| [July 02, 2014] |
 |
SYNNEX Corporation Reports Fiscal 2014 Second Quarter Results
FREMONT, Calif. --(Business Wire)--
SYNNEX Corporation (NYSE:SNX), a leading business process services
company, today announced financial results for the fiscal second quarter
ended May 31, 2014.
|
|
|
Q2 FY14
|
|
Q2 FY13
|
|
Net change
|
|
Revenue ($M)
|
|
$3,454
|
|
$2,591
|
|
33.3%
|
|
Operating income ($M)
|
|
$68.1
|
|
$52.0
|
|
31.0%
|
|
Non-GAAP Operating income ($M)
|
|
$99.0
|
|
$53.9
|
|
83.5%
|
|
Operating margin
|
|
1.97%
|
|
2.01%
|
|
(4 bps)
|
|
Non-GAAP operating margin
|
|
2.87%
|
|
2.08%
|
|
79 bps
|
|
Net income attributable to SYNNEX Corporation ($M)
|
|
$39.6
|
|
$30.8
|
|
28.5%
|
|
Non-GAAP net income attributable to SYNNEX Corporation ($M)
|
|
$59.5
|
|
$32.0
|
|
85.5%
|
|
Diluted EPS
|
|
$1.01
|
|
$0.81
|
|
24.7%
|
|
Non-GAAP Diluted EPS
|
|
$1.52
|
|
$0.84
|
|
81.0%
|
Non-GAAP financial measures exclude the impact of acquisition and
integration expenses and the amortization of intangible assets. A
reconciliation of GAAP to Non-GAAP financial information is presented in
the supplementary information section at the end of this press release.
"I am pleased to report another quarter of strong results," stated Kevin
Murai, President and Chief Executive Officer. "Excellent growth and
leverage in Technology Solutions and steady progress in the integration
of the IBM CRM business led to results ahead of our expectations."
Fiscal 2014 Second Quarter Highlights:
-
Technology Solutions: Revenue was $3.16 billion, up 24.2% from
the prior fiscal year quarter. Adjusting for the translation effect of
foreign currencies, primarily the yen and the Canadian dollar, the
Technology Solutions business grew approximately 26.1%. Technology
Solutions income before non-operating items, income taxes and
non-controlling interest was $70.1 million, or 2.22% of segment
revenue, compared with $48.7 million, or 1.91% of segment revenue, in
the fiscal second quarter of 2013.
-
Concentrix: Revenue was $293.5 million, up from $46.7 million
over the prior fiscal year quarter due largely to the recently
acquired IBM CRM business. Concentrix' loss before non-operating
items, income taxes and non-controlling interest was $2.2 million, or
(0.74%) of Concentrix revenue, compared with income of $3.3 million,
or 6.99% of Concentrix revenue, in the prior fiscal year quarter.
Non-GAAP Concentrix income before non-operating items, income taxes
and non-controlling interest was $27.8 million, or 9.48% of Concentrix
revenue, for fiscal second quarter of 2014, compared to $4.3 million,
or 9.12% of Concentrix revenue, in the prior year period.
-
The trailing fiscal four quarter ROIC was 8.5% compared to 9.6% in the
prior year fiscal second quarter. Excluding the impact of acquisition
and integration expenses, the current fiscal quarter's trailing ROIC
was 10.4%.
-
The cash conversion cycle was 46 days compared to 42 days in the prior
year fiscal second quarter, due to growth in both business segments.
-
The debt to capitalization ratio was 38%, up from 18% in the prior
year fiscal second quarter, primarily due to financing the acquisition
of the IBM CRM business.
-
Depreciation and amortization were $9.2 and $15.2 million respectively.
Fiscal 2014 Third Quarter Outlook:
The following statements are based on the Company's current expectations
for the fiscal 2014 third quarter and do not include acquisition and
integration expenses and amortization of intangibles. These statements
are forward-looking and actual results may differ materially.
-
Revenue is expected to be in the range of $3.3 billion to $3.4 billion.
-
Non-GAAP net income is expected to be in the range of $56.9 million to
$58.9 million.
-
Non-GAAP diluted earnings per share are expected to be in the range of
$1.45 to $1.50.
-
After-tax amortization of intangibles is expected to be $11.2 million,
or $0.28 per share. These estimates are based on the preliminary
purchase price allocation of the IBM CRM acquisition and are subject
to change.
"Our third quarter guidance reflects continued strong performance in
both our Technology Solutions and Concentrix business segments" stated
Kevin Murai, President and CEO of SYNNEX Corporation. "We are positive
on the market demand and confident in our ability to execute."
Conference Call and Webcast
SYNNEX will be discussing its financial results and outlook on a
conference call today at 2:00 p.m. (PT). A webcast of the call will be
available at http://ir.synnex.com.
The conference call will also be available via telephone by dialing
(888) 469-3219 in North America or (630) 395-0205 outside North America.
The passcode code for the call is "SNX." A replay of the webcast will be
available at http://ir.synnex.com
approximately two hours after the conference call has concluded.
About SYNNEX
SYNNEX Corporation (NYSE: SNX), a Fortune 500 corporation, is a leading
business process services company, servicing resellers, retailers and
original equipment manufacturers in multiple regions around the world.
The Company provides services in IT distribution, supply chain
management, contract assembly and global business services. Founded in
1980, SYNNEX employs approximately 53,000 full-time and part-time
associates worldwide. Additional information about SYNNEX may be found
online at www.synnex.com.
Use of Non-GAAP Financial Information
To supplement the financial results presented in accordance with GAAP,
SYNNEX uses non-GAAP operating income, non-GAAP operating margin,
non-GAAP net income and non-GAAP diluted earnings per share, which are
non-GAAP financial measures that exclude the amortization of intangible
assets and acquisition and integration related expenses. These non-GAAP
measures provide investors with an additional tool to evaluate operating
results. Because these non-GAAP measures are not calculated in
accordance with GAAP, they may not necessarily be comparable to
similarly titled measures employed by other companies. These non-GAAP
financial measures should not be considered in isolation or as a
substitute for the comparable GAAP measures, and should be read only in
conjunction with the Company's consolidated financial statements
prepared in accordance with GAAP.
SYNNEX management uses the non-GAAP financial measures internally to
understand, manage and evaluate the business. SYNNEX management believes
it is useful for the Company and investors to review, as applicable,
both GAAP information, and the non-GAAP measures in order to assess the
performance of the Company's continuing businesses and for planning and
forecasting in future periods. These non-GAAP measures are intended to
provide investors with an understanding of the Company's operational
results and trends that more readily enable investors to analyze SYNNEX'
base financial and operating performance and to facilitate
period-to-period comparisons and analysis of operational trends. The
management of SYNNEX believes the non-GAAP financial measures are useful
to investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision-making. A reconciliation of the Company's non-GAAP
financial information to GAAP is set forth in the following supplemental
information table.
Safe Harbor Statement
Statements in this press release regarding SYNNEX Corporation, which are
not historical facts, are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
may be identified by terms such as believe, expect, may, will, provide,
could and should and the negative of these terms or other similar
expressions. These statements, including statements regarding the growth
in margin, sales, and profitability, the anticipated remaining closings
in our acquisition of the IBM CRM business, success of the acquired IBM
CRM business, success in and timing of integration of the acquired IBM
CRM business, market demand, investments, our revenue, operating
margins, net income and earnings per share, amortization of intangibles,
and the anticipated benefits of the non-GAAP financial measures, are
subject to risks and uncertainties that could cause actual results to
differ materially from those discussed in the forward-looking
statements. These risks and uncertainties include, but are not limited
to: our ability to successfully integrate our recent acquisitions;
diversion of management as a result of our recent and pending
acquisitions; ability to complete the subsequent closings in our
acquisition of the IBM CRM business; loss of vendors and suppliers as a
result of our recent acquisitions; market acceptance and product life of
the platforms sold by companies recently acquired; general economic
conditions and any weakness in IT and consumer electronics spending; the
loss or consolidation of one or more of our significant OEM suppliers or
customers; market acceptance and product life of the products we
assemble and distribute; competitive conditions in our industry and
their impact on our margins; pricing, margin and other terms with our
OEM suppliers; our ability to gain market share; variations in
supplier-sponsored programs; changes in our costs and operating
expenses; changes in foreign currency exchange rates; changes in the tax
laws; risks associated with our international operations; uncertainties
and variability in demand by our reseller and contract assembly
customers; supply shortages or delays; any termination or reduction in
our floor plan financing arrangements; credit exposure to our reseller
customers and negative trends in their businesses; any future incidents
of theft; risks associated with our global business services and
contract assembly business; risks associated with our anti-dilution
share repurchase program; and other risks and uncertainties detailed in
our Form 10-Q for the fiscal quarter ended February 28, 2014 and from
time to time in our SEC filings. Statements included in this press
release are based upon information known to SYNNEX Corporation as of the
date of this release, and SYNNEX Corporation assumes no obligation to
update information contained in this press release.
Copyright 2014 SYNNEX Corporation. All rights reserved. SYNNEX, the
SYNNEX Logo, CONCENTRIX, HYVE SOLUTIONS, and all other SYNNEX company,
product and services names and slogans are trademarks or registered
trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo, CONCENTRIX
and HYVE SOLUTIONS Reg. U.S. Pat. & Tm. Off. Other names and marks are
the property of their respective owners.
SNX-F
|
|
SYNNEX Corporation
Consolidated Statements of
Operations
(currency and share amounts in thousands,
except for per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
May 31, 2014
|
|
May 31, 2013
|
|
May 31, 2014
|
|
May 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
3,453,535
|
|
|
$
|
2,591,361
|
|
|
$
|
6,480,519
|
|
|
$
|
5,052,200
|
|
|
Cost of revenue
|
|
|
(3,174,521
|
)
|
|
|
(2,436,571
|
)
|
|
|
(5,994,859
|
)
|
|
|
(4,741,323
|
)
|
|
Gross profit
|
|
|
279,014
|
|
|
|
154,790
|
|
|
|
485,660
|
|
|
|
310,877
|
|
|
Selling, general and administrative expenses
|
|
|
(210,931
|
)
|
|
|
(102,826
|
)
|
|
|
(355,627
|
)
|
|
|
(202,973
|
)
|
|
Income before non-operating items, income taxes and noncontrolling
interest
|
|
|
68,083
|
|
|
|
51,964
|
|
|
|
130,033
|
|
|
|
107,904
|
|
|
Interest expense and finance charges, net
|
|
|
(6,160
|
)
|
|
|
(4,863
|
)
|
|
|
(10,658
|
)
|
|
|
(10,356
|
)
|
|
Other income (expense), net
|
|
|
(197
|
)
|
|
|
528
|
|
|
|
2,771
|
|
|
|
1,789
|
|
|
Income before income taxes and noncontrolling interest
|
|
|
61,726
|
|
|
|
47,629
|
|
|
|
122,146
|
|
|
|
99,337
|
|
|
Provision for income taxes
|
|
|
(22,147
|
)
|
|
|
(16,837
|
)
|
|
|
(44,109
|
)
|
|
|
(35,154
|
)
|
|
Net income
|
|
|
39,579
|
|
|
|
30,792
|
|
|
|
78,037
|
|
|
|
64,183
|
|
|
Net income attributable to noncontrolling interest
|
|
|
(28
|
)
|
|
|
(23
|
)
|
|
|
(69
|
)
|
|
|
(45
|
)
|
|
Net income attributable to SYNNEX Corporation
|
|
$
|
39,551
|
|
|
$
|
30,769
|
|
|
$
|
77,968
|
|
|
$
|
64,138
|
|
|
Earnings per share attributable to SYNNEX Corporation :
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.02
|
|
|
$
|
0.84
|
|
|
$
|
2.04
|
|
|
$
|
1.75
|
|
|
Diluted
|
|
$
|
1.01
|
|
|
$
|
0.81
|
|
|
$
|
2.01
|
|
|
$
|
1.69
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
38,663
|
|
|
|
36,783
|
|
|
|
38,165
|
|
|
|
36,724
|
|
|
Diluted
|
|
|
39,203
|
|
|
|
37,869
|
|
|
|
38,720
|
|
|
|
37,950
|
|
|
|
SYNNEX Corporation
Consolidated Balance Sheets
(currency
in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
May 31,
2014
|
|
November 30,
2013
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
204,595
|
|
|
$
|
151,622
|
|
|
Short-term investments
|
|
|
10,503
|
|
|
|
15,134
|
|
|
Accounts receivable, net
|
|
|
1,812,568
|
|
|
|
1,593,191
|
|
|
Receivable from related parties
|
|
|
631
|
|
|
|
146
|
|
|
Inventories
|
|
|
1,424,227
|
|
|
|
1,095,107
|
|
|
Current deferred tax assets
|
|
|
19,384
|
|
|
|
22,031
|
|
|
Other current assets
|
|
|
113,175
|
|
|
|
54,502
|
|
|
Total current assets
|
|
|
3,585,083
|
|
|
|
2,931,733
|
|
|
Property and equipment, net
|
|
|
187,488
|
|
|
|
133,249
|
|
|
Goodwill
|
|
|
376,460
|
|
|
|
188,535
|
|
|
Intangible assets, net
|
|
|
271,382
|
|
|
|
23,772
|
|
|
Deferred tax assets
|
|
|
377
|
|
|
|
7,867
|
|
|
Other assets
|
|
|
54,176
|
|
|
|
40,733
|
|
|
Total assets
|
|
$
|
4,474,966
|
|
|
$
|
3,325,889
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Borrowings under securitization, term loans and lines of credit
|
|
$
|
697,417
|
|
|
$
|
252,523
|
|
|
Accounts payable
|
|
|
1,481,805
|
|
|
|
1,350,040
|
|
|
Payable to related parties
|
|
|
15,993
|
|
|
|
3,861
|
|
|
Accrued liabilities
|
|
|
343,762
|
|
|
|
181,325
|
|
|
Income taxes payable
|
|
|
10,246
|
|
|
|
1,629
|
|
|
Total current liabilities
|
|
|
2,549,223
|
|
|
|
1,789,378
|
|
|
Long-term borrowings
|
|
|
278,932
|
|
|
|
65,405
|
|
|
Long-term liabilities
|
|
|
56,161
|
|
|
|
56,418
|
|
|
Deferred tax liabilities
|
|
|
9,224
|
|
|
|
3,047
|
|
|
Total liabilities
|
|
|
2,893,540
|
|
|
|
1,914,248
|
|
|
|
|
|
|
|
|
SYNNEX Corporation stockholders' equity:
|
|
|
|
|
|
Preferred stock
|
|
|
-
|
|
|
|
-
|
|
|
Common stock
|
|
|
40
|
|
|
|
38
|
|
|
Additional paid-in capital
|
|
|
370,469
|
|
|
|
286,329
|
|
|
Treasury stock
|
|
|
(29,160
|
)
|
|
|
(27,450
|
)
|
|
Accumulated other comprehensive income
|
|
|
28,482
|
|
|
|
19,168
|
|
|
Retained earnings
|
|
|
1,211,105
|
|
|
|
1,133,137
|
|
|
Total SYNNEX Corporation stockholders' equity
|
|
|
1,580,936
|
|
|
|
1,411,222
|
|
|
Noncontrolling interest
|
|
|
490
|
|
|
|
419
|
|
|
Total equity
|
|
|
1,581,426
|
|
|
|
1,411,641
|
|
|
Total liabilities and equity
|
|
$
|
4,474,966
|
|
|
$
|
3,325,889
|
|
|
|
SYNNEX Corporation
Segment Information
(currency
in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
May 31, 2014
|
|
May 31, 2013
|
|
May 31, 2014
|
|
May 31, 2013
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Technology Solutions
|
|
$
|
3,162,998
|
|
|
$
|
2,547,216
|
|
|
$
|
6,065,905
|
|
|
$
|
4,966,132
|
|
|
Concentrix
|
|
|
293,482
|
|
|
|
46,748
|
|
|
|
420,447
|
|
|
|
91,098
|
|
|
Inter-segment elimination
|
|
|
(2,945
|
)
|
|
|
(2,603
|
)
|
|
|
(5,833
|
)
|
|
|
(5,030
|
)
|
|
Consolidated
|
|
$
|
3,453,535
|
|
|
$
|
2,591,361
|
|
|
$
|
6,480,519
|
|
|
$
|
5,052,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before non-operating items, income taxes and noncontrolling
interest:
|
|
|
|
|
|
Technology Solutions
|
|
$
|
70,134
|
|
|
$
|
48,686
|
|
|
$
|
133,665
|
|
|
$
|
102,222
|
|
|
Concentrix
|
|
|
(2,169
|
)
|
|
|
3,266
|
|
|
|
(3,948
|
)
|
|
|
5,690
|
|
|
Inter-segment elimination
|
|
|
118
|
|
|
|
12
|
|
|
|
316
|
|
|
|
(8
|
)
|
|
Consolidated
|
|
$
|
68,083
|
|
|
$
|
51,964
|
|
|
$
|
130,033
|
|
|
$
|
107,904
|
|
|
|
Reconciliation of GAAP to Non-GAAP financial measures
(currency
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Effective in the first quarter of 2014, the Company realigned its
business segments. Certain operations of the Company which were
previously reported under the Concentrix segment and which provided
inter-segment support and IT services to the Technology Solutions
segment have now been aligned with and report into the Technology
Solutions segment. The Concentrix segment includes the legacy
Concentrix business and the newly acquired IBM customer care
business. For comparability, the financial information presented
herein reflects the impact of the preceding segment structure change
for all periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
May 31, 2014
|
|
May 31, 2013
|
|
May 31, 2014
|
|
May 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
3,453,535
|
|
|
$
|
2,591,361
|
|
|
$
|
6,480,519
|
|
|
$
|
5,052,200
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
$
|
68,083
|
|
|
$
|
51,964
|
|
|
$
|
130,033
|
|
|
$
|
107,904
|
|
|
IBM CRM acquisition and other integration expenses
|
|
|
15,741
|
|
|
|
-
|
|
|
|
24,649
|
|
|
|
-
|
|
|
Amortization of intangibles
|
|
|
15,166
|
|
|
|
1,971
|
|
|
|
20,863
|
|
|
|
3,924
|
|
|
Non-GAAP operating income
|
|
$
|
98,990
|
|
|
$
|
53,935
|
|
|
$
|
175,545
|
|
|
$
|
111,828
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin
|
|
|
1.97
|
%
|
|
|
2.01
|
%
|
|
|
2.01
|
%
|
|
|
2.14
|
%
|
|
Non-GAAP operating margin
|
|
|
2.87
|
%
|
|
|
2.08
|
%
|
|
|
2.71
|
%
|
|
|
2.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Technology Solutions
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
3,162,998
|
|
|
$
|
2,547,216
|
|
|
$
|
6,065,905
|
|
|
$
|
4,966,132
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
$
|
70,134
|
|
|
$
|
48,686
|
|
|
$
|
133,665
|
|
|
$
|
102,222
|
|
|
Amortization of intangibles
|
|
|
910
|
|
|
|
974
|
|
|
|
1,896
|
|
|
|
1,906
|
|
|
Non-GAAP operating income
|
|
$
|
71,044
|
|
|
$
|
49,660
|
|
|
$
|
135,561
|
|
|
$
|
104,128
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin
|
|
|
2.22
|
%
|
|
|
1.91
|
%
|
|
|
2.20
|
%
|
|
|
2.06
|
%
|
|
Non-GAAP operating margin
|
|
|
2.25
|
%
|
|
|
1.95
|
%
|
|
|
2.23
|
%
|
|
|
2.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Concentrix
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
293,482
|
|
|
$
|
46,748
|
|
|
$
|
420,447
|
|
|
$
|
91,098
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income (loss)
|
|
$
|
(2,169
|
)
|
|
$
|
3,266
|
|
|
$
|
(3,948
|
)
|
|
$
|
5,690
|
|
|
IBM CRM acquisition and other integration expenses
|
|
|
15,741
|
|
|
|
-
|
|
|
|
24,649
|
|
|
|
-
|
|
|
Amortization of intangibles
|
|
|
14,256
|
|
|
|
998
|
|
|
|
18,967
|
|
|
|
2,019
|
|
|
Non-GAAP operating income
|
|
$
|
27,828
|
|
|
$
|
4,264
|
|
|
$
|
39,668
|
|
|
$
|
7,709
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin
|
|
|
-0.74
|
%
|
|
|
6.99
|
%
|
|
|
-0.94
|
%
|
|
|
6.25
|
%
|
|
Non-GAAP operating margin
|
|
|
9.48
|
%
|
|
|
9.12
|
%
|
|
|
9.43
|
%
|
|
|
8.46
|
%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP financial measures
(currency
in thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
May 31, 2014
|
|
May 31, 2013
|
|
May 31, 2014
|
|
May 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to SYNNEX Corporation
|
|
$
|
39,551
|
|
|
$
|
30,769
|
|
|
$
|
77,968
|
|
|
$
|
64,138
|
|
|
IBM CRM acquisition and other integration expenses, net of taxes(1)
|
|
|
10,179
|
|
|
|
-
|
|
|
|
15,849
|
|
|
|
-
|
|
|
Amortization of intangibles(1)
|
|
|
9,725
|
|
|
|
1,274
|
|
|
|
13,352
|
|
|
|
2,535
|
|
|
Non-GAAP net income attributable to SYNNEX Corporation
|
|
$
|
59,455
|
|
|
$
|
32,043
|
|
|
$
|
107,169
|
|
|
$
|
66,673
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$
|
1.01
|
|
|
$
|
0.81
|
|
|
$
|
2.01
|
|
|
$
|
1.69
|
|
|
IBM CRM acquisition and other integration expenses
|
|
|
0.26
|
|
|
|
-
|
|
|
|
0.42
|
|
|
|
-
|
|
|
Amortization of intangibles
|
|
|
0.25
|
|
|
|
0.03
|
|
|
|
0.34
|
|
|
|
0.06
|
|
|
Non-GAAP Diluted EPS
|
|
$
|
1.52
|
|
|
$
|
0.84
|
|
|
$
|
2.77
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax effect of the non-GAAP adjustments was calculated
using the applicable effective tax rate during the period.
|
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