# EDGAR Filing Document

**Accession Number:** 0000937556
**File Stem:** 0000937556-26-000005
**Filing Date:** 2026-1
**Character Count:** 54813
**Document Hash:** 3e1d684d8d1e5582bcd32c7bdb70b5b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000937556-26-000005.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0000937556-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260112

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASIMO CORP
- **CENTRAL INDEX KEY:** 0000937556
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 330368882
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33642
- **FILM NUMBER:** 26524955

**BUSINESS ADDRESS:**
- **STREET 1:** 52 DISCOVERY
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 949-297-7000

**MAIL ADDRESS:**
- **STREET 1:** 52 DISCOVERY
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

?xml version='1.0' encoding='ASCII'? masi-20260112

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**________________________________________________**

**FORM 8-K** 

**________________________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): January 12, 2026**![masimologoq32019b.jpg](masi-20260112_g1.jpg)

**MASIMO CORPORATION**

**(Exact name of registrant as specified in its charter)**

**________________________________________________**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DE** | **DE** | **DE** | **001-33642** | **001-33642** | **33-0368882** |
| (State or other jurisdiction<br>of incorporation) | (State or other jurisdiction<br>of incorporation) | (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| **52 Discovery** | **Irvine,** | **CA** |  |  | **92618** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |  |  | (Zip Code) |
|  |  |  | **(949)** | **297-7000** |  |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: |
| **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

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| | |
|:---|:---|
| **Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:** | **Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:** |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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| | | | |
|:---|:---|:---|:---|
| Securities Registered pursuant to Section 12(b) of the Act: | Securities Registered pursuant to Section 12(b) of the Act: | Securities Registered pursuant to Section 12(b) of the Act: | Securities Registered pursuant to Section 12(b) of the Act: |
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> | <u>Name of each exchange on which registered</u> |
| **Common Stock, $0.001 par value** | **MASI** | **The Nasdaq Stock Market LLC** | **The Nasdaq Stock Market LLC** |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging growth company | Emerging growth company | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On January 12, 2026, Masimo Corporation (the "Company") issued a press release announcing select preliminary financial results for the fourth quarter and full-year ended January 3, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. The preliminary financial information presented in this press release is based on the Company's current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures. The Company's management plans to discuss the Company's complete fourth quarter and full-year 2025 financial results after the market closes on Thursday, February 26, 2026.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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In connection with the Company's participation at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, the Company's Chief Executive Officer and EVP, Chief Financial Officer, will review select preliminary financial results for the fourth quarter and full-year 2025.

In addition, the Company is making available to investors supplemental financial information for fiscal 2025, as well as a discussion of non-GAAP measures, adjustments and definitions pursuant to the materials furnished as Exhibit 99.2 to this Current Report.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) The following items are filed as exhibits to the Current Report on Form 8-K.

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| | |
|:---|:---|
| Exhibit<br> <u>No.</u> | <u>Description</u> |
| 99.1 | <u>[Press Release, Dated January 12, 2025, Reporting Select Preliminary 2025 Financial Results](masi-20260112x8kxex991.htm)</u> |
| 99.2 | <u>[Masimo 2025 Supplemental Earnings Presentation](masi-20260112x8kxearnspr.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Masimo Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **MASIMO CORPORATION** | **MASIMO CORPORATION** |
| Date: January 12, 2026 | By: | /s/ MICAH YOUNG |
|  |  | Micah Young |
|  |  | Executive Vice President & Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

![masimologoq2020.jpg](masimologoq2020.jpg)

**Masimo Announces Select Preliminary 2025 Financial Results**

*Complete fourth quarter and full-year 2025 financial results will be announced on Thursday, February 26, 2026*

**Irvine, California, January 12, 2026** - Masimo Corporation (Nasdaq: MASI) today announced select preliminary financial results for the fourth quarter and full-year ended January 3, 2026.

**<u>Preliminary Fourth Quarter 2025 Financial Results:</u>**

•  Revenue is expected to be approximately $411 million, representing approximately 12% growth on a reported basis and 11% growth on a constant currency basis<sup>(1)</sup>;

•  Non-GAAP earnings per diluted share<sup>(2)</sup>, including the impact of new tariffs, are expected to be more than $1.54; and

•  Shipments of noninvasive technology boards and instruments are expected to be approximately 69 thousand.

**<u>Preliminary Full-Year 2025 Financial Results:</u>**

•  Revenue is expected to be approximately $1,523 million, representing approximately 9% growth on a reported basis and constant currency basis<sup>(1)</sup>;

•  Non-GAAP earnings per diluted share<sup>(2)</sup>, including the impact of new tariffs, are expected to be more than $5.55, which represents the high end of our guidance range; and

•  Shipments of noninvasive technology boards and instruments are expected to be approximately 270 thousand.

"Our strong performance this quarter reflects the continued execution of our strategy and the value our solutions deliver for customers. In 2025, we achieved a record level of incremental contract value from new customers and expanded hospital agreements with our existing customers, which positions us well for sustained performance in the year ahead," said Katie Szyman, Chief Executive Officer of Masimo.

The preliminary financial information presented in this press release is based on Masimo's current expectations and may be adjusted as a result of, among other things, completion of customary annual audit procedures. Management plans to discuss Masimo's complete fourth quarter results, full-year 2025 financial results, and full-year 2026 guidance after the market closes on Thursday, February 26, 2026.

<sup>(1)</sup>  Represents non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is included in this release.

<sup>(2)</sup>  Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo's 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts.

**Website Information**

To access important information relating to Masimo's fourth quarter 2025 investor conference call, including the audio webcast and investor presentation, please visit the Investor Relations section of Masimo's website at <u>https://</u><u>investor.masimo.com</u><u>.</u>

**Non-GAAP Financial Measures**

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management uses these non-GAAP financial measures internally for its operating and budgeting purposes, and believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management believes that the excluded items are not indicative of the Company's on-going operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP.

------

Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

The Company has provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (i) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (ii) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission.

The Company has presented the following non-GAAP measures to assist investors in understanding the Company's net operating results on an on-going basis: (i) non-GAAP revenue; (ii) non-GAAP constant currency revenue growth percentage; (iii) non-GAAP (net income) earnings per diluted share; and (iv) non-GAAP operating income/margin. These non-GAAP financial measures may also assist investors in making comparisons of the Company's operating results with those of other companies. Management believes constant currency product revenue growth, non-GAAP operating income/margin, non-GAAP net income and non-GAAP earnings per diluted share are important measures in the evaluation of the Company's performance and uses these measures to better understand and evaluate our business.

The non-GAAP financial measures reflect adjustments for the following items:

***<u>Constant currency revenue adjustments</u>***

Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period-to-period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our revenue growth rate will continue to occur in future periods.

***<u>Acquired tangible asset amortization</u>***

These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired tangible assets and asset valuation step-ups.

***<u>Acquired intangible asset amortization</u>***

These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired intangible assets, including, but not limited to, customer relationships, intellectual property, trade names and non-competition agreements.

***<u>Acquisition, integration and related costs</u>***

These transactions represent gains, losses, and other related costs associated with acquisitions, integrations, investments, divestitures, assets impairments, and in-process research and development.

***<u>Business transition and related costs</u>***

These transactions represent gains, losses, and other related costs associated with business transition plans. These items may include, but are not limited to, severance, relocation, consulting, leasehold exit costs, asset impairment, and other related costs to rationalize our operational footprint and optimize business results.

***<u>Litigation related expenses and settlements (prior definition)</u>***

These transactions represent gains, losses, and other related costs associated with certain litigation matters, which can vary in their characteristics, frequency and significance to our operating results.

------

***<u>Litigation related expenses and settlements (updated definition)</u>***

We have been engaged in various legal proceedings against Apple since January 2020, including various proceedings in the federal courts, various proceedings in the U.S. Patent and Trademark Office (the "PTO proceedings"), and a proceeding in the U.S. International Trade Commission (the "ITC proceeding"). Although we previously excluded only expenses relating to the ITC proceeding from the definition of "Litigation related expenses and settlements", beginning with the first quarter of 2024, we have revised the definition of "Litigation related expenses and settlements" to exclude not only expenses relating to the ITC proceeding, but also all other Apple litigation expenses, including those relating to the federal court proceedings and the PTO proceedings. We believe all of the Apple litigation expenses are unique in nature and not indicative of the Company's on-going operating performance, and this updated definition will provide more useful information to investors by facilitating period-to-period comparisons of our financial performance that otherwise may be obscured by the significant fluctuations in Apple-related litigation expenses.

***<u>Other adjustments</u>***

In the event there are gains, losses and other adjustments which impact period-to-period comparability and do not represent the underlying ongoing results of the business, the Company may choose to exclude these from non-GAAP earnings.

***<u>Financing related adjustments</u>***

The Company may enter into various financial arrangements whereby costs are incurred and certain instrument features are valued and expensed accordingly but are not necessarily indicative of the on-going cash flow generation of the Company, and therefore excludes these costs from non-GAAP earnings. For GAAP earnings per diluted share purposes, the Company cannot reflect the anti-dilutive impact, if applicable, in its diluted shares calculations. However, the Company believes that reflecting the anti-dilutive impact of these instruments in non-GAAP earnings per diluted share provides management and investors with useful information in evaluating the financial performance of the Company on a per share basis.

***<u>Realized and unrealized gains or losses</u>***

These transactions represent gains, losses, and other related costs associated with foreign currency denominated transactions and investments. Changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Unrealized and realized gains and losses on investments may impact the Company's reported results of operations for a period. These items are highly variable, difficult to predict and outside the control of those responsible for the underlying operations of the business. Other items also included here are mark-to-market gains and losses of derivative contracts that are not designated as hedging instruments or the ineffective portions of cash flow hedges.

***<u>Tax impact of non-GAAP adjustments</u>***

In order to reflect the tax effected impact of the non-GAAP adjustments, the Company will adjust the non-GAAP earnings by the approximate tax impact of these adjustments.

***<u>Excess tax benefits from stock-based compensation expense</u>***

GAAP requires that excess tax benefits recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. As these excess tax benefits may be highly variable from period-to-period, the Company may choose to exclude these tax benefits from non-GAAP earnings to facilitate comparability between periods and with peers.

**Forward-Looking Non-GAAP Financial Measures**

This presentation also includes certain forward-looking non-GAAP financial measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to acquisitions, integrations, divestitures and related costs; business transition and related costs; litigation related expenses and settlements; realized and unrealized gains or losses; tax related adjustments; and other adjustments. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.

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**Forward-Looking Statements**

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including, in particular, the statements about our expectations regarding our fiscal 2025 preliminary financial results, including GAAP and non-GAAP revenue, operating income and earnings per diluted share. These forward-looking statements are based on management's current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to: our dependence on Masimo SET<sup>®</sup> and Masimo rainbow SET<sup>™</sup> products and technologies for substantially all of our revenue; any failure in protecting our intellectual property exposure to competitors' assertions of intellectual property claims; the highly competitive nature of the markets in which we sell our products and technologies; any failure to continue developing innovative products and technologies; the lack of acceptance of any of our current or future products and technologies; obtaining regulatory approval of our current and future products and technologies; the risk that the implementation of our international realignment will not continue to produce anticipated operational and financial benefits, including a continued lower effective tax rate; the loss of our customers; matters relating to future board and management leadership; product liability claims exposure; the amount and type of equity awards that we may grant to employees and service providers in the future; our ongoing litigation and related matters; evolving legal, regulatory and tax regimes; changes in general economic and/or industry specific conditions; actions by third parties, including government agencies; impact of tariffs; and other factors discussed in the "Risk Factors" section of our most recent periodic reports filed with the Securities and Exchange Commission ("SEC"), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on the SEC's website at <u>www.sec.gov</u>. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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| | | |
|:---|:---|:---|
| **<u>MASIMO CORPORATION</u>** | **<u>MASIMO CORPORATION</u>** | **<u>MASIMO CORPORATION</u>** |
| **<u>GAAP TO NON-GAAP FINANCIAL MEASURES</u>**<sup>(1)</sup>**<u>:</u>** | **<u>GAAP TO NON-GAAP FINANCIAL MEASURES</u>**<sup>(1)</sup>**<u>:</u>** | **<u>GAAP TO NON-GAAP FINANCIAL MEASURES</u>**<sup>(1)</sup>**<u>:</u>** |
| **(unaudited, in millions)** | **(unaudited, in millions)** | **(unaudited, in millions)** |
| | **Three Months Ended** | **Three Months Ended** |
| **(in millions, except percentages)** | **January 3,<br>2026** | **December 28,<br>2024** |
| GAAP revenue | $412 | $368 |
| Business transition and related costs | (1) |  |
| Non-GAAP revenue | 411 | 368 |
| Constant currency revenue adjustments | (2) | N/A |
| Non-GAAP constant currency revenue | $409 | $368 |

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| | |
|:---|:---|
| GAAP revenue growth percentage | 12% |
| Non-GAAP constant currency revenue growth percentage | 11% |

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__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

------

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| | | |
|:---|:---|:---|
| **<u>MASIMO CORPORATION</u>** | **<u>MASIMO CORPORATION</u>** | **<u>MASIMO CORPORATION</u>** |
| **<u>GAAP TO NON-GAAP FINANCIAL MEASURES</u>**<sup>(1)</sup>**<u>:</u>** | **<u>GAAP TO NON-GAAP FINANCIAL MEASURES</u>**<sup>(1)</sup>**<u>:</u>** | **<u>GAAP TO NON-GAAP FINANCIAL MEASURES</u>**<sup>(1)</sup>**<u>:</u>** |
| **(unaudited, in millions)** | **(unaudited, in millions)** | **(unaudited, in millions)** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| **(in millions, except percentages)** | **January 3,<br>2026** | **December 28,<br>2024** |
| GAAP revenue | $1526 | $1395 |
| Business transition and related costs | (3) |  |
| Non-GAAP revenue | 1523 | 1395 |
| Constant currency revenue adjustments | (1) | N/A |
| Non-GAAP constant currency revenue | $1522 | $1395 |

---

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| | |
|:---|:---|
| GAAP revenue growth percentage | 9% |
| Non-GAAP constant currency revenue growth percentage | 9% |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

**About Masimo**

\# \# \#

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| | |
|:---|:---|
| **Investor Contact: Eli Kammerman** | **Media Contact: Evan Lamb** |
| (949) 297-7077 | (949) 396-3376 |
| ekammerman@masimo.com | elamb@masimo.com |
|  | **Media Contact: Longacre Square Partners** |
|  | masimo@longacresquare.com |

---

## Exhibit 99.2

![](masi-20260112x8kxearnspr001.jpg)

J.P. Morgan Healthcare Conference J a n u a r y 1 4 , 2 0 2 6

------

![](masi-20260112x8kxearnspr002.jpg)

Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words "may," "will," "expect," "believe," "anticipate," "plan," "estimate," "project," "assume," "guide," "target," "forecast," "see," "seek," "can," "should," "could," "would," "intend," "predict," "potential," "strategy," "is confident that," "future," "opportunity," "work toward," and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements speak only as of the date they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this presentation are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this presentation. The risks and uncertainties that may cause actual results to differ materially from Masimo's current expectations are more fully described in Masimo's reports filed with the U.S. Securities and Exchange Commission (SEC), including our most recent Form 10-K and Form 10-Q. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.masimo.com or upon request. Non-GAAP Financial Measures The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The following financial data is presented on a non-GAAP basis, unless stated otherwise. The non-GAAP financial measures presented exclude certain items that are more fully described in the Appendix. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company's on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies. The Company has provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. The Company has presented the following non-GAAP financial measures to assist investors in understanding the Company's core net operating results on an on-going basis: non-GAAP revenue (constant currency), non-GAAP revenue growth (constant currency), non-GAAP gross profit/margin %, non-GAAP SG&A expense, non-GAAP R&D expense, non-GAAP litigation settlements and awards, non-GAAP impairment charge, non-GAAP operating expense %, non-GAAP operating profit/margin %, non-GAAP non-operating income (expense), non-GAAP provision for income taxes, non-GAAP net income (loss), non-GAAP net income (loss) per share. These non-GAAP financial measures may also assist investors in making comparisons of the Company's core operating results with those of other companies. Management believes these non-GAAP financial measures are important in the evaluation of the Company's performance and uses these measures to better understand and evaluate our business. For additional financial details, including GAAP to non-GAAP reconciliations, please visit the Investor Relations section of the Company's website at https://investor.masimo.com/overview/default.aspx to access Supplementary Financial Information. Forward-Looking Non-GAAP Financial Measures This presentation also includes certain forward-looking non-GAAP financial measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to acquisitions, integrations, divestitures and related costs; business transition and related costs; litigation related expenses and settlements; realized and unrealized gains or losses; tax related adjustments; and other adjustments. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. These forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. 2

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Global Leader in Patient Monitoring (1) Represents estimated installed base of non -invasive technology boards and instruments, excluding handheld and fingertip puls e oximeters, shipped over a rolling 10 -year period ending September 30, 2025. 350+ engineers worldwide 200 million+ patients in 150+ countries monitored each year using Masimo SET® technology ~2.6 million installed base of technology boards and monitors (1) $1.5 billion+ FY2025E total revenue Transforming Healthcare Through Relentless Innovation & Execution Resilient global supply chain California, Malaysia, Mexico, Saudi Arabia Leading Monitoring Portfolio 80%+ Recurring Revenue Large & Growing Installed Base High Barriers to Entry 98%+ Renewal Rate 3

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(1) Numbers shown are all Non -GAAP financials. Note: Growth rates and EPS based on preliminary 2025 financial results. Note: Operating margin reflective of guidance range reaffirmed on December 3, 2025. Long History of Driving Strong Financial Results Within Core Med Tech Business 2017 2025E $738 ~$1,523 Durable Revenue Growth (1) 9%+ CAGR 2017 2025E 18.6% 27.3% - 27.7% Incl. 110bps tariff impact Strong Margin Expansion (1) 870+ bps Significant EPS Growth (1) 2017 2025E $1.73 $5.55+ Incl. ~$0.22 tariff impact 15%+ CAGR Driven by Unique Business Model of 80%+ Recurring Revenue 4

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Positioned to Succeed Long -Range Plan (Targets Through 2028) Note: Revenue growth excluding the impact of the 53 rd selling week in 2025. 7% –10% Revenue CAGR $8.00 Adj. EPS by 2028 ~$1B 2026 –2028 Cumulative Operating Cash Flow ~30% Operating Margin by 2028 World -class execution -oriented leadership team Targeted growth strategy in our core markets Refocused innovation to accelerate growth Market -leading growth in EPS and free cash flow Ready to execute into 2026 and beyond 5

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NPI Up to 1 ppt Ad vanced Monitoring 2.5 –3.0 ppts Int'l Pulse Ox 1.75 –2.25 ppts US Pulse Ox 2.75 –3.75 ppts 6 Note: Revenue growth excluding the impact of the 53 rd selling week in 2025. Masimo Growth Pillars 7% –10% Masimo CAGR 2026 –2028 Elevate Commercial Excellence Proven Markets \| Proven Technology \| Proven Execution1 Elevate Commercial Excellence Proven Markets \| Proven Technology \| Proven Execution2 Accelerate US Pulse Ox Growth Accelerate US Pulse Ox Growth3 Increase International Pulse Ox Market Share Expand Advanced Monitoring 4 5 Execute New Product Launches

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Significant Market Opportunity Across Large Key Markets US Pulse Ox Int'l Pulse Ox Advanced Monitoring Continuous Monitoring ~55% Masimo share ~35% Masimo share ~15% Masimo share $1.5B Market 3% –4% Annual Growth ~$800M Market 6% –8% Annual Growth ~$2.5B Market 5% –9% Annual Growth ~45% opportunity ~65% opportunity ~85% opportunity 98%+ opportunity ~$2B TAM ~1.5x Market Rate 5% –7% Annual Growth ~1.5x Market Rate 10%+ Annual Growth Grow to Match Pulse Ox Market Share Over Time 10%+ Annual Growth Expansion Into Low - Acuity Monitoring (Curb -To-Curb) Long Runway for Masimo Share Capture in Core Markets Market Expansion Masimo Growth Outlook Ample Opportunity for Share Gains in Highly Profitable US and International Markets Source: Management estimates. 7

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Building Upon Our Commercial Leadership Winning portfolio supported by real -world evidence Strengthening market -leading commercial channel and elevating marketing strategy Expansive installed base via OEM partnerships with high recurring revenue Deep customer relationships with 98%+ renewal rates Masimo's Commercial Playbook 8

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SET Pulse Ox #1 • Best -in-class accuracy in motion + low perfusion • Used on 200M+ patients globally (1) • Adopted by all top 10 US hospitals (2) 2026/2027 Next -Gen Launch CO -Oximetry\* & Hemodynamics #2 • Continuous CO -Ox/Hemoglobin monitoring • LiDCO cardiac output integrated on Root® monitor • Integrated data enables real -time DO ₂ monitoring 2026/2027 New Product Launch Capnography #2 • Durable cannulas designed for patient comfort • Moisture -wicking technology extends cannula lifespan • Complete portfolio offering + 3 rd party connectivity 2026 New Product Launch SedLine + O3 Brain Monitoring #2 • Standard data acquisition on both sides of the brain • Supported by world -class evidence • Only platform to offer total brain monitoring 2026/2027 Next -Gen Launch Hospital Automation -- • Remote monitoring + clinician notification • Strong evidence -based outcomes + cost savings • Drives hospital costs down + workflow efficiencies 2026/2027 Next -Gen Launch Winning Portfolio of Market -Leading Innovations 9 Hospitals Choose Masimo to Deliver Proven, Best -in-Class Patient Monitoring & Safety MARKET SEGMENT MARKET POSITION MARKET PERFORMANCE INNOVATION (1) Estimate: Masimo data on file. (2) Source: Newsweek World's Best Hospitals. \*E.g., SpHb , SpCO , SpMet

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10 \*"New Go to Market" launch planning model. Strengthening Market -Leading Commercial Channel Unified Sales Structure New Chief Commercial Officer New Chief Marketing & Strategy Officer New President, JPAC Region ENHANCED FIELD & MARKETING CAPABILITY ENHANCED MARKETING CAPABILITY Commercial Engine ESTABLISHED COMMERCIAL CHANNEL • Massive Installed Base • Deep Customer Relationships • Excellent Brand Recognition REFINING SALES MODEL • Unified Sales Organization • New Commercial Leadership • Expanded Clinical Footprint • New Talent • New Strategic Advisory Boards • New GTM\* Model Decentralized , regionally -led Multi -specialty team Cross -selling across portfolio Acute Care Capnography Perioperative Automation Clinical US Regional Leader

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Installed Base via OEM Partnerships Creates Durable Revenue Sept. 2025: Multi -Year Partnership Renewal With Broadened Focus 90+ Strong OEM Partnerships Create High Barriers to Entry Large and Growing Installed Base Creates High Recurring Revenue New Philips Partnership With Equivalent Share Gain Opportunity + = ~2.6M shipped over last 10 years MonitorsTechnology Boards 11

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Deep Customer Relationships With 98%+ Renewal Rates 12 • 50% reduction in unplanned ICU transfers (4) • Blike study (2025) proves cost reduction (5) The Primary Pulse Oximetry at All 10 Top US Hospitals 98%+ Customer Retention Over Past 10 Years ~90% Win -Rate During Head -to- Head Clinical Evaluations LEADING CUSTOMER RETENTION, WIN - RATE AND COVERAGE • 0 preventable deaths or brain damage from OIRD (1) • 80% reduction in the rate of ROP (2) SAVES LIVES SAVES MONEY • 86% fewer false alarms (3) • 60% reduction in rapid response team activations (4) SAVES TIME Masimo Pulse Ox Triple Win (1) McGrath S et al. Inpatient Respiratory Arrest Associated With Sedative and Analgesic Medications: Impact of Continuous Monitoring on Patient Mortality and Severe Morbidity. J Patient Saf . 2021; 17(8):557 -561. DOI: 10.1097/PTS.0000000000000696. (2) Castillo A et al. Prevention of Retinopathy of Prematurity in Preterm Infants through Changes in Clinical Practice and SpO 2 Technology. Acta Paediatr . 2011 Feb;100(2):188 -92. (3) Hay W et al. J Perinatol . 2002;360 –366. (4) McGrath S et al. Surveillance Monitoring Management for General Care Units: Strategy, Design, and Implementation. The Joint Commission Journal on Quality and Patient Safety . 2016 Jul;42(7):293 -302. (5) Blike et. al. J Patient Safety 2025.

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Meaningful Pipeline Delivering Innovations Our Customers Want Next -Gen Root® H & L Acuity Next -Gen Root® Vital Signs Next -Gen Patient SafetyNet Radius VSM Algorithm Additions: Sepsis O3 Autoregulation Seizure Detection Consumables Elevate commercial excellence and new product launches Wave 1 2025 –2026 Monitors + Wearables Accelerate intelligent monitoring and new product adoption Wave 2 2026 –2028 Next -Gen Wearables Innovate & launch wearables across the portfolio Wave 3 2028+ Algorithm Additions: AFib Detection Predictive Respiratory Depression Oxygen Delivery 100K+ refresh opportunity Smart SET Rhythm Detection Smart SET PRD Smart SedLine® Smart SET OIRD 13

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Multi -Year Launch of New Pulse Ox Sensors Begins in 2026 \*OEM integration 1 -2 years post -launch. (1) Khanna AK, et al. Prediction of Opioid -Induced Respiratory Depression on Inpatient Wards Using Continuous Capnography and Ox imetry: An International Prospective, Observational Trial. Anesth Analg.2020 Oct;131(4):1012 -1024. (2) Eikelboom R, et al. Postoperative Atrial Fibrillation After Cardiac Surgery: A Systematic Review and Meta -Analysis. Ann Thorac Surg. 2021 Feb;111(2):544 -554. (3) Churpek et al., Causes, Diagnostic Testing, and Treatments Related to Clinical Deterioration Events Among High -Risk Ward Patients, Crit Care Explorer, 2024 Oct 1;6(10):e1161. doi : 10.1097/CCE.0000000000001161. with HCUP (NIS) 2022. Smart SET Opioid -Induced Respiratory Depression (OIRD) • OIRD impacts up to 46% of patients post -operatively (1) • AI -powered algorithm predicts risk of OIRD US Launch Target: H1 2026\* Atrial Fibrillation (AFib) US Launch Target: H2 2026 \* • AFib impacts 20 % –40% of patients post -cardiac surgery (2) • New algorithm detects heart rhythm irregularities Predictive Respiratory Depression (PRD) • Impacts over 33M+ patients annually (3) • AI -powered algorithm provides early warning of respiratory depression US Launch Target: 2028 \* 14

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Key Takeaways Long -Range Plan (Targets Through 2028) Note: Revenue growth excluding the impact of the 53 rd selling week in 2025. 7% –10% Revenue CAGR $8.00 Adj. EPS by 2028 ~$1B 2026 –2028 Cumulative Operating Cash Flow ~30% Operating Margin by 2028 Finishing the year with a strong foundation to execute our long -range plan A ccelerating growth over time through new product introductions Positioned to deliver meaningful g rowth , margin expansion and cash g eneration 15

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200M Patients and Counting…

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17 Appendix

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GAAP to Non -GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United bu siness was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operation s. (3) Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of th e C ompany's on -going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, fre quency and significant to our operating results. (4) The Company has provided and will continue to provide certain non -GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non -GA AP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adj usted results under the line item business transition and related costs in non -GAAP gross profit. The Company made these changes to its presentation of non -GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP revenue $790.2 $858.3 $937.8 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,513 $1,533 Business transition and related costs - - - - - - - - ($3) ($3) Other adjustments (52.0) (28.4) (1.4) - - - - - $0 $0 Non-GAAP revenue $738.2 $829.9 $936.4 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,510 $1,530 GAAP gross profit $522.0 $574.9 $629.2 $743.1 $808.3 $867.8 $765.6 $794.3 Acquired tangible asset amortization - - - 0.0 0.5 - - - Acquired intangible asset amortization 0.5 0.5 0.5 1.2 2.4 2.3 1.9 1.8 Acquisitions, integrations, divestitures, and related costs - - 0.1 0.6 0.9 0.1 - 0.1 Business transition and related costs (4) - - - - - - 4.9 14.8 Other adjustments (48.4) (27.7) (1.3) - 3.4 - 4.7 2.5 Non-GAAP gross profit $474.1 $547.6 $628.4 $744.9 $815.5 $870.2 $777.1 $813.6 GAAP operating profit $183.8 $208.0 $221.2 $255.8 $275.8 $243.6 $166.0 $63.0 Acquired tangible asset amortization 0.0 - - 0.0 0.5 - - - Acquired intangible asset amortization 1.6 1.4 1.4 4.4 6.1 5.3 4.5 4.3 Acquisitions, integrations, divestitures, and related costs - - 3.3 3.8 3.1 23.4 6.5 20.1 Business transition and related costs - - - - - - 7.8 76.2 Litigation related expenses and settlements - 0.4 - 5.9 16.1 49.0 93.8 103.5 Other adjustments (48.4) (27.7) (1.3) - 3.4 - 4.7 2.5 Non-GAAP operating profit $137.0 $182.2 $224.7 $270.0 $304.9 $321.4 $283.3 $269.7 $412 $424 GAAP net income $124.8 $193.5 $196.2 $240.3 $229.6 $170.5 $107.7 $16.2 Acquired tangible asset amortization 0.0 - - 0.0 0.5 - - - Acquired intangible asset amortization 1.6 1.4 1.4 4.4 6.1 5.3 4.5 4.3 Acquisitions, integrations, divestitures, and related costs - - 3.3 3.8 3.1 23.4 6.5 20.1 Business transition and related costs - - - - - - 7.8 76.2 Litigation related expenses and settlements - 0.4 - 5.9 16.1 49.0 93.8 103.5 Other adjustments (48.4) (27.7) (1.3) - 3.4 - 4.7 2.5 Realized and unrealized gains or losses 0.3 2.0 0.6 (2.6) 1.9 1.6 8.8 4.4 Financing related adjustments - - - - - 1.5 1.9 1.9 Tax impact of non-GAAP adjustments 16.1 5.5 (0.7) (7.6) (6.1) (17.3) (32.6) (44.4) Excess tax benefits from stock-based compensation (39.2) (22.0) (15.7) (30.2) (16.4) (2.4) (2.9) (5.7) Tax related adjustments 41.4 (4.8) - - - - (8.2) - Non-GAAP net income $96.5 $148.4 $183.9 $214.0 $238.2 $231.6 $191.9 $178.9 $294 $302 18

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GAAP to Non -GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United bu siness was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operation s. (3) Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of th e C ompany's on -going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, fre quency and significant to our operating results. (4) The Company has provided and will continue to provide certain non -GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non -GA AP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adj usted results under the line item business transition and related costs in non -GAAP gross profit. The Company made these changes to its presentation of non -GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. (5) Represents updated guidance provided November 4, 2025. Financial guidance includes forward -looking non -GAAP financial measures f or which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable effor ts. See "Forward -Looking Non - GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasona ble efforts and provides additional information. It is probable that forward -looking non -GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six ye ars based on Masimo's 4 -4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of f actors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance al so includes the estimated financial impact of new tariffs, net of mitigation implemented to -date. The implementation of tariffs rem ains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts. (4) (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP net income per diluted share $2.23 $3.45 $3.44 $4.14 $3.98 $3.09 $1.99 $0.30 Acquired tangible asset amortization 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 Acquired intangible asset amortization 0.03 0.03 0.03 0.08 0.11 0.10 0.08 0.08 Acquisitions, integrations, divestitures, and related costs 0.00 0.00 0.06 0.07 0.05 0.42 0.12 0.37 Business transition and related costs 0.00 0.00 0.00 0.00 0.00 0.00 0.14 1.40 Litigation related expenses and settlements 0.00 0.01 0.00 0.10 0.28 0.89 1.73 1.90 Other adjustments (0.87) (0.49) (0.02) 0.00 0.06 0.00 0.09 0.05 Realized and unrealized gains or losses 0.00 0.04 0.01 (0.05) 0.03 0.03 0.16 0.08 Financing related adjustments 0.00 0.00 0.00 0.00 0.00 0.03 0.03 0.03 Tax impact of non-GAAP adjustments 0.29 0.10 (0.01) (0.13) (0.11) (0.31) (0.60) (0.82) Excess tax benefits from stock-based compensation (0.70) (0.39) (0.27) (0.52) (0.28) (0.04) (0.05) (0.10) Tax related adjustments 0.74 (0.09) 0.00 0.00 0.00 0.00 (0.15) 0.00 Non-GAAP net income per diluted share $1.73 $2.65 $3.22 $3.69 $4.13 $4.20 $3.55 $3.29 $5.40 $5.55 Weighted average shares outstanding - Diluted 55.9 56.0 57.1 58.0 57.7 55.2 54.1 54.4 54.4 54.4 ,(5) 19

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