-
Sales of
$594 million grew 3% as reported and 2% in constant currency - Year-over-year sales increase driven by pharmaceutical and industrial end markets
-
Growth in the
U.S. ,Europe andChina , partially offset by declines in other areas - Recurring revenue grew 5% in constant currency and instrument sales stabilized
-
GAAP EPS of
$2.03 ; non-GAAP EPS of$2.16 , a 1% increase from prior year -
Strong adjusted free cash flow of
$190 million , a 53% increase from prior year
On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2020 decreased to
On a GAAP basis, net cash provided by operating activities was
For the first nine months of 2020, the Company’s sales were
On a GAAP basis, EPS for the first nine months of 2020 decreased to
On a GAAP basis, net cash provided by operating activities was
“We are pleased with our solid financial results in the third quarter, which were driven by growth across geographies, while we remain cognizant of the ongoing variability we expect to face in our end markets during the fourth quarter," commented
Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis and are the same as the sales growth and decline percentages presented on a constant-currency basis as compared with the same period in the prior year, each of which is detailed in the reconciliation of sales growth rates to constant-currency growth rates in the tables below.
During the third quarter of 2020, sales into the pharmaceutical market increased 5% as reported and 4% in constant currency, sales into the industrial market increased 5% as reported and 3% in constant currency and sales into the academic and governmental markets declined 8% as reported and 7% in constant currency. For the first nine months of 2020, sales into the pharmaceutical market declined 5% as reported and 4% in constant currency, sales into the industrial market declined 6% as reported and in constant currency and sales into the academic and governmental markets declined 17% as reported and 16% in constant currency.
During the third quarter, recurring revenues, which represent the combination of service and precision chemistries revenues, increased 6% as reported and 5% in constant currency, while instrument system sales declined 1% as reported and in constant currency. For the first nine months of 2020, recurring revenues were flat as reported and increased 1% in constant currency, while instrument system sales declined 15% as reported and 14% in constant currency.
Geographically, sales in
Conference Call
About
Non-GAAP Financial Measures
This press release contains financial measures, such as constant-currency growth rate, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered “non-GAAP” financial measures under applicable
Cautionary Statement
This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “feels”, “believes”, “anticipates”, “plans”, “expects”, “intends”, “suggests”, “appears”, “estimates”, “projects” and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, risks related to the effects of the ongoing COVID-19 pandemic on our business, financial condition, results of operations and prospects, including: portions of our global workforce being unable to work fully and/or effectively due to working remotely, illness, quarantines, government actions, facility closures or other reasons related to the pandemic, increased risks of cyber attacks resulting from our temporary remote working model, disruptions in our manufacturing capabilities or to our supply chain, volatility and uncertainty in global capital markets limiting our ability to access capital, customers being unable to make timely payments for purchases and volatility in demand for our products; foreign exchange rate fluctuations potentially affecting translation of the Company’s future non-
Consolidated Statements of Operations | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 |
2019 |
2020 |
2019 |
||||||||||||
Net sales |
$ |
593,784 |
|
$ |
577,278 |
|
$ |
1,578,707 |
|
$ |
1,690,302 |
|
|||
Costs and operating expenses: | |||||||||||||||
Cost of sales |
|
262,342 |
|
|
241,055 |
|
|
686,120 |
|
|
711,632 |
|
|||
Selling and administrative expenses |
|
135,430 |
|
|
126,036 |
|
|
400,614 |
|
|
393,583 |
|
|||
Research and development expenses |
|
34,971 |
|
|
34,333 |
|
|
101,115 |
|
|
105,883 |
|
|||
Purchased intangibles amortization |
|
2,657 |
|
|
2,619 |
|
|
7,900 |
|
|
7,164 |
|
|||
Litigation provision |
|
- |
|
|
- |
|
|
1,180 |
|
|
- |
|
|||
Operating income |
|
158,384 |
|
|
173,235 |
|
|
381,778 |
|
|
472,040 |
|
|||
Other expense |
|
(1,039 |
) |
|
(496 |
) |
|
(2,149 |
) |
|
(1,363 |
) |
|||
Interest expense, net |
|
(6,908 |
) |
|
(8,001 |
) |
|
(25,966 |
) |
|
(16,826 |
) |
|||
Income from operations before income taxes |
|
150,437 |
|
|
164,738 |
|
|
353,663 |
|
|
453,851 |
|
|||
Provision for income taxes(1) |
|
23,668 |
|
|
26,605 |
|
|
50,403 |
|
|
62,322 |
|
|||
Net income |
$ |
126,769 |
|
$ |
138,133 |
|
$ |
303,260 |
|
$ |
391,529 |
|
|||
Net income per basic common share |
$ |
2.04 |
|
$ |
2.09 |
|
$ |
4.89 |
|
$ |
5.68 |
|
|||
Weighted-average number of basic common shares |
|
62,002 |
|
|
66,226 |
|
|
62,057 |
|
|
68,952 |
|
|||
Net income per diluted common share |
$ |
2.03 |
|
$ |
2.07 |
|
$ |
4.86 |
|
$ |
5.63 |
|
|||
Weighted-average number of diluted common shares and equivalents |
|
62,303 |
|
|
66,768 |
|
|
62,371 |
|
|
69,533 |
|
|||
(1) The provision for income taxes for the nine months ended |
Reconciliation of GAAP to Adjusted Non-GAAP | |||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current | |||||||||||||||||||||
Period | Constant | ||||||||||||||||||||
Three Months Ended | Percent | Currency | Currency | ||||||||||||||||||
Change | Impact | Growth Rate (a) | |||||||||||||||||||
Waters | $ |
533,466 |
$ |
512,146 |
4 |
% |
$ |
4,759 |
|
3 |
% |
||||||||||
TA |
60,318 |
65,132 |
(7 |
%) |
532 |
|
(8 |
%) |
|||||||||||||
Total | $ |
593,784 |
$ |
577,278 |
3 |
% |
$ |
5,291 |
|
2 |
% |
||||||||||
Instruments | $ |
268,064 |
$ |
270,317 |
(1 |
%) |
$ |
1,692 |
|
(1 |
%) |
||||||||||
Service |
217,545 |
206,705 |
5 |
% |
2,230 |
|
4 |
% |
|||||||||||||
Chemistry |
108,175 |
100,256 |
8 |
% |
1,369 |
|
7 |
% |
|||||||||||||
Total Recurring |
325,720 |
306,961 |
6 |
% |
3,599 |
|
5 |
% |
|||||||||||||
Total | $ |
593,784 |
$ |
577,278 |
3 |
% |
$ |
5,291 |
|
2 |
% |
||||||||||
$ |
236,182 |
$ |
237,775 |
(1 |
%) |
$ |
(2,254 |
) |
- |
|
|||||||||||
199,447 |
196,458 |
2 |
% |
(106 |
) |
2 |
% |
||||||||||||||
158,155 |
143,045 |
11 |
% |
7,651 |
|
5 |
% |
||||||||||||||
Total | $ |
593,784 |
$ |
577,278 |
3 |
% |
$ |
5,291 |
|
2 |
% |
||||||||||
Pharmaceutical | $ |
343,001 |
$ |
328,227 |
5 |
% |
$ |
2,537 |
|
4 |
% |
||||||||||
Industrial |
179,128 |
171,352 |
5 |
% |
3,345 |
|
3 |
% |
|||||||||||||
Academic & Governmental |
71,655 |
77,699 |
(8 |
%) |
(591 |
) |
(7 |
%) |
|||||||||||||
Total | $ |
593,784 |
$ |
577,278 |
3 |
% |
$ |
5,291 |
|
2 |
% |
||||||||||
Total |
$ |
593,784 |
$ |
577,278 |
3 |
% |
$ |
5,291 |
|
2 |
% |
||||||||||
China |
115,666 |
111,657 |
4 |
% |
951 |
|
3 |
% |
|||||||||||||
Total Net Sales Excluding China | $ |
478,118 |
$ |
465,621 |
3 |
% |
$ |
4,340 |
|
2 |
% |
||||||||||
|
(a) | The Company believes that referring to comparable constant-currency growth rates is a useful way to evaluate the underlying performance of |
Reconciliation of GAAP to Adjusted Non-GAAP | |||||||||||||||||||||
Nine Months Ended |
|||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current | |||||||||||||||||||||
Period | Constant | ||||||||||||||||||||
Nine Months Ended | Percent | Currency | Currency | ||||||||||||||||||
Change | Impact | Growth Rate (a) | |||||||||||||||||||
Waters | $ |
1,413,386 |
$ |
1,503,177 |
(6 |
%) |
$ |
(5,001 |
) |
(6 |
%) |
||||||||||
TA |
165,321 |
187,125 |
(12 |
%) |
(613 |
) |
(11 |
%) |
|||||||||||||
Total | $ |
1,578,707 |
$ |
1,690,302 |
(7 |
%) |
$ |
(5,614 |
) |
(6 |
%) |
||||||||||
Instruments | $ |
664,817 |
$ |
778,540 |
(15 |
%) |
$ |
(2,187 |
) |
(14 |
%) |
||||||||||
Service |
613,365 |
611,961 |
- |
|
(2,916 |
) |
1 |
% |
|||||||||||||
Chemistry |
300,525 |
299,801 |
- |
|
(511 |
) |
- |
|
|||||||||||||
Total Recurring |
913,890 |
911,762 |
- |
|
(3,427 |
) |
1 |
% |
|||||||||||||
Total | $ |
1,578,707 |
$ |
1,690,302 |
(7 |
%) |
$ |
(5,614 |
) |
(6 |
%) |
||||||||||
$ |
603,471 |
$ |
677,122 |
(11 |
%) |
$ |
(6,801 |
) |
(10 |
%) |
|||||||||||
546,405 |
585,101 |
(7 |
%) |
(35 |
) |
(7 |
%) |
||||||||||||||
428,831 |
428,079 |
- |
|
1,222 |
|
- |
|
||||||||||||||
Total | $ |
1,578,707 |
$ |
1,690,302 |
(7 |
%) |
$ |
(5,614 |
) |
(6 |
%) |
||||||||||
Pharmaceutical | $ |
926,582 |
$ |
972,884 |
(5 |
%) |
$ |
(4,937 |
) |
(4 |
%) |
||||||||||
Industrial |
474,592 |
502,679 |
(6 |
%) |
1,410 |
|
(6 |
%) |
|||||||||||||
Academic & Governmental |
177,533 |
214,739 |
(17 |
%) |
(2,087 |
) |
(16 |
%) |
|||||||||||||
Total | $ |
1,578,707 |
$ |
1,690,302 |
(7 |
%) |
$ |
(5,614 |
) |
(6 |
%) |
||||||||||
Total |
$ |
1,578,707 |
$ |
1,690,302 |
(7 |
%) |
$ |
(5,614 |
) |
(6 |
%) |
||||||||||
China |
252,713 |
314,544 |
(20 |
%) |
(1,897 |
) |
(19 |
%) |
|||||||||||||
Total Net Sales Excluding China | $ |
1,325,994 |
$ |
1,375,758 |
(4 |
%) |
$ |
(3,717 |
) |
(3 |
%) |
||||||||||
(a) | The Company believes that referring to comparable constant-currency growth rates is a useful way to evaluate the underlying performance of |
Reconciliation of GAAP to Adjusted Non-GAAP Financials | ||||||||||||||||||||||||||||||||
Three & Nine Months Ended |
||||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
||||||||||
Selling & |
|
|
|
|
|
|
Operating |
|
|
|
|
|
before |
|
|
Provision for |
|
|
|
|
|
Diluted |
||||||||||
Administrative |
|
|
|
Operating |
|
|
Income |
|
|
Other |
|
|
Income |
|
|
Income |
|
|
Net |
|
|
Earnings |
||||||||||
Expenses(a) |
|
|
|
Income |
|
|
Percentage |
|
|
Expense |
|
|
Taxes |
|
|
Taxes |
|
|
Income |
|
|
per Share |
||||||||||
Quarter Ended |
||||||||||||||||||||||||||||||||
GAAP | $ |
138,087 |
|
$ |
158,384 |
26.7 |
% |
$ |
(1,039 |
) |
$ |
150,437 |
$ |
23,668 |
|
$ |
126,769 |
|
$ |
2.03 |
|
|||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Purchased intangibles amortization (b) |
(2,657 |
) |
2,657 |
0.4 |
% |
- |
|
2,657 |
524 |
|
2,133 |
|
0.03 |
|
||||||||||||||||||
Restructuring costs and certain other items (c) |
(6,771 |
) |
6,771 |
1.1 |
% |
- |
|
6,771 |
1,692 |
|
5,079 |
|
0.08 |
|
||||||||||||||||||
Certain income tax items (d) |
- |
|
- |
- |
|
- |
|
- |
(685 |
) |
685 |
|
0.01 |
|
||||||||||||||||||
Adjusted Non-GAAP | $ |
128,659 |
|
$ |
167,812 |
28.3 |
% |
$ |
(1,039 |
) |
$ |
159,865 |
$ |
25,199 |
|
$ |
134,666 |
|
$ |
2.16 |
|
|||||||||||
Quarter Ended |
||||||||||||||||||||||||||||||||
GAAP | $ |
128,655 |
|
$ |
173,235 |
30.0 |
% |
$ |
(496 |
) |
$ |
164,738 |
$ |
26,605 |
|
$ |
138,133 |
|
$ |
2.07 |
|
|||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Purchased intangibles amortization (b) |
(2,619 |
) |
2,619 |
0.5 |
% |
- |
|
2,619 |
535 |
|
2,084 |
|
0.03 |
|
||||||||||||||||||
Restructuring costs and certain other items (c) |
(1,596 |
) |
1,596 |
0.3 |
% |
- |
|
1,596 |
350 |
|
1,246 |
|
0.02 |
|
||||||||||||||||||
Certain income tax items (d) |
- |
|
- |
- |
|
- |
|
- |
(600 |
) |
600 |
|
0.01 |
|
||||||||||||||||||
Adjusted Non-GAAP | $ |
124,440 |
|
$ |
177,450 |
30.7 |
% |
$ |
(496 |
) |
$ |
168,953 |
$ |
26,890 |
|
$ |
142,063 |
|
$ |
2.13 |
|
|||||||||||
Nine Months Ended |
||||||||||||||||||||||||||||||||
GAAP | $ |
409,694 |
|
$ |
381,778 |
24.2 |
% |
$ |
(2,149 |
) |
$ |
353,663 |
$ |
50,403 |
|
$ |
303,260 |
|
$ |
4.86 |
|
|||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Purchased intangibles amortization (b) |
(7,900 |
) |
7,900 |
0.5 |
% |
- |
|
7,900 |
1,561 |
|
6,339 |
|
0.10 |
|
||||||||||||||||||
Restructuring costs and certain other items (c) |
(33,054 |
) |
33,054 |
2.1 |
% |
(461 |
) |
32,593 |
7,373 |
|
25,220 |
|
0.40 |
|
||||||||||||||||||
Litigation provisions (e) |
(1,180 |
) |
1,180 |
0.1 |
% |
- |
|
1,180 |
283 |
|
897 |
|
0.01 |
|
||||||||||||||||||
Certain income tax items (d) |
- |
|
- |
- |
|
- |
|
- |
(1,567 |
) |
1,567 |
|
0.03 |
|
||||||||||||||||||
Adjusted Non-GAAP | $ |
367,560 |
|
$ |
423,912 |
26.9 |
% |
$ |
(2,610 |
) |
$ |
395,336 |
$ |
58,053 |
|
$ |
337,283 |
|
$ |
5.41 |
|
|||||||||||
Nine Months Ended |
||||||||||||||||||||||||||||||||
GAAP | $ |
400,747 |
|
$ |
472,040 |
27.9 |
% |
$ |
(1,363 |
) |
$ |
453,851 |
$ |
62,322 |
|
$ |
391,529 |
|
$ |
5.63 |
|
|||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Purchased intangibles amortization (b) |
(7,164 |
) |
7,164 |
0.4 |
% |
- |
|
7,164 |
1,520 |
|
5,644 |
|
0.08 |
|
||||||||||||||||||
Restructuring costs and certain other items (c) |
(14,382 |
) |
14,382 |
0.9 |
% |
- |
|
14,382 |
3,623 |
|
10,759 |
|
0.15 |
|
||||||||||||||||||
Tax reform (f) |
- |
|
- |
- |
|
- |
|
- |
3,229 |
|
(3,229 |
) |
(0.05 |
) |
||||||||||||||||||
Certain income tax items (d) |
- |
|
- |
- |
|
- |
|
- |
(1,908 |
) |
1,908 |
|
0.03 |
|
||||||||||||||||||
Adjusted Non-GAAP | $ |
379,201 |
|
$ |
493,586 |
29.2 |
% |
$ |
(1,363 |
) |
$ |
475,397 |
$ |
68,786 |
|
$ |
406,611 |
|
$ |
5.85 |
|
(a) | Selling & administrative expenses include purchased intangibles amortization and litigation provisions. | ||||||||||||||||||||||||||||
(b) | The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time. | ||||||||||||||||||||||||||||
(c) | Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations and reduce overhead and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company. | ||||||||||||||||||||||||||||
(d) | Certain income tax items were excluded as these non-cash expenses and benefits represent updates in management's assessment of ongoing examinations or other tax items that are not indicative of the Company’s normal or future income tax expense. | ||||||||||||||||||||||||||||
(e) | Litigation provisions were excluded as these items are isolated, unpredictable and not expected to recur regularly. | ||||||||||||||||||||||||||||
(f) | The provision for income taxes for nine months ended |
Preliminary Condensed Unclassified Consolidated Balance Sheets | |||||||||||
(In thousands and unaudited) | |||||||||||
Cash, cash equivalents and investments |
$ |
397,070 |
|
$ |
337,144 |
|
|||||
Accounts receivable |
|
494,432 |
|
|
587,734 |
|
|||||
Inventories |
|
326,946 |
|
|
320,551 |
|
|||||
Property, plant and equipment, net |
|
469,721 |
|
|
417,342 |
|
|||||
Intangible assets, net |
|
255,168 |
|
|
240,203 |
|
|||||
|
431,078 |
|
|
356,128 |
|
||||||
Other assets |
|
304,871 |
|
|
297,953 |
|
|||||
Total assets |
$ |
2,679,286 |
|
$ |
2,557,055 |
|
|||||
Notes payable and debt |
$ |
1,571,337 |
|
$ |
1,681,163 |
|
|||||
Other liabilities |
|
1,149,530 |
|
|
1,092,173 |
|
|||||
Total liabilities |
|
2,720,867 |
|
|
2,773,336 |
|
|||||
Total stockholders' deficit |
|
(41,581 |
) |
|
(216,281 |
) |
|||||
Total liabilities and stockholders' deficit |
$ |
2,679,286 |
|
$ |
2,557,055 |
|
|||||
Preliminary Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
Three and Nine Months Ended |
||||||||||||||||
(In thousands and unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income |
$ |
126,769 |
|
$ |
138,133 |
|
$ |
303,260 |
|
$ |
391,529 |
|
||||
Adjustments to reconcile net income to net | ||||||||||||||||
cash provided by operating activities: | ||||||||||||||||
Stock-based compensation |
|
9,593 |
|
|
9,662 |
|
|
27,715 |
|
|
28,917 |
|
||||
Depreciation and amortization |
|
30,888 |
|
|
26,704 |
|
|
91,091 |
|
|
80,319 |
|
||||
Change in operating assets and liabilities, net |
|
5,329 |
|
|
(26,110 |
) |
|
100,959 |
|
|
(49,573 |
) |
||||
Net cash provided by operating activities |
|
172,579 |
|
|
148,389 |
|
|
523,025 |
|
|
451,192 |
|
||||
Cash flows from investing activities: | ||||||||||||||||
Additions to property, plant, equipment | ||||||||||||||||
and software capitalization |
|
(28,311 |
) |
|
(45,017 |
) |
|
(125,340 |
) |
|
(110,205 |
) |
||||
Business acquisitions, net of cash acquired |
|
- |
|
|
- |
|
|
(76,664 |
) |
|
- |
|
||||
Investment in unaffiliated companies |
|
(500 |
) |
|
(2,500 |
) |
|
(3,850 |
) |
|
(7,250 |
) |
||||
Net change in investments |
|
(5,415 |
) |
|
87,895 |
|
|
(20,707 |
) |
|
942,896 |
|
||||
Net cash (used in) provided by investing activities |
|
(34,226 |
) |
|
40,378 |
|
|
(226,561 |
) |
|
825,441 |
|
||||
Cash flows from financing activities: | ||||||||||||||||
Net change in debt |
|
(125,000 |
) |
|
206,830 |
|
|
(110,366 |
) |
|
206,948 |
|
||||
Proceeds from stock plans |
|
13,682 |
|
|
4,182 |
|
|
28,421 |
|
|
34,311 |
|
||||
Purchases of treasury shares |
|
(56 |
) |
|
(580,065 |
) |
|
(196,353 |
) |
|
(1,909,700 |
) |
||||
Other cash flow from financing activities, net |
|
2,772 |
|
|
2,246 |
|
|
10,330 |
|
|
6,900 |
|
||||
Net cash used in financing activities |
|
(108,602 |
) |
|
(366,807 |
) |
|
(267,968 |
) |
|
(1,661,541 |
) |
||||
Effect of exchange rate changes on cash and cash equivalents |
|
6,147 |
|
|
(5,309 |
) |
|
10,723 |
|
|
(6,723 |
) |
||||
Increase (decrease) in cash and cash equivalents |
|
35,898 |
|
|
(183,349 |
) |
|
39,219 |
|
|
(391,631 |
) |
||||
Cash and cash equivalents at beginning of period |
|
339,036 |
|
|
587,998 |
|
|
335,715 |
|
|
796,280 |
|
||||
Cash and cash equivalents at end of period |
$ |
374,934 |
|
$ |
404,649 |
|
$ |
374,934 |
|
$ |
404,649 |
|
||||
Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a) | ||||||||||||||||
Net cash provided by operating activities - GAAP |
$ |
172,579 |
|
$ |
148,389 |
|
$ |
523,025 |
|
$ |
451,192 |
|
||||
Adjustments: | ||||||||||||||||
Additions to property, plant, equipment | ||||||||||||||||
and software capitalization |
|
(28,311 |
) |
|
(45,017 |
) |
|
(125,340 |
) |
|
(110,205 |
) |
||||
Tax reform payments |
|
38,454 |
|
|
- |
|
|
38,454 |
|
|
29,109 |
|
||||
Major facility renovations |
|
7,253 |
|
|
21,073 |
|
|
50,320 |
|
|
48,348 |
|
||||
Free Cash Flow - Adjusted Non-GAAP |
$ |
189,975 |
|
$ |
124,445 |
|
$ |
486,459 |
|
$ |
418,444 |
|
||||
(a) The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20201027005187/en/
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