Mohawk Industries 公佈第四季度業績

喬治亞洲卡爾霍恩, Feb. 12, 2022 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2021 年第四季度的淨利潤為 1.89 億美元，攤薄後每股盈利 (EPS) 為 2.80 美元。調整後的淨盈利為 1.99 億美元，每股盈利為 2.95 美元，不包括調整、收購和其他費用。2021 年第四季度的淨銷售額為 28 億美元，按報告季度上升 4.5%，而按固定貨幣和天數計算為 11.8%。2020 年第四季度淨銷售額為 26 億美元，淨收益為 2.48 億美元，每股盈利為 3.49 美元。調整後淨盈利為 2.52 億美元，每股盈利為 3.54 美元，不包括調整、收購及其他費用。

在截至 2021 年 12 月 31 日的十二個月中，淨收益及每股收益分別為 10.33 億美元及 14.94 美元。調整後的淨收益為 10.27 億美元，每股收益為 14.86 美元，不包括重組、收購及其他費用。在 2021 年的十二個月期間，淨銷售額為 112 億美元，比去年報告增加 17.3%，或按固定貨幣和天數計算增長為 16%。在截至 2020 年 12 月 31 日的十二個月期間，淨銷售額為 96 億美元，淨收益為 5.16 億美元，每股盈利為 7.22 美元；不包括調整、收購、其他費用和利益的淨收益和每股盈利分別為 6.31 億美元和 8.83 美元。

主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第四季度和全年業績時表示：「在這一年，Mohawk 的業務顯著改善。我們今年的營業利潤率大幅上升約 12%。我們的 2021 年調整後營業收入接近 14 億美元，調整後的 EBITDA 超過 19 億美元。此外，我們達到 12% 的有機銷售增長，與我們 2019 年疫情前的業績相比，調整後利潤率提升 270 個基點。今年，我們以前所未有強勁的資產負債表結束，在第四季度，我們額外回購約 240 萬股股票，全年共回購約 490 萬股。在 2 月，董事會批准了額外授權，以 5 億美元回購股票，重申我們對公司實力的信心，並提升股東回報。

「由強勁的新住宅建築和改造環境工程帶動下，我們的第四季度銷售額保持強勁。雖然商業銷售額仍遜於疫情前，但亦有所改善。與去年同期相比，本季度的收益由提升價格、產品組合和生產力，抵消通脹率的增加和因季度天數減少而致的銷量下降，並包括季節性異常需求。

「根據報告，本季度我們的世界地板部門的淨銷售額增加約 14%，而按固定貨幣和天數計算為 14%。根據報告，該部門的經營利潤率為 14.4%，調整通貨膨脹影響、運輸天數減少和供應鏈限制（部分由本季度的定價和組合收益抵消）為 14.8%。從第三季度開始，由於電力、天然氣和材料短缺的影響，該部門的材料成本開始以不可預測的速度上升。儘管採取多項定價措施以彌補，但仍未跟上通脹，並已宣佈進一步加價以抵消這些特殊情況的影響。我們將繼續監控並採取必要的進一步行動。為了盡量提升我們不斷增長的優質層壓板銷售額，我們去年擴大層壓產能，並正在投資設置一條新的生產線，於 2023 年底營運時將支援 1.5 億美元的額外銷售額。即使我們因短缺而限制生產和銷售，亦將繼續加強 LVT 過程。在今年整年，我們將收購的法國 MDF 設施及愛爾蘭絕緣製造商，與我們現有的營運整合，並提升其資產和流程，以優化這些額外的收購項目。

「根據報告，在第四季度，全球陶瓷部門的銷售額增加 3%，而按固定貨幣和天數計算為 10％。由於歐洲天然氣危機、通貨膨脹和更正常的季節性情況，抵消了生產力、定價和產品組合的改善，該部門的經營利潤率為 6.3%。儘管墨西哥、巴西和俄羅斯的銷售額受產能限制，但在本季度仍表現出色。 我們的創新地板、牆壁和馬賽克產品、石英和瓷板，提高銷售額和改善產品組合。另外，亦擴大我們在戶外產品的地位。材料、勞動力和能源的通脹繼續影響我們的陶瓷市場，而我們正在採取額外的定價措施以彌補影響。在歐洲，天然氣價格目前高於去年 5 倍，我們預計價格將與今年下半年的成本看齊。未來的歐洲能源價格將取決於該地區的穩定性以及俄羅斯是否增加供應量。作為全球最大的瓷磚生產商，Mohawk 有許多機會利用我們的地位，以發展長期銷售和利潤。在巴西，我們正在建造一間新的瓷磚廠，並計劃在明年下半年開始營運。在墨西哥，我們正在擴大馬賽克和特別產品的生產。在俄羅斯，我們今年增加了一條生產線，並將於 2023 年再增加一條生產線，以繼續提升瓷磚產能。在歐洲，我們正在增加瓷板、戶外和特別瓷磚業務的產能；而在美國，我們正在增加石英枱面的生產。總括而言，當所生產線全面營運時，這些擴展將支援額外 3 億美元的銷售額。

「根據報告，本季度我們的北美地板部門銷售額增加 5％，按固定匯率計算增長 12％，由於通脹以及恢復正常的季節性情況，部份抵消生產力、定價和產品組合改善的影響，營運利潤率為 9％。我們不同產品的成功有利於我們的產品組合，儘管一些消費者選擇較便宜產品，以抵消通脹。在本季度，由於能源和材料通脹加劇，我們再次提高價格。Mohawk 是美國層壓板市場的領導者，我們提升產品的視覺效果和防水性能，以更新所有渠道的產品類別。我們正在增加層壓板產能，以支援 3 億美元的額外銷售額。第一個擴展階段在本季度開始，而第二階段將於 2023 年開始。LVT 仍然是市場增長最快的地板產品，而我們的 LVT 業務在第四季度取得強勁增長，這有賴於我們不斷改善現有工廠的生產。我們正在開展一項新的 LVT 業務，以支援超過 1.6 億美元的銷售額。該工廠的第一個設備現已安裝，並將在 2023 年下半年完成項目。除了增加這些產能外，我們還有許多節省成本的投資，包括纖維製造和運輸項目，這將在未來兩至三年提高該部門的生產力和盈利能力。

「在創紀錄的 2021 年後，我們對 Mohawk 的未來增長和盈利能力充信心。今年，我們大多數市場的國內生產總值預計將增長 3-5%，住宅銷售保持強勁而商業銷售亦正在改善。利率很可能會上升，但比較過往仍然有利，並將會支持持續的住宅銷售和改造工程。這一年，我們預計通脹將緩和，而且勞動力、材料和能源的限制將減少。我們許多產品類別的銷售額已達到全部產能，而今年正在優化產品組合和利潤率。我們已啟動多項擴展項目，以讓我們在今年及以後，在這些不斷增長的領域提升銷售額。重大的短期材料、能源和運輸通脹影響我們所有業務，而我們正在重塑配方、減少支出並提高效率以抵消影響。我們目前正在上調價格，並在各項產品和各個地區宣佈更多價格提升。我們將在必要時繼續調整定價，並將隨之逐漸恢復利潤率。在歐洲，能源成本大幅增加，也影響了我們材料的成本。我們的歐洲陶瓷業務受到最大影響，預計第一季度將導致淨價格上升 4,000 萬至 4,500 萬美元。考慮到這些因素，我們預計不計任何重組費用，第一季度調整後的每股收益將在 2.90 美元至 3.00 美元之間。在下半年，我們預計隨著產能擴張、通脹緩和以及定價看齊，我們的利潤率將會改善。

「根據我們公司、產品、地理多元化的優勢，以及對不斷增長類別和潛在收購的投資，長遠可望提高銷售額增長和擴展利潤。地板是新建築和改造工程的重要組成部分，作為全球最大的地板製造商， Mohawk 在全球主要地板類別和主要市場建立了領先地位。因此，我們預計在這個經濟週期，業務將受益於強勁的需求。由於現在的住宅數量較少，新住宅建設和改造工程將持續多年在高水平。我們預計，隨著需求的壓抑減少，商業銷售額將恢復過往的增長，並將會帶來重大機遇。Mohawk 的可持續產品透過吸引當今環保的最終用戶來增強我們的分銷和淨收入。在第四季度，我們發佈了年度環境、可持續發展和管治報告，詳述了 Mohawk 對產品循環和脫碳的承諾。該報告可在我們的投資者網站獲取。除了擴大產能外，我們還繼續投資公司的人才和最先進的技術，為客戶提供卓越的設計、價值和服務。在未來三年，隨著我們實現產品、製造和市場營銷計劃，預計銷售額和利潤率將提高。我們將繼續利用強大的資產負債表進行收購，以進一步擴大地理範圍和產品供應，同時增加我們的銷售額和盈利能力。」

關於 MOHAWK INDUSTRIES

Mohawk Industries 是全球領先的地板製造商，致力於創造產品來提升全球住宅及商業空間。Mohawk 垂直整合的製造及分銷流程在地毯、小毛毯、瓷磚、層壓板、木材、石材及乙烯基地板的生產方面擁有競爭優勢。我們行業領先的創新產品及技術使我們的品牌在市場上脫穎而出，並滿足所有改造及新建工程要求。我們是在行內最受認可的品牌，並包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 及 Unilin。在過去的十年中，Mohawk 已經將其業務從一家美國地毯製造商轉變為世界上最大的地板公司，在澳洲、巴西、加拿大、歐洲、馬來西亞、墨西哥、紐西蘭、俄羅斯及美國開展業務。

前面幾段中的某些陳述，特別是那些預期未來業績、業務前景、增長和經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預期」、「預期」和「估計」或類似表達構成「前瞻性陳述」的陳述。」 對於這些陳述，Mohawk 受 1995 年《美國私人證券訴訟改革法案》中包含的前瞻性陳述的保護。無法保證前瞻性陳述是準確的，因其基於許多假設、涉及風險及不確定性。以下重要因素可能導致未來結果有所不同：經濟或行業狀況的變化；競爭；貨運的通貨膨脹與通貨緊縮，原材料價格及其他投入成本；消費市場的通貨膨脹與通貨緊縮；貨幣波動；能源成本與供應；時間和資本支出水平；公司產品的價格上調時間和實施；減值費用；收購的整合；國際業務；新產品的推出；操作的合理性; 稅收與稅收改革，產品及其他索賠；訴訟；與 COVID-19 疫情相關的風險和不確定性；公司營業的司法管轄區的監管和政治變化；以及 Mohawk 的 SEC 報告和公開公告中指出的其他風險。

視像會議時間為 2022 年 2 月 11 日（星期五）上午 11 時（美國東部時間）

電話號碼為 1-800-603-9255 （美國／加拿大）及 1-706-634-2294 （國際／本地）。會議驗證碼：6194374。在 2022 年 3 月 11 日或之前，可致電 1-855-859-2056 （美國／本地）及 1-404-537-3406 （國際／本地）並輸入會議驗證碼：6194374 收聽重播。

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
Condensed Consolidated Statement of Operations Data		Three Months Ended							Twelve Months Ended
(Amounts in thousands, except per share data)		December 31, 2021				December 31, 2020			December 31, 2021				December 31, 2020
Net sales		$	2,760,737			2,641,764				11,200,613			9,552,197
Cost of sales			2,023,294			1,903,680				7,931,879			7,121,507
Gross profit			737,443			738,084				3,268,734			2,430,690
Selling, general and administrative expenses			484,345			455,351				1,933,723			1,794,688
Operating income			253,098			282,733				1,335,011			636,002
Interest expense			12,169			15,897				57,252			52,379
Other (income) expense, net			1,140			(6,742	)			(12,234	)		(751	)
Earnings before income taxes			239,789			273,578				1,289,993			584,374
Income tax expense			50,689			25,180				256,445			68,647
Net earnings including noncontrolling interests			189,100			248,398				1,033,548			515,727
Net earnings attributable to noncontrolling interests			11			176				389			132
Net earnings attributable to Mohawk Industries, Inc.		$	189,089			248,222				1,033,159			515,595
Basic earnings per share attributable to Mohawk Industries, Inc.
Basic earnings per share attributable to Mohawk Industries, Inc.		$	2.81			3.50				15.01			7.24
Weighted-average common shares outstanding – basic			67,209			70,951				68,852			71,214
Diluted earnings per share attributable to Mohawk Industries, Inc.
Diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.80			3.49				14.94			7.22
Weighted-average common shares outstanding – diluted			67,535			71,209				69,145			71,401
Other Financial Information
(Amounts in thousands)
Net cash provided by operating activities		$	212,384			407,844				1,309,119			1,769,839
Less: Capital expenditures			300,941			160,142				676,120			425,557
Free cash flow		$	(88,557	)		247,702				632,999			1,344,282
Depreciation and amortization		$	143,411			156,555				591,711			607,507
Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
									December 31, 2021				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents									$	268,895			768,625
Short-term investments										323,000			571,741
Receivables, net										1,839,985			1,709,493
Inventories										2,391,672			1,913,020
Prepaid expenses and other current assets										414,805			400,775
Total current assets										5,238,357			5,363,654
Property, plant and equipment, net										4,636,865			4,591,229
Right of use operating lease assets										389,967			323,138
Goodwill										2,607,909			2,650,831
Intangible assets, net										899,980			951,607
Deferred income taxes and other non-current assets										451,439			447,292
Total assets									$	14,224,517			14,327,751
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt									$	624,503			377,255
Accounts payable and accrued expenses										2,217,418			1,895,951
Current operating lease liabilities										104,434			98,042
Total current liabilities										2,946,355			2,371,248
Long-term debt, less current portion										1,700,282			2,356,887
Non-current operating lease liabilities										297,390			234,726
Deferred income taxes and other long-term liabilities										852,274			823,732
Total liabilities										5,796,301			5,786,593
Total stockholders’ equity										8,428,216			8,541,158
Total liabilities and stockholders’ equity									$	14,224,517			14,327,751
Segment Information		Three Months Ended							As of or for the Twelve Months Ended
(Amounts in thousands)		December 31, 2021				December 31, 2020			December 31, 2021				December 31, 2020
Net sales:
Global Ceramic		$	949,501			919,668				3,917,319			3,432,756
Flooring NA			1,015,513			963,365				4,116,405			3,594,075
Flooring ROW			795,723			758,731				3,166,889			2,525,366
Consolidated net sales		$	2,760,737			2,641,764				11,200,613			9,552,197
Operating income (loss):
Global Ceramic		$	60,000			79,565				403,135			167,731
Flooring NA			91,711			82,407				407,577			147,442
Flooring ROW			114,339			132,505				571,126			366,934
Corporate and intersegment eliminations			(12,952	)		(11,744	)			(46,827	)		(46,105	)
Consolidated operating income		$	253,098			282,733				1,335,011			636,002
Assets:
Global Ceramic									$	5,160,776			5,250,069
Flooring NA										4,125,960			3,594,976
Flooring ROW										4,361,741			4,194,447
Corporate and intersegment eliminations										576,040			1,288,259
Consolidated assets									$	14,224,517			14,327,751

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, 2021				December 31, 2020			December 31, 2021			December 31, 2020
Net earnings attributable to Mohawk Industries, Inc.		$	189,089			248,222			1,033,159			515,595
Adjusting items:
Restructuring, acquisition and integration-related and other costs			4,558			22,382			23,118			166,817
Acquisitions purchase accounting, including inventory step-up			1,067			–			1,749			–
Resolution of foreign non-income tax contingencies			–			–			(6,211	)		–
Income tax effect on resolution of foreign non-income tax contingencies			–			–			2,302			–
One-time tax planning election			4,568			–			(22,163	)		–
Income taxes			(309	)		(18,596	)		(4,626	)		(51,740	)
Adjusted net earnings attributable to Mohawk Industries, Inc.		$	198,973			252,008			1,027,328			630,672
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.		$	2.95			3.54			14.86			8.83
Weighted-average common shares outstanding – diluted			67,535			71,209			69,145			71,401
Reconciliation of Total Debt to Net Debt Less Short-Term Investments
(Amounts in thousands)
		December 31, 2021
Short-term debt and current portion of long-term debt		$	624,503
Long-term debt, less current portion			1,700,282
Total debt			2,324,785
Less: Cash and cash equivalents			268,895
Net Debt			2,055,890
Less: Short-term investments			323,000
Net debt less short-term investments		$	1,732,890
Reconciliation of Operating Income to Adjusted EBITDA
(Amounts in thousands)															Trailing Twelve
		Three Months Ended													Months Ended
		April 3, 2021				July 3, 2021			October 2, 2021			December 31, 2021			December 31, 2021
Operating income		$	317,515			404,424			359,974			253,098			1,335,011
Other income (expense)			2,227			11,168			(21	)		(1,140	)		12,234
Net income attributable to noncontrolling interests			(4	)		(168	)		(206	)		(11	)		(389	)
Depreciation and amortization (1)			151,216			148,466			148,618			143,411			591,711
EBITDA			470,954			563,890			508,365			395,358			1,938,567
Restructuring, acquisition and integration-related and other costs			5,756			3,321			982			4,641			14,700
Acquisitions purchase accounting, including inventory step-up			303			153			226			1,067			1,749
Resolution of foreign non-income tax contingencies			–			(6,211	)		–			–			(6,211	)
Adjusted EBITDA		$	477,013			561,153			509,573			401,066			1,948,805
Net Debt less short-term investments to adjusted EBITDA															0.9
(1) Includes $8,417 of accelerated depreciation in Q4 YTD 2021.
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
		Three Months Ended							Twelve Months Ended
		December 31, 2021				December 31, 2020			December 31, 2021			December 31, 2020
Net sales		$	2,760,737			2,641,764			11,200,613			9,552,197
Adjustment to net sales on constant shipping days			173,206			–			41,841			–
Adjustment to net sales on a constant exchange rate			20,737			–			(160,015	)		–
Net sales on a constant exchange rate and constant shipping days		$	2,954,680			2,641,764			11,082,439			9,552,197
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
		Three Months Ended
Global Ceramic		December 31, 2021				December 31, 2020
Net sales		$	949,501			919,668
Adjustment to segment net sales on constant shipping days			54,209			–
Adjustment to segment net sales on a constant exchange rate			5,951			–
Segment net sales on a constant exchange rate and constant shipping days		$	1,009,661			919,668
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days
(Amounts in thousands)
		Three Months Ended
Flooring NA		December 31, 2021				December 31, 2020
Net sales		$	1,015,513			963,365
Adjustment to segment net sales on constant shipping days			65,517			–
Segment net sales on constant shipping days		$	1,081,030			963,365
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
		Three Months Ended
Flooring ROW		December 31, 2021				December 31, 2020
Net sales		$	795,723			758,731
Adjustment to segment net sales on constant shipping days			53,481			–
Adjustment to segment net sales on a constant exchange rate			14,786			–
Segment net sales on a constant exchange rate and constant shipping days		$	863,990			758,731
Reconciliation of Gross Profit to Adjusted Gross Profit
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Gross Profit		$	737,443			738,084
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs			2,363			22,789
Acquisitions purchase accounting, including inventory step-up			1,067			–
Adjusted gross profit		$	740,873			760,873
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Selling, general and administrative expenses		$	484,345			455,351
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs			(2,238	)		394
Adjusted selling, general and administrative expenses		$	482,107			455,745
Reconciliation of Operating Income to Adjusted Operating Income
(Amounts in thousands)
		Three Months Ended							Twelve Months Ended
		December 31, 2021				December 31, 2020			December 31, 2021			December 31, 2020
Operating income		$	253,098			282,733			1,335,011			636,002
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs			4,601			22,395			23,637			163,479
Acquisitions purchase accounting, including inventory step-up			1,067			–			1,749			–
Adjusted operating income		$	258,766			305,128			1,360,397			799,481
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
		Three Months Ended
Global Ceramic		December 31, 2021				December 31, 2020
Operating income		$	60,000			79,565
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			416			8,164
Adjusted segment operating income		$	60,416			87,729
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
		Three Months Ended
Flooring NA		December 31, 2021				December 31, 2020
Operating income		$	91,711			82,407
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			1,146			8,651
Adjusted segment operating income		$	92,857			91,058
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
		Three Months Ended
Flooring ROW		December 31, 2021				December 31, 2020
Operating income		$	114,339			132,505
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs			2,022			5,496
Acquisitions purchase accounting, including inventory step-up			1,067			–
Adjusted segment operating income		$	117,428			138,001
Reconciliation of Segment Operating (Loss) to Adjusted Segment Operating (Loss)
(Amounts in thousands)
		Three Months Ended
Corporate and intersegment eliminations		December 31, 2021				December 31, 2020
Operating (loss)		$	(12,952	)		(11,744	)
Adjustments to segment operating (loss):
Restructuring, acquisition and integration-related and other costs			1,018			84
Adjusted segment operating (loss)		$	(11,934	)		(11,660	)
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Earnings before income taxes		$	239,789			273,578
Net earnings attributable to noncontrolling interests			(11	)		(176	)
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs			4,558			22,382
Acquisitions purchase accounting, including inventory step-up			1,067			–
Adjusted earnings including noncontrolling interests before income taxes		$	245,403			295,784
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
(Amounts in thousands)
		Three Months Ended
		December 31, 2021				December 31, 2020
Income tax expense		$	50,689			25,180
One-time tax planning election			(4,568	)		–
Income tax effect of adjusting items			309			18,596
Adjusted income tax expense		$	46,430			43,776
Adjusted income tax rate			18.9	%		14.8	%
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.

聯絡人：James Brunk，財務總監 (706) 624-2239