EX-99 2 ex99.htm EX-99.1

 

DENTSPLY International

 

World Headquarters

 

Susquehanna Commerce Center

 

221 West Philadelphia Street

 

York, PA 17405-0872

 

(717) 849-4273

 

Fax (717) 849-4760

 

 

 

NEWS

FOR IMMEDIATE RELEASE

 

 

For Further Information Contact:

 

William R. Jellison

Senior Vice President and

Chief Financial Officer

(717) 849-4243

 

DENTSPLY INTERNATIONAL INC.

REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

 

 

-

Fourth quarter net sales increased 11.9% or 11.3%, excluding precious metal content

 

-

Non-GAAP earnings per share increased 6.7% to $0.48, a record for the fourth quarter

 

-

Full year operating cash flow increased 7.9% to $362 million

 

York, PA – February 10, 2010 – DENTSPLY International Inc. (NASDAQ–XRAY) today announced sales and earnings for the three months and year ended December 31, 2009.

 

Fourth Quarter Results

 

Net sales in the fourth quarter of 2009 increased 11.9% to $568.7 million, compared to $508.1 million reported in the fourth quarter of 2008. Net sales, excluding precious metal content, increased 11.3% in the fourth quarter of 2009 over the same period in 2008. Net sales, excluding precious metal content, were favorably impacted by positive internal growth, acquisitions and the benefit of a weakening U.S. dollar during the quarter when compared to the same period last year. Net sales, excluding precious metal content, of dental consumable products and dental specialty products experienced positive internal growth in the period.

 

Net income attributable to DENTSPLY International for the fourth quarter of 2009 was $74.8 million, or $0.50 per diluted share, compared to $71.0 million, or $0.47 per diluted share, in the fourth quarter of 2008. Net income attributable to DENTSPLY International in the fourth quarter of each of 2009 and 2008 included positive tax adjustments and charges for restructuring, impairments and other related items that on a net basis increased diluted earnings per share by $.02.

 

Adjusted earnings (excluding tax adjustments, acquisition related activity, and restructuring, impairments and other related items), which constitute a non-GAAP measure, were $72.6 million, or $0.48 per diluted share, in the fourth quarter of 2009. This compares to $67.8 million, or $0.45 per diluted share, in the fourth quarter of 2008, or an increase in earnings per diluted share of 6.7% for the quarter. A reconciliation of this non-GAAP measure to earnings per share on a GAAP basis is provided in the attached table.

 

Bret Wise, Chairman and Chief Executive Officer, said, “We are pleased to report stronger sales and earnings for the fourth quarter, as we are beginning to see the initial signs of recovery in select markets and regions. Despite a difficult market environment in 2009, we are encouraged by the quarter’s record earnings along with strong results in sales and cash flow generation.”

 

Full Year Results

 

Net sales for the full year were $2,159.9 million in 2009, compared to $2,193.7 million in 2008. Net sales, excluding precious metal content, were $1,991.2 million essentially the same as in 2008. Net sales, excluding precious metal content, in constant currency increased 2.3% in 2009, including acquisitions. The Company reported positive constant currency growth for the dental specialty products and the dental consumable products for all of 2009.

 

Net income attributable to DENTSPLY International for 2009 was $274.3 million, or $1.83 per diluted share, compared to $283.9 million, or $1.87 per diluted share in 2008. Net income for the full year of 2008 and 2009 included positive tax adjustments, charges for restructuring, impairments and other related items, and 2008 also included a gain upon the adoption of the provisions for fair value measurement that, on a net basis, reduced earnings per diluted share by $0.01 for each year.

 

For comparability analysis, net income attributable to DENTSPLY International on a non-GAAP basis was $275.7 million or $1.84 per diluted share for 2009. This compares with $285.5 million, or $1.88 per diluted share, in 2008, a reduction of 2.1%. A reconciliation of this non-GAAP measure to earnings per share on a GAAP basis is provided in the attached table.

 

2009 Results and 2010 Outlook

 

Bret Wise stated, “As we enter 2010, we are encouraged by the initial signs of improvement in select markets, and anticipate that the global dental market will experience a modest gradual recovery during the year. This expectation, along with the product and geographic balance reflected in our business, has given us the confidence to make additional strategic growth investments, allowing us to build on our momentum in key product areas. Given these developments, as well as the highly volatile currency markets, we believe that we will return to earnings growth this year and are initiating our guidance in the range of $1.90 to $2.00 per diluted share.”

 

ADDITIONAL INFORMATION

 

A conference call has been scheduled for Thursday, February 11, 2010, at 8:30 a.m. Eastern Time. A live broadcast is available through Shareholder.com by accessing DENTSPLY’s website at www.dentsply.com. The Conference ID # is 3784858. If you would like to participate in this call, dial (800)533-7954 (for domestic calls) or (785)830-1924 (for international calls). An online rebroadcast will be available to the public following the call at the DENTSPLY website: www.dentsply.com. A replay will also be available for one week following the conference call at (888)203-1112 (for domestic calls) and (719)457-0820 (for international calls), Passcode # 3784858.

 

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 implants, impression materials, orthodontic appliances, dental cutting instruments, infection control products, and dental injectable anesthetics. 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 Forms 10-Q filed with the Securities and Exchange Commission.

 

NON-GAAP FINANCIAL MEASURES

 

In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provided adjusted operating income, adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted share.  These adjusted amounts consist of GAAP amounts excluding (1) restructuring, impairments and other costs, (2) acquisition-related charges, (3) adoption of certain new accounting standards, and (4) income tax-related adjustments.  Adjusted earnings per diluted share are calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average shares outstanding.  The Company also provided an operational tax rate, which is the Company’s effective tax rate, a GAAP measure, adjusted for certain one-time charges.  Adjusted operating income, adjusted net income attributable to DENTSPLY International, adjusted earnings per diluted share and operational tax rate are considered measures not calculated in accordance with GAAP, and therefore are non-GAAP measures.  These non-GAAP measures may differ from other companies.

 

The Company believes that the presentation of adjusted operating income, adjusted net income attributable to DENTSPLY International, adjusted earnings per diluted share and operational tax rate provides important supplemental information to management and investors seeking to understand the Company’s financial condition and results of operations.  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 OPERATIONS

(IN THOUSANDS EXCEPT PER SHARE DATA)

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED

 

TWELVE MONTHS ENDED

 

DECEMBER 31,

 

DECEMBER 31,

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

NET SALES

$

568,719

$

508,141

$

2,159,916

$

2,193,723

NET SALES - Ex Precious Metal Content

 

519,997

 

467,194

 

1,991,204

 

1,993,800

 

 

 

 

 

 

 

 

 

COST OF PRODUCTS SOLD

 

284,336

 

237,109

 

1,048,612

 

1,041,779

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

284,383

 

271,032

 

1,111,304

 

1,151,944

% OF NET SALES

 

50.0%

 

53.3%

 

51.5%

 

52.5%

% OF NET SALES - Ex Precious Metal Content

 

54.7%

 

58.0%

 

55.8%

 

57.8%

 

 

 

 

 

 

 

 

 

SELLING, GENERAL & ADMINISTRATIVE EXPENSES

 

180,020

 

173,569

 

723,227

 

739,168

RESTRUCTURING, IMPAIRMENTS AND OTHER COSTS

985

 

12,153

 

6,890

 

32,355

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

103,378

 

85,310

 

381,187

 

380,421

% OF NET SALES

 

18.2%

 

16.8%

 

17.6%

 

17.3%

% OF NET SALES - Ex Precious Metal Content

 

19.9%

 

18.3%

 

19.1%

 

19.1%

 

 

 

 

 

 

 

 

 

NET INTEREST AND OTHER NON OPERATING EXPENSE

3,954

 

10,576

 

17,831

 

25,548

PRE-TAX INCOME

 

99,424

 

74,734

 

363,356

 

354,873

INCOME TAXES

 

23,374

 

4,383

 

88,944

 

71,603

NET INCOME

$

76,050

$

70,351

$

274,412

$

283,270

% OF NET SALES

 

13.4%

 

13.8%

 

12.7%

 

12.9%

% OF NET SALES - Ex Precious Metal Content

 

14.6%

 

15.1%

 

13.8%

 

14.2%

 

 

 

 

 

 

 

 

 

LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

1,216

 

(644)

 

154

 

(599)

NET INCOME ATTRIBUTABLE TO DENTSPLY INTERNATIONAL

$

74,834

$

70,995

$

274,258

$

283,869

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

-BASIC

$

0.51

$

0.48

$

1.85

$

1.90

-DILUTIVE

$

0.50

$

0.47

$

1.83

$

1.87

 

 

 

 

 

 

 

 

 

DIVIDENDS PER SHARE

$

0.050

$

0.050

$

0.200

$

0.185

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

 

 

 

 

-BASIC

 

147,648

 

148,720

 

148,319

 

149,069

-DILUTIVE

 

150,218

 

150,234

 

150,102

 

151,679

 

 

 

DENTSPLY INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

 

 

 

 

 

 

 

 

DECEMBER 31,

 

 

DECEMBER 31,

 

 

2009

 

 

2008

ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

CASH AND CASH EQUIVALENTS

$

450,348

 

$

203,991

SHORT TERM INVESTMENTS

 

37

 

 

258

ACCOUNTS AND NOTES RECEIVABLE-TRADE, NET

 

348,684

 

 

319,260

INVENTORIES, NET

 

291,640

 

 

306,125

OTHER CURRENT ASSETS

 

127,087

 

 

120,228

TOTAL CURRENT ASSETS

 

1,217,796

 

 

949,862

 

 

 

 

 

 

PROPERTY,PLANT AND EQUIPMENT, NET

 

439,619

 

 

432,276

IDENTIFIABLE INTANGIBLE ASSETS, NET

 

89,086

 

 

103,718

GOODWILL, NET

 

1,312,596

 

 

1,277,026

OTHER NONCURRENT ASSETS, NET

 

28,835

 

67,518

 

 

 

 

 

 

TOTAL ASSETS

$

3,087,932

$

2,830,400

 

 

 

 

 

 

LIABILITIES AND EQUITY:

 

 

 

 

 

CURRENT LIABILITIES

$

444,556

 

$

359,962

LONG-TERM DEBT

 

387,151

 

 

423,679

DEFERRED INCOME TAXES

 

72,524

 

 

69,049

OTHER NONCURRENT LIABILITIES

 

276,743

 

 

318,297

TOTAL LIABILITIES

 

1,180,974

 

 

1,170,987

 

 

 

 

 

 

EQUITY

 

1,832,105

 

1,587,722

NONCONTROLLING INTERESTS

 

74,853

 

71,691

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

$

3,087,932

 

$

2,830,400

 

 

 

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 metal content basis to the non-GAAP financial measures.

 

 

 

 

 

 

Three Months Ended December 31, 2009

 

 

 

Percentage

 

 

 

Operating

 

of Net Sales,

 

 

 

Income (Expense)

 

Ex Precious Metal Content

 

 

 

 

 

 

Income from Operations

$

103,378

 

19.9%

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

985

 

0.2%

 

 

 

 

 

 

Recent Acquisition-Related Activities

 

115

 

0.0%

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

$

104,478

 

20.1%

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2008

 

 

 

Percentage

 

 

 

Operating

 

of Net Sales,

 

 

 

Income (Expense)

 

Ex Precious Metal Content

 

 

 

 

 

 

Income from Operations

$

85,310

 

18.3%

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

9,867

 

2.1%

 

 

 

 

 

 

In-process Research & Development from Acquisitions

 

2,286

 

0.5%

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

$

97,463

 

20.9%

 

 

 

 

 

 

 

 

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, 2009

 

 

 

 

 

 

 

 

Income

 

 

Diluted

 

 

 

(Expense)

 

 

Per Share

 

 

 

 

 

 

 

Net Income Attributable to DENTSPLY International

$

74,834

 

$

0.50

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs, Net of Tax and

 

 

 

 

 

Non-Controlling Interests

 

1,051

 

 

0.00

 

 

 

 

 

 

 

Recent Acquisition-Related Activities, Net of Tax and

 

 

 

 

 

Non-Controlling Interests

 

60

 

 

0.00

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

(3,348)

 

 

(0.02)

 

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

$

72,597

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2008

 

 

 

 

 

 

 

 

Income

 

 

Diluted

 

 

 

(Expense)

 

 

Per Share

 

 

 

 

 

 

 

Net Income Attributable to DENTSPLY International

$

70,995

 

$

0.47

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs, Net of Tax and

 

 

 

 

 

Non-Controlling Interests

 

6,344

 

 

0.04

 

 

 

 

 

 

 

In-process Research & Development from Acquisitions, Net of Tax and

 

 

 

 

Non-Controlling Interests

 

 

994

 

 

0.01

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

(10,541)

 

 

(0.07)

 

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

$

67,792

 

$

0.45

 

 

 

 

 

 

 

 

 

DENTSPLY INTERNATIONAL INC.

 

 

 

 

 

 

(IN THOUSANDS)

 

 

 

 

 

 

 

Operating Tax Rate Summary:

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP effective tax rate as a percentage of pre-tax income to the non-GAAP financial measure.

 

 

 

 

 

 

 

Three Months Ended December 31, 2009

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

 

Pre-tax Income

 

Income Taxes

 

of Pre-tax Income

 

 

 

 

 

 

 

As Reported - GAAP Operating Results

$

99,424

$

(23,374)

 

23.5%

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

985

 

(262)

 

 

 

 

 

 

 

 

 

Recent Acquisition-Related Activities

 

115

 

(15)

 

 

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

 

 

(3,348)

 

 

 

 

 

 

 

 

 

As Adjusted - Non-GAAP Operating Results

$

100,524

$

(26,999)

 

26.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2008

 

 

 

 

 

Percentage

 

 

Pre-tax Income

 

Income Taxes

 

of Pre-tax Income

 

 

 

 

 

 

 

As Reported - GAAP Operating Results

$

74,734

$

(4,383)

 

5.9%

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

10,530

 

(3,524)

 

 

 

 

 

 

 

 

 

In-process Research & Development from Acquisitions 

1,623

 

(629)

 

 

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

 

 

(10,541)

 

 

 

 

 

 

 

 

 

As Adjusted - Non-GAAP Operating Results

$

86,887

$

(19,077)

 

22.0%

 

 

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 metal content basis to the non-GAAP financial measures.

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2009

 

 

 

 

Percentage

 

 

 

 

Operating

 

of Net Sales,

 

 

 

 

Income (Expense)

 

Ex Precious Metal Content

 

 

 

 

 

 

 

Income from Operations

 

$

381,187

 

19.1%

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

 

6,890

 

0.3%

 

 

 

 

 

 

 

Recent Acquisition-Related Activities

 

 

 

4,134

 

0.3%

 

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$

392,211

 

19.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2008

 

 

 

 

Percentage

 

 

 

 

Operating

 

of Net Sales,

 

 

 

 

Income (Expense)

 

Ex Precious Metal Content

 

 

 

 

 

 

 

Income from Operations

 

$

380,421

 

19.1%

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

 

30,069

 

1.5%

 

 

 

 

 

 

 

In-process Research & Development from Acquisitions

 

 

2,286

 

0.1%

 

 

 

 

 

 

 

Adjusted Non-GAAP Operating Earnings

 

$

412,776

 

20.7%

 

 

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, 2009

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

Net Income Attributable to DENTSPLY International

$

274,258

$

1.83

 

 

 

 

 

 

Restructuring, Impairments and Other Costs, Net of Tax and

 

 

 

 

Non-Controlling Interests

 

5,075

 

0.03

 

 

 

 

 

 

Recent Acquisition-Related Activities, Net of Tax and

 

 

 

 

Non-Controlling Interests

 

1,830

 

0.01

 

 

 

 

 

 

Income Tax Related Adjustments

 

(5,423)

 

(0.03)

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

$

275,740

$

1.84

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2008

 

 

 

 

 

 

 

Income

 

Diluted

 

 

 

(Expense)

 

Per Share

 

 

 

 

 

 

Net Income Attributable to DENTSPLY International

$

283,869

$

1.87

 

 

 

 

 

 

Provisions for Fair Value Measurement, Net of Tax and

 

 

 

 

Non-Controlling Interests

 

(1,129)

 

(0.01)

 

 

 

 

 

 

Restructuring, Impairments and Other Costs, Net of Tax and

 

 

 

 

Non-Controlling Interests

 

18,776

 

0.12

 

 

 

 

 

 

In-process Research & Development from Acquisitions, Net of Tax and  

 

 

 

Non-Controlling Interests

 

994

 

0.01

 

 

 

 

 

 

Income Tax Related Adjustments

 

 

 

 

 

 

 

(17,055)

 

(0.11)

 

 

 

 

 

 

Adjusted Non-GAAP Earnings

$

285,455

$

1.88

 

 

 

 

 

 

 

 

DENTSPLY INTERNATIONAL INC.

 

 

 

 

 

 

(IN THOUSANDS)

 

 

 

 

 

 

 

Operating Tax Rate Summary:

 

 

 

 

 

 

The following tables present the reconciliation of reported GAAP effective tax rate as a percentage of pre-tax income to the non-GAAP operational tax rate.

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2009

 

 

 

 

 

Percentage

 

 

Pre-tax Income

 

 

Income Taxes

 

of Pre-tax Income

 

 

 

 

 

 

 

As Reported - GAAP Operating Results

$

363,356

$

(88,944)

 

24.5%

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

6,890

 

(2,268)

 

 

 

 

 

 

 

 

 

Recent Acquisition-Related Activities

 

4,135

 

(1,085)

 

 

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

 

 

(5,423)

 

 

 

 

 

 

 

 

 

As Adjusted - Non-GAAP Operating Results

$

374,381

$

(97,720)

 

26.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2008

 

 

 

 

 

Percentage

 

 

Pre-tax Income

 

 

Income Taxes

 

of Pre-tax Income

 

 

 

 

 

 

 

As Reported - GAAP Operating Results

$

354,873

$

(71,603)

 

20.2%

 

 

 

 

 

 

 

Provisions for Fair Value Measurement

 

(1,839)

 

710

 

 

 

 

 

 

 

 

 

Restructuring, Impairments and Other Costs

 

30,732

 

(11,294)

 

 

 

 

 

 

 

 

 

In-process Research & Development from Acquisitions

 

1,623

 

(629)

 

 

 

 

 

 

 

 

 

Income Tax Related Adjustments

 

 

 

(17,055)

 

 

 

 

 

 

 

 

 

As Adjusted - Non-GAAP Operating Results

$

385,389

$

(99,871)

 

25.9%