The Advisor has contractually agreed to reimburse expenses (excluding Acquired Fund Fees and Expenses, interest, taxes, dividends on short position and extraordinary expenses) in order to limit the Total Annual Operating Expenses for Institutional Shares and for Investor Class to 0.99% and 1.24% respectively through June 30, 2018. —B—Jhe patient must have a depletion of total body sodium The patient must have a relative excess Of total body water The patient must have decreased glomerular filtration Of water The patient must have increased renal excretion of sodium A six month old baby is admitted to the pediatric ward with miting and diarrhea.
Safe Harbor Certain statements and information in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, anticipate, plan, intend, foresee, should, would, could, or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. And its subsidiaries (collectively, the Company) concerning future developments and their effect on the Company. While the Companys management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. All comments concerning the Companys expectations for future revenue and operating results are based on the Companys forecasts for its existing operations and do not include the potential impact of any future acquisitions. The Companys forward-looking statements involve significant risks and uncertainties (some of which are beyond the Companys control) and assumptions that could cause actual future results to differ materially from the Companys historical experience and its present expectations or projections.
Adjusted EPS/Stock Price History 11 Adjusted EPS at 12/31. Stock Price at 12/31.Adjusted EPS is a non-GAAP financial measure.
Adjusted EPS excludes goodwill impairments, changes in the fair value of contingent earn-out obligations and tax valuation allowances. See Appendix III for a GAAP reconciliation to Adjusted EPS $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 2012 2013 2014 2015 2016 Adjusted EPS at 12/31. Stock Price at 12/31 `. Historical Financial Summary ($ in millions, except per share information) 12 (1) Adjusted EPS is a non-GAAP financial measure. Adjusted EPS excludes goodwill impairments, changes in the fair value of contingent earn-out obligations and tax valuation allowances. See Appendix III for a GAAP reconciliation to Adjusted EPS. (2) Adjusted EBITDA is a non-GAAP financial measure.
See Appendix II for a GAAP reconciliation to Adjusted EBITDA. CAGR = 4.19% CAGR = 38.80% CAGR = 24.77% CAGR = 24.03% $0 $300 $600 $900 $1,200 $1,500 $1,800 2012 2013 2014 2015 2016 Revenue $0 $20 $40 $60 $80 $100 $120 2012 2013 2014 2015 2016 Operating Cash Flow $0.00 $0.40 $0.80 $1.20 $1.60 $2.00 2012 2013 2014 2015 2016 Adjusted EPS (1) $0 $20 $40 $60 $80 $100 $120 $140 2012 2013 2014 2015 2016 Adjusted EBITDA (2).
![Gfr Gfr](https://css-pro.ru/_ld/98/9892.png)
Appendix I GAAP Reconciliation to Adjusted EBITDA 19 Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net income (loss), excluding discontinued operations, income taxes, other (income) expense, net, changes in the fair value of contingent earn-out obligations, interest expense, net, gain on sale of assets, goodwill impairment and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entitys financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income (loss), net income (loss), or cash flows as determined under generally accepted accounting principles and as reported by the Company.
Three Months Ended March 31, ($ in thousands) 2017 2016 Net Income $7,477 $9,841 Income Taxes 3,892 5,402 Other (Income) Expense, net (18) (486) Changes in the Fair Value of Contingent Earn-out Obligations 26 - Interest Expense, net 379 700 Gain on Sale of Assets (154) (145) Goodwill Impairment 1,105 - Depreciation and Amortization 6,139 6,258 Adjusted EBITDA $18,846 $21,570. Appendix II GAAP Reconciliation to Adjusted EBITDA (Historical) 20 Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net income (loss) including non-controlling interests, excluding discontinued operations, income taxes, other (income) expense, net, changes in the fair value of contingent earn-out obligations, interest (income) expense, net, loss (gain) on sale of assets, goodwill impairment and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties.
However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entitys financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income (loss), net income (loss), or cash flows as determined under generally accepted accounting principles and as reported by the Company. Appendix III Supplemental Non-GAAP Information (Historical) 21 Note 1: Operating results from continuing operations attributable to Comfort Systems USA, Inc., excluding goodwill impairment, changes in the fair value of contingent earn-out obligations, tax valuation allowances and out of period adjustment are presented because the Company believes it reflects the results of the core ongoing operations of the Company, and because we believe it is responsive to frequent questions we receive from third parties. However, this measure is not considered a primary measure of an entitys financial results under generally accepted accounting principles, and accordingly, this amount should not be considered an alternative to operating results as determined under generally accepted accounting principles and as reported by the Company. Note 2: Net income (loss) from continuing operations attributable to Comfort Systems USA, Inc. Is income (loss) from continuing operations less net income attributable to non-controlling interests. Note 3: The tax rate on these items was computed using the pro forma effective tax rate of the Company exclusive of these charges. Note 4: Correction of prior period accounting errors in 2013 resulted in net after-tax income of approximately $1.3 million, or $0.03 per diluted share.
Year Ended December 31, 2012 2013 2014 2015 2016 Diluted income (loss) per share from continuing operations attributable to Comfort Systems USA, Inc. $0.35 $0.73 $0.61 $1.30 $1.72 Goodwill Impairment -0.01 -Changes in the fair value of contingent earn-out obligations (0.02) (0.04) -(0.01) Tax valuation allowances -(0.08) -Out of period adjustment - (0.03) -Net income from continuing operations attributable to Comfort Systems USA, Inc. Excluding goodwill impairment, changes in the fair value of contingent earn-out obligations, tax valuation allowances and out of period adjustment $0.33 $0.66 $0.54 $1.30 $1.71.