乔治亚州卡尔豪恩, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.（NYSE：MHK）今天宣布，2019年第四季度净收益为2.65亿美元，摊薄每股收益（EPS）为3.68美元，其中包括1.36亿美元一次性税收优惠。调整后净收益为1.62亿美元，每股收益为2.25美元，不包括重组、收购和其他费用。2019年第四季度的报告净销售额为24亿美元，下降1.0％，按固定货币和天数计算则下降1.7%。2018年第四季度净销售额为24.5亿美元，净收益为2.29亿美元，每股收益为3.05美元，调整后净收益为1.88亿美元，每股收益为2.53美元，不包括重组、收购和其他费用。
在截至2019年12月31日的12个月期间，净收益和每股收益分别为7.44亿美元和10.30美元，其中包括第四季度的一次性税收优惠。净收益为7.25亿美元，不包括重组、收购和其他费用。每股收益为10.04美元。本年度，报告净销售额约为100亿美元，与上年同期报告数据持平，按固定货币和天数计算增长了2％。在截至2018年12月31日的十二个月期间，净销售额约为100亿美元，净收益为8.62亿美元，每股收益为11.47美元; 不包括重组、收购和其他费用，净收益和每股收益分别为9.22亿美元和12.33美元。
董事长兼首席执行官Jeffrey S. Lorberbaum在评价Mohawk Industries第四季度的业绩时表示：“第四季度的业绩符合我们的预期，销售与去年持平，现金流表现非常强劲。该季度的运营和自由现金流分别为4.4亿美元和3亿美元。整个年度的运营和自由现金流则分别约为14亿美元和8.7亿美元。我们的杠杆率已接近历史低点，因此，我们可以灵活地寻求其他机会。根据股票回购计划，我们在第四季度购买入大约2300万美元，自回购计划启动以来总计买入了大约3.75亿美元。
“正如我们预期的那样，我们的业务仍然面临需求疲软、竞争加剧和产量下降的挑战。在美国，美元走强以及LVT对其他产品的冲击继续影响市场，而住房市场的积极趋势应该是一项有利因素。我们的全球市场竞争加剧，在我们利用销售和市场营销方面的投资来推动增长的过程中影响了我们的定价和产品组合。我们的经营所在国家正以较低利率刺激经济，以鼓励今年更多的消费者支出并推动经济增长。我们预计我们的大多数市场短期内仍将继续承受产品类别方面的压力。
“在此期间，我们实施了一些变革以增加销售并降低成本。我们加强了美国和欧洲的LVT制造，调整了美国的地毯业务。我们减少了陶瓷的生产和库存，并逐步关闭美国和欧洲的木地板工厂。我们正在降低运营的复杂性、改进流程以降低成本，同时加强自动化以提高效率。我们将继续提高新LVT、美国台面、俄罗斯乙烯基板材以及欧洲方块地毯的生产能力和产量。我们在澳大利亚和巴西的收购项目正在安装最先进的设备，以扩大其产品组合。我们正在引入新的设计和性能创新，以提高我们的市场地位并扩大客户群。为了推广新产品和现有产品，我们正在提高销售和营销投资水平。
“本季度，我们的全球陶瓷产品部门报告销售额同比持平，按固定货币和天数计算下降了1.5％。该业务部门报告经营利润率为6％，同比呈现下降，这主要是由于通货膨胀和低生产率被生产能力部分抵消。该细分领域的大多数市场都面临需求疲软和行业产能过剩，这一问题正在冲击市场价格，压缩利润空间。我们的美国陶瓷业务仍然承受着来自LVT的压力，因LVT抢占了市场份额，而对关税问题的预期造成陶瓷产品的购买量下降，导致工业库存较高。为了调整库存水平，我们减少了北美陶瓷工厂的产量，这一举措很有意义但也增加了我们的成本。为了提高销售量，我们向主要市场推出了多种新产品，并增加了销售代表和设计顾问。我们已经开始制造有多种尺寸和设计风格可供选择的新型专有扣接瓷砖，并已获得主要客户的承诺。随着新工厂生产力的提高，我们的石英台面销售额也有所增加。在墨西哥，我们继续通过推出更大尺寸的陶瓷制品和更全面的墙砖系列来推广品牌、扩大分销渠道以及加大瓷产品供应，从而赢得市场份额。与此同时，我们在巴西的销售增长势头良好，并开辟了一条新的陶瓷制品生产线，以打造更大尺寸的高级瓷品系列。南欧的经济增长依旧缓慢，从而影响了我们的初级陶瓷市场和行业定价。在欧洲，我们增加了销量，并逐步扩大商用和户外渠道的业务。在俄罗斯，我们在疲软市场中的销售额有所增加，我们正在启动额外的瓷产品生产，以生产超大尺寸的瓷产品，同时新建一家工厂以生产优质配套卫浴产品。
“本季度，北美地板业务的报告销售额下降了4％，按固定天数计算下降了5％，报告经营利润率为3％，不包括重组和其他费用则为7％。该部门的运营收入主要因销量较低以及价格和产品组合问题而出现下滑。我们已经采取了许多措施使业务适应当前的状况，包括关闭三家工厂、整合高成本业务和减少木材制造。这些举措将在2020年第三季度产生更大的效益，并通过库存实现全部成本效益。本季度，我们的住宅地毯销售在新建住宅和多户渠道中表现最佳。我们将利用在设计和纤维技术上的优势，提供新的与众不同的高档及经济型地毯系列。为了给商业客户创造更大的价值并降低成本，我们投资了新的设计功能、专有方块地毯背衬和材料制造。我们提高了LVT运营的产量和速度，持续实施的措施将进一步增强配方并提高产量。在本报告期，美国取消了对扣接LVT的关税，市场也调整了价格以反映这一变化。为了增强价格优势并突出产品的独特外观和功能，我们将为住宅和商业市场引入新的硬质和弹性LVT产品系列。中国的疫情将推迟某些产品的投产，且可能中断某些LVT服务，具体取决于产品何时恢复发货。我们的防水层压板产品销售在不断扩张，由于外观逼真、耐用且易于安装的特点，我们预计销售额将持续增长。为了促进层压板的销售，我们正在升级HDF板的生产，以扩大产能并降低成本。
本季度，我们的Flooring Rest of the World（世界其他地区地板）业务的销售额报告增长3％，按固定货币和天数计算增长4％。该业务部门报告经营利润率为13%，不包括重组和其他费用则为14%，原因是销量增长、初创阶段成本下降和通货膨胀率下降被价格和产品组合部分抵消。我们在产品创新、成本改善、收购和新业务方面的投资提高了我们在整个细分市场的业绩。我们的表现优于欧洲层压板市场，由于精细程度的提升，我们新推出的Signature系列销售额迅速增长。我们宣布将木材制造业务整合到我们位于马来西亚的工厂，这将改善成本并提高灵活性，从而更好地满足客户的需求。随着生产效率的显著提高，LVT销售额也相应增长。我们新一代的硬质产品系列大受欢迎，而下一代弹性LVT则将提供最逼真的木材和石材视觉效果。我们的面板和保温材料业务在日益激烈的竞争环境中取得了不错的成绩。在澳大利亚和新西兰，我们的软硬表面产品在艰难的环境中实现了销售额增长，为了扩大产品供应范围，我们将新推出多个地毯系列。
“在我们大多数的业务和地区中，市场状况仍然充满挑战。为此，我们正在调整业务战略、加强产品供应和重组业务。我们正在增加销售和市场营销方面的投资，扩大商业参与范围，对高档及经济型产品系列均进行提升改进。为了将分销范围扩大到新的渠道和地区，我们将向市场推出众多创新产品和新产品类别。随着我们投入资金扩大客户群并提高销量，我们的新LVT、台面、乙烯基板材以及方块地毯工厂正在提高生产能力。我们的LVT制造能力以更快的速度和更高的效率增长，设计和功能也在加强，硬质和弹性产品销售额也在增加。我们根据市场需求进行生产管理，因此将限制通常在第一季度进行的传统库存构建。考虑到所有这些因素，我们对2020年第一季度的每股盈利预测为1.90美元至2.00美元，这不包括任何一次性费用。
“美国的LVT增长、汇率和全球产能过剩将继续对我们的业务产生不利影响。我们正在实施具体的举措以适应不断变化的消费者喜好、瞬息万变的市场以及竞争压力。从2020年全年来看，预计我们的业绩将因增加销售和分销、降低成本以及提高新工厂利用率等措施而实现同比增长，而我们的业绩将在下半年加速增长。随着现金流保持强劲，我们的资产负债表应会继续改善，我们也将继续致力于为股东创造长期价值。”
关于MOHAWK INDUSTRIES
Mohawk Industries是全球领先的地材制造商，致力于创造可提升全球住宅和商业空间的优质产品。Mohawk的垂直整合生产和分销流程在生产地毯、地垫、瓷砖、复合地板、木地板、石材和PVC地材方面具有竞争优势。依托业内领先的创新方式，我们的产品和技术令公司品牌在市场上脱颖而出，满足各种改造和新建需求。我们公司旗下的品牌在业内受到最广泛的认可，包括：American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step和Unilin。过去十年里，Mohawk已从一家美国地毯生产商成功转型为全球最大的地板公司，业务遍及澳大利亚、巴西、加拿大、欧洲、印度、马来西亚、墨西哥、新西兰、俄罗斯和美国等地。
前面几段陈述中的某些内容，特别是预测未来业绩、业务前景、增长、经营策略以及类似事项和包括“可能”、“应该”、“相信”、“预期”、“预测”、“估计”或类似表达词语的内容均构成“前瞻性陈述”。针对以上陈述，Mohawk有权要求1995年《私人证券诉讼改革法案》中关于前瞻性陈述的安全港保护。前瞻性陈述建立于诸多涉及风险和不确定性的假设基础上，因此我们无法保证其准确性。以下重要因素的改变可能导致未来业绩发生变化：经济或行业状况、竞争、原材料价格、其他投入成本的通货膨胀和通货紧缩、消费市场的通货膨胀和通货紧缩、能源成本和供应、资本支出的时间和水平、公司产品价格上涨的时间和实施、减值费用、收购整合、国际业务、推出新产品、运营合理化、税收和税收改革、产品和其他索赔、诉讼、以及Mohawk提交给美国证券交易委员会的报告和公告中提及的其他风险。
电话会议于美国东部时间2020年2月14日星期五上午11:00举行
电话号码为1-800-603-9255（美国/加拿大）和1-706-634-2294（国际/本地）。会议ID号：3678629。重播将持续到2020年3月14日，请拨打1-855-859-2056（美国/本地）和1-404-537-3406（国际/本地），并输入会议ID号3678629。
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES (Unaudited)
Condensed Consolidated Statement of Operations DataThree Months Ended Twelve Months Ended
(Amounts in thousands, except per share data) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Net sales $2,424,512 2,448,618 9,970,672 9,983,634 Cost of sales 1,801,705 1,802,228 7,294,629 7,145,564 Gross profit 622,807 646,390 2,676,043 2,838,070 Selling, general and administrative expenses 467,993 433,014 1,848,819 1,742,744 Operating income 154,814 213,376 827,224 1,095,326 Interest expense 10,962 14,411 41,272 38,827 Other (income) expense, net (9,522) 504 36,407 7,298 Earnings before income taxes 153,374 198,461 749,545 1,049,201 Income tax expense (111,299) (31,582) 4,974 184,346 Net earnings including noncontrolling interest 264,673 230,043 744,571 864,855 Net income attributable to noncontrolling interest 6 704 360 3,151 Net earnings attributable to Mohawk Industries, Inc. $264,667 229,339 744,211 861,704
Basic earnings per share attributable to Mohawk Industries, Inc. Basic earnings per share attributable to Mohawk Industries, Inc. $3.69 3.07 10.34 11.53 Weighted-average common shares outstanding - basic 71,640 73,856 71,986 74,413
Diluted earnings per share attributable to Mohawk Industries, Inc. Diluted earnings per share attributable to Mohawk Industries, Inc. $3.68 3.05 10.30 11.47 Weighted-average common shares outstanding - diluted 71,954 74,183 72,264 74,773
Other Financial Information (Amounts in thousands) Net cash provided by operating activities $440,675 286,859 1,418,761 1,181,344 Depreciation and amortization $153,759 139,092 576,452 521,765 Capital expenditures $139,849 151,161 545,462 794,110
Condensed Consolidated Balance Sheet Data (Amounts in thousands) December 31, 2019 December 31, 2018
ASSETS Current assets: Cash and cash equivalents $134,785 119,050 Receivables, net 1,526,619 1,606,159 Inventories 2,282,328 2,287,615 Prepaid expenses and other current assets 485,725 496,472 Total current assets 4,429,457 4,509,296 Property, plant and equipment, net 4,698,917 4,699,902 Right of use operating lease assets 323,003 - Goodwill 2,570,027 2,520,966 Intangible assets, net 928,879 961,810 Deferred income taxes and other non-current assets 436,397 407,149 Total assets $13,386,680 13,099,123
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt and commercial paper $1,051,498 1,742,373 Accounts payable and accrued expenses 1,559,140 1,523,866 Current operating lease liabilities 101,945 - Total current liabilities 2,712,583 3,266,239 Long-term debt, less current portion 1,518,388 1,515,601 Non-current operating lease liabilities 228,155 - Deferred income taxes and other long-term liabilities 801,106 877,224 Total liabilities 5,260,232 5,659,064 Total stockholders' equity 8,126,448 7,440,059 Total liabilities and stockholders' equity $13,386,680 13,099,123
Segment Information Three Months Ended As of or for the Twelve Months Ended
(Amounts in thousands) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Net sales: Global Ceramic $858,337 861,238 3,631,142 3,552,856 Flooring NA 936,387 973,680 3,843,714 4,029,148 Flooring ROW 629,788 613,700 2,495,816 2,401,630 Intersegment sales - - - - Consolidated net sales $2,424,512 2,448,618 9,970,672 9,983,634 Operating income (loss): Global Ceramic $53,172 76,005 340,058 442,898 Flooring NA 27,011 79,158 167,385 347,937 Flooring ROW 83,036 72,467 359,428 345,801 Corporate and intersegment eliminations (8,405) (14,254) (39,647) (41,310) Consolidated operating income $154,814 213,376 827,224 1,095,326 Assets: Global Ceramic $5,419,896 5,194,030 Flooring NA 3,823,654 3,938,639 Flooring ROW 3,925,246 3,666,617 Corporate and intersegment eliminations 217,884 299,837 Consolidated assets $13,386,680 13,099,123
Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.(Amounts in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Net earnings attributable to Mohawk Industries, Inc. $264,667 229,339 744,211 861,704 Adjusting items: Restructuring, acquisition and integration-related and other costs 49,802 20,412 99,679 78,449 Acquisitions purchase accounting , including inventory step-up 222 6,721 3,938 15,359 Acquisition interest expense - 4,322 - 4,322 Deferred loan cost write off 601 - 601 - Impairment of net investment in a manufacturer and distributor of Ceramic tile in China(1) (5,226) - 59,946 - Release of indemnification asset 603 2,857 (57) 4,606 Income taxes - reversal of uncertain tax position (603) (2,857) 56 (4,606) European tax restructuring(2) (136,194) - (136,194) - Income taxes (12,183) (73,282) (46,842) (37,817) Adjusted net earnings attributable to Mohawk Industries, Inc. $161,689 187,512 725,338 922,017 Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. $2.25 2.53 10.04 12.33 Weighted-average common shares outstanding - diluted 71,954 74,183 72,264 74,773 (1) In September, the US commerce department imposed a 104% countervailing duty on top of the 25% general tariffs on all ceramic produced in China. As a consequence, ceramic purchases from China will dramatically decline and Mohawk took a $60 million write off to our investment in a Chinese manufacturer and distributor, of which $5 million was recovered in Q4 2019.(2) The Company implemented select operational, administrative and financial restructurings that centralized certain business processes and intangible assets in various European jurisdictions into a new entity. The restructurings resulted in a current tax liability of $136 million, calculated by measuring the fair value of intangible assets transferred. The Company offset the tax liability with the utilization of $136 million of deferred tax assets from accumulated net operating loss carry forwards. The restructurings also resulted in the Company recording a $136 million deferred tax asset, and a corresponding deferred tax benefit, related to the tax basis of the intangible assets transferred.
Reconciliation of Total Debt to Net Debt (Amounts in thousands) December 31, 2019 Current portion of long-term debt and commercial paper $1,051,498 Long-term debt, less current portion 1,518,388 Less: Cash and cash equivalents 134,785 Net Debt $2,435,101
Reconciliation of Operating Income to Adjusted EBITDA (Amounts in thousands) Trailing Twelve Three Months Ended Months Ended March 30, 2019 June 29, 2019 September 28, 2019 December 31, 2019 December 31, 2019Operating income $165,330 266,860 240,220 154,814 827,224 Other (expense)/income 3,736 3,048 (52,713) 9,522 (36,407)Net (income) loss attributable to noncontrolling interest 10 (213) (151) (6) (360)Depreciation and amortization 137,291 140,482 144,920 153,759 576,452 EBITDA 306,367 410,177 332,276 318,089 1,366,909 Restructuring, acquisition and integration-related and other costs 39,495 8,840 1,542 49,802 99,679 Impairment of net investment in a manufacturer and distributor of Ceramic tile in China - - 65,172 (5,226) 59,946 Acquisitions purchase accounting, including inventory step-up 2,552 1,164 - 222 3,938 Release of indemnification asset - - (659) 603 (56) Adjusted EBITDA $348,414 420,181 398,331 363,490 1,530,416 Net Debt to Adjusted EBITDA 1.6
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days Excluding Acquisition Volume (Amounts in thousands) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Net sales $2,424,512 2,448,618 9,970,672 9,983,634 Adjustment to net sales on constant shipping days (36,469) - 713 - Adjustment to net sales on a constant exchange rate 18,721 - 178,290 - Net sales on a constant exchange rate and constant shipping days 2,406,764 2,448,618 10,149,675 9,983,634 Less: impact of acquisition volume (34,597) - (359,949) - Net sales on a constant exchange rate and constant shipping days excluding acquisition volume $2,372,167 2,448,618 9,789,726 9,983,634
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days Excluding Acquisition Volume (Amounts in thousands) Three Months Ended
Global Ceramic December 31, 2019 December 31, 2018 Net sales $858,337 861,238 Adjustment to net sales on constant shipping days (11,889) - Adjustment to segment net sales on a constant exchange rate 1,969 - Segment net sales on a constant exchange rate and constant shipping days 848,417 861,238 Less: impact of acquisition volume (20,728) - Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume $827,689 861,238
Reconciliation of Segment Net Sales to Segment Net Sales on Constant shipping Days (Amounts in thousands) Three Months Ended
Flooring NA December 31, 2019 December 31, 2018 Net sales $936,387 -973,680 Adjustment to net sales on constant shipping days (14,631)-- Segment net sales on constant shipping days $921,756 -973,680
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days Excluding Acquisition Volume (Amounts in thousands) Three Months Ended
Flooring ROW December 31, 2019 December 31, 2018 Net sales $629,788 613,700 Adjustment to net sales on constant shipping days (9,948) - Adjustment to segment net sales on a constant exchange rate 16,752 - Segment net sales on a constant exchange rate and constant shipping days 636,592 613,700 Less: impact of acquisition volume (13,869) - Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume $622,723 613,700
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses (Amounts in thousands) Three Months Ended December 31, 2019 December 31, 2018 Selling, general and administrative expenses $467,993 433,014 Adjustments to selling, general and administrative expenses: Restructuring, acquisition and integration-related and other costs (4,651) (10,268) Release of indemnification asset (2) - Adjusted selling, general and administrative expenses $463,340 422,746
Reconciliation of Operating Income to Adjusted Operating Income (Amounts in thousands) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Operating income $154,814 213,376 827,224 1,095,326 Adjustments to operating income: Restructuring, acquisition and integration-related and other costs 49,802 20,613 106,954 78,650 Release of indemnification asset 2 - 247 - Acquisitions purchase accounting, including inventory step-up 222 6,721 3,938 15,359 Adjusted operating income $204,840 240,710 938,363 1,189,335
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income (Amounts in thousands) Three Months Ended
Global Ceramic December 31, 2019 December 31, 2018 Operating income $53,172 76,005 Adjustments to segment operating income: Restructuring, acquisition and integration-related and other costs 1,204 4,162 Acquisitions purchase accounting, including inventory step-up - 6,721 Adjusted segment operating income $54,376 86,888
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income (Amounts in thousands) Three Months Ended
Flooring NA December 31, 2019 December 31, 2018 Operating income $27,011 79,158 Adjustments to segment operating income: Restructuring, acquisition and integration-related and other costs 42,149 7,159 Adjusted segment operating income $69,160 86,317
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income (Amounts in thousands) Three Months Ended
Flooring ROW December 31, 2019 December 31, 2018 Operating income $83,036 72,467 Adjustments to segment operating income: Restructuring, acquisition and integration-related and other costs 6,235 5,949 Acquisitions purchase accounting, including inventory step-up 222 - Adjusted segment operating income $89,493 78,416
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes (Amounts in thousands) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Earnings before income taxes $153,374 198,461 749,545 1,049,201 Noncontrolling interests (6) (704) (360) (3,151) Adjustments to earnings including noncontrolling interests before income taxes: Restructuring, acquisition and integration-related and other costs 49,802 20,412 99,679 78,449 Acquisitions purchase accounting, including inventory step-up 222 6,721 3,938 15,359 Impairment of net investment in a manufacturer and distributor of Ceramic tile in China (5,226) - 59,946 - Release of indemnification asset 603 2,857 (57) 4,606 Acquisition interest expense - 4,322 - 4,322 Deferred loan cost write off 601 - 601 - Adjusted earnings including noncontrolling interests before income taxes $199,370 232,069 913,292 1,148,786
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense (Amounts in thousands) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Income tax expense $(111,299) (31,582) 4,974 184,346 European tax restructuring 136,194 - 136,194 - Income taxes - reversal of uncertain tax position 603 2,857 (56) 4,606 Income tax effect of adjusting items 12,183 73,282 46,842 37,817 Adjusted income tax expense $37,681 44,557 187,954 226,769 Adjusted income tax rate 18.9% 19.2% 20.6% 19.7% The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company's non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company's business and in comparisons of its profits with prior and future periods. The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company's non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions. The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company's core operating performance. Items excluded from the Company's non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.
联系人： Glenn Landau，首席财务官，电话（706）624-2025
新闻来源：Globenewswire，文中所述为作者独立观点，不代表icspec立场。更多精彩资讯请下载icspec App。如对本稿件有异议，请联系微信客服specltkj。
