Colgate Announces 1st Quarter 2017 Results
Net income and Diluted earnings per share in first quarter 2017 were
Net income and Diluted earnings per share in first quarter 2016 were
Excluding charges resulting from the 2012 Restructuring Program in both
periods, Net income in first quarter 2017 was
Gross profit margin was 60.3% in first quarter 2017 versus 59.8% in first quarter 2016. Excluding charges resulting from the 2012 Restructuring Program in both periods, Gross profit margin was 60.7% in first quarter 2017, an increase of 70 basis points versus the year ago quarter. This increase was primarily driven by cost savings from the Company's funding-the-growth initiatives and the 2012 Restructuring Program, and higher pricing, partially offset by higher raw and packaging material costs.
Selling, general and administrative expenses were 36.2% of Net sales in
first quarter 2017 versus 36.0% of Net sales in first quarter 2016.
Excluding charges resulting from the 2012 Restructuring Program in both
periods, Selling, general and administrative expenses increased by 30
basis points to 35.6% of Net sales in first quarter 2017, as a result of
higher overhead expenses. Worldwide advertising investment increased 1%
to
Operating profit increased to
Net cash provided by operations year-to-date was $691 million compared to $614 million in the comparable 2016 period, reflecting strong operating earnings and a continued tight focus on working capital. Working capital as a percentage of Net sales was negative 4.3% compared to negative 2.8% in the year ago period.
"Colgate's leadership of the global toothpaste market continued during the quarter with its global market share now at 43.8% year-to-date. Our global leadership in manual toothbrushes also continued with Colgate's global market share in that category now at 32.7% year-to-date.
"Pleasingly, gross profit margin, operating profit margin, net income as a percent to sales and operating cash flow all increased versus the year ago period.
"As we look ahead, uncertainty in global markets and slowing category growth worldwide remain challenging. While based on current spot rates, we continue to expect a low-single-digit net sales increase for 2017, based on our slow start to the year, we now expect organic sales growth for 2017 to be modestly below our 4% - 7% range with sequential improvement throughout the year.
"On a GAAP basis, based on current spot rates, we are planning for a year of gross margin expansion and expect earnings per share on a dollar basis to be flat.
"Excluding charges resulting from the 2012 Restructuring Program and the other 2016 one-time items previously disclosed, based on current spot rates, we continue to plan for a year of strong operating cash flow, gross margin expansion, increased advertising investment and low-single-digit earnings per share growth on a dollar basis."
At
The following are comments about divisional performance for first quarter 2017 versus the year ago period. See attached Geographic Sales Analysis Percentage Changes and Segment Information tables for additional information on divisional net sales and operating profit.
North America Net sales decreased 5.0% in first quarter 2017. Unit
volume decreased 5.0% with 0.5% lower pricing, while foreign exchange
was positive 0.5%. Organic sales for
Operating profit in
In the
New products succeeding in other categories include
Latin America Net sales increased 9.0% in first quarter 2017. Unit
volume was even with the year ago quarter, while pricing increased 7.0%
and foreign exchange was positive 2.0%. Excluding the impact of divested
businesses, unit volume increased 0.5%. Volume gains in
Operating profit in
Colgate maintained its leadership in toothpaste in
Products in other categories contributing to growth throughout the region include Colgate Plax Ice Glacial mouthwash, Protex Pro-Hidrata shower gel, bar soap and liquid hand soap, Palmolive Natural Secrets shower gel and bar soap, Suavitel Sweet Pleasures fabric conditioner, Axion Active Foam dish liquid and Fabuloso Perfect Fusion liquid cleaner.
Europe Net sales decreased 5.0% in first quarter 2017. Unit volume
increased 0.5%, pricing decreased 1.0% and foreign exchange was negative
4.5%. Volume gains led by the
Operating profit in
Colgate maintained its oral care leadership in
Premium innovations succeeding in other product categories include
Asia Pacific Net sales decreased 3.0% during first quarter 2017. Unit
volume decreased 1.0%, pricing was even with the year ago quarter and
foreign exchange was negative 2.0%. Volume declines in
Operating profit in
Colgate continued its toothpaste leadership in the
New products succeeding in other categories in the region include
Colgate Slim Soft Advanced, Colgate 360° Advanced and
Operating profit in
Colgate continued its toothpaste leadership in
Hill's Pet Nutrition (15% of Company Sales)
Hill's Net sales increased 0.5% in first quarter 2017. Unit volume
decreased 4.0% with 4.0% higher pricing and foreign exchange was
positive 0.5%. Volume declines in
Hill's Operating profit increased 1% in first quarter 2017 to
Successful products contributing to sales in the
Successful products contributing to sales internationally include Hill's Prescription Diet Metabolic + Mobility and Metabolic + Urinary, Hill's Prescription Diet Derm Defense, Hill's Prescription Diet z/d, Hill's Prescription Diet i/d, Hill's Science Diet Perfect Weight, Hill's Science Diet Youthful Vitality and Hill's Science Diet Healthy Cuisine Stews.
***
About
Market Share Information
Management uses market share information as a key indicator to monitor
business health and performance. References to market share in this
press release are based on a combination of consumption and market share
data provided by third-party vendors, primarily Nielsen, and internal
estimates. All market share references represent the percentage of the
dollar value of sales of our products, relative to all product sales in
the category in the countries in which the Company competes and
purchases data (excluding
Cautionary Statement on Forward-Looking Statements
This press release and the related webcast may contain forward-looking
statements (as that term is defined in the
Non-GAAP Financial Measures
The following provides information regarding the non-GAAP financial measures used in this earnings release and/or the related webcast:
This release discusses Net sales growth (GAAP) and organic sales growth,
which is Net sales growth excluding the impact of foreign exchange,
acquisitions and divestments (non-GAAP). Management believes the organic
sales growth measure provides investors and analysts with useful
supplemental information regarding the Company's underlying sales trends
by presenting sales growth excluding the external factor of foreign
exchange as well as the impact from acquisitions and divestments. See
"Geographic Sales Analysis Percentage Changes" for the three months
ended
To supplement Colgate's Condensed Consolidated Statements of Income
presented in accordance with GAAP, the Company has disclosed non-GAAP
measures of operating results that exclude certain items. Worldwide
Gross profit, Gross profit margin, Selling, general and administrative
expenses, Selling, general and administrative expenses as a percentage
of Net sales, Other (income) expense, net, Operating profit, Operating
profit margin, Effective income tax rate, Net income attributable to
The Company uses these financial measures internally in its budgeting process, to evaluate segment and overall operating performance and as factors in determining compensation. While the Company believes that these financial measures are useful in evaluating the Company's underlying business performance and trends, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.
The Company defines free cash flow before dividends as Net cash provided
by operations less Capital expenditures. As management uses this measure
to evaluate the Company's ability to satisfy current and future
obligations, repurchase stock, pay dividends and fund future business
opportunities, the Company believes that it provides useful information
to investors. Free cash flow before dividends is not a measure of cash
available for discretionary expenditures since the Company has certain
non-discretionary obligations, such as debt service, that are not
deducted from the measure. Free cash flow before dividends is a non-GAAP
measure and may not be comparable to similarly titled measures reported
by other companies. See "Condensed Consolidated Statements of Cash
Flows" for the three months ended
Explanatory Note Regarding Currency-Neutral Calculations
Diluted earnings per share growth for first quarter 2017, on a
currency-neutral basis, eliminates from Diluted earnings per share
growth (GAAP) charges resulting from the 2012 Restructuring Program and
period-over-period changes in foreign exchange rates in the translation
of local currency results into
Management's estimate of Diluted earnings per share growth on a
currency-neutral basis for full year 2017 eliminates from Diluted
earnings per share growth (GAAP) the impact of the 2016 items previously
disclosed, the 2012 Restructuring Program and period-over-period changes
in foreign exchange rates in the translation of local currency results
into
(See attached tables for first quarter results.)
Table 1 | ||||||||||
|
||||||||||
Condensed Consolidated Statements of Income | ||||||||||
For the Three Months Ended |
||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) | ||||||||||
2017 | 2016 | |||||||||
Net sales | $ | 3,762 | $ | 3,762 | ||||||
Cost of sales | 1,493 | 1,514 | ||||||||
Gross profit | 2,269 | 2,248 | ||||||||
Gross profit margin | 60.3 | % | 59.8 | % | ||||||
Selling, general and administrative expenses | 1,362 | 1,354 | ||||||||
Other (income) expense, net | 22 | 27 | ||||||||
Operating profit | 885 | 867 | ||||||||
Operating profit margin | 23.5 | % | 23.0 | % | ||||||
Interest (income) expense, net | 23 | 28 | ||||||||
Income before income taxes | 862 | 839 | ||||||||
Provision for income taxes | 251 | 265 | ||||||||
Effective tax rate | 29.1 | % | 31.6 | % | ||||||
Net income including noncontrolling interests | 611 | 574 | ||||||||
Less: Net income attributable to noncontrolling interests | 41 | 41 | ||||||||
Net income attributable to |
$ | 570 | $ | 533 | ||||||
Earnings per common share | ||||||||||
Basic | $ | 0.64 | $ | 0.60 | ||||||
Diluted | $ | 0.64 | $ | 0.59 | ||||||
Average common shares outstanding | ||||||||||
Basic | 884.7 | 893.7 | ||||||||
Diluted | 891.0 | 900.2 | ||||||||
Table 2 | |||||||||||||||
|
|||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||
As of |
|||||||||||||||
(Dollars in Millions) (Unaudited) | |||||||||||||||
|
|
|
|||||||||||||
2017 | 2016 | 2016 | |||||||||||||
Cash and cash equivalents | $ | 1,347 | $ | 1,315 | $ | 1,014 | |||||||||
Receivables, net | 1,496 | 1,411 | 1,546 | ||||||||||||
Inventories | 1,189 | 1,171 | 1,234 | ||||||||||||
Other current assets | 564 | 441 | 696 | ||||||||||||
Property, plant and equipment, net | 3,883 | 3,840 | 3,820 | ||||||||||||
Other assets, including goodwill and intangibles | 3,969 | 3,945 | 4,138 | ||||||||||||
Total assets | $ | 12,448 | $ | 12,123 | $ | 12,448 | |||||||||
Total debt | $ | 6,473 | $ | 6,533 | $ | 6,580 | |||||||||
Other current liabilities | 3,802 | 3,292 | 3,760 | ||||||||||||
Other non-current liabilities | 2,178 | 2,281 | 2,181 | ||||||||||||
Total liabilities | 12,453 | 12,106 | 12,521 | ||||||||||||
|
(313 | ) | (243 | ) | (370 | ) | |||||||||
Noncontrolling interests | 308 | 260 | 297 | ||||||||||||
Total liabilities and shareholders' equity | $ | 12,448 | $ | 12,123 | $ | 12,448 | |||||||||
Supplemental Balance Sheet Information | |||||||||||||||
Debt less cash, cash equivalents and marketable securities* | $ | 5,014 | $ | 5,147 | $ | 5,429 | |||||||||
Working capital % of sales | (4.3 | )% |
(2.2 |
)% |
(2.8 | )% | |||||||||
*Marketable securities of
Table 3 | ||||||||||
|
||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
For the Three Months Ended |
||||||||||
(Dollars in Millions) (Unaudited) | ||||||||||
2017 | 2016 | |||||||||
Operating Activities | ||||||||||
Net income including noncontrolling interests | $ | 611 | $ | 574 | ||||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations: | ||||||||||
Depreciation and amortization | 109 | 106 | ||||||||
Restructuring and termination benefits, net of cash | (9 | ) | 6 | |||||||
Stock-based compensation expense | 35 | 31 | ||||||||
Deferred income taxes | (51 | ) | (36 | ) | ||||||
Voluntary benefit plan contribution | (57 | ) | (50 | ) | ||||||
Cash effects of changes in: | ||||||||||
Receivables | (52 | ) | (95 | ) | ||||||
Inventories | 9 | (32 | ) | |||||||
Accounts payable and other accruals | 98 | 80 | ||||||||
Other non-current assets and liabilities | (2 | ) | 30 | |||||||
Net cash provided by operations | 691 | 614 | ||||||||
Investing Activities | ||||||||||
Capital expenditures | (121 | ) | (114 | ) | ||||||
Purchases of marketable securities and investments | (85 | ) | (80 | ) | ||||||
Proceeds from sale of marketable securities and investments | 48 | 50 | ||||||||
Other | — | — | ||||||||
Net cash used in investing activities | (158 | ) | (144 | ) | ||||||
Financing Activities | ||||||||||
Principal payments on debt | (805 | ) | (2,388 | ) | ||||||
Proceeds from issuance of debt | 738 | 2,370 | ||||||||
Dividends paid | (345 | ) | (340 | ) | ||||||
Purchases of treasury shares | (333 | ) | (229 | ) | ||||||
Proceeds from exercise of stock options | 225 | 146 | ||||||||
Net cash used in financing activities | (520 | ) | (441 | ) | ||||||
Effect of exchange rate changes on Cash and cash equivalents | 19 | 15 | ||||||||
Net increase in Cash and cash equivalents | 32 | 44 | ||||||||
Cash and cash equivalents at beginning of the period | 1,315 | 970 | ||||||||
Cash and cash equivalents at end of the period | $ | 1,347 | $ | 1,014 | ||||||
Supplemental Cash Flow Information | ||||||||||
Free cash flow before dividends (Net cash provided by operations less Capital expenditures) | ||||||||||
Net cash provided by operations | $ | 691 | $ | 614 | ||||||
Less: Capital expenditures | (121 | ) | (114 | ) | ||||||
Free cash flow before dividends | $ | 570 | $ | 500 | ||||||
Income taxes paid | $ | 186 | $ | 217 | ||||||
Table 4 | ||||||||||
|
||||||||||
Segment Information | ||||||||||
For the Three Months Ended |
||||||||||
(Dollars in Millions) (Unaudited) | ||||||||||
Three Months Ended |
||||||||||
2017 | 2016 | |||||||||
|
||||||||||
Oral, Personal and Home Care | ||||||||||
|
$ | 760 | $ | 800 | ||||||
|
924 | 848 | ||||||||
|
558 | 588 | ||||||||
|
720 | 743 | ||||||||
|
246 | 231 | ||||||||
Total Oral, Personal and Home Care | 3,208 | 3,210 | ||||||||
Pet Nutrition | 554 | 552 | ||||||||
Total |
$ | 3,762 | $ | 3,762 | ||||||
Three Months Ended |
||||||||||
2017 | 2016 | |||||||||
Operating Profit | ||||||||||
Oral, Personal and Home Care | ||||||||||
|
$ | 233 | $ | 239 | ||||||
|
269 | 247 | ||||||||
|
140 | 141 | ||||||||
|
219 | 219 | ||||||||
|
45 | 43 | ||||||||
Total Oral, Personal and Home Care | 906 | 889 | ||||||||
Pet Nutrition | 157 | 155 | ||||||||
Corporate(1) | (178 | ) | (177 | ) | ||||||
Total Operating Profit | $ | 885 | $ | 867 | ||||||
Note:
(1) Corporate operations include costs related to stock
options and restricted stock units, research and development costs,
Corporate overhead costs, restructuring and related implementation costs
and gains and losses on sales of non-core product lines and assets.
Corporate Operating profit (loss) for the three months ended
Table 5 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Geographic Sales Analysis Percentage Changes | ||||||||||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
COMPONENTS OF SALES CHANGE | ||||||||||||||||||||||||||||
Pricing | ||||||||||||||||||||||||||||
Coupons | ||||||||||||||||||||||||||||
Sales | Consumer & | |||||||||||||||||||||||||||
Change | Organic | As Reported | Organic | Ex-Divested | Trade | Foreign | ||||||||||||||||||||||
Region |
As Reported | Sales Change | Volume(1) | Volume | Volume(2) | Incentives | Exchange | |||||||||||||||||||||
|
— | % | 0.5 | % | (2.0 | )% | (2.0 | )% | (2.0 |
)% |
2.5 | % | (0.5 | )% | ||||||||||||||
|
(5.0 | )% | (0.5 | )% | 0.5 | % | 0.5 | % | 0.5 | % | (1.0 | )% | (4.5 | )% | ||||||||||||||
|
9.0 | % | 7.5 | % | — | % | 0.5 | % | 0.5 | % | 7.0 | % | 2.0 | % | ||||||||||||||
|
(3.0 | )% | (1.0 | )% | (1.0 | )% | (1.0 | )% | (1.0 | )% | — | % | (2.0 | )% | ||||||||||||||
|
6.5 | % | 0.5 | % | (6.5 | )% | (6.5 | )% | (6.5 | )% | 7.0 | % | 6.0 | % | ||||||||||||||
|
1.5 | % | 2.0 | % | (1.0 | )% | (1.0 | )% | (1.0 | )% | 3.0 | % | (0.5 | )% | ||||||||||||||
|
(5.0 | )% | (5.5 | )% | (5.0 | )% | (5.0 | )% | (5.0 | )% | (0.5 | )% | 0.5 | % | ||||||||||||||
Total CP Products | — | % | 0.5 | % | (1.5 | )% | (1.5 | )% | (1.5 | )% | 2.0 | % | (0.5 | )% | ||||||||||||||
Hill's | 0.5 | % | — | % | (4.0 | )% | (4.0 | )% | (4.0 | )% | 4.0 | % | 0.5 | % | ||||||||||||||
Emerging Markets (3) | 4.0 | % | 3.0 | % | (1.5 | )% | (1.5 | )% | (1.5 | )% | 4.5 | % | 1.0 | % | ||||||||||||||
Developed Markets | (4.0 | )% | (2.5 | )% | (3.0 | )% | (3.0 | )% | (3.0 | )% | 0.5 | % | (1.5 | )% | ||||||||||||||
Notes:
(1) As Reported Volume includes the impact of acquisitions
and divestments, as applicable.
(2) Ex-Divested Volume excludes the impact of divestments, as applicable.
(3) Emerging Markets include
Table 6 | |||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
Non-GAAP Reconciliations | |||||||||||||||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||||||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) | |||||||||||||||||||||||||||||||
Gross Profit | 2017 | 2016 | |||||||||||||||||||||||||||||
Gross profit, GAAP | $ | 2,269 | $ | 2,248 | |||||||||||||||||||||||||||
2012 Restructuring Program | 14 | 8 | |||||||||||||||||||||||||||||
Gross profit, non-GAAP | $ | 2,283 | $ | 2,256 | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
Gross Profit Margin | 2017 | 2016 | Change | ||||||||||||||||||||||||||||
Gross profit margin, GAAP | 60.3 | % | 59.8 | % | 50 | ||||||||||||||||||||||||||
2012 Restructuring Program | 0.4 | % | 0.2 | % | |||||||||||||||||||||||||||
Gross profit margin, non-GAAP | 60.7 | % | 60.0 | % | 70 | ||||||||||||||||||||||||||
Selling, General and Administrative Expenses | 2017 | 2016 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses, GAAP | $ | 1,362 | $ | 1,354 | |||||||||||||||||||||||||||
2012 Restructuring Program | (21 | ) | (26 | ) | |||||||||||||||||||||||||||
Selling, general and administrative expenses, non-GAAP | $ | 1,341 | $ | 1,328 | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses as a Percentage of
|
2017 | 2016 | Change | ||||||||||||||||||||||||||||
Selling, general and administrative expenses as a percentage of Net sales, GAAP | 36.2 | % | 36.0 | % | 20 | ||||||||||||||||||||||||||
2012 Restructuring Program | (0.6 | )% | (0.7 | )% | |||||||||||||||||||||||||||
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP | 35.6 | % | 35.3 | % | 30 | ||||||||||||||||||||||||||
Other (Income) Expense, Net | 2017 | 2016 | |||||||||||||||||||||||||||||
Other (income) expense, net, GAAP | $ | 22 | $ | 27 | |||||||||||||||||||||||||||
2012 Restructuring Program | (11 | ) | (21 | ) | |||||||||||||||||||||||||||
Other (income) expense, net, non-GAAP | $ | 11 | $ | 6 | |||||||||||||||||||||||||||
Operating Profit | 2017 | 2016 | % Change | ||||||||||||||||||||||||||||
Operating profit, GAAP | $ | 885 | $ | 867 | 2 | % | |||||||||||||||||||||||||
2012 Restructuring Program | 46 | 55 | |||||||||||||||||||||||||||||
Operating profit, non-GAAP | $ | 931 | $ | 922 | 1 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
Operating Profit Margin | 2017 | 2016 | Change | ||||||||||||||||||||||||||||
Operating profit margin, GAAP | 23.5 | % | 23.0 | % | 50 | ||||||||||||||||||||||||||
2012 Restructuring Program | 1.2 | % | 1.5 | % | |||||||||||||||||||||||||||
Operating profit margin, non-GAAP | 24.7 | % | 24.5 | % | 20 | ||||||||||||||||||||||||||
Table 6 | |||||||||||||||||||||||||||||||
Continued | |||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
Non-GAAP Reconciliations | |||||||||||||||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||||||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) | |||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||
Attributable | |||||||||||||||||||||||||||||||
Net Income | To | ||||||||||||||||||||||||||||||
Including | Colgate- | Effective | Diluted | ||||||||||||||||||||||||||||
Income Before | Provision For | Noncontrolling | Palmolive | Income | Earnings | ||||||||||||||||||||||||||
Income Taxes |
Income Taxes(1) |
Interests | Company |
Tax Rate(2) |
Per Share(3) |
||||||||||||||||||||||||||
As Reported GAAP | $ | 862 | $ | 251 | $ | 611 | $ | 570 | 29.1 | % | $ | 0.64 | |||||||||||||||||||
2012 Restructuring Program | 46 | 15 | 31 | 31 | 0.2 | % | 0.03 | ||||||||||||||||||||||||
Non-GAAP | $ | 908 | $ | 266 | $ | 642 | $ | 601 | 29.3 | % | $ | 0.67 | |||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||
Attributable | |||||||||||||||||||||||||||||||
Net Income | To | ||||||||||||||||||||||||||||||
Including | Colgate- | Effective | Diluted | ||||||||||||||||||||||||||||
Income Before | Provision For | Noncontrolling | Palmolive | Income | Earnings | ||||||||||||||||||||||||||
Income Taxes |
Income Taxes(1) |
Interests | Company |
Tax Rate(2) |
Per Share(3) |
||||||||||||||||||||||||||
As Reported GAAP | $ | 839 | $ | 265 | $ | 574 | $ | 533 | 31.6 | % | $ | 0.59 | |||||||||||||||||||
2012 Restructuring Program | 55 | 17 | 38 | 38 | (0.1 | )% | 0.04 | ||||||||||||||||||||||||
Non-GAAP | $ | 894 | $ | 282 | $ | 612 | $ | 571 | 31.5 | % | $ | 0.63 |
Notes:
(1) The income tax effect on non-GAAP items is calculated
based upon the tax laws and statutory income tax rates applicable in the
tax jurisdiction(s) of the underlying non-GAAP adjustment.
(2) The impact of non-GAAP items on the Company's effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income before income taxes and Provision for income taxes.
(3) The impact of non-GAAP adjustments on Diluted earnings per share may not necessarily equal the difference between "GAAP" and "non-GAAP" as a result of rounding.
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