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LeMaitre Q2 2022 Financial Results

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LeMaitre Vascular, Inc.
LeMaitre Vascular, Inc.

BURLINGTON, Mass., July 28, 2022 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q2 2022 results, announced a $0.125/share quarterly dividend and provided guidance.

Q2 2022 Financial Results

  • Sales of $42.1mm, +4% (+8% organic) vs. Q2 2021

  • Gross margin of 66.0%

  • Op. income reported $5.8mm, -48%

  • Op. income ex. special charge $8.9mm, -20%

  • Earnings per diluted share reported $0.16, -60%

  • Earnings per diluted share ex. special charge $0.29, -26%

  • Cash and investments +$4.8mm to $75.7mm

Biologics drove Q2 2022 sales growth: XenoSure (+21%), allografts (+25%) and Artegraft (+11%). Q2 organic sales growth was led by EMEA (+11%) and APAC (+11%), while the Americas grew 6%. The strong dollar reduced sales by $1.7mm.

The gross margin increased to 66.0% in Q2 2022 (vs. 65.8%). The Company had 203 direct labor employees on staff as of June 30, up 54% year-over-year. The Company closed its St. Etienne factory in Q2 2022, resulting in a $3.1mm special charge.

Q2 2022 operating margin was 14%; excluding the $3.1mm special charge the operating margin was 21%. Excluding the special charge, Q2 operating expense growth was 21%, driven by a 26% larger salesforce on June 30 (111 reps) and regulatory expenses.

George LeMaitre, Chairman and CEO, said “Based on better-than-expected Q2 sales, we increased annual guidance to 10% organic growth. We also achieved several milestones: we opened a Seoul office, closed a French factory, filed for Chinese XenoSure cardiac approval and received the Omniflow II CE Mark.”

Business Outlook

 

Q3 2022 Guidance

Q4 2022 Guidance

2022 Full Year Guidance

Sales

$39.0mm - $41.0mm
(Mid: $40.0mm, +4%, +10% Org.)

$41.2mm - $43.2mm
(Mid: $42.2mm, +7%, +11% Org.)

$162.7mm - $165.3mm
(Mid:$164.0mm, +6%, +10% Org.)

Gross Margin

66.7%

67.5%

66.5%

Op. Income

$6.8mm - $8.2mm
(Mid: $7.5mm, -17%)

$8.5mm - $9.9mm
(Mid: $9.2mm, +10%)

$29.5mm - $31.2mm
(Mid $30.4mm, -17%)

Op. Income Ex-Spec. Charge

-

-

$32.7mm - $34.4mm
(Mid: $33.6mm, -8%)

EPS

$0.24 - $0.29
(Mid: $0.27, -10%)

$0.29 - $0.35
(Mid: $0.32, +15%)

$0.99 - $1.05
(Mid: $1.02, -19%)

EPS Ex-Spec. Charge

-

-

$1.14 - $1.19
(Mid: $1.17, -7%)

Quarterly Dividend

On July 26, 2022, the Company's Board of Directors approved a quarterly dividend of $0.125/share of common stock. The dividend will be paid on September 8, 2022 to shareholders of record on August 25, 2022.

Share Repurchase Program

On February 22, 2022, the Company's Board of Directors authorized the repurchase of up to $20.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 22, 2023, unless extended by the Board.

Conference Call Reminder

Management will conduct a conference call at 5:00pm ET today. The conference call will be broadcast live over the Internet. Individuals interested in listening to the webcast can log on to the Company's website at www.lemaitre.com/investor. Access to the live call is available by registering online here. All registrants will receive dial-in information and a PIN allowing them to access the live call. The audio webcast can also be accessed live or via replay through a webcast at http://www.lemaitre.com/investor. For individuals unable to join the live conference call, a replay will be available on the Company's website.

A reconciliation of GAAP to non-GAAP results is included in the tables attached to this release.

About LeMaitre

LeMaitre is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon.

LeMaitre is a registered trademark of LeMaitre Vascular, Inc. This press release may include other trademarks and trade names of the Company.

For more information about the Company, please visit http://www.lemaitre.com.

Use of Non-GAAP Financial Measures

LeMaitre management believes that in order to better understand the Company's short- and long-term financial trends, investors may wish to consider certain non-GAAP financial measures as a supplement to financial performance measures prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and do not have standardized meanings. These non-GAAP measures result from facts and circumstances that may vary in frequency and/or impact on continuing operations. Non-GAAP measures should be considered in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. In addition to the description provided below, reconciliation of GAAP to non-GAAP results is provided in the financial statement tables included in this press release.

In this press release, the Company has reported non-GAAP sales growth percentages after adjusting for the impact of foreign currency exchange, business development transactions, and/or other events as well as operating income, operating margin, and EPS excluding special charge for Q2 2022 and guidance for operating income and EPS excluding special charge. The Company refers to the calculation of non-GAAP sales growth percentages as "organic." The Company analyzes non-GAAP sales on a constant currency basis, net of acquisitions and other non-recurring events, and the aforementioned non-GAAP profitability measures to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, and acquisitions, divestitures, product discontinuations, and other strategic transactions are episodic in nature and are highly variable to the reported sales results, the Company believes that evaluating growth in sales on a constant currency basis net of such transactions provides an additional and meaningful assessment of sales to management. The Company believes that the presentation of operating income, operating margin and EPS excluding special charge for Q2 2022 and guidance for operating income and EPS excluding special charge provides an alternative and meaningful view of the Company’s profitability excluding the impact of the closure of the Company’s St. Etienne, France factory, a non-recurring event.

Forward-Looking Statements

The Company's current financial results, as discussed in this release, are preliminary and unaudited, and subject to adjustment. This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding the Company's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties that could cause actual results to differ from the results expected, including, but not limited to, the status of our global regulatory approvals and compliance with regulatory requirements to market and sell our products both in the U.S. and outside of the U.S.; the duration and severity of the impact of COVID-19 on the global economy, our customers, our suppliers and our company; the risk of significant fluctuations in our quarterly and annual results due to numerous factors; the risk that assumptions about the market for the Company’s products and the productivity of the Company’s direct sales force and distributors may not be correct; the risk that we may not be able to maintain our recent levels of profitability; the risk that the Company may not realize the anticipated benefits of its strategic activities; risks related to the integration of acquisition targets; the acceleration or deceleration of product growth rates; risks related to product demand and market acceptance of the Company’s products and pricing; the risk that a recall of our products could result in significant costs or negative publicity; the risk that the Company is not successful in transitioning to a direct-selling model in new territories and other risks and uncertainties included under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the SEC, which are all available on the Company's investor relations website at http://www.lemaitre.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

CONTACT: 
J.J. Pellegrino, CFO, LeMaitre
781-425-1691
jjpellegrino@lemaitre.com

 

 

 

 

 

 

 

 

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

December 31, 2021

 

 

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,788

 

 

$

13,855

 

 

 

Short-term marketable securities

 

 

54,895

 

 

 

56,104

 

 

 

Accounts receivable, net

 

 

21,542

 

 

 

19,631

 

 

 

Inventory and other deferred costs

 

 

47,192

 

 

 

46,104

 

 

 

Prepaid expenses and other current assets

 

 

3,243

 

 

 

4,189

 

 

 

Asset held for sale

 

 

826

 

 

 

-

 

 

Total current assets

 

 

148,486

 

 

 

139,883

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

15,753

 

 

 

17,059

 

 

Right-of-use leased assets

 

 

16,290

 

 

 

15,071

 

 

Goodwill

 

 

65,945

 

 

 

65,945

 

 

Other intangibles, net

 

 

49,598

 

 

 

52,710

 

 

Deferred tax assets

 

 

2,369

 

 

 

1,566

 

 

Other assets

 

 

984

 

 

 

568

 

 

 

 

 

 

 

 

 

Total assets

 

$

299,425

 

 

$

292,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,844

 

 

$

2,340

 

 

 

Accrued expenses

 

 

17,009

 

 

 

16,332

 

 

 

Acquisition-related obligations

 

 

1,758

 

 

 

1,271

 

 

 

Lease liabilities - short-term

 

 

1,794

 

 

 

1,870

 

 

Total current liabilities

 

 

23,405

 

 

 

21,813

 

 

 

 

 

 

 

 

 

Lease liabilities - long-term

 

 

15,420

 

 

 

14,067

 

 

Deferred tax liabilities

 

 

64

 

 

 

70

 

 

Other long-term liabilities

 

 

2,503

 

 

 

2,701

 

 

Total liabilities

 

 

41,392

 

 

 

38,651

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common stock

 

 

235

 

 

 

235

 

 

 

Additional paid-in capital

 

 

184,605

 

 

 

181,630

 

 

 

Retained earnings

 

 

92,190

 

 

 

88,125

 

 

 

Accumulated other comprehensive loss

 

 

(6,444

)

 

 

(3,435

)

 

 

Treasury stock

 

 

(12,553

)

 

 

(12,404

)

 

Total stockholders' equity

 

 

258,033

 

 

 

254,151

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

299,425

 

 

$

292,802

 

 

 

 

 

 

 

 

 


LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

 

 

 

(amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

 

Net sales

$

42,108

 

 

$

40,670

 

 

$

81,669

 

 

$

76,553

 

Cost of sales

 

14,298

 

 

 

13,909

 

 

 

27,897

 

 

 

25,993

 

 

 

 

 

 

 

 

 

 

Gross profit

 

27,810

 

 

 

26,761

 

 

 

53,772

 

 

 

50,560

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

8,242

 

 

 

6,803

 

 

 

16,092

 

 

 

13,269

 

 

General and administrative

 

7,331

 

 

 

6,200

 

 

 

14,583

 

 

 

12,744

 

 

Research and development

 

3,346

 

 

 

2,652

 

 

 

6,278

 

 

 

5,496

 

 

Restructuring

 

3,107

 

 

 

-

 

 

 

3,107

 

 

 

-

 

Total operating expenses

 

22,026

 

 

 

15,655

 

 

 

40,060

 

 

 

31,509

 

 

 

 

 

 

 

 

 

 

Income from operations

 

5,784

 

 

 

11,106

 

 

 

13,712

 

 

 

19,051

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

 

 

 

 

 

 

Interest income

 

167

 

 

 

1

 

 

 

275

 

 

 

2

 

 

Interest expense

 

-

 

 

 

(495

)

 

 

-

 

 

 

(1,072

)

 

Foreign currency gain (loss)

 

(403

)

 

 

(157

)

 

 

(443

)

 

 

(33

)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

5,548

 

 

 

10,455

 

 

 

13,544

 

 

 

17,948

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

2,033

 

 

 

2,156

 

 

 

3,991

 

 

 

3,720

 

 

 

 

 

 

 

 

 

 

Net income

$

3,515

 

 

$

8,299

 

 

$

9,553

 

 

$

14,228

 

 

 

 

 

 

 

 

 

 

Earnings per share of common stock

 

 

 

 

 

 

 

 

Basic

$

0.16

 

 

$

0.40

 

 

$

0.44

 

 

$

0.69

 

 

Diluted

$

0.16

 

 

$

0.40

 

 

$

0.43

 

 

$

0.68

 

 

 

 

 

 

 

 

 

 

Weighted - average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

21,958

 

 

 

20,611

 

 

 

21,947

 

 

 

20,579

 

 

Diluted

 

22,129

 

 

 

20,959

 

 

 

22,115

 

 

 

20,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.125

 

 

$

0.110

 

 

$

0.250

 

 

$

0.220

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED NET SALES INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

$

 

%

 

$

 

%

 

$

 

%

 

$

 

%

Net Sales by Geography

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

$

28,854

 

69

%

 

$

27,329

 

67

%

 

$

55,397

 

68

%

 

$

51,028

 

67

%

 

Europe, Middle East and Africa

 

10,749

 

25

%

 

 

10,803

 

27

%

 

 

21,243

 

26

%

 

 

20,665

 

27

%

 

Asia Pacific

 

2,505

 

6

%

 

 

2,538

 

6

%

 

 

5,029

 

6

%

 

 

4,860

 

6

%

Total Net Sales

$

42,108

 

100

%

 

$

40,670

 

100

%

 

$

81,669

 

100

%

 

$

76,553

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

LEMAITRE VASCULAR, INC. (NASDAQ: LMAT)

 

 

 

 

 

 

 

NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

(amounts in thousands)

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP sales growth:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

42,108

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

1,686

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

43,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

40,670

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

40,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net sales increase for the three months ended June 30, 2022

 

 

$

3,124

 

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP projected sales growth:

 

 

 

 

 

 

 

 

For the three months ending September 30, 2022

 

 

 

 

 

 

 

 

 

Net sales per guidance (midpoint)

 

$

40,045

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

1,974

 

 

 

 

 

 

 

 

Adjusted projected net sales

 

 

 

$

42,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

38,368

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

38,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted projected net sales increase for the three months ending September 30, 2022

 

$

3,651

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP projected sales growth:

 

 

 

 

 

 

 

 

For the three months ending December 31, 2022

 

 

 

 

 

 

 

 

 

Net sales per guidance (midpoint)

 

$

42,240

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

1,692

 

 

 

 

 

 

 

 

Adjusted projected net sales

 

 

 

$

43,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended December 31, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

39,503

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

39,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted projected net sales increase for the three months ending December 31, 2022

 

$

4,429

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP projected sales growth:

 

 

 

 

 

 

 

 

For the year ending December 31, 2022

 

 

 

 

 

 

 

 

 

Net sales per guidance (midpoint)

 

$

163,954

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

6,170

 

 

 

 

 

 

 

 

Adjusted projected net sales

 

 

 

$

170,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

154,424

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

154,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted projected net sales increase for the year ending December 31, 2022

 

$

15,700

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP operating income:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Operating income as reported

 

$

5,784

 

 

 

 

 

 

 

 

Impact of special charge

 

 

3,107

 

 

 

 

 

 

 

 

Adjusted operating income

 

 

 

$

8,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Operating income as reported

 

$

11,106

 

 

 

 

 

 

 

 

Adjusted operating income

 

 

 

$

11,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income decrease for the three months ended June 30, 2022

 

$

(2,215

)

 

-20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP projected operating income:

 

 

 

 

 

 

 

For the year ending December 31, 2022

 

 

 

 

 

 

 

 

 

Operating income per guidance (midpoint)

 

$

30,374

 

 

 

 

 

 

 

 

Impact of special charge

 

 

3,207

 

 

 

 

 

 

 

 

Adjusted projected operating income

 

 

 

$

33,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2021

 

 

 

 

 

 

 

 

 

Operating income as reported

 

$

36,425

 

 

 

 

 

 

 

 

Adjusted operating income

 

 

 

$

36,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted projected operating income decrease for the year ending December 31, 2022

 

$

(2,844

)

 

-8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP EPS:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

EPS as reported

 

$

0.16

 

 

 

 

 

 

 

 

Impact of special charge

 

 

0.13

 

 

 

 

 

 

 

 

Adjusted EPS

 

 

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

EPS as reported

 

$

0.40

 

 

 

 

 

 

 

 

Adjusted EPS

 

 

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EPS decrease for the three months ended June 30, 2022

 

 

 

$

(0.10

)

 

-26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP projected EPS:

 

 

 

 

 

 

 

 

For the year ending December 31, 2022

 

 

 

 

 

 

 

 

 

EPS per guidance (midpoint)

 

$

1.02

 

 

 

 

 

 

 

 

Impact of special charge

 

 

0.15

 

 

 

 

 

 

 

 

Adjusted EPS

 

 

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2021

 

 

 

 

 

 

 

 

 

EPS as reported

 

$

1.25

 

 

 

 

 

 

 

 

Adjusted EPS

 

 

 

$

1.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted projected EPS decrease for the year ending December 31, 2022

 

$

(0.08

)

 

-7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA sales growth reconciliation between GAAP and Non-GAAP:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

10,749

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

1,276

 

 

 

 

 

 

 

 

EMEA adjusted net sales

 

 

 

$

12,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

10,803

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

10,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA adjusted net sales increase for the three months ended June 30, 2022

 

$

1,222

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APAC sales growth reconciliation between GAAP and Non-GAAP:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

2,505

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

313

 

 

 

 

 

 

 

 

APAC adjusted net sales

 

 

 

$

2,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

2,538

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

2,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APAC adjusted net sales increase for the three months ended June 30, 2022

 

$

280

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas sales growth reconciliation between GAAP and Non-GAAP:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

28,854

 

 

 

 

 

 

 

 

Impact of currency exchange rate fluctuations

 

 

98

 

 

 

 

 

 

 

 

Americas adjusted net sales

 

 

 

$

28,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Net sales as reported

 

$

27,329

 

 

 

 

 

 

 

 

Adjusted net sales

 

 

 

$

27,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas adjusted net sales increase for the three months ended June 30, 2022

 

$

1,623

 

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP operating margin:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Operating margin as reported

 

 

14

%

 

 

 

 

 

 

 

Impact of special charge

 

 

7

%

 

 

 

 

 

 

 

Adjusted operating margin

 

 

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and Non-GAAP operating expenses:

 

 

 

 

 

 

 

 

For the three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Operating expenses as reported

 

$

22,026

 

 

 

 

 

 

 

 

Impact of special charge

 

 

(3,107

)

 

 

 

 

 

 

 

Adjusted operating expenses

 

 

 

$

18,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Operating expenses as reported

 

$

15,655

 

 

 

 

 

 

 

 

Adjusted operating income

 

 

 

$

15,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating expense decrease for the three months ended June 30, 2022

 

$

3,264

 

 

21

%