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Live Oak Bancshares, Inc. Reports Fourth Quarter 2024 Results

1. LOB reported Q4 2024 net income of $9.9 million. 2. Year 2024 net income increased to $77.5 million, 5% rise. 3. Record loan production at $5.16 billion, with 14.8% asset growth. 4. 87.5% increase in provision for credit losses due to loan growth. 5. Conference call planned for January 23, discussing financial outlook.

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Why Bullish?

Solid net income increase supports positive market sentiment. Previous growth patterns indicate potential stock appreciation.

How important is it?

Earnings report signifies strong performance that directly influences investor confidence in LOB.

Why Short Term?

Recent earnings affect immediate reaction; long-term impact depends on sustained growth.

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WILMINGTON, N.C., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported fourth quarter of 2024 net income attributable to the Company of $9.9 million, or $0.22 per diluted share. Net income attributable to the Company for the year ended December 31, 2024, totaled $77.5 million, or $1.69 per diluted share. Live Oak’s performance in 2024, includes these notable items: Record year of $5.16 billion of loan production accompanied by strong deposit growth of $1.49 billion, total assets grew by 14.8% to $12.94 billion9% growth in revenue and 3% reduction in noninterest expenses generated 38% growth in pre-provision net revenue1Increased provision expense for credit losses of $44.9 million, or 87.5%, driven by record loan growth combined with the impacts of the current macroeconomic environmentTwo key initiatives saw positive momentum — non-interest bearing deposit growth and small dollar loan production “Live Oak Bank’s fourth quarter performance demonstrates our continued trajectory to grow the company in service of America’s small business owners,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “This year, we expanded loan and deposit products in meaningful ways, stayed close to our borrowers through challenges, and leveraged our greatest asset, our employees, to produce strong results across the year.” Conference Call Live Oak will host a conference call to discuss the company's financial results and business outlook tomorrow, January 23, 2025, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 33467. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows: Live Telephone Dial-In U.S.: 800.549.8228 International: +1 289.819.1520Pass Code: None Required Live Webcast Log-In Webcast Link: investor.liveoakbank.com Registration: Name and Email Required Multi-Factor Code: Provided After Registration (1)  See accompanying GAAP to Non-GAAP Reconciliation. Year Over Year Highlights (Dollars in thousands, except per share data)   Increase (Decrease)  2024   2023  Dollars PercentTotal revenue (1)$499,686  $457,038  $42,648  9%Total noninterest expense 314,239   322,885   (8,646) (3)Income before taxes 89,235   82,830   6,405  8 Effective tax rate 13.2%  10.8%  n/a  n/a Net income attributable to Live Oak Bancshares, Inc.$77,474  $73,898  $3,576  5%Diluted earnings per share 1.69   1.64   0.05  3 Loan and lease production:          Loans and leases originated$5,155,244  $3,946,873  $1,208,371  31%% Fully funded 44.2%  55.1%  n/a  n/a Total loans and leases:$10,579,376  $9,020,884  $1,558,492  17%Total assets: 12,943,380   11,271,423   1,671,957  15 Total deposits: 11,760,494   10,275,019   1,485,475  14  (1)  Total revenue consists of net interest income and total noninterest income.Fourth Quarter 2024 Key Measures (Dollars in thousands, except per share data)   Increase (Decrease)   4Q 2024 3Q 2024 Dollars Percent 4Q 2023Total revenue (1)$128,067  $129,932  $(1,865) (1)% $119,683 Total noninterest expense 81,257   77,589   3,668  5   93,204 Income before taxes 13,229   17,841   (4,612) (26)  17,484 Effective tax rate 25.6%  27.0%  n/a  n/a   7.6%Net income attributable to Live Oak Bancshares, Inc.$9,900  $13,025  $(3,125) (24)% $16,163 Diluted earnings per share 0.22   0.28   (0.06) (21)  0.36 Loan and lease production:          Loans and leases originated$1,421,118  $1,757,856  $(336,738) (19)% $981,703 % Fully funded 42.4%  42.4% n/a n/a   49.0% (1)  Total revenue consists of net interest income and total noninterest income. Important Note Regarding Forward-Looking Statements Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company's status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of global health crises and pandemics, such as the Coronavirus Disease 2019 (COVID-19) pandemic, on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; a reduction in or the termination of the Company's ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third party service providers; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company's ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company's business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company's ability to comply with regulatory requirements and expectations; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. About Live Oak Bancshares, Inc. Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com. Contacts: Walter J. Phifer, CFO | Investor Relations | 910.202.6926Claire Parker | Corporate Communications | Media Relations | 910.597.1592  Live Oak Bancshares, Inc.Quarterly Statements of Income (unaudited)(Dollars in thousands, except per share data)  Three Months Ended 4Q 2024 Change vs. 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2024 4Q 2023Interest income          % %Loans and fees on loans$194,821  $192,170  $181,840  $176,010  $169,531  1.4  14.9 Investment securities, taxable 10,490   9,750   9,219   8,954   8,746  7.6  19.9 Other interest earning assets 7,257   7,016   7,389   7,456   8,259  3.4  (12.1)Total interest income 212,568   208,936   198,448   192,420   186,536  1.7  14.0 Interest expense             Deposits 113,357   110,174   105,358   101,998   96,695  2.9  17.2 Borrowings 1,737   1,762   1,770   311   265  (1.4) 555.5 Total interest expense 115,094   111,936   107,128   102,309   96,960  2.8  18.7 Net interest income 97,474   97,000   91,320   90,111   89,576  0.5  8.8 Provision for credit losses 33,581   34,502   11,765   16,364   8,995  (2.7) 273.3 Net interest income after provision for credit losses 63,893   62,498   79,555   73,747   80,581  2.2  (20.7)Noninterest income             Loan servicing revenue 8,524   8,040   7,347   7,624   7,342  6.0  16.1 Loan servicing asset revaluation (2,326)  (4,207)  (2,878)  (2,744)  (3,974) 44.7  41.5 Net gains on sales of loans 18,356   16,646   14,395   11,502   12,891  10.3  42.4 Net gain (loss) on loans accounted for under the fair value option 195   2,255   172   (219)  (170) (91.4) 214.7 Equity method investments (loss) income (2,739)  (1,393)  (1,767)  (5,022)  47  (96.6) (5,927.7)Equity security investments gains (losses), net 12   909   161   (529)  (384) (98.7) 103.1 Lease income 2,456   2,424   2,423   2,453   2,439  1.3  0.7 Management fee income —   1,116   3,271   3,271   3,309  (100.0) (100.0)Other noninterest income 6,115   7,142   11,035   9,761   8,607  (14.4) (29.0)Total noninterest income 30,593   32,932   34,159   26,097   30,107  (7.1) 1.6 Noninterest expense             Salaries and employee benefits 45,214   44,524   46,255   47,275   44,274  1.5  2.1 Travel expense 2,628   2,344   2,328   2,438   1,544  12.1  70.2 Professional services expense 2,797   3,287   3,061   1,878   3,052  (14.9) (8.4)Advertising and marketing expense 1,979   2,473   3,004   3,692   2,501  (20.0) (20.9)Occupancy expense 2,558   2,807   2,388   2,247   2,231  (8.9) 14.7 Technology expense 9,406   9,081   7,996   7,723   8,402  3.6  11.9 Equipment expense 3,769   3,472   3,511   3,074   3,480  8.6  8.3 Other loan origination and maintenance expense 4,812   4,872   3,659   3,911   3,937  (1.2) 22.2 Renewable energy tax credit investment impairment (recovery) 1,172   115   170   (927)  14,575  919.1  (92.0)FDIC insurance 3,053   1,933   2,649   3,200   4,091  57.9  (25.4)Other expense 3,869   2,681   2,635   3,226   5,117  44.3  (24.4)Total noninterest expense 81,257   77,589   77,656   77,737   93,204  4.7  (12.8)Income before taxes 13,229   17,841   36,058   22,107   17,484  (25.9) (24.3)Income tax expense (benefit) 3,386   4,816   9,095   (5,479)  1,321  (29.7) 156.3 Net income 9,843   13,025   26,963   27,586   16,163  (24.4) (39.1)Net loss attributable to non-controlling interest 57   —   —   —   —  100.0  100.0 Net income attributable to Live Oak Bancshares, Inc.$9,900  $13,025  $26,963  $27,586  $16,163  (24.0) (38.7)Earnings per share             Basic$0.22  $0.28  $0.60  $0.62  $0.36  (21.4) (38.9)Diluted$0.22  $0.28  $0.59  $0.60  $0.36  (21.4) (38.9)Weighted average shares outstanding             Basic 45,224,470   45,073,482   44,974,942   44,762,308   44,516,646     Diluted 46,157,979   45,953,947   45,525,082   45,641,210   45,306,506       Live Oak Bancshares, Inc.Quarterly Balance Sheets (unaudited)(Dollars in thousands)  As of the quarter ended 4Q 2024 Change vs. 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2024 4Q 2023Assets          % %Cash and due from banks$608,800  $666,585  $615,449  $597,394  $582,540  (8.7) 4.5 Certificates of deposit with other banks 250   250   250   250   250  —  — Investment securities available-for-sale 1,248,203   1,233,466   1,151,195   1,120,622   1,126,160  1.2  10.8 Loans held for sale 346,002   359,977   363,632   310,749   387,037  (3.9) (10.6)Loans and leases held for investment (1) 10,233,374   9,831,891   9,172,134   8,912,561   8,633,847  4.1  18.5 Allowance for credit losses on loans and leases (167,516)  (168,737)  (137,867)  (139,041)  (125,840) (0.7) 33.1 Net loans and leases 10,065,858   9,663,154   9,034,267   8,773,520   8,508,007  4.2  18.3 Premises and equipment, net 264,059   267,032   267,864   258,071   257,881  (1.1) 2.4 Foreclosed assets 1,944   8,015   8,015   8,561   6,481  (75.7) (70.0)Servicing assets 56,144   52,553   51,528   49,343   48,591  6.8  15.5 Other assets 352,120   356,314   376,370   387,059   354,476  (1.2) (0.7)Total assets$12,943,380  $12,607,346  $11,868,570  $11,505,569  $11,271,423  2.7  14.8 Liabilities and Shareholders’ Equity             Liabilities             Deposits:             Noninterest-bearing$318,890  $258,844  $264,013  $226,668  $259,270  23.2  23.0 Interest-bearing 11,441,604   11,141,703   10,443,018   10,156,693   10,015,749  2.7  14.2 Total deposits 11,760,494   11,400,547   10,707,031   10,383,361   10,275,019  3.2  14.5 Borrowings 112,820   115,371   117,745   120,242   23,354  (2.2) 383.1 Other liabilities 66,570   83,672   82,745   74,248   70,384  (20.4) (5.4)Total liabilities 11,939,884   11,599,590   10,907,521   10,577,851   10,368,757  2.9  15.2 Shareholders’ equity             Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding —   —   —   —   —  —  — Class A common stock (voting) 365,607   361,925   356,381   349,648   344,568  1.0  6.1 Class B common stock (non-voting) —   —   —   —   —  —  — Retained earnings 715,767   707,026   695,172   669,307   642,817  1.2  11.3 Accumulated other comprehensive loss (82,344)  (61,195)  (90,504)  (91,237)  (84,719) 34.6  (2.8)Total shareholders' equity attributed to Live Oak Bancshares, Inc. 999,030   1,007,756   961,049   927,718   902,666  (0.9) 10.7 Non-controlling interest 4,466   —   —   —   —  100.0  100.0 Total shareholders’ equity 1,003,496   1,007,756   961,049   927,718   902,666  (0.4) 11.2 Total liabilities and shareholders’ equity$12,943,380  $12,607,346  $11,868,570  $11,505,569  $11,271,423  2.7  14.8  (1)  Includes $328.7 million, $343.4 million, $363.0 million, $379.2 million and $388.0 million measured at fair value for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.  Live Oak Bancshares, Inc.Statements of Income (unaudited)(Dollars in thousands, except per share data)  Twelve Months Ended December 31, 2024 December 31, 2023Interest income   Loans and fees on loans$744,841  $623,667 Investment securities, taxable 38,413   33,497 Other interest earning assets 29,118   31,111 Total interest income 812,372   688,275 Interest expense   Deposits 430,887   340,207 Borrowings 5,580   2,763 Total interest expense 436,467   342,970 Net interest income 375,905   345,305 Provision for credit losses 96,212   51,323 Net interest income after provision for credit losses 279,693   293,982 Noninterest income   Loan servicing revenue 31,535   27,399 Loan servicing asset revaluation (12,155)  4,886 Net gains on sales of loans 60,899   46,545 Net gain (loss) on loans accounted for under the fair value option 2,403   (3,539)Equity method investments (loss) income (10,921)  (5,994)Equity security investments gains (losses), net 553   (969)Lease income 9,756   10,007 Management fee income 7,658   13,324 Other noninterest income 34,053   20,074 Total noninterest income 123,781   111,733 Noninterest expense   Salaries and employee benefits 183,268   175,052 Travel expense 9,738   8,922 Professional services expense 11,023   7,737 Advertising and marketing expense 11,148   12,559 Occupancy expense 10,000   8,490 Technology expense 34,206   31,858 Equipment expense 13,826   14,997 Other loan origination and maintenance expense 17,254   14,804 Renewable energy tax credit investment impairment 530   14,644 FDIC insurance 10,835   16,670 Other expense 12,411   17,152 Total noninterest expense 314,239   322,885 Income before taxes 89,235   82,830 Income tax expense 11,818   8,932 Net income 77,417   73,898 Net loss attributable to non-controlling interest 57   — Net income attributable to Live Oak Bancshares, Inc.$77,474  $73,898 Earnings per share   Basic$1.72  $1.67 Diluted$1.69  $1.64 Weighted average shares outstanding   Basic 45,009,567   44,353,708 Diluted 45,820,321   45,094,879   Live Oak Bancshares, Inc.Quarterly Selected Financial Data(Dollars in thousands, except per share data)  As of and for the three months ended 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023Income Statement Data         Net income attributable to Live Oak Bancshares, Inc.$9,900  $13,025  $26,963  $27,586  $16,163 Per Common Share         Net income, diluted$0.22  $0.28  $0.59  $0.60  $0.36 Dividends declared 0.03   0.03   0.03   0.03   0.03 Book value 22.12   22.32   21.35   20.64   20.23 Tangible book value (1) 22.05   22.24   21.28   20.57   20.15 Performance Ratios         Return on average assets (annualized) 0.31%  0.43%  0.93%  0.98%  0.58%Return on average equity (annualized) 3.85   5.21   11.39   11.93   7.36 Net interest margin 3.15   3.33   3.28   3.33   3.32 Efficiency ratio (1) 63.45   59.72   61.89   66.89   77.88 Noninterest income to total revenue 23.89   25.35   27.22   22.46   25.16 Selected Loan Metrics         Loans and leases originated$1,421,118  $1,757,856  $1,171,141  $805,129  $981,703 Outstanding balance of sold loans serviced 4,715,895   4,452,750   4,292,857   4,329,097   4,238,328 Asset Quality Ratios         Allowance for credit losses to loans and leases held for investment (3) 1.69%  1.78%  1.57%  1.63%  1.53%Net charge-offs (3)$33,566  $1,710  $8,253  $3,163  $4,428 Net charge-offs to average loans and leases held for investment (2) (3) 1.39%  0.08%  0.38%  0.15%  0.22%          Nonperforming loans and leases at historical cost (3)         Unguaranteed$81,412  $49,398  $37,340  $43,117  $39,285 Guaranteed 222,885   166,177   122,752   105,351   95,678 Total 304,297   215,575   160,092   148,468   134,963 Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3) 0.82%  0.52%  0.42%  0.51%  0.48%          Nonperforming loans at fair value (4)         Unguaranteed$9,115  $8,672  $9,590  $7,942  $7,230 Guaranteed 54,873   49,822   51,570   47,620   41,244 Total 63,988   58,494   61,160   55,562   48,474 Unguaranteed nonperforming fair value loans to loans held for investment (4) 2.77%  2.53%  2.64%  2.09%  1.86%          Capital Ratios         Common equity tier 1 capital (to risk-weighted assets) 11.04%  11.19%  11.85%  11.89%  11.73%Tier 1 leverage capital (to average assets) 8.21   8.60   8.71   8.69   8.58  Notes to Quarterly Selected Financial Data(1)  See accompanying GAAP to Non-GAAP Reconciliation.(2)  Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.(3)  Loans and leases at historical cost only (excludes loans measured at fair value).(4)  Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).  Live Oak Bancshares, Inc.Quarterly Average Balances and Net Interest Margin(Dollars in thousands)  Three Months EndedDecember 31, 2024 Three Months EndedSeptember 30, 2024 Average Balance Interest Average Yield/Rate AverageBalance Interest Average Yield/RateInterest-earning assets:           Interest-earning balances in other banks$603,758  $7,257 4.78% $519,340  $7,016 5.37%Investment securities 1,340,027   10,490 3.11   1,287,410   9,750 3.01 Loans held for sale 339,394   7,361 8.63   409,902   9,859 9.57 Loans and leases held for investment (1) 10,030,353   187,460 7.44   9,354,522   182,311 7.75 Total interest-earning assets 12,313,532   212,568 6.87   11,571,174   208,936 7.18 Less: Allowance for credit losses on loans and leases (155,498)      (137,285)    Noninterest-earning assets 551,265       567,098     Total assets$12,709,299      $12,000,987     Interest-bearing liabilities:           Interest-bearing checking$350,304  $4,350 4.94% $350,239  $4,892 5.56%Savings 5,333,338   52,308 3.90   5,043,930   51,516 4.06 Money market accounts 138,021   176 0.51   134,481   190 0.56 Certificates of deposit 5,376,290   56,523 4.18   5,028,830   53,576 4.24 Total deposits 11,197,953   113,357 4.03   10,557,480   110,174 4.15 Borrowings 114,561   1,737 6.03   116,925   1,762 6.00 Total interest-bearing liabilities 11,312,514   115,094 4.05   10,674,405   111,936 4.17 Noninterest-bearing deposits 281,874       237,387     Noninterest-bearing liabilities 83,373       90,079     Shareholders' equity 1,028,426       999,116     Non-controlling interest 3,112       —     Total liabilities and shareholders' equity$12,709,299      $12,000,987     Net interest income and interest rate spread  $97,474 2.82%   $97,000 3.01%Net interest margin    3.15      3.33 Ratio of average interest-earning assets to average interest-bearing liabilities    108.85%     108.40% (1)  Average loan and lease balances include non-accruing loans and leases.  Live Oak Bancshares, Inc.GAAP to Non-GAAP Reconciliation(Dollars in thousands)  As of and for the three months ended For the twelve months ended 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 2024 2023Total shareholders’ equity$1,003,496  $1,007,756  $961,049  $927,718  $902,666     Less:             Goodwill 1,797   1,797   1,797   1,797   1,797     Other intangible assets 1,568   1,606   1,644   1,682   1,721     Tangible shareholders’ equity (a)$1,000,131  $1,004,353  $957,608  $924,239  $899,148     Shares outstanding (c) 45,359,425   45,151,691   45,003,856   44,938,673   44,617,673     Total assets$12,943,380  $12,607,346  $11,868,570  $11,505,569  $11,271,423     Less:             Goodwill 1,797   1,797   1,797   1,797   1,797     Other intangible assets 1,568   1,606   1,644   1,682   1,721     Tangible assets (b)$12,940,015  $12,603,943  $11,865,129  $11,502,090  $11,267,905     Tangible shareholders’ equity to tangible assets (a/b) 7.73%  7.97%  8.07%  8.04%  7.98%    Tangible book value per share (a/c)$22.05  $22.24  $21.28  $20.57  $20.15     Efficiency ratio:             Noninterest expense (d)$81,257  $77,589  $77,656  $77,737  $93,204  $314,239 $322,885Net interest income 97,474   97,000   91,320   90,111   89,576   375,905  345,305Noninterest income 30,593   32,932   34,159   26,097   30,107   123,781  111,733Total revenue (e)$128,067  $129,932  $125,479  $116,208  $119,683  $499,686 $457,038Efficiency ratio (d/e) 63.45%  59.72%  61.89%  66.89%  77.88%    Pre-provision net revenue (e-d)$46,810  $52,343  $47,823  $38,471  $26,479  $185,447 $134,153                           This press release presents the non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

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