IHS Markit Ltd. (Nasdaq: INFO), a global leader in critical
information, analytics and solutions that drive economies and
markets worldwide, is updating its 2016 financial guidance in
connection with the previously announced completion of the merger
to form IHS Markit.
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For the fiscal year ending November 30, 2016, including 12
months of results of IHS Inc. and approximately 4.5 months of
results of Markit Ltd. from the date of closing of the merger, IHS
Markit expects:
- Revenue in a range of $2.735 to $2.765
billion, including Markit contribution between $445 and $455
million;
- Adjusted EBITDA in a range of $975 to
$995 million, including Markit contribution of between $190 and
$200 million; and
- Adjusted EPS in a range of $1.72 to
$1.78 per diluted share.
Additionally, for the year ending November 30, 2016, IHS Markit
expects:
- Depreciation expense to be
approximately $115-120 million;
- Net interest expense to be
approximately $115-120 million;
- Amortization expense related to
acquired intangible assets to be approximately $220-225
million;
- Stock-based compensation expense to be
approximately $170-180 million;
- A GAAP effective tax rate of
approximately 15-16 percent;
- An adjusted effective tax rate of
approximately 25-26 percent;
- Weighted average diluted shares of
approximately 317 million; and
- Total outstanding shares of
approximately 442 million shares at fiscal year-end.
For additional information, see the related supplemental
presentation posted to our website at investor.ihs.com.
The above outlook does not give effect to any merger-related
synergies, as we are targeting the middle of the fourth quarter of
fiscal 2016 for the implementation of the first round of synergies
and therefore expect only a nominal level of reported synergy
benefit in fiscal 2016. The above outlook also assumes no further
currency movements, acquisitions, divestitures, pension
mark-to-market adjustments or unanticipated events. See discussion
of non-GAAP financial measures at the end of this release.
As previously announced, IHS will hold a conference call to
discuss this guidance on July 13, 2016, at 8:00 a.m. EDT. The
conference call will be simultaneously webcast on the company’s
website: investor.ihs.com.
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to our
financial statements based on U.S. generally accepted accounting
principles (GAAP). Non-GAAP financial information is provided to
enhance the reader’s understanding of our financial performance,
but none of these non-GAAP financial measures are recognized terms
under GAAP and non-GAAP measures should not be considered in
isolation or as a substitute for financial measures calculated in
accordance with GAAP. We are unable to present a quantitative
reconciliation of the forward-looking non-GAAP financial
information presented in this release without unreasonable effort
because management cannot reliably predict the necessary components
of such measures aside from those components described above in
this release. Accordingly, investors are cautioned not to place
undue reliance on this information.
We use non-GAAP measures in our operational and financial
decision-making, believing that it is useful to exclude certain
items in order to focus on what we deem to be a more reliable
indicator of ongoing operating performance and our ability to
generate cash flow from operations. As a result, internal
management reports used during monthly operating reviews feature
the Adjusted EBITDA, Adjusted net income, Adjusted EPS, and free
cash flow metrics. We also believe that investors may find non-GAAP
financial measures useful for the same reasons, although investors
are cautioned that non-GAAP financial measures are not a substitute
for GAAP disclosures.
Because not all companies use identical calculations, our
presentation of non-GAAP financial measures may not be comparable
to other similarly-titled measures of other companies. However,
these measures can still be useful in evaluating our performance
against our peer companies because we believe the measures provide
users with valuable insight into key components of GAAP financial
disclosures.
IHS, Inc. was the accounting acquirer in the merger with Markit
Ltd. As a result, IHS Markit financial results for the fiscal year
ending November 30, 2016 will include 12 months of results of IHS
and results of Markit from and after the July 12, 2016 closing date
of the merger. Accordingly, the 2016 guidance set forth in this
release has been prepared to include the results of Markit only
since closing of the merger.
IHS Markit Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as “expect,” “anticipate,” “intend,” “plan,”
“believe,” “seek,” “see,” “will,” “would,” “target,” similar
expressions, and variations or negatives of these words.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as statements about the
anticipated benefits of the transaction. These and other
forward-looking statements are not guarantees of future results and
are subject to risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed in
any forward-looking statements. Important risk factors that may
cause such a difference include, but are not limited to, (i) the
anticipated tax treatment, unforeseen liabilities, future capital
expenditures, revenues, expenses, earnings, synergies, economic
performance, indebtedness, financial condition, losses, future
prospects, business and management strategies for the management,
expansion and growth of the combined company’s operations, (ii) the
ability of IHS Markit to integrate the business successfully and to
achieve anticipated synergies, risks and costs, (iii) potential
litigation relating to the proposed transaction that could be
instituted against IHS, Markit or their respective directors, (iv)
the ability of IHS Markit to retain and hire key personnel, (v)
continued availability of capital and financing and rating agency
actions, (vi) legislative, regulatory and economic developments and
(vii) unpredictability and severity of catastrophic events,
including, but not limited to, acts of terrorism or outbreak of war
or hostilities, as well as management’s response to any of the
aforementioned factors. These risks, as well as other risks, are
more fully discussed in IHS Markit’s filings with the US Securities
and Exchange Commission. While the list of factors presented here
is considered representative, no such list should be considered to
be a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Consequences of
material differences in results as compared with those anticipated
in the forward-looking statements could include, among other
things, business disruption, operational problems, financial loss,
legal liability to third parties and similar risks, any of which
could have a material adverse effect on IHS Markit’s consolidated
financial condition, results of operations, credit rating or
liquidity. IHS Markit does not assume any obligation to publicly
provide revisions or updates to any forward-looking statements,
whether as a result of new information, future developments or
otherwise, should circumstances change, except as otherwise
required by securities and other applicable laws.
About IHS Markit
IHS Markit (Nasdaq: INFO) is a world leader in critical
information, analytics and solutions for the major industries and
markets that drive economies worldwide. The company delivers
next-generation information, analytics and solutions to customers
in business, finance and government, improving their operational
efficiency and providing deep insights that lead to well-informed,
confident decisions. IHS Markit has more than 50,000 key business
and government customers, including 80 percent of the Fortune
Global 500 and the world’s leading financial institutions.
Headquartered in London, IHS Markit is committed to sustainable,
profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. All
other company and product names may be trademarks of their
respective owners. © 2016 IHS Markit Ltd. All rights reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160713005320/en/
IHS Inc.News Media Contact:Dan Wilinsky,
+1-303-397-2468dan.wilinsky@ihs.comorInvestor Relations
Contact:Eric Boyer, +1-303-397-2969eric.boyer@ihs.com
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