Ouster Announces Operating Results for Second Quarter 2025
Company exceeds guidance, ships record number of sensors, and delivers tenth straight quarter of revenue growth
SAN FRANCISCO, CA – [August 7, 2025 at 4:10 PM ET] – Ouster, Inc. (Nasdaq: OUST) (“Ouster” or the “Company”), a global leader in high-performance lidar sensors and intelligent software solutions that bring Physical AI to life across the automotive, industrial, robotics and smart infrastructure sectors, announced today financial results for the three months ended June 30, 2025.
Second Quarter 2025 Highlights:
| • | $35 million in revenue, up 30% year over year and 7% sequentially; |
| • | GAAP gross margin of 45%, up 1100bps year over year and 400bps sequentially; |
| • | Net loss of $21 million, an improvement of $3 million year over year and $1 million sequentially; |
| • | Non-GAAP gross margin1 of 52%, up 1200bps year over year and 500bps sequentially; |
| • | Adjusted EBITDA1 loss of $6 million, an improvement of $5 million year over year and $2 million sequentially; |
| • | Cash, cash equivalents, restricted cash, and short-term investments of $229 million as of June 30, 2025. |
“Ouster achieved strong second quarter results above the high end of guidance and shipped a record 5,500 sensors, bringing Physical AI to life across logistics, industrial, and smart infrastructure sites around the world,” said Ouster CEO Angus Pacala. “We continue to make progress against each of our top priorities: advancing the development of our product portfolio, scaling our software-attached business, and executing towards profitability. We are well positioned for continued growth as we see customers successfully moving from prototype testing and into commercial production. Our story is just getting started, and we have the team, customers, and strategy to be a leader in Physical AI.”
Revenue
Ouster delivered quarterly revenue of $35 million, an increase of 30% year over year and 7% sequentially. Demand was primarily driven by customers in the industrial and automotive verticals for use cases in warehouse automation, yard logistics, and robotaxis. The Company shipped over 5,500 sensors for revenue, a new quarterly record. The Company continues to work closely with customers to mitigate any disruptions resulting from the unpredictable geopolitical and macroeconomic environment.
Gross Margin
GAAP gross margin of 45%, an increase of 1100 basis points compared to 34% in the second quarter of 2024 and 400 basis points compared to 41% in the first quarter of 2025. Gross margin benefitted from higher revenues, product mix, and a favorable employment tax refund. Non-GAAP gross margin increased to 52%, an improvement of approximately 1200 basis points year over year and 500 basis points sequentially. Non-GAAP gross margin excludes the impact of stock-based compensation expenses and certain other items outside of ordinary operations.
| 1 | Adjusted EBITDA loss and non-GAAP gross margin are non-GAAP financial measures. See Non-GAAP Financial Measures for additional information and reconciliations of these measures to their respective most directly comparable financial measures calculated in accordance with U.S. GAAP. |
Third Quarter 2025 Outlook
For the third quarter of 2025, Ouster expects to achieve $35 million to $38 million in revenue.
Upcoming Investor Events
Ouster management will participate in the following upcoming investor events:
| • | Oppenheimer 28th Annual Technology, Internet & Communications Conference – August 12, 2025 (Virtual) |
| • | J.P. Morgan 2025 Auto Conference – August 13, 2025 (New York City) |
| • | Rosenblatt 5th Annual Technology Summit – August 18, 2025 (Virtual) |
Conference Call Information
Ouster will host a conference call and live webcast for analysts and investors at 5:00 p.m. ET today, August 7, 2025 to discuss its financial results and business outlook.
Interested parties may listen to a live webcast of the conference call. Registration for the webcast can be completed by visiting the following website: https://edge.media-server.com/mmc/p/uy3vijgo/. The webcast will be available for replay for at least 30 days after the conference call on Ouster’s investor website at https://investors.ouster.com/.
About Ouster
Ouster (Nasdaq: OUST) is a global leader in high-performance lidar sensors and intelligent software solutions that bring Physical AI to life across the automotive, industrial, robotics, and smart infrastructure sectors. Ouster’s technology delivers performance, reliability, and affordability to accelerate the adoption of autonomous systems at scale and drive meaningful improvements in safety, efficiency and sustainability. Ouster is headquartered in San Francisco, CA, with offices in the Americas, Europe, and Asia-Pacific. For more information about our products, visit www.ouster.com, contact our sales team, or connect with us on X or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than statements of historical fact, including statements regarding our future financial results and financial condition, our strategy, our market positioning, demand for our products, progress against our priorities, and future investor conference attendance, are forward-looking statements, all constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, risks related to
Ouster’s limited operating history and history of losses; the substantial research and development costs needed to develop and commercialize new products; Ouster’s limited sales history and the ability to maintain confidence in the Company’s long-term business prospect among customers in target markets; fluctuations in its operating results; its ability to maintain competitive average selling prices, high sales volumes and reduce product costs; competition in Ouster’s industry; the negotiating power and product standards of its customers; the adoption of its products and the growth of the lidar market generally; product quality and liability risks; Ouster’s future capital needs and ability to secure additional capital on favorable terms or at all; market acceptance of lidar and Ouster’s forecasts for market growth; Ouster’s ability to manage growth, including growing the sales and marketing organization; risks related to international operations, including international manufacturing; cancellation or postponement of contracts or unsuccessful implementations; the Company’s ability to manage its inventory; credit risk of customers; Ouster’s ability to use tax attributes; Ouster’s dependence on key third party suppliers, in particular Benchmark Electronics, Inc., Fabrinet, and other suppliers; supply chain constraints and challenges; conditions in the industries the Company targets or the global economy; Ouster’s ability to recruit and retain key personnel; its ability to complete or achieve the anticipated benefits of new acquisitions or investments; changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on Ouster’s business, financial condition and results of operations; risks related to the use of AI tools by us and others; Ouster’s ability to adequately protect and enforce its intellectual property rights; legal and regulatory risks; risks related to operating as a public company; and other important factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and updated by the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, once filed, and as may be further updated from time to time in the Company’s other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.
In addition, see information below concerning non-GAAP financial measures.
Non-GAAP Financial Measures
In addition to its results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), Ouster believes the non-GAAP measures of Non-GAAP Gross Profit, Non-GAAP Gross Margin and Adjusted EBITDA are useful in evaluating its operating performance. Ouster calculates Non-GAAP Gross Profit as gross profit (loss) excluding amortization of acquired intangibles, certain excess and obsolete expenses and losses on firm purchase commitments, and stock-based compensation expense. Non-GAAP Gross Margin is calculated as Non-GAAP Gross Profit divided by revenues. Adjusted EBITDA is calculated as net loss excluding interest expense (income), net, other expense (income), net, stock-based compensation expense, provision for (benefit from) income taxes, certain excess and obsolete expenses and loss on firm purchase commitments, amortization of acquired intangibles, depreciation expense, certain litigation expenses and gain on lease termination. Ouster believes that Non-GAAP Gross Profit, Non-GAAP Gross Margin, and Adjusted EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance and may be helpful in comparison with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Adjusted EBITDA is also used by the Board and management as a performance metric for compensation purposes. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are included at the end of this press release.
Contacts
For Investors
investors@ouster.io
For Media
press@ouster.io
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
| June 30, 2025 |
December 31, 2024 |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 76,120 | $ | 45,542 | ||||
| Restricted cash, current |
732 | 722 | ||||||
| Short-term investments |
150,385 | 126,480 | ||||||
| Accounts receivable, net |
15,383 | 17,941 | ||||||
| Inventory |
13,903 | 16,417 | ||||||
| Prepaid expenses and other current assets |
16,666 | 12,750 | ||||||
|
|
|
|
|
|||||
| Total current assets |
273,189 | 219,852 | ||||||
| Property and equipment, net |
10,856 | 10,164 | ||||||
| Operating lease right-of-use assets |
12,541 | 14,308 | ||||||
| Unbilled receivable, non-current portion |
6,083 | 10,133 | ||||||
| Intangible assets, net |
15,583 | 17,830 | ||||||
| Restricted cash, non-current |
1,835 | 1,835 | ||||||
| Other non-current assets |
1,753 | 2,026 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 321,840 | $ | 276,148 | ||||
|
|
|
|
|
|||||
| Liabilities and stockholders’ equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 12,840 | $ | 6,288 | ||||
| Accrued and other current liabilities |
36,342 | 30,591 | ||||||
| Contract liabilities, current |
29,464 | 34,351 | ||||||
| Operating lease liability, current portion |
7,438 | 7,196 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
86,084 | 78,426 | ||||||
| Operating lease liability, non-current portion |
10,216 | 13,054 | ||||||
| Contract liabilities, non-current portion |
3,588 | 2,538 | ||||||
| Other non-current liabilities |
919 | 1,219 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
100,807 | 95,237 | ||||||
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|
|
|
|
|||||
| Commitments and contingencies |
||||||||
| Stockholders’ equity: |
||||||||
| Common stock |
47 | 47 | ||||||
| Additional paid-in capital |
1,177,232 | 1,094,938 | ||||||
| Accumulated deficit |
(955,700 | ) | (913,071 | ) | ||||
| Accumulated other comprehensive (loss) income |
(546 | ) | (1,003 | ) | ||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
221,033 | 180,911 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 321,840 | $ | 276,148 | ||||
|
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|
|
|
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OUSTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)
| Three Months Ended June 30, |
Three Months Ended March 31, |
Six Months Ended June 30, |
||||||||||||||||||
| 2025 | 2024 | 2025 | 2025 | 2024 | ||||||||||||||||
| Revenue |
$ | 35,049 | $ | 26,990 | $ | 32,632 | $ | 67,681 | $ | 52,934 | ||||||||||
| Cost of product |
19,207 | 17,892 | 19,149 | 38,356 | 36,411 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross profit |
15,842 | 9,098 | 13,483 | 29,325 | 16,523 | |||||||||||||||
| Operating expenses: |
||||||||||||||||||||
| Research and development |
17,147 | 14,432 | 14,985 | 32,132 | 28,238 | |||||||||||||||
| Sales and marketing |
6,978 | 6,750 | 6,423 | 13,401 | 13,610 | |||||||||||||||
| General and administrative |
18,539 | 13,166 | 15,905 | 34,444 | 25,746 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total operating expenses |
42,664 | 34,348 | 37,313 | 79,977 | 67,594 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Loss from operations |
(26,822 | ) | (25,250 | ) | (23,830 | ) | (50,652 | ) | (51,071 | ) | ||||||||||
| Other income (expense): |
||||||||||||||||||||
| Interest income |
2,620 | 2,251 | 1,705 | 4,325 | 4,902 | |||||||||||||||
| Interest expense |
— | (740 | ) | — | — | (1,481 | ) | |||||||||||||
| Other income, net |
(26 | ) | (7 | ) | 303 | 277 | 186 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total other income, net |
2,594 | 1,504 | 2,008 | 4,602 | 3,607 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Loss before income taxes |
(24,228 | ) | (23,746 | ) | (21,822 | ) | (46,050 | ) | (47,464 | ) | ||||||||||
| Provision for (benefit from) income taxes |
(3,616 | ) | 123 | 195 | (3,421 | ) | 254 | |||||||||||||
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|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net loss |
$ | (20,612 | ) | $ | (23,869 | ) | $ | (22,017 | ) | $ | (42,629 | ) | $ | (47,718 | ) | |||||
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|
|
|
|
|
|
|
|||||||||||
| Other comprehensive income (loss) |
||||||||||||||||||||
| Changes in unrealized gain (loss) on available-for-sale securities |
(70 | ) | $ | (45 | ) | $ | 46 | $ | (24 | ) | (504 | ) | ||||||||
| Foreign currency translation adjustments |
401 | $ | (293 | ) | 80 | 481 | (465 | ) | ||||||||||||
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|
|
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|
|
|
|||||||||||
| Total comprehensive loss |
$ | (20,281 | ) | $ | (24,207 | ) | $ | (21,891 | ) | $ | (42,172 | ) | $ | (48,687 | ) | |||||
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|
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|
|||||||||||
| Net loss per common share, basic and diluted |
$ | (0.38 | ) | $ | (0.53 | ) | $ | (0.42 | ) | $ | (0.80 | ) | $ | (1.08 | ) | |||||
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|
|
|||||||||||
| Weighted-average shares used to compute basic and diluted net loss per share |
54,466,143 | 44,737,769 | 52,488,199 | 53,482,635 | 44,077,383 | |||||||||||||||
OUSTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
| Net loss |
$ | (42,629 | ) | $ | (47,718 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Depreciation and amortization |
3,654 | 5,397 | ||||||
| Loss on write-off and disposal of property and equipment and right-of-use asset impairment |
85 | 100 | ||||||
| Gain on lease termination |
(65 | ) | — | |||||
| Stock-based compensation |
21,724 | 20,099 | ||||||
| Reduction of revenue related to stock warrant issued to customer |
1,021 | 488 | ||||||
| Amortization of right-of-use asset |
2,509 | 2,391 | ||||||
| Accretion or amortization on short-term investments |
(1,488 | ) | (2,933 | ) | ||||
| Change in fair value of warrant liabilities |
229 | 27 | ||||||
| Inventory write down |
465 | 742 | ||||||
| Provision (recovery) of doubtful accounts |
137 | (241 | ) | |||||
| Realized gain on available for sale securities |
(4 | ) | (275 | ) | ||||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable |
6,471 | 3,915 | ||||||
| Inventory |
2,049 | 3,037 | ||||||
| Prepaid expenses and other assets |
(3,640 | ) | 101 | |||||
| Accounts payable |
6,425 | 958 | ||||||
| Accrued and other liabilities |
3,978 | (9,830 | ) | |||||
| Contract liabilities |
(3,836 | ) | (553 | ) | ||||
| Operating lease liability |
(3,273 | ) | (3,071 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(6,188 | ) | (27,366 | ) | ||||
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|||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
| Proceeds from sale of property and equipment |
— | 502 | ||||||
| Purchases of property and equipment |
(1,441 | ) | (1,741 | ) | ||||
| Purchase of short-term investments |
(79,686 | ) | (49,720 | ) | ||||
| Proceeds from sales of short-term investments |
57,250 | 60,028 | ||||||
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|
|
|||||
| Net cash (used in) provided by investing activities |
(23,877 | ) | 9,069 | |||||
|
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|
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
| Proceeds from ESPP purchase |
980 | 781 | ||||||
| Proceeds from exercise of stock options |
48 | 151 | ||||||
| Payments received (remitted) to fund employees tax obligation for vested RSUs |
357 | — | ||||||
| Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees |
58,798 | 19,498 | ||||||
| At-the-market offering costs for the issuance of common stock |
(10 | ) | (95 | ) | ||||
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|
|
|||||
| Net cash provided by financing activities |
60,173 | 20,335 | ||||||
|
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|
|
|||||
| Effect of exchange rates on cash and cash equivalents |
480 | (467 | ) | |||||
|
|
|
|
|
|||||
| Net increase in cash, cash equivalents and restricted cash |
30,588 | 1,571 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period |
48,099 | 52,634 | ||||||
|
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|
|
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| Cash, cash equivalents and restricted cash at end of period |
$ | 78,687 | $ | 54,205 | ||||
|
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OUSTER, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands)
| Three Months Ended June 30, |
Three Months Ended March 31, |
Six Months Ended June 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| GAAP net loss |
$ | (20,612 | ) | $ | (23,869 | ) | $ | (22,017 | ) | $ | (23,849 | ) | $ | (42,629 | ) | $ | (47,718 | ) | ||||||
| Interest income, net |
(2,620 | ) | (1,511 | ) | (1,705 | ) | (1,910 | ) | (4,325 | ) | (3,421 | ) | ||||||||||||
| Other income, net |
26 | 7 | (303 | ) | (193 | ) | (277 | ) | (186 | ) | ||||||||||||||
| Stock-based compensation expense(1) |
13,226 | 10,695 | 8,498 | 9,404 | 21,724 | 20,099 | ||||||||||||||||||
| Provision for (benefit from) income taxes |
(3,616 | ) | 123 | 195 | 131 | (3,421 | ) | 254 | ||||||||||||||||
| Excess and obsolete expenses (recovery) and loss on firm purchase commitments |
— | — | — | 572 | — | 572 | ||||||||||||||||||
| Amortization of acquired intangibles(2) |
1,127 | 1,661 | 1,120 | 1,754 | 2,247 | 3,415 | ||||||||||||||||||
| Depreciation expense(2) |
732 | 839 | 675 | 1,053 | 1,407 | 1,892 | ||||||||||||||||||
| Litigation expenses(3) |
6,234 | 1,636 | 5,793 | 1,296 | 12,027 | 2,932 | ||||||||||||||||||
| Gain on lease termination |
— | — | (65 | ) | — | (65 | ) | — | ||||||||||||||||
| Other items |
— | (114 | ) | — | — | — | (114 | ) | ||||||||||||||||
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| Adjusted EBITDA |
$ | (5,503 | ) | $ | (10,533 | ) | $ | (7,809 | ) | $ | (11,742 | ) | $ | (13,312 | ) | $ | (22,275 | ) | ||||||
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|||||||||||||
| (1) Includes stock-based compensation expense as follows: |
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| Three Months Ended June 30, |
Three Months Ended March 31, |
Six Months Ended June 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Cost of revenue |
1,799 | 1,210 | $ | 1,137 | $ | 913 | $ | 2,935 | $ | 2,123 | ||||||||||||||
| Research and development |
6,303 | 4,650 | 4,305 | 4,188 | 10,608 | 8,838 | ||||||||||||||||||
| Sales and marketing |
1,733 | 1,492 | 1,106 | 1,400 | 2,839 | 2,892 | ||||||||||||||||||
| General and administrative |
3,391 | 3,343 | 1,950 | 2,903 | 5,342 | 6,246 | ||||||||||||||||||
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| Total stock-based compensation |
$ | 13,226 | $ | 10,695 | $ | 8,498 | $ | 9,404 | $ | 21,724 | $ | 20,099 | ||||||||||||
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| (2) Includes depreciation and amortization expense as follows: |
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| Three Months Ended June 30, |
Three Months Ended March 31, |
Six Months Ended June 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Cost of revenue |
$ | 942 | $ | 999 | $ | 924 | $ | 1,100 | $ | 1,866 | $ | 2,099 | ||||||||||||
| Research and development |
678 | 670 | 642 | 712 | 1,320 | 1,382 | ||||||||||||||||||
| Sales and marketing |
174 | 249 | 172 | 248 | 346 | 497 | ||||||||||||||||||
| General and administrative |
65 | 582 | 57 | 747 | 122 | 1,329 | ||||||||||||||||||
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| Total depreciation and amortization expense |
$ | 1,859 | $ | 2,500 | $ | 1,795 | $ | 2,807 | $ | 3,654 | $ | 5,307 | ||||||||||||
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| (3) Represents litigation costs consisting primarily of legal fees and the estimated and actual costs to resolve the outstanding litigation cases offset by the estimated amounts recoverable and recovered under insurance, indemnity and contribution agreements for such costs. |
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| Three Months Ended June 30, |
Three Months Ended March 31, |
Six Months Ended June 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Gross profit on GAAP basis |
$ | 15,842 | $ | 9,098 | $ | 13,483 | $ | 7,425 | $ | 29,325 | $ | 16,523 | ||||||||||||
| Stock-based compensation |
1,799 | 1,210 | 1,137 | 913 | 2,935 | 2,123 | ||||||||||||||||||
| Amortization of acquired intangible assets |
461 | 371 | 457 | 464 | 918 | 835 | ||||||||||||||||||
| Excess and obsolete expenses (recovery) and loss on firm purchase commitments |
— | — | — | 572 | — | 572 | ||||||||||||||||||
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| Gross profit on non-GAAP basis |
$ | 18,102 | $ | 10,679 | $ | 15,077 | $ | 9,374 | $ | 33,178 | $ | 20,053 | ||||||||||||
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| Gross margin on GAAP basis |
45 | % | 34 | % | 41 | % | 29 | % | 43 | % | 31 | % | ||||||||||||
| Gross margin on non-GAAP basis |
52 | % | 40 | % | 46 | % | 36 | % | 49 | % | 38 | % | ||||||||||||
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