(In thousands, except for percentages) (Unaudited)
The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and year ended December 31, 2023.
|
|
For the quarter ended December 31, 2023 |
|
For the year ended December 31, 2023 |
||||||||||
|
|
$ |
|
% |
|
$ |
|
% |
||||||
GAAP revenue growth |
|
$ |
489,399 |
|
|
16.6 |
% |
|
$ |
1,506,753 |
|
|
13.6 |
% |
Incremental revenues from acquisitions |
|
|
(10,863 |
) |
|
(0.4 |
)% |
|
|
(107,133 |
) |
|
(1.0 |
)% |
Organic revenue growth, a non-GAAP measure |
|
$ |
478,536 |
|
|
16.2 |
% |
|
$ |
1,399,620 |
|
|
12.6 |
% |
EMCOR GROUP, INC.
RECONCILIATION OF 2023 AND 2022 NON-GAAP MEASURES
(In thousands, except for percentages and per share data) (Unaudited)
In our press release and related presentation, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the years ended December 31, 2023 and 2022. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures for such periods.
|
For the years ended
|
||||
|
2023 |
|
2022 |
||
GAAP operating income |
$ |
875,756 |
|
$ |
564,877 |
Impairment loss on long-lived assets |
|
2,350 |
|
|
— |
Non-GAAP operating income |
$ |
878,106 |
|
$ |
564,877 |
|
|
For the years ended
|
||||
|
|
2023 |
|
2022 |
||
| GAAP operating margin |
7.0 |
% |
|
5.1 |
% |
| Impairment loss on long-lived assets |
0.0 |
% |
|
— |
% |
| Non-GAAP operating margin |
7.0 |
% |
|
5.1 |
% |
|
|
For the years ended
|
|||||
|
|
2023 |
|
2022 |
|||
| GAAP net income |
$ |
632,994 |
|
|
$ |
406,122 |
| Impairment loss on long-lived assets |
|
2,350 |
|
|
|
— |
| Tax effect of impairment loss on long-lived assets |
|
(651 |
) |
|
|
— |
| Non-GAAP net income |
$ |
634,693 |
|
|
$ |
406,122 |
|
|
For the years ended
|
|||||
|
|
2023 |
|
2022 |
|||
| GAAP diluted earnings per common share |
$ |
13.31 |
|
|
$ |
8.10 |
| Impairment loss on long-lived assets |
|
0.05 |
|
|
|
— |
| Tax effect of impairment loss on long-lived assets |
|
(0.01 |
) |
|
|
— |
| Non-GAAP diluted earnings per common share |
$ |
13.34 |
|
|
$ |
8.10 |
| _________ |
| Amounts presented in this table may not foot due to rounding. |
