EA Delivers Strong Q1 with Broad-Based Portfolio Performance;
New Battlefield 6 Reveal Just Days Away
REDWOOD CITY, CA – July 29, 2025 – Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its first quarter ended June 30, 2025.
“We delivered a strong start to FY26, outperforming expectations ahead of what will be the most exciting launch slate in EA’s history,” said Andrew Wilson, CEO of Electronic Arts. “From deepening player engagement in EA SPORTS to gearing up for Battlefield 6 and skate., we’re scaling our global communities and continuing to shape the future of interactive entertainment.”
“We exceeded the high end of our guidance in Q1 highlighting the resilience of our live services and the breadth of our portfolio,” said Stuart Canfield, CFO of Electronic Arts. “With strong fundamentals and a robust pipeline ahead, we remain confident in our full-year guidance and long-term margin framework.”
Selected Operating Highlights and Metrics
•Net bookings1 for the quarter totaled $1.298 billion, exceeding the high end of the guidance range of $1.275 billion.
•Q1 performance saw better-than-expected contributions from many areas in our portfolio, including EA SPORTS, Apex Legends, and catalog.
•Global Football delivered year-over-year growth in net bookings, highlighted by a record quarter in FC Mobile net bookings.
•EA SPORTS F1 25 delivered strong year-over-year net bookings growth, supported by an enhanced gameplay experience, including real-world integration with “F1 The Movie”.
Selected Financial Highlights and Metrics
•Net revenue was $1.671 billion for the quarter.
•Net cash provided by operating activities was $17 million for the quarter and $1.976 billion for the trailing twelve months.
•EA repurchased 3.0 million shares for $375 million during the quarter, bringing the total for the trailing twelve months to 17.8 million shares for $2.500 billion.
Dividend
EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock. The dividend is payable on September 17, 2025 to stockholders of record as of the close of business on August 27, 2025.
Business Outlook as of July 29, 2025
Fiscal Year 2026 Expectations
Our outlook for fiscal year 2026 provided on May 6, 2025 remains unchanged.
•Net bookings is expected to be approximately $7.600 billion to $8.000 billion.
•Net revenue is expected to be approximately $7.100 billion to $7.500 billion.
◦Change in deferred net revenue (online-enabled games) is expected to be approximately $500 million.
•GAAP operating expenses are expected to be approximately $4.470 billion to $4.570 billion.
•Net income is expected to be approximately $795 million to $974 million.
•Diluted earnings per share is expected to be approximately $3.09 to $3.79.
•Operating cash flow is expected to be approximately $2.200 billion to $2.400 billion.
•The Company estimates a share count of 257 million for purposes of calculating diluted earnings per share.
•The Company intends to return at least 80% of free cash flow with stock repurchases and dividends through fiscal year 2027.
Q2 Fiscal Year 2026 Expectations – Ending September 30, 2025
•Net bookings is expected to be approximately $1.800 billion to $1.900 billion.
◦The Company expects a more normalized curve for College Football full game sales, partially offset by the launch of Madden NFL 26. Expectations are that early momentum in Apex Legends and catalog continues.
◦This guidance includes a four-point year-over-year headwind related to phasing of the EA SPORTS FC 26 Ultimate Edition content, which will largely be recognized in Q3.
•Net revenue is expected to be approximately $1.750 billion to $1.850 billion.
◦Change in deferred net revenue (online-enabled games) is expected to be approximately $50 million.
•GAAP operating expenses are expected to be approximately $1.215 billion to $1.235 billion.
◦Year-over-year growth in expenses is largely driven by marketing related to upcoming launches, notably Battlefield 6.
•Net income is expected to be approximately $73 million to $117 million.
•Diluted earnings per share is expected to be approximately $0.29 to $0.46.
•The Company estimates a share count of 253 million for purposes of calculating diluted earnings per share.
Quarterly Financial Highlights
Three Months Ended
June 30,
(in $ millions, except per share amounts)
2025
2024
Full game
289
250
Live services and other
1,382
1,410
Total net revenue
1,671
1,660
Net income
201
280
Diluted earnings per share
0.79
1.04
Operating cash flow
17
120
Value of shares repurchased
375
375
Number of shares repurchased
3.0
2.8
Cash dividend paid
48
50
Trailing Twelve Months Financial Highlights
Twelve Months Ended
June 30,
(in $ millions)
2025
2024
Full game
2,041
1,822
Live services and other
5,433
5,476
Total net revenue
7,474
7,298
Net income
1,042
1,151
Operating cash flow
1,976
2,076
Value of shares repurchased
2,500
1,350
Number of shares repurchased
17.8
10.2
Operating Metric
The following is a calculation of our total net bookings for the periods presented:
Three Months Ended June 30,
Twelve Months Ended June 30,
(in $ millions)
2025
2024
2025
2024
Total net revenue
1,671
1,660
7,474
7,298
Change in deferred net revenue (online-enabled games)
(373)
(398)
(83)
(184)
Total net bookings
1,298
1,262
7,391
7,114
Conference Call and Supporting Documents
Electronic Arts will host a conference call on July 29, 2025 at 2:00 pm PT (5:00 pm ET) to review its results for the first fiscal quarter ended June 30, 2025 and its outlook for the future. During the course of the call, Electronic Arts may disclose material developments affecting its business and/or financial performance. Listeners may access the conference call live through the following dial-in number (855) 761-5600 (domestic) or (646) 307-1097 (international), using the conference code 5939891 or via webcast at EA’s IR Website at http://ir.ea.com.
EA has posted a slide presentation with a financial model of EA’s historical results and guidance on EA’s IR Website. EA will also post the prepared remarks and a transcript from the conference call on EA’s IR Website.
A dial-in replay of the conference call will be available until August 12, 2025 at (800) 770-2030 (domestic) or (609) 800-9099 (international) using conference code 5939891. An audio webcast replay of the conference call will be available for one year on EA’s IR Website.
Forward-Looking Statements
Some statements set forth in this release, including the information relating to EA’s expectations under the heading “Business Outlook as of July 29, 2025” and other information regarding EA's expectations contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements.
Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of, and integrate, acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences and trends; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; economic and geopolitical conditions; changes in our tax rates or tax laws; and other factors described in Part I, Item 1A of Electronic Arts’ latest Annual Report on Form 10-K under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission.
These forward-looking statements are current as of July 29, 2025. Electronic Arts assumes no obligation to revise or update any forward-looking statement, except as required by law. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Electronic Arts.
While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Form 10-Q for the fiscal quarter ended June 30, 2025. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended June 30, 2025.
About Electronic Arts
Electronic Arts (NASDAQ: EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.
In fiscal year 2025, EA posted GAAP net revenue of approximately $7.5 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS FC™, Battlefield™, Apex Legends™, The Sims™, EA SPORTS™ Madden NFL, EA SPORTS™ College Football, Need for Speed™, Dragon Age™, Titanfall™, Plants vs. Zombies™ and EA SPORTS F1®. More information about EA is available at www.ea.com/news.
EA, EA SPORTS, EA SPORTS FC, Battlefield, Need for Speed, Apex Legends, The Sims, Dragon Age, Titanfall, and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, and F1 are the property of their respective owners and used with permission.
For additional information, please contact:
Andrew Uerkwitz
Justin Higgs
Vice President, Investor Relations
Vice President, Corporate Communications
650-674-7191
925-502-9253
auerkwitz@ea.com
jhiggs@ea.com
1 Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)
Three Months Ended June 30,
2025
2024
Net revenue
1,671
1,660
Cost of revenue
279
263
Gross profit
1,392
1,397
Operating expenses:
Research and development
706
629
Marketing and sales
214
205
General and administrative
184
180
Amortization of intangibles
17
17
Restructuring
—
2
Total operating expenses
1,121
1,033
Operating income
271
364
Interest and other income (expense), net
2
30
Income before provision for income taxes
273
394
Provision for income taxes
72
114
Net income
201
280
Earnings per share
Basic
0.80
1.05
Diluted
0.79
1.04
Number of shares used in computation
Basic
251
266
Diluted
254
268
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus our guidance provided on May 6, 2025 for the three months ended June 30, 2025 plus a comparison to the actuals for the three months ended June 30, 2024.
Three Months Ended June 30,
2025 Guidance (Mid-Point)
2025 Actuals
2024 Actuals
Variance
Net revenue
Net revenue
1,600
71
1,671
1,660
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1
(375)
2
(373)
(398)
Cost of revenue
Cost of revenue
275
4
279
263
GAAP-based financial data
Acquisition-related expenses
(10)
—
(10)
(10)
Stock-based compensation
(5)
2
(3)
(4)
Operating expenses
Operating expenses
1,115
6
1,121
1,033
GAAP-based financial data
Acquisition-related expenses
(20)
3
(17)
(17)
Restructuring and related charges
—
—
—
(6)
Stock-based compensation
(145)
(4)
(149)
(139)
Income before tax
Income before tax
211
62
273
394
GAAP-based financial data
Acquisition-related expenses
30
(3)
27
27
Change in deferred net revenue (online-enabled games)1
(375)
2
(373)
(398)
Restructuring and related charges
—
—
—
6
Stock-based compensation
150
2
152
143
Tax rate used for management reporting
19
%
19
%
19
%
Earnings per share
Basic
0.58
0.22
0.80
1.05
Diluted
0.58
0.21
0.79
1.04
Number of shares used in computation
Basic
253
(2)
251
266
Diluted
255
(1)
254
268
1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in $ millions)
June 30, 2025
March 31, 20252
ASSETS
Current assets:
Cash and cash equivalents
1,518
2,136
Short-term investments
112
112
Receivables, net
533
679
Other current assets
382
349
Total current assets
2,545
3,276
Property and equipment, net
592
586
Goodwill
5,389
5,376
Acquisition-related intangibles, net
271
293
Deferred income taxes, net
2,462
2,420
Other assets
440
417
TOTAL ASSETS
11,699
12,368
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued, and other current liabilities
1,306
1,359
Deferred net revenue (online-enabled games)
1,334
1,700
Senior notes, current, net
400
400
Total current liabilities
3,040
3,459
Senior notes, net
1,484
1,484
Income tax obligations
647
594
Other liabilities
446
445
Total liabilities
5,617
5,982
Stockholders’ equity:
Common stock
3
3
Retained earnings
6,241
6,470
Accumulated other comprehensive loss
(162)
(87)
Total stockholders’ equity
6,082
6,386
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
11,699
12,368
2Derived from audited consolidated financial statements.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended June 30,
2025
2024
OPERATING ACTIVITIES
Net income
201
280
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and impairment
79
80
Stock-based compensation
152
143
Change in assets and liabilities
Receivables, net
145
132
Other assets
(55)
58
Accounts payable, accrued, and other liabilities
(98)
(158)
Deferred income taxes, net
(40)
(13)
Deferred net revenue (online-enabled games)
(367)
(402)
Net cash provided by operating activities
17
120
INVESTING ACTIVITIES
Capital expenditures
(72)
(67)
Proceeds from maturities and sales of short-term investments
42
128
Purchase of short-term investments
(42)
(130)
Acquisitions, net of cash acquired
(17)
—
Net cash used in investing activities
(89)
(69)
FINANCING ACTIVITIES
Cash dividends paid
(48)
(50)
Cash paid to taxing authorities for shares withheld from employees
(145)
(121)
Common stock repurchases and excise taxes paid
(375)
(375)
Net cash used in financing activities
(568)
(546)
Effect of foreign exchange on cash and cash equivalents
22
(5)
Change in cash and cash equivalents
(618)
(500)
Beginning cash and cash equivalents
2,136
2,900
Ending cash and cash equivalents
1,518
2,400
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)
Q1
Q2
Q3
Q4
Q1
YOY %
FY25
FY25
FY25
FY25
FY26
Change
Net revenue
Net revenue
1,660
2,025
1,883
1,895
1,671
1
%
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1
(398)
54
332
(96)
(373)
Gross profit
Gross profit
1,397
1,569
1,427
1,527
1,392
—
Gross profit (as a % of net revenue)
84
%
78
%
76
%
81
%
83
%
GAAP-based financial data
Acquisition-related expenses
10
10
10
10
10
Change in deferred net revenue (online-enabled games)1
(398)
54
332
(96)
(373)
Stock-based compensation
4
4
3
3
3
Operating income
Operating income
364
384
377
395
271
(26
%)
Operating income (as a % of net revenue)
22
%
19
%
20
%
21
%
16
%
GAAP-based financial data
Acquisition-related expenses
27
27
26
27
27
Change in deferred net revenue (online-enabled games)1
(398)
54
332
(96)
(373)
Restructuring and related charges
6
52
—
4
—
Stock-based compensation
143
174
163
162
152
Net income
Net income
280
294
293
254
201
(28
%)
Net income (as a % of net revenue)
17
%
15
%
16
%
13
%
12
%
GAAP-based financial data
Acquisition-related expenses
27
27
26
27
27
Change in deferred net revenue (online-enabled games)1
(398)
54
332
(96)
(373)
Restructuring and related charges
6
52
—
4
—
Stock-based compensation
143
174
163
162
152
Tax rate used for management reporting
19
%
19
%
19
%
19
%
19
%
Diluted earnings per share
1.04
1.11
1.11
0.98
0.79
(24
%)
Number of shares used in computation
Basic
266
264
262
257
251
Diluted
268
266
265
259
254
1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q1
Q2
Q3
Q4
Q1
YOY %
FY25
FY25
FY25
FY25
FY26
Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads
190
475
446
367
233
23
%
Packaged goods
60
241
153
70
56
(7
%)
Full game
250
716
599
437
289
16
%
Live services and other
1,410
1,309
1,284
1,458
1,382
(2
%)
Total net revenue
1,660
2,025
1,883
1,895
1,671
1
%
Full game
15
%
35
%
32
%
23
%
17
%
Live services and other
85
%
65
%
68
%
77
%
83
%
Total net revenue %
100
%
100
%
100
%
100
%
100
%
GAAP-based financial data
Full game downloads
(47)
70
25
(27)
(46)
Packaged goods
(35)
46
9
(26)
(29)
Full game
(82)
116
34
(53)
(75)
Live services and other
(316)
(62)
298
(43)
(298)
Total change in deferred net revenue (online-enabled games) by composition1
(398)
54
332
(96)
(373)
Net revenue by platform
Console
1,005
1,374
1,215
1,182
1,007
—
PC & Other
365
364
392
426
374
2
%
Mobile
290
287
276
287
290
—
Total net revenue
1,660
2,025
1,883
1,895
1,671
1
%
GAAP-based financial data
Console
(328)
108
275
(86)
(317)
PC & Other
(70)
(37)
33
(11)
(54)
Mobile
—
(17)
24
1
(2)
Total change in deferred net revenue (online-enabled games) by platform1
(398)
54
332
(96)
(373)
1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q1
Q2
Q3
Q4
Q1
YOY %
FY25
FY25
FY25
FY25
FY26
Change
CASH FLOW DATA
Investing cash flow
(69)
(46)
(62)
214
(89)
Investing cash flow - TTM
(232)
(215)
(226)
37
17
107
%
Financing cash flow
(546)
(402)
(504)
(1,411)
(568)
Financing cash flow - TTM
(1,688)
(1,739)
(1,812)
(2,863)
(2,885)
(71
%)
Operating cash flow
120
234
1,176
549
17
Operating cash flow - TTM
2,076
2,198
2,110
2,079
1,976
(5
%)
Capital expenditures
67
50
50
54
72
Capital expenditures - TTM
221
220
218
221
226
2
%
Free cash flow3
53
184
1,126
495
(55)
Free cash flow3 - TTM
1,855
1,978
1,892
1,858
1,750
(6
%)
Common stock repurchases and excise taxes paid
375
375
383
1,375
375
—
Cash dividends paid
50
51
50
48
48
(4
%)
DEPRECIATION
Depreciation expense
51
51
51
51
52
2
%
BALANCE SHEET DATA
Cash and cash equivalents
2,400
2,197
2,776
2,136
1,518
Short-term investments
366
366
379
112
112
Cash and cash equivalents, and short-term investments
2,766
2,563
3,155
2,248
1,630
(41
%)
Receivables, net
433
1,012
742
679
533
23
%
STOCK-BASED COMPENSATION
Cost of revenue
4
4
3
3
3
Research and development
101
122
119
115
110
Marketing and sales
12
16
14
14
12
General and administrative
26
32
27
30
27
Total stock-based compensation
143
174
163
162
152
RESTRUCTURING AND RELATED CHARGES
Restructuring
2
51
1
3
—
Office space reductions
4
1
(1)
1
—
Total restructuring and related charges
6
52
—
4
—
3Free cash flow is defined as Operating cash flow less Capital expenditures.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(in $ millions)
The following table provides a reconciliation of non-GAAP operating income and margin to their most directly comparable GAAP financial measure for the three months ended June 30, 2025 plus a comparison to the actuals for the three months ended June 30, 2024.
Three Months Ended
June 30
2025
2024
YOY % Change
Net revenue
1,671
1,660
1%
GAAP operating income
271
364
(26%)
Acquisition-related expenses
27
27
Restructuring and related charges
—
6
Stock-based compensation
152
143
Non-GAAP operating income
450
540
(17%)
GAAP operating margin
16.2%
21.9%
Non-GAAP operating margin
26.9%
32.5%
Impact from change in deferred net revenue (online-enabled games)
(2,100 bps)
(2,120 bps)
ELECTRONIC ARTS INC. AND SUBSIDIARIES
GAAP Guidance to Non-GAAP Guidance
(in $ millions)
The following table provides GAAP to Non-GAAP reconciliation of the Company’s FY26 guidance.
Twelve Months Ending March 31, 2026
GAAP-Based Financial Data
GAAP-Based Financial Data
A
B
C
GAAP Guidance Range
Acquisition-related expenses5
Stock-based compensation5
Non-GAAP Guidance Range = A + B +C
Change in deferred net revenue (online-enabled games)5
Net revenue
7,100
to
7,500
—
—
7,100
to
7,500
500
Cost of revenue
1,475
to
1,515
(40)
(15)
1,420
to
1,460
—
Operating expense
4,470
to
4,570
(70)
(650)
3,750
to
3,850
—
Operating margin
16.3%
to
18.9%
150 bps
910 bps
27.2%
to
29.2%
480 bps to 440 bps
Income before provision for income taxes
1,136
to
1,391
110
665
1,911
to
2,166
500
Net income4
795
to
974
Number of shares used in computation:
Diluted
257
4 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods.
5 The mid-point of the range has been used for purposes of presenting reconciling items to operating margin.
ELECTRONIC ARTS INC. AND SUBSIDIARIES
GAAP-Based Financial Data for Guidance
(in $ millions)
The following table provides supplemental information to the Company’s Q2 FY26 guidance.
Three Months Ending September 30, 2025
GAAP-Based Financial Data
GAAP Guidance Range
Acquisition-related expenses
Stock-based compensation
Change in deferred net revenue (online-enabled games)
Net revenue
1,750
to
1,850
—
—
50
Cost of revenue
430
to
450
(10)
(5)
—
Operating expense
1,215
to
1,235
(20)
(170)
—
Income before provision for income taxes
104
to
167
30
175
50
Net income4
73
to
117
Number of shares used in computation:
Diluted
253
4 The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan and analyze future periods.
Non-GAAP Financial Measures
As a supplement to the Company’s financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance, including non-GAAP operating margin and free cash flow. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the Company’s results of operations as determined in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting and differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.
The non-GAAP financial measures exclude acquisition-related expenses, stock-based compensation, restructuring and related charges, and capital expenditures, as applicable in any given reporting period and our outlook. The Company may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Management believes that these non-GAAP financial measures provide investors with additional useful information to better understand and evaluate the Company’s operating results and future prospects because they exclude certain items that may not be indicative of the Company’s core business, operating results, or future outlook. These non-GAAP financial measures, with further adjustments are used by management to understand ongoing financial and business performance.
The Company uses a tax rate of 19% internally to evaluate its operating performance and to forecast, plan, and analyze future periods. Accordingly, the Company applies the same tax rate to its management reporting financial results.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure.
