Company Overview - Azenta, Inc. is a leading provider of sample management and laboratory solutions for the global life sciences industry, leveraging advanced automation and integrated service offerings to support research, drug development, and biobanking initiatives [6] - The company has a market capitalization of $1.6 billion, with a revenue of $593.8 million and a net income of $23.7 million for the trailing twelve months [4] Recent Developments - Meros Investment Management disclosed a new position in Azenta, acquiring 159,945 shares valued at approximately $4.6 million, representing 2% of the fund's $234.2 million in reportable U.S. equity holdings [2][10] - Azenta's shares are currently priced at $35.05, reflecting a 22% decline over the past year, significantly underperforming the S&P 500, which increased by 13% during the same period [3] Financial Performance - The company reported a 310-basis-point increase in adjusted EBITDA margin, with an additional 300 basis points of margin expansion expected for the next fiscal year, indicating a potential profitability reset [9] - Fourth-quarter organic growth was driven by an 11% surge in Multiomics, and adjusted EBITDA rose 29% year over year, suggesting improving fundamentals [10] Business Model - Azenta generates revenue through sales of life science products and recurring service contracts, including sample storage, genomic sequencing, and laboratory analysis, serving pharmaceutical and biotechnology companies, biorepositories, and research institutes across various regions [8]

Core Insights - Azenta and SOPHiA GENETICS are compared based on various financial metrics and market performance indicators to determine which company is superior in the medical sector Volatility and Risk - Azenta has a beta of 1.29, indicating its share price is 29% more volatile than the S&P 500 - SOPHiA GENETICS has a beta of 1.1, suggesting its share price is 10% more volatile than the S&P 500 [1][2] Institutional & Insider Ownership - 99.1% of Azenta shares are owned by institutional investors, while 31.6% of SOPHiA GENETICS shares are owned by institutional investors - 10.6% of Azenta shares are owned by company insiders, compared to 4.9% for SOPHiA GENETICS [2] Profitability - Azenta's net margin is -10.01%, return on equity is 1.40%, and return on assets is 1.17% - SOPHiA GENETICS has a net margin of -41.13%, return on equity of -37.75%, and return on assets of -18.75% [4] Earnings and Valuation - Azenta's gross revenue is $593.82 million with a price/sales ratio of 2.71, while SOPHiA GENETICS has a gross revenue of $65.17 million and a price/sales ratio of 5.03 - Azenta's net income is -$59.50 million with an earnings per share of -$1.30 and a price/earnings ratio of -26.96 - SOPHiA GENETICS has a net income of -$62.49 million with an earnings per share of -$0.46 and a price/earnings ratio of -10.54 - Azenta has higher revenue and earnings than SOPHiA GENETICS and is trading at a lower price-to-earnings ratio, indicating it is more affordable [6] Analyst Recommendations - Azenta has 2 sell ratings, 3 hold ratings, and 3 buy ratings, resulting in a rating score of 2.13 - SOPHiA GENETICS has 1 sell rating, 0 hold ratings, and 2 buy ratings, resulting in a rating score of 2.33 - Azenta's consensus price target is $38.60, suggesting a potential upside of 10.13%, while SOPHiA GENETICS has a consensus price target of $9.00, suggesting a potential upside of 85.57% [8] Summary - Azenta outperforms SOPHiA GENETICS in 9 out of 14 factors compared between the two companies [9]

Economic and Financial Risks - A prolonged economic downturn, reductions in government funding for scientific research, and inflation may lead to lower sales and cash flows, adversely affecting financial results [66] - The company faces risks from public health threats and epidemics, which could disrupt operations and significantly affect financial performance [73] - Global climate change and related regulations could increase operational costs and impact demand for products and services, potentially harming financial results [75] - Currency exchange rate fluctuations may require the company to raise prices for products and services, potentially leading to reduced sales [76] - The company is exposed to various risks from international operations, including economic fluctuations, geopolitical tensions, and currency exchange rate fluctuations [84] - Changes in regulatory requirements and trade policies, particularly between the U.S. and China, could negatively impact the company's operations and relationships with customers [84] - The company may incur excess inventory charges if actual demand for its products or services differs from expectations, adversely affecting financial results [94] - Changes in tax laws, such as the OECD's Pillar Two global minimum tax framework, could significantly impact the estimates of tax assets and liabilities, affecting future effective tax rates [103] - The company has accumulated significant net operating losses (NOLs) in various jurisdictions, particularly Luxembourg, which may not be fully utilized if adequate taxable income is not generated before expiration, leading to higher effective tax rates [104] Operational Challenges - The company has initiated a transformation initiative aimed at reducing complexity and streamlining processes to achieve cost savings and increased profitability [83] - The company faces risks related to acquisitions, including integration challenges, increased expenses, and potential customer attrition [88] - The company has experienced challenges in attracting and retaining key personnel, which could impair its ability to execute its business strategy [91] - Compliance with numerous governmental regulations, including environmental and safety standards, may incur significant costs and require modifications to products and services [105][106] - The Dodd-Frank Act imposes disclosure requirements regarding the use of conflict minerals, potentially affecting pricing, sourcing, and availability of materials used in products [107] - The BIOSECURE Act may impact the supply of products and services, potentially delaying the development and sales processes [122] - The Bulk Transfer Rule restricts bulk transfers of sensitive personal data to countries of concern, which could adversely affect the capacity and productivity of the Genomics segment [123] Cybersecurity and Data Protection - The company is exposed to risks associated with cybersecurity incidents, which could compromise sensitive data and disrupt operations, leading to financial penalties [71] - Cybersecurity incidents pose risks to the company's information systems, potentially leading to significant legal and financial exposure [111][113] - Non-compliance with data protection laws, such as the GDPR and CCPA, could result in government enforcement actions, private litigation, and increased compliance costs [115][117] Market and Competitive Landscape - Approximately 39% of the company's revenue for the fiscal year ended September 30, 2025, was derived from international sales, with expectations for continued growth, particularly in Asia and China [84] - The expiration of patents starting in 2025 through 2044 may increase competition and lead to revenue declines [128] - Customers do not make long-term commitments, exposing the company to competitive pricing pressures [135] Financial Position and Investments - As of September 30, 2025, the company held approximately $119.6 million in cash and cash equivalents denominated in foreign currency, which may impact financial results due to exchange rate fluctuations [77] - The company held approximately $136.0 million in cash outside the United States as of September 30, 2025, which may limit its ability to repatriate funds for use in the U.S. [87] - As of September 30, 2025, the company's aggregate short-term and long-term investments totaled $262.7 million, up from $200.6 million in 2024, primarily consisting of highly rated corporate debt and U.S. government-backed securities [253] - A hypothetical 100 basis point change in interest rates would result in an annual change of $3.8 million in interest income for fiscal year 2025 [253] - Sales in currencies other than the U.S. dollar accounted for 37% of total sales for the fiscal year ended September 30, 2025, compared to 30% in 2024 [254] - Foreign currency losses amounted to $2.0 million in fiscal year 2025, down from $2.8 million in 2024, related to currency fluctuations on balances [255] - Balances denominated in non-functional currencies were approximately $49.7 million and $63.9 million at September 30, 2025 and 2024, respectively [255] - A hypothetical 10% change in foreign exchange rates would result in an approximate change of $0.5 million in net income for the fiscal year ending September 30, 2025 [255] Governance and Shareholder Matters - The stock price has fluctuated between $67.51 and $25.03 from the beginning of fiscal year 2024 to the end of fiscal year 2025, indicating volatility [137] - Stockholder activism, including actions from Politan Capital Management, may lead to changes in the Board of Directors and impact stock price stability [141] - Securities litigation and stockholder activism could divert management's attention and incur significant legal expenses [142] - Provisions in the company's charter may delay or prevent acquisitions, potentially decreasing share value [143] - The company has anti-takeover provisions that may discourage potential acquirers, potentially affecting the market price of its common stock [144] - The issuance of preferred stock could decrease the amount of earnings available for common stockholders and adversely affect their rights [147] - The company’s by-laws designate Delaware courts as the exclusive forum for certain disputes, which may limit stockholders' ability to bring claims in more favorable jurisdictions [150] - The company’s restated certificate of incorporation includes provisions that could delay or prevent a change in control, impacting stock price [146] Technological and Industry Trends - AI technologies are transforming the life sciences industry, but ineffective AI practices could lead to errors and negatively impact competitiveness [124] - Failure to introduce new products and services reflecting technological advances could render existing offerings obsolete, negatively impacting future performance [80]

Market Overview - The U.S. stock market experienced a significant rebound on November 21, 2025, with major indexes closing higher, recovering from earlier losses driven by optimism regarding potential interest rate cuts by the Federal Reserve [1][4] - The Dow Jones Industrial Average (DJI) rose 1.4%, adding 650 points, while the S&P 500 (SPX) gained 1.4%, closing at 6,590 points, and the Nasdaq Composite (IXIC) increased by 1.5% [2] Federal Reserve Influence - New York Federal Reserve President John Williams indicated support for a potential interest rate cut "in the near term," which shifted market expectations significantly, raising the likelihood of a rate cut at the December meeting to 73.1% from 39.1% [4] Corporate Performance - Nvidia (NVDA) reported a 62% year-over-year revenue increase to $57 billion, but its shares fell 3.2% on Thursday and 1.7% on Friday due to concerns over AI valuations [5] - Walmart (WMT) saw its stock decline by approximately 2% on Friday after a strong performance on Thursday, where it had jumped 6.5% following better-than-expected third-quarter results [6] - Retailers like Gap (GPS) and Ross Stores (ROST) had positive performances, with Gap surging 9.5% and Ross jumping 8.5% due to strong earnings [7] Notable Stock Movements - Alphabet (GOOGL) increased by over 3%, while Meta Platforms (META) added 1%. In contrast, Microsoft (MSFT) shares fell approximately 1%, and Oracle (ORCL) slid more than 4% [8] Upcoming Earnings and Economic Data - Several companies, including BJ's Wholesale Club Holdings (BJ) and IES Holdings (IESC), reported earnings after the market closed, with BJ's EPS at $1.16 against a forecast of $1.10 [9][10] - The upcoming week will feature key economic data releases, including the Producer Price Index (PPI) and Retail Sales for September, which were delayed due to a government shutdown [12]

Core Insights - Azenta, Inc. reported an earnings per share (EPS) of $0.21, matching estimates, and revenue of approximately $159.2 million, exceeding the estimated revenue of about $156.4 million [1][6] Financial Performance - For Q4 ending September 30, 2025, Azenta experienced a 6% year-over-year revenue increase, with a 4% organic growth [2][6] - The full fiscal year 2025 saw a 4% revenue increase, with a 3% organic rise, and an adjusted EBITDA margin expansion of 310 basis points compared to the previous year [2] Future Outlook - Azenta anticipates organic revenue growth between 3% and 5% for fiscal year 2026, along with an adjusted EBITDA margin expansion of approximately 300 basis points [3] - The company described fiscal 2025 as transformative, highlighting core revenue growth of 3% and significant margin expansion [3] Financial Stability - Azenta maintains a strong liquidity position with a current ratio of approximately 2.96, indicating nearly three times more current assets than current liabilities [4] - The debt-to-equity ratio stands at about 0.03, reflecting a low level of debt relative to equity [4] Valuation Metrics - The enterprise value to sales ratio is approximately 2.12, while the enterprise value to operating cash flow ratio is around 15.03, indicating the company's valuation relative to its revenue and operating cash flow [5] - Azenta expects to generate higher free cash flow in the coming year, signaling potential for future growth [5]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $159 million, up 6% year-over-year and up 4% organically, with full-year revenue at $594 million, reflecting a 4% increase on a reported basis and 3% organic growth [14][15][16] - Non-GAAP EPS for Q4 was $0.21 and $0.51 for the full year, with adjusted EBITDA margin at 13% for Q4 and 11.2% for the full year, representing an expansion of approximately 230 basis points in Q4 and 310 basis points for the full year [14][15][16] - Free cash flow for the full year was $38 million, a notable improvement of $26 million year-over-year, with $546 million in cash, cash equivalents, and marketable securities at year-end [15][20] Business Line Data and Key Metrics Changes - Sample Management Solutions (SMS) revenue was $86 million for Q4, up 2% reported and flat organically, with a non-GAAP gross margin of 49.3%, up 180 basis points year-over-year [17] - Multi-Omix segment delivered record revenue of $73 million in Q4, representing 11% growth on a reported basis and 10% organic growth, driven by a 50% year-over-year increase in sequencing volume [18][19] Market Data and Key Metrics Changes - The macro environment remains volatile, with softer academic and NIH funding impacting growth, particularly in the U.S. market [9][10] - The company anticipates core revenue growth between 3%-5% for fiscal 2026, with expected adjusted EBITDA margin expansion of 300 basis points [11][21] Company Strategy and Development Direction - The company has implemented the Azenta Business System (ABS) to enhance operational efficiency and accountability, focusing on driving productivity, organic growth, and targeted M&A [8][10] - The strategic focus includes reinvesting savings into innovation, sales, marketing, and product management, with a commitment to value creation and operational excellence [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and capitalizing on opportunities arising from customer consolidation and outsourcing trends [9][10] - The company is entering fiscal 2026 from a position of strength, with a clear focus on delivering core growth and margin expansion [11][22] Other Important Information - The results exclude B Medical Systems, which is treated as discontinued operations, with an additional non-cash loss of $4 million recorded in Q4 [13] - The company plans to host an Investor Day to outline its multi-year growth strategy and capital deployment priorities [11][22] Q&A Session Summary Question: Guidance on growth and market conditions - Management noted that the market is expected to grow at 1%-2%, with a focus on delivering results for the full year despite a challenging first half due to capital expenditure slowdowns and government funding impacts [25][26][28] Question: Update on SMS growth and backlog - Management expressed confidence in mid-single-digit growth for SMS, supported by a strong backlog and new leadership driving commercial initiatives [29][30] Question: Insights on customer bases and macro conditions - Management highlighted strength in the pharma sector, with ongoing clarity around projects, while noting some delays in academic and government spending due to the recent government shutdown [39][40] Question: Expectations for M&A and market growth - The company is focused on tuck-in acquisitions to expand its core business, particularly in SRS and automated solutions, with a bullish outlook for 2026 [70][71] Question: Performance expectations for automated stores - Management indicated that while the automated stores segment is currently experiencing low single-digit growth, investments in R&D are expected to yield positive results in the long term [72][73]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $159 million, up 6% year-over-year, and up 4% organically, with full-year revenue at $594 million, reflecting a 4% increase on a reported basis and 3% organic growth [14][15] - Non-GAAP EPS for Q4 was $0.21, and $0.51 for the full year, with adjusted EBITDA margin at 13% for Q4 and 11.2% for the full year, representing an expansion of approximately 230 basis points in Q4 and 310 basis points for the full year [14][15] - Free cash flow for the full year was $38 million, a notable improvement of $26 million year-over-year, with $546 million in cash, cash equivalents, and marketable securities at year-end [15][20] Business Line Data and Key Metrics Changes - Sample Management Solutions (SMS) revenue was $86 million for Q4, up 2% reported and flat organically, with a non-GAAP gross margin of 49.3%, up 180 basis points year-over-year [17][18] - Multi-Omix segment delivered record revenue of $73 million in Q4, representing 11% growth on a reported basis and 10% organic growth, driven by a 50% year-over-year increase in sequencing volume [18][19] Market Data and Key Metrics Changes - The macro environment remains volatile, with softer academic and NIH funding impacting growth, particularly in the U.S. market [9][10] - The company anticipates organic revenue growth of 3%-5% for fiscal 2026, with expectations of a decline of approximately 1%-2% in Q1 due to capital expenditure slowdowns and government shutdown impacts [21][60] Company Strategy and Development Direction - The company has implemented the Azenta Business System (ABS) to enhance operational efficiency and accountability, focusing on driving productivity, organic growth, and targeted M&A [8][10] - Strategic priorities include embedding ABS deeper across the organization, optimizing capital deployment, and continuing to deliver core growth and margin expansion [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted opportunities arising from customers consolidating partners and investing in automation [9][10] - The company is well-positioned for fiscal 2026, with a focus on operational excellence and a strong balance sheet to support growth initiatives [11][22] Other Important Information - The results exclude B Medical Systems, which is treated as discontinued operations, with an additional non-cash loss of $4 million recorded in Q4 [13] - The company plans to host an Investor Day to outline its multi-year growth strategy and capital deployment priorities [11][21] Q&A Session Summary Question: Guidance on growth expectations and market conditions - Management noted that the market is expected to grow at 1-2%, with capital expenditure slowdowns impacting growth, particularly in the U.S. [25][26] Question: Update on SMS growth and backlog - Confidence in mid-single-digit growth for SMS is supported by a strong backlog and recent investments in commercial initiatives [29][30] Question: Insights on macroeconomic trends affecting customer bases - Management highlighted strength in pharma spending, with some projects being put on hold but showing signs of recovery [38][40] Question: Expectations for M&A activity - The company is focused on tuck-in acquisitions to expand its core business, particularly in SRS and automated solutions [69][70]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $159 million, up 6% year-over-year and up 4% organically, with full-year revenue at $594 million, reflecting a 4% increase on a reported basis and 3% organically [12][14] - Non-GAAP EPS for Q4 was $0.21, and for the full year, it was $0.51, with adjusted EBITDA margin at 13% for Q4 and 11.2% for the full year, representing an expansion of approximately 230 basis points in Q4 and 310 basis points for the full year [13][14] - Free cash flow for the full year improved by $26 million year-over-year, totaling $38 million, with $546 million in cash, cash equivalents, and marketable securities at year-end [14][19] Business Line Data and Key Metrics Changes - Sample Management Solutions (SMS) revenue was $86 million for Q4, up 2% reported and flat organically, with a non-GAAP gross margin of 49.3%, up 180 basis points year-over-year [16] - Multi-Omix segment achieved record revenue of $73 million in Q4, representing 11% growth on a reported basis and 10% organic growth, driven by a 50% year-over-year increase in sequencing volume [17] - Overall, Multi-Omix gross margin for Q4 was 43.7%, down 260 basis points year-over-year, primarily due to product mix and lower volume in certain areas [18] Market Data and Key Metrics Changes - The macro environment remains volatile, with softer academic and NIH funding impacting growth, particularly in the U.S. market [8][9] - The company anticipates organic revenue growth of 3%-5% for fiscal 2026, with Multi-Omix expected to deliver low single-digit growth and SMS contributing mid-single-digit growth [20][21] Company Strategy and Development Direction - The company has implemented the Azenta Business System (ABS) to enhance operational efficiency and accountability, focusing on driving productivity, organic growth, and targeted M&A [6][7] - The strategic focus includes reinvesting savings into innovation, sales, marketing, and product management, with a commitment to operational excellence and value creation [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted opportunities arising from customer consolidation and outsourcing trends [9][10] - The company is entering fiscal 2026 from a position of strength, with a clear focus on core growth and margin expansion, despite anticipated challenges in the first half of the year [10][21] Other Important Information - The results exclude B Medical Systems, which is treated as discontinued operations, with an additional non-cash loss of $4 million recorded in Q4 [11] - The company plans to host an Investor Day to outline its multi-year growth strategy and capital deployment priorities [10][21] Q&A Session Summary Question: Guidance on growth expectations and market conditions - Management noted that the macroeconomic slowdown and capital expenditure constraints are impacting growth, particularly in the U.S., with expectations of a 1-2% market growth [24][25] Question: Update on SMS growth and backlog - Confidence in mid-single-digit growth for SMS is supported by a strong backlog and recent commercial investments [29][30] Question: Insights on customer spending trends - Management highlighted strength in pharma spending, with some projects being reactivated post-restructuring [36] Question: Clarification on multi-omics growth expectations - Multi-Omix is expected to normalize to mid-single-digit growth due to price and volume adjustments [38] Question: M&A strategy and focus areas - The company is looking at tuck-in acquisitions to expand its core business, particularly in SRS and automated solutions [63][64]

Conference Call Fiscal Fourth Quarter and Full Year 2025 Financial Results November 21, 2025 © 2025 Azenta, Inc. • All rights reserved 1 1 Safe Harbor Statement "Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995; certain matters in this presentation, including forecasts of future demand and future Company performance, are forward- looking statements that are subject to risks and uncertainties that could cause actual results to materially differ, either better or worse, f ...

Revenue Performance - Q4 2025 reported revenue was $159 million, up 6% year over year, with organic revenue growth of 4%[2] - FY 2025 revenue totaled $594 million, representing a 4% increase year over year, with organic revenue growth of 3%[9] - Multiomics revenue for Q4 2025 was $73 million, an 11% increase year over year, with organic growth of 10%[9] - Sample Management Solutions revenue for FY 2025 was $325 million, up 2% year over year, with organic revenue growth of 1%[9] - Total revenue for the three months ended September 30, 2025, was $159,192 thousand, an increase of 5.3% compared to $150,604 thousand for the same period in 2024[23] - Total revenue for the year ended September 30, 2025, reached $325 million, a 2% increase from $319 million in 2024[48] - The company experienced a currency exchange rate impact of -1% on total revenue for the year ended September 30, 2025[48] Profitability Metrics - Adjusted EBITDA for FY 2025 was $66 million, with an adjusted EBITDA margin of 11.2%, an improvement of 310 basis points year over year[16] - Operating income for Q4 2025 was $2 million, with an operating margin of 1.2%, an improvement of 430 basis points year over year[9] - Adjusted operating income for Q4 2025 was $9 million, with an adjusted operating margin of 5.7%, an improvement of 60 basis points year over year[9] - GAAP operating income for the quarter ended September 30, 2025, was $8,015,000, compared to $7,503,000 for the same period in 2024, representing an increase of 6.8%[44] - Non-GAAP adjusted operating income for the year ended September 30, 2025, was $27,550,000, significantly higher than $11,106,000 in 2024, indicating a growth of 147.5%[44] Net Income and Earnings Per Share - Diluted EPS from continuing operations for Q4 2025 was $1.11, compared to a loss of $0.04 in the prior year[9] - Net income for the three months ended September 30, 2025, was $47,137 thousand, a significant recovery from a net loss of $6,639 thousand in the prior year[23] - Basic net income per share for the three months ended September 30, 2025, was $1.03, compared to a loss of $0.14 per share in the same period of 2024[23] - Net income from continuing operations for Q4 2025 was $50,853, compared to a loss of $331 in Q3 2025 and a loss of $1,745 in Q4 2024[30] - For the year ended September 30, 2025, net income from continuing operations was $23,658, a significant improvement from a loss of $24,366 in the previous year[31] Cash and Balance Sheet - The company ended FY 2025 with a total balance of cash and marketable securities of $546 million[16] - Cash and cash equivalents at the end of the period were $279,783 thousand, slightly down from $280,030 thousand a year earlier[25] - Total assets decreased to $2,056,854 thousand as of September 30, 2025, from $2,100,265 thousand in 2024[25] - Total liabilities remained relatively stable at $333,608 thousand compared to $332,418 thousand in the previous year[25] - The company reported a net cash provided by operating activities of $72,181 thousand for the year ended September 30, 2025, compared to $49,743 thousand in 2024[28] Transformation and Costs - The company is focused on long-term benefits through transformation costs aimed at cost reduction and productivity improvement, which are part of the 2024 cost reduction plan[41] - Transformation costs for Q4 2025 amounted to $634, down from $1,542 in Q3 2025 and $4,568 in Q4 2024[30] - Transformation costs for the year ended September 30, 2025, amounted to $2,820,000, up from $395,000 in 2024, reflecting increased investment in strategic projects[46] - The company incurred merger and acquisition costs of $87 in Q4 2025, compared to $58 in Q3 2025 and $52 in Q4 2024[30] Gross Profit and Margins - Gross profit for the year ended September 30, 2025, was $270,280 thousand, up from $254,622 thousand in 2024, reflecting a gross margin improvement[23] - GAAP gross profit for the quarter ended September 30, 2025, was $72,274 thousand, representing a 45.4% margin, compared to $66,404 thousand (46.2%) in the previous quarter and $68,487 thousand (45.5%) in the same quarter last year[40] - Non-GAAP adjusted gross profit for the same quarter was $74,362 thousand, or 46.7%, up from $68,497 thousand (47.6%) in the previous quarter and $70,728 thousand (47.0%) year-over-year[40] - For the year ended September 30, 2025, GAAP gross profit totaled $270,280 thousand, with a margin of 45.5%, compared to $254,622 thousand (44.4%) for the previous year[42] - Non-GAAP adjusted gross profit for the year was $278,315 thousand, or 46.9%, compared to $263,045 thousand (45.9%) in the prior year[42]