Latest news with #MarcN.Casper
Yahoo
7 days ago
- Business
- Yahoo
Q1 Earnings Highlights: Thermo Fisher (NYSE:TMO) Vs The Rest Of The Research Tools & Consumables Stocks
Wrapping up Q1 earnings, we look at the numbers and key takeaways for the research tools & consumables stocks, including Thermo Fisher (NYSE:TMO) and its peers. The life sciences subsector specializing in research tools and consumables enables scientific discoveries across academia, biotechnology, and pharmaceuticals. These firms supply a wide range of essential laboratory products, ensuring a recurring revenue stream through repeat purchases and replenishment. Their business models benefit from strong customer loyalty, a diversified product portfolio, and exposure to both the research and clinical markets. However, challenges include high R&D investment to maintain technological leadership, pricing pressures from budget-conscious institutions, and vulnerability to fluctuations in research funding cycles. Looking ahead, this subsector stands to benefit from tailwinds such as growing demand for tools supporting emerging fields like synthetic biology and personalized medicine. There is also a rise in automation and AI-driven solutions in laboratories that could create new opportunities to sell tools and consumables. Nevertheless, headwinds exist. These companies tend to be at the mercy of supply chain disruptions and sensitivity to macroeconomic conditions that impact funding for research initiatives. The 10 research tools & consumables stocks we track reported a mixed Q1. As a group, revenues beat analysts' consensus estimates by 1.5% while next quarter's revenue guidance was 0.6% above. While some research tools & consumables stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.3% since the latest earnings results. With over 14,000 sales personnel and a portfolio spanning more than 2,500 technology manufacturers, Thermo Fisher Scientific (NYSE:TMO) provides scientific equipment, reagents, consumables, software, and laboratory services to pharmaceutical, biotech, academic, and healthcare customers worldwide. Thermo Fisher reported revenues of $10.36 billion, flat year on year. This print exceeded analysts' expectations by 1.3%. Despite the top-line beat, it was still a mixed quarter for the company with a narrow beat of analysts' organic revenue estimates but a slight miss of analysts' operating income estimates. 'We delivered very strong performance in the first quarter in a more uncertain macroeconomic environment, and I'm incredibly proud of our team's execution,' said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. The stock is down 7.8% since reporting and currently trades at $400.50. Is now the time to buy Thermo Fisher? Access our full analysis of the earnings results here, it's free. Born from a real estate investment trust that transformed into a manufacturing powerhouse, Danaher (NYSE:DHR) is a global science and technology company that provides specialized equipment, software, and services for biotechnology, life sciences, and diagnostics. Danaher reported revenues of $5.74 billion, flat year on year, outperforming analysts' expectations by 2.7%. The business had a very strong quarter with an impressive beat of analysts' organic revenue and EPS estimates. The market seems content with the results as the stock is up 3.1% since reporting. It currently trades at $190.50. Is now the time to buy Danaher? Access our full analysis of the earnings results here, it's free. With roots dating back to 1904 and embedded in virtually every stage of scientific research and production, Avantor (NYSE:AVTR) provides mission-critical products, materials, and services to customers in biopharma, healthcare, education, and advanced technology industries. Avantor reported revenues of $1.58 billion, down 5.9% year on year, falling short of analysts' expectations by 1.6%. It was a softer quarter as it posted a miss of analysts' organic revenue and EPS estimates. Avantor delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 16.5% since the results and currently trades at $12.91. Read our full analysis of Avantor's results here. With a critical role in ensuring the safety of millions of patients worldwide, Sotera Health (NASDAQGS:SHC) provides sterilization services, lab testing, and advisory services to ensure medical devices, pharmaceuticals, and food products are safe for use. Sotera Health Company reported revenues of $254.5 million, up 2.6% year on year. This number topped analysts' expectations by 3.1%. Overall, it was a strong quarter as it also logged a solid beat of analysts' organic revenue and EPS estimates. The stock is up 6.5% since reporting and currently trades at $12.24. Read our full, actionable report on Sotera Health Company here, it's free. With roots dating back to the pioneering days of nuclear magnetic resonance technology, Bruker (NASDAQ:BRKR) develops and manufactures high-performance scientific instruments that enable researchers and industrial analysts to explore materials at microscopic, molecular, and cellular levels. Bruker reported revenues of $801.4 million, up 11% year on year. This print surpassed analysts' expectations by 4.3%. Aside from that, it was a satisfactory quarter as it also produced a solid beat of analysts' organic revenue estimates but a significant miss of analysts' full-year EPS guidance estimates. Bruker scored the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise among its peers. The stock is down 8.2% since reporting and currently trades at $36.21. Read our full, actionable report on Bruker here, it's free. As a result of the Fed's rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed's 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump's victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025. Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
Business Wire
06-05-2025
- Business
- Business Wire
Thermo Fisher Scientific to Present at BofA Securities 2025 Health Care Conference on May 13
WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that Marc N. Casper, chairman, president and chief executive officer, will present at the BofA Securities Health Care Conference on Tuesday, May 13, 2025 at 11:40 a.m. (ET). The live webcast of the presentation can be accessed via the Investors section of our website, About Thermo Fisher Scientific Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit
Business Wire
24-04-2025
- Business
- Business Wire
Thermo Fisher Scientific Invests to Enhance U.S. Innovation and Support Customers' Manufacturing
WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, will invest an additional $2 billion in the United States over the next four years, strengthening American innovation, manufacturing and economic competitiveness across the life sciences sector. As one of the largest manufacturers of medicines in the world, Thermo Fisher enables biopharma companies to develop and produce their medicines in America. These additional investments to the company's American manufacturing capacity support a resilient U.S. healthcare supply chain and will have a strong multiplier effect across the American economy. The $2 billion investment over the next four years includes: $1.5 billion in capital expenditures to enhance and expand U.S. manufacturing operations Complemented by $500 million in R&D focused on high-impact innovation 'Thermo Fisher's commitment to U.S. manufacturing reflects our confidence that America will continue to lead the world in science and innovation. Thermo Fisher is proud to serve as a growth engine for the American economy,' said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. 'By expanding our U.S. operations, we ensure that life-saving medicines and therapies will continue to be developed and produced in America for decades to come.' This investment builds on Thermo Fisher's industry-leading foundation in U.S. manufacturing and innovation. The company has 64 U.S. manufacturing operations, located in 37 states, making analytical instruments, specialty diagnostics and life sciences solutions, as well as providing contract development and manufacturing services for pharmaceutical innovators. Since 2017, Thermo Fisher has more than doubled in size—from $21 billion in revenue and 28,000 U.S. employees to $43 billion in revenue and more than 50,000 U.S. employees today. The company also invests $1 billion annually in R&D in the U.S. Over the next four years, the company will continue to expand its impact in the U.S. by creating high-paying jobs, adding manufacturing and lab services capacity, and investing in research and development. About Thermo Fisher Scientific Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit Safe Harbor Statement The following constitutes a 'Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K, which is on file with the SEC and available in the 'Investors' section of our website under the heading 'SEC Filings.' While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.
Business Wire
23-04-2025
- Business
- Business Wire
Thermo Fisher Scientific Reports First Quarter 2025 Results
WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the first quarter ended March 29, 2025. First Quarter Highlights First quarter revenue was $10.36 billion. First quarter GAAP diluted earnings per share (EPS) grew 15% to $3.98. First quarter adjusted EPS grew 1% to $5.15. Delivered very strong financial performance in the quarter, demonstrating the strength of our trusted partner status and the power of our PPI Business System in a more uncertain macroeconomic environment. Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To transform semiconductor analysis, we introduced the Thermo Scientific ™ Vulcan™ Automated Lab, a groundbreaking system integrating robotic sample handling, artificial intelligence, and electron microscopy, helping semiconductor manufacturers enhance productivity, increase yields, reduce costs and ensure high quality. To advance precision medicine, we introduced Olink ® Reveal proteomics kits that enable the identification of proteins related to inflammation and immune response. And we launched Thermo Scientific™ Cryofuge™, Thermo Scientific™ BIOS and Thermo Scientific™ LYNX, a suite of floor model centrifuges incorporating next-generation natural refrigerant technology and designed to deliver high performance with meaningful energy savings. Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers to accelerate innovation and enhance productivity. Examples during the quarter included a Technology Alliance Agreement with the Chan Zuckerberg Institute for Advanced Biological Imaging focused on developing new technologies to enable researchers to better visualize human cells, significantly advancing scientific research and discovery. To gain insights about the safety and effectiveness of current and future treatments, Thermo Fisher launched CorEvitas clinical registries in Systemic Lupus Erythematosus and Adolescent Alopecia Areata to collect clinical data, monitor disease progression, treatment effectiveness, and healthcare outcomes. Continued to successfully execute our capital deployment strategy. During the quarter, we entered into an agreement to acquire Solventum's Purification & Filtration Business for $4.1 billion in cash, repurchased $2.0 billion of stock and increased our dividend by 10%. 'We delivered very strong performance in the first quarter in a more uncertain macroeconomic environment, and I'm incredibly proud of our team's execution,' said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. 'Our team leveraged the PPI Business System to drive operational excellence and enable our customers' success.' Casper added: 'Thermo Fisher is incredibly well-positioned. Our experienced management team has a proven track record, and as the trusted partner to our customers, we will help them manage the current environment, identifying new opportunities and ultimately creating value for all our stakeholders.' First Quarter 2025 Revenue for the quarter was $10.36 billion in 2025 versus $10.34 billion in the same quarter of 2024. Organic revenue growth was 1%. GAAP Earnings Results GAAP diluted EPS in the first quarter of 2025 was $3.98, versus $3.46 in the same quarter last year. GAAP operating income for the first quarter of 2025 was $1.72 billion, compared with $1.66 billion in the year-ago quarter. GAAP operating margin was 16.6%, compared with 16.1% in the first quarter of 2024. Non-GAAP Earnings Results Adjusted EPS in the first quarter of 2025 was $5.15, versus $5.11 in the first quarter of 2024. Adjusted operating income for the first quarter of 2025 was $2.27 billion, compared with $2.28 billion in the year-ago quarter. Adjusted operating margin was 21.9%, compared with 22.0% in the first quarter of 2024. Annual Guidance for 2025 The company will provide updated 2025 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Time. Use of Non-GAAP Financial Measures Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, and organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading 'Supplemental Information Regarding Non-GAAP Financial Measures.' The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release. Note on Presentation Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding. Conference Call Thermo Fisher Scientific will hold its earnings conference call today, April 23, 2025, at 8:30 a.m. Eastern Time. During the call, the company will discuss its financial performance, as well as future expectations. To listen, call (833) 470-1428 within the U.S. or (404) 975-4839 outside the U.S. The access code is 074131. You may also listen to the call live on the 'Investors' section of our website, The earnings press release and related information can also be found in that section of our website under the heading 'Financials.' A replay of the call will be available under 'News, Events & Presentations' through July 22, 2025. About Thermo Fisher Scientific Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit Safe Harbor Statement The following constitutes a 'Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K, which is on file with the SEC and available in the 'Investors' section of our website under the heading 'SEC Filings.' While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. Business Segment Information Three months ended March 29, % of March 30, % of (Dollars in millions) 2025 Revenues 2024 Revenues Revenues Life Sciences Solutions $ 2,341 22.6 % $ 2,285 22.1 % Analytical Instruments 1,718 16.6 % 1,687 16.3 % Specialty Diagnostics 1,148 11.1 % 1,109 10.7 % Laboratory Products and Biopharma Services 5,640 54.4 % 5,723 55.3 % Eliminations (482 ) -4.7 % (460 ) -4.4 % Consolidated revenues $ 10,364 100.0 % $ 10,345 100.0 % Segment income and segment income margin Life Sciences Solutions $ 834 35.6 % $ 840 36.8 % Analytical Instruments 399 23.2 % 400 23.7 % Specialty Diagnostics 304 26.5 % 294 26.5 % Laboratory Products and Biopharma Services 731 13.0 % 744 13.0 % Subtotal reportable segments 2,269 21.9 % 2,278 22.0 % Cost of revenues adjustments (a) (11 ) -0.1 % (15 ) -0.1 % Selling, general and administrative expenses adjustments (b) (14 ) -0.1 % (19 ) -0.2 % Restructuring and other costs (c) (98 ) -1.0 % (29 ) -0.3 % Amortization of acquisition-related intangible assets (429 ) -4.1 % (551 ) -5.3 % Consolidated GAAP operating income $ 1,716 16.6 % $ 1,663 16.1 % (a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2025 exclude $5 of charges for the sale of inventory revalued at the date of acquisition. Adjusted results in 2024 also exclude $12 of charges for inventory write-downs associated with large-scale abandonment of product lines. (b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration. (c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. (d) Adjusted results exclude net gains/losses on investments. (e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements. Note: Consolidated depreciation expense is $276 and $285 in 2025 and 2024, respectively. Expand Organic revenue growth Three months ended Revenue growth 0% Acquisitions 0% Currency translation -1% Organic revenue growth (non-GAAP measure) 1% Note: For more information related to non-GAAP financial measures, refer to the section titled 'Supplemental Information Regarding Non-GAAP Financial Measures' of this release. Expand Condensed Consolidated Statements of Cash Flows (unaudited) Three months ended March 29, March 30, (In millions) 2025 2024 Operating activities Net income $ 1,511 $ 1,331 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 706 837 Change in deferred income taxes (279 ) (253 ) Other non-cash expenses, net 210 123 Changes in assets and liabilities, excluding the effects of acquisitions (1,425 ) (787 ) Net cash provided by operating activities 723 1,251 Investing activities Purchases of property, plant and equipment (362 ) (347 ) Proceeds from sale of property, plant and equipment 12 4 Proceeds from cross-currency interest rate swap interest settlements 87 64 Purchases of investments (264 ) (1,758 ) Other investing activities, net 1 7 Net cash used in investing activities (527 ) (2,030 ) Financing activities Net proceeds from issuance of debt 2,840 1,205 Repayment of debt (838 ) — Purchases of company common stock (2,000 ) (3,000 ) Dividends paid (149 ) (135 ) Other financing activities, net 45 110 Net cash used in financing activities (102 ) (1,821 ) Exchange rate effect on cash 37 22 Increase (decrease) in cash, cash equivalents and restricted cash 132 (2,578 ) Cash, cash equivalents and restricted cash at beginning of period 4,040 8,097 Cash, cash equivalents and restricted cash at end of period $ 4,172 $ 5,519 Free cash flow (non-GAAP measure) $ 373 $ 908 Note: For more information related to non-GAAP financial measures, refer to the section titled 'Supplemental Information Regarding Non-GAAP Financial Measures' of this release. Expand Supplemental Information Regarding Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company's short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, and/or foreign currency translation on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods. We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable: Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs. Costs/income associated with restructuring activities and large-scale abandonments of product lines, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs. Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies. The noncontrolling interest and tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods. We report free cash flow, which is operating cash flow excluding net capital expenditures, to provide a view of the continuing operations' ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure. Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results computed in accordance with GAAP. The non-GAAP financial measures of Thermo Fisher Scientific's results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.
