After the refinancing pro-forma short-term debt would reduce to USD34 million and would be sufficiently covered by pro-forma cash of USD54 million.
|
|
For the year ended September 30, 2015: $112.4 million pro forma combined revenue$9.5 million pro forma combined Adjusted EBITDA For the six months ended March 31, 2016: $61.8 million pro forma combined revenue$5.7 million pro forma combined Adjusted EBITDA Operating results for the six months ended March 20163, 2016 are not intended to represent or be indicative of operating results for a full year.
|
|
The financing will have pro forma net first lien leverage of 5.6x and net total leverage of 6.8x, based on pro forma Ebitda of €161.6m to September 2017, the sources said.
|
|
At first glance, this announcement could be largely pro forma.
|
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The ratings are pro forma for a planned leveraged recapitalization.
|
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EDT: The House is in for a pro forma session.
|
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The business plan, slide deck and pro forma were written.
|
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They will be accorded their pro forma moments of silence.
|
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Fitch expects pro forma leverage of approximately 4.8x and pro forma adjusted gross leverage of 6.3x followed by a period of delevering to the company's target net leverage of 3.5x by year-end 2017.
|
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The company reported adjusted pro forma operating profit rose 6% from a year ago to $1.32 billion, helped by volumes and price increases over the quarter, while pro forma sales were steady at $20193 billion.
|
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Nexi said in the prospectus it had 2.6 billion euros in debt at the end of 2018 on a pro-forma basis, costing the group five times its pro-forma net income in interest payments.
|
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Cosan and its subsidiaries accounted for around 90% of Cosan Limited's consolidated pro forma revenues, 75% of pro forma EBITDA and 100% of dividends received in the latest-12-months (LTM) ended June 30 2017.
|
|
Pro forma financial leverage, following the debt repayment, decreased to 18.6%.
|
|
The Senate agreed to hold pro forma sessions throughout the recess.
|
|
On a pro-forma basis, Garmin earned 49 cent per share.
|
|
The Senate will be in pro forma session at 5 p.m.
|
|
The Senate meets for a pro forma session at 3 p.m.
|
|
LIQUIDITY STOF's liquidity is strong pro forma for the recent transactions.
|
|
The Senate had a pro forma session at 21625:2900 a.m.
|
|
The House will have a pro forma session at 9 a.m.
|
|
The House meets for a pro forma session at 220006 p.m.
|
|
The House holds a pro forma session at 3:2023 p.m.
|
|
The Senate holds a pro forma session at 2:15 p.m.
|
|
Dow delivered pro forma sales of approximately $50 billion in 2018.
|
|
The House meets for a pro forma session at 10 a.m.
|
|
Following the refinancing, pro forma leverage will likely be under 0003x.
|
|
Mr. de Blasio countered, saying the Amazon deal was pro forma.
|
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The combined company would create pro forma annual revenue surpassing $21.6 billion.
|
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One asylum officer described the interviews as "pro forma" — just for show.
|
|
Revenue fell 12 percent to $9.9 billion on a pro forma basis.
|
|
The combined company would generate around $11 billion in pro forma revenue.
|
|
This is estimated at EUR560m in FY16 pro-forma for Ahold Delhaize.
|
|
The House has a pro forma session today with no votes expected.
|
|
The Senate will be in pro forma session Tuesday at 21625 p.m.
|
|
Roughly 80% of the combined entity's pro-forma debt represents spectrum commitments.
|
|
If you look at pro forma , it's going to be about flat.
|
|
The Senate convenes for a pro forma session at 6900:2628 a.m.
|
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He heard nothing for six years, then received a pro-forma denial.
|
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Not just a pro forma agreement on something that doesn't really matter.
|
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It will hold a pro forma session on Monday at 28503 a.m.
|
|
What seemed audacious just a few years ago is now pro forma.
|
|
First, the pro forma tier 1 capital ratio is estimated to be approximately 630bps lower than AF's standalone tier 1 capital ratio at year-end 2016, while the pro forma TCE ratio is estimated to be approximately 167bps lower.
|
|
Adjusted pro forma EPS of $1.83 also beat expectations of $1.73 per share.
|
|
Revenue also fell 12 percent to $9.9 billion on a pro forma basis.
|
|
He has a pro forma deal that, as I understand it, everybody gets.
|
|
So expert, yet the pro forma qualities strip him of his erotic power.
|
|
Core profit for 2018 was 46.3 million euros on a pro forma basis.
|
|
The pro-forma fully loaded CET1 ratio stood at 11.1% at end-2016.
|
|
Pro forma including the preferred issuance, FLR is expected to decrease to 5823%.
|
|
Moody's Investors Service put adjusted pro forma opening leverage at around 4.3 times.
|
|
Both the House and Senate met on Monday for a pro forma session.
|
|
Stripping out the boost from currencies, pro-forma sales were up 21 percent.
|
|
Indicated 2.43 percent lower Released pro forma operating income of 22.4 million euros.
|
|
This used to be the pro-forma standard for a Supreme Court nominee.
|
|
Republican Party leaders in Congress wagged their fingers and delivered pro forma denunciations.
|
|
You make those pro forma calls to protect yourself, to protect the institution.
|
|
The Senate convenes Friday for a pro forma session at 220006:2202 a.m.
|
|
Houellebecq indulges in his trademark offensiveness, but the misogynist jabs feel pro forma.
|
|
The firm's work for us is in no way pro forma or 'ministerial.
|
|
Saying thank you to departing managers is often pro forma in these situations.
|
|
The rating revision to 'BBB-' reflects Fitch's expectations that the leverage for the combined entity will be around 3.5x in 2018 from a current pro forma leverage of around 5.5x (pro forma for announced acquisitions and divestitures at Jarden and Newell).
|
|
Leverage was roughly 2.3x at year-end 6463, and including Aon's recent $750 million senior debt issuance, pro forma leverage temporarily increased to roughly 2.6x (adjusting for the one-time legal settlement in early 2015, pro forma leverage would be 2.4x).
|
|
Loews had pro forma cash and investments of approximately $4.9 billion, as of Dec.
|
|
Fitch expects pro forma leverage following the debt issuance and redemption to be 19%.
|
|
Nutrien's pro forma loss was $120 million in the same period a year earlier.
|
|
WeWork ended September with around $6.4 billion of pro forma cash ($5b at parent).
|
|
The business is expected to have a pro forma revenue of about $12.9 billion.
|
|
The pro-forma comparative for last year's second-quarter profit is 125 million euros.
|
|
Total debt-to-EBITDA pro forma for the acquisition of AdvancePierre Foods Holdings, Inc.
|
|
The ratings apply to approximately $17.8 billion of debt pro forma as of Sept.
|
|
Its pro forma leverage following the sale of assets to Walgreens Boots Alliance, Inc.
|
|
WHERE AND WHEN The House convenes a pro forma session at 6900:2628 a.m.
|
|
Pro forma net debt as at 31 December 103 was reported at EUR344 million.
|
|
On a pro forma basis, the company's annual revenue would be about $55 billion.
|
|
McConnell also rejected the notion that allowing for a pro forma session on Dec.
|
|
A few House members were in town for the "pro forma" session, including Rep.
|
|
Loan-to-value pro forma for the transaction remains comfortably within the rating sensitivities.
|
|
It should be pro forma for a university to support free and wide inquiry.
|
|
On a pro-forma basis, revenue and EBITDA increased 6.7% and 12.5% yoy, respectively.
|
|
Separately, the bank published pro-forma earnings to reflect business segments following its restructuring.
|
|
The Senate will hold a pro forma session on Monday at 85003:45 p.m.
|
|
The speech appeared at the onset like a pro forma, scripted, safe teleprompter read.
|
|
It sounds like a pro forma gesture on his part, and maybe he'll forget.
|
|
Trump's attendance, then, is not just some pro-forma appearance he's required to attend.
|
|
REPORTS FIRST QUARTER 2018 RESULTS; PRO FORMA REVENUE GROWTH OF 8.7%; NET LOSS OF $24 MILLION; PRO FORMA ADJUSTED EBITDA GROWTH OF 10.9%; INCREASES 2018 REVENUE AND ADJUSTED EBITDA GUIDANCE * QTRLY NET LOSS PER SHARE $0.16 Source text for Eikon: Further company coverage:
|
|
LIQUIDITY Pro Forma Liquidity Coverage at 1.4x: For the period July 1, 2017 through Dec.
|
|
Pro forma leverage increases to 6.9x after considering realization of $450 million in cost synergies.
|
|
That increases its pro forma 2018 output to about 177,000 boepd of oil and gas.
|
|
That compares with first-half pro-forma EBITDA of A$13.9 million reported in February.
|
|
Negatively, the bank's pro forma CRE concentration will continue to constrain FMBI's rating over time.
|
|
The Company is providing the unaudited pro forma condensed combined information for illustrative purposes only.
|
|
Overall contribution to group pro forma EBITDA at 2016 will be around 10% (pre-synergies).
|
|
Atlantia calculated its pro-forma data for 2018 H1 including Abertis results from Jan. 1.
|
|
On a pro forma basis, Nutrien earned $705 million in net income a year earlier.
|
|
Pro-forma estimated loan-to-deposits is 74.9% which remains conservative and supports CBU's rating.
|
|
The Senate is adjourned until Monday, when it will be in a pro forma session.
|
|
Which is why there have been pro-forma sessions during every recess of this term.
|
|
Fitch estimates Lightower will generate roughly 17% of pro forma EBITDA of the combined entity.
|
|
Policymakers in Congress routinely mouth what has become largely pro forma support for equal pay.
|
|
Liquid Telecom's recovery analysis assumes a post-reorganisation EBITDA 25% below pro-forma FYE17 EBITDA.
|
|
Mr. Sisi, then the defense minister, ran in a pro forma presidential election in 2014.
|
|
Even after he won the presidency, Trump maintained his pro forma commitment to social insurance.
|
|
Pro forma for the senior notes issuance, total debt was $44.9 billion as of Dec.
|
|
In normal times, this motion — offered by the Senate majority leader — is generally pro forma.
|
|
"PRO-FORMA" SESSIONS The recent decline in overall working days does not tell the whole story.
|
|
It felt polished but pro forma, too disconnected from the stage to have an emotional impact.
|
|
Therefore, Fitch estimated pro forma capitalization metrics since once this hits will be absorbed through capital.
|
|
Pro forma for the senior notes offering and anticipated application of proceeds, total debt at Oct.
|
|
The combined company would have a 2019 pro forma revenue of about $6.6 billion, Ingersoll said.
|
|
The company posted pro forma earnings of 87 cents a share on revenues of $812 million.
|
|
The company's net sales on a pro-forma basis fell to $2.47 billion from $2.58 billion.
|
|
Net losses, however, were up 32 percent QoQ to $939 million on a pro forma basis.
|
|
"PRO-FORMA" SESSIONS The recent decline in overall working days does not tell the whole story.
|
|
As of March 31, 2017, pro forma outstanding borrowings on AMT's RCFs totalled approximately $2.9 billion.
|
|
The half-year loss compared with a pro forma profit of $339 million a year ago.
|
|
CBU's estimated pro-forma Tier 1 Leverage Ratio will decline to 9.2% from 10.4% at 103Q16.
|
|
Fitch estimates year-end 2016 pro forma leverage to be 6.9x, up from 7503x in 2015.
|
|
Pro forma for the issuance, Fitch's actions affect $2.25 billion including the revolving credit facility (RCF).
|
|
Pro forma for the incremental debt, EBITDA leverage at June 30, 2017 would have been 3.8x.
|
|
Not the kind of pro forma, minute-long farce that usually passes for a bail review.
|
|
Back then, the House and Senate closed their public galleries and held intermittent pro forma sessions.
|
|
Following the investment, the combined company will have a pro forma enterprise value of $1.5 billion.
|
|
"All the boards and CEOs are trying to work out pro forma plans now," says Swildens.
|
|
"The first update on financials for the combined pro forma business reads well," said Investec analysts.
|
|
" But a federal transportation official told my colleagues, "The federal approval process is not pro forma.
|
|
"This is wildly inappropriate, and this pro forma trick should be rejected," Covenant Review's report said.
|
|
No single business division accounted for more than 35% of CKHH's pro forma EBITDA in 2015.
|
|
A spokeswoman for Menendez noted that the resolution is "pro forma," or a matter of form.
|
|
After the transaction, total pro-forma net asset value of GCI Liberty would be $6.46 billion.
|
|
Pro forma year-end availability on Crown's senior unsecured RCF was $1.645 billion as of Dec.
|
|
Both are traditionally pro forma steps on the way to the start of the Senate trial.
|
|
This combine business generated total sales of $39 billion in 7.203 on a pro forma basis.
|
|
"That's one easy, easy pro forma that I think we should abolish immediately, except it would devastate some of the metrics the Silicon Valley companies are valued on because a lot of them are valued on these pro-forma numbers that disregard actual compensation expenses," he said.
|
|
Fitch expects pro forma FCF to range from $1.4 billion to $13 billion during the ratings horizon.
|
|
On a pro-forma basis, the bank set a target range between 7 percent and 11 percent.
|
|
Senate majority leader Mitch McConnell said the Senate would meet in a "pro forma" session on Monday.
|
|
The deal will allow ASD shareholders to own 38.75 percent of NADEC's pro forma issued share capital.
|
|
The Senator from Kentucky said the body would hold a pro forma session on Monday, Dec. 53.
|
|
The bottom line: Powell will continue to make pro-forma noises about paying attention to financial markets.
|
|
The pro-forma profit after tax for the new company for 2017 was approximately 1.8 billion crowns.
|
|
The earnings per share calculations have been adjusted to reflect the pro forma transactions outlined above. 3h.
|
|
Debt to capitalization, once very high, is now a very manageable 27.9% on a pro forma basis.
|
|
Glenview, Illinois-based Signode, which had pro-forma sales of $2.3 billion in the year ended Nov.
|
|
It is not the number of days in session, which is sometimes inflated by pro forma days.
|
|
The chamber is scheduled to convene for a pro forma session at 85033:30 on Friday afternoon.
|
|
Bills that are not considered controversial are often placed before the House for a pro-forma vote.
|
|
On Thursday, the Senate adjourned until Monday, when it is scheduled to hold a pro forma session.
|
|
In a procedural move, he carved out pro forma sessions on Christmas Eve and again on Dec.
|
|
The resignation is pro forma in Taiwan for a ruling party when it loses a major election.
|
|
First half adjusted pro forma operating profit declined 4% at constant exchange rates to 187 million pounds.
|
|
The pro forma adjusted EBITDA loss climbed from $304 million in Q1 to $404 million in Q2.
|
|
More and more athletes have clearly had enough, turning typically pro forma news conferences into morality plays.
|
|
On a pro forma basis, Northrop said it expects 2017 sales of $29.5 billion to $30 billion.
|
|
WHEN WE RUN THE PRO FORMA FINANCIAL BUSINESS CALCULATIONS, IT'S NOTHING LIKE 2007 LOOKED LIKE TO 2008.
|
|
They were still heckling the TV people in the media pen, but it felt unfocused, pro forma.
|
|
The combined entity's 2017 pro forma net sales are expected to be about $5 billion, McCormick said.
|
|
The new estimates were delivered in a pro forma basis, including HSBC Bank Brasil since Jan. 2015.
|
|
As a result, PL's pro forma financial leverage ratio increased to 25.9% from 15.8% as of Dec.
|
|
Post-closing, FHN's estimated pro forma CET1 ratio is 9%, down substantially from 10.2% as of 1Q0003.
|
|
As our fellow foreign ministers know, multilateral meetings are often pro-forma exercises in giving prepared statements.
|
|
In a scenario assuming a 40% write-down to direct and indirect exposures, Fitch estimates a pro forma TCE/TA ratio of 12.05% for BPOP and a pro forma TCE/TA ratio of 12.22% for FBP, which would still be relatively high versus similarly sized US mainland banks.
|
|
Unadjusted pro forma gross total leverage has declined from 4.7x in 2011 to approximately 4.3x and core leverage has gone from 4.3x to approximately 3.9x pro forma for the issuance (assuming the remaining $300 million of net proceeds is used for debt repayment after the preferred stock is repaid).
|
|
Plus Horan sees the Sprint merger substantially increasing the companies' pro forma value through $6 billion in synergies.
|
|
The company said its adjusted pro forma operating profit was $1.32 billion, exceeding analysts' expectations of $1.29 billion.
|
|
Comcast reported pro forma first-quarter revenue for Sky of $4.8 billion, driven mainly by higher content revenue.
|
|
Many of those companies touted "pro-forma" profits that were derided as excluding everything but the kitchen sink.
|
|
LIQUIDITY Base Case Coverage 0.8x; Pro Forma 1.3x: Fitch views SRC's liquidity to be low for the rating.
|
|
This would compare with 236 million euros for the first half of 2016 on a pro forma basis.
|
|
It had posted a pro forma loss of $11 million, or 2 cents per share, a year earlier.
|
|
FairPoint and Consolidated together generated pro forma annual revenue of more than $1.5 billion as of Sept. 30.
|
|
Democrats would have been able to filibuster a motion to adjourn, helping push the pro forma session arrangement.
|
|
The grouo's FY net profit amounted to 225 million euro from 2300 million euro in 2225 pro-forma.
|
|
It adjourned until Monday, when there will be a pro forma session on the last day of 2628.
|
|
On a pro forma basis, CalAtlantic stockholders are expected to own about 26 percent of the combined company.
|
|
Both the House and Senate on Thursday conducted brief, minutes-long pro forma sessions before quickly gaveling out.
|
|
Pro-forma FFO adjusted gross leverage, after the AccorInvest sale and including the Mantra acquisition, could reach 6.5x.
|
|
Republican leaders have that locked up right now, so it will be more pro-forma than anything else.
|
|
Pro forma for the acquisition, Coach will generate almost $6 billion in sales and $1.4 billion in EBITDA.
|
|
The U.S. business had previously recorded an 18.7 percent pro-forma margin for the year to September 2017.
|
|
Fitch expects Pinewood to hold about GBP35 million pro forma cash as a result of the bond issue.
|
|
Indicated 1.9 percent lower The company reported a 47 percent decline in first-quarter pro-forma operating income.
|
|
The transaction values Costa at more than 16 times the pro forma earnings for its 2018 fiscal year.
|
|
The infrastructure and ports businesses (together 48% of pro forma EBITDA in 2015) provide visible, recurring cash flows.
|
|
Pro forma for the Alignvest transaction and expected debt reduction, Fitch estimates core telecom leverage of mid-3x.
|
|
The deal will boost pro forma annual revenue from Europe to more than $2 billion, the CEO said.
|
|
It's tender and intimate and scared and shocked and frustrated and mechanical and pro forma all at once.
|
|
The unaudited pro forma condensed combined financial information gives effect to the acquisition of Danya as if the acquisition had been consummated at October 212016, 2131 for the unaudited pro forma condensed combined statements of operations for the year ended September 212016, 213.5 and the six months ended March 213, 212016.
|
|
Sales rose 4.9 percent on a pro-forma basis to 3.05 billion francs, also in line with the poll.
|
|
Pro forma leverage for the transaction increases to 32103x from 5.3x at March 31, 2016, excluding anticipated cost synergies.
|
|
Pro-forma revenues for the combined group advanced 4.7 percent to $28.15 billion last year, according to the slides.
|
|
On a pro forma basis, adjusted Debt to EBITDAR should be around 2.7x from the 4.2x in September 2016.
|
|
In particular, pro-forma net sales fell 4.7 percent to $6.79 billion, in-line with the average analyst estimate.
|
|
These usually pro-forma measures can turn contentious when Congress and the White House are controlled by different parties.
|
|
Garmin now sees full-year pro forma earnings of about $2.50 a share on revenues of about $2.9 billion.
|
|
We expect the group's capitalisation ratios would reduce on a pro forma basis, but still remain a rating strength.
|
|
Revenue including Abertis rose to 5.6 billion euros in the first half, up 3% on a pro-forma basis.
|
|
Amneal Holdings' members will own 75 percent and Impax shareholders 25 percent of the new company's pro forma shares.
|
|
Fitch calculates pro forma fixed-charge coverage of 8.6x for 49473H16, excluding the senior notes that matured on Aug.
|
|
As a result, TIAA's adjusted statutory financial leverage could increase to slightly above 15% on a pro forma basis.
|
|
However, on a pro forma basis, it earned 16 cents per share, beating estimates by 2 cents per share.
|
|
She brings out more of his exceptional story, but her weeping feels pro forma and thus breaks the spell.
|
|
Pro forma for the $3.8 billion debt issuance and subsequent repayment of $1.1 billion of 1.125% notes maturing Dec.
|
|
CLI's pro-forma liquidity coverage improves to 212000x assuming it refinances 4807123% of its secured mortgage maturities through 212001.
|
|
The President then got a short, pro forma briefing for the benefit of the cameras and the group adjourned.
|
|
The Negative Watch for AT&T reflects the increase in leverage for AT&T, pro forma for the transaction.
|
|
INTESA SANPAOLO SPA - FULLY LOADED PRO-FORMA CET1 RATIO AT END-SEPT 14.2% VS 13.9 PCT AT END-JUNE
|
|
The company closed 21000 with FFO net leverage (pro forma for EUR212000 billion of escrow cash) of around 4807123x.
|
|
Pro forma leverage is up from 5.2x in 2016 and OZM's longer-term historical range of 1.5x to 2.5x.
|
|
But the chamber will be conducting pro-forma sessions next week that would allow for the introduction of bills.
|
|
After the closing of SBI, Fitch observes that FMBI's pro forma loan portfolio make-up should remain relatively constant.
|
|
DNO said it would publish pro-forma results and its 2019 investment programme later this month and in March.
|
|
At the fighters' face-off, sidemen jumped in to separate the combatants, but their intervention seemed rather pro forma.
|
|
They avoid pro forma quotations from the candidate's allies or opponents with obvious praise or criticism of the plans.
|
|
He spoke to me with a kind of pro forma monotone and a hint of boredom, which he acknowledged.
|
|
Our culture is suffused with celebrity coverage, but much of it is similar, or intra-referential or pro forma.
|
|
He identifies targets, still unprofitable, selling at three-to-four times revenues or fifteen times pro-forma operating earnings.
|
|
Fitch expects pro forma financial leverage following the senior note issuance to increase to 21500% from 21000% at Sept.
|
|
With the White House's support, McConnell designed a pro forma trial meant to acquit Trump as quickly as possible.
|
|
But when it comes time to look at Ratto's pro-forma, the financial report falls short of his expectations.
|
|
However, the deal price, including debt, implies a 15.4 multiple on Rockwell's pro-forma EBITDA for 2017, he added.
|
|
At end-2016, the pro forma fully loaded CET103 ratio was 14.3% (including Rabobank Certificates issued in January 2017).
|
|
Negative ratings pressure could develop should FHN's CET1 and/or TCE position fall below the estimated pro forma levels.
|
|
The court's 2014 ruling deemed such "pro forma" sessions to be real for the purpose of preventing recess appointments.
|
|
DERIVATION SUMMARY Transocean's ratings are supported by its market position as the largest global offshore driller with a strong backlog ($3371908 billion as of July 33719113, 33711; Pro forma $33710003 billion) and exclusively floater-focused rig fleet (Pro forma 3371908 total rigs with 33710540 stacked) largely contracted with financially stronger international oil companies.
|
|
Wood said its pro forma 2017 results will include the results of Amec and heritage Wood Group from Jan. 1.
|
|
Fitch estimates pro forma leverage including the projected EBITDA contribution of Tysabri immediately following the transaction close of 3.2x-3.3x.
|
|
Offsetting this, the pro forma capital ratios are estimated to be lower than AF's reported ratios at year-end 2016.
|
|
To put the cart of democracy defined by the pro-forma exercise of elections before the horse does not work.
|
|
This was a pro forma election, the proverbial retirement gold watch; other commissioners have been inducted, too, regardless of merit.
|
|
Estimated pro forma, combined tangible common equity (TCE) ratio is expected to remain around 153% when the SBI transaction closes.
|
|
APPENDIX The following unaudited pro forma condensed combined financial statements combine the historical consolidated financial information of DLH Holdings Corp.
|
|
Senate to meet in pro forma sessions on August 43, 8, 11, 15, 18, 22, 25, 29 and September 1.
|
|
That allowed it to raise its pro forma adjusted profit forecast to a range of $3.75 to $3.85 per share.
|
|
Micro Focus jumped 11.4 percent, the biggest blue-chip gainer, after its annual pro-forma revenue fell less-than-expected.
|
|
In 2012, Obama made appointments to the National Labor Relations Board despite the Senate being in a pro forma session.
|
|
On an adjusted, pro-forma basis, Uber's net loss in the final quarter of 22019 was a slimmer $768 million.
|
|
In the latest fourth quarter, revenue more than doubled to $1.06 billion, but fell slightly on a pro-forma basis.
|
|
This takes into account BAT's pro forma strong business profile and profitability, which are compatible with an 'A' category rating.
|
|
ANZ's CET1 ratio was 10.6% at end-September 2017 and this transaction will add 65bp on a pro forma basis.
|
|
Pro forma FLR and total leverage remain within Fitch's expectations for the rating category at approximately 17.7% and 26.5%, respectively.
|
|
N, and help boost its pro forma annual revenue to more than $2.3 billion, the company said in a statement.
|
|
On an adjusted, pro-forma basis, Uber's net loss in the final quarter of 2018 was a slimmer $768 million.
|
|
Fitch expects $300 million to $500 million of annual FCF through the intermediate term, pro forma for the Ixia acquisition.
|
|
The company said on a pro forma basis, it earned $149 million or 13 cents a share, a year earlier.
|
|
Democrats have pledged to block any move by requiring the Senate to have pro-forma sessions throughout the August recess.
|
|
There will be a pro forma Senate session on Monday, but the next actual session is scheduled for Thursday afternoon.
|
|
Adding the announced CHF4 billion capital increase, the pro forma ratio would have stood at around 13.4% at end-1Q13.
|
|
Most recently, the company acquired Meda for about $10 billion including assumed debt, driving pro forma gross leverage above 4.0x.
|
|
An affirmation appears unlikely at this stage in light of the significantly weaker pro-forma capitalisation of the enlarged group.
|
|
While both Pence and Trump offered denunciations of anti-Semitism, their words felt pro forma in light of their actions.
|
|
However, advertising revenue fell 7 percent, while merchandising, distribution and other revenues slumped 33 percent on a pro-forma basis.
|
|
On a pro-forma basis, the combined company generated $4.2 billion in net revenue for the year ended March 31.
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The full text, appended below, doesn't contain a single whiff of apology (aside from pro forma praise for America's spies).
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WE WERE ABLE TO ANTICIPATE IT BY DOING THESE PRO FORMA FINANCIAL NUMBERS AND SO ON. BUT ACTUALLY, WHO DID?
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The non-GAAP statements — called pro forma numbers or adjusted results — often exclude expenses like stock awards and acquisition costs.
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Pro-forma revenue of the combined group is expected to be around €3bn for the year ending December 31 2019.
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Pro forma for the transaction, Fitch expects leverage will be in the lower 4x range at the end of 2016.
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Core capital pro-forma stood at 11.82 percent at end-March, compared with 10 percent at the end of 2018.
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LIQUIDITY Adequate Liquidity, Simple Structure: OMI's liquidity profile is appropriate pro forma for the recently expanded RCF and term loan.
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DERIVATION SUMMARY Transocean's ratings are supported by its market position as one of the largest global offshore drillers with a strong backlog ($10.2 billion as of July 25, 3371212; pro forma $3371908 billion) and exclusively floater-focused rig fleet (pro forma 33719113 total rigs with 337116 stacked) largely contracted with financially stronger international oil companies.
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Last year the House had 27 pro-forma days, none of which lasted more than seven minutes, the Reuters review found.
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Although lawmakers have returned home for the holidays, Congress technically is still in session and holding "pro-forma" sessions this week.
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Abbas is desperate, and his nice words about fighting terror and incitement after his meeting with Greenblatt have become pro forma.
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Separately, the cinema operator said its total revenue fell 9.4 percent on a pro-forma basis for the period between Jan.
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The ratings could also be withdrawn if Fitch is unable to fully evaluate Sterling Bancorp's credit profile pro forma with Astoria.
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Our pro forma calculation includes $150 million of annualized EBITDAR for National Harbor and $95 million in rent paid to MGP.
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Additionally, should the company pursue an acquisition that results in materially lower pro forma capital levels, negative rating action could follow.
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Comcast reported revenue of $26.86 billion on a pro-forma basis, which fell short of Wall Street expectations of $27.06 billion.
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But still, it's very odd that he wouldn't issue a pro forma statement promising to put conservative justices on the bench.
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Fitch estimates that unencumbered assets (assuming a stressed 8% - 10% cap rates) will cover unsecured debt by 1.4x - 0003x pro forma.
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A few years ago, such an accession would have been pro forma — Slovenia, Croatia and Albania joined the alliance years ago.
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This figure is subject to change, however, once there is more clarity around pro forma owned asset composition and associated NOI.
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The company's liquidity coverage improves to 21000x on a pro forma basis for the company's post 211Q'21500 financing discussed above.
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TIAA's adjusted statutory financial leverage could increase to just over 15% on a pro forma basis, which exceeds current rating expectations.
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The company, which posted a 12 percent rise in pro forma group daily net gaming revenue for the quarter ended Sept.
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The argument to which Republicans will likely shift is bound to resemble other now pro forma defenses of the president's behavior.
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And the annual influenza story became a largely pro forma public health story: Viral strain identified, vaccine manufactured, full speed ahead!
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The President gives a pro-forma statement that "the state of our union is strong," because what else would it be?
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Additionally, should the company pursue an acquisition that results in materially lower pro forma capital levels, negative rating action is possible.
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Today's rating actions follow Fitch's review of F&G Life's pro forma ownership structure, financial profile, and operating strategy post acquisition.
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Initially, the Clinton campaign had allowed Wasserman Schultz to stick around this week to perform a few pro-forma podium duties.
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Pro forma margins are down from reported margins of 21.8% in 2016 and OZM's longer-term historical range of 35%-45%.
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BXP's liquidity coverage would improve to 212015x (2117x pro forma) assuming the company refinances maturing mortgages at 212015% of current balances.
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Bottom line: Adjusted pro forma EBITDA loss of $304 million, down 49% from a year ago and 36% from Q4 2017.
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That decision next month once seemed pro forma, but no longer, with some even predicting a breakdown in the talks. Mrs.
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Acceptance is the final stage, and in this case, it comes with the understanding that all that deliberation was pro forma.
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LIQUIDITY Capex Growth Pressures Liquidity On a pro forma basis, the restricted group had USD87m cash at the end of 1H16.
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The letter will be submitted during Tuesday's pro forma session of the House, at which time Collins' resignation will be official.
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Luckily, my boss -- Congressman Brown -- is letting me skip staffing him when he presides over the pro-forma session this morning.
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He was in town Tuesday to preside over a brief, pro-forma session of the Senate where no business was conducted.
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Even with a president of their own party in office, Senate Republicans decided in January to keep the pro forma tradition.
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Post transaction, pro forma FY17 ebitda would increase to $11.8m * Transaction funded via $10.7 mln of cash and bank debt and $2.7 mln of zenitas scrip * Deal highly accretive to zenitas eps, with pro forma fy17 eps accretion of 22% after non- controlling interests and pre-synergy benefit Source text for Eikon: Further company coverage: (Reporting by Sumeet Gaikwad)
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In each of the last five years the House had more pro-forma days than in previous Congresses going back to 2002.
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In January, Ahold Delhaize reported fourth quarter pro forma net sales of 15.51 billion euros, down 1.0 percent on the previous year.
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In the olden days, said Paul Collins, professor of legal studies at the University of Massachusetts, the hearings were more pro forma.
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Pro forma for the private placement, Fitch's actions affect $14.3 billion of total debt, including the $500 million revolving credit facility (RCF).
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Fitch expects capex of $20153 million-$270 million during 2016; --Pro forma unadjusted gross leverage above 4.5x with expected delevering during 2017.
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Pro-forma core capital totalled 13.1% of assets in December, up from three months earlier, leaving an ample buffer for shareholder compensation.
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He was endorsed by resurgent white supremacist groups including the Ku Klux Klan and has only given pro forma denunciations of them.
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Fitch estimates pro forma operating FCC to remain strong at 10x for 1Q16 (7x for full-year 49473) including the preferred issue.
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Still, the Senate went into a pro forma -- it's a Latin term meaning "as a matter of form" -- session anyway, with Sen.
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Lowe's Canada and Rona will create a retailer with 2015 pro-forma revenue of about C$5.6 billion, Lowe's said on Wednesday.
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ANZ's life insurance business contributed pro forma cash net profit after tax of AUD28256 million in the financial year ending September 20310.
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Though the House is in recess next week, there are two pro forma sessions Monday and Thursday when legislation can be introduced.
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DHX Media said the deal would be 6 percent to 10 percent accretive to earnings per share, on a pro forma basis.
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Pro forma for the transaction, PEG should represent approximately 10% of CS&L's revenues and would operate as a taxable REIT subsidiary.
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High Leverage Post Transaction: Fitch expects ABILITY will initially be levered 8x pro forma for the recapitalization and dividend to its shareholders.
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In turn, the Gulf monarchs have made only pro forma protests against Mr. Trump's recognition of Jerusalem as the capital of Israel.
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The House and Senate continue to meet in pro forma sessions but are not scheduled to return for votes until Sept. 9.
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Pro forma total leverage including tribal debt and excluded the delayed draw is 1.5x, compared to 7503x as of March 31, 2017.
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Amneal Holdings' members will own about 75 percent and Impax shareholders will own 25 percent of the new company's pro forma shares.
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Pro forma leverage could approach or exceed 3x immediately after the acquisition close, if Abbott does not pay down any debt beforehand.
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Pro forma cash and equivalents, including cash consideration for the Songa Offshore transaction, is approximately $2 billion as of June 30, 2017.
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In 33711, ANTM anticipated receiving $3371312 billion of dividends from its subsidiaries, which Fitch estimates is approximately 3371368x pro forma interest expense.
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Bradesco reported earnings on a pro-forma basis to account for its purchase of the Brazilian unit of HSBC Holdings last year.
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In turn, the gulf monarchs have made only pro forma protests against Mr. Trump's recognition of Jerusalem as the capital of Israel.
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The combined business would have had pro forma revenue from brokerage execution services of more than $400 million in 2016, Cowen said.
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On a pro-forma basis, the profit was down from 2.68 billion dirhams a year earlier, primarily due to slower business momentum.
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Pro forma for the issuance, Fitch's actions affect $212 billion of total debt including the $2 billion undrawn revolving credit facility (RCF).
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Fitch forecasts that 2017 pro-forma FFO net leverage of 5.6x is expected to lead to an extended period of higher leverage.
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Fitch estimates the contingent liquidity provided to LSI's unsecured bondholders declined to 2.3x pro forma for Life Storage from 3.2x at Sept.
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They turned protective orders into pro forma exercises to muzzle lawyers who might otherwise share pertinent information with regulators or the public.
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Normally, Trump takes a crass, transactional view on foreign policy, rejecting the pro-forma assumptions about maintaining good diplomatic relationships with allies.
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On a pro forma basis, it lost $1.62 a share, but that was steeper than the $1.60 a share loss analysts were expecting.
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Few of the 10m killed in combat died from a "bullet, straight to the heart", as pro forma telegrams to relatives put it.
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Total pro forma oil and gas production rose about 11% to 591,800 barrels of oil equivalent per day (boe/d) in the quarter.
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Uber's net losses were up 32 percent quarter-over-quarter as of late last year to $939 million on a pro forma basis.
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Noel Canning, the Court said the president cannot appoint individuals to fill vacancies if the Senate holds "pro forma" sessions every three days.
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This year's reported earnings were 25 percent lower than pro forma figures, the biggest difference since 2008, according to the Wall Street Journal.
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At the completion of the offering, BOC's ownership of BOC Aviation was reduced to 70% of the pro forma share capital from 5823%.
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Pro forma for the note issuance, Fitch expects total leverage to remain within its sensitivities at the 'BBB' Issuer Default Rating (IDR) level.
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On a "pro-forma" basis, the profit was down from 2.68 billion dirhams from a year earlier, primarily due to slower business momentum.
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Pramila Jayapal of Washington announced they planned to introduce the resolution when the House of Representatives has a brief "pro forma" session Friday.
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Like the movie star name-dropping, they're pro forma, just a case of Allen poking listlessly at his favorite topics without really engaging.
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Linde's third-quarter adjusted pro forma EPS of $1.94 beat expectations while sales of $7.00 billion were slightly below expectations of $7.12 billion.
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Fitch expects capex of $255 million-$270 million (net of landlord contributions) during 2016; --Pro forma unadjusted gross leverage above 4.5x during 2017.
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There's not much pro forma about "They Drink It in the Congo," the Adam Brace play at the Almeida Theater through Oct. 6.
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Intact's financial leverage as of March 31, 2017 was approximately 19%, and pro forma for the acquisition the ratio increases to approximately 25%.
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Pro forma net sales fell 5 percent from a year earlier to $7.1 billion, dinged by a strong U.S. dollar and product divestitures.
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They do, which means that "Ghostbusters" is also a female-friendship movie, but without the usual genre pro forma tears, jealousies and boyfriends.
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Total pro forma revenue of AXA Equitable Holdings in the six months to June 30 was $6.99 billion, according to the SEC filing.
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Intact's financial leverage as of March 7503, 2017 was approximately 19% and pro forma for the acquisition the ratio increases to approximately 25%.
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Pro forma FEBITDA/interest expense is down from 4.6x at year-end 2016 and OZM's longer-term historical range of 9x to 30x.
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Some of them, like Chancellor Angela Merkel of Germany, offered veiled criticism even as they sent Mr. Trump pro forma letters of congratulation.
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This has broadly neutral implications for the combined group's pro-forma CET1 and total capital ratios compared with the plans unveiled in February.
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While both the House and Senate technically opened for brief pro forma sessions Monday, the chambers are not set to reconvene until Thursday.
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California's Senate still has to vote it through again, but it's "pretty much pro forma at this point" and will head to Gov.
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That would push its gross debt to Ebitda to 220x and pro forma gearing ratio to above 2198.3%, according to the rating agency.
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He requests that they write up a pro-forma, which is a summary of present and projected finances that includes revenue and expenses.
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"The management board believes that these will most likely lead to a negative pro forma operating income margin for Q1 2020," it added.
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Northwestern's surplus notes to total adjusted capital (TAC) ratio was 6% as of June 30, 2017 and 10% pro forma for the issuance.
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In 2018, RCF posted pro-forma revenues of 183 million euros, including EAW and DPA, with adjusted core earnings of 40 million euros.
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Prices for the new sugar production are already hedged and incremental EBITDA on a pro forma basis is estimated at over BRL60 million.
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KEY ASSUMPTIONS Fitch's key assumptions for Newell on a combined basis with Jarden include: --Organic revenue growth rate of 3% annually (offset by foreign exchange of 2% in 2016 and neutral FX thereafter) on a pro forma base of $15.5 billion; --EBITDA growing to $3.2 billion in 2018 from a 05403 pro forma EBITDA base of $2.4 billion (annualizing recent acquisitions and divestitures); --FCF generation of $800 million in 2017 and approaching $1 billion by 2019; --Pro forma combined leverage of 5.5x trending to below 3.5x by 2018 on EBITDA growth and $2.4 billion of debt reduction.
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REPORTS RECORD FULL YEAR 2019 AND FOURTH QUARTER FINANCIAL RESULTS * Q4 SALES $154.3 MILLION VERSUS REFINITIV IBES ESTIMATE OF $130.2 MILLION * SEES 2020 CONSOLIDATED NET SALES OF AT LEAST $815 MILLION ON PRO FORMA BASIS * SEES 2020 ADJUSTED EBITDA OF AT LEAST $100 MILLION ON PRO FORMA BASIS * FY2020 REVENUE VIEW $807.7 MILLION — REFINITIV IBES DATA Source text for Eikon: Further company coverage:
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Offsetting these strengths is AAT's pro forma leverage, which is in the high 6.0x range as of June 30, 2017 and exceeds Fitch's expectations.
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Ru Group will fully consolidate ESForce and will disclose all results on a pro-forma basis going forward to allow like-for-like comparison.
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The proposed acquisition would also reduce CICC's leverage, with gross leverage likely to decline to about 3.9x on a pro forma basis from 5.1x.
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The company reported fourth quarter pro forma underlying operating income of 608 million euros, down 3.9 percent from the same period a year ago.
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We raise our PO from $90 to $105, now based on 17x vs prior 14x pro forma EPS to account for our improved outlook.
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Pro forma for the spin-off transaction, which includes $400 million in additional proceeds from the Master Trust facility, the coverage rises to 1.3x.
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On a pro-forma basis, the company reported a net loss of $608.6 million, or $2.83 per share, in the fourth quarter ended Dec.
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The repurchase is viewed by Fitch as neutral within a context of the 'BB' IDR, since pro forma consolidated gross leverage will remain unchanged.
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Moody's estimates IBM's pro-forma gross adjusted debt to Ebitda at 1.7 times as of September 30, and S&P estimates 35.73 times currently.
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In the pro forma condensed combined balance sheet, the Company has estimated a purchase price based upon estimated working capital at March 31, 2016.
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Improving Credit Metrics We expect 2016 (pro-forma) free cash flow (FCF) to be low due to one-off integration costs and transaction fees.
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As of March 31, 2016, outstanding borrowings on AMT's $2.75 billion credit facility (2013 Revolver) totalled approximately $13 billion on a pro forma basis.
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This caused KD Group's financial leverage to increase to 46% on a pro-forma basis from 40% at end-2015 (2014: 47%, 2013: 2033%).
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Pro forma for the deal, Fitch expects total leverage (total debt-to-operating EBITDA) will be 3x-3.5x, depending upon the ultimate funding mix.
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One is that the position will be filled internally, but there's some kind of pro forma process that involves talking to theoretical outside candidates.
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The symptoms persisted in California, and a doctor suggested a brain MRI, which she described as pro forma, given Sun's youth and good health.
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Johnny Isakson, a Georgia Republican, told reporters in the Capitol after overseeing a short pro-forma session of the Senate, which is otherwise recessed.
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The company reported adjusted pro forma earnings per share of 62 cents, topping the 58-cent estimate from Thomson Reuters I/B/E/S.
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Wood's adjusted earnings before interest, taxes and amortization rose 5.4 percent on a pro forma basis to $630 million for the year ended Dec.
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These reported results — known as adjusted or pro forma earnings — eliminate certain costs and are therefore rosier than they would be under accounting rules.
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The deal, worth $2.68 billion at the offer price, is expected to generate more than $7 billion in expected pro-forma revenue in 2018.
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Nexi, owned by private equity firms Bain Capital, Advent and Clessidra, said its pro-forma adjusted core earnings in 2018 were 424 million euros.
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Coca-Cola's long-term debt maturing in the next 12 months pro forma for the debt issuance in early 2017 is approximately $13 billion.
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Lynn E. Turner was the chief accountant of the S.E.C. during the late 1990s, a period when pro forma figures really started to bloom.
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On a pro forma basis, the company posted a loss of $5.7 million on revenue of $643.8 million in the nine months ended Sept.
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Overall revenue at the television business more than doubled to C$425.6 million ($13 million), but fell 5 percent on a pro-forma basis.
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Broadcom currently anticipates that Brocade's FC SAN business will contribute approximately $900 million of pro forma non-GAAP EBITDA in its fiscal year 2018.
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And it showed: Aside from pro forma clashes with each other over health care and Iraq, the two largely stayed out of the fray.
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A new administration can always count on many organizations to issue pro forma statements expressing a nonpartisan willingness to work with the new leader.
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Nevertheless, unreserved NPLs, foreclosed assets and stakes in corporate restructuring funds represented a still high 173% of pro-forma FCC at end-September 2016.
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The units had preliminary, unaudited revenues of 99 million euros in 2019, and a pro forma adjusted operating profit of 10 million, Alma said.
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More specifically, Democrats could keep the Senate in "pro forma" session indefinitely by showing up every three days to keep the chamber technically active.
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In 2018, the combined business of Wintershall and DEA had pro-forma sales of 5.7 billion euros and a net income of 1.16 billion euros.
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Excluding the expected 3% negative currency impact over the full-year, Linde's adjusted pro forma EPS is seen growing 15% to 19% year-on-year.
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Nexi, owned by private equity firms Bain Capital, Advent and Clessidra, said its pro-forma adjusted core earnings (EBITDA) in 2018 were 424 million euros.
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The $1.5 billion savings targeted within three years are a "pro forma" synergy goal, which excluded the impact of divestments, Johannes Dietsch told the newspaper.
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The DIRECTV and other 2015 transactions (discussed below) caused 2015 pro forma net leverage to rise to approximately 2.3x from 13x at year-end 2014.
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In 2017, the combined business of Wintershall and DEA had pro-forma sales of 4.7 billion euros and a net income of 740 million euros.
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Nonetheless, on a pro-forma basis, an exceptional EUR5bn outflow would only increase net leverage by approximately 0.4x to less than 1.5x at end-13.
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I met with them in the secure conference room, and when they ended with the pro-forma, "Is there anything we can do for you"?
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DLH is presenting in this press release the non-GAAP reconciliation of Adjusted EBITDA to pro forma net income reported in the Form 313K/A.
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Fitch expects AMT's net leverage to be approximately 5.1x (pro forma for current 212 acquisitions) and 4.9x at the end of 2016 and 2017, respectively.
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Summary of Financial Statement Adjustments Stub Period - Includes the pro forma 2015 results prior to the formation of TIG Finco plc on 0003 April 2015.
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Obama tried to challenge the practice when he made a series of recess appointments despite the Senate meeting in pro forma sessions every three days.
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The pro-forma fully loaded CET 1 ratio, a key measure of capital strength, came in at 13 percent - one of the highest in Italy.
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Three years ago I figured their last album for a triumphant fluke and expected their electropop to get a lot blander and more pro forma.
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Obama tried to challenge the practice when he made a series of recess appointments, despite the Senate meeting in pro forma sessions every three days.
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The comparison figure for end-March was lower than the pro-forma 10.85 percent figure the bank had provided when it released first-quarter results.
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FCF should improve in 2016 but Fitch estimates FCF/total adjusted debt on a pro forma basis for the merged company could remain below 10%.
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Its pro-forma estimated Tier 1 Capital Ratio of 15.6% and loan-to-deposit ratio of 74.9% will remain ahead of its peer group average.
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Pro forma sales stagnated at $6.91 billion, but were up 5% when excluding unfavorable currency translation effects, the group said in a statement on Friday.
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The annual revenue associated with the asset management contracts represents around 130 million pounds or 4.4 percent of SLA's full year 2017 pro forma revenue.
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And indeed after some pro forma plaudits for his convention hosts, he quickly pivoted to his agenda: an overtly political pitch for Donald Trump's administration.
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"The pro forma of this company is $4 billion of revenues, $4 of earnings per share, a probable dividend of $4 in 2022," he said.
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Intesa said its pro-forma fully-phased core capital ratio stood at 13.7 percent at the end of September from 13.6 percent three months earlier.
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Finally, we calculate adjusted FFO and EBITDA to reflect full year contribution of the various bolt-on acquisitions in pro-forma debt protection ratio calculation.
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McConnell's shield against the president first came into view when the majority leader kept the Senate in pro forma session over the August vacation break.
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The steady abandonment of norms and standards — the pro forma observance of which was once considered essential to the political process — has reinforced this development.
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Uber shared its third-quarter financial results recently, with net losses up 32 percent quarter-over-quarter, to $939 million on a pro forma basis.
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The dividend is limited to the sum of excess FCF and net cash equity issuance proceeds subject to pro forma leverage of 4.5x or less.
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No rating sensitivities were triggered when Fitch calculated pro forma June 30, 2017 leverage ratios added $800 million of new debt on a net basis.
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Cerved said it expects revenue from its operations in Greece to exceed 10 million euros this year, calculated on a pro-forma full-year basis.
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Pro forma sales stagnated at $6.91 billion, but were up 5% when excluding unfavourable currency translation effects, the group said in a statement on Friday.
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The finale is "People Have the Power," a song whose earnest wishfulness can feel awkward in concert settings, where it's a pro forma set-ender.
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The updated media rights agreement will give UFC roughly 6.0% of contractually-fixed pro forma revenue this year, up from an earlier forecast of 40%.
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"The federal approval, frankly, we just assumed it was going to be almost pro forma," Mr. Cuomo told reporters during a news conference on Monday.
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" The White House did not immediately respond to requests for comment, but a federal transportation official said, "The federal approval process is not pro forma.
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The European Council, made up of European governments, has already approved the deal, but will make a final, pro forma vote in writing on Thursday.
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KEY RATING DRIVERS --Fitch calculates pro forma gross leverage of around 3.5x following the recent acquisition of FEI Company for USD 7503 billion in cash.
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AT END OF Q3 `19, PRO FORMA SOLVENCY RATIO INCLUDING EQUITY ISSUED IN OCTOBER WAS 156% Source text for Eikon: Further company coverage: (Gdansk Newsroom)
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Five black people, normally not even present during those days, answered the altar call and tried to join the church, usually a pro forma request.
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Pro forma leverage for the new debt issuance, not assuming any debt refinancing or earnings growth, will increase to 1.9x, which remains within Fitch's expectations.
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According to Bertelsmann, the publisher reported 3.7 billion euros, or almost $4 billion, in sales in 2015 and 557 million euros in pro forma earnings.
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Core leverage (which excludes debt related to the financing business) increased to 0.8x for 2015, pro forma for the senior notes issuance, versus 0.6x 2014.
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Net sales in the quarter were $20.1 billion versus comparable net sales - which the company terms "pro forma" sales - of $17.7 billion a year earlier.
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If the Senate gives up and leaves town without such a resolution, the Constitution would require pro forma sessions every three days, blocking recess appointments.
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The destruction was not just mindless, pro forma spectacle, but rather was a way to both access their individual personalities and reveal their complementary nature.
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On a pro forma basis to adjust for the conversion of stock warrants, Beyond reported a loss of 22019 cents per share for its first quarter.
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Immediately after the spinoff, Fitch estimated pro forma leverage (unadjusted gross debt to forecasted standalone EBITDA) was roughly 6x with total debt of roughly $9.2 billion.
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Pro forma for the repayment of the revolver and a normalization of non-compensation expenses, Fitch estimates that OZM's leverage would have been 2.8x at 103Q16.
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In 2015, Alcoa's traditional upstream business had pro forma revenue of $11.2 billion, while its value-added business had revenue of $12.5 billion, the company said.
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The unaudited pro forma adjustments are based upon available information and upon certain assumptions that the Company believes are reasonable, as described in the accompanying notes.
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The capital injection from BTMU increased SBC's CET1 ratio to about 20.7% at end-March 303 on a pro-forma basis, further boosting its capital position.
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On an adjusted basis, the company's pro forma earnings were 6 cents per share, topping the 3 cents per share expected by analysts surveyed by Refinitiv.
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The deal is expected to push up pro forma net production to more than 90,000 boepd and immediately add to per share cash flow and earnings.
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It posted a 12 percent rise in operating profit on a pro-forma basis in the first half, boosted by the integration of a former rival.
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The franchise has lost a bit of its luster with every successive installment, but never has a "Pirates" film felt this inessential, this depressingly pro forma.
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For some context, Uber posted a net loss of $939 million on a pro forma basis and an EBITA loss at $703 million during Q3 2018.
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The pro-forma company is expected to have nearly $100 billion in assets and operate across an eight-state Midwestern footprint, Huntington said in a statement.
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On a pro-forma basis, excluding the impact from the acquisition of Spanish motorway group Abertis last year, Atlantia's core earnings rose 1% year-on-year.
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Jim McGovern (Mass.), the top Democrat on the House Rules Committee, sought unsuccessfully to pass a clean funding bill during the House's pro forma session Thursday.
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Fitch estimated that the notes issued by Sunshine Life will raise SIG's financial leverage to 163% from 216% at end-22015 on a pro-forma basis.
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The 'B' IDR also reflects ABILITY's weaker financial profile relative to this peer group, with a highly leveraged balance sheet pro forma for the leveraged recapitalization.
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On a pro-forma basis, excluding the impact from the acquisition of Spanish motorway group Abertis last year, Atlantia's core earnings rose 1% year-on-year.
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The typically pro forma elections in which voters decide whether justices may keep their seats have taken on a particularly bitter and partisan tenor this year.
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Just said its solvency ratio would rise to 160 percent on a pro forma basis for the end of 2018, from a currently stated 136 percent.
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That is especially true when Washington is rather unsubtly backing the Philippines and Vietnam in their territorial disputes with Beijing (despite pro-forma statements of neutrality).
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The combined company would have had earnings before income tax, depreciation and amortization of 6.6 billion euros on a pro forma basis in 2016, Atlantia said.
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Between Rick and Gloria there is none; aside from one or two outbursts of pro forma attitudinizing, they are respectful and even gracious with each other.
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But the Freedom Caucus may have to re-file the resolution in the coming days since the House has held pro forma sessions over the break.
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The Genoa-based bank added its pro-forma core capital ratio (CET1) at June-end would rise to 13.9% after the planned capital increase from 8.2%.
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The decision, while within the prime minister's rights, was a sharp departure from the short, pro forma suspensions that are a normal feature of British politics.
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Fitch estimates FWD Limited's consolidated financial leverage would stand at 29% at end-1H16 on a pro-forma basis (end-2015: 30%), following the security issue.
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The company's exposure to advertising revenues declines to 45% pro forma for the divestment of its radio business from approximately 13% during the year ended Dec.
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The bill is still in the drafting process but is expected to be released within the next few days in the pro-forma session this week.
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PARELES An adorable video for a pro forma duet from two of Latin music's rising stars who've been playing are-they-or-aren't-they for months.
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Voting here often seems more like a pro forma exercise to keep UMNO in power than a real opportunity for the citizenry to choose its government.
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Beyond reported net sales of $40.2 million, up 215% from a year ago, and a net loss of 14 cents per share on a pro forma basis.
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Without Coles, a slimmed-down Wesfarmers would earn less than half as much revenue, according to pro-forma figures for 2018 that the conglomerate published on Friday.
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It reported pro forma earnings of 74 cents per share, handily beating the average analyst estimate of 48 cents, according to Thomson Reuters I/B/E/S.
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CCL's pro-forma annual sales are forecast to exceed C$5 billion after the deal, expected by the end of first quarter of 2017, the company said.
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Fitch expects pro forma FCF to be around $4 billion after dividends, before one-time cash restructuring/merger expenses and prior to any potential working capital improvements.
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In Washington, the leadership of the House of Representatives — scheduled to convene on Monday for a pro forma session — said no votes would be held this week.
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DERIVATION SUMMARY Fitch continues to apply its global pharma rating approach to Bayer as over half of its pro-forma EBITDA is generated by the healthcare division.
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The bank said its pro-forma core capital stood at 73% of assets in December, up from three months earlier, leaving an ample buffer for shareholder compensation.
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In narrative-heavy interactive works, the ability to be a jerk often feels like a pro forma concession to user agency that just short-circuits the experience.
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However, BNS's CET1 ratio as of fiscal fourth quarter 2017 was 11.5%, and on a pro-forma basis, including this potential acquisition, would drop to approximately 10.5%.
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Pro forma for the repayment of the revolver and a normalization of non-compensation expenses, Fitch estimates that OZM's interest coverage would have been 8.6x at 2Q16.
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On Thursday, it agreed with Solenis to combine their paper and water chemicals businesses, creating an entity with pro-forma sales of 2.4 billion euros ($2.88 billion).
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Nearly 1m federal workers are off work without pay—the government has already provided them with pro-forma letters asking landlords to forgive their late rent payments.
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The 'B' IDR also reflects ABILITY's weaker financial profile relative to this peer group, with a highly leveraged balance sheet pro forma for a contemplated leveraged recapitalization.
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But there are a lot of barriers in the way, which make all these deaths—Doran and Trystane Martell, Roose Bolton, Balon Greyjoy—seem oddly pro forma.
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STRONG LIQUIDITY & APPROPRIATE CONTINGENT LIQUIDITY OHI's near-term liquidity is strong pro forma for this issuance which provides it time to manage through the tenant-related headwinds.
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For its part, F.N.B. recently completed an acquisition of Harrisburg, Pennsylvania-based Metro Bancorp a deal which increased F.N.B.'s pro forma assets to over $20 billion.
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The pro-forma company is expected to have nearly $100 billion in assets and will operate across an eight-state Midwestern footprint, Huntington said in a statement.
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The system's $5.01 billion of unrestricted cash and investments at March 31, 2016 equated to 222 DCOH, 3123x cushion ratio and 169% cash to pro forma debt.
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Overall, the assets offered for sale account for a low single-digit percentage of the joint venture's pro-forma sales of 17 billion euros, that source added.
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The pro forma amount reflects the net repayment of approximately $95 million on is 2013 credit facility subsequent to the end of the first quarter of 2017.
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On a pro forma basis, including BRL1 billion in funds as part of the deal, Hypermarcas should report net cash of approximately BRL1.7 billion, based on Oct.
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Pro forma net leverage on the merger is expected to be around 2.9 times, with rapid deleveraging to less than 2.0 times in three to four years.
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The accounts for 2017 would be done to reflect Saudi's new taxation system while the two previous years would be done on a pro-forma accounting basis.
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DowDuPont said it expects to have earned 55 cents per share on an adjusted pro forma basis in the third quarter, up 10 percent from last year.
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Those 45 days for a pro-forma rejection letter are symptomatic of an agency that routinely takes the entire 85033-day approval period to deny state applications.
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"If the BoE is worried about the leveraged loan market they should impose some underwriting standards, such as limiting pro forma adjustments on Ebitda," an investor said.
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The deal will be marketed off of US$80.8m of pro forma last 12 months' earnings before interest, tax, depreciation and amortization, including US$12m of synergies.
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LIQUIDITY Fitch expects EPR's liquidity coverage ratio to remain in excess of 1.5x pro forma for the note issuance for the period March 31, 2017 to Dec.
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The movie opens on the day of the attack, and after some pro forma place setting — aerial shots of the lush countryside — quickly gets to the carnage.
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Among the highlights of the letter: • Qualcomm says that it will deliver between $6.75 and $7.50 in pro forma earnings per share for its 2019 fiscal year.
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"Taki Taki" is a whimsical club-pop showcase for Ozuna that happens to feature a pro forma Cardi B verse and some aftermarket cooing from Selena Gomez.
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Mike Rounds -- who gaveled in Tuesday's pro forma session in the Senate -- pushed back on the President's claims that Republicans support his push for strengthening background checks.
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The new group, which reported a pro-forma net profit of 308 million euros in 2018, has already completed a 700 million euro bad loan securitisation programme.
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The company said it expects to spend in the range of $1.68 billion to $1.80 billion as pro forma development capital for 2020, once the deal closes.
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The company said it expects to spend in the range of $1.68 billion to $1.80 billion as pro forma development capital for 2020, once the deal closes.
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It would also see 40 billion transactions in 146 countries and 126 currencies, with a combined net revenue of over $3.2 billion, on a pro forma basis.
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Pro forma for the senior notes issuance, total leverage (total debt-to-operating EBITDA) exiting 20153 was higher year-over-year at 1.9x, versus 1.8x for 2014.
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The total is pro forma for the credit facility Crown put in place in January 2016 and the repayment of the facility at Crown Castle Operating Company.
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KEY RATING DRIVERS Refinancing Pushes Leverage Up Lower interest after the October 2016 refinancing improved dividend/interest cover to comfortably above 3x on a pro-forma basis.
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Scott, faced a barrage of questions from reporters when he showed up at the Capitol to oversee a short pro forma session of an otherwise shuttered Senate.
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It is rare that a company begins marketing a first institutional-priced equity round alongside a converting note with a pro-forma "as converted" cap table in-hand.
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"Support for the transaction is warranted as the rationale to merge to create the largest exchange group by income (pro-forma accounts) is compelling," ISS said on Wednesday.
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Relatively Stable Business Model: Subscription-based revenues accounted for about 84% of IHS Markit's pro forma combined FY2016 revenues and provide significant visibility and stability to FCF generation.
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YNAP beat expectations last month reporting a 31 percent increase in 2015 pro-forma revenues to 1.7 billion euros as consumers across regions shopped more on mobile devices.
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Pro forma for the notes offering and repayment of the June note maturity, total rated debt is $5.6 billion, including the undrawn $2 billion revolving credit facility (RCF).
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Beauty Inc sees 2017 adjusted pro forma diluted EPS $0.40 - $0.43 * FY2017 earnings per share view $0.37, revenue view $281.3 million — Thomson Reuters I/B/E/S * e.l.f.
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The Facebook source downplayed the meeting's significance, saying that it was largely pro forma and granted because of Michelsen's relationship with one of the people in the meeting.
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At constant currencies, pro-forma sales were up 21 percent to 1.7 billion euros, above an average Thomson Reuters analyst consensus forecast of 1.6 billion euros ($1.8 billion).
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They could only hear, not see, the chaplain who, at the end of a brief pro-forma session of the last Congress, implored divine forgiveness for its shortcomings.
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Overall the combined estate will have around 3,600 shops (after disposals) and about 14,500 machines and generate about 0003% of pro forma group EBITDA at 2016 (pre-synergies).
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Annual pro-forma revenue for the merged company is estimated at $13 billion, with earnings before interest, tax, depreciation and amortization of $5.5 billion before savings are realized.
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On a pro-forma basis, earnings before interest, taxes, depreciation and amortisation were up 4% year-on-year, the group controlled by the Benetton family said on Friday.
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As of March 31, 2016, cash on hand was approximately $336 million, and unused revolver capacity was approximately $2.9 billion ($1.7 billion pro forma for the Viom transaction).
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Share of biologics, or drugs manufactured from living organisms, will account for about 21 percent of the combined entity's pro-forma revenue, Catalent said on a conference call.
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Pro-forma net sales fell 4.7 percent to $6.79 billion, in-line with the average analyst estimate of $6.79 billion, according to Thomson Reuters I/B/E/S.
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"Both these people have important work to do" the Missouri senator told CNN as he left the Capitol after overseeing a brief pro forma session of the Senate.
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Fitch estimates that the company's pro-forma leverage with the new capital structure would be slightly higher than the net debt/EBITDA of 244x reported at end-220Q23530.
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His "Ghostbusters" isn't defensive so much as pro forma and strangely sedate compared with the original movie and to what else these women can do (and have done).
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Nordea said it had a common equity tier 1 ratio of 16.8 percent and a pro forma ratio of 17.2 percent including synthetic securitisation as at June 30.
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While pro forma sessions are typically just a few minutes long, it gives the House another chance to send the bill to Trump before lawmakers return in earnest.
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By merging their retail units, Innogy and SSE form a group with pro-forma sales of 10.9 billion pounds and operating profit of 123 million pounds in 2017.
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ESCO is expected to generate revenue of about $675 million and pro-forma adjusted earning before interest, tax and amortization of about $80 million in 2018, Weir said.
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The much-vaunted beat is a fairly pro forma rap synth loop; the echoing space between keyboard and drum machine is a rap convention rather than sonic innovation.
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Beyond Meat reported first-quarter revenue of $40.2 million, up 215% from a year ago, and a net loss of 14 cents per share on a pro forma basis.
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The moment occurred during a brief pro forma session, in which the House gavels in for only a few minutes whenever most representatives are out of town for recess.
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There has also been a rise in so-called "pro-forma" days when lawmakers go into session sometimes for just a few minutes or even seconds, for procedural reasons.
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LIQUIDITY Becle's liquidity position is strong with a pro forma cash balance of around MXN21.2 billion including the proceeds from its IPO and a dividend payment in January 2017.
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In presentation slides on its website, Linde also said 2018 adjusted pro-forma income from continued operations rose to $3.44 billion, up 8.3 percent from $3.17 billion in 2017.
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But we do know it plans to have a dual-class share structure, and reports a pro forma $38 million net loss on $3.8 billion in revenue for 2018.
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The unaudited pro forma condensed combined balance sheet at March 31, 2016 gives effect to the acquisition of Danya as if the acquisition had been consummated on that date.
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Pro forma sessions are a procedural motion that prevents the president from appointing anyone during the recess month to a position that would normally require confirmation by the Senate.
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But deadlines are likely to stretch on M&A deals where borrowers control the process and bankers need to complete preparation such as ratings work or pro forma accounting.
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Infinity shareholders will own about 20 percent of the combined company on a pro forma basis following the closure of the deal, which is expected in the third quarter.
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The company adjusted its pro forma earnings forecast in 24.4 to be between 22015 cents to 75 cents per share, lower than FactSet's estimates of 80 cents per share.
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The official characterized the letters as a pro-forma move that allows the former advisers to participate in administration discussions about national security matters that originated under their tenure.
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NFL teams aren't usually receptive to players speaking publicly in anything more than pro forma terms, and fans and critics can be unrelenting in difficult times, and in general.
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Oneok said it would issue 168.9 million shares for the deal, representing about 44.5 percent of the total outstanding shares of the combined company, on a pro forma basis.
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The company reported a 210 million euro net profit in the first nine month of this year, compared to a pro forma loss of 2300 million euros last year.
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" The "pro forma firm would allow Disney to rapidly achieve direct-to-consumer scale … Transaction [is] likely to help Disney's multiple as it accelerates direct-to-consumer roll-out.
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KEY RATING DRIVERS --Fitch calculates pro forma gross leverage of around 3.5x when Thermo Fisher completes its acquisition of FEI Company (FEIC; NASDAQ: FEIC), for $4.2 billion in cash.
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Worldpay shareholders will own around 43 percent, while Vantiv investors will have 57 percent of the combined group whose pro forma enterprise value is more than 22 billion pounds.
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MoveOn and Indivisible have been particularly effective in lobbying Democrats to oppose nearly every part of Trump's legislative agenda, including pro forma nominations to cabinet and sub-cabinet positions.
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"I wish there had been greater application by the president - his assent for the amendments is not pro forma, and I wish he had realized the implications," Ramesh said.
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Mr. Gowdy, who is retiring from Congress in January, will have little to do with any investigation, and his role in endorsing the inquiry was seen as pro forma.
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Uzi joins an honorable lineage of rappers using the instrument as neither a pro forma pop device nor an alienation effect, conveying soul death, but simply because it's gorgeous.
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The meetings with Republicans seem pro forma and unlikely to be productive — McConnell won't take any action on a nominee and Grassley says he won't hold a nomination hearing.
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Taking into account other asset disposals, such as the asset management unit sold to Amundi in January, Sabadell said its pro-forma core-tier 1 capital ratio was 12.1%.
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The combined group, with pro-forma revenue of 1.7 billion euros ($2 billion), should gain significant revenue and cost benefits, gradually ramping up in the first year, Sodexo said.
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Fitch calculates pro forma annualized fixed-charge coverage of 8.5x for 9M16, excluding the matured senior notes, up from the prior five-year average from 2011-2015 of 6.3x.
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"Certainly I would like to have people in place that are Senate confirmed," he told reporters in the Capitol after overseeing a brief pro forma session of the Senate.
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The banking business had a pro-forma 9.4% common equity Tier 1 ratio at end-2015 and the securities business had a capital adequacy ratio of more than 20133%.
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Excluding the legacy portfolio from Yuanta Securities Korea Co., Ltd, the pro-forma impaired loans ratio at banking business would fall to 1.1%, with a coverage ratio of 136%.
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The core capital ratio rose to 10.94 percent on a pro-forma basis, assuming a 75 percent take-up for the 0.12 euros scrip - or paid in shares - dividend.
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The combined company is expected to generate pro-forma revenue of about $3.5 billion and adjusted core earnings of about $615 million (before synergies) in 2019, the companies said.
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FHN's pro forma loan mix is similar to its current loan mix and Fitch believes CBF's well-diversified, commercially-focused loan portfolio is a good strategic fit for FHN.
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Tusk accepted the first pro forma missive as a request for an extension and immediately said he would begin consultations with EU27 leaders about how they wish to proceed.
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What is interesting — to me, at least — is that these votes on the pro forma motion appear to possibly be informative about the matter to be considered later that day.
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KEY RATING DRIVERS Revenue Inflexion Point on Horizon: Revenue declined 4.5% year-over-year in FY2016 on a pro forma basis and is on track to decline 4% in FY2123.
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Following the two sales, Electra's pro-forma net asset value per share is about 5,251 pence, against which the company is trading at a 13.9 percent discount, Liberum analysts wrote.
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The final ratings will depend on pro-forma leverage on completion and on the visibility and credibility of a sustainable de-leveraging path using cash flow and potential divestment proceeds.
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Around 1,000 full-time positions, out of a pro-forma total of 4,200, will be eliminated in a "socially compatible manner," BASF's Wintershall unit said in a statement on Thursday.
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The Democrats' response to 2016, which mixes day-to-day resistance to Mr Trump with a pro forma commitment to do better, shows little serious reflection on any of that.
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Endo had leverage of about 6.3 times at the end of 2018 and Mallinckrodt had pro forma leverage of about 4.9 times as of September 30, according to Moody's data.
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Based on an assumed issue size of EUR500 million, Fitch expects VIVAT's pro-forma financial leverage of around 30% (13: 23%) and fixed charge coverage of around 3x (2016: 3.5x).
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Decrying a pro forma and unremarkable US-South Korean military exercise, the Pyongyang regime cancelled planned talks with South Korea and threatened to cancel the planned summit with Mr Trump.
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If he can accomplish that and secure a follow up presidential visit to Ramallah should Trump visit later this month, he'd turn a pro forma meeting into a consequential one.
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The maker of Mucinex cold medicine said the pro-forma growth was helped by 3 percent volume growth and a 1 percent boost from pricing mix in the second quarter.
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Micro Focus led the blue chips, as its shares jumped 14.2 percent to their highest in nearly a year after it reported annual pro-forma revenue fell less than expected.
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The White House at the time labeled the pro forma sessions as "gimmicks" and insisted that the Constitution gave the president powers to make temporary recess appointments despite congressional moves.
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Before leaving for the August break this week, the Senate decided to hold a series of pro-forma sessions as a way of preventing the President from taking such action.
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The group completed a EUR0003 billion rights issue in April, which increased its pro-forma fully loaded common equity Tier 1 (CET1) ratio to a solid 14.1% at end-1Q17.
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KEY RATING DRIVERS The 'BBB' IDR and Stable Outlook reflect Fitch's expectation that HCP's leverage and liquidity will stabilize pro forma following its spin-off of HCP's HCR ManorCare Inc.
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The firm reported a pro-forma net loss of $939 million in the preceding, third quarter of 2018, but also reported a smaller pre-tax net loss of $971 million.
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Around 272.7,000 full-time positions - out of a pro-forma total of 4,200 - will be eliminated in a "socially compatible manner," BASF's Wintershall unit said in a statement on Thursday.
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Fitch expects VIVAT's pro-forma financial leverage to increase to around 32% (2016: 23%) and fixed charge coverage of around 3x (13: 3.5x) based on the EUR650 million issue size.
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The rating reflects the combined group's improved market position and scale with 2015 pro-forma revenues of EUR62.6bn and EBIT of EUR2.2bn, trading from nearly 6,500 stores in 11 countries.
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For the 13 months ending December 2016, the combined entity, on a pro forma basis, generated revenue of USD12.2 billion or 40% revenue market share - and USD3.6 billion in EBITDA.
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The group had no contact with the militant Islamist group but some members had made "pro forma" declarations of allegiance to IS leader Abu Bakr al-Baghdadi via social media.
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The firm reported a pro-forma net loss of $939 million in the preceding, third quarter of 22017, but also reported a smaller pre-tax net loss of $211.3 million.
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"Whole economy profits data give a wider and cleaner estimate of the underlying profits environment than the heavily doctored pro-forma quoted company profits data," he said in the note.
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While the group did not have direct contact with IS, some members had made "pro forma" declarations of allegiance to the militant Islamist group via social media, the minister said.
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Wellsite is expected to generate about $1 billion in annual revenue and earnings before interest, taxes, depreciation and amortization of about $250 million on a pro-forma basis in 2017.
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Previously, Fitch had stated that 150 basis points (bps) of tangible capital reduction could lead to negative ratings momentum, which is close to the pro-forma estimates in this transaction.
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Sackler reached out to about twenty state departments of correction before Doug Garrison, the chief of communications at the Indiana D.O.C., responded with something other than a pro-forma no.
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On a pro forma basis, Fitch expects gross leverage (total debt-to-EBITDA) of approximately 5.8x at the time of transaction closing assuming 50% equity treatment for the preferred stock.
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The combined company would have pro forma 2015 revenues of $15.6 billion, adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $2.8 billion, and about 58,000 employees, they said.
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The new entity may also have to cede some revenue market share in six circles, where pro forma revenue market share would be higher than the 50% allowed by regulation.
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Still, under new guidance that included HSBC Bank Brasil's numbers on a pro forma basis since January 2015, new disbursements could shrink and loan-loss provisions could rise this year.
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The House simply met for brief pro forma sessions where no business was conducted, until a longer-term adjournment resolution was adopted by voice vote less than a week later.
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This and other transactions caused 2015 pro forma net core telecom leverage (which excludes securitized equipment installment receivable debt) to rise to approximately 2.3x from 1.8x at year-end 2014.
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After implementation, the MSCI Emerging Markets Index will include 89.76 large-cap and 168 mid-cap China A-shares, representing a weight of 3.3 percent in the pro-forma index.
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When including Monsanto's pro-forma 2018 results in the comparison, revenues at Bayer's Crop Science division from pesticides and seeds were broadly flat at 6.35 billion euros, excluding currency effects.
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Celebratory smiles turned to grimaces, however, when, at what should have been a pro forma news conference, Mr. Hoekstra ran into journalists who wouldn't take no comment for an answer.
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Although the book raises questions about Facebook's serial privacy violations and handling of foreign election interference on its site, sections addressing those issues often feel pro forma or tacked on.
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P&L projections: Also known as pro-forma income statements, here&aposs where you&aposd go into more detail about your revenues and expenses, forecast up to five years out.
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This would be a pro forma request, as only an unserious observer of Russian affairs would believe that Putin would hand over members of the FSB for prosecution in America.
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PNK's and PENN's weak pro forma discretionary FCF relative to revenues of about 29123%, means an 21% cumulative revenue decline with a 2212% flow through would wipe out its FCF.
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Ms. Swinton opens with the pro forma compliment that many actors give each other: Dear Margaret,We've never met, but you've been in my head for years - I'm a fan.
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Judge Williams did not say when he would take up that motion; Wednesday's session was consumed with other, mostly pro forma pretrial motions and a heated courtroom debate over Officer Porter.
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Although Quavo and Young Thug, among others, contribute enlivening guest verses, as usual with Drake half the album degenerates into atmospherically pro forma synth presets and rhythmically clumsy attempts at gravitas.
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Micro Focus said its revenue for the year to end-April was expected to be within its guidance of flat to down 2 percent on a pro-forma constant currency basis.
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Fitch estimates that nearly 60% of JCI's consolidated debt is located at the parent level following the debt exchange on a pro forma basis after JCI refinances CP at JCI, Inc.
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However, the company's 2017 EBITA fell to $598 million from $673 million a year earlier on a pro forma basis, hurt by cost overruns on some non-oil and gas contracts.
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Wintershall DEA aims to boost joint average daily output by around 40 percent to 800,13 barrels of oil equivalent from 2021-2023, up from a pro-forma 575,000 barrels in 2017.
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Ingersoll's industrial business, which makes products including industrial pumps and power tools, when combined with Gardner Denver, would have a 2019 pro forma revenue of about $6.6 billion, the companies said.
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The RWE reflects uncertainty as to the ultimate credit profile of AF. During the Rating Watch period, Fitch will evaluate Sterling Bancorp's credit profile on a pro forma basis with Astoria.
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For a leverage increase related to a debt-funded project, Fitch would assess MGM's liquidity and pro forma leverage as well as the project's diversification benefits and return on investment prospects.
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Kasper König, founding director of Skulptur Projekte Münster and one of the great curators of his generation, brushed the show aside as "UNESCO art"—pro forma internationalism driven by insipid politics.
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Strong Financial Profile: The combined company is expected to have improved adjusted EBITDA margins, revenue growth and pro forma net leverage of less than 3.7x at close, including run-rate synergies.
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After the deal, which has a pro-forma enterprise value of C$165 billion, Enbridge shareholders will own about 57 percent of the combined company and Spectra shareholders about 43 percent.
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Fitch considers sources of liquidity as readily available cash, availability under the revolving credit facility pro forma for transaction costs and the PPS balance and estimated retained cash flow from operations.
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The pro-forma sessions mean a Republican senator will have to show up to the Senate once every few days to briefly preside over a chamber of one, before heading out.
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However, unreserved NPLs and foreclosed assets represented a still high 167% of pro-forma fully loaded CET1 at end-2016 reflecting that capitalisation remains highly vulnerable to additional asset quality shocks.
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With the acquisition, Singer, the biggest consumer-durable retailer in the country, will become Hayleys' largest subsidiary, contributing an estimated 5003% of the Hayleys group's post-acquisition pro-forma consolidated EBITDA.
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Rio's net debt stood at $13.8 billion as of the end of December 2015, which is $700 million better than the $14.5 billion pro-forma position at the end of 2014.
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The pro forma debt portfolio will be composed of approximately 87% of either fixed-rate bonds or direct bank put bonds that are in a fixed rate for the initial periods.
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Protelindo's portfolio will increase to 14,515 towers on a pro forma basis as of end-June 2016 (2015: 12,237) following the tower acquisition from XL and the sale in the Netherlands.
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Higher Leverage: Fitch calculates that BAT's consolidated funds from operations (FFO)-based gross leverage could rise to over 6.0x on a pro forma basis in 2017, when the transaction should close.
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Uber's net losses increased 32 percent quarter over quarter to $939 million on a pro forma basis, though Uber expected these losses as it continues to invest in future growth areas.
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In the first two episodes, her onscreen contribution — not counting a pro forma introduction — consists of 50 to 60 seconds of narration, split between the beginning and ending of the episode.
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There is a brief board meeting at the end, effectively a pro-forma affair to officially vote aye on the things that members have voted aye on, nay on the nays.
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The company's pro forma revenue had slumped more than 50 percent in the previous seven quarters, Kibsgaard said, adding that the company had cut $6 billion of costs over the period.
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Even if McDonald's has good intentions—a generous assumption—Givan warns that the "pro forma training" many employers conduct in response to sexual harassment has been shown to have little impact.
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Pat Roberts of Kansas arrived to gavel in the chamber for a pro-forma session that only exemplified the lack of action between the White House and Democrats towards a resolution.
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As of 2Q2123, pro forma for investment activity through August-end, GPT's largest market, Chicago, represents 11.0% of annual base rents, followed by Dallas (6.7%), Atlanta (5.7%) and Los Angeles (5.4%).
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Pro-forma revenue, which includes Eldorado results from H13 2017, was up 16.5 percent to 149.6 billion roubles in the first six months, and EBITDA soared 184 percent to 9.05 billion.
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Ms. Zinger said when she first emailed Universal Orlando Resort about the episode, a guest services representative offered her a refund in what she considered to be a pro forma response.
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Despite a pro forma murder, the eccentric locals open their doors to strangers, cuddly puppies are born, and feasts great and small are cooked and shared among friends old and new.
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As a consequence, Fitch expects credit protection measures to remain solid with total leverage (total debt to operating EBITDA), pro forma for the issuance, in the 2-2.5 times (x) range.
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According to Keefe, Bruyette & Woods (KBW), an investment bank, in 2018 Refinitiv would have contributed 70% of the combined firm's revenues and 55% of operating profit, based on pro forma numbers.
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The sale reduces Creval's non-performing loan (NPL) ratio to a pro forma basis of around 11.5 percent as of the end of March compared with the 19.3 percent disclosed previously.
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TreeHouse's $2.7 billion acquisition of ConAgra's business - its biggest ever - makes it the largest private-label food company in the United States, with 2015 pro-forma sales of about $7 billion.
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Mr. Reitman also said that Professor Ronell retaliated against him for complaining to her about her behavior, in part by sending pro forma recommendations on his behalf, thwarting his job prospects.
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While the proposed junior subordinated notes will slightly reduce leverage, Fitch expects pro forma leverage will remain elevated above our 3.5x threshold level, weakly positioning the company in the 'BBB' rating category.
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CBOE expects operating expenses to be in the range of $415 million to $423 million in the fiscal year 2017, compared with pro forma adjusted operating expenses of $417 million in 2016.
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Last Thursday, the company said demand for its products drove revenue up 215% to $40.2 million, but it posted a net loss of 14 cents per share on a pro forma basis.
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This is, however, counterbalanced by a rise in the group's use of leverage, with equity/assets decreasing from 0003% at end-2016 to a Fitch-estimated 10.0% on a pro forma basis.
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However, while CBS has decreased the total proportion of revenues that stem from advertising revenues to 45% pro forma for the CBS Radio split-off, this still remains high relative to peers.
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We will maintain our 2020 and 20203 EPS estimates until the transaction closes (anticipated in Q4 2019), but we are providing pro forma 2020 and 2021 income statement estimates within this note.
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"Although guidance was only reiterated, this performance is encouraging given that the market expected a soft start to the year and Baxalta pro forma growth of 8 percent was solid," it said.
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CGD's pro-forma end-2016 phase-in CET1 ratio was 12% on a consolidated and 13% on an unconsolidated basis, which provide it with a buffer from the equity conversion trigger level.
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Once that was done, really the only thing left for the FRC to do was renew station licenses when they expired - which as everyone knows is nigh always a pro forma exercise.
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With a sale - and assuming opex and capex synergies - we estimate the combined entity's net debt/EBITDA should improve to around 3.0x-3.2x (pro forma 4.4x) with net debt of USD16.1 billion.
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HCP will be a predominantly private-pay healthcare REIT focusing on senior housing, medical office and life science with some debt and hospital investments pro forma for its permanent separation from HCR.
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GFG, which runs four fashion ecommerce businesses in 24 emerging market countries including Namshi, reported first-quarter sales of 265.3 million euros, up 18 percent on a constant currency pro-forma basis.
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Coverage of pro forma MADS was a strong 5.6x in fiscal 2015, in line with the 'AA' median, and MADS as percent of revenues at 2.3% is also consistent with the median.
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White said his 12-month price target is based on applying a 16 P-E to his 2018 pro forma EPS estimate of $10.49 and then adding the company's cash per share.
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The group's debt maturity profile is also comfortable with limited debt maturities within the next four years given an average pro forma debt maturity between eight and nine years at end-173.
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SUMMARY OF FINANCIAL STATEMENTS ADJUSTMENTS - Leases: Fitch adjusts pro-forma merged group debt amount by adding 8x of yearly operating lease expense to long-term assets (estimated at around EUR10,094m in 2016).
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The entire defense export process codified in the Arms Export Control Act — a law that provides Congress with the authority to disapprove a defense sale or transaction– have almost become pro-forma.
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Members of the conservative Freedom Caucus threatened to sink the pro-forma vote to name conferees to the House-Senate tax conference over the length of the short-term government funding bill.
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Relatively Stable Leverage Expected Fitch anticipates leverage (total debt/EBITDA) will remain in line with the 0003x pro forma for the $400 million term loan issuance in September over the longer-term.
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Fitch expects pro forma financial leverage following the senior note issuance along with the November 48243 preferred share issuance and fourth-quarter debt redemption to decrease to 23.3% from 23.8% at Sept.
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Leverage was in the high-5.0x range for the TTM ended June 30, 2017 but increases to the mid-6.0x range pro forma for acquisitions and capital markets activity through August-end.
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The portfolio is well diversified across over 350 different tenants and many industry classifications, and key tenant risk is moderate with the largest tenant, FedEx, accounting for 5.6% of pro forma revenues.
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The acquisition of Aurora is expected to be about three percent EPS accretive post-placement on a pro-forma FY2019 basis before expected revenue and cost synergies, Sonic said in a statement.
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The two disparate prayers underscored the stalemate that lawmakers find themselves in as the shutdown drags into its third week: The two sides could not even agree on a pro forma invocation.
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The Italian merchant bank said on Wednesday its pro-forma revenues rose to 2225 million euros in the first half of 2100 from 240 million euros in the first half of 2018.
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The Italian merchant bank said on Wednesday its pro-forma revenues rose to 2225 million euros in the first half of 2100 from 240 million euros in the first half of 2018.
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The company, which bought Rosetta Resources in a $2 billion deal last year, said sales volumes rose 8 percent to 422,000 barrels of oil equivalent per day, pro-forma for the deal.
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European Telecoms' Positive Free Cash Flow: After a number of years of cash drain, 3 Group Europe posted positive free cash flow (EBITDA after capex and license fees) in 2015 pro forma.
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Cross-party applause for the president on such a night is normally a pro forma affair, overlooked in the sea of stirring words penned by a speechwriter and recited from a teleprompter.
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The recent "Mbeguël Is All" is diminished here by a dexterously pro forma guitar intro; "Serigne Modou Boussou Dieng Mbacké" and "Djami" are intensified by female vocals from I don't know who.
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And this week, they made it clear they're not going to change their minds in order to allow Trump to do the very thing the pro forma session is supposed to prevent.
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A proactive CEO should have company counsel prepare a pro-forma cap table of the company before issuing any notes, so the impact is fully understood before a note investment is ever accepted.
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While he offered a pro forma apology for insensitive language at the time of his retirement, he's nevertheless consistently defended the narrative that he is a victim of over-zealous social justice warriors.
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We understand from the bank that its coupon distribution capacity for 2017 can benefit from EUR1.9bn remaining German GAAP reserves and a EUR7503bn pro-forma positive effect from the Hua Xia Bank sale.
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The company said earnings before interest, tax and amortization fell to $598 million, from $673 million a year earlier, on a pro forma basis, as its core oil and gas business remained challenging.
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The $650 million in total savings represents a mere 1.5 percent of the pro forma revenue of the combined company, which is below normal, said Nick Heymann, an analyst with William Blair & Company.
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Usually on the penultimate day of the convention, delegates take a pro forma vote to rubber stamp the presumptive nominee's hand-picked running mate and then the new VP nominee gives a speech.
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Freight rates, on a pro forma basis and when compared to the combined business of Hapag-Lloyd and UASC, were 1.5 percent higher year-on-year in the nine months, Habben Jansen said.
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Quarterly pro-forma revenue, including Italcementi contributions for the full years 2015 and 2016, fell to 13 billion euros ($4.5 billion), below the average estimate of 4.5 billion euros in a Reuters poll.
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Looking at individual stocks, Micro Focus – Britain's second largest listed tech firm – surged to the top of the European benchmark on Thursday after posting a better-than-expected decline in pro-forma revenue.
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YOOX NET-A-PORTER The Italian online fashion retailer forecast slightly slower revenue growth this year after strong sales helped it post a 2100 percent rise in pro-forma core profit last year.
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The investment bank said that it expects the intended capital increase to lead to a pro forma look-through CET1 ratio -- a measure of its ability to support risk -- of around 13.4 percent.
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In supplementary prospectus documents set to be issued later on Wednesday, shares will now to be offered at A$3.15 each, or 12 times Ingham's pro forma 2017 net profit, the source said.
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The new company will seek to boost joint average daily output by around 40 percent to 673,000 barrels of oil equivalent from 2021-2023, up from a pro-forma 575,000 barrels in 2017.
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Barrick said the new company would match Newmont's annual dividend of 56 cents per share which, based on the offer, would represent a pro-forma annual dividend of 22 cents per Barrick share.
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After turning its first annual net profit in 2016, the Sydney-based company said in its prospectus that it expects to more than triple net profit in 2017 on a pro forma basis.
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BP Midstream, which operates in Midwestern United States and in the Gulf of Mexico, posted net income attributable of $63 million for the six months ended June 30, on a pro forma basis.
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Still Low Leverage at Holding Level Fitch forecasts a pro forma leverage ratio of net debt-to-dividends received at 2x for Cosan Limited assuming the bonds issuance will amount to USD0003 million.
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And House Democrats reminded Republicans of their continued commitment to disruption on Tuesday, when a small group of lawmakers took to the floor during a "pro forma" session and, a largely symbolic protest.
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A determined minority can thus effectively void the recess appointment power until the official end of the congressional term in January, by holding pro-forma sessions that keep the Senate technically in business.
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The supplier of gases such as oxygen, nitrogen and hydrogen to factories and hospitals expects adjusted pro forma EPS growth of between $7.25 and $7.30, up from previous guidance of $6.95 to $7.18.
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The company, which specializes in maintaining and upgrading older software systems, reported a 1.2 percent rise in pro-forma revenue of $684.7 million on Wednesday, surprising analysts who were expecting a slight dip.
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A little over a year ago, Politico revealed that Garrett was refusing to give what is generally a pro forma donation to the National Republican Congressional Committee because it backed openly gay candidates.
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House Democrats staged a protest at during a brief pro forma session on Tuesday to show they're not going away quietly after last week's sit-in to call for votes on gun legislation.
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Even though most House members are back in their districts this week, the House is still constitutionally required to meet every three days in pro forma sessions where no legislative business is conducted.
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NN Group's total capital adequacy measure under Europe's new Solvency II rules came in at 196 percent at the end of June, from a pro-forma 180 percent at the end of March.
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A spokesman for McConnell said Democrats have the chance to end their "filibuster" of the GOP's $1.1 billion Zika bill as early as Friday, when the Senate meets for a pro-forma session.
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Democrats tried to clear the bill during pro forma sessions with few lawmakers present last Friday and on Tuesday but were met with objections from conservative Republicans who demanded a roll call vote.
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Sirius XM said following the deal, which is expected to close in the first quarter of 2019, Pandora stockholders will own 8.6 percent of the pro forma company on a fully diluted basis.
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The company formed by merger of Agrium Inc and Potash Corp of Saskatchewan in January said on a pro forma basis, it earned $149 million or 13 cents a share, a year earlier.
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In contrast, Diaz-Canel was selected in a sham pro forma vote, where he was the only candidate, and even the people voting, members of the National Assembly, were chosen by undemocratic means.
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Democrats tried to clear the bill during pro forma sessions with few lawmakers present last Friday and on Tuesday, but were met with objections from conservative Republicans who demanded a roll call vote.
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After what once would have passed as a pro forma complaint from Canada, Saudi Arabia expelled the Canadian ambassador, withdrew its ambassador from Canada and froze new business deals and investment with Canada.
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So in February 2015, the Gardendale school board sent its lawyer to the federal court for what Gardendale secession supporters assumed would be a pro forma request to separate from the county schools.
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On Monday, the White House press secretary, Sean Spicer, dismissed the flap, saying Mr. Trump was "obviously aware" of what was in the signing statement, but called it a "normal, pro forma" action.
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The attenuated scenario more or less demands that Lucy and Lee fall in and out of each other's affections so as to generate suspense in between the pro forma name-dropping — Bette Davis!
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Pro forma for the Thoma Bravo transaction, liquidity will be supported by internal FCF generation, a new $75 million RCF, and over $75 million of readily available cash and cash equivalents post-closing.
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"We expect AT&T to file pro forma financial statements in the coming weeks which should improve Street models (which we believe are generally too low) and add conviction to numbers," Barden added.
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I asked the same executive at a major social network what their company's value proposition would be compared to a hypothetical Chinese app that offers equivalent features, strong control, and pro forma takedowns.
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Behold rattling trap hooks, sticky electronic keyboards distinctly hummable in their pro forma solidity, goofy vocals vaguely aware of Young Thug's splattermouth while enunciating clearly and slowly enough that their subjectivity remains intact.
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The company reported fourth quarter pro forma underlying operating income of 608 million euros, down 1.63 percent from the same period a year ago due to the impact of a 53rd week in 2015.
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CaixaBank calculates that, if it achieves 100% control of BPI, its end-June 2016 pro forma fully loaded common equity Tier 1 capital ratio will fall from 11.5% at end-June 2016 to 10.8%.
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Fitch believes Transocean has solid credit facility renegotiation prospects given its manageable maturity profile and secured debt capacity (Fitch-calculated secured debt capacity of around $950 million; Pro forma estimate of about $1.2 billion).
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"The pro-forma company carries in excess of 5x leverage and competes head-to-head with a stronger P&G - who is determined to return Gillette to sustainable growth," Strycula said in a note.
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This higher expected revenue scale combined with an expectation for DTC profitability in '25 and ~163% pro forma operating income growth ('216-'216.0) leads us to forecast over $218.9 of adjusted EPS in '24.
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Summary of Financial Statement Adjustments - -Leases - Fitch has adjusted the debt by adding 0003x of annual operating lease expense related to long term assets of GBP131m for the enlarged group at FY16 (pro-forma).
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It reported $239 million in revenue and $88 million in operating profit in the first quarter, up from pro-forma figures of $194 million and $56 million respectively from the first quarter of 2017.
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One can only imagine how Trump would perform in a true crisis situation negotiating with a recalcitrant ally or a tough-minded adversary if he cannot handle pro-forma introductory calls with friendly partners.
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What are we missing from the outside when we see ... You're used to watching someone go on stage at the Oscars and thank their agents, it seems like a pro-forma thing to do.
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Over the longer term, upward rating momentum could occur should the bank continue to prudently expand its geographic footprint and/or product mix while maintaining capital at or above the estimated pro-forma levels.
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While CBS has decreased the total proportion of revenues that stem from advertising revenues to 45% pro forma for the CBS Radio split-off, Fitch notes that this still remains high relative to peers.
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Fitch estimates that on a pro forma basis as of September 2016, its CET1 regulatory capital ratio after the payment of the dividend would stand at levels that are consistent with its current rating.
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In the Kansas system, judges are appointed by the governor, but they face what has traditionally been a pro forma retention vote on the ballot after their first year, and every six years thereafter.
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Keep an eye on this mark up: Committee markups have essentially been pro forma up to this point -- all Republicans sticking together in support, all Democrats sticking together in opposition, the bill moving forward.
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The Senate adjourned Saturday afternoon with no deal to re-open the government, and while there will be a pro forma Senate session on Monday, the next actual session is not scheduled until Thursday.
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As of second quarter 2017 (2Q48243), pro forma for investment activity through August-end, GPT's portfolio will generate approximately 78% of cash NOI from industrial assets, 18% from office and 4% from specialty retail.
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Fitch's base case, on a pro forma basis for the announced notes and Songa Offshore transactions, results in debt/EBITDA of 9083x and 5.6x on a gross and net debt basis, respectively, in 2018.
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Fitch's base case, on a pro forma basis for the announced notes and Songa Offshore transactions, results in debt/EBITDA of 05003x and 5.6x on a gross and net debt basis, respectively, in 2018.
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After a couple of pro forma bunts on Monday to start things off, Judge slammed four of the next five pitches from Danilo Valiente over various walls and into the netting over Monument Park.
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It's always nice to hear Berlin's "It's a Lovely Day Today," and nothing in "A Bronx Tale," not even its totally pro forma doo-wop establishing number "Belmont Avenue," is ever less than professional.
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The firm was officially created on June 22, with pro forma April-June earnings before interest, tax, depreciation and amortisation (EBITDA) of 148 million Norwegian crowns ($18.89 million) out of revenues of 1.44 billion.
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I should be clear that I'm not saying the hearing should be pro forma or that the Democrats should take a pass on asking the nominee hard questions and making their own priorities clear.
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Fitch estimates total leverage (total debt to operating EBITDA) at separation will be approximately 3.5x, which assumes $2.2 billion of new debt and Fitch's estimate of roughly $625 million of pro forma operating EBITDA.
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Congress can prevent presidents from making appointments during its breaks by holding so-called pro forma sessions, in which a senator comes into the otherwise-empty chamber every few days and bangs the gavel.
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Altice Europe, which has been selling assets and restructuring to reduce its debt burden, added that total cash savings on a pro forma basis from its debt refinancing deals would exceed 110 million euros annually.
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Pro forma figures include effects from mergers and acquisitions carried out between the beginning of last year's period and the end of the reporting period and exclude investments in spectrum and acquisitions, the group said.
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Positive FCF; Widening Metrics: Fitch's base case projects that Transocean, on a pro forma basis for the Songa Offshore transaction, will be approximately $325 million and $550 million FCF positive in 2017 and 2018, respectively.
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The combined physicians' services company would be worth $10 billion, pro forma, and would be led by Amsurg CEO Christopher Holden, while Envision CEO William Sanger would stay on as executive chairman of the board.
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The bank said its core capital ratio rose to 10.94 percent on a pro-forma basis, assuming a 75 percent take-up for the 0.12 euros scrip - or paid in shares - dividend on 2015 results.
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We expect that this could increase the group's financial leverage to above 5003% on a pro forma basis post- acquisition, a level that exceeds Fitch's previously stated trigger for a potential downgrade of NN's ratings.
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Under the Advanced Approach on a Fully Phased-In Pro-Forma basis, the SLR was 6.0% at the parent company and 6.2% at the main operating bank as of 1Q16, both already above regulatory minimums.
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The unaudited pro forma condensed combined financial statements were prepared using the acquisition method of accounting, whereby the assets acquired and liabilities assumed are recognized based upon their estimated fair values at the acquisition date.
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In our base case projections we forecast that digital as a percentage of group pro forma EBITDA at 2016 will be about 24% (pre-synergies) and will be an increasingly important contributor to future profitability.
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Senvion, formerly known as Repower, said its sales, on a pro-forma basis, totalled 2.14 billion euros in 2015, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 210.4 million euros.
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LEVERAGE TO SUSTAIN IN LOW 6x RANGE Fitch projects that leverage will sustain in the 6x - 6.5x range in 2017 and 2018 pro forma for announced dispositions and assuming $750 million per year of acquisitions.
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The optical fibre business, which would account about 53% of pro forma EBITDA, is exposed to annual changes in the sale of its fibre capacity to Reliance Jio, part of Reliance Industries Ltd (BBB-/Stable).
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Under the terms of the deal, which has a pro-forma enterprise value of C$165 billion, Spectra Energy shareholders will get 0.984 shares of the combined company for each share of Spectra Energy held.
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It's a more mature work, as one might expect, and initially feels like a pro forma sophomore literary novel: an artist, a few years older and wiser, interrogating the material already established as his own.
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Negative ratings pressure could develop should management pursue another bank acquisition before MBVT is fully integrated into CBU's franchise or should Tier 1 Leverage fall by more than 100bps below the estimated pro-forma level.
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Scale and Diverse Geographies: Mondelez's ratings incorporate its scale as one of the largest global packaged food companies with approximately $30 billion pro forma 2015 net revenue after $3.8 billion estimated revenue contribution to JDE.
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MILAN (Reuters) - Italian online fashion retailer Yoox Net-A-Porter (YNAP) forecast slightly slower revenue growth this year after strong sales helped it post a 26 percent rise in pro-forma core profit last year.
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Fitch calculates unadjusted leverage pro forma for the acquisitions in the range of 5.0x to 5.4x as of June 30, 2016 depending on how AMC chooses to fund the unfunded portion of the Carmike acquisition.
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WeWork makes a pro forma net loss on its bottom line, has growing losses on its preferred profitability metric, is not cash-flow positive, and has operating expenses greater than its deferred-rent cash flow.
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The bank said its pro-forma fully-loaded CET1 ratio, a key measure of a lender's financial strength, rose slightly in the three months through September to 13.4 percent, one of the highest in Italy.
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In contrast to the "preposterous scenarios" imagined by the pro forma feminist dystopia, Gilbert notes that it's those settings like Braithwaite's, those that "aren't preposterous at all," that rightly strike us as even more alarming.
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We are lowering our Sprint estimates, due to increased churn assumptions, which make the pro forma less attractive with minimal expected revenue growth in 2021; and integration expenses will strain FCF generation in 2020/21E.
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PNC also disclosed that its estimated pro forma Liquidity Coverage Ratio was in excess of 100% at both the consolidated and bank levels at quarter-end, above the phased-in requirement of 90% on Jan.
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ISS determined Qualcomm's forecast of $2500 in adjusted earnings per share for fiscal year 220 is "feasible," given NXP's expected adjusted net income of $216 billion, or $245 per share on a pro forma basis.
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Members of this elite group, who served under Democratic and Republican presidents alike, had submitted their pro forma letters of resignation upon the end of the Obama administration, as was the custom during presidential transitions.
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His prolificacy impressed me in 2015 when it produced the crown jewel DS2, whose sharp, wintry chill matched his mechanized drone in demonstrating how pro forma wheel-spinning can reveal personal pain by implied omission.
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VDM Metals will be combined with Aperam's Alloys & Specialties Division, creating an entity with over 3,000 employees based in 20 countries and pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) of 122 million euros.
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Strong Cash Flow Expected: Fitch expects that Baxter will generate roughly $1.5 billion to $9083 billion in annual pro forma cash flow from operations during 2016 driven by expected operational strength and sound working capital management.
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Pro forma for the closing of the transaction and excluding $1.2 billion of monetized indebtedness outstanding at March 31, 2016, Fitch estimates principal amounts of $38 million and $938 million mature in 053 and 2017, respectively.
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DHX Media, which owns rights to popular children's television shows including "Bob the Builder" and "Teletubbies", said the deal would be 6 percent to 10 percent accretive to earnings per share, on a pro forma basis.
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Fitch estimates JCI could use available cash to reduce debt to the mid-$11 billion range during fiscal 2017, compared to $12.8 billion at the end of fiscal 2016 on a pro forma basis excluding Adient.
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Banijay said total pro-forma 20.9027 revenue of the combined group will be about 3 billion euros and that upon completion of the acquisition, Banijay will own almost 200 production companies in 23 countries and territories.
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We note the recent acquisition of 6 River Systems will reduce the Q4 pro-forma margin outlook, although we expect the expense of building out Shopify's Fulfillment Network to be offset over time by incremental revenues.
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Fitch's base case, on a pro forma basis for the Songa Offshore transaction, results in debt/EBITDA, excluding cash-collateralized Eksportfinans loans, of 6.7x and 5.5x on a gross and net debt basis, respectively, in 2018.
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This reflects an acquisition multiple of 21908x on Jarden's 219113 reported EBITDA of $211 billion or close to 21212x pro forma the inclusion of Jarden's acquisitions of Jostens (closed November 21908) and Waddington (closed July 210540).
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Strong Cash Flow Expected: Fitch expects that Baxter will generate roughly $1.5 billion to $1.6 billion in annual pro forma cash flow from operations during 2016 driven by expected operational strength and sound working capital management.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Revenue: Top line pro forma net revenue growth of approximately 3.5% per annum, partly offset by the disposal of stores in 2016/17.
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This will allow CGD to restore its capital buffers, which have been dented by large loan impairment charges in 2016, by increasing the fully loaded CET0003 ratio to 11.8% on pro-forma basis at end-2016.
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The company posted total net revenue growth of 67.903 percent on a like-for-like basis, while pro-forma revenue rose 5 percent to 3.02 billion pounds ($3.96 billion) for the three months ended June 30.
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And that will stop President Donald Trump from filling executive branch spots without senators' OK. Using a procedural tool often invoked by senators in the past, the Senate has set up a series pro forma sessions.
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So instead of formally adjourning during the August recess, at least one senator will make his or her way to the chamber every three days to lead a brief gavel-in, gavel-out pro forma session.
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Software company Micro Focus led the blue chips, as its shares jumped 12.3 percent on its best day in nearly four and a half years after it reported annual pro-forma revenue fell less than expected.
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The pro-forma demands that Republicans select the most extreme candidate in their primaries will be tempered by Trump's and the GOP's existential imperative to retain control of the House and Senate, regardless of the cost.
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NN Group said it expects a 10 percent return on investment on the deal, which would reduce its solvency ratio to 185 percent of the minimum requirement on a pro-forma basis in the third quarter.
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The combined company is expected to have a pro-forma market cap of about $3.3 billion and a total enterprise value of more than $4 billion, including about $700 million in net debt, the companies said.
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Fitch's expectation for $700 million-$900 million of annual FCF over the intermediate term also supports liquidity, although one-third of FCF is outside the U.S. Pro forma for the senior notes issuance, as of Sept.
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But it is also an outlier in terms of leverage, with post-merger pro-forma FFO-adjusted net leverage of 5.8x, which is not in line with investment grade rated alcoholic beverages peersour 'B' category median.
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As for calling Tyler the Creator the F-word, can I mention that rebel without a clue Tyler has misused that odious term far more freely than Eminem ever did—and that the pro forma p.c.
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Fitch projects ANTM's near-term EBITDA-based fixed-charge coverage ratios including the new debt issue on a pro forma basis to be 2123x-8.5x; a modest decline from the company's 2014-2016 average of 337160602x.
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Net income attributable to the company jumped to $770 million, or 63 cents per share, in the quarter, on a pro forma basis, which assumes that the two companies were a single entity in both periods.
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Fitch estimates that this will have increased L&G's financial leverage to around 33% on a pro-forma basis, but that leverage remains within our rating trigger and will decrease over time as the company grows.
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"The 2.7 percent pro-forma benchmark weight [within the MSCI index] is much more significant than prior index inclusions during the past decade," said Alexander Redman, head of global emerging market equity strategy at Credit Suisse.
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The life insurance operation is capital intensive with moderate returns, as highlighted in CBA's pro forma financial year ending 30 June 2017 figures, which show a AUD224 million negative impact on cash net profit after tax.
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Congress should maintain its recent practice of taking short, pro forma adjournments rather than taking a full recess, because the latter would allow the president to fire Justice Department personnel and replace them with recess appointments.
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Completion of the sale of Hua Xia Bank, which was approved by the Chinese regulators, should add around 4807123 and 212001 basis points to the leverage and CET1 ratios, respectively, according to the bank's pro-forma calculations.
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In addition to the source(s) of information identified in the Master Criteria, this action was additionally informed by information from both the rating advisor and the management team including pro forma financials for the combined group.
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EBITDA of around $10 billion on a pro forma basis including Rite Aid could improve to around $12 billion over the 36 months following the close of the acquisition on modest core growth and Rite Aid synergies.
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When the White House Small Business Administration removed LGBT outreach pages from its website more than a year ago, journalists and legislators were told it was a pro forma practice, and that the pages would be restored.
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In addition to the source(s) of information identified in the master criteria, this action was additionally informed by information from both the rating advisor and the management team including pro forma financials for the combined group.
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Jarden's pro forma top line has grown to $9.7 billion in 2015 from $91133 billion in 2011, with organic top line growth of around 5% annually over the past three years and a number of sizable acquisitions.
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The unaudited pro forma condensed combined financial statements have been prepared based upon the Company's historical financial information and the historical financial information of Danya, giving effect to the acquisition and related adjustments described in these notes.
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Danya's operating results included in the unaudited pro forma condensed combined statement of operations for the six months ended March 31, 33 are not intended to represent or be indicative of operating results for a full year.
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Fitch estimates the size of the remaining group would have been approximately CNY110m EBITDA in 2015 on a pro forma basis, representing less than 20% of the original consolidated group, which will not warrant a 'B+' rating.
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The combined business, which had pro-forma sales of 2.4 billion euros ($2.88 billion), will be 49 percent owned by BASF, while funds managed by private equity firm Clayton, Dubilier & Rice will hold the rest, it said.
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Deutsche Bank targets a fully loaded CRD IV leverage ratio of 4.5% in the medium term, but management has indicated that business growth opportunities may lead to a decline from the pro-forma 4% at end-1Q17.
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It helped the company increase its average debt maturity to 7.8 years at end-1H17 pro forma for the placement (6.2 years at end-2016) and reduce its cost of debt to 3.1% (103% at end- 2016).
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"Canopy's market capitalization has increased by roughly $3.5 billion since the deal announcement, indicating pro forma economic value to Canopy of $6.9 billion — over 100 percent greater than the price offered to Acreage shareholders," the letter said.
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Pro forma the transaction, leverage at the combined company would sit at around 3.7 times, based on US$150m of last 12 months' combined adjusted Ebitda including US$743m of synergies and roughly US$558m of debt.
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KEY RATING DRIVERS CREDIT PROFILE REMAINS STRONG Pro forma for the refinancing, Fitch expects STOF's gross leverage, including tribal debt, to remain within its sensitivities for 'BBB' through the development phase of its Tampa and Hollywood expansions.
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In the unlikely event a deal is reached by Monday, the pro forma session could be used to pass it by unanimous consent or voice vote, something that would only require one senator to be in attendance.
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It helped the company increase its average debt maturity to 7.8 years at end-1H17 pro forma for the placement (6.2 years at end-2016) and reduce its cost of debt to 0003% (3.4% at end- 2016).
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The Negative Outlook also considers Fitch's near-term projections for modestly lower coverage ratios, including the new issue on a pro forma basis and the potential for adverse financial effects from ANTM's ongoing litigation with Cigna Corp.
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That's similar to the figure that comes from applying Dr Pepper's current price-to-earnings ratio of about 17 to the pro forma $1.8 billion net income figure provided by the companies, which includes forecast cost reductions.
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Based on pro-forma figures for 2016/17, Thyssenkrupp Industrials had adjusted earnings before interest and taxation of 1.2 billion euros ($1.4 billion), while Thyssenkrupp Materials made 550 million euros, according to investor slides published on Sunday.
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The new company had $0003 billion in TiVo revenue and Xperi billings and more than $250 million in operating cash flow on a pro forma basis for the twelve months ended September 30, 2019, the companies said.
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While the move was largely pro forma, it set up the tantalizing possibility that the kingpin would do what Al Capone and the Mafia boss John Gotti never did: take the stand and tell his own story.
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RATING SENSITIVITIES The following factors could result in positive momentum in the ratings and/or Outlook: --Fitch's expectation of leverage sustaining below 4.0x (pro forma leverage was in the high 5x range for the quarter ended March 31, 2017, although Fitch expects the company to sustain leverage in the low 5.0x range pro forma for the closing of the CNL transaction; --Fitch's expectation of fixed-charge coverage sustaining above 3.0x (pro form coverage was in the low- to mid-103x range for the quarter ended March 31, 2017).
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Vastly Different Operating Models Pose Integration Risk Jarden is a highly decentralized and entrepreneurial sales enterprise which grew via acquisitions from approximately $9083 million in 2001 to a pro forma $9.7 billion with several large acquisitions in 2015.
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Pro-forma sales at recently merged online fashion retailer Yoox Net-A-Porter posted a larger-than-expected 280 percent rise in 255 from a year earlier as consumers across regions shopped more using mobile phones or tablets.
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The Tennessee Republican acknowledged on "Squawk Box" that Tillerson's confirmation process will be different than "pro forma" picks of the past, because he comes from the corporate world and does not have a public record on global issues.
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The deal will help Informa generate nearly half its annual pro-forma revenues from the United States and make its global exhibitions division one of the three largest in the country, with more than 70 U.S. shows annually.
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The Negative Outlook reflects that while Fitch views the company's hybrid issuance and resulting modest debt reduction positively, pro forma leverage will remain elevated above our 3.5x threshold level, weakly positioning the company in the 'BBB' rating category.
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On a pro forma basis Fitch expects USJ's cash position to amount to BRL9083 million and short-term debt to reach BRL 280 million as of FY2016, with FCF still in negative territory and net leverage at 5.5x.
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Given heightened regulatory focus on CRE concentration, we view the pro forma increase in CRE to roughly 300% of total risk-based capital from 257% cautiously, especially since capital ratios are expected to fall considerably upon transaction close.
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RAY DALIO: Oh, think if you extrapolate, do pro forma financial statements for five years forward and start to look at what that would mean in terms of monetary policy and also what it means for cash flows.
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McDermott's shareholders will own about 53 percent and CB&I investors the rest of the combined company, which will have pro forma annual revenue of about $10 billion and a backlog of about $14.5 billion, the companies said.
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LONDON, Feb 14 (Reuters) - British software firm Micro Focus International reported a better-than-expected 5.3 percent decline in pro-forma revenue for the year to end-October and said the trajectory, after disposals, would continue to improve.
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Pro forma leverage for the January 2017 debt issuance and refinancing increased to roughly 1.8x, which remains within Fitch's expectations, but we anticipate that financial leverage will return to lower normalized levels from projected revenue and earnings growth.
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Analysts at Numis said on a pro-forma basis the results were about 1-2 percent behind their expectations, but a materially lower tax rate than it had expected would boost earnings per share and free cash flow.
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Although funding sources for the Life Tech acquisition included approximately $3 billion of equity proceeds and $2 billion of cash on hand, debt funding drove pro forma leverage to nearly 4.5x versus a pre-acquisition level of 2.6x.
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Using the threat of a filibuster, Democrats plan to force the Senate to hold pro forma sessions — a practice both parties have carried out to block recess appointments from presidents of opposite party, Democratic and Republican aides say.
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The company, which conducts two-thirds of its business in the United States, made the projection as it reported a 70 percent jump to 1.8 billion euros in pro forma income from continuing operations for the fourth quarter.
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Adjusted leverage including Kate Spade is expected to be 3.7x at close on a pro forma basis and decline to 3.3x at end of FY 2018 following pay down of the expected $800 million six-month term loan.
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Positive FCF; Widening Metrics: Fitch's base case projects that Transocean, on a pro forma basis for the announced notes and Songa Offshore transactions, will be approximately $325 million and $500 million FCF positive in 2017 and 2018, respectively.
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Generali, which has a bigger proportion of its business in life insurance than its main rivals, had a pro-forma economic solvency ratio of 196 percent at end-September, compared to Axa's 212 percent and Allianz's 200 percent.
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Your profit-and-loss (P&L) model, also known as a pro forma income statement, is a projection of your expected income and expenses for the first 12 months, and up to a period up to five years.
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Much of the play feels thin yet padded, a pro forma tribute to the House of Tudor; but then there are scenes so rich in poetry and emotional detail they can tear your heart out when properly performed.
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Com Inc * Q21.17 revenue $6463 million versus i/b/e/s view $2646 million * Sees fy 2646 adjusted pro forma earnings per share $28780 * Q3 earnings per share view $-0.14 — Thomson Reuters I/B/E/S * 800-flowers.
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The website prominently features letters from various US Presidents and other high-ranking officials which refer to Dao as Prime Minister, most of which appear to be pro forma replies to letters sent by members of the PNGV.
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For nearly 30 years, the drafting committee was a body that generated little controversy and itself was a pro forma exercise, but in 2016 Sanders wanted the Democrats to go on record committing themselves to a progressive populism.
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On a pro forma basis, the bank said its fully-loaded ratio ended Q1 at 11.3 percent taking into account the sale of its real estate unit Solvia Servicios Inmobiliarios and disposals, such as portfolios of non-performing assets.
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On Thursday, Chrysaor said the deal, which will be backdated to start in January last year and which is subject to regulatory approval, would bring it up to 177,000 boed pro forma in 2018 and 185,000 boed in 2019.
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Shares of SurfStitch plunged 53.62 percent after the casual wear retailer cut its guidance for pro forma fiscal full-year earnings before interest tax depreciation and amortization (EBITDA) to A$2-3 million in the wake of restructuring steps.
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On a pro forma basis, this acquisition represents less than 5% of CIBC's assets, and CIBC's projected Common Equity Tier 1 ratio to remain above 13%, both of which are considered manageable in the context of CIBC's credit profile.
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As of the end of the first quarter of 2016 (1Q13), BAC's pro forma fully phased-in Basel III Common Equity Tier 1 (CET1) ratio under the advanced approaches (BAC's binding constraint) was 10.1%, up from 9.8% at YE2015.
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Ahold reported a 22.2 percent fall in pro-forma third-quarter sales to 4.13 billion euros ($24.1 billion), due to the weaker dollar, but quarterly net income rose to 23.3 million euros from 21.2 million euros a year earlier.
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WEAK LIQUIDITY CLI's sources of liquidity fall short of uses by $99777713 million (pro forma for the $99777703 million term loan issuance in January 21908), resulting in 210278x liquidity coverage under Fitch's liquidity analysis for the period from Oct.
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Pat RobertsCharles (Pat) Patrick RobertsKobach says he's more prepared for 'propaganda' in Senate campaign Pompeo: Senate run 'off the table' Grassley gambles on drug price bill despite GOP doubts MORE (R-Kan.), who led Thursday's pro forma Senate session.
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After initially describing a planned meeting with Mr. Trump as a pro forma exercise, Mr. Pence told a number of associates afterward that he would be inclined to accept the second spot on the ticket if it was offered.
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On a pro forma basis as of 31 March 7503, Fitch estimates that Lodha's consolidated leverage (defined as net adjusted debt/adjusted inventory) would have dropped to 72% if the London projects were amalgamated, from 80% without the amalgamation.
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Fitch believes Transocean has solid credit facility renegotiation prospects given its cash position, manageable maturity profile, and secured debt capacity (Fitch-calculated secured debt capacity of around $200 million; pro forma of about $500 million following the Songa acquisition).
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On a 12-month basis, it posted a pro-forma net loss of $75 million for January-December last year, compared with a $43 million net profit for the October 2013-September 2014 period under its previous reporting calendar.
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A recitation about global inequality — "the richest ravage the global environment by producing waste, while the poorest destroy their resources by lack of choice" — can at first hit like pro forma critique from one of cinema's most dedicated leftists.
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Obama's rules were already pro forma at some colleges before his 2011 federal guidance, so I believe the backlash isn't truly about government policy, but discomfort about the change in how students approach the problem of sexual assault today.
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Even when treated more lightly, as in "Sing!" and "Dance: Ten; Looks: Three," the punch lines seem pro forma, as if Bennett and his collaborators were looking to fill out a program with the requisite number of comedy bits.
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On top of this, the credit research firm flagged an alteration to the incurrence covenants that could allow use of a carve-out to make future debt-funded dividends, without making accompanying pro forma changes to the leverage ratio.
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Fitch estimates leverage, pro forma for the repayment of 21CFA's $200 million of senior unsecured note due October 2015 and issuance of $400 million of senior unsecured notes due 2045 and $600 million of senior unsecured notes due 2025, is 3x.
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Instead of viewing Basic Economy as a new budget-friendly ticket option, many saw the announcement as another example of America's airlines nickel-and-diming its passengers to the extreme — taking away amenities long considered pro forma in economy-class travel.
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The company, the central and eastern European unit of Mexican tycoon Carlos Slim's America Movil, reported earnings before interest and tax (EBIT) of 185.1 million euros ($214.42 million) after 190.9 million euros in the previous year on a pro forma basis.
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While pro forma leverage is outside of Fitch's expectations for the rating, we expect AMC to utilize free cash flow (FCF) to pay down debt and return to a credit profile more reflective of a 'B+' rating by year-end 2017.
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Incremental debt is expected to yield elevated leverage of around 4.0x on a pro forma adjusted debt/EBITDAR basis from an LTM 3.3x times on a standalone basis (eliminating $6 billion in funded debt associated with the Rite Aid acquisition).
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KEY RATING DRIVERS Improved Scale on Strong Organic Growth With $15.5 billion in pro forma revenue, the combined companies will have scale with both vendors and customers, particularly in international markets, bringing benefits in procurement, back office and some overhead.
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We calculate MGM's pro forma gross consolidated leverage at 5.2x, which is still consistent with the 'BB' IDR and is only slightly above 5.1x on an LTM basis (LTM includes annualized National Harbor performance and repayment of MGM's 2018 notes).
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Although there is plenty of Korean pop that avoids the jam-packed density of its most internationally successful practitioners, those groups that attempt to scale down often end up with mildly pro forma pop-rock if not weepy piano balladry.
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What to watch: House Majority Leader Steny Hoyer said Democrats will try to pass the aid package during the next pro forma session on Thursday, though it could once again be blocked by a single Republican vote at that time.
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Pro forma for the spinoffs, assuming QVC uses the full $329 million from Liberty Ventures to repay debt, and including the Mirror Debentures guarantee, Fitch estimates QVC's gross leverage at 2.6x and Liberty's gross leverage at 5003x as of Dec.
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The combination, which will have a pro-forma market value of $4.2 billion and an enterprise value of $7 billion, will own 4.9 hotels in 26 states and the District of Columbia, across brands including Marriott, Hilton, Hyatt and Wyndham.
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Hayleys' other significant operating segments include transportation and logistics, purification and agriculture, whose contribution to Hayleys' post-acquisition pro-forma consolidated EBITDA will drop to approximately 13%, 11% and 10%, respectively, according to Fitch's estimates, with all else being equal.
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The company, which develops plasma protein therapies, aims to return its debt/core profit ratio to 3 times within a couple of years compared to 4.3 times in pro-forma terms, including a $1.7 billion loan also announced on Wednesday.
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Ordinarily, an American president launching unilateral military action without United Nations approval or anything but pro forma consultation with allies would elicit howls of protest from the international community — doubly so, you'd think, if his name happened to be Donald Trump.
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Net income attributable to the company jumped to $770 million, or 63 cents per share, in the second quarter ended July 3, on a pro forma basis, which assumes that the two companies were a single entity in both periods.
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"Adjusting for the combined impact of both the RMBS settlement and the pension deficit contribution of ú2 billion announced on 17 April, the Q1 2018 pro forma CET1 is 15.1 percent and fully diluted TNAV is 274p," the RBS statement said.
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Assuming the Kate Spade acquisition closes, leverage is expected to be 3.7x at close on a pro forma basis and decline to 3.3x at end of FY 2018 following pay down of the expected $800 million six-month term loan.
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OZM's pro forma debt/FEBITDA, taking into account the 2017 expense guidance and the announced 1Q17 repayment of the revolver, is expected to range from 6.0x to 9.6x, consistent with Fitch's 'b' category quantitative leverage benchmark of greater than 103x.
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And to eliminate even the chance of it happening, the Senate intends to meet occasionally in pro forma sessions even when lawmakers are out of town to block President Obama from taking advantage of a recess to make an appointment.
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The enlarged company expects to grow revenue to more than 500 billion roubles ($7.5 billion) by 2184 from a pro-forma 29.05 billion roubles in 250, it said on Monday, having previously forecast revenue in excess of 22018 billion roubles.
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Fitch projects ANTM's year-end 2017 debt-to-EBITDA ratio and financial leverage ratio (FLR), including the planned issue and anticipated debt redemptions or repurchases via tender offers on a pro forma basis, to be approximately 3.0x and 43%, respectively.
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As an indication, Takeaway has said the combined company would have had sales of 1.21 billion euros and a loss of 43 million euros on a pro-forma basis in 2018, though both have registered strong sales growth in 2019.
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Taking advantage of popular discontent with Mr. Morsi two years later, the military, led by Mr. Sisi, then a general, took power and Mr. Sisi became president in a pro forma election that awarded him 97 percent of the vote.
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Speaker Nancy Pelosi's office received a letter of resignation from Mr. Collins on Monday, a spokesman for Ms. Pelosi confirmed, and his resignation will be effective once the letter is filed during the House's pro forma session on Tuesday. Gov.
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As an indication, Takeaway has said the combined company would have had sales of 1.21 billion euros and a loss of 43 million euros on a pro-forma basis in 2018, though both have registered strong sales growth in 2019.
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Pro forma short-term debt at end-2016 of RUB17 billion and expected negative free cash flow should be sufficiently covered by X5's Fitch-adjusted unrestricted cash of RUB13 billion and available undrawn committed credit lines of RUB32 billion.
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"We should have a full confirmation hearing process and a vote on ANY nominee for the Supreme Court," she wrote on Twitter — the kind of pro forma remark that would not have required saying, much less defending, not long ago.
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Liquidity sources, including Fitch-adjusted cash balances (YE16: USD103 million), undrawn committed credit lines (YE16: USD6 million), proceeds from the disposal of Crimean operations and expected positive FCF, should exceed remaining 2017 debt maturities of USD29 million (pro forma YE16).
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SLA said pro-forma adjusted pretax profit in the year to the end of December was 1.04 billion pounds, down 0.5 percent from 1.05 billion pounds in 2016 but in line with a company-supplied consensus forecast of 1003 billion pounds.
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First Abu Dhabi Bank, formed on April 21.43 by the merger of National Bank of Abu Dhabi and First Gulf Bank, posted a 12.4 percent rise in combined "pro-forma" first quarter net profit to 2.93 billion dirhams ($797.8 million).
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Lately it's pro forma — possibly even mandatory — for politicians, athletes, celebrities and other public figures to be vocally and vigorously humbled by every honor awarded, prize won, job offered, record broken, pound lost, shout-out received, "like" copped and thumb upped.
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Announces 2016 third quarter financial results * Says management has established Q4 2016 pro forma AFFO per share guidance of $0.21 on an annualized basis * Qtrly property net operating income from continuing operations increased by 63 pct to about $8.0 million.
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Okay, if you look at the S-4, which itself is 400 pages long, and dig into it, the pro-forma of this company is 4 billion of revenues, $4 of earnings per share, a probable dividend of $4 in 2022.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: -Moderate compound annual growth in revenue of over 5% in FY17-FY0003 (pro forma for Neotel), supported by growth in enterprises and wholesale data mitigated by wholesale voice, which is subject to pricing as well as volume pressures; -Operating EBITDA (before income from associates) margin of 28% in FY17 (pro forma for Neotel), improving to 32% in FY20; -Capex as a percentage of revenue of 25%-30% in FY18 and FY19, declining to below 20% in FY103; and -Dividends paid of around USD13 million per year in FY18 and beyond.
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IAC claims that this makes it the "clear industry leader" in the home services marketplace and says that on a pro forma basis, the new company made an estimated $17 billion in transaction value over the last 12 months for its service providers.
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Modeling a number of factors including the potential increase in carrier costs, rising labor expenses as a result of Amazon's minimum wage increase and moderating shipping volume, Ju cut his 212 pro forma earnings per share estimate by nearly 19 percent to $34.99.
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While IHS Markit's diversification will help offset sector headwinds, ongoing challenges in the energy sector might persist for longer than expected, while challenges could mount in other sectors such as automotive, which accounted for approximately 21% of pro forma FY0003 combined revenues.
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As of the transaction closing, the Basel III fully-loaded pro-forma CET1 ratio for the combined group was 14.7% (around 190bp higher than EFGInt's CET0003 ratio at end-2015), and its total capital ratio and leverage ratio were 17.6% and 4.1% respectively.
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In 2002, Trump Hotels & Casino Resorts, then majority-owned by Trump, became the first target of the SEC's crackdown on pro forma earnings rules when it received a cease-and-desist order for making "misleading statements" in a earnings release in 1999.
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The company also said its pro forma gross profit margins will drop modestly to between 69 and 71 percent this year, compared with 71.6 percent in 2016, due to higher spending on research and development, unfavorable foreign exchange rates and other factors.
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Fitch believes the purchase of Rite Aid and accompanying synergies could drive EBITDA to close to $212001 billion in fiscal 2020 compared to $9 billion in fiscal 2016 excluding Rite Aid and about $10 billion on a pro forma WBA/Rite Aid basis.
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It begins with a thriller's pro forma opening: Charlie Marder, newly minted congressman, wakes up drunk and muddy in Rock Creek Park with the following accouterments: tuxedo, dead cocktail waitress, wrecked Studebaker and high-powered lobbyist to help him escape the crime scene.
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MILAN, Feb 8 (Reuters) - Pro-forma sales at recently merged online fashion retailer Yoox Net-A-Porter posted a larger-than-expected 31 percent rise in 2015 from a year earlier as consumers across regions shopped more using mobile phones or tablets.
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The combined group, which will operate under both the AAM and Standard Life names, would create the UK's largest active investment manager with end-2016 pro forma assets under management (AuM) of around GBP581 billion (compared with AAM's GBP303 billion at end-2016).
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" Wells Fargo said it downgraded Occidental primarily due to "limited upside" from its revised price target "Our new $56 price target is based on a 5.0x EV/EBITDA multiple and our pro forma 2021 EBITDA estimate of $16.1 billion and other adjustments.
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We forecast that the loans/deposits ratio will decrease to a still high 13% (pro-forma consolidated ratio) from Ardshin's standalone 138% currently, while the cushion of liquid assets of the merged bank should remain sizeable at above 50% of customer deposits.
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The nutrition and biosciences unit, DuPont's biggest revenue generator in 2018 on a pro-forma basis, was hit by lower sales of food, beverage and pharma solutions in the latest reported quarter, and brought in 4% lower sales than a year earlier.
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CGD's pro-forma (including the expected EUR2.5 billion capital increase to be completed by end-March) phase-in CET1 ratio was 12% on a consolidated and 13.7% on an unconsolidated basis, which provide it with a buffer from the equity conversion trigger level.
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Coverage of pro forma maximum annual debt service (MADS) of $220.6 million was 5.6x in fiscal 2015 based on the Master Trust Indenture (MTI) calculation and MADS represented a 2.3% of total system revenues, both in line with Fitch's 'AA' category medians.
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Thiam said the fresh capital would give the group a pro forma Basel III common equity Tier 25.53 ratio of 215% and allow it greater flexibility to carry out its strategy, by allowing it to make more capital-intensive trades for instance.
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Recess appointments let a president install nominees who normally must be confirmed by the Senate; their terms would run through the end of the "next session" of the Senate, but the "pro forma" sessions essentially means the Senate is never in recess.
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The reality is that this impossible-to-predict, outsider election has demonstrated that standard political advertising practices -- relying on regular TV and radio slots -- have become too limited, too 20th century pro-forma, to work in this amped up, hyper-angry atmosphere.
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While there has been a pro forma State Department rebuke of North Korea, neither President Donald Trump nor any senior administration official has spoken out against the missile launch or indicated that America would stand by its longtime allies Japan and South Korea.
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The combined business, which will migrate to Stride's technology under the management of its top executives, would have pro forma digital net gaming revenue of about 185 million pounds and would rank second in UK online bingo with an 18% market share.
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Upon closing of the trade finance facility, the company will issue new shares equal to 30 percent of its common stock on a pro-forma basis to Mercuria and will invite a representative of Mercuria to join the company's board of directors.
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Ahold Delhaize, the operator of supermarket chains in the United States and Europe, on Wednesday reported fourth quarter pro forma underlying operating income that came in slightly above analysts' estimates, driven by strong performance in the Netherlands and at its Delhaize America unit.
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Pro forma for the spinoffs and $3371212 million of new borrowings under the QVC/zulily llc (zulily) revolver to fund Liberty's 3371908% HSNi exchangeable debentures put, Fitch calculates QVC's gross leverage at 33710526x and Liberty's gross leverage at 21750x as of Sept.
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The insurer delivered good first-year premium growth (13% yoy) in 1H17 with a market share by first-year premiums increasing to 10.8% in 1H17, from 0003% in 2015 (pro-forma), putting it in fourth place out of 23 life insurers in Taiwan.
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"For example, if you look at the ride-sharing companies — Lyft and Uber — they will tell you that they're actually going to be profitable faster than we thought on an adjusted EBITDA basis, pro forma, blah blah blah blah blah, " he said.
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Rather than just one head of state offering another pro forma congratulations for recent elections, the call turned into a bid by Mr. Trump to press a Ukrainian leader in need of additional American aid to "do us a favor" and investigate Democrats.
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No Impact on IDR from London Amalgamation: On a pro forma basis as of 31 March 2017, Fitch estimates that Lodha's consolidated leverage (defined as net adjusted debt/adjusted inventory) would drop to 72% if the London business were amalgamated, from 80% previously.
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The profit and the deleveraging, driven by a reduction of the non-core portfolio's exposure at default to EUR14 billion, strengthened the pro forma CET1 ratio to 16.3%, according to the bank's calculations, excluding the risk-weighted assets (RWA) relief from the guarantee.
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"I am very pleased to announce that on a pro-forma basis Eurofins is bringing forward by two years to 2018 its objective to reach 4.0 billion euros revenues initially set for 2020 in 2015" Chief Executive Officer Gilles Martins said in a statement.
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You should not rely on the unaudited pro forma condensed combined financial information as being indicative of the historical results that would have been achieved had the companies actually been combined during the periods presented or the future results that the combined companies will experience.
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The fair values of the assets and liabilities in the unaudited pro forma condensed combined financial statements are based upon a preliminary assessment of fair value and may change when the final valuation of intangible assets, working capital and tax-related matters are finalized.
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Where it stands: The House will not be back in session until June 3, and Roy has not confirmed whether he will object to the aid package again on Tuesday at the next "pro forma" session — where only a few lawmakers will be present.
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Our $170 PT is based on 13x CY20 EV/FCF, on par with growth adjusted multiples of peers, and assumes IBM grows revenue at 2% annual adjusted rate, in-line with the run-rate implied by 2Q19 results and pro-forma Red Hat contribution.
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It's on DS2 that by reciting nominally pro forma lyrics about hip-hop's familiar fantasy world, his altered voice recontextualizes it as an empty existence that can suck the life out of you, all while avoiding the jaded posturing many rich sadboys are known for.
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KEY RATING DRIVERS Enterprise-driven Growth: Fitch forecasts Axtel to undergo modest low single-digit revenue growth in 2017 and 2018, driven mainly by continued solid growth in the enterprise segment, which represented 65% of its total sales on a pro forma basis in 2016.
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Further Non-core Asset Sale: We estimate that Rcom's pro forma (excluding GCX) net debt and EBITDA would be around USD1.5bn-1.6bn and USD7503m-250m respectively in the financial year to end-March 2018 (FY18) after the wireless demerger and 51% stake sale in Infratel.
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So, as has been the case for many years, when senators are away from Washington for extended periods, a least one senator will trudge to the chamber every three days to lead a brief gavel-in, gavel-out pro forma session to prevent recess appointments.
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Morgan Stanley said in a research report on Monday that after the latest fundraising Evergrande would be valued at HK$31.8 per share, and its pro-forma net debt-to-equity ratio would drop to 151 percent from 240 percent as at end-June.
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The acquisition would cause Coach's leverage to increase from the current 21x level to 2000x on a pro forma basis at closing and decline to around 3.3x at the end of FY 2018 upon the repayment of the $800 million six-month term loan.
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Thom Tillis, R-North Carolina, who flew to DC last week to preside over a short pro forma session of the Senate, said he hopes Trump uses the bully pulpit this year to convince centrist Democrats to support entitlement reform and other GOP goals.
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Announces fourth quarter and full year 2015 results * Q4 revenue $22.9 million * Q4 earnings per share $0.09 * Q4 adjusted pro forma earnings per share $0.18 * Q4 earnings per share view $0.17 — Thomson Reuters I/B/E/S Source text for Eikon: Further company coverage:
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CCO is offering investors price guidance of 350bp-375bp over Libor for a US$2bn term loan B, rated B1/B+, and while investors appreciate the company's projected cash flow, its pro forma leverage of roughly 8.5 times is a tough pill to swallow.
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Previous year figures were restated on a pro-forma basis to take into account Ahold's 9.8 billion euro acquisition of Delhaize in July, which made it one of the largest supermarket operators on the U.S. East Coast, and by far the largest in the Benelux.
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The harsh response to Canada's criticism, which once would have been seen as pro forma, was more evidence that Crown Prince Mohammed bin Salman — who bills himself as a progressive reformer — is ready to punish perceived challenges to his authority at home and abroad.
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Leverage to Remain Elevated: Pro forma for cost savings and the leveraged buyout by Thoma Bravo, gross leverage will be elevated at 7.2x for FY2019, in line with peers in the 'B' rating category; Fitch expects this to trend down to below 0003x by FY2021.
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DB paid its coupons on AT1 securities in April 2016 and we understand from the bank that its coupon distribution capacity in 2017 benefits from EUR203bn remaining German GAAP reserves and a EUR1.6m pro-forma positive effect from the sale of Hua Xia Bank.
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Mr. Guzmán's arraignment, in Federal District Court, was both a news media spectacle and a pro forma counterpoint to his sudden extradition from Mexico on Thursday afternoon, when a police jet flew him from the border to MacArthur Airport in Islip, on Long Island.
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The company, which uses a low-fee model to win business from bigger, more established estate agents, reported an adjusted operating profit of 1.6 million pounds ($2.05 million), compared to a profit of 6.2 million pounds a year earlier on a pro forma basis.
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Cornyn, who was in the Capitol on Friday to preside over a brief pro forma session, said he thought an age restriction would be problematic if an 18-year-old Marine or police officer were told he or she could not buy a gun.
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Yet when Nixon invited Burns to join the economic team for a Camp David retreat to formalize the plan, Burns was so relieved to be included that after a pro forma protest against one move — the gold standard suspension — the Fed chairman simply caved.
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ANNOUNCES SIGNING OF A MERGER AGREEMENT TO ACQUIRE FGL HOLDINGS FOR $12.50 PER SHARE IN COMBINATION OF CASH AND FNF COMMON STOCK * FIDELITY NATIONAL FINANCIAL INC - TRANSACTION IS EXPECTED TO BE MORE THAN 20% ACCRETIVE TO 2021 EARNINGS PER SHARE * FIDELITY NATIONAL FINANCIAL - TRANSACTION IS EXPECTED TO BE MORE THAN 10% ACCRETIVE (ON A PRO-FORMA BASIS) TO FNF'S 2020 EARNINGS PER SHARE * FIDELITY NATIONAL FINANCIAL INC - FNF'S CURRENT DIVIDEND AND BUYBACK POLICY WILL REMAIN UNALTERED AS A RESULT OF PROPOSED TRANSACTION * FIDELITY NATIONAL FINANCIAL INC - FNF'S PRO FORMA DEBT TO TOTAL CAPITAL IS EXPECTED TO BE APPROXIMATELY 26% AT CLOSE OF TRANSACTION Source text for Eikon: Further company coverage:
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At end-September 0003, pro forma gross debt for NEX stood at GBP515m, or 3.0x 2015/16 EBITDA, but we expect the ratio to be closer to 2.5x in the medium term as cash proceeds from the transaction are partly used to repay outstanding short-term liabilities.
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We therefore expect FFO adjusted net leverage of around 403x for 2016 (pro forma for the merger), which could decline to around 4.0x by 2017 if management is able to extract some cost savings and if free cash flow (FCF) remains positive (3%-5% of sales).
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"We are extremely concerned that such a transaction will significantly lower the business quality of pro-forma United Technologies' aerospace business, and, to make matters worse, will be accomplished through the highly dilutive issuance of large amounts of United Technologies stock," Ackman's email said, according to Reuters.
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Enhanced Competitive Offerings in Business Network Services: The combined company will have significantly improved network capabilities, creating a world-class enterprise player with approximately $19 billion in pro forma business revenue and $13 billion in business strategic revenue, for the trailing twelve months ended June 30, 2016.
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The Company's historical financial statements used in preparing the unaudited pro forma financial data are summarized and should be read in conjunction with its historical financial statements and risk factors, all of which are included in the filings with the Securities and Exchange Commission noted above.
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These unaudited pro forma condensed combined financial statements are not necessarily indicative of the results of operations that would have been achieved had the acquisitions actually taken place at the dates indicated and do not purport to be indicative of future financial position or operating results.
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The company's net leverage increased to 4.4x at end-2016 on a pro forma basis, compared to Axtel's pre-merger leverage of 3.8x at end-2015, due mainly to MXN depreciation against the USD, integration costs, as well as continued revenue contraction in its government business.
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The fundraising development comes at the same time that Uber is also releasing its Q1 financials — which indicate that the company pulled in $2.5 billion in net revenues, with a net loss of $255 million, and negative EBIDTA of $27.5 million on a pro forma basis.
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Chief Financial Officer Alessandra Cozzani said "mid-to-high single-digit" sales growth in 2018 was "reasonable" after the Hong-Kong listed group said pro-forma sales last year were down 3.8 percent to 3.01 billion euros and core profit fell 7.3 percent to 588 million euros.
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Covenant Review also warned of a "pro forma trick" allowing the company to "artificially decrease" the amount of debt used to calculate the leverage ratio, and noted that rather than being single-use, there is no limit on how many times the portability clause can be used.
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UniCredit added to these jitters on Wednesday when it revealed that its core capital - a key measure of financial strength - fell to 10.33 percent in June from a pro-forma level of 10.85 percent three months ago, noting it had made some changes in the calculation.
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Joy on that order had been in short supply for the previous hour and a half, despite a sprinkling of moments built into the show when Mr. Bieber the developmentally arrested child could have a little fun in the midst of all the pro forma pageantry.
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OZM's pro forma FEBITDA/interest expense, taking into account the 2017 expense guidance and the announced 1Q17 repayment of the revolver, is expected to range from 2.4x to 3.9x, which straddles Fitch's 'bb' and 'b' category quantitative coverage benchmarks of 0003x-6x and less than 3x, respectively.
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"As we look to combine the capabilities of the company on a pro-forma basis, we would be about half payer, 34 percent provider, and 11 percent in pharma," Dunleavy said, adding that a small percent of the company's capabilities would be focused on medical devices.
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Corus, whose existing content targeting women and children was augmented with the Global News network and lifestyle channels through the C$21.32 billion Shaw deal, said subscriber revenues at the company's television business shot up by 45 percent, or 6 percent on a pro-forma basis.
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The UK-based company, which focuses on turning around industrial companies and then finding new owners for them, said operating profit rose to 539 million pounds ($661.73 million) in the six months ended June 30, when compared to last year's pro-forma figure of 501 million pounds.
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They said they expect to spend a total of about $16 billion worldwide on agriculture R&D over the next six years, in line with an annual 2.5 billion-euro ($2.7 billion) pro-forma budget they announced at the time of the merger agreement in September.
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" Issa said this is a "challenge" members of the Foreign Affairs Committee face, saying they meet with a lot of diplomats and that he does not want to try to remember "everyone and everything that was discussed in what I thought was a pro forma meeting.
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Removes "down" from title.) March 21 (Reuters) - Orsero SpA: * FY GROUP SHARE NET PROFIT EUR 8.0 MLN VS EUR 12.8 MLN YR AGO * FY ADJUSTED NET PROFIT EUR 11.8 MLN VS PRO-FORMA EUR 8.7 MLN YR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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Fitch expects pro forma leverage at the Bard acquisition closing of roughly 4.7x, and, assuming a relatively smooth integration, the company should easily generate enough cash flow to reduce debt to below the 0003x level that Fitch views as consistent with the 'BBB-' rating within two years.
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"We are extremely concerned that such a transaction will significantly lower the business quality of pro-forma United Technologies' aerospace business, and, to make matters worse, will be accomplished through the highly dilutive issuance of large amounts of United Technologies stock," Ackman's email, seen by Reuters, said.
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Securus is marketing the deal at 23 times first-lien leverage, including an anticipated $20 million draw on the revolver at close, and 6.0 times total leverage, based on pro forma adjusted Ebitda of $191 million for the trailing 12 months ending March 31, including $10 million of synergies.
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Elevated Leverage: In April, AAT acquired Pacific Ridge Apartments in San Diego for approximately $232 million with proceeds from privately placed debt offerings and funds drawn against existing facilities, increasing leverage for the quarter ending June 30, 2017 to the high 6.0x range pro forma for the acquisition.
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Reflecting, MMC's recently published JLT-related pro forma data, we lower our 2019E/2020E EPS to $4.50/$5.00 from $4.55/$5.10 and our 20203E/2020E cash EPS to $4.99/ $5.58 from $5.14/$5.84, and we introduce our initial 2021E EPS of $5.60 and 2021E cash EPS of $6.18.
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While France (0003% of end-2016 pro forma AuM) remains Amundi's key market, its position in the rest of Europe and, to a lesser extent, the US (6% of AuM) has benefitted from above-peer average net money inflows and will be considerably improved by the Pioneer acquisition.
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Footprint expansion through acquisition of small operators; - The Multimedia Polska acquisition effective on a pro-forma basis from 2017; - Available cash up-streamed through shareholder loan payments subject to covenant headroom and Fitch's assumption that leverage is likley to remain lower at UPC than in other LG credit pools.
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On a pro forma basis, considering an annual EBITDA contribution from East Balt Bakeries of around USD70 million, Fitch projects that by year-end 2017 Bimbo's total debt adjusted for rents-to-EBITDAR will approximate to 3.6x, while its total adjusted net debt-to-EBITDAR will be around 3.4x.
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AMSTERDAM, Nov 8 (Reuters) - Ahold Delhaize, an operator of U.S. and European supermarkets, on Wednesday reported a 1.1 percent fall in pro-forma third-quarter sales to 15.1 billion euros ($17.5 billion), due to the weaker dollar, but beat estimates on margins and profit due to cost-cutting.
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Over the next five years, 2020 are the largest years of pro forma debt maturities with 12.7%, after accounting for the newly issued $500 million in notes, the payoff of the exchangeable notes and future indebtedness as well as the upsizing/extension of the company's term loan facility.
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These proceeds, when combined with unrestricted cash, availability under the $2 billion revolving credit facility due 2018 and Fitch's estimate of pro forma retained cash flow from operations after dividends, cover uses by 1x assuming no access to external capital for the period July 1, 2016 through Dec.
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