MSA Announces Second Quarter Results
PITTSBURGH, July 25, 2018 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the second quarter of 2018.
Quarterly Highlights
-- Revenue was $339 million, increasing 18 percent from a year ago on a
reported basis and 16 percent on a constant currency basis. Excluding
the acquisition of Globe, organic revenue was up 5 percent on a constant
currency basis.
-- GAAP operating income increased 247 percent to $47 million or 13.8
percent of sales, compared to $13 million or 4.7 percent of sales((1))
in the same period a year ago. Adjusted operating income increased 19
percent to $58 million or 17.1 percent of sales, compared to $49 million
or 16.8 percent of sales in the same period a year ago.
-- GAAP earnings increased 165 percent to $33 million or $0.85 per diluted
share, compared to $13 million or $0.32 per diluted share((1)) in the
same period a year ago. Adjusted earnings increased 25 percent to $41
million or $1.07 per diluted share, compared to$33 million or $0.85 per
diluted share in the same period a year ago.
-- Free cash flow exceeded 100 percent of net income, driven by a 240 basis
point reduction in working capital as a percent of sales compared to the
first quarter of 2018.
-- The company reached a settlement on the disputed portion of its
insurance receivable. The settlement ensures collection of the portion
of the insurance receivable that was previously subject to litigation.
Payment is expected to be received in the third quarter of 2018.
Comments from Management
"Our second quarter results reflect strong execution of the Growth-in-Focus initiative we highlighted at our New York City investor day conference back in March," said Nish Vartanian, MSA President and CEO. "Despite incurring $3 million of quarter-specific unfavorable expenses, healthy conditions across our key end markets - coupled with our previous investments in R&D and strategic acquisitions - drove 18 percent revenue growth and 25 percent adjusted earnings growth in the quarter," he said. Mr. Vartanian noted that the company is entering the third quarter with a backlog pipeline that is trending substantially higher than this time a year ago, reflecting increased levels of demand across its core product areas.
"Beyond the strong operating performance in the quarter, the successful resolution of litigation with a major insurance carrier is a significant milestone for us," Mr. Vartanian said. "Through this settlement, we secured collection of a significant portion of the insurance receivable, resolving coverage litigation that has been ongoing for nearly a decade." Mr. Vartanian added that the settlement represents a major step in a multi-year effort to collect insurance monies owed to the company.
"Our Growth-in-Focus initiative is based on achieving market leadership positions in our core product areas and market segments, while driving profitable growth and cash flow for our shareholders. The sustained momentum in our incoming order book, double-digit earnings growth and meaningful improvements in free cash flow were encouraging to see in the quarter. In the second half of 2018, we will continue to make focused investments to capitalize on this strong growth cycle, while diligently managing our administrative costs to drive operating leverage," Mr. Vartanian concluded.
(1) GAAP operating income
growth of 247 percent and
GAAP earnings growth of 165
percent is impacted by a
$29.6 million charge taken in
Q2 2017 related to product
liability settlements reached
in August 2017 and estimated
indemnity for all other
asserted cumulative trauma
product liability claims.
MSA Safety Incorporated
Condensed Consolidated Statement of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2017 2018 2017
---- ---- ---- ----
Net sales $339,331 $288,775 $665,225 $554,540
Cost of products sold 185,495 155,812 364,050 301,855
------- ------- ------- -------
Gross profit 153,836 132,963 301,175 252,685
Selling, general and administrative 81,962 74,104 162,213 150,890
Research and development 13,909 11,933 26,456 22,931
Restructuring charges 2,335 967 7,609 13,706
Currency exchange losses, net 815 2,851 2,823 3,431
Other operating expense 8,018 29,610 10,842 29,610
Operating income 46,797 13,498 91,232 32,117
Interest expense 5,181 3,014 9,962 6,605
Other income, net (1,701) (1,228) (4,041) (2,686)
Total other expense, net 3,480 1,786 5,921 3,919
Income before income taxes 43,317 11,712 85,311 28,198
Provision (benefit) for income taxes 9,896 (902) 19,401 894
----- ---- ------ ---
Net income 33,421 12,614 65,910 27,304
Net income attributable to noncontrolling interests (242) (82) (360) (359)
---- --- ---- ----
Net income attributable to MSA Safety Incorporated $33,179 $12,532 65,550 26,945
======= ======= ====== ======
Earnings per share attributable to MSA Safety
Incorporated common shareholders:
Basic $0.86 $0.33 $1.71 $0.71
Diluted $0.85 $0.32 $1.69 $0.70
Basic shares outstanding 38,327 38,065 38,272 37,914
Diluted shares outstanding 38,903 38,780 38,841 38,685
MSA Safety Incorporated
Condensed Consolidated Balance Sheet (Unaudited)
(In thousands)
June 30, 2018 December 31, 2017
------------- -----------------
Assets
Cash and cash equivalents $116,650 $134,244
Trade receivables, net 239,406 244,198
Inventories 177,256 153,739
Notes receivable, insurance companies 3,494 17,333
Other current assets 72,705 72,783
------ ------
Total current assets 609,511 622,297
Property, net 148,780 157,014
Prepaid pension cost 88,237 83,060
Goodwill 418,384 422,185
Notes receivable, insurance companies, noncurrent 60,340 59,567
Insurance receivable, noncurrent 115,143 123,089
Other noncurrent assets 210,164 217,614
------- -------
Total assets $1,650,559 $1,684,826
========== ==========
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net $26,895 $26,680
Accounts payable 76,331 87,061
Other current liabilities 180,046 175,538
------- -------
Total current liabilities 283,272 289,279
Long-term debt, net 403,712 447,832
Pensions and other employee benefits 167,906 170,773
Deferred tax liabilities 8,589 9,341
Other noncurrent liabilities 148,010 165,023
Total shareholders' equity 639,070 602,578
------- -------
Total liabilities and shareholders' equity $1,650,559 $1,684,826
========== ==========
MSA Safety Incorporated
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2017 2018 2017
---- ---- ---- ----
Net income $33,421 $12,614 $65,910 $27,304
Depreciation and amortization 9,536 8,984 19,207 17,736
Change in working capital and other operating 5,072 28,294 (19,735) 101,242
----- ------ ------- -------
Cash flow from operating activities 48,029 49,892 65,382 146,282
------ ------ ------ -------
Capital expenditures (5,571) (4,685) (8,812) (6,127)
Property disposals 3,001 512 3,059 677
----- --- ----- ---
Cash flow used in investing activities (2,570) (4,173) (5,753) (5,450)
------ ------ ------
Change in debt (32,884) (28,203) (42,285) (124,640)
Cash dividends paid (14,591) (13,369) (27,981) (25,824)
Other financing 2,563 5,099 738 7,555
Cash flow used in financing activities (44,912) (36,473) (69,528) (142,909)
------- ------- ------- --------
Effect of exchange rate changes on cash, (9,493) 1,702 (8,130) 3,327
cash equivalents and restricted cash
(Decrease) / Increase in cash, cash equivalents and (8,946) 10,948 (18,029) 1,250
restricted cash
MSA Safety Incorporated
Segment Information (Unaudited)
(In thousands)
Americas International Corporate Consolidated
-------- ------------- --------- ------------
Three Months Ended June 30, 2018
Sales to external customers $215,339 $123,992 $ - $339,331
Operating income 46,797
Operating margin % 13.8%
Restructuring charges 2,335
Currency exchange losses, net 815
Other operating expense 8,018
Strategic transaction costs 58
Adjusted operating income (loss) 49,838 15,853 (7,668) $58,023
Adjusted operating margin % 23.1% 12.8% 17.1%
Three Months Ended June 30, 2017
Sales to external customers $174,960 $113,815 $ - $288,775
Operating income 13,498
Operating margin % 4.7%
Restructuring charges 967
Currency exchange losses, net 2,851
Other operating expense 29,610
Strategic transaction costs 1,642
Adjusted operating income (loss) 43,573 12,122 (7,127) $48,568
Adjusted operating margin % 24.9% 10.7% 16.8%
Americas International Corporate Consolidated
-------- ------------- --------- ------------
Six Months Ended June 30, 2018
Sales to external customers $424,468 $240,757 - $665,225
Operating income 91,232
Operating margin % 13.7%
Restructuring charges 7,609
Currency exchange losses, net 2,823
Other operating expense 10,842
Strategic transaction costs 152
Adjusted operating income (loss) 99,924 28,631 (15,897) $112,658
Adjusted operating margin % 23.5% 11.9% 16.9%
Six Months Ended June 30, 2017
Sales to external customers $341,528 $213,012 - $554,540
Operating income 32,117
Operating margin % 5.8%
Restructuring charges 13,706
Currency exchange losses, net 3,431
Other operating expense 29,610
Strategic transaction costs 2,979
Adjusted operating income (loss) 79,724 19,918 (17,799) $81,843
Adjusted operating margin % 23.3% 9.4% 14.8%
The Americas segment is comprised of our operations in the U.S., Canada and Latin America. The International segment is comprised of our operations in all other parts of the world including Europe, Africa, the Middle East, India, China, South East Asia and Australia. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
Adjusted operating income (loss) and adjusted operating margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss) and adjusted operating margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, other operating expense and strategic transaction costs. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted operating income (loss) and adjusted operating margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The Company's definition of adjusted operating income (loss) and adjusted operating margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
Organic constant currency revenue growth (Unaudited)
Consolidated
Three Months Ended June 30, 2018
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel(a)
GAAP reported 7% 232% 10% 12% 6% 2% 20% 3% 18%
sales change
Plus: Currency (2)% (4)% 2% (1)% (3)% (2)% (1)% (1)% (2)%
translation effects
Constant 5% 228% 12% 11% 3% - % 19% 2% 16%
currency sales
change
---
Less: Acquisitions - % 229% - % - % - % - % 13% - % 11%
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Organic constant 5% (1)% 12% 11% 3% - % 6% 2% 5%
currency change
===
Six Months Ended June 30, 2018
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel(a)
GAAP reported 8% 220% 12% 14% 12% 9% 24% 1% 20%
sales change
Plus: Currency (3)% (8)% - % (2)% (4)% (3)% (3)% (3)% (3)%
translation effects
Constant 5% 212% 12% 12% 8% 6% 21% (2)% 17%
currency sales
change
---
Less: Acquisitions - % 213% - % - % - % - % 13% - % 11%
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Organic constant 5% (1)% 12% 12% 8% 6% 8% (2)% 6%
currency change
===
(a) Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
Organic constant currency revenue growth (Unaudited)
Americas Segment
Three Months Ended June 30, 2018
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel(a)
GAAP reported 3% 566% 10% 10% 8% 6% 28% (7)% 23%
sales change
Plus: Currency - % 2% 4% 2% - % - % 2% 2% 1%
translation effects
Constant currency 3% 568% 14% 12% 8% 6% 30% (5)% 24%
sales change
---
Less: Acquisitions - % 566% - % - % - % - % 22% - % 18%
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Organic constant 3% 2% 14% 12% 8% 6% 8% (5)% 6%
currency change
===
Six Months Ended June 30, 2018
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel(a)
GAAP reported 2% 516% 11% 13% 12% 15% 29% (6)% 24%
sales change
Plus: Currency - % 1% 2% 1% - % (1)% 1% 1% 1%
translation effects
Constant currency 2% 517% 13% 14% 12% 14% 30% (5)% 25%
sales change
---
Less: Acquisitions - % 519% - % - % - % - % 21% - % 18%
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Organic constant 2% (2)% 13% 14% 12% 14% 9% (5)% 7%
currency change
===
(a) Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)
Organic constant currency revenue growth (Unaudited)
International Segment
Three Months Ended June 30, 2018
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel(a)
GAAP reported 14% 6% 9% 15% 3% (3)% 8% 15% 9%
sales change
Plus: Currency (6)% (6)% (4)% (6)% (5)% (4)% (6)% (4)% (5)%
translation effects
Constant currency 8% - % 5% 9% (2)% (7)% 2% 11% 4%
sales change
---
Less: Acquisitions - % 3% - % - % - % - % - % - % - %
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Organic constant 8% (3)% 5% 9% (2)% (7)% 2% 11% 4%
currency change
===
Six Months Ended June 30, 2018
Breathing Firefighter Industrial Portable Fixed Gas Fall Core Non-Core Net Sales
Apparatus Helmets Head Gas and Flame Protection Sales Sales
and Protection Detection Detection
Protective
Apparel(a)
GAAP reported 21% 12% 12% 16% 13% 3% 14% 10% 13%
sales change
Plus: Currency (10)% (10)% (6)% (9)% (8)% (7)% (9)% (8)% (8)%
translation effects
Constant currency 11% 2% 6% 7% 5% (4)% 5% 2% 5%
sales change
---
Less: Acquisitions - % 2% - % - % - % - % - % - % - %
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Organic constant 11% - % 6% 7% 5% (4)% 5% 2% 5%
currency change
===
(a) Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results. There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.
MSA Safety Incorporated
Supplemental Segment Information (Unaudited)
Summary of constant currency revenue growth by segment and product group
Three Months Ended June 30, 2018
Consolidated Americas International
------------ -------- ------------
Firefighter Helmets and Protective Apparel(a) 228% 568% - %
Industrial Head Protection 12% 14% 5%
Portable Gas Detection 11% 12% 9%
Breathing Apparatus 5% 3% 8%
Fixed Gas and Flame Detection 3% 8% (2)%
Fall Protection - % 6% (7)%
--- --- --- ---
Core Sales 19% 30% 2%
--- --- ---
Core excluding Acquisitions 6% 8% 2%
Non-Core Sales 2% (5)% 11%
Net Sales 16% 24% 4%
=== === ===
Net Sales excluding Acquisitions 5% 6% 4%
Six Months Ended June 30, 2018
Consolidated Americas International
------------ -------- ------------
Firefighter Helmets and Protective Apparel(a) 212% 517% 2%
Industrial Head Protection 12% 13% 6%
Portable Gas Detection 12% 14% 7%
Breathing Apparatus 5% 2% 11%
Fixed Gas and Flame Detection 8% 12% 5%
Fall Protection 6% 14% (4)%
---
Core Sales 21% 30% 5%
--- --- ---
Core excluding Acquisitions 8% 9% 5%
Non-Core Sales (2)% (5)% 2%
Net Sales 17% 25% 5%
=== === ===
Net Sales excluding Acquisitions 6% 7% 5%
(a) Firefighter helmets and protective apparel includes the impact of the Globe acquisition, completed on July 31, 2017.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted earnings per diluted share (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2017 % 2018 2017 %
Change Change
Net income attributable to MSA $33,179 $12,532 165% $65,550 $26,945 143%
Safety Incorporated
Tax benefit associated with ASU (962) (4,030) (1,875) (6,812)
2016-09: Improvements to
employee share-based payment
accounting
Subtotal 32,217 8,502 279% 63,675 20,133 216%
------ ----- ------ ------
Restructuring charges 2,335 967 7,609 13,706
Currency exchange losses, net 815 2,851 2,823 3,431
Other operating expense 8,018 29,610 10,842 29,610
Strategic transaction costs 58 1,642 152 2,979
Asset related losses and other, net 1,131 180 1,148 244
Income tax expense on adjustments (3,102) (10,681) (5,621) (14,769)
Adjusted earnings $41,472 $33,071 25% $80,628 $55,334 46%
------- ------- ------- -------
Adjusted earnings per diluted share $1.07 $0.85 26% $2.08 $1.43 45%
===== ===== ===== =====
Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Free Cash Flow (Unaudited)
(In thousands, except percentages)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2017 2018 2017
---- ---- ---- ----
Cash flow from operating activities $48,029 $49,892 $65,382 $146,282
Capital expenditures (5,571) (4,685) (8,812) (6,127)
------ ------ ------ ------
Free cash flow $42,458 $45,207 $56,570 $140,155
======= ======= ======= ========
Net income attributable to MSA Safety $33,179 $12,532 $65,550 $26,945
Incorporated
Free cash flow conversion 128% 361% 86% 520%
Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.
About MSA:
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2017 revenues of $1.2 billion, MSA employs approximately 4,700 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 22, 2018. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward looking statements contained herein, except as required by law.
Non-GAAP Financial Measures:
This earnings release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, organic constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted earnings, adjusted earnings per diluted share and free cash flow. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
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