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Sinopec at World Media Summit: Advocating for AI’s Role in Media and Global Development

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URUMQI, China, Oct. 16, 2024 /PRNewswire/ — The 6th World Media Summit, themed “Artificial Intelligence and Media Transformation,” began its sessions in Urumqi on October 14th, hosted by Xinhua News Agency and the People’s Government of Xinjiang Uygur Autonomous Region. Sinopec Corp. Director Zhong Ren addressed the opening, focusing on the transformative potential of media in bridging global divides. 

At the World Media Summit, Mr. Zhong highlighted the crucial role of media cooperation in fostering global understanding and people-to-people bonds. He pointed out that the summit overcomes geographical, cultural, and ideological barriers, providing a significant venue for media organizations worldwide to forge connections. The event is designed to leverage media influence to better humanity’s future. Mr. Ren affirmed SINOPEC’s dedication to this cause, looking forward to enhancing collaboration with media organizations and other societal sectors to advance global human progress.  

Mr. Zhong described SINOPEC’s dedication to the principles of “clean energy and beautiful life” as part of its strategy as a responsible global corporation. He emphasized the company’s efforts to contribute to a future marked by peace, prosperity, openness, and innovation. In recent developments, SINOPEC has established 16 intelligent refineries and petrochemical plants, focusing on intelligent manufacturing to drive transformation. Additionally, the company has achieved recognition with six of its business units cited by the Chinese government as production facilities that have successfully implemented 5G technologies across their operations (a “National 5G factory”) and ten as national intelligent manufacturing demonstration factories. 

SINOPEC is deeply engaged in green and low-carbon development initiatives. The company’s Tahe Refining and Chemical Cotton Field Agricultural Film Recovery and Recycling Project in Xinjiang is noted as China’s first large-scale continuous waste plastic pyrolysis demonstration project. The groundbreaking 10,000-ton facility is on track to be completed within the year, marking a significant advancement in industrial recycling techniques. Additionally, SINOPEC has established the first 10,000-ton green hydrogen facility powered by renewable electricity in Kuqa. The facility is already operational and capable of reducing annual carbon emissions by 485,000 tons—comparable to the environmental impact of planting 300,000 trees. Mr. Zhong has invited journalists to tour the facilities and see for themselves SINOPEC’s commitment to environmental sustainability. 

In his remarks, Mr. Zhong emphasized the profound influence of technological revolutions on economic and societal progress, with particular attention to the role of emerging technologies such as AI. He advocated for the media and industrial sectors to embrace innovation for enhanced efficiency. SINOPEC is championing the adoption of renewable energy technologies such as wind, solar, geothermal, and hydrogen to drive industrial innovation and improve productivity. The company is also enhancing its integration into the global economy through deepened collaborations with international media and leading think tanks, striving to build a robust international communication network that supports global cultural exchanges.

This year’s WMS took place in Beijing and Xinjiang from October 12 to 17. The summit brought together over 500 representatives from 208 media organizations, government agencies, and international entities from 106 countries and regions. Participants engaged in in-depth discussions on topics of shared interest, including the application of AI in media, the common mission of news media organizations in the digital era, and the high-level openness and quality-driven development in Xinjiang, China.

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NASA Invites Media to Pre-Super Bowl Tours at New Orleans Facility

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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:

https://www.nasa.gov/artemis/

 

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Maryland Businesses Celebrate New Investments, Partnerships, and Innovation

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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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Sanmina Reports First Quarter Fiscal 2025 Financial Results

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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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