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Nordson Corporation Reports Second Quarter Fiscal 2023 Results and Updates Annual Guidance

Second Quarter:

  • Sales were $650 million, a 2% increase over the prior year
  • Operating profit was $173 million
  • Adjusted operating profit was $176 million, 27% of sales
  • Earnings per share were $2.21
  • Adjusted earnings per share were $2.26 compared to $2.43 in the prior year

Guidance:

  • Maintaining previously issued full-year fiscal 2023 revenue guidance of 0% to 3% growth over record fiscal 2022 and narrowing adjusted earnings per diluted share to the range of $8.90 to $9.30 per share

Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal second quarter ended April 30, 2023. Sales were $650 million, a 2% increase compared to the prior year’s second quarter sales of $635 million. The increase in second quarter 2023 sales includes an organic increase of 1% and a favorable acquisition impact of 3%, offset by unfavorable currency translation of 2%. The organic sales increase was driven by strong 7% growth in Asia Pacific.

Operating profit in the second quarter was $173 million. Adjusted operating profit, excluding severance costs, totaled $176 million, or 27% of sales, compared to prior year adjusted operating profit of $184 million. The 4% decrease in operating profit was driven by the impact of unfavorable currency translation and sales mix. EBITDA for the second quarter of 2023 totaled $203 million, or 31% of sales.

Net income was $128 million, or $2.21 earnings per diluted share. Adjusted net income was $130 million, a $12 million decrease from the prior year earnings of $142 million. The decrease was driven by lower operating profit and increased interest expense. Second quarter 2023 adjusted earnings per diluted share were $2.26, a 7% decrease from the prior year adjusted earnings per diluted share of $2.43.

“The diversification of our business came through once again in our second quarter performance. Solid growth in our industrials, consumer non-durable and medical interventional solutions product lines helped offset the sales decrease in our products serving the semiconductor and the biopharmaceutical end markets enabling strong profitability of 31% EBITDA. While we remain invested in our direct sales teams and NBS Next training programs, our segments are taking targeted cost actions to address the current business environment. The combination of these choices will continue driving long-term profitable growth,” said Sundaram Nagarajan, president and chief executive officer.

Second Quarter Segment Results

Industrial Precision Solutions sales of $336 million represents organic growth of 9% over the prior year, offset by unfavorable currency translation impacts. The growth was driven primarily by robust demand in the polymer processing product lines and for products in the consumer non-durable end market across most regions. Operating profit in the quarter was $112 million, or 33% of sales, a 9% increase over the prior year second quarter.

Medical and Fluid Solutions sales of $167 million decreased 3% compared to the prior year second quarter. Organic sales decreased 2% and currency had an unfavorable impact of 1%. The organic sales decrease was driven by significant softness in the medical fluid components and fluid solutions product lines, offset by strong demand for medical interventional solutions product lines. Operating profit totaled $48 million. Adjusted operating profit, which excludes severance, was $49 million, or 30% of sales, a decrease of 15% compared to the prior year second quarter operating profit. The decreased segment profitability continued to be impacted by meaningful sales mix changes within medical product lines and related factory inefficiencies due to reduced volumes.

Advanced Technology Solutions sales of $148 million increased 1% compared to the prior year second quarter. Sales benefited from the acquisition impact of 12% partially offset by a decrease in organic sales of 10% and an unfavorable currency impact of 2%. The organic sales decrease was driven by electronics dispense products serving semiconductor end markets in the Americas and Asia, slightly offset by continued growth in test and inspection product lines. Operating profit was $26 million. Adjusted operating profit, which excludes severance, totaled $28 million, or 19% of sales, was down 30% compared to the prior year second quarter operating profit. The decline in operating profit during the quarter was driven by the organic sales decrease, partially offset by profitable acquisition growth.

Outlook

Backlog entering the second half of fiscal 2023 remains strong at $950 million and continues to be heavily weighted toward systems and medical interventional solutions. Order entry has been steady throughout the quarter. Based on current visibility, we now expect fourth quarter sales to be the strongest of the year, increasing low-mid single digits over the prior year fourth quarter. We expect third quarter sales to be comparable to the prior year, as a result of the pull forward of certain systems sales into the second quarter. On balance, the Company is maintaining its previously issued full-year revenue growth guidance of 0% to 3% over record fiscal 2022 and narrowing adjusted earnings guidance to the range of $8.90 to $9.30.

Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Tuesday, May 23, 2023, 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 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, www.twitter.com/Nordson_Corp 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, 2023

 

April 30, 2022

 

April 30, 2023

 

April 30, 2022

Sales

$

650,165

 

 

$

635,403

 

 

$

1,260,642

 

 

$

1,244,569

 

Cost of sales

 

298,040

 

 

 

277,768

 

 

 

579,650

 

 

 

546,800

 

Gross profit

 

352,125

 

 

 

357,635

 

 

 

680,992

 

 

 

697,769

 

Gross margin %

 

54.2

%

 

 

56.3

%

 

 

54.0

%

 

 

56.1

%

 

 

 

 

 

 

 

 

Selling & administrative expenses

 

179,618

 

 

 

173,662

 

 

 

364,266

 

 

 

357,936

 

Operating profit

 

172,507

 

 

 

183,973

 

 

 

316,726

 

 

 

339,833

 

 

 

 

 

 

 

 

 

Interest expense - net

 

(9,475

)

 

 

(4,942

)

 

 

(19,418

)

 

 

(10,127

)

Other expense - net (1)

 

(1,405

)

 

 

(39,764

)

 

 

(4,601

)

 

 

(38,472

)

Income before income taxes

 

161,627

 

 

 

139,267

 

 

 

292,707

 

 

 

291,234

 

 

 

 

 

 

 

 

 

Income taxes

 

34,064

 

 

 

29,633

 

 

 

60,883

 

 

 

61,191

 

 

 

 

 

 

 

 

 

Net income

$

127,563

 

 

$

109,634

 

 

$

231,824

 

 

$

230,043

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

57,184

 

 

 

57,784

 

 

 

57,177

 

 

 

57,971

 

Diluted

 

57,680

 

 

 

58,382

 

 

 

57,721

 

 

 

58,606

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic earnings

$

2.23

 

 

$

1.90

 

 

$

4.05

 

 

$

3.97

 

Diluted earnings

$

2.21

 

 

$

1.88

 

 

$

4.02

 

 

$

3.93

 

(1)

Three and six months ended April 30, 2022, include pension settlement charge of $41,221.

NORDSON CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

 

 

April 30, 2023

 

October 31, 2022

Cash and cash equivalents

$

129,073

 

$

163,457

Receivables - net

 

527,851

 

 

537,313

Inventories - net

 

440,179

 

 

383,398

Other current assets

 

58,338

 

 

48,803

Total current assets

 

1,155,441

 

 

1,132,971

 

 

 

 

Property, plant and equipment - net

 

354,669

 

 

353,442

Goodwill

 

2,110,471

 

 

1,804,693

Other assets

 

572,534

 

 

529,269

 

$

4,193,115

 

$

3,820,375

 

 

 

 

Current maturities of long-term debt and notes payable

$

603,343

 

$

392,537

Accounts payable and accrued liabilities

 

387,049

 

 

441,666

Total current liabilities

 

990,392

 

 

834,203

 

 

 

 

Long-term debt

 

345,899

 

 

345,320

Other liabilities

 

359,822

 

 

346,477

Total shareholders' equity

 

2,497,002

 

 

2,294,375

 

$

4,193,115

 

$

3,820,375

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

Six Months Ended

 

April 30, 2023

 

April 30, 2022

Cash flows from operating activities:

 

 

 

Net income

$

231,824

 

 

$

230,043

 

Depreciation and amortization

 

53,535

 

 

 

50,355

 

Other non-cash items (1)

 

11,458

 

 

 

51,449

 

Changes in working capital

 

(45,857

)

 

 

(85,070

)

Other

 

36,945

 

 

 

(32,276

)

Net cash provided by operating activities

 

287,905

 

 

 

214,501

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

 

(15,349

)

 

 

(24,776

)

Acquisition of businesses, net of cash acquired

 

(377,843

)

 

 

(171,613

)

Other - net

 

39

 

 

 

15

 

Net cash used in investing activities

 

(393,153

)

 

 

(196,374

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Net issuance of long-term debt

 

184,617

 

 

 

1,654

 

Repayment of finance lease obligations

 

(2,775

)

 

 

(2,620

)

Dividends paid

 

(74,463

)

 

 

(59,301

)

Issuance of common shares

 

11,808

 

 

 

7,798

 

Purchase of treasury shares

 

(54,365

)

 

 

(140,466

)

Net cash provided (used) in financing activities

 

64,822

 

 

 

(192,935

)

 

 

 

 

Effect of exchange rate change on cash:

 

6,042

 

 

 

(4,272

)

Net change in cash and cash equivalents

 

(34,384

)

 

 

(179,080

)

 

 

 

 

Cash and cash equivalents:

 

 

 

Beginning of period

 

163,457

 

 

 

299,972

 

End of period

$

129,073

 

 

$

120,892

 

 

 

 

 

(1)

Six months ended April 30, 2022, includes pension settlement charge of $41,221.

 

NORDSON CORPORATION

SALES BY GEOGRAPHIC SEGMENT (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Sales Variance

 

April 30, 2023

 

April 30, 2022

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

335,807

 

$

316,434

 

8.5

%

 

%

 

(2.4

)%

 

6.1

%

Medical and Fluid Solutions

 

166,526

 

 

172,212

 

(2.3

)%

 

%

 

(1.0

)%

 

(3.3

)%

Advanced Technology Solutions

 

147,832

 

 

146,757

 

(9.9

)%

 

12.3

%

 

(1.7

)%

 

0.7

%

Total sales

$

650,165

 

$

635,403

 

1.3

%

 

2.8

%

 

(1.8

)%

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

Americas

$

278,731

 

$

273,753

 

(0.6

)%

 

2.4

%

 

%

 

1.8

%

Europe

 

167,904

 

 

172,256

 

(2.3

)%

 

2.1

%

 

(2.3

)%

 

(2.5

)%

Asia Pacific

 

203,530

 

 

189,394

 

7.4

%

 

4.2

%

 

(4.1

)%

 

7.5

%

Total sales

$

650,165

 

$

635,403

 

1.3

%

 

2.8

%

 

(1.8

)%

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Sales Variance

 

April 30, 2023

 

April 30, 2022

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

647,353

 

$

640,367

 

4.8

%

 

%

 

(3.7

)%

 

1.1

%

Medical and Fluid Solutions

 

320,813

 

 

330,996

 

(1.5

)%

 

%

 

(1.6

)%

 

(3.1

)%

Advanced Technology Solutions

 

292,476

 

 

273,206

 

(3.3

)%

 

12.9

%

 

(2.5

)%

 

7.1

%

Total sales

$

1,260,642

 

$

1,244,569

 

1.3

%

 

2.8

%

 

(2.8

)%

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

Americas

$

543,610

 

$

513,654

 

3.7

%

 

2.2

%

 

(0.1

)%

 

5.8

%

Europe

 

330,843

 

 

328,241

 

3.6

%

 

1.7

%

 

(4.5

)%

 

0.8

%

Asia Pacific

 

386,189

 

 

402,674

 

(3.6

)%

 

4.4

%

 

(4.9

)%

 

(4.1

)%

Total sales

$

1,260,642

 

$

1,244,569

 

1.3

%

 

2.8

%

 

(2.8

)%

 

1.3

%

 

NORDSON CORPORATION

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

(Dollars in thousands)

 

 

Three Months Ended

 

Six Months Ended

 

April 30, 2023

 

April 30, 2022

 

April 30, 2023

 

April 30, 2022

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

335,807

 

 

 

 

$

316,434

 

 

 

 

$

647,353

 

 

 

 

$

640,367

 

 

 

Medical and Fluid Solutions

 

166,526

 

 

 

 

 

172,212

 

 

 

 

 

320,813

 

 

 

 

 

330,996

 

 

 

Advanced Technology Solutions

 

147,832

 

 

 

 

 

146,757

 

 

 

 

 

292,476

 

 

 

 

 

273,206

 

 

 

Total sales

$

650,165

 

 

 

 

$

635,403

 

 

 

 

$

1,260,642

 

 

 

 

$

1,244,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

111,773

 

 

 

 

$

102,196

 

 

 

 

$

214,093

 

 

 

 

$

204,383

 

 

 

Medical and Fluid Solutions

 

47,922

 

 

 

 

 

58,314

 

 

 

 

 

87,307

 

 

 

 

 

107,407

 

 

 

Advanced Technology Solutions

 

26,090

 

 

 

 

 

40,144

 

 

 

 

 

43,053

 

 

 

 

 

67,378

 

 

 

Corporate

 

(13,278

)

 

 

 

 

(16,681

)

 

 

 

 

(27,727

)

 

 

 

 

(39,335

)

 

 

Total operating profit

$

172,507

 

 

 

 

$

183,973

 

 

 

 

$

316,726

 

 

 

 

$

339,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

 

 

 

 

$

 

 

 

 

$

 

 

 

 

$

1,563

 

 

 

Medical and Fluid Solutions

 

1,479

 

 

 

 

 

 

 

 

 

 

1,479

 

 

 

 

 

 

 

 

Advanced Technology Solutions

 

1,960

 

 

 

 

 

 

 

 

 

 

12,255

 

 

 

 

 

 

 

 

Total adjustments

$

3,439

 

 

 

 

$

 

 

 

 

$

13,734

 

 

 

 

$

1,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED OPERATING PROFIT (NON-GAAP) (2)

 

 

% of

Sales

 

 

% of

Sales

 

 

% of

Sales

 

 

% of

Sales

Industrial Precision Solutions

$

111,773

 

 

33%

 

$

102,196

 

 

32%

 

$

214,093

 

 

33%

 

$

205,946

 

 

32%

Medical and Fluid Solutions

 

49,401

 

 

30%

 

 

58,314

 

 

34%

 

 

88,786

 

 

28%

 

 

107,407

 

 

32%

Advanced Technology Solutions

 

28,050

 

 

19%

 

 

40,144

 

 

27%

 

 

55,308

 

 

19%

 

 

67,378

 

 

25%

Corporate

 

(13,278

)

 

 

 

 

(16,681

)

 

 

 

 

(27,727

)

 

 

 

 

(39,335

)

 

 

Total operating profit - adjusted

$

175,946

 

 

27%

 

$

183,973

 

 

29%

 

$

330,460

 

 

26%

 

$

341,396

 

 

27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION & AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

7,285

 

 

 

 

$

6,916

 

 

 

 

$

14,130

 

 

 

 

$

14,358

 

 

 

Medical and Fluid Solutions

 

13,683

 

 

 

 

 

13,578

 

 

 

 

 

27,308

 

 

 

 

 

27,125

 

 

 

Advanced Technology Solutions

 

4,010

 

 

 

 

 

2,247

 

 

 

 

 

7,822

 

 

 

 

 

4,510

 

 

 

Corporate

 

2,122

 

 

 

 

 

2,224

 

 

 

 

 

4,275

 

 

 

 

 

4,362

 

 

 

Total depreciation & amortization

$

27,100

 

 

 

 

$

24,965

 

 

 

 

$

53,535

 

 

 

 

$

50,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (NON-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

119,058

 

 

35%

 

$

109,112

 

 

34%

 

$

228,223

 

 

35%

 

$

220,304

 

 

34%

Medical and Fluid Solutions

 

63,084

 

 

38%

 

 

71,892

 

 

42%

 

 

116,094

 

 

36%

 

 

134,532

 

 

41%

Advanced Technology Solutions

 

32,060

 

 

22%

 

 

42,391

 

 

29%

 

 

63,130

 

 

22%

 

 

71,888

 

 

26%

Corporate

 

(11,156

)

 

 

 

 

(14,457

)

 

 

 

 

(23,452

)

 

 

 

 

(34,973

)

 

 

Total EBITDA

$

203,046

 

 

31%

 

$

208,938

 

 

33%

 

$

383,995

 

 

30%

 

$

391,751

 

 

31%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

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

(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 severance, fees and non-cash inventory charges associated with 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

 

Six Months Ended

 

April 30, 2023

 

April 30, 2022

 

April 30, 2023

 

April 30, 2022

GAAP AS REPORTED

 

 

 

 

 

 

 

Operating profit

$

172,507

 

 

$

183,973

 

 

$

316,726

 

 

$

339,833

 

Other / interest expense - net

 

(10,880

)

 

 

(44,706

)

 

 

(24,019

)

 

 

(48,599

)

Net income

 

127,563

 

 

 

109,634

 

 

 

231,824

 

 

 

230,043

 

Diluted earnings per share

$

2.21

 

 

$

1.88

 

 

$

4.02

 

 

$

3.93

 

 

 

 

 

 

 

 

 

Shares outstanding - diluted

 

57,680

 

 

 

58,382

 

 

 

57,721

 

 

 

58,606

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS

 

 

 

 

 

 

 

Inventory step-up amortization

$

 

 

$

 

 

$

4,306

 

 

$

1,563

 

Severance and other

 

3,439

 

 

 

 

 

$

9,428

 

 

$

 

 

 

 

 

 

 

 

 

NON-OPERATING EXPENSE ADJUSTMENTS

 

 

 

 

 

 

 

Pension settlement loss

$

 

 

$

41,221

 

 

$

 

 

$

41,221

 

 

 

 

 

 

 

 

 

Total adjustments

$

3,439

 

 

$

41,221

 

 

$

13,734

 

 

$

42,784

 

 

 

 

 

 

 

 

 

Adjustments net of tax

$

2,714

 

 

$

32,450

 

 

$

10,877

 

 

$

33,795

 

EPS effect of adjustments and other discrete tax items

$

0.05

 

 

$

0.56

 

 

$

0.19

 

 

$

0.58

 

 

 

 

 

 

 

 

 

NON-GAAP MEASURES-ADJUSTED PROFITABILITY

 

 

 

 

 

 

 

Operating profit (1)

$

175,946

 

 

$

183,973

 

 

$

330,460

 

 

$

341,396

 

Operating profit % of sales

 

27.1

%

 

 

29.0

%

 

 

26.2

%

 

 

27.4

%

Net income (2)

$

130,277

 

 

$

142,084

 

 

$

242,701

 

 

$

263,838

 

Diluted earnings per share (3)

$

2.26

 

 

$

2.43

 

 

$

4.21

 

 

$

4.50

 

(1)

 

Adjusted operating profit is defined as operating profit plus certain adjustments, such as severance, fees 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 per share 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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