Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PROGRESS SOFTWARE CORP /MA | form8-kxq22014.htm |
 | Exhibit 99.1 | |
P R E S S A N N O U N C E M E N T
Investor Contact: | Press Contact: | |
Brian Flanagan | Rick Lacroix | |
Progress Software | Progress Software | |
+1 781 280 4817 | +1 781 280 4604 | |
flanagan@progress.com | rlacroix@progress.com | |
Progress Software Reports 2014 Fiscal Second Quarter Results
BEDFORD, MA, June 26, 2014 (BUSINESSWIRE) — Progress Software Corporation (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced results for its fiscal second quarter ended May 31, 2014.
Revenue from continuing operations was $80.8 million compared to $81.7 million in the same quarter last year, a year over year decrease of 1% on an actual currency basis and 2% on a constant currency basis.
Additional financial highlights included:
On a GAAP basis in the fiscal second quarter of 2014:
• | Income from operations was $20.3 million compared to $14.4 million in the same quarter last year; |
• | Income from continuing operations was $12.8 million compared to $8.1 million in the same quarter last year; |
• | Net income was $12.8 million compared to $3.9 million in the same quarter last year; and |
• | Diluted earnings per share from continuing operations was $0.25 compared to $0.15 in the same quarter last year. |
On a non-GAAP basis in the fiscal second quarter of 2014:
• | Income from operations was $28.4 million compared to $23.7 million in the same quarter last year; |
• | Operating margin was 35% compared to 29% in the same quarter last year; |
• | Income from continuing operations was $19.2 million compared to $15.0 million in the same quarter last year; and |
• | Diluted earnings per share from continuing operations was $0.37 compared to $0.27 in the same quarter last year. |
Phil Pead, Progress CEO, said, “We are pleased with our second quarter performance. Progress continues to add new features and functionality to its core products while also introducing new offerings, such as comprehensive mobile app development capabilities in our Pacific PaaS platform. We are also very excited about the new opportunities and innovative technologies that our Modulus acquisition provides as we broaden our cloud, hybrid and on-premise offerings.”
Other fiscal second quarter 2014 metrics and recent results included:
• | Cash, cash equivalents and short-term investments were $226.6 million; |
• | Cash inflows from operations were $17.1 million compared to cash inflows from operations of $13.6 million in the same quarter in fiscal year 2013; |
• | DSO was 65 days, compared to 71 days in the fiscal first quarter of 2014; and |
• | Under the previously announced authorization by the Board of Directors to repurchase up to $100 million of common stock, the company has repurchased 1.6 million shares for $35.0 million as of May 31, 2014. |
In addition, during the second quarter of fiscal year 2014, Progress acquired Cincinnati, Ohio-based Modulus LLC, a privately-held company that provides a platform-as-a-service (PaaS) for easily hosting, deploying, scaling and monitoring data-intensive, real-time applications using powerful, rapidly growing Node.js and MongoDB technologies. Also during the quarter, Progress announced the release of Easyl, our latest product offering included in our Pacific platform.
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Business Outlook
Progress Software provides the following updated guidance for the fiscal year ending November 30, 2014:
• | Revenue is expected to be between $331 million and $338 million; |
• | Non-GAAP earnings per share is expected to be between $1.38 and $1.45; |
• | Non-GAAP operating margin is expected to be between 33% and 34%; |
• | Free cash flow is expected to be between $79 million and $83 million; and |
• | Non-GAAP effective tax rate is expected to be 33%. |
Progress Software provides the following guidance for the third fiscal quarter ending August 31, 2014:
• | Revenue is expected to be between $78 million and $81 million; and |
• | Non-GAAP earnings per share is expected to be between $0.32 and $0.35. |
Free cash flow is equal to cash flows from operating activities less purchases of property and equipment and capitalized software development costs.
Conference Call
The Progress Software quarterly investor conference call to review its fiscal second quarter of 2014 will be broadcast live at 5:00 p.m. ET on Thursday, June 26, 2014 and can be accessed on the investor relations section of the company’s website, located at www.progress.com. Additionally, you can listen to the call by telephone by dialing 1-888-455-2296, pass code 5822388. The conference call will include brief comments followed by questions and answers. An archived version of the conference call and supporting materials will be available on the Progress Software website within the investor relations section after the live conference call.
Legal Notice Regarding Non-GAAP Financial Information
Progress Software provides non-GAAP financial information as additional information for investors. These non-GAAP measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). Progress Software believes that the non-GAAP results described in this release are useful for an understanding of its ongoing operations and provide additional detail and an alternative method of assessing its operating results. Management uses these non-GAAP results to compare the company's performance to that of prior periods for analysis of trends and for budget and planning purposes. A reconciliation of non-GAAP adjustments to the company's GAAP financial results is included in the tables below. Additional information regarding the company's non-GAAP financial information is contained in the company's Current Report on Form 8-K furnished to the Securities and Exchange Commission in connection with this press release, which is available on the Progress website at www.progress.com within the investor relations section.
Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,”“expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates.
Forward-looking statements in this press release include, but are not limited to, statements regarding Progress's strategic plan; future revenue growth, operating margin and cost savings; product development, strategic partnering and marketing initiatives; the growth rates of certain markets; and other statements regarding the future operation, direction and success of Progress's business. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation:
(1) Market acceptance of Progress’s strategy and product development initiatives; (2) pricing pressures and the competitive environment in the software industry and Platform-as-a-Service market; (3) Progress's ability to successfully manage transitions to new business models and markets, including an increased emphasis on a cloud and subscription strategy; (4)
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Progress's ability to make acquisitions and to realize the expected benefits and anticipated synergies from such acquisitions; (5) the continuing uncertainty in the U.S. and international economies, which could result in fewer sales of Progress's products and may otherwise harm Progress's business; (6) business and consumer use of the Internet and the continuing adoption of Cloud technologies; (7) the receipt and shipment of new orders; (8) Progress's ability to expand its relationships with channel partners and to manage the interaction of channel partners with its direct sales force; (9) the timely release of enhancements to Progress's products and customer acceptance of new products; (10) the positioning of Progress's products in its existing and new markets; (11) variations in the demand for professional services and technical support; (12) Progress's ability to penetrate international markets and manage its international operations; and (13) changes in exchange rates. For further information regarding risks and uncertainties associated with Progress's business, please refer to Progress's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2013. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software company that simplifies the development, deployment and management of business applications on-premise or in the cloud, on any platform or device, to any data source, with enhanced performance, minimal IT complexity and low total cost of ownership. Progress Software can be reached at www.progress.com or 1-781-280-4000.
Progress is a trademark or registered trademarks of Progress Software Corporation or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(In thousands, except per share data) | May 31, 2014 | May 31, 2013 | % Change | May 31, 2014 | May 31, 2013 | % Change | |||||||||||||||
Revenue: | |||||||||||||||||||||
Software licenses | $ | 27,988 | $ | 29,347 | (5 | )% | $ | 50,252 | $ | 59,254 | (15 | )% | |||||||||
Maintenance and services | 52,839 | 52,358 | 1 | % | 105,113 | 106,184 | (1 | )% | |||||||||||||
Total revenue | 80,827 | 81,705 | (1 | )% | 155,365 | 165,438 | (6 | )% | |||||||||||||
Costs of revenue: | |||||||||||||||||||||
Cost of software licenses | 1,139 | 1,356 | (16 | )% | 3,146 | 3,446 | (9 | )% | |||||||||||||
Cost of maintenance and services | 5,709 | 6,990 | (18 | )% | 11,054 | 14,640 | (24 | )% | |||||||||||||
Amortization of acquired intangibles | 530 | 143 | 271 | % | 1,059 | 282 | 276 | % | |||||||||||||
Total costs of revenue | 7,378 | 8,489 | (13 | )% | 15,259 | 18,368 | (17 | )% | |||||||||||||
Gross profit | 73,449 | 73,216 | — | % | 140,106 | 147,070 | (5 | )% | |||||||||||||
Operating expenses: | |||||||||||||||||||||
Sales and marketing | 24,359 | 25,890 | (6 | )% | 48,868 | 54,532 | (10 | )% | |||||||||||||
Product development | 15,480 | 14,671 | 6 | % | 30,593 | 28,293 | 8 | % | |||||||||||||
General and administrative | 11,428 | 14,064 | (19 | )% | 23,155 | 28,730 | (19 | )% | |||||||||||||
Amortization of acquired intangibles | 148 | 167 | (11 | )% | 312 | 338 | (8 | )% | |||||||||||||
Restructuring expenses | 124 | 2,766 | (96 | )% | 320 | 3,726 | (91 | )% | |||||||||||||
Acquisition-related expenses | 1,630 | 1,272 | 28 | % | 2,576 | 1,272 | 103 | % | |||||||||||||
Total operating expenses | 53,169 | 58,830 | (10 | )% | 105,824 | 116,891 | (9 | )% | |||||||||||||
Income from operations | 20,280 | 14,386 | 41 | % | 34,282 | 30,179 | 14 | % | |||||||||||||
Other income (expense), net | (129 | ) | (292 | ) | 56 | % | (123 | ) | (840 | ) | 85 | % | |||||||||
Income from continuing operations before income taxes | 20,151 | 14,094 | 43 | % | 34,159 | 29,339 | 16 | % | |||||||||||||
Provision for income taxes | 7,352 | 5,952 | 24 | % | 10,260 | 11,384 | (10 | )% | |||||||||||||
Income from continuing operations | 12,799 | 8,142 | 57 | % | 23,899 | 17,955 | 33 | % | |||||||||||||
Income (loss) from discontinued operations, net | — | (4,232 | ) | 100 | % | — | 17,073 | (100 | )% | ||||||||||||
Net income | $ | 12,799 | $ | 3,910 | 227 | % | $ | 23,899 | $ | 35,028 | (32 | )% | |||||||||
Earnings per share: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.15 | 67 | % | $ | 0.47 | $ | 0.32 | 47 | % | |||||||||
Discontinued operations | — | (0.08 | ) | 100 | % | — | 0.30 | (100 | )% | ||||||||||||
Net income per share | $ | 0.25 | $ | 0.07 | 257 | % | $ | 0.47 | $ | 0.62 | (24 | )% | |||||||||
Diluted: | |||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.15 | 67 | % | $ | 0.46 | $ | 0.31 | 48 | % | |||||||||
Discontinued operations | — | (0.08 | ) | 100 | % | — | 0.30 | (100 | )% | ||||||||||||
Net income per share | $ | 0.25 | $ | 0.07 | 257 | % | $ | 0.46 | $ | 0.61 | (25 | )% | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||||
Basic | 51,049 | 54,919 | (7 | )% | 51,271 | 56,410 | (9 | )% | |||||||||||||
Diluted | 51,673 | 55,736 | (7 | )% | 51,919 | 57,244 | (9 | )% | |||||||||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) | May 31, 2014 | November 30, 2013 | |||||
Assets | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term investments | $ | 226,576 | $ | 231,440 | |||
Accounts receivable, net | 58,023 | 66,784 | |||||
Other current assets | 36,508 | 39,587 | |||||
Total current assets | 321,107 | 337,811 | |||||
Property and equipment, net | 59,865 | 57,030 | |||||
Goodwill and intangible assets, net | 246,771 | 234,236 | |||||
Other assets | 45,606 | 53,110 | |||||
Total assets | $ | 673,349 | $ | 682,187 | |||
Liabilities and shareholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable and other current liabilities | $ | 51,746 | $ | 68,186 | |||
Short-term deferred revenue | 98,413 | 96,393 | |||||
Total current liabilities | 150,159 | 164,579 | |||||
Long-term deferred revenue | 2,533 | 1,144 | |||||
Other long-term liabilities | 2,131 | 2,810 | |||||
Shareholders’ equity: | |||||||
Common stock and additional paid-in capital | 200,003 | 205,307 | |||||
Retained earnings | 318,523 | 308,347 | |||||
Total shareholders’ equity | 518,526 | 513,654 | |||||
Total liabilities and shareholders’ equity | $ | 673,349 | $ | 682,187 | |||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands) | May 31, 2014 | May 31, 2013 | May 31, 2014 | May 31, 2013 | |||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 12,799 | $ | 3,910 | $ | 23,899 | $ | 35,028 | |||||||
Depreciation and amortization | 3,573 | 4,076 | 7,047 | 7,477 | |||||||||||
Stock-based compensation | 5,709 | 5,881 | 11,254 | 10,787 | |||||||||||
Net gains on sales of dispositions | — | — | — | (35,106 | ) | ||||||||||
Other non-cash adjustments | 1,866 | 726 | 375 | (2,201 | ) | ||||||||||
Changes in operating assets and liabilities | (6,831 | ) | (952 | ) | (35 | ) | (27,403 | ) | |||||||
Net cash flows from operating activities | 17,116 | 13,641 | 42,540 | (11,418 | ) | ||||||||||
Capital expenditures | (1,519 | ) | (1,488 | ) | (8,037 | ) | (2,386 | ) | |||||||
Redemptions and sales of auction-rate-securities | — | — | — | 25 | |||||||||||
Issuances of common stock, net of repurchases | (22,196 | ) | (64,025 | ) | (28,095 | ) | (144,094 | ) | |||||||
Payments of acquisitions, net of cash acquired | (12,493 | ) | (9,450 | ) | (12,493 | ) | (9,450 | ) | |||||||
Proceeds from divestitures, net | — | — | 3,300 | 73,381 | |||||||||||
Other | (2,381 | ) | (4,249 | ) | (2,079 | ) | (5,471 | ) | |||||||
Net change in cash, cash equivalents and short-term investments | (21,473 | ) | (65,571 | ) | (4,864 | ) | (99,413 | ) | |||||||
Cash, cash equivalents and short-term investments, beginning of period | 248,049 | 321,375 | 231,440 | 355,217 | |||||||||||
Cash, cash equivalents and short-term investments, end of period | $ | 226,576 | $ | 255,804 | $ | 226,576 | $ | 255,804 | |||||||
SUPPLEMENTAL INFORMATION
Revenue from continuing operations by Type | |||||||||||||||||||||||||||||||
(In thousands) | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | YTD 2014 | YTD 2013 | |||||||||||||||||||||||
License | $ | 29,907 | $ | 29,347 | $ | 25,666 | $ | 37,392 | $ | 22,264 | $ | 27,988 | $ | 50,252 | $ | 59,254 | |||||||||||||||
Maintenance | 51,456 | 50,419 | 49,752 | 51,230 | 50,181 | 50,305 | 100,486 | 101,875 | |||||||||||||||||||||||
Professional services | 2,370 | 1,939 | 2,160 | 2,358 | 2,093 | 2,534 | 4,627 | 4,309 | |||||||||||||||||||||||
Total revenue | $ | 83,733 | $ | 81,705 | $ | 77,578 | $ | 90,980 | $ | 74,538 | $ | 80,827 | $ | 155,365 | $ | 165,438 | |||||||||||||||
Revenue from continuing operations by Region | |||||||||||||||||||||||||||||||
(In thousands) | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | Q1 2014 | Q2 2014 | YTD 2014 | YTD 2013 | |||||||||||||||||||||||
North America | $ | 39,310 | $ | 37,540 | $ | 34,596 | $ | 42,833 | $ | 34,586 | $ | 36,827 | $ | 71,413 | $ | 76,850 | |||||||||||||||
EMEA | 32,548 | 33,481 | 32,315 | 35,256 | 29,315 | 33,698 | 63,013 | 66,029 | |||||||||||||||||||||||
Latin America | 6,822 | 6,526 | 5,496 | 6,526 | 5,108 | 5,703 | 10,811 | 13,348 | |||||||||||||||||||||||
Asia Pacific | 5,053 | 4,158 | 5,171 | 6,365 | 5,529 | 4,599 | 10,128 | 9,211 | |||||||||||||||||||||||
Total revenue | $ | 83,733 | $ | 81,705 | $ | 77,578 | $ | 90,980 | $ | 74,538 | $ | 80,827 | $ | 155,365 | $ | 165,438 | |||||||||||||||
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RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands, except per share data) | May 31, 2014 | May 31, 2013 | May 31, 2014 | May 31, 2013 | |||||||||||
GAAP income from operations | $ | 20,280 | $ | 14,386 | $ | 34,282 | $ | 30,179 | |||||||
GAAP operating margin | 25 | % | 18 | % | 22 | % | 18 | % | |||||||
Amortization of acquired intangibles | 678 | 310 | 1,371 | 620 | |||||||||||
Stock-based compensation (1) | 5,709 | 4,981 | 11,254 | 9,470 | |||||||||||
Restructuring expenses | 124 | 2,766 | 320 | 3,726 | |||||||||||
Acquisition-related expenses | 1,630 | 1,272 | 2,576 | 1,272 | |||||||||||
Total operating adjustments | 8,141 | 9,329 | 15,521 | 15,088 | |||||||||||
Non-GAAP income from operations | $ | 28,421 | $ | 23,715 | $ | 49,803 | $ | 45,267 | |||||||
Non-GAAP operating margin | 35 | % | 29 | % | 32 | % | 27 | % | |||||||
GAAP income from continuing operations | $ | 12,799 | $ | 8,142 | $ | 23,899 | $ | 17,955 | |||||||
Operating adjustments (from above) | 8,141 | 9,329 | 15,521 | 15,088 | |||||||||||
Income tax adjustment | (1,711 | ) | (2,464 | ) | (5,638 | ) | (4,169 | ) | |||||||
Total income from continuing operations adjustments | 6,430 | 6,865 | 9,883 | 10,919 | |||||||||||
Non-GAAP income from continuing operations | $ | 19,229 | $ | 15,007 | $ | 33,782 | $ | 28,874 | |||||||
GAAP diluted earnings per share from continuing operations | $ | 0.25 | $ | 0.15 | $ | 0.46 | $ | 0.31 | |||||||
Income from continuing operations adjustments (from above) | 0.12 | 0.12 | 0.19 | 0.19 | |||||||||||
Non-GAAP diluted earnings per share from continuing operations | $ | 0.37 | $ | 0.27 | $ | 0.65 | $ | 0.50 | |||||||
Diluted weighted average shares outstanding | 51,673 | 55,736 | 51,919 | 57,244 | |||||||||||
(1) Stock-based compensation is included in the GAAP statements of income, as follows: | |||||||||||||||
Cost of revenue | $ | 146 | $ | 158 | $ | 298 | $ | 367 | |||||||
Sales and marketing | 991 | 881 | 2,190 | 1,920 | |||||||||||
Product development | 1,425 | 1,225 | 2,778 | 2,688 | |||||||||||
General and administrative | 3,147 | 2,717 | 5,988 | 4,495 | |||||||||||
Stock-based compensation from continuing operations | $ | 5,709 | $ | 4,981 | $ | 11,254 | $ | 9,470 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands, except per share data) | May 31, 2014 | May 31, 2013 | May 31, 2014 | May 31, 2013 | |||||||||||
GAAP costs of revenue | $ | 7,378 | $ | 8,489 | $ | 15,259 | $ | 18,368 | |||||||
GAAP operating expenses | 53,169 | 58,830 | 105,824 | 116,891 | |||||||||||
GAAP expenses | 60,547 | 67,319 | 121,083 | 135,259 | |||||||||||
Operating adjustments (from above) | 8,141 | 9,329 | 15,521 | 15,088 | |||||||||||
Non-GAAP expenses | $ | 52,406 | $ | 57,990 | $ | 105,562 | $ | 120,171 | |||||||
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RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2014 GUIDANCE
(Unaudited)
Fiscal Year 2014 Revenue Growth Guidance | |||||||||
Fiscal Year Ended | Fiscal Year Ending | ||||||||
November 30, 2013 | November 30, 2014 | ||||||||
(In millions) | Low | % Change | High | % Change | |||||
Total revenue | $334 | $331 | (1)% | $338 | 1% | ||||
Fiscal Year 2014 Non-GAAP Operating Margin Guidance | |||||||
Fiscal Year Ending November 30, 2014 | |||||||
(In millions) | Low | High | |||||
GAAP income from operations | $ | 78.1 | $ | 83.5 | |||
GAAP operating margins | 24 | % | 25 | % | |||
Stock-based compensation | 23.0 | 23.0 | |||||
Acquisition related expense | 3.2 | 3.2 | |||||
Amortization of intangibles | 3.1 | 3.1 | |||||
Restructuring expense | 0.5 | 0.5 | |||||
Total operating adjustments | 29.8 | 29.8 | |||||
Non-GAAP income from operations | $ | 107.9 | $ | 113.3 | |||
Non-GAAP operating margin | 33 | % | 34 | % | |||
Fiscal Year 2014 Non-GAAP Earnings per Share and Effective Tax Rate Guidance | |||||||
Fiscal Year Ending November 30, 2014 | |||||||
(In millions, except per share data) | Low | High | |||||
GAAP net income | $ | 51.0 | $ | 54.5 | |||
Operating adjustments (from above) | 29.8 | 29.8 | |||||
Income tax adjustment (2) | (8.4 | ) | (8.4 | ) | |||
Non-GAAP net income | $ | 72.4 | $ | 75.9 | |||
GAAP diluted earnings per share | $ | 0.97 | $ | 1.04 | |||
Non-GAAP diluted earnings per share | $ | 1.38 | $ | 1.45 | |||
Diluted weighted average shares outstanding | 52.5 | 52.5 | |||||
(2) Tax adjustment is based on a non-GAAP effective tax rate of 33%, calculated as follows: | |||||||
Non-GAAP income from operations | $ | 107.9 | $ | 113.3 | |||
Non-GAAP net income | 72.4 | 75.9 | |||||
Tax provision | 35.5 | 37.4 | |||||
Non-GAAP tax rate | 33 | % | 33 | % | |||
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RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2014 GUIDANCE
(Unaudited)
Q3 2014 Revenue Growth Guidance | |||||||||
Three Months Ended | Three Months Ending | ||||||||
August 31, 2013 | August 31, 2014 | ||||||||
(In millions) | Low | % Change | High | % Change | |||||
Total revenue | $77.6 | $78.0 | 1% | $81.0 | 4% | ||||
Q3 2014 Non-GAAP Earnings per Share Guidance | |||||||
Three Months Ending August 31, 2014 | |||||||
Low | High | ||||||
GAAP diluted earnings per share | $ | 0.20 | $ | 0.23 | |||
Stock-based compensation | 0.12 | 0.12 | |||||
Acquisition related expense | 0.01 | 0.01 | |||||
Amortization of intangibles | 0.02 | 0.02 | |||||
Total operating adjustments | 0.15 | 0.15 | |||||
Income tax adjustment | $ | (0.03 | ) | $ | (0.03 | ) | |
Non-GAAP diluted earnings per share | $ | 0.32 | $ | 0.35 | |||
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