Investor Presentaiton
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Reconciliation of GAAP to Adjusted Results
Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations
Before Taxes (in thousands)
Earnings from Continuing Operations Before
Taxes
Three Months Ended
September 29,
2023
September 30,
2022
Twelve Months Ended
September 29, September 30,
2023
2022
240,199 $
279,862
916,679 $
876,347
Restructuring, Transaction and Other
Charges (1):
Focus 2023 Transformation, mainly real
estate rescaling efforts
8,199
3,764
47,495
80,696
Transaction costs
372
6,125
15,985
24,329
Restructuring, integration and separation
charges
46,639
(24,801)
85,540
80,367
Other Adjustments (2):
Amortization of intangibles
Other
51,674
(4,162)
51,713
203,906
980
198,602
5
Adjusted Earnings from Continuing
Operations Before Taxes
342,921 $
316,663
$
1,270,585 $
1,260,346
(1) Includes pre-tax non-cash charge impacts from the separation activities around the CMS spin-off and from restructuring charges relating to
the Company's investment in PA Consulting for the three months and year ended September 29, 2023, along with real estate impairments
associated with the Company's Focus 2023 transformation program for the three months and years ended September 29, 2023 and
September 30, 2022, and for the year ended September 30, 2022 related to the final pre-tax settlement of the Legacy CH2M Matter, net of
previously recorded reserves, approximately $27 million in third party recoveries recorded as receivables reducing SG&A, as well as pre-tax
earnings impacts from charges associated with various transaction costs incurred with our acquisition and restructuring related activity
associated with Company restructuring and integration programs.
(2) Includes pre-tax charges for the removal of amortization of intangible assets for the three months and years ended September 29, 2023
and September 30, 2022, and for the three months and year ended September 29, 2023, the impact of certain subsidiary level contingent
equity-based agreements in connection with the transaction structure of our PA Consulting investment.
Jacobs 2023View entire presentation