EX-99 2 ge3q2018ex99.htm EXHIBIT 99 Exhibit
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GENERAL ELECTRIC COMPANY
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
 
 
Consolidated
 
 
GE(a)
 
Financial Services (GE Capital)
Three months ended September 30
 
2018

 
2017

 
V%

 
 
2018

 
2017

 
V%

 
2018

 
2017

 
V%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales of goods and services
 
$
27,465

 
$
28,764

 
(5
)%
 
 
$
27,456

 
$
28,774

 
(5
)%
 
$
37

 
$
39

 
(5
)%
GE Capital revenues from services
 
2,109

 
1,898

 
 
 
 
—

 
—

 
 
 
2,436

 
2,359

 
 
Total revenues
 
29,573

 
30,662

 
(4
)%
 
 
27,456

 
28,774

 
(5
)%
 
2,473

 
2,397

 
3
 %
Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
 
22,846

 
23,672

 
 
 
 
22,349

 
23,099

 
 
 
530

 
621

 
 
Selling, general and administrative expenses
 
4,855

 
4,741

 
 
 
 
4,660

 
4,604

 
 
 
332

 
284

 
 
Interest and other financial charges
 
1,227

 
1,232

 
 
 
 
662

 
718

 
 
 
704

 
790

 
 
Investment contracts, insurance losses and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
insurance annuity benefits
 
710

 
617

 
 
 
 
—

 
—

 
 
 
732

 
640

 
 
Goodwill impairment
 
21,973

 
947

 
 
 
 
21,973

 
947

 
 
 
—

 
—

 
 
Non-operating benefit costs
 
807

 
611

 
 
 
 
804

 
610

 
 
 
2

 
1

 
 
Other costs and expenses
 
98

 
261

 
 
 
 
—

 
—

 
 
 
115

 
271

 
 
Total costs and expenses
 
52,515

 
32,082

 
64
 %
 
 
50,449

 
29,978

 
68
 %
 
2,416

 
2,608

 
(7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
 
205

 
2,165

 
 
 
 
201

 
2,160

 
 
 
—

 
—

 
 
GE Capital earnings (loss) from continuing operations
 
—

 
—

 
 
 
 
19

 
24

 
 
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
before income taxes
 
(22,736
)
 
746

 
U

 
 
(22,774
)
 
981

 
U

 
57

 
(211
)
 
F

Benefit (provision) for income taxes
 
(162
)
 
551

 
 
 
 
(205
)
 
281

 
 
 
43

 
270

 
 
Earnings (loss) from continuing operations
 
(22,899
)
 
1,297

 
U

 
 
(22,979
)
 
1,261

 
U

 
99

 
59

 
68
 %
Earnings (loss) from discontinued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
operations, net of taxes
 
39

 
(106
)
 
 
 
 
39

 
(105
)
 
 
 
40

 
(106
)
 
 
Net earnings (loss)
 
(22,859
)
 
1,191

 
U

 
 
(22,940
)
 
1,156

 
U

 
139

 
(47
)
 
F

Less net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests
 
(90
)
 
(169
)
 
 
 
 
(132
)
 
(168
)
 
 
 
42

 
(2
)
 
 
Net earnings (loss) attributable to the Company
 
(22,769
)
 
1,360

 
U

 
 
(22,808
)
 
1,324

 
U

 
98

 
(46
)
 
F

Preferred stock dividends
 
(39
)
 
(36
)
 
 
 
 
—

 
—

 
 
 
(39
)
 
(36
)
 
 
Net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GE common shareowners
 
$
(22,808
)
 
$
1,324

 
U

 
 
$
(22,808
)
 
$
1,324

 
U

 
$
59

 
$
(81
)
 
F

Amounts attributable to GE common shareowners:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
 
$
(22,899
)
 
$
1,297

 
U

 
 
$
(22,979
)
 
$
1,261

 
U

 
$
99

 
$
59

 
68
 %
Less net earnings (loss) attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
to noncontrolling interests, continuing operations
 
(90
)
 
(169
)
 
 
 
 
(132
)
 
(168
)
 
 
 
42

 
(1
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
attributable to the Company
 
(22,808
)
 
1,465

 
U

 
 
(22,847
)
 
1,429

 
U

 
58

 
60

 
(3
)%
Preferred stock dividends
 
(39
)
 
(36
)
 
 
 
 
—

 
—

 
 
 
(39
)
 
(36
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
attributable to GE common shareowners
 
(22,847
)
 
1,429

 
U

 
 
(22,847
)
 
1,429

 
U

 
19

 
24

 
(21
)%
Earnings (loss) from discontinued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
operations, net of taxes
 
39

 
(106
)
 
 
 
 
39

 
(105
)
 
 
 
40

 
(106
)
 
 
Less net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests, discontinued operations
 
—

 
(1
)
 
 
 
 
—

 
—

 
 
 
—

 
(1
)
 
 
Net earnings (loss) attributable to GE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
common shareowners
 
$
(22,808
)
 
$
1,324

 
U

 
 
$
(22,808
)
 
$
1,324

 
U

 
$
59

 
$
(81
)
 
F

Per-share amounts - earnings (loss) from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
(2.63
)
 
$
0.16

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
(2.63
)
 
$
0.16

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Per-share amounts - net earnings (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
(2.62
)
 
$
0.15

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
(2.62
)
 
$
0.15

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Total average equivalent shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
8,694

 
8,732

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
8,694

 
8,665

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.12

 
$
0.24

 
(50
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis.
Amounts may not add due to rounding. Dollar amounts and share amounts in millions; per-share amounts in dollars.
"GE Capital" means GE Capital Global Holdings, LLC (GECGH) and all of their affiliates and associated companies. Separate information is shown for "GE" and "Financial Services (GE Capital)." Transactions between GE and GE Capital have been eliminated from the "Consolidated" column. See Note 1 to the 2017 consolidated financial statements at www.ge.com/ar2017 for further information about consolidation matters.

4


GENERAL ELECTRIC COMPANY
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
 
 
Consolidated
 
 
GE(a)
 
Financial Services (GE Capital)
Nine months ended September 30
 
2018

 
2017

 
V%

 
 
2018

 
2017

 
V%

 
2018

 
2017

 
V%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales of goods and services
 
$
82,432

 
$
80,456

 
2
 %
 
 
$
82,429

 
$
80,683

 
2
%
 
$
100

 
$
101

 
(1
)%
GE Capital revenues from services
 
5,905

 
6,184

 
 

 
 
—

 
—

 
 

 
6,975

 
7,424

 
 
Total revenues
 
88,337

 
86,640

 
2
 %
 
 
82,429

 
80,683

 
2
%
 
7,075

 
7,525

 
(6
)%
Costs and expenses
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
Cost of sales
 
66,795

 
65,525

 
 

 
 
65,253

 
64,101

 
 

 
1,651

 
1,753

 
 
Selling, general and administrative expenses
 
13,547

 
13,180

 
 

 
 
12,990

 
12,199

 
 

 
987

 
1,346

 
 
Interest and other financial charges
 
3,807

 
3,545

 
 

 
 
1,995

 
1,918

 
 

 
2,296

 
2,373

 
 
Investment contracts, insurance losses and
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
insurance annuity benefits
 
2,009

 
1,908

 
 

 
 
—

 
—

 
 

 
2,071

 
1,958

 
 
Goodwill impairment
 
21,973

 
947

 
 
 
 
21,973

 
947

 
 
 
—

 
—

 
 
Non-operating benefit costs
 
2,188

 
1,824

 
 
 
 
2,178

 
1,811

 
 
 
9

 
12

 
 
Other costs and expenses
 
286

 
584

 
 

 
 
—

 
—

 
 

 
328

 
629

 
 
Total costs and expenses
 
110,604

 
87,512

 
26
 %
 
 
104,390

 
80,977

 
29
%
 
7,342

 
8,070

 
(9
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
 
1,275

 
2,692

 
 

 
 
1,237

 
2,659

 
 

 
—

 
—

 
 
GE Capital earnings (loss) from continuing operations
 
—

 
—

 
 

 
 
(403
)
 
(195
)
 
 

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
before income taxes
 
(20,992
)
 
1,820

 
U

 
 
(21,128
)
 
2,170

 
U

 
(268
)
 
(545
)
 
51
 %
Benefit (provision) for income taxes
 
(677
)
 
693

 
 

 
 
(842
)
 
93

 
 

 
165

 
600

 
 
Earnings (loss) from continuing operations
 
(21,670
)
 
2,513

 
U

 
 
(21,970
)
 
2,263

 
U

 
(103
)
 
55

 
U

Earnings (loss) from discontinued
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
operations, net of taxes
 
(1,634
)
 
(490
)
 
 

 
 
(1,634
)
 
(497
)
 
 

 
(1,579
)
 
(494
)
 
 
Net earnings (loss)
 
(23,304
)
 
2,023

 
U

 
 
(23,604
)
 
1,766

 
U

 
(1,682
)
 
(439
)
 
U

Less net earnings (loss) attributable to
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
noncontrolling interests
 
(188
)
 
(312
)
 
 

 
 
(228
)
 
(316
)
 
 

 
40

 
5

 
 
Net earnings (loss) attributable to the Company
 
(23,116
)
 
2,334

 
 U

 
 
(23,376
)
 
2,082

 
U

 
(1,722
)
 
(443
)
 
U

Preferred stock dividends
 
(260
)
 
(252
)
 
 

 
 
—

 
—

 
 

 
(260
)
 
(252
)
 
 
Net earnings (loss) attributable to
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
GE common shareowners
 
$
(23,376
)
 
$
2,082

 
U

 
 
$
(23,376
)
 
$
2,082

 
U

 
$
(1,982
)
 
$
(695
)
 
U

Amounts attributable to GE common shareowners:
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
Earnings (loss) from continuing operations
 
$
(21,670
)
 
$
2,513

 
U

 
 
$
(21,970
)
 
$
2,263

 
U

 
$
(103
)
 
$
55

 
U

Less net earnings (loss) attributable
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
to noncontrolling interests, continuing operations
 
(188
)
 
(318
)
 
 

 
 
(228
)
 
(316
)
 
 

 
40

 
(2
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
attributable to the Company
 
(21,482
)
 
2,831

 
U

 
 
(21,742
)
 
2,579

 
U

 
(143
)
 
57

 
U

Preferred stock dividends
 
(260
)
 
(252
)
 
 

 
 
—

 
—

 
 

 
(260
)
 
(252
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
attributable to GE common shareowners
 
(21,742
)
 
2,579

 
U

 
 
(21,742
)
 
2,579

 
U

 
(403
)
 
(195
)
 
U

Earnings (loss) from discontinued
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
operations, net of taxes
 
(1,634
)
 
(490
)
 
 

 
 
(1,634
)
 
(497
)
 
 

 
(1,579
)
 
(494
)
 
 
Less net earnings (loss) attributable to
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
noncontrolling interests, discontinued operations
 
—

 
6

 
 

 
 
—

 
—

 
 

 
—

 
6

 
 
Net earnings (loss) attributable to GE
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
common shareowners
 
$
(23,376
)
 
$
2,082

 
U

 
 
$
(23,376
)
 
$
2,082

 
U

 
$
(1,982
)
 
$
(695
)
 
U

Per-share amounts - earnings (loss) from
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
continuing operations
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
(2.50
)
 
$
0.29

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
(2.50
)
 
$
0.30

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Per-share amounts - net earnings (loss)
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
(2.69
)
 
$
0.24

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
(2.69
)
 
$
0.24

 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Total average equivalent shares
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
8,689

 
8,774

 
(1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
8,689

 
8,689

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.36

 
$
0.72

 
(50
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis.
Amounts may not add due to rounding. Dollar amounts and share amounts in millions; per-share amounts in dollars.
"GE Capital" means GE Capital Global Holdings, LLC (GECGH) and all of their affiliates and associated companies. Separate information is shown for "GE" and "Financial Services (GE Capital)." Transactions between GE and GE Capital have been eliminated from the "Consolidated" column. See Note 1 to the 2017 consolidated financial statements at www.ge.com/ar2017 for further information about consolidation matters.

5


GENERAL ELECTRIC COMPANY
 
 
 
 
 
 
 
 
 
 
 
 
SUMMARY OF OPERATING SEGMENTS (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
Three months ended September 30
 
Nine months ended September 30
(Dollars in millions)
 
2018

 
2017

 
V%

 
2018

 
2017

 
V%

Revenues(a)
 
 
 
 
 
 
 
 
 
 
 
 
Power
 
$
5,739

 
$
8,527

 
(33
)%
 
$
20,540

 
$
25,868

 
(21
)%
Renewable Energy
 
2,873

 
2,507

 
15
 %
 
6,172

 
6,587

 
(6
)%
Aviation
 
7,480

 
6,696

 
12
 %
 
22,111

 
20,003

 
11
 %
Oil & Gas
 
5,670

 
5,311

 
7
 %
 
16,609

 
11,394

 
46
 %
Healthcare
 
4,707

 
4,710

 
—
 %
 
14,387

 
13,703

 
5
 %
Transportation
 
932

 
949

 
(2
)%
 
2,746

 
3,006

 
(9
)%
Lighting
 
385

 
472

 
(18
)%
 
1,272

 
1,407

 
(10
)%
Total industrial segment revenues
 
27,785

 
29,171

 
(5
)%
 
83,837

 
81,967

 
2
 %
Capital
 
2,473

 
2,397

 
3
 %
 
7,075

 
7,525

 
(6
)%
Total segment revenues
 
30,258

 
31,569

 
(4
)%
 
90,912

 
89,491

 
2
 %
Corporate items and eliminations(a)
 
(685
)
 
(907
)
 
24
 %
 
(2,575
)
 
(2,851
)
 
10
 %
Consolidated revenues
 
$
29,573

 
$
30,662

 
(4
)%
 
$
88,337

 
$
86,640

 
2
 %
Segment profit (loss)(a)
 
 
 
 
 
 
 
 
 
 
 
 
Power
 
$
(631
)
 
$
464

 
U

 
$
64

 
$
1,896

 
(97
)%
Renewable Energy
 
60

 
217

 
(72
)%
 
220

 
445

 
(51
)%
Aviation
 
1,665

 
1,335

 
25
 %
 
4,743

 
3,982

 
19
 %
Oil & Gas
 
180

 
(57
)
 
F

 
110

 
322

 
(66
)%
Healthcare
 
861

 
847

 
2
 %
 
2,522

 
2,335

 
8
 %
Transportation
 
162

 
141

 
15
 %
 
448

 
420

 
7
 %
Lighting
 
26

 
14

 
86
 %
 
52

 
41

 
27
 %
Total industrial segment profit
 
2,325

 
2,961

 
(21
)%
 
8,157

 
9,441

 
(14
)%
Capital
 
19

 
24

 
(21
)%
 
(403
)
 
(195
)
 
U

Total segment profit (loss)
 
2,344

 
2,985

 
(21
)%
 
7,753

 
9,246

 
(16
)%
Corporate items and eliminations(a)
 
(1,546
)
 
439

 
U

 
(2,507
)
 
(2,083
)
 
(20
)%
Goodwill impairment
 
(21,973
)
 
(947
)
 
U

 
(21,973
)
 
(947
)
 
U

GE interest and other financial charges
 
(662
)
 
(718
)
 
8
 %
 
(1,995
)
 
(1,918
)
 
(4
)%
GE non-operating benefit costs
 
(804
)
 
(610
)
 
(32
)%
 
(2,178
)
 
(1,811
)
 
(20
)%
GE benefit (provision) for income taxes

 
(205
)
 
281

 
U

 
(842
)
 
93

 
U

Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
attributable to GE common shareowners
 
(22,847
)
 
1,429

 
U

 
(21,742
)
 
2,579

 
U

Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
net of taxes
 
39

 
(106
)
 
F

 
(1,634
)
 
(490
)
 
U

Less net earnings attributable to
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests, discontinued operations
 
—

 
(1
)
 
F

 
—

 
6

 
U

Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
net of tax and noncontrolling interests
 
39

 
(105
)
 
F

 
(1,634
)
 
(497
)
 
U

Consolidated net earnings (loss)
 
 
 
 
 
 
 
 
 
 
 
 
attributable to GE common shareowners
 
$
(22,808
)
 
$
1,324

 
U

 
$
(23,376
)
 
$
2,082

 
U

(a)
Segment revenues include sales of products and services related to the segment. Segment profit excludes results reported as discontinued operations and material accounting changes other than those applied retrospectively, goodwill impairment, restructuring and other charges (with the exception of Oil & Gas), the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. Segment profit excludes or includes interest and other financial charges, non-operating benefit costs, income taxes, and preferred stock dividends according to how a particular segment's management is measured – excluded in determining segment profit for Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation and Lighting; included in determining segment profit, which we sometimes refer to as "net earnings," for Capital. Other income is included in segment profit for the industrial segments. Certain corporate costs, such as shared services, employee benefits and information technology are allocated to our segments based on usage. A portion of the remaining corporate costs is allocated based on each segment's relative net cost of operations. Industrial segment revenues and profit include the sum of our seven industrial reporting segments without giving effect to the elimination of transactions among such segments and between these segments and our financial services segment. Total segment revenues and profit include the sum of our seven industrial segments and one financial services segment, without giving effect to the elimination of transactions among such segments. We believe that this provides investors with a view as to the results of all of our segments, without inter-segment eliminations and corporate items.

Amounts may not add due to rounding

6


GENERAL ELECTRIC COMPANY
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
 
 
Consolidated
 
GE(a)
 
Financial Services (GE Capital)
 
 
September 30,

 
December 31,

 
September 30,

 
December 31,

 
September 30,

 
December 31,

(Dollars in billions)
 
2018

 
2017

 
2018

 
2017

 
2018

 
2017

Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash and marketable securities(b)(c)
 
$
61.7

 
$
82.7

 
$
14.7

 
$
19.4

 
$
47.0

 
$
63.4

Receivables
 
20.4

 
24.2

 
14.9

 
14.6

 
—

 
—

Inventories
 
20.6

 
19.4

 
20.6

 
19.3

 
0.1

 
0.1

GE Capital financing receivables - net
 
7.9

 
10.3

 
—

 
—

 
15.7

 
22.0

Property, plant & equipment - net
 
50.6

 
53.9

 
22.0

 
24.0

 
29.4

 
30.6

Receivable from GE Capital
 
—

 
—

 
23.3

 
39.8

 
—

 
—

Investment in GE Capital
 
—

 
—

 
11.7

 
13.5

 
—

 
—

Goodwill & intangible assets
 
79.2

 
104.2

 
78.0

 
103.0

 
1.2

 
1.2

Contract assets
 
20.9

 
20.4

 
20.9

 
20.4

 
—

 
—

Other assets
 
41.0

 
44.1

 
19.2

 
21.4

 
30.5

 
33.5

Assets of businesses held for sale
 
4.6

 
4.2

 
4.3

 
3.8

 
—

 
—

Assets of discontinued operations
 
4.7

 
5.9

 
—

 
—

 
4.7

 
5.9

Total assets
 
$
311.7

 
$
369.2

 
$
229.5

 
$
279.3

 
$
128.5

 
$
156.7

Liabilities and equity
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings(d)
 
$
115.0

 
$
134.6

 
$
69.6

 
$
81.6

 
$
70.3

 
$
95.2

Investment contracts, insurance liabilities and
 
 
 
 
 
 
 
 
 
 
 
 
insurance annuity benefits
 
35.6

 
38.1

 
—

 
—

 
36.1

 
38.6

Non-current compensation and benefits
 
34.3

 
41.6

 
33.5

 
40.8

 
0.8

 
0.8

Other liabilities
 
75.2

 
76.0

 
76.7

 
78.9

 
7.8

 
7.7

Liabilities of businesses held for sale
 
1.4

 
1.2

 
1.4

 
1.2

 
—

 
—

Liabilities of discontinued operations
 
2.0

 
0.7

 
0.1

 
—

 
1.9

 
0.7

Redeemable noncontrolling interests
 
0.4

 
3.4

 
0.4

 
3.4

 
—

 
—

GE shareowners' equity
 
31.5

 
56.0

 
31.5

 
56.0

 
11.7

 
13.5

Noncontrolling interests
 
16.4

 
17.5

 
16.4

 
17.3

 
—

 
0.2

Total liabilities and equity
 
$
311.7

 
$
369.2

 
$
229.5

 
$
279.3

 
$
128.5

 
$
156.7

(a)
Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis.
(b)
At September 30, 2018, GE Capital maintained liquidity sources of $13.8 billion that consisted of cash, cash equivalents and restricted cash of $13.1 billion, high-quality investments of $0.2 billion and cash, cash equivalents and restricted cash of $0.4 billion classified as discontinued operations. Additionally, at September 30, 2018, GE has $47.5 billion ($40.8 billion net of offset provisions) of committed credit lines, consisting primarily of a $20 billion unused syndicated credit facility extended by 36 banks expiring in 2021, a $19.8 billion unused syndicated credit facility extended by six banks expiring in 2020, and $3.6 billion of credit facilities extended by seven banks with expiration dates ranging from February 2019 to May 2019. GE Capital has the right to compel GE to borrow under certain of these credit lines and transfer the proceeds as loans to GE Capital, which would be subject to the same terms and conditions as those between GE and the lending banks.
(c)
Balance included consolidated restricted cash of $0.5 billion and $0.7 billion at September 30, 2018 and December 31, 2017, respectively. GE restricted cash was $0.4 billion and $0.6 billion at September 30, 2018 and December 31, 2017, respectively, and GE Capital restricted cash was $0.1 billion at both September 30, 2018 and December 31, 2017.
(d)
GE borrowings includes commercial paper of $3 billion at both September 30, 2018 and December 31, 2017. GE Capital borrowings includes commercial paper of $3 billion and $5 billion at September 30, 2018 and December 31, 2017, respectively.

Amounts may not add due to rounding

"GE Capital" means GE Capital Global Holdings, LLC (GECGH) and all of their affiliates and associated companies. Separate information is shown for "GE" and "Financial Services (GE Capital)." Transactions between GE and GE Capital have been eliminated from the "Consolidated" column. See Note 1 to the 2017 consolidated financial statements at www.ge.com/ar2017 for further information about consolidation matters.


7


GENERAL ELECTRIC COMPANY
Financial Measures That Supplement GAAP


We sometimes use financial measures derived from consolidated financial information but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. The following non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure.

•
Adjusted earnings (loss)
•
Adjusted earnings (loss) per share (EPS)
•
Adjusted GE Industrial profit and profit margin (excluding certain items)
•
GE Industrial segment organic revenues
•
Healthcare organic revenues
•
Adjusted Oil & Gas segment profit and profit margin
•
GE Industrial free cash flows (FCF) and adjusted GE Industrial FCF

The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Certain columns, rows or percentages within these reconciliations may not add or recalculate due to the use of rounded numbers. Totals and percentages presented are calculated from the underlying numbers in millions.

8


ADJUSTED EARNINGS (LOSS) (NON-GAAP)
 
 
 
 
 
Three months ended September 30
 
Nine months ended September 30
(In millions)
2018

2017

V%

 
2018

2017

V%

 
 
 
 
 
 
 
 
Consolidated earnings (loss) from continuing operations attributable to GE common shareowners (GAAP)
$
(22,847
)
$
1,429

U

 
$
(21,742
)
$
2,579

U

Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareowners (GAAP)
19

24

 
 
(403
)
(195
)
 
GE Industrial earnings (loss) (Non-GAAP)
(22,866
)
1,405

U

 
(21,339
)
2,774

U

 
 
 
 
 
 
 
 
Non-operating benefits costs (pre-tax) (GAAP)
(804
)
(610
)
 
 
(2,178
)
(1,811
)
 
Tax effect on non-operating benefit costs(a)
169

214

 
 
457

634

 
Less: non-operating benefit costs (net of tax)
(636
)
(397
)
 
 
(1,721
)
(1,177
)
 
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)
207

1,885

 
 
450

1,887

 
Tax effect on gains (losses) and impairments for disposed or held for sale businesses(b)
(89
)
(45
)
 
 
(190
)
(46
)
 
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)
118

1,840

 
 
260

1,841

 
Restructuring & other (pre-tax)
(1,568
)
(1,347
)
 
 
(2,734
)
(3,029
)
 
Tax effect on restructuring & other(b)
337

448

 
 
398

953

 
Less: restructuring & other (net of tax)
(1,231
)
(898
)
 
 
(2,337
)
(2,076
)
 
Goodwill impairment (pre-tax)
(21,973
)
(947
)
 
 
(21,973
)
(947
)
 
Tax effect on goodwill impairment(b)
(246
)
7

 
 
(246
)
7

 
Less: goodwill impairment (net of tax)
(22,220
)
(940
)
 
 
(22,220
)
(940
)
 
Unrealized gains (losses) (pre-tax)
(73
)
—

 
 
193

—

 
Tax effect on unrealized gains (losses)(a)
15

—

 
 
(41
)
—

 
Less: unrealized gains (losses) (net of tax)
(58
)
—

 
 
153

—

 
Less: GE Industrial U.S. tax reform enactment adjustment
—

—

 
 
(55
)
—

 
Adjusted GE Industrial earnings (loss) (Non-GAAP)
$
1,160

$
1,801

(36
)%
 
$
4,581

$
5,127

(11
)%
 
 
 
 
 
 
 
 
GE Capital earnings (loss) from continuing operations attributable to GE common shareowners (GAAP)
19

24

(21
)%
 
(403
)
(195
)
U

Less: GE Capital U.S. tax reform enactment adjustment
—

—

 
 
(45
)
—

 
Adjusted GE Capital earnings (loss) (Non-GAAP)
$
19

$
24

(21
)%
 
$
(358
)
$
(195
)
(84
)%
 
 
 
 
 
 
 
 
Adjusted GE Industrial earnings (loss) (Non-GAAP)
$
1,160

$
1,801

(36
)%
 
$
4,581

$
5,127

(11
)%
Add: Adjusted GE Capital earnings (loss) (Non-GAAP)
19

24

 
 
(358
)
(195
)
 
Adjusted earnings (loss) (Non-GAAP)
$
1,179

$
1,825

(35
)%
 
$
4,223

$
4,932

(14
)%
 
 
 
 
 
 
 
 
(a) The tax effect was calculated using a 21% and 35% U.S. federal statutory tax rate in 2018 and 2017, respectively, based on its applicability to such cost.
(b) The tax effect presented includes both the rate for the relevant item as well as other direct and incremental tax charges.
Adjusted earnings (loss)* excludes non-operating benefit costs, gains (losses) and impairments for disposed or held for sale businesses, restructuring and other, goodwill impairment, and unrealized gains (losses), after tax, excluding the effects of U.S. tax reform enactment adjustment. The service cost of our pension and other benefit plans are included in adjusted earnings, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance, and we manage these separately from the operational performance of our businesses. Gains and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring activities. Prior to the third quarter of 2018, goodwill impairment was included as a component of restructuring and other charges; for the third quarter of 2018, on a comparable basis, we reported it separately in the Statement of Earnings (Loss) because of the significance of the charge that quarter, and Adjusted earnings (loss)* continues to exclude amounts related to goodwill impairment as separate from the ongoing operations of our businesses. We believe that the retained costs in Adjusted earnings (loss)* provides management and investors a useful measure to evaluate the performance of the total company, and increases period-to-period comparability. We believe that presenting Adjusted Industrial earnings (loss) separately for our financial services businesses also provides management and investors with useful information about the relative size of our industrial and financial services businesses in relation to the total company.












*Non-GAAP Financial Measure

9


ADJUSTED EARNINGS (LOSS) PER SHARE (EPS) (NON-GAAP)
 
 
 
 
 
Three months ended September 30
 
Nine months ended September 30
 
2018

2017

V%

 
2018

2017

V%

 
 
 
 
 
 
 
 
Consolidated EPS from continuing operations attributable to GE common shareowners (GAAP)
$
(2.63
)
$
0.16

U

 
(2.50
)
0.29

U

Less: GE Capital EPS from continuing operations attributable to GE common shareowners (GAAP)
—

—

 
 
(0.05
)
(0.02
)
 
GE Industrial EPS (Non-GAAP)
$
(2.63
)
$
0.16

U

 
$
(2.46
)
$
0.32

U

 
 
 
 
 
 
 
 
Non-operating benefits costs (pre-tax) (GAAP)
(0.09
)
(0.07
)
 
 
(0.25
)
(0.21
)
 
Tax effect on non-operating benefit costs(a)
0.02

0.02

 
 
0.05

0.07

 
Less: non-operating benefit costs (net of tax)
(0.07
)
(0.05
)
 
 
(0.20
)
(0.13
)
 
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)
0.02

0.22

 
 
0.05

0.21

 
Tax effect on gains (losses) and impairments for disposed or held for sale businesses(b)
(0.01
)
(0.01
)
 
 
(0.02
)
(0.01
)
 
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)
0.01

0.21

 
 
0.03

0.21

 
Restructuring & other (pre-tax)
(0.18
)
(0.15
)
 
 
(0.31
)
(0.34
)
 
Tax effect on restructuring & other(b)
0.04

0.05

 
 
0.05

0.11

 
Less: restructuring & other (net of tax)
(0.14
)
(0.10
)
 
 
(0.27
)
(0.24
)
 
Goodwill impairment (pre-tax)
(2.53
)
(0.11
)
 
 
(2.53
)
(0.11
)
 
Tax effect on goodwill impairment(b)
(0.03
)
—

 
 
(0.03
)
—

 
Less: goodwill impairment (net of tax)
(2.56
)
(0.11
)
 
 
(2.56
)
(0.11
)
 
Unrealized gains (losses) (pre-tax)
(0.01
)
—

 
 
0.02

—

 
Tax effect on unrealized gains (losses)(a)
—

—

 
 
—

—

 
Less: unrealized gains (losses) (net of tax)
(0.01
)
—

 
 
0.02

—

 
Less: GE Industrial U.S. tax reform enactment adjustment
—

—

 
 
(0.01
)
—

 
Adjusted GE Industrial EPS (Non-GAAP)
$
0.13

$
0.21

(38
)%
 
$
0.53

$
0.58

(9
)%
 
 
 
 
 
 
 
 
GE Capital EPS from continuing operations attributable to GE common shareowners (GAAP)
—

—

—
 %
 
(0.05
)
(0.02
)
U

Less: GE Capital U.S. tax reform enactment adjustment
—

—

 
 
(0.01
)
—

 
Adjusted GE Capital EPS (Non-GAAP)
$
—

$
—

—
 %
 
$
(0.04
)
$
(0.02
)
(100
)%
 
 
 
 
 
 
 
 
Adjusted GE Industrial EPS (Non-GAAP)
$
0.13

$
0.21

(38
)%
 
$
0.53

$
0.58

(9
)%
Add: Adjusted GE Capital EPS (Non-GAAP)
—

—

 
 
(0.04
)
(0.02
)
 
Adjusted EPS (Non-GAAP)(c)
$
0.14

$
0.21

(33
)%
 
$
0.49

$
0.56

(13
)%
 
 
 
 
 
 
 
 
(a) The tax effect was calculated using a 21% and 35% U.S. federal statutory tax rate in 2018 and 2017, respectively, based on its applicability to such cost.
(b) The tax effect presented includes both the rate for the relevant item as well as other direct and incremental tax charges.
(c) Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
Adjusted EPS* excludes non-operating benefit costs, gains (losses) and impairments for disposed or held for sale businesses, restructuring and other, goodwill impairment, and unrealized gains (losses), after tax, excluding the effects of U.S. tax reform enactment adjustment. The service cost of our pension and other benefit plans are included in adjusted earnings, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance, and we manage these separately from the operational performance of our businesses. Gains and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring activities. Prior to the third quarter of 2018, goodwill impairment was included as a component of restructuring and other charges; for the third quarter of 2018, on a comparable basis, we reported it separately in the statement of earnings (loss) because of the significance of the charge that quarter, and Adjusted EPS* continues to exclude amounts related to goodwill impairment as separate from the ongoing operations of our businesses. We believe that the retained costs in Adjusted EPS* provides management and investors a useful measure to evaluate the performance of the total company, and increases period-to-period comparability. We also use Adjusted EPS* as a performance metric at the company level for our annual executive incentive plan for 2018. We believe that presenting Adjusted EPS separately for our financial services businesses also provides management and investors with useful information about the relative size of our industrial and financial services businesses in relation to the total company.







*Non-GAAP Financial Measure

10


ADJUSTED GE INDUSTRIAL PROFIT AND PROFIT MARGIN (EXCLUDING CERTAIN ITEMS) (NON-GAAP)
 
Three months ended September 30
 
Nine months ended September 30
(Dollars in millions)
2018

2017

 
2018

2017

 
 
 
 
 
 
GE total revenues (GAAP)
$
27,456

$
28,774

 
$
82,429

$
80,683

 
 
 
 
 
 
Costs
 
 
 
 
 
GE total costs and expenses (GAAP)
$
50,449

$
29,978

 
$
104,390

$
80,977

Less: GE interest and other financial charges
662

718

 
1,995

1,918

Less: non-operating benefit costs
804

610

 
2,178

1,811

Less: restructuring & other
1,488

1,347

 
2,789

3,029

Less: goodwill impairment
21,973

947

 
21,973

947

Add: noncontrolling interests
(132
)
(168
)
 
(228
)
(316
)
Adjusted GE Industrial costs (Non-GAAP)
$
25,389

$
26,188

 
$
75,227

$
72,955

 
 
 
 
 
 
Other Income
 
 
 
 
 
GE other income (GAAP)
$
201

$
2,160

 
$
1,237

$
2,659

Less: unrealized gains (losses)
(73
)
—

 
193

—

Less: restructuring & other
(80
)
—

 
(80
)
—

Less: gains (losses) and impairments for disposed or held for sale businesses
207

1,885

 
450

1,887

Adjusted GE other income (Non-GAAP)
$
147

$
275

 
$
674

$
772

 
 
 
 
 
 
GE Industrial profit (GAAP)
$
(22,793
)
$
957

 
$
(20,725
)
$
2,365

GE Industrial profit margin (GAAP)
(83.0
)%
3.3
%
 
(25.1
)%
2.9
%
 
 
 
 
 
 
Adjusted GE Industrial profit (Non-GAAP)
$
2,213

$
2,861

 
$
7,875

$
8,500

Adjusted GE Industrial profit margin (Non-GAAP)
8.1
 %
9.9
%
 
9.6
 %
10.5
%
 
 
 
 
 
 
We have presented our Adjusted GE Industrial profit* and profit margin* excluding interest and other financial charges, non-operating benefit costs, restructuring and other, goodwill impairment, non-controlling interests, unrealized gains (loss) on Pivotal equity investment and gains (losses) and impairment for disposed or held for sale businesses. We believe that GE Industrial profit and profit margins adjusted for these items are meaningful measures because they increase the comparability of period-to-period results.

































*Non-GAAP Financial Measure

11


GE INDUSTRIAL SEGMENT ORGANIC REVENUES (NON-GAAP)
 
Three months ended September 30
 
Nine months ended September 30
(In millions)
2018

2017

V%
 
2018

2017

V%
 
 
 
 
 
 
 
 
GE Industrial segment revenues (GAAP)
$
27,785

$
29,171

(5
)%
 
$
83,837

$
81,967

2
 %
Adjustments:
 
 
 
 
 
 
 
Less: acquisitions
4

1

 
 
5,588

92

 
Less: business dispositions (other than dispositions acquired for investment)
10

1,408

 
 
13

2,479

 
Less: Currency exchange rate(a)
(285
)
—

 
 
1,121

—

 
GE Industrial segment organic revenues (Non-GAAP)
$
28,057

$
27,762

1
 %
 
$
77,116

$
79,396

(3
)%
(a) Translational foreign exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HEALTHCARE ORGANIC REVENUES (NON-GAAP)
 
Three months ended September 30
 
Nine months ended September 30
(In millions)
2018

2017

V%
 
2018

2017

V%
 
 
 
 
 
 
 
 
Healthcare segment revenues (GAAP)
$
4,707

$
4,710

—
 %
 
$
14,387

$
13,703

5
 %
Adjustments:
 
 
 
 
 
 
 
Less: acquisitions
2

1

 
 
6

1

 
Less: business dispositions (other than dispositions acquired for investment)
10

113

 
 
13

154

 
Less: Currency exchange rate(a)
(44
)
—

 
 
243

—

 
Healthcare organic revenues (Non-GAAP)
$
4,738

$
4,596

3
 %
 
$
14,125

$
13,548

4
 %
(a) Translational foreign exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Organic revenues* measure revenues excluding the effects of acquisitions, business dispositions and currency exchange rates. We believe that this measure provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and currency exchange, which activities are subject to volatility and can obscure underlying trends. We also believe that presenting organic revenues* separately for our industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial businesses and companies. Management recognizes that the term "organic revenues" may be interpreted differently by other companies and under different circumstances. Although this may have an effect on comparability of absolute percentage growth from company to company, we believe that these measures are useful in assessing trends of the respective businesses or companies and may therefore be a useful tool in assessing period-to-period performance trends.





























*Non-GAAP Financial Measure

12


ADJUSTED OIL & GAS SEGMENT PROFIT AND PROFIT MARGIN (NON-GAAP)
 
Three months ended September 30
 
Nine months ended September 30
(In millions)
2018

2017

V%

 
2018

2017

V%

 
 
 
 
 
 
 
 
Reported segment profit (GAAP)
$
180

$
(57
)
F

 
$
110

$
322

(66
)%
Less: restructuring & other (GE share)
(67
)
(267
)
 
 
(540
)
(267
)
 
Adjusted Oil & Gas segment profit (Non-GAAP)
$
247

$
210

18
%
 
$
650

$
590

10
 %
 
 
 
 
 
 
 
 
Reported Oil & Gas segment revenues (GAAP)
$
5,670

$
5,311

7
%
 
$
16,609

$
11,394

46
 %
 
 
 
 
 
 
 
 
Reported Oil & Gas profit margin (GAAP)
3.2
%
(1.1
)%
4.3pts
 
0.7
%
2.8
%
(2.1)pts
Adjusted Oil & Gas profit margin (Non-GAAP)
4.4
%
4.0
 %
0.4pts
 
3.9
%
5.2
%
(1.3)pts
 
 
 
 
 
 
 
 
Adjusted GE Oil & Gas segment profit* measures Oil & Gas reported segment profit excluding the effects of restructuring and other charges. We believe that this measure provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations of our Oil & Gas segment.
GE INDUSTRIAL FREE CASH FLOWS (FCF) AND ADJUSTED GE INDUSTRIAL FCF (NON-GAAP)
 
Three months ended September 30
Nine months ended September 30
(Dollars in millions)
2018

2017

V$

 
2018

2017

V$

GE CFOA (GAAP)
$
(3,354
)
$
465

$
(3,820
)
 
$
(4,128
)
$
4,051

$
(8,179
)
Add: gross additions to PP&E
(769
)
(1,092
)
 
 
(2,419
)
(3,051
)
 
Add: gross additions to internal-use software
(90
)
(137
)
 
 
(262
)
(396
)
 
Less: common dividends from GE Capital
—

—

 
 
—

4,016

 
Less: GE Pension Plan funding
(5,079
)
(1,214
)
 
 
(6,000
)
(1,431
)
 
Less: taxes related to business sales
(74
)
(61
)
 
 
(91
)
(112
)
 
GE Industrial Free Cash Flows (Non-GAAP)
$
940

$
510

$
429

 
$
(718
)
$
(1,869
)
$
1,150

 
 
 
 
 
 
 
 
Less: Oil & Gas CFOA
236

(242
)
 
 
669

(242
)
 
Less: Oil & Gas gross additions to PP&E
(231
)
(250
)
 
 
(630
)
(250
)
 
Less: Oil & Gas gross additions to internal-use software
(6
)
(24
)
 
 
(23
)
(24
)
 
Add: BHGE Class B shareholder dividend
147

122

 
 
399

122

 
Adjusted GE Industrial Free Cash Flows (Non-GAAP)
$
1,088

$
1,149

$
(61
)
 
$
(335
)
$
(1,230
)
$
895

 
 
 
 
 
 
 
 
In 2018, GE transitioned from reporting an Adjusted GE Industrial CFOA metric to measuring itself on a GE Industrial Free Cash Flows basis*. This metric includes GE CFOA plus investments in property, plant and equipment and additions to internal-use software; this metric excludes any dividends received from GE Capital and any cash received from dispositions of property, plant and equipment.
We believe that investors may also find it useful to compare GE’s Industrial free cash flows* performance without the effects of cash used for taxes related to business sales and contributions to the GE Pension Plan. We believe that this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows. In addition, we report Adjusted GE Industrial Free Cash Flows* in order to provide a more fair representation of the cash that we are entitled to utilize in a given period. We also use Adjusted GE Industrial Free Cash Flows* as a performance metric at the company-wide level for our annual executive incentive plan for 2018.
Management recognizes that the term free cash flows may be interpreted differently by other companies and under different circumstances. Although this may have an effect on comparability of absolute percentage growth from company to company, we believe that these measures are useful in assessing trends of the respective businesses or companies and may therefore be a useful tool in assessing period-to-period performance trends.

















*Non-GAAP Financial Measure

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