[November 01, 2016] |
|
Ixia Announces Financial Results for 2016 Third Quarter
Ixia (Nasdaq: XXIA) today reported its financial results for the
third quarter ended September 30, 2016.
Total revenue for the 2016 third quarter was $123.9 million, compared
with $125.9 million reported for the 2015 third quarter and $120.1
million reported for the 2016 second quarter.
"We are pleased with our results in the third quarter, with revenue and
EPS exceeding our guidance. Our revenue performance was driven by
growing momentum for our network visibility solutions and record revenue
from the enterprise market, which offset softness in our NEM markets,"
said Bethany Mayer, Ixia's president and chief executive officer. "We
are continuing to execute and invest in our strategy and are pleased
with the early results we have generated from the changes we made to our
sales leadership and organization."
On a GAAP basis, the company recorded net income for the 2016 third
quarter of $4.8 million, or $0.06 per diluted share, compared with net
income of $4.0 million, or $0.05 per diluted share, for the 2015 third
quarter, and net income of $1.5 million, or $0.02 per diluted share, for
the 2016 second quarter.
Non-GAAP net income for the 2016 third quarter was $15.2 million, or
$0.18 per diluted share, compared with non-GAAP net income of $12.3
million, or $0.15 per diluted share, for the 2015 third quarter, and
non-GAAP net income of $14.9 million, or $0.18 per diluted share, for
the 2016 second quarter.
Additional non-GAAP information and GAAP to Non-GAAP reconciliation
information may be found in the attached financial tables.
Ixia ended the 2016 third quarter with $121.5 million in cash, cash
equivalents, and investments, compared with $100.8 million at June 30,
2016.
Conference Call and Webcast Information
Ixia will host a conference call today at 1:30 p.m. Pacific time (4:30
p.m. Eastern time) to discuss with analysts and investors the company's
2016 third quarter and its business outlook and guidance for the 2016
fourth quarter. The call will be open to the public, and interested
parties may listen to the call by dialing (804) 681-3728. A live audio
webcast of the conference call will be accessible from the "Investors"
section of the company's website (http://investor.ixiacom.com/).
Following the live webcast, an archived version will be available in the
"Investors" section of the Ixia website for at least 90 days. Certain
supplemental financial information will be posted promptly to the
website following the issuance of this press release, and additional
supplemental financial information will be posted just prior to the
start of the conference call.
Non-GAAP Financial Measures
To supplement our consolidated financial results prepared in accordance
with Generally Accepted Accounting Principles ("GAAP"), we have included
certain non-GAAP financial measures in this press release. Specifically,
we have provided non-GAAP net income and non-GAAP diluted earnings per
share measures that, among other adjustments identified in the attached
financial tables, exclude from the most directly comparable GAAP
measures certain items such as expenses relating to internal
investigations and any related remediation efforts, the securities class
action and shareholder derivative action that have been settled
recently, as well as an ongoing SEC investigation, the amortization of
acquisition-related intangible assets, stock-based compensation
expenses, acquisition and other related costs, restructuring expenses,
and the related income tax effects of these items, as well as certain
other non-cash income tax impacts such as changes in the valuation
allowance recorded against certain deferred tax assets. The
aforementioned items represent expense items that may be difficult to
estimate from period to period and/or that we believe are not directly
attributable to and/or reflective of the underlying performance of our
business operations. We believe that, by excluding these items, our
non-GAAP measures provide supplemental information to both management
and investors that is useful in assessing the operating performance of
our core business, identifying and assessing financial and business
trends affecting our business that might otherwise be obscured or
distorted, and comparing our results of operations on a consistent basis
from period to period by eliminating certain items that may vary
independent of business performance. These non-GAAP financial measures
are provided to enhance the user's overall understanding of our
financial performance and to provide to our investors greater
transparency with respect to key metrics used by management to operate
our business. These non-GAAP financial measures are used by management,
in conjunction with and in addition to our results prepared in
accordance with GAAP, to plan, budget, and forecast for future periods
and in making operating and strategic decisions. The company also uses
these measures in evaluating the performance of management and making
determinations regarding executive compensation. The presentation of
this additional information is not prepared in accordance with GAAP. The
information may not necessarily be comparable to that of other companies
that may calculate their non-GAAP financial measures differently and
should be considered as a supplement to, and not as a substitute for or
superior to, the corresponding measures calculated in accordance with
GAAP. Investors are encouraged to review the reconciliations of our
non-GAAP financial measures to the most directly comparable GAAP
measures, which are included below in the attached financial tables and
also posted on our website.
Safe Harbor under the Private Securities Litigation Reform Act of 1995
Certain statements made in this press release may be deemed to be
forward-looking statements including, without limitation, statements
regarding the company's business, the growing momentum for our network
visibility solutions, and the company's continuing execution and
investment in its strategy. In some cases, such forward-looking
statements can be identified by words such as "may," "will," "should,"
"could," "would," "expect," "plan," "anticipate," "believe," "estimate,"
"project," "predict," "potential," or the like. These statements reflect
our current views with respect to future events and are based on
assumptions and are subject to risks and uncertainties. These risks and
uncertainties, as well as other factors, may cause our future results,
performance, or achievements to be materially different from those
expressed or implied by such forward-looking statements. Factors that
could cause the actual results to differ materially from those expressed
or implied in such forward-looking statements include, among others:
changes with respect to the sales momentum for our network visibility
solutions; changes in our business strategy and/or in our execution of
or investment in such strategy; our success in developing, producing,
and introducing new products and in keeping pace with the rapid
technological changes that characterize our market; our success in
developing new sales channels and customers; market acceptance of our
products; competition; changes in the global economy and in market
conditions; consistency of orders from significant customers; our
success in leveraging our intellectual property portfolio, expertise and
market opportunities; our expectations regarding the transition into
Software Defined Networks (SDN) and Network Functions Virtualization
(NFV); a material weakness in our internal controls; and war, terrorism,
political unrest, natural disasters, cybersecurity attacks, and other
circumstances that could, among other consequences, reduce the demand
for our products, disrupt our supply chain, impact the delivery of our
products, and/or change our business strategy, market positioning, and
business plans and focus and/or affect our ability to execute on such
strategy and plans. The factors that may cause future results to differ
materially from our current expectations also include, without
limitation, the risks identified in our Annual Report on Form 10-K for
the year ended December 31, 2015 and in our other filings with the
Securities and Exchange Commission. We undertake no obligation to update
any forward-looking statements, whether as a result of new information,
future events, or otherwise.
About Ixia
Ixia (Nasdaq: XXIA) provides testing, visibility, and security
solutions, strengthening applications across physical and virtual
networks for enterprises, service providers, and network equipment
manufacturers. Ixia offers companies trusted environments in which to
develop, deploy, and operate. Customers worldwide rely on Ixia to verify
their designs, optimize their performance, and ensure protection of
their networks to make their applications stronger.
Learn more at www.ixiacom.com.
Ixia and the Ixia logo are trademarks or registered trademarks of Ixia
in the United States and other jurisdictions.
IXIA
Consolidated Balance Sheets
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
65,184
|
|
|
$
|
52,472
|
|
Marketable securities
|
|
56,362
|
|
|
14,504
|
|
Accounts receivable, net of allowances of $867 and $1,107, as of
September 30, 2016 and December 31, 2015, respectively
|
|
95,926
|
|
|
121,932
|
|
Inventories
|
|
27,040
|
|
|
33,289
|
|
Prepaid expenses and other current assets
|
|
42,811
|
|
|
44,384
|
|
Total current assets
|
|
287,323
|
|
|
266,581
|
|
Property and equipment, net
|
|
37,872
|
|
|
36,536
|
|
Intangible assets, net
|
|
74,962
|
|
|
103,660
|
|
Goodwill
|
|
338,873
|
|
|
338,873
|
|
Other assets
|
|
30,716
|
|
|
34,227
|
|
Total assets
|
|
$
|
769,746
|
|
|
$
|
779,877
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
11,635
|
|
|
$
|
15,346
|
|
Accrued expenses and other
|
|
38,422
|
|
|
70,029
|
|
Deferred revenues
|
|
108,334
|
|
|
108,436
|
|
Term loan, net
|
|
4,548
|
|
|
3,045
|
|
Total current liabilities
|
|
162,939
|
|
|
196,856
|
|
Deferred revenues
|
|
30,407
|
|
|
22,117
|
|
Other liabilities
|
|
9,832
|
|
|
7,406
|
|
Term loan, net
|
|
29,924
|
|
|
34,487
|
|
Total liabilities
|
|
233,102
|
|
|
260,866
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Common stock, without par value; 200,000 shares authorized at
September 30, 2016 and December 31, 2015; 81,594 and 80,805 shares
issued and outstanding as of September 30, 2016 and December 31,
2015, respectively
|
|
201,803
|
|
|
201,087
|
|
Additional paid-in capital
|
|
238,057
|
|
|
225,432
|
|
Retained earnings
|
|
97,134
|
|
|
93,525
|
|
Accumulated other comprehensive loss
|
|
(350
|
)
|
|
(1,033
|
)
|
Total shareholders' equity
|
|
536,644
|
|
|
519,011
|
|
Total liabilities and shareholders' equity
|
|
$
|
769,746
|
|
|
$
|
779,877
|
|
IXIA
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
81,005
|
|
|
$
|
85,861
|
|
|
$
|
229,482
|
|
|
$
|
264,571
|
|
Services
|
|
42,906
|
|
|
40,026
|
|
|
127,200
|
|
|
113,888
|
|
Total revenues
|
|
123,911
|
|
|
125,887
|
|
|
356,682
|
|
|
378,459
|
|
Costs and operating expenses: (1)
|
|
|
|
|
|
|
|
|
Cost of revenues - products (2)
|
|
23,017
|
|
|
23,872
|
|
|
64,184
|
|
|
72,108
|
|
Cost of revenues - services
|
|
4,078
|
|
|
3,607
|
|
|
12,046
|
|
|
12,487
|
|
Research and development
|
|
25,584
|
|
|
28,538
|
|
|
77,519
|
|
|
83,923
|
|
Sales and marketing
|
|
40,036
|
|
|
37,920
|
|
|
118,024
|
|
|
113,880
|
|
General and administrative
|
|
15,001
|
|
|
18,486
|
|
|
44,871
|
|
|
54,274
|
|
Amortization of intangible assets
|
|
9,636
|
|
|
10,378
|
|
|
29,567
|
|
|
32,190
|
|
Acquisition and other related costs
|
|
-
|
|
|
(37
|
)
|
|
(22
|
)
|
|
646
|
|
Restructuring
|
|
(224
|
)
|
|
34
|
|
|
(381
|
)
|
|
(527
|
)
|
Total costs and operating expenses
|
|
117,128
|
|
|
122,798
|
|
|
345,808
|
|
|
368,981
|
|
Income from operations
|
|
6,783
|
|
|
3,089
|
|
|
10,874
|
|
|
9,478
|
|
Interest income and other, net
|
|
250
|
|
|
(313
|
)
|
|
423
|
|
|
(592
|
)
|
Interest expense
|
|
(473
|
)
|
|
(2,270
|
)
|
|
(1,457
|
)
|
|
(6,852
|
)
|
Income before income taxes
|
|
6,560
|
|
|
506
|
|
|
9,840
|
|
|
2,034
|
|
Income tax expense (benefit)
|
|
1,787
|
|
|
(3,502
|
)
|
|
6,231
|
|
|
1,834
|
|
Net income
|
|
$
|
4,773
|
|
|
$
|
4,008
|
|
|
$
|
3,609
|
|
|
$
|
200
|
|
Income per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.00
|
|
Diluted
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
0.00
|
|
Weighted average number of common and common equivalent shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
81,412
|
|
|
79,895
|
|
|
81,251
|
|
|
79,336
|
|
Diluted
|
|
82,839
|
|
|
81,929
|
|
|
82,586
|
|
|
81,085
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in:
|
|
|
|
|
|
|
|
|
Cost of revenues - products
|
|
$
|
80
|
|
|
$
|
62
|
|
|
$
|
203
|
|
|
$
|
233
|
|
Cost of revenues - services
|
|
31
|
|
|
24
|
|
|
78
|
|
|
89
|
|
Research and development
|
|
1,788
|
|
|
1,345
|
|
|
4,785
|
|
|
5,016
|
|
Sales and marketing
|
|
1,311
|
|
|
1,184
|
|
|
4,208
|
|
|
3,435
|
|
General and administrative
|
|
1,740
|
|
|
1,816
|
|
|
4,295
|
|
|
5,548
|
|
(2)
|
|
Cost of revenues - products excludes amortization of
intangible assets related to purchased technologies of $6.3
million and $19.1 million for the three and nine months ended
September 30, 2016, respectively, and $6.4 million and $19.3
million for the three and nine months ended September 30, 2015,
respectively, which are included in Amortization of intangible
assets.
|
IXIA
Non-GAAP Information and Reconciliation to Most Directly
Comparable GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2016
|
|
2015
|
GAAP net income
|
|
$
|
4,773
|
|
|
$
|
4,008
|
|
Adjustments:
|
|
|
|
|
Stock-based compensation (a)
|
|
4,950
|
|
|
4,431
|
|
Amortization of intangible assets (b)
|
|
9,636
|
|
|
10,378
|
|
Acquisition and other related costs (c)
|
|
-
|
|
|
(37
|
)
|
Restructuring (d)
|
|
(224
|
)
|
|
34
|
|
Investigations, shareholder litigation and related matters (e)
|
|
408
|
|
|
2,832
|
|
Income tax effect (f)
|
|
(4,327
|
)
|
|
(9,387
|
)
|
Non-GAAP net income
|
|
$
|
15,216
|
|
|
$
|
12,259
|
|
|
|
|
|
|
GAAP diluted income per share
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
Adjustments:
|
|
|
|
|
Stock-based compensation (a)
|
|
0.06
|
|
|
0.05
|
|
Amortization of intangible assets (b)
|
|
0.11
|
|
|
0.13
|
|
Acquisition and other related costs (c)
|
|
-
|
|
|
0.00
|
|
Restructuring (d)
|
|
0.00
|
|
|
0.00
|
|
Investigations, shareholder litigation and related matters (e)
|
|
0.00
|
|
|
0.03
|
|
Income tax effect (f)
|
|
(0.05
|
)
|
|
(0.11
|
)
|
Convertible senior notes (g)
|
|
-
|
|
|
0.00
|
|
Non-GAAP diluted earnings per share
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
|
|
|
|
Shares used in computing GAAP diluted earnings per common share
|
|
82,839
|
|
|
81,929
|
|
Effect of reconciling item (g)
|
|
-
|
|
|
7,168
|
|
Shares used in computing non-GAAP diluted earnings per common
share
|
|
82,839
|
|
|
89,097
|
|
(a)
|
|
This reconciling item represents stock-based compensation. As
stock-based compensation represents a non-cash charge that is not
directly attributable to the underlying performance of our business
operations, we believe that by excluding stock-based compensation,
we provide investors supplemental information that is useful in
comparing our operating results from period to period and in
evaluating our core operations and performance. While we expect to
continue to recognize stock-based compensation in the future,
management also excludes this expense when evaluating current
performance, forecasting future results, measuring core operating
results, and making operating and strategic decisions.
|
(b)
|
|
This reconciling item represents the amortization of intangible
assets related to the acquisitions of various businesses and
technologies. As amortization expense represents a non-cash charge
that is not directly attributable to the underlying performance of
our business operations, we believe that by excluding the
amortization of acquisition-related intangible assets, we provide
investors with supplemental information that is useful in evaluating
our ongoing operations and performance. While the amortization of
acquisition-related intangible assets is expected to continue in the
future, management also excludes this expense when evaluating
current performance, forecasting future results, measuring core
operating results, and making operating and strategic decisions.
|
(c)
|
|
This reconciling item represents costs associated with
acquisition-related activities. Acquisition and other related costs
consist primarily of transaction and integration-related costs such
as: professional fees for legal, accounting, tax, due diligence,
valuation, and other related services; amortization of deferred
compensation; consulting fees; required regulatory costs; certain
employee, facility and infrastructure costs; and other related
expenses. We believe that by excluding acquisition and other related
costs, we provide investors with supplemental information that is
useful in comparing our ongoing operating results from period to
period and in evaluating our core operations and performance.
|
(d)
|
|
This reconciling item represents costs associated with our
restructuring plans. During the first quarter of 2014, we initiated
a plan to restructure certain of our operations following our
December 5, 2013 acquisition of Net Optics, Inc. During the third
quarter of 2014, we implemented a company-wide restructuring
initiative to restructure our operations to better align our
operating costs with our business opportunities. The restructuring
costs associated with our restructuring plans primarily relate to
employee termination benefits, lease exit costs, and other related
costs. We believe that by excluding restructuring costs, we provide
investors with supplemental information that is useful in comparing
our operating results from period to period and in evaluating our
core operations and performance.
|
(e)
|
|
This reconciling item represents costs incurred related to (i)
internal investigations and any related remediation efforts, (ii)
the recently settled securities class action and shareholder
derivative action, and (iii) an ongoing SEC investigation. These
costs consist primarily of legal and accounting fees, recruiting and
consulting expenses, severance and retention costs, and other
related expenses. We believe that by excluding these costs, which we
do not believe are reflective of our business results, we are
providing our investors with supplemental information that is useful
in comparing our operating results from period to period and in
evaluating our core operations and performance.
|
(f)
|
|
This adjustment represents the income tax effects of the reconciling
items noted in footnotes (a), (b), (c), (d), and (e), as well as
certain other non-cash income tax impacts such as changes in the
valuation allowance relating to certain deferred tax assets. We
believe that by adjusting for these items we are providing our
investors with supplemental information that is useful in comparing
our operating results from period to period and in evaluating our
core operations and performance.
|
(g)
|
|
This reconciling item for the non-GAAP diluted earnings per share
calculation for the three months ended September 30, 2015 includes
the impact of our convertible senior notes as these were
anti-dilutive for the equivalent GAAP earnings per share
calculations.
|
IXIA
Non-GAAP Information and Reconciliation to Most Directly
Comparable GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2016
|
|
2015
|
GAAP net income
|
|
$
|
3,609
|
|
|
$
|
200
|
|
Adjustments:
|
|
|
|
|
Stock-based compensation (a)
|
|
13,569
|
|
|
14,321
|
|
Amortization of intangible assets (b)
|
|
29,567
|
|
|
32,190
|
|
Acquisition and other related costs (c)
|
|
(22
|
)
|
|
646
|
|
Restructuring (d)
|
|
(381
|
)
|
|
(527
|
)
|
Investigations, shareholder litigation and related matters (e)
|
|
1,823
|
|
|
7,114
|
|
Income tax effect (f)
|
|
(10,685
|
)
|
|
(15,973
|
)
|
Non-GAAP net income
|
|
$
|
37,480
|
|
|
$
|
37,971
|
|
|
|
|
|
|
GAAP diluted income per share
|
|
$
|
0.04
|
|
|
$
|
0.00
|
|
Adjustments:
|
|
|
|
|
Stock-based compensation (a)
|
|
0.16
|
|
|
0.18
|
|
Amortization of intangible assets (b)
|
|
0.36
|
|
|
0.40
|
|
Acquisition and other related costs (c)
|
|
0.00
|
|
|
0.01
|
|
Restructuring (d)
|
|
0.00
|
|
|
(0.01
|
)
|
Investigations, shareholder litigation and related matters (e)
|
|
0.02
|
|
|
0.09
|
|
Income tax effect (f)
|
|
(0.13
|
)
|
|
(0.20
|
)
|
Convertible senior notes (g)
|
|
-
|
|
|
(0.01
|
)
|
Non-GAAP diluted earnings per share
|
|
$
|
0.45
|
|
|
$
|
0.46
|
|
|
|
|
|
|
Shares used in computing GAAP diluted income per common share
|
|
82,586
|
|
|
81,085
|
|
Effect of reconciling item (g)
|
|
-
|
|
|
9,307
|
|
Shares used in computing non-GAAP diluted earnings per common
share
|
|
82,586
|
|
|
90,392
|
|
(a)
|
|
This reconciling item represents stock-based compensation. As
stock-based compensation represents a non-cash charge that is not
directly attributable to the underlying performance of our business
operations, we believe that by excluding stock-based compensation,
we provide investors supplemental information that is useful in
comparing our operating results from period to period and in
evaluating our core operations and performance. While we expect to
continue to recognize stock-based compensation in the future,
management also excludes this expense when evaluating current
performance, forecasting future results, measuring core operating
results, and making operating and strategic decisions.
|
(b)
|
|
This reconciling item represents the amortization of intangible
assets related to the acquisitions of various businesses and
technologies. As amortization expense represents a non-cash charge
that is not directly attributable to the underlying performance of
our business operations, we believe that by excluding the
amortization of acquisition-related intangible assets, we provide
investors with supplemental information that is useful in evaluating
our ongoing operations and performance. While the amortization of
acquisition-related intangible assets is expected to continue in the
future, management also excludes this expense when evaluating
current performance, forecasting future results, measuring core
operating results, and making operating and strategic decisions.
|
(c)
|
|
This reconciling item represents costs associated with
acquisition-related activities. Acquisition and other related costs
consist primarily of transaction and integration-related costs such
as: professional fees for legal, accounting, tax, due diligence,
valuation, and other related services; amortization of deferred
compensation; consulting fees; required regulatory costs; certain
employee, facility and infrastructure costs; and other related
expenses. We believe that by excluding acquisition and other related
costs, we provide investors with supplemental information that is
useful in comparing our ongoing operating results from period to
period and in evaluating our core operations and performance.
|
(d)
|
|
This reconciling item represents costs associated with our
restructuring plans. During the first quarter of 2014, we initiated
a plan to restructure certain of our operations following our
December 5, 2013 acquisition of Net Optics, Inc. During the third
quarter of 2014, we implemented a company-wide restructuring
initiative to restructure our operations to better align our
operating costs with our business opportunities. The restructuring
costs associated with our restructuring plans primarily relate to
employee termination benefits, lease exit costs, and other related
costs. We believe that by excluding restructuring costs, we provide
investors with supplemental information that is useful in comparing
our operating results from period to period and in evaluating our
core operations and performance.
|
(e)
|
|
This reconciling item represents costs incurred related to (i)
internal investigations and any related remediation efforts, (ii)
the recently settled securities class action and shareholder
derivative action, and (iii) an ongoing SEC investigation. These
costs consist primarily of legal and accounting fees, recruiting and
consulting expenses, severance and retention costs, and other
related expenses. We believe that by excluding these costs, which we
do not believe are reflective of our business results, we are
providing our investors with supplemental information that is useful
in comparing our operating results from period to period and in
evaluating our core operations and performance.
|
(f)
|
|
This adjustment represents the income tax effects of the reconciling
items noted in footnotes (a), (b), (c), (d), and (e), as well as
certain other non-cash income tax impacts such as changes in the
valuation allowance relating to certain deferred tax assets. We
believe that by adjusting for these items we are providing our
investors with supplemental information that is useful in comparing
our operating results from period to period and in evaluating our
core operations and performance.
|
(g)
|
|
This reconciling item for the non-GAAP diluted earnings per share
calculation for the nine months ended September 30, 2015 includes
the impact of our convertible senior notes as these were
anti-dilutive for the equivalent GAAP earnings per share
calculations.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161101006628/en/
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