About NI
At NI, we bring together people, ideas and technology so forward thinkers and creative problem solvers can take on humanity’s biggest challenges. From data and automation to research and validation, we provide the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously™ every day.
National Instruments, NI and ni.com and Engineer Ambitiously are trademarks of National Instruments Corporation. Other product and company names listed are trademarks or trade names of their respective companies. (NATI-F)
National Instruments |
||||||
Condensed Consolidated Balance Sheets |
||||||
(in thousands) |
||||||
|
September 30, |
December 31, |
||||
|
2021 |
2020 |
||||
|
(unaudited) |
|
||||
Assets |
|
|
||||
Cash and cash equivalents |
$ |
230,697 |
|
$ |
260,232 |
|
Short-term investments |
— |
|
59,923 |
|
||
Accounts receivable, net |
279,196 |
|
266,869 |
|
||
Inventories, net |
236,733 |
|
194,012 |
|
||
Prepaid expenses and other current assets |
89,152 |
|
68,470 |
|
||
Total current assets |
835,778 |
|
849,506 |
|
||
Property and equipment, net |
248,712 |
|
254,399 |
|
||
Goodwill |
480,489 |
|
467,547 |
|
||
Intangible assets, net |
136,938 |
|
172,719 |
|
||
Operating lease right-of-use assets |
56,644 |
|
67,674 |
|
||
Other long-term assets |
79,850 |
|
72,643 |
|
||
Total assets |
$ |
1,838,411 |
|
$ |
1,884,488 |
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
||||
| Accounts payable and accrued expenses |
$ |
63,568 |
|
$ |
51,124 |
|
| Accrued compensation |
87,802 |
|
87,068 |
|
||
| Deferred revenue - current |
120,762 |
|
132,151 |
|
||
| Operating lease liabilities - current |
12,360 |
|
15,801 |
|
||
| Other taxes payable |
43,673 |
|
48,129 |
|
||
| Debt, current |
— |
|
5,000 |
|
||
| Other current liabilities |
25,162 |
|
42,578 |
|
||
| Total current liabilities |
353,327 |
|
381,851 |
|
||
| Deferred income taxes |
26,023 |
|
25,288 |
|
||
| Income tax payable - non-current |
54,195 |
|
61,623 |
|
||
| Deferred revenue - non-current |
32,278 |
|
36,335 |
|
||
| Operating lease liabilities - non-current |
29,206 |
|
35,854 |
|
||
| Debt, noncurrent |
100,000 |
|
92,036 |
|
||
| Other long-term liabilities |
16,910 |
|
26,630 |
|
||
| Total liabilities |
$ |
611,939 |
|
$ |
659,617 |
|
| Stockholders' equity: |
|
|
||||
| Common stock |
1,326 |
|
1,312 |
|
||
| Additional paid-in capital |
1,109,918 |
|
1,033,284 |
|
||
| Retained earnings |
132,404 |
|
211,101 |
|
||
| Accumulated other comprehensive loss |
(17,176 |
) |
(20,826 |
) |
||
| Total stockholders' equity |
1,226,472 |
|
1,224,871 |
|
||
| Total liabilities and stockholders' equity |
$ |
1,838,411 |
|
$ |
1,884,488 |
|
| National Instruments |
||||||||||||
| Condensed Consolidated Statements of Income |
||||||||||||
| (in thousands, except per share data, unaudited) |
||||||||||||
|
|
|
|
|
|||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
|
September 30, |
September 30, |
||||||||||
|
|
2021 |
2020 |
2021 |
2020 |
||||||||
|
|
|
|
|
|
||||||||
| Net sales: |
|
|
|
|
||||||||
| Product |
$ |
325,724 |
|
$ |
269,651 |
|
$ |
927,307 |
|
$ |
809,890 |
|
| Software maintenance |
41,438 |
|
38,473 |
|
121,733 |
|
108,944 |
|
||||
| Total net sales |
367,162 |
|
308,124 |
|
1,049,040 |
|
918,834 |
|
||||
|
|
|
|
|
|
||||||||
| Cost of sales: |
|
|
|
|
||||||||
| Product |
99,072 |
|
88,370 |
|
286,485 |
|
254,236 |
|
||||
| Software maintenance |
3,643 |
|
3,893 |
|
10,882 |
|
7,689 |
|
||||
| Total cost of sales |
102,715 |
|
92,263 |
|
297,367 |
|
261,925 |
|
||||
|
|
|
|
|
|
||||||||
| Gross profit |
264,447 |
|
215,861 |
|
751,673 |
|
656,909 |
|
||||
|
|
72.0 |
% |
70.1 |
% |
71.7 |
% |
71.5 |
% |
||||
| Operating expenses: |
|
|
|
|
||||||||
| Sales and marketing |
117,065 |
|
109,774 |
|
345,048 |
|
330,939 |
|
||||
| Research and development |
82,165 |
|
70,802 |
|
243,685 |
|
206,648 |
|
||||
| General and administrative |
31,037 |
|
37,431 |
|
94,672 |
|
92,980 |
|
||||
| Total operating expenses |
230,267 |
|
218,007 |
|
683,405 |
|
630,567 |
|
||||
| Gain on sale of business/assets |
— |
|
— |
|
— |
|
159,753 |
|
||||
| Operating income |
34,180 |
|
(2,146 |
) |
68,268 |
|
186,095 |
|
||||
| Other expense |
(1,820 |
) |
(2,001 |
) |
(9,851 |
) |
(2,584 |
) |
||||
| Income before income taxes |
32,360 |
|
(4,147 |
) |
58,417 |
|
183,511 |
|
||||
| Provision for income taxes |
5,183 |
|
475 |
|
9,438 |
|
44,588 |
|
||||
| Net income |
$ |
27,177 |
|
$ |
(4,622 |
) |
$ |
48,979 |
|
$ |
138,923 |
|
|
|
|
|
|
|
||||||||
| Basic earnings per share |
$ |
0.20 |
|
$ |
(0.04 |
) |
$ |
0.37 |
|
$ |
1.06 |
|
| Diluted earnings per share |
$ |
0.20 |
|
$ |
(0.04 |
) |
$ |
0.37 |
|
$ |
1.06 |
|
|
|
|
|
|
|
||||||||
| Weighted average shares outstanding - |
|
|
|
|
||||||||
| Basic |
133,031 |
|
131,419 |
|
132,657 |
|
131,017 |
|
||||
| Diluted |
133,686 |
|
131,419 |
|
133,829 |
|
131,671 |
|
||||
|
|
|
|
|
|
||||||||
| Dividends declared per share |
$ |
0.27 |
|
$ |
0.26 |
|
$ |
0.81 |
|
$ |
0.78 |
|
| Condensed Consolidated Statements of Cash Flows |
||||||
| (in thousands, unaudited) |
||||||
|
|
|
|||||
|
|
Nine Months Ended September 30, |
|||||
|
|
2021 |
2020 |
||||
|
|
|
|||||
| Cash flow from operating activities: |
|
|
||||
| Net income |
$ |
48,979 |
|
$ |
138,923 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||
| Disposal gains on sale of business/asset |
— |
|
(159,753 |
) |
||
| Depreciation and amortization |
73,418 |
|
61,228 |
|
||
| Stock-based compensation |
56,064 |
|
42,556 |
|
||
| Loss from equity-method investees |
5,082 |
|
2,559 |
|
||
| Deferred income taxes |
(2,030 |
) |
(932 |
) |
||
| Net change in operating assets and liabilities |
(95,477 |
) |
24,203 |
|
||
| Net cash provided by operating activities |
86,036 |
|
108,784 |
|
||
|
|
|
|
||||
| Cash flow from investing activities: |
|
|
||||
| Acquisitions, net of cash received |
(19,784 |
) |
(334,981 |
) |
||
| Capital expenditures |
(26,147 |
) |
(36,573 |
) |
||
| Proceeds from sale of assets/business, net of cash divested |
— |
|
160,266 |
|
||
| Capitalization of internally developed software |
(1,246 |
) |
(2,806 |
) |
||
| Additions to other intangibles |
(2,317 |
) |
(1,045 |
) |
||
| Payments to acquire equity-method and other investments |
(15,753 |
) |
(7,502 |
) |
||
| Purchases of short-term investments |
— |
|
(206,330 |
) |
||
| Sales and maturities of short-term investments |
59,714 |
|
351,597 |
|
||
| Net cash used in investing activities |
(5,533 |
) |
(77,374 |
) |
||
|
|
|
|
||||
| Cash flow from financing activities: |
|
|
||||
| Proceeds from revolving loan facility |
100,000 |
|
20,000 |
|
||
| Proceeds from term loan |
— |
|
70,000 |
|
||
| Payments on term loan |
(98,750 |
) |
(875 |
) |
||
| Debt issuance costs |
(1,993 |
) |
(1,480 |
) |
||
| Proceeds from issuance of common stock |
25,438 |
|
24,971 |
|
||
| Repurchase of common stock |
(25,000 |
) |
(39,244 |
) |
||
| Dividends paid |
(107,397 |
) |
(102,396 |
) |
||
| Net cash used in financing activities |
(107,702 |
) |
(29,024 |
) |
||
|
|
|
|
||||
| Impact of changes in exchange rates on cash |
(2,336 |
) |
317 |
|
||
|
|
|
|
||||
| Net change in cash and cash equivalents |
(29,535 |
) |
2,703 |
|
||
| Cash and cash equivalents at beginning of period |
260,232 |
|
194,616 |
|
||
| Cash and cash equivalents at end of period |
$ |
230,697 |
|
$ |
197,319 |
|
| The following tables provide details with respect to the amount of GAAP charges related to stock-based compensation, amortization of acquisition-related intangibles and fair value adjustments, acquisition-related transaction and integration costs, capitalization and amortization of internally developed software costs, restructuring charges, gains on sale of business/assets, and other that were recorded in the line items indicated below (unaudited) (in thousands) |
||||||||||||
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
|
September 30, |
September 30, |
||||||||||
|
|
|
|
|
|
||||||||
|
|
2021 |
2020 |
2021 |
2020 |
||||||||
| Stock-based compensation |
|
|
|
|
||||||||
| Cost of sales |
$ |
1,183 |
|
$ |
1,051 |
|
$ |
3,487 |
|
$ |
2,787 |
|
| Sales and marketing |
6,332 |
|
5,184 |
|
18,949 |
|
16,826 |
|
||||
| Research and development |
5,811 |
|
4,692 |
|
17,704 |
|
12,640 |
|
||||
| General and administrative |
5,530 |
|
4,293 |
|
16,050 |
|
10,301 |
|
||||
| Provision for income taxes |
(2,798 |
) |
(3,854 |
) |
(10,036 |
) |
(8,260 |
) |
||||
| Total |
$ |
16,058 |
|
$ |
11,366 |
|
$ |
46,154 |
|
$ |
34,294 |
|
|
|
|
|
|
|
||||||||
| Amortization of acquisition-related intangibles and fair value adjustments |
|
|
|
|
||||||||
| Net sales |
$ |
421 |
|
$ |
1,299 |
|
$ |
1,971 |
|
$ |
1,299 |
|
| Cost of sales |
4,194 |
|
4,198 |
|
12,691 |
|
5,579 |
|
||||
| Sales and marketing |
2,331 |
|
2,334 |
|
6,859 |
|
3,300 |
|
||||
| Research and development |
— |
|
28 |
|
— |
|
84 |
|
||||
| Other expense |
529 |
|
121 |
|
1,476 |
|
363 |
|
||||
| Provision for income taxes |
(917 |
) |
(1,658 |
) |
(2,870 |
) |
(1,948 |
) |
||||
| Total |
$ |
6,558 |
|
$ |
6,322 |
|
$ |
20,127 |
|
$ |
8,677 |
|
|
|
|
|
|
|
||||||||
| Acquisition transaction and integration costs, restructuring charges, and other (1)(2) |
|
|
|
|
||||||||
| Cost of sales |
$ |
(7 |
) |
$ |
(13 |
) |
$ |
(50 |
) |
$ |
7 |
|
| Sales and marketing |
584 |
|
1,158 |
|
6,071 |
|
8,771 |
|
||||
| Research and development |
386 |
|
374 |
|
1,422 |
|
5,190 |
|
||||
| General and administrative |
850 |
|
10,210 |
|
7,388 |
|
12,595 |
|
||||
| Gain on sale of business/assets |
— |
|
— |
|
— |
|
(159,753 |
) |
||||
| Other expense |
316 |
|
270 |
|
4,322 |
|
397 |
|
||||
| Provision for income taxes |
(238 |
) |
(712 |
) |
(3,701 |
) |
33,965 |
|
||||
| Total |
$ |
1,891 |
|
$ |
11,287 |
|
$ |
15,452 |
|
$ |
(98,828 |
) |
| (1): During the first quarter of 2020, we recognized a gain of approximately $160 million related to the divestiture of AWR, presented within "Gain on sale of business/assets". |
||||||||||||
| (2): During the first quarter of 2021, we recognized a $3.5 million impairment loss related to one of our equity-method investments. |
||||||||||||
|
|
|
|
|
|
||||||||
| Capitalization and amortization of internally developed software costs |
|
|
|
|
||||||||
| Cost of sales |
$ |
5,532 |
|
$ |
6,769 |
|
$ |
18,633 |
|
$ |
20,995 |
|
| Research and development |
(525 |
) |
302 |
|
(1,246 |
) |
(2,794 |
) |
||||
| Provision for income taxes |
(1,192 |
) |
(1,485 |
) |
(3,792 |
) |
(3,822 |
) |
||||
| Total |
$ |
3,815 |
|
$ |
5,586 |
|
$ |
13,595 |
|
$ |
14,379 |
|
| National Instruments |
||||||||||||
| Reconciliation of GAAP to Non-GAAP Measures |
||||||||||||
| (in thousands, unaudited) |
||||||||||||
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
|
September 30, |
September 30, |
||||||||||
|
|
2021 |
2020 |
2021 |
2020 |
||||||||
|
|
|
|
|
|
||||||||
| Reconciliation of Net sales to Non-GAAP Net sales |
|
|
|
|
||||||||
| Net sales, as reported |
$ |
367,162 |
|
308,124 |
|
1,049,040 |
|
$ |
918,834 |
|
||
| plus: Impact of acquisition-related fair value adjustments |
421 |
|
1,299 |
|
1,971 |
|
1,299 |
|
||||
| Non-GAAP net sales |
$ |
367,583 |
|
309,423 |
|
1,051,011 |
|
$ |
920,133 |
|
||
|
|
|
|
|
|
||||||||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit |
|
|
||||||||||
| Gross profit, as reported |
$ |
264,447 |
|
$ |
215,861 |
|
$ |
751,673 |
|
$ |
656,909 |
|
| Stock-based compensation |
1,183 |
|
1,051 |
|
3,487 |
|
2,787 |
|
||||
| Amortization of acquisition-related intangibles and fair value adjustments |
4,615 |
|
5,497 |
|
14,662 |
|
6,878 |
|
||||
| Acquisition transaction and integration costs, restructuring charges and other |
(7 |
) |
(13 |
) |
(50 |
) |
7 |
|
||||
| Amortization of internally developed software costs |
5,532 |
|
6,769 |
|
18,633 |
|
20,995 |
|
||||
| Non-GAAP gross profit |
$ |
275,770 |
|
$ |
229,165 |
|
$ |
788,405 |
|
$ |
687,576 |
|
| Non-GAAP gross margin |
75.0 |
% |
74.1 |
% |
75.0 |
% |
74.7 |
% |
||||
|
|
|
|
|
|
||||||||
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
|
|
||||||||||
| Operating expenses, as reported |
$ |
230,267 |
|
$ |
218,007 |
|
$ |
683,405 |
|
$ |
630,567 |
|
| Stock-based compensation |
(17,673 |
) |
(14,169 |
) |
(52,703 |
) |
(39,767 |
) |
||||
| Amortization of acquisition-related intangibles and fair value adjustments |
(2,331 |
) |
(2,362 |
) |
(6,859 |
) |
(3,384 |
) |
||||
| Acquisition transaction and integration costs, restructuring charges and other |
(1,820 |
) |
(11,742 |
) |
(14,881 |
) |
(26,556 |
) |
||||
| Capitalization of internally developed software costs |
525 |
|
(302 |
) |
1,246 |
|
2,794 |
|
||||
| Non-GAAP operating expenses |
$ |
208,968 |
|
$ |
189,432 |
|
$ |
610,208 |
|
$ |
563,654 |
|
|
|
|
|
|
|
||||||||
| Reconciliation of Operating Income to Non-GAAP Operating Income |
|
|
||||||||||
| Operating income, as reported |
$ |
34,180 |
|
$ |
(2,146 |
) |
$ |
68,268 |
|
$ |
186,095 |
|
| Stock-based compensation |
18,856 |
|
15,220 |
|
56,190 |
|
42,554 |
|
||||
| Amortization of acquisition-related intangibles and fair value adjustments |
6,946 |
|
7,859 |
|
21,521 |
|
10,262 |
|
||||
| Acquisition transaction and integration costs, restructuring charges and other |
1,813 |
|
11,729 |
|
14,831 |
|
26,563 |
|
||||
| Net amortization of internally developed software costs |
5,007 |
|
7,071 |
|
17,387 |
|
18,201 |
|
||||
| Gain on sale of business/assets |
— |
|
— |
|
— |
|
(159,753 |
) |
||||
| Non-GAAP operating income |
$ |
66,802 |
|
$ |
39,733 |
|
$ |
178,197 |
|
$ |
123,922 |
|
| Non-GAAP operating margin |
18.2 |
% |
12.8 |
% |
17.0 |
% |
13.5 |
% |
||||
|
|
|
|
|
|
||||||||
| Reconciliation of Provision for income taxes to Non-GAAP Provision for income taxes (1) |
|
|
||||||||||
| Provision for income taxes, as reported |
$ |
5,183 |
|
$ |
475 |
|
$ |
9,438 |
|
$ |
44,588 |
|
| Stock-based compensation |
2,798 |
|
3,854 |
|
10,036 |
|
8,260 |
|
||||
| Amortization of acquisition-related intangibles and fair value adjustments |
917 |
|
1,658 |
|
2,870 |
|
1,948 |
|
||||
| Acquisition transaction and integration costs, restructuring charges and other |
238 |
|
712 |
|
3,701 |
|
2,794 |
|
||||
| Net amortization of internally developed software costs |
1,192 |
|
1,485 |
|
3,792 |
|
3,822 |
|
||||
| Gain on sale of business/assets |
— |
|
— |
|
— |
|
(36,759 |
) |
||||
| Non-GAAP provision for income taxes (1) |
$ |
10,328 |
|
$ |
8,184 |
|
$ |
29,837 |
|
$ |
24,653 |
|
| (1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments. |
||||||||||||
| Reconciliation of GAAP Net Income and Diluted EPS to Non-GAAP Net Income, Non-GAAP Diluted EPS, and EBITDA |
||||||||||||
| (in thousands, except per share data, unaudited) |
||||||||||||
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
|
September 30, |
September 30, |
||||||||||
|
|
2021 |
2020 |
2021 |
2020 |
||||||||
|
|
|
|
|
|
||||||||
| Net income, as reported |
$ |
27,177 |
|
$ |
(4,622 |
) |
$ |
48,979 |
|
$ |
138,923 |
|
| Adjustments to reconcile net income to non-GAAP net income: |
|
|
|
|
||||||||
| Stock-based compensation |
18,856 |
|
15,220 |
|
56,190 |
|
42,554 |
|
||||
| Amortization of acquisition-related intangibles and fair value adjustments |
7,475 |
|
7,980 |
|
22,997 |
|
10,625 |
|
||||
| Acquisition transaction and integration costs, restructuring charges and other |
2,129 |
|
11,999 |
|
19,153 |
|
26,960 |
|
||||
| Net amortization of internally developed software costs |
5,007 |
|
7,071 |
|
17,387 |
|
18,201 |
|
||||
| Gain on sale of business/assets |
— |
|
— |
|
— |
|
(159,753 |
) |
||||
| Income tax effects and adjustments (1) |
(5,145 |
) |
(7,709 |
) |
(20,399 |
) |
19,935 |
|
||||
| Non-GAAP net income |
$ |
55,499 |
|
$ |
29,939 |
|
$ |
144,307 |
|
$ |
97,445 |
|
| Non-GAAP net margin |
15.1 |
% |
9.7 |
% |
13.7 |
% |
10.6 |
% |
||||
|
|
||||||||||||
| Diluted EPS, as reported |
$ |
0.20 |
|
$ |
(0.04 |
) |
$ |
0.37 |
|
$ |
1.06 |
|
| Adjustment to reconcile diluted EPS to non-GAAP diluted EPS |
|
|
|
|
||||||||
| Stock-based compensation |
0.14 |
|
0.12 |
|
0.42 |
|
0.32 |
|
||||
| Amortization of acquisition-related intangibles and fair value adjustments |
0.06 |
|
0.06 |
|
0.17 |
|
0.08 |
|
||||
| Acquisition transaction and integration costs, restructuring charges and other |
0.02 |
|
0.10 |
|
0.14 |
|
0.20 |
|
||||
| Net amortization of internally developed software costs |
0.04 |
|
0.05 |
|
0.13 |
|
0.14 |
|
||||
| Gain on sale of business/assets |
— |
|
— |
|
— |
|
(1.21 |
) |
||||
| Income tax effects and adjustments (1) |
(0.04 |
) |
(0.06 |
) |
(0.15 |
) |
0.15 |
|
||||
| Non-GAAP diluted EPS |
$ |
0.42 |
|
$ |
0.23 |
|
$ |
1.08 |
|
$ |
0.74 |
|
| (1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments. |
||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
| Net income, as reported |
|
$ |
27,177 |
|
|
$ |
(4,622 |
) |
|
$ |
48,979 |
|
|
$ |
138,923 |
|
| Adjustments to reconcile net income to EBITDA: |
|
|
|
|
|
|
|
|
||||||||
| Interest expense (income), net |
|
643 |
|
|
560 |
|
|
2,296 |
|
|
(2,608 |
) |
||||
| Tax expense |
|
5,183 |
|
|
475 |
|
|
9,438 |
|
|
44,588 |
|
||||
| Depreciation and amortization |
|
23,394 |
|
|
22,887 |
|
|
73,418 |
|
|
61,228 |
|
||||
| EBITDA |
|
$ |
56,397 |
|
|
$ |
19,300 |
|
|
$ |
134,131 |
|
|
$ |
242,131 |
|
| Weighted average shares outstanding - Diluted |
|
133,686 |
|
|
131,419 |
|
|
133,829 |
|
|
131,671 |
|
||||
| Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS Guidance |
||||||
| (unaudited) |
||||||
|
|
Three Months Ended |
|||||
|
|
December 31, 2021 |
|||||
|
|
|
|
||||
|
|
Low |
High |
||||
| GAAP Diluted EPS, guidance |
$ |
0.17 |
|
$ |
0.31 |
|
| Adjustment to reconcile diluted EPS to non-GAAP diluted EPS: |
|
|
||||
| Stock-based compensation |
0.14 |
|
0.14 |
|
||
| Amortization of acquisition-related intangibles and fair value adjustments |
0.08 |
|
0.08 |
|
||
| Acquisition transaction and integration costs, restructuring charges, and other |
0.09 |
|
0.09 |
|
||
| Net amortization of software development costs |
0.05 |
|
0.05 |
|
||
| Income tax effects and adjustments (1) |
(0.06 |
) |
(0.06 |
) |
||
| Non-GAAP Diluted EPS, guidance |
$ |
0.47 |
|
$ |
0.61 |
|
| (1): The income tax effect related to each non-GAAP item is calculated based on the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment, and considers the current and deferred tax impact of those adjustments. |
||||||
