UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report October 28,
2010
(Date of
earliest event reported)
Commission
File Number 0-16211
DENTSPLY
International Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
39-1434669
|
|
(State
of Incorporation)
|
(IRS
Employer Identification
No.)
|
|
221
West Philadelphia Street,
|
|
|
York, Pennsylvania
|
17405-0872
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code:
(717)
845-7511
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
2.02. - Results of Operations and Financial Condition
The
following information is furnished pursuant to Item 2.02, "Results of Operations
and Financial Condition."
On
October 28, 2010, the Company issued a press release disclosing its third
quarter 2010 sales and earnings. This earnings release references net sales,
excluding precious metal content, and net income, excluding certain unusual
items, both of which could be considered measures not calculated in accordance
with generally accepted accounting principles (non-GAAP measures). Due to the
fluctuations of precious metal prices and because the precious metal content of
the Company's sales is largely a pass-through to customers and has minimal
effect on earnings, the Company reports sales both with and without precious
metal content to show the Company's performance independent of precious metal
price volatility and to enhance comparability of performance between
periods. Earnings from operations, excluding certain unusual items,
is presented to enhance the comparability between periods. A copy of the
Company's press release is attached hereto as Exhibit 99.1 and is hereby
incorporated by reference.
Item
9.01. Financial Statements and Exhibits
(a)
Financial Statements - Not applicable.
(b)
Exhibits:
99.1 The
DENTSPLY International Inc. Third Quarter 2010 earnings release issued October
28, 2010 as referenced in Item 2.02.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
DENTSPLY INTERNATIONAL INC
|
|
(Company)
|
|
/s/ William R. Jellison
|
|
William R. Jellison
|
|
Senior Vice President and
|
|
Chief Financial Officer
|
Date:
October 28, 2010
News
For
further information contact:
William
R. Jellison
Senior
Vice President and
Chief
Financial Officer
|
(717)
849-4243
|
For
Immediate Release
|
DENTSPLY
International Inc.
Reports
Third Quarter 2010 Sales and Earnings
York, PA – October 28, 2010 —
DENTSPLY International Inc. (NASDAQ–XRAY) today announced sales and
earnings for the three months ended September 30, 2010. Net sales in
the third quarter of 2010 increased 2.0% to $541.8 million compared to $531.2
million reported for the third quarter of 2009. Net sales, excluding
precious metal content, increased 0.1%, including 2.4% growth on a constant
currency basis, to $494.3 million in the third quarter of 2010. This
constant currency growth was nearly offset by the negative impact of foreign
currency translation in the period.
Net
income attributable to DENTSPLY International for the third quarter of 2010 was
$63.7 million, or $0.44 per diluted share, compared to $0.45 per diluted share
in the third quarter of 2009. Net income attributable to DENTSPLY
International in the third quarter of 2010 included the net of tax impact of
restructuring and other costs of $0.2 million, a net of tax impact for recent
acquisition-related activities of $1.3 million and a net benefit for income
tax-related adjustments of $0.3 million, which in aggregate reduced earnings per
share on a net basis by $.01 per diluted share. Net income
attributable to DENTSPLY International in the third quarter of 2009 included the
net of tax impact of restructuring and other costs of $0.8 million, a net of tax
impact for recent acquisition-related activities of $0.1 million and a net
benefit for income tax-related adjustments of $2.6 million, which in aggregate
increased earnings per share on a net basis by $0.01 per diluted
share. For a reconciliation of GAAP and non-GAAP measures, see the
attached table.
Bret
Wise, Chairman and Chief Executive Officer, stated “The global dental market
continued to grow modestly in the third quarter, with international markets
being more resilient. We have now completed the sales and marketing expansion
announced early in the year, with the resources fully in place. We
are also continuing to make additional investments in the back half of 2010 to
take better advantage of a strong product pipeline targeted for launch in 2011
and 2012. Based on these investments and current exchange rates, we
are narrowing our 2010 earnings guidance to $1.86 to $1.91 per diluted
share.” This guidance for earnings per diluted share is on a
non-GAAP basis, excluding restructuring and other costs, acquisition-related
activities, a credit risk adjustment to outstanding derivatives and income
tax-related adjustments.
Additional
Information
A
conference call has been scheduled for Thursday, October 28, 2010 at 8:30 AM
Eastern Time. A live broadcast is available through Shareholder.com
by accessing DENTSPLY’s website at www.dentsply.com. In
order to participate in the call, dial (888) 601-3864 (for domestic calls) and
(913) 312-1443 (for international calls). The Conference ID # is
1473854. At that time, you will be able to discuss the third quarter
earnings with DENTSPLY’s Chairman and Chief Executive Officer, Mr. Bret Wise;
President and Chief Operating Officer, Mr. Chris Clark; and Senior Vice
President and Chief Financial Officer, Mr. William Jellison.
A
rebroadcast of the conference call will be available to the public online at the
DENTSPLY website, www.dentsply.com. You
may also access a dial-in replay for one week following the call at (888)
203-1112 (for domestic calls) or (719) 457-0820 (for international calls),
Passcode # 1473854.
DENTSPLY
designs, develops, manufactures and markets a broad range of products for the
dental market. The Company believes that it is the world’s leading
manufacturer and distributor of dental prosthetics, endodontic instruments and
materials and ultrasonic scalers; the leading United States manufacturer and
distributor of denture teeth, dental handpieces, dental x-ray film holders, film
mounts and prophylaxis paste; and a leading worldwide manufacturer or
distributor of dental injectable anesthetics, impression materials,
orthodontics appliances, dental cutting instruments, dental implants and
restorative dental materials, dental sealants and crown and bridge
materials. The Company distributes its dental products in over 120
countries under some of the most well-established brand names in the
industry.
DENTSPLY
is committed to the development of innovative, high quality, cost-effective new
products for the dental market.
This
press release contains forward-looking information (within the meaning of the
Private Securities Litigation Reform Act of 1995) regarding future events or the
future financial performance of the Company that involve substantial risks and
uncertainties. Actual events or results may differ materially from
those in the projections or other forward-looking information set forth herein
as a result of certain risk factors. These risk factors include, without
limitation; the continued strength of dental markets, the timing, success and
market reception for our new and existing products, uncertainty with respect to
governmental actions with respect to dental products, outcome of
litigation, continued support of our products by influential dental
professionals, and changes in the general economic environment that could affect
the business. Changes in such assumptions or factors could produce
significantly different results. For an additional description of
risk factors, please refer to the Company’s most recent Form 10-K and its
subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange
Commission.
Non-GAAP
Financial Measures
In
addition to the results reported in accordance with accounting principles
generally accepted in the United States (“GAAP”), the Company provided adjusted
operating income, adjusted net income attributable to DENTSPLY International and
adjusted earnings per diluted share. These adjusted amounts consist of
GAAP amounts excluding (1) restructuring and other costs, (2)
acquisition-related charges, (3) income tax-related adjustments and (4) credit
risk adjustments to outstanding derivatives. Adjusted earnings per diluted
share are calculated by dividing adjusted net income attributable to DENTSPLY
International by diluted weighted-average shares outstanding.
The
Company also provided an operational tax rate, which is the Company’s effective
tax rate, a GAAP measure, adjusted for certain one-time charges. Adjusted
operating income, adjusted net income attributable to DENTSPLY International,
adjusted earnings per diluted share and operating tax rate are considered
measures not calculated in accordance with GAAP, and therefore are non-GAAP
measures. These non-GAAP measures may differ from those of other
companies.
The
Company believes that the presentation of adjusted operating income, adjusted
net income attributable to DENTSPLY International, adjusted earnings per diluted
share and operating tax rate provides important supplemental information to
management and investors seeking to understand the Company’s financial condition
and results of operations. The non-GAAP financial information should not
be considered in isolation from, or as a substitute for, measures of financial
performance prepared in accordance with GAAP.
DENTSPLY
INTERNATIONAL INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In
thousands, except per share amounts)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net
sales
|
$ | 541,815 | $ | 531,203 | $ | 1,652,845 | $ | 1,590,984 | ||||||||
|
Net
sales, excluding precious metal content
|
494,345 | 493,817 | 1,510,501 | 1,470,994 | ||||||||||||
|
Cost
of products sold
|
269,001 | 259,473 | 810,399 | 767,854 | ||||||||||||
|
Gross
profit
|
272,814 | 271,730 | 842,446 | 823,130 | ||||||||||||
|
%
of Net sales
|
50.4 | % | 51.2 | % | 51.0 | % | 51.7 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
55.2 | % | 55.0 | % | 55.8 | % | 56.0 | % | ||||||||
|
Selling,
general and
|
||||||||||||||||
|
administrative
expenses
|
182,057 | 177,579 | 552,474 | 539,383 | ||||||||||||
|
Restructuring
and other costs
|
338 | 1,210 | 5,261 | 5,905 | ||||||||||||
|
Operating
income
|
90,419 | 92,941 | 284,711 | 277,842 | ||||||||||||
|
%
of Net sales
|
16.7 | % | 17.5 | % | 17.2 | % | 17.5 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
18.3 | % | 18.8 | % | 18.8 | % | 18.9 | % | ||||||||
|
Net
interest and other expense
|
5,316 | 5,089 | 17,775 | 13,910 | ||||||||||||
|
Income
before income taxes
|
85,103 | 87,852 | 266,936 | 263,932 | ||||||||||||
|
Provision
for income taxes
|
21,288 | 19,999 | 67,585 | 65,570 | ||||||||||||
|
Net
income
|
63,815 | 67,853 | 199,351 | 198,362 | ||||||||||||
|
%
of Net sales
|
11.8 | % | 12.8 | % | 12.1 | % | 12.5 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
12.9 | % | 13.7 | % | 13.2 | % | 13.5 | % | ||||||||
|
Less:
Net income (loss) attributable
|
||||||||||||||||
|
to
the noncontrolling interests
|
162 | 370 | 1,470 | (1,062 | ) | |||||||||||
|
Net
income attributable to DENTSPLY International
|
$ | 63,653 | $ | 67,483 | $ | 197,881 | $ | 199,424 | ||||||||
|
%
of Net sales
|
11.7 | % | 12.7 | % | 12.0 | % | 12.5 | % | ||||||||
|
%
of Net sales, excluding precious metal content
|
12.9 | % | 13.7 | % | 13.1 | % | 13.6 | % | ||||||||
|
Earnings
per common share:
|
||||||||||||||||
|
Basic
|
$ | 0.45 | $ | 0.45 | $ | 1.37 | $ | 1.34 | ||||||||
|
Dilutive
|
$ | 0.44 | $ | 0.45 | $ | 1.35 | $ | 1.33 | ||||||||
|
Cash
dividends declared per common share
|
$ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | ||||||||
|
Weighted
average common share outstanding:
|
||||||||||||||||
|
Basic
|
142,501 | 148,547 | 144,670 | 148,546 | ||||||||||||
|
Dilutive
|
144,063 | 150,638 | 146,679 | 150,077 | ||||||||||||
DENTSPLY
INTERNATIONAL INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
|
September
30,
|
December
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 534,243 | $ | 450,348 | ||||
|
Accounts
and notes receivable-trade, net
|
366,789 | 348,684 | ||||||
|
Inventories,
net
|
318,071 | 291,640 | ||||||
|
Prepaid
expenses and other current assets
|
112,454 | 127,124 | ||||||
|
Total
Current Assets
|
1,331,557 | 1,217,796 | ||||||
|
Property,
plant and equipment, net
|
423,802 | 439,619 | ||||||
|
Identifiable
intangible assets, net
|
79,701 | 89,086 | ||||||
|
Goodwill,
net
|
1,304,938 | 1,312,596 | ||||||
|
Other
noncurrent assets, net
|
55,158 | 28,835 | ||||||
|
Total
Assets
|
$ | 3,195,156 | $ | 3,087,932 | ||||
|
Liabilities
and Equity
|
||||||||
|
Current
liabilities
|
$ | 351,912 | $ | 444,556 | ||||
|
Long-term
debt
|
592,376 | 387,151 | ||||||
|
Deferred
income taxes
|
74,238 | 72,524 | ||||||
|
Other
noncurrent liabilities
|
300,074 | 276,743 | ||||||
|
Total
Liabilities
|
1,318,600 | 1,180,974 | ||||||
|
Total
DENTSPLY International Equity
|
1,803,481 | 1,832,105 | ||||||
|
Noncontrolling
interests
|
73,075 | 74,853 | ||||||
|
Total
Equity
|
1,876,556 | 1,906,958 | ||||||
|
Total
Liabilities and Equity
|
$ | 3,195,156 | $ | 3,087,932 | ||||
DENTSPLY
INTERNATIONAL INC.
(In
thousands, except per share amounts)
Operating
Income Summary:
The
following tables present the reconciliation of reported GAAP operating income in
total and on a percentage of net sales, excluding precious metal content, to the
non-GAAP financial measures.
|
Three
Months Ended September 30, 2010
|
Percentage
|
|||||||
|
Operating
|
of
Net Sales,
|
|||||||
|
Income
|
Excluding
Precious
|
|||||||
|
(Loss)
|
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 90,419 | 18.3 | % | ||||
|
Acquisition-Related
Activities
|
1,715 | 0.3 | % | |||||
|
Restructuring
and Other Costs
|
338 | 0.1 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 92,472 | 18.7 | % | ||||
|
Three
Months Ended September 30, 2009
|
Percentage
|
|||||||
|
Operating
|
of
Net Sales,
|
|||||||
|
Income
|
Excluding
Precious
|
|||||||
|
(Loss)
|
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 92,941 | 18.8 | % | ||||
|
Acquisition-Related
Activities
|
242 | 0.0 | % | |||||
|
Restructuring
and Other Costs
|
1,210 | 0.3 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 94,393 | 19.1 | % | ||||
DENTSPLY
INTERNATIONAL INC.
(In
thousands, except per share amounts)
Earnings
Summary:
The
following tables present the reconciliation of reported GAAP net income
attributable to DENTSPLY International and on a per share basis to the non-GAAP
financial measures.
|
Three
Months Ended September 30, 2010
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 63,653 | $ | 0.44 | ||||
|
Acquisition-Related
Activities, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
1,283 | 0.01 | ||||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
240 | 0.00 | ||||||
|
Income
Tax-Related Adjustments
|
(320 | ) | (0.00 | ) | ||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 64,856 | $ | 0.45 | ||||
|
Three
Months Ended September 30, 2009
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 67,483 | $ | 0.45 | ||||
|
Acquisition-Related
Activities, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
131 | 0.00 | ||||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Noncontrolling
Interests
|
843 | 0.01 | ||||||
|
Income
Tax-Related Adjustments
|
(2,570 | ) | (0.02 | ) | ||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 65,887 | $ | 0.44 | ||||
DENTSPLY
INTERNATIONAL INC.
(In
thousands)
Operating
Tax Rate Summary:
The
following tables present the reconciliation of reported GAAP effective tax rate
as a percentage of income before income taxes to the non-GAAP financial
measure.
|
Three
Months Ended September 30, 2010
|
||||||||||||
|
Percentage
|
||||||||||||
|
Income
Before
|
of
Income Before
|
|||||||||||
|
Income Taxes
|
Income Taxes
|
Income Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 85,103 | $ | (21,288 | ) | 25.0 | % | |||||
|
Acquisition-Related
Activities
|
1,715 | (431 | ) | |||||||||
|
Restructuring
and Other Costs
|
338 | (102 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | (320 | ) | |||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 87,156 | $ | (22,141 | ) | 25.4 | % | |||||
|
Three
Months Ended September 30, 2009
|
Percentage
|
|||||||||||
|
Income
Before
|
of
Income Before
|
|||||||||||
|
Income Taxes
|
Income Taxes
|
Income Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 87,852 | $ | (19,999 | ) | 22.8 | % | |||||
|
Acquisition-Related
Activities
|
242 | (23 | ) | |||||||||
|
Restructuring
and Other Costs
|
1,210 | (492 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | (2,570 | ) | |||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 89,304 | $ | (23,084 | ) | 25.8 | % | |||||
DENTSPLY
INTERNATIONAL INC.
(In
thousands, except per share amounts)
Operating
Income Summary:
The
following tables present the reconciliation of reported GAAP operating income in
total and on a percentage of net sales, excluding precious metal content basis
to the non-GAAP financial measures.
|
Nine
Months Ended September 30, 2010
|
Percentage
|
|||||||
|
Operating
|
of
Net Sales,
|
|||||||
|
Income
|
Excluding
Precious
|
|||||||
|
(Loss)
|
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 284,711 | 18.8 | % | ||||
|
Restructuring
and Other Costs
|
5,261 | 0.4 | % | |||||
|
Recent
Acquisition-Related Activities
|
2,232 | 0.1 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 292,204 | 19.3 | % | ||||
|
Nine
Months Ended September 30, 2009
|
Percentage
|
|||||||
|
Operating
|
of
Net Sales,
|
|||||||
|
Income
|
Excluding
Precious
|
|||||||
|
(Loss)
|
Metal
Content
|
|||||||
|
Operating
Income
|
$ | 277,842 | 18.9 | % | ||||
|
Restructuring
and Other Costs
|
5,905 | 0.4 | % | |||||
|
Recent
Acquisition-Related Activities
|
4,019 | 0.3 | % | |||||
|
Adjusted
Non-GAAP Operating Income
|
$ | 287,766 | 19.6 | % | ||||
DENTSPLY
INTERNATIONAL INC.
(In
thousands, except per share amounts)
Earnings Summary:
The
following tables present the reconciliation of reported GAAP net income in total
and on a per share basis to the non-GAAP financial measures.
|
Nine
Months Ended September 30, 2010
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 197,881 | $ | 1.35 | ||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
3,250 | 0.02 | ||||||
|
Recent
Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
1,670 | 0.01 | ||||||
|
Credit
Risk Adjustment to Outstanding
|
||||||||
|
Derivatives,
Net of Tax
|
732 | 0.01 | ||||||
|
Income
Tax-Related Adjustments
|
670 | 0.00 | ||||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 204,203 | $ | 1.39 | ||||
|
Nine
Months Ended September 30, 2009
|
||||||||
|
Income
|
Per
Diluted
|
|||||||
|
(Loss)
|
Share
|
|||||||
|
Net
Income Attributable to DENTSPLY International
|
$ | 199,424 | $ | 1.33 | ||||
|
Restructuring
and Other Costs, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
4,024 | 0.03 | ||||||
|
Recent
Acquisition-Related Activities, Net of Tax and
|
||||||||
|
Non-Controlling
Interests
|
1,770 | 0.01 | ||||||
|
Income
Tax-Related Adjustments
|
(2,076 | ) | (0.01 | ) | ||||
|
Rounding
|
- | (0.01 | ) | |||||
|
Adjusted
Non-GAAP Net Income Attributable
|
||||||||
|
to
DENTSPLY International
|
$ | 203,142 | $ | 1.35 | ||||
DENTSPLY
INTERNATIONAL INC.
(In
thousands)
Operating
Tax Rate Summary:
The
following tables present the reconciliation of reported GAAP effective tax rate
as a percentage of income before income taxes to the
non-GAAP financial measure.
Nine
Months Ended September 30, 2010
|
Percentage
|
||||||||||||
|
Income
Before
|
of
Income Before
|
|||||||||||
|
Income
Taxes
|
Income
Taxes
|
Income
Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 266,936 | $ | (67,585 | ) | 25.3 | % | |||||
|
Restructuring
and Other Costs
|
5,261 | (1,905 | ) | |||||||||
|
Recent
Acquisition-Related Activities
|
2,232 | (562 | ) | |||||||||
| Credit Risk Adjustment to Outstanding Derivatives | 1,192 | (460 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | 670 | ||||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 275,621 | $ | (69,842 | ) | 25.3 | % | |||||
|
Nine
Months Ended September 30, 2009
|
Percentage
|
|||||||||||
|
Income
Before
|
of
Income Before
|
|||||||||||
|
Income
Taxes
|
Income
Taxes
|
Income
Taxes
|
||||||||||
|
As
Reported - GAAP Operating Results
|
$ | 263,932 | $ | (65,570 | ) | 24.8 | % | |||||
|
Restructuring
and Other Costs
|
5,905 | (2,006 | ) | |||||||||
|
Recent
Acquisition-Related Activities
|
4,019 | (1,070 | ) | |||||||||
|
Income
Tax-Related Adjustments
|
- | (2,076 | ) | |||||||||
|
As
Adjusted - Non-GAAP Operating Results
|
$ | 273,856 | $ | (70,722 | ) | 25.8 | % | |||||