Focus Financial Partners to Release Third Quarter Results on November 5, Announces Change in Presentation of Adjusted Net Income and Adjusted Net Income Per Share
October 22, 2020
Additionally, commencing with this earnings report and related Form 10-Q filing, Focus is changing the way it presents its Non-GAAP Adjusted Net Income and Adjusted Net Income Per Share measures. Focus will disaggregate the presentation of both measures to separately show the Tax Adjustments(1) associated with its tax intangible asset amortization. This tax amortization is derived from the tax shield created when Focus makes acquisitions. Focus made this presentation change to adapt to certain
Adjusted Net Income Excluding Tax Adjustments $_____
Tax Adjustments(1) $_____
Adjusted Net Income Excluding Tax Adjustments Per Share $_____
Tax Adjustments(1) Per Share $_____
Focus believes that it is important to consider both Adjusted Net Income Excluding Tax Adjustments and Tax Adjustments when evaluating the Company's financial performance.
Additional information on the presentation change will be included in the 2020 Third Quarter Earnings Release Supplement that will be issued on
(1) As in prior reports and filings, Tax Adjustments represent the tax benefits of intangible assets, including goodwill, associated with deductions allowed for tax amortization of intangible assets in the respective periods. Such amounts were generated from acquisitions completed where the Company received a step-up in basis for tax purposes. Acquired intangible assets may be amortized for tax purposes, generally over a 15-year period. Due to the Company's acquisitive nature, tax deductions allowed on acquired intangible assets provide additional significant supplemental economic benefit. The tax benefit from amortization is identified to show the full economic benefit of deductions for acquired intangible assets with the step-up in tax basis.
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About
Investor and Media Contact
Senior Vice President
Head of Investor Relations & Corporate Communications
P: +1-646-813-2909
tmadon@focuspartners.com
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