ResMed Inc. Announces Results for the Second Quarter of Fiscal Year 2024

- NYSE Companies
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  • Year-over-year revenue grows 12%, operating profit down 2%, non-GAAP operating profit up 20%
  • Resumed share repurchase program, repurchased $50 million during quarter

Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com

SAN DIEGO, Jan. 24, 2024 (GLOBE NEWSWIRE) — ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter ended December 31, 2023.

Second Quarter 2024 Highlights
All comparisons are to the prior year period

  • Revenue increased by 12% to $1.2 billion; up 11% on a constant currency basis 
  • Gross margin contracted 50 bps to 55.6%; non-GAAP gross margin grew 10 bps to 56.9%
  • Income from operations decreased 2%; non-GAAP operating profit up 20%
  • Operating cash flow of $272.8 million
  • Diluted earnings per share of $1.42; non-GAAP diluted earnings per share of $1.88

“Our second-quarter fiscal year 2024 results reflect strong double-digit growth across our combined device, masks and accessories, and residential care software businesses, as well as cost discipline to support an acceleration in profitability,” said Mick Farrell, ResMed’s CEO. “We continue to expand the production and delivery of our market-leading flow generator platforms, and we are successfully launching our latest generation platform, AirSense 11, into new markets and geographies around the world. The strong growth in patient flow we’ve seen over the past several quarters has supported ongoing device growth, as well as augmented and accelerated our replenishment programs for sustained mask and accessories growth. Organic growth of our residential care software business in home medical equipment, home health, home nursing, and beyond, catalyzed by strategic acquisitions, continues to deliver and complements our core mask and accessory business growth.

“As we look ahead, ResMed is well-positioned to lean into leading the expansion and growth of sleep health and breathing health. We are the clear leader in a very large and growing market; I’m excited about ResMed’s future as we focus on delivering for our stakeholders through product innovation, operational excellence, and increasing brand awareness as we progress towards our goal of improving 250 million lives in 2025.”

Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts

  Three Months Ended
  December 31,
2023		   December 31,
2022		   % Change   Constant
Currency (A)
Revenue $ 1,162.8     $ 1,033.7     12 %   11 %
Gross margin    55.6 %     56.1 %   (1 )    
Non-GAAP gross margin (B)   56.9 %     56.8 %   —      
Selling, general, and administrative expenses   222.2       211.7     5     4  
Research and development expenses   73.9       69.9     6     6  
Income from operations   275.1       280.2     (2 )    
Non-GAAP income from operations (B)   365.5       305.5     20      
Net income   208.8       224.9     (7 )    
Non-GAAP net income (B)   277.3       244.4     13      
Diluted earnings per share $ 1.42     $ 1.53     (7 )    
Non-GAAP diluted earnings per share (B) $ 1.88     $ 1.66     13      
                         
  Six Months Ended
  December 31,
2023		   December 31,
2022		   % Change   Constant
Currency (A)
Revenue $ 2,265.1     $ 1,984.0     14 %   13 %
Gross margin    55.1 %     56.5 %   (2 )    
Non-GAAP gross margin (B)   56.4 %     57.2 %   (1 )    
Selling, general, and administrative expenses   445.0       404.9     10     9  
Research and development expenses   149.6       133.1     12     13  
Income from operations   564.1       555.9     1      
Non-GAAP income from operations (B)   684.3       596.3     15      
Net income   428.2       435.4     (2 )    
Non-GAAP net income (B)   518.5       466.5     11      
Diluted earnings per share $ 2.90     $ 2.95     (2 )    
Non-GAAP diluted earnings per share (B) $ 3.51     $ 3.17     11      
                         

(A) In order to provide a framework for assessing how our underlying businesses performed excluding, the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

(B) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

Discussion of Second Quarter Results
All comparisons are to the prior year period unless otherwise noted

  • Revenue grew by 11 percent on a constant currency basis, driven by increased demand for our sleep devices, as well as strong growth across our mask product portfolio.
    • Revenue in the U.S., Canada, and Latin America, excluding Software-as-a-Service, grew by 9 percent.
    • Revenue in Europe, Asia, and other markets, excluding Software-as-a-Service, grew by 12 percent on a constant currency basis.
    • Software-as-a-Service revenue increased by 24 percent, reflecting incremental revenue from our acquisition of MEDIFOX DAN and continued organic growth in our SaaS portfolio.
  • Gross margin decreased by 50 basis points mainly due to costs associated with a field safety notification for masks with magnets. Non-GAAP gross margin increased by 10 basis points, primarily due to reduced freight costs and favorable foreign currency movements, partially offset by an unfavorable product mix and component cost increases.
  • Selling, general, and administrative expenses increased by 4 percent on a constant currency basis. SG&A expenses improved to 19.1 percent of revenue in the quarter, compared with 20.5 percent in the same period of the prior year. The increase in SG&A expenses was mainly due to increases in employee-related expenses and incremental expenses associated with our acquisition of MEDIFOX DAN.
  • We recorded $64.2 million of restructuring related charges associated with an evaluation of our existing operations to increase operational efficiency, decrease costs, and increase profitability. Restructuring charges were comprised of $28.6 million of employee severance and other one-time termination benefits, $33.2 million of intangible asset impairments associated with the wind down of certain business activities, and $2.4 million of other miscellaneous asset impairments.
  • Income from operations decreased by 2 percent, and non-GAAP income from operations increased by 20 percent.
  • Net income for the quarter was $208.8 million and diluted earnings per share was $1.42. Non-GAAP net income increased by 13% to $277.3 million, and non-GAAP diluted earnings per share increased by 13% to $1.88, predominantly attributable to strong sales and modest growth of operating expenses.
  • Operating cash flow for the quarter was $272.8 million, compared to net income in the current quarter of $208.8 million and non-GAAP net income of $277.3 million.
  • During the quarter, we paid $70.7 million in dividends and repurchased 335,000 shares for consideration of $50 million as part of our ongoing capital management.

Other Business and Operational Highlights

  • Introduced a new operating model with three new global leadership positions designed to accelerate long-term profitable growth. Operating model evolution intended to increase the velocity of product development and sharpen focus on customers and brand through a Product-led, Customer-centric, and Brand-enhanced organization. Justin Leong appointed Chief Product Officer, Katrin Pucknat became Chief Marketing Officer, and Mike Fliss named Chief Revenue Officer.
  • Announced the retirement of Rob Douglas, former President and Chief Operating Officer, effective January 1, 2024. Rob remains as a consultant and advisor to the CEO through 2024.
  • Announced the results of a study on the global burden of Chronic Obstructive Pulmonary Disease (COPD) published in the Journal of the American Medical Association (JAMA) Network Open. The study estimates a 23% increase in COPD by 2050, representing 600 million patients globally, with disproportionate increases expected in women (47%) and low- and middle-income countries (32%).
  • Successfully defended patent infringement complaint brought against ResMed by New York University; a significant victory that protects ResMed’s innovation and ongoing investments to provide patients with leading therapy solutions.

Dividend program
The ResMed board of directors today declared a quarterly cash dividend of $0.48 per share. The dividend will have a record date of February 8, 2024, payable on March 14, 2024. The dividend will be paid in U.S. currency to holders of ResMed’s common stock trading on the New York Stock Exchange. Holders of CHESS Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs and NYSE shares. The ex-dividend date will be February 7, 2024, for common stockholders and for CDI holders. ResMed has received a waiver from the ASX’s settlement operating rules, which will allow ResMed to defer processing conversions between its common stock and CDI registers from February 7, 2024, through February 8, 2024, inclusive. 

Webcast details
ResMed will discuss its second quarter fiscal year 2024 results on its webcast at 1:30 p.m. U.S. Pacific Time today. The live webcast of the call can be accessed on ResMed’s Investor Relations website at investor.resmed.com. Please go to this section of the website and click on the icon for the “Q2 2024 Earnings Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the website and available approximately two hours after the live webcast. In addition, a telephone replay of the conference call will be available approximately three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13743530. The telephone replay will be available until February 7, 2024.

About ResMed
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our comprehensive out-of-hospital software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140 countries. To learn more, visit ResMed.com and follow @ResMed.

Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product development, new product launches, new markets for its products, the integration of acquisitions, our supply chain, domestic and international regulatory developments, litigation, tax outlook, and macroeconomic conditions of our business – are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.

RESMED INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations
(Unaudited; $ in thousands, except for per share amounts)

  Three Months Ended   Six Months Ended
  December 31,
2023		   December 31,
2022		   December 31,
2023		   December 31,
2022
               
Net revenue $ 1,162,801     $ 1,033,744     $ 2,265,122     $ 1,984,038  
               
Cost of sales   501,259       446,724       986,702       849,834  
Amortization of acquired intangibles(1)   8,257       7,305       17,164       13,680  
Masks with magnets field safety notification expenses(1)   6,351       —       6,351       —  
Astral field safety notification expenses(1)   —       —       7,911       —  
Total cost of sales $ 515,867     $ 454,029     $ 1,018,128     $ 863,514  
Gross profit $ 646,934     $ 579,715     $ 1,246,994     $ 1,120,524  
               
Selling, general, and administrative   222,155       211,672       445,029       404,860  
Research and development   73,880       69,874       149,590       133,062  
Amortization of acquired intangibles(1)   11,577       9,563       24,056       17,513  
Restructuring expenses(1)   64,228       —       64,228       —  
Acquisition related expenses(1)   —       8,412       —       9,157  
Total operating expenses $ 371,840     $ 299,521     $ 682,903     $ 564,592  
Income from operations $ 275,094     $ 280,194     $ 564,091     $ 555,932  
               
Other income (expenses), net:              
Interest income (expense), net $ (13,805 )   $ (10,338 )   $ (28,762 )   $ (17,472 )
Gain (loss) attributable to equity method investments   739       (2,826 )     (3,156 )     (4,853 )
Gain (loss) on equity investments(1)   (1,888 )     8,368       (2,491 )     5,088  
Other, net   (686 )     (1,707 )     1,963       (3,211 )
Total other income (expenses), net   (15,640 )     (6,503 )     (32,446 )     (20,448 )
Income before income taxes $ 259,454     $ 273,691     $ 531,645     $ 535,484  
Income taxes   50,654       48,777       103,423       100,092  
Net income $ 208,800     $ 224,914     $ 428,222     $ 435,392  
               
Basic earnings per share $ 1.42     $ 1.53     $ 2.91     $ 2.97  
Diluted earnings per share $ 1.42     $ 1.53     $ 2.90     $ 2.95  
Non-GAAP diluted earnings per share(1) $ 1.88     $ 1.66     $ 3.51     $ 3.17  
               
Basic shares outstanding   147,132       146,704       147,104       146,568  
Diluted shares outstanding   147,545       147,405       147,572       147,367  
                               

(1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.

Condensed Consolidated Balance Sheets
(Unaudited; $ in thousands)

  December 31,
2023		   June 30,
2023
Assets      
Current assets:      
Cash and cash equivalents $ 210,247     $ 227,891  
Accounts receivable, net   729,740       704,909  
Inventories   933,214       998,012  
Prepayments and other current assets   504,876       437,018  
Total current assets $ 2,378,077     $ 2,367,830  
Non-current assets:      
Property, plant, and equipment, net $ 551,734     $ 537,856  
Operating lease right-of-use assets   153,473       127,955  
Goodwill and other intangibles, net   3,390,032       3,322,640  
Deferred income taxes and other non-current assets   431,772       395,427  
Total non-current assets $ 4,527,011     $ 4,383,878  
Total assets $ 6,905,088     $ 6,751,708  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 202,395     $ 150,756  
Accrued expenses   332,136       365,660  
Operating lease liabilities, current   24,057       21,919  
Deferred revenue   148,897       138,072  
Income taxes payable   46,690       72,224  
Short-term debt   9,898       9,902  
Total current liabilities $ 764,073     $ 758,533  
Non-current liabilities:      
Deferred revenue $ 127,410     $ 119,186  
Deferred income taxes   89,282       90,650  
Operating lease liabilities, non-current   140,649       116,853  
Other long-term liabilities   72,894       68,166  
Long-term debt   1,216,769       1,431,234  
Long-term income taxes payable   12,157       37,183  
Total non-current liabilities $ 1,659,161     $ 1,863,272  
Total liabilities $ 2,423,234     $ 2,621,805  
Stockholders’ equity      
Common stock $ 588     $ 588  
Additional paid-in capital   1,822,918       1,772,083  
Retained earnings   4,539,963       4,253,016  
Treasury stock   (1,673,263 )     (1,623,256 )
Accumulated other comprehensive income   (208,352 )     (272,528 )
Total stockholders’ equity $ 4,481,854     $ 4,129,903  
Total liabilities and stockholders’ equity $ 6,905,088     $ 6,751,708  
               

Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)

  Three Months Ended   Six Months Ended
  December 31,
2023		   December 31,
2022		   December 31,
2023		   December 31,
2022
Cash flows from operating activities:              
Net income $ 208,800     $ 224,914     $ 428,222     $ 435,392  
Adjustment to reconcile net income to cash provided by operating activities:              
Depreciation and amortization   44,784       37,767       89,718       74,040  
Amortization of right-of-use assets   8,586       7,772       17,094       15,533  
Stock-based compensation costs   19,840       16,464       38,350       33,383  
(Gain) loss attributable to equity method investments, net of dividends received   (739 )     2,826       3,156       4,853  
(Gain) loss on equity investments   1,888       (8,368 )     2,491       (5,088 )
Non-cash restructuring expenses   33,239       —       33,239       —  
Changes in operating assets and liabilities:              
Accounts receivable, net   (26,802 )     (19,585 )     (20,269 )     (75,823 )
Inventories, net   50,184       (86,020 )     77,095       (233,116 )
Prepaid expenses, net deferred income taxes and other current assets   (32,575 )     (29,862 )     (74,590 )     (66,646 )
Accounts payable, accrued expenses, income taxes payable and other   (34,373 )     (17,271 )     (35,391 )     (9,230 )
Net cash provided by operating activities $ 272,832     $ 128,637     $ 559,115     $ 173,298  
Cash flows from investing activities:              
Purchases of property, plant, and equipment   (23,353 )     (27,350 )     (53,388 )     (56,406 )
Patent registration and acquisition costs   (1,205 )     (4,320 )     (12,036 )     (7,636 )
Business acquisitions, net of cash acquired   (7,504 )     (992,125 )     (110,688 )     (1,011,225 )
Purchases of investments   (3,625 )     (12,841 )     (7,305 )     (17,132 )
Proceeds from exits of investments   —       —       250       —  
(Payments) / proceeds on maturity of foreign currency contracts   (5,456 )     10,223       (6,956 )     7,181  
Net cash used in investing activities $ (41,143 )   $ (1,026,413 )   $ (190,123 )   $ (1,085,218 )
Cash flows from financing activities:              
Proceeds from issuance of common stock, net   19,524       22,056       20,507       24,666  
Purchases of treasury stock   (50,007 )     —       (50,007 )     —  
Taxes paid related to net share settlement of equity awards   (7,797 )     (29,654 )     (8,022 )     (29,713 )
Payments of business combination contingent consideration   —       —       (1,293 )     —  
Proceeds from borrowings, net of borrowing costs   —       1,020,000       105,000       1,070,000  
Repayment of borrowings   (130,000 )     (15,000 )     (315,000 )     (45,000 )
Dividends paid   (70,678 )     (64,500 )     (141,275 )     (128,931 )
Net cash (used in) / provided by financing activities $ (238,958 )   $ 932,902     $ (390,090 )   $ 891,022  
Effect of exchange rate changes on cash $ 8,416     $ 10,910     $ 3,454     $ 387  
Net increase / (decrease) in cash and cash equivalents   1,147       46,036       (17,644 )     (20,511 )
Cash and cash equivalents at beginning of period   209,100       207,163       227,891       273,710  
Cash and cash equivalents at end of period $ 210,247     $ 253,199     $ 210,247     $ 253,199  
                               

Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)

The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from acquired intangibles and restructuring expense related to cost of sales and are reconciled below:

  Three Months Ended   Six Months Ended
  December 31, 2023   December 31, 2022   December 31, 2023   December 31, 2022
               
Revenue $ 1,162,801     $ 1,033,744     $ 2,265,122     $ 1,984,038  
               
GAAP cost of sales $ 515,867     $ 454,029     $ 1,018,128     $ 863,514  
Less:Amortization of acquired intangibles(A)   (8,257 )     (7,305 )     (17,164 )     (13,680 )
Less: Masks with magnets field safety notification expenses(A)   (6,351 )     —       (6,351 )     —  
Less: Astral field safety notification expenses(A)   —       —       (7,911 )     —  
Non-GAAP cost of sales $ 501,259     $ 446,724     $ 986,702     $ 849,834  
               
GAAP gross profit $ 646,934     $ 579,715     $ 1,246,994     $ 1,120,524  
GAAP gross margin   55.6 %     56.1 %     55.1 %     56.5 %
Non-GAAP gross profit $ 661,542     $ 587,020     $ 1,278,420     $ 1,134,204  
Non-GAAP gross margin   56.9 %     56.8 %     56.4 %     57.2 %
                               

The measure “non-GAAP income from operations” is reconciled with GAAP income from operations below:

  Three Months Ended   Six Months Ended
  December 31, 2023   December 31, 2022   December 31, 2023   December 31, 2022
               
GAAP income from operations $ 275,094   $ 280,194   $ 564,091   $ 555,932
Amortization of acquired intangibles—cost of sales (A)   8,257     7,305     17,164     13,680
Amortization of acquired intangibles—operating expenses (A)   11,577     9,563     24,056     17,513
Restructuring (A)   64,228     —     64,228     —
Masks with magnets field safety notification expenses (A)   6,351     —     6,351     —
Astral field safety notification expenses (A)   —     —     7,911     —
Acquisition-related expenses (A)   —     8,412     483     9,157
Non-GAAP income from operations $ 365,507   $ 305,474   $ 684,284   $ 596,282
                       

Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)

The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP net income and GAAP diluted earnings per share in the table below:

  Three Months Ended   Six Months Ended
  December 31, 2023   December 31, 2022   December 31, 2023   December 31, 2022
               
GAAP net income $ 208,800     $ 224,914     $ 428,222     $ 435,392  
Amortization of acquired intangibles—cost of sales(A)   8,257       7,305       17,164       13,680  
Amortization of acquired intangibles—operating expenses(A)   11,577       9,563       24,056       17,513  
Restructuring expenses(A)   64,228       —       64,228       —  
Masks with magnets field safety notification expenses(A)   6,351       —       6,351       —  
Astral field safety notification expenses(A)   —       —       7,911       —  
Acquisition-related expenses(A)   —       8,412       483       9,157  
Income tax effect on non-GAAP adjustments(A)   (21,868 )     (5,812 )     (29,886 )     (9,272 )
Non-GAAP net income(A) $ 277,345     $ 244,382     $ 518,529     $ 466,470  
               
GAAP diluted shares outstanding   147,545       147,405       147,572       147,367  
GAAP diluted earnings per share $ 1.42     $ 1.53     $ 2.90     $ 2.95  
Non-GAAP diluted earnings per share(A) $ 1.88     $ 1.66     $ 3.51     $ 3.17  
                               

(A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition-related expenses, and associated tax effects from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.

ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.

Revenue by Product and Region
(Unaudited; $ in millions, except for per share amounts)

  Three Months Ended
  December 31,
2023		 (A) December 31,
2022		 (A) % Change   Constant
Currency (B)
U.S., Canada, and Latin America              
Devices $ 371.3   $ 345.5   7 %    
Masks and other   298.0     269.7   10      
Total U.S., Canada and Latin America $ 669.3   $ 615.3   9      
               
Combined Europe, Asia, and other markets              
Devices $ 234.7   $ 197.3   19 %   16 %
Masks and other   113.9     104.4   9     4  
Total Combined Europe, Asia and other markets $ 348.5   $ 301.7   16     12  
               
Global revenue              
Total Devices $ 606.0   $ 542.8   12 %   11 %
Total Masks and other   411.9     374.2   10     9  
Total Sleep and Respiratory Care $ 1,017.9   $ 917.0   11     10  
               
Software-as-a-Service   144.9     116.8   24      
Total $ 1,162.8   $ 1,033.7   12     11  
               
  Six Months Ended
  December 31,
2023		 (A) December 31,
2022		 (A) %
Change		   Constant
Currency (B)
U.S., Canada, and Latin America              
Devices $ 717.2   $ 685.1   5 %    
Masks and other   590.5     508.3   16      
Total U.S., Canada and Latin America $ 1,307.7   $ 1,193.4   10      
               
Combined Europe, Asia, and other markets              
Devices $ 453.5   $ 375.3   21 %   18 %
Masks and other   219.7     192.8   14     9  
Total Combined Europe, Asia and other markets $ 673.2   $ 568.1   19     15  
               
Global revenue              
Total Devices $ 1,170.7   $ 1,060.4   10 %   9 %
Total Masks and other   810.2     701.0   16     14  
Total Sleep and Respiratory Care $ 1,980.9   $ 1,761.4   12     11  
               
Software-as-a-Service   284.2     222.6   28      
Total $ 2,265.1   $ 1,984.0   14     13  

(A) Totals and subtotals may not add due to rounding.

(B) In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

 


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