北美环境服务业：收益调整指南

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1、ABGlobalResearch19March2019EquitiesNorthAmericaEnvironmentalServicesGeneralIndustrialServicesNorthAmericaAGuidetoEarningsAdjustmentsLookingatadecadeofearningsadjustmentsEarningsadjustmentsarecommonintheEnvironmentalServicesector,providedbymanagementstobetterassessthe

2、operatingperformanceoftheunderlyingbusinessesinagivenperiod.Adj.EBITDA,adj.FCF,andadj.EPShavealsobecomethenormforinvestorvaluationmethodologies,inourview.Inthisreport,weprovideadetailedlookatindustryandcompanyspecificadjustedearningsmetricsoverthelast10yearstoprovidei

3、nvestorswithanunderstandingofthenatureandrelativeimpactoftheadjustments.AdjustedEBITDAAdjustmentscompriseapproximately6%ofcumulativeadj.EBITDAforthegroupoverthe10-yearsending2018.However,this10-yearcumulativeisskewedbylargeone-offimpairmentsincertainyears.Themedianann

4、ualcontributionfromadjustmentstoadj.EBITDAis4%.EBITDAadjustmentshavebeenrelativelymoresignificantforcompanieswithrecenttransformativeM&A,restructuringorpubliclisting.Largercompanieswithlongeroperatinghistoriesinourdatasetgenerallyapplyrelativelysmalleron-goingadjustme

5、nts,withoccasionalone-offlargehistoricaladjustments.AdjustedFCFAdjustmentstoreportedFCFcompriseapproximately3%ofcumulativeadj.FCFforthegroupoverthe10-yearsending2018.Themedianannualcontributionofadjustmentstoadj.FCFisjust0.7%.Inaddition,reportedFCFforallcompaniesexcep

6、tCVAincludescashfromassetdivestitureswhichincreasescumulativereportedFCFby13%comparedtoatextbookdefinitionofcashfromoperationsminuscapex.On-goingadjustmentsAnnualadjustmentstoEBITDAcomprisedmorethan5%oftotaladj.EBITDAapproximatelyhalfthetimeinour10-yeardataset.Impairm

7、entchargesaccountedfor60%oftheindustry'stotalEBITDAadjustmentsoverthistimeperiod.However,giventheone-offnatureofimpairments,wesuggestinvestorsfocusonvariouswayscompaniesdealwithrecurringrestructuringandstockcompensationadjustments.ForFCFanareaoffocuswouldbetheadd-back

8、ofcashflowfromdivestmentsaboveandbeyondthenormalend-of-lifevalueofphysicalassets,suchasbusinessdivestments.JonWindham,CFAAn