Sustainable Growth and Financial Review
Non-GAAP reconciliation - adjusted income from operations¹
($M)
FY2017
FY2018 FY2019 FY2020
FY2021
1Q22
1Q21
Income from operations
$280
$376
$208
$287
$534
$135
$76
Litigation and audit assessments²
6
13
(14)
64
.
Goodwill impairment³
Duplicate chassis costs4
15
WSL contingent
(14)
consideration adjustment
Acquisition-related costs
Restructuring charges
2
35
I
64
1
11
2
I
I
Property gain net
(51)
Adjusted income from operations
$282
$384
$306
$301
$533
$148
$76
Notes:
1 Table may not sum due to rounding.
2 2018 Costs associated with the settlement of a lawsuit that challenged Washington state labor law compliance; 2020 - Costs resulting from an
adverse excise tax ruling in 2020 related to an excise tax audit by the IRS for tax years 2011-2013; 2021- Subsequent recovery of 2020 taxes and
interest. 2022- Includes a $59.0M adverse judgment related to a lawsuit with former owners of WSL and $5.2M of charges related to an adverse
audit assessment for state sales tax on rolling stock equipment used within that state.
3 The Company recorded impairment charges for its Asia reporting unit in 2018 and 2021 and a full impairment of its FTFM reporting unit in 2019.
4 As of December 31, 2017, the Company completed its migration to an owned chassis model, which required the replacement of rented chassis
with owned chassis. Accordingly, the Company adjusted its income from operations for rental costs related to idle chassis as rented units
were replaced.
5 Represents a fair value adjustment to the contingent consideration related to the acquisition of Watkins Shepard and Lodeso (WSL).
6 Advisory, legal, and accounting costs related to the December 31, 2021 acquisition of MLS.
13 Investor presentation
SCHNEIDERView entire presentation