Revenue of $7.7 Billion Increased 3.0% Reported and 4.1% Organic
GAAP Diluted EPS of $1.01; Non-GAAP Diluted EPS of $1.31
Cash Flow from Operations of $1.9 Billion Grew 61%; Free Cash Flow of $1.6 Billion Grew 66%
Company Raises FY20 EPS Guidance
DUBLIN, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Medtronic plc (NYSE:MDT) today announced financial results for its second quarter of fiscal year 2020, which ended October 25, 2019.
The company reported second quarter worldwide revenue of $7.706 billion, an increase of 3.0 percent as reported or 4.1 percent on an organic basis, which adjusts for a $97 million negative impact from foreign currency and a $16 million contribution from the company’s acquisition of Titan Spine, which is reported in the Spine division in the Restorative Therapies Group. As reported, second quarter GAAP net income and diluted earnings per share (EPS) were $1.364 billion and $1.01, respectively. As detailed in the financial schedules included through the link at the end of this release, second quarter non-GAAP net income and non-GAAP diluted EPS were $1.777 billion and $1.31, respectively, increases of 7.0 percent and 7.4 percent, respectively. Adjusting for a negative 2 cent impact from foreign currency, second quarter non-GAAP diluted EPS increased 9.0 percent.
Second quarter U.S. revenue of $4.129 billion represented 54 percent of company revenue and increased 2.1 percent as reported. Non-U.S. developed market revenue of $2.315 billion represented 30 percent of company revenue and increased 1.4 percent as reported and 4.6 percent on a constant currency basis. Emerging Markets revenue of $1.262 billion represented 16 percent of company revenue and increased 9.4 percent as reported and 11.6 percent on a constant currency basis.
“We reported another quarter of solid results, reflecting our continued focus on executing to our commitments across Medtronic,” said Omar Ishrak, Medtronic chairman and chief executive officer. “Our broad-based performance this quarter demonstrates the consistency of our execution, the strength of our innovation, and the benefit of our business and geographic diversification.”
Cardiac and Vascular Group
The Cardiac and Vascular Group (CVG) includes the Cardiac Rhythm & Heart Failure (CRHF), Coronary & Structural Heart (CSH), and Aortic, Peripheral & Venous (APV) divisions. CVG second quarter revenue of $2.855 billion decreased 0.1 percent as reported and increased 1.3 percent on a constant currency basis. CVG’s revenue performance was driven by high-single digit growth in CSH, offset by flat results in APV and low-single digit declines in CRHF, all on a constant currency basis.
Cardiac Rhythm & Heart Failure second quarter revenue of $1.426 billion decreased 3.1 percent as reported or 1.9 percent on a constant currency basis. Arrhythmia Management grew in the low-single digits, driven by mid-single digit growth in Pacemakers on continued strength of the Micra™ transcatheter pacing system, as well as low-double digit growth in AF Solutions, all on a constant currency basis. Arrhythmia Management growth was offset by low-double digit declines in Heart Failure, including high-thirties declines in sales of left ventricular assist devices (LVADs), both on a constant currency basis.
Coronary & Structural Heart second quarter revenue of $955 million increased 5.4 percent as reported or 7.2 percent on a constant currency basis, led by low-twenties constant currency growth in sales of transcatheter aortic valves, reflecting expansion into the low risk patient population. Transcatheter aortic valve growth was offset by mid-single digit declines in drug-eluting stents.
Aortic, Peripheral & Venous second quarter revenue of $474 million decreased 1.3 percent as reported or 0.2 percent on a constant currency basis. Aortic grew in the mid-single digits on a constant currency basis, driven by low-twenties constant currency growth in thoracic aortic stent grafts reflecting strong demand for the Valiant Navion™. Aortic growth was offset by high-single digit constant currency declines in Peripheral, driven by low-thirties constant currency declines in drug-coated balloons.
Minimally Invasive Therapies Group
The Minimally Invasive Therapies Group (MITG) includes the Surgical Innovations (SI) and the Respiratory, Gastrointestinal & Renal (RGR) divisions. MITG second quarter revenue of $2.142 billion increased 4.6 percent as reported or 6.1 percent on a constant currency basis. MITG’s revenue performance was driven by balanced growth across both divisions, with mid-single digit constant currency growth in both SI and RGR.
Surgical Innovations second quarter revenue of $1.454 billion increased 4.4 percent as reported or 6.0 percent on a constant currency basis, driven by strong contributions from Advanced Energy and Advanced Stapling. Advanced Energy grew in the mid-single digits on a constant currency basis on continued strength in sales of LigaSure™ vessel sealing instruments, including the Ligasure™ Exact dissector. Advanced Stapling grew in the mid-single digits on a constant currency basis, driven by strong demand for Tri-Staple™ 2.0 endo stapling specialty reloads and the EEA™ circular stapler with Tri-Staple™ technology for colorectal procedures.
Respiratory, Gastrointestinal & Renal second quarter revenue of $688 million increased 5.2 percent as reported or 6.1 percent on a constant currency basis, with strength in Respiratory & Patient Monitoring, as well as GI Solutions. Respiratory & Patient Monitoring grew in the high-single digits on a constant currency basis on strong sales of Nellcor™ pulse oximetry, increased adoption of advanced parameters including Microstream™ capnography and BIS™ brain monitoring, as well as Puritan Bennett™ 980 ventilators, and McGRATH™ MAC video laryngoscopes. GI Solutions grew in the high-single digits on a constant currency basis, with solid growth in Bravo™ calibration-free reflux testing systems, EndoFLIP™ imaging systems, and PillCam™ capsule endoscopy systems.
Restorative Therapies Group
The Restorative Therapies Group (RTG) includes the Brain Therapies, Spine, Specialty Therapies, and Pain Therapies divisions. RTG second quarter revenue of $2.112 billion increased 6.0 percent as reported, as well as on an organic basis, which adjusts for the negative impact from foreign currency and the positive contribution from the company’s acquisition of Titan Spine. RTG’s revenue performance was driven by low-double digit growth in Brain Therapies, mid-single digit growth in Specialty Therapies and Spine, and low-single digit growth in Pain Therapies, all on an organic basis.
Brain Therapies second quarter revenue of $772 million increased 10.1 percent as reported or 11.3 percent on a constant currency basis, driven by high-teens constant currency growth in Neurovascular and low-double digit constant currency growth in Neurosurgery. Neurovascular results were driven by low-double digit constant currency growth in Hemorrhagic Stroke and high-twenties growth in Ischemic Stroke. Neurosurgery was led by strong, double digit growth of StealthStation™ S8 surgical navigation systems, O-arm™ surgical imaging systems, and Mazor X Stealth™ Edition robotic guidance systems.
Spine second quarter revenue of $692 million increased 5.5 percent as reported or 3.5 percent on an organic basis. When combined with the company’s sales of enabling technology used in spine surgeries, including robotics, navigation, imaging, and powered surgical instruments that are recognized in the Brain Therapies division, global Spine revenue and U.S. Spine revenue both grew in the high-single digits on an organic basis. Cervical spine products grew mid-single digits on an organic basis, driven by sales of the Infinity™ OCT system and the Prestige LP™ cervical disc system. Spine also benefitted from pull-through of Medtronic core spine implants used in Mazor™ robotic cases, as well as strong sales of Infuse™ bone graft, which grew in the low-double digits on an organic basis.
Specialty Therapies second quarter revenue of $333 million increased 3.4 percent as reported or 4.3 percent on a constant currency basis. ENT grew in the high-single digits on a constant currency basis, driven by capital equipment sales of the StealthStation™ ENT surgical navigation system, as well as sales of disposables used with the intraoperative NIM nerve monitoring system. Pelvic Health grew in the low-single digits on a constant currency basis, driven by sales of the InterStim™ II sacral neuromodulation system.
Pain Therapies second quarter revenue of $315 million increased 0.3 percent as reported or 1.3 percent on a constant currency basis. Interventional Pain grew in the low-double digits on the strength of Kyphon™ balloon kyphoplasty and OsteoCool™ RF ablation system sales. This was offset by declines in Pain Stimulation, reflecting the slowdown of the spinal cord stimulation market.
Diabetes Group second quarter revenue of $596 million increased 2.2 percent as reported or 4.3 percent on a constant currency basis. Diabetes Group revenue performance was led by international markets, which grew 14.5 percent as reported or 19.3 percent on a constant currency basis, driven by the ongoing launch of the MiniMed™ 670G hybrid closed loop insulin pump system. International growth was offset by high-single digit declines in the U.S., given increased competition as the group awaits its expected upcoming product approvals.
Global sales of integrated continuous glucose monitoring (CGM) sensors grew in the mid-teens on a constant currency basis, driven by global adoption of sensor-augmented insulin pump systems and the resulting strong sensor attachment rates.
The company today reiterated its revenue growth guidance and raised its full year EPS guidance for fiscal 2020.
The company continues to expect revenue growth in its fiscal year 2020 to approximate 4.0 percent on an organic basis and for revenue growth to accelerate in the second half relative to the first. If current exchange rates hold, revenue growth in fiscal year 2020 would be negatively affected by 0.8 to 1.2 percent.
The company increased its fiscal year 2020 diluted non-GAAP EPS guidance from the prior range of $5.54 to $5.60 to a new range of $5.57 to $5.63, including an estimated 9 cent negative impact from foreign exchange based on current rates.
“The first half of this fiscal year has gone well, as we’ve executed to our commitments and delivered better-than-expected results,” said Ishrak. “As we look forward, we’re even more excited about what lies ahead, as the investments we’ve made in our pipeline begin to pay off by accelerating our revenue growth and creating value for our shareholders.”
Medtronic will host a webcast today, November 19, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its businesses for the public, investors, analysts, and news media. This quarterly webcast can be accessed by clicking on the Investor Events link at investorrelations.medtronic.com and this earnings release will be archived at newsroom.medtronic.com. Medtronic will be live tweeting during the webcast on its Newsroom Twitter account, @Medtronic. Within 24 hours of the webcast, a replay of the webcast and transcript of the company’s prepared remarks will be available by clicking on the Investor Events link at investorrelations.medtronic.com.
To view the second quarter financial schedules and non-GAAP reconciliations, click here. To view the second quarter earnings presentation, click here. Both documents can also be accessed by visiting newsroom.medtronic.com.
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 90,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, which are subject to risks and uncertainties, including those described in Medtronic’s periodic reports and other filings with the U.S. Securities and Exchange Commission (the “SEC”). Anticipated results only reflect information available to Medtronic at this time and may differ from actual results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release. Certain information in this press release includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm, including but not limited to, certain information in the financial schedules accompanying this press release. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material.
NON-GAAP FINANCIAL MEASURES
This press release contains financial measures and guidance, including adjusted net income and adjusted diluted EPS, which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. References to quarterly figures increasing, decreasing or remaining flat are in comparison to the second quarter of fiscal year 2019.
Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.
Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
View FY20 Second Quarter Financial Schedules & Non-GAAP Reconciliations
View FY20 Second Quarter Earnings Presentation
一般公认会计原则（GAAP）稀释每股收益1.01美元；非 GAAP 稀释每股收益1.31美元
公司提高 FY20 EPS 指南
美美敦力（Medtronic）公司（ NYSE ： MDT ）今天公布了截至2019年10月25日的2020财年第二季度的财务业绩。
该公司公布第二季度全球收入为77.06亿美元，同比增长3.0%或有机增长4.1%，调整为9700万美元的外汇负面影响和1600万美元的贡献，该公司收购 Titan Spine 。在恢复性治疗小组脊柱分部报告。据报道，第二季度一般公认会计原则（GAAP）净利润和摊薄每股收益分别为13.64亿美元和1.01美元。正如本新闻稿末尾通过链接所包含的财务计划中所详述的，第二季度非 GAAP 净收入和非非一般公认会计原则（non-GAAP）摊薄每股收益分别为17.77亿美元和1.31美元，增幅分别为7.0%和7.4%。第二季度非非一般公认会计原则（non-GAAP）摊薄每股收益（ EPS ）增长9.0%。
美美敦力（Medtronic）董事长兼首席执行官奥马尔•伊斯赫克( Omar Ishrak )表示：“我们报告了又一个季度的强劲业绩，反映出我们继续致力于履行我们在美敦力的承诺。”“我们本季度的广泛业绩表明，我们的执行力、创新实力以及业务和地域多元化的好处是一致的。”
心脏和血管组（ CVG ）包括心脏 Rhythm 和心脏衰竭（ CRHF ）、冠状和结构心脏（ CSH ）以及主动脉、周围和静脉（ APV ）部门。CVG 第二季度收入28.55亿美元，同比下降0.1%，按不变汇率计算增长1.3%。CVG 的收入表现是由 CSH 的高个位数增长推动的，但 APV 的持平结果和 CRHF 的低个位数下降（均以恒定货币计算）抵消了这一增长。
心脏节律和心脏衰竭第二季度收入14.26亿美元下降3.1%的报告或1.9%的基础上不变货币。心律失常管理以较低的个位数增长，这是由 Pacemakers 的中个位数增长推动的，这得益于 Micra ™收发器起搏系统的持续强劲，以及 AF 解决方案的低两位数增长，所有这些增长都是以恒定的货币为基础的。心律失常管理的增长被低两位数的心力衰竭下降所抵消，包括高达30%的左室辅助装置（ LVADs ）销售的下降，两者都是以恒定的货币为基础。
据报道，怡安、周边及周边地区第二季度收入为4.74亿美元，同比下降1.3%，按固定汇率计算，同比下降0.2%。主动脉瓣在货币不变的基础上以中个位数增长，这是由胸主动脉瓣支架移植物的低20倍的恒定货币增长推动的，反映了对 Valiant Navion ™的强劲需求。外圈高个位数的恒定货币下降抵消了主动脉型增长，这是由低30个不变货币在药物涂层气球下降。
微创治疗小组（ MITG ）包括外科创新（ SI ）和呼吸、胃肠和肾脏（ RGR ）部门。MITG 第二季度的收入为21.42亿美元，同比增长4.6%，按固定汇率计算为6.1%。MITG 的收入表现是由两个部门的平衡增长推动的， SI 和 RGR 的货币增长率均为中个位数。
外科创新第二季度收入为14.54亿美元，增长4.4%，按固定货币计算，6.0%，这是由先进能源和先进分期的强劲贡献推动的。凭借 LigaSure ™容器密封设备（包括 Ligasure ™精确仪）销售的持续强劲势头， Advanced Energy 在货币不变的情况下以中个位数增长。由于对 Tri-Staple ™2.0内固定特制再装和 EEA ™圆形钉书机的强劲需求，加上 Tri-Staple ™技术用于结直肠手术，因此，在货币不变的情况下，先进的分层以中个位数增长。
呼吸系统、肠胃和肾脏第二季度收入为6.88亿美元，同比增长5.2%，以不变货币计算增长6.1%，呼吸和患者监测以及 GI 解决方案均表现强劲。基于 Nellcor ™脉搏血氧测量仪的强劲销售，呼吸和患者监测以恒定的货币形式以高个位数增长，更多地采用先进的参数，包括 Microstream ™ Capognograph 和 BIS ™脑监测，以及 Puritan Bennett ™980呼吸机和 McRATH ™ MAC 视频喉镜。GI 解决方案在不变货币基础上以高个位数增长， Bravo ™无校准回流测试系统、 EndoFLIP ™成像系统和 Pillar Cam ™胶囊内镜系统实现了稳步增长。
恢复性治疗小组（ RTG ）包括脑治疗、脊柱、特殊治疗和疼痛治疗部门。RTG 第二季度的收入为21.12亿美元，同比增长6.0%，并在有机基础上进行了调整，以应对外汇的负面影响和公司收购 Titan Spine 的积极贡献。RTG 的收入表现受到以下因素的推动：脑治疗的低两位数增长、专业治疗和脊柱的中个位数增长以及疼痛治疗的低个位数增长，所有这些都是有机增长。
脑科治疗第二季度7.72亿美元的收入增长10.1%的报告，或11.3%的持续货币基础上，推动高青少年持续货币增长的神经血管和低两位数持续货币增长的神经外科。神经血管结果是由出血性脑卒中低两位数的恒定货币增长和缺血性脑卒中高20%的增长推动的。神经外科手术由隐形工作站™ S8外科导航系统、 O-arm ™外科成像系统和 Mazor X 隐形™版机器人导航系统的强劲、两位数增长所引领。
第二季度收入6.92亿美元，同比增长5.5%，有机增长3.5%。结合该公司在脊柱外科手术中使用的支持技术（包括机器人技术、导航技术、成像技术以及脑治疗部门认可的辅助手术器械）的销售情况，全球脊柱收入和美国脊柱收入在有机基础上均以较高的个位数增长。颈椎产品在有机基础上增长了中个位数，这得益于 Infinity ™ OCT 系统和 Prestige LP ™颈椎间盘系统的销售。Spine 还受益于 Mazor ™机器人案例中使用的美敦力（Medtronic）核心脊柱植入物的拉动，以及 Infuse ™骨移植物的强劲销售，该移植物在有机基础上以较低的两位数增长。
专业治疗公司第二季度收入为3.33亿美元，同比增长3.4%，按固定货币计算增长4.3%。在货币不变的基础上，耳鼻喉科以高个位数增长，这是因为隐形工作站™耳鼻喉外科导航系统的资本设备销售，以及用于术中神经监测系统的可处置物品的销售。Pevic Health 在货币不变的基础上以较低的个位数增长，这得益于 InterStim ™ II 骶神经调节系统的销售。
疼痛治疗第二季度收入3.15亿美元增加了0.3%的报告或1.3%的基础上不变的货币。由于 Kyphon ™气球后凸成形术和 OsteoCool ™射频消融系统的销售， Interactional Pain 的销量以较低的两位数增长。这被疼痛刺激的下降所抵消，这反映了脊髓刺激市场的放缓。
糖尿病集团第二季度收入为5.96亿美元，同比增长2.2%，按不变汇率计算增长4.3%。受 MiniMed ™670G 混合闭环胰岛素泵系统持续推出的推动，糖尿病集团的收入表现以国际市场为主导，报告显示，国际市场收入增长14.5%，以不变货币计算增长19.3%。由于竞争加剧，国际市场的增长被美国的高个位数下降所抵消，因为该集团正在等待即将到来的产品批准。
在全球采用传感器增强的胰岛素泵系统和由此产生的强大传感器附着率的推动下，全球一体化连续血糖监测（ CGM ）传感器的销售额在不变货币基础上增长。
该公司今天重申了其收入增长指导，并提高了其2020年财政年度 EPS 指导。
美美敦力（Medtronic）公司将于今天11月19日上午8时在美国东部时间（ CST 时间早上7:00）举办网络直播，为公众、投资者、分析师和新闻媒体提供有关其业务的信息。点击投资相关的“投资者事件”链接，可以访问本季度的网络直播。美敦力。com 和这份收益报告将在新闻编辑部存档。美敦力。com 。美敦力（Medtronic）将在其 Newspace Twitter 帐户@ Medtronic 上的网络直播期间进行实时推讯。在网络直播的24小时内，点击投资相关的“投资者事件”链接，即可获得网络直播的重播和公司准备发言的记录。美敦力。com 。
美敦力（Medtronic） plc ( www.medtronic.com )总部位于爱尔兰都柏林，是全球最大的医疗技术、服务和解决方案公司之一，为全球数百万人减轻痛苦、恢复健康和延长生命。美美敦力（Medtronic）在全球拥有90,000多名员工，为150多个国家的医生、医院和患者提供服务。该公司的重点是与世界各地的利益相关者合作，使医疗保健进一步发展。
本新闻稿包含前瞻性声明，这些声明存在风险和不确定性，包括美敦力（Medtronic）定期报告和向美国证券交易委员会（“ SEC ”）提交的其他文件中描述的风险和不确定性。预期结果仅反映美敦力（Medtronic）目前可获得的信息，可能与实际结果不同。美美敦力（Medtronic）不承诺更新其前瞻性声明或本新闻稿所载任何信息。本新闻稿中的若干资料包括内部编制且未经我们独立注册会计师事务所审阅或审核的计算或数字，包括但不限于本新闻稿随附的财务报表中的若干资料。使用不同的方法准备、计算或呈现信息可能会导致差异，这些差异可能是实质性的。
非 GAAP 财务指标
本新闻稿包含财务措施和指导，包括调整后的净收入和调整后的摊薄每股收益，根据适用的 SEC 规则和法规，这些被视为“非非一般公认会计原则（non-GAAP）”财务措施。与2019财年第二季度相比，季度数据的增长、下降或保持持平。
美美敦力（Medtronic）管理层认为，非非一般公认会计原则（non-GAAP）财务指标为投资者了解公司的基本经营业绩和趋势以及便于与医疗科技行业其他公司的业绩进行比较提供了有用的信息。非 GAAP 净收入和摊薄每股收益不包括某些费用或收益的影响，这些费用或收益有助于或减少收入，但来自管理层认为可能或可能不会以类似的重要性或对未来期间运营的影响发生的交易或事件（非 GAAP 调整）。美美敦力（Medtronic）公司通常采用非非一般公认会计原则（non-GAAP）财务措施，以促进管理层对公司运营业绩的审查，并作为战略规划的基础。非 GAAP 财务指标应被视为对按照美国公认会计原则（一般公认会计原则（GAAP））编制的财务信息的补充，而不是替代。投资者应注意，美敦力（Medtronic）可能会以不同于其他公司的方式计算非非一般公认会计原则（non-GAAP）财务指标。管理层强烈鼓励投资者全面审阅公司的合并财务报表和公开提交的报告。非非一般公认会计原则（non-GAAP）财务指标与最直接可比的一般公认会计原则（GAAP）财务指标的对账已包含在本新闻稿所附的财务报表中。
美敦力（Medtronic）根据内部预测计算前瞻性的非非一般公认会计原则（non-GAAP）财务指标，忽略了一般公认会计原则（GAAP）财务指标中包含的某些金额。例如，前瞻性有机收入增长指导不包括外汇波动的影响，以及重大收购或撤资。前瞻性的非非一般公认会计原则（non-GAAP） EPS 摊薄指南也不包括会计年度内记录为非 GAAP 收入调整的其他潜在费用或收益。美美敦力（Medtronic）并不试图将前瞻性的非非一般公认会计原则（non-GAAP） EPS 指导与预测的一般公认会计原则（GAAP） EPS 指导进行对账，因为这些潜在费用或收益的确认的综合影响和时间具有内在的不确定性，难以预测，并且没有不合理的努力是不可获得的。此外，该公司认为，这种对账意味着一定程度的准确性和确定性，可能会让投资者感到困惑。这些项目可能对公认会计原则的财务业绩计量产生重大影响。
查看 FY20第二季度财务计划和非 GAAP 对账