喬治亞洲卡爾霍恩, May 01, 2022 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2022 年第一季度的淨盈利為 2.45 億美元,攤薄後每股盈利(EPS)為 3.78 美元。調整後淨盈利為 2.46 億美元,調整後每股盈利為 3.78 美元,不包括調整、收購及其他費用。2020 年第一季度的淨銷售額為 30 億美元,按報告季度上升 13.0 %,而按固定貨幣和天數計算為 17.3%。2021 年第一季度淨銷售額為 27 億美元,淨收益為 2.37 億美元,每股盈利為 3.36 美元。調整後淨盈利為 2.46 億美元,調整後每股盈利為 3.49 美元,不包括調整、收購及其他費用。

主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industrial 的第一季度業績時指出:「Mohawk 的業績超出了預期,因為第一季度銷售額上升至歷史新高,反映出更高的定價、我們的陶瓷業務增長、商業部門有所改善,以及我們從小規模收購中受益。營業收入超出了我們的預期,原因是我們全球陶瓷業務的實力抵消了歐洲不斷上升的能源成本,改善了的營運策略提高了北美地板的業績,以及我們對歐洲市場壓力的管理在世界其他地方令地板市場受益。」

在本季度,我們在大多數市場中以高水平營運,以解決訂單的積壓和庫存補充。在過去一年,快速的成本上升需要多項定價行動才能抵消通貨膨脹。隨著通貨膨脹持續增加,我們在各個市場中實施了前所未有的增加,並宣佈在整個業務上取得額外增長。我們還在控制銷售、一般與行政開支、提高營運效率及引入創新的新產品功能。在某些市場,我們在本季度的增長受到庫存和生產限制的規限。我們現正執行多個擴展項目,以滿足對高增長產品的需求、打造全新的創新並提高營運效率。我們正在擴展的類別包括美國層壓板、LVT (頂級塑膠地板) 及石英檯面、歐洲層壓板、高端陶瓷板和特殊陶瓷產品,以及在巴西和墨西哥的瓷磚。我們最近在歐洲的補強收購正在加強我們不斷增長的絕緣和面板業務。我們的產品銷售保持強勁,而我們帶入市場的設計和功能給我們在所有價格點上提供競爭優勢。

即使政府提高利率以對抗通貨膨脹,但地板的市場條件仍然有利。我們大部分市場的就業率都很高,工資亦正在上漲。數百萬 20 多歲和 30 多歲的千禧一代都在組織家庭和渴望擁有自住物業。與過去的週期不同,美國的房屋庫存處於歷史新低中,且有更多單戶住宅正在興建中,而美國的住宅短缺將需時數年才能滿足需求。隨著住宅資產上升和現房買家仍正在完成過去幾年發起的長期項目,故此樓宇改造理仍會保持強勁。隨著營商條件的改善和因疫情而延遲的項目再啟動,商用新建築工程和樓宇改造亦持續加強。

在地緣政治緊張及通貨膨脹上升的背景下,Mohawk 繼續提供銷售增長、產生強勁的現金流,並維持歷史低位槓桿。鑑於我們的股票估值低於我們的收益,公司董事局在 2 月批准了一項額外 5 億美元的股票回購計劃。我們在第一季度以 3.07 億美元的價格收購了 210 萬股股票。自 2020 年初以來,我們已收購了 850 萬股,佔未清餘額的 12%,反映我們對 Mohawk 長期增長和盈利能力充滿信心。

根據報告,在第一季度,全球陶瓷部門的銷售額增加 14.5%,而按固定貨幣和天數計算為 18.5%。由於通貨膨脹上升,包括歐洲天然氣危機和更正常的季節性情況,抵消了定價和產品組合的改善、生產力以及更高的銷量,該部門的經營利潤率為 9.4%。我們的美國陶瓷業務透過加強其產品組合並實施多項價格上調來納通貨膨脹,繼續改善銷售和利潤率。透過提供瓷磚進口的替代品,我們的美國銷售理應受到積極影響,因瓷磚進口價格正在上漲,且加上遇到運輸延誤。我們的石英檯面銷售正在迅速增長,為了滿足需求,我們已開始建設工程以擴大在田納西州的檯面設施產能。即使我們在本季度的銷售額受到低庫存限制,但我們在墨西哥和巴西的陶瓷業務業績仍然保持強勁。為了緩解限制,我們提高了墨西哥的產能,並且正在跟政府機構就在巴西建造新瓷磚設施的許可和激勵措施進行交涉。在我們的歐洲陶瓷業務中,隨著消費者需求的強勁增長,第一季度的銷售有所增長,因此我們的客戶在預期通貨膨脹方面增加了庫存水平。當烏克蘭停止向西歐供應黏土時,歐洲的陶瓷行業生產被迫中斷。我們在入侵之前就預料到供應問題並增加了庫存水平,以避免我們的生產中斷。今年餘下時間的天然氣價格較之前的估計有所上升,因此推高了我們的未來成本。我們透過提高價格超過預期以改善我們的業績,並且增強我們的產品組合。

根據報告,本季度我們的世界地板部門的淨銷售額增加約 14.2%,而按固定貨幣計算為 22.1%。根據報告,該部門的經營利潤率為 15.3%,調整通貨膨脹影響、供應鏈中斷和外匯影響(部分由本季度的定價和組合收益抵消)為 15.5%。在充滿挑戰的情況下,該部門的領導團隊採取了相應行動,以管理不斷上升的能源成本、通貨膨脹及不穩定的供應鏈。儘管價格多次上漲,但我們落後於歐洲迅速上漲的成本,並宣佈了進一步提升價格以應對持續的通脹壓力。儘管材料供應規限了生產,但層壓板的銷售額在本季度有所增加,而我們預計隨著擴大優質層壓板類別,長期增長可以持續。為了支持未來更高的銷售,我們在比利時的層壓板擴展應可在 2023 年底前投入運作。我們 LVT 和乙烯基板材業務的銷售受到材料中斷和低庫存水平的負面所影響。這兩個類別的原材料供應都特別具挑戰性,但隨著在本季度推進,我們的情況有所改善。我們購入了一家在愛爾蘭和英國設有工廠的絕緣製造商,而增加了我們對聚氨酯絕緣產品的市場佔有率。在我們收購的其中一家絕緣工廠中,我們現正開始一條採用最先進技術的新生產線。我們的小組銷售額在本季度顯著增長,而新的高壓層壓板生產線正將我們的製造能力擴展至新的產品類別,以便與其他木材面板協調。隨著我們提高效率和擴大產能,我們最近收購的 MDF 設施 (主要配送設施) 的整合正在取得進展。在疫情限制放緩後,我們的澳洲業務的需求強勁,但新西蘭仍然因為持續限制而困難重重。

根據報告,本季度我們的北美地板部門銷售額增加 10.6%,按固定天數匯率計算增長 12.3%,由於通脹以及恢復正常的季節性情況,部份抵消定價和產品組合改善及生產力的影響,我們的營運利潤率為 8.9%。該部門正在管理我們經歷過的最嚴重通貨膨脹,並正在實施進一步的價格上調。我們在過去兩年實施的策略改善了我們的銷售執行、成本結構、服務水平,並使我們能夠管理這個困難的環境。我們在整個部門中啟動了多個項目,旨在提高生產力、提升效率並為我們的資產升級,以改善業績。Mohawk 持有領先的層壓板市場佔有率,隨著我們新的生產線加強,我們優質系列的銷售在本季度繼續增長。隨著網上市場需求上升,北美市場的需求正在吸收我們額外的產量,而我們明年將進一步擴大美國產能,以支援持續增長。我們的 LVT 銷售在第一季度繼續顯著增長,我們也受益於所有渠道中的改良產品。我們的 LVT 利潤率受到供應中斷的影響,造成生產中斷、採購產品延誤和海運成本上升。我們新的西岸 LVT 設施正在啟動生產和微調流程。住宅地毯服務有大幅改善,而客戶陸續減低庫存,從而影響銷售。我們正在提高價格以進一步抵消上升的材料和能源成本。透過降低複雜性、簡化營運並提高效率,我們正在改善成本。在政府、工作場所和醫護渠道的強勢帶動下,我們的商業地板銷售繼續反彈。隨著新和延期項目逐漸再開,我們的地毯瓷磚和商業 LVT 系列的銷售也逐步增長。我們推出了一款新的地毯瓷磚,提供卓越的聲效和舒適度,同時以一半的碳足跡實現最高的可持續性認證。我們將繼續尋找創新的解決方案,以加強我們的環境表現,保持我們在環保產品方面的領導地位。

踏入 2022 年的頭四個月,儘管通貨膨脹和利率壓力,我們仍對今年的行業增長保持謹慎樂觀。隨著通貨膨脹持續上升,我們宣佈大多數的產品和市場出現額外的價格上漲。住屋供應達到歷史低位,而抵押貸款利率不斷上升正令家庭得以更快購買物業自住。在過去兩至三年間,房屋改造理應受到持續現房銷售、更高的住宅資產及為購買住宅進行升級支援。我們預計,商業部門將隨著人們回復疫情前的常規而繼續反彈。我們預計受限材料的供應將有所改善,因此將有助增加我們的生產水平。儘管我們正在提高價格,但歐洲能源成本的歷史性上漲仍繼續影響我們的業務。我們的資本投資將在完成後,將緩解我們的具體產能限制,並增加產品系列。今年,我們專於優化產品組合和利潤率,控制支出並啟動其他生產力行動。考慮到這些因素,我們預計不計任何重組費用,第二季度調整後的每股收益將在 4.25 美元至 4.35 美元之間。

儘管出現短期不確定因素,我們對業務的長遠未來仍然充滿信心。在全球,房屋結構赤字將需要數年才能滿足,我們將受益於新住宅建設、住宅改造和商業項目強勁的長期趨勢。我們的品牌在地板方面最受認可,同時提供全面的產品組合,包括業界最廣泛的可持續產品系列。我們透過可產生潛在客戶、簡化訂購和加快送貨的多個領先數碼工具,幫助客戶更輕鬆地發展業務。透過我們才華橫溢的團隊進行創新,我們將繼續領導行業的設計、表現和價值。我們資產負債表的實力讓我們能夠落實與業務相輔相成的變革和補強收購。在未來三至五年內,這些優勢應能加強 Mohawk 的銷售和利潤率擴張。」

關於 MOHAWK INDUSTRIES
Mohawk Industries 是全球領先的地板製造公司,致力創造可提升全球住宅和商業空間的產品。Mohawk 垂直整合的製造和分銷流程在地毯、小毛毯、瓷磚、層壓板、木材、石材和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。在過去十年間,Mohawk 已憑藉全球業務將其業務從一家美國地毯製造商演化為世上最大的地板公司。

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2019 冠狀病毒病疫情及俄羅斯在烏克蘭採取軍事行動或其他地緣政治事件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 美國證券交易委員會報告和公開公告中指出的其他風險。

視像會議時間為 2022 年 4 月 29 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:2649466。在 2022 年 5 月 29 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:2649466 收聽重播。

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES    
(Unaudited)    
Condensed Consolidated Statement of Operations Data Three Months Ended
(Amounts in thousands, except per share data) April 2,2022 April 3, 2021
     
Net sales $3,015,663  2,669,026 
Cost of sales  2,213,535  1,877,257 
Gross profit  802,128  791,769 
Selling, general and administrative expenses  481,327  474,254 
Operating income  320,801  317,515 
Interest expense  11,481  15,241 
Other (income) expense, net  2,438  (2,227)
Earnings before income taxes  306,882  304,501 
Income tax expense  61,448  67,690 
Net earnings including noncontrolling interests  245,434  236,811 
Net earnings attributable to noncontrolling interests  105  4 
Net earnings attributable to Mohawk Industries, Inc. $245,329  236,807 
     
Basic earnings per share attributable to Mohawk Industries, Inc.    
Basic earnings per share attributable to Mohawk Industries, Inc. $3.79  3.37 
Weighted-average common shares outstanding - basic  64,686  70,179 
     
Diluted earnings per share attributable to Mohawk Industries, Inc.    
Diluted earnings per share attributable to Mohawk Industries, Inc. $3.78  3.36 
Weighted-average common shares outstanding - diluted  64,970  70,474 
     
     
     
Other Financial Information    
(Amounts in thousands)    
Net cash provided by operating activities $54,954  259,605 
Less: Capital expenditures  129,470  114,735 
Free cash flow $(74,516) 144,870 
     
Depreciation and amortization $141,415  151,216 
     
     
Condensed Consolidated Balance Sheet Data    
(Amounts in thousands)    
  April 2,2022 April 3, 2021
ASSETS    
Current assets:    
Cash and cash equivalents $230,559  557,262 
Short-term investments  310,000  782,267 
Receivables, net  2,044,698  1,813,858 
Inventories  2,513,244  1,996,628 
Prepaid expenses and other current assets  466,238  415,997 
Total current assets  5,564,739  5,566,012 
Property, plant and equipment, net  4,552,612  4,432,110 
Right of use operating lease assets  384,740  337,767 
Goodwill  2,579,385  2,594,727 
Intangible assets, net  883,527  921,846 
Deferred income taxes and other non-current assets  421,716  437,611 
Total assets $14,386,719  14,290,073 
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Short-term debt and current portion of long-term debt $1,546,463  953,913 
Accounts payable and accrued expenses  2,220,347  1,954,396 
Current operating lease liabilities  104,823  98,982 
Total current liabilities  3,871,633  3,007,291 
Long-term debt, less current portion  1,088,401  1,719,115 
Non-current operating lease liabilities  293,239  248,022 
Deferred income taxes and other long-term liabilities  845,843  816,613 
Total liabilities  6,099,116  5,791,041 
Total stockholders' equity  8,287,603  8,499,032 
Total liabilities and stockholders' equity $14,386,719  14,290,073 
     
Segment Information As of or for the Three Months Ended
(Amounts in thousands) April 2,2022 April 3, 2021
     
Net sales:    
Global Ceramic $1,064,757  929,871 
Flooring NA  1,071,910  969,250 
Flooring ROW  878,996  769,905 
Consolidated net sales $3,015,663  2,669,026 
     
Operating income (loss):    
Global Ceramic $100,338  87,804 
Flooring NA  95,324  81,298 
Flooring ROW  134,650  159,306 
Corporate and intersegment eliminations  (9,511) (10,893)
Consolidated operating income $320,801  317,515 
     
Assets:    
Global Ceramic $5,240,214  5,161,660 
Flooring NA  4,220,757  3,731,032 
Flooring ROW  4,413,013  4,120,381 
Corporate and intersegment eliminations  512,735  1,277,000 
Consolidated assets $14,386,719  14,290,073 


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  
        April 2,2022 April 3, 2021  
Net earnings attributable to Mohawk Industries, Inc.     $245,329  236,807   
Adjusting items:            
Restructuring, acquisition and integration-related and other costs      1,918  11,574   
Acquisitions purchase accounting, including inventory step-up      -  303   
Release of indemnification asset       7,263  -   
Income taxes - reversal of uncertain tax position      (7,263) -   
Income taxes        (1,684) (2,735)  
Adjusted net earnings attributable to Mohawk Industries, Inc.     $245,563  245,949   
             
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.     $3.78  3.49   
Weighted-average common shares outstanding - diluted      64,970  70,474   
             
 
 
             
Reconciliation of Total Debt to Net Debt Less Short-Term Investments          
(Amounts in thousands)            
    April 2,2022        
Short-term debt and current portion of long-term debt $1,546,463         
Long-term debt, less current portion   1,088,401         
Total debt    2,634,864         
Less: Cash and cash equivalents   230,559         
Net Debt    2,404,305         
Less: Short-term investments   310,000         
Net debt less short-term investments  $2,094,305         
             
             
             
             
             
Reconciliation of Operating Income to Adjusted EBITDA          
(Amounts in thousands)           Trailing Twelve
    Three Months Ended Months Ended
    July 3,2021 October 2,2021 December 31,2021 April 2,2022 April 2,2022
Operating income   $404,424  359,974   253,098  320,801  1,338,297 
Other income (expense)    11,168  (21)  (1,140) (2,438) 7,569 
Net income attributable to noncontrolling interests  (168) (206)  (11) (105) (490)
Depreciation and amortization (1)   148,466  148,618   143,411  141,415  581,910 
EBITDA    563,890  508,365   395,358  459,673  1,927,286 
Restructuring, acquisition and integration-related and other costs  3,321  982   4,641  1,918  10,862 
Acquisitions purchase accounting, including inventory step-up  153  226   1,067  -  1,446 
Resolution of foreign non-income tax contingencies  (6,211) -   -  -  (6,211)
Release of indemnification asset   -  -   -  7,263  7,263 
Adjusted EBITDA   $561,153  509,573   401,066  468,854  1,940,646 
             
Net Debt less short-term investments to adjusted EBITDA         1.1 
(1) Includes $8,417 of accelerated depreciation recorded for the trailing twelve months ended April 2, 2022.        
             
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days         
(Amounts in thousands)            
    Three Months Ended    
    April 2,2022 April 3, 2021      
Net sales   $3,015,663  2,669,026       
Adjustment to net sales on constant shipping days  21,018  -       
Adjustment to net sales on a constant exchange rate  93,781  -       
Net sales on a constant exchange rate and constant shipping days $3,130,462  2,669,026       
             
             
             
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   April 2,2022 April 3, 2021      
Net sales   $1,064,757  929,871       
Adjustment to segment net sales on constant shipping days  4,269  -       
Adjustment to segment net sales on a constant exchange rate  32,423  -       
Segment net sales on a constant exchange rate and constant shipping days $1,101,449  929,871       
             
             
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days          
(Amounts in thousands)            
    Three Months Ended      
Flooring NA   April 2,2022 April 3, 2021      
Net sales   $1,071,910  969,250       
Adjustment to segment net sales on constant shipping days  16,749  -       
Segment net sales on constant shipping days $1,088,659  969,250       
             
             
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate          
(Amounts in thousands)            
    Three Months Ended      
Flooring ROW   April 2,2022 April 3, 2021      
Net sales   $878,996  769,905       
Adjustment to segment net sales on a constant exchange rate  61,358  -       
Segment net sales on a constant exchange rate $940,354  769,905       
             
             
Reconciliation of Gross Profit to Adjusted Gross Profit          
(Amounts in thousands)            
    Three Months Ended      
    April 2,2022 April 3, 2021      
Gross Profit   $802,128  791,769       
Adjustments to gross profit:            
Restructuring, acquisition and integration-related and other costs  938  10,182       
Acquisitions purchase accounting, including inventory step-up  -  303       
Adjusted gross profit   $803,066  802,254       
             
             
             
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses        
(Amounts in thousands)            
    Three Months Ended      
    April 2,2022 April 3, 2021      
Selling, general and administrative expenses $481,327  474,254       
Adjustments to selling, general and administrative expenses:          
Restructuring, acquisition and integration-related and other costs  (980) (1,002)      
Adjusted selling, general and administrative expenses $480,347  473,252       
          
             
             
             
Reconciliation of Operating Income to Adjusted Operating Income on a Constant Exchange Rate          
(Amounts in thousands)            
    Three Months Ended    
    April 2,2022 April 3, 2021      
Operating income   $320,801  317,515       
Adjustments to operating income:           
Restructuring, acquisition and integration-related and other costs  1,918  11,184       
Acquisitions purchase accounting, including inventory step-up  -  303       
Adjustment to operating income on a constant exchange rate  11,210  -       
Adjusted operating income on a constant exchange rate $333,929  329,002       
             
             
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income on a Constant Exchange Rate        
(Amounts in thousands)            
    Three Months Ended      
Global Ceramic   April 2,2022 April 3, 2021      
Operating income   $100,338  87,804       
Adjustments to segment operating income:          
Restructuring, acquisition and integration-related and other costs  -  1,273       
Adjustment to segment operating income on a constant exchange rate  2,989  -       
Adjusted segment operating income on a constant exchange rate $103,327  89,077       
             
             
             
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income          
(Amounts in thousands)            
    Three Months Ended      
Flooring NA   April 2,2022 April 3, 2021      
Operating income   $95,324  81,298       
Adjustments to segment operating income:          
Restructuring, acquisition and integration-related and other costs  105  8,859       
Adjusted segment operating income  $95,429  90,157       
             
             
             
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income on a Constant Exchange Rate        
(Amounts in thousands)            
    Three Months Ended      
Flooring ROW   April 2,2022 April 3, 2021      
Operating income   $134,650  159,306       
Adjustments to segment operating income:          
Restructuring, acquisition and integration-related and other costs  1,813  1,054       
Acquisitions purchase accounting, including inventory step-up  -  303       
Adjustment to segment operating income on a constant exchange rate  8,221  -       
Adjusted segment operating income on a constant exchange rate $144,684  160,663       
             
             
             
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes    
(Amounts in thousands)            
    Three Months Ended      
    April 2,2022 April 3, 2021      
Earnings before income taxes  $306,882  304,501       
Net earnings attributable to noncontrolling interests  (105) (4)      
Adjustments to earnings including noncontrolling interests before income taxes:          
Restructuring, acquisition and integration-related and other costs  1,918  11,574       
Acquisitions purchase accounting, including inventory step-up  -  303       
Release of indemnification asset   7,263  -       
Adjusted earnings including noncontrolling interests before income taxes $315,958  316,374       
             
             
             
             
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense          
(Amounts in thousands)            
    Three Months Ended      
    April 2,2022 April 3, 2021      
Income tax expense   $61,448  67,690       
Income taxes - reversal of uncertain tax position  7,263  -       
Income tax effect of adjusting items   1,684  2,735       
Adjusted income tax expense  $70,395  70,425       
             
Adjusted income tax rate   22.3% 22.3%      
             
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

 


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