D&B Reports 2012 Results; and Provides 2013 Financial Guidance
D&B Reports 2012 Results; and Provides 2013 Financial Guidance
* 2012 Full Year Diluted EPS Before Non-Core Gains and Charges Up 11%; GAAP
Diluted EPS Up 22%;
* Full Year Core Revenue Up 1% Before the Effect of Foreign Exchange; flat
After the Effect of Foreign Exchange;
* Full Year Total Revenue on a GAAP Basis Down 5% Both Before and After the
Effect of Foreign Exchange; and
* Declares Increased Quarterly Cash Dividend of $0.40 Per Share.
Business Wire
SHORT HILLS, N.J. -- February 11, 2013
D&B (NYSE: DNB), the world's leading source of commercial information and
insight on businesses, today reported results for the fourth quarter and full
year ended December 31, 2012. The Company also announced its 2013 financial
guidance and expected financial flexibility savings.
“2012 proved to be a challenging year primarily due to weakness in our North
America business. While we were not satisfied with our overall top line
performance, we are pleased with the successful completion of the build and
market test of our new data supply chain,” said Sara Mathew, Chairman and
Chief Executive Officer. “Looking ahead, we are focused on driving growth in
North America by leveraging our new infrastructure and making substantial
investments in data and analytics. We believe these actions enhance our
existing offerings and allow us to expand into adjacent markets that provide
the foundation to return our business to sustainable growth.”
Fourth Quarter 2012 Results
Diluted earnings per share before non-core gains and charges for the quarter
ended December 31, 2012 were $2.38, up 8% from $2.21 in the prior year similar
period. On a GAAP basis, diluted earnings per share for the quarter ended
December 31, 2012 were $2.20, up 14% from $1.93 in the prior year similar
period.
See attached Schedule 3 for a reconciliation of diluted earnings per share
before non-core gains and charges to earnings per share on a GAAP basis, as
well as the definitions of the non-GAAP financial measures that the Company
uses to evaluate the business.
Core revenue for the fourth quarter of 2012 was $463.1 million, down 1% both
before and after the effect of foreign exchange, as compared to the prior year
similar period.
Core results for the fourth quarter of 2012 reflect the following by solution
set:
* Risk Management Solutions revenue of $272.4 million, down 3% both before
and after the effect of foreign exchange, as compared to the prior year
similar period;
* Sales & Marketing Solutions revenue of $162.0 million, up 3% both before
and after the effect of foreign exchange, as compared to the prior year
similar period; and
* Internet Solutions revenue of $28.7 million, down 6% both before and after
the effect of foreign exchange, as compared to the prior year similar
period.
Total revenue for the fourth quarter of 2012 was $463.1 million, down 7% both
before and after the effect of foreign exchange, as compared to the prior year
similar period. Total revenue for the fourth quarter of 2011 included the
results from businesses that were divested or shut down.
See attached Schedules 4, 5 and 6 for additional detail.
Deferred revenue for the total company as of December 31, 2012 was $610.7
million, up 2%, as compared to the prior year similar period.
Deferred revenue for North America as of December 31, 2012 was $475.8 million,
flat from the prior year similar period, primarily due to the timing of a
large customer contract. Adjusting for contract timing, North America deferred
revenue was up 1%, as compared to the prior year similar period.
Deferred revenue for total International as of December 31, 2012 was $134.9
million, up 10%, as compared to the prior year similar period.
Operating income before non-core gains and charges for the fourth quarter of
2012 was $172.4 million, up 2% from the prior year similar period. On a GAAP
basis, operating income for the fourth quarter of 2012 was $158.7 million, up
9% from the prior year similar period.
Net income attributable to D&B before non-core gains and charges for the
fourth quarter of 2012 was $103.7 million, down 3% from the prior year similar
period. On a GAAP basis, net income attributable to D&B for the fourth quarter
of 2012 was $96.0 million, up 3% from the prior year similar period.
See attached Schedule 3 for additional detail.
Fourth Quarter 2012 Segment Results
North America
Core revenue for the fourth quarter of 2012 was $352.8 million, down 2% both
before and after the effect of foreign exchange, as compared to the prior year
similar period.
North America core revenue results for the fourth quarter of 2012 reflect the
following:
* Risk Management Solutions revenue of $182.1 million, down 4% both before
and after the effect of foreign exchange, as compared to the prior year
similar period;
* Sales & Marketing Solutions revenue of $142.9 million, up 3% both before
and after the effect of foreign exchange, as compared to the prior year
similar period; and
* Internet Solutions revenue of $27.8 million, down 7% before the effect of
foreign exchange (down 6% after the effect of foreign exchange), as
compared to the prior year similar period.
See attached Schedules 4, 5 and 6 for additional detail.
Total revenue for the fourth quarter of 2012 was $352.8 million, down 2% both
before and after the effect of foreign exchange, as compared to the prior year
similar period. Total revenue for the fourth quarter of 2011 included the
results of Allbusiness and Purisma that were divested.
Operating income before non-core gains and charges for the fourth quarter of
2012 was $157.9 million, down 1% from the prior year similar period, primarily
due to lower total revenue and an increased level of investment activity to
support long term growth initiatives.
On a GAAP basis, operating income for the fourth quarter of 2012 was $157.9
million, up 1% from the prior year similar period.
See attached Schedule 3 for additional detail.
Asia Pacific
Core revenue for the fourth quarter of 2012 was $44.2 million, up 1% both
before and after the effect of foreign exchange, as compared to the prior year
similar period.
Asia Pacific core revenue results for the fourth quarter of 2012 reflect the
following:
* Risk Management Solutions revenue of $35.9 million, down 5% before the
effect of foreign exchange (down 4% after the effect of foreign exchange),
as compared to the prior year similar period;
* Sales & Marketing Solutions revenue of $8.0 million, up 36% before the
effect of foreign exchange (up 35% after the effect of foreign exchange),
as compared to the prior year similar period; and
* Internet Solutions revenue of $0.3 million, up 2% before the effect of
foreign exchange, (down 4% after the effect of foreign exchange), as
compared to the prior year similar period.
Total revenue for the fourth quarter of 2012 was $44.2 million, down 41%
before the effect of foreign exchange (down 40% after the effect of foreign
exchange), as compared to the prior year similar period. Total revenue for the
fourth quarter of 2011 included the results from our market research business
in China, the domestic portion of our Japanese operations and our India
Research and Advisory Services business that were divested, as well as our
Roadway operations in China that were shut down.
See attached Schedules 4, 5 and 6 for additional detail.
Operating income before non-core gains and charges for the fourth quarter of
2012 was $5.4 million, down 11% from the prior year similar period.
On a GAAP basis, operating income for the fourth quarter of 2012 was $5.1
million, down 17% from the prior year similar period.
Europe & Other International Markets
Core and total revenue for the fourth quarter of 2012 was $66.1 million, up 4%
before the effect of foreign exchange (up 3% after the effect of foreign
exchange), as compared to the prior year similar period.
Europe & Other International Markets core and total revenue results for the
fourth quarter of 2012 reflect the following:
* Risk Management Solutions revenue of $54.4 million, up 6% before the
effect of foreign exchange (up 4% after the effect of foreign exchange),
as compared to the prior year similar period;
* Sales & Marketing Solutions revenue of $11.1 million, down 3% both before
and after the effect of foreign exchange, as compared to the prior year
similar period; and
* Internet Solutions revenue of $0.6 million, up 39% before the effect of
foreign exchange (up 40% after the effect of foreign exchange), as
compared to the prior year similar period.
See attached Schedules 4, 5 and 6 for additional detail.
Operating income for the fourth quarter of 2012 was $22.7 million, up 19% from
the prior year similar period.
Full Year 2012 Results
Diluted earnings per share before non-core gains and charges for the full year
2012 were $6.94, up 11% from $6.25 in the prior year similar period. On a GAAP
basis, diluted earnings per share for the full year 2012 were $6.43, up 22%
from $5.28 in the prior year similar period.
See attached Schedule 3 for additional detail.
Core revenue for the full year 2012 was $1,644.3 million, up 1% before the
effect of foreign exchange (flat after the effect of foreign exchange), as
compared to the prior year similar period.
Core revenue results for the full year 2012 reflect the following by solution
set:
* Risk Management Solutions revenue of $1,047.6 million, down 2% before the
effect of foreign exchange (down 3% after the effect of foreign exchange),
as compared to the prior year similar period;
* Sales & Marketing Solutions revenue of $478.5 million, up 6% both before
and after the effect of foreign exchange, as compared to the prior year
similar period; and
* Internet Solutions revenue of $118.2 million, down 1% both before and
after the effect of foreign exchange, as compared to the prior year
similar period.
See attached Schedules 4, 5 and 6 for additional detail.
Total revenue for the full year 2012 was $1,663.0 million, down 5% both before
and after the effect of foreign exchange, as compared to the prior year
similar period. Total revenue for the full year 2012 and the full year 2011
include the results from businesses that were divested or shut down.
See attached Schedule 3 for additional detail.
Operating income before non-core gains and charges for the full year 2012 was
$520.3 million, up 4% from the prior year similar period. On a GAAP basis,
operating income for the full year 2012 was $432.1 million, up 2% from the
prior year similar period.
Net income attributable to D&B before non-core gains and charges for the full
year 2012 was $318.8 million, up 3% from the prior year similar period. On a
GAAP basis, net income attributable to D&B for the full year 2012 was $295.5
million, up 14% from the prior year similar period.
See attached Schedule 3 for additional detail.
Free cash flow for the full year 2012, excluding the impact of legacy tax
matters, was $283.4 million, including approximately $46 million related to
MaxCV, compared to $251.9 million and $55 million, respectively, in the prior
year similar period. The Company defines free cash flow as net cash provided
by operating activities less capital expenditures and additions to computer
software and other intangibles. Net cash provided by operating activities for
the full year 2012, excluding the impact of legacy tax matters, was $357.8
million, compared to $305.3 million in the prior year similar period. On a
GAAP basis, net cash provided by operating activities for the full year 2012
was $357.8 million, compared to $312.9 million in the prior year similar
period.
See attached Schedule 4 for additional detail.
Share repurchases during the full year 2012 under the Company’s discretionary
repurchase program totaled $480.1 million (approximately 6.5 million shares),
while repurchases made to offset the dilutive effect of shares issued under
employee benefit plans totaled an additional $27.9 million (approximately 0.4
million shares).
Repurchases during the fourth quarter 2012 under the Company’s discretionary
repurchase program totaled $244.1 million (approximately 3.1 million shares),
while repurchases made to offset the dilutive effect of shares issued under
employee benefit plans totaled an additional $23.9 million (approximately 0.3
million shares).
The Company ended 2012 with $149.1 million of cash and cash equivalents and
total gross debt of $1,290.9 million.
Full Year 2012 Segment Results
North America
Core revenue for the full year 2012 was $1,225.6 million, down 1% both before
and after the effect of foreign exchange, as compared to the prior year
similar.
North America core revenue results for the full year 2012 reflect the
following:
* Risk Management Solutions revenue of $700.6 million, down 4% both before
and after the effect of foreign exchange, as compared to the prior year
similar period;
* Sales & Marketing Solutions revenue of $410.2 million, up 5% both before
and after the effect of foreign exchange, as compared to the prior year
similar period; and
* Internet Solutions revenue of $114.8 million, down 1% both before and
after the effect of foreign exchange, as compared to the prior year
similar period.
See attached Schedules 4, 5 and 6 for additional detail.
Total revenue for the full year 2012 was $1,225.6 million, down 2% both before
and after the effect of foreign exchange, as compared to the prior year
similar period. Total revenue for the full year 2011 included the results of
Allbusiness, Purisma and a small supply management company, that were all
divested.
Operating income before non-core gains and charges for the full year 2012 was
$480.9 million, down 1% from the prior year similar period.
On a GAAP basis, operating income for the full year 2012 was $480.9 million,
flat compared to the prior year similar period.
See attached Schedule 3 for additional detail.
Asia Pacific
Core revenue for the full year 2012 was $176.8 million, up 9% before the
effect of foreign exchange (up 7% after the effect of foreign exchange), as
compared to the prior year similar period.
Asia Pacific core revenue results for the full year 2012 reflect the
following:
* Risk Management Solutions revenue of $147.5 million, up 3% before the
effect of foreign exchange (up 2% after the effect of foreign exchange),
as compared to the prior year similar period;
* Sales & Marketing Solutions revenue of $28.5 million, up 55% before the
effect of foreign exchange (up 47% after the effect of foreign exchange),
as compared to the prior year similar period; and
* Internet Solutions revenue of $0.8 million, flat before the effect of
foreign exchange (down 10% after the effect of foreign exchange), as
compared to the prior year similar period.
See attached Schedules 4, 5 and 6 for additional detail.
Total revenue for the full year 2012 was $195.5 million, down 27% both before
and after the effect of foreign exchange, as compared to the prior year
similar period. Total revenue for the full year 2012 and the full year 2011
include the results from businesses that were divested or shut down.
See attached Schedule 3 for additional detail.
Operating income before non-core gains and charges for the full year 2012 was
$19.7 million, up 17% from the prior year similar period.
On a GAAP basis, operating income for the full year 2012 was $4.7 million,
down 72% from the prior year similar period, primarily due to impairment
charges in the current year related to the shut down of our Roadway operations
in China.
Europe & Other International Markets
Core and total revenue for the full year 2012 was $241.9 million, up 3% before
the effect of foreign exchange (down 1% after the effect of foreign exchange),
as compared to the prior year similar period.
Europe & Other International Markets core and total revenue results for the
full year 2012 reflect the following:
* Risk Management Solutions revenue of $199.5 million, up 4% before the
effect of foreign exchange (flat after the effect of foreign exchange), as
compared to the prior year similar period;
* Sales & Marketing Solutions revenue of $39.8 million, flat before the
effect of foreign exchange (down 3% after the effect of foreign exchange),
as compared to the prior year similar period; and
* Internet Solutions revenue of $2.6 million, up 18% before the effect of
foreign exchange (up 16% after the effect of foreign exchange), as
compared to the prior year similar period.
See attached Schedules 4, 5 and 6 for additional detail.
Operating income for the full year 2012 was $68.8 million, up 25% from the
prior year similar period.
MaxCV
In February 2010, D&B announced a Strategic Technology Investment program
aimed at strengthening its leading position in commercial data and improving
its current technology platform to meet the emerging needs of customers. We
refer to this program as “MaxCV.”
In the fourth quarter of 2012, the Company incurred $4.7 million of total
pre-tax expenses (or $0.06 per diluted share) on MaxCV, which is included in
the Non-Core Gains and Charges noted below, and $5.8 million of capital
expenditures and additions to computer software and other intangibles related
to MaxCV.
For the full year 2012, we incurred $30.3 million of total pre-tax expenses
(or $0.45 per diluted share) on MaxCV, which was included in the Non-Core
Gains and Charges, and $28.2 million of capital expenditures and additions to
computer software and other intangibles related to MaxCV.
See attached Schedule 4 for additional detail.
During 2013, we expect to spend between $25 million to $30 million for the
deployment of the Company’s new data supply chain (built as part of our MaxCV
program) to other markets. These costs will be absorbed in our core operating
expenses.
2013 Financial Flexibility
D&B continues to create financial flexibility through several reengineering
initiatives aimed at greater efficiency and effectiveness, including the
following:
* redesigning and optimizing enabling functions;
* creating global utilities/shared services;
* rationalizing and consolidating vendors; and
* eliminating spend on low ROI activities.
D&B expects its ongoing financial flexibility initiatives to create $70
million to $80 million of financial flexibility in 2013, before any
restructuring charges and before any reallocation of savings generated by the
initiatives. The Company expects to incur pre-tax restructuring charges
totaling $17 million to $22 million associated with its ongoing reengineering
initiatives.
Non-Core Gains and Charges
During the fourth quarter of 2012, the Company recorded:
* A net pre-tax, non-core charge of $13.4 million and a net after-tax,
non-core charge of $7.7 million. This compares to a net pre-tax, non-core
charge of $24.4 million and a net after-tax, non-core charge of $13.5
million during the fourth quarter of 2011.
For the full year 2012, the Company recorded:
* A net pre-tax, non-core charge of $96.9 million and a net after-tax,
non-core charge of $23.3 million. This compares to a net pre-tax, non-core
charge of $93.8 million and a net after-tax, non-core charge of $48.3
million for the full year 2011.
See attached Schedule 3 for additional explanations and details of these
charges.
During 2013, in addition to non-core restructuring charges, the Company also
expects to incur non-core legal and other third party charges associated with
its ongoing China investigation.
Both our restructuring charges associated with our 2013 reengineering
activities and our legal and other third party charges related to our ongoing
China investigation are included in our 2013 free cash flow guidance.
D&B's restructuring charges may be viewed as recurring as they are part of its
Financial Flexibility initiatives. In addition to reporting GAAP results, the
Company reports results before restructuring charges and other non-core gains
and charges, such as legal expenses associated with the ongoing China
investigation, because they do not reflect the Company's underlying business
performance and they may have a disproportionate positive or negative impact
on the results of its ongoing business operations. For additional information,
see the section titled "Use of Non-GAAP Financial Measures" below.
Full Year 2013 Guidance
D&B today provided the following financial guidance for the full year 2013:
* Core revenue growth of 0% to 3%, before the effect of foreign exchange;
* Operating income decline of 6% to 3%, before non-core gains and charges,
including $25 million to $30 million in costs related to the deployment of
our new data supply chain;
* Diluted EPS growth of 8% to 11%, before non-core gains and charges; and
* Free cash flow of $270 million to $300 million, which excludes the impact
of legacy tax matters and any potential regulatory fines associated with
our China operations.
D&B does not provide guidance on a GAAP basis because D&B is unable to
predict, with reasonable certainty, the future movement of foreign exchange
rates or the future impact of non-core gains and charges, such as
restructuring charges, legacy tax matters, and the Company’s ongoing China
investigation, which are a component of the most comparable financial
measures calculated in accordance with GAAP. Non-core gains and charges are
uncertain and will depend on several factors, including industry conditions,
and could be material to D&B's results computed in accordance with GAAP.
Cash Dividend Increased
D&B today announced that it has declared an increased quarterly cash dividend
of $0.40 per share, up from D&B’s prior quarterly dividend of $0.38 per share.
This quarterly cash dividend is payable on March 14, 2013, to shareholders of
record at the close of business on February 27, 2013.
Use of Non-GAAP Financial Measures
D&B reports non-GAAP financial measures in this press release and the
schedules attached. See “Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations – How We Manage Our Business” in
the Company’s Annual Report on Form 10-K for the year ending December 31,
2011, filed February 29, 2012 with the SEC, for a discussion of how the
Company defines these measures, why it uses them and why it believes they
provide useful information to investors. Additionally, these measures are
defined in Schedule 3 attached to this press release.
Fourth Quarter and Full Year 2012 Teleconference
As previously announced, D&B will review its fourth quarter and full year 2012
financial results in a conference call with the investment community on
Tuesday, February 12, 2013, at 8 a.m. ET. Live audio, as well as a replay of
the conference call and other related information, will be accessible on D&B's
Investor Relations Web site at http://investor.dnb.com.
**************
About Dun & Bradstreet^® (D&B)
Dun & Bradstreet (NYSE:DNB) is the world’s leading source of commercial
information and insight on businesses, enabling companies to Decide with
Confidence^® for 171 years. D&B’s global commercial database contains more
than 220 million business records. The database is enhanced by D&B’s
proprietary DUNSRight^® Quality Process, which provides our customers with
quality business information. This quality information is the foundation of
our global solutions that customers rely on to make critical business
decisions.
D&B provides solution sets that meet a diverse set of customer needs globally.
Customers use D&B Risk Management Solutions^TM to mitigate credit and supplier
risk, increase cash flow and drive increased profitability; D&B Sales &
Marketing Solutions^TM to increase revenue from new and existing customers;
and D&B Internet Solutions^TM to convert prospects into clients faster by
enabling business professionals to research companies, executives and
industries, over the web. For more information, please visit www.dnb.com.
Forward-Looking and Cautionary Statements
This press release, including, in particular, the section titled "Full Year
2013 Guidance," contains projections of future results and other
forward-looking statements that involve a number of trends, risks and
uncertainties, and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
The following important factors could cause actual results to differ
materially from those projected in such forward-looking statements.
* We rely significantly on third parties to support critical components of
our business model in a continuous and high quality manner, including
third-party data providers, strategic third-party members in our D&B
Worldwide Network, and third parties with whom we have significant
outsourcing arrangements.
* The effectiveness of our technology investments and our ability to
maintain sufficient investment in a technology infrastructure that assists
us in achieving our strategic goals.
* Risks associated with potential violations of the Foreign Corrupt
Practices Act and similar laws, and any consequences of the investigations
of our China operations.
* Demand for our products is subject to intense competition, changes in
customer preferences and economic conditions which impact customer
behavior.
* Our solutions and brand image are dependent upon the integrity and
security of our global database and the continued availability thereof
through the internet and by other means, as well as our ability to protect
key assets, such as our data centers;
* Our ability to secure our information technology infrastructure from cyber
attack and unauthorized access.
* Our ability to maintain the integrity of our brand and reputation, which
we believe are key assets and competitive advantages.
* Our ability to renew large contracts, including from various government
institutions, the related revenue recognition and the timing thereof, or a
shift in product mix, or a significant decrease in government spending,
may impact our results of operations from period-to-period.
* As a result of the macro-economic challenges currently affecting the
global economy, our customers or vendors may experience problems with
their earnings, cash flow, or both. This may cause our customers to delay,
cancel or significantly decrease their purchases from us and impact their
ability to pay amounts owed to us. In addition, our vendors may
substantially increase their prices without notice. Such behavior may
materially, adversely affect our earnings and cash flow. In addition, if
economic conditions in the United States, including any possible impact of
efforts to balance government deficits, and/or other key markets
deteriorate further or do not show improvement, we may experience material
adverse impacts to our business, operating results, and/or access to
credit markets.
* Our results are subject to the effects of foreign economies, exchange rate
fluctuations, legislative or regulatory requirements, such as the adoption
of new or changes in accounting policies and practices, including
pronouncements by the Financial Accounting Standards Board or other
standard setting bodies, the implementation or modification of fees or
taxes that we must pay to acquire, use, and/or redistribute data, and the
evolving standards of emerging markets in which we operate. Future laws or
regulations with respect to the collection, compilation, use and/ or
publication of information and adverse publicity or litigation concerning
the commercial use of such information, or changes in the rules governing
the operation of the Internet, could have a material adverse effect on our
business and financial results.
* Our ability to acquire and successfully integrate other complementary
businesses, products and technologies into our existing business, without
significant disruption to our existing business or to our financial
results.
* The continued adherence by third-party members of our D&B Worldwide
Network, or other third parties who license and sell under the D&B name,
to our quality standards, our brand and communication standards and to the
terms and conditions of our commercial services arrangements, and the
renewal by third-party members of the D&B Worldwide Network of their
agreements with D&B
* The profitability of our international businesses depends on our ability
to identify and execute on various initiatives, such as successfully
managing our D&B Worldwide Network, enforcing agreements, collecting
receivables and protecting assets in non-U.S. legal systems, complying
with the Foreign Corrupt Practices Act and other anti-bribery and
anti-corruption laws in all jurisdictions, and our ability to identify and
contend with various challenges present in foreign markets, such as local
competition and the availability of public records at no cost, or the
adoption of new laws or regulations governing the collection, compilation,
use and/or publication of information, particularly in emerging markets.
* Our future success requires that we attract and retain qualified
personnel, including members of our sales force and technology teams, in
regions throughout the world.
* Our ability to successfully implement our growth strategy requires that we
successfully reduce our expense base through our Financial Flexibility
initiatives, and reallocate certain of the expense-base reductions into
initiatives that produce desired revenue growth.
* Our ability to fund our obligations under our retirement and post
retirement pension plans which are subject to financial market risks.
* We are involved in various legal proceedings, the outcomes of which are
unknown and uncertain with respect to the impact on our cash flow and
profitability;
* Our ability to repurchase shares is subject to market conditions,
including trading volume in our stock, and our ability to repurchase
shares in accordance with applicable securities laws.
* Our projection for free cash flow is dependent upon our ability to
generate revenue, our collection processes, customer payment patterns, the
timing and volume of stock option exercises and the amount and timing of
payments related to the tax and other matters and legal proceedings in
which we are involved.
For a more detailed discussion of the trends, risks and uncertainties that may
affect D&B's operating and financial results and its ability to achieve the
financial objectives discussed in this press release, readers should review
the Company's filings with the SEC, including its most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Copies of the Company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q are available on its
Web site at www.dnb.com and on the SEC's Web site at www.sec.gov. D&B cautions
that the foregoing list of important factors is not complete and except as
otherwise required by federal securities laws does not undertake any
obligation to update any forward-looking statement.
The Dun & Bradstreet Corporation Schedule
1
Consolidated Statement of Operations (unaudited)
- GAAP Results
Effects Effects
of of
Quarter Ended AFX Foreign BFX Year-To-Date AFX Foreign BFX
December 31, % Exchange % December 31, % Exchange % Change
Change Change Change
Dollar amounts
in millions, 2012 2011 Fav Fav Fav 2012 2011 Fav Fav Fav
except per (Unfav) (Unfav) (Unfav) (Unfav) (Unfav) (Unfav)
share data
Revenue:
North America $ 352.8 $ 358.9 (2 %) 0 % (2 %) $ 1,225.6 $ 1,238.1 (1 %) 0 % (1 %)
Asia Pacific 44.2 43.6 1 % 0 % 1 % 176.8 164.8 7 % (2 %) 9 %
Europe and
Other 66.1 64.4 3 % (1 %) 4 % 241.9 243.4 (1 %) (4 %) 3 %
International
Markets
International 110.3 108.0 2 % (1 %) 3 % 418.7 408.2 3 % (2 %) 5 %
Core Revenue $ 463.1 $ 466.9 (1 %) 0 % (1 %) $ 1,644.3 $ 1,646.3 0 % (1 %) 1 %
Divested and
Other Business - 31.8 N/M N/M N/M 18.7 112.2 (83 %) 1 % (84 %)
(1)
Total Revenue $ 463.1 $ 498.7 (7 %) 0 % (7 %) $ 1,663.0 $ 1,758.5 (5 %) 0 % (5 %)
Operating
Income (Loss):
North America $ 157.9 $ 156.1 1 % $ 480.9 $ 480.1 0 %
(2)
Asia Pacific 5.1 6.1 (17 %) 4.7 16.8 (72 %)
(3)
Europe and
Other 22.7 19.1 19 % 68.8 55.3 25 %
International
Markets
International 27.8 25.2 11 % 73.5 72.1 2 %
Corporate and (27.0 ) (36.2 ) 25 % (122.3 ) (127.4 ) 4 %
Other (4)
Total
Operating 158.7 145.1 9 % 432.1 424.8 2 %
Income
Interest 0.3 0.2 68 % 0.8 1.5 (42 %)
Income
Interest (11.7 ) (9.6 ) (23 %) (39.5 ) (37.0 ) (7 %)
Expense
Other Income
(Expense) - (6.3 ) (0.7 ) N/M (15.1 ) (21.2 ) 29 %
Net (5)
Non-Operating
Income (17.7 ) (10.1 ) (76 %) (53.8 ) (56.7 ) 5 %
(Expense) -
Net
Income Before
Provision for 141.0 135.0 4 % 378.3 368.1 3 %
Income Taxes
Less:
Provision for 45.8 40.8 (12 %) 83.1 109.2 24 %
Income Taxes
Equity in Net
Income (Loss) 0.0 0.2 (40 %) 1.3 1.3 3 %
of Affiliates
Net Income 95.2 94.4 1 % 296.5 260.2 14 %
Less: Net
(Income) Loss
Attributable 0.8 (0.9 ) N/M (1.0 ) 0.1 N/M
to the
Noncontrolling
Interest (6)
Net Income
Attributable 96.0 93.5 3 % 295.5 260.3 14 %
to D&B (7)
Less:
Allocation to 0.0 (0.1 ) 100 % (0.1 ) (0.3 ) 78 %
Participating
Securities
Net Income
Attributable 96.0 93.4 3 % 295.4 260.0 14 %
to D&B Common
Shareholders
Basic Earnings
Per Share of
Common Stock
$ 2.22 $ 1.94 14 % $ 6.47 $ 5.31 22 %
Attributable
to D&B Common
Shareholders
Diluted
Earnings Per
Share of
Common Stock
$ 2.20 $ 1.93 14 % $ 6.43 $ 5.28 22 %
Attributable
to D&B Common
Shareholders
(8)
Weighted
Average Number
of Shares
Outstanding:
Basic 43.3 48.1 10 % 45.6 48.9 7 %
Diluted 43.6 48.3 10 % 46.0 49.3 7 %
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
N/M - Not Meaningful
See Schedule 3 (Notes to Schedules), which is an integral part of the
consolidated statement of operations.
This financial information should be read in conjunction with the consolidated
financial statements and related notes of The Dun & Bradstreet Corporation
contained in filings with the Securities and Exchange Commission.
The Dun & Bradstreet Corporation Schedule
2
Consolidated Statement of Operations (unaudited) - Before Non-Core
Gains and Charges
Effects Effects
of of
Quarter Ended AFX Foreign BFX Year-To-Date AFX Foreign BFX
December 31, % Exchange % December 31, % Exchange % Change
Change Change Change
Dollar
amounts in Fav Fav Fav Fav Fav Fav
millions, 2012 2011 (Unfav) (Unfav) (Unfav) 2012 2011 (Unfav) (Unfav) (Unfav)
except per
share data
Revenue:
North America $ 352.8 $ 358.9 (2 %) 0 % (2 %) $ 1,225.6 $ 1,238.1 (1 %) 0 % (1 %)
Asia Pacific 44.2 43.6 1 % 0 % 1 % 176.8 164.8 7 % (2 %) 9 %
Europe and
Other 66.1 64.4 3 % (1 %) 4 % 241.9 243.4 (1 %) (4 %) 3 %
International
Markets
International 110.3 108.0 2 % (1 %) 3 % 418.7 408.2 3 % (2 %) 5 %
Core Revenue $ 463.1 $ 466.9 (1 %) 0 % (1 %) $ 1,644.3 $ 1,646.3 0 % (1 %) 1 %
Divested and
Other - 31.8 N/M N/M N/M 18.7 112.2 (83 %) 1 % (84 %)
Business (1)
Total Revenue $ 463.1 $ 498.7 (7 %) 0 % (7 %) $ 1,663.0 $ 1,758.5 (5 %) 0 % (5 %)
Operating
Income
(Loss):
North America $ 157.9 $ 159.4 (1 %) $ 480.9 $ 483.4 (1 %)
(2)
Asia Pacific 5.4 6.1 (11 %) 19.7 16.8 17 %
(3)
Europe and
Other 22.7 19.1 19 % 68.8 55.3 25 %
International
Markets
International 28.1 25.2 12 % 88.5 72.1 23 %
Corporate and (13.6 ) (14.8 ) 8 % (49.1 ) (55.4 ) 11 %
Other (4)
Total
Operating 172.4 169.8 2 % 520.3 500.1 4 %
Income
Interest 0.3 0.2 68 % 0.8 1.5 (42 %)
Income
Interest (11.7 ) (9.6 ) (23 %) (39.5 ) (37.0 ) (7 %)
Expense
Other Income
(Expense) - (6.6 ) (1.0 ) N/M (6.4 ) (2.7 ) N/M
Net (5)
Non-Operating
Income (18.0 ) (10.4 ) (75 %) (45.1 ) (38.2 ) (18 %)
(Expense) -
Net
Income Before
Provision for 154.4 159.4 (3 %) 475.2 461.9 3 %
Income Taxes
Less:
Provision for 51.5 51.7 0 % 156.8 154.7 (1 %)
Income Taxes
Equity in Net
Income (Loss) 0.0 0.2 (40 %) 1.3 1.3 3 %
of Affiliates
Net Income 102.9 107.9 (5 %) 319.7 308.5 4 %
Less: Net
(Income) Loss
Attributable 0.8 (0.9 ) N/M (0.9 ) 0.1 N/M
to the
Noncontrolling
Interest (6)
Net Income
Attributable 103.7 107.0 (3 %) 318.8 308.6 3 %
to D&B (7)
Less:
Allocation to 0.0 (0.1 ) 100 % (0.1 ) (0.4 ) 80 %
Participating
Securities
Net Income
Attributable 103.7 106.9 (3 %) 318.7 308.2 3 %
to D&B Common
Shareholders
Basic Earnings
Per Share of
Common Stock
$ 2.40 $ 2.23 8 % $ 6.98 $ 6.30 11 %
Attributable
to D&B Common
Shareholders
Diluted
Earnings Per
Share of
Common Stock
$ 2.38 $ 2.21 8 % $ 6.94 $ 6.25 11 %
Attributable
to D&B Common
Shareholders
(8)
Weighted
Average
Number of
Shares
Outstanding:
Basic 43.3 48.1 10 % 45.6 48.9 7 %
Diluted 43.6 48.3 10 % 46.0 49.3 7 %
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
N/M - Not Meaningful
See Schedule 3 (Notes to Schedules), which is an integral part of the
consolidated statement of operations.
This financial information should be read in conjunction with the consolidated
financial statements and related notes of The Dun & Bradstreet Corporation
contained in filings with the Securities and Exchange Commission.
The Dun & Bradstreet Corporation Schedule 3
Notes to Schedules 1 and 2 (unaudited) and Definitions of Non-GAAP Measures
The following
table reconciles
Divested and
(1) Other Business
included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Divested and
Other Business:
Purisma $ - $ 0.6 $ - $ 3.7
AllBusiness - 0.8 - 3.9
Small Supply
Management - - - 1.1
Company in North
America
Domestic Portion
of Japan - 18.8 12.7 64.2
Operations
Market Research
Business in - 4.7 - 16.0
China
Roadway China - 6.5 5.4 22.0
India Research
and Advisory - 0.4 0.6 1.3
Services
Total Divested
and Other $ - $ 31.8 $ 18.7 $ 112.2
Business
The following
table reconciles
North America
(2) Operating Income
included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
North America
Operating Income $ 157.9 $ 156.1 $ 480.9 $ 480.1
(Schedule 1)
Impaired
Intangible - (3.3 ) - (3.3 )
Assets
North America
Operating Income
- Before $ 157.9 $ 159.4 $ 480.9 $ 483.4
Non-Core Gains
and Charges
(Schedule 2)
The following
table reconciles
Asia Pacific
(3) Operating Income
included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Asia Pacific
Operating Income $ 5.1 $ 6.1 $ 4.7 $ 16.8
- GAAP Results
(Schedule 1)
Legal Fees and
Other Shut-Down
Costs Associated (0.3 ) - (2.1 ) -
with Matters in
China
Impairments
Related to - - (12.9 ) -
Matters in China
Asia Pacific
Operating Income
- Before $ 5.4 $ 6.1 $ 19.7 $ 16.8
Non-Core Gains
and Charges
(Schedule 2)
The following
table reconciles
Corporate and
(4) Other expenses
included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Corporate and
Other - GAAP $ (27.0 ) $ (36.2 ) $ (122.3 ) $ (127.4 )
Results
(Schedule 1)
Restructuring (6.2 ) (4.1 ) (29.4 ) (22.1 )
Charges
MaxCV (4.7 ) (12.2 ) (30.3 ) (44.8 )
Settlement of
Legacy Pension - (5.1 ) - (5.1 )
Obligation
Legal Fees and
Other Shut-Down
Costs Associated (2.5 ) - (13.5 ) -
with Matters in
China
Corporate and
Other - Before
Non-Core Gains $ (13.6 ) $ (14.8 ) $ (49.1 ) $ (55.4 )
and Charges
(Schedule 2)
The following
table reconciles
Other Income
(5) (Expense)-Net
included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Other Income
(Expense)-Net - $ (6.3 ) $ (0.7 ) $ (15.1 ) $ (21.2 )
GAAP Results
(Schedule 1)
Effect of Legacy 0.2 0.3 (14.8 ) (7.1 )
Tax Matters
Gain (Loss) on
Sale of 0.1 - 6.1 -
Businesses
Gain (Loss) on - - - (11.4 )
Investment
Other Income
(Expense)-Net -
Before Non-Core $ (6.6 ) $ (1.0 ) $ (6.4 ) $ (2.7 )
Gains and
Charges
(Schedule 2)
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Total Pre-Tax
Impacts:
Impaired
Intangible $ - $ (3.3 ) $ - $ (3.3 )
Assets
Restructuring (6.2 ) (4.1 ) (29.4 ) (22.1 )
Charges
MaxCV (4.7 ) (12.2 ) (30.3 ) (44.8 )
Settlement of
Legacy Pension - (5.1 ) - (5.1 )
Obligation
Legal Fees and
Other Shut-Down
Costs Associated (2.8 ) - (15.6 ) -
with Matters in
China
Impairments
Related to - - (12.9 ) -
Matters in China
Effect of Legacy 0.2 0.3 (14.8 ) (7.1 )
Tax Matters
Gain (Loss) on
Sale of 0.1 - 6.1 -
Businesses
Gain (Loss) on - - - (11.4 )
Investment
Total Pre-Tax $ (13.4 ) $ (24.4 ) $ (96.9 ) $ (93.8 )
Impacts
The following
table reconciles
Net Income
(Loss)
(6) Attributable to
the
Noncontrolling
Interest
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Net Income
(Loss)
Attributable to
the $ 0.8 $ (0.9 ) $ (1.0 ) $ 0.1
Noncontrolling
Interest - GAAP
Results
(Schedule 1)
Minority Share
of Gain on Sale - - (0.9 ) -
of Business
Impairments
Related to - - 0.8 -
Matters in China
Net Income
(Loss)
Attributable to
the
Noncontrolling $ 0.8 $ (0.9 ) $ (0.9 ) $ 0.1
Interest -
Before Non-Core
Gains and
Charges
(Schedule 2)
The following
table reconciles
Net Income
(7) Attributable to
D&B included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
Amounts in 2012 2011 2012 2011
millions
Net Income
Attributable to
D&B - GAAP $ 96.0 $ 93.5 $ 295.5 $ 260.3
Results
(Schedule 1)
Restructuring (4.0 ) (2.4 ) (18.7 ) (14.2 )
Charges
Impaired
Intangible - (2.1 ) - (2.1 )
Assets
MaxCV (2.5 ) (9.1 ) (20.8 ) (34.3 )
Settlement of
Legacy Pension - (3.2 ) - (3.2 )
Obligation
Legal Fees and
Other Shut-Down
Costs Associated (1.8 ) - (10.4 ) -
with Matters in
China
Impairments
Related to - - (12.1 ) -
Matters in China
Gain (Loss) on - 3.2 - (7.9 )
Investment
Effect of Legacy - 0.1 13.0 4.9
Tax Matters
Gain (Loss) on
Sale of 0.1 - 11.2 -
Businesses
Minority Share
of Gain on Sale - - (0.9 ) -
of Business
Tax Benefit on a
Loss on the Tax 0.5 - 15.4 8.5
Basis of a Legal
Entity
After-Tax Impact (7.7 ) (13.5 ) (23.3 ) (48.3 )
Net Income
Attributable to
D&B - Before $ 103.7 $ 107.0 $ 318.8 $ 308.6
Non-Core Gains
and Charges
(Schedule 2)
The following
table reconciles
Diluted Earnings
(8) Per Share
Attributable to
D&B included in
Schedule 1 and
Schedule 2:
Quarter Ended Year-To-Date
December 31, December 31,
2012 2011 2012 2011
Diluted EPS
Attributable to
D&B - GAAP $ 2.20 $ 1.93 $ 6.43 $ 5.28
Results
(Schedule 1)
Restructuring ($0.09 ) ($0.05 ) ($0.41 ) ($0.29 )
Charges
Impaired
Intangible - (0.04 ) - (0.04 )
Assets
MaxCV (0.06 ) (0.19 ) (0.45 ) (0.69 )
Settlement of
Legacy Pension - (0.07 ) - (0.06 )
Obligation
Legal Fees and
Other Shut-Down
Costs Associated (0.04 ) - (0.22 ) -
with Matters in
China
Impairments
Related to - - (0.26 ) -
Matters in China
Gain (Loss) on - 0.07 - (0.16 )
Investment
Minority Share
of Gain on Sale - - (0.02 ) -
of Business
Effect of Legacy - - 0.28 0.10
Tax Matters
Gain (Loss) on
Sale of - - 0.24 -
Businesses
Tax Benefit on a
Loss on the Tax 0.01 - 0.33 0.17
Basis of a Legal
Entity
Diluted EPS
Attributable to
D&B - Before $ 2.38 $ 2.21 $ 6.94 $ 6.25
Non-Core Gains
and Charges
(Schedule 2)
N/M - Not Meaningful
The following defines the non-GAAP measures used to evaluate performance:
*Total revenue excluding the revenue of divested and shut-down businesses is
referred to as “core revenue.” Core revenue includes the revenue from acquired
businesses from the date of acquisition
*Core revenue growth, excluding the effects of foreign exchange, is referred
to as “core revenue growth before the effects of foreign exchange.” We also
separately, from time to time, analyze core revenue growth before the effects
of foreign exchange among two components, “organic core revenue growth” and
“core revenue growth from acquisitions”
*Results (such as operating income, operating income growth, operating margin,
net income, tax rate and diluted earnings per share) exclude Restructuring
Charges (whether recurring or non-recurring) and certain other items that we
consider do not reflect our underlying business performance. We refer to these
Restructuring Charges and other items as “non-core gains and (charges)”
* Net cash provided by operating activities minus capital expenditures and
additions to computer software and other intangibles is referred to as “free
cash flow”
This financial information should be read in conjunction with the consolidated
financial statements and related notes of The Dun & Bradstreet Corporation
contained in filings with the Securities and Exchange Commission.
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb*Story too large*
The Dun & Bradstreet Corporation Schedule 4
Supplemental GAAP Financial Data (unaudited)
Quarter Ended Effects of Year-To-Date Effects of
December 31, AFX Foreign BFX December 31, AFX Foreign BFX
% Change Exchange % Change % Change Exchange % Change
Amounts in 2012 2011 Fav/(Unfav) Fav/(Unfav) Fav/(Unfav) 2012 2011 Fav/(Unfav) Fav/(Unfav) Fav/(Unfav)
millions
Geographic and
Customer
Solution Set
Revenue:
North America:
Risk
Management $ 182.1 $ 189.9 (4 )% 0 % (4 )% $ 700.6 $ 729.7 (4 )% 0 % (4 )%
Solutions
Sales &
Marketing 142.9 139.3 3 % 0 % 3 % 410.2 392.4 5 % 0 % 5 %
Solutions
Internet 27.8 29.7 (6 )% 1 % (7 )% 114.8 116.0 (1 )% 0 % (1 )%
Solutions
Subtotal Core 352.8 358.9 (2 )% 0 % (2 )% 1,225.6 1,238.1 (1 )% 0 % (1 )%
Revenue
Divested and
Other Business - 1.4 N/M N/M N/M - 8.7 N/M N/M N/M
^1
Total North
America 352.8 360.3 (2 )% 0 % (2 )% 1,225.6 1,246.8 (2 )% 0 % (2 )%
Revenue
Asia Pacific:
Risk
Management $ 35.9 $ 37.4 (4 )% 1 % (5 )% $ 147.5 $ 144.5 2 % (1 )% 3 %
Solutions
Sales &
Marketing 8.0 6.0 35 % (1 )% 36 % 28.5 19.4 47 % (8 )% 55 %
Solutions
Internet 0.3 0.2 (4 )% (6 )% 2 % 0.8 0.9 (10 )% (10 )% 0 %
Solutions
Subtotal Core 44.2 43.6 1 % 0 % 1 % 176.8 164.8 7 % (2 )% 9 %
Revenue
Divested and
Other Business - 30.4 N/M N/M N/M 18.7 103.5 (82 )% 0 % (82 )%
^1
Total Asia
Pacific 44.2 74.0 (40 )% 1 % (41 )% 195.5 268.3 (27 )% 0 % (27 )%
Revenue
Europe and
Other
International
Markets:
Risk
Management $ 54.4 $ 52.5 4 % (2 )% 6 % $ 199.5 $ 200.3 0 % (4 )% 4 %
Solutions
Sales &
Marketing 11.1 11.4 (3 )% 0 % (3 )% 39.8 40.8 (3 )% (3 )% 0 %
Solutions
Internet 0.6 0.5 40 % 1 % 39 % 2.6 2.3 16 % (2 )% 18 %
Solutions
Subtotal Core 66.1 64.4 3 % (1 )% 4 % 241.9 243.4 (1 )% (4 )% 3 %
Revenue
Divested and
Other Business - - 0 % 0 % 0 % - - 0 % 0 % 0 %
^1
Total Europe
and Other
International 66.1 64.4 3 % (1 )% 4 % 241.9 243.4 (1 )% (4 )% 3 %
Markets
Revenue
International
Risk
Management $ 90.3 $ 89.9 1 % 0 % 1 % $ 347.0 $ 344.8 1 % (2 )% 3 %
Solutions
Sales &
Marketing 19.1 17.4 10 % 0 % 10 % 68.3 60.2 14 % (3 )% 17 %
Solutions
Internet 0.9 0.7 26 % (1 )% 27 % 3.4 3.2 8 % (5 )% 13 %
Solutions
Subtotal Core 110.3 108.0 2 % (1 )% 3 % 418.7 408.2 3 % (2 )% 5 %
Revenue
Divested and
Other Business - 30.4 N/M N/M N/M 18.7 103.5 (82 )% 0 % (82 )%
^1
Total
International 110.3 138.4 (20 )% 0 % (20 )% 437.4 511.7 (15 )% (2 )% (13 )%
Revenue
Total
Corporation:
Risk
Management $ 272.4 $ 279.8 (3 )% 0 % (3 )% $ 1,047.6 $ 1,074.5 (3 )% (1 )% (2 )%
Solutions
Sales &
Marketing 162.0 156.7 3 % 0 % 3 % 478.5 452.6 6 % 0 % 6 %
Solutions
Internet 28.7 30.4 (6 )% 0 % (6 )% 118.2 119.2 (1 )% 0 % (1 )%
Solutions
Subtotal Core 463.1 466.9 (1 )% 0 % (1 )% 1,644.3 1,646.3 0 % (1 )% 1 %
Revenue
Divested and
Other Business - 31.8 N/M N/M N/M 18.7 112.2 (83 )% 1 % (84 )%
^1
Total
Corporation 463.1 498.7 (7 )% 0 % (7 )% 1,663.0 1,758.5 (5 )% 0 % (5 )%
Revenue
Operating
Costs:
Operating $ 125.8 $ 156.0 19 % $ 521.0 $ 587.1 11 %
Expenses
Selling and
Administrative 154.0 173.0 11 % 602.2 643.4 6 %
Expenses
Depreciation
and 18.4 20.5 10 % 78.3 81.1 4 %
Amortization
Restructuring 6.2 4.1 (54 )% 29.4 22.1 (34 )%
Expense
Total
Operating $ 304.4 $ 353.6 14 % $ 1,230.9 $ 1,333.7 8 %
Costs ^2
Capital
Expenditures $ 4.9 $ 3.2 (52 )% $ 7.0 $ 6.2 (12 )%
^3
Additions to
Computer
Software & $ 17.6 $ 17.5 (1 )% $ 67.4 $ 47.2 (43 )%
Other
Intangibles ^3
Quarter Ended
Amounts in Dec 31, 2012 Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
millions 2012 2012 2012 2011 2011 2011 2011
Net Debt
Position:
Cash and Cash $ 149.1 $ 137.0 $ 118.6 $ 117.7 $ 84.4 $ 89.5 $ 83.1 $ 83.6
Equivalents
Short-Term (0.2 ) (400.2 ) (400.6 ) (1.0 ) (1.1 ) (188.6 ) (160.9 ) (2.1 )
Debt
Long-Term Debt (1,290.7 ) (623.9 ) (613.0 ) (841.8 ) (963.9 ) (704.6 ) (700.6 ) (888.6 )
Net Debt $ (1,141.8 ) $ (887.1 ) $ (895.0 ) $ (725.1 ) $ (880.6 ) $ (803.7 ) $ (778.4 ) $ (807.1 )
Year-To-Date
Amounts in Dec 31, Dec 31, % Change
millions 2012 2011 Fav/(Unfav)
Free Cash
Flow:
Net Cash
Provided By
Operating $ 357.8 $ 312.9 14 %
Activities
(GAAP Results)
Less:
Capital
Expenditures 7.0 6.2 (12 )%
(GAAP Results)
^ 3
Additions to
Computer
Software &
Other 67.4 47.2 (43 )%
Intangibles
(GAAP Results)
^ 3
Free Cash Flow $ 283.4 $ 259.5 9 %
Legacy Tax
Matters - (7.6 ) N/M
(Refund)
Payment
Free Cash Flow
Excluding $ 283.4 $ 251.9 13 %
Legacy Tax
Matters
Year-To-Date
Amounts in Dec 31, Dec 31, % Change
millions 2012 2011 Fav/(Unfav)
Net Cash
Provided By
Operating
Activities
excluding
Legacy Tax
Matters:
Net Cash
Provided By
Operating $ 357.8 $ 312.9 14 %
Activities
(GAAP Results)
Legacy Tax
Matters - (7.6 ) N/M
(Refund)
Payment
Net Cash
Provided By
Operating
Activities $ 357.8 $ 305.3 17 %
Excluding
Legacy Tax
Matters
Notes:
Quarter Ended Year-To-Date
December 31, December 31,
2012 2011 2012 2011
Divested and
1 Other
Business:
North America:
Risk
Management $ 0.0 $ 0.0 $ 0.0 $ 1.1
Solutions
Sales &
Marketing 0.0 0.6 0.0 3.7
Solutions
Internet 0.0 0.8 0.0 3.9
Solutions
Total Divested
and Other $ 0.0 $ 1.4 $ 0.0 $ 8.7
Business
Asia Pacific:
Risk
Management $ 0.0 $ 10.5 $ 9.3 $ 38.7
Solutions
Sales &
Marketing 0.0 19.8 9.4 64.7
Solutions
Internet 0.0 0.1 0.0 0.1
Solutions
Total Divested
and Other $ 0.0 $ 30.4 $ 18.7 $ 103.5
Business
Europe and
Other
International
Markets:
Risk
Management $ 0.0 $ 0.0 $
Solutions
[TRUNCATED]
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