J E F F E R I E S H E A L T H C A R E C O N F E R E N C E
MARK FROST, SENIOR VICE PRESIDENT AND CFO
JUNE 9, 2016
I N V E S T O R O V E R V I E W
Safe Harbor
2
Any statements about future expectations, plans, and prospects for the Company, including statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to product development and commercialization, limited demand for the Company’s products, risks associated with competition, uncertainties associated with regulatory agency approvals, competitive pricing pressures, downturns in the economy, the risk of potential intellectual property litigation, acquisition related risks, and other factors discussed in our most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this presentation represent the Company’s views as of the date of this document. While the Company anticipates that subsequent events and developments will cause the Company’s views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any later date.
I N V E S T O R O V E R V I E W
Use of Non-GAAP Financials
3
This presentation includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles and may be different from such non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Management uses non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share to evaluate the Company's operating performance against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in understanding and evaluating the underlying baseline operating results and trends in the Company’s business.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the appendix to this presentation and our Third Quarter FY2016 press release issued June 1, 2016 available at our website http://investor.analogic.com.
I N V E S T O R O V E R V I E W
Innovations Creating Barriers to Entry
• Founded in 1967• Advancing image guidance
technology for medical and security• Global research, engineering, and
operations7 R&D and manufacturing locations worldwide
Fiscal 2015 Highlights:• $540 million• Over 30% EPS CAGR• Operating cash of $39 million, Free
cash of $29 million• 1,600 employees worldwide
> 40% increase in revenue/employee
4
I N V E S T O R O V E R V I E W
Our Technology Capabilities
5
Material Science Signal and image processing
Precision A/D conversionPrecision RF/Power Amplification
Imaging & Guidance
“Core Technologies”
“Critical Imaging Chain”
Mammo
Ultrasound
Probes
High voltage power suppliesHigh power amplifiers
Pulsed RF power
Selenium direct conversion detectors
U/S probes that go inside body
GPU based designSynthetic Aperture
“Full Systems”
MRICT
Data Management Systems
Non-contact power
Urology & Surgery
Handheld
Medical CT
Security CT
EMED & Anesthesia
Intuitive User interfaceTelehealth
Real time Image guidanceMin invasive procedure guidanceModular design CT
Designed for reliability
High performance, high reliabilityThreat detection
2D Transducer ASIC ultrasound
I N V E S T O R O V E R V I E W
Sustaining Long Term Profitable Growth
2009-2012 2013-2014 2015 forward
Transform
Stabilize
Growth
6
• Shed underperforming businesses• Aligned business in 3-Pillars• Invested in Shanghai operations• Optimized manufacturing footprint• Achieved double digit OM and rev. growth
• Shanghai fully operational• Entered POC Ultrasound market• Built and stabilized sales channels• Full portfolio in checked baggage EDS
• Transformed to a market based company• Launched full BK branded product line• Launched exciting new handheld U/S• Expanding U/S through partnerships• Growing content in Medical Imaging• First in applying CT to the Checkpoint• New market for Rapid DNA developing
I N V E S T O R O V E R V I E W
Portfolio Strategy for GrowthMedical ImagingUltrasound Security & DetectionHigh Barriers in Critical Imaging Chain
Real-time Guidance Solutions
Expanding Detection Applications
• Breakthrough reliability• Increase content with OEMs• Leverage common platforms• Drive growth in emerging markets
• Go deep in core Urology / Surgery• Accelerate Point of Care adoption• Expand Healthcare Services• Advance our new technologies
• Drive share in checked baggage• Position CT for checkpoint• Accelerate RapidDNA analysis• Leverage detection technologies
7
ULTRASOUND
I N V E S T O R O V E R V I E W
Cardiology19%
OB/GYN16%
Radiology / General Imaging
30%
IR 3%
Rest of POC6%
Other18%
Expanding Market Reach
9
Global Ultrasound Market 2013, $5.8B
GrowingPresence
Source: Klein, InMedica
1
2
1 POC: Point of care2 IR: Interventional Radiology
Radiology / General Imaging 1-2%
Market Segments
TechnologyPartnerships
$0.1
$0.2$0.6
$1.9
$0.9
$1.1
$1.1
OB/GYN 3-4%
Cardiology 4-5%
Point of Care 7-8%Surgery 3-4%Urology 4-5%
~$5.8BAddressable Market
Other/Shared
ExpandingMarket Reach
Segment CAGR(thru 2018)
Anesthesia 3%
I N V E S T O R O V E R V I E W
Positioned for Growth in Key Segments
10 *Analogic Patented and Trademarked Technology
InnovatingPoint of Care
Sonic Window
Sonix One
Urology
bk3000
SurgicalGuidance
bk5000
POCAnesthesia/EMED
bk3500
General Imaging
Partnerships
I N V E S T O R O V E R V I E W
Ultrasound Solutions for Extended Point of Care
11
• Assess kidney dialysis fistulas
• IV Placement
• Peripheral Inserted Central Catheter (PICC)
• First shipments for use in dialysis centers occurred in Q3 FY16
• Evaluation with major dialysis providers
• Gen 2 with auto vessel tracking achieved regulatory clearance in U.S., E.U. and Canada
0
1
2
3
4
2015 2016 2017 2018 2019 2020
Dial
ysis
Patie
nts (
M)
Worldwide Dialysis PatientsCAGR 6%
MEDICAL IMAGING
I N V E S T O R O V E R V I E W
Guidance in Medical Imaging
13
Computed Tomography
Magnetic Resonance
Digital Mammography
I N V E S T O R O V E R V I E W
Increasing Our Value Content in CT
14
Data Acquisition Subsystem
Detection Management
Subsystem
Power & DataManagement
CT Imaging engine
Image Reconfiguration
New business growth opportunities with
current & new OEMs
Historical base business with
OEMs
I N V E S T O R O V E R V I E W
Heilongjiang
Jilin
Liaoning
Hebei
Shandong
Fujian
Jiangxi
AnhuiHubei
Hunan
GuangdongGuangxi
Shanghai
Henan
Shanxi
Inner Mongolia
Shaanxi
Ningxia
Gansu
Qinghai
Sichuan
Guizhou
Yunnan
Tibet
Xinjiang
Jiangsu
Zhejiang
Beijing
Highly Ruggedized CT Platform for Emerging MarketsInstalled Base: June 2016
15
~ 100 installed
I N V E S T O R O V E R V I E W
Magnetic Resonance Power Sub-systems
16
RF Amplifier
GradientAmplifier
• Enabled 3T wide bore systems
• Common platforms and modular design
• Design wins with new market entrants
I N V E S T O R O V E R V I E W
Digital Mammography Detector Sub-Systems
17
Analogic Enables Best Detection • Superior Se Based Technology
• Premium 3D tomo performance
• Lower dose with best image quality
• Fastest Image acquisition
US installed base of 2D is ~ 11,000 systems, more than 5000 are 7+ yearsReplacement cycle is moving to 3D
SECURITY AND DETECTION
I N V E S T O R O V E R V I E W
Major Aviation Market Trends
19
North America
Steady Demand
• 1800 sockets (>90% CT)
• Significant US medium speed population past 10 year design life
• US extended EDS lifecycle to 15 yrs-recap continuing
• Canada deploying high speed EDS
Europe and Middle East
Increasing Momentum
• 2000 sockets (<15% CT)
• EU standard 3 being implemented
- UK by 2018
- Rest of EU by 2022
• Middle East expanding hubs
• Alternative technologies getting some wins
Asia-Pacific
Major Hub First Adopters
• 2700 sockets (<5% CT)
• China and India growth markets
• Major hubs follow US/EU
Souce: Market Reports, Customer and Analogic Estimates
I N V E S T O R O V E R V I E W
Growing with winning partners
• Exclusive relationship for U.S. replacements• Major wins outside the U.S. with XLB
High Speed1,200 bags/hour
Medium Speed550 & 720 (ES) bags/hour
• Major wins in UK• Wins in Abu Dhabi and Santiago
HI-SCAN 10080 XCT
High Speed1,800 bags/hour
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I N V E S T O R O V E R V I E W
CT positioned to win at the checkpoint
1
2
3
21
EU legislation supports deployment in 2017 with liquids and laptops in bags; TSA evaluating technology for deployment
Commercial trials in Europe validated a 2X operational improvement with over 1.3 million bags scanned while improving detection
CT technology can cut passenger wait times in half and potentially save US airports over $1 billion over 10 years
I N V E S T O R O V E R V I E W
Emerging Rapid DNA Opportunity
22
Rapid DNA: DNA profile in 84 minutes by non-technical user in
field environment
Human AnalystProfile Match
Hours - Weeks
Conventional DNA Analysis: Days to weeks process by highly trained personnel in accredited lab
• FBI NDIS (National DNA Index System) approval received in March 2016, RapidDNAlegislation still pending in Congress
FINANCIALS
I N V E S T O R O V E R V I E W
Continued Strong Financial Performance
Revenue CAGR
6% >30%Earnings per share
CAGR
24
9pts.Non-GAAP Operating
Margin expansion
$387 $415
$474 $517
$550 $518 $540
FY09 FY10 FY11 FY12 FY13 FY14 FY15
Revenue (millions)
$0.29
$1.23 $1.42
$3.42
$2.48 $2.72 $2.66
$0.81
$1.72
$2.35
$3.60 $3.88
$3.52
$4.05
FY09 FY10 FY11 FY12 FY13 FY14 FY15
Earnings Per ShareGAAP Non-GAAP*
-1%
5%4%
8% 8%
6%
8%
3%
7%8%
12%13%
10%
12%
FY09 FY10 FY11 FY12 FY13 FY14 FY15
Operating MarginGAAPNon-GAAP*
* Non-GAAP operating margin and EPS figures exclude certain charges; please refer to the non-GAAP reconciliation table in the back of this presentation.
I N V E S T O R O V E R V I E W
6%8%
11%14% 14%
16%
FY10 FY11 FY12 FY13 FY14 FY15
Segment Performance
25
$251$293 $302 $319 $296 $293
FY10 FY11 FY12 FY13 FY14 FY15
Medical Imaging
$113 $129 $151 $150 $152 $166
FY10 FY11 FY12 FY13 FY14 FY15
Ultrasound
$51 $51 $64 $82 $69 $82
FY10 FY11 FY12 FY13 FY14 FY15
Security
Rev
enue
$M
M
• Non-GAAP operating margin/income figures exclude certain charges; please refer to the non-GAAP reconciliation in the back of this presentation.
6% 5%
11%
4% 3% 2%
FY10 FY11 FY12 FY13 FY14 FY15
16% 17%20%
24%
11%
17%
FY10 FY11 FY12 FY13 FY14 FY15Non
-GAA
P* O
pera
ting
Mar
gin
Non-GAAP OM 6% 8% 11% 14% 14% 16%GAAP OM 4% 4% 6% 10% 10% 13%
6% 5% 11% 4% 3% 2%5% 1% 7% -2% -4% -5%
16% 17% 20% 24% 11% 17%13% 14% 16% 21% 7% 13%
I N V E S T O R O V E R V I E W
Strong Balance Sheet and Cash Flows
261 As of July 31, 2015
$20
$28
$13$20 $19
FY11 FY12 FY13 FY14 FY15
Capital Returned to Shareholders
(Dividend/Buyback)
$30
$74
$40$41
$39
FY11 FY12 FY13 FY14 FY15
Operating Cash Flow (millions)
Includes $12MM
tax refund
• $128MM1 of Cash/Investments with no long term debt
• Consistent cash flows
• Capital allocation through ongoing investment, M&A and share re-purchase
• Additional $15 million repurchase program in place
$8
$43
$16
$30 $29
FY11 FY12 FY13 FY14 FY15
Free Cash Flow (millions)
1 As of April 30, 2016
I N V E S T O R O V E R V I E W
FY16 Outlook: Strong Direct Ultrasound Drives MixSecurity and Legacy OEM Probes stabilize at lower annual run-rates
Medical Imaging business consistent; expect full year revenue flat to slightly down• CT mix shifting to higher level content private label systems in China, MRI down slightly• Mammography strengthening on new China customers
Ultrasound total revenue up modestly includes drag from legacy OEM probes; direct up double-digits• OEM legacy probes stabilizes at $12-14 million • North America and Asia direct sales growing at double digits• Sonic Window sales increasing and under evaluation for adoption by major dialysis providers• bk3500 Point of Care and sales to our technology partner for general imaging accelerating growth
Security and Detection stabilizes at lower annual run-rate, down approximately 30% for the year• Q4 revenue bottoms out, FY17 growth outlook strengthening from International high speed tenders• Stable revenue run rate for US TSA medium speed market• Rapid DNA slowly restarting and in test for new international standard that covers US and OUS
27
Given the short term headwinds in Security and OEM Legacy Probes, for the full year we expect total revenue down approximately 6% on a reported basis, with favorable mix and cost focus driving continued
Non-GAAP operating margin expansion of approximately 1 pt.
I N V E S T O R O V E R V I E W
Investment Thesis
• Our Technologies deliver Products with High Barriers to Entry
• Expanding Available Market Opportunities
• Growing Revenues with Operating Margin Expansion
• Strong Operating Leverage with Consistent Cash Generation
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I N V E S T O R O V E R V I E W
Appendix
29
I N V E S T O R O V E R V I E W
$118$134 $134
$154
$115$128 $128
$0.00
$0.40
$0.80
$1.20
$1.60
$2.00
$60
$80
$100
$120
$140
$160
$180
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Non
-GAA
P EP
S
Rev
enue
($M
M)
Revenue and Non-GAAP EPS*Financial Highlights (Q3’16 vs. prior year)
• Revenue $128M, down 4%
• Gross Margin 43%, up 1 pt.
• Non-GAAP operating margin 12%, up 1.5pts. (GAAP operating margin 6%)
• Non-GAAP EPS $0.80, down $0.27
• $0.24 of discrete tax benefit in Q3’15
• $0.12 of f/x on non-cash charges related to balance sheet items
• GAAP EPS $0.40, down $0.32
• $0.24 of discrete tax benefit in Q3’15
• $0.09 of restructuring
• $0.12 of f/x on non-cash charges related to balance sheet items
Q3’16 HighlightsImproved non-GAAP operating margins on product mix
* Non-GAAP operating margin/income figures exclude certain charges; please refer to the non-GAAP reconciliation table in the back of this presentation and in Analogic’s Q3 FY 2016 earnings release available athttp://investor.analogic.com.
30
Non-GAAP EPS $0.63 $1.08 $1.07 $1.28 $0.55 $1.18 $0.80
GAAP EPS $0.29 $0.78 $0.72 $0.86 $0.11 $(0.24) $0.40
I N V E S T O R O V E R V I E W
Medical Imaging, up 1% • MR strong, up on growth from China customers• CT flat for the quarter. Shipped 100th ruggedized CT unit to China• Mammography down on strong comparison to last year and timing
Ultrasound down 3%, impacted by expected legacy probe declines• Direct ultrasound up 12% on strong growth in Europe and China• OEM legacy probes stabilizing, expect revenues to annualize at $12-14 million• Production start delays on bk3500 POC and for our technology partner for general imaging• Initial shipments started for Sonic Window in dialysis
Security and Detection was down 24% on delays in international high speed• Stabilizes at new lower annual run-rate in FY17• Medium speed TSA shipments continued at lower rate• International airport high speed shipments saw lower revenue with improved margins• Limited Rapid DNA shipments during quarter
Q3’16 Segment Highlights
31
Sonic Window
I N V E S T O R O V E R V I E W
FY15
$67 $73 $72
$81
$65 $74 $73
-10%
0%
10%
20%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Medical Imaging
$38 $42 $39 $47
$37 $43 $38
-10%
0%
10%
20%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
UltrasoundFY15 FY16
32
• Medical Imaging revenue up 1% due to growth in MR, partially offset by Mammography; non-GAAP operating margin up 3 pts. in the quarter as compared to Q3 ’15 due to customer mix and improved cost controls.
• Ultrasound revenue direct up 12%, overall reported down 3% due to growth in Europe and China offset by expected OEM legacy Probes decline. Non-GAAP operating margin remained roughly flat.
• Security & Detection revenue decreased 24% from Q3 ’15 due to lower volume in medium speed and shift in high speed mix; non-GAAP operating margin up 1pt. due to lower operating expenses.
$14 $18 $23 $26 $13 $11
$18
-10%
0%
10%
20%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Security & Detection
Revenue $M and Non-GAAP* Operating Margin Trend
Non-GAAP Operating Margin*
Non-GAAP OM 14% 15% 15% 18% 15% 21% 18%GAAP OM 11% 13% 12% 15% 10% 16% 14%
FY16
9% 18% 18% 18% 10% 9% 19%4% 14% 14% 15% 1% -1% 14%
FY16FY15
* Non-GAAP operating margin/income figures exclude certain charges; please refer to the non-GAAP reconciliation table in the back of this presentation and in Analogic’s Q23FY 2016 earnings release available athttp://investor.analogic.com.
0% 6% -4% 5% -4% 7% -5%-8% 0% -11% -2% -12% -23% -13%
Operating Performance by Segment
I N V E S T O R O V E R V I E W
Working Capital and Cash Flow
• Accounts receivable flat sequentially on flat revenue
• Inventory up sequentially due to China transfer for MRI and Motion
• Operating cash flow of $16M, Free cash flow of $11M
33
(Amounts may not foot due to rounding to millions)
Working Capital(Unaudited - in millions) Q3 FY16 Q2 FY16 Q4 FY15 Q3 FY15
Cash and Investments $ 128.1 $ 120.1 123.8 $ 119.8
Accounts receivable 95.3 95.2 119.3 102.0 Inventories 153.5 149.7 132.7 145.3 Other Working Capital, Net (69.9) (63.8) (59.0) (52.5)
Non-Cash Working Capital 178.8 181.1 193.0 194.8
Net Working Capital $ 307.0 $ 301.2 316.8 $ 314.6
Cash Flow Q3 FY16 Q2 FY16 Q4 FY15 Q3 FY15(Unaudited - in millions)
Operating Cash Flow from operations $ 16.0 $ 5.2 12.6 $ 6.8 Capital Spending 5.1 1.7 2.8 2.3
Free cash flow* 10.9 3.5 9.8 4.5
Stock repurchased and dividends paid 5.8 4.9 4.9 4.9 Cash flow after stock repurchase and dividends $ 5.1 $ (1.4) 5.0 $ (0.4)
I N V E S T O R O V E R V I E W
Non-Gaap Reconciliation
34
I N V E S T O R O V E R V I E W35
NON-GAAP STATEM ENTS OF OPERATIONS RECONCILIATION
(In thousands, except per share data)July 31, 2009 July 31, 2010 July 31, 2011 July 31, 2012 July 31, 2013 July 31, 2014 July 31, 2015
GAAP Income From Operations -$4,496 $21,320 $20,736 $39,963 $45,375 $29,088 $40,599
Share-based compensation expense 3,968 5,791 9,638 13,396 11,601 11,512 10,93
Tax refund related charges - - - 2,714 - -
BK Medical distributor matter inquiry related costs - - - 1,288 1,211 1,426 2,37
Restructuring 6,619 690 7,066 - 3,519 3,483 (354
Acquisition related revenues and expenses 3,782 2,931 2,377 3,183 8,310 8,773 9,16
Non-GAAP Income From Operations $9,873 $30,732 $39,817 $60,544 $70,016 $54,282 $62,725
Percentage of Total Net Revenue2.6% 7.4% 8.4% 11.7% 12.7% 10.5% 11.6%
GAAP Other Income (Expense), net $2,975 $149 $196 $4,236 ($1,278) ($50) $434
BK Medical distributor matter inquiry related costs - - - - - - 59
Acquisition related revenues, expenses and loss - - - - - 484
Gain on sale of other investments and other (838) - - (2,500) - -
Non-GAAP Other Income (Expense), net $2,137 $149 $196 $1,736 ($1,278) $434 $1,033
Percentage of Total Net Revenue0.6% 0.0% 0.0% 0.3% -0.2% 0.1% 0.2%
GAAP Net Income $3,705 $15,555 $17,833 $43,071 $31,121 $34,480 $33,481
Share-based compensation expense 2,737 3,870 6,583 9,179 8,015 8,155 7,68
Acquisition related revenues, expenses and loss 2,383 1,860 1,146 2,101 6,486 7,615 7,74
BK Medical distributor matter inquiry related costs - - - 830 779 906 2,35
Restructuring and voluntary retirement charges 4,334 438 4,903 - 2,372 2,250 (225
Tax refunds and related charges (2,097) - - (8,285) - (8,764)
Gain on sale of other investments and other (528) - - (1,603) -
Gain on sale of discontinued operations - - (924) - - -
Non-GAAP Net Income $10,534 $21,723 $29,541 $45,293 $48,773 $44,642 $51,034
Percentage of Total Net Revenue2.7% 5.2% 6.2% 8.8% 8.9% 8.6% 9.4%
GAAP Diluted Net Income Per Share $0.29 $1.23 $1.42 $3.42 $2.48 $2.72 $2.66
Effect of non-GAAP adjustments 0.52 0.49 0.93 0.18 1.40 0.80 1.
Non-GAAP Diluted Net Income Per Share $0.81 $1.72 $2.35 $3.60 $3.88 $3.52 $4.05
Twelve Months Ended
I N V E S T O R O V E R V I E W36
NON-GAAP STATEM ENTS OF OPERATIONS RECONCILIATION
(In thousands, except per share data)
July 31, 2010 July 31, 2011 July 31, 2012 July 31, 2013 July 31, 2014 July 31, 2015
Medical ImagingGAAP Income From Operations $ 8,789 $ 12,680 $ 18,854 $ 31,864 $ 31,004 37,905$
Share-based compensation expense 3,791 6,162 7,836 7,064 6,551 4,910 Tax refund related charges - - 2,198 - - - Restructuring 490 2,829 - 1,099 1,669 (213) Acquisition related expenses 2,931 2,931 2,931 3,540 3,016 3,011
Non-GAAP Income From Operations 16,001$ 24,602$ 31,819$ 43,567$ 42,240$ 45,612$ Percentage of Total Net Revenue 6% 8% 11% 14% 14% 16%
UltrasoundGAAP Income (Loss) From Operations $ 6,093 $ 1,081 $ 10,786 $ (3,735) $ (6,785) $ (7,874)
Share-based compensation expense 500 2,078 3,575 2,408 2,795 3,190 BK Distributor matter inquiry related costs 1,288 1,210 1,426 2,377 Restructuring - 3,668 - 2,209 1,357 (79) Acquisition related expenses - (554) 252 4,609 5,732 5,954
Non-GAAP Income From Operations 6,593$ 6,273$ 15,901$ 6,701$ 4,525$ 3,571$ Percentage of Total Net Revenue 6% 5% 11% 4% 3% 2%
SecurityGAAP Income From Operations $ 6,438 $ 6,975 $ 10,323 $ 17,246 $ 4,869 $ 10,568
Share-based compensation expense 1,500 1,398 1,985 2,129 2,166 2,839 Tax refund related charges - - 516 - - - Restructuring 200 569 - 211 457 (64) Acquisition related expenses - - - 162 25 200
Non-GAAP Income From Operations 8,138$ 8,942$ 12,824$ 19,748$ 7,517$ 13,542$ Percentage of Total Net Revenue 16% 17% 20% 24% 11% 17%
AnalogicGAAP Income From Operations $ 21,320 $ 20,736 $ 39,963 $ 45,375 $ 29,088 $ 40,598
Share-based compensation expense 5,791 9,638 13,396 11,601 11,512 10,939 BK distributor matter inquiry related costs - - 1,288 1,211 1,426 2,378 Tax refunds and related charges - - 2,714 - - - Restructuring 690 7,066 - 3,519 3,483 (356) Acquisition related gains and expenses 2,931 2,377 3,183 8,310 8,773 9,164
Non-GAAP Income From Operations 30,732$ 39,817$ 60,544$ 70,016$ 54,282$ 62,724$ Percentage of Total Net Revenue 7% 8% 12% 13% 10% 12%
Twelve months Ended
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