Exhibit 99.1

FOR IMMEDIATE RELEASE

 

Company Contact:

 

David Weinberg

Chief Operating Officer

John Vandemore

Chief Financial Officer

SKECHERS USA, Inc.

(310) 318-3100

 

Investor Relations:

 

Andrew Greenebaum

Addo Investor Relations

(310) 829-5400

 

Press:

 

Jennifer Clay

Vice President,

Corporate Communications

SKECHERS USA, Inc.

(310) 318-3100

 

 

SKECHERS ACHIEVES RECORD NET SALES IN THIRD QUARTER 2019

 

MANHATTAN BEACH, CA. – October 22, 2019 – SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter ended September 30, 2019.

 

Third Quarter Highlights

 

Record quarterly sales of $1.354 billion, an increase of 15.1 percent, or 17.2 percent on a constant currency basis

 

International sales increased 21.9 percent, or 25.7 percent on a constant currency basis

 

Comparable same store sales increased 7.7 percent, including increases of 6.8 percent domestically and 9.9 percent internationally

 

International sales represented a record high 58.8 percent of sales

 

Diluted earnings per share of $0.67, an increase of 15.5 percent, or $0.71 per diluted share on a constant currency basis, an increase of 22.4 percent

 

“Skechers is firing on all cylinders. Our global marketing efforts are creating awareness and generating demand. Our product is innovative, relevant and comfortable. Importantly, we achieved a new sales record of $1.354 billion in the third quarter,” stated Robert Greenberg, chief executive officer of Skechers. “In the last three months, we saw our chunky fashion footwear on fashion week runways in New York, London, and Milan; our Skechers GO Run Hyper win its fifth award this year—Gear of the Year from Runner’s World; we also won the Schuhkurier award in Germany for Brand of the Year, and launched unique collaborations in Asia, North America, and other regions. We continue to lead the walking footwear category and


delivered technical and innovative work, golf, sport and kids footwear. We supported our key initiatives with a 360-degree approach to marketing by adding a comprehensive digital strategy to our traditional television campaigns. Our product offering is vast and reaches every demographic, and at its core, comfort is what consumers have come to know and expect from Skechers. This, and our comprehensive marketing, differentiates Skechers from other brands, and is why we achieved growth across our domestic, international and direct-to-consumer businesses. We believe our holiday sales will be stronger across all channels of our business, and we’re looking forward to 2020 and the launch of our first campaign with Los Angeles Dodgers pitcher Clayton Kershaw.”

 

“Skechers achieved a new quarterly sales record as our international business continued to drive growth with wholesale sales increases of 21.7 percent and direct-to-consumer sales increases of 22.3 percent. Further, our domestic direct-to-consumer business improved 8.7 percent, and our domestic wholesale business returned to growth with an increase of 5.0 percent,” began David Weinberg, chief operating officer of Skechers. “We believe these results are an indication of the global strength of our brand with strong increases around the world—from Germany, the UK and Spain, to India, Turkey and the U.A.E., as well as China, Russia and Japan. With the strength of our international business as well as the growth of our direct-to-consumer channel—with more than 3,300 Skechers stores worldwide, of which 779 are Company-owned, we are investing in both our logistics and inventory to meet the growing demand. Based on feedback from recent meetings with our international partners and domestic accounts, as well as our incoming order rate, we believe the momentum will continue in the fourth quarter and into 2020.”

 

Third Quarter 2019 Financial Results

  ($ in millions, except per share data)

 

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

Change

 

 

 

2019

 

 

2018

 

 

$

 

 

%

 

Sales

 

$

1,354.0

 

 

$

1,176.4

 

 

$

177.6

 

 

15.1%

 

Gross Profit

 

 

653.1

 

 

 

563.9

 

 

 

89.2

 

 

15.8%

 

Gross Margin

 

 

48.2

 

%

 

47.9

 

%

 

 

 

 

 

 

 

SG&A Expenses

 

 

511.9

 

 

 

444.8

 

 

 

67.1

 

 

15.1%

 

As a % of Sales

 

 

37.8

 

%

 

37.8

 

%

 

 

 

 

 

 

 

Earnings from Operations

 

 

147.4

 

 

 

123.9

 

 

 

23.5

 

 

19.0%

 

Operating Margin

 

 

10.9

 

%

 

10.5

 

%

 

 

 

 

 

 

 

Net Earnings

 

 

103.1

 

 

 

90.7

 

 

 

12.4

 

 

13.7%

 

Diluted Earnings per Share

 

$

0.67

 

 

$

0.58

 

 

$

0.09

 

 

15.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales grew 15.1 percent as a result of a 21.9 percent increase in the Company’s international business, or 25.7 percent on a constant currency basis, and a 6.7 percent increase in its domestic business. On a constant currency basis, the Company’s sales increased 17.2 percent. By segments, the Company’s international wholesale business increased 21.7 percent, its Company-owned direct-to-consumer business increased 13.3 percent, and the Company’s domestic wholesale business increased 5.0 percent. Comparable same store sales in Company-owned stores and e-commerce increased 7.7 percent, including 6.8 percent in the United States and 9.9 percent internationally.

 

Gross margins increased as a result of improved retail pricing and product mix in its international businesses, partially offset by an increase in the average cost per unit in its domestic business.


 

SG&A expenses were flat as a percentage of sales but increased in line with sales by 15.1 percent in the quarter. Selling expenses increased by $7.4 million primarily due to higher international advertising expenditures. General and administrative expenses increased by $59.7 million, reflecting additional spending of $24.4 million to support the growth of its international business, including in China and the addition of operations in Mexico, and $18.5 million associated with 37 additional Company-owned Skechers stores, including 14 that opened in the third quarter.

 

Earnings from operations increased $23.5 million, or 19.0 percent, to $147.4 million.  

 

Net earnings were $103.1 million and diluted earnings per share were $0.67. On a constant currency basis, diluted earnings per share were $0.71, an increase of 22.4 percent.

 

In the third quarter, the Company’s effective income tax rate was 15.8 percent.

 

Nine Month 2019 Financial Results

  ($ in millions, except per share data)

 

 

Nine months ended

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

Change

 

 

 

2019

 

 

2018

 

 

$

 

 

%

 

Sales

 

$

3,889.3

 

 

$

3,561.3

 

 

$

328.0

 

 

9.2%

 

Gross profit

 

 

1,853.4

 

 

 

1,707.9

 

 

 

145.5

 

 

8.5%

 

Gross Margin

 

 

47.7

 

%

 

48.0

 

%

 

 

 

 

 

 

 

SG&A Expenses

 

 

1,446.9

 

 

 

1,369.6

 

 

 

77.3

 

 

5.6%

 

As a % of Sales

 

 

37.2

 

%

 

38.5

 

%

 

 

 

 

 

 

 

Earnings from Operations

 

 

424.4

 

 

 

354.1

 

 

 

70.3

 

 

19.9%

 

Operating Margin

 

 

10.9

 

%

 

9.9

 

%

 

 

 

 

 

 

 

Net Earnings

 

 

287.0

 

 

 

253.7

 

 

 

33.3

 

 

13.1%

 

Diluted Earnings per Share

 

$

1.86

 

 

$

1.62

 

 

$

0.24

 

 

14.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine-month period, sales grew 9.2 percent, or 11.9 percent on a constant currency basis. By segments, the Company’s international wholesale business increased 15.9 percent, its Company-owned direct-to-consumer business increased 11.8 percent and its domestic wholesale business decreased 4.0 percent. The Company’s international business grew 16.8 percent and its domestic business grew by 0.4 percent.

 

Gross margins decreased slightly as a result of promotional efforts to clear seasonal inventory in select international markets earlier in the year.  

 

SG&A expenses improved for the nine-month period as a percentage of sales from 38.5 percent in 2018 to 37.2 percent in 2019. Selling expenses decreased $7.4 million from lower domestic advertising earlier in the year while general and administrative expenses increased $84.7 million mainly due to 37 additional Company-owned stores and investments to grow its operations internationally.

 

Earnings from operations increased $70.3 million, or 19.9 percent, to $424.4 million.  

 


Net earnings were $287.0 million and diluted earnings per share were $1.86. On a constant currency basis, diluted earnings per share were $1.96, an increase of 21.0 percent.

 

Balance Sheet

At quarter-end, cash, cash equivalents and investments totaled $1.022 billion, a decrease of $44.4 million, or 4.2 percent from December 31, 2018, and an increase of $40.5 million, or 4.1 percent, compared to September 30, 2018. The decrease in cash as compared to December 31, 2018 is mainly attributable to investments the Company made to acquire the minority interest in its former India joint venture and to form a new joint venture in Mexico.

 

Total inventory, including inventory in transit, was $890.4 million, a $27.1 million increase from December 31, 2018, and a $135.3 million increase over September 30, 2018. The majority of the year-over-year inventory increase is to support growth in its international wholesale business and expansion of its direct-to-consumer business globally.

 

Working capital was $1.52 billion at September 30, 2019, a $101.4 million decrease over December 31, 2018, and a $95.5 million decrease from September 30, 2018, partially attributable to the inclusion of current operating lease liabilities totaling $172.9 million arising from the adoption of ASU 842 as of January 2019.

 

“Our extremely strong third quarter results reflect both the success of our product and the strength of our global execution capabilities,” said John Vandemore, chief financial officer of Skechers. “This quarter’s comprehensive increase in sales and improved profitability are a testament to the soundness of our strategy and a validation of the investments in global infrastructure we have made to drive that strategy. We will continue to invest in our business to grow our brand across the globe and to increase our direct-to-consumer reach.”

 

Outlook

For the fourth quarter of 2019, the Company believes it will achieve sales in the range of $1.225 billion to $1.250 billion, and diluted earnings per share of $0.35 to $0.40. The guidance is based on continued growth in each of the Company’s three segments in the fourth quarter, and a full-year effective tax rate of between 17 and 19 percent.

 

Store Count

 

 

Number of Store Locations as of June 30, 2019

 

 

Opened

 

 

Closed

 

 

Number of Store Locations as of September 30, 2019

 

Company-owned domestic stores

 

 

477

 

 

 

12

 

 

 

(1

)

 

 

488

 

Company-owned international stores

 

 

291

 

 

 

2

 

 

 

(2

)

 

 

291

 

Joint-venture stores

 

 

306

 

 

 

24

 

 

 

(12

)

 

 

318

 

Distributor, licensee and franchise stores

 

 

2,098

 

 

 

147

 

 

 

(35

)

 

 

2,210

 

Total Skechers stores

 

 

3,172

 

 

 

185

 

 

 

(50

)

 

 

3,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter 2019 Conference Call

The Company will host a conference call today at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its third quarter 2019 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning October 22, 2019, at


7:30 p.m. ET, through November 5, 2019, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13695137.

 

About SKECHERS USA, Inc.

 

Based in Manhattan Beach, California, Skechers designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on FacebookInstagram, and Twitter.

 

Reference in this press release to “Sales” refers to Skechers’ net sales reported under generally accepted accounting principles in the United States. This announcement also contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include international economic, political and market conditions including the challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2018, and its quarterly report on Form 10-Q for the three months ended June 30, 2019. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.



SKECHERS U.S.A., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

824,004

 

 

$

872,237

 

Short-term investments

 

 

106,747

 

 

 

100,029

 

Trade accounts receivable, net

 

 

662,356

 

 

 

501,913

 

Other receivables

 

 

46,222

 

 

 

55,683

 

Total receivables

 

 

708,578

 

 

 

557,596

 

Inventories

 

 

890,409

 

 

 

863,260

 

Prepaid expenses and other current assets

 

 

97,638

 

 

 

79,018

 

Total current assets

 

 

2,627,376

 

 

 

2,472,140

 

Property, plant and equipment, net

 

 

702,545

 

 

 

585,457

 

Operating lease right-of-use assets

 

 

985,001

 

 

 

 

Deferred tax assets

 

 

52,424

 

 

 

39,431

 

Long-term investments

 

 

90,849

 

 

 

93,745

 

Other assets, net

 

 

108,003

 

 

 

37,482

 

Total non-current assets

 

 

1,938,822

 

 

 

756,115

 

TOTAL ASSETS

 

$

4,566,198

 

 

$

3,228,255

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current installments of long-term borrowings

 

$

66,646

 

 

$

1,666

 

Short-term borrowings

 

 

16,270

 

 

 

7,222

 

Accounts payable

 

 

661,428

 

 

 

679,553

 

Operating lease liabilities

 

 

172,947

 

 

 

 

Accrued expenses

 

 

189,522

 

 

 

161,781

 

Total current liabilities

 

 

1,106,813

 

 

 

850,222

 

Long-term borrowings, excluding current installments

 

 

39,773

 

 

 

88,119

 

Long-term operating lease liabilities

 

 

976,658

 

 

 

 

Deferred tax liabilities

 

 

433

 

 

 

451

 

Other long-term liabilities

 

 

101,068

 

 

 

100,188

 

Total non-current liabilities

 

 

1,117,932

 

 

 

188,758

 

Total liabilities

 

 

2,224,745

 

 

 

1,038,980

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Skechers U.S.A., Inc. equity

 

 

2,174,502

 

 

 

2,034,958

 

Non-controlling interests

 

 

166,951

 

 

 

154,317

 

Total stockholders' equity

 

 

2,341,453

 

 

 

2,189,275

 

TOTAL LIABILITIES AND EQUITY

 

$

4,566,198

 

 

$

3,228,255

 

 



SKECHERS U.S.A., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

1,353,998

 

 

$

1,176,395

 

 

$

3,889,319

 

 

$

3,561,270

 

Cost of sales

 

 

700,934

 

 

 

612,529

 

 

 

2,035,911

 

 

 

1,853,344

 

Gross profit

 

 

653,064

 

 

 

563,866

 

 

 

1,853,408

 

 

 

1,707,926

 

Royalty income

 

 

6,285

 

 

 

4,860

 

 

 

17,827

 

 

 

15,732

 

 

 

 

659,349

 

 

 

568,726

 

 

 

1,871,235

 

 

 

1,723,658

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

97,516

 

 

 

90,138

 

 

 

281,237

 

 

 

288,606

 

General and administrative

 

 

414,417

 

 

 

354,676

 

 

 

1,165,637

 

 

 

1,080,984

 

 

 

 

511,933

 

 

 

444,814

 

 

 

1,446,874

 

 

 

1,369,590

 

Earnings from operations

 

 

147,416

 

 

 

123,912

 

 

 

424,361

 

 

 

354,068

 

Other income / (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3,290

 

 

 

3,008

 

 

 

9,500

 

 

 

6,280

 

Interest expense

 

 

(2,012

)

 

 

(1,199

)

 

 

(5,194

)

 

 

(3,742

)

Other, net

 

 

(4,194

)

 

 

(2,849

)

 

 

(8,628

)

 

 

(6,918

)

Total other income / (expense)

 

 

(2,916

)

 

 

(1,040

)

 

 

(4,322

)

 

 

(4,380

)

Earnings before income tax expense

 

 

144,500

 

 

 

122,872

 

 

 

420,039

 

 

 

349,688

 

Income tax expense

 

 

22,766

 

 

 

16,821

 

 

 

75,288

 

 

 

45,521

 

Net earnings

 

 

121,734

 

 

 

106,051

 

 

 

344,751

 

 

 

304,167

 

Less: Net earnings attributable to non-controlling interests

 

 

18,644

 

 

 

15,323

 

 

 

57,723

 

 

 

50,504

 

Net earnings attributable to Skechers U.S.A., Inc.

 

$

103,090

 

 

$

90,728

 

 

$

287,028

 

 

$

253,663

 

Net earnings per share attributable to Skechers U.S.A., Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

0.58

 

 

$

1.87

 

 

$

1.62

 

Diluted

 

$

0.67

 

 

$

0.58

 

 

$

1.86

 

 

$

1.62

 

Weighted average shares used in calculating net earnings per share attributable to Skechers U.S.A, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

153,298

 

 

 

155,766

 

 

 

153,396

 

 

 

156,238

 

Diluted

 

 

153,978

 

 

 

156,298

 

 

 

154,021

 

 

 

156,981

 

 


SKECHERS U.S.A., INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Unaudited)

(In thousands, except per share data)

 

 

 

Three months ended September 30,

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

Reported GAAP Measure

 

 

Constant Currency Adjustment (1)

 

 

Adjusted for Non-GAAP Measure

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Total domestic sales

 

$

558,173

 

 

$

-

 

 

$

558,173

 

 

$

523,281

 

 

$

34,892

 

 

 

6.7

%

Total international sales

 

 

795,825

 

 

 

24,895

 

 

 

820,720

 

 

 

653,114

 

 

 

167,606

 

 

 

25.7

%

Net sales

 

$

1,353,998

 

 

$

24,895

 

 

$

1,378,893

 

 

$

1,176,395

 

 

$

202,498

 

 

 

17.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

Reported GAAP Measure

 

 

Constant Currency Adjustment (1)

 

 

Adjusted for Non-GAAP Measure

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Total domestic sales

 

$

1,655,413

 

 

$

-

 

 

$

1,655,413

 

 

$

1,648,642

 

 

$

6,771

 

 

 

0.4

%

Total international sales

 

 

2,233,906

 

 

 

95,681

 

 

 

2,329,587

 

 

 

1,912,628

 

 

 

416,959

 

 

 

21.8

%

Net sales

 

$

3,889,319

 

 

$

95,681

 

 

$

3,985,000

 

 

$

3,561,270

 

 

$

423,730

 

 

 

11.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

Reported GAAP Measure

 

 

Constant Currency Adjustment (1)

 

 

Adjusted for Non-GAAP Measure

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Basic Earnings per Share:

 

$

0.67

 

 

$

0.04

 

 

$

0.71

 

 

$

0.58

 

 

$

0.13

 

 

 

22.4

%

Diluted Earnings per Share:

 

$

0.67

 

 

$

0.04

 

 

$

0.71

 

 

$

0.58

 

 

$

0.13

 

 

 

22.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

2019

 

 

2018

 

 

Change

 

 

 

Reported GAAP Measure

 

 

Constant Currency Adjustment (1)

 

 

Adjusted for Non-GAAP Measure

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Basic Earnings per Share:

 

$

1.87

 

 

$

0.10

 

 

$

1.97

 

 

$

1.62

 

 

$

0.35

 

 

 

21.6

%

Diluted Earnings per Share:

 

$

1.86

 

 

$

0.10

 

 

$

1.96

 

 

$

1.62

 

 

$

0.34

 

 

 

21.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Certain Non-GAAP Measures

 

We use the non-GAAP financial measures discussed above to evaluate our results of operations, financial condition, liquidity and indebtedness. We believe that the presentation of these non-GAAP measures provides useful information to investors regarding financial and business trends related to our results of operations, cash flows and indebtedness and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s operating performance and liquidity. In addition, these non-GAAP measures address questions the company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data the company has determined that it is appropriate to make this data available to all investors. None of the non-GAAP measures presented should be considered as an alternative to net income or loss, operating income, cash flows from operating activities, total indebtedness or any other measures of operating performance and financial condition, liquidity or indebtedness derived in accordance with GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.

 

Constant Currency Adjustment (1)

 

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results.

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