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Income Statement
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ITT EDUCATIONAL SERVICES INC (ESI)

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
  Older >>
In millions, except per share itemsDec-31-15Dec-31-14Dec-31-13Dec-31-12Dec-31-11Dec-31-10Dec-31-09Dec-31-08
   10-K10-K10-K10-K/A10-K10-K10-K10-K
Revenues  849.8961.81,072.31,286.61,500.01,596.51,319.21,015.3
            Revenue growth  -11.6%-10.3%-16.7%-14.2%-6.0%21.0%29.9%16.8%
Cost of goods sold  421.8509.0613.6640.2576.6537.9449.8383.8
Gross profit  428.0452.8458.7646.4923.41,058.7869.4631.6
            Gross margin  50.4%47.1%42.8%50.2%61.6%66.3%65.9%62.2%
Selling, general and administrative  343.7389.1397.5400.9414.2445.1380.6306.1
EBITDA   [+]106.390.288.4274.9537.1640.3513.7347.7
            EBITDA margin  12.5%9.4%8.2%21.4%35.8%40.1%38.9%34.2%
Depreciation  21.125.627.029.327.926.824.922.2
EBITA  85.264.661.4245.6509.3613.5488.8325.5
            EBITA margin  10.0%6.7%5.7%19.1%34.0%38.4%37.1%32.1%
Amortization of intangibles  0.90.90.20.0    
EBIT   [+]84.463.761.2245.5509.3613.5488.8325.5
            EBIT margin  9.9%6.6%5.7%19.1%34.0%38.4%37.1%32.1%
Non-recurring items   [+]5.22.5 15.2    
Interest expense, net   [+]39.837.725.22.4-1.1-0.6-2.6-1.9
Other income (expense), net   16.6-73.2     
Pre-tax income  39.440.1-37.2228.0510.3614.1491.4327.4
Income taxes  16.116.8-10.289.0201.2240.0191.1125.9
            Tax rate  40.9%41.9%27.4%39.0%39.4%39.1%38.9%38.4%
Net income  23.323.3-27.0139.0309.1374.2300.3201.5
            Net margin  2.7%2.4%-2.5%10.8%20.6%23.4%22.8%19.8%
   
Basic EPS   [+]$0.99$0.99($1.15)$5.82$11.27$11.28$8.01$5.18
Diluted EPS   [+]$0.97$0.98($1.15)$5.79$11.18$11.17$7.91$5.13
   
Shares outstanding (basic)   [+]23.723.523.423.927.433.237.538.9
Shares outstanding (diluted)   [+]24.023.723.424.027.733.537.939.2
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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