Equifax 2009 Annual Report Download - page 80
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2009 2008
Diluted earnings per share — GAAP $ 1.83 $ 2.09
Acquisition-related amortization expense,
net of tax 0.43 0.42
Restructuring and asset write-down
charges, net of tax 0.13 0.08
Income tax benets (0.06) (0.11)
Diluted earnings per share, adjusted for
certain items — Non-GAAP $ 2.33 $ 2.48
The references in the “Financial Highlights” section to “Diluted earn-
ings per share, adjusted for certain items” on the inside cover and
to “adjusted earnings per share” on page 1 of this Annual Report,
exclude certain items from the nearest equivalent presentation
under U.S. generally accepted accounting principles, or GAAP. The
non-GAAP measures are provided to show the performance of our
core operations without the effect of the excluded items, consistent
with how our management reviews and assesses Equifax’s historical
performance when measuring operating protability, evaluating per-
formance trends and setting performance objectives. The non-GAAP
measures are not a measurement of nancial performance under
GAAP, should not be considered as an alternative to net income,
operating income, operating margin or earnings per share, and may
not be comparable to non-GAAP nancial measures used by other
companies.
Diluted Earnings per Share, Adjusted for Certain Items and Ad-
justed Earnings per Share — These non-GAAP measures exclude
the following items:
Acquisition-Related Amortization Expense — Excluding
acquisition-related amortization expense, net of tax, of $55.3 mil-
lion and $54.7 million in 2009 and 2008, respectively, provides
meaningful supplemental information regarding our nancial
results for the years ended December 31, 2009 and 2008, as it
allows investors to evaluate our performance for different periods
on a more comparable basis by excluding items that relate to
acquisition-related intangible assets.
Restructuring and Asset Write-Down Charges — During
2009, we recorded restructuring charges of $24.8 million ($15.8
million, net of tax) as we took further steps to realign our busi-
ness to better support our strategic objectives. In 2008, we
recorded $16.8 million of restructuring and asset-write down
charges ($10.5 million, net of tax) related to our business realign-
ment. Management believes excluding these charges provides
meaningful supplemental information regarding our nancial
results for the years ended December 31, 2009 and 2008, since
charges of such material amounts are not comparable among
the periods.
Income Tax Benefits — In the fourth quarter of 2009, we rec-
ognized a $7.3 million income tax benet related to our ability to
utilize foreign tax credits beyond 2009. During the third quar-
ter of 2008, we recognized a $14.6 million income tax benet
related to the reversal of a reserve associated with our Brazilian
operations, for which the statute of limitations expired during
that quarter. Management believes excluding these income tax
benets provides meaningful supplemental information regarding
our nancial results for the years ended December 31, 2009 and
2008, since income tax benets of such material amounts are
not comparable among the periods.
RECONCILIATIONS RELATED TO NON-GAAP FINANCIAL MEASURES
78 EQUIFAX 2009 ANNUAL REPORT
11943 Equifax_Financials.indd 78 3/4/10 4:21 PM