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Tuesday, March 11, 2008Santa Clara, CA
Agilent Technologies2008 UBS West Coast Life Sciences Bus Tour
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Agilent Technologies2008 UBS West Coast Life Sciences Bus Tour
Nicolas (Nick) Roelofs, Ph.D.Vice President and General ManagerLife Sciences Solutions
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These presentations contain forward-looking statements (including, without limitation, statements regarding the enhancement of shareholder value, our ongoing share repurchase program, and information and future guidance on our goals, priorities, orders, revenues, demand, growth opportunities, customer service and innovation plans, new product introductions, financial condition, earnings, liquidity, capital structure, operating performance, cost structure, cyclicality, the continued strengths and expected growth of the markets we sell into, operations, operating earnings, balance sheet models and our ability to be free cash flow positive under any normal economic environment) that involve risks and uncertainties that could cause results of Agilent to differ materially from management’s current expectations.
In addition, other risks that the company faces in running its operations include the ability to execute successfully through business cycles while it continues to implement cost reductions; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix, and other risks detailed in the company's filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the three month period ended January 31, 2008.
The company assumes no obligation to update the information in these presentations. These presentations and the Q&A that follows include non-GAAP numbers. A presentation of the most directly comparable GAAP numbers and the reconciliations between the non-GAAP and GAAP numbers can be found at http://www.investor.agilent.com under “GAAP Reconciliations” and accompany this slide set.
Safe Harbor Statement
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World’s Premier Measurement CompanyDelivers on Performance CommitmentsQ108 Financial Highlights
• Orders of $1.40 billion, up 12% from last year, revenues of $1.39 billion, up 9% from last year
• Q1 Operating EPS* of $0.42, up 8% year-over-year and came in at the high end of our guidance. Generated impressive ROIC of 23% despite increased, acquisition-related invested capital
• Strong working capital management - inventory days on hand improved by 3 days over last year, maintained peer-leading performance on days sales outstanding at 47 days
• Electronic Measurement revenue up 5% over last year reflecting balanced performance between General Purpose and Communications end markets. Aerospace & Defense, Wireless R&D and Wireless Manufacturing performed well. Weakness seen Semiconductor markets.
• Bio-Analytical revenue up 15% over last year (10% organic)—reflecting strength in our GC, GC/MS, LC and LC/MS product platforms across both Life Sciences and Chemical Analysis end markets. Food Safety up over 20% year-over-year
*presented on a non-GAAP basis
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FY06 Revenue$900 Million
FY06 Revenue$700 Million
FY06 Revenue$1.4 Billion
FY06 Revenue$2 Billion
Materials Sciences
$129M
Chemical Analysis
$1,041M
Life Sciences
$835M
Consumables, Service & Support
Wireless
$1,900M
ElectronicInstruments
$688M
Electronic Measurement2007 Revenue: $3.4 Billion
Expected 2008 Growth: 4-6%
Bio-Analytical Measurement2007 Revenue: $2.0 Billion
Expected 2008 Growth: 12-14%
Network andDigital
Solutions
$826M
Service & Support
Strategic Intent: Partner to every engineer, scientist and service provider in the $43B electronic and bio-analytical measurement markets
A Focused Measurement CompanySolutions that address critical customer challenges
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Market Opportunity and Agilent Revenue Distribution$43 billion market - $5.4 billion revenue (FY07)
GENERAL PURPOSE COMMUNICATIONS
LIFE SCIENCES CHEMICAL ANALYSISBio-Analytical Measurement
$6B$14B
$7.5B$13B
$40B Market
Revenue $1.4B (25% of Agilent)
Revenue $2.0B (38% of Agilent)
Revenue $1.2B (21% of Agilent)Revenue $0.8B (16% of Agilent)
Electronic Measurement
13% Pharma, Biotech
Academia and Gov’t 3%
Market % Agilent Market Growth
5-7%
% Agilent
FoodForensics
PetrochemicalEnvironmental
4% 2% 7% 6%
10% Aerospace/Defense
General Industry
Computers/Semi
20% 8%
% Agilent 8% Wireless Manufacturing
Wireless R&D
Wireless Monitoring
7%
2% Wireline 5%
Other Comms 3%
Market % Agilent
Materials Science 2%
Market Market Growth
7-9%
Market Growth
5-6%
Market
MarketGrowth
5-6%
$43B Market
$8B$17B
$9B $9B
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Life Sciences FY07 revenue $835 million, FY07 growth 24%
Academic and Government(Not-For-Profit)
FY07 Revenue = $151M18% of total LSSU Revenue
Pharma/Biotech(For Profit)
FY07 Revenue = $684M82% of total LSSU Revenue
Life Sciences Market: $17B-Market Growth: 7-9%
LSSU FY08 expected growth 16-18%
Market Growth Drivers• Life Science applications – “omics”• Growth in generics and CROs • Academic and government investment
Agilent Actions• Life Science workflow solutions
•Refreshed and expanded core platforms•Expanded portfolio of reagents,consumables & services
• Applications focus
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Chemical Analysis FY07 revenue $1 billion, FY07 growth 18% (excludes materials science)
Chemical Analysis Market: $8B-Market Growth: 5-7%
CASU FY08 expected growth 9-11%
Market Growth Drivers• Food and environmental testing• Secular growth in developing countries• Petrochemical demand
Agilent Actions•Refreshed and expanded core portfolio •Geographic Initiatives – Asia, Eastern
Europe and Latin America•Applications focus •Expanding measurement platforms (AFM, TILL, Particles)
Petrochemical& Chemical
Testing
$0.4 B34% of CASU
revenue
EnvironmentalTesting
$0.3 B34% of total revenue
Food Testing $0.2 B22% of CASU
revenue
ForensicsTesting
$0.1 B11% of CASU
revenue
$0.3 B33% of CASU
revenue
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Life Sciences Customers and Competitors
Pharma/Biotech
Largest competitors:
• Waters• Thermo• ABI• Affymetrix
High Growth Areas:• Biologic Therapeutics• Outsourcing of Discovery & Development• New Capacity in India, China
Key Customers:GSK, Novartis, Sanofi-Aventis, Pfizer, Merck, Amgen, Roche, Lilly, J & J
Academic/GovernmentLargest competitors:
• ABI• Thermo• Affymetrix• GE (Pharmcia)
High Growth Areas:
• Functional Proteomics
• Applied Genomics
• Stem Cell Research
Key Customers:NIH, NCI, Sanger Center (UK)Univ. of California, SingaporeGenomic Institute, EORTC(Europe), Stanford
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Secular Growth StrategyMarket 6% + share gains 2% + acquisitions 2% = 10% goal
Life Sciences
$435M
$700M in Phase II Acquisitionsby Market Segment
Chemical Analysis $125M*
Communications $60M
General Purpose
$80M
(graph represents market segment sizes)
•Invest in the Core
•Strategic Growth Initiatives•Life Science•Materials Science•Wireless R&D•Surveillance and Homeland Security•Low-Cost Instrumentation
•Targeted M&A •Life Sciences workflow solutions•A/D and surveillance•Materials Science
*Includes buyout of Yokogawa Analytical Instruments JV
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Key Growth Initiatives
Sustain a double-digit revenue growth portfolio
Genomics Large and Small Molecule Analysis
Extend market leadership with innovative products, services and informatics
• Integrate Bio-Reagents into Agilent workflow solutions
• Leverage portfolio breadth across u-Fluidics, Microarray and qPCR
• Expand portfolios—LC/MS, Chip-LC, Bio-MS
• Focus on workflow solution development
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Life Science BusinessStrategy
Leading workflow partner for life science solutions in the Pharmaceutical and Academic/Government
markets.
Key Strategies:• Move all Life Sciences businesses to Agilent operating model• Drive market share in technology-expanding platforms – LC, LC/MS, microfluidics,
microarray • Build on the scaffold of Stratagene and Velocity11 to create new application based
opportunities• Expand market share in the Academic / Government market segments• Capitalize on geographic opportunities – Asia Pacific, Eastern Europe
and Latin America• Leverage Diagnostic Capabilities
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DetectionSeparationSample IntroSample Prep
Sample collection DetectionSeparationSample
Labeling Conversion
Kalabie
Data to Report SamplePrep
Life Science Solutions UnitLeading workflow partner for life science solutions
India Applications Team
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New Member to the BAM Family:
BioCel 1200
Element
VWorks
Multi-BioCel Platform
Bravo
BenchCel
Workstations VPrep
PlateLoc
VSpin VCode
Consumables
BioCel 1600
Systems
Software
Instruments
Consumables Service
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•Business Model Goal•Deliver > industry growth and ROIC•Cash flow positive throughout anypart of cycle•Flexible cost structure
Deliverables•Revenues > 8-10%; GM > 55%•Operating profit > 14% & ROIC of 21% over cycle•30-40% incremental operating profit (OP) on organic growth
Acquisitions•Deliver > 20% ROIC in 3-5 yrs•Technology purchases fit within existing cost structure
Variable Pay•ROIC and OP$ metrics align employees and shareholders•Provides automatic “flex” to cost structure through cycles
Agilent’s Business ModelDelivering above industry average EPS & ROIC
2001 2004 2007Gross Margin 46% 50% 56%Op Ex, % 43% 40% 40%Operating Margin 2% 10% 16%ROIC 3% 12% 27%
Inventory DOH 131 106 92Receivables DSO 57 54 46
FCF from Operations (73)$ 228$ 815$
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YoY Rev Growth 10% 10% 6% 15% 16% 11% 18%Inventory Days 73 112 57 101 71 83 80DSO 54 67 69 78 68 69 53ROIC 8% 17% 25% 41% 10% 23% 29%
59% 54%44% 43%
57%50% 46%
2% 7%
9% 5%
6%7% 8%
21% 27%29%
27%
24%26% 27%
17% 13% 18%25%18%13% 19%
0%
20%
40%
60%
80%
100%
ThermoFisher
Varian Applied Bio Waters Perkin Elmer Blend BAM
Op ProfitSG&AR&DCOGS
Bio-Analytical Competitive ComparisonsLast twelve months (as of January 31, 2008)*
*Agilent estimates of comparable proforma results
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Why Agilent Will Continue to Win ...
Leading positions in served available markets and growth geographies
Bio-Analytical Measurement
Customer Productivity
& Loyalty
Competitive Differentiation
&Drives
Operating Model drives profitable growth; enables reinvestment
Refreshed and expanded portfolio, solutions focus provides opportunities for growth in fast growing segments
• Genomics• Metabolomics• Proteomics
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Agilent Technologies2008 UBS West Coast Life Sciences Bus Tour
Nicolas (Nick) Roelofs, Ph.D.Vice President and General ManagerLife Sciences Solutions
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Agilent Around the WorldGlobal footprint offers unmatched service and support
Global headcount: 19,400
• Manufacturing: 7,30045% Asia Pacific18% Europe37% Americas
• R&D: 3,30034% Asia Pacific 17% Europe49% Americas
• Sales & Marketing: 6,00040% Asia Pacific 20% Europe40% Americas
• Administration: 2,800 47% Asia Pacific 19% Europe34% Americas
Asia Pacific
36%
Americas38%
Europe26%
Agilent FY07 Revenueby Geography
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62 2
38
3
Life Sciences17%
Communications24%
General Purpose36% Chemical
Analysis23%
Agilent Revenue DistributionQ108 by market and sub-market
REVENUE BY MARKET ADDITIONAL SUB-MARKET DETAIL
Chemical Analysis
Life Sciences
General Purpose
Communications
ACADEMIC & GOVERNMENT
PHARMA, BIOTECH,CRO & CMO
19%5%
12%
OTHER GENERAL INDUSTRY
AEROSPACE & DEFENSE
COMPUTER & SEMICONDUCTORS
5%6%
2% 2%
3 D
ENVIRON-MENTAL
FORENSICS
FOOD
PETROCHEMICAL
13%
4%
WIRELESS MFG.
EDANETWORKI&M
WIRELESSR&D
BROADBANDR&D/MFG
NETWORKMONITORING
8%
MATERIALS SCIENCE
%% %
%
%
%
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EM Market Environment & Growth Drivers$18 billion market
GENERAL PURPOSE COMMUNICATIONSElectronic Measurement
GENERAL PURPOSE COMMUNICATIONSElectronic Measurement
Market Growth Range 5-6%Agilent Expected 2008 Growth Range 4-6%
Key Growth Drivers:• Network convergences• Mobile internet• R&D and design verification spending• Digital and Radio Frequency (RF) Convergence
Actions•Wireless R&D solutions - WiMax, LTE and emerging 3.9G technologies•Broad-based partnerships •Lower cost solutions for handset manufacturing
$9B $9B
Market Growth Range 5-6%Agilent Expected 2008 Growth Range 4-6%
Key Growth Drivers:• A/D test modernization • Homeland Security driving surveillance• Growing R&D & electronic manufacturing in Asia
Actions•Formulation of Signal Networks Division (SND)•Asia expansion•Expanded basic instrument portfolio
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FY 2008 Market Growth Assumptions
FY2007 Growth FY2008Segment Revenue % of Total Market Segment
EM $3,415 M 63% 5% 5%
BAM $2,005 M 37% 8% 14%Agilent $5,420 M 100% 6% 8%
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Agilent competitive comparisonsLast 12 Month results as of Q1 08 relative to our top competitors
YoY Rev Growth 7% 4% 11% 18% 8% 9%Inventory Days 120 115 83 80 106 101DSO 70 44 69 53 70 47ROIC 21% 24% 23% 29% 22% 26%
45% 42%50% 46% 47% 44%
12% 14%7% 8% 10% 12%
28% 29% 26% 27% 27% 29%
15% 16% 16%19%18%14%
0%
20%
40%
60%
80%
100%
EMG Blend
EMG BAMBlend
BAM Group Blend
Agilent
Op ProfitSG&AR&DCOGS
AGILENT TECHNOLOGIES, INC.RECONCILIATION OF OPERATING FREE CASH FLOW(IN MILLIONS)PRELIMINARY
2007 2004 Net cash provided by operating activities 969 307Less: Investments in property, plant and equipment 154 79Operating free cash flow 815$ 228$
The preliminary reconciliation of operating free cash flow is estimated based on our current information.
Operating free cash flow is a non-GAAP measure which management believes provides useful information to management and investors about the amount of cash generated by the business after the acquisition of property and equipment, which can then be used for strategic opportunities including investing in the Company's business and making strategic acquisitions. Our management uses this measure which is a common one in our industry to compare ourselves to our competitors and to measure our own performance. A limitation of operating free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. Our management compensates for this limitation by monitoring and providing the reader with a complete GAAP statement of cash flows which includes net cash provided by operating activities.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
Years Ended October 31, 2007
AGILENT TECHNOLOGIES, INC.RECONCILIATION OF DAYS ON HAND (DOH)(IN MILLIONS)PRELIMINARY
Q4 '07 Q1 '08
GAAP
Costs of Products and Services 656 637 Net Inventory 643 674 GAAP Inventory Days 88 95
Non-GAAP
Costs of Products and Services 656 637 Ammortization of Intangibles, Others (9) (9) Restructuring and Asset Impairment (7) (8) Share-based comp & pension related (4) (7) Unallocated SPG/STS and business disposal costs - - Net Inventory (Charges)/Sales of previously written down inventory (6) (3) Adjusted Costs of Products and Services 630 610 Net Inventory 643 674 Non-GAAP Inventory Days 92 99
Non-GAAP DOH Formula:(Quarter-end net inventory * 90 Days)/(Current COGS - Inventory Charges - Non-GAAP Adjustments
GAAP DOH Formula:(Quarter-end net inventory * 90 Days)/(Current COGS)
The preliminary reconciliation of days on hand is estimated based on our current information.
AGILENT TECHNOLOGIES, INC.RECONCILIATION OF ROIC(IN MILLIONS)PRELIMINARY
AgilentNumerator: Q1'08 FY01 FY04 FY07Adjusted income from operations 194$ 150$ 465$ 858$ Less: Taxes and Other (income)/expense 41 54 138 194
Segment return 153 (a) 96$ 327$ 664$
Segment return annualized 612$
Denominator:Segment assets (b) 3,483$ 4,009$ 3,192$ 3,341$ Less: Net current liabilities (c) 642 938$ 778$ 755 Invested capital 2,841$ 3,071$ 2,414$ 2,586$
Average invested capital 2,714$ 3,082$ 2,700$ 2,485$
ROIC 23% 3% 12% 27%
ROIC calculation:(annualized current quarter segment return)/(average of the two most recent quarter-end balances of Segment Invested Capital)
(a) New Agilent return is equal to adjusted net income from continuing operations minus net interest income after tax. Please see "Adjusted Net Income and EPS Reconciliations" for a reconciliation of adjusted net income from continuing operations to GAAP income from continuing operations.
(b) Segment assets consist of inventory, accounts receivable, property plant and equipment, gross goodwill and other intangibles, deferred taxes and allocated corporate assets.
(c) Includes accounts payable, employee compensation and benefits, other accrued liabilities and allocated corporate liabilities.
Historical amounts were reclassified to conform with current period presentation.
The preliminary reconciliation of ROIC is estimated based on our current information.
Readers are reminded that non-GAAP numbers are merely a
Agilent
Return on invested capital (ROIC) is a non-GAAP measure that management believes provides useful supplemental information for management and the investor. ROIC is a tool by which we track how much value we are creating for our shareholders. Management uses ROIC as a performance measure for our businesses, and our senior managers' compensation is linked to ROIC improvements as well as other performance criteria. We believe that ROIC provides our management with a means to analyze and improve their business, measuring segment profitability in relation to net asset investments. We acknowledge that ROIC may not be calculated the same way by every company. We compensate for this limitation by monitoring and providing to the reader a full GAAP income statement and balance sheet.
AGILENT TECHNOLOGIES, INCRECONCILIATION FROM GAAP TO NON-GAAP NET INCOMETHREE MONTHS ENDED January 31, 2007(Unaudited)
Business Other,Restructuring Disposal and Share-Based Excess Donation to Principally
and Asset Infrastructure Compensation Software Agilent Other Adjustment for New Agilent(In millions, except per share amounts) GAAP Impairment Reduction Costs Expense Amortization Foundation Intangibles Taxes Non-GAAP
Orders Change Year Over Year 6% 1,250$ -$ -$ -$ -$ -$ -$ -$ 1,250$ 6% Change Year Over Year
Net revenue Change Year Over Year 10% 1,280$ -$ -$ -$ -$ -$ -$ -$ 1,280$ 10% Change Year Over Year
Costs and expenses: Cost of products and services Gross Margin 54.0% 589 (3) - (10) - - (6) - 570 55.5% Gross Margin Research and development As a % of Revenue 13.1% 168 (1) - (6) - - (2) - 159 12.4% As a % of Revenue Selling, general and administrative As a % of Revenue 33.4% 428 (5) (6) (20) (8) (20) (1) - 368 28.8% As a % of Revenue Total costs and expenses 1,185 (9) (6) (36) (8) (20) (9) - 1,097
Income from continuing operations Operating Margin 7.4% 95 9 6 36 8 20 9 - 183 14.3% Operating Margin
Other income (expense), net 28 - - - - - - - 28
Income from continuing operations before taxes 123 9 6 36 8 20 9 - 211
Tax ProvisionTax rate (incl. Valuation
Allowance) -22.0% (27) - - - - - - 76 49 23.2%Tax rate (incl. Valuation Allowance)
Net income (loss) 150$ 9$ 6$ 36$ 8$ 20$ 9$ (76)$ 162$
Net income per share - Basic and Diluted:
Basic 0.37$ 0.02$ 0.02$ 0.09$ 0.02$ 0.05$ 0.02$ (0.19)$ 0.40$ Diluted 0.36$ 0.02$ 0.01$ 0.09$ 0.02$ 0.05$ 0.02$ (0.18)$ 0.39$
Weighted average shares used in computing net income per share:
Basic 406 406 406 406 406 406 406 406 406 Diluted 418 418 418 418 418 418 418 418 418
The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information.
Non-GAAP Adjustments
AGILENT TECHNOLOGIES, INCRECONCILIATION FROM GAAP TO NON-GAAP NET INCOMETHREE MONTHS ENDED January 31, 2008(Unaudited)
BusinessRestructuring Disposal and Share-Based Excess
and Asset Infrastructure Compensation Software Intangible Adjustment for(In millions, except per share amounts) GAAP Impairment Reduction Costs Expense Amortization Amortization Other Taxes Non-GAAP
Orders Change Year Over Year 12% 1,401$ -$ -$ -$ -$ -$ -$ -$ 1,401$ 12% Change Year Over Year
Net revenue Change Year Over Year 9% 1,393$ -$ -$ -$ -$ -$ -$ -$ 1,393$ 9% Change Year Over Year
Costs and expenses: Cost of products and services Gross Margin 54.3% 637 (8) (7) (9) - 613 56.0% Gross Margin Research and development As a % of Revenue 13.0% 181 (2) (5) - 174 12.5% As a % of Revenue Selling, general and administrative As a % of Revenue 31.7% 441 (2) (1) (18) (3) (4) (1) - 412 29.6% As a % of Revenue Total costs and expenses 1,259 (12) (1) (30) (3) (13) (1) - 1,199
Income from continuing operations Operating Margin 9.6% 134 12 1 30 3 13 1 - 194 13.9% Operating Margin
Other income (expense), net 13 - (2) - - - - - 11
Income from continuing operations before taxes 147 12 (1) 30 3 13 1 - 205
Tax ProvisionTax rate (incl. Valuation
Allowance) 18% 27 - - - - - - 18 45 22%Tax rate (incl. Valuation Allowance)
Net income (loss) Net Margin 8.6% 120$ 12$ (1)$ 30$ 3$ 13$ 1$ (18)$ 160$ 11.5% Net Margin
Net income per share - Basic and Diluted:
Basic 0.32$ 0.03$ -$ 0.08$ 0.01$ 0.04$ -$ (0.05)$ 0.43$ Diluted 0.31$ 0.03$ -$ 0.08$ 0.01$ 0.03$ -$ (0.04)$ 0.42$ 8%
Weighted average shares used in computing net income per share:
Basic 371 371 371 371 371 371 371 371 371 Diluted 382 382 382 382 382 382 382 382 382
The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information.
Non-GAAP Adjustments
AGILENT TECHNOLOGIES, INCRECONCILIATION FROM GAAP TO NON-GAAP NET INCOMETWELVE MONTHS ENDED OCTOBER 31, 2007(Unaudited)
Business RemeasurementRestructuring Disposal and Gain Share-Based Excess Donation to Loss for a One-Time
and Asset Infrastructure on Sale of Compensation Software Intangible Agilent Intercompany Adjustment for(In millions, except per share amounts) GAAP Impairment Reduction Costs Assets Expense Amortization Amortization Foundation Transaction Other Taxes Non-GAAP
Orders Change Year Over Year 7% 5,441$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 5,441$ 7% Change Year Over Year
Net revenue Change Year Over Year 9% 5,420$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 5,420$ 9% Change Year Over Year
Costs and expenses: Cost of products and services Gross Margin 54.8% 2,451 (15) - - (31) - (30) - - (2) - 2,373 56.2% Gross Margin Research and development As a % of Revenue 12.6% 685 (7) - - (21) - - - - (4) - 653 12.0% As a % of Revenue Selling, general and administrative As a % of Revenue 31.4% 1,700 (16) (14) 9 (87) (26) (10) (20) - - - 1,536 28.3% As a % of Revenue Total costs and expenses 4,836 (38) (14) 9 (139) (26) (40) (20) - (6) - 4,562
Income from continuing operations Operating Margin 10.8% 584 38 14 (9) 139 26 40 20 - 6 - 858 15.8% Operating Margin
Other income (expense), net 86 - - (6) - - - - 4 5 - 89
Income from continuing operations before taxes 670 38 14 (15) 139 26 40 20 4 11 - 947
Tax ProvisionTax rate (incl. Valuation
Allowance) 4.8% 32 - - - - - - - - - 177 209 22%Tax rate (incl. Valuation Allowance)
Net income (loss) Net Margin 11.8% 638$ 38$ 14$ (15)$ 139$ 26$ 40$ 20$ 4$ 11$ (177)$ 738$ 13.6% Net Margin
Net income per share - Basic and Diluted:
Basic 1.62$ 0.10$ 0.03$ (0.04)$ 0.35$ 0.07$ 0.10$ 0.05$ 0.01$ 0.03$ (0.45)$ 1.87$ Diluted 1.57$ 0.09$ 0.03$ (0.04)$ 0.34$ 0.07$ 0.10$ 0.05$ 0.01$ 0.03$ (0.43)$ 1.82$
Weighted average shares used in computing net income per share:
Basic 394 394 394 394 394 394 394 394 394 394 394 394 Diluted 406 406 406 406 406 406 406 406 406 406 406 406
The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information.
Non-GAAP Adjustments