-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MsoPa02Y9DgMcTMI8tz0v+PO2Ixo++IMGCIXNlAxEg7Z7lNv4T/WysslSxQ5TPEm ifvgbrfAgC2Wa/Os3Tuj/g== 0000818479-07-000005.txt : 20070207 0000818479-07-000005.hdr.sgml : 20070207 20070206203820 ACCESSION NUMBER: 0000818479-07-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070207 DATE AS OF CHANGE: 20070206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DENTSPLY INTERNATIONAL INC /DE/ CENTRAL INDEX KEY: 0000818479 STANDARD INDUSTRIAL CLASSIFICATION: DENTAL EQUIPMENT & SUPPLIES [3843] IRS NUMBER: 391434669 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16211 FILM NUMBER: 07586034 BUSINESS ADDRESS: STREET 1: SUSQUEHANNA COMMERCE CENTER STREET 2: 221 W. PHILADELPHIA STREET CITY: YORK STATE: PA ZIP: 17405 BUSINESS PHONE: 7178457511 MAIL ADDRESS: STREET 1: SUSQUEHANNA COMMERCE CENTER STREET 2: 221 W. PHILADELPHIA STREET CITY: YORK STATE: PA ZIP: 17405 FORMER COMPANY: FORMER CONFORMED NAME: GENDEX CORP DATE OF NAME CHANGE: 19920703 8-K 1 f8kq406.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report February 6, 2007 (Date of earliest event reported) DENTSPLY INTERNATIONAL INC (Exact name of Company as specified in charter) Delaware 0-16211 39-1434669 (State of Incorporation) (Commission (IRS Employer File Number) Identification No.) 221 West Philadelphia Street, York, Pennsylvania 17405 (Address of principal executive offices) (Zip Code) (717) 845-7511 (Company's telephone number including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: _____ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) _____ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) _____ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) _____ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. - Results of Operations and Financial Condition The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition." On February 6,2007, the Company issued a press release disclosing its fourth quarter and full year 2006 sales and earnings. This earnings release references net sales excluding precious metal content and net income excluding certain unusual items, both of which could be considered measures not calculated in accordance with generally accepted accounting principles (non-GAAP measures). Due to the fluctuations of precious metal prices and because the precious metal content of the Company's sales is largely a pass-through to customers and has minimal effect on earnings, the Company reports sales both with and without precious metal content to show the Company's performance independent of precious metal price volatility and to enhance comparability of performance between periods. Earnings from continuing operations excluding certain unusual items is presented to enhance the comparability between periods. A copy of the Company's press release is attached hereto as Exhibit (99.1) and is hereby incorporated by reference. Item 9.01. Financial Statements and Exhibits (a) Financial Statements - Not applicable. (b) Exhibits: 99.1 The Dentsply International Inc. fourth quarter and full year 2006 earnings release issued February 6, 2007 as referenced in Item 2.02. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DENTSPLY INTERNATIONAL INC (Company) /s/ William R. Jellison William R. Jellison Senior Vice President and Chief Financial Officer Date: February 6, 2007 EX-99 2 ex991.htm EX99.1

NEWS

 

For Further

Information

Contact:

 

William R. Jellison

FOR IMMEDIATE RELEASE

Senior Vice President and

Chief Financial Officer

(717) 849-4243

 

 

DENTSPLY International Inc.

Reports Record Sales and Earnings

for Fourth Quarter and Full Year 2006

 

 

York, PA - February 6, 2007 -- DENTSPLY International Inc. (NASDAQ-XRAY) today announced record sales and earnings for the three months and year ended December 31, 2006.

 

FINANCIAL RESULTS

 

Three Months Ended December 31, 2006

 

Net sales in the fourth quarter of 2006 increased 5.4% to $471.3 million compared to $447.4 million reported in the fourth quarter of 2005. Net sales, excluding precious metal content, increased 5.3% in the fourth quarter of 2006. Sales of specialty products, including implants and orthodontic products along with the Company's all-ceramic Cercon products all enjoyed double-digit sales growth in the quarter. Consistent with the Company's statements in September and October, sales decreased in the United States reflecting the short-term effects of the implementation of the U.S. Strategic Partnership Program.

 

Net income for the fourth quarter of 2006 was $65.0 million, or $0.42 per diluted share, compared to a net loss of $0.7 million in the fourth quarter of 2005. Net income in the fourth quarter of 2006 includes the net of tax impact of both expensing stock options of $3.6 million ($0.02 per diluted share) and of restructuring and other related items of $1.0 million ($0.01 per diluted share). The fourth quarter of 2006 also includes a net reduction to income tax expense of $8.8 million ($0.06 per diluted share) from the resolution of certain tax matters. The fourth quarter of 2005 included an after tax charge of $67.5 million ($0.42 per diluted share) for impairment of certain intangible assets and a net reduction of income tax expense of $5.7 million ($0.04 per diluted share) related to the resolution of certain tax matters.

 

On an adjusted basis, earnings, excluding restructuring and other related items and tax adjustments, but including the expensing of stock options in both periods, which constitutes a non-GAAP measure, were $57.1 million or $0.37 per diluted share in the fourth quarter of 2006, compared to $55.7 million or $0.35 per diluted share in the fourth quarter of 2005. For a reconciliation of this non-GAAP measure to earnings per share calculated according to GAAP, see the attached table.

 


Year Ended December 31, 2006

 

Sales for all of 2006 increased 5.6% to $1.81 billion compared to $1.72 billion in 2005. Sales excluding precious metals increased 5.2% in 2006.

 

Net income for 2006 was $223.7 million, or $1.41 per diluted share. The 2006 earnings included the following items:

 

 

1.

Net of tax impact of expensing stock options of $13.3 million ($0.08 per diluted share).

 

2.

Restructuring and other related expense items of $7.8 million ($5.0 million after-tax) or $0.03 per diluted share.

 

3.

Net reduction of income tax expense of $4.8 million ($0.03 per diluted share) related to the resolution of certain tax matters.

 

Net income for 2005 was $45.4 million, or $0.28 per diluted share. The 2005 period includes:

 

 

1.

Pre-tax impairment and restructuring charges primarily associated with the injectable anesthetic facility and indefinite-lived intangible assets, of $232.8 million ($178.9 million after-tax), or $1.10 per diluted share.

 

 

2.

Net non-recurring tax benefits related to tax reorganization and repatriation activities of $8.9 million, or $0.05 per diluted share.

 

For comparability analysis, net income including the expensing of stock options in both periods and excluding the other items noted above for the years ending 2006 and 2005, (a non-GAAP measure), were $224.0 million or $1.42 per diluted share for 2006 compared to $201.6 million or $1.24 per diluted share in 2005, an increase of 14.5% in diluted earnings per share. For a reconciliation of this non-GAAP measure to earnings per share calculated according to GAAP, see the attached table.

 

COMMENTS FROM MANAGEMENT

 

2006 Results & 2007 Outlook

 

Bret Wise, Chairman and Chief Executive Officer, commented that, "We are pleased that we have delivered earnings performance at the high end of our range of expectations for 2006. During the year, we have made strategic investments in several key initiatives, including implementation of our Strategic Partnership with our U.S. distributors, the expansion of our sales force in key markets, and the January 1, 2007 implementation of the merger of our U.S. endodontic and implant businesses. We believe these initiatives will generate substantial benefits in 2007, and beyond. We remain confident about the opportunities in 2007, and we anticipate earnings in the range of $1.56 to $1.61 per diluted share."

 

 

 

 


ADDITIONAL INFORMATION

 

DENTSPLY will hold a conference call on Wednesday, February 7, 2007 at 8:30 AM Eastern Time. To access the call, dial 888-202-2422 (for domestic calls) and 913-981-5592 (for international calls). The Conference I.D. # is 2841543. This conference call will be broadcast live on the Internet at www.dentsply.com. An audio replay of the conference call will be available for one week. To access the replay, please dial 888-203-1112 (for domestic calls) and 719-457-0820 (for international calls). Conference I.D. # is 2841543.

 

DENTSPLY designs, develops, manufactures and markets a broad range of products for the dental market. The Company believes that it is the world's leading manufacturer and distributor of dental prosthetics, precious metal dental alloys, dental ceramics, endodontic instruments and materials, prophylaxis paste, dental sealants, ultrasonic scalers, and crown and bridge materials; the leading United States manufacturer and distributor of dental handpieces, dental x-ray film holders, film mounts and bone substitute/grafting materials; and a leading worldwide manufacturer or distributor of dental injectable anesthetics, impression materials, orthodontic appliances, dental cutting instruments and dental implants. The Company distributes its dental products in over 120 countries under some of the most well-established brand names in the industry.

 

DENTSPLY is committed to the development of innovative, high quality, cost-effective new products for the dental market.

 

This press release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding future events or the future financial performance of the Company that involve substantial risks and uncertainties. Actual events or results may differ materially from those in the projections or other forward-looking information set forth herein as a result of certain risk factors. These risk factors include, without limitation; the continued strength of dental markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental products, outcome of litigation, continued support of our products by influential dental professionals, and changes in the general economic environment that could affect our business. Changes in such assumptions or factors could produce significantly different results.

For an additional description of risk factors, please refer to the Company's Annual Report on Form 10-K and its subsequent periodic reports on Form 10-Qs filed with the Securities and Exchange Commission.

 

Non-GAAP Financial Measures

 

DENTSPLY believes that the non-GAAP financial information provided in this release may be useful to investors for comparison purposes because the Company has historically provided similar information. The non-GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.


 

DENTSPLY INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED

 

TWELVE MONTHS ENDED

 

 

DECEMBER 31,

 

DECEMBER 31,

 

 

 

 

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

 

 

NET SALES

 

$ 471,332

 

$ 447,362

 

$ 1,810,496

 

$ 1,715,135

NET SALES - Ex Precious Metals

 

421,291

 

400,051

 

1,623,074

 

1,542,711

 

 

 

 

 

 

 

 

 

COST OF PRODUCTS SOLD

 

230,521

 

223,571

 

881,485

 

846,117

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

240,811

 

223,791

 

929,011

 

869,018

% OF NET SALES

 

51.1%

 

50.0%

 

51.3%

 

50.7%

% OF NET SALES - Ex Precious Metals

 

57.2%

 

55.9%

 

57.2%

 

56.3%

 

 

 

 

 

 

 

 

 

SELLING, GENERAL &

 

 

 

 

 

 

 

 

ADMINISTRATIVE EXPENSES

 

159,531

 

144,093

 

606,410

 

563,341

 

 

 

 

 

 

 

 

 

RESTRUCTURING, IMPAIRMENT

 

 

 

 

 

 

 

 

AND OTHER OPERATING COSTS

 

1,623

 

101,404

 

7,807

 

232,755

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

79,657

 

(21,706)

 

314,794

 

72,922

% OF NET SALES

 

16.9%

 

-4.9%

 

17.4%

 

4.3%

% OF NET SALES - Ex Precious Metals

 

18.9%

 

-5.4%

 

19.4%

 

4.7%

 

 

 

 

 

 

 

 

 

NET INTEREST AND OTHER NON OPERATING

 

 

 

 

 

 

 

 

(INCOME) EXPENSE

 

579

 

(1,436)

 

(43)

 

1,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX INCOME (LOSS)

 

79,078

 

(20,270)

 

314,837

 

71,038

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE (BENEFIT)

 

14,128

 

(19,545)

 

91,119

 

25,625

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$ 64,950

 

$ (725)

 

$ 223,718

 

$ 45,413

% OF NET SALES

 

13.8%

 

-0.2%

 

12.4%

 

2.6%

% OF NET SALES - Ex Precious Metals

 

15.4%

 

-0.2%

 

13.8%

 

2.9%

 

 

 

 

 

 

 

 

 

INCOME (LOSS) PER SHARE:

 

 

 

 

 

 

 

 

-BASIC

 

$ 0.43

 

$ (0.00)

 

$ 1.44

 

$ 0.29

-DILUTIVE

 

$ 0.42

 

$ (0.00)

 

$ 1.41

 

$ 0.28

 

 

 

 

 

 

 

 

 

DIVIDENDS PER SHARE

 

$ 0.040

 

$ 0.035

 

$ 0.145

 

$ 0.125

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON

 

 

 

 

 

 

 

 

SHARES OUTSTANDING

 

 

 

 

 

 

 

 

-BASIC

 

152,211

 

157,353

 

155,229

 

159,191

-DILUTIVE (a)

 

155,033

 

157,353

 

158,271

 

162,017

 

 

 

 

 

 

 

 

 

(a) - For the three months ended December 31, 2005, the dilutive weighted average number of common shares outstanding

excluded potential common shares from stock options of 1,299. These shares are excluded due to their antidilutive effect

resulting from the loss from continuing operations. For all other periods, fully diluted shares were used to calculate EPS.

 

 


DENTSPLY INTERNATIONAL INC.

CONDENSED BALANCE SHEETS

(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

 

DECEMBER 31,

 

DECEMBER 31,

 

 

2006

 

2005

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

CASH AND CASH EQUIVALENTS

 

$ 65,064

 

$ 433,984

SHORT TERM INVESTMENTS

 

79

 

541

ACCOUNTS AND NOTES RECEIVABLE-TRADE, NET

 

290,791

 

254,822

INVENTORIES, NET

 

232,441

 

208,179

OTHER CURRENT ASSETS

 

129,816

 

135,562

TOTAL CURRENT ASSETS

 

718,191

 

1,033,088

 

 

 

 

 

PROPERTY,PLANT AND EQUIPMENT, NET

 

329,616

 

316,218

GOODWILL, NET

 

995,382

 

933,227

IDENTIFIABLE INTANGIBLE ASSETS, NET

 

67,648

 

68,600

OTHER NONCURRENT ASSETS, NET

 

70,513

 

59,240

 

 

 

 

 

TOTAL ASSETS

 

$ 2,181,350

 

$ 2,410,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

$ 311,433

 

$ 744,278

LONG-TERM DEBT

 

367,161

 

270,104

OTHER LIABILITIES

 

175,507

 

106,295

DEFERRED INCOME TAXES

 

53,192

 

42,912

TOTAL LIABILITIES

 

907,293

 

1,163,589

 

 

 

 

 

MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES

222

 

188

STOCKHOLDERS' EQUITY

 

1,273,835

 

1,246,596

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$ 2,181,350

 

$ 2,410,373

 

 


 

DENTSPLY INTERNATIONAL INC. 

 

 

 

 

 

 

 

 

 

 

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Summary:

 

 

 

 

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP net income in total and on a per

share basis to the non-GAAP financial measures.

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2006

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

Net Income

 

$    64,950

 

$        0.42

 

 

 

 

 

 

Restructuring Costs

 

958

 

0.01

 

 

 

 

 

 

Income Tax Related Adjustments

 

(8,776)

 

(0.06)

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

 

$    57,132

 

$        0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2005

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

Net Loss

 

$ (725)

 

$ (0.00)

 

 

 

 

 

 

Restructuring Costs

 

67,503

 

0.42

 

 

 

 

 

 

Income Tax Related Adjustments

 

(5,700)

 

(0.04)

 

 

 

 

 

 

Stock-Based Compensation Expense as Disclosed in Footnotes

 

(5,419)

 

(0.03)

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

 

$ 55,659

 

$ 0.35

 

 


 

DENTSPLY INTERNATIONAL INC. 

 

 

 

 

 

 

 

 

 

 

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Summary:

 

 

 

 

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP net income in total and on a per share basis to

the non-GAAP financial measures.

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2006

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

Net Income

 

$ 223,718

 

$ 1.41

 

 

 

 

 

 

Restructuring Costs

 

5,017

 

0.03

 

 

 

 

 

 

Income Tax Related Adjustments

 

(4,765)

 

(0.03)

 

 

 

 

 

 

Rounding

 

 

 

0.01

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

 

$ 223,970

 

$ 1.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2005

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

Net Income

 

$ 45,413

 

$ 0.28

 

 

 

 

 

 

Restructuring Costs

 

178,915

 

1.10

 

 

 

 

 

 

Income Tax Related Adjustments

 

(8,899)

 

(0.05)

 

 

 

 

 

 

Stock-Based Compensation Expense as Disclosed in Footnotes

 

(13,784)

 

(0.09)

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

 

$ 201,645

 

$ 1.24

 

 


 

DENTSPLY INTERNATIONAL INC. 

 

 

 

 

 

 

 

 

 

 

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Summary:

 

 

 

 

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP operating income in total and on a percentage of net sales excluding precious metals basis to the non-GAAP financial measures.

 

 

 

 

 

 

Three Months Ended December 31, 2006

 

 

 

Percentage

 

 

 

Operating

 

of Net Sales

 

 

 

Income (Expense)

 

Ex Precious Metals

 

 

 

 

 

 

Income from Operations

 

$ 79,657

 

18.9%

 

 

 

 

 

 

Pre Tax Restructuring and other (income) expense, net

 

1,623

 

0.4%

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$ 81,280

 

19.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2005

 

 

 

Percentage

 

 

 

Operating

 

of Net Sales

 

 

 

Income (Expense)

 

Ex Precious Metals

 

 

 

 

 

 

Loss from Operations

 

$ (21,706)

 

-5.4%

 

 

 

 

 

 

Pre Tax Restructuring and other (income) expense, net

 

101,404

 

25.3%

 

 

 

 

 

 

Pre Tax Stock-Based Compensation Expense

 

(7,134)

 

-1.8%

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$ 72,564

 

18.1%

 

 


 

DENTSPLY INTERNATIONAL INC. 

 

 

 

 

 

 

 

 

 

 

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income Summary:

 

 

 

 

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP operating income in total and on a percentage of net sales excluding precious metals basis to the non-GAAP financial measures.

 

 

 

 

 

 

Twelve Months Ended December 31, 2006

 

 

 

Percentage

 

 

 

Operating

 

of Net Sales

 

 

 

Income (Expense)

 

Ex Precious Metals

 

 

 

 

 

 

Income from Operations

 

$ 314,794

 

19.4%

 

 

 

 

 

 

Pre Tax Restructuring and other (income) expense, net

 

7,807

 

0.5%

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$ 322,601

 

19.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2005

 

 

 

Percentage

 

 

 

Operating

 

of Net Sales

 

 

 

Income (Expense)

 

Ex Precious Metals

 

 

 

 

 

 

Income from Operations

 

$ 72,922

 

4.7%

 

 

 

 

 

 

Pre Tax Restructuring and other (income) expense, net

 

232,755

 

15.1%

 

 

 

 

 

 

Pre Tax Stock-Based Compensation Expense

 

(20,366)

 

-1.3%

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$ 285,311

 

18.5%

 

 

 

 

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