Ingersoll RandView entire presentation