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Nordson Corporation Reports Fiscal Year 2021 Fourth Quarter and Record Full Year Results

Fourth Quarter:

  • Sales were $599 million, a 7% year-over-year increase, 10% organic
  • Operating profit was $151 million, or 25% of sales
  • Earnings were $1.88 per diluted share, an 18% increase from prior year adjusted earnings per share

Full Year:

  • Full year sales, operating profit, and earnings per share were all company records
  • Sales were $2.4 billion, an 11% year-over-year increase
  • Earnings were $7.74 per diluted share, a 41% increase from prior year adjusted earnings per share

2022 Guidance:

  • Fiscal 2022 sales growth of 6% to 10% and earnings growth of 8% to 18% over the record fiscal 2021 results
  • First quarter 2022 sales growth of 14% to 16% over prior year first quarter; earnings per diluted share in the range of $1.80 to $1.95

Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2021. Sales were $599 million, a 7% increase compared to the prior year’s fourth quarter sales of $559 million. The increase in fourth quarter 2021 sales included 10% organic volume growth, offset by an unfavorable 4% divestiture impact and favorable currency translation of 1%. Growth was strong in all product lines, particularly electronics and industrial end markets.

Operating profit in the quarter was $151 million, or 25% of sales, a 16% increase compared to the prior year adjusted operating profit of $130 million. Sales volume leverage, in addition to continued benefits from structural cost reduction actions taken in fiscal year 2020 and the divestiture of the screws and barrels product line on February 1, 2021, contributed to the quarterly increase. EBITDA in the quarter totaled $177 million, or 30% of sales, and represents an increase of 11% from the prior year EBITDA of $159 million.

Net income was $110 million, a 19% increase compared to the prior year adjusted earnings of $93 million. Fourth quarter diluted earnings per share were $1.88, an 18% increase over the prior year adjusted earnings of $1.59 per diluted share.

Commenting on the Company’s fiscal fourth quarter 2021 results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “The fourth quarter was a solid finish to an incredible year, where we surpassed our prior record annual performance in sales by $108 million and in operating profit by $111 million. I am very proud of the Nordson team. This growth was across a broad base of end markets and geographies, as a result of leveraging the NBS Next growth framework to fully participate in the accelerated economic recovery.”

Fourth Quarter Segment Results

Industrial Precision Solutions sales of $314 million increased 2% compared to the prior year fourth quarter, driven by an 8% organic increase, offset by a divestiture impact of 7% and a favorable currency impact of 1%. This organic sales increase was driven by steady demand across the majority of end markets and geographies served. Operating profit totaled $103 million in the quarter, or 33% of sales, an increase of 12% compared to the prior year adjusted operating profit.

Advanced Technology Solutions sales of $285 million increased 14% compared to the prior year fourth quarter, driven by an organic sales increase of 13% and a favorable currency impact of 1%. Sales growth was strong in all end markets during the current year quarter, with particularly high demand for products serving the electronics and medical end markets. Operating profit totaled $67 million in the quarter, or 24% of sales, an increase of 29% compared to the prior year adjusted operating profit.

“Our fourth quarter 2021 performance was very strong with double digit organic growth and incremental operating profit margins of 52%. Looking sequentially, gross margins were impacted by a spike in logistics costs and non-recurring cost increases associated with divisional alignment efforts around best growth opportunities. Pricing actions are being taken to mitigate these negative impacts on gross margin as we move into the first half of 2022,” said Nordson Chief Financial Officer Joseph Kelley.

Fiscal 2021 Full Year Results

Sales for the fiscal year ended October 31, 2021 were $2.4 billion, an increase of 11% compared to the same period a year ago. This increase in sales was driven by an 11% increase in organic volume and a favorable currency impact of 3%, offset by a net unfavorable acquisition and divestiture impact of 3%. Full year operating profit was $615 million, or 26% of sales. Net income for the full year was $454 million and diluted earnings per share were $7.74, a 41% increase from the prior year adjusted diluted earnings per share of $5.48.

Mr. Nagarajan continued, “Looking at the second half of fiscal 2021, we achieved 15% organic sales growth and 36% adjusted profit growth compared to the second half of the prior year. Based on our strong order entry and current backlog, we anticipate carrying this second half of 2021 growth rate into the first quarter of fiscal 2022. Our teams are adapting to a very dynamic macro environment, and they are taking actions to offset cost and supply chain headwinds. The Ascend Strategy with NBS Next at its core will continue to enable us to deliver top tier growth with leading margins and returns.”

Outlook

Backlog entering the first quarter of fiscal year 2022 is approximately $800 million, a 90% increase above the prior year. The current macroeconomic environment continues to drive increased order volume and extended shipment request dates. Based on these order entry trends, backlog, and anticipated sales timing, we expect fiscal 2022 first quarter sales growth to be in the range of 14% to 16% as compared to fiscal 2021 first quarter, with adjusted earnings per diluted share in the range of $1.80 to $1.95.

On a full year basis, we expect fiscal 2022 sales growth to be in the range of 6% to 10%, with adjusted earnings per diluted share growth in the range of 8% to 18%, both as compared to fiscal 2021.

Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 16, 2021 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 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, 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 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 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, www.twitter.com/Nordson_Corp or www.facebook.com/nordson.

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(Dollars in thousands except for per-share amounts)

 

 

Three Months Ended

 

Twelve Months Ended

 

October 31,

2021

 

October 31,

2020

 

October 31,

2021

 

October 31,

2020

 

 

 

 

 

 

 

 

Sales

$

599,247

 

 

$

558,525

 

 

$

2,362,209

 

 

$

2,121,100

 

Cost of sales

268,097

 

 

261,657

 

 

1,038,129

 

 

990,632

 

Gross profit

331,150

 

 

296,868

 

 

1,324,080

 

 

1,130,468

 

Gross margin %

55.3

%

 

53.2

%

 

56.1

%

 

53.3

%

 

 

 

 

 

 

 

 

Selling & administrative expenses

179,715

 

 

172,129

 

 

708,953

 

 

693,552

 

Assets held for sale impairment charge

 

 

87,371

 

 

 

 

87,371

 

Operating profit

151,435

 

 

37,368

 

 

615,127

 

 

349,545

 

 

 

 

 

 

 

 

 

Interest expense - net

(4,452

)

 

(6,432

)

 

(23,341

)

 

(30,479

)

Other expense - net

(6,874

)

 

(4,634

)

 

(17,610

)

 

(17,577

)

Income before income taxes

140,109

 

 

26,302

 

 

574,176

 

 

301,489

 

 

 

 

 

 

 

 

 

Income taxes

29,649

 

 

7,827

 

 

119,808

 

 

51,950

 

 

 

 

 

 

 

 

 

Net Income

$

110,460

 

 

$

18,475

 

 

$

454,368

 

 

$

249,539

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

58,123

 

 

57,988

 

 

58,091

 

 

57,757

 

Diluted

58,792

 

 

58,679

 

 

58,734

 

 

58,473

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic earnings

$

1.90

 

 

$

0.32

 

 

$

7.82

 

 

$

4.32

 

Diluted earnings

$

1.88

 

 

$

0.31

 

 

$

7.74

 

 

$

4.27

 

NORDSON CORPORATION

CONSOLIDATED BALANCE SHEET (Unaudited)

(Dollars in thousands)

 

 

October 31,

2021

 

October 31,

2020

 

 

 

 

Cash and cash equivalents

$

299,972

 

 

$

208,293

 

Receivables - net

489,389

 

 

471,873

 

Inventories - net

327,195

 

 

277,033

 

Other current assets

48,282

 

 

43,798

 

Assets held for sale

 

 

19,615

 

Total current assets

1,164,838

 

 

1,020,612

 

 

 

 

 

Property, plant & equipment - net

355,565

 

 

358,618

 

Goodwill

1,713,148

 

 

1,713,354

 

Other assets

557,410

 

 

582,072

 

 

$

3,790,961

 

 

$

3,674,656

 

 

 

 

 

Notes payable and debt due within one year

$

34,188

 

 

$

38,043

 

Accounts payable and accrued liabilities

411,206

 

 

311,898

 

Liabilities held for sale

 

 

13,148

 

Total current liabilities

445,394

 

 

363,089

 

 

 

 

 

Long-term debt

781,709

 

 

1,067,952

 

Other liabilities

404,728

 

 

484,624

 

Total shareholders' equity

2,159,130

 

 

1,758,991

 

 

$

3,790,961

 

 

$

3,674,656

 

 

 

 

 

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

Twelve Months Ended

 

October 31,

2021

 

October 31,

2020

 

 

 

 

Cash flows from operating activities:

 

 

 

Net Income

$

454,368

 

 

$

249,539

 

Depreciation and amortization

103,883

 

 

113,302

 

Impairment loss on assets held for sale

 

 

87,371

 

Other non-cash items

32,356

 

 

5,278

 

Changes in working capital

29,011

 

 

45,113

 

Other - principally pension plan

(73,691

)

 

1,818

 

Net cash provided by operating activities

545,927

 

 

502,421

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

(38,303

)

 

(50,535

)

Acquisitions

 

 

(142,414

)

Other - net

5,134

 

 

(1,160

)

Net cash used in investing activities

(33,169

)

 

(194,109

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Repayment of long-term debt

(289,416

)

 

(153,816

)

Repayment of finance lease obligations

(6,624

)

 

(7,605

)

Dividends paid

(97,683

)

 

(88,347

)

Issuance of common shares

31,780

 

 

50,853

 

Purchase of treasury shares

(60,970

)

 

(52,614

)

Net cash used in financing activities

(422,913

)

 

(251,529

)

 

 

 

 

Effect of exchange rate change on cash

1,834

 

 

346

 

Net change in cash and cash equivalents

91,679

 

 

57,129

 

 

 

 

 

Cash and cash equivalents:

 

 

 

Beginning of period

208,293

 

 

151,164

 

End of period

$

299,972

 

 

$

208,293

 

 

 

 

 

NORDSON CORPORATION

SALES BY GEOGRAPHIC SEGMENT (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Sales Variance

 

October 31,

2021

 

October 31,

2020

 

Organic

 

Acquisitions /

Divestitures

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

314,307

 

 

$

308,385

 

 

8.0

%

 

(6.6

)%

 

0.5

%

 

1.9

%

Advanced technology solutions

284,940

 

 

250,140

 

 

13.3

%

 

%

 

0.6

%

 

13.9

%

Total sales

$

599,247

 

 

$

558,525

 

 

10.4

%

 

(3.7

)%

 

0.6

%

 

7.3

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

United States

$

199,532

 

 

$

194,701

 

 

7.8

%

 

(5.3

)%

 

%

 

2.5

%

Americas

51,038

 

 

35,452

 

 

47.2

%

 

(5.9

)%

 

2.7

%

 

44.0

%

Europe

163,592

 

 

142,082

 

 

17.6

%

 

(2.7

)%

 

0.2

%

 

15.1

%

Japan

27,659

 

 

36,248

 

 

(16.0

)%

 

(3.5

)%

 

(4.2

)%

 

(23.7

)%

Asia Pacific

157,426

 

 

150,042

 

 

4.6

%

 

(2.0

)%

 

2.3

%

 

4.9

%

Total sales

$

599,247

 

 

$

558,525

 

 

10.4

%

 

(3.7

)%

 

0.6

%

 

7.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

Sales Variance

 

October 31,

2021

 

October 31,

2020

 

Organic

 

Acquisitions /

Divestitures

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

1,246,947

 

 

$

1,143,423

 

 

11.7

%

 

(6.0

)%

 

3.4

%

 

9.1

%

Advanced technology solutions

1,115,262

 

 

977,677

 

 

10.9

%

 

1.3

%

 

1.9

%

 

14.1

%

Total sales

$

2,362,209

 

 

$

2,121,100

 

 

11.3

%

 

(2.6

)%

 

2.7

%

 

11.4

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

United States

$

789,303

 

 

$

755,642

 

 

8.3

%

 

(3.8

)%

 

%

 

4.5

%

Americas

179,807

 

 

141,473

 

 

24.4

%

 

0.9

%

 

1.8

%

 

27.1

%

Europe

617,492

 

 

536,636

 

 

11.4

%

 

(2.0

)%

 

5.7

%

 

15.1

%

Japan

107,572

 

 

126,601

 

 

(11.0

)%

 

(3.5

)%

 

(0.5

)%

 

(15.0

)%

Asia Pacific

668,035

 

 

560,748

 

 

16.7

%

 

(1.8

)%

 

4.2

%

 

19.1

%

Total sales

$

2,362,209

 

 

$

2,121,100

 

 

11.3

%

 

(2.6

)%

 

2.7

%

 

11.4

%

 

 

 

 

 

 

 

 

 

 

 

 

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Twelve Months Ended

 

October 31,

2021

 

October 31,

2020

 

October 31,

2021

 

October 31,

2020

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

314,307

 

 

 

 

$

308,385

 

 

 

 

$

1,246,947

 

 

 

 

$

1,143,423

 

 

 

Advanced technology solutions

284,940

 

 

 

 

250,140

 

 

 

 

1,115,262

 

 

 

 

977,677

 

 

 

Total sales

$

599,247

 

 

 

 

$

558,525

 

 

 

 

$

2,362,209

 

 

 

 

$

2,121,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

102,677

 

 

 

 

$

425

 

 

 

 

$

414,192

 

 

 

 

$

208,028

 

 

 

Advanced technology solutions

67,104

 

 

 

 

50,674

 

 

 

 

271,660

 

 

 

 

191,602

 

 

 

Corporate

(18,346

)

 

 

 

(13,731

)

 

 

 

(70,725

)

 

 

 

(50,085

)

 

 

Total operating profit

$

151,435

 

 

 

 

$

37,368

 

 

 

 

$

615,127

 

 

 

 

$

349,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

 

 

 

 

$

91,419

 

 

 

 

$

 

 

 

 

$

94,896

 

 

 

Advanced technology solutions

 

 

 

 

1,424

 

 

 

 

 

 

 

 

7,807

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

1,387

 

 

 

Total adjustments

$

 

 

 

 

$

92,843

 

 

 

 

$

 

 

 

 

$

104,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED OPERATING PROFIT (NON-GAAP)

 

 

% of

Sales

 

 

 

% of

Sales

 

 

 

% of

Sales

 

 

 

% of

Sales

Industrial precision solutions

$

102,677

 

 

33

%

 

$

91,844

 

 

30

%

 

$

414,192

 

 

33

%

 

$

302,924

 

 

26

%

Advanced technology solutions

67,104

 

 

24

%

 

52,098

 

 

21

%

 

271,660

 

 

24

%

 

199,409

 

 

20

%

Corporate

(18,346

)

 

 

 

(13,731

)

 

 

 

(70,725

)

 

 

 

(48,698

)

 

 

Total operating profit - adjusted

$

151,435

 

 

25

%

 

$

130,211

 

 

23

%

 

$

615,127

 

 

26

%

 

$

453,635

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION & AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

6,259

 

 

 

 

$

9,951

 

 

 

 

$

25,673

 

 

 

 

$

38,939

 

 

 

Advanced technology solutions

16,987

 

 

 

 

16,710

 

 

 

 

68,426

 

 

 

 

64,543

 

 

 

Corporate

2,404

 

 

 

 

2,477

 

 

 

 

9,784

 

 

 

 

9,820

 

 

 

Total depreciation & amortization

$

25,650

 

 

 

 

$

29,138

 

 

 

 

$

103,883

 

 

 

 

$

113,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (NON-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

108,936

 

 

35

%

 

$

101,795

 

 

33

%

 

$

439,865

 

 

35

%

 

$

341,863

 

 

30

%

Advanced technology solutions

84,091

 

 

30

%

 

68,808

 

 

28

%

 

340,086

 

 

30

%

 

263,952

 

 

27

%

Corporate

(15,942

)

 

 

 

(11,254

)

 

 

 

(60,941

)

 

 

 

(38,878

)

 

 

Total EBITDA

$

177,085

 

 

30

%

 

$

159,349

 

 

29

%

 

$

719,010

 

 

30

%

 

$

566,937

 

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Represents assets held for sale impairment charge, costs and adjustments related to cost structure simplification actions, and charges associated with our 2020 acquisition.

 

(2)

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 the assets held for sale impairment charge, cost structure simplification actions, and non-cash inventory charges related to acquisitions. EBITDA is defined as adjusted operating profit plus depreciation and amortization.

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - PROFITABILITY (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Twelve Months Ended

 

October 31,

2021

 

October 31,

2020

 

October 31,

2021

 

October 31,

2020

GAAP AS REPORTED

 

 

 

 

 

 

 

Operating profit

$

151,435

 

 

$

37,368

 

 

$

615,127

 

 

$

349,545

 

Other / interest expense - net

(11,326

)

 

(11,066

)

 

(40,951

)

 

(48,056

)

Net income

110,460

 

 

18,475

 

 

454,368

 

 

249,539

 

Diluted earnings per share

$

1.88

 

 

$

0.31

 

 

$

7.74

 

 

$

4.27

 

 

 

 

 

 

 

 

 

Shares outstanding - diluted

58,792

 

 

58,679

 

 

58,734

 

 

58,473

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS

 

 

 

 

 

 

 

Inventory step-up amortization

$

 

 

$

1,298

 

 

$

 

 

$

2,527

 

Severance and other

 

 

4,174

 

 

 

 

14,192

 

Assets held for sale impairment charge

 

 

87,371

 

 

 

 

87,371

 

 

 

 

 

 

 

 

 

NON-OPERATING EXPENSE ADJUSTMENTS

 

 

 

 

 

 

 

Pension settlement loss

$

 

 

$

 

 

$

 

 

$

2,508

 

 

 

 

 

 

 

 

 

Total adjustments

$

 

 

$

92,843

 

 

$

 

 

$

106,598

 

 

 

 

 

 

 

 

 

Adjustments net of tax

$

 

 

$

76,390

 

 

$

 

 

$

87,214

 

Other discrete tax items

$

 

 

$

(1,820

)

 

$

 

 

$

(16,311

)

EPS effect of adjustments and other discrete tax items

$

 

 

$

1.27

 

 

$

 

 

$

1.21

 

 

 

 

 

 

 

 

 

NON-GAAP MEASURES-ADJUSTED PROFITABILITY

 

 

 

 

 

 

 

Operating profit (1)

$

151,435

 

 

$

130,211

 

 

$

615,127

 

 

$

453,635

 

Operating profit % of sales

25.3

%

 

23.3

%

 

26.0

%

 

21.4

%

Net income (2)

$

110,460

 

 

$

93,045

 

 

$

454,368

 

 

$

320,442

 

Diluted earnings per share (3)

$

1.88

 

 

$

1.59

 

 

$

7.74

 

 

$

5.48

 

(1)

Adjusted operating profit is defined as operating profit plus certain adjustments such as the assets held for sale impairment charge, 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.

 

(2)

Adjusted net income is defined as net income plus tax effected adjustments and other discrete tax items.

 

(3)

Adjusted earnings is defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

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.

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