Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2026

2nd Quarter 2026 Highlights:

• Net income was $97.9 million for the current quarter, an increase of $15.8 million, or 19 percent, from the prior quarter net income of $82.1 million and an increase of $45.1 million, or 85 percent, from the prior year second quarter net income of $52.8 million.
• Diluted earnings per share for the current quarter was $0.75 per share, an increase of $0.12 per share, or 19 percent, from the prior quarter diluted earnings per share of $0.63 and an increase of $0.30 per share, or 67 percent, from the prior year second quarter diluted earnings per share of $0.45.
• Operating diluted earnings per share¹ for the current quarter was $0.76 per share, an increase of $0.06 per share, or 9 percent, from the prior quarter operating diluted earnings per share of $0.70 and an increase of $0.19 per share, or 33 percent, from the prior year second quarter operating diluted earnings per share of $0.57.
• Net interest income for the current quarter was $276 million, an increase of $7.8 million, or 3 percent, from the prior quarter net interest income of $269 million and an increase of $68.8 million, or 33 percent, from the prior year second quarter net interest income of $208 million.
• The loan portfolio of $21.364 billion at June 30, 2026 increased $330 million, or 6 percent annualized, from the prior quarter.
• Total average deposits of $24.539 billion for the current quarter increased $113 million, or 2 percent annualized, from the prior quarter average deposits.
• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.90 percent, an increase of 10 basis points from the prior quarter net interest margin of 3.80 percent and an increase of 69 basis points from the prior year second quarter net interest margin of 3.21 percent.
• The total earning assets yield of 5.14 percent in the current quarter increased 3 basis points from the prior quarter earning assets yield of 5.11 percent and increased 41 basis points from the prior year second quarter earning assets yield of 4.73 percent.
• The core deposit cost (including non-interest bearing deposits) of 1.18 percent in the current quarter decreased 2 basis points from the prior quarter core deposit cost of 1.20 percent and decreased 7 basis points from the prior year second quarter core deposit cost of 1.25 percent.
• The total cost of funding (including non-interest bearing deposits) of 1.33 percent in the current quarter decreased 7 basis points from the prior quarter total cost of funding of 1.40 percent and decreased 30 basis points from the prior year second quarter total cost of funding of 1.63 percent.
• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 165 consecutive quarterly dividends and has increased the dividend 49 times.
  
  

First Half 2026 Highlights:

• Net income for the first half of 2026 was $180 million, an increase of $72.7 million, or 68 percent, from the prior year first half net income of $107 million.
• Diluted earnings per share for the first half of 2026 was $1.38 per share, an increase of $0.45 per share, or 48 percent, from the prior year first half diluted earnings per share of $0.93.
• Operating diluted earnings per share for the first half of 2026 was $1.45 per share, an increase of $0.41 per share, or 39 percent, from the prior year first half of 2025 operating diluted earnings per share of $1.04.
• Net interest income for the first half of 2026 was $545 million, an increase of $148 million, or 37 percent, from the prior year first half net interest income of $398 million.
• The loan portfolio increased $2.831 billion, or 15 percent, from the prior year second quarter.
• Total deposits increased $3.026 billion, or 14 percent, from the prior year second quarter.
• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2026 was 3.85 percent, an increase of 73 basis points from the prior year first half net interest margin of 3.12 percent.
• The Company completed the core system conversion of Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”). Guaranty was acquired on October 1, 2025 with total assets of $3.357 billion.
• Dividends declared in the first half of 2026 were $0.66 per share.
  

¹ Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.

Financial Summary  

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KALISPELL, Mont., July 23, 2026 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $97.9 million for the current quarter, an increase of $15.8 million, or 19 percent, from the prior quarter net income of $82.1 million and an increase of $45.1 million, or 85 percent, from the prior year second quarter net income of $52.8 million. Diluted earnings per share for the current quarter was $0.75 per share, an increase of $0.12 per share, or 19 percent, from the prior quarter diluted earnings per share of $0.63 and an increase of $0.30 per share, or 67 percent, from the prior year second quarter diluted earnings per share of $0.45. Operating diluted earnings per share for the current quarter was $0.76 per share, an increase of $0.06 per share, or 9 percent, from the prior quarter operating diluted earnings per share of $0.70 and an increase of $0.19 per share, or 33 percent, from the prior year second quarter operating diluted earnings per share of $0.57. The current quarter included $1.6 million in acquisition-related expenses, $2.5 million of compensation from acquisition-related employment agreements and $2.6 million of gains from the sale of former branch facilities and disposal of fixed assets. “We delivered another strong quarter, with record net income, continued net interest margin expansion and solid loan growth,” said Randy Chesler, President and Chief Executive Officer. “Our performance reflects the strength of our diversified community banking model, disciplined balance sheet management and the continued customer focus of our teams across the franchise.”

Net income for the first half of 2026 was $180 million, an increase of $72.7 million, or 68 percent, from the prior year first half net income of $107 million which was driven primarily by the increase in net interest income from the improvement in the net interest margin. Diluted earnings per share for the first half of 2026 was $1.38 per share, an increase of $0.45 per share, or 48 percent, from the prior year first half diluted earnings per share of $0.93. Operating diluted earnings per share for the first half of 2026 was $1.45 per share, an increase of $0.41 per share, or 39 percent, from the prior year first half of 2025 operating diluted earnings per share of $1.04.

Asset Summary

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Total debt securities of $6.487 billion at June 30, 2026 decreased $157 million, or 2 percent, during the current quarter and decreased $744 million, or 10 percent, from the prior year second quarter. The Company selectively purchased debt securities during the current quarter with the Company’s excess liquidity position. Debt securities represented 21 percent of total assets at June 30, 2026 and March 31, 2026 compared to 25 percent at June 30, 2025.

The loan portfolio of $21.364 billion at June 30, 2026 increased $330 million, or 6 percent annualized, from the prior quarter. The loan portfolio increased $2.831 billion, or 15 percent, from the prior year second quarter. Excluding the Guaranty acquisition on October 1, 2025, the loan portfolio organically increased $728 million, or 4 percent, from the prior year second quarter.

Credit Quality Summary

Early stage delinquencies (accruing loans 30-89 days past due) of $65.5 million at June 30, 2026 decreased $26.3 million from the prior quarter and increased $11.1 million from the prior year second quarter. Early stage delinquencies as a percentage of loans at June 30, 2026 were 0.31 percent compared to 0.44 percent for the prior quarter and 0.29 percent for the prior year second quarter. Non-performing assets of $91.8 million at June 30, 2026 increased $12.4 million, or 16 percent, over the prior quarter and increased $43.2 million, or 89 percent, over the prior year second quarter.

The current quarter provision for credit loss expense of $6.4 million included $10.1 million of credit loss expense on loans and $3.7 million of credit loss benefit on unfunded loan commitments. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at each of June 30, 2026, December 31, 2025 and June 30, 2025. Loan portfolio growth, composition, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans. 

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

Net charge-offs for the current quarter were $5.9 million compared to $3.1 million in the prior quarter and $1.6 million for the prior year second quarter. The current quarter net charge-offs included $2.8 million in deposit overdraft net charge-offs and $3.1 million of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the tables at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

Total deposits of $24.654 billion at June 30, 2026 decreased $87.8 million, or 35 basis points, during the current quarter and increased $3.026 billion, or 14 percent, from the prior year second quarter. Excluding the Guaranty acquisition, total deposits organically increased $319 million, or 1 percent, from the prior year second quarter.

Non-interest bearing deposits of $7.423 billion at June 30, 2026 decreased $3.8 million, or 5 basis points, from the prior quarter and increased $830 million, or 13 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at June 30, 2026, March 31, 2026 and June 30, 2025.

Stockholders’ Equity Summary

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Tangible stockholders’ equity of $2.839 billion at June 30, 2026 increased $69 million, or 3 percent, compared to the prior quarter and was primarily due to earnings retention. Tangible stockholders’ equity increased $493 million, or 21 percent, from the prior year second quarter and was primarily due to $560 million of Company stock issued in connection with the Guaranty acquisition, earnings retention and a $67 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the Guaranty acquisition. Tangible book value per common share of $21.81 at the current quarter end increased $0.52 per share, or 2 percent, from the prior quarter and increased $2.02 per share, or 10 percent, from the prior year second quarter.

Cash Dividends
On June 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 16, 2026 to shareholders of record on July 7, 2026. The dividend was the Company’s 165th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months EndedJune 30, 2026 
Compared toMarch 31, 2026 andJune 30, 2025

Income Summary

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Net Interest Income
Net interest income of $276 million for the current quarter increased $7.8 million, or 3 percent, from the prior quarter net interest income of $269 million and increased $68.8 million, or 33 percent, from the prior year second quarter net interest income of $208 million. The current quarter interest income of $365 million increased $2.9 million, or 1 percent, over the prior quarter and increased $57.1 million, or 19 percent, over the prior year second quarter and was primarily driven by both increased loans and increased interest rates on the loan portfolio. The loan yield of 6.12 percent in the current quarter decreased 4 basis points from the prior quarter loan yield of 6.16 percent and was principally due to a 3 basis points decrease in loan discount accretion and a 2 basis points decrease in non-accrual loan interest reversal. The core loan yield of 6.06 percent in the current quarter increased 1 basis point from the prior quarter core loan yield of 6.05 percent. The loan yield increased 26 basis points from the prior year second quarter loan yield of 5.86 percent.

The current quarter interest expense of $88.8 million decreased $4.9 million, or 5 percent, from the prior quarter, and decreased $11.7 million, or 12 percent, from the prior year second quarter primarily due to a decrease in interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) decreased to 1.18 percent in the current quarter compared to 1.20 percent in the prior quarter and 1.25 percent in the prior year second quarter. The total funding cost (including non-interest bearing deposits) decreased to 1.33 percent in the current quarter compared to 1.40 percent in the prior quarter and 1.63 percent in the prior year second quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.90 percent, an increase of 10 basis points from the prior quarter net interest margin of 3.80 percent and was primarily driven by the shift in the earning assets mix to higher yielding loans and a decrease in high cost borrowings. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter increased 69 basis points from the prior year second quarter net interest margin of 3.21 percent and was primarily driven by the increase in loan yields, the shift in the earning assets mix to higher yielding loans and the decrease in high cost borrowings. Core net interest margin was 3.86 percent in the current quarter compared to 3.73 percent in the prior quarter and 3.18 percent in the prior year second quarter. “The Company’s net interest margin increased for the tenth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in the earning assets yield combined with decreases in core deposit costs and wholesale funding contributed to the 10 basis points increase in the net interest margin as it expanded to 3.90 percent in the current quarter.”

Non-interest Income
Non-interest income for the current quarter totaled $41.1 million, which was an increase of $3.0 million, or 8 percent, over the prior quarter. Non-interest income increased $8.2 million, or 25 percent, over the prior year second quarter. Deposit service charges and other fees of $16.4 million for the current quarter increased $1.1 million, or 7 percent, compared to the prior quarter and increased $2.4 million, or 18 percent, from the prior year second quarter. Payment services of $12.0 million for the current quarter increased $644 thousand, or 6 percent, from the prior quarter and increased $1.6 million, or 15 percent, over the prior year second quarter.

Non-interest Expense Summary

Total non-interest expense of $187 million for the current quarter decreased $13.8 million, or 7 percent, over the prior quarter. Total non-interest expense increased $31.6 million, or 20 percent, over the prior year second quarter and was primarily driven by increased costs from the acquired banks.

Compensation and employee benefits of $116 million for the current quarter increased by $529 thousand, or 46 basis points, over the prior quarter. Compensation and employee benefits increased $21.9 million, or 23 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from the acquired banks. Other expenses of $26.9 million decreased $12.3 million, or 31 percent, from the prior quarter and was primarily driven by $7.3 million of decreased acquisition-related expenses and a $3.1 million increase in gains from the sale of former branch facilities and disposal of fixed assets.

Acquisition-related expense was $1.6 million in the current quarter compared to $8.9 million in the prior quarter and $3.2 million in the prior year second quarter. In addition, compensation and employee benefits included $2.5 million of expense attributable to acquisition-related employment agreements in the current quarter compared to $2.8 million in the prior quarter and $544 thousand in the prior year second quarter.

Federal and State Income Tax Expense
Tax expense during the second quarter of 2026 was $26.6 million, an increase of $8.6 million, or 48 percent, compared to the prior quarter and an increase of $14.2 million, or 115 percent, from the prior year second quarter. The effective tax rate in the current quarter was 21.4 percent compared to 18.0 percent in the prior quarter and 19.02 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was primarily driven by an increase in pre-tax income and a decrease in federal tax credits. The higher tax expense and higher effective tax rate compared to prior year second quarter was primarily due to an increase in pre-tax income.

Efficiency Ratio
The efficiency ratio was 56.65 percent in the current quarter compared to 63.05 percent in the prior quarter and 62.08 percent in the prior year second quarter. The decrease from the prior quarter was primarily driven by the combination of a decrease in non-interest expense and an increase in net interest income. The decrease from the prior year second quarter was primarily due to the increase in net interest income which outpaced the increase in non-interest expense.

Operating Results forSix Months EndedJune 30, 2026
Compared toJune 30, 2025

Income Summary

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Net Interest Income
Net interest income of $545 million for the first half of 2026 increased $148 million, or 37 percent, from the first half of the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $728 million for the first half of 2026 increased $130 million, or 22 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 6.14 percent during the first half of 2026, an increase of 32 basis points from the prior year first half loan yield of 5.82 percent.

Interest expense of $182 million for the first half of 2026 decreased $18.0 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.19 percent for the first half of 2026, which was a decrease of 6 basis points over the first half of the prior year core deposit cost of 1.25 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2026 was 1.36 percent, which was a decrease of 29 basis points over the first half of the prior year funding cost of 1.65 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2026 was 3.85 percent, a 73 basis points increase from the net interest margin of 3.12 percent for the first half of the prior year. Core net interest margin during the first half of 2026 was 3.79 percent compared to 3.08 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by a 32 basis points increase in loan yields and a 29 basis points decrease in total funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

Non-interest Income  
Non-interest income of $79.2 million for the first half of 2026 increased $13.6 million, or 21 percent, over the first half of the prior year and was primarily driven by increased income from the acquired banks. Deposit service charges and other fees of $31.6 million for the first half of 2026 increased $4.5 million, or 17 percent, over the first half of the prior year. Payment services of $23.4 million for the first half of 2026 increased by $3.6 million, or 18 percent, over the first half of the prior year.

Non-interest Expense Summary

Total non-interest expense of $387 million for the first half of 2026 increased $80.8 million, or 26 percent, over the first half of the prior year and was primarily driven by increased costs from the acquired banks. Compensation and employee benefits expense of $232 million in the first half of 2026 increased $46.3 million, or 25 percent, over the first half of the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Occupancy and equipment expense of $31.3 million in the first half of 2026 increased $6.5 million, or 26 percent, over the first half of the prior year primarily due to increased costs from the acquired banks. Data processing expense of $25.7 million in the first half of 2026 increased $6.6 million, or 35 percent, over the first half of the prior year primarily due to increased costs from the acquired banks. Other expenses of $66.0 million for the first half of 2026 increased $16.2 million, or 32 percent, from the first half of the prior year and was primarily driven by an increase in acquisition-related expenses.

Acquisition-related expense was $10.5 million in the first half of the current year compared to $3.8 million in the prior year first half. In addition, compensation and employee benefits included $5.2 million of expense attributable to acquisition-related employment agreements in the first half of the current year compared to $795 thousand in the first half of the prior year.

Provision for Credit Losses
The provision for credit loss expense was $12.4 million for the first half of 2026, a decrease of $15.7 million, or 56 percent, over the same period in the prior year. Included in the first half of the prior year provision for credit losses was $16.7 million from the acquisition of Bank of Idaho. Net charge-offs for the first half of 2026 were $8.9 million compared to $3.4 million in the first half of 2025.

Federal and State Income Tax Expense
Tax expense of $44.6 million for the first half of 2026 increased $23.3 million, or 109 percent, over the same period in the prior year. The effective tax rate for the first half of 2026 was 19.9 percent compared to 16.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 59.79 percent for the first half of 2026 compared to 63.72 percent for the same period of 2025. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

Forward-Looking Statements  
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

• risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
• changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
• legislative or regulatory changes, including the possibility of increases in FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increases or changes in banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
• risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
• risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Iran and Ukraine, further conflicts in the Middle East, and potential for future conflicts or disruptions in other parts of the world;
• risks associated with the Company’s ability to negotiate, complete, and successfully integrate acquisitions;
• costs or difficulties related to the completion and integration of future or recently completed acquisitions;
• impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
• reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
• deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company 's ability to obtain and maintain customers;
• changes in the competitive landscape, including as may result from new market entrants, additional competition from internet-based financial institutions operating nationally, or further consolidation in the financial services industry, resulting in increased competition, including the creation of larger competitors with greater financial resources;
• risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
• risks related to rapidly evolving artificial intelligence technologies;
• risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
• material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
• risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
• success in managing risks involved in any of the foregoing; and
• effects of any reputational damage to the Company resulting from any of the foregoing.
  
  

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 24, 2026. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BIa64d0770f93544c4992aa6382dbe6242. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/53sx3j3i.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its nine state footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Guaranty Bank & Trust (Mount Pleasant, TX), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Non-GAAP Financial Measures
Certain financial measures and ratios the Company presents are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). The Company refers to these financial measures and ratios as “non-GAAP financial measures.” A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is provided in the tables within this press release. The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and in evaluating period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain income, expense, or intangible items that the Company believes are not indicative of its primary business operating results.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and investors should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures presented may differ from non-GAAP financial measures used by the Company’s peers or other companies. The Company compensates for these differences by providing the equivalent GAAP measures whenever the Company presents the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

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