Consolidated Adjusted EBITDA Reconciliation
(in millions)
Note: Adjusted EBITDA is a non-GAAP measure. Margin is calculated as a percentage of consolidated revenues.
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
| Total | Margin | Total | Margin | Total | Margin | Total | Margin | ||||||||||||||||||||
| Net income | $ | 132.2 | 19.6 | % | $ | 146.2 | 23.8 | % | $ | 449.9 | 17.3 | % | $ | 598.7 | 25.0 | % | |||||||||||
| Depreciation and amortization of fixed assets | 47.7 | 7.0 | 43.7 | 7.1 | 185.7 | 7.1 | 165.3 | 6.9 | |||||||||||||||||||
| Amortization of intangible assets | 37.9 | 5.6 | 32.3 | 5.3 | 138.0 | 5.3 | 130.8 | 5.5 | |||||||||||||||||||
| Interest expense | 33.1 | 4.9 | 32.7 | 5.3 | 126.8 | 4.9 | 129.7 | 5.4 | |||||||||||||||||||
| Provision for income taxes | 39.9 | 5.9 | 33.3 | 5.4 | 118.5 | 4.5 | 121.0 | 5.0 | |||||||||||||||||||
| EBITDA | 290.8 | 43.0 | 288.2 | 46.9 | 1,018.9 | 39.1 | 1,145.5 | 47.8 | |||||||||||||||||||
| Litigation reserve | — | — | — | — | 125.0 | 4.8 | — | — | |||||||||||||||||||
| Acquisition-related costs (earn-outs) | 28.0 | 4.1 | 0.9 | 0.2 | 74.0 | 2.9 | 5.1 | 0.2 | |||||||||||||||||||
| Loss from disposition | — | — | — | — | 6.2 | 0.2 | — | — | |||||||||||||||||||
| Gain and interest income on subordinated promissory note receivable | — | — | — | — | — | — | (20.4 | ) | (0.8 | ) | |||||||||||||||||
| Adjusted EBITDA | 318.8 | 47.1 | 289.1 | 47.1 | 1,224.1 | 47.0 | 1,130.2 | 47.2 | |||||||||||||||||||
| Adjusted EBITDA from acquisitions and dispositions | (5.5 | ) | 2.1 | 0.2 | 0.7 | (17.3 | ) | 0.7 | 0.4 | 0.2 | |||||||||||||||||
| Organic adjusted EBITDA | $ | 313.3 | 49.2 | $ | 289.3 | 47.8 | $ | 1,206.8 | 47.7 | $ | 1,130.6 | 47.4 | |||||||||||||||
