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(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
EXHIBIT INDEX | ||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ENTEGRIS, INC. | ||||||||
Dated: November 2, 2023 | By: | /s/ Linda LaGorga | ||||||
Name: | Linda LaGorga | |||||||
Title: | Senior Vice President and Chief Financial Officer |
![]() | PRESS RELEASE Bill Seymour VP of Investor Relations T + 1 952 556 1844 bill.seymour@entegris.com |
GAAP Results | September 30, 2023 | October 1, 2022 | July 1, 2023 | ||||||||
Net sales | $888,239 | $993,828 | $901,000 | ||||||||
Operating income | $117,061 | $14,889 | $267,614 | ||||||||
Operating margin - as a % of net sales | 13.2 | % | 1.5 | % | 29.7 | % | |||||
Net income (loss) | $33,212 | ($73,703) | $197,646 | ||||||||
Diluted earnings (loss) per common share | $0.22 | ($0.50) | $1.31 | ||||||||
Non-GAAP Results | |||||||||||
Non-GAAP adjusted operating income | $195,715 | $253,207 | $200,917 | ||||||||
Non-GAAP adjusted operating margin - as a % of net sales | 22.0 | % | 25.5 | % | 22.3 | % | |||||
Non-GAAP net income | $103,588 | $127,770 | $99,605 | ||||||||
Diluted non-GAAP earnings per common share | $0.68 | $0.85 | $0.66 | ||||||||
Three months ended | ||||||||||||||
September 30, 2023 | October 1, 2022 | July 1, 2023 | ||||||||||||
Net sales | $888,239 | $993,828 | $901,000 | |||||||||||
Cost of sales | 521,165 | 622,157 | 516,834 | |||||||||||
Gross profit | 367,074 | 371,671 | 384,166 | |||||||||||
Selling, general and administrative expenses | 116,051 | 226,446 | 145,596 | |||||||||||
Engineering, research and development expenses | 66,810 | 64,990 | 71,030 | |||||||||||
Amortization of intangible assets | 51,239 | 65,346 | 54,680 | |||||||||||
Goodwill impairment | 15,913 | — | — | |||||||||||
Gain on termination of alliance agreement | — | — | (154,754) | |||||||||||
Operating income | 117,061 | 14,889 | 267,614 | |||||||||||
Interest expense, net | 75,594 | 82,755 | 78,605 | |||||||||||
Other expense, net | 10,243 | 12,852 | 7,724 | |||||||||||
Income (loss) before income tax benefit | 31,224 | (80,718) | 181,285 | |||||||||||
Income tax benefit | (2,127) | (7,015) | (16,491) | |||||||||||
Equity in net loss of affiliates | 139 | — | 130 | |||||||||||
Net income (loss) | $33,212 | ($73,703) | $197,646 | |||||||||||
Basic earnings (loss) per common share: | $0.22 | ($0.50) | $1.32 | |||||||||||
Diluted earnings (loss) per common share: | $0.22 | ($0.50) | $1.31 | |||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 150,127 | 148,570 | 149,825 | |||||||||||
Diluted | 151,229 | 148,570 | 150,837 |
Nine months ended | |||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||
Net sales | $2,711,635 | $2,335,963 | |||||||||
Cost of sales | 1,558,710 | 1,344,075 | |||||||||
Gross profit | 1,152,925 | 991,888 | |||||||||
Selling, general and administrative expenses | 431,514 | 404,239 | |||||||||
Engineering, research and development expenses | 209,746 | 160,953 | |||||||||
Amortization of intangible assets | 163,493 | 90,491 | |||||||||
Goodwill impairment | 104,785 | — | |||||||||
Gain on termination of alliance agreement | (154,754) | — | |||||||||
Operating income | 398,141 | 336,205 | |||||||||
Interest expense, net | 239,020 | 126,962 | |||||||||
Other expense, net | 13,309 | 27,373 | |||||||||
Income before income tax expense | 145,812 | 181,870 | |||||||||
Income tax expense | 2,851 | 30,377 | |||||||||
Equity in net loss of affiliates | 269 | — | |||||||||
Net income | $142,692 | $151,493 | |||||||||
Basic earnings per common share: | $0.95 | $1.08 | |||||||||
Diluted earnings per common share: | $0.95 | $1.08 | |||||||||
Weighted average shares outstanding: | |||||||||||
Basic | 149,793 | 140,045 | |||||||||
Diluted | 150,816 | 140,892 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash, cash equivalents and restricted cash | $594,020 | $563,439 | |||||||||||||||
Trade accounts and notes receivable, net | 463,083 | 535,485 | |||||||||||||||
Inventories, net | 662,169 | 812,815 | |||||||||||||||
Deferred tax charges and refundable income taxes | 67,848 | 47,618 | |||||||||||||||
Assets held-for-sale | 1,045,217 | 246,531 | |||||||||||||||
Other current assets | 111,223 | 129,297 | |||||||||||||||
Total current assets | 2,943,560 | 2,335,185 | |||||||||||||||
Property, plant and equipment, net | 1,406,357 | 1,393,337 | |||||||||||||||
Other assets: | |||||||||||||||||
Right-of-use assets | 83,548 | 94,940 | |||||||||||||||
Goodwill | 3,954,036 | 4,408,331 | |||||||||||||||
Intangible assets, net | 1,368,363 | 1,841,955 | |||||||||||||||
Deferred tax assets and other noncurrent tax assets | 30,211 | 28,867 | |||||||||||||||
Other | 38,541 | 36,242 | |||||||||||||||
Total assets | $9,824,616 | $10,138,857 | |||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Current liabilities | |||||||||||||||||
Short-term debt, including current portion of long-term debt | — | 151,965 | |||||||||||||||
Accounts payable | 139,637 | 172,488 | |||||||||||||||
Accrued liabilities | 340,737 | 328,784 | |||||||||||||||
Liabilities held-for-sale | 139,270 | 10,637 | |||||||||||||||
Income tax payable | 63,515 | 98,057 | |||||||||||||||
Total current liabilities | 683,159 | 761,931 | |||||||||||||||
Long-term debt, excluding current maturities | 5,425,496 | 5,632,928 | |||||||||||||||
Long-term lease liability | 71,347 | 80,716 | |||||||||||||||
Other liabilities | 276,325 | 445,282 | |||||||||||||||
Shareholders’ equity | 3,368,289 | 3,218,000 | |||||||||||||||
Total liabilities and equity | $9,824,616 | $10,138,857 |
Three months ended | Nine months ended | |||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||
Operating activities: | ||||||||||||||
Net income | $33,212 | ($73,703) | $142,692 | $151,493 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 39,631 | 45,203 | 130,125 | 93,489 | ||||||||||
Amortization | 51,239 | 65,346 | 163,493 | 90,491 | ||||||||||
Share-based compensation expense | 10,280 | 38,077 | 52,416 | 57,544 | ||||||||||
Loss on extinguishment of debt and modification | 3,593 | 2,235 | 10,862 | 2,235 | ||||||||||
Impairment of Goodwill | 15,913 | — | 104,785 | — | ||||||||||
Gain on termination of alliance agreement | — | — | (154,754) | — | ||||||||||
Loss on sale of business and held for sale assets | — | — | 28,579 | — | ||||||||||
Other | (10,243) | 52,533 | (27,533) | 61,220 | ||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||||
Trade accounts and notes receivable | (18,236) | 22,931 | (295) | (34,378) | ||||||||||
Inventories | 68,349 | (55,394) | 63,340 | (180,335) | ||||||||||
Accounts payable and accrued liabilities | 27,940 | 56,162 | 4,345 | 83,307 | ||||||||||
Income taxes payable, refundable income taxes and noncurrent taxes payable | (21,204) | (12,089) | (36,774) | (15,637) | ||||||||||
Other | (451) | 4,231 | (2,369) | 10,801 | ||||||||||
Net cash provided by operating activities | 200,023 | 145,532 | 478,912 | 320,230 | ||||||||||
Investing activities: | ||||||||||||||
Acquisition of property and equipment | (78,139) | (126,739) | (328,182) | (318,836) | ||||||||||
Acquisition of business, net of cash acquired | — | (4,474,925) | — | (4,474,925) | ||||||||||
Proceeds from sale of business | — | — | 134,286 | — | ||||||||||
Proceeds from termination of alliance agreement | — | — | 169,251 | — | ||||||||||
Other | 1,553 | 1 | 1,919 | 1,124 | ||||||||||
Net cash used in investing activities | (76,586) | (4,601,663) | (22,726) | (4,792,637) | ||||||||||
Financing activities: | ||||||||||||||
Proceeds from revolving credit facility, short-term debt and long-term debt | 100,279 | 2,810,439 | 217,449 | 5,416,753 | ||||||||||
Payments of revolving credit facility, short-term debt and long-term debt | (175,279) | (223,000) | (603,950) | (416,000) | ||||||||||
Payments for debt issuance costs | — | (88,910) | (3,475) | (99,489) | ||||||||||
Payments for dividends | (15,052) | (14,929) | (45,202) | (42,413) | ||||||||||
Issuance of common stock | 866 | 1,787 | 37,633 | 10,764 | ||||||||||
Taxes paid related to net share settlement of equity awards | (1,894) | (6,430) | (11,540) | (22,747) | ||||||||||
Other | (345) | (272) | (923) | (859) | ||||||||||
Net cash (used in) provided by financing activities | (91,425) | 2,478,685 | (410,008) | 4,846,009 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,009) | (11,118) | (15,597) | (21,500) | ||||||||||
Increase (Decrease) in cash, cash equivalents and restricted cash | 27,003 | (1,988,564) | 30,581 | 352,102 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 567,017 | 2,743,231 | 563,439 | 402,565 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $594,020 | $754,667 | $594,020 | $754,667 |
Three months ended | Nine months ended | |||||||||||||||||||
Net sales | September 30, 2023 | October 1, 2022 | July 1, 2023 | September 30, 2023 | October 1, 2022 | |||||||||||||||
Materials Solutions | $435,538 | $518,046 | $440,634 | $1,324,502 | $922,196 | |||||||||||||||
Microcontamination Control | 286,217 | 280,550 | 283,614 | 839,128 | 821,320 | |||||||||||||||
Advanced Materials Handling | 180,248 | 210,405 | 190,356 | 589,457 | 632,602 | |||||||||||||||
Inter-segment elimination | (13,764) | (15,173) | (13,604) | (41,452) | (40,155) | |||||||||||||||
Total net sales | $888,239 | $993,828 | $901,000 | $2,711,635 | $2,335,963 |
Three months ended | Nine months ended | |||||||||||||||||||
Segment profit | September 30, 2023 | October 1, 2022 | July 1, 2023 | September 30, 2023 | October 1, 2022 | |||||||||||||||
Materials Solutions | $56,955 | $53,131 | $215,738 | $243,171 | $147,700 | |||||||||||||||
Microcontamination Control | 101,132 | 105,335 | 100,661 | 297,790 | 304,062 | |||||||||||||||
Advanced Materials Handling | 31,642 | 42,077 | 35,830 | 115,637 | 135,693 | |||||||||||||||
Total segment profit | 189,729 | 200,543 | 352,229 | 656,598 | 587,455 | |||||||||||||||
Amortization of intangibles | 51,239 | 65,346 | 54,680 | 163,493 | 90,491 | |||||||||||||||
Unallocated expenses | 21,429 | 120,308 | 29,935 | 94,964 | 160,759 | |||||||||||||||
Total operating income | $117,061 | $14,889 | $267,614 | $398,141 | $336,205 |
Three months ended | Nine months ended | |||||||||||||||||||
September 30, 2023 | October 1, 2022 | July 1, 2023 | September 30, 2023 | October 1, 2022 | ||||||||||||||||
Net Sales | $888,239 | $993,828 | $901,000 | $2,711,635 | $2,335,963 | |||||||||||||||
Gross profit-GAAP | $367,074 | $371,671 | $384,166 | $1,152,925 | $991,888 | |||||||||||||||
Adjustments to gross profit: | ||||||||||||||||||||
Restructuring costs 1 | 789 | — | — | 8,166 | — | |||||||||||||||
Charge for fair value mark-up of acquired inventory sold 2 | — | 61,932 | — | — | 61,932 | |||||||||||||||
Adjusted gross profit | $367,863 | $433,603 | $384,166 | $1,161,091 | $1,053,820 | |||||||||||||||
Gross margin - as a % of net sales | 41.3 | % | 37.4 | % | 42.6 | % | 42.5 | % | 42.5 | % | ||||||||||
Adjusted gross margin - as a % of net sales | 41.4 | % | 43.6 | % | 42.6 | % | 42.8 | % | 45.1 | % | ||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
Adjusted segment profit | September 30, 2023 | October 1, 2022 | July 1, 2023 | September 30, 2023 | October 1, 2022 | |||||||||||||||
MS segment profit | $56,955 | $53,131 | $215,738 | $243,171 | $147,700 | |||||||||||||||
Restructuring costs 1 | 519 | — | — | 7,627 | — | |||||||||||||||
Loss from the sale of QED and held for sales assets of EC 2 | — | — | 14,936 | 28,578 | — | |||||||||||||||
Goodwill impairment 3 | 15,913 | — | — | 104,785 | — | |||||||||||||||
Gain on termination of alliance agreement4 | — | — | (154,754) | (154,754) | — | |||||||||||||||
Charge for fair value write-up of acquired inventory sold 5 | — | 61,932 | — | — | 61,932 | |||||||||||||||
MS adjusted segment profit | $73,387 | $115,063 | $75,920 | $229,407 | $209,632 | |||||||||||||||
MC segment profit | $101,132 | $105,335 | $100,661 | $297,790 | $304,062 | |||||||||||||||
Restructuring costs 1 | 215 | — | — | 3,010 | — | |||||||||||||||
MC adjusted segment profit | $101,347 | $105,335 | $100,661 | $300,800 | $304,062 | |||||||||||||||
AMH segment profit | $31,642 | $42,077 | $35,830 | $115,637 | $135,693 | |||||||||||||||
Restructuring costs 1 | 467 | — | — | 1,721 | — | |||||||||||||||
AMH adjusted segment profit | $32,109 | $42,077 | $35,830 | $117,358 | $135,693 | |||||||||||||||
Unallocated general and administrative expenses | $21,429 | $120,308 | $29,935 | $94,964 | $160,759 | |||||||||||||||
Less: unallocated deal and integration costs | (10,301) | (111,040) | (18,441) | (48,717) | (129,869) | |||||||||||||||
Less: unallocated restructuring costs 1 | — | — | — | (86) | — | |||||||||||||||
Adjusted unallocated general and administrative expenses | $11,128 | $9,268 | $11,494 | $46,161 | $30,890 | |||||||||||||||
Total adjusted segment profit | $206,843 | $262,475 | $212,411 | $647,565 | $649,387 | |||||||||||||||
Less: adjusted unallocated general and administrative expenses | 11,128 | 9,268 | 11,494 | 46,161 | 30,890 | |||||||||||||||
Total adjusted operating income | $195,715 | $253,207 | $200,917 | $601,404 | $618,497 |
Three months ended | Nine months ended | |||||||||||||||||||
September 30, 2023 | October 1, 2022 | July 1, 2023 | September 30, 2023 | October 1, 2022 | ||||||||||||||||
Net sales | $888,239 | $993,828 | $901,000 | $2,711,635 | $2,335,963 | |||||||||||||||
Net income (loss) | $33,212 | ($73,703) | $197,646 | $142,692 | $151,493 | |||||||||||||||
Net income (loss) - as a % of net sales | 3.7 | % | (7.4 | %) | 21.9 | % | 5.3 | % | 6.5 | % | ||||||||||
Adjustments to net income (loss): | ||||||||||||||||||||
Equity in net loss of affiliates | 139 | — | 130 | 269 | — | |||||||||||||||
Income tax (benefit) expense | (2,127) | (7,015) | (16,491) | 2,851 | 30,377 | |||||||||||||||
Interest expense, net | 75,594 | 82,755 | 78,605 | 239,020 | 126,962 | |||||||||||||||
Other expense, net | 10,243 | 12,852 | 7,724 | 13,309 | 27,373 | |||||||||||||||
GAAP - Operating income | 117,061 | 14,889 | 267,614 | 398,141 | 336,205 | |||||||||||||||
Operating margin - as a % of net sales | 13.2 | % | 1.5 | % | 29.7 | % | 14.7 | % | 14.4 | % | ||||||||||
Goodwill impairment 1 | 15,913 | — | — | 104,785 | — | |||||||||||||||
Deal and transaction costs 2 | — | 31,867 | — | 3,001 | 39,285 | |||||||||||||||
Integration costs: | ||||||||||||||||||||
Professional fees 3 | 6,756 | 11,377 | 13,324 | 32,068 | 21,698 | |||||||||||||||
Severance costs 4 | (454) | 3,996 | 965 | 1,873 | 3,996 | |||||||||||||||
Retention costs 5 | 45 | 1,530 | 362 | 1,687 | 1,530 | |||||||||||||||
Other costs 6 | 3,953 | 3,859 | 3,789 | 10,087 | 4,949 | |||||||||||||||
Contractual and non-cash integration costs: | ||||||||||||||||||||
CMC Retention 7 | — | 14,477 | — | — | 14,477 | |||||||||||||||
Stock-based compensation alignment 8 | — | 21,584 | — | — | 21,584 | |||||||||||||||
Change in control costs 9 | — | 22,350 | — | — | 22,350 | |||||||||||||||
Restructuring costs 10 | 1,202 | — | — | 12,444 | — | |||||||||||||||
Loss on sale of business and held for sale assets 11 | — | — | 14,937 | 28,579 | — | |||||||||||||||
Charge for fair value write-up of acquired inventory sold 12 | — | 61,932 | — | — | 61,932 | |||||||||||||||
Gain on termination of alliance agreement 13 | — | — | (154,754) | (154,754) | — | |||||||||||||||
Amortization of intangible assets 14 | 51,239 | 65,346 | 54,680 | 163,493 | 90,491 | |||||||||||||||
Adjusted operating income | 195,715 | 253,207 | 200,917 | 601,404 | 618,497 | |||||||||||||||
Adjusted operating margin - as a % of net sales | 22.0 | % | 25.5 | % | 22.3 | % | 22.2 | % | 26.5 | % | ||||||||||
Depreciation | 39,631 | 45,203 | 43,719 | 130,125 | 93,489 | |||||||||||||||
Adjusted EBITDA | $235,346 | $298,410 | $244,636 | $731,529 | $711,986 | |||||||||||||||
Adjusted EBITDA - as a % of net sales | 26.5 | % | 30.0 | % | 27.2 | % | 27.0 | % | 30.5 | % |
Three months ended | Nine months ended | |||||||||||||||||||
September 30, 2023 | October 1, 2022 | July 1, 2023 | September 30, 2023 | October 1, 2022 | ||||||||||||||||
GAAP net income (loss) | $33,212 | ($73,703) | $197,646 | $142,692 | $151,493 | |||||||||||||||
Adjustments to net income (loss): | ||||||||||||||||||||
Goodwill impairment 1 | 15,913 | — | — | 104,785 | — | |||||||||||||||
Deal and transaction costs 2 | — | 31,867 | — | 3,001 | 39,285 | |||||||||||||||
Integration costs: | ||||||||||||||||||||
Professional fees 3 | 6,756 | 11,377 | 13,324 | 32,068 | 21,698 | |||||||||||||||
Severance costs 4 | (454) | 3,996 | 965 | 1,873 | 3,996 | |||||||||||||||
Retention costs 5 | 45 | 1,530 | 362 | 1,687 | 1,530 | |||||||||||||||
Other costs 6 | 3,953 | 3,859 | 3,789 | 10,087 | 4,949 | |||||||||||||||
Contractual and non-cash integration costs: | — | — | — | — | ||||||||||||||||
CMC Retention 7 | — | 14,477 | — | — | 14,477 | |||||||||||||||
Stock-based compensation alignment 8 | — | 21,584 | — | — | 21,584 | |||||||||||||||
Change in control costs 9 | — | 22,350 | — | — | 22,350 | |||||||||||||||
Restructuring costs 10 | 1,202 | — | — | 12,444 | — | |||||||||||||||
Loss on extinguishment of debt and modification 11 | 4,532 | 2,235 | 4,481 | 12,893 | 2,235 | |||||||||||||||
Loss on sale of business and held for sale assets 12 | — | — | 14,937 | 28,579 | — | |||||||||||||||
Gain on termination of alliance agreement 13 | — | — | (154,754) | (154,754) | — | |||||||||||||||
Infineum termination fee, net 14 | — | — | — | (10,877) | — | |||||||||||||||
Charge for fair value write-up of acquired inventory sold 15 | — | 61,932 | — | — | 61,932 | |||||||||||||||
Interest expense, net 16 | — | 2,397 | — | — | 29,822 | |||||||||||||||
Amortization of intangible assets 17 | 51,239 | 65,346 | 54,680 | 163,493 | 90,491 | |||||||||||||||
Tax effect of adjustments to net income and discrete tax items18 | (12,810) | (41,477) | (35,825) | (46,996) | (56,123) | |||||||||||||||
Non-GAAP net income | $103,588 | $127,770 | $99,605 | $300,975 | $409,719 | |||||||||||||||
Diluted earnings (loss) per common share | $0.22 | ($0.50) | $1.31 | $0.95 | $1.08 | |||||||||||||||
Effect of adjustments to net income | $0.46 | $1.35 | ($0.65) | $1.05 | $1.83 | |||||||||||||||
Diluted non-GAAP earnings per common share | $0.68 | $0.85 | $0.66 | $2.00 | $2.91 | |||||||||||||||
Diluted weighted averages shares outstanding | 151,229 | 148,570 | 150,837 | 150,816 | 140,892 | |||||||||||||||
Effect of adjustment to diluted weighted average shares outstanding | — | 1,099 | — | — | — | |||||||||||||||
Diluted non-GAAP weighted average shares outstanding | 151,229 | 149,669 | 150,837 | 150,816 | 140,892 |
Fourth-Quarter Outlook | |||||
Reconciliation GAAP Operating Margin to non-GAAP Operating Margin and Adjusted EBITDA Margin | December 31, 2023 | ||||
Net sales | $770 - $790 | ||||
GAAP - Operating income | $102 - $114 | ||||
Operating margin - as a % of net sales | 13% - 14% | ||||
Deal, transaction and integration costs | 5 | ||||
Amortization of intangible assets | 51 | ||||
Adjusted operating income | $158 - $170 | ||||
Adjusted operating margin - as a % of net sales | 21% - 22% | ||||
Depreciation | 42 | ||||
Adjusted EBITDA | $200 - $212 | ||||
Adjusted EBITDA - as a % of net sales | 26% - 27% |
Fourth-Quarter Outlook | |||||
Reconciliation GAAP net income to non-GAAP net income | December 31, 2023 | ||||
GAAP net income | $37 - $45 | ||||
Adjustments to net income: | |||||
Deal, transaction and integration costs | 5 | ||||
Amortization of intangible assets | 51 | ||||
Income tax effect | (10) | ||||
Non-GAAP net income | $83 - $91 | ||||
Fourth-Quarter Outlook | |||||
Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share | December 31, 2023 | ||||
Diluted earnings per common share | $0.25 - $0.30 | ||||
Adjustments to diluted earnings per common share: | |||||
Deal, transaction and integration costs | 0.03 | ||||
Amortization of intangible assets | 0.34 | ||||
Income tax effect | (0.07) | ||||
Diluted non-GAAP earnings per common share | $0.55 - $0.60 |
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