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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)  
Summary of unaudited quarterly results of operations

Quarter Ended

    

March 31, 

    

June 30, 

    

September 30, 

    

December 31, 

    

2019 (1)

    

2019

    

2019

    

2019

(in millions, except per share amounts)

Revenues

$

1,334.2

$

1,348.5

$

1,437.6

$

1,461.0

Operating expenses

 

977.3

 

1,011.2

 

1,133.4

 

1,152.0

Operating income

 

356.9

 

337.3

 

304.2

 

309.0

Interest expense, net

 

143.9

 

143.5

 

140.0

 

141.6

Income from continuing operations before income taxes

 

213.0

 

193.8

 

164.2

 

167.4

Provision for income taxes

 

34.8

 

51.4

 

42.6

 

37.0

Income from continuing operations

178.2

 

142.4

 

121.6

 

130.4

Loss from discontinued operations, net of taxes

(29.1)

(3.4)

(229.2)

(32.9)

Net income (loss)

$

149.1

$

139.0

$

(107.6)

$

97.5

Basic income (loss) per share:

Income from continuing operations

$

3.36

$

2.72

$

2.47

$

2.73

Loss from discontinued operations

$

(0.55)

$

(0.07)

$

(4.69)

$

(0.70)

Net income (loss) per share

$

2.81

$

2.65

$

(2.22)

$

2.03

Diluted income (loss) per share:

Income from continuing operations

$

3.35

$

2.71

$

2.41

$

2.74

Loss from discontinued operations

$

(0.55)

$

(0.07)

$

(4.54)

$

(0.69)

Net income (loss) per share

$

2.80

$

2.64

$

(2.13)

$

2.05

(1)In the first quarter of 2019, Epsilon was presented as a discontinued operation in accordance with ASC 205 in our Quarterly Report on Form 10-Q. Included in our presentation was the allocation of interest expense associated with $1.9 billion in senior notes for the three months ended March 31, 2019 and 2018, respectively. On April 30, 2019, the Company amended its credit agreement, which among other items, provided that upon consummation of the sale of Epsilon, a mandatory payment of $500.0 million of the revolving credit facility was required and all of the Company’s outstanding senior notes were required to be redeemed. The table above includes the allocation of interest expense associated with the $500.0 million mandatory repayment of the revolving credit facility, as well as the related income tax effect, which was not reflected in our historical results in our Quarterly Report on Form 10-Q for the period ended March 31, 2019. The impact was $5.6 million of interest expense and an income tax benefit of $1.7 million.

Quarter Ended

    

March 31, 

    

June 30, 

    

September 30, 

    

December 31, 

    

2018

    

2018

    

2018

    

2018

(in millions, except per share amounts)

Revenues

$

1,381.7

$

1,397.2

$

1,423.2

$

1,464.5

Operating expenses

 

1,009.4

 

1,000.5

 

943.4

 

956.0

Operating income

 

372.3

 

396.7

 

479.8

 

508.5

Interest expense, net

 

127.2

 

133.6

 

136.8

 

144.7

Income from continuing operations before income taxes

 

245.1

 

263.1

 

343.0

 

363.8

Provision for income taxes

 

65.2

 

39.3

 

54.3

 

110.7

Income from continuing operations

179.9

223.8

288.7

253.1

(Loss) income from discontinued operations, net of taxes

(16.0)

(6.0)

7.8

31.8

Net income

$

163.9

$

217.8

$

296.5

$

284.9

Basic income (loss) per share:

Income from continuing operations

$

3.25

$

4.05

$

5.27

$

4.69

(Loss) income from discontinued operations

$

(0.29)

$

(0.11)

$

0.14

$

0.59

Net income per share

$

2.96

$

3.94

$

5.41

$

5.28

Diluted income (loss) per share:

Income from continuing operations

$

3.23

$

4.04

$

5.25

$

4.67

(Loss) income from discontinued operations

$

(0.28)

$

(0.11)

$

0.14

$

0.58

Net income per share

$

2.95

$

3.93

$

5.39

$

5.25