lob-20250423
FALSE000146212000014621202025-04-232025-04-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2025
LiveOakBancsharesLogo.jpg
LIVE OAK BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
North Carolina001-3749726-4596286
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1741 Tiburon Drive,Wilmington,NC28403
(Address of principal executive offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (910) 790-5867
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Voting Common Stock, no par value per shareLOBNew York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02.    Results of Operations and Financial Condition.
On April 23, 2025, Live Oak Bancshares, Inc. (the “Company”) announced financial results for the first quarter ended March 31, 2025. A copy of the press release announcing the Company’s results for the first quarter is attached as Exhibit 99.1 hereto and incorporated by reference herein.
The information contained in this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit
Number
Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
1

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LIVE OAK BANCSHARES, INC.
Date: April 23, 2025
By:
/s/ Walter J. Phifer
Walter J. Phifer
Chief Financial Officer
2

Exhibit 99.1
liveoakbancshareslogoa.jpg
Live Oak Bancshares, Inc. Reports First Quarter 2025 Results
WILMINGTON, NC, April 23, 2025 - Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported first quarter of 2025 net income attributable to the Company of $9.7 million, or $0.21 per diluted share.
Live Oak’s performance in the quarter compared to the fourth quarter of 2024, includes these notable items:
•Record first quarter production of $1.40 billion accompanied by strong deposit growth of $635.5 million, with total assets growing by 5.0% to $13.60 billion
•Net interest income increased 3.1% and net interest margin increased 5 basis points from 3.15% to 3.20%
•1.5% decline in revenue and 3.4% increase in noninterest expenses generated 10% decline in pre-provision net revenue1
•Provision expense for credit losses of $29.0 million, principally driven by loan growth amid a challenging macroeconomic environment, where elevated interest rates and inflationary pressures placed financial strain on some small business borrowers
•Two key initiatives saw positive momentum — non-interest bearing deposit growth and small dollar loan production

“Live Oak Bank demonstrated strong growth across our lending and deposit franchises in the first quarter, all while navigating the current small business credit cycle and a backdrop of economic uncertainty,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “We have an unwavering dedication to small business and staying close to our customers in these turbulent times remains paramount. Small business is the backbone of America, and we continue to support our nation’s entrepreneurs with the capital they need to create jobs, drive innovation, and serve their communities well.”
Conference Call
Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, April 24, 2025, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 75855. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:
Live Telephone Dial-In
U.S.: 800.549.8228
International: +1 646.564.2877
Pass Code: None Required
Live Webcast Log-In
Webcast Link: investor.liveoakbank.com
Registration: Name and Email Required
Multi-Factor Code: Provided After Registration







(1)See accompanying GAAP to Non-GAAP Reconciliation.
1

First Quarter 2025 Key Measures
(Dollars in thousands, except per share data)Increase (Decrease)
1Q 20254Q 2024DollarsPercent1Q 2024
Total revenue (1)
$126,113 $128,067 $(1,954)(1.5)%$116,208 
Total noninterest expense84,017 81,257 2,760 3.4 77,737 
Income before taxes13,132 13,229 (97)(0.7)22,107 
Effective tax rate26.4 %25.6 %n/an/a(24.8)%
Net income attributable to Live Oak Bancshares, Inc.$9,717 $9,900 $(183)(1.8)%$27,586 
Diluted earnings per share0.21 0.22 (0.01)(5)0.60 
Loan and lease production:
Loans and leases originated$1,396,223 $1,421,118 $(24,895)(1.8)%$805,129 
% Fully funded46.0 %42.4 %n/an/a43.8 %
Total loans and leases:$11,061,866 $10,579,376 $482,490 4.6 %$9,223,310 
Total assets:13,595,704 12,943,380 652,324 5.0 11,505,569 
Total deposits:12,395,945 11,760,494 635,451 5.4 10,383,361 
(1)Total revenue consists of net interest income and total noninterest income.
2

Important Note Regarding Forward-Looking Statements
Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company's status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; a reduction in or the termination of the Company's ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third-party service providers; risks relating to the material weakness we identified in our internal control over financial reporting; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company's ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company's business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company's ability to comply with regulatory requirements and expectations; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
About Live Oak Bancshares, Inc.
Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank.
Contacts:
Walter J. Phifer | CFO | Investor Relations | 910.202.6926
Claire Parker | Corporate Communications | Media Relations | 910.597.1592
3

Live Oak Bancshares, Inc.
Quarterly Statements of Income (unaudited)
(Dollars in thousands, except per share data)
Three Months Ended1Q 2025 Change vs.
1Q 20254Q 20243Q 20242Q 20241Q 20244Q 20241Q 2024
Interest income%%
Loans and fees on loans$195,616 $194,821 $192,170 $181,840 $176,010 0.4 11.1 
Investment securities, taxable11,089 10,490 9,750 9,219 8,954 5.7 23.8 
Other interest earning assets6,400 7,257 7,016 7,389 7,456 (11.8)(14.2)
Total interest income213,105 212,568 208,936 198,448 192,420 0.3 10.7 
Interest expense 
Deposits110,888 113,357 110,174 105,358 101,998 (2.2)8.7 
Borrowings1,685 1,737 1,762 1,770 311 (3.0)441.8 
Total interest expense112,573 115,094 111,936 107,128 102,309 (2.2)10.0 
Net interest income100,532 97,474 97,000 91,320 90,111 3.1 11.6 
Provision for loan and lease credit losses28,964 33,581 34,502 11,765 16,364 (13.7)77.0 
Net interest income after provision for loan and lease credit losses71,568 63,893 62,498 79,555 73,747 12.0 (3.0)
Noninterest income
Loan servicing revenue8,298 8,524 8,040 7,347 7,624 (2.7)8.8 
Loan servicing asset revaluation(4,728)(2,326)(4,207)(2,878)(2,744)(103.3)(72.3)
Net gains on sales of loans18,648 18,356 16,646 14,395 11,502 1.6 62.1 
Net (loss) gain on loans accounted for under the fair value option(1,034)195 2,255 172 (219)(630.3)(372.1)
Equity method investments (loss) income(2,239)(2,739)(1,393)(1,767)(5,022)18.3 55.4 
Equity security investments (losses) gains, net20 12 909 161 (529)66.7 (103.8)
Lease income2,573 2,456 2,424 2,423 2,453 4.8 4.9 
Management fee income— — 1,116 3,271 3,271 — (100.0)
Other noninterest income4,043 6,115 7,142 11,035 9,761 (33.9)(58.6)
Total noninterest income25,581 30,593 32,932 34,159 26,097 (16.4)(2.0)
Noninterest expense
Salaries and employee benefits48,008 45,214 44,524 46,255 47,275 6.2 1.6 
Travel expense2,795 2,628 2,344 2,328 2,438 6.4 14.6 
Professional services expense3,024 2,797 3,287 3,061 1,878 8.1 61.0 
Advertising and marketing expense3,665 1,979 2,473 3,004 3,692 85.2 (0.7)
Occupancy expense2,737 2,558 2,807 2,388 2,247 7.0 21.8 
Technology expense9,251 9,406 9,081 7,996 7,723 (1.6)19.8 
Equipment expense3,745 3,769 3,472 3,511 3,074 (0.6)21.8 
Other loan origination and maintenance expense4,585 4,812 4,872 3,659 3,911 (4.7)17.2 
Renewable energy tax credit investment (recovery) impairment— 1,172 115 170 (927)(100.0)(100.0)
FDIC insurance3,551 3,053 1,933 2,649 3,200 16.3 11.0 
Other expense2,656 3,869 2,681 2,635 3,226 (31.4)(17.7)
Total noninterest expense84,017 81,257 77,589 77,656 77,737 3.4 8.1 
Income before taxes13,132 13,229 17,841 36,058 22,107 (0.7)(40.6)
Income tax expense3,464 3,386 4,816 9,095 (5,479)2.3 (163.2)
Net income9,668 9,843 13,025 26,963 27,586 (1.8)(65.0)
Net loss attributable to non-controlling interest49 57 — — — (14.0)100.0 
Net income attributable to Live Oak Bancshares, Inc.$9,717 $9,900 $13,025 $26,963 $27,586 (1.8)(64.8)
Earnings per share
Basic$0.21 $0.22 $0.28 $0.60 $0.62 (4.5)(66.1)
Diluted$0.21 $0.22 $0.28 $0.59 $0.60 (4.5)(65.0)
Weighted average shares outstanding
Basic45,377,965 45,224,470 45,073,482 44,974,942 44,762,308 
Diluted45,754,499 46,157,979 45,953,947 45,525,082 45,641,210 
4

Live Oak Bancshares, Inc.
Quarterly Balance Sheets (unaudited)
(Dollars in thousands)
As of the quarter ended1Q 2025 Change vs.
1Q 20254Q 20243Q 20242Q 20241Q 20244Q 20241Q 2024
Assets%%
Cash and due from banks$744,263 $608,800 $666,585 $615,449 $597,394 22.3 24.6 
Certificates of deposit with other banks250 250 250 250 250 — — 
Investment securities available-for-sale1,312,680 1,248,203 1,233,466 1,151,195 1,120,622 5.2 17.1 
Loans held for sale
367,955 346,002 359,977 363,632 310,749 6.3 18.4 
Loans and leases held for investment (1)
10,693,911 10,233,374 9,831,891 9,172,134 8,912,561 4.5 20.0 
Allowance for credit losses on loans and leases(190,184)(167,516)(168,737)(137,867)(139,041)(13.5)(36.8)
Net loans and leases10,503,727 10,065,858 9,663,154 9,034,267 8,773,520 4.4 19.7 
Premises and equipment, net259,113 264,059 267,032 267,864 258,071 (1.9)0.4 
Foreclosed assets2,108 1,944 8,015 8,015 8,561 8.4 (75.4)
Servicing assets56,911 56,144 52,553 51,528 49,343 1.4 15.3 
Other assets348,697 352,120 356,314 376,370 387,059 (1.0)(9.9)
Total assets$13,595,704 $12,943,380 $12,607,346 $11,868,570 $11,505,569 5.0 18.2 
Liabilities and shareholders’ equity
Liabilities
Deposits:
Noninterest-bearing$386,108 $318,890 $258,844 $264,013 $226,668 21.1 70.3 
Interest-bearing12,009,837 11,441,604 11,141,703 10,443,018 10,156,693 5.0 18.2 
Total deposits12,395,945 11,760,494 11,400,547 10,707,031 10,383,361 5.4 19.4 
Borrowings110,247 112,820 115,371 117,745 120,242 (2.3)(8.3)
Other liabilities58,065 66,570 83,672 82,745 74,248 (12.8)(21.8)
Total liabilities12,564,257 11,939,884 11,599,590 10,907,521 10,577,851 5.2 18.8 
Shareholders’ equity
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding— — — — — — — 
Class A common stock (voting)370,513 365,607 361,925 356,381 349,648 1.3 6.0 
Class B common stock (non-voting)— — — — — — — 
Retained earnings724,215 715,767 707,026 695,172 669,307 1.2 8.2 
Accumulated other comprehensive loss(67,698)(82,344)(61,195)(90,504)(91,237)17.8 25.8 
Total shareholders' equity attributed to Live Oak Bancshares, Inc.1,027,030 999,030 1,007,756 961,049 927,718 2.8 10.7 
Non-controlling interest4,417 4,466 — — — (1.1)100.0 
Total shareholders' equity1,031,447 1,003,496 1,007,756 961,049 927,718 2.8 11.2 
Total liabilities and shareholders’ equity$13,595,704 $12,943,380 $12,607,346 $11,868,570 $11,505,569 5.0 18.2 
(1)Includes $316.8 million, $328.7 million, $343.4 million, $363.0 million and $379.2 million measured at fair value for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024 respectively.
5

Live Oak Bancshares, Inc.
Quarterly Selected Financial Data
(Dollars in thousands, except per share data)
As of and for the three months ended
1Q 20254Q 20243Q 20242Q 20241Q 2024
Income Statement Data
Net income attributable to Live Oak Bancshares, Inc.$9,717 $9,900 $13,025 $26,963 $27,586 
Per Common Share
Net income, diluted$0.21 $0.22 $0.28 $0.59 $0.60 
Dividends declared0.03 0.03 0.03 0.03 0.03 
Book value22.62 22.12 22.32 21.35 20.64 
Tangible book value (1)
22.55 22.05 22.24 21.28 20.57 
Performance Ratios
Return on average assets (annualized)0.30 %0.31 %0.43 %0.93 %0.98 %
Return on average equity (annualized)3.78 3.85 5.21 11.39 11.93 
Net interest margin3.20 3.15 3.33 3.28 3.33 
Efficiency ratio (1)
66.62 63.45 59.72 61.89 66.89 
Noninterest income to total revenue20.28 23.89 25.35 27.22 22.46 
Selected Loan Metrics
Loans and leases originated$1,396,223 $1,421,118 $1,757,856 $1,171,141 $805,129 
Outstanding balance of sold loans serviced4,949,962 4,715,895 4,452,750 4,292,857 4,329,097 
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment (3)
1.83 %1.69 %1.78 %1.57 %1.63 %
Net charge-offs (3)
$6,774 $33,566 $1,710 $8,253 $3,163 
Net charge-offs to average loans and leases held for investment (2) (3)
0.27 %1.39 %0.08 %0.38 %0.15 %
Nonperforming loans and leases at historical cost (3)
Unguaranteed$99,907 $81,412 $49,398 $37,340 $43,117 
Guaranteed322,993 222,885 166,177 122,752 105,351 
Total422,900 304,297 215,575 160,092 148,468 
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3)
0.96 %0.82 %0.52 %0.42 %0.51 %
Nonperforming loans at fair value (4)
Unguaranteed$9,938 $9,115 $8,672 $9,590 $7,942 
Guaranteed58,100 54,873 49,822 51,570 47,620 
Total68,038 63,988 58,494 61,160 55,562 
Unguaranteed nonperforming fair value loans to fair value loans held for investment (4)
3.14 %2.77 %2.53 %2.64 %2.09 %
Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)10.70 %11.04 %11.19 %11.85 %11.89 %
Tier 1 leverage capital (to average assets)8.03 8.21 8.60 8.71 8.69 
Notes to Quarterly Selected Financial Data
(1)See accompanying GAAP to Non-GAAP Reconciliation.
(2)Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
(3)Loans and leases at historical cost only (excludes loans measured at fair value).
(4)Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).
6

Live Oak Bancshares, Inc.
Quarterly Average Balances and Net Interest Margin
(Dollars in thousands)
Three Months Ended
March 31, 2025
Three Months Ended
December 31, 2024
Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
Interest-earning assets:
Interest-earning balances in other banks$581,267 $6,400 4.47 %$603,758 $7,257 4.78 %
Investment securities1,379,797 11,089 3.26 1,340,027 10,490 3.11 
Loans held for sale407,953 8,612 8.56 339,394 7,361 8.63 
Loans and leases held for investment (1)
10,388,872 187,004 7.30 10,030,353 187,460 7.44 
Total interest-earning assets12,757,889 213,105 6.77 12,313,532 212,568 6.87 
Less: Allowance for credit losses on loans and leases(165,320)(155,498)
Noninterest-earning assets534,133 551,265 
Total assets$13,126,702 $12,709,299 
Interest-bearing liabilities:
Interest-bearing checking$350,491 $3,929 4.55 %$350,304 $4,350 4.94 %
Savings5,540,147 51,604 3.78 5,333,338 52,308 3.90 
Money market accounts127,908 120 0.38 138,021 176 0.51 
Certificates of deposit5,563,004 55,235 4.03 5,376,290 56,523 4.18 
Total deposits11,581,550 110,888 3.88 11,197,953 113,357 4.03 
Borrowings111,919 1,685 6.11 114,561 1,737 6.03 
Total interest-bearing liabilities11,693,469 112,573 3.90 11,312,514 115,094 4.05 
Noninterest-bearing deposits342,482 281,874 
Noninterest-bearing liabilities58,739 83,373 
Shareholders' equity1,027,547 1,028,426 
Non-controlling interest4,465 3,112 
Total liabilities and shareholders' equity$13,126,702 $12,709,299 
Net interest income and interest rate spread$100,532 2.87 %$97,474 2.82 %
Net interest margin3.20 3.15 
Ratio of average interest-earning assets to average interest-bearing liabilities109.10 %108.85 %
(1)Average loan and lease balances include non-accruing loans and leases.
7

Live Oak Bancshares, Inc.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands)
As of and for the three months ended
1Q 20254Q 20243Q 20242Q 20241Q 2024
Total shareholders’ equity$1,031,447 $1,003,496 $1,007,756 $961,049 $927,718 
Less:
Goodwill1,797 1,797 1,797 1,797 1,797 
Other intangible assets1,529 1,568 1,606 1,644 1,682 
Tangible shareholders’ equity (a)$1,028,121 $1,000,131 $1,004,353 $957,608 $924,239 
Shares outstanding (c)45,589,633 45,359,425 45,151,691 45,003,856 44,938,673 
Total assets$13,595,704 $12,943,380 $12,607,346 $11,868,570 $11,505,569 
Less:
Goodwill1,797 1,797 1,797 1,797 1,797 
Other intangible assets1,529 1,568 1,606 1,644 1,682 
Tangible assets (b)$13,592,378 $12,940,015 $12,603,943 $11,865,129 $11,502,090 
Tangible shareholders’ equity to tangible assets (a/b)7.56 %7.73 %7.97 %8.07 %8.04 %
Tangible book value per share (a/c)$22.55 $22.05 $22.24 $21.28 $20.57 
Efficiency ratio:
Noninterest expense (d)$84,017 $81,257 $77,589 $77,656 $77,737 
Net interest income100,532 97,474 97,000 91,320 90,111 
Noninterest income25,581 30,593 32,932 34,159 26,097 
Total revenue (e)$126,113 $128,067 $129,932 $125,479 $116,208 
Efficiency ratio (d/e)66.62 %63.45 %59.72 %61.89 %66.89 %
Pre-provision net revenue (e-d)$42,096 $46,810 $52,343 $47,823 $38,471 
This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
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