UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 6, 2019 (Exact Name of Registrant as Specified in its Charter) Delaware 1-4018 53-0257888 (State or other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 3005 Highland Parkway 60515 Downers Grove, Illinois (Zip Code) (Address of Principal Executive Offices) (630) 541-1540 (Registrant s telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure. Richard J. Tobin, President and Chief Executive Officer of Dover Corporation (the Company or Dover ), will speak at the J.P. Morgan Aviation, Transportation and Industrials Conference in New York, New York, on Wednesday, March 6, 2019, at 2:50 p.m. EST. A copy of the slide presentation to be used by the Company is attached as Exhibit 99.1 to this Current Report on Form 8-K. A link to the live audio webcast of the presentation and related materials will be available on the Company s website (www.dovercorporation.com) and a replay of the webcast will be available on the website for 30 days. The information in this Item 7.01 (including Exhibit 99.1) is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be filed for purposes of Section 18 of the Exchange Act of 1934, as amended (the Exchange Act ), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed by Dover under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01 (d) Exhibits. Financial Statements and Exhibits. 99.1 Dover Corporation Presentation dated March 6, 2019. 2
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 6, 2019 DOVER CORPORATION (Registrant) By: /s/ Ivonne M. Cabrera Ivonne M. Cabrera Senior Vice President, General Counsel & Secretary 3
M a rc h 6,2 0 1 9 D o v e rc o rp o ra tio n J.P.M o rg a n A v ia tio n,t ra n s p o rta tio n & In d u s tria ls C o n fe re n c e R ic h T o b in,p re s id e n t& C E O Exhibit 99.1
F o rw a rd -L o o k in g S ta te m e n ts a n d N o n -G A A P M e a s u re s We w a n to re m in d e v e ry o n e th a to u rc o m m e n ts m a y c o n ta in fo rw a rd -lo o k in g s ta te m e n ts th a ta re in h e re n tly s u b je c to u n c e rta in tie s a n d ris k s.we c a u tio n e v e ry o n e to b e g u id e d in th e ira n a ly s is o fd o v e rc o rp o ra tio n b y re fe rin g to th e d o c u m e n ts w e file fro m tim e to tim e w ith th e S E C,in c lu d in g o u rf o rm 1 0 -K fo r2 0 1 8,fo ra lis to fa c to rs th a tc o u ld c a u s e o u re s u lts to d ife rfro m th o s e a n tic ip a te d in a n y s u c h fo rw a rd -lo o k in g s ta te m e n ts.we w o u ld a ls o d ire c ty o u ra te n tio n to o u rw e b s ite,d o v e rc o rp o ra tio n.c o m,w h e re c o n s id e ra b ly m o re in fo rm a tio n c a n b e fo u n d.in a d d itio n to fin a n c ia l m e a s u re s b a s e d o n U.S.G A A P,D o v e rp ro v id e s s u p p le m e n ta l n o n -G A A P fin a n c ia l in fo rm a tio n.m a n a g e m e n tu s e s n o n -G A A P m e a s u re s in a d d itio n to G A A P m e a s u re s to u n d e rs ta n d a n d c o m p a re o p e ra tin g re s u lts a c ro s s p e rio d s,m a k e re s o u rc e a lo c a tio n d e c is io n s,a n d fo rfo re c a s tin g a n d o th e rp u rp o s e s.m a n a g e m e n tb e lie v e s th e s e n o n -G A A P m e a s u re s re fle c tre s u lts in a m a n n e rth a te n a b le s m o re m e a n in g fu l a n a ly s is o ftre n d s a n d fa c ilita te s c o m p a ris o n o fre s u lts a c ro s s p e rio d s a n d to th o s e o fp e e rc o m p a n ie s.t h e s e n o n -G A A P fin a n c ia l m e a s u re s h a v e n o s ta n d a rd iz e d m e a n in g p re s e n te d in U.S.G A A P a n d m a y n o tb e c o m p a ra b le to o th e rs im ila rly title d m e a s u re s u s e d b y o th e rc o m p a n ie s d u e to p o te n tia l d ife re n c e s b e tw e e n th e c o m p a n ie s in c a lc u la tio n s.t h e u s e o fth e s e n o n -G A A P m e a s u re s h a s lim ita tio n s a n d th e y s h o u ld n o tb e c o n s id e re d a s s u b s titu te s fo rm e a s u re s o fin a n c ia l p e rfo rm a n c e a n d fin a n c ia l p o s itio n a s p re p a re d in a c c o rd a n c e w ith U.S.G A A P.R e c o n c ilia tio n s a n d d e fin itio n s a re in c lu d e d e ith e rin th is p re s e n ta tio n o rin D o v e r s e a rn in g s re le a s e a n d in v e s to rs u p p le m e n tfo rth e fo u rth q u a rte ro f2 0 1 8,w h ic h a re a v a ila b le o n D o v e r s w e b s ite.
D o v e rp o rtfo lio :s tro n g fu n d a m e n ta ls,g D P + g ro w th e x p o s u re,lo w c y c lic a lity C o m m o n M a rk e ta n d P la tfo rm s D o v e rp o s itio n s B u s in e s s M o d e l A trib u te s R e ta il F u e lin g /T ra n s p o rtï, G lo b a l # 2 ;# 1 E U,A s ia â ªG D P + lo n g -te rm g ro w th In d u s tria l P u m p s ï, L e a d e rh ig h -v a lu e a p p s F lu id s # 1 in â ªL im ite d c y c lic a lity P la s tic s & P o ly m e rs ï, p u m p s,p e le tiz e rs $ 2.8 b n H y g ie n ic & P h a rm a ï, N ic h e c o m p o n e n tle a d e râ ªA tra c tiv e in d u s try s tru c tu re P re c is io n C o m p o n e n ts ï, N ic h e c o m p o n e n tle a d e râ ªP re d ic ta b le re p la c e m e n to rc o n s u m a b le d e m a n d M a rk in g & C o d in g ï, # 2 g lo b a ly â ªH ig h ly e n g in e e re d a n d E n g in e e re d D ig ita l P rin tin g ï, # 1 g lo b a ly in te x tile p ro p rie ta ry c o n te n ts y s te m s V e h ic le S e rv ic e s ï, # 1-2 in lifts & c o lis io n $ 2.7 b n â ªD e liv e rin g c u s to m e rr O IS o lid Wa s te P ro c e s s in g ï, # 1 in U S re fu s e tru c k s th ro u g h s u p e rio rin d u s tria l C o m p o n e n ts ï, N ic h e le a d e rs p e rfo rm a n c e,e fic ie n c y,s a fe ty R e frig e ra tio n R e ta il R e frig e ra tio n ï, # 1 in N A â ªD ig ita l c o m p o n e n to th e a n d F o o d F o o d E q u ip m e n tï, N ic h e le a d e rb u s in e s s m o d e l E q u ip m e n th e a tt ra n s fe rï, # 2 g lo b a ly in B P H E $ 1.5 b n â ªL o w c a p ita l in te n s ity B u s in e s s e s w ith le a d in g p o s itio n s in a tra c tiv e m a rk e ts S e g m e n tr e v e n u e b a s e d o n 2 0 1 8 re s u lts.
Q 4 2 0 1 8 H ig h lig h ts R e v e n u e in c re a s e s 3 % to $ 1.8 B B o o k in g s u p 8 % to $ 1.9 B O rg a n ic g ro w th o f6 % O rg a n ic g ro w th o f1 0 % A d ju s te d e a rn in g s fro m c o n tin u in g A d ju s te d d ilu te d E P S fro m c o n tin u in g o p e ra tio n s (1 )in c re a s e s 1 7 % to $ 2 1 1 M o p e ra tio n s (2 )a t$ 1.4 3,u p 2 5 % E a rn in g s fro m c o n tin u in g o p e ra tio n s o n a G A A P $ 0.0 8 b e n e fitre la te d to ta x ite m s (4 )b a s is d o w n 4 5 % to $ 1 5 8 M (3 )D ilu te d E P S fro m c o n tin u in g o p e ra tio n s o n a G A A P b a s is a t$ 1.0 7,d o w n 4 2 %(3 )S e g m e n tp e rfo rm a n c e M a rg in in itia tiv e s A d ju s te d E B IT (1 )in c re a s e s 9 % to $ 2 8 5 M,w ith S G & A rig h ts iz in g p ro g ra m la rg e ly c o m p le te d ;m a rg in a t1 5.7 % b e g a n firs tp h a s e o fo o tp rin tra tio n a liz a tio n in Q 4 $ 3 0 M to ta l b e n e fitin 2 0 1 8 fro m rig h ts iz in g A d ju s te d E B IT D A (1 )u p 6 % to $ 3 5 2 M in itia tiv e s A n n o u n c e d fo o tp rin ta c tio n s ;e x p e c t~ $ 1 8 M a n n u a liz e d b e n e fit,m o s tly p o s t-2 0 1 9 O th e ra c tiv itie s $ 1 B re p u rc h a s e p ro g ra m c o m p le te d.~ 1 4 7.1 M d ilu te d s h a re s o u ts ta n d in g a ty e a re n d B e la n g e ra c q u is itio n c lo s e d o n J a n u a ry 2 5,2 0 1 9 N o n -G A A P m e a s u re s (d e fin itio n s a n d re c o n c ilia tio n s in a p p e n d ix )A d ju s te d d ilu te d E P S e x c lu d e s a c q u is itio n -re la te d a m o rtiz a tio n a n d rig h ts iz in g c o s ts (re c o n c ilia tio n in a p p e n d ix )G A A P m e a s u re s in 2 0 1 7 p rim a rily im p a c te d b y n e tb e n e fits fro m d is p o s itio n s a n d a n e tb e n e fitfro m th e T a x C u ts a n d J o b s A c t(re c o n c ilia tio n in a p p e n d ix )In c lu d e s $ 0.0 3 b e n e fitfro m d is c re te ta x e s in th e q u a rte r
E x p e c th e a lth y re v e n u e g ro w th a n d s tro n g E P S a c c re tio n in 2 0 1 9 E n g in e e re d R e frig e ra tio n 2 0 1 9 S y s te m s F lu id s & F o o d E q u ip T o ta l O rg a n ic re v e n u e 3 % 4 % 3 % 4 % 1 % 3 % 2 % 4 % A c q u is itio n s 2 % 1 % D is p o s itio n s C u re n c y (1 %)(2 %)(1 %)(2 %)T o ta l re v e n u e 2 % 3 % 3 % 4 % 0 % 2 % 2 % 3 % ï, N e tin te re s te x p e n s e :â ^$ 1 2 2 m ilio n ï, T a x ra te :â ^2 1 % 2 3 % ï, C a p ita l e x p e n d itu re s :â ^3.1 % 3.4 % o fre v e n u e ï, F re e c a s h flo w :â ^8 % 1 2 % o fre v e n u e A d ju s te d E P S :$ 5.6 5 $ 5.8 5 (1 )D o la r/e u ro a s s u m p tio n :1.1 4 N o te :N u m b e rs m a y n o ta d d d u e to ro u n d in g (1 )A d ju s te d E P S e x c lu d e s a c q u is itio n -re la te d a m o rtiz a tio n c o s ts a n d rig h ts iz in g a n d o th e rc o s ts (re c o n c ilia tio n in a p p e n d ix );a s s u m e s 1 4 7.1 m ilio n d ilu te d w e ig h te d a v e ra g e s h a re s o u ts ta n d in g
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D e liv e rin g o n c o m m itm e n ts D o v e rn e a ra n d m e d iu m te rm p rio ritie s 2 0 1 8 1 H 2 0 1 9 2 H 2 0 1 9 a n d b e y o n d S tre n g th e n E x e c u tio n,r e a liz e D o v e r s E a rn in g s D e liv e ro n C o m m itm e n ts a n d G ro w th P o te n tia l ïƒ ¼ D e liv e ro n S G & A rig h ts iz in g in itia tiv e â ªIn v e s tb e h in d D o v e r s le a d in g b u s in e s s e s to c a p tu re g ro w th p o te n tia l In p ro g re s s Im p ro v e p e rfo rm a n c e in R e ta il F u e lin g & O n tra c k T ra n s p o rta tio n a n d R e ta il R e frig e ra tio n â ªS o lid ify fo c u s o n re lia b le e x e c u tio n a s a k e y te n e to fth e D o v e rc u ltu re ïƒ ¼ C o n tin u e o rg a n ic g ro w th a n d p ro d u c tiv ity in v e s tm e n ts â ªF u rth e ro p p o rtu n ity fo rm a rg in im p ro v e m e n t:fo o tp rin tra tio n a liz a tio n,ïƒ ¼ C o m p le te $ 1 B b u y b a c k p ro g ra m b y e n d a u to m a tio n o f 1 8 ;o p p o rtu n is tic a ly in c re a s e re p u rc h a s e s â ªP u rs u e in o rg a n ic o p p o rtu n itie s to b u ild o u td o v e rp la tfo rm s :g a in s c a le,g ro w th ïƒ ¼ P u rs u e b o lt-o n M & A a ro u n d e x is tin g e x p o s u re,c u s to m e re le v a n c e,e fic ie n c y p la tfo rm s In p ro g re s s â ªR e p u rc h a s e o w n s to c k o p p o rtu n is tic a ly C o m p re h e n s iv e fo o tp rin te v a lu a tio n O n tra c k ïƒ ¼ â ªC o n tin u e to g ro w d iv id e n d R ig h ts iz in g b e g a n in Q 4
B a la n c e d m o d e l to d e liv e rs u s ta in e d lo n g -te rm to p -q u a rtile T S R G ro w th P ro fita b ility C a s h F lo w a n d C a p ita l A lo c a tio n G D P + s u s ta in a b le o rg a n ic g ro w th F in a liz e s y n e rg y c a p tu re fro m G e n e ra te s tro n g F C F re c e n tla rg e d e a ls In v e s tb e h in d th e c o re D is c ip lin e d c a p ita l a lo c a tio n D riv e o p e ra tio n a l a n d e x e c u tio n B u ild & s u s ta in m a rk e t-le a d in g P rio rity to h ig h -R O Io rg a n ic e x c e le n c e a c ro s s p o rtfo lio p o s itio n s in v e s tm e n ts C a p tu re o p p o rtu n ity in S G & A a n d In v e s tin R & D,e n g in e e rin g e d g e, H ig h -c o n fid e n c e,a c c re tiv e in o rg a n ic fo o tp rin tra tio n a liz a tio n c u s to m e rin tim a c y a n d s e rv ic e a d d itio n s D riv e R O IC a c ro s s p o rtfo lio M a in ta in in v e s tm e n tg ra d e c re d itin c re a s e g ro w th e x p o s u re o v e rtim e L e a n c o rp o ra te c e n te ro n g o in g re tu rn o fe x c e s s c a s h to s h a re h o ld e rs D o u b le -d ig itn e a r-te rm E B IT O p F C F ~ 1 0 %+ o fr e v e n u e G D P + to p -lin e g ro w th g ro w th,h ig h -s in g le -d ig itg ro w th 3 0 %+ D iv id e n d p a y o u tlo n g e r-te rm R e in v e s tp a rto ff C F to e n h a n c e s tra te g ic p la tfo rm s a n d c o m p o u n d re tu rn s H ig h -p e rfo rm a n c e o p e ra tin g m o d e l;m a n a g e m e n tin c e n tiv e s a lig n e d w ith s h a re h o ld e rs
L o o k in g a h e a d S e p.2 0 1 8 S h a re re s u lts fro m in itia l b u s in e s s a s s e s s m e n ts e tn e a r-te rm p rio ritie s C o m m ito im p ro v e e x e c u tio n a n d o p e ra tio n s A n n o u n c e n e w rig h ts iz in g p la n a n d R e ta il F u e lin g a n d R e ta il R e frig e ra tio n m a rg in im p ro v e m e n tin itia tiv e s C o m m u n ic a te c a p ita l a lo c a tio n fra m e w o rk J a n.2 0 1 9 R e p o rtc a rd o n in te rim p ro g re s s G iv e 2 0 1 9 g u id a n c e O p e ra tio n a l fo c u s c o n tin u e s C o n tin u e d e x e c u tio n o fs m a rtc a p ita l a lo c a tio n a p p ly in g fra m e w o rk U p d a te o n fo o tp rin to p tim iz a tio n in itia tiv e s S e p.2 0 1 9 R e p o rto n o p e ra tio n a l p ro g re s s,in c lu d in g fa c ility c o n s o lid a tio n a c tio n s M o re h o lis tic v ie w o fp o rtfo lio s tra te g y,g ro w th d riv e rs a n d a re a s fo rin v e s tm e n td e m o n s tra te p ro g re s s o n c a p ita l a lo c a tio n p rio ritie s A rtic u la te lo n g e rte rm g o a ls fo rth e n e w D o v e r9
R e c o n c ilia tio n o fq 4 2 0 1 8 a n d 2 0 1 7 E a rn in g s fro m C o n tin u in g O p e ra tio n s to A d j.e B IT a n d A d j.e B IT D A a n d c a lc u la tio n o fa d j.e B IT m a rg in a n d A d j.e B IT D A m a rg in (U.S.G A A P )Q 4 2 0 1 8 $ in m ilio n s R e v e n u e 1,8 0 9 E a rn in g s fro m c o n tin u in g o p e ra tio n s 1 5 8 A d d b a c k :C o rp o ra te e x p e n s e 3 9 N e tin te re s te x p e n s e 3 0 In c o m e ta x e x p e n s e 2 9 E B IT 2 5 5 E B IT % 1 4.1 % A d ju s tm e n ts :R ig h ts iz in g a n d o th e rc o s ts 2 9 A d ju s te d E B IT S e g m e n t2 8 5 A d ju s te d E B IT % 1 5.7 % A d ju s te d d e p re c ia tio n a n d a m o rtiz a tio n e x p e n s e (1 )6 7 A d ju s te d E B IT D A S e g m e n t3 5 2 A d ju s te d E B IT D A % 1 9.5 % Q 4 2 0 1 7 $ in m ilio n s R e v e n u e 1,7 5 3 E a rn in g s fro m c o n tin u in g o p e ra tio n s 2 9 0 A d d b a c k :C o rp o ra te e x p e n s e 5 2 N e tin te re s te x p e n s e 3 5 In c o m e ta x b e n e fit(2 6 )E B IT 3 5 0 E B IT % 2 0.0 % A d ju s tm e n ts :G a in o n d is p o s itio n s (1 1 7 )D is p o s itio n c o s ts 2 R ig h ts iz in g a n d o th e rc o s ts 3 3 P ro d u c tre c a l re v e rs a l (7 )A d ju s te d E B IT S e g m e n t2 6 1 A d ju s te d E B IT % 1 4.9 % D e p re c ia tio n a n d a m o rtiz a tio n e x p e n s e 7 0 A d ju s te d E B IT D A S e g m e n t3 3 1 A d ju s te d E B IT D A % 1 8.9 % (1 )A d ju s te d d e p re c ia tio n a n d a m o rtiz a tio n e x p e n s e e x c lu d e s d e p re c ia tio n a n d a m o rtiz a tio n in c lu d e d w ith in rig h ts iz in g a n d o th e rc o s ts.
R e c o n c ilia tio n o fq 4 2 0 1 8 a n d 2 0 1 7 E a rn in g s fro m C o n tin u in g O p e ra tio n s to A d j.e B IT a n d A d j.e B IT D A a n d c a lc u la tio n o fa d j.e B IT m a rg in a n d A d j.e B IT D A m a rg in (U.S.G A A P )Q 4 2 0 1 8 $ in m ilio n s R e v e n u e 1,8 0 9 E a rn in g s fro m c o n tin u in g o p e ra tio n s 1 5 8 A d d b a c k :C o rp o ra te e x p e n s e 3 9 N e tin te re s te x p e n s e 3 0 In c o m e ta x e x p e n s e 2 9 E B IT 2 5 5 E B IT % 1 4.1 % A d ju s tm e n ts :R ig h ts iz in g a n d o th e rc o s ts 2 9 A d ju s te d E B IT S e g m e n t2 8 5 A d ju s te d E B IT % 1 5.7 % A d ju s te d d e p re c ia tio n a n d a m o rtiz a tio n e x p e n s e (1 )6 7 A d ju s te d E B IT D A S e g m e n t3 5 2 A d ju s te d E B IT D A % 1 9.5 % Q 4 2 0 1 7 $ in m ilio n s R e v e n u e 1,7 5 3 E a rn in g s fro m c o n tin u in g o p e ra tio n s 2 9 0 A d d b a c k :C o rp o ra te e x p e n s e 5 2 N e tin te re s te x p e n s e 3 5 In c o m e ta x b e n e fit(2 6 )E B IT 3 5 0 E B IT % 2 0.0 % A d ju s tm e n ts :G a in o n d is p o s itio n s (1 1 7 )D is p o s itio n c o s ts 2 R ig h ts iz in g a n d o th e rc o s ts 3 3 P ro d u c tre c a l re v e rs a l (7 )A d ju s te d E B IT S e g m e n t2 6 1 A d ju s te d E B IT % 1 4.9 % D e p re c ia tio n a n d a m o rtiz a tio n e x p e n s e 7 0 A d ju s te d E B IT D A S e g m e n t3 3 1 A d ju s te d E B IT D A % 1 8.9 % (1 )A d ju s te d d e p re c ia tio n a n d a m o rtiz a tio n e x p e n s e e x c lu d e s d e p re c ia tio n a n d a m o rtiz a tio n in c lu d e d w ith in rig h ts iz in g a n d o th e rc o s ts.
R e c o n c ilia tio n o fa d ju s te d E a rn in g s fro m C o n tin u in g O p e ra tio n s to E a rn in g s fro m C o n tin u in g O p e ra tio n s a n d c a lc u la tio n o fa d ju s te d d ilu te d E P S u n d e ru.s.g A A P $ in m ilio n s Q 4 2 0 1 8 Q 4 2 0 1 7 F Y 2 0 1 8 F Y 2 0 1 7 E a rn in g s fro m c o n tin u in g o p e ra tio n s 1 5 8 2 9 0 5 9 1 7 4 7 A c q u is itio n -re la te d a m o rtiz a tio n,p re -ta x 3 5 3 7 1 4 6 1 5 1 A c q u is itio n -re la te d a m o rtiz a tio n,ta x im p a c t(9 )(1 2 )(3 7 )(4 9 )T a x C u ts a n d J o b s A c t(3 )(5 5 )(3 )(5 5 )G a in o n d is p o s itio n s,p re -ta x (1 1 7 ) (2 0 5 )G a in o n d is p o s itio n s,ta x im p a c t 6 3 3 D is p o s itio n c o s ts,p re -ta x 2 5 D is p o s itio n c o s ts,ta x im p a c t (1 ) (2 )R ig h ts iz in g a n d o th e rc o s ts,p re -ta x 3 7 4 9 7 3 4 9 R ig h ts iz in g a n d o th e rc o s ts,ta x im p a c t(8 )(1 5 )(1 5 )(1 5 )P ro d u c tre c a l re v e rs a l,p re -ta x (7 ) (7 )P ro d u c tre c a l re v e rs a l,ta x im p a c t 3 3 A d ju s te d e a rn in g s fro m c o n tin u in g o p e ra tio n s 2 1 1 1 8 0 7 5 6 6 5 5 We ig h te d a v e ra g e s h a re s o u ts ta n d in g d ilu te d (th o u s a n d )1 4 8 1 5 8 1 5 2 1 5 8 D ilu te d E P S ($ )1.0 7 1.8 3 3.8 9 4.7 3 A c q u is itio n -re la te d a m o rtiz a tio n,p re -ta x 0.2 4 0.2 3 0.9 6 0.9 6 A c q u is itio n -re la te d a m o rtiz a tio n,ta x im p a c t(0.0 6 )(0.0 8 )(0.2 4 )(0.3 1 )T a x C u ts a n d J o b s A c t(0.0 2 )(0.3 5 )(0.0 2 )(0.3 5 )G a in o n d is p o s itio n s,p re -ta x (0.7 4 ) (1.3 0 )G a in o n d is p o s itio n s,ta x im p a c t 0.0 4 0.2 1 D is p o s itio n c o s ts,p re -ta x 0.0 1 0.0 3 D is p o s itio n c o s ts,ta x im p a c t (0.0 1 ) (0.0 2 )R ig h ts iz in g a n d o th e rc o s ts,p re -ta x 0.2 5 0.3 1 0.4 8 0.3 1 R ig h ts iz in g a n d o th e rc o s ts,ta x im p a c t(0.0 5 )(0.0 9 )(0.1 0 )(0.0 9 )P ro d u c tre c a l re v e rs a l,p re -ta x (0.0 5 ) (0.0 5 )P ro d u c tre c a l re v e rs a l,ta x im p a c t 0.0 2 0.0 2 A d ju s te d d ilu te d E P S ($ )1.4 3 1.1 4 4.9 7 4.1 5 N o te :N u m b e rs m a y n o ta d d d u e to ro u n d in g
R e c o n c ilia tio n o ff re e C a s h F lo w ;a n d E P S fro m C o n tin u in g O p e ra tio n s to A d ju s te d E P S fro m C o n tin u in g O p e ra tio n s R e c o n c ilia tio n F re e C a s h F lo w R e c o n c ilia tio n $ in m ilio n s D e c e m b e r3 1,D e c e m b e r3 1,2 0 1 8 2 0 1 7 N e tc a s h p ro v id e d b y O p e ra tin g A c tiv itie s 7 8 9 7 3 9 C a p ita l E x p e n d itu re s (1 7 1 )(1 7 0 )F re e C a s h F lo w 6 1 8 5 6 9 A d ju s te d E P S fro m C o n tin u in g O p e ra tio n s R e c o n c ilia tio n R a n g e 2 0 1 9 G u id a n c e fo re a rn in g s p e rs h a re fro m C o n tin u in g O p e ra tio n s,g A A P $ 4.8 1 $ 5.0 1 A c q u is itio n -re la te d a m o rtiz a tio n,n e t0.7 6 R ig h ts iz in g a n d o th e rc o s ts,n e t0.0 8 2 0 1 9 G u id a n c e fo ra d ju s te d E a rn in g s p e rs h a re fro m C o n tin u in g O p e ra tio n s $ 5.6 5 $ 5.8 5
N o n -G A A P D e fin itio n s D e fin itio n s o fn o n -G A A P M e a s u re s :A d ju s te d E a rn in g s fro m C o n tin u in g O p e ra tio n s :is d e fin e d a s e a rn in g s fro m c o n tin u in g o p e ra tio n s a d ju s te d fo rth e e fe c to fa c q u is itio n -re la te d a m o rtiz a tio n,th e T a x C u ts a n d J o b s A c t,g a in s o n d is p o s itio n o fb u s in e s s e s,d is p o s itio n c o s ts,rig h ts iz in g a n d o th e rc o s ts,a n d a p ro d u c tre c a l re s e rv e re v e rs a l.a d ju s te d D ilu te d E a rn in g s P e rs h a re fro m C o n tin u in g O p e ra tio n s :is d e fin e d a s a d ju s te d n e te a rn in g s fro m c o n tin u in g o p e ra tio n s d iv id e d b y a v e ra g e d ilu te d s h a re s.a d ju s te d E B IT b y S e g m e n t:is d e fin e d a s e a rn in g s fro m c o n tin u in g o p e ra tio n s b e fo re in c o m e ta x e s,n e tin te re s te x p e n s e,c o rp o ra te e x p e n s e s,a n d rig h ts iz in g a c tiv itie s.a d ju s te d E B IT M a rg in b y S e g m e n t:is d e fin e d a s a d ju s te d E B IT b y s e g m e n td iv id e d b y s e g m e n tre v e n u e.a d ju s te d E B IT D A b y S e g m e n t:is d e fin e d a s a d ju s te d E B IT b y s e g m e n tp lu s d e p re c ia tio n a n d a m o rtiz a tio n,e x c lu d in g d e p re c ia tio n a n d a m o rtiz a tio n in c lu d e d w ith in rig h ts iz in g a n d o th e rc o s ts.a d ju s te d E B IT D A M a rg in b y S e g m e n t:is d e fin e d a s a d ju s te d E B IT D A b y s e g m e n td iv id e d b y s e g m e n tre v e n u e.f re e C a s h F lo w :is d e fin e d a s n e tc a s h p ro v id e d b y o p e ra tin g a c tiv itie s m in u s c a p ita l e x p e n d itu re s.o rg a n ic R e v e n u e G ro w th :is d e fin e d a s re v e n u e g ro w th e x c lu d in g th e im p a c to fo re ig n c u re n c y e x c h a n g e ra te s a n d th e im p a c to fa c q u is itio n a n d d is p o s itio n s.t h e ta b le s in c lu d e d in th is p re s e n ta tio n p ro v id e re c o n c ilia tio n s o fth e n o n -G A A P m e a s u re s u s e d in th is p re s e n ta tio n to th e m o s td ire c tly c o m p a ra b le U.S.G A A P m e a s u re s.f u rth e rin fo rm a tio n re g a rd in g m a n a g e m e n t s u s e o fth e s e n o n -G A A P m e a s u re s is in c lu d e d in D o v e r s e a rn in g s re le a s e a n d in v e s to rs u p p le m e n tfo rth e fo u rth q u a rte r.