Tech Data (NASDAQ: TECD) (the “Company”) today announced its financial
results for the first quarter ended April 30, 2019.
| First quarter ended April 30, | ||||||
|
($ in millions,
except per share amounts) |
2019 | 2018 |
Y/Y |
|||
| Net Sales | $8,406.4 | $8,548.3 | -2% | |||
| Gross profit | $509.4 | $523.1 | -3% | |||
| Gross margin | 6.06% | 6.12% | -6 bps | |||
| SG&A expenses (GAAP) | $405.8 | $422.4 | -4% | |||
| % of net sales | 4.83% | 4.94% | -11 bps | |||
| SG&A expenses (Non-GAAP) | $384.6 | $399.1 | -4% | |||
| % of net sales | 4.58% | 4.67% | -9 bps | |||
| Operating income (GAAP) | $97.6 | $70.5 | 38% | |||
| Operating margin (GAAP) | 1.16% | 0.82% | 34 bps | |||
| Operating income (Non-GAAP) | $124.8 | $124.1 | 1% | |||
| Operating margin (Non-GAAP) | 1.48% | 1.45% | 3 bps | |||
| Net income (GAAP) | $55.4 | $33.7 | 64% | |||
| Net income (Non-GAAP) | $75.9 | $70.8 | 7% | |||
| EPS – diluted (GAAP) | $1.49 | $0.87 | 71% | |||
| EPS – diluted (Non-GAAP) | $2.04 | $1.84 | 11% | |||
A reconciliation of GAAP to non-GAAP financial measures is presented in
the financial tables of this press release.
This information is
also available on the Investor Relations section of Tech Data’s website
at www.techdata.com/investor.
“We are pleased to report a solid start to Tech Data’s fiscal year 20.
In Q1 we delivered double-digit earnings per share growth, generated
positive cash flow and earned an industry-leading return on invested
capital – all while making good progress on our strategy and continuing
to invest for the future. Our worldwide teams executed well in the
quarter, despite market uncertainty,” said Rich Hume, chief executive
officer. “Looking ahead, although IT market growth has slowed somewhat
from the year-ago levels, demand continues to be solid, and we remain
positive on the overall IT spending outlook.”
Regional Financial Highlights for the First Quarter Ended April 30,
2019:
| First quarter ended April 30, | ||||||
| ($ in millions) | 2019 | 2018 |
Y/Y |
|||
|
AMERICAS |
||||||
| Net Sales | $3,789.2 | $3,618.2 | 5% | |||
| % of WW net sales | 45% | 42% | ||||
| Operating income (GAAP) | $68.6 | $61.3 | 12% | |||
| % of net sales | 1.81% | 1.70% | 11 bps | |||
| Operating income (Non-GAAP) | $84.7 | $85.9 | -1% | |||
| % of net sales | 2.24% | 2.38% | -14 bps | |||
|
EUROPE |
||||||
| Net Sales | $4,309.5 | $4,661.7 | -8% | |||
| % of WW net sales | 51% | 55% | ||||
| Operating income (GAAP) | $36.4 | $17.3 | 110% | |||
| % of net sales | 0.85% | 0.37% | 48 bps | |||
| Operating income (Non-GAAP) | $45.6 | $43.6 | 4% | |||
| % of net sales | 1.06% | 0.94% | 12 bps | |||
|
ASIA PACIFIC |
||||||
| Net Sales | $307.7 | $268.4 | 15% | |||
| % of WW net sales | 4% | 3% | ||||
| Operating income (loss) (GAAP) | $0.9 | ($0.6) | NM | |||
| % of net sales | 0.28% | -0.21% | 49 bps | |||
| Operating income (Non-GAAP) | $2.8 | $1.1 | 161% | |||
| % of net sales | 0.91% | 0.40% | 51 bps | |||
Note: NM = not meaningful, WW = worldwide
Stock-based compensation
expense was $8.3 million, an increase of $0.7 million, compared to the
prior-year quarter. These expenses are excluded from the regional
operating results and presented as a separate line item in the company’s
segment reporting (see the GAAP to non-GAAP reconciliation in the
financial tables of this press release).
-
Net sales were $8.4 billion, a decrease of 2 percent compared to the
prior-year quarter. On a constant currency basis, net sales increased
3 percent.-
Americas: Net sales were $3.8 billion, an increase of 5 percent
compared to the prior-year quarter. On a constant currency basis,
net sales increased 6 percent. -
Europe: Net sales were $4.3 billion, a decrease of 8 percent
compared to the prior-year quarter. On a constant currency basis,
net sales increased 1 percent. -
Asia Pacific: Net sales were $0.3 billion, an increase of 15
percent compared to the prior-year quarter. On a constant currency
basis, net sales increased 19 percent.
-
Americas: Net sales were $3.8 billion, an increase of 5 percent
- Net cash generated by operations during the quarter was $63 million.
-
Return on invested capital for the trailing twelve months was 13
percent, compared to 4 percent in the prior year. Adjusted return on
invested capital for the trailing twelve months was 14 percent,
compared to 11 percent in the prior year.
“During Q1, we generated $63 million in cash from operations, returned
$36 million to our shareholders through share repurchases, and for the
trailing twelve-month period, earned an adjusted return on invested
capital of 14 percent. In addition, we recently improved our liquidity
profile to enhance our financial strength and flexibility – all of which
reflect our disciplined approach to optimizing our business and
commitment to creating shareholder value,” said Chuck Dannewitz,
executive vice president, chief financial officer.
Business Outlook
-
For the quarter ending July 31, 2019, the Company anticipates:
-
Worldwide net sales to be in the range of $8.6 billion to $8.9
billion -
EPS to be in the range of $1.53 to $1.83 and non-GAAP EPS to be in
the range of $2.15 to $2.45 - An effective tax rate in the range of 24 percent to 26 percent
-
Worldwide net sales to be in the range of $8.6 billion to $8.9
-
This guidance assumes an average U.S. dollar to euro exchange rate of
$1.12 to €1.00 which compares to $1.17 to €1.00 in the year-ago period.
Webcast Details
Tech Data will hold a conference call today at 9:00 a.m. (ET) to discuss
its financial results for the first quarter ended April 30, 2019. A
webcast of the call, including supplemental schedules, will be available
to all interested parties and can be obtained at www.techdata.com/investor.
The webcast will be available for replay for three months.
Non-GAAP Financial Information
The non-GAAP financial information contained in this release is included
with the intention of providing investors a more complete understanding
of the Company’s operational results and trends, but should only be used
in conjunction with results reported in accordance with Generally
Accepted Accounting Principles (“GAAP”). Certain non-GAAP measures
presented in this release or other releases, presentations and similar
documents issued by the Company include sales, income or expense items
as adjusted for the impact of changes in foreign currencies (referred to
as “constant currency”), non-GAAP operating income, non-GAAP operating
margin, non-GAAP net income, non-GAAP earnings per diluted share and
Adjusted Return on Invested Capital. Certain non-GAAP measures also
exclude acquisition-related intangible assets amortization expense,
benefits associated with legal settlements, acquisition, integration and
restructuring expenses, value-added tax assessments and related interest
expense, tax indemnifications and changes in deferred tax valuation
allowances. A detailed reconciliation of the adjustments between results
calculated using GAAP and non-GAAP in this release is contained in the
attached financial schedules. This information can also be obtained from
the Company’s Investor Relations website at www.techdata.com/investor.
Forward-Looking Statements
Certain statements in this communication may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements, including statements regarding
Tech Data’s plans, objectives, expectations and intentions, Tech Data’s
financial results and estimates and/or business prospects, involve a
number of risks and uncertainties and actual results could differ
materially from those projected. These forward looking statements are
based on current expectations, estimates, forecasts, and projections
about the operating environment, economies and markets in which Tech
Data operates and the beliefs and assumptions of our management. Words
such as “expects,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such
words, and similar expressions are intended to identify such forward
looking statements. In addition, any statements that refer to
projections of Tech Data’s future financial performance, our anticipated
growth and trends in our businesses, and other characterizations of
future events or circumstances, are forward looking statements. These
forward looking statements are only predictions and are subject to
risks, uncertainties, and assumptions. Therefore, actual results may
differ materially and adversely from those expressed in any forward
looking statements.
For additional information with respect to risks and other factors which
could occur, see Tech Data’s Annual Report on Form 10-K for the year
ended January 31, 2019, including Part I, Item 1A, “Risk Factors”
therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other securities filings with the Securities and Exchange Commission
(the “SEC”) that are available at the SEC’s website at www.sec.gov
and other securities regulators. Readers are cautioned not to place
undue reliance upon any such forward-looking statements, which speak
only as of the date made. Many of these factors are beyond Tech Data’s
control. Unless otherwise required by applicable securities laws, Tech
Data disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Tech Data undertakes no duty to update any
forward looking statements contained herein to reflect actual results or
changes in Tech Data’s expectations.
About Tech Data
Tech Data connects the world with the power of technology. Our
end-to-end portfolio of products, services and solutions, highly
specialized skills, and expertise in next-generation technologies enable
channel partners to bring to market the products and solutions the world
needs to connect, grow and advance. Tech Data is ranked No. 88 on the
Fortune 500® and has been named one of Fortune’s “World’s
Most Admired Companies” for 10 straight years. To find out more, visit www.techdata.com or
follow us on Twitter, LinkedIn,
and Facebook.
| TECH DATA CORPORATION AND SUBSIDIARIES | ||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||
| (In thousands, except per share amounts) | ||||||
| (Unaudited) | ||||||
| Three months ended April 30, | ||||||
| 2019 | 2018 | |||||
| Net sales | $ | 8,406,424 | $ | 8,548,319 | ||
| Cost of products sold | 7,897,045 | 8,025,202 | ||||
| Gross profit | 509,379 | 523,117 | ||||
| Operating expenses: | ||||||
| Selling, general and administrative expenses | 405,816 | 422,361 | ||||
| Acquisition, integration, and restructuring expenses | 6,221 | 33,225 | ||||
| Legal settlements and other, net | (282) | (2,965) | ||||
| 411,755 | 452,621 | |||||
| Operating income | 97,624 | 70,496 | ||||
| Interest expense | 26,257 | 25,922 | ||||
| Other (income) expense, net | (693) | 1,917 | ||||
| Income before income taxes | 72,060 | 42,657 | ||||
| Provision for income taxes | 16,660 | 8,958 | ||||
| Net income | $ | 55,400 | $ | 33,699 | ||
| Earnings per share: | ||||||
| Basic | $ | 1.50 | $ | 0.88 | ||
| Diluted | $ | 1.49 | $ | 0.87 | ||
| Weighted average common shares outstanding: | ||||||
| Basic | 37,011 | 38,281 | ||||
| Diluted | 37,247 | 38,561 | ||||
| TECH DATA CORPORATION AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEET | ||||||
| (In thousands, except par value and share amounts) | ||||||
| (Unaudited) | ||||||
| April 30, | January 31, | |||||
| 2019 | 2019 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 797,500 | $ | 799,123 | ||
| Accounts receivable, net | 5,423,370 | 6,241,740 | ||||
| Inventories | 3,260,840 | 3,297,385 | ||||
| Prepaid expenses and other assets | 367,858 | 354,601 | ||||
| Total current assets | 9,849,568 | 10,692,849 | ||||
| Property and equipment, net | 271,906 | 274,917 | ||||
| Goodwill | 887,175 | 892,990 | ||||
| Intangible assets, net | 924,338 | 950,858 | ||||
| Other assets, net | 378,762 | 174,938 | ||||
| Total assets | $ | 12,311,749 | $ | 12,986,552 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 6,715,555 | $ | 7,496,466 | ||
| Accrued expenses and other liabilities | 984,366 | 1,000,126 | ||||
| Revolving credit loans and current maturities of long-term debt, net | 123,092 | 110,368 | ||||
| Total current liabilities | 7,823,013 | 8,606,960 | ||||
| Long-term debt, less current maturities | 1,297,943 | 1,300,554 | ||||
| Other long-term liabilities | 274,887 | 142,315 | ||||
| Total liabilities | $ | 9,395,843 | $ | 10,049,829 | ||
| Shareholders’ equity: | ||||||
|
Common stock, par value $0.0015; 200,000,000 shares authorized; 59,245,585 |
$ | 89 | $ | 89 | ||
| shares issued at April 30, 2019 and January 31, 2019 | ||||||
| Additional paid-in capital | 836,508 | 844,206 | ||||
|
Treasury stock, at cost (22,483,529 and 22,305,464 shares at April 30, 2019 |
||||||
| and January 31, 2019) | (1,065,657) | (1,037,872) | ||||
| Retained earnings | 3,141,914 | 3,086,514 | ||||
| Accumulated other comprehensive income | 3,052 | 43,786 | ||||
| Total shareholders’ equity | 2,915,906 | 2,936,723 | ||||
| Total liabilities and shareholders’ equity | $ | 12,311,749 | $ | 12,986,552 | ||
| TECH DATA CORPORATION AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Three months ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Cash received from customers | $ | 11,913,347 | $ | 11,514,374 | ||||
| Cash paid to vendors and employees | (11,800,318 | ) | (12,038,399 | ) | ||||
| Interest paid, net | (35,101 | ) | (33,763 | ) | ||||
| Income taxes paid | (14,739 | ) | (8,830 | ) | ||||
| Net cash provided by (used in) operating activities | 63,189 | (566,618 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Expenditures for property and equipment | (7,745 | ) | (4,894 | ) | ||||
| Software and software development costs | (7,534 | ) | (3,561 | ) | ||||
| Other | (548 | ) | (267 | ) | ||||
| Net cash used in investing activities | (15,827 | ) | (8,722 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Principal payments on long-term debt | (5,224 | ) | (2,899 | ) | ||||
| Cash paid for debt issuance costs | (1,028 | ) | — | |||||
| Net borrowings (repayments) on revolving credit loans | 14,227 | (13,291 | ) | |||||
| Payments for employee tax withholdings on equity awards | (8,602 | ) | (6,255 | ) | ||||
| Proceeds from the reissuance of treasury stock | 495 | 442 | ||||||
| Repurchases of common stock | (35,681 | ) | — | |||||
|
Net cash used in financing activities |
(35,813 | ) | (22,003 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (13,172 | ) | (12,708 | ) | ||||
| Net decrease in cash and cash equivalents | (1,623 | ) | (610,051 | ) | ||||
| Cash and cash equivalents at beginning of year | 799,123 | 955,628 | ||||||
| Cash and cash equivalents at end of period | $ | 797,500 | $ | 345,577 | ||||
|
Reconciliation of net income to net cash provided by operating activities: |
||||||||
| Net income | $ | 55,400 | $ | 33,699 | ||||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
||||||||
|
Depreciation and amortization |
37,257 | 40,481 | ||||||
| Provision for losses on accounts receivable | 1,765 | 924 | ||||||
| Stock-based compensation expense | 8,305 | 7,587 | ||||||
| Accretion of debt discount and debt issuance costs | 378 | 378 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 751,836 | 670,528 | ||||||
| Inventories | 2,450 | (7,387 | ) | |||||
| Prepaid expenses and other assets | 2,245 | (30,344 | ) | |||||
| Accounts payable | (706,381 | ) | (1,132,019 | ) | ||||
| Accrued expenses and other liabilities | (90,066 | ) | (150,465 | ) | ||||
| Total adjustments | 7,789 | (600,317 | ) | |||||
| Net cash provided by (used in) operating activities | $ | 63,189 | $ | (566,618 | ) | |||
| TECH DATA CORPORATION AND SUBSIDIARIES | ||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | ||||||||||||
| (In thousands) | ||||||||||||
| Three months ended April 30, 2019 | ||||||||||||
| Americas (1) | Europe (1) | Asia Pacific (1) |
Stock |
Consolidated | ||||||||
| Net Sales | $ 3,789,198 | $ 4,309,500 | $ 307,726 | $ 8,406,424 | ||||||||
| Operating income (GAAP) (1) | $ 68,633 | $ 36,420 | $ 876 | $ (8,305) | $ 97,624 | |||||||
| Acquisition, integration and restructuring expenses | 2,911 | 3,024 | 286 | – | 6,221 | |||||||
| Legal settlements and other, net | (282) | – | – | (282) | ||||||||
| Tax indemnifications | – | – | 320 | 320 | ||||||||
| Acquisition-related intangible assets amortization expense | 13,440 | 6,115 | 1,324 | 20,879 | ||||||||
| Total non-GAAP operating income adjustments | $ 16,069 | $ 9,139 | $ 1,930 | $ – | $ 27,138 | |||||||
| Operating income (non-GAAP) | $ 84,702 | $ 45,559 | $ 2,806 | $ (8,305) | $ 124,762 | |||||||
| Operating margin (GAAP) | 1.81% | 0.85% | 0.28% | 1.16% | ||||||||
| Operating margin (non-GAAP) | 2.24% | 1.06% | 0.91% | 1.48% | ||||||||
|
(1) GAAP operating income does not include stock compensation expense at the regional level. |
||||||||||||
| Three months ended April 30, 2018 | ||||||||||||
| Americas (1) | Europe (1) | Asia Pacific (1) |
Stock |
Consolidated | ||||||||
| Net Sales | $ 3,618,206 | $ 4,661,702 | $ 268,411 | $ 8,548,319 | ||||||||
| Operating income (loss) (GAAP) (1) | $ 61,342 | $ 17,318 | $ (577) | $ (7,587) | $ 70,496 | |||||||
| Acquisition, integration and restructuring expenses | 13,916 | 17,988 | 321 | 1,000 | 33,225 | |||||||
| Legal settlements and other, net | (2,965) | – | – | (2,965) | ||||||||
| Acquisition-related intangible assets amortization expense | 13,643 | 8,329 | 1,332 | 23,304 | ||||||||
| Total non-GAAP operating income adjustments | $ 24,594 | $ 26,317 | $ 1,653 | $ 1,000 | $ 53,564 | |||||||
| Operating income (non-GAAP) | $ 85,936 | $ 43,635 | $ 1,076 | $ (6,587) | $ 124,060 | |||||||
| Operating margin (GAAP) | 1.70% | 0.37% | -0.21% | 0.82% | ||||||||
| Operating margin (non-GAAP) | 2.38% | 0.94% | 0.40% | 1.45% | ||||||||
|
(1) GAAP operating income does not include stock compensation expense at the regional level. |
||||||||||||
| TECH DATA CORPORATION AND SUBSIDIARIES | ||||||
| GAAP TO NON-GAAP RECONCILIATION | ||||||
| (In thousands) | ||||||
| Selling, general and administrative expenses (“SG&A”) | Three months ended April 30, | |||||
| 2019 | 2018 | |||||
| Net Sales | $ | 8,406,424 | $ | 8,548,319 | ||
| SG&A Expenses (GAAP) | $ | 405,816 | $ | 422,361 | ||
| Tax indemnifications | (320) | – | ||||
| Acquisition-related intangible assets amortization expense | (20,879) | (23,304) | ||||
| SG&A Expenses (non-GAAP) | $ | 384,617 | $ | 399,057 | ||
| SG&A Expenses (GAAP) % | 4.83% | 4.94% | ||||
| SG&A Expenses (non-GAAP) % | 4.58% | 4.67% | ||||
| Three months ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| Net Income | Diluted EPS | Net Income | Diluted EPS | |||||
| GAAP Results | $55,400 | $1.49 | $33,699 | $0.87 | ||||
| Acquisition, integration and restructuring expenses | 6,221 | 0.17 | 33,225 | 0.86 | ||||
| Legal settlements and other, net | (282) | (0.01) | (2,965) | (0.08) | ||||
| Value added tax assessments and related interest expense | – | – | (928) | (0.02) | ||||
| Tax indemnifications | 320 | 0.01 | – | – | ||||
| Acquisition-related intangible assets amortization expense | 20,879 | 0.56 | 23,304 | 0.61 | ||||
| Income tax effect of tax indemnifications | (320) | (0.01) | – | – | ||||
| Income tax effect of other adjustments above | (6,321) | (0.17) | (12,908) | (0.33) | ||||
| Change in deferred tax valuation allowances | – | – | (2,600) | (0.07) | ||||
| Non-GAAP Results | $75,897 | $2.04 | $70,827 | $1.84 | ||||
|
Return on Invested Capital (ROIC) |
||||||
| Twelve months ended April 30, | ||||||
| TTM Net Operating Profit After Tax (NOPAT)*: | 2019 | 2018 | ||||
| Operating income | $ | 520,930 | $ | 405,497 | ||
| Income taxes on operating income (1) | (52,272) | (242,229) | ||||
| NOPAT | $ | 468,658 | $ | 163,268 | ||
| Average Invested Capital: | ||||||
| Short-term debt (5-qtr end average) | $ | 115,018 | $ | 262,413 | ||
| Long-term debt (5-qtr end average) | 1,361,506 | 1,683,828 | ||||
| Shareholders’ Equity (5-qtr end average) | 2,881,968 | 2,745,501 | ||||
| Total average capital | 4,358,492 | 4,691,742 | ||||
| Less: Cash (5-qtr end average) | (676,308) | (751,732) | ||||
| Average invested capital less average cash | $ | 3,682,184 | $ | 3,940,010 | ||
| ROIC | 13% | 4% | ||||
| * Trailing Twelve Months is abbreviated as TTM. | ||||||
|
(1) Income taxes on operating income was calculated using the trailing twelve months effective tax rate. |
||||||
Adjusted Return on Invested Capital (ROIC)
| Twelve months ended April 30, | |||
| TTM Net Operating Profit After Tax (NOPAT), as adjusted*: | 2019 | 2018 | |
| Non-GAAP operating income (1) | $ 708,588 | $ 603,559 | |
| Income taxes on non-GAAP operating income (2) | (179,283) | (178,518) | |
| NOPAT, as adjusted | $ 529,305 | $ 425,041 | |
| Average Invested Capital, as adjusted: | |||
| Short-term debt (5-qtr end average) | $ 115,018 | $ 262,413 | |
| Long-term debt (5-qtr end average) | 1,361,506 | 1,683,828 | |
| Shareholders’ Equity (5-qtr end average) | 2,881,968 | 2,745,501 | |
| Tax effected impact of non-GAAP adjustments (3) | 44,860 | 95,713 | |
| Total average capital, as adjusted | 4,403,352 | 4,787,455 | |
| Less: Cash (5-qtr end average) | (676,308) | (751,732) | |
| Average invested capital less average cash | $ 3,727,044 | $ 4,035,723 | |
| Adjusted ROIC | 14% | 11% | |
| * | Trailing Twelve Months is abbreviated as TTM. | |
|
(1) |
Represents operating income as adjusted to exclude acquisition, integration and restructuring expenses, legal settlements and other, net, gain on disposal of subsidiary, value added tax assessments, acquisition-related intangible assets amortization expense, goodwill impairment and tax indemnifications. |
|
|
(2) |
Income taxes on non-GAAP operating income was calculated using the trailing twelve months effective tax rate adjusted for the impact of non-GAAP adjustments during the respective periods. |
|
|
(3) |
Represents the 5 quarter average of the year-to-date impact of non-GAAP adjustments. |
Guidance Reconciliation
| Three months ending July 31, 2019 | |||
|
Low end of |
High end of |
||
| Earnings per share – diluted | $1.53 | $1.83 | |
| Acquisition, integration and restructuring expenses | 0.59 | 0.59 | |
| Acquisition-related amortization of intangibles | 0.24 | 0.24 | |
| Income tax effect of the above adjustments | (0.21) | (0.21) | |
| Non-GAAP earnings per share – diluted | $2.15 | $2.45 | |
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