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8-K - FORM 8-K - BELDEN INC. | c62792e8vk.htm |
Exhibit 99.1
7733 Forsyth Boulevard Suite 800 St. Louis, Missouri 63105 |
Phone: 314.854.8000 Fax: 314.854.8003 |
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www.Belden.com |
News Release
Belden Reports Strong Fourth Quarter and Full Year 2010 Results
Fourth quarter earnings per diluted share increase 179% year-over-year
Fourth Quarter Highlights
| Increased non-GAAP income from continuing operations per diluted share to $0.55, up 41% over last years $0.39 per diluted share; | ||
| Grew revenue 13% year-over-year to $425.2 million, from $374.7 million in the fourth quarter 2009; | ||
| Strengthened the Companys connectivity and networking product platforms with the acquisitions of GarrettCom and the Thomas & Betts communications products business, with combined trailing 12-month revenue of approximately $100 million; | ||
| Generated an after-tax gain on the sale of Trapeze Networks of $44.8 million, or $0.93 per diluted share, and | ||
| Raised guidance for fiscal 2011 to revenues of $1.85 $1.90 billion and income from continuing operations per diluted share of $2.05 $2.25, up from prior guidance of $1.75 $1.80 billion and $2.00 $2.20, respectively. |
Full Year 2010 Highlights
| Increased non-GAAP income from continuing operations per diluted share to $1.77, up 53% over last years $1.16 per diluted share; | ||
| Grew revenue 19% to $1.62 billion, from $1.36 billion in 2009, and | ||
| Generated free cash flow in excess of non-GAAP net income and increased the balance of cash and cash equivalents to $358.7 million at December 31, 2010. |
St. Louis, Missouri February 3, 2011 Belden Inc. (NYSE: BDC), a global leader in signal
transmission solutions for mission critical applications, today reported fiscal fourth quarter and
full year 2010 results for the period ended December 31, 2010.
Fourth Quarter 2010
Revenue for the quarter totaled $425.2 million, up $50.5 million or 13% compared to $374.7 million
in the fourth quarter 2009. Earnings per diluted share totaled $1.17, compared to $0.42 in the
fourth quarter 2009.
John Stroup, President and CEO of Belden Inc. said, Our fourth quarter results reflect a strong
finish to a great year. In addition, the two acquisitions we completed in the fourth quarter
represent meaningful additions to our connectivity and networking product platforms.
Non-GAAP operating income totaled $40.9 million or 9.8% of revenue, compared to $35.0 million or
9.0% of revenue in the fourth quarter 2009. Non-GAAP income from continuing operations per diluted
share totaled $0.55, compared to $0.39 in the fourth quarter 2009.
Belden Reports Strong Fourth Quarter and Full Year 2010 Results Page 2 of 3
Full Year 2010
Revenue for the year totaled $1.62 billion, up $0.26 billion or 19% compared to $1.36 billion in
2009. Earnings per diluted share totaled $2.27 for the year, compared to $(0.53) in 2009.
Non-GAAP revenue for the year totaled $1.64 billion, up $0.22 billion or 16% compared to non-GAAP
revenue of $1.42 billion in 2009. Non-GAAP operating income totaled $150.1 million or 9.1% of
revenue for the year, compared to $111.9 million or 7.9% of revenue in 2009. Non-GAAP income from
continuing operations per diluted share totaled $1.77 for the year, compared to $1.16 in 2009.
Mr. Stroup remarked, I am extremely pleased with the Companys results in 2010, which include 53%
earnings growth, double-digit organic growth, and another year where free cash flow exceeded net
income. I am encouraged by the fact that our superior performance was achieved without the benefit
of a full recovery in all of our end markets.
Outlook
Based on another strong quarter of performance and increased evidence of a sustainable economic
recovery, we have raised our outlook for 2011. The focused efforts of the Belden team around our
strategic goals, including our Market Delivery System and Lean Enterprise initiatives, position us
well to take advantage of a full economic recovery, added Mr. Stroup.
The Company expects first quarter 2011 revenues to be $445 million to $450 million and income from
continuing operations per diluted share to be $0.42 to $0.45. For the full year ending December
31, 2011, the Company expects revenues to be $1.85 billion to $1.90 billion and income from
continuing operations per diluted share to be $2.05 to $2.25.
Earnings Conference Call
Management will host a conference call today at 10:30 a.m. Eastern to discuss results of the
quarter. The listen-only audio of the conference call will be broadcast live via the Internet at
http://investor.belden.com. The dial-in number for participants in the U.S. is 866-304-1238; the
dial-in number for participants outside the U.S. is 913-312-6650. A replay of this conference call
will remain accessible in the investor relations section of the Companys Web site for a limited
time.
Use of Non-GAAP Financial Information
Non-GAAP measures reflect certain adjustments the Company makes to provide insight into operating
results. All GAAP to non-GAAP reconciliations accompany the consolidated financial statements
included in this release and have been published to the investor relations section of the Companys
Web site at http://investor.belden.com.
Fourth quarter 2010 non-GAAP results exclude Trapeze Networks, the communications products business
acquired from Thomas & Betts, and the GarrettCom acquisition. Additional non-GAAP revenue and
income adjustments exclude the impact of the deferral of revenues and cost of sales, the impact of
charges associated with already announced restructuring actions, and other costs.
Forward Looking Statements
Statements in this release other than historical facts are forward looking statements made in
reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. Forward
looking statements include any statements regarding future revenues, costs and expenses, operating
income, earnings per share, margins, cash flows, dividends, and capital expenditures.
Belden Reports Strong Fourth Quarter and Full Year 2010 Results Page 3 of 3
These forward looking statements are based on forecasts and projections about the markets and
industries served by the Company and about general economic conditions. They reflect managements
beliefs and expectations. They are not guarantees of future performance and they involve risk and
uncertainty. The Companys actual results may differ materially from these expectations. The
current global economic slowdown has adversely affected our results of operations and may continue
to do so. Turbulence in financial markets may increase our borrowing costs. Additional factors that
may cause actual results to differ from the Companys expectations include: the Companys reliance
on key distributors in marketing products; the Companys ability to execute and realize the
expected benefits from strategic initiatives (including revenue growth, cost control, and
productivity improvement programs); changes in the level of economic activity in the Companys
major geographic markets; difficulties in realigning manufacturing capacity and capabilities among
the Companys global manufacturing facilities; the competitiveness of the global cable,
connectivity and networking industries, including wireless; variability in the Companys quarterly
and annual effective tax rates; changes in accounting rules and interpretation of these rules which
may affect the Companys reported earnings; changes in currency exchange rates and political and
economic uncertainties in the countries where the Company conducts business; demand for the
Companys products; the cost and availability of materials including copper, plastic compounds
derived from fossil fuels, and other materials; energy costs; the Companys ability to achieve
acquisition performance expectations and to integrate acquired businesses successfully; the ability
of the Company to develop and introduce new products; the Company having to recognize charges that
would reduce income as a result of impairing goodwill and other intangible assets; variability
associated with derivative and hedging instruments; security risks and the potential for business
interruption from operating in volatile countries, including Mexico; and other factors. For a more
complete discussion of risk factors, please see our Annual Report on Form 10-K for the year ended
December 31, 2009, filed with the SEC on February 26, 2010. Belden disclaims any duty to update any
forward looking statements as a result of new information, future developments, or otherwise.
About Belden
St. Louis-based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking
products in markets including industrial automation, enterprise, transportation, infrastructure,
and consumer electronics. It has approximately 6,600 employees, and provides value for industrial
automation, enterprise, education, healthcare, entertainment and broadcast, sound and security,
transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing
capabilities in North America, Europe, and Asia, and a market presence in nearly every region of
the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in
the signal transmission industry. For more information, visit www.belden.com.
Contact:
Belden Investor Relations
314-854-8054
Investor.Relations@Belden.com
314-854-8054
Investor.Relations@Belden.com
BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | December 31, 2010 | December 31, 2009 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues |
$ | 425,176 | $ | 374,670 | $ | 1,617,090 | $ | 1,362,016 | ||||||||
Cost of sales |
(303,780 | ) | (269,438 | ) | (1,149,796 | ) | (974,331 | ) | ||||||||
Gross profit |
121,396 | 105,232 | 467,294 | 387,685 | ||||||||||||
Selling, general and administrative expenses |
(76,371 | ) | (67,276 | ) | (279,677 | ) | (262,473 | ) | ||||||||
Research and development |
(11,499 | ) | (11,688 | ) | (42,605 | ) | (40,441 | ) | ||||||||
Amortization of intangibles |
(3,289 | ) | (2,735 | ) | (11,189 | ) | (9,871 | ) | ||||||||
Income from equity method investment |
3,035 | 2,003 | 11,940 | 6,405 | ||||||||||||
Asset impairment |
(16,574 | ) | (1,575 | ) | (16,574 | ) | (27,751 | ) | ||||||||
Loss on sale of assets |
| | | (17,184 | ) | |||||||||||
Operating income |
16,698 | 23,961 | 129,189 | 36,370 | ||||||||||||
Interest expense |
(10,916 | ) | (13,169 | ) | (49,826 | ) | (41,962 | ) | ||||||||
Interest income |
786 | 244 | 1,184 | 1,043 | ||||||||||||
Other income (expense) |
| | 1,465 | (1,541 | ) | |||||||||||
Income (loss) from continuing operations before
taxes |
6,568 | 11,036 | 82,012 | (6,090 | ) | |||||||||||
Income tax benefit (expense) |
4,171 | (179 | ) | (12,714 | ) | (1,175 | ) | |||||||||
Income (loss) from continuing operations |
10,739 | 10,857 | 69,298 | (7,265 | ) | |||||||||||
Gain (loss) from discontinued operations, net of tax |
849 | 9,058 | (5,686 | ) | (17,636 | ) | ||||||||||
Gain on disposal of discontinued operations, net of tax |
44,847 | | 44,847 | | ||||||||||||
Net income (loss) |
$ | 56,435 | $ | 19,915 | $ | 108,459 | $ | (24,901 | ) | |||||||
Weighted average number of common shares and equivalents: |
||||||||||||||||
Basic |
46,936 | 46,650 | 46,805 | 46,594 | ||||||||||||
Diluted |
48,134 | 47,315 | 47,783 | 46,594 | ||||||||||||
Basic income (loss) per share |
||||||||||||||||
Continuing operations |
$ | 0.23 | $ | 0.23 | $ | 1.48 | $ | (0.16 | ) | |||||||
Discontinued operations |
0.02 | 0.20 | (0.11 | ) | (0.37 | ) | ||||||||||
Disposal of discontinued operations |
0.95 | | 0.95 | | ||||||||||||
Net income (loss) |
$ | 1.20 | $ | 0.43 | $ | 2.32 | $ | (0.53 | ) | |||||||
Diluted income (loss) per share |
||||||||||||||||
Continuing operations |
$ | 0.22 | $ | 0.23 | $ | 1.45 | $ | (0.16 | ) | |||||||
Discontinued operations |
0.02 | 0.19 | (0.11 | ) | (0.37 | ) | ||||||||||
Disposal of discontinued operations |
0.93 | | 0.93 | | ||||||||||||
Net income (loss) |
$ | 1.17 | $ | 0.42 | $ | 2.27 | $ | (0.53 | ) | |||||||
Dividends declared per share |
$ | 0.05 | $ | 0.05 | $ | 0.20 | $ | 0.20 |
BELDEN INC.
OPERATING SEGMENT INFORMATION
OPERATING SEGMENT INFORMATION
(Unaudited)
External | Operating | |||||||||||||||
Customer | Affiliate | Total | Income | |||||||||||||
Revenues | Revenues | Revenues | (Loss) | |||||||||||||
(In thousands) | ||||||||||||||||
Three Months Ended December 31, 2010 |
||||||||||||||||
Americas |
$ | 248,834 | $ | 12,294 | $ | 261,128 | $ | 30,760 | ||||||||
EMEA |
92,656 | 23,156 | 115,812 | 11,729 | ||||||||||||
Asia Pacific |
83,686 | | 83,686 | 12,001 | ||||||||||||
Total Segments |
425,176 | 35,450 | 460,626 | 54,490 | ||||||||||||
Corporate expenses |
| | | (23,850 | ) | |||||||||||
Eliminations |
| (35,450 | ) | (35,450 | ) | (13,942 | ) | |||||||||
Total |
$ | 425,176 | $ | | $ | 425,176 | $ | 16,698 | ||||||||
Three Months Ended December 31, 2009 |
||||||||||||||||
Americas |
$ | 205,490 | $ | 11,616 | $ | 217,106 | $ | 27,992 | ||||||||
EMEA |
89,886 | 16,575 | 106,461 | 9,799 | ||||||||||||
Asia Pacific |
79,294 | | 79,294 | 10,498 | ||||||||||||
Total Segments |
374,670 | 28,191 | 402,861 | 48,289 | ||||||||||||
Corporate expenses |
| | | (13,570 | ) | |||||||||||
Eliminations |
| (28,191 | ) | (28,191 | ) | (10,758 | ) | |||||||||
Total |
$ | 374,670 | $ | | $ | 374,670 | $ | 23,961 | ||||||||
Twelve Months Ended December 31, 2010 |
||||||||||||||||
Americas |
$ | 935,819 | $ | 48,899 | $ | 984,718 | $ | 133,984 | ||||||||
EMEA |
365,796 | 76,485 | 442,281 | 63,969 | ||||||||||||
Asia Pacific |
315,475 | 62 | 315,537 | 40,147 | ||||||||||||
Total Segments |
1,617,090 | 125,446 | 1,742,536 | 238,100 | ||||||||||||
Corporate expenses |
| | | (62,821 | ) | |||||||||||
Eliminations |
| (125,446 | ) | (125,446 | ) | (46,090 | ) | |||||||||
Total |
$ | 1,617,090 | $ | | $ | 1,617,090 | $ | 129,189 | ||||||||
Twelve Months Ended December 31, 2009 |
||||||||||||||||
Americas |
$ | 766,569 | $ | 43,489 | $ | 810,058 | $ | 117,324 | ||||||||
EMEA |
345,197 | 55,256 | 400,453 | (36,828 | ) | |||||||||||
Asia Pacific |
250,250 | | 250,250 | 28,794 | ||||||||||||
Total Segments |
1,362,016 | 98,745 | 1,460,761 | 109,290 | ||||||||||||
Corporate expenses |
| | | (41,378 | ) | |||||||||||
Eliminations |
| (98,745 | ) | (98,745 | ) | (31,542 | ) | |||||||||
Total |
$ | 1,362,016 | $ | | $ | 1,362,016 | $ | 36,370 | ||||||||
BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
Twelve Months Ended | ||||||||
December 31, 2010 | December 31, 2009 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | 108,459 | $ | (24,901 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
55,279 | 55,857 | ||||||
Asset impairment |
16,574 | 27,751 | ||||||
Share-based compensation |
12,107 | 11,748 | ||||||
Provision for inventory obsolescence |
3,210 | 4,550 | ||||||
Non-cash loss on derivatives and hedging instruments |
2,893 | | ||||||
Tax deficiency related to share-based compensation |
110 | 1,564 | ||||||
Loss (gain) on sale of assets |
(44,847 | ) | 17,184 | |||||
Income from equity method investment |
(11,940 | ) | (6,405 | ) | ||||
Deferred income tax benefit |
(11,577 | ) | (23,421 | ) | ||||
Pension funding in excess of pension expense |
(4,289 | ) | (8,973 | ) | ||||
Changes in operating assets and liabilities, net of the effects of currency exchange
rate changes and acquired businesses: |
||||||||
Receivables |
(39,458 | ) | 52,369 | |||||
Inventories |
(14,031 | ) | 50,645 | |||||
Deferred cost of sales |
7,003 | (1,036 | ) | |||||
Accounts payable |
38,513 | 9,728 | ||||||
Accrued liabilities |
7,569 | (33,483 | ) | |||||
Deferred revenue |
(15,772 | ) | 2,564 | |||||
Accrued taxes |
(3,037 | ) | 7,597 | |||||
Other assets |
20,206 | 11,665 | ||||||
Other liabilities |
(15,423 | ) | (3,193 | ) | ||||
Net cash provided by operating activities |
111,549 | 151,810 | ||||||
Cash flows from investing activities: |
||||||||
Proceeds from disposal of tangible assets |
138,952 | 2,031 | ||||||
Cash used to acquire businesses, net of cash acquired |
(119,110 | ) | (20,703 | ) | ||||
Capital expenditures |
(28,194 | ) | (40,377 | ) | ||||
Net cash used for investing activities |
(8,352 | ) | (59,049 | ) | ||||
Cash flows from financing activities: |
||||||||
Borrowings under credit arrangements |
| 193,732 | ||||||
Payments
under borrowing arrangements |
(46,268 | ) | (193,732 | ) | ||||
Debt issuance costs |
| (11,810 | ) | |||||
Cash dividends paid |
(9,412 | ) | (9,373 | ) | ||||
Tax deficiency related to share-based compensation |
(110 | ) | (1,564 | ) | ||||
Proceeds from exercise of stock options |
3,158 | 699 | ||||||
Cash received upon termination of derivative instruments |
4,217 | | ||||||
Net cash used for financing activities |
(48,415 | ) | (22,048 | ) | ||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
(5,008 | ) | 10,753 | |||||
Increase in cash and cash equivalents |
49,774 | 81,466 | ||||||
Cash and cash equivalents, beginning of period |
308,879 | 227,413 | ||||||
Cash and cash equivalents, end of period |
$ | 358,653 | $ | 308,879 | ||||
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2010 | December 31, 2009 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 358,653 | $ | 308,879 | ||||
Receivables, net |
298,266 | 230,360 | ||||||
Inventories, net |
175,659 | 144,189 | ||||||
Deferred income taxes |
9,473 | 28,115 | ||||||
Other current assets |
18,804 | 14,966 | ||||||
Current assets of discontinued operations |
| 133,329 | ||||||
Total current assets |
860,855 | 859,838 | ||||||
Property, plant and equipment, less accumulated
depreciation |
278,866 | 298,258 | ||||||
Goodwill |
322,556 | 273,126 | ||||||
Intangible assets, less accumulated amortization |
143,820 | 116,592 | ||||||
Deferred income taxes |
27,565 | 10,809 | ||||||
Other long-lived assets |
62,822 | 61,955 | ||||||
$ | 1,696,484 | $ | 1,620,578 | |||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 212,084 | $ | 166,723 | ||||
Accrued liabilities |
145,840 | 117,206 | ||||||
Current maturities of long-term debt |
| 46,268 | ||||||
Current liabilities of discontinued operations |
| 31,237 | ||||||
Total current liabilities |
357,924 | 361,434 | ||||||
Long-term debt |
551,155 | 543,942 | ||||||
Postretirement benefits |
112,426 | 121,745 | ||||||
Other long-term liabilities |
36,464 | 42,409 | ||||||
Stockholders equity: |
||||||||
Common stock |
503 | 503 | ||||||
Additional paid-in capital |
595,519 | 591,917 | ||||||
Retained earnings |
171,568 | 72,625 | ||||||
Accumulated other comprehensive income (loss) |
(8,919 | ) | 14,614 | |||||
Treasury stock |
(120,156 | ) | (128,611 | ) | ||||
Total stockholders equity |
638,515 | 551,048 | ||||||
$ | 1,696,484 | $ | 1,620,578 | |||||
BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items
including asset impairments, purchase accounting effects related to acquisitions, revenue and cost of sales deferrals, severance charges, accelerated depreciation, gains (losses) recognized on
the disposal of tangible assets, and other costs. We utilize the non-GAAP results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted
operating results. We believe the non-GAAP results are useful to investors because they help them compare our results to previous periods and provide insights into underlying trends in the
business. Non-GAAP results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | December 31, 2010 | December 31, 2009 | |||||||||||||
(In thousands, except percentages and per share amounts) | ||||||||||||||||
GAAP revenues |
$ | 425,176 | $ | 374,670 | $ | 1,617,090 | $ | 1,362,016 | ||||||||
Revenues from acquisitions |
(6,544 | ) | | (6,544 | ) | | ||||||||||
Discontinued operations GAAP revenues |
| 13,100 | 46,047 | 53,246 | ||||||||||||
Deferred revenue adjustments |
| 1,721 | (14,771 | ) | 2,564 | |||||||||||
Non-GAAP revenues |
$ | 418,632 | $ | 389,491 | $ | 1,641,822 | $ | 1,417,826 | ||||||||
GAAP operating income |
$ | 16,698 | $ | 23,962 | $ | 129,189 | $ | 36,370 | ||||||||
Asset impairment |
16,574 | 1,575 | 16,574 | 27,751 | ||||||||||||
Acquisition results and related costs |
7,149 | 751 | 9,407 | 751 | ||||||||||||
Severance and other restructuring related costs |
509 | 11,222 | 10,041 | 53,234 | ||||||||||||
Accelerated depreciation |
| 1,698 | 2,216 | 2,589 | ||||||||||||
Loss on sale of assets |
| | | 17,184 | ||||||||||||
Other |
| | | 787 | ||||||||||||
Discontinued operations GAAP operating loss |
| (5,381 | ) | (9,011 | ) | (28,325 | ) | |||||||||
Deferred gross profit adjustments |
| 1,199 | (8,292 | ) | 1,528 | |||||||||||
Total operating income adjustments |
24,232 | 11,064 | 20,935 | 75,499 | ||||||||||||
Non-GAAP operating income |
$ | 40,930 | $ | 35,026 | $ | 150,124 | $ | 111,869 | ||||||||
Non-GAAP operating income as a percent of non-GAAP revenues |
9.8 | % | 9.0 | % | 9.1 | % | 7.9 | % | ||||||||
GAAP income (loss) from continuing operations |
$ | 10,739 | $ | 10,857 | $ | 69,298 | $ | (7,265 | ) | |||||||
Operating income adjustments |
24,232 | 11,064 | 20,935 | 75,499 | ||||||||||||
Fees incurred to amend credit facility |
| | | 1,541 | ||||||||||||
Derivative accounting |
| | 2,749 | | ||||||||||||
Discontinued operations interest income |
| | 47 | | ||||||||||||
Tax effect of adjustments |
(8,588 | ) | (3,488 | ) | (8,424 | ) | (15,348 | ) | ||||||||
Non-GAAP income from continuing operations |
$ | 26,383 | $ | 18,433 | $ | 84,605 | $ | 54,427 | ||||||||
GAAP income (loss) from continuing operations per diluted share |
$ | 0.22 | $ | 0.23 | $ | 1.45 | $ | (0.16 | ) | |||||||
Non-GAAP income from continuing operations per diluted share |
$ | 0.55 | $ | 0.39 | $ | 1.77 | $ | 1.16 | ||||||||
GAAP diluted weighted average shares |
48,134 | 47,315 | 47,783 | 46,594 | ||||||||||||
Adjustment for anti-dilutive shares that are dilutive under
non-GAAP measures |
| | | 405 | ||||||||||||
Non-GAAP diluted weighted average shares |
48,134 | 47,315 | 47,783 | 46,999 | ||||||||||||
GAAP net cash provided by operating activities |
$ | 56,138 | $ | 31,874 | $ | 111,549 | $ | 151,810 | ||||||||
Net capital expenditures |
(8,903 | ) | (12,561 | ) | (25,769 | ) | (38,725 | ) | ||||||||
Non-GAAP free cash flow |
$ | 47,235 | $ | 19,313 | $ | 85,780 | $ | 113,085 | ||||||||