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Live Oak Bancshares, Inc. Reports Third Quarter 2025 Results

WILMINGTON, N.C., Oct. 22, 2025 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported third quarter of 2025 net income attributable to common shareholders of $25.6 million, or $0.55 per diluted common share.

Live Oak’s performance in the quarter, compared to the second quarter of 2025 and third quarter of 2024, includes these notable items:

  • Strong loan production of $1.65 billion accompanied by strong deposit growth of $695.9 million in the third quarter of 2025, with total assets growing by 6.0% and 16.3% to $14.67 billion compared to the second quarter of 2025 and third quarter of 2024, respectively
  • $96.3 million in capital was raised as a result of preferred stock offering in the third quarter of 2025
  • Net interest income increased 5.7% and 19.1% compared to the second quarter of 2025 and third quarter of 2024, respectively; while net interest margin increased five basis points during the third quarter of 2025 from 3.28% for the second quarter of 2025 to 3.33% and remained flat compared to the third quarter of 2024
  • Revenue (comprised of net interest income and noninterest income) increased 1.6% and 12.4% compared to the second quarter of 2025 and third quarter of 2024, respectively, and noninterest expense decreased 2.2% and increased 12.5% compared to the second quarter of 2025 and third quarter of 2024, respectively, which generated an 8.0% and 12.4% increase in pre-provision net revenue1 compared to the second quarter of 2025 and third quarter of 2024, respectively
  • Provision expense for credit losses of $22.2 million, a decrease of $1.0 million and $12.3 million compared to the second quarter of 2025 and third quarter of 2024, respectively

Subsequent to September 30, 2025, the Company completed its sale of Apiture, Inc. resulting in a pre-tax gain of approximately $24.0 million.

“Live Oak’s third quarter results reflect the strength of our core banking operations and our continued commitment to serving small businesses across the country. We delivered strong loan production, were again named the SBA’s leading 7(a) lender by dollar amount, had significant deposit growth, and drove total assets to $14.67 billion—a 16% increase year-over-year,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “In addition to our operating performance, we further strengthened our capital position with the successful preferred stock offering in August, and an approximate $24 million gain from the sale of Apiture, which closed this week. These strategic moves position Live Oak for continued growth and resilience as we enter the final stretch of 2025.”

Conference Call

Live Oak will host a conference call to discuss the Company’s financial results and business outlook tomorrow, October 23, 2025, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 72227. 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: +1 646.564.2877
Pass 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.

Third Quarter 2025 Key Measures

(Dollars in thousands, except per share data)   Increase (Decrease)  
 3Q 2025 2Q 2025 Dollars Percent 3Q 2024
Total revenue (1)$146,099  $143,747  $2,352  1.6% $129,932 
Total noninterest expense 87,285   89,293   (2,008) (2.2)  77,589 
Income before taxes 36,572   31,202   5,370  17.2   17,841 
Effective tax rate 27.6%  25.0%  n/a  n/a   27.0%
Net income attributable to common shareholders$25,562  $23,428  $2,134  9.1% $13,025 
Diluted earnings per common share 0.55   0.51   0.04  7.8   0.28 
Loan and lease production 1,648,711   1,526,592   122,119  8.0   1,757,856 
Total loans and leases 11,915,511   11,364,846   550,665  4.8   10,191,868 
Total assets 14,665,902   13,831,208   834,694  6.0   12,607,346 
Total deposits 13,290,723   12,594,790   695,933  5.5   11,400,547 
                   

(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 any pandemic or public health situation 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; risks relating to the material weakness we identified in our internal control over financial reporting; 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; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; 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.liveoak.bank.

Contacts:

Walter J. Phifer | CFO | Investor Relations | 910.202.6926
Claire 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 3Q 2025 Change vs.
 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2025 3Q 2024
Interest income          % %
Loans and fees on loans$211,599  $204,513  $195,616  $194,821  $192,170  3.5  10.1 
Investment securities, taxable 12,175   11,648   11,089   10,490   9,750  4.5  24.9 
Other interest earning assets 7,654   8,123   6,400   7,257   7,016  (5.8) 9.1 
Total interest income 231,428   224,284   213,105   212,568   208,936  3.2  10.8 
Interest expense             
Deposits 114,266   113,380   110,888   113,357   110,174  0.8  3.7 
Borrowings 1,677   1,683   1,685   1,737   1,762  (0.4) (4.8)
Total interest expense 115,943   115,063   112,573   115,094   111,936  0.8  3.6 
Net interest income 115,485   109,221   100,532   97,474   97,000  5.7  19.1 
Provision for credit losses 22,242   23,252   28,964   33,581   34,502  (4.3) (35.5)
Net interest income after provision for credit losses 93,243   85,969   71,568   63,893   62,498  8.5  49.2 
Noninterest income             
Loan servicing revenue 8,812   8,565   8,298   8,524   8,040  2.9  9.6 
Loan servicing asset revaluation (4,360)  (3,057)  (4,728)  (2,326)  (4,207) (42.6) (3.6)
Net gains on sales of loans 20,868   21,641   18,648   18,356   16,646  (3.6) 25.4 
Net (loss) gain on loans accounted for under the fair value option (350)  1,082   (1,034)  195   2,255  (132.3) (115.5)
Equity method investments (loss) income (1,470)  (2,716)  (2,239)  (2,739)  (1,393) 45.9  (5.5)
Equity security investments gains, net 18   1,004   20   12   909  (98.2) (98.0)
Lease income 2,179   3,103   2,573   2,456   2,424  (29.8) (10.1)
Management fee income             1,116    (100.0)
Other noninterest income 4,917   4,904   4,043   6,115   7,142  0.3  (31.2)
Total noninterest income 30,614   34,526   25,581   30,593   32,932  (11.3) (7.0)
Noninterest expense             
Salaries and employee benefits 52,817   49,137   48,008   45,214   44,524  7.5  18.6 
Travel expense 2,480   2,576   2,795   2,628   2,344  (3.7) 5.8 
Professional services expense 1,999   2,874   3,024   2,797   3,287  (30.4) (39.2)
Advertising and marketing expense 1,839   4,420   3,665   1,979   2,473  (58.4) (25.6)
Occupancy expense 2,339   2,369   2,737   2,558   2,807  (1.3) (16.7)
Technology expense 10,234   10,066   9,251   9,406   9,081  1.7  12.7 
Equipment expense 3,320   3,685   3,745   3,769   3,472  (9.9) (4.4)
Other loan origination and maintenance expense 4,777   4,190   4,585   4,812   4,872  14.0  (1.9)
Renewable energy tax credit investment impairment 336   270      1,172   115  24.4  192.2 
FDIC insurance 3,643   3,545   3,551   3,053   1,933  2.8  88.5 
Other expense 3,501   6,161   2,656   3,869   2,681  (43.2) 30.6 
Total noninterest expense 87,285   89,293   84,017   81,257   77,589  (2.2) 12.5 
Income before taxes 36,572   31,202   13,132   13,229   17,841  17.2  105.0 
Income tax expense 10,106   7,815   3,464   3,386   4,816  29.3  109.8 
Net income 26,466   23,387   9,668   9,843   13,025  13.2  103.2 
Net loss attributable to non-controlling interest 50   41   49   57     22.0  100.0 
Net income attributable to Live Oak Bancshares, Inc. 26,516   23,428   9,717   9,900   13,025  13.2  103.6 
Preferred stock dividends 954              100.0  100.0 
Net income attributable to common shareholders$25,562  $23,428  $9,717  $9,900  $13,025  9.1  96.3 
Earnings per common share             
Basic$0.56  $0.51  $0.21  $0.22  $0.28  9.8  100.0 
Diluted$0.55  $0.51  $0.21  $0.22  $0.28  7.8  96.4 
Weighted average shares outstanding             
Basic 45,780,794   45,634,741   45,377,965   45,224,470   45,073,482     
Diluted 46,216,958   45,795,608   45,754,499   46,157,979   45,953,947     
                        

Live Oak Bancshares, Inc.
Quarterly Balance Sheets (unaudited)
(Dollars in thousands)

 As of the quarter ended 3Q 2025 Change vs.
 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2025 3Q 2024
Assets          % %
Cash and due from banks$892,445  $662,755  $744,263  $608,800  $666,585  34.7  33.9 
Certificates of deposit with other banks 250   250   250   250   250     
Investment securities available-for-sale 1,373,219   1,325,206   1,312,680   1,248,203   1,233,466  3.6  11.3 
Loans held for sale 360,693   350,791   367,955   346,002   359,977  2.8  0.2 
Loans and leases held for investment (1) 11,554,818   11,014,055   10,693,911   10,233,374   9,831,891  4.9  17.5 
Allowance for credit losses on loans and leases (185,700)  (182,231)  (190,184)  (167,516)  (168,737) (1.9) (10.1)
Net loans and leases 11,369,118   10,831,824   10,503,727   10,065,858   9,663,154  5.0  17.7 
Premises and equipment, net 241,140   246,493   259,113   264,059   267,032  (2.2) (9.7)
Foreclosed assets 11,024   6,318   2,108   1,944   8,015  74.5  37.5 
Servicing assets 62,491   60,359   56,911   56,144   52,553  3.5  18.9 
Other assets 355,522   347,212   348,697   352,120   356,314  2.4  (0.2)
Total assets$14,665,902  $13,831,208  $13,595,704  $12,943,380  $12,607,346  6.0  16.3 
Liabilities and shareholders’ equity             
Liabilities             
Deposits:             
Noninterest-bearing$494,019  $393,393  $386,108  $318,890  $258,844  25.6  90.9 
Interest-bearing 12,796,704   12,201,397   12,009,837   11,441,604   11,141,703  4.9  14.9 
Total deposits 13,290,723   12,594,790   12,395,945   11,760,494   11,400,547  5.5  16.6 
Borrowings 105,045   107,659   110,247   112,820   115,371  (2.4) (9.0)
Other liabilities 67,585   61,494   58,065   66,570   83,672  9.9  (19.2)
Total liabilities 13,463,353   12,763,943   12,564,257   11,939,884   11,599,590  5.5  16.1 
Shareholders’ equity             
Preferred stock 96,266                 
Class A common stock (voting) 383,288   377,953   370,513   365,607   361,925  1.4  5.9 
Class B common stock (non-voting)                  
Retained earnings 770,820   746,450   724,215   715,767   707,026  3.3  9.0 
Accumulated other comprehensive loss (52,151)  (61,514)  (67,698)  (82,344)  (61,195) 15.2  14.8 
Total shareholders’ equity attributed to Live Oak Bancshares, Inc. 1,198,223   1,062,889   1,027,030   999,030   1,007,756  12.7  18.9 
Non-controlling interest 4,326   4,376   4,417   4,466     (1.1) 100.0 
Total shareholders’ equity 1,202,549   1,067,265   1,031,447   1,003,496   1,007,756  12.7  19.3 
Total liabilities and shareholders’ equity$14,665,902  $13,831,208  $13,595,704  $12,943,380  $12,607,346  6.0  16.3 
                          

(1) Includes $280.3 million, $303.8 million, $316.8 million, $328.7 million and $343.4 million loans measured at fair value for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.     

Live Oak Bancshares, Inc.
Statements of Income (unaudited)
(Dollars in thousands, except per share data)

 Nine Months Ended
 September 30, 2025 September 30, 2024
Interest income   
Loans and fees on loans$611,728  $550,020 
Investment securities, taxable 34,912   27,923 
Other interest earning assets 22,177   21,861 
Total interest income 668,817   599,804 
Interest expense   
Deposits 338,534   317,530 
Borrowings 5,045   3,843 
Total interest expense 343,579   321,373 
Net interest income 325,238   278,431 
Provision for credit losses 74,458   62,631 
Net interest income after provision for credit losses 250,780   215,800 
Noninterest income   
Loan servicing revenue 25,675   23,011 
Loan servicing asset revaluation (12,145)  (9,829)
Net gains on sales of loans 61,157   42,543 
Net (loss) gain on loans accounted for under the fair value option (302)  2,208 
Equity method investments (loss) income (6,425)  (8,182)
Equity security investments gain (losses), net 1,042   541 
Lease income 7,855   7,300 
Management fee income    7,658 
Other noninterest income 13,864   27,938 
Total noninterest income 90,721   93,188 
Noninterest expense   
Salaries and employee benefits 149,962   138,054 
Travel expense 7,851   7,110 
Professional services expense 7,897   8,226 
Advertising and marketing expense 9,924   9,169 
Occupancy expense 7,445   7,442 
Technology expense 29,551   24,800 
Equipment expense 10,750   10,057 
Other loan origination and maintenance expense 13,552   12,442 
Renewable energy tax credit investment impairment (recovery) 606   (642)
FDIC insurance 10,739   7,782 
Other expense 12,318   8,542 
Total noninterest expense 260,595   232,982 
Income before taxes 80,906   76,006 
Income tax expense 21,385   8,432 
Net income 59,521   67,574 
Net loss attributable to non-controlling interest 140    
Net income attributable to Live Oak Bancshares, Inc. 59,661   67,574 
Preferred stock dividends 954    
Net income attributable to common shareholders$58,707  $67,574 
Earnings per common share   
Basic$1.29  $1.50 
Diluted$1.28  $1.48 
Weighted average shares outstanding   
Basic 45,632,313   44,937,409 
Diluted 45,956,835   45,707,245 
        

Live Oak Bancshares, Inc.
Quarterly Selected Financial Data
(Dollars in thousands, except per share data)

 As of and for the three months ended
 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
Income Statement Data         
Net income attributable to common shareholders$25,562  $23,428  $9,717  $9,900  $13,025 
Per Common Share         
Net income, diluted$0.55  $0.51  $0.21  $0.22  $0.28 
Dividends declared – common 0.03   0.03   0.03   0.03   0.03 
Book value per common share 24.03   23.36   22.62   22.12   22.32 
Tangible book value per common share (1) 23.96   23.29   22.55   22.05   22.24 
Performance Ratios         
Return on average assets (annualized) 0.72%  0.68%  0.30%  0.31%  0.43%
Return on average common equity (annualized) 9.32   8.85   3.78   3.85   5.21 
Net interest margin 3.33   3.28   3.20   3.15   3.33 
Efficiency ratio (1) 59.74   62.12   66.62   63.45   59.72 
Noninterest income to total revenue 20.95   24.02   20.28   23.89   25.35 
Selected Loan Metrics         
Loans and leases originated$1,648,711  $1,526,592  $1,396,223  $1,421,118  $1,757,856 
Outstanding balance of sold loans serviced 5,563,363   5,321,284   4,949,962   4,715,895   4,452,750 
Asset Quality Ratios         
Allowance for credit losses to loans and leases held for investment (3) 1.65%  1.70%  1.83%  1.69%  1.78%
Net charge-offs(3)$16,816  $31,445  $6,774  $33,566  $1,710 
Net charge-offs to average loans and leases held for investment (2) (3) 0.61%  1.19%  0.27%  1.39%  0.08%
          
Nonperforming loans and leases at historical cost (3)         
Unguaranteed$76,887  $59,555  $99,907  $81,412  $49,398 
Guaranteed 379,381   336,777   322,993   222,885   166,177 
Total 456,268   396,332   422,900   304,297   215,575 
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3) 0.68%  0.56%  0.96%  0.82%  0.52%
          
Nonperforming loans at fair value (4)         
Unguaranteed$6,775  $8,873  $9,938  $9,115  $8,672 
Guaranteed 54,887   60,453   58,100   54,873   49,822 
Total 61,662   69,326   68,038   63,988   58,494 
Unguaranteed nonperforming fair value loans to fair value loans held for investment (4) 2.42%  2.92%  3.14%  2.77%  2.53%
          
Capital Ratios         
Common equity tier 1 capital (to risk-weighted assets) 10.51%  10.67%  10.67%  11.04%  11.19%
Tier 1 leverage capital (to average assets) 8.57   7.90   8.03   8.21   8.60 
                    

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 Ended
September 30, 2025
 Three Months Ended
June 30, 2025
 Average
Balance
 Interest Average
Yield/Rate
 Average
Balance
 Interest Average
Yield/Rate
Interest-earning assets:           
Interest-earning balances in other banks$701,059  $7,654 4.33% $727,715  $8,123 4.48%
Investment securities 1,418,810   12,175 3.40   1,408,942   11,648 3.32 
Loans held for sale 396,084   8,103 8.12   381,531   8,008 8.42 
Loans and leases held for investment(1) 11,249,234   203,496 7.18   10,843,303   196,505 7.27 
Total interest-earning assets 13,765,187   231,428 6.67   13,361,491   224,284 6.73 
Less: Allowance for credit losses on loans and leases (182,001)      (186,022)    
Noninterest-earning assets 530,529       539,485     
Total assets$14,113,715      $13,714,954     
Interest-bearing liabilities:           
Interest-bearing checking$366,699  $4,082 4.42% $350,978  $3,969 4.54%
Savings 6,608,380   58,657 3.52   6,241,053   56,529 3.63 
Money market accounts 131,756   84 0.25   128,757   93 0.29 
Certificates of deposit 5,272,818   51,443 3.87   5,392,494   52,789 3.93 
Total deposits 12,379,653   114,266 3.66   12,113,282   113,380 3.75 
Borrowings 106,744   1,677 6.23   109,463   1,683 6.17 
Total interest-bearing liabilities 12,486,397   115,943 3.68   12,222,745   115,063 3.78 
Noninterest-bearing deposits 401,916       375,503     
Noninterest-bearing liabilities 63,133       53,717     
Shareholders’ equity 1,157,893       1,058,572     
Non-controlling interest 4,376       4,417     
Total liabilities and shareholders’ equity$14,113,715      $13,714,954     
Net interest income and interest rate spread  $115,485 2.99%   $109,221 2.95%
Net interest margin    3.33      3.28 
Ratio of average interest-earning assets to average interest-bearing liabilities    110.24%     109.32%
              

(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
 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
Total shareholders’ equity$1,202,549  $1,067,265  $1,031,447  $1,003,496  $1,007,756 
Less:         
Preferred stock 96,266             
Non-controlling interest 4,326             
Total common shareholders’ equity$1,101,957  $1,067,265  $1,031,447  $1,003,496  $1,007,756 
Less:         
Goodwill 1,797   1,797   1,797   1,797   1,797 
Other intangible assets 1,453   1,491   1,529   1,568   1,606 
Tangible common shareholders’ equity (a)$1,098,707  $1,063,977  $1,028,121  $1,000,131  $1,004,353 
Shares outstanding (c) 45,855,739   45,686,081   45,589,633   45,359,425   45,151,691 
Total assets$14,665,902  $13,831,208  $13,595,704  $12,943,380  $12,607,346 
Less:         
Goodwill 1,797   1,797   1,797   1,797   1,797 
Other intangible assets 1,453   1,491   1,529   1,568   1,606 
Tangible assets (b)$14,662,652  $13,827,920  $13,592,378  $12,940,015  $12,603,943 
Tangible common shareholders’ equity to tangible assets (a/b) 7.49%  7.69%  7.56%  7.73%  7.97%
Tangible book value per common share (a/c)$23.96  $23.29  $22.55  $22.05  $22.24 
Efficiency ratio:         
Noninterest expense (d)$87,285  $89,293  $84,017  $81,257  $77,589 
Net interest income 115,485   109,221   100,532   97,474   97,000 
Noninterest income 30,614   34,526   25,581   30,593   32,932 
Total revenue (e)$146,099  $143,747  $126,113  $128,067  $129,932 
Efficiency ratio (d/e) 59.74%  62.12%  66.62%  63.45%  59.72%
Pre-provision net revenue (e-d)$58,814  $54,454  $42,096  $46,810  $52,343 
                    

This press release presents 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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