Slides
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(In millions of U.S. dollars, except percentages)
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Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 FY 2025 Revenue 2,545.7$ 2,648.6$ 2,893.4$ 3,194.0$ 3,654.9$ 4,047.0$ 4,698.6$ 5,829.7$ 14,575.3$ 12,390.9$ Net earnings 151.7 86.2 211.0 267.8 267.5 212.3 368.8 397.2 978.3 832.5 Earnings per share - diluted 1.29$ 0.74$ 1.82$ 2.31$ 2.31$ 1.83$ 3.17$ 3.26$ 8.30$ 7.16$ W.A. # of shares (in millions), on a basic basis 116.3 115.9 115.1 115.0 115.0 114.9 115.0 120.5 116.8 115.3 W.A. # of shares (in millions), on a diluted basis 117.3 116.9 115.9 115.9 115.9 115.7 116.2 121.8 117.9 116.2 Actual # of shares o/s (in millions) as of period end 116.1 115.6 115.0 115.0 114.9 115.0 115.0 126.1 126.1 114.9 GAAP gross profit 297.2$ 273.9$ 371.0$ 416.1$ 433.1$ 437.2$ 577.5$ 640.8$ 1,655.5$ 1,494.1$ As a percentage of rev enue 11.7% 10.3% 12.8% 13.0% 11.8% 10.8% 12.3% 11.0% 11.4% 12.1% Employee SBC expense 4.6 10.1 7.3 6.8 6.0 13.6 9.6 10.7 33.9 30.2 TRS FVAs (22.4) 7.5 (40.6) (48.5) (27.7) 7.5 (48.4) 0.9 (40.0) (109.3) FCC Transitional ADJ 0.4 - - - - - - - - - Non-GAAP adjusted gross profit 279.8$ 291.5$ 337.7$ 374.4$ 411.4$ 458.3$ 538.7$ 652.4$ 1,649.4$ 1,415.0$ As a percentage of rev enue 11.0% 11.0% 11.7% 11.7% 11.3% 11.3% 11.5% 11.2% 11.3% 11.4% GAAP SG&A 57.6$ 112.5$ 38.9$ 38.4$ 70.1$ 117.4$ 58.1$ 118.2$ 293.7$ 259.9$ As a percentage of rev enue 2.3% 4.2% 1.3% 1.2% 1.9% 2.9% 1.2% 2.0% 2.0% 2.1% Employee SBC expense (5.5) (15.9) (7.9) (8.8) (7.0) (16.9) (9.7) (10.6) (37.2) (39.6) TRS FVAs 29.1 (11.6) 56.8 64.8 33.7 (9.5) 55.7 (3.0) 43.2 143.7 Non-GAAP SG&A 81.2$ 85.0$ 87.8$ 94.4$ 96.8$ 91.0$ 104.1$ 104.6$ 299.7$ 364.0$ As a percentage of rev enue 3.2% 3.2% 3.0% 3.0% 2.6% 2.2% 2.2% 1.8% 2.1% 2.9% GAAP Earnings from operations 202.6$ 128.8$ 272.5$ 325.0$ 314.4$ 272.1$ 458.3$ 460.0$ 1,190.4$ 1,040.7$ As a percentage of rev enue 8.0% 4.9% 9.4% 10.2% 8.6% 6.7% 9.8% 7.9% 8.2% 8.4% Restructuring and other charges (recoveries) 2.1 3.9 14.5 4.9 6.4 (4.4) 2.9 0.9 (0.6) 29.7 Employee SBC expense 10.1 26.0 15.2 15.6 13.0 30.5 19.3 21.3 71.1 69.8 TRS FVAs (51.5) 19.1 (97.4) (113.3) (61.4) 17.0 (104.1) 3.9 (83.2) (253.0) FCC Transitional ADJ 0.4 - - - - - - - - - Amortization of intangible assets (excluding computer software) 9.9 10.0 9.9 10.0 9.9 10.0 9.9 10.0 29.9 39.8 Non-GAAP adjusted EBIAT 173.6$ 187.8$ 214.7$ 242.2$ 282.3$ 325.2$ 386.3$ 496.1$ 1,207.6$ 927.0$ Non-GAAP adjusted operating margin 6.8% 7.1% 7.4% 7.6% 7.7% 8.0% 8.2% 8.5% 8.3% 7.5% Non-GAAP adjusted EBIAT 173.6 187.8 214.7 242.2 282.3 325.2 386.3 496.1 1,207.6 927.0 Depreciation expense - finance leases 2.0 2.1 2.0 2.1 2.1 2.1 2.7 2.8 7.6 8.3 Depreciation expense - property, plant and equipment, software 28.1 25.3 33.4 28.2 40.7 27.5 31.4 35.7 94.6 127.6 Non-GAAP adjusted EBITDA 203.7$ 215.2$ 250.1$ 272.5$ 325.1$ 354.8$ 420.4$ 534.6$ 1,309.8$ 1,062.9$ As a percentage of rev enue 8.0% 8.1% 8.6% 8.5% 8.9% 8.8% 8.9% 9.2% 9.0% 8.6% Borrowings under the Revolver1 -$ -$ -$ -$ -$ Borrowings under the Term Loans 728.1 723.7 719.3 740.0 735.6 Gross Debt 728.1$ 723.7$ 719.3$ 740.0$ 735.6$ TTM earnings from operations 928.9$ 1,040.7$ 1,184.0$ 1,369.8$ 1,504.8$ Gross debt to TTM earnings from operations (GAAP TTM debt leverage ratio) 0.8x 0.7x 0.6x 0.5x 0.5x Non-GAAP adjusted TTM EBITDA 941.5$ 1,062.9$ 1,202.5$ 1,372.8$ 1,634.9$ Gross debt to non-GAAP adjusted TTM EBITDA (non-GAAP adjusted TTM debt leverage ratio) 0.8x 0.7x 0.6x 0.5x 0.4x GAAP Non-GAAP gross profit Non-GAAP SG&A Non-GAAP operating earnings (adjusted EBIAT) and non- GAAP adjusted EBITDA Non-GAAP Adjusted Trailing Twelve Month (TTM) Debt Leverage Ratio Reconciliation (In millions of U.S. dollars, except percentages and per share amounts)
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Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 FY 2025 Revenue 2,545.7$ 2,648.6$ 2,893.4$ 3,194.0$ 3,654.9$ 4,047.0$ 4,698.6$ 5,829.7$ 14,575.3$ 12,390.9$ Net earnings 151.7 86.2 211.0 267.8 267.5 212.3 368.8 397.2 978.3 832.5 Earnings per share - diluted 1.29$ 0.74$ 1.82$ 2.31$ 2.31$ 1.83$ 3.17$ 3.26$ 8.30$ 7.16$ W.A. # of shares (in millions), on a basic basis 116.3 115.9 115.1 115.0 115.0 114.9 115.0 120.5 116.8 115.3 W.A. # of shares (in millions), on a diluted basis 117.3 116.9 115.9 115.9 115.9 115.7 116.2 121.8 117.9 116.2 Actual # of shares o/s (in millions) as of period end 116.1 115.6 115.0 115.0 114.9 115.0 115.0 126.1 126.1 114.9 GAAP gross profit 297.2$ 273.9$ 371.0$ 416.1$ 433.1$ 437.2$ 577.5$ 640.8$ 1,655.5$ 1,494.1$ As a percentage of rev enue 11.7% 10.3% 12.8% 13.0% 11.8% 10.8% 12.3% 11.0% 11.4% 12.1% Employee SBC expense 4.6 10.1 7.3 6.8 6.0 13.6 9.6 10.7 33.9 30.2 TRS FVAs (22.4) 7.5 (40.6) (48.5) (27.7) 7.5 (48.4) 0.9 (40.0) (109.3) FCC Transitional ADJ 0.4 - - - - - - - - - Non-GAAP adjusted gross profit 279.8$ 291.5$ 337.7$ 374.4$ 411.4$ 458.3$ 538.7$ 652.4$ 1,649.4$ 1,415.0$ As a percentage of rev enue 11.0% 11.0% 11.7% 11.7% 11.3% 11.3% 11.5% 11.2% 11.3% 11.4% GAAP SG&A 57.6$ 112.5$ 38.9$ 38.4$ 70.1$ 117.4$ 58.1$ 118.2$ 293.7$ 259.9$ As a percentage of rev enue 2.3% 4.2% 1.3% 1.2% 1.9% 2.9% 1.2% 2.0% 2.0% 2.1% Employee SBC expense (5.5) (15.9) (7.9) (8.8) (7.0) (16.9) (9.7) (10.6) (37.2) (39.6) TRS FVAs 29.1 (11.6) 56.8 64.8 33.7 (9.5) 55.7 (3.0) 43.2 143.7 Non-GAAP SG&A 81.2$ 85.0$ 87.8$ 94.4$ 96.8$ 91.0$ 104.1$ 104.6$ 299.7$ 364.0$ As a percentage of rev enue 3.2% 3.2% 3.0% 3.0% 2.6% 2.2% 2.2% 1.8% 2.1% 2.9% GAAP Earnings from operations 202.6$ 128.8$ 272.5$ 325.0$ 314.4$ 272.1$ 458.3$ 460.0$ 1,190.4$ 1,040.7$ As a percentage of rev enue 8.0% 4.9% 9.4% 10.2% 8.6% 6.7% 9.8% 7.9% 8.2% 8.4% Restructuring and other charges (recoveries) 2.1 3.9 14.5 4.9 6.4 (4.4) 2.9 0.9 (0.6) 29.7 Employee SBC expense 10.1 26.0 15.2 15.6 13.0 30.5 19.3 21.3 71.1 69.8 TRS FVAs (51.5) 19.1 (97.4) (113.3) (61.4) 17.0 (104.1) 3.9 (83.2) (253.0) FCC Transitional ADJ 0.4 - - - - - - - - - Amortization of intangible assets (excluding computer software) 9.9 10.0 9.9 10.0 9.9 10.0 9.9 10.0 29.9 39.8 Non-GAAP adjusted EBIAT 173.6$ 187.8$ 214.7$ 242.2$ 282.3$ 325.2$ 386.3$ 496.1$ 1,207.6$ 927.0$ Non-GAAP adjusted operating margin 6.8% 7.1% 7.4% 7.6% 7.7% 8.0% 8.2% 8.5% 8.3% 7.5% Non-GAAP adjusted EBIAT 173.6 187.8 214.7 242.2 282.3 325.2 386.3 496.1 1,207.6 927.0 Depreciation expense - finance leases 2.0 2.1 2.0 2.1 2.1 2.1 2.7 2.8 7.6 8.3 Depreciation expense - property, plant and equipment, software 28.1 25.3 33.4 28.2 40.7 27.5 31.4 35.7 94.6 127.6 Non-GAAP adjusted EBITDA 203.7$ 215.2$ 250.1$ 272.5$ 325.1$ 354.8$ 420.4$ 534.6$ 1,309.8$ 1,062.9$ As a percentage of rev enue 8.0% 8.1% 8.6% 8.5% 8.9% 8.8% 8.9% 9.2% 9.0% 8.6% Borrowings under the Revolver1 -$ -$ -$ -$ -$ Borrowings under the Term Loans 728.1 723.7 719.3 740.0 735.6 Gross Debt 728.1$ 723.7$ 719.3$ 740.0$ 735.6$ TTM earnings from operations 928.9$ 1,040.7$ 1,184.0$ 1,369.8$ 1,504.8$ Gross debt to TTM earnings from operations (GAAP TTM debt leverage ratio) 0.8x 0.7x 0.6x 0.5x 0.5x Non-GAAP adjusted TTM EBITDA 941.5$ 1,062.9$ 1,202.5$ 1,372.8$ 1,634.9$ Gross debt to non-GAAP adjusted TTM EBITDA (non-GAAP adjusted TTM debt leverage ratio) 0.8x 0.7x 0.6x 0.5x 0.4x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 FY 2025 GAAP Net earnings 151.7$ 86.2$ 211.0$ 267.8$ 267.5$ 212.3$ 368.8$ 397.2$ 978.3$ 832.5$ As a percentage of rev enue 6.0% 3.3% 7.3% 8.4% 7.3% 5.2% 7.8% 6.8% 6.7% 6.7% Employee SBC expense 10.1 26.0 15.2 15.6 13.0 30.5 19.3 21.3 71.1 69.8 Amortization of intangible assets (excluding computer software) 9.9 10.0 9.9 10.0 9.9 10.0 9.9 10.0 29.9 39.8 Restructuring and other charges (recoveries) 2.1 3.9 14.5 4.9 6.4 (4.4) 2.9 0.9 (0.6) 29.7 Miscellaneous expense (income) 1.2 1.4 1.7 1.3 0.5 (0.2) (0.7) (0.2) (1.1) 4.9 TRS FVAs (51.5) 19.1 (97.4) (113.3) (61.4) 17.0 (104.1) 3.9 (83.2) (253.0) FCC Transitional ADJ 0.4 - - - - - - - - - Adjustments for taxes 6.3 (6.5) 6.3 (3.2) (17.1) (15.7) (0.7) (31.0) (47.4) (20.5) Non-GAAP adjusted net earnings 130.2$ 140.1$ 161.2$ 183.1$ 218.8$ 249.5$ 295.4$ 402.1$ 947.0$ 703.2$ As a percentage of rev enue 5.1% 5.3% 5.6% 5.7% 6.0% 6.2% 6.3% 6.9% 6.5% 5.7% Non-GAAP adjusted earnings per share - diluted 1.11$ 1.20$ 1.39$ 1.58$ 1.89$ 2.16$ 2.54$ 3.30$ 8.03$ 6.05$ GAAP Earnings from operations 202.6$ 128.8$ 272.5$ 325.0$ 314.4$ 272.1$ 458.3$ 460.0$ 1,190.4$ 1,040.7$ Multiplier to annualize earnings 4 4 4 4 4 4 4 4 1.333 1 Annualized GAAP earnings from operations 810.4$ 515.2$ 1,090.0$ 1,300.0$ 1,257.6$ 1,088.4$ 1,833.2$ 1,840.0$ 1,586.8$ 1,040.7$ Average Net Invested Capital for the period 2,386.7$ 2,384.0$ 2,419.9$ 2,581.6$ 2,619.5$ 2,611.4$ 2,786.6$ 3,066.6$ 2,839.0$ 2,498.7$ GAAP ROIC % 34.0% 21.6% 45.0% 50.4% 48.0% 41.7% 65.8% 60.0% 55.9% 41.6% Non-GAAP adjusted EBIAT 173.6$ 187.8$ 214.7$ 242.2$ 282.3$ 325.2$ 386.3$ 496.1$ 1,207.6$ 927.0$ Multiplier to annualize earnings 4 4 4 4 4 4 4 4 1.333 1 Annualized non-GAAP adjusted EBIAT 694.4$ 751.2$ 858.8$ 968.8$ 1,129.2$ 1,300.8$ 1,545.2$ 1,984.4$ 1,609.7$ 927.0$ Average Net Invested Capital for the period 2,386.7$ 2,384.0$ 2,419.9$ 2,581.6$ 2,619.5$ 2,611.4$ 2,786.6$ 3,066.6$ 2,839.0$ 2,498.7$ Non-GAAP adjusted ROIC % 29.1% 31.5% 35.5% 37.5% 43.1% 49.8% 55.5% 64.7% 56.7% 37.1% Net invested capital consists of: Total assets 5,988.2$ 5,834.9$ 6,241.1$ 6,606.7$ 7,213.1$ 8,260.0$ 9,787.6$ 15,138.5$ 15,138.5$ 7,213.1$ Less: cash (423.3) (303.0) (313.8) (305.9) (595.6) (378.0) (535.7) (3,961.3) (3,961.3) (595.6) Less: ROU assets (operating and finance leases) (180.8) (178.6) (174.9) (178.9) (173.1) (199.9) (218.5) (274.5) (274.5) (173.1) (2,969.2) (3,000.3) (3,265.7) (3,445.4) (3,882.0) (5,021.7) (6,120.7) (7,682.3) (7,682.3) (3,882.0) Net invested capital at period end 2,414.9$ 2,353.0$ 2,486.7$ 2,676.5$ 2,562.4$ 2,660.4$ 2,912.7$ 3,220.4$ 3,220.4$ 2,562.4$ GAAP cash provided by operations 143.4$ 130.3$ 152.4$ 126.2$ 250.6$ 356.3$ 410.9$ 389.7$ 1,156.9$ 659.5$ Purchase of property, plant, and equipment, net of sales proceeds (47.6) (36.7) (32.5) (37.3) (94.7) (218.4) (263.8) (262.2) (744.4) (201.2) Non-GAAP free cash flow 95.8$ 93.6$ 119.9$ 88.9$ 155.9$ 137.9$ 147.1$ 127.5$ 412.5$ 458.3$ Non-GAAP adjusted ROIC Non-GAAP free cash flow Non-GAAP adjusted net earnings and non-GAAP adjusted EPS GAAP Non-GAAP gross profit Non-GAAP SG&A Non-GAAP operating earnings (adjusted EBIAT) and non- GAAP adjusted EBITDA Non-GAAP Adjusted Trailing Twelve Month (TTM) Debt Leverage Ratio Reconciliation Less: accounts payable, accrued and other liabilities and provisions (excluding finance and operating lease liabilities) and income taxes payable (In millions of U.S. dollars, except percentages and per share amounts)
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(In millions of U.S. dollars, except percentages) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 FY 2025 GAAP tax expense 37.8$ 27.5$ 46.3$ 43.1$ 33.8$ 44.0$ 72.8$ 58.6$ 175.4$ 150.7$ Earnings from operations 202.6 128.8 272.5 325.0 314.4 272.1 458.3 460.0 1,190.4 1,040.7 Finance costs (13.8) (15.0) (14.4) (13.8) (13.6) (18.0) (21.2) (24.1) (63.3) (56.8) Interest income 1.9 1.3 0.9 1.0 1.0 2.0 3.8 19.7 25.5 4.2 Miscellaneous Income (Expense) (1.2) (1.4) (1.7) (1.3) (0.5) 0.2 0.7 0.2 1.1 (4.9) 189.5$ 113.7$ 257.3$ 310.9$ 301.3$ 256.3$ 441.6$ 455.8$ 1,153.7$ 983.2$ GAAP effective tax rate 1 20% 24% 18% 14% 11% 17% 16% 13% 15% 15% Adjusted tax expense (non-GAAP) 31.5$ 34.0$ 40.0$ 46.3$ 50.9$ 59.7$ 73.5$ 89.6$ 222.8$ 171.2$ Adjusted operating earnings (non-GAAP) 173.6 187.8 214.7 242.2 282.3 325.2 386.3 496.1 1,207.6 927.0 Finance costs (13.8) (15.0) (14.4) (13.8) (13.6) (18.0) (21.2) (24.1) (63.3) (56.8) Interest income 1.9 1.3 0.9 1.0 1.0 2.0 3.8 19.7 25.5 4.2 161.7$ 174.1$ 201.2$ 229.4$ 269.7$ 309.2$ 368.9$ 491.7$ 1,169.8$ 874.4$ Adjusted effective tax rate (non-GAAP) 2 19% 20% 20% 20% 19% 19% 20% 18% 19% 20%