Teradata Reports Fourth Quarter and Full-Year 2024 Financial Results

Teradata (NYSE: TDC) today announced its fourth quarter and full-year 2024 financial results.

“In 2024, Teradata took decisive actions to improve execution, and met our guidance ranges for both Cloud and Total ARR. We believe we are well positioned to return to growth this year,” said Steve McMillan, President and CEO, Teradata. “Last year, we delivered significant AI technology, including broad support for OTFs, BYO-LLM and GPU-accelerated compute. We are excited about our upcoming innovations in 2025, which are designed to help our customers extend their hybrid AI environments and build towards an agentic AI future.”

CFO Transition Plan

Claire Bramley, Chief Financial Officer, will be leaving Teradata, effective March 31, to take a Chief Financial Officer position at another company outside of Teradata’s industry. The Company has initiated a search process, with the assistance of a leading executive search firm, to identify a permanent successor. Charles Smotherman, Teradata’s Chief Accounting Officer, has been appointed Interim Chief Financial Officer, effective March 24. Smotherman has served as Teradata’s Chief Accounting Officer since 2019 and has more than 25 years of finance and accounting leadership experience.

Mr. McMillan continued, “Claire has been instrumental in supporting the company’s transformation to a cloud leader, guiding Teradata with a solid foundation of operational excellence and strong financial discipline in driving durable profitability and free cash flow. Charles brings deep knowledge of Teradata and extensive experience in financial leadership, and we expect a seamless transition.”

Fourth Quarter 2024 Financial Highlights Compared to Fourth Quarter 2023

Public cloud ARR increased to $609 million from $528 million, an increase of 15% as reported and 18% in constant currency⁽¹⁾
Total ARR decreased to $1.474 billion from $1.570 billion, a decrease of 6% as reported and 4% in constant currency⁽¹⁾
Recurring revenue was $351 million versus $372 million a decrease of 6% as reported and 4% in constant currency⁽¹⁾
Total revenue was $409 million versus $457 million, a decrease of 11% as reported and 9% in constant currency⁽¹⁾
Recurring revenue was 86% of total revenue versus 81%
GAAP gross margin was 59.4% versus 60.8%
Non-GAAP gross margin was 60.9% versus 61.9%⁽²⁾
GAAP operating margin was 9.5% versus 10.3%
Non-GAAP operating margin was 17.6% versus 19.5%⁽²⁾
GAAP diluted EPS was $0.26 versus ($0.07) per share
Non-GAAP diluted EPS was $0.53 versus $0.56 per share⁽²⁾
Cash flow from operations was $156 million compared to $176 million
Free cash flow was $148 million compared to $168 million⁽³⁾

Full-Year 2024 Financial Highlights Compared to Full-Year 2023

Public cloud ARR increased to $609 million from $528 million, an increase of 15% as reported and 18% in constant currency⁽¹⁾
Total ARR decreased to $1.474 billion from $1.570 billion, a decrease of 6% as reported and 4% in constant currency⁽¹⁾
Recurring revenue was $1.479 billion versus $1.492 billion, a decrease of 1% as reported and an increase of 1% in constant currency⁽¹⁾
Total revenue was $1.750 billion versus $1.833 billion, a decrease of 5% as reported and 3% in constant currency⁽¹⁾
Recurring revenue was 85% of total revenue versus 81%
GAAP gross margin was 60.5% versus 60.8%
Non-GAAP gross margin was 61.7% versus 61.8%⁽²⁾
GAAP operating margin was 11.9% versus 10.1%
Non-GAAP operating margin was 20.3% versus 18.1%⁽²⁾
GAAP diluted EPS was $1.16 versus $0.61 per share
Non-GAAP diluted EPS was $2.42 versus $2.07 per share⁽²⁾
Cash flow from operations was $303 million compared to $375 million
Free cash flow was $277 million compared to $355 million⁽³⁾
Share repurchases of $215 million, resulting in a return of free cash flow of 78%

Outlook

For the full-year of 2025:

Public cloud ARR growth of 14% to 18% year-over-year, in constant currency⁽⁴⁾
Total ARR in the range of flat to 2% year-over-year, in constant currency⁽⁴⁾
Recurring revenue in the range of -3% to -5% year-over-year, in constant currency⁽⁴⁾
Total revenue in the range of -4% to -6% year-over-year, in constant currency⁽⁴⁾
GAAP diluted EPS is expected to be in the range of $1.05 to $1.15 per share
Non-GAAP diluted EPS is expected to be in the range of $2.15 to $2.25 per share⁽²⁾
Cash flow from operations of $270 million to $300 million
Free cash flow of $250 million to $280 million⁽³⁾

For the first quarter of 2025:

Recurring revenue in the range of -4% to -6% year-over-year, in constant currency⁽⁴⁾
Total revenue in the range of -6% to -8% year-over-year, in constant currency⁽⁴⁾
GAAP diluted EPS is expected to be in the range of $0.33 to $0.37 per share
Non-GAAP diluted EPS is expected to be in the range of $0.55 to $0.59 per share⁽²⁾

Earnings Conference Call

The conference call will begin at 1:30 p.m. PT on February 11, 2025. Investors and participants may attend the call by dialing (404) 975-4839 and entering access code 357044. For investors and participants outside the United States, see global dial-in numbers here, and use access code 357044.

The live webcast, as well as a replay, will be available on the Investor Relations page of the Teradata website at investor.teradata.com.

Supplemental Financial Information

Additional information regarding Teradata’s operating results is provided below as well as on Teradata’s website at investor.teradata.com.

The impact of currency is determined by calculating the prior-period results using the current-year monthly average currency rates. See the foreign currency fluctuation schedule, which is used to determine revenue on a constant currency (“CC”) basis, on the Investor Relations page of the Company’s website at investor.teradata.com.

Revenue
(in millions)
	For the Three Months ended December 31
		2024		2023	% Change as Reported		% Change in CC
Recurring revenue	$	351	$	372	(6	%)	(4	%)
Perpetual software licenses, hardware and other		3		12	(75	%)	(69	%)
Consulting services		55		73	(25	%)	(21	%)
Total revenue	$	409	$	457	(11	%)	(9	%)

Product Sales	$	354	$	384	(8	%)	(6	%)
Consulting Services		55		73	(25	%)	(21	%)
Total revenue	$	409	$	457	(11	%)	(9	%)

Revenue
(in millions)
	For the Twelve Months ended December 31
		2024		2023	% Change as Reported		% Change in CC
Recurring revenue	$	1,479	$	1,492	(1	%)	1	%
Perpetual software licenses, hardware and other		23		45	(49	%)	(47	%)
Consulting services		248		296	(16	%)	(13	%)
Total revenue	$	1,750	$	1,833	(5	%)	(3	%)

Product Sales	$	1,502	$	1,537	(2	%)	(1	%)
Consulting Services		248		296	(16	%)	(13	%)
Total revenue	$	1,750	$	1,833	(5	%)	(3	%)


	As of December 31
		2024		2023	% Change as Reported		% Change in CC
Annual recurring revenue*	$	1,474	$	1,570	(6	%)	(4	%)
Public cloud ARR**	$	609	$	528	15	%	18	%

The impact of currency on ARR is determined by calculating the prior period ending ARR using the current period end currency rates.

* Annual recurring revenue (“ARR”) is defined as the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights, and maintenance. Total ARR does not include managed services and third-party software. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q.

** Public cloud ARR is defined as the annual value at a point in time of all contracts related to public cloud implementations of Teradata VantageCloud and does not include ARR related to private or managed cloud implementations. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q.

2.	Teradata reports its results in accordance with GAAP. However, as described below, the Company believes that certain non-GAAP measures such as free cash flow, non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted earnings per share, all of which exclude certain items, and which may be reported on a constant currency basis, are useful for investors. Our non-GAAP measures are not meant to be considered in isolation to, as substitutes for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Each of our non-GAAP measures do not have a uniform definition under GAAP and therefore, Teradata’s definition may differ from other companies’ definitions of these measures.

	The following tables reconcile Teradata’s actual and projected results and EPS under GAAP to the Company’s actual and projected non-GAAP results and EPS for the periods presented, which exclude certain specified items. Our management internally uses supplemental non-GAAP financial measures, such as gross profit, operating income, net income, and EPS, excluding certain items, to understand, manage and evaluate our business and support operating decisions on a regular basis. The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Company’s ongoing operations, (2) are useful for period-over-period comparisons of such operations and results, that may be more easily compared to peer companies and allow investors a view of the Company’s operating results excluding stock-based compensation expense and special items, (3) provide useful information to management and investors regarding present and future business trends, and (4) provide consistency and comparability with past reports and projections of future results.

	For the Three Months								For the Twelve Months
(in millions, except per share data)	ended December 31								ended December 31
Gross Profit:		2024			2023		% Chg.			2024			2023		% Chg.
GAAP Gross Profit	$	243		$	278		(13	%)	$	1,058		$	1,115		(5	%)
% of Revenue		59.4	%		60.8	%				60.5	%		60.8	%

Excluding:
Stock-based compensation expense		4			5					17			17
Reorganization and other costs		2			-					5			1
Non-GAAP Gross Profit	$	249		$	283		(12	%)	$	1,080		$	1,133		(5	%)
% of Revenue		60.9	%		61.9	%				61.7	%		61.8	%
Operating Income
GAAP Operating Income	$	39		$	47		(17	%)	$	209		$	186		12	%
% of Revenue		9.5	%		10.3	%				11.9	%		10.1	%

Excluding:
Stock-based compensation expense		27			30					119			126
Reorganization and other costs		6			12					28			20
Non-GAAP Operating Income	$	72		$	89		(19	%)	$	356		$	332		7	%
% of Revenue		17.6	%		19.5	%				20.3	%		18.1	%

Net Income/(Loss)
GAAP Net Income/(Loss)	$	25		($	7	)	-		$	114		$	62		84	%
% of Revenue		6.1	%		(1.5	%)				6.5	%		3.4	%

Excluding:
Stock-based compensation expense		27			30					119			126
Reorganization and other costs		6			13					28			21
Argentina Blue Chip Swap		-			13					2			13
Income tax adjustments⁽ⁱ⁾		(6	)		8					(25	)		(10	)
Non-GAAP Net Income	$	52		$	57		(9	%)	$	238		$	212		12	%
% of Revenue		12.7	%		12.5	%				13.6	%		11.6	%

	For the Three Months ended December 31					For the Twelve Months ended December 31					2025 Outlook
Earnings/(Loss) Per Share:		2024		2023			2024		2023		2025 Q1 Guidance		2025 FY Guidance
GAAP Earnings/(Loss) Per Share		$0.26		($0.07	)		$1.16		$0.61		$0.33 - $0.37		$1.05 - $1.15
Excluding:
Stock-based compensation expense		0.27		0.31			1.21		1.23		0.29		1.24
Reorganization and other costs		0.06		0.13			0.28		0.20		0.05		0.15
Argentina Blue Chip Swap		-		0.13			0.02		0.13		-		-
Income tax adjustments⁽ⁱ⁾		(0.06	)	0.08			(0.25	)	(0.10	)	(0.12	)	(0.29	)
Impact of dilution⁽ⁱⁱ⁾		-		(0.02	)		-		-		-		-
Non-GAAP Diluted Earnings Per Share		$0.53		$0.56			$2.42		2.07		$0.55 - $0.59		$2.15- $2.25

		i.	Represents the income tax effect of the pre-tax adjustments to reconcile GAAP to Non-GAAP income based on the applicable jurisdictional statutory tax rate of the underlying item. Including the income tax effect assists investors in understanding the tax provision associated with those adjustments and the effective tax rate related to the underlying business and performance of the Company’s ongoing operations. As a result of these adjustments, the Company’s non-GAAP effective tax rate for the three months ended December 31, 2024, was 17.5% and December 31, 2023, was 26.9%. For the twelve months ended December 31, 2024, was 24.0% and December 31, 2023, was 23.5%. In addition, for the first quarter and full year 2025, we included a discrete tax adjustment of ($0.06) for the expected reversal of tax reserves due to the final settlement of an IRS audit in the first quarter of 2025.
		ii.	Represents the impact to earnings per share as a result of moving from basic to diluted shares.

As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. Free cash flow does not have a uniform definition under GAAP in the United States and therefore, Teradata's definition may differ from other companies' definitions of this measure. Teradata defines free cash flow as cash provided by/used in operating activities, less total capital expenditures. Teradata’s management uses free cash flow to assess the financial performance of the Company and believes it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures which can be used for among other things, investments in the Company's existing businesses, strategic acquisitions, strengthening the Company’s balance sheet, repurchase of Company stock and repay the Company’s debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other non-discretionary expenditures that are not deducted from the measure. This non-GAAP measure should not be considered as a substitute for, or superior to, cash flows from operating activities under GAAP.

(in millions)	For the Three Months						For the Twelve Months
	ended December 31						ended December 31						Outlook
		2024			2023			2024			2023		2025

Cash provided by operating activities (GAAP)	$	156		$	176		$	303		$	375		$270 to $300
Less total capital expenditures		(8	)		(8	)		(26	)		(20	)	(~20)
Free Cash Flow (non-GAAP measure)	$	148		$	168		$	277		$	355		$250 to $280

We are providing an outlook for the 2025 growth rates for public cloud ARR, total ARR, recurring revenue, and total revenue in constant currency to provide better visibility into the underlying growth of the business. Teradata calculates public cloud ARR and total ARR in constant currency by calculating the prior period ending public cloud ARR or total ARR, as applicable, using the current period end currency rates. It is impractical to provide a schedule on currency period end rates at a future point in time. Teradata calculates recurring revenue and total revenue in constant currency by using the prior-period results with the current-year monthly average currency rates. See the foreign currency fluctuation schedule on the Investor Relations page of the Company’s website at investor.teradata.com to calculate the anticipated impact of currency on the revenue outlook.

Note to Investors

This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements generally relate to opinions, beliefs, and projections of expected future financial and operating performance, business trends, liquidity, and market conditions, among other things. These forward-looking statements are based upon current expectations and assumptions and often can be identified by words such as “expect,” “strive,” “looking ahead,” “outlook,” “guidance,” “forecast,” “anticipate,” “continue,” “plan,” “estimate,” “believe,” “focus,” “see,” “commit,” “should,” “project,” “will,” “would,” “likely,” “intend,” “potential,” or similar expressions. Forward-looking statements in this release include our 2025 first quarter and full year 2025 financial outlook and the transition of our Chief Financial Officer. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including those relating to: the global economic environment and business conditions in general, including inflation and/or recessionary conditions; the ability of our suppliers to meet their commitments to us; the timing of purchases, migrations, or expansions by our current and potential customers, including our ability to retain customers; the rapidly changing and intensely competitive nature of the information technology industry, the data analytics business, and artificial intelligence capabilities; fluctuations in our operating, capital allocation, and cash flow results; our ability to execute and realize the anticipated benefits of our refreshed brand, business transformation program or restructuring, sales and operational execution initiatives, and cost saving initiatives, including the 2024 restructuring actions; risks inherent in operating in foreign countries, including sanctions, foreign currency fluctuations, and/or acts of war; risks associated with data privacy, cyberattacks and maintaining secure and effective products for our customers, as well as, internal information technology and control systems; the timely and successful development, production or acquisition, availability and/or market acceptance of new and existing products, product features and services, including for artificial intelligence; tax rates; turnover of our workforce and the ability to attract and retain skilled employees; protecting our intellectual property; availability and successful execution of new alliance and acquisition opportunities; subscription arrangements that may be cancelled or fail to be renewed; the impact on our business and financial reporting from the implementation of a new ERP system and changes in accounting rules; and other factors described from time to time in Teradata’s filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 10-K, and subsequent quarterly reports on Forms 10-Q or current reports on Forms 8-K, as well as Teradata’s annual report to stockholders. Teradata does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Teradata

At Teradata, we believe that people thrive when empowered with trusted information. We offer the most complete cloud analytics and data platform for AI. By delivering harmonized data and trusted AI, we enable more confident decision-making, unlock faster innovation, and drive the impactful business results organizations need most. See how at Teradata.com.

The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide.

Schedule A

TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts - unaudited)

	For the Period Ended December 31
	Three Months								Twelve Months
		2024			2023		% Chg			2024			2023		% Chg
Revenue

Recurring	$	351		$	372		(6	%)	$	1,479		$	1,492		(1	%)
Perpetual software licenses, hardware and other		3			12		(75	%)		23			45		(49	%)
Consulting services		55			73		(25	%)		248			296		(16	%)

Total revenue		409			457		(11	%)		1,750			1,833		(5	%)

Gross profit

Recurring		243			264					1,038			1,074
% of Revenue		69.2	%		71.0	%				70.2	%		72.0	%
Perpetual software licenses, hardware and other		(2	)		4					-			7
% of Revenue		(66.7	%)		33.3	%				0.0	%		15.6	%
Consulting services		2			10					20			34
% of Revenue		3.6	%		13.7	%				8.1	%		11.5	%

Total gross profit		243			278					1,058			1,115
% of Revenue		59.4	%		60.8	%				60.5	%		60.8	%

Selling, general and administrative expenses		136			159					565			635
Research and development expenses		68			72					284			294

Income from operations		39			47					209			186
% of Revenue		9.5	%		10.3	%				11.9	%		10.1	%

Other expense, net		(9	)		(25	)				(45	)		(69	)

Income before income taxes		30			22					164			117
% of Revenue		7.3	%		4.8	%				9.4	%		6.4	%

Income tax expense		5			29					50			55
% Tax rate		16.7	%		131.8	%				30.5	%		47.0	%

Net income (loss)	$	25		$	(7	)			$	114		$	62
% of Revenue		6.1	%		(1.5	%)				6.5	%		3.4	%

Net income (loss) per common share
Basic	$	0.26		$	(0.07	)			$	1.18		$	0.62
Diluted	$	0.26		$	(0.07	)			$	1.16		$	0.61

Weighted average common shares outstanding
Basic		95.5			97.9					96.4			99.8
Diluted		97.4			97.9					98.2			102.4

				Schedule B

TERADATA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions - unaudited)

	December 31,			September 30,			December 31,
		2024			2024			2023
Assets

Current assets
Cash and cash equivalents	$	420		$	348		$	486
Accounts receivable, net		234			247			286
Inventories		18			16			13
Other current assets		77			92			84

Total current assets		749			703			869

Property and equipment, net		185			202			239
Right of use assets - operating lease, net		8			6			9
Goodwill		394			399			398
Capitalized contract costs, net		46			49			68
Deferred income taxes		226			215			221
Other assets		96			85			69

Total assets	$	1,704		$	1,659		$	1,873

Liabilities and stockholders' equity

Current liabilities
Current portion of long-term debt	$	25		$	25		$	19
Current portion of finance lease liability		57			60			66
Current portion of operating lease liability		4			4			6
Accounts payable		106			85			100
Payroll and benefits liabilities		111			105			130
Deferred revenue		512			482			570
Other current liabilities		115			114			105

Total current liabilities		930			875			996

Long-term debt		455			461			480
Finance lease liability		30			40			63
Operating lease liability		5			3			6
Pension and other postemployment plan liabilities		104			96			102
Long-term deferred revenue		10			13			22
Deferred tax liabilities		9			8			8
Other liabilities		28			38			61

Total liabilities		1,571			1,534			1,738

Stockholders' equity
Common stock		1			1			1
Paid-in capital		2,192			2,166			2,074
Accumulated deficit		(1,913	)		(1,908	)		(1,811	)
Accumulated other comprehensive loss		(147	)		(134	)		(129	)

Total stockholders' equity		133			125			135

Total liabilities and stockholders' equity	$	1,704		$	1,659		$	1,873

				Schedule C

TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions - unaudited)

	For the Period Ended December 31
	Three Months						Twelve Months
		2024			2023			2024			2023
Operating activities
Net income (loss)	$	25		$	(7	)	$	114		$	62

Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation and amortization		22			30			100			116
Stock-based compensation expense		27			30			119			126
Deferred income taxes		(16	)		(12	)		(11	)		(11	)
Loss on Blue Chip Swap		1			13			4			13
Changes in assets and liabilities:
Receivables		13			-			52			78
Inventories		(2	)		(5	)		(5	)		(5	)
Current payables and accrued expenses		36			16			(1	)		7
Deferred revenue		27			99			(70	)		(5	)
Other assets and liabilities		23			12			1			(6	)

Net cash provided by operating activities		156			176			303			375

Investing activities
Expenditures for property and equipment		(7	)		(8	)		(24	)		(19	)
Additions to capitalized software		(1	)		-			(2	)		(1	)
Business acquisitions and other investing activities, including loss on Blue Chip Swap		(1	)		(13	)		(6	)		(29	)

Net cash used in investing activities		(9	)		(21	)		(32	)		(49	)

Financing activities
Repurchases of common stock		(29	)		(7	)		(215	)		(308	)
Repayments of long-term borrowings		(6	)		-			(19	)		-
Payments of finance leases		(17	)		(20	)		(71	)		(82	)
Other financing activities, net		-			1			(1	)		7

Net cash used in financing activities		(52	)		(26	)		(306	)		(383	)

Effect of exchange rate changes on cash and cash equivalents		(22	)		8			(30	)		(28	)

Increase (decrease) in cash, cash equivalents and restricted cash		73			137			(65	)		(85	)
Cash, cash equivalents and restricted cash at beginning of period		348			349			486			571

Cash, cash equivalents and restricted cash at end of period	$	421		$	486		$	421		$	486

Supplemental cash flow disclosure:
Non-cash investing and financing activities:
Assets acquired by finance leases	$	4		$	10		$	29		$	90
Assets acquired by operating leases	$	4		$	-		$	5		$	6

														Schedule D

TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions - unaudited)

	For the Three Months Ended December 31										For the Twelve Months Ended December 31
		2024			2023		% Change As Reported		% Change Constant Currency ⁽²⁾			2024			2023		% Change As Reported		% Change Constant Currency ⁽²⁾
Segment Revenue

Product Sales	$	354		$	384		(8	%)	(6	%)	$	1,502		$	1,537		(2	%)	(1	%)
Consulting Services		55			73		(25	%)	(21	%)		248			296		(16	%)	(13	%)


Total segment revenue		409			457		(11	%)	(9	%)		1,750			1,833		(5	%)	(3	%)

Segment gross profit

Product Sales		244			271							1,049			1,091
% of Revenue		68.9	%		70.6	%						69.8	%		71.0	%
Consulting Services		5			12							31			42
% of Revenue		9.1	%		16.4	%						12.5	%		14.2	%

Total segment gross profit		249			283							1,080			1,133
% of Revenue		60.9	%		61.9	%						61.7	%		61.8	%

Reconciling items⁽¹⁾		(6	)		(5	)						(22	)		(18	)

Total gross profit	$	243		$	278						$	1,058		$	1,115
% of Revenue		59.4	%		60.8	%						60.5	%		60.8	%

(1)	Reconciling items include stock-based compensation, amortization of acquisition-related intangible assets and acquisition, integration and reorganization-related items.
(2)	The impact of currency is determined by calculating the prior period results using the current-year monthly average currency rates.

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