Hollysys Automation Technologies Reports Unaudited Financial Results for the First Quarter Ended September 30, 2019

First Quarter of Fiscal Year 2020 Financial Highlights

Non-GAAP net income attributable to Hollysyswas $29.8 million,an increase of 6.1% compared to the comparable prior year period.

Total revenueswere $123.2 million,a decrease of 11.2% compared to the comparable prior year period.

Non-GAAP gross marginwas at 37.7%,compared to 37.2% for the comparable prior year period.

Non-GAAP diluted EPSwas $0.49,an increase of 6.5% compared to the comparable prior year period.

Net cash provided by operating activitieswas $39.0 million for the current quarter.

DSOof 204 days,compared to 170 days for the comparable prior year period.

Inventory turnover daysof 56 days,compared to 51 days for the comparable prior year period.

BEIJING,Nov. 13,2019 -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"),a leading provider of automation and control technologies and applications in China,today announced its unaudited financial results for the first quarter of fiscal year 2020 ended September 30,2019 (see attached tables). The management of Hollysys,stated:

IA business finished the quarter with revenue and contract at $64.6 million and $84.0 million,achieving 12.0% and 4.6% YOY growth respectively. Under the guidance of our "3+1+N" strategy,we continued our effort in market penetration in different industries. In our power business,we signed a contract to provide control solution to urban heat supply network,which is the first project of this kind for Hollysys. In chemical business,we have officially completed the milestone Zhong'an coal-chemical project and will continue to provide maintenance and other services afterwards. The project is one of the largest MAV-DCS projects for Hollysys and we provided total solution covering the integration of up to ten systems including control system,asset management system,alarm system,gas detection system,etc. In the petrochemical industry,with our DCS and SIS being certified by CCS (China Classification Society) earlier this year,we are better qualified in providing control solution in offshore oil related business. Our strategic relationship with CNOOC (China National Offshore Oil Corporation) proceeded further as we signed several contracts with them in providing control solution to their offshore oil platform this quarter. Besides market penetration through newly-built projects,we have kept leveraging on our nation-wide network to respond to the aftersales demand of different industries,especially as the control products are approaching the end of life cycle. We maintained close relationship with our existing customers through various types of aftersales service,while also exploited the opportunities in obtaining new clients through replacement and upgrade project,especially in the chemical and petrochemical industries. We are also building up our capability in providing more comprehensive solution covering full life cycle of the project. With the recent completion of the acquisition of a small pharmaceutical and chemical design institute,we are able to get involved in potential projects at earlier stage in the future for better opportunities. In our smart factory solution,following our previous breakthrough contract in the power industry,we have signed several contracts this quarter with both existing and new customers from the chemical industry. Such will be long term cooperation so as to turn their production smart comprehensively step by step. We have also broadened our industrial software solution matrix,as we launched a new solution that help to optimize emission control and signed the first contract with a client from the power industry.

Rail business finished the quarter with revenue and contract at $44.6 million and $21.0 million,recording 11.5% and 70.6% YOY decrease respectively. In the high-speed rail business,the bidding pace of CRC has not met the expectation of the market. We continued to provide aftersales service on our high-speed rail signaling products covering software upgrade,spare parts sales,maintenance and replacement. Meanwhile,we are also actively preparing ourselves for new products and services in the aftersales high-speed rail market. In the inter-city high-speed rail business,we signed contracts to provide ATP with automatic train operation function to the Pearl River Delta region. In subway business,the subway line for the new Beijing Daxing Airport commenced business operation in September,with Hollysys being the provider of SCADA solution that supports driverless operation. Going forward,our rail business will continue to adhere to the diversity strategy for stable and healthy growth and to improve our local service network for more value-adding and differentiated services. With urbanization as an ongoing process,we will keep leveraging our strong R&D capacity and prepare for the application of various types of railway transportation systems in the future.

M&E business finished the quarter with revenue and contract at $14.0 million and $33.6 million,recording 54.2% YOY decrease and 128.0% YOY increase respectively. Given the macro economy in Southeast Asia and the Middle East,risk control remains to be the key focus of our M&E business. In IA overseas business,progress is constantly made in terms of establishment of new cooperation with new key EPC players as well as ongoing cooperation with existing partners. Going forward,we will continue our effort in developing partnership with key EPC players,and strengthening localization in manufacture,marketing and services in overseas business.

Fiscal QuarterEnded September 30,2019 Unaudited Financial Results Summary

To facilitate a clear understanding of Hollysys' operational results,a summary of unaudited non-GAAP financial results is shown as below:

(In USD thousands,except for number of shares and per share data)

Three months ended

Sep 30,2019

Sep 30,2018

%

Change

Revenues

$

123,230

138,719

(11.2)%

Integrated contract revenue

$

104,466

116,650

(10.4)%

Products sales

$

6,123

8,040

(23.8)%

Service rendered

$

12,641

14,029

(9.9)%

Cost of revenues

$

76,771

87,178

(11.9)%

Gross profit

$

46,459

51,541

(9.9)%

Total operating expenses

$

23,291

21,501

8.3%

Selling

$

7,277

7,709

(5.6)%

General and administrative

$

10,592

8,570

23.6%

Research and development

$

8,942

8,769

2.0%

VAT refunds and government subsidies

$

(3,520)

(3,547)

(0.8)%

Income from operations

$

23,168

30,040

(22.9)%

Other income,net

$

2,025

558

262.9%

Foreign exchange gain (loss)

$

604

(123)

(591.1)%

Gains on disposal of investments in equity investees

$

5,763

-

-

Share of net income of equity investees

$

1,541

98

1472.4%

Interest income

$

3,029

3,099

(2.2)%

Interest expenses

$

(113)

(106)

6.6%

Income tax expenses

$

6,209

5,455

13.8%

Net income attributable to non-controlling interests

$

26

46

(43.5)%

Non-GAAP net income attributable to Hollysys Automation

Technologies Ltd.

$

29,782

28,065

6.1%

Non-GAAP basic EPS

$

0.49

0.46

6.5%

Non-GAAP diluted EPS

$

0.49

0.46

6.5%

$

Share-based compensation expenses

26

84

(69.0)%

Amortization of acquired intangible assets

$

75

80

(6.3)%

GAAP Net income attributable to Hollysys Automation Technologies

Ltd.

$

29,681

27,901

6.4%

GAAP basic EPS

$

0.49

0.46

6.5%

GAAP diluted EPS

$

0.49

0.46

6.5%

$

Basic weighted average common shares outstanding

60,470,611

60,448,111

0.0%

Diluted weighted average common shares outstanding

60,483,884

61,263,566

(1.3)%

Operational Results Analysis for the First Quarter Ended September 30,2019

Comparing to the first quarter of the prior fiscal year,the total revenues for the three months ended September 30,2019 decreased from $138.7 million to $123.2 million,representing a decrease of 11.2%. Broken down by the revenue types,integrated contracts revenue decreased by 10.4% to $104.5 million,products sales revenue decreased by 23.8% to $6.1 million,and services revenue decreased by 9.9% to $12.6 million.

The Company's total revenues can also be presented in segments as shown in the following chart:

(In USD thousands)

Three months ended Sep 30,

2019

2018

$

% to Total

Revenue

$

% to Total

Revenue

Industrial Automation

64,637

52.4%

57,720

41.6%

Rail Transportation Automation

44,576

36.2%

50,368

36.3%

Mechanical and Electrical Solution

14,017

11.4%

30,631

22.1%

Total

123,230

100.0%

138,719

100.0%

Overallgross marginexcluding non-cash amortization of acquired intangibles (non-GAAP gross margin)was 37.7%for the three months endedSeptember 30,2019,as compared to 37.2% for the same period of the prior year.The non-GAAP gross margin for integrated contracts,product sales,and services renderedwere 32.6%,79.9% and 59.5% for the three months endedSeptember 30,as compared to 30.8%,75.0% and 67.9% for the same period of the prioryear,respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margins. The GAAPoverall gross marginwhich includesnon-cash amortization of acquired intangibles was 37.6% for the three months endedSeptember 30,as compared to 37.1% for the same period of the prior year.The GAAP gross margin for integrated contracts,and service renderedwas32.5%,respectively.

Selling expenseswere $7.3 millionfor the three months ended September 30,representing a decrease of $0.4 million or 5.6% compared to $7.7 million for the same quarter of the prior year. Presented as a percentage of total revenues,selling expenses were5.9%and5.6% for the three months ended September 30,and 2018,respectively.

General and administrativeexpenses,excluding non-cash share-based compensation expenses (non-GAAP G&A expenses),were$10.6million forthe quarter ended September 30,representing an increase of $2.0 million or 23.6% compared to $8.6 million for the same quarter of the prior year. Presented as a percentage oftotal revenues,non-GAAP G&A expenses were8.6% and 6.2%for quartersended September 30,2019and 2018,respectively.The GAAP G&A expenses which include the non-cash share-based compensation expenses were $10.6 million and $8.7 million for the three months ended September 30,2019 and 2018,respectively.

Research and development expenseswere$8.9 millionfor the three months ended September 30,representing an increase of $0.1 million or 2.0% compared to $8.8 million for the same quarter of the prior year. Presentedas a percentage of total revenues,R&Dexpenses were7.3%and 6.3%for the quarter ended September 30,respectively.

The VAT refunds and government subsidieswere $3.5 million and $3.5 million for the quarter ended September 30,respectively.

The income tax expenses and the effective tax ratewere $6.2 million and 17.3% for the three months ended September 30,as compared to $5.5 million and 16.3% for comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates,as the Company's subsidiaries are subject to different tax rates in various jurisdictions.

The non-GAAP net income attributable to Hollysys,which excludes the non-cash share-based compensation expenses calculated based on the grant-date fair value of shares or options granted,amortization of acquired intangible assets,and fair value adjustments of a bifurcated derivative,was $29.8 million or $0.49 per diluted share based on 60.5 million diluted weighted average ordinary shares outstanding for the three months ended September 30,2019. This represents a 6.1% increase over $28.1 million or $0.46 per share based on 61.3 million diluted weighted average ordinary shares outstanding reported in the comparable prior year period. On a GAAP basis,net income attributable to Hollysys was $29.7millionor $0.49 per diluted sharerepresentinganincrease of 6.4% over $27.9 millionor $0.46per diluted share reported in thecomparableprior year period.

Contracts and Backlog Highlights

Hollysys achieved $138.6 millionof new contracts for the three months ended September 30,2019. The backlogas of September 30,2019was $578.9million. The detailed breakdown of new contracts and backlog by segmentsis shown below:

(In USD thousands)

New contracts achieved

Backlog

for the three months

ended Sep 30,2019

as of Sep 30,2019

$

% to Total

Contract

$

% to Total

Backlog

Industrial Automation

83,960

60.5%

195,341

33.7%

Rail Transportation

21,008

15.2%

288,972

49.9%

Mechanical and Electrical Solutions

33,640

24.3%

94,578

16.3%

Total

138,608

100.0%

578,891

100.0%

Cash Flow Highlights

For the fiscal year ended September 30,thetotal net cash inflow was $15.3 million. The net cash provided by operating activitieswas$39.0 million. The net cash provided by investing activities was $8.1 million and mainly consisted of $31.9 million of matured time deposits,and $4.5 million of proceeds received for the disposal of an equity investment,which were partially offset by $27.8 million of time deposits placed with banks. The net cash used in financing activities was $20.3 million and mainly consisted of $20.0 million repayments of bonds payable.

Balance Sheet Highlights

The total amount of cash and cash equivalents were$340.0 million,$332.5 million,and $276.9 million as of September 30,June 30,2019 and September 30,2018,respectively.

For the three months ended September 30,DSO was204 days,as compared to170 days for the comparable prior year periodand 160 days for the last quarter; and inventory turnover was56 days,as compared to 51days for the comparable prior year periodand 42days for the last quarter.

Conference Call

The Company will host a conference call at8:00 pmNovember 13,2019 U.S. Eastern Time / 9:00 am November 14,2019 Beijing Time,to discuss the financial resultsfor the first quarter of fiscal year 2020 ended September 30,2019 and business outlook.

To participate,please call the following numbers ten minutes before the scheduled start of the call. The conference call identification number is 6174508.

Standard International Dial-In Number:

+65 67135090

Participant Local Dial-In Numbers:

Australia,Sydney

+61 290833212

China,Domestic

4006208038

China,Domestic Landline only

8008190121

China,Hong Kong

+852 30186771

China,Taiwan

+886 255723895

Japan,Tokyo

+81 345036012

Korea (South),Seoul

+82 27395177

United Kingdom,London

+44 2036214779

United States,New York

+1 8456750437

Participant ITFS Dial-In Numbers:

Australia

1800411623

Australia

1300717205

Belgium

080071900

Canada

18663861016

France

0800912761

Germany

08001820671

China,Hong Kong

800906601

China,Taiwan

0809091568

India

18002666846

Indonesia,PT Indosat access

0018030179156

Indonesia,PT Telkom access

0078030179156

Italy

800874737

Japan

0120925376

Korea (South),Domestic

0808500474

Malaysia

1800820152

Netherlands

08000221931

New Zealand

0800880084

Norway

80010719

Philippines

180016120306

Switzerland

0800561006

Thailand

001800656772

United Kingdom

08082346646

United States

18665194004

In addition,a recording of the conference call will be accessible within 48 hours via Hollysys' website at:http://hollysys.investorroom.com

About Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)

Hollysys is a leading automation control system solutions provider inChina,with overseas operations in eight other countries and regions throughoutAsia. Leveraging its proprietary technology and deep industry know-how,Hollysys empowers its customers with enhanced operational safety,reliability,efficiency,and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation,Hollysys delivers the full spectrum of automation hardware,software,and services spanning field devices,control systems,enterprise manufacturing management and cloud-based applications. In rail transportation,Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993,with technical expertise and innovation,Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As ofMarch 2019,Hollysys had cumulatively carried out more than 25,000 projects for approximately 15,000 customers in various sectors including power,petrochemical,high-speed rail,and urban rail,in which Hollysys has established leading market positions.

SAFE HARBOUR:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements,other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy,plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions,involve known and unknown risks and uncertainties. Such forward-looking statements,based upon the current beliefs and expectations of Hollysys' management,are subject to risks and uncertainties,which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable,they do involve assumptions,risks and uncertainties,and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements,which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors,including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws,the Company does not assume a duty to update these forward-looking statements.

For further information,please contact:

Hollysys Automation Technologies Ltd.

www.hollysys.com

+8610-58981386

investors@hollysys.com

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In USD thousands except for number of shares and per share data)

Three months ended

Sep 30,

2019

2018

(Unaudited)

(Unaudited)

Net revenues

Integrated contract revenue

$

104,466

$

116,650

Products sales

6,123

8,040

Revenue from services

12,641

14,029

Total net revenues

123,230

138,719

Cost of integrated contracts

70,500

80,748

Cost of products sold

1,231

2,008

Costs of services rendered

5,115

4,502

Gross profit

46,384

51,461

Operating expenses

Selling

7,277

7,709

General and administrative

10,618

8,654

Research and development

8,942

8,769

VAT refunds and government subsidies

(3,520)

(3,547)

Total operating expenses

23,317

21,585

Income from operations

23,067

29,876

Other income,net

2,025

558

Foreign exchange gain (loss)

604

(123)

Gains on disposal of investments in equity investees

5,763

-

Share of net income of equity investees

1,541

98

Interest income

3,029

3,099

Interest expenses

(113)

(106)

Income before income taxes

35,916

33,402

Income taxes expenses

6,209

5,455

Net income

29,707

27,947

Net income attributable to non-controlling interests

26

46

Net income attributable to Hollysys Automation Technologies Ltd.

$

29,681

$

27,901

Other comprehensive loss,net of tax of nil

Translation adjustments

(34,174)

(29,137)

Comprehensive loss

(4,467)

(1,190)

Less: comprehensive (loss) income attributable to non-controlling interests

(25)

46

Comprehensive loss attributable to Hollysys Automation Technologies Ltd.

$

(4,442)

$

(1,236)

Net income per ordinary share:

Basic

0.49

0.46

Diluted

0.49

0.46

Shares used in income per ordinary share computation:

Weighted average number of ordinary shares

60,611

60,111

Weighted average number of diluted ordinary shares

60,884

61,566

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

(In USD thousands except for number of shares and per share data)

Sep 30,

Jun 30,

2019

2019

(Unaudited)

(audited)

ASSETS

Current assets

Cash and cash equivalents

$

339,932

$

332,509

Time deposits with maturities over three months

136,200

145,139

Restricted cash

30,288

22,260

Accounts receivable,net of allowance for doubtful accounts of $44,875 and

$47,162 as of September 30,2019 and June 30,respectively

245,696

282,594

Costs and estimated earnings in excess of billings,net of allowance for doubtful

accounts of $7,807 and $6,981 as of September 30,

respectively

192,201

197,955

Accounts receivable retention

11,660

5,468

Other receivables,net of allowance for doubtful accounts of $4,840 and $4,879 as

of September 30,respectively

25,274

27,109

Advances to suppliers

22,825

12,901

Amounts due from related parties

29,832

36,295

Inventories

46,319

42,983

Prepaid expenses

391

644

Income tax recoverable

1,832

3,621

Total current assets

1,082,450

1,109,478

Non-current assets

Restricted cash

3,485

3,618

Non-current costs and estimated earnings in excess of billings

4,828

-

Accounts receivable retention

7,785

6,390

Prepaid expenses

8

2

Property,plant and equipment,net

72,718

76,006

Prepaid land leases

15,977

16,599

Intangible assets,net

1,258

1,383

Investments in equity investees

37,319

40,386

Investments securities

4,600

4,776

Goodwill

36,298

37,054

Deferred tax assets

9,313

13,725

Non-current right-of-use assets

5,262

-

Total non-current assets

198,851

199,939

Total assets

1,281,301

1,309,417

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Derivative financial liability

-

758

Short-term bank loans

1,585

1,909

Current portion of long-term loans

307

20,310

Dividends payable

12,672

-

Accounts payable

109,519

110,384

Construction cost payable

86

94

Deferred revenue

135,519

141,385

Accrued payroll and related expenses

15,577

14,512

Income tax payable

2,669

2,541

Warranty liabilities

8,212

8,039

Other tax payables

1,245

665

Accrued liabilities

28,139

35,507

Amounts due to related parties

3,714

5,395

Total current liabilities

319,244

341,499

Non-current liabilities

Accrued liabilities

5,084

3,530

Long-term loans

890

978

Non-current accounts payable

4,473

-

Deferred tax liabilities

13,251

12,173

Warranty liabilities

3,245

4,077

Non-current lease liability

5,072

-

Total non-current liabilities

32,015

20,758

Total liabilities

351,259

362,257

Commitments and contingencies

-

-

Stockholders' equity:

Ordinary shares,par value $0.001 per share,100,000,000 shares authorized;

60,342,099 shares issued and outstanding as of September 30,2019 and June

30,2019

60

60

Additional paid-in capital

223,660

223,634

Statutory reserves

48,698

48,698

Retained earnings

725,521

708,515

Accumulated other comprehensive income

(69,645)

(35,521)

Total Hollysys Automation Technologies Ltd. stockholder's equity

928,294

945,386

Non-controlling interests

1,748

1,774

Total equity

930,042

947,160

Total liabilities and equity

$

1,301

$

1,417

HOLLYSYS AUTOMATION TECHNOLOGIES LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In USD thousands).

Three months ended

Sep 30,2019

(Unaudited)

Cash flows from operating activities:

Net income

$

29,707

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property,plant and equipment

2,417

Amortization of prepaid land leases

99

Amortization of intangible assets

75

Allowance for doubtful accounts

716

loss on disposal of long-lived assets

7

Share of net gain from equity investees

(1,541)

Share-based compensation expenses

26

Deferred income tax expenses

5,312

Accretion of convertible bond

57

Gains on disposal of investments in equity investees

(5,763)

Changes in operating assets and liabilities:

Accounts receivable

17,090

Costs and estimated earnings in excess of billings

(6,081)

Inventories

(4,993)

Advances to suppliers

(10,567)

Other receivables

1,004

Deposits and other assets

239

Due from related parties

5,223

Accounts payable

7,147

Deferred revenue

3,679

Accruals and other payables

(5,720)

Due to related parties

(1,682)

Income tax payable

1,893

Other tax payables

614

Net cash provided by operating activities

38,958

Cash flows from investing activities:

Time deposits placed with banks

(27,842)

Purchases of property,plant and equipment

(491)

Proceeds from disposal of property,plant and equipment

58

Maturity of time deposits

31,879

Proceeds received for the disposal of an equity investment

4,458

Net cash provided by investing activities

8,062

Cash flows from financing activities:

Proceeds from short-term bank loans

1,343

Repayments of short-term bank loans

(1,632)

Proceeds from long-term bank loans

41

Repayments of long-term bank loans

(103)

Repayments of bonds payable

(19,995)

Net cash used in financing activities

(20,346)

Effect of foreign exchange rate changes

(11,356)

Net decrease increase in cash,cash equivalents and restricted cash

$

15,318

Cash,cash equivalents and restricted cash,beginning of period

$

358,387

Cash,end of period

373,705

Non-GAAP Measures

In evaluating our results,the non-GAAP measures of "Non-GAAP cost of integrated contracts","Non-GAAP general and administrative expenses","Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.stockholders","Non-GAAP basic earnings per share",and "Non-GAAP dilutedearnings per share"serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors,as they exclude thenon-cash share-based compensation expenses,whichis calculated based on the number of sharesor optionsgranted and the fair valueas of the grant date,and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition,given the business nature of the Company,it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.

The following table provides a reconciliation of the non-GAAP measures with the most directly comparable U.S. GAAP measures for the periods indicated:

Three months ended

Sep 30,

2019

2018

(Unaudited)

(Unaudited)

Cost of integrated contracts

$

70,500

$

80,748

Less: Amortization of acquired intangible assets

75

80

Non-GAAP cost of integrated contracts

$

70,425

$

80,668

General and administrative expenses

$

10,618

$

8,654

Less: Share-based compensation expenses

26

84

Non-GAAP general and administrative expenses

$

10,592

$

8,570

Net income attributable to Hollysys Automation Technologies Ltd.

$

29,681

$

27,901

Add:

Share-based compensation expenses

26

84

Amortization of acquired intangible assets

75

80

Non-GAAP net income attributable to Hollysys Automation

Technologies Ltd.

$

29,782

$

28,065

Weighted average number of basic ordinary shares

60,566

Non-GAAP basic earnings per share

$

0.49

$

0.46

Non-GAAP diluted earnings per share

$

0.49

$

0.46

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