2023 Investor Day Presentation
Historical Adjusted Earnings Per Share GAAP Reconciliation
Adjusted EPS (earnings per share) is a non-GAAP measure that reflects diluted earnings per share excluding the impact of the special items described below. Management
believes that adjusted EPS provides useful information concerning future profitability. However, adjusted EPS is not a measure of financial performance under GAAP.
Accordingly, adjusted EPS should not be considered an alternative to GAAP earnings per share. The table below provides a reconciliation between diluted earnings (loss) per
share and adjusted EPS.
Diluted earnings per share (EPS)
EPS adjustments (after-tax):
Merger related costs (1)
2012
$ 0.79
2013
$ 3.64
2014
$ 5.15
2015
$ 6.07
2016
$ 6.45
2017
2018
$ 15.73 $ 13.12
2019
2020
2021
15.11 $ 12.20 $ 19.04
2022
$ 29.65
0.72
0.05
Merger related intangible asset amortization (2)
0.74
0.94
0.06
1.10
(0.17)
1.15
0.36
0.32
0.01
0.03
1.12
1.15
1.76
2.48
2.22
1.98
1.79
Impact on depreciation related to acquired fleet and property and equipment (3)
Impact of the fair value mark-up of acquired fleet (4)
0.24
(0.03) (0.04) (0.03) (0.02)
0.25 0.21
0.19
0.05
0.19
0.39
0.08
0.16
0.56
0.25
0.59
0.59
0.72
0.51
0.38
0.29
Pre-close RSC merger related interest expense (5)
0.19
Impact on interest expense related to fair value adjustment of acquired RSC
indebtedness (6)
(0.03)
(0.04)
(0.03) (0.02)
(0.01)
-
Restructuring charge (7)
0.64
Asset impairment charge (8)
0.10
0.07 (0.01) 0.04
0.02
0.11
0.36
0.28
0.18
0.18
0.02
0.03
0.01
I
0.05
0.37
0.14
0.03
(Gain) loss on extinguishment of debt securities, including subordinated convertible
debentures, and amendments of debt facilities (9)
0.45
0.02
0.46
0.78
0.70
0.39
0.58
1.88
0.31
0.18
Gain on sale of software subsidiary (10)
(0.05)
Total EPS adjustments
$ 2.97
$ 1.27
Adjusted EPS
$ 3.76
$ 4.91
$ 1.76
$ 6.91
$ 1.95
$ 8.02
$ 2.20
$ 2.91 $ 3.14
4.41
$ 8.65
2017 Tax Act impact (11)
$ 18.64 $ 16.26
$ 8.05
$
19.52 $
5.24 $ 3.02 $
17.44 $ 22.06 $ 32.50
2.85
Total revenues ($M) (12)
$ 4,117 $ 4,955 $ 5,685 $ 5,817 $ 5,762 $ 6,641 $ 8,047
$ 9,351 $ 8,530 $ 9,716 $
11,642
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