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Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Nordson Corporation Reports Second Quarter Fiscal 2024 Results and Updates Annual Guidance


Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal second quarter ended April 30, 2024. Sales were $651 million, comparable to the prior year's second quarter sales of $650 million. The second quarter 2024 sales included a favorable acquisition impact of 5%, partially offset by an organic sales decrease of 4%. The organic sales decrease was driven by ongoing pressure in electronics product lines, partially offset by growth in industrial coatings systems and fluid solutions product lines.

Net income was $118 million, or $2.05 of earnings per diluted share, compared to prior year's second quarter net income of $128 million, or $2.21 of earnings per diluted share. Adjusted net income was $135 million, a decrease from the prior year adjusted net income of $141 million. Second quarter 2024 adjusted earnings per diluted share were $2.34, a 4% decrease from the prior year adjusted earnings per diluted share of $2.45. The decrease was driven primarily by increased interest expense from prior year acquisitions.

EBITDA in the second quarter was $203 million, or 31% of sales, compared to prior year EBITDA of $203 million, or 31% of sales. EBITDA was flat as improved gross margins were offset by higher selling and administrative expenses primarily related to the first-year effect of the ARAG acquisition.

Commenting on the Company's fiscal 2024 second quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, "Once again, the teams delivered a solid operating performance, delivering strong gross margins and 31% EBITDA margin. Our sales were in line with management expectations with the IPS and MFS segments delivering organic growth. While we see positive early indicators, our Advanced Technology Solutions segment remains impacted by the electronics cycle. I am pleased with our ability to manage profitability during this period."

Second Quarter Segment Results

Industrial Precision Solutions sales of $367 million increased 9% from the prior year, inclusive of an acquisition impact and an organic sales increase of 2%. The organic sales increase was driven primarily by industrial coatings systems and packaging product lines. Operating profit was $118 million, an increase of $6 million from the prior year. EBITDA in the quarter was $132 million, or 36% of sales, an 11% increase from the prior year second quarter EBITDA of $119 million, or 35% of sales. The year-over-year increase was driven by the ARAG acquisition and higher organic sales and gross profit.

Medical and Fluid Solutions sales of $169 million increased 2% compared to the prior year second quarter. The increase was driven by growth in the fluid and interventional solutions product lines. Operating profit was $49 million, an increase of $1 million from the prior year. EBITDA in the quarter was $63 million, or 37% of sales, flat versus the prior year second quarter EBITDA of $63 million, or 38% of sales.

Advanced Technology Solutions sales of $115 million decreased 22% compared to the prior year second quarter. The organic sales decrease was driven by weakness across the segment. Operating profit was $19 million, a decrease of $7 million from the prior year with a decremental margin of 22%. EBITDA in the quarter was $24 million, or 21% of sales, a decrease from the prior year second quarter EBITDA of $32 million, or 22% of sales.

Outlook

The Company is entering the third quarter of fiscal 2024 with approximately $700 million in backlog, which continues to normalize and remain concentrated in systems businesses. Based on current visibility and order entry trends, the Company is updating its full-year revenue guidance range to flat to 2% growth over record fiscal 2023 and adjusted earnings per diluted share to the range of $9.35 to $9.75 per diluted share. Third quarter fiscal 2024 sales are forecasted in the range of $645 to $670 million with adjusted earnings in the range of $2.25 to $2.40 per diluted share.

Reflecting on the outlook, Nagarajan continued, "As we move into the second half of fiscal 2024, the positive indicators in the electronics end markets have not yet converted into orders needed to meet our previously issued guidance. We are also experiencing increased pressure from the agriculture cycle in Europe, which is causing OEMs to slow investments in spray implement purchases. In each of these cases, we believe the impact is temporary and we remain confident in the long-term growth drivers of these respective end markets. Our core strengths remain: a diversified portfolio, close to the customer business model, high-level of recurring revenue, NBS Next growth framework, and commitment to innovation. All of this positions Nordson well to deliver our long-term Ascend Strategy goals."

Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Tuesday, May 21, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. 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 [email protected].

The Company's definition of adjusted earnings excludes acquisition related amortization for both current and historical periods. It is not possible for the Company to identify the amount or significance of future adjustments associated with acquisition and integration costs, restructuring costs, acquisition-related amortization, certain non-operating or income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance to a comparable GAAP range.

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 these 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 Company's ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; 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, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent 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 in its Forms 10-Q filed 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 is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company's direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.

 

NORDSON CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands except for per-share amounts)

 

 

Three Months Ended

 

Six Months Ended

 

April 30, 2024

 

April 30, 2023

 

April 30, 2024

 

April 30, 2023

Sales

$

650,642

 

 

$

650,165

 

 

$

1,283,835

 

 

$

1,260,642

 

Cost of sales

 

284,765

 

 

 

298,040

 

 

 

569,531

 

 

 

579,650

 

Gross profit

 

365,877

 

 

 

352,125

 

 

 

714,304

 

 

 

680,992

 

Gross margin %

 

56.2

%

 

 

54.2

%

 

 

55.6

%

 

 

54.0

%

 

 

 

 

 

 

 

 

Selling & administrative expenses

 

197,261

 

 

 

179,618

 

 

 

386,253

 

 

 

364,266

 

Operating profit

 

168,616

 

 

 

172,507

 

 

 

328,051

 

 

 

316,726

 

 

 

 

 

 

 

 

 

Interest expense - net

 

(18,555

)

 

 

(9,475

)

 

 

(38,953

)

 

 

(19,418

)

Other expense - net

 

(785

)

 

 

(1,405

)

 

 

(1,123

)

 

 

(4,601

)

Income before income taxes

 

149,276

 

 

 

161,627

 

 

 

287,975

 

 

 

292,707

 

 

 

 

 

 

 

 

 

Income taxes

 

31,059

 

 

 

34,064

 

 

 

60,186

 

 

 

60,883

 

 

 

 

 

 

 

 

 

Net income

$

118,217

 

 

$

127,563

 

 

$

227,789

 

 

$

231,824

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

57,222

 

 

 

57,184

 

 

 

57,142

 

 

 

57,177

 

Diluted

 

57,681

 

 

 

57,680

 

 

 

57,617

 

 

 

57,721

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic earnings

$

2.07

 

 

$

2.23

 

 

$

3.99

 

 

$

4.05

 

Diluted earnings

$

2.05

 

 

$

2.21

 

 

$

3.95

 

 

$

4.02

 

 

NORDSON CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

 

 

April 30, 2024

 

October 31, 2023

Cash and cash equivalents

$

125,446

 

$

115,679

Receivables - net

 

530,283

 

 

 

590,886

 

Inventories - net

 

443,578

 

 

 

454,775

 

Other current assets

 

86,283

 

 

 

67,970

 

Total current assets

 

1,185,590

 

 

 

1,229,310

 

 

 

 

 

Property, plant and equipment - net

 

395,595

 

 

 

392,846

 

Goodwill

 

2,782,909

 

 

 

2,784,201

 

Other assets

 

807,777

 

 

 

845,413

 

 

$

5,171,871

 

 

$

5,251,770

 

 

 

 

 

Notes payable and debt due within one year

$

119,328

 

 

$

115,662

 

Accounts payable and accrued liabilities

 

416,683

 

 

 

466,427

 

Total current liabilities

 

536,011

 

 

 

582,089

 

 

 

 

 

Long-term debt

 

1,414,363

 

 

 

1,621,394

 

Other liabilities

 

433,226

 

 

 

450,227

 

Total shareholders' equity

 

2,788,271

 

 

 

2,598,060

 

 

$

5,171,871

 

 

$

5,251,770

 

 

 

 

 

 

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

Six Months Ended

 

April 30, 2024

 

April 30, 2023

Cash flows from operating activities:

 

 

 

Net income

$

227,789

 

 

$

231,824

 

Depreciation and amortization

 

66,264

 

 

 

53,535

 

Other non-cash items

 

10,281

 

 

 

11,458

 

Changes in working capital

 

(3,435

)

 

 

(45,857

)

Other

 

(5,935

)

 

 

36,945

 

Net cash provided by operating activities

 

294,964

 

 

 

287,905

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

 

(21,907

)

 

 

(15,349

)

Acquisition of businesses, net of cash acquired

 

?

 

 

 

(377,843

)

Other - net

 

6,730

 

 

 

39

 

Net cash used in investing activities

 

(15,177

)

 

 

(393,153

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Issuance (repayment) of long-term debt

 

(204,372

)

 

 

184,617

 

Repayment of finance lease obligations

 

(2,881

)

 

 

(2,775

)

Dividends paid

 

(77,796

)

 

 

(74,463

)

Issuance of common shares

 

27,219

 

 

 

11,808

 

Purchase of treasury shares

 

(7,927

)

 

 

(54,365

)

Net cash provided (used) in financing activities

 

(265,757

)

 

 

64,822

 

 

 

 

 

Effect of exchange rate change on cash:

 

(4,263

)

 

 

6,042

 

Net change in cash and cash equivalents

 

9,767

 

 

 

(34,384

)

 

 

 

 

Cash and cash equivalents:

 

 

 

Beginning of period

 

115,679

 

 

 

163,457

 

End of period

$

125,446

 

 

$

129,073

 

 

 

 

 

 

NORDSON CORPORATION

SALES BY GEOGRAPHIC SEGMENT (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Sales Variance

 

April 30, 2024

 

April 30, 2023

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

366,991

 

$

335,807

 

1.5

%

 

8.6

%

 

(0.8

)%

 

9.3

%

Medical and Fluid Solutions

 

168,966

 

 

 

166,526

 

 

1.8

%

 

?

%

 

(0.3

)%

 

1.5

%

Advanced Technology Solutions

 

114,685

 

 

 

147,832

 

 

(21.6

)%

 

?

%

 

(0.8

)%

 

(22.4

)%

Total sales

$

650,642

 

 

$

650,165

 

 

(3.7

)%

 

4.5

%

 

(0.7

)%

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

Americas

$

294,428

 

 

$

278,731

 

 

2.9

%

 

2.3

%

 

0.4

%

 

5.6

%

Europe

 

182,070

 

 

 

167,904

 

 

(4.4

)%

 

12.5

%

 

0.3

%

 

8.4

%

Asia Pacific

 

174,144

 

 

 

203,530

 

 

(12.3

)%

 

0.7

%

 

(2.8

)%

 

(14.4

)%

Total sales

$

650,642

 

 

$

650,165

 

 

(3.7

)%

 

4.5

%

 

(0.7

)%

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Sales Variance

 

April 30, 2024

 

April 30, 2023

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

721,538

 

 

$

647,353

 

 

1.9

%

 

9.6

%

 

?

%

 

11.5

%

Medical and Fluid Solutions

 

328,492

 

 

 

320,813

 

 

2.4

%

 

?

%

 

?

%

 

2.4

%

Advanced Technology Solutions

 

233,805

 

 

 

292,476

 

 

(19.6

)%

 

?

%

 

(0.5

)%

 

(20.1

)%

Total sales

$

1,283,835

 

 

$

1,260,642

 

 

(2.9

)%

 

4.9

%

 

(0.2

)%

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

Americas

$

568,440

 

 

$

543,610

 

 

1.3

%

 

2.8

%

 

0.5

%

 

4.6

%

Europe

 

361,380

 

 

 

330,843

 

 

(5.7

)%

 

13.4

%

 

1.5

%

 

9.2

%

Asia Pacific

 

354,015

 

 

 

386,189

 

 

(6.7

)%

 

0.7

%

 

(2.3

)%

 

(8.3

)%

Total sales

$

1,283,835

 

 

$

1,260,642

 

 

(2.9

)%

 

4.9

%

 

(0.2

)%

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Six Months Ended

 

April 30, 2024

 

April 30, 2023

 

April 30, 2024

 

April 30, 2023

Net income

$

118,217

 

$

127,563

 

$

227,789

 

$

231,824

Income taxes

 

31,059

 

 

 

34,064

 

 

 

60,186

 

 

 

60,883

 

Interest expense - net

 

18,555

 

 

 

9,475

 

 

 

38,953

 

 

 

19,418

 

Other expense - net

 

785

 

 

 

1,405

 

 

 

1,123

 

 

 

4,601

 

Depreciation and amortization

 

32,720

 

 

 

27,100

 

 

 

66,264

 

 

 

53,535

 

Inventory step-up amortization (1)

 

?

 

 

 

?

 

 

 

2,944

 

 

 

4,306

 

Severance and other

 

2,078

 

 

 

3,439

 

 

 

2,078

 

 

 

3,439

 

Acquisition-related costs (1)

 

?

 

 

 

?

 

 

 

597

 

 

 

5,989

 

EBITDA (non-GAAP) (2)

$

203,414

 

 

$

203,046

 

 

$

399,934

 

 

$

383,995

 

(1)

Represents fees, severance and non-cash inventory charges associated with acquisitions.

(2)

EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

 

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Six Months Ended

 

April 30, 2024

 

April 30, 2023

 

April 30, 2024

 

April 30, 2023

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

366,991

 

 

 

 

$

335,807

 

 

 

 

$

721,538

 

 

 

 

$

647,353

 

 

 

Medical and Fluid Solutions

 

168,966

 

 

 

 

 

166,526

 

 

 

 

 

328,492

 

 

 

 

 

320,813

 

 

 

Advanced Technology Solutions

 

114,685

 

 

 

 

 

147,832

 

 

 

 

 

233,805

 

 

 

 

 

292,476

 

 

 

Total sales

$

650,642

 

 

 

 

$

650,165

 

 

 

 

$

1,283,835

 

 

 

 

$

1,260,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

117,831

 

 

 

 

$

111,773

 

 

 

 

$

226,195

 

 

 

 

$

214,093

 

 

 

Medical and Fluid Solutions

 

48,993

 

 

 

 

 

47,922

 

 

 

 

 

95,093

 

 

 

 

 

87,307

 

 

 

Advanced Technology Solutions

 

18,784

 

 

 

 

 

26,090

 

 

 

 

 

37,822

 

 

 

 

 

43,053

 

 

 

Corporate

 

(16,992

)

 

 

 

 

(13,278

)

 

 

 

 

(31,059

)

 

 

 

 

(27,727

)

 

 

Total operating profit

$

168,616

 

 

 

 

$

172,507

 

 

 

 

$

328,051

 

 

 

 

$

316,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS (1)

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

?

 

 

 

 

$

?

 

 

 

 

$

3,541

 

 

 

 

$

?

 

 

 

Medical and Fluid Solutions

 

?

 

 

 

 

 

1,479

 

 

 

 

 

?

 

 

 

 

 

1,479

 

 

 

Advanced Technology Solutions

 

2,078

 

 

 

 

 

1,960

 

 

 

 

 

2,078

 

 

 

 

 

12,255

 

 

 

Total adjustments

$

2,078

 

 

 

 

$

3,439

 

 

 

 

$

5,619

 

 

 

 

$

13,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION & AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

13,920

 

 

 

 

$

7,285

 

 

 

 

$

28,300

 

 

 

 

$

14,130

 

 

 

Medical and Fluid Solutions

 

13,564

 

 

 

 

 

13,683

 

 

 

 

 

27,269

 

 

 

 

 

27,308

 

 

 

Advanced Technology Solutions

 

3,284

 

 

 

 

 

4,010

 

 

 

 

 

6,725

 

 

 

 

 

7,822

 

 

 

Corporate

 

1,952

 

 

 

 

 

2,122

 

 

 

 

 

3,970

 

 

 

 

 

4,275

 

 

 

Total depreciation & amortization

$

32,720

 

 

 

 

$

27,100

 

 

 

 

$

66,264

 

 

 

 

$

53,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (NON-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

131,751

 

 

36

%

 

$

119,058

 

 

35

%

 

$

258,036

 

 

36

%

 

$

228,223

 

 

35

%

Medical and Fluid Solutions

 

62,557

 

 

37

%

 

 

63,084

 

 

38

%

 

 

122,362

 

 

37

%

 

 

116,094

 

 

36

%

Advanced Technology Solutions

 

24,146

 

 

21

%

 

 

32,060

 

 

22

%

 

 

46,625

 

 

20

%

 

 

63,130

 

 

22

%

Corporate

 

(15,040

)

 

 

 

 

(11,156

)

 

 

 

 

(27,089

)

 

 

 

 

(23,452

)

 

 

Total EBITDA

$

203,414

 

 

31

%

 

$

203,046

 

 

31

%

 

$

399,934

 

 

31

%

 

$

383,995

 

 

30

%

(1)

Represents severance as well as fees and non-cash inventory charges associated with acquisitions.

(2)

EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

 

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Six Months Ended

 

April 30, 2024

 

April 30, 2023

 

April 30, 2024

 

April 30, 2023

GAAP AS REPORTED

 

 

 

 

 

 

 

Operating profit

$

168,616

 

 

$

172,507

 

 

$

328,051

 

 

$

316,726

 

Other / interest expense - net

 

(19,340

)

 

 

(10,880

)

 

 

(40,076

)

 

 

(24,019

)

Net income

 

118,217

 

 

 

127,563

 

 

 

227,789

 

 

 

231,824

 

Diluted earnings per share

$

2.05

 

 

$

2.21

 

 

$

3.95

 

 

$

4.02

 

 

 

 

 

 

 

 

 

Shares outstanding - diluted

 

57,681

 

 

 

57,680

 

 

 

57,617

 

 

 

57,721

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS

 

 

 

 

 

 

 

Inventory step-up amortization

$

?

 

 

$

?

 

 

$

2,944

 

 

$

4,306

 

Acquisition-related costs

 

?

 

 

 

?

 

 

 

597

 

 

 

5,989

 

Severance and other

 

2,078

 

 

 

3,439

 

 

 

2,078

 

 

 

3,439

 

 

 

 

 

 

 

 

 

ACQUISITION AMORTIZATION OF INTANGIBLES

$

18,823

 

 

$

14,044

 

 

 

38,210

 

 

 

27,917

 

 

 

 

 

 

 

 

 

Total adjustments

$

20,901

 

 

$

17,483

 

 

$

43,829

 

 

$

41,651

 

 

 

 

 

 

 

 

 

Adjustments net of tax

$

16,556

 

 

$

13,798

 

 

$

34,669

 

 

$

32,988

 

EPS effect of adjustments and other discrete tax items

$

0.29

 

 

$

0.24

 

 

$

0.60

 

 

$

0.57

 

 

 

 

 

 

 

 

 

NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

 

 

 

 

 

 

 

Adjusted Net income (1)

$

134,773

 

 

$

141,361

 

 

$

262,458

 

 

$

264,812

 

Adjusted Diluted earnings per share (2)

$

2.34

 

 

$

2.45

 

 

$

4.55

 

 

$

4.59

 

(1)

Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.

(2)

Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, 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.


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