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Live Oak Bancshares, Inc. Reports Fourth Quarter 2024 Results

WILMINGTON, N.C., Jan. 22, 2025 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (NYSE: LOB) (â€œLive Oakâ€ or â€œthe Companyâ€) today reported fourth quarter of 2024 net income attributable to the Company of $9.9 million, or $0.22 per diluted share. Net income attributable to the Company for the year ended DecemberÂ 31, 2024, totaled $77.5 million, or $1.69 per diluted share.

Live Oakâ€™s performance in 2024, includes these notable items:

Record year of $5.16 billion of loan production accompanied by strong deposit growth of $1.49 billion, total assets grew by 14.8% to $12.94 billion
9% growth in revenue and 3% reduction in noninterest expenses generated 38% growth in pre-provision net revenue¹
Increased provision expense for credit losses of $44.9 million, or 87.5%, driven by record loan growth combined with the impacts of the current macroeconomic environment
Two key initiatives saw positive momentum â€” non-interest bearing deposit growth and small dollar loan production

â€œLive Oak Bankâ€™s fourth quarter performance demonstrates our continued trajectory to grow the company in service of Americaâ€™s small business owners,â€ said Live Oak Chairman and CEO James S. (Chip) Mahan III. â€œThis year, we expanded loan and deposit products in meaningful ways, stayed close to our borrowers through challenges, and leveraged our greatest asset, our employees, to produce strong results across the year.â€

Conference Call

Live Oak will host a conference call to discuss the company’s financial results and business outlook tomorrow, JanuaryÂ 23, 2025, atÂ 9:00 a.m. ET.

The call will be accessible by telephone and webcast using Conference ID: 33467. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:

Live Telephone Dial-In

U.S.: 800.549.8228
International: +1 289.819.1520
Pass Code: None Required

Live Webcast Log-In

Webcast Link: investor.liveoakbank.com
Registration: Name and Email Required
Multi-Factor Code: Provided After Registration

(1)Â See accompanying GAAP to Non-GAAP Reconciliation.

Year Over Year Highlights

(Dollars in thousands, except per share data)

Increase (Decrease)

2024

2023

Dollars

Percent

Total revenue ⁽¹⁾

499,686

457,038

42,648

Total noninterest expense

314,239

322,885

(8,646

)

Income before taxes

89,235

82,830

6,405

Effective tax rate

13.2

10.8

n/a

Net income attributable to Live Oak Bancshares, Inc.

77,474

73,898

3,576

Diluted earnings per share

1.69

1.64

0.05

Loan and lease production:

Loans and leases originated

5,155,244

3,946,873

1,208,371

% Fully funded

44.2

55.1

n/a

Total loans and leases:

10,579,376

9,020,884

1,558,492

Total assets:

12,943,380

11,271,423

1,671,957

Total deposits:

11,760,494

10,275,019

1,485,475

(1)Â Total revenue consists of net interest income and total noninterest income.

Fourth QuarterÂ 2024 Key Measures

(Dollars in thousands, except per share data)

Increase (Decrease)

4Q 2024

3Q 2024

Dollars

Percent

4Q 2023

Total revenue ⁽¹⁾

128,067

129,932

(1,865

)

119,683

Total noninterest expense

81,257

77,589

3,668

93,204

Income before taxes

13,229

17,841

(4,612

)

(26

)

17,484

Effective tax rate

25.6

27.0

n/a

7.6

Net income attributable to Live Oak Bancshares, Inc.

9,900

13,025

(3,125

)

(24

16,163

Diluted earnings per share

0.22

0.28

(0.06

)

(21

)

0.36

Loan and lease production:

Loans and leases originated

1,421,118

1,757,856

(336,738

)

(19

981,703

% Fully funded

42.4

n/a

49.0

(1)Â Total revenue consists of net interest income and total noninterest income.

Important Note Regarding Forward-Looking Statements

Statements in this press release that are based on other than historical data or that express the Companyâ€™s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Companyâ€™s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing managementâ€™s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (â€œSBAâ€) rules, regulations or loan products, including the SectionÂ 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company’s status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of global health crises and pandemics, such as the Coronavirus Disease 2019 (COVID-19) pandemic, on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; a reduction in or the termination of the Company’s ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third party service providers; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company’s ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company’s business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company’s ability to comply with regulatory requirements and expectations; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Companyâ€™s Annual Report on Form 10-K filed with the Securities and Exchange Commission (â€œSECâ€) and available at the SECâ€™s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

About Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com.

Contacts:

Live Oak Bancshares, Inc.
Quarterly Statements of Income (unaudited)
(Dollars in thousands, except per share data)

Three Months Ended

4Q 2024 Change vs.

4Q 2024

3Q 2024

2Q 2024

1Q 2024

4Q 2023

3Q 2024

4Q 2023

Interest income

Loans and fees on loans

194,821

192,170

181,840

176,010

169,531

1.4

14.9

Investment securities, taxable

10,490

9,750

9,219

8,954

8,746

7.6

19.9

Other interest earning assets

7,257

7,016

7,389

7,456

8,259

3.4

(12.1

)

Total interest income

212,568

208,936

198,448

192,420

186,536

1.7

14.0

Interest expense

Deposits

113,357

110,174

105,358

101,998

96,695

2.9

17.2

Borrowings

1,737

1,762

1,770

311

265

(1.4

)

555.5

Total interest expense

115,094

111,936

107,128

102,309

96,960

2.8

18.7

Net interest income

97,474

97,000

91,320

90,111

89,576

0.5

8.8

Provision for credit losses

33,581

34,502

11,765

16,364

8,995

(2.7

)

273.3

Net interest income after provision for credit losses

63,893

62,498

79,555

73,747

80,581

2.2

(20.7

)

Noninterest income

Loan servicing revenue

8,524

8,040

7,347

7,624

7,342

6.0

16.1

Loan servicing asset revaluation

(2,326

)

(4,207

)

(2,878

)

(2,744

)

(3,974

)

44.7

41.5

Net gains on sales of loans

18,356

16,646

14,395

11,502

12,891

10.3

42.4

Net gain (loss) on loans accounted for under the fair value option

195

2,255

172

(219

)

(170

)

(91.4

)

214.7

Equity method investments (loss) income

(2,739

)

(1,393

)

(1,767

)

(5,022

)

(96.6

)

(5,927.7

)

Equity security investments gains (losses), net

909

161

(529

)

(384

)

(98.7

)

103.1

Lease income

2,456

2,424

2,423

2,453

2,439

1.3

0.7

Management fee income

â€”

1,116

3,271

3,309

(100.0

)

(100.0

)

Other noninterest income

6,115

7,142

11,035

9,761

8,607

(14.4

)

(29.0

)

Total noninterest income

30,593

32,932

34,159

26,097

30,107

(7.1

)

1.6

Noninterest expense

Salaries and employee benefits

45,214

44,524

46,255

47,275

44,274

1.5

2.1

Travel expense

2,628

2,344

2,328

2,438

1,544

12.1

70.2

Professional services expense

2,797

3,287

3,061

1,878

3,052

(14.9

)

(8.4

)

Advertising and marketing expense

1,979

2,473

3,004

3,692

2,501

(20.0

)

(20.9

)

Occupancy expense

2,558

2,807

2,388

2,247

2,231

(8.9

)

14.7

Technology expense

9,406

9,081

7,996

7,723

8,402

3.6

11.9

Equipment expense

3,769

3,472

3,511

3,074

3,480

8.6

8.3

Other loan origination and maintenance expense

4,812

4,872

3,659

3,911

3,937

(1.2

)

22.2

Renewable energy tax credit investment impairment (recovery)

1,172

115

170

(927

)

14,575

919.1

(92.0

)

FDIC insurance

3,053

1,933

2,649

3,200

4,091

57.9

(25.4

)

Other expense

3,869

2,681

2,635

3,226

5,117

44.3

(24.4

)

Total noninterest expense

81,257

77,589

77,656

77,737

93,204

4.7

(12.8

)

Income before taxes

13,229

17,841

36,058

22,107

17,484

(25.9

)

(24.3

)

Income tax expense (benefit)

3,386

4,816

9,095

(5,479

)

1,321

(29.7

)

156.3

Net income

9,843

13,025

26,963

27,586

16,163

(24.4

)

(39.1

)

Net loss attributable to non-controlling interest

â€”

100.0

Net income attributable to Live Oak Bancshares, Inc.

9,900

13,025

26,963

27,586

16,163

(24.0

)

(38.7

)

Earnings per share

Basic

0.22

0.28

0.60

0.62

0.36

(21.4

)

(38.9

)

Diluted

0.22

0.28

0.59

0.60

0.36

(21.4

)

(38.9

)

Weighted average shares outstanding

Basic

45,224,470

45,073,482

44,974,942

44,762,308

44,516,646

Diluted

46,157,979

45,953,947

45,525,082

45,641,210

45,306,506

Live Oak Bancshares, Inc.
Quarterly Balance Sheets (unaudited)
(Dollars in thousands)

As of the quarter ended

4Q 2024 Change vs.

4Q 2024

3Q 2024

2Q 2024

1Q 2024

4Q 2023

3Q 2024

4Q 2023

Assets

Cash and due from banks

608,800

666,585

615,449

597,394

582,540

(8.7

)

4.5

Certificates of deposit with other banks

250

â€”

Investment securities available-for-sale

1,248,203

1,233,466

1,151,195

1,120,622

1,126,160

1.2

10.8

Loans held for sale

346,002

359,977

363,632

310,749

387,037

(3.9

)

(10.6

)

Loans and leases held for investment ⁽¹⁾

10,233,374

9,831,891

9,172,134

8,912,561

8,633,847

4.1

18.5

Allowance for credit losses on loans and leases

(167,516

)

(168,737

)

(137,867

)

(139,041

)

(125,840

)

(0.7

)

33.1

Net loans and leases

10,065,858

9,663,154

9,034,267

8,773,520

8,508,007

4.2

18.3

Premises and equipment, net

264,059

267,032

267,864

258,071

257,881

(1.1

)

2.4

Foreclosed assets

1,944

8,015

8,561

6,481

(75.7

)

(70.0

)

Servicing assets

56,144

52,553

51,528

49,343

48,591

6.8

15.5

Other assets

352,120

356,314

376,370

387,059

354,476

(1.2

)

(0.7

)

Total assets

12,943,380

12,607,346

11,868,570

11,505,569

11,271,423

2.7

14.8

Liabilities and Shareholdersâ€™ Equity

Liabilities

Deposits:

Noninterest-bearing

318,890

258,844

264,013

226,668

259,270

23.2

23.0

Interest-bearing

11,441,604

11,141,703

10,443,018

10,156,693

10,015,749

2.7

14.2

Total deposits

11,760,494

11,400,547

10,707,031

10,383,361

10,275,019

3.2

14.5

Borrowings

112,820

115,371

117,745

120,242

23,354

(2.2

)

383.1

Other liabilities

66,570

83,672

82,745

74,248

70,384

(20.4

)

(5.4

)

Total liabilities

11,939,884

11,599,590

10,907,521

10,577,851

10,368,757

2.9

15.2

Shareholdersâ€™ equity

Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding

â€”

Class A common stock (voting)

365,607

361,925

356,381

349,648

344,568

1.0

6.1

Class B common stock (non-voting)

â€”

Retained earnings

715,767

707,026

695,172

669,307

642,817

1.2

11.3

Accumulated other comprehensive loss

(82,344

)

(61,195

)

(90,504

)

(91,237

)

(84,719

)

34.6

(2.8

)

Total shareholders’ equity attributed to Live Oak Bancshares, Inc.

999,030

1,007,756

961,049

927,718

902,666

(0.9

)

10.7

Non-controlling interest

4,466

â€”

100.0

Total shareholdersâ€™ equity

1,003,496

1,007,756

961,049

927,718

902,666

(0.4

)

11.2

Total liabilities and shareholdersâ€™ equity

12,943,380

12,607,346

11,868,570

11,505,569

11,271,423

2.7

14.8

(1)Â Includes $328.7 million, $343.4 million, $363.0 million, $379.2 million and $388.0 million measured at fair value for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.

Â
Live Oak Bancshares, Inc. Statements of Income (unaudited) (Dollars in thousands, except per share data)
Â
Â	Twelve Months Ended
Â	December 31, 2024			Â	December 31, 2023
Interest income	Â			Â	Â
Loans and fees on loans	$	744,841	Â	Â	$	623,667	Â
Investment securities, taxable	Â	38,413	Â	Â	Â	33,497	Â
Other interest earning assets	Â	29,118	Â	Â	Â	31,111	Â
Total interest income	Â	812,372	Â	Â	Â	688,275	Â
Interest expense	Â			Â	Â
Deposits	Â	430,887	Â	Â	Â	340,207	Â
Borrowings	Â	5,580	Â	Â	Â	2,763	Â
Total interest expense	Â	436,467	Â	Â	Â	342,970	Â
Net interest income	Â	375,905	Â	Â	Â	345,305	Â
Provision for credit losses	Â	96,212	Â	Â	Â	51,323	Â
Net interest income after provision for credit losses	Â	279,693	Â	Â	Â	293,982	Â
Noninterest income	Â			Â	Â
Loan servicing revenue	Â	31,535	Â	Â	Â	27,399	Â
Loan servicing asset revaluation	Â	(12,155	)	Â	Â	4,886	Â
Net gains on sales of loans	Â	60,899	Â	Â	Â	46,545	Â
Net gain (loss) on loans accounted for under the fair value option	Â	2,403	Â	Â	Â	(3,539	)
Equity method investments (loss) income	Â	(10,921	)	Â	Â	(5,994	)
Equity security investments gains (losses), net	Â	553	Â	Â	Â	(969	)
Lease income	Â	9,756	Â	Â	Â	10,007	Â
Management fee income	Â	7,658	Â	Â	Â	13,324	Â
Other noninterest income	Â	34,053	Â	Â	Â	20,074	Â
Total noninterest income	Â	123,781	Â	Â	Â	111,733	Â
Noninterest expense	Â			Â	Â
Salaries and employee benefits	Â	183,268	Â	Â	Â	175,052	Â
Travel expense	Â	9,738	Â	Â	Â	8,922	Â
Professional services expense	Â	11,023	Â	Â	Â	7,737	Â
Advertising and marketing expense	Â	11,148	Â	Â	Â	12,559	Â
Occupancy expense	Â	10,000	Â	Â	Â	8,490	Â
Technology expense	Â	34,206	Â	Â	Â	31,858	Â
Equipment expense	Â	13,826	Â	Â	Â	14,997	Â
Other loan origination and maintenance expense	Â	17,254	Â	Â	Â	14,804	Â
Renewable energy tax credit investment impairment	Â	530	Â	Â	Â	14,644	Â
FDIC insurance	Â	10,835	Â	Â	Â	16,670	Â
Other expense	Â	12,411	Â	Â	Â	17,152	Â
Total noninterest expense	Â	314,239	Â	Â	Â	322,885	Â
Income before taxes	Â	89,235	Â	Â	Â	82,830	Â
Income tax expense	Â	11,818	Â	Â	Â	8,932	Â
Net income	Â	77,417	Â	Â	Â	73,898	Â
Net loss attributable to non-controlling interest	Â	57	Â	Â	Â	â€”	Â
Net income attributable to Live Oak Bancshares, Inc.	$	77,474	Â	Â	$	73,898	Â
Earnings per share	Â			Â	Â
Basic	$	1.72	Â	Â	$	1.67	Â
Diluted	$	1.69	Â	Â	$	1.64	Â
Weighted average shares outstanding	Â			Â	Â
Basic	Â	45,009,567	Â	Â	Â	44,353,708	Â
Diluted	Â	45,820,321	Â	Â	Â	45,094,879	Â

Live Oak Bancshares, Inc.
Quarterly Selected Financial Data
(Dollars in thousands, except per share data)

As of and for the three months ended

4Q 2024

3Q 2024

2Q 2024

1Q 2024

4Q 2023

Income Statement Data

Net income attributable to Live Oak Bancshares, Inc.

9,900

13,025

26,963

27,586

16,163

Per Common Share

Net income, diluted

0.22

0.28

0.59

0.60

0.36

Dividends declared

0.03

Book value

22.12

22.32

21.35

20.64

20.23

Tangible book value ⁽¹⁾

22.05

22.24

21.28

20.57

20.15

Performance Ratios

Return on average assets (annualized)

0.31

0.43

0.93

0.98

0.58

Return on average equity (annualized)

3.85

5.21

11.39

11.93

7.36

Net interest margin

3.15

3.33

3.28

3.33

3.32

Efficiency ratio ⁽¹⁾

63.45

59.72

61.89

66.89

77.88

Noninterest income to total revenue

23.89

25.35

27.22

22.46

25.16

Selected Loan Metrics

Loans and leases originated

1,421,118

1,757,856

1,171,141

805,129

981,703

Outstanding balance of sold loans serviced

4,715,895

4,452,750

4,292,857

4,329,097

4,238,328

Asset Quality Ratios

Allowance for credit losses to loans and leases held for investment ⁽³⁾

1.69

1.78

1.57

1.63

1.53

Net charge-offs ⁽³⁾

33,566

1,710

8,253

3,163

4,428

Net charge-offs to average loans and leases held for investment ^{(2) (3)}

1.39

0.08

0.38

0.15

0.22

Nonperforming loans and leases at historical cost ⁽³⁾

Unguaranteed

81,412

49,398

37,340

43,117

39,285

Guaranteed

222,885

166,177

122,752

105,351

95,678

Total

304,297

215,575

160,092

148,468

134,963

Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment ⁽³⁾

0.82

0.52

0.42

0.51

0.48

Nonperforming loans at fair value ⁽⁴⁾

Unguaranteed

9,115

8,672

9,590

7,942

7,230

Guaranteed

54,873

49,822

51,570

47,620

41,244

Total

63,988

58,494

61,160

55,562

48,474

Unguaranteed nonperforming fair value loans to loansÂ held for investment ⁽⁴⁾

2.77

2.53

2.64

2.09

1.86

Capital Ratios

Common equity tier 1 capital (to risk-weighted assets)

11.04

11.19

11.85

11.89

11.73

Tier 1 leverage capital (to average assets)

8.21

8.60

8.71

8.69

8.58

Notes to Quarterly Selected Financial Data
(1)Â See accompanying GAAP to Non-GAAP Reconciliation.
(2)Â Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
(3)Â Loans and leases at historical cost only (excludes loans measured at fair value).
(4)Â Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).

Live Oak Bancshares, Inc.
Quarterly Average Balances and Net Interest Margin
(Dollars in thousands)

Three Months Ended
December 31, 2024

Three Months Ended
September 30, 2024

Average
Balance

Interest

Average
Yield/Rate

Average
Balance

Interest

Average
Yield/Rate

Interest-earning assets:

Interest-earning balances in other banks

603,758

7,257

4.78

519,340

7,016

5.37

Investment securities

1,340,027

10,490

3.11

1,287,410

9,750

3.01

Loans held for sale

339,394

7,361

8.63

409,902

9,859

9.57

Loans and leases held for investment ⁽¹⁾

10,030,353

187,460

7.44

9,354,522

182,311

7.75

Total interest-earning assets

12,313,532

212,568

6.87

11,571,174

208,936

7.18

Less: Allowance for credit losses on loans and leases

(155,498

)

(137,285

)

Noninterest-earning assets

551,265

567,098

Total assets

12,709,299

12,000,987

Interest-bearing liabilities:

Interest-bearing checking

350,304

4,350

4.94

350,239

4,892

5.56

Savings

5,333,338

52,308

3.90

5,043,930

51,516

4.06

Money market accounts

138,021

176

0.51

134,481

190

0.56

Certificates of deposit

5,376,290

56,523

4.18

5,028,830

53,576

4.24

Total deposits

11,197,953

113,357

4.03

10,557,480

110,174

4.15

Borrowings

114,561

1,737

6.03

116,925

1,762

6.00

Total interest-bearing liabilities

11,312,514

115,094

4.05

10,674,405

111,936

4.17

Noninterest-bearing deposits

281,874

237,387

Noninterest-bearing liabilities

83,373

90,079

Shareholders’ equity

1,028,426

999,116

Non-controlling interest

3,112

â€”

Total liabilities and shareholders’ equity

12,709,299

12,000,987

Net interest income and interest rate spread

97,474

2.82

97,000

3.01

Net interest margin

3.15

3.33

Ratio of average interest-earning assets to average interest-bearing liabilities

108.85

108.40

(1)Â Average loan and lease balances include non-accruing loans and leases.

Live Oak Bancshares, Inc.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands)

As of and for the three months ended

For the twelve months ended

4Q 2024

3Q 2024

2Q 2024

1Q 2024

4Q 2023

2024

2023

Total shareholdersâ€™ equity

1,003,496

1,007,756

961,049

927,718

902,666

Less:

Goodwill

1,797

Other intangible assets

1,568

1,606

1,644

1,682

1,721

Tangible shareholdersâ€™ equity (a)

1,000,131

1,004,353

957,608

924,239

899,148

Shares outstanding (c)

45,359,425

45,151,691

45,003,856

44,938,673

44,617,673

Total assets

12,943,380

12,607,346

11,868,570

11,505,569

11,271,423

Less:

Goodwill

1,797

Other intangible assets

1,568

1,606

1,644

1,682

1,721

Tangible assets (b)

12,940,015

12,603,943

11,865,129

11,502,090

11,267,905

Tangible shareholdersâ€™ equity to tangible assets (a/b)

7.73

7.97

8.07

8.04

7.98

Tangible book value per share (a/c)

22.05

22.24

21.28

20.57

20.15

Efficiency ratio:

Noninterest expense (d)

81,257

77,589

77,656

77,737

93,204

314,239

322,885

Net interest income

97,474

97,000

91,320

90,111

89,576

375,905

345,305

Noninterest income

30,593

32,932

34,159

26,097

30,107

123,781

111,733

Total revenue (e)

128,067

129,932

125,479

116,208

119,683

499,686

457,038

Efficiency ratio (d/e)

63.45

59.72

61.89

66.89

77.88

Pre-provision net revenue (e-d)

46,810

52,343

47,823

38,471

26,479

185,447

134,153

This press release presents the non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Companyâ€™s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

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