8-K
Photronics Inc (PLAB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) | February 25, 2025 |
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PHOTRONICS, INC.
(Exact name of registrant as specified in its charter)
| Connecticut | 0-15451 | 06-0854886 |
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| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 15 Secor Road, Brookfield, CT | 06804 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant’s Telephone Number, including area code | (203) 775-9000 | |
| --- | --- | |
| (Former name or former address, if changed since last report) | ||
| --- |
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| COMMON STOCK, $0.01 par value per share | PLAB | NASDAQ Global Select Market |
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) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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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. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
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On February 25, 2026, Photronics, Inc. (the “Company”) issued a press release reporting first quarter fiscal 2026 financial results.
On February 27, 2026, the Company will conduct a conference call with respect to its financial results and other matters during which it will also disclose a slide presentation.
A copy of the press release reporting the first quarter fiscal 2026 earnings is furnished as Exhibit 99.1 to this report and a copy of the slide presentation is furnished as Exhibit 99.2 to this report. The information contained in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements<br> and Exhibits. |
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| (d) | Exhibits |
| --- | --- |
| 99.1 | Press Release dated February 25, 2026. |
| 99.2 | Photronics Q1 2026 Financial Results Conference Call February 27, 2026 slides. |
| 10.4 | Cover Page Interactive Data File (embedded within the Inline XBLR document) |
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 hereunto duly authorized.
| PHOTRONICS, INC.<br><br> <br>(Registrant) | |||
|---|---|---|---|
| By: | /s/ Christopher J. Lutzo | ||
| Name: | Christopher J. Lutzo | ||
| Title: | Vice President, General Counsel and Secretary | ||
| Date: February 25, 2026 |
Exhibit 99.1
| For Further Information:<br><br> <br>Ted Moreau<br><br> <br>VP, Investor Relations<br><br> <br>469.395.8175<br><br> <br>tmoreau@photronics.com |
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Photronics Reports First Quarter Fiscal 2026 Results
BROOKFIELD, Conn. February 25, 2026 (GLOBE NEWSWIRE) — Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its first quarter of fiscal year 2026 ended February 1, 2026.
Commenting on the first quarter performance, Chairman and CEO George Macricostas said, “Photronics delivered strong results in our fiscal first quarter achieving record high-end IC revenue for the second consecutive quarter. We remain on track with our facility expansion plans, which along with continuous process improvements and the refinement of our execution, will diversify our geographic revenue mix as industry regionalization continues.”
First Quarter Fiscal 2026 Results
| • | Revenue was $225.1 million, up 6.1% year-over-year and up 4.3% sequentially. |
|---|---|
| • | GAAP Net income attributable to Photronics, Inc. shareholders was $42.9 million, or $0.74 per diluted share, compared with $42.9 million, or $0.68 per diluted share, in the first quarter of 2025 and $61.8 million, or $1.07 per diluted<br> share, in the fourth quarter of 2025. |
| --- | --- |
| • | Non-GAAP Net income attributable to Photronics, Inc. shareholders was $35.7 million, or $0.61 per diluted share, compared with $32.4 million, or $0.52 per diluted share in the first quarter of 2025 and $34.6 million, or $0.60 per diluted<br> share, in the fourth quarter of 2025. |
| --- | --- |
| • | IC revenue was $165.3 million, an increase of 7% year-over-year and up 5% sequentially. |
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| • | FPD revenue was $59.8 million, an increase of 3% both year-over-year and sequentially. |
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| • | Cash, cash equivalents and short-term investments at the end of the quarter were $636.9 million, of which $459.1 million was associated with our Joint Ventures, of which we own 50.01%. |
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| • | Cash generated from operating activities was $97.3 million, and cash invested in organic growth through capital expenditures was $47.6 million. |
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Second Quarter Fiscal 2026 Guidance
For the second quarter of fiscal 2026, Photronics expects Revenue to be between $212 million and $220 million and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to be between $0.49 and $0.55 per share.
Webcast
A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on February 27, 2026. The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click conference registration. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.
About Photronics
Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks, which are high precision photographic quartz or glass plates that contain microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. Founded in 1969, Photronics has been a trusted photomask supplier for over 56 years. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
Non-GAAP Financial Measures
Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.
Totals presented may not sum due to rounding.
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| February 1,<br><br> <br>2026 | October 31,<br><br> <br>2025 | February 2,<br><br> <br>2025 | |||||||
| Revenue | $ | 225,066 | $ | 215,770 | $ | 212,138 | |||
| Cost of goods sold | 146,364 | 140,236 | 136,603 | ||||||
| Gross Profit | 78,702 | 75,534 | 75,535 | ||||||
| Gross margin % | 35.0 | % | 35.0 | % | 35.6 | % | |||
| Operating Expenses: | |||||||||
| Selling, general and administrative | 21,311 | 20,001 | 19,101 | ||||||
| Research and development | 2,588 | 3,185 | 4,257 | ||||||
| Total Operating Expenses | 23,899 | 23,186 | 23,358 | ||||||
| Other operating Income (expense) | 56 | (241 | ) | - | |||||
| Operating Income | 54,859 | 52,107 | 52,177 | ||||||
| Operating Margin | 24.4 | % | 24.1 | % | 24.6 | % | |||
| Other income, net | 19,673 | 23,855 | 24,981 | ||||||
| Income Before Income Tax Provision | 74,532 | 75,962 | 77,158 | ||||||
| Income tax provision (benefit) | 14,355 | (2,659 | ) | 18,901 | |||||
| Net Income | 60,177 | 78,621 | 58,257 | ||||||
| Net income attributable to noncontrolling interests | 17,238 | 16,820 | 15,406 | ||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 42,939 | $ | 61,801 | $ | 42,851 | |||
| Earnings per share attributed to Photronics, Inc. shareholders: | |||||||||
| Basic | $ | 0.74 | $ | 1.07 | $ | 0.69 | |||
| Diluted | $ | 0.74 | $ | 1.07 | $ | 0.68 | |||
| Weighted-average number of common shares outstanding: | |||||||||
| Basic | 57,794 | 57,600 | 62,093 | ||||||
| Diluted | 58,390 | 57,977 | 62,661 |
PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
| February 1,<br><br> <br>2026 | October 31,<br><br> <br>2025 | |||
|---|---|---|---|---|
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 544,133 | $ | 492,256 |
| Short-term investments | 92,738 | 95,909 | ||
| Accounts receivable | 199,490 | 195,921 | ||
| Inventories | 62,653 | 61,767 | ||
| Other current assets | 47,235 | 44,199 | ||
| Total current assets | 946,249 | 890,052 | ||
| Property, plant and equipment, net | 894,620 | 854,436 | ||
| Other assets | 60,550 | 60,046 | ||
| Total assets | $ | 1,901,419 | $ | 1,804,534 |
| Liabilities and Equity | ||||
| Current liabilities: | ||||
| Current portion of long-term debt | $ | 11 | $ | 11 |
| Accounts payable and accrued liabilities | 206,638 | 165,862 | ||
| Total current liabilities | 206,649 | 165,873 | ||
| Long-term debt | 10 | 13 | ||
| Other liabilities | 44,839 | 41,341 | ||
| Equity: | ||||
| Photronics, Inc. shareholders' equity | 1,211,390 | 1,173,589 | ||
| Noncontrolling interests | 438,531 | 423,718 | ||
| Total equity | 1,649,921 | 1,597,307 | ||
| Total liabilities and equity | $ | 1,901,419 | $ | 1,804,534 |
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| February 1,<br><br> <br>2026 | February 2,<br><br> <br>2025 | |||||
| Cash flows from operating activities: | ||||||
| Net income | $ | 60,177 | $ | 58,257 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 19,802 | 20,792 | ||||
| Share-based compensation | 2,851 | 3,334 | ||||
| Changes in operating assets, liabilities and other | 14,424 | (3,917 | ) | |||
| Net cash provided by operating activities | 97,254 | 78,466 | ||||
| Cash flows from investing activities: | ||||||
| Purchases of property, plant and equipment | (47,635 | ) | (35,200 | ) | ||
| Purchases of short-term investments | (36,611 | ) | - | |||
| Proceeds from maturities of short-term investments | 41,483 | 41,482 | ||||
| Government incentives | 2,567 | 620 | ||||
| Other | (80 | ) | (57 | ) | ||
| Net cash (used in) provided by investing activities | (40,276 | ) | 6,845 | |||
| Cash flows from financing activities: | ||||||
| Repayments of debt | (3 | ) | (15,343 | ) | ||
| Common stock repurchases | - | (4,573 | ) | |||
| Proceeds from share-based arrangements | 752 | 1,433 | ||||
| Net settlements of restricted stock awards | - | (1,995 | ) | |||
| Net cash provided by (used in) financing activities | 749 | (20,478 | ) | |||
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (5,915 | ) | (21,202 | ) | ||
| Net increase in cash, cash equivalents, and restricted cash | 51,812 | 43,631 | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 495,113 | 601,243 | ||||
| Cash, cash equivalents, and restricted cash, end of period | 546,925 | 644,874 | ||||
| Less: Ending restricted cash | 2,792 | 2,674 | ||||
| Cash and cash equivalents at end of period | $ | 544,133 | $ | 642,200 |
PHOTRONICS, INC.
Reconciliation of U.S. GAAP to non-GAAP:
Net income and diluted earnings per share attributable to Photronics, Inc. shareholders
(in thousands, except per share amounts)
(Unaudited)
| Three Months ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| February 1,<br><br> <br>2026 | October 31,<br><br> <br>2025 | February 2,<br><br> <br>2025 | |||||||
| U.S. GAAP net income attributable to Photronics, Inc. shareholders | $ | 42,939 | $ | 61,801 | $ | 42,851 | |||
| FX (gain) loss | (12,865 | ) | (18,615 | ) | (18,443 | ) | |||
| Estimated tax effects of FX (gain) loss | 2,553 | 4,781 | 5,152 | ||||||
| Estimated noncontrolling interest effects of above | 3,032 | 3,341 | 2,823 | ||||||
| Reversal of deferred tax valuation allowance | - | (16,751 | ) | - | |||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 35,659 | $ | 34,557 | $ | 32,383 | |||
| Weighted-average number of common shares outstanding - Diluted | 58,390 | 57,977 | 62,661 | ||||||
| U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders | $ | 0.74 | $ | 1.07 | $ | 0.68 | |||
| Effects of non-GAAP adjustments above | (0.13 | ) | (0.47 | ) | (0.16 | ) | |||
| Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders | $ | 0.61 | $ | 0.60 | $ | 0.52 |
Exhibit 99.2
February 2026 Investor Presentation
Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change. 2
Corporate Overview
Europe 4% Taiwan 33% South Korea 19% US 17% Photronics Overview (Nasdaq: PLAB) $862M Revenue $211M Operating Income $267M Operating Cash Flow $2.22B Market Cap 2/20/2026 ~1,900 Employees ~675 Customers 1969 Founded A Global Merchant Market Leader of Photomasks used in Lithographic Imaging for Semiconductor and Flat Panel Display production Revenue By Geographic Origin Revenue By Technology All data reflects Trailing Twelve Month figures as of 2/1/26 unless otherwise noted Totals may differ due to rounding 4 Mainstream 49% High-End 51% Revenue By Product Line Flat Panel Display 27% Integrated Circuits 73% China IC 15% China FPD 12%
Photomasks: Critical Enabler for IC and FPD Manufacturing Integrated Circuit (IC) photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. Photomasks are glass substrates used in lithographic systems to transfer the pattern of semiconductor and flat panel display designs Light Source Photomask Reduction Lens Wafer Stage 5 Flat Panel Display (FPD) photomasksare used in the fabrication of flat screen televisions, PC monitors, tablets, mobile devices and other flat panel displays. Exposure Process used to Create a TFT Circuit Pattern
IC: New Chip Designs Drive Photomask Demand Photomasks are the foundation of wafer manufacturing and critical to the semiconductor manufacturing process A global merchant leader of mask production Advances in semiconductor chip designs drive Photronics revenue 6 Source: Semi’s 2024 Photomask Characterization Study, August 2025 Source: TechInsights “The Chip Insider’s Graphics File” December 4, 2025
Global Footprint Aligns with Regionalization Trends IC: Integrated Circuit |
FPD: Flat Panel Display 7 Allen, Texas Boise, Idaho Brookfield, Connecticut HQ Bridgend, Wales Cheonan, South Korea Hsinchu, Taiwan Xiamen, China Dresden, Germany Hefei, China Taichung, Taiwan Largest commercial mask maker
in Taiwan. Only high-end capable commercial mask maker in US. IC FPD IC & FPD U.S. and Asia investments align with industry regionalization trends, and diversify geographic footprint U.S. capacity and capability extension for
mid-range IC nodes Asia capacity and capability extension to 8nm
Node Migration Drives Mask Set Value Nodes Indicative Mask Value 8 Mask pattern complexity / Mask count per IC Design / Impact of Mask performance on IC yield Drives higher individual mask ASP, more layers per mask set, and higher barriers of entry for competitors Currently participating Planning to participate
FPD: Advanced Displays are Driving Innovation Photronics leverages expertise gained from IC mask production into FPD mask production Consumer electronics with larger, high-performance displays increase the complexity of mask production Panel makers are developing AMOLED production processes to increase substrate size to G8.6, requiring larger, high-quality advanced masks Customers rely on Photronics for its market leading AMOLED technology 9
Competitive Advantages Global Footprint Close to customer Aligned with end markets Flexible supply chain Technology Leader Process expertise Advanced Process-of-Record High barriers to entry Commercial Excellence Customer first Trusted partner Wafer yield enhancement Technology roadmap enabler Operational Excellence Responsive delivery High yields Cost control Supply chain optimization Teamwork and execution 10
Capital Expenditures The Capital Intensity Ratio is defined as Capex divided by Revenue Multi-Beam Mask Writer expands technical and production capability through improved cycle time and extends complex patterning opportunities MBMW Write Time Advantage Technology Node 100 80 60 40 20 0 Est. Write Time (Hours) 65nm 45nm 32nm 22nm 14 nm 10nm 7nm 11 Single Beam Multi-Beam
Compelling Investment Thesis A global leader in the merchant photomasks industry critical for semiconductor manufacturing Favorable Industry Trends 12 FAB regionalization/ reshoring of the semiconductor industry Captives increased outsourcing to merchant suppliers Node migration drives ASP expansion and revenue growth Foldable displays and higher value masks drive FPD opportunity Premier operational execution enables preferred supplier status Consistent delivery of cash flow for strategic flexibility Operational Excellence
Fiscal Q1 2026 Financial Results
FQ1 2026 Summary Revenue Gross Margin Operating Margin Diluted EPS Non-GAAP Diluted EPS1 FQ1 2026 $225.1M 35.0% 24.4% $0.74 $0.61 FQ4 2025 $215.8M 35.0% 24.1% $1.07 $0.60 FQ1 2025 $212.1M 35.6% 24.6% $0.68 $0.52 1See reconciliation included in this presentation Totals may differ due to rounding 14 Revenue reflects strong y/y revenue growth for more advanced geometries resulting in another record for high-end IC revenue. Long-term demand driven by regionalization & reshoring, node migration, and overall semiconductor / display industry growth Revenue by Geographic Origin: Taiwan (33%), China IC (16%), China FPD (12%), U.S. (17%), South Korea (18%), Europe (4%) Gross margin of 35.0% exceeded expectations because of stronger revenue and a greater mix of IC revenue Non-GAAP Diluted EPS of $0.61 reflects strengthening market demand in Asia
Revenue by Product Line $M 1Q26 Q/Q Y/Y High-End* 71.3 8% 19% Mainstream 94.0 3% 0% Total 165.3 5% 7% Record High-End revenue associated with seasonal demand ahead of Chinese New Year Strategic emphasis on High-End to leverage competitive advantage Both High-End and Mainstream expected to continue experiencing node migration to more advanced IC geometries *IC: 28nm and smaller; FPD: G10.5+, AMOLED and LTPS Totals may differ due to rounding China IT market drove significant growth in Mainstream Customer demand required larger mask sizes, leveraging Photronics technical competitive advantage Competitive advantages in larger, more complex panel sizes using AMOLED display technology such as G10.5 and G8.6 $M 1Q26 Q/Q Y/Y High-End* 46.9 (4%) (6%) Mainstream 12.8 34% 51% Total 59.8 3% 3% IC FPD 15
Strong operating cash flow contribution from our largest geographic regions FQ1 capex reflects FPD investments, outlays for our South Korea node extension down to 8nm and end-of-life tool upgrades Capital allocation: Organic growth investments: target capex of $330M in fiscal 2026 to expand U.S. and South Korea operations and for end-of-life tool upgrades Business development initiatives: leverage and enhance core competencies Return cash to shareholders: Repurchased $97M throughout Fiscal 2025; $28M currently authorized Balance Sheet and Cash Flow Metrics $M 1Q26 4Q25 1Q25 Cash, cash equivalents and Short-term investments 636.9 588.2 642.2 Debt 0.02 0.02 2.7 Operating Cash Flow 97.3 87.8 78.5 Capital Expenditures 47.6 67.5 35.2 16
FQ2 2026 Guidance Assumptions: Higher end demand benefits from continued node migration Full influence of Chinese New Year reflected in FQ2 Fiscal 2026 capex reflects continued expansion in U.S., initial expansion in South Korea, and elevated end-of-life tool replacement Revenue ($M) 212 – 220 Operating Margin 22% - 24% Diluted non-GAAP EPS $0.49 - $0.55 Diluted Shares (M) ~58 Full-year Capex ($M) ~330 17
Appendix
Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders are non-GAAP financial measures as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following page. 19
Non-GAAP Financial Measures 20