Document


 
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): February 6, 2019


 iROBOT CORPORATION 

(Exact Name of Registrant as Specified in its Charter)

 
Delaware
 
 
(State or other jurisdiction of
incorporation or organization)
 
001-36414
 
77-0259 335
(Commission File Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
8 Crosby Drive, Bedford, MA
 
01730
(Address of principal executive offices)
 
(Zip Code)


Registrant's telephone number, including area code: (781) 430-3000


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 (see General Instruction A.2. below):

¨    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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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.

On February 6, 2019, iRobot Corporation announced its financial results for the fiscal quarter and year ended December 29, 2018. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8‑K.
The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:

Exhibit No.
 
Description
 
 
 
 
Press Release issued by the registrant on February 6, 2019, furnished herewith.












































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.


Date: February 6, 2019
 
iRobot Corporation
 
 
 
 
 
 
 
 
By: /s/ Glen D. Weinstein
 
 
Name: Glen D. Weinstein
 
 
Title: Chief Legal Officer and Secretary







































Exhibit


EX-99.1
Contacts:
 
 
 
 
Elise Caffrey
 
 
 
Matthew Lloyd
Investor Relations
 
 
 
Media Relations
iRobot Corp.
 
 
 
iRobot Corp.
(781) 430-3003
 
 
 
(781) 430-3720
ecaffrey@irobot.com
 
 
 
mlloyd@irobot.com
 
 
 
 
 

iRobot Reports Record Fourth-Quarter and Full-Year Revenue


BEDFORD, Mass., February 6, 2019 - iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the fourth quarter and full year ended December 29, 2018.

“We had a phenomenal finish to 2018, exceeding both our fourth-quarter and full-year expectations for revenue growth and profitability after raising our expectations twice during the year. Revenue grew 24% in an increasingly competitive market, and we delivered an operating margin of nearly 10% after absorbing the impact of tariffs in the fourth quarter. Substantial demand for our game-changing Roomba i7 and i7+ robots drove strong holiday performance domestically. Overseas, overperformance in Japan was driven by robust fourth-quarter demand supported by our sales and marketing programs in that region.

“In 2019, we expect revenue of $1.28 to $1.31 billion, which is year-over-year growth of 17% to 20%, operating income of $108 to $118 million, and EPS of $3.00 to $3.25, excluding discrete items.

“This year we will continue on a growth diversification journey, focusing on driving growth of non-Roomba products, as well as supply chain and manufacturing diversification for longer term production stability.

“We will introduce a new category of robot, the iRobot Terra™, our revolutionary autonomous lawn mower, and engage a contract manufacturer outside of China to produce several Roomba robots, beginning in 2019. We will do so while continuing our investment in innovation to extend our technology and product leadership, drive further adoption of both Roomba and Braava robots, and introduce several additional new products mid-year.

“We are very excited about our 2018 performance and the opportunities that lie ahead. While we are navigating uncharted waters with the current tariff uncertainty, we expect our global business to deliver strong financial performance in 2019 that will in turn fund critical investments in future technologies and marketing, to further solidify our position as the unambiguous leader in robotic floor care. In 2019, we will also definitively establish a diversified revenue stream, introduce a new robotic category with lawn mowing and demonstrate our increasing importance as a strategic player in the smart home to drive enhanced long-term shareholder value,” said Colin Angle, chairman and chief executive officer of iRobot.

Financial Results

Revenue for the fourth quarter of 2018 was $384.7 million, compared with $326.9 million for the fourth quarter of 2017. Revenue for the full year 2018 was $1,092.6 million, compared with $883.9 million for the full year 2017.





Operating income in the fourth quarter of 2018 was $29.8 million, compared with $23.1 million in the fourth quarter of 2017. Operating income for the full year 2018 was $105.8 million, compared with $72.7 million for the full year 2017.
Quarterly earnings per share were $0.88 for the fourth quarter of 2018, compared with $0.16 in the fourth quarter of 2017. Fourth-quarter 2017 earnings per share included a negative ($0.41) impact from the tax reform law for the remeasurement of our net deferred tax assets and a provisional repatriation toll charge, as well as a discrete tax benefit of $0.03 relating to stock compensation. Fourth-quarter 2018 earnings per share included a discrete tax benefit of $0.04. Full-year 2018 EPS was $3.07, compared with $1.77 for full-year 2017. Full-year 2017 earnings per share included a negative ($0.41) impact from the new tax reform act for the remeasurement of our net deferred tax assets and a provisional repatriation toll charge, as well as a discrete tax benefit of $0.41 relating to stock compensation. Full-year 2018 earnings per share included a $0.23 discrete tax benefit relating to stock compensation.

Business Highlights

We received a final positive ruling from the U.S. International Trade Commission regarding our patent infringement suit, further solidifying the strength of our patent portfolio.
We launched a Braava national television program in Japan, which helped drive Q4 2018 Braava family revenue growth of 25% year-over-year in Japan.
We recently announced the 2019 launch of our robotic lawnmower, Terra, which we think will reinvent the way people cut their lawns.
 
Financial Expectations

Management provides the following expectations with respect to the fiscal year ending December 28, 2019.

(Dollars in millions except Earnings Per Share)

Fiscal Year 2019
 
Revenue
$1,280 - $1,310
Operating Income
$108 - $118
Tax Rate (before discrete items)
19 - 21%
Earnings Per Share (before discrete items)
$3.00 - $3.25

Updated Financial Targets - 2020 including tariff impact
Revenue Growth
Mid-high teen; 3-year CAGR of approximately 19%
Gross Margin
Approximately 48%
Operating Margin
Increasing to 10%

Fourth-Quarter and Full-Year Conference Call
iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its financial results for the fourth fiscal quarter and full-year 2018, the outlook for full-year 2019 financial performance, and the company’s updated financial targets, including tariff impact, for 2018 through 2020.
 








Pertinent details include:

Date:
Thursday, February 7
Time:
8:30 a.m. ET
Call-In Number:
213-358-0894
Passcode:
6399788

A live, audio broadcast of the conference call also will be available at http://investor.irobot.com/events/event-details/q4-2018-irobot-corp-earnings-conference-call. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event. A replay of the telephone conference call will be available through February 14, and can be accessed by dialing 404-537-3406, passcode 6399788.

About iRobot Corp.
iRobot®, the leading global consumer robot company, designs and builds robots that empower people to do more both inside and outside of the home. iRobot created the home robot cleaning category with the introduction of its Roomba® Robot Vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 25 million robots worldwide. iRobot's product line, including the Roomba and the Braava® family of mopping robots, feature proprietary technologies and advanced concepts in cleaning, mapping and navigation. iRobot engineers are building an ecosystem of robots and technologies to enable the smart home. For more information about iRobot, please visit www.irobot.com.

For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.’s expectations regarding: future financial performance; future operating performance; growth and investment strategy; demand for robots; new product introductions; the impact on our financial results of the imposition of tariffs on goods imported into the United States; anticipated revenue, operating income, tax rate and earnings per share for the fiscal year ending December 28, 2019; and anticipated revenue growth, gross margin and operating margin for 2018-2020. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our ability to operate in an emerging market; the financial strength of our customers and retailers; general economic conditions; market acceptance of and adoption of our products; and competition. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission.








iRobot Corporation
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 For the three months ended
 
For the twelve months ended
 
December 29, 2018
 
December 30, 2017
 
December 29, 2018
 
December 30, 2017
Revenue
$
384,665

 
$
326,897

 
$
1,092,584

 
$
883,911

Cost of revenue:
 
 
 
 
 
 
 
  Cost of product revenue
193,645

 
166,046

 
518,612

 
438,114

  Amortization of acquired intangible assets
4,509

 
7,309

 
18,544

 
12,638

Total cost of revenue
198,154

 
173,355

 
537,156

 
450,752

Gross profit
186,511

 
153,542

 
555,428

 
433,159

Operating expenses:
 
 
 
 
 
 
 
  Research and development
37,451

 
32,631

 
140,629

 
113,149

  Selling and marketing
94,142

 
70,766

 
210,411

 
162,110

  General and administrative
24,871

 
26,806

 
97,501

 
84,771

  Amortization of acquired intangible assets
260

 
267

 
1,065

 
439

      Total operating expenses
156,724

 
130,470

 
449,606

 
360,469

Operating income
29,787

 
23,072

 
105,822

 
72,690

Other income (expense), net
437

 
(614
)
 
2,800

 
3,676

Income before income taxes
30,224

 
22,458

 
108,622

 
76,366

Income tax expense
5,033

 
17,838

 
20,630

 
25,402

Net income
$
25,191

 
$
4,620

 
$
87,992

 
$
50,964

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
   Basic
$
0.91

 
$
0.17

 
$
3.18

 
$
1.85

   Diluted
$
0.88

 
$
0.16

 
$
3.07

 
$
1.77

 
 
 
 
 
 
 
 
Number of shares used in per share calculations:
 
 
 
 
 
 
 
   Basic
27,714

 
27,885

 
27,692

 
27,611

   Diluted
28,579

 
28,792

 
28,640

 
28,753

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation included in above figures:
 
 
 
 
 
 
 
        Cost of revenue
$
372

 
$
331

 
$
1,407

 
$
1,082

        Research and development
2,101

 
1,501

 
7,494

 
5,009

        Selling and marketing
810

 
702

 
2,842

 
2,571

        General and administrative
3,552

 
3,148

 
14,061

 
11,089

            Total
$
6,835

 
$
5,682

 
$
25,804

 
$
19,751

 
 
 
 
 
 
 
 









 iRobot Corporation
 Condensed Consolidated Balance Sheets
 (unaudited, in thousands)
 
 
 
 
 
 
 
 
 
December 29,
2018
 
December 30,
2017
 Assets
 
 
 
 Cash and cash equivalents
$
130,373

 
$
128,635

 Short term investments
31,605

 
37,225

 Accounts receivable, net
162,166

 
142,829

 Inventory
164,633

 
106,932

 Other current assets
25,660

 
19,105

   Total current assets
514,437

 
434,726

 Property and equipment, net
57,026

 
44,579

 Deferred tax assets
36,979

 
31,531

 Goodwill
118,896

 
121,440

 Intangible assets, net
24,273

 
44,712

 Other assets
15,350

 
14,534

 Total assets
$
766,961

 
$
691,522

 
 
 
 
 Liabilities and stockholders' equity
 
 
 
 Accounts payable
$
136,742

 
$
116,316

 Accrued expenses
71,259

 
73,647

 Deferred revenue and customer advances
5,756

 
7,761

   Total current liabilities
213,757

 
197,724

 Deferred tax liabilities
4,005

 
9,539

 Other long-term liabilities
13,877

 
13,932

 Total long-term liabilities
17,882

 
23,471

 Total liabilities
231,639

 
221,195

 Stockholders' equity
535,322

 
470,327

 Total liabilities and stockholders' equity
$
766,961

 
$
691,522

 
 
 
 






 iRobot Corporation
Consolidated Statements of Cash Flows
 (unaudited, in thousands)
 
 
 
 
 
 
 
 
 
For the twelve months ended
 
December 29,
2018
 
December 30,
2017
Cash flows from operating activities:
 
 
 
Net income
$
87,992

 
$
50,964

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
36,574

 
25,499

Gain on business acquisition

 
(2,243
)
Stock-based compensation
25,804

 
19,751

Deferred income taxes, net
(10,848
)
 
(999
)
Deferred rent
1,374

 

Other
463

 
864

Changes in operating assets and liabilities — (use) source
 
 
 
Accounts receivable
(23,920
)
 
(53,251
)
Inventory
(58,546
)
 
(1,470
)
Other assets
(8,533
)
 
(10,562
)
Accounts payable
22,470

 
17,457

Accrued expenses
(3,618
)
 
23,447

Deferred revenue and customer advances
2,392

 
2,149

Long-term liabilities
81

 
4,709

Net cash provided by operating activities
71,685

 
76,315

 
 
 
 
Cash flows from investing activities:
 
 
 
Additions of property and equipment
(32,422
)
 
(23,371
)
Change in other assets
(2,363
)
 
(1,542
)
Proceeds from sale of equity investment
856

 
1,267

Cash paid for business acquisitions, net of cash acquired

 
(148,765
)
Purchases of investments
(6,438
)
 
(10,578
)
Sales and maturities of investments
14,000

 
13,066

Net cash used in investing activities
(26,367
)
 
(169,923
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Proceeds from employee stock plans
10,366

 
10,573

Income tax withholding payment associated with restricted stock vesting
(3,532
)
 
(2,983
)
Stock repurchases
(50,000
)
 

Net cash (used in) provided by financing activities
(43,166
)
 
7,590

 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(414
)
 
130

Net increase (decrease) in cash and cash equivalents
1,738

 
(85,888
)
Cash and cash equivalents, at beginning of period
128,635

 
214,523

Cash and cash equivalents, at end of period
$
130,373

 
$
128,635

 
 
 
 





 iRobot Corporation
Supplemental Information
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended
 
For the twelve months ended
 
December 29,
2018
 
December 30,
2017
 
December 29,
2018
 
December 30,
2017
Revenue: *
 
 
 
 
 
 
 
Consumer
$
384,665

 
$
326,897

 
$
1,092,584

 
$
883,655

 
 
 
 
 
 
 
 
    Domestic
$
215,368

 
$
182,509

 
$
560,995

 
$
452,307

    International
$
169,297

 
$
144,388

 
$
531,589

 
$
431,348

 
 
 
 
 
 
 
 
Gross margin
48.5
%
 
47.0
%
 
50.8
%
 
49.0
%
 
 
 
 
 
 
 
 
Consumer units shipped*
1,682

 
1,340

 
4,537

 
3,698

      Vacuum
1,520

 
1,199

 
3,993

 
3,193

      Mopping
162

 
141

 
544

 
503

 
 
 
 
 
 
 
 
Consumer revenue**
$
385

 
$
327

 
$
1,093

 
$
884

      Vacuum***
$
361

 
$
305

 
$
1,008

 
$
807

      Mopping***
$
24

 
$
24

 
$
85

 
$
78

 
 
 
 
 
 
 
 
Average gross selling prices for robot units - Consumer
$
304

 
$
305

 
$
294

 
$
276

 
 
 
 
 
 
 
 
Days sales outstanding
38

 
40

 
38

 
40

 
 
 
 
 
 
 
 
Days in inventory
76

 
56

 
76

 
56

 
 
 
 
 
 
 
 
Headcount
1,032

 
920

 
1,032

 
920

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* in thousands
 
 
 
 
 
 
 
** in millions
 
 
 
 
 
 
 
*** includes accessory revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





















iRobot Corporation
Explanation of Non-GAAP Measures

In addition to disclosing financial results in accordance with U.S. GAAP, this earnings release contains references to the non-GAAP financial measures described below. We use non-GAAP measures to internally evaluate and analyze financial results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-GAAP financial measures.

Our non-GAAP financial measures reflect adjustments based on the following items. We also provide a non-GAAP financial measure of Adjusted EBITDA, as described below. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated.

Amortization of acquired intangible assets: Amortization of acquired intangible assets consists of amortization of intangible assets including completed technology, customer relationships, and reacquired distribution rights acquired in connection with business combinations. Amortization charges for our acquisition-related intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We exclude these charges from our non-GAAP measures to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.
 
Net Merger, Acquisition and Divestiture Expense: Net merger, acquisition and divestiture expense primarily consists of transaction fees, professional fees, and transition and integration costs directly associated with mergers, acquisitions and divestitures. The occurrence and amount of these costs will vary depending on the timing and size of these transactions. We exclude these charges from our non-GAAP measures to facilitate an evaluation of our current operating performance and comparisons to our past operating performance.

Stock-Based Compensation: Stock-based compensation is a non-cash charge relating to stock-based awards. We exclude this expense as it is a non-cash expense, and we assess our internal operations excluding this expense and believe it facilitates comparisons to the performance of other companies.

IP Litigation Expense, Net: IP litigation expense, net relates to legal costs incurred to litigate patent, trademark, copyright and false advertising infringements, or to oppose or defend against interparty actions related to intellectual property. Any settlement payment or proceeds resulting from these infringements are included or netted against the costs. We exclude these costs from our non-GAAP measures as we do not believe these costs have a direct correlation to the operations of our business and may vary in size depending on the timing and results of such litigations and settlements.

Gain/Loss on Strategic Investments: Gain/loss on strategic investments includes fair value adjustments, realized gains and losses on the sales of these investments and losses on the impairment of these investments. We exclude these items from our non-GAAP measures because we do not believe they correlate to the performance of our core business and may vary in size based on market conditions and events. We believe that the exclusion of these gains or losses provides investors with a supplemental view of our operational performance.






Income tax adjustments: Income tax adjustments include the tax effect of the non-GAAP adjustments, calculated using the appropriate statutory tax rate for each adjustment. We also exclude certain tax items that are not reflective of income tax expense incurred as a result of current period earnings. These certain tax items include, among other non-recurring tax items, impacts from the Tax Cuts and Jobs Act of 2017 and stock-based compensation windfall benefits. We believe disclosure of the income tax provision before the effect of such tax items is important to permit investors’ consistent earnings comparison between periods.

Adjusted EBITDA:  We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, net merger, acquisition and divestiture expense, gain on business acquisition, net intellectual property litigation expense, and restructuring expense.  Management believes this non-GAAP measure is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.















































 iRobot Corporation
Supplemental Reconciliation of GAAP Net Income to Adjusted EBITDA
 (unaudited, in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended
 
For the twelve months ended
 
December 29,
2018
 
December 30,
2017
 
December 29,
2018
 
December 30,
2017
 GAAP Net Income
$
25,191

 
$
4,620

 
$
87,992

 
$
50,964

 
 
 
 
 
 
 
 
 Interest income, net
(248
)
 
(226
)
 
(944
)
 
(1,649
)
 Income tax expense
5,033

 
17,838

 
20,630

 
25,402

 Depreciation
4,805

 
3,396

 
16,965

 
12,284

 Amortization of acquired intangible assets
4,769

 
7,610

 
19,609

 
13,215

 
 
 
 
 
 
 
 
 EBITDA
39,550

 
33,238

 
144,252

 
100,216

 
 
 
 
 
 
 
 
 Stock-based compensation
6,835

 
5,682

 
25,804

 
19,751

 Net merger, acquisition and divestiture expense
115

 
657

 
138

 
3,109

 Gain on business acquisition

 

 

 
(2,243
)
 IP litigation expense, net
39

 
3,158

 
3,556

 
5,068

 
 
 
 
 
 
 
 
 Adjusted EBITDA
$
46,539

 
$
42,735

 
$
173,750

 
$
125,901

 Adjusted EBITDA as a % of revenue
12.1
%
 
13.1
%
 
15.9
%
 
14.2
%
































iRobot Corporation
Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals
(in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
For the twelve months ended
 
December 29, 2018
 GAAP Revenue
$
1,092,584

 
 
 GAAP Gross Profit
555,428

Amortization of acquired intangible assets
18,544

Stock-based compensation
1,407

 Non-GAAP Gross Profit
$
575,379

 
 
 GAAP Income before Income Taxes
$
108,622

Amortization of acquired intangible assets
19,609

Stock-based compensation
25,804

Net merger, acquisition and divestiture expense
138

IP litigation expense, net
3,556

(Gain)/loss on strategic investments
(436
)
 Non-GAAP Income before Income Taxes
$
157,293

 
 
 GAAP Income Tax Expense
$
20,630

Tax effect of non-GAAP adjustments
11,854

Other tax adjustments
2,109

 Non-GAAP Income Tax Expense
$
34,593

 
 
 GAAP Net Income
$
87,992

Amortization of acquired intangible assets
19,609

Stock-based compensation
25,804

Net merger, acquisition and divestiture expense
138

IP litigation expense, net
3,556

(Gain)/loss on strategic investments
(436
)
Income tax effect
13,963

 Non-GAAP Net Income
$
150,626

 
 
 GAAP Net Income Per Diluted Share
$
3.07

Amortization of acquired intangible assets
0.69

Stock-based compensation
0.90

Net merger, acquisition and divestiture expense

IP litigation expense, net
0.13

(Gain)/loss on strategic investments
(0.02
)
Income tax effect
0.49

 Non-GAAP Net Income Per Diluted Share
$
5.26