EX-99.1 2 a201307188-kexhibit991.htm EX-99.1 2013.07.18 8-K Exhibit 99.1


Exhibit 99.1

CONTACT:
 
 
Paul Goldberg
 
 
Vice President - Investor Relations
 
 
(212) 922-1640
 
 

DOVER REPORTS SECOND QUARTER 2013 RESULTS; PROVIDES FULL-YEAR OUTLOOK

•
Reports quarterly revenue of $2.2 billion, an increase of 9% over the prior year
•
Delivers quarterly diluted earnings per share from continuing operations of $1.70, an increase of 55% over last year
•
Achieves adjusted quarterly diluted earnings per share from continuing operations of $1.36, excluding tax benefits of $0.36 and Knowles spin off costs of $0.02, up 24% from an adjusted prior year
•
Reaffirms outlook for full year revenue growth at 7% to 9%
•
Expects diluted earnings per share from continuing operations to be in the range of $5.56 to $5.71 after raising the low end of the range, and including tax benefits and incurred spin off costs

Downers Grove, Illinois, July 18, 2013 — Dover (NYSE: DOV) announced today that for the second quarter ended June 30, 2013, revenue was $2.2 billion, an increase of 9% over the prior year period. The revenue increase was driven by organic growth of 5%, an increase of 4% from acquisitions, and a minor impact from foreign exchange. Earnings from continuing operations were $294.4 million, or $1.70 diluted earnings per share (“EPS”), compared to $205.2 million, or $1.10 EPS, in the prior year period, representing increases of 43% and 55%, respectively. EPS from continuing operations includes discrete tax items of $0.36 EPS and Knowles spin off costs of $0.02 EPS recognized in the current quarter. Excluding these items, adjusted EPS from continuing operations for the second quarter of 2013 was $1.36, reflecting an increase of 24% over EPS of $1.10 in the prior year period.

Revenue for the six months ended June 30, 2013 was $4.3 billion, an increase of 7% over the prior year, reflecting organic growth of 2%, a 5% increase from acquisitions, and a minor impact from foreign exchange. Earnings from continuing operations for the six months ended June 30, 2013 were $491.3 million, or $2.82 EPS, compared to $391.6 million, or $2.10 EPS in the prior year period, representing increases of 25% and 34%, respectively. EPS from continuing operations during this period includes discrete tax items of $0.38 EPS and Knowles spin off costs of $0.02 EPS, compared to ($0.01) EPS of discrete tax items in the prior year. Excluding these items, adjusted EPS from continuing operations for the six months ended June 30, 2013 was $2.46, an increase of 17% over an adjusted EPS of $2.11 in the prior year.

Commenting on the second quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, “I am very pleased with our results for the second quarter and the actions we've taken to strengthen our company. The quarter was driven by broad-based growth, particularly among our businesses serving the consumer electronics and refrigeration markets, with solid contribution from our energy and fluids businesses. In all, we posted strong revenue growth of 9%. Segment margin also expanded, where improved performance at Printing & Identification and Engineered Systems helped drive segment margin to 17.3%, a 30 basis point improvement over




last year.”

“We also made progress on several important strategic actions in the quarter. We continued to execute on our share repurchase program, completed four small synergistic acquisitions, and most importantly, announced our intention to spin off several businesses within our Communication Technologies segment to our shareholders, which is progressing as planned. Taken together, these actions demonstrate Dover's ongoing commitment to create significant shareholder value.”

“Looking ahead, 2013 remains largely consistent with the view we previously shared. We continue to expect full year organic revenue growth of 3% to 5%, complemented by acquisition growth of 4%, resulting in total revenue growth of 7% to 9%. Based on our solid second quarter performance, we are taking up the low end of our earnings guidance range. In addition, we are adjusting full year guidance to include discrete tax benefits and incurred spin off costs. As a result, our revised guidance for full year EPS is now $5.56 to $5.71. This range does not include any prospective Knowles spin off costs to be incurred in the next several quarters.”

Net earnings for the second quarter of 2013 were $330.0 million or $1.91 EPS, including earnings from discontinued operations of $35.7 million, or $0.21 EPS, compared to net earnings of $214.1 million, or $1.15 EPS, for the same period of 2012, which included earnings from discontinued operations of $8.9 million, or $0.05 EPS. Reflected within discontinued operations was a goodwill impairment charge of $18.7 million, net of tax, or $0.11 EPS, connected with the anticipated sale of our electronic test and assembly businesses, and discrete tax benefits of $42.7 million, or $0.25 EPS.

Net earnings for the six months ended June 30, 2013 were $540.1 million, or $3.10 EPS, including net earnings from discontinued operations of $48.7 million, or $0.28 EPS, compared to net earnings of $410.2 million, or $2.20 EPS, for the same period of 2012, which included net earnings from discontinued operations of $18.6 million or $0.10 EPS. Reflected within discontinued operations was a goodwill impairment charge of $18.7 million, net of tax, or $0.11 EPS, connected with the anticipated sale of our electronic test and assembly businesses, and discrete tax benefits of $52.4 million, or $0.30 EPS.

Dover will host a webcast of its second quarter 2013 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, July 18, 2013. The webcast can be accessed on the Dover website at www.dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s second quarter results and its operating segments can also be found on the Company’s website.

About Dover:

Dover is a diversified global manufacturer with annual revenues of over $8 billion. For over 50 years, Dover has been delivering outstanding products and services that reflect its market leadership and commitment to operational and technical excellence. The Company's entrepreneurial business model encourages, promotes and fosters deep customer engagement which has led to Dover's well-established and valued reputation for providing superior customer service and industry-leading product innovation. Dover focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Headquartered in Downers Grove, Illinois, Dover employs 35,000 people worldwide. Dover is traded on the New York Stock Exchange under “DOV.” Additional information is available on our website at www.dovercorporation.com.






Forward-Looking Statement:

This press release contains “forward-looking” statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, operating and strategic plans, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover businesses operate and the U.S. and global economies. Statements in this press release that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans,” “supports,” “projects,” “should,” “would,” “could,” “forecast” and “management is of the opinion,” or the use of the future tense and similar words or phrases. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, the state of the worldwide economy and sovereign credit, especially in Europe; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global supply chains and energy markets; current economic conditions and uncertainties in the credit and capital markets; instability in countries where Dover conducts business; the ability of Dover's businesses to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; increased competition and pricing pressures in the markets served by Dover's businesses; the impact of the proposed spin off and our ability to consummate it on the anticipated time line or terms; the terms and timing of the sale of any business in discontinued operations; the impact of loss of a single-source manufacturing facility; changes in customer demand or loss of a significant customer; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; increases in the cost of raw materials; domestic and foreign governmental and public policy changes including environmental regulations, conflict minerals disclosure requirements, and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); protection and validity of patent and other intellectual property rights; the ability to identify and successfully consummate value-adding acquisition opportunities; Dover's ability to achieve expected savings from integration, synergy and other cost-control initiatives; unforeseen developments in contingencies such as litigation; international economic conditions including interest rate and currency exchange rate fluctuations; possible future terrorist threats and their effect on the worldwide economy; and a downgrade in Dover's credit ratings. Dover refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover undertakes no obligation to update any forward-looking statement, except as required by law.











INVESTOR SUPPLEMENT - SECOND QUARTER 2013

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited)(in thousands, except per share data)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Revenue
$
2,228,763

 
$
2,038,289

 
$
4,268,336

 
$
3,992,903

Cost of goods and services
1,372,811

 
1,261,187

 
2,635,762

 
2,469,721

Gross profit
855,952

 
777,102

 
1,632,574

 
1,523,182

Selling and administrative expenses
505,628

 
466,089

 
990,049

 
920,078

Operating earnings
350,324

 
311,013

 
642,525

 
603,104

Interest expense, net
30,280

 
29,715

 
60,524

 
59,746

Other expense (income), net
2,543

 
364

 
(2,176
)
 
2,149

Earnings before provision for income taxes and discontinued operations
317,501

 
280,934

 
584,177

 
541,209

Provision for income taxes
23,149

 
75,778

 
92,836

 
149,644

Earnings from continuing operations
294,352

 
205,156

 
491,341

 
391,565

Earnings from discontinued operations, net
35,697

 
8,945

 
48,711

 
18,599

Net earnings
$
330,049

 
$
214,101

 
$
540,052

 
$
410,164

 
 
 
 
 
 
 
 
Comprehensive earnings
$
332,989

 
$
120,514

 
$
511,713

 
$
357,819

 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
Earnings from continuing operations
$
1.72

 
$
1.12

 
$
2.85

 
$
2.13

Earnings from discontinued operations, net
0.21

 
0.05

 
0.28

 
0.10

Net earnings
1.93

 
1.17

 
3.13

 
2.23

 
 
 
 
 
 
 
 
Weighted average shares outstanding
171,111
 
183,494
 
172,273
 
183,625
 
 
 
 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
 
 
 
Earnings from continuing operations
$
1.70

 
$
1.10

 
$
2.82

 
$
2.10

Earnings from discontinued operations, net
0.21

 
0.05

 
0.28

 
0.10

Net earnings
1.91

 
1.15

 
3.10

 
2.20

 
 
 
 
 
 
 
 
Weighted average shares outstanding
173,097
 
185,780
 
174,325
 
186,171
 
 
 
 
 
 
 
 
Dividends paid per common share
$
0.35

 
$
0.315

 
$
0.70

 
$
0.63

 
 
 
 
 
 
 
 





DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
 
2013
 
2012
 
Q1
Q2
Q2 YTD
 
Q1
Q2
Q2 YTD
Q3
Q4
FY 2012
REVENUE
 
 
 
 
 
 
 
 
 
 
Communication Technologies
$
372,790

$
401,477

$
774,267

 
$
357,575

$
361,689

$
719,264

$
396,470

$
400,851

$
1,516,585

 
 
 
 
 
 
 
 
 
 
 
Energy
561,198

573,471

1,134,669

 
531,570

538,786

1,070,356

562,263

539,985

2,172,604

 
 
 
 
 
 
 
 
 
 
 
Engineered Systems
 
 
 
 
 
 
 
 
 
 
Fluid Solutions
203,991

226,882

430,873

 
180,364

211,974

392,338

218,324

206,500

817,162

Refrigeration & Industrial
664,294

777,396

1,441,690

 
642,213

674,501

1,316,714

674,116

613,012

2,603,842

Eliminations
(352
)
(383
)
(735
)
 
(453
)
(352
)
(805
)
(319
)
(336
)
(1,460
)
 
867,933

1,003,895

1,871,828

 
822,124

886,123

1,708,247

892,121

819,176

3,419,544

 
 
 
 
 
 
 
 
 
 
 
Printing & Identification
237,877

250,646

488,523

 
243,570

251,875

495,445

246,945

254,141

996,531

 
 
 
 
 
 
 
 
 
 
 
Intra-segment eliminations
(225
)
(726
)
(951
)
 
(225
)
(184
)
(409
)
(194
)
(322
)
(925
)
 
 
 
 
 
 
 
 
 
 
 
Total consolidated revenue
$
2,039,573

$
2,228,763

$
4,268,336

 
$
1,954,614

$
2,038,289

$
3,992,903

$
2,097,605

$
2,013,831

$
8,104,339

 
 
 
 
 
 
 
 
 
 
 
NET EARNINGS
 
 
 
 
 
 
 
 
 
 
Segment Earnings:
 
 
 
 
 
 
 
 
 
 
Communication Technologies
$
44,208

$
51,789

$
95,997

 
$
46,556

$
50,322

$
96,878

$
63,706

$
58,376

$
218,960

Energy
139,545

132,926

272,471

 
132,115

133,936

266,051

139,038

133,561

538,650

Engineered Systems
117,178

165,440

282,618

 
122,092

133,808

255,900

144,245

101,807

501,952

Printing & Identification
29,752

35,967

65,719

 
26,089

28,918

55,007

39,502

40,650

135,159

Total Segments
330,683

386,122

716,805

 
326,852

346,984

673,836

386,491

334,394

1,394,721

Corporate expense / other (1)
33,763

38,341

72,104

 
36,546

36,335

72,881

32,001

31,127

136,009

Net interest expense
30,244

30,280

60,524

 
30,031

29,715

59,746

30,399

30,996

121,141

Earnings from continuing operations before provision for income taxes
266,676

317,501

584,177

 
260,275

280,934

541,209

324,091

272,271

1,137,571

Provision for income taxes
69,687

23,149

92,836

 
73,866

75,778

149,644

90,761

64,047

304,452

Earnings from continuing operations
196,989

294,352

491,341

 
186,409

205,156

391,565

233,330

208,224

833,119

Earnings (loss) from discontinued operations, net
13,014

35,697

48,711

 
9,654

8,945

18,599

7,716

(48,364
)
(22,049
)
Net earnings
$
210,003

$
330,049

$
540,052

 
$
196,063

$
214,101

$
410,164

$
241,046

$
159,860

$
811,070

 
 
 
 
 
 
 
 
 
 
 
SEGMENT OPERATING MARGIN
 
 
 
 
 
 
 
 
Communication Technologies
11.9
%
12.9
%
12.4
%
 
13.0
%
13.9
%
13.5
%
16.1
%
14.6
%
14.4
%
Energy
24.9
%
23.2
%
24.0
%
 
24.9
%
24.9
%
24.9
%
24.7
%
24.7
%
24.8
%
Engineered Systems
13.5
%
16.5
%
15.1
%
 
14.9
%
15.1
%
15.0
%
16.2
%
12.4
%
14.7
%
Printing & Identification
12.5
%
14.3
%
13.5
%
 
10.7
%
11.5
%
11.1
%
16.0
%
16.0
%
13.6
%
Total Segment
16.2
%
17.3
%
16.8
%
 
16.7
%
17.0
%
16.9
%
18.4
%
16.6
%
17.2
%
 
 
 
 
 
 
 
 
 
 
 
DEPRECIATION AND AMORTIZATION EXPENSE
 
 
 
 
 
 
 
 
Communication Technologies
$
35,501

$
37,719

$
73,220

 
$
31,513

$
32,828

$
64,341

$
32,997

$
35,281

$
132,619

Energy
26,298

26,599

52,897

 
21,184

23,533

44,717

24,639

25,721

95,077

Engineered Systems
31,551

32,282

63,833

 
19,582

23,913

43,495

23,060

27,066

93,621

Printing & Identification
7,630

7,606

15,236

 
8,331

8,496

16,827

8,777

7,998

33,602

Corporate
859

1,026

1,885

 
700

765

1,465

842

359

2,666

 
$
101,839

$
105,232

$
207,071

 
$
81,310

$
89,535

$
170,845

$
90,315

$
96,425

$
357,585

 
 
 
 
 
 
 
 
 
 
 
(1) Includes $3.3 million of incurred Knowles spin off costs in Q2 2013.





DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)(in thousands)
 
2013
 
2012
 
Q1
Q2
Q2 YTD
 
Q1
Q2
Q2 YTD
Q3
Q4
FY 2012
BOOKINGS
 
 
 
 
 
 
 
 
 
 
Communication Technologies
$
379,122

$
422,293

$
801,415

 
$
347,291

$
387,058

$
734,349

$
411,005

$
363,624

$
1,508,978

 
 
 
 
 
 
 
 
 
 
 
Energy
620,640

525,612

1,146,252

 
585,775

530,352

1,116,127

526,824

550,091

2,193,042

 
 
 
 
 
 
 
 
 
 
 
Engineered Systems
 
 
 
 
 
 
 
 
 
 
Fluid Solutions
223,764

213,359

437,123

 
184,711

204,139

388,850

197,767

209,872

796,489

Refrigeration & Industrial
755,026

784,904

1,539,930

 
711,911

666,223

1,378,134

600,065

606,931

2,585,130

Eliminations
(373
)
(432
)
(805
)
 
(408
)
(376
)
(784
)
(258
)
(399
)
(1,441
)
 
978,417

997,831

1,976,248

 
896,214

869,986

1,766,200

797,574

816,404

3,380,178

 
 
 
 
 
 
 
 
 
 
 
Printing & Identification
237,217

259,282

496,499

 
249,773

251,733

501,506

244,611

252,937

999,054

 
 
 
 
 
 
 
 
 
 
 
Intra-segment eliminations
(720
)
(137
)
(857
)
 
(609
)
(221
)
(830
)
(759
)
(1,020
)
(2,609
)
 
 
 
 
 
 
 
 
 
 
 
Total consolidated bookings
$
2,214,676

$
2,204,881

$
4,419,557

 
$
2,078,444

$
2,038,908

$
4,117,352

$
1,979,255

$
1,982,036

$
8,078,643

 
 
 
 
 
 
 
 
 
 
 
BACKLOG
 
 
 
 
 
 
 
 
 
 
Communication Technologies
$
458,765

$
480,426

 
 
$
451,110

$
476,745

 
$
491,041

$
453,172

 
 
 
 
 
 
 
 
 
 
 
 
Energy
311,793

255,544

 
 
296,360

282,364

 
248,233

256,093

 
 
 
 
 
 
 
 
 
 
 
 
Engineered Systems
 
 
 
 
 
 
 
 
 
 
Fluid Solutions
178,854

184,142

 
 
191,327

172,300

 
156,191

160,890

 
Refrigeration & Industrial
592,922

597,838

 
 
598,910

586,824

 
515,285

516,559

 
Eliminations
(178
)
(227
)
 
 
(132
)
(155
)
 
(94
)
(157
)
 
 
771,598

781,753

 
 
790,105

758,969

 
671,382

677,292

 
 
 
 
 
 
 
 
 
 
 
 
Printing & Identification
95,353

103,864

 
 
102,117

98,216

 
98,356

97,857

 
 
 
 
 
 
 
 
 
 
 
 
Intra-segment eliminations
(886
)
(578
)
 
 
(986
)
(648
)
 
(324
)
(591
)
 
 
 
 
 
 
 
 
 
 
 
 
Total consolidated backlog
$
1,636,623

$
1,621,009

 
 
$
1,638,706

$
1,615,646

 
$
1,508,688

$
1,483,823

 






DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)

 
2013
 
2012
 
Q1
Q2
Q2 YTD
 
Q1
Q2
Q2 YTD
Q3
Q4
FY 2012
Basic earnings (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
1.14

$
1.72

$
2.85

 
$
1.01

$
1.12

$
2.13

$
1.28

$
1.17

$
4.59

Discontinued operations
0.08

0.21

0.28

 
0.05

0.05

0.10

0.04

(0.27
)
(0.12
)
Net earnings
1.21

1.93

3.13

 
1.07

1.17

2.23

1.33

0.90

4.47

 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
1.12

$
1.70

$
2.82

 
$
1.00

$
1.10

$
2.10

$
1.27

$
1.16

$
4.53

Discontinued operations
0.07

0.21

0.28

 
0.05

0.05

0.10

0.04

(0.27
)
(0.12
)
Net earnings
1.20

1.91

3.10

 
1.05

1.15

2.20

1.31

0.89

4.41

 
 
 
 
 
 
 
 
 
 
 
Adjusted diluted earnings per common share (calculated below):
Continuing operations
$
1.10

$
1.36

$
2.46

 
$
1.01

$
1.10

$
2.11

$
1.25

$
1.09

$
4.44

 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss):
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
196,989

$
294,352

$
491,341

 
$
186,409

$
205,156

$
391,565

$
233,330

$
208,224

$
833,119

Discontinued operations
13,014

35,697

48,711

 
9,654

8,945

18,599

7,716

(48,364
)
(22,049
)
Net earnings
210,003

330,049

540,052

 
196,063

214,101

410,164

241,046

159,860

811,070

 
 
 
 
 
 
 
 
 
 
 
Average shares outstanding:
 
 
 
 
 
 
 
Basic
173,448

171,111

172,273

 
183,737

183,494

183,625

181,763

177,257

181,551

Diluted
175,567

173,097

174,325

 
186,706

185,780

186,171

183,932

179,365

183,993

Note:
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations are adjusted by discrete tax items and incurred Knowles spin off costs to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
2012
 
Q1
Q2
Q2 YTD
 
Q1
Q2
Q2 YTD
Q3
Q4
FY 2012
Adjusted earnings from continuing operations:
 
 
 
 
 
 
 
Earnings from continuing operations
$
196,989

$
294,352

$
491,341

 
$
186,409

$
205,156

$
391,565

$
233,330

$
208,224

$
833,119

Gains (losses) from discrete and other tax items
4,525

61,477

66,002

 
(1,610
)
(372
)
(1,982
)
4,513

13,606

16,137

Knowles spin off costs
—

(3,322
)
(3,322
)
 
—

—

—

—

—

—

Adjusted earnings from continuing operations
$
192,464

$
236,197

$
428,661

 
$
188,019

$
205,528

$
393,547

$
228,817

$
194,618

$
816,982

 
 
 
 
 
 
 
 
 
 
 
Adjusted diluted earnings per common share:
 
 
 
 
 
 
 
Earnings from continuing operations
$
1.12

$
1.70

$
2.82

 
$
1.00

$
1.10

$
2.10

$
1.27

$
1.16

$
4.53

Gains (losses) from discrete and other tax items
0.02

0.36

0.38

 
(0.01
)
—

(0.01
)
0.02

0.07

0.09

Knowles spin off costs
—

(0.02
)
(0.02
)
 
—

—

—

—

—

—

Adjusted earnings from continuing operations
$
1.10

$
1.36

$
2.46

 
$
1.01

$
1.10

$
2.11

$
1.25

$
1.09

$
4.44

 
 
 
 
 
 
 
 
 
 
 
* Per share data may not add due to rounding.
 
 
 
 
 
 
 






DOVER CORPORATION
QUARTERLY FREE CASH FLOW
(unaudited)(in thousands)

 
2013
 
2012
 
Q1
Q2
Q2 YTD
 
Q1
Q2
Q2 YTD
Q3
Q4
FY 2012
Cash flow from operating activities
$
78,326

$
304,729

$
383,055

 
$
161,327

$
243,363

$
404,690

$
285,811

$
570,659

$
1,261,160

Less: Additions to property, plant and equipment
(47,153
)
(53,284
)
(100,437
)
 
(68,249
)
(72,758
)
(141,007
)
(67,842
)
(88,163
)
(297,012
)
Free cash flow
$
31,173

$
251,445

$
282,618

 
$
93,078

$
170,605

$
263,683

$
217,969

$
482,496

$
964,148

 
 
 
 
 
 
 
 
 
 
 
Free cash flow as a percentage of earnings from continuing operations
15.8
%
85.4
%
57.5
%
 
49.9
%
83.2
%
67.3
%
93.4
%
231.7
%
115.7
%
 
 
 
 
 
 
 
 
 
 
 
Free cash flow as a percentage of revenue
1.5
%
11.3
%
6.6
%
 
4.8
%
8.4
%
6.6
%
10.4
%
24.0
%
11.9
%