Summary
Eli Lilly and Company (LLY) filed an 8-K on January 30, 2014, to report its fourth quarter and full-year 2013 financial results. The report primarily directs investors to a press release (Exhibit 99.1) which contains detailed financial statements and operational highlights. A key aspect of the filing is Lilly's use and explanation of non-GAAP financial measures, such as non-GAAP net income and earnings per share. The company asserts these non-GAAP figures provide valuable insights into ongoing operations by excluding highly variable and difficult-to-predict items, thereby aiding in meaningful period-over-period comparisons and trend identification. Management also uses these non-GAAP metrics internally for performance evaluation and resource allocation.
Key Highlights
- 1Announcement of Q4 and Full-Year 2013 financial results.
- 2Reference to a detailed press release (Exhibit 99.1) containing income statements and operational discussions.
- 3Explanation of the use of non-GAAP financial measures (e.g., non-GAAP net income, EPS) alongside GAAP figures.
- 4Justification for non-GAAP measures: investor evaluation of ongoing operations, period-over-period comparisons, and trend identification.
- 5Management's internal use of non-GAAP measures for performance evaluation and resource allocation.
- 6Prospective earnings guidance is subject to adjustments for unpredictable future events.
- 7Information furnished under Item 2.02 is not deemed 'filed' for Section 18 purposes.