-
Solid Q4 2023 performance with revenues of
$205.0 million , up 10% YoY, adjusted EBITDA of$42.1 million , up 6% YoY, and adjusted EBITDA margin of 20.5% -
Full year 2023 highlights
-
Strong top line growth with revenues of
$807.6 million , up 26% YoY -
Solid profitability with adjusted EBITDA of
$174.2 million , up 24% YoY(1) - Robust adjusted EBITDA margin of 21.6%
-
Strong business activity with order bookings of
$2.5 billion and backlog growing to a record$3.1 billion at year-end, up 125% YoY
-
Strong top line growth with revenues of
- Introduction of 2024 financial outlook with strong growth expected to continue
"In 2023, the MDA team delivered another year of strong growth and execution with revenues up 26% and adjusted EBITDA up 24% on a year over year basis, further solidifying our position as a trusted mission partner and leader in the expanding space industry," said
"Our teams also continued to advance work on the Canadarm3 program with the first elements of the external robotic interfaces going into production in 2023, a major milestone for the program. On CHORUS, our next generation Earth observation constellation, the team made significant development progress and has started sub-system building and assembly as we prepare for the mission launch in late 2025. These accomplishments reflect tangible progress against our strategic growth plan and position us well for the coming years."
"I am also pleased with our fourth quarter performance which demonstrated solid revenue growth and profitability as our teams remain focused on execution and delivering on our customer commitments. With a strong book of business and robust opportunity funnel, MDA is well positioned to meet growing customer demand across our end markets."
FULL YEAR 2023 HIGHLIGHTS
- Order bookings for the full year totalled
$2.5 billion , largely driven by awards in our Satellite Systems business. Backlog of$3.1 billion as ofDecember 31, 2023 was at a record level for the Company and represents a 125% increase compared toDecember 31, 2022 . - Full year revenues of
$807.6 million were up 26.0% year over year driven by execution on our backlog, with strong contributions from our Satellite Systems and Robotics & Space Operations businesses. - Full year adjusted EBITDA of
$174.2 million was up 10.3% year over year driven by higher volumes across our businesses. Adjusted EBITDA margin was 21.6% for the full year.- Excluding the impact of the historical investment tax credits (ITC) settlement income recognized in 2022, adjusted EBITDA was
$141.1 million in 2022, compared to$174.2 million in 2023, representing an increase of 23.5% year over year. Adjusted EBITDA margin excluding the aforementioned item was 21.6% in 2023, in line with the 22.0% margin level reported in 2022.
- Excluding the impact of the historical investment tax credits (ITC) settlement income recognized in 2022, adjusted EBITDA was
- Full year adjusted net income of
$97.9 million was up 24.1% year over year driven by higher operating income and lower finance costs. Adjusted diluted earnings per share of$0.81 in 2023 were up 26.6% year over year. - Operating cash flow of
$13.5 million in 2023 compared to$57.0 million in the prior year. Operating cash flow in 2023 included a total of$59.4 million in working capital outlays related to pre-payments made in 2023 for future inventory, and vendor deposits for the CHORUS constellation launch. - The Company continued to invest in a number of strategic initiatives that align with its long-term plan and are instrumental in driving future growth including developing CHORUS, investing in new satellite manufacturing capabilities and facilities, and developing commercial products of Canadarm3 technology. In 2023, MDA's capital expenditures totalled
$193.2 million compared to$180.1 million in the prior year. - MDA acquired
SatixFy Space Systems UK Ltd. , the digital payload division of SatixFy Communications Ltd. The transaction, valued atUS$40 million , will help further strengthen the Company's global leadership position in the growing market for digital satellite communications solutions. - Net debt to adjusted EBITDA ratio stood at 2.4x as of
December 31, 2023 . The increase in leverage reflects the aforementioned Company investments in strategic growth initiatives. - MDA announced plans to more than double its
UK workforce and operational footprint in 2024 in an effort to expand its talent base and operational capacity across theUK as the global space economy continues to grow. - The Company added 890 new staff in 2023 as part of its focus on talent and recruitment to support current and future growth.
___________________________ |
(1) Adjusted EBITDA of |
FOURTH QUARTER 2023 HIGHLIGHTS
- Revenues of
$205.0 million in Q4 2023 were up 10.2% year over year driven by strong contributions from Robotics & Space Operations and Satellite Systems businesses. - Adjusted EBITDA of
$42.1 million in Q4 2023 was up 5.5% year over year driven by higher volumes of work as we execute on our backlog. Adjusted EBITDA margin of 20.5% in Q4 2023 was in line with the 21.4% margin level achieved in Q4 2022. - Adjusted net income of
$27.8 million in Q4 2023 was up 24.7% year over year driven by lower income tax expense and finance costs. Adjusted diluted earnings per share were$0.23 in the latest quarter compared to$0.18 in Q4 2022. - Operating cash flow was a use of
$41.2 million in Q4 2023 compared with an inflow of$40.3 million in Q4 2022. Operating cash flow in the latest quarter was impacted by higher working capital requirements including$28.9 million related to the aforementioned vendor deposits for the CHORUS constellation launch.
2024 FINANCIAL OUTLOOK
As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, and scaling and expanding skills, talent and operations to meet current and future market demand. We continue to make good progress against our long term strategic plan.
MDA is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations, and are encouraged by the team's solid execution.
For fiscal 2024, we expect full year revenues to be
For Q1 2024, we expect revenues to be
FINANCIAL OVERVIEW
KEY INDICATORS SUMMARY
|
Fourth Quarters Ended |
Years Ended |
||
(in millions of Canadian dollars, except per share data) |
|
|
|
|
Revenues |
$ 205.0 |
$ 186.1 |
$ 807.6 |
$ 641.2 |
Gross profit |
57.8 |
58.9 |
244.0 |
228.4 |
Gross margin |
28.2 % |
31.6 % |
30.2 % |
35.6 % |
Adjusted EBITDA |
42.1 |
39.9 |
174.2 |
157.9 |
Adjusted EBITDA margin |
20.5 % |
21.4 % |
21.6 % |
24.6 % |
Adjusted Net Income |
27.8 |
22.3 |
97.9 |
78.9 |
Adjusted Diluted EPS |
0.23 |
0.18 |
0.81 |
0.64 |
|
As at |
|||
(in millions of Canadian dollars, except for ratios) |
|
|
||
Backlog |
$ 3,097.0 |
$ 1,378.2 |
||
Net debt to Adjusted TTM(1) EBITDA ratio |
|
2.4x |
|
1.3x |
|
|
|
|
|
(1) TTM: trailing twelve months |
REVENUES BY BUSINESS AREA
|
Fourth Quarters Ended |
Years Ended |
||||||
(in millions of Canadian dollars) |
|
|
|
|
||||
Geointelligence |
$ 49.9 |
$ 53.9 |
$ 197.5 |
$ 195.3 |
||||
Robotics & Space Operations |
|
64.9 |
|
47.9 |
|
248.4 |
|
193.7 |
Satellite Systems |
|
90.2 |
|
84.3 |
|
361.7 |
|
252.2 |
Consolidated revenues |
$ 205.0 |
$ 186.1 |
$ 807.6 |
$ 641.2 |
Revenues
Consolidated revenues for the fourth quarter of 2023 were
By business area, revenues in Geointelligence for the fourth quarter of 2023 were
Consolidated revenues for the year ended
By business area, revenues in Geointelligence for the year ended
Gross Profit and Gross Margin
Gross profit reflects our revenues less cost of revenues. Q4 2023 gross profit of
For the year ended
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the fourth quarter of 2023 was
Adjusted EBITDA for the year ended
Adjusted EBITDA, excluding historical ITCs claims resolution, is summarized below.
|
Fourth Quarters Ended |
Years Ended |
|
||||||
(in millions of Canadian dollars) |
|
|
|
|
|
||||
Adjusted EBITDA |
$ 42.1 |
$ 39.9 |
$ 174.2 |
$ 157.9 |
|
||||
ITCs claims resolution |
|
— |
|
— |
|
— |
|
(16.8) |
|
Adjusted EBITDA, excluding ITCs claims resolution |
$ 42.1 |
$ 39.9 |
$ 174.2 |
|
$ 141.1 |
|
|||
Adjusted EBITDA margin, excluding ITCs claims resolution |
20.5 % |
21.4 % |
21.6 % |
22.0 % |
|
||||
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
Adjusted net income for the fourth quarter of 2023 was
Backlog
Backlog as at
|
Fourth Quarters Ended |
Years Ended |
||||||
(in millions of Canadian dollars) |
|
|
|
|
||||
Opening Backlog |
$ 3,068.7 |
$ 1,405.1 |
$ 1,378.2 |
$ 864.3 |
||||
Less: Revenue recognized |
|
(205.0) |
|
(186.1) |
|
(807.6) |
|
(641.2) |
Add: Order Bookings |
|
233.3 |
|
159.2 |
|
2,526.4 |
|
1,155.1 |
Ending Backlog |
$ 3,097.0 |
$ 1,378.2 |
$ 3,097.0 |
$ 1,378.2 |
CONFERENCE CALL AND WEBCAST
MDA will host a conference call and webcast to discuss these financial results on Wednesday, February 28 at
A replay of the conference will be archived on the MDA website following the call. Parties may also access a recording of the call which will be available until
NON-IFRS FINANCIAL MEASURES
This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings and Net Debt, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss ii) unrealized gain or loss on financial instruments and iii) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, and iv) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt is the total carrying amount of long-term debt including current portions, as presented in the 2023 Audited Financial Statements, less cash (or plus bank indebtedness) and excluding any lease liabilities. Net Debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately.
FORWARD-LOOKING STATEMENTS
This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to the factors discussed under "Risk Factors" in the Company's Annual Information Form (AIF) dated
ABOUT MDA
Serving the world from its Canadian home and global offices, MDA (TSX: MDA) is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50-year story of firsts on and above the Earth. With over 3,000 staff across
MDA Ltd.
Consolidated Statement of Comprehensive Income
For the years ended
(in millions of Canadian dollars except per share figures)
Year ended |
|
2023 |
2022 |
|||
|
|
|
|
|
|
|
Revenue |
|
$ 807.6 |
$ 641.2 |
|||
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
Materials, labour and subcontractors |
|
|
(532.0) |
|
(389.1) |
|
Depreciation and amortization of assets |
|
|
(31.6) |
|
(23.7) |
|
Gross profit |
|
|
244.0 |
|
228.4 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
Selling, general and administration |
|
|
(70.7) |
|
(60.0) |
|
Research and development, net |
|
|
(39.3) |
|
(32.8) |
|
Amortization of intangible assets |
|
|
(46.5) |
|
(52.5) |
|
Share-based compensation |
|
|
(10.0) |
|
(8.5) |
|
Operating income |
|
|
77.5 |
|
74.6 |
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
Unrealized loss on financial instruments |
|
|
(0.8) |
|
(9.9) |
|
Foreign exchange gain (loss) |
|
|
(2.8) |
|
3.7 |
|
Finance income |
|
|
2.0 |
|
0.4 |
|
Finance costs |
|
|
(8.6) |
|
(34.6) |
|
Income before taxes |
|
67.3 |
|
34.2 |
||
|
|
|
|
|
|
|
Income tax recovery (expense) |
|
|
(18.5) |
|
(7.9) |
|
Net income |
|
|
48.8 |
|
26.3 |
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
||
Gain (loss) on translation of foreign operations |
|
(0.2) |
|
0.5 |
||
Gain (loss) on cash flow hedges |
|
|
(2.5) |
|
1.4 |
|
Remeasurement gain (loss) on defined benefit plans |
|
|
7.2 |
|
3.7 |
|
Total comprehensive income |
$ 53.3 |
$ 31.9 |
||||
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
Basic |
|
$ 0.41 |
$ 0.22 |
|||
Diluted |
|
|
0.40 |
|
0.21 |
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|||
Basic |
|
119,253,279 |
119,011,468 |
|||
Diluted |
|
121,176,848 |
122,451,142 |
|||
|
|
|
|
|
|
|
Consolidated Statement of Financial Position
(in millions of Canadian dollars)
As at |
|
2023 |
2022 |
||||||
|
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
|
||
Cash |
|
|
$ 22.5 |
|
$ 39.3 |
||||
Trade and other receivables |
|
|
|
169.5 |
|
|
155.5 |
||
Unbilled receivables |
|
|
|
183.1 |
|
|
121.0 |
||
Inventories |
|
|
|
9.9 |
|
|
7.5 |
||
Income taxes receivable |
|
|
|
47.3 |
|
|
35.1 |
||
Other current assets |
|
|
|
24.3 |
|
|
19.8 |
||
|
|
|
|
456.6 |
|
|
378.2 |
||
Non-current assets: |
|
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
|
369.1 |
|
|
235.1 |
||
Right-of-use assets |
|
|
|
71.8 |
|
|
7.1 |
||
Intangible assets |
|
|
|
582.5 |
|
|
552.4 |
||
|
|
|
|
439.8 |
|
|
419.9 |
||
Deferred income tax assets |
|
|
|
14.9 |
|
|
19.1 |
||
Other non-current assets |
|
|
|
227.0 |
|
|
139.0 |
||
Total assets |
|
|
2,161.7 |
|
1,750.8 |
||||
|
|
|
|
|
|
|
|
||
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
|
219.1 |
|
124.3 |
||||
Income taxes payable |
|
|
|
4.4 |
|
|
11.9 |
||
Contract liabilities |
|
|
|
76.9 |
|
|
110.8 |
||
Current portion of net employee benefit payable |
|
|
|
57.4 |
|
|
54.1 |
||
Current portion of lease liabilities |
|
|
|
10.9 |
|
|
6.7 |
||
Other current liabilities |
|
|
|
4.5 |
|
|
10.8 |
||
|
|
|
|
373.2 |
|
|
318.6 |
||
Non-current liabilities: |
|
|
|
|
|
|
|
||
Net employee defined benefit payable |
|
|
|
22.8 |
|
|
21.5 |
||
Lease liabilities |
|
|
|
75.2 |
|
|
1.6 |
||
Long-term debt |
|
|
|
438.9 |
|
|
243.6 |
||
Deferred income tax liabilities |
|
|
|
180.8 |
|
|
163.8 |
||
Other non-current liabilities |
|
|
|
6.1 |
|
|
1.1 |
||
Total liabilities |
|
|
|
1,097.0 |
|
|
750.2 |
||
|
|
|
|
|
|
|
|
||
Shareholders' equity |
|
|
|
|
|
|
|
||
Common shares |
|
|
|
956.1 |
|
|
951.6 |
||
Contributed surplus |
|
|
|
31.3 |
|
|
25.0 |
||
Accumulated other comprehensive income |
|
|
18.6 |
|
|
14.1 |
|||
Retained earnings |
|
|
|
58.7 |
|
|
9.9 |
||
Total equity |
|
|
|
1,064.7 |
|
|
1,000.6 |
||
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
|
$ 2,161.7 |
|
$ 1,750.8 |
||||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows
For the years ended
(in millions of Canadian dollars)
Year ended |
|
2023 |
2022 |
||
Cash flows from operating activities |
|
|
|
|
|
Net income |
|
$ 48.8 |
$ 26.3 |
||
Items not affecting cash: |
|
|
|
|
|
Income tax expense |
|
|
18.5 |
|
7.9 |
Depreciation of property, plant, and equipment |
|
|
13.1 |
|
9.9 |
Depreciation of right-of-use assets |
|
|
9.6 |
|
8.1 |
Amortization of intangible assets |
|
|
55.4 |
|
58.2 |
Write-down of assets |
|
|
4.8 |
|
— |
Share-based compensation expense |
|
|
10.0 |
|
8.5 |
Investment tax credits accrued |
|
|
(33.3) |
|
(54.5) |
Finance costs, net |
|
|
6.6 |
|
34.2 |
Unrealized loss (gain) on financial instruments |
|
0.8 |
|
9.9 |
|
Changes in operating assets and liabilities |
|
|
(95.6) |
|
(26.8) |
|
|
|
38.7 |
|
81.8 |
Interest paid |
|
|
(18.5) |
|
(19.6) |
Income tax paid |
|
|
(6.7) |
|
(5.2) |
Net cash generated (used) in operating activities |
|
|
13.5 |
|
57.0 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchases of property and equipment |
|
|
(148.0) |
|
(137.8) |
Purchases/development of intangible assets |
|
|
(45.2) |
|
(42.3) |
Acquisition of subsidiary, net of cash |
|
|
(24.4) |
|
— |
Net cash used in investing activities |
|
|
(217.6) |
|
(180.1) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Repayments of second lien notes |
|
|
— |
|
(150.0) |
Borrowings from senior credit facility |
|
|
195.0 |
|
245.0 |
Transaction costs incurred on debt refinancing |
|
|
— |
|
(8.9) |
Payment of lease liability (principal portion) |
|
|
(8.4) |
|
(7.8) |
Proceeds from stock options exercised |
|
|
0.8 |
|
0.5 |
Net cash provided by financing activities |
|
|
187.4 |
|
78.8 |
|
|
|
|
|
|
Net decrease in cash |
|
|
(16.7) |
|
(44.3) |
Net foreign exchange difference on cash |
|
|
(0.1) |
|
— |
Cash, beginning of period |
|
|
39.3 |
|
83.6 |
Cash, end of period |
|
$ 22.5 |
$ 39.3 |
RECONCILIATION OF NON-IFRS MEASURES
The following tables provide a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income:
|
Fourth Quarters Ended |
Years Ended |
|
|||||||||||||||
(in millions of Canadian dollars) |
|
|
|
|
|
|||||||||||||
Net income |
$ 13.5 |
$ 8.8 |
$ 48.8 |
$ 26.3 |
|
|||||||||||||
Depreciation and amortization of assets |
|
9.2 |
|
6.3 |
|
31.6 |
|
23.7 |
|
|||||||||
Amortization of intangible assets related to business combination |
|
11.7 |
|
12.8 |
|
46.5 |
|
52.5 |
|
|||||||||
Income tax expense (recovery) |
|
(0.1) |
|
4.7 |
|
18.5 |
|
7.9 |
|
|||||||||
Finance income |
|
(0.2) |
|
(0.2) |
|
(2.0) |
|
(0.4) |
|
|||||||||
Finance expense |
|
0.1 |
|
3.0 |
|
8.6 |
|
34.6 |
|
|||||||||
EBITDA |
$ 34.2 |
$ 35.4 |
$ 152.0 |
$ 144.6 |
|
|||||||||||||
Unrealized foreign exchange loss (gain) |
|
2.2 |
|
0.7 |
|
4.7 |
|
(5.1) |
|
|||||||||
Unrealized losses on derivative financial instruments |
|
0.7 |
|
0.8 |
|
0.8 |
|
9.9 |
|
|||||||||
Impairment of long-lived assets |
|
— |
|
— |
|
4.8 |
|
— |
|
|||||||||
Acquisition, integration and restructuring costs |
|
1.9 |
|
— |
|
1.9 |
|
— |
|
|||||||||
Share based compensation |
|
3.1 |
|
3.0 |
|
10.0 |
|
8.5 |
|
|||||||||
Adjusted EBITDA |
$ 42.1 |
$ 39.9 |
$ 174.2 |
$ 157.9 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fourth Quarters Ended |
Years Ended |
|
|||||||||||||||
(in millions of Canadian dollars) |
|
|
|
|
|
|||||||||||||
Net Income |
|
$ 13.5 |
|
$ 8.8 |
|
$ 48.8 |
|
$ 26.3 |
||||||||||
Amortization of intangible assets related to business combination |
|
11.7 |
|
12.8 |
|
46.5 |
|
52.5 |
||||||||||
Impairment of long-lived assets |
|
— |
|
— |
|
4.8 |
|
— |
||||||||||
Acquisition, integration and restructuring costs |
|
1.9 |
|
— |
|
1.9 |
|
— |
||||||||||
Unrealized losses on derivative financial instruments |
|
0.7 |
|
0.8 |
|
0.8 |
|
9.9 |
||||||||||
Net foreign exchange loss (gain) |
|
2.0 |
|
1.8 |
|
2.8 |
|
(3.7) |
||||||||||
ITC claims resolution |
|
— |
|
— |
|
— |
|
(16.8) |
||||||||||
Debt refinancing costs |
|
— |
|
— |
|
— |
|
21.1 |
||||||||||
Share based compensation |
|
3.1 |
|
3.0 |
|
10.0 |
|
8.5 |
||||||||||
Income taxes related to the above items |
|
(5.1) |
|
(4.9) |
|
(17.7) |
|
(18.9) |
||||||||||
Adjusted Net income |
|
$ 27.8 |
|
$ 22.3 |
|
$ 97.9 |
|
$ 78.9 |
||||||||||
Weighted average number of shares outstanding - diluted |
122,696,679 |
122,450,428 |
121,176,848 |
122,451,142 |
|
|||||||||||||
Adjusted earnings per share - diluted |
|
$ 0.23 |
|
$ 0.18 |
|
$ 0.81 |
|
$ 0.64 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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