WESTLAKE, Ohio--(BUSINESS WIRE)--August 19, 2020--Nordson Corporation (Nasdaq: NDSN) today reported results for the third quarter of fiscal year 2020. For the quarter ended July 31, 2020, sales were $538 million, a 4% decrease compared to the prior year’s third quarter sales of $560 million. The diversity of our end market exposure and broad global customer base contributed to the sales performance in the quarter. The sales decrease was primarily organic, as the benefits from the recent acquisition of Fluortek were offset by unfavorable currency impacts.
Operating profit in the quarter was $112 million, or 21% of sales. Excluding non-recurring charges associated with cost structure simplification actions and the amortization of the step-up in acquired inventory, adjusted operating profit was $120 million, a 9% decrease compared to the prior year’s adjusted operating profit. EBITDA, which is defined as adjusted operating profit plus depreciation and amortization, in the quarter totaled $148 million, or 28% of sales.
Net income was $87 million, and earnings per diluted share were $1.49. Adjusted earnings, which excludes non-recurring charges, discrete tax benefits of $12 million and a non-cash, non-operating pension settlement charge of $3 million, totaled $83 million, or $1.42 per share.
“Throughout the quarter, our team remained focused on protecting the health and safety of our employees and responding to the needs of our customers,” commented Sundaram Nagarajan, president and chief executive officer. “At the same time, we made solid progress on our long-term strategic priorities by acquiring Fluortek, a high-quality medical company, and leveraging the next generation of the Nordson Business System – the NBS Next growth framework – to prioritize investments that will drive profitable growth and identify opportunities to simplify our cost structure.”
Third Quarter Segment Results
Industrial Precision Solutions sales of $289 million decreased approximately 6% compared to the prior year’s third quarter. Stable performance of those product lines serving consumer non-durable end markets was offset by weakness in sales of product lines serving industrial end markets. Operating profit, which included $3 million in structural cost reduction actions, totaled $75 million. Adjusted operating profit was $78 million, or 27% of sales, a decrease of 13% from the prior year adjusted operating profit.
Advanced Technology Solutions sales of $249 million decreased approximately 2% compared to the prior year’s third quarter. The Fluortek acquisition increased sales approximately 2%, which was more than offset by organic volume declines and unfavorable currency impacts. Sales volume increases in test and inspection product lines serving electronics end markets and stable demand in medical product lines were offset by weakness in fluid dispense product lines serving industrial end markets. Operating profit, which included $3 million of structural cost reduction actions and the amortization of the step-up in acquired inventory, totaled $50 million. Adjusted operating profit was $53 million, or 21% of sales, which was in line with prior year profits.
Outlook
“Given the challenging macro-economic environment, I am very pleased with our performance in the quarter and the progress we are making in aligning the organization,” Nagarajan stated. “We will continue to invest in these uncertain times and remain optimistic about the potential of the highly diversified and differentiated Nordson portfolio.”
While the short-term environment remains difficult to predict, we expect fiscal fourth quarter revenue to be commensurate with to slightly better than fiscal third quarter revenue based on the current order entry trends and order backlog. Weekly order entry rates have improved from the lower levels experienced during the third quarter. Entering the fourth quarter, trailing four-week order entry is 93% of prior year levels and backlog totaled $423 million. Operating profit is forecasted to improve modestly in the fiscal fourth quarter compared to the third quarter, as cost reduction initiatives begin to deliver benefits.
Nordson management will provide additional commentary on these results and outlook during a conference call Thursday, August 20, 2020 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," “outlook,” “guidance,” "continue," “target,” or the negative of such terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions, financial, and market conditions, currency exchange rates and devaluations, possible acquisitions including the Company’s ability to successfully integrate acquisitions; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, acts of terror, natural disasters and pandemics, including the current coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and on its Form 10-Q with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
Nordson Corporation engineers, manufactures and markets differentiated products and systems used for the precision dispensing of adhesives, coatings, sealants, biomaterials, polymers, plastics and other materials, fluid management, test and inspection, UV curing and plasma surface treatment, all supported by application expertise and direct global sales and service. Nordson serves a wide variety of consumer non-durable, durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in more than 35 countries. Visit Nordson on the web at http://www.nordson.com, @Nordson_Corp, or www.facebook.com/nordson.
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Attachment #1 |
NORDSON CORPORATION |
CONSOLIDATED STATEMENTS OF INCOME |
(Dollars in thousands except for per-share amounts) |
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| THIRD QUARTER PERIOD |
| Period Ended July 31, 2020 |
| (Unaudited) |
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| CONSOLIDATED STATEMENTS OF INCOME |
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| Three Months Ended | | Nine Months Ended |
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| July 31, 2020 | | July 31, 2019 | | July 31, 2020 | | July 31, 2019 |
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| Sales |
| $ | 538,181 | |
| $ | 559,746 | |
| $ | 1,562,575 | |
| $ | 1,608,775 | |
| Cost of sales |
| | 257,373 | |
| | 257,123 | |
| | 728,975 | |
| | 735,647 | |
| Gross margin |
| | 280,808 | |
| | 302,623 | |
| | 833,600 | |
| | 873,128 | |
| Gross profit % |
| | 52.2 | % |
| | 54.1 | % |
| | 53.3 | % |
| | 54.3 | % |
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| Selling & administrative expenses |
| | 168,753 | |
| | 172,347 | |
| | 521,423 | |
| | 529,675 | |
| Operating profit |
| | 112,055 | |
| | 130,276 | |
| | 312,177 | |
| | 343,453 | |
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| Interest expense - net |
| | (6,880 | ) |
| | (10,989 | ) |
| | (24,047 | ) |
| | (35,085 | ) |
| Other income (expense) - net |
| | (9,668 | ) |
| | 210 | |
| | (12,943 | ) |
| | (4,546 | ) |
| Income before income taxes |
| | 95,507 | |
| | 119,497 | |
| | 275,187 | |
| | 303,822 | |
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| Income taxes |
| | 8,526 | |
| | 25,569 | |
| | 44,123 | |
| | 69,404 | |
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| Net Income |
| $ | 86,981 | |
| $ | 93,928 | |
| $ | 231,064 | |
| $ | 234,418 | |
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| Weighted-average common shares outstanding: |
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| Basic |
| | 57,693 | |
| | 57,395 | |
| | 57,679 | |
| | 57,463 | |
| Diluted |
| | 58,427 | |
| | 58,117 | |
| | 58,404 | |
| | 58,183 | |
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| Earnings per share: |
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| Basic |
| $ | 1.51 | |
| $ | 1.64 | |
| $ | 4.01 | |
| $ | 4.08 | |
| Diluted |
| $ | 1.49 | |
| $ | 1.62 | |
| $ | 3.96 | |
| $ | 4.03 | |
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Attachment #2 |
NORDSON CORPORATION |
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Dollars in thousands) |
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| THIRD QUARTER PERIOD |
| Period Ended July 31, 2020 |
| (Unaudited) |
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| CONSOLIDATED BALANCE SHEET |
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| July 31, 2020 |
| October 31, 2019 |
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| Cash and cash equivalents |
| $ | 221,783 |
| $ | 151,164 |
| Receivables - net |
| | 498,283 |
| | 530,765 |
| Inventories - net |
| | 310,557 |
| | 283,399 |
| Other current assets |
| | 50,075 |
| | 45,867 |
| Total current assets |
| | 1,080,698 |
| | 1,011,195 |
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| Property, plant & equipment - net |
| | 414,982 |
| | 398,895 |
| Goodwill |
| | 1,701,914 |
| | 1,614,739 |
| Other assets |
| | 622,364 |
| | 491,618 |
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| $ | 3,819,958 |
| $ | 3,516,447 |
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| Current maturities of long-term debt |
| $ | 43,598 |
| $ | 168,738 |
| Accounts payable and accrued liabilities |
| | 303,620 |
| | 308,888 |
| Total current liabilities |
| | 347,218 |
| | 477,626 |
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| Long-term debt |
| | 1,221,082 |
| | 1,075,404 |
| Other liabilities |
| | 481,746 |
| | 382,372 |
| Total shareholders' equity |
| | 1,769,912 |
| | 1,581,045 |
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| $ | 3,819,958 |
| $ | 3,516,447 |
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| NORDSON CORPORATION |
| CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Dollars in thousands) |
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| THIRD QUARTER PERIOD |
| Period Ended July 31, 2020 |
| (Unaudited) |
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| CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| Nine Months Ended |
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| July 31, 2020 | | July 31, 2019 |
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| Cash flows from operating activities: |
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| Net Income |
| $ | 231,064 | |
| $ | 234,418 | |
| Depreciation and amortization |
| | 84,164 | |
| | 83,331 | |
| Other non-cash items |
| | 8,751 | |
| | 14,699 | |
| Changes in working capital |
| | (14,021 | ) |
| | (96,017 | ) |
| Net cash provided by operating activities |
| | 309,958 | |
| | 236,431 | |
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| Cash flows from investing activities: |
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| Additions to property, plant and equipment |
| | (36,096 | ) |
| | (46,002 | ) |
| Acquisitions |
| | (125,260 | ) |
| | (12,110 | ) |
| Other - net |
| | (1,836 | ) |
| | 193 | |
| Net cash used in investing activities |
| | (163,192 | ) |
| | (57,919 | ) |
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| Cash flows from financing activities: |
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| Issuance (repayment) of long-term debt |
| | 1,740 | |
| | 36,009 | |
| Repayment of finance lease obligations |
| | (5,814 | ) |
| | (4,442 | ) |
| Dividends paid |
| | (65,737 | ) |
| | (60,325 | ) |
| Issuance of common shares |
| | 46,304 | |
| | 17,275 | |
| Purchase of treasury shares |
| | (51,897 | ) |
| | (118,124 | ) |
| Net cash used in financing activities |
| | (75,404 | ) |
| | (129,607 | ) |
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| Effective of exchange rate change on cash |
| | (743 | ) |
| | 3,262 | |
| Net change in cash and cash equivalents |
| | 70,619 | |
| | 52,167 | |
| Cash and cash equivalents: |
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| Beginning of period |
| | 151,164 | |
| | 95,678 | |
| End of period |
| $ | 221,783 | |
| $ | 147,845 | |
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Attachment #3 |
NORDSON CORPORATION |
SALES BY SEGMENT AND GEOGRAPHIC REGION |
(Dollars in thousands) |
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| THIRD QUARTER PERIOD |
| Period Ended July 31, 2020 |
| (Unaudited) |
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| Three Months Ended | | Sales Variance |
| SALES BY SEGMENT |
| July 31, 2020 | | July 31, 2019 | | Organic | | Acquisition | | Currency | | Total |
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| Industrial precision solutions |
| $ | 288,965 |
| $ | 306,648 |
| -4.5 | % |
| - | |
| -1.3 | % |
| -5.8 | % |
| Advanced technology solutions |
| | 249,216 |
| | 253,098 |
| -3.3 | % |
| 1.8 | % |
| - | |
| -1.5 | % |
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| Total sales |
| $ | 538,181 |
| $ | 559,746 |
| -4.0 | % |
| 0.8 | % |
| -0.7 | % |
| -3.9 | % |
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| Three Months Ended | | Sales Variance |
| SALES BY GEOGRAPHIC REGION |
| July 31, 2020 | | July 31, 2019 | | Organic | | Acquisition | | Currency | | Total |
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| United States |
| $ | 183,508 |
| $ | 190,460 |
| -4.4 | % |
| 0.8 | % |
| - | |
| -3.6 | % |
| Americas |
| | 38,265 |
| | 47,040 |
| -17.5 | % |
| 4.2 | % |
| -5.4 | % |
| -18.7 | % |
| Europe |
| | 132,107 |
| | 143,449 |
| -7.6 | % |
| 0.3 | % |
| -0.6 | % |
| -7.9 | % |
| Japan |
| | 31,226 |
| | 30,488 |
| 0.6 | % |
| 0.4 | % |
| 1.4 | % |
| 2.4 | % |
| Asia Pacific |
| | 153,075 |
| | 148,309 |
| 3.7 | % |
| 0.3 | % |
| -0.8 | % |
| 3.2 | % |
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| Total sales |
| $ | 538,181 |
| $ | 559,746 |
| -4.0 | % |
| 0.8 | % |
| -0.7 | % |
| -3.9 | % |
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| Nine Months Ended | | Sales Variance |
| SALES BY SEGMENT |
| July 31, 2020 | | July 31, 2019 | | Organic | | Acquisition | | Currency | | Total |
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| Industrial precision solutions |
| $ | 835,038 |
| $ | 871,925 |
| -2.8 | % |
| - | |
| -1.4 | % |
| -4.2 | % |
| Advanced technology solutions |
| | 727,537 |
| | 736,850 |
| -2.1 | % |
| 1.1 | % |
| -0.3 | % |
| -1.3 | % |
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| Total sales |
| $ | 1,562,575 |
| $ | 1,608,775 |
| -2.5 | % |
| 0.5 | % |
| -0.9 | % |
| -2.9 | % |
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| Nine Months Ended | | Sales Variance |
| SALES BY GEOGRAPHIC REGION |
| July 31, 2020 | | July 31, 2019 | | Organic | | Acquisition | | Currency | | Total |
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| United States |
| $ | 560,941 |
| $ | 551,510 |
| 1.2 | % |
| 0.5 | % |
| - | |
| 1.7 | % |
| Americas |
| | 106,021 |
| | 123,159 |
| -12.0 | % |
| 1.8 | % |
| -3.7 | % |
| -13.9 | % |
| Europe |
| | 394,554 |
| | 425,650 |
| -6.0 | % |
| 0.5 | % |
| -1.8 | % |
| -7.3 | % |
| Japan |
| | 90,353 |
| | 89,566 |
| -1.1 | % |
| 0.3 | % |
| 1.7 | % |
| 0.9 | % |
| Asia Pacific |
| | 410,706 |
| | 418,890 |
| -1.3 | % |
| 0.3 | % |
| -1.0 | % |
| -2.0 | % |
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| Total sales |
| $ | 1,562,575 |
| $ | 1,608,775 |
| -2.5 | % |
| 0.5 | % |
| -0.9 | % |
| -2.9 | % |
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Attachment #4 |
NORDSON CORPORATION |
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA |
(Dollars in thousands) |
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| THIRD QUARTER PERIOD |
| Period Ended July 31, 2020 |
| (Unaudited) |
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| Three Months Ended | | Nine Months Ended |
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| July 31, 2020 | | July 31, 2019 | | July 31, 2020 | | July 31, 2019 |
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| SALES BY SEGMENT |
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| Industrial precision solutions |
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| $ | 288,965 | |
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| $ | 306,648 | |
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| $ | 835,038 | |
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| $ | 871,925 | |
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| Advanced technology solutions |
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| | 249,216 | |
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| | 253,098 | |
|
| | 727,537 | |
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| | 736,850 | |
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| Total sales |
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| $ | 538,181 | |
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| $ | 559,746 | |
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| $ | 1,562,575 | |
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| $ | 1,608,775 | |
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| OPERATING PROFIT |
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| Industrial precision solutions |
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| $ | 74,744 | |
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| $ | 88,811 | |
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| $ | 207,603 | |
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| $ | 229,702 | |
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| Advanced technology solutions |
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| | 49,952 | |
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| | 53,562 | |
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| | 140,928 | |
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| | 150,882 | |
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| Corporate |
|
| | (12,641 | ) |
|
| | (12,097 | ) |
|
| | (36,354 | ) |
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| | (37,131 | ) |
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| Total operating profit |
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| $ | 112,055 | |
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| $ | 130,276 | |
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| $ | 312,177 | |
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| $ | 343,453 | |
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| OPERATING PROFIT ADJUSTMENTS (1) |
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| Industrial precision solutions |
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| $ | 2,813 | |
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| $ | 543 | |
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| $ | 3,477 | |
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| $ | 1,809 | |
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| Advanced technology solutions |
|
| | 3,413 | |
|
| | 835 | |
|
| | 6,383 | |
|
| | 835 | |
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| Corporate |
|
| | 1,387 | |
|
| | - | |
|
| | 1,387 | |
|
| | 192 | |
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| Total adjustments |
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| $ | 7,613 | |
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| $ | 1,378 | |
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| $ | 11,247 | |
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| $ | 2,836 | |
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| ADJUSTED OPERATING PROFIT (NON-GAAP) |
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| % of Sales |
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| % of Sales |
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| % of Sales |
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| % of Sales |
| Industrial precision solutions |
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| $ | 77,557 | | 27 | % |
| $ | 89,354 | | 29 | % |
| $ | 211,080 | | 25 | % |
| $ | 231,511 | | 27 | % |
| Advanced technology solutions |
|
| | 53,365 | | 21 | % |
| | 54,397 | | 21 | % |
| | 147,311 | | 20 | % |
| | 151,717 | | 21 | % |
| Corporate |
|
| | (11,254 | ) |
|
| | (12,097 | ) |
|
| | (34,967 | ) |
|
| | (36,939 | ) |
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| Total operating profit - adjusted |
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| $ | 119,668 | | 22 | % |
| $ | 131,654 | | 24 | % |
| $ | 323,424 | | 21 | % |
| $ | 346,289 | | 22 | % |
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| DEPRECIATION & AMORTIZATION |
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| Industrial precision solutions |
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| $ | 8,588 | |
|
| $ | 8,699 | |
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| $ | 25,732 | |
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| $ | 25,671 | |
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| Advanced technology solutions |
|
| | 17,738 | |
|
| | 17,581 | |
|
| | 51,980 | |
|
| | 51,785 | |
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| Corporate |
|
| | 2,174 | |
|
| | 1,563 | |
|
| | 6,452 | |
|
| | 5,875 | |
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| Total depreciation & amortization |
|
| $ | 28,500 | |
|
| $ | 27,843 | |
|
| $ | 84,164 | |
|
| $ | 83,331 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| EBITDA (NON-GAAP) |
|
|
| % of Sales |
|
| % of Sales |
|
| % of Sales |
|
| % of Sales |
| Industrial precision solutions |
|
| $ | 86,145 | | 30 | % |
| $ | 98,053 | | 32 | % |
| $ | 236,812 | | 28 | % |
| $ | 257,182 | | 29 | % |
| Advanced technology solutions |
|
| | 71,103 | | 29 | % |
| | 71,978 | | 28 | % |
| | 199,291 | | 27 | % |
| | 203,502 | | 28 | % |
| Corporate |
|
| | (9,080 | ) |
|
| | (10,534 | ) |
|
| | (28,515 | ) |
|
| | (31,064 | ) |
|
| Total EBITDA |
|
| $ | 148,168 | | 28 | % |
| $ | 159,497 | | 28 | % |
| $ | 407,588 | | 26 | % |
| $ | 429,620 | | 27 | % |
| (1) Represents charges associated with our 2020 and 2019 acquisitions, and costs and adjustments related to cost structure simplification actions. |
|
|
|
|
|
|
|
|
| |
| Adjusted operating profit and EBITDA are non-GAAP measures used by management to evaluate the Company's ongoing operations. |
| Adjusted operating profit is defined as operating profit plus certain adjustments, such as cost structure simplification actions, and non-cash inventory charges related to acquisitions. EBITDA is defined as adjusted operating profit plus depreciation and amortization. |
|
|
|
|
|
|
|
|
|
| |
Attachment #5 |
NORDSON CORPORATION |
RECONCILIATION OF NON-GAAP MEASURES - PROFITABILITY |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
| |
| THIRD QUARTER PERIOD |
| Period Ended July 31, 2020 |
| (Unaudited) |
|
|
|
|
|
|
|
|
| |
|
|
| Three Months Ended | | Nine Months Ended |
| GAAP AS REPORTED |
|
| July 31, 2020 | | July 31, 2019 | | July 31, 2020 | | July 31, 2019 |
| Operating profit |
|
| $ | 112,055 | |
| $ | 130,276 | |
| $ | 312,177 | |
| $ | 343,453 | |
| Other / interest income (expense) - net |
|
| | (16,548 | ) |
| | (10,779 | ) |
| | (36,990 | ) |
| | (39,631 | ) |
| Net income |
|
| | 86,981 | |
| | 93,928 | |
| | 231,064 | |
| | 234,418 | |
| EPS diluted |
|
| $ | 1.49 | |
| $ | 1.62 | |
| $ | 3.96 | |
| $ | 4.03 | |
|
|
|
|
|
|
|
|
| |
| Shares outstanding - diluted |
|
| | 58,427 | |
| | 58,117 | |
| | 58,404 | |
| | 58,183 | |
|
|
|
|
|
|
|
|
| |
| OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
|
|
| Inventory step-up amortization |
|
| $ | 1,229 | |
| $ | 188 | |
| $ | 1,229 | |
| $ | 188 | |
| Severance and other |
|
| | 6,384 | |
| | 1,190 | |
| | 10,018 | |
| | 2,648 | |
|
|
|
|
|
|
|
|
| |
| NON-OPERATING EXPENSE ADJUSTMENTS |
|
|
|
|
|
|
|
|
|
| Pension settlement loss |
|
| $ | 2,508 | |
| $ | - | |
| $ | 2,508 | |
| $ | - | |
|
|
|
|
|
|
|
|
| |
| Total adjustments |
|
| $ | 10,121 | |
| $ | 1,378 | |
| $ | 13,755 | |
| $ | 2,836 | |
|
|
|
|
|
|
|
|
| |
| Adjustments net of tax |
|
| $ | 7,966 | |
| $ | 1,071 | |
| $ | 10,825 | |
| $ | 2,195 | |
| Other discrete tax items |
|
| $ | (11,816 | ) |
| $ | (1,068 | ) |
| $ | (14,491 | ) |
| $ | 740 | |
| EPS effect of adjustments and other discrete tax items |
|
| $ | (0.07 | ) |
| $ | 0.00 | |
| $ | (0.06 | ) |
| $ | 0.05 | |
|
|
|
|
|
|
|
|
| |
| NON-GAAP MEASURES - ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
|
|
| Operating profit |
|
| $ | 119,668 | |
| $ | 131,654 | |
| $ | 323,424 | |
| $ | 346,289 | |
| Operating profit % of sales |
|
| | 22.2 | % |
| | 23.5 | % |
| | 20.7 | % |
| | 21.5 | % |
| Net income |
|
| $ | 83,131 | |
| $ | 93,931 | |
| $ | 227,398 | |
| $ | 237,353 | |
| EPS diluted |
|
| $ | 1.42 | |
| $ | 1.62 | |
| $ | 3.89 | |
| $ | 4.08 | |
| Adjusted operating profit is defined as operating profit plus certain adjustments such as cost structure simplification actions and non-cash inventory charges related to acquisitions. Adjusted operating profit as a percentage of sales is defined as adjusted operating profit divided by sales. |
| Adjusted net income is defined as net income plus tax effected adjustments and other discrete tax items. |
| Adjusted EPS is defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items. |
|
|
|
|
|
|
|
|
| |
| Management does not consider the effects of the adjustments identified above in evaluating the core operational activities of the Company. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. |
| Amounts may not add due to rounding. |
