Technology
Exyte completes acquisition of Kinetics
Published
3 months agoon
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Closing of transaction following the approval by all required regulatory bodiesAcquisition of industry leader in installation services, equipment, and technical facility management The company serves high-tech industries such as semiconductor, biopharma, and batteriesFurther strengthening of Exyte’s Technology & Services business
STUTTGART, Germany, Oct. 16, 2024 /PRNewswire/ — Exyte, a global leader in the design, engineering, and delivery of high-tech facilities, has completed the acquisition of Kinetics Group. The transaction, announced in April 2024, closed on October 15, 2024, following receipt of all required regulatory approvals.
Kinetics is a globally recognized leader in installation services, equipment, and technical facility management. The company’s expertise spans the biopharma, semiconductor, and high-tech industries, with operations across Asia, Europe, and North America. With the acquisition of Kinetics, Exyte significantly enhances the portfolio of its Technology & Services business area, reinforcing its position as a leader in high-tech facility solutions while also increasing its regional coverage.
“Through the acquisition of Kinetics, we are strengthening our capabilities and expanding our service offerings,” says Exyte CEO Dr. Wolfgang Büchele. “Kinetics is an ideal addition to Exyte, allowing us to capitalize on the ongoing investments in high-tech facilities. Together, we will leverage new opportunities and continue providing our clients with innovative solutions.”
With the transaction, Exyte also ventures into the field of technical facility management. Technical facility management services enable Exyte to extend its business activities beyond the engineering, planning, and construction phases, ensuring the continuity of its client relationships by offering services during operations.
Kinetics CEO Peter Maris adds: “Joining forces with Exyte provides Kinetics with a strategic partner committed to our sustained growth and excellence. Together, we will continue to serve our global clients with enhanced expertise and a broader range of high-tech solutions, ensuring ongoing success and innovation.”
Strategic expansion of Technology & Services
Kinetics will operate within Exyte’s business area Technology & Services, leveraging the combined strengths to foster innovation and growth. The business area consists of entities that provide cleanroom technology, installation services, and equipment for subsystems to their clients as well as off-site manufacturing (OSM). Exyte is currently pursuing its “Pathway to Ten” with the goal to achieve ten billion euros in sales by 2027. The business area Technology & Services is expected to contribute significantly to the company’s success in the coming years.
About Exyte
Exyte is a global leader in the design, engineering, and delivery of ultra-clean and sustainable facilities for high-tech industries. With cutting-edge expertise developed over more than a century, the company serves clients in the sophisticated markets of semiconductors, battery cells, pharmaceuticals, biotechnology, and data centers. Exyte offers a full range of services from consulting to managing the implementation of complete solutions with the highest standards in safety and quality to its customers worldwide. Exyte creates a better future by enabling key industries to enhance the quality of modern life. In 2023, the company generated sales of €7.1 billion with around 9,900 employees worldwide. www.exyte.net
More information about Kinetics can be found on www.kinetics.net.
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Contact
Samy Abdel Aal
Public Relations Manager
Phone: +49 711 88044696
Mobil: +49 172 840 33 01
samy.abdelaal@exyte.net
www.exyte.net
View original content:https://www.prnewswire.co.uk/news-releases/exyte-completes-acquisition-of-kinetics-302277565.html
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Technology
NASA Invites Media to Pre-Super Bowl Tours at New Orleans Facility
Published
53 minutes agoon
January 27, 2025By
WASHINGTON, Jan. 27, 2025 /PRNewswire/ — Media are invited to visit NASA’s Michoud Assembly Facility in New Orleans between Tuesday, Feb. 4, and Thursday, Feb. 6, ahead of Super Bowl LIX for an inside look America’s rocket factory, as well as interview agency experts.
During this behind-the-scenes visit, media will tour NASA’s location for the manufacturing and production of large-scale space structures and see hardware that will carry astronauts back to the Moon as part of the Artemis campaign.
Registered members of the media will have the opportunity to:
Capture images and video of hardware NASA Michoud is building for the SLS (Space Launch System) rocket, Orion spacecraft, and SLS exploration upper stage for the agency’s Artemis campaign.Tour special locations around NASA Michoud, one of the largest facilities in the world, with 43 acres of manufacturing space under one roof — a space large enough to contain more than 31 professional football fields.Learn about NASA’s state-of-the-art manufacturing and welding equipment — including the world’s largest friction-stir welding tool.
Media must RSVP no later than 6 p.m. EST, Thursday, Jan. 30, to Jonathan Deal at: jonathan.deal@nasa.gov and Craig Betbeze at: craig.c.betbeze@nasa.gov. Please indicate a preferred date to visit between Feb. 4 and Feb. 6. This event is open to U.S. media. NASA’s media accreditation policy is available online.
Through Artemis, NASA will send astronauts to explore the Moon for scientific discovery, economic benefits, and to build the foundation for the first crewed missions to Mars.
Learn more about NASA’s Artemis campaign:
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SOURCE NASA
Technology
Maryland Businesses Celebrate New Investments, Partnerships, and Innovation
Published
53 minutes agoon
January 27, 2025By
BALTIMORE, Jan. 27, 2025 /PRNewswire/ — The Maryland Marketing Partnership, which helps drive Maryland’s branding and marketing efforts to attract businesses, create jobs, and grow the state’s economy, today shared a summary of the latest news from companies and organizations that invest in the partnership.
“Maryland’s leading businesses are starting the year on a high note, carrying over the exciting momentum built throughout 2024,” said Senior Advisor to the Governor Kevin Anderson. “The successes we celebrate today span various industries, yet they all combine to tell the story of a state that’s charging forward economically, and crucially, leaving no one behind.”
Cloudforce, based in National Harbor, had a remarkable close to 2024, showcasing innovation, community engagement, and industry leadership. The company hosted its third Cloud + AI Meetup, fostering professional connections, with plans to continue into 2025. Cloudforce also led competitive promptathons, with tech enthusiasts generating creative prompts for AI models to respond to. The contents were held at Case Western Reserve University and the University of Maryland and welcomed participants from Employ Prince George’s KEYS Program for immersive workshops at their Maryland headquarters. Cloudforce wrapped up several Azure Days events in partnership with Microsoft to connect with higher education leaders in Raleigh, Atlanta, and Fort Lauderdale. Cloudforce also joined Microsoft’s Co-Innovation Labs in Redmond, working collaboratively with Generative AI SMEs on further development of their Azure AI platform, nebulaONE®. The company released a case study on how the UCLA Anderson School of Management leverages nebulaONE® to transform the student experience for their MBAs. Cloudforce celebrated its third workplace recognition of the year with the prestigious Great Place to Work® Certification. Other highlights included surpassing 20,000 LinkedIn followers and showcasing annual accomplishments in their 2024 Year in Review.
Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), and Baltimore Community Lending announced a new program to provide early-stage financing to entrepreneurs. To support the program, Fulton Forward Foundation, an independent, private nonprofit foundation funded by Fulton Bank, has provided a $250,000 grant to Baltimore Community Lending, a community development financial institution in Baltimore. The grant will provide early-stage funding to entrepreneurs with limited financing options. Investment grants of $10,000 will be made to each business approved by a grant committee established by Baltimore Community Lending. Grant recipients also will receive business advisory services from Baltimore Community Lending and will work with a Diverse Business Banking Advocate from Fulton Bank to monitor progress and provide assistance. Diverse Business Banking Advocates receive special training to enable them to support the growth and success of diverse business owners.
Howard Hughes Holdings Inc. the primary operator and developer of properties in Downtown Columbia, announced that Polymedco, a New York-based medical clinical diagnostics company, signed a 3,000-square-foot lease at 10500 Little Patuxent Parkway in Downtown Columbia. This lease will incorporate Polymedco as part of Howard Hughes’ recently renovated Merriweather Row. This is the firm’s first location outside of New York and will serve as its commercial headquarters, highlighting the appeal of Downtown Columbia and its location between Washington, D.C. and Baltimore. Howard Hughes was represented by Rich Thomas, Matt Melnick and Pat Crilley of Cushman and Wakefield in the transaction.
SECU, Maryland’s largest state-chartered credit union, recently announced two exciting new partnerships with the University of Maryland. SECU is now an official partner of the One Maryland Collective, the Name, Image, and Likeness (NIL) collective that allows student-athletes to engage with charitable causes and participate in business engagements, building their brands and representing their school without the concern of additional expenses. SECU is also an official partner of the University of Maryland Alumni Association (UMDAA), providing more than 422,000 alums with financial tools, educational resources and exclusive benefits created to support their financial wellness throughout all stages of life. Learn more at secumd.org.
St. John Properties, Inc., a Baltimore-based full-service commercial real estate development and management company, secured leases with The Centers for Advanced Orthopaedics for two spaces at Annapolis Technology Park, a 29-acre business community in Annapolis for a combined 15,600 square feet of space. Michael Tait of St. John Properties represented the landlord in both lease transactions. “We continue to see strong demand for high quality office product throughout the Annapolis area. Our direct-entry buildings at Annapolis Technology Park work really well for medical users, providing ample surface parking, the ability for tenants to control their environment 24/7, and easy access to Route 50 and I-97,” stated Matt Lenihan, Executive Vice President, Leasing for St. John Properties. “These two new leases will bring our 745,000 square foot Annapolis portfolio to 97% leased.”
TEDCO, Maryland’s economic engine for technology companies, recently hosted the highly anticipated 2024 Entrepreneur Expo, welcoming over 1,000 entrepreneurs, business leaders, legislators, and other attendees. The event featured a fireside chat between Troy LeMaile Stovall and Maryland Governor Wes Moore, unveiled an engaging animation video showcasing the Cyber Maryland program, celebrated the inaugural recipients of the Equitech Growth Fund, and introduced the first five investments through the Concept Capital initiative. As always, the innovation hub continues to uplift Maryland-based startup companies through its vast resources and investment funds; recent investments include Sybal, NextStep Robotics, and more. Learn more about TEDCO at www.tedcomd.com.
T. Rowe Price, a global investment management firm and a leader in retirement, celebrates its recognition on local, national, and global scales as an exemplary workplace. Recent accolades from Newsweek, Pensions & Investments, Energage, and The Baltimore Sun affirm T. Rowe Price’s enduring commitment to a people-first culture shaped by trust and collaboration. Read the full announcement here.
United Therapeutics Corporation (UT), a public benefit corporation based in Silver Spring, announced in November the world’s first transplant of a UT-produced xenokidney, UKidney™, into a living person. UT’s efforts to provide organs and organ alternatives for all who need them include a field of work called xenotransplantation. Xenotransplantation is transplanting non-human cells, tissues, or organs, to treat human medical conditions, and UT’s xeno organs are derived from gene-edited pigs. See this ABC News piece for details: https://www.youtube.com/watch?v=qDv-J4cL8Z4. Beyond amazing science, UT is an active supporter of local communities. UT hosted the WorkSource Montgomery job fair, where 27 employers interacted with hundreds of job seekers.
About Maryland Marketing Partnership
The Maryland Marketing Partnership, founded in statute as the Maryland Public-Private Partnership Marketing Corporation, develops branding strategy for the state, markets the state’s assets, and encourages the location and growth of new businesses in Maryland.
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SOURCE Maryland Marketing Partnership
Technology
Sanmina Reports First Quarter Fiscal 2025 Financial Results
Published
53 minutes agoon
January 27, 2025By
SAN JOSE, Calif., Jan. 27, 2025 /PRNewswire/ — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter ended December 28, 2024 and outlook for its second fiscal quarter ending March 29, 2025.
First Quarter Fiscal 2025 Financial Highlights
• Revenue: $2.01 billion
• GAAP operating margin: 4.4%
• GAAP diluted EPS: $1.16
• Non-GAAP(1) operating margin: 5.6%
• Non-GAAP(1) diluted EPS: $1.44
Additional Highlights
• Cash flow from operations: $64 million
• Free cash flow(2): $47 million
• Share repurchases: 0.2 million shares for $16 million
• Ending cash and cash equivalents: $642 million
(1) See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of
the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial
statements furnished with this release.
(2) See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.
“We delivered solid first quarter financial results, with revenue towards the high end and non-GAAP earnings per share exceeding our outlook. We continue to execute well, as evident in our consistent operating margin and cash generation,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. “Our operational discipline and ability to service our customers will further strengthen our operating model and drive shareholder value. We continue to see positive trends and are confident that fiscal 2025 will be a growth year.”
Expanded Share Repurchase Program
Sanmina’s Board of Directors has authorized the repurchase of up to an additional $300 million of Sanmina’s common stock. The stock repurchase program has no expiration date. As of December 28, 2024, approximately $37 million remained available under the current repurchase program. The expansion of this program is consistent with Sanmina’s capital allocation priorities.
Second Quarter Fiscal 2025 Outlook
The following outlook is for the second fiscal quarter ending March 29, 2025. These statements are forward-looking and actual results may differ materially.
Revenue between $1.9 billion to $2.0 billionGAAP diluted earnings per share between $1.03 to $1.13Non-GAAP diluted earnings per share between $1.30 to $1.40
Safe Harbor Statement
The statements above including our financial outlook for the second quarter fiscal 2025 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company’s annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the first quarter and outlook for the second quarter of fiscal 2025 on Monday, January 27, 2025 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q1’25 Earnings. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 98068#.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Sanmina Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(GAAP)
(Unaudited)
December 28,
2024
September 28,
2024
ASSETS
Current assets:
Cash and cash equivalents
$ 642,402
$ 625,860
Accounts receivable, net
1,354,199
1,337,562
Contract assets
386,633
384,077
Inventories
1,425,869
1,443,629
Prepaid expenses and other current assets
67,347
79,301
Total current assets
3,876,450
3,870,429
Property, plant and equipment, net
605,073
616,067
Deferred income tax assets
153,246
160,703
Other assets
177,253
175,646
Total assets
$ 4,812,022
$ 4,822,845
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 1,391,649
$ 1,441,984
Accrued liabilities
107,665
132,513
Deferred revenue and customer advances
239,642
215,553
Accrued payroll and related benefits
126,483
133,129
Short-term debt, including current portion of long-term debt
17,500
17,500
Total current liabilities
1,882,939
1,940,679
Long-term liabilities:
Long-term debt
295,608
299,823
Other liabilities
212,283
220,835
Total long-term liabilities
507,891
520,658
Stockholders’ equity
2,421,192
2,361,508
Total liabilities and stockholders’ equity
$ 4,812,022
$ 4,822,845
Sanmina Corporation
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(GAAP)
(Unaudited)
Three Months Ended
December 28,
2024
December 30,
2023
Net sales
$ 2,006,348
$ 1,874,798
Cost of sales
1,838,433
1,713,958
Gross profit
167,915
160,840
Operating expenses:
Selling, general and administrative
70,845
64,785
Research and development
7,024
6,289
Restructuring
1,436
2,190
Total operating expenses
79,305
73,264
Operating income
88,610
87,576
Interest income
3,396
3,657
Interest expense
(5,001)
(8,412)
Other income (expense), net
(729)
(1,133)
Interest and other, net
(2,334)
(5,888)
Income before income taxes
86,276
81,688
Provision for income taxes
15,392
21,324
Net income before noncontrolling interest
70,884
60,364
Less: Net income attributable to noncontrolling interest
5,881
3,296
Net income attributable to common shareholders
$ 65,003
$ 57,068
Net income attributable to common shareholders per share:
Basic
$ 1.20
$ 1.01
Diluted
$ 1.16
$ 0.98
Weighted-average shares used in computing per share amounts:
Basic
54,206
56,538
Diluted
55,853
58,240
Sanmina Corporation
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
December 28,
2024
September 28,
2024
December 30,
2023
GAAP Operating income
$ 88,610
$ 89,590
$ 87,576
GAAP Operating margin
4.4 %
4.4 %
4.7 %
Adjustments:
Stock compensation expense (1)
15,292
15,489
12,585
Distressed customer charges (2)
6,872
—
—
Legal (3)
450
(720)
—
Restructuring
1,436
2,970
2,190
Non-GAAP Operating income
$ 112,660
$ 107,329
$ 102,351
Non-GAAP Operating margin
5.6 %
5.3 %
5.5 %
GAAP Net income attributable to common shareholders
$ 65,003
$ 61,381
$ 57,068
Adjustments:
Operating income adjustments (see above)
24,050
17,739
14,775
Adjustments for taxes (4)
(8,880)
1,175
3,961
Non-GAAP Net income attributable to common shareholders
$ 80,173
$ 80,295
$ 75,804
GAAP Net income attributable to common shareholders per share:
Basic
$ 1.20
$ 1.12
$ 1.01
Diluted
$ 1.16
$ 1.09
$ 0.98
Non-GAAP Net income attributable to common shareholders per share:
Basic
$ 1.48
$ 1.47
$ 1.34
Diluted
$ 1.44
$ 1.43
$ 1.30
Weighted-average shares used in computing per share amounts:
Basic
54,206
54,783
56,538
Diluted
55,853
56,235
58,240
(1)
Stock compensation expense
Cost of sales
$ 5,024
$ 4,700
$ 4,050
Selling, general and administrative
9,962
10,461
8,340
Research and development
306
328
195
Total
$ 15,292
$ 15,489
$ 12,585
(2)
Relates to accounts receivable and inventory write-downs associated with distressed customers.
(3)
Represents charges and recoveries associated with certain legal matters.
(4)
Adjustments for taxes include the tax effects of the various adjustments we exclude from our non-GAAP measures, and adjustments related to
deferred tax and discrete tax items.
Q2 FY25 Earnings Per Share Outlook*:
Q2 FY25 EPS Range
Low
High
GAAP diluted earnings per share
$ 1.03
$ 1.13
Stock compensation expense
$ 0.27
$ 0.27
Non-GAAP diluted earnings per share
$ 1.30
$ 1.40
* Due to uncertainty regarding the timing of recognition of restructuring charges, impairment charges and other unusual or
infrequent items, if any, that could be incurred during the second quarter of FY25, an estimate of such items is not included
in the outlook for Q2 FY25 GAAP EPS.
Sanmina Corporation
Condensed Consolidated Cash Flow
(in thousands)
(GAAP)
(Unaudited)
Three Month Periods
Q1’25
Q4’24
Q3’24
Q2’24
Q1’24
Net income before noncontrolling interest
$ 70,884
$ 67,340
$ 54,738
$ 55,309
$ 60,364
Depreciation
31,845
31,654
29,764
30,274
30,726
Other, net
21,154
30,110
19,708
18,634
18,185
Net change in net working capital
(59,945)
(77,229)
(14,211)
(31,900)
16,750
Cash provided by operating activities
63,938
51,875
89,999
72,317
126,025
Purchases of long-term investments
(300)
(3,300)
(600)
(700)
(600)
Net purchases of property & equipment
(16,921)
(22,597)
(22,772)
(29,611)
(34,216)
Cash used in investing activities
(17,221)
(25,897)
(23,372)
(30,311)
(34,816)
Net share repurchases
(24,456)
(60,412)
(54,629)
(17,477)
(115,619)
Net borrowing activities
(4,375)
—
(4,375)
(4,375)
(12,820)
Cash used in financing activities
(28,831)
(60,412)
(59,004)
(21,852)
(128,439)
Effect of exchange rate changes
(1,344)
2,585
(772)
(886)
1,250
Net change in cash & cash equivalents
$ 16,542
$ (31,849)
$ 6,851
$ 19,268
$ (35,980)
Free cash flow:
Cash provided by operating activities
$ 63,938
$ 51,875
$ 89,999
$ 72,317
$ 126,025
Net purchases of property & equipment
(16,921)
(22,597)
(22,772)
(29,611)
(34,216)
$ 47,017
$ 29,278
$ 67,227
$ 42,706
$ 91,809
Schedule 1
The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.
Management excludes these items principally because such charges or benefits are not directly related to the Company’s ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company’s operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company’s strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management’s approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company’s liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company’s performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.
Additional information regarding the economic substance of each exclusion, management’s use of the resultant non-GAAP measures, the material limitations of management’s approach and management’s methods for compensating for such limitations is provided below.
Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company’s results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company’s core results with those of its competitors.
Restructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company’s competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company’s core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company’s competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Therefore, management also reviews GAAP results including these amounts.
Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company’s liquidity. In addition, given the fact that the Company’s competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors.
Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company’s liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors because the Company’s competitors complete acquisitions at different times and for different amounts than the Company.
Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company’s ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company’s competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.
Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company’s core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
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SOURCE Sanmina Corporation
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